Credit Union Annual Report 2022 - Flipbook - Page 65
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
5. Mortgages and personal loans (continued)
The following tables explain the changes in the carrying value between the beginning and the end of the period due to
these factors. The gross carrying amounts including accrued interest receivable of financial assets below represent the
Credit Union’s maximum exposure to credit risk on these assets.
Stage 1
12-month
ECL
Mortgage loans
Gross carrying amount as at August 1,
2021
$ 220,513,932 $
Transfers:
Transfer from Stage 1 to Stage 2
(9,923,653)
Transfer from Stage 1 to Stage 3
(1,053,366)
Transfer from Stage 2 to Stage 1
1,507,800
Transfer from Stage 2 to Stage 3
–
Transfer from Stage 3 to Stage 2
Transfer from Stage 3 to Stage 1
39,792
New financial assets originated or
purchased
63,790,847
Financial assets fully derecognized
during the year
(21,580,058)
Loans fully written off, net of
recoveries
–
Changes in principal and interest
(6,780,051)
Gross carrying amount as at July 31,
2022
246,515,243
Mortgage loans
Stage 1
12-month
ECL
Gross carrying amount as at August 1,
2020
$ 203,652,559 $
Transfers:
Transfer from Stage 1 to Stage 2
(4,204,966)
Transfer from Stage 1 to Stage 3
(797,558)
Transfer from Stage 2 to Stage 1
–
Transfer from Stage 2 to Stage 3
–
Transfer from Stage 3 to Stage 2
–
Transfer from Stage 3 to Stage 1
847,909
New financial assets originated or
purchased
47,926,772
Financial assets fully derecognized
during the year
(18,129,281)
Loans fully written off, net of
–
recoveries
Changes in principal and interest
Gross carrying amount as at
July 31, 2021
(8,781,503)
220,513,932
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
4,579,532
$
9,923,653
–
(1,507,800)
(240,106)
78,814
–
Originated
creditimpaired
2,132,505
$
– $
–
1,053,366
–
240,106
(78,814)
(39,792)
–
Total
–
227,225,969
–
–
–
–
–
–
–
–
–
–
–
63,790,847
(370,084)
(721,527)
–
(22,671,669)
–
(318,769)
(241,473)
71,774
–
–
(241,473)
(7,027,046)
12,145,240
2,416,145
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
–
4,204,966
–
–
–
240,429
–
217,352
–
–
(83,215)
4,579,532
- 29 -
–
$
Originated
creditimpaired
3,518,960
Total
–
$ 207,171,519
–
–
–
–
–
–
–
–
–
–
–
–
–
48,144,124
(200,169)
–
(18,329,450)
(216,488)
(679,018)
–
–
(216,488)
(9,543,736)
2,132,505
–
227,225,969
–
797,558
–
–
(240,429)
(847,909)
–
$
261,076,628
