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Comparing the relative size & scale of the Manitoba CUs, Motive Financial, Motus Bank, Tangerine, Wealth One, et al.

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  • May 2nd, 2019 10:47 pm
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Comparing the relative size & scale of the Manitoba CUs, Motive Financial, Motus Bank, Tangerine, Wealth One, et al.

Hi Everyone,

Originally, I'd hoped to make this a much more extensive report and analysis, with multiple charts of deposits, deposit maturities, loans, mortgages, and interest rate/term sensitivity and added commentary; however, compiling the data into this spreadsheet took me a few days as it is. So, for now, what I'm unveiling is a compiled, shareable Google spreadsheet containing the 2018 vs. 2017 deposits gathered through various channels (generally, direct-to-consumer and through deposit brokers/other intermediaries). For the most part, I have segmented between demand (chequing and savings) and term deposits for each of the two years. A few institutions do not break out, in their annual financial statements, demand/term deposit details, but I've noted - via footnotes - where this is the case.

On footnotes, Google Sheets doesn't permit superscripts and subscripts, so all all of my superscript numbers got converted to regular numbers. As a workaround, I've placed them in parentheses.

In some cases, I've had to either (a) logically estimate deposit data (i.e., Manitoba credit unions) or (b) use a source, like OSFI's financial data reporting facility (i.e., Tangerine, Peoples Trust, and Wealth One), other than the financial institution's audited financial statements or annual report for a given fiscal year (prefer audited financial statements, where available). Unless specifically stated, all data is as at December 31, 2018, and December 31, 2017, respectively, with the exception of Canadian Tire Bank, which is December 29.

As noted in the footnotes, since CIBC does not break out Simplii Financial's deposit and loan/mortgage financial data as it's just a branch of CIBC, essentially, and they don't make it a strategic business unit for financial and organizational reporting purposes, it is omitted from the chart, but I would expect them to be larger than Manulife Bank and slightly smaller than Tangerine Bank. I've also only included banks that also offer a direct-to-consumer deposit gathering channel (thus no Haventree Bank, Street Capital Bank, and Home Equity Bank). Bridgewater Bank does not publish audited financial statements and most of their deposits are reasonably believed to be through the deposit broker channel, so their direct-to-consumer gathered deposits are likely less than half the size of Wealth One's, which is minimal.

In the case of the Manitoba credit unions' virtual banking divisions, my methodology for my logical estimates is generally explained in the footnotes, but I divided the year-end deposit totals (by deposit type, i.e. demand vs. term) by their number of physical branches, commercial banking centre locations (if any), and their virtual banking branch. If a corporate office was specified, I did not add that "location" into my number of locations by which I'd divide. I generally think it's a reasonable approach as the longest-serving Manitoba credit union virtual banking division, Achieva Financial, still comes out on top, and, I think, Outlook Financial comes out in second place, which stands to reason since they're both the largest of the Manitoba credit unions in the virtual banking space and they've put more money into promoting their direct-to-consumer, online deposit gathering activities. I expect my estimates to be accurate to the nearest $25-50 million (even more accurate for the smaller Manitoba CUs).

https://docs.google.com/spreadsheets/u/ ... v7/pubhtml

Let me know any feedback.

I will try and update it annually, or biennially, and may add mortgage/loan data at a later date.

Cheers,
Doug
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Interesting comparison. But...what do you suppose we gain immediately from discussing this? Where are deposits are safest before resorting to CDIC, DICO or Deposit Guarantee of Manitoba? Any correlation of this to anything?

Very nice work, just would like to be enlightened on the benefits.
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