CONSOLIDATED STATEMENTS OF INCOME For the Years Ended October 31 ($ thousands, except per share amounts)
2022
2021
Interest Income
(Note 23)
Loans
$
1,523,026
$
1,296,954
Securities
37,043
20,541
Deposits with financial institutions
1,836
517
1,561,905
1,318,012
Interest Expense Deposits
546,136
360,663
Debt
75,793
64,986
621,929
425,649
Net Interest Income
939,976
892,363
Non-interest Income Wealth management services
61,928
59,490
Credit related
40,449
38,411
Retail services
10,264
10,007
Trust services
9,991
8,988
(Losses) gains on securities, net
(67)
2,978
Other
13,746
3,796
(Note 18)
136,311
123,670
Total Revenue
1,076,287
1,016,033
Provision for Credit Losses
45,997
27,055
(Notes 4 and 6)
Non-interest Expenses Salaries and employee benefits
345,743
325,136
(Notes 16 and 18)
Premises and equipment
127,685
95,954
Other expenses
108,349
87,628
(Note 18)
581,777
508,718
Net Income before Income Taxes
448,513
480,260
Income Taxes
111,617
123,007
(Note 19)
Net Income
336,896
357,253
Net income attributable to non-controlling interests
-
290
Shareholders' Net Income
336,896
356,963
Preferred share dividends and limited recourse capital note distributions
26,594
29,492
(Note 15)
Common Shareholders' Net Income
$
310,302
$
327,471
Average number of common shares (in thousands)
91,431
87,579
(Note 20)
Average number of diluted common shares (in thousands)
91,490
87,845
Earnings Per Common Share
(Note 20)
Basic
$
3.39
$
3.74
Diluted
3.39
3.73
The accompanying notes are an integral part of the consolidated financial statements.
CWB Financial Group 2022 Annual Report | 67
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