A summary of all outstanding deposits by contractual maturity date is presented in the two following tables.
Table 19 - Deposit Maturities Within One Year ($ millions)
Within
1 to 3
3 Months
Cumulative
October 31, 2022
1 Month
Months
to 1 Year
Within 1 Year
Demand deposits
$
1,350
$
-
$
-
$
1,350
Notice deposits
10,974
333
1,805
13,112
Deposits payable on a fixed date
695
1,335
6,348
8,378
Total
$
13,019
$
1,668
$
8,153
$
22,840
October 31, 2021 Total
$
12,492
$
1,474
$
7,554
$
21,520
Table 20 - Total Deposit Maturities ($ millions)
Within 1 Year
1 to 2 Years
2 to 3 Years
3 to 4 Years
4 to 5 Years
More than 5 Years
October 31, 2022
Total
Demand deposits Notice deposits
$
1,350
$
- -
$
- -
$
- -
$
- -
$
- -
$
1,350
13,112
13,112 18,557
Deposits payable on a fixed date
8,378
5,006
2,440
853
1,314
566
Total
$
22,840
$
5,006
$
2,440
$
853
$
1,314
$
566
$
33,019
October 31, 2021 Total
$
21,520
$
3,928
$
2,261
$
1,111
$
652
$
504
$
29,976
A breakdown of deposits by source is provided in Table 16 and Table 17. Target limits by source have been established as part of the overall liquidity policy and are monitored regularly to ensure an acceptable level of funding diversification is maintained. We continue to develop and implement strategies to compete for branch-raised deposits, and to strengthen this channel as the core source of funding. Additional sources of liquidity include deposits raised through broker channels, issuances of senior deposit notes, instruments that qualify as regulatory capital and securitization activity.
A summary of the subordinated debentures outstanding is presented in the following table.
Table 21 - Subordinated Debentures Outstanding ($ thousands)
Earliest Date Redeemable by CWB at Par
Interest
Maturity Date
Reset Spread (1)
Rate (1)
Par Value (2)
Series F NVCC subordinated debentures Series G NVCC subordinated debentures
3.668% 4.840%
June 11, 2029 June 29, 2030
199 bp
June 11, 2024 $
250,000 125,000
410.2 bp
June 29, 2025
(1) The interest rate will be paid until the earliest date redeemable, after which the interest rate will reset quarterly at the reset spread basis points over the then three- month Bankers’ Acceptance rate . (2) The balance reported on the consolidated balance sheet as at October 31, 2022 includes unamortized financing costs related to the issuance of subordinated debentures of $1,198 (October 31, 2021 - $1,778).
bp – basis point
In addition to deposit liabilities and subordinated debentures, we have notional debt securities related to the securitization of loans, leases and mortgages to third parties. Further details can be found in Note 7 and 14 of the audited consolidated financial statements for the year ended October 31, 2022.
CWB Financial Group 2022 Annual Report | 35
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