NON-INTEREST EXPENSES AND EFFICIENCY RATIO Table 5 – Non-interest Expenses and Efficiency Ratio ($ thousands)
2023
2022
Change from 2022
Salaries and Employee Benefits Salaries
$
323,418 66,746 390,164
$
286,130 59,613 345,743
$
37,288
13 %
Employee benefits
7,133
12 13
44,421
Premises Depreciation
18,456 11,915
18,439 11,213
17
-
Rent
702
6
Other
4,265
4,622
(357)
(8)
34,636
34,274
362
1
Equipment and Software Depreciation
35,232 51,859 87,091 23,401 14,698 10,476
52,197 41,214 93,411
(16,965) 10,645 (6,320)
(33)
Other
26 (7)
General Professional fees and services
30,264 13,262
(6,863)
(23)
Regulatory costs Banking charges
1,436
11
9,915
561
6
Marketing and business development
9,099 8,490 4,858 4,271 2,880 2,868 2,149 1,903
10,366 10,212
(1,267) (1,722)
(12) (17) 138
Amortization of acquisition-related intangible assets
Capital and business taxes Loan-related credit reports
2,038 3,588 6,169 2,735 2,167 1,947
2,820
683
19
Employee recruitment and training
(3,289)
(53)
Travel
133 (18) (44)
5
Communications
(1) (2)
Staff relations
Acquisition and integration costs
602
626
(25)
(4)
Other
13,697 99,392 611,283
15,060 108,349 581,777
(1,363) (8,958) 29,505
(9) (8)
Total Non-interest Expenses
$
$
$
5 %
Efficiency Ratio
52.6 %
51.5 %
110 bp
bp – basis point
Total non-interest expenses of $611 million were up 5% (30 million). The increase included $17 million of costs recognized primarily in salaries and employee benefits that were incurred to execute reorganization initiatives to realize efficiencies in our banking centre footprint, operational support functions, and administrative processes.
CWB Financial Group 2023 Annual Report | 23
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