Financial performance remained strong during Year 2 of COVID.
With robust growth in both deposits and loans, Kootenay Savings saw financial margins continue to improve throughout 2021. Although service charge and foreign exchange earnings were down, income from loan processing fees was up due to significant loan growth. It was a challenging but productive year, focusing on strategies, cost effectiveness and maintaining high service levels while providing a safe environment for members and employees. Emerging from the pandemic, our focus for the future will be enhancing digital product and service offerings.
A great year for growth. In 2021, our total deposits and loans grew by 10.17% and 8.00% respectively.
$2.92 billion in dollars under management represents an increase of 9.50% over the previous year.
Our commercial mortgage portfolio grew by $16.10 million (6.07%) to $281.20 million.
We gave $50,000 to the Kootenay Savings Community Foundation so the entire region could share in our success.