CWBFG Annual Report 2022

13. OTHER LIABILITIES

As at October 31 2022

As at October 31 2021

Accounts payable and accrued liabilities

$

438,180 $

428,885 127,255 86,513 40,428

Accrued interest payable

197,486 98,795 21,800

Lease liabilities (1)

Derivative collateral payable

(Note 25)

Deferred tax liabilities

6,567 5,310 4,000 3,467

8,598 4,421 3,132 4,954 8,123

(Note 19)

Allowance for committed but undrawn credit exposures and letters of credit

(Note 6)

Income taxes payable

Deferred revenue

Other

13,994

Total

$

789,599 $

712,309

(1) The discounted value of lease liabilities is presented above. Future minimum commitments related to our lease liabilities on an undiscounted basis are $13,687 for fiscal 2023, $16,895 for fiscal 2024, $16,639 for fiscal 2025, $12,366 for fiscal 2026, $10,559 for fiscal 2027, and $57,383 for fiscal 2028, and thereafter.

14. DEBT A) DEBT SECURITIES

A summary of outstanding debt related to the securitization of equipment financing leases and loans and residential mortgages by contractual maturity date follows:

As at October 31 2022

As at October 31 2021

Within 1 Year

1 to 3 Years

3 to 6 Years

Securitized leases and loans

$

613,192 $

959,371 $

363,249 $

1,935,812 $

1,756,210

Securitized residential mortgages

184,168

609,422

358,695

1,152,285

885,633

Total

$

797,360 $

1,568,793 $

721,944 $

3,088,097 $

2,641,843

B) NON-VIABILITY CONTINGENT CAPITAL (NVCC) SUBORDINATED DEBENTURES

Financing costs relating to the issuance of subordinated debentures are amortized over the expected life of the related subordinated debenture using the effective interest method.

The following qualify as bank debentures under the Bank Act and are subordinate in right of payment to all deposit liabilities. All redemptions are subject to the approval of OSFI.

Earliest Date Redeemable by CWB at Par

Interest

Maturity Date

Reset Spread (1)

Rate (1)

Par Value (2)

199 bp

$

Series F

3.668%

June 11, 2029

June 11, 2024

250,000

410.2 bp

Series G

4.840%

June 29, 2030

June 29, 2025

125,000

(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 (2021 - $1,778). bp – basis points

Upon the occurrence of a trigger event (as defined by OSFI), each subordinated debenture will be automatically converted, without the consent of the holders, into CWB common shares. Conversion to common shares will be determined by dividing the debenture conversion value (the principal amount of the debenture plus accrued but unpaid interest times a multiplier of 1.5) by the common share value (the greater of (i) the floor price of $5.00 and (ii) the current market price calculated as the volume weighted average trading price for the ten consecutive trading days ending on the day immediately prior to the date of conversion).

94 | CWB Financial Group 2022 Annual Report

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