CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended October 31 ($ thousands)
2021
2020
Preferred Shares
(Note 16)
Balance at beginning of year
$
390,000
$
390,000
Redeemed
(140,000)
-
Balance at end of year
250,000
390,000
Limited Recourse Capital Notes
(Note 16)
Balance at beginning of year
175,000 150,000
-
Issued
175,000
Balance at end of year
325,000
175,000
Common Shares
(Note 16)
Balance at beginning of year
730,846
731,970
Issued under at-the-market common equity distribution program
72,969
- -
Issued under dividend reinvestment plan
4,064 1,556
Transferred from share-based payment reserve on the exercise or exchange of options
379
Purchased for cancellation
-
(1,503)
Balance at end of year
809,435
730,846
Retained Earnings Balance at beginning of year
1,907,739
1,785,273
Impact of adopting IFRS 16 on November 1, 2019
-
(13,035)
Shareholders' net income
356,963
270,582
Dividends and other distributions - Preferred shares and limited recourse capital notes
(29,492)
(21,626)
(Note 16)
- Common shares
(101,421)
(100,211)
(Note 16)
Decrease in equity attributable to non-controlling interests ownership change
(9,703)
(1,321) (2,157)
Issuance costs on limited recourse capital notes
(1,710) (1,616)
Issuance costs on at-the-market common equity distribution program
-
Realized gains (losses) reclassified from accumulated other comprehensive income
35
(6,124) (3,642)
(Note 5)
Net premium on common shares purchased for cancellation
-
(Note 16)
Balance at end of year
2,120,795
1,907,739
Share-based Payment Reserve
(Note 17)
Balance at beginning of year
25,749
24,309
Amortization of fair value of options
1,823
1,819
Transferred to common shares on the exercise or exchange of options
(1,556)
(379)
Balance at end of year
26,016
25,749
Accumulated Other Comprehensive Income Debt securities measured at fair value through other comprehensive income Balance at beginning of year
6,125
(2,021)
Other comprehensive (loss) income
(38,265)
8,146
Balance at end of year
(32,140)
6,125
Derivatives designated as cash flow hedge Balance at beginning of year
96,006
22,858 73,148
Other comprehensive (loss) income
(62,318)
Balance at end of year
33,688
96,006
Equity securities designated at fair value through other comprehensive income Balance at beginning of year
73
(6,579)
Other comprehensive income
1,053
528
Realized (gains) losses reclassified to retained earnings
(35)
6,124
(Note 5)
Balance at end of year
1,091
73
Total accumulated other comprehensive income
2,639
102,204
Total Shareholders' Equity
3,533,885
3,331,538
Non-controlling Interests
(Note 18)
Balance at beginning of year
862 290
1,872
Net income attributable to non-controlling interests
968
Dividends to non-controlling interests
(320) (832)
(862)
Ownership change
(1,116)
Balance at end of year
-
862
Total Equity
$
3,533,885
$
3,332,400
The accompanying notes are an integral part of the consolidated financial statements.
CWB Financial Group 2021 Annual Report | 71
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