CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended October 31 ($ thousands)
2022
2021
Cash Flows from Operating Activities Net income
$
336,896
$
357,253
Adjustments to determine net cash flows: Depreciation and amortization
80,848 45,997 28,904 16,967
58,297 27,055
(Notes 8 and 9)
Provision for credit losses
(Notes 4 and 6)
Accrued interest receivable and payable, net
(51,080) (42,232)
Current income taxes receivable and payable, net
Deferred income taxes, net
6,493 1,973
(2,716)
Amortization of fair value of employee stock options
1,823
(Note 16)
Losses (gains) on securities, net
67
(2,978)
Change in operating assets and liabilities Deposits, net
3,043,308
2,665,385
Debt related to securitization activities, net
446,254 247,354
590,163
Securities sold under repurchase agreements, net
(65,198)
Securities purchased under resale agreements, net
30,048
20,036 76,487
Accounts payable and accrued liabilities
9,295
Loans, net
(3,029,428)
(2,778,663)
Derivative collateral receivable and payable, net
(78,128)
(59,472)
Other items, net
5,219
8,327
Net Cash from (used in) Operating Activities
1,192,067
802,487
Cash Flows from Financing Activities Common shares issued, net of issuance costs
138,392
71,353
(Note 15)
Dividends and limited recourse capital note distributions
(132,834)
(126,849)
Repayment of lease liabilities
(14,353)
(15,944)
Limited recourse capital notes issued, net of issuance costs
- - -
148,290
(Note 15)
Preferred shares redeemed
(140,000)
(Note 15)
Non-controlling interests, ownership change, dividends and contributions
(11,889)
Net Cash from (used in) Financing Activities
(8,795)
(75,039)
Cash Flows from Investing Activities Interest bearing deposits with financial institutions, net
(5,489)
233,107
Securities, purchased
(3,263,551)
(12,390,535)
Securities, sales proceeds
1,941,850
8,276,968 3,204,506
Securities, matured
242,124
Property, equipment and intangible assets
(99,252)
(56,031)
Net Cash from (used in) Investing Activities
(1,184,318)
(731,985)
Change in Cash and Cash Equivalents
(1,046)
(4,537)
Cash and Cash Equivalents at Beginning of Year
57,005
61,542
Cash and Cash Equivalents at End of Year *
$
55,959
$
57,005
* 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)
$
81,228
$
87,853 19,262
7,918
(33,187)
(50,110)
Cash and Cash Equivalents at End of Year
$
55,959
$
57,005
Supplemental Disclosure of Cash Flow Information Interest and dividends received
$
1,567,080
$
1,369,762
Interest paid
551,698
473,584 128,385
Income taxes paid
86,860
The accompanying notes are an integral part of the consolidated financial statements.
70 | CWB Financial Group 2022 Annual Report
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