2021 Annual Report

Future Focused

Business Highlights

DUCA Leadership Team

  • Doug Conick
  • Yan Xu
  • Phil Taylor
  • Karey Carson
  • Pippa Nutt
  • Riz Ahmad
  • Aron Rogers
  • Michael Creasor
  • Mo Mauri
  • Afzal Hussain

Board of Directors

Committees

In accordance with the Credit Union’s by-laws, the Board of Directors established the following Committees in 2021:

  • audit Audit

    Audit Committee Standing committee of the Board to which the Board has delegated responsibility for overseeing DUCA’s financial reporting, control environment, and compliance.

    The role of the Committee is to oversee and assess the:

    (a) Integrity of the financial reporting process and financial statements;
    (b) Adequacy of the internal and external audit functions;
    (c) Adequacy and effectiveness of internal controls;
    (d) Adequacy and effectiveness of the risk management process;
    (e) Compliance with legal and regulatory requirements;
    (f) External auditor’s qualifications and independence;
    (g) Performance of the external auditors; and
    (h) Performance of the internal audit function.

  • audit Credit

    Credit Committee Standing committee of the Board to which the Board has delegated responsibility for overseeing DUCA’s lending activities.

    The role of the Committee is to:

    (a) Provide oversight and advice to the Management Credit Committee and provide recommendations to the Board in relation to current and potential future credit risk exposures and strategy, including credit risk appetite and tolerance.
    (b) Evaluate those loan applications that require review by the Committee in accordance with the Credit Risk Management Policy and approve those loans that it is permitted to approve under the Credit Risk Management Policy.

  • audit Elections

    Elections Committee Standing committee of the Board to which the Board has delegated responsibility for overseeing the Director nomination and election process. The primary role of the Committee is to source, recruit, and oversee the election of Directors to the Board who meet the qualifications for the role and who will address any competency gaps identified in the Board Competency Matrix (as developed by the Governance Committee).

  • audit Governance

    Governance Committee Standing committee of the Board to which the Board has delegated responsibility for overseeing the quality and effectiveness of DUCA’s corporate governance.The primary role of the Committee is to ensure that the Board of Directors provides for effective governance with respect to board composition, competency and oversight, as well as monitoring current, and evolving governance best practices.

  • audit
    Human Resources and Compensation

    Human Resources and Compensation Committee Standing committee of the Board to which the Board has delegated responsibility for overseeing DUCA’s human resources policies. The role of the Committee is to oversee and assess the compensation of the CEO and members of the Executive Leadership Team and to manage the process of evaluating the CEO.

  • audit Risk

    Risk Committee Standing committee of the Board to which the Board has delegated responsibility for overseeing the effective operation of all risk taking operations and risk management functions of the Credit Union and ensuring appropriate risk governance processes are executed effectively. The Committee shall review the risk activities of the Credit Union, the associated corporate policies and any significant and emerging events and related action plans and shall recommend any improvements or changes to the Board as deemed necessary or desirable.

View Director Compensation 2021

Financial Snapshot

    2017 2018 2019 2020 2021
1.0 Key Financial Results and Metrics ($ in thousands)
1.1 DUCA Net Income Consolidated $12,974 $10,996 $12,032 $12,838 $25,702
1.2 DUCA Net Income1 $12,183 $10,996 $12,032 $12,838 $25,702
1.3 ROE1,2 7.85% 7.20% 5.78% 4.07% 7.38%
1.4 Efficiency Ratio1 68.47% 72.14% 82.71% 76.47% 67.89%
1.5 Leverage Ratio 6.26% 5.36% 7.32% 7.05% 6.77%
1.6 Risk Weighted Ratio 12.23% 11.82% 16.50% 17.38% 14.18%
1.7 Liquidity Ratio 15.39% 16.70% 12.21% 20.50% 13.50%
2.0 Balance Sheet Performance ($ in millions)
2.1 Assets $2,776 $3,374 $4,056 $5,112 $5,552
2.2 Loans $2,423 $3,007 $3,507 $4,129 $4,848
2.3 Deposits $2,027 $2,559 $3,005 $3,841 $4,555
2.4 Securitization Debt $536 $630 $605 $698 $463
2.5 Regulatory Capital $174 $181 $297 $360 $374
3.0 Earnings Performance ($ in thousands)
3.1 Net Interest Income $48,060 $49,745 $49,026 $66,789 $84,294
3.2 Fee and other income1 $8,650 $6,988 $17,350 $12,282 $14,412
3.3 Loan impairment charges $(417) $(320) $(462) $1,315 $37
3.4 Operating Expenses1 $38,827 $40,930 $54,902 $60,466 $67,012
3.5 Pre-tax income before patronage1 $18,300 $16,123 $11,936 $17,290 $31,657

1 excluding ZBC

2 computed using income before patronage

Download Financial Statements PDF

Expansion & Acquisition