CWBFG Annual Report 2023

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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