First month's worth of financial data in for Motus Bank
Unfortunately, OSFI financial data returns do not break down term deposit maturity profile, nor do they break down their effective average interest rate paid and thus their interest expense; however, this is how things shaped up:
Demand deposits (i.e., chequing and savings accounts and those savings accounts in RRSPs and TFSAs)
Non-registered: $4.483 million
Tax-sheltered (i.e., RRSP, TFSA, and, possibly, RRIFs if any managed to get transferred in with the first month, which seems unlikely as @Loonie can no doubt firmly attest!): $1.591 million
Non-registered: $1.744 million
Tax-sheltered: $373 thousand
For comparison, Motus Bank had ~$50 thousand on deposit prior to their April 2, 2019, launch date.
Loans and Mortgages
Real estate secured lending-revolving (i.e., HELOCs): $268 thousand
Real estate secured lending-non-revolving (i.e., mortgages): $545 thousand (all uninsured mortgages, which means none are so-called high-ratio CMHC, Genworth, or Canada Guarantee mortgage insured)
Unsecured lending (i.e., lines of credit and demand loans): $236 thousand
Note the above lending data includes limits authorized but which are necessarily undrawn.
As to required regulatory bank risk capital, Motus Bank has on deposit and in short-term treasury bills, approximately $54 million that was transferred from parent company Meridian Credit Union's cash assets.
Turning to profitability, which is only available quarterly so this will be heavily focused in the loss column as it would be for the quarter ended March 31, 2019:
Net loss of $1 thousand for the quarter, though I note they have no staffing expenses and no interest expense that had yet to be paid (if interest is paid on the 30th or 31st, it likely would show up on the following month's return, that is to say, in May). Seems like Meridian Credit Union may be subsidizing the cost of the staffing of Motus Bank, at least initially, which will mean Motus will be somewhat of a drag on Meridian's profitability and net income for the foreseeable future.
In short, Motus may well be opening up several thousand new accounts per month, but they seem to be predominantly low value transactional accounts. Meridian are astute managers - I think they'll give this a couple years, but if they don't start seeing lending growth and assuming they have no need for the deposits, Motus will start to be a real drag for them.
Thoughts, @titaniumtux, @Shawguy, and/or @Bull Dog?