CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended October 31 ($ thousands)
2022
2021
Preferred Shares
(Note 15)
Balance at beginning of year
$
250,000
$
390,000
Redeemed
-
(140,000)
Balance at end of year
250,000
250,000
Limited Recourse Capital Notes
(Note 15)
Balance at beginning of year
325,000
175,000 150,000
Issued
-
Balance at end of year
325,000
325,000
Common Shares
(Note 15)
Balance at beginning of year
809,435 141,098
730,846
Issued under at-the-market common equity distribution program
72,969
Issued under dividend reinvestment plan
5,005
4,064 1,556
Transferred from share-based payment reserve on the exercise or exchange of options
523
Balance at end of year
956,061
809,435
Retained Earnings Balance at beginning of year
2,120,795
1,907,739
Shareholders' net income
336,896
356,963
Dividends and other distributions - Preferred shares and limited recourse capital notes
(26,594)
(29,492)
(Note 15)
- Common shares
(111,245)
(101,421)
(Note 15)
Issuance costs on at-the-market common equity distribution program
(2,706)
(1,616) (1,710)
(Note 15)
Issuance costs on limited recourse capital notes
- - -
Realized gains reclassified from accumulated other comprehensive income
35
(Note 4)
Decrease in equity attributable to non-controlling interests ownership change
(9,703)
Balance at end of year
2,317,146
2,120,795
Share-based Payment Reserve
(Note 16)
Balance at beginning of year
26,016
25,749
Amortization of fair value of options
1,973
1,823
Transferred to common shares on the exercise or exchange of options
(523)
(1,556)
Balance at end of year
27,466
26,016
Accumulated Other Comprehensive (Loss) Income Debt securities measured at fair value through other comprehensive income Balance at beginning of year
(32,140) (89,809)
6,125
Other comprehensive loss
(38,265)
Balance at end of year
(121,949)
(32,140)
Derivatives designated as cash flow hedges Balance at beginning of year
33,688
96,006
Other comprehensive loss
(55,360)
(62,318)
Balance at end of year
(21,672)
33,688
Equity securities designated at fair value through other comprehensive income Balance at beginning of year
1,091
73
Other comprehensive income
(167)
1,053
Realized gains reclassified to retained earnings
-
(35)
(Note 4)
Balance at end of year
924
1,091
Total accumulated other comprehensive (loss) income
(142,697)
2,639
Total Shareholders' Equity
3,732,976
3,533,885
Non-controlling Interests Balance at beginning of year
- - - -
862 290
Net income attributable to non-controlling interests
Dividends to non-controlling interests
(320) (832)
Ownership change
Balance at end of year
-
-
Total Equity
$
3,732,976
$
3,533,885
The accompanying notes are an integral part of the consolidated financial statements.
CWB Financial Group 2022 Annual Report | 69
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