CONSOLIDATED STATEMENTS OF INCOME For the Years Ended October 31 ($ thousands, except per share amounts)
2021
2020
Interest Income
(Note 25)
Loans
$
1,296,954
$
1,336,002
Securities
20,541
29,046
Deposits with regulated financial institutions
517
3,866
1,318,012
1,368,914
Interest Expense Deposits
360,663
499,140
Debt
64,986
70,363
425,649
569,503
Net Interest Income
892,363
799,411
Non-interest Income Wealth management services
59,490
33,565
Credit related
38,411
34,921
Retail services
10,007
9,679
Trust services
8,988
8,377
Gains on securities, net
2,978
9,428
Other
3,796
2,014
123,670
97,984
Total Revenue
1,016,033
897,395
Provision for Credit Losses
27,055
92,167
(Notes 5 and 7)
Non-interest Expenses Salaries and employee benefits
325,136
281,408
Premises and equipment
95,954
80,362
Other expenses
87,628
74,876
508,718
436,646
Net Income before Income Taxes
480,260
368,582
Income Taxes
123,007
97,032
(Note 21)
Net Income
357,253
271,550
Net income attributable to non-controlling interests
290
968
Shareholders' Net Income
356,963
270,582
Preferred share dividends and limited recourse capital note distributions
29,492
21,626
(Note 16)
Common Shareholders' Net Income
$
327,471
$
248,956
Average number of common shares (in thousands)
87,579
87,159
Average number of diluted common shares (in thousands)
87,845
87,192
Earnings Per Common Share
(Note 22)
Basic
$
3.74
$
2.86
Diluted
3.73
2.86
The accompanying notes are an integral part of the consolidated financial statements.
CWB Financial Group 2021 Annual Report | 69
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