CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended October 31 ($ thousands)
2021
2020
Cash Flows from Operating Activities Net income
$
357,253
$
271,550
Adjustments to determine net cash flows: Depreciation and amortization
58,297 27,055
50,448 92,167
Provision for credit losses
(Notes 5 and 7)
Amortization of fair value of employee stock options
1,823
1,819
(Note 17)
Accrued interest receivable and payable, net
(51,080) (42,232) (2,978) (2,716)
(25,458) (60,813)
Current income taxes receivable and payable, net
Gains on securities, net
(9,428)
Deferred income taxes, net
(10,173)
Change in operating assets and liabilities Deposits, net
2,665,385
1,958,993
Debt related to securitization activities, net
590,163 76,487 20,036
137,881
Accounts payable and accrued liabilities
19,275
Securities purchased under resale agreements, net
(9,718)
Loans, net
(2,778,663)
(1,733,375)
Securities sold under repurchase agreements, net
(65,198) (46,162)
35,233 67,220
Derivative collateral payable
Other items, net
(6,754)
74,858
800,716
860,479
Cash Flows from Financing Activities Limited recourse capital notes issued, net of issuance costs
148,290
172,843
(Note 16)
Common shares issued, net of issuance costs
71,353
- -
(Note 16)
Preferred shares redeemed
(140,000) (126,849) (15,944) (11,889)
(Note 16)
Dividends and limited recourse capital note distributions
(121,837)
Repayment of lease liabilities
(15,027)
Non-controlling interests, ownership change, dividends and contributions
(3,721)
Debentures issued, net of issuance costs
- - -
123,694
(Note 15)
Debentures redeemed
(250,000)
(Note 15)
Common shares purchased for cancellation
(5,145)
(Note 16)
(75,039)
(99,193)
Cash Flows from Investing Activities Interest bearing deposits with regulated financial institutions, net
233,107
39,405
Securities, purchased
(12,388,764)
(12,117,629)
Securities, sales proceeds
8,276,968 3,204,506
5,324,496 6,092,862
Securities, matured
Property, equipment and intangible assets
(56,031)
(54,819) (83,513)
Acquisition, net of cash acquired
-
(Note 3)
(730,214)
(799,198)
Change in Cash and Cash Equivalents
(4,537)
(37,912)
Cash and Cash Equivalents at Beginning of Year
61,542
99,454
Cash and Cash Equivalents at End of Year *
$
57,005
$
61,542
* Represented by: Cash and non-interest bearing deposits with financial institutions Cheques and other items in transit (included in Cash Resources) Cheques and other items in transit (included in Other Liabilities)
$
87,853 19,262
$
113,868
-
(50,110)
(52,326)
Cash and Cash Equivalents at End of Year
$
57,005
$
61,542
Supplemental Disclosure of Cash Flow Information Interest and dividends received
$
1,369,762
$
1,397,866
Interest paid
473,584 128,385
602,860 189,973
Income taxes paid
The accompanying notes are an integral part of the consolidated financial statements.
72 | CWB Financial Group 2021 Annual Report
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