CWBFG Annual Report 2023

A summary of all outstanding deposits by contractual maturity date is presented in the two following tables. Table 17 – Deposit Maturities Within One Year ($ millions) Within

1 to 3

3 Months to 1 Year

Cumulative Within 1 Year

October 31, 2023 Demand deposits Notice deposits

1 Month

Months

$

1,011 9,837

$

-

$

-

$

1,011

511

2,409 6,869 9,278 8,153

12,756

Deposits payable on a fixed date

825

1,763 2,274 1,668

9,458

Total

$ $

11,673 13,019

$ $

$ $

$ $

23,225 22,840

October 31, 2022 Total

Table 18 – Total Deposit Maturities ($ millions)

Within 1 Year

1 to 2 Years

2 to 3 Years

3 to 4 Years

4 to 5 Years

More than 5 Years

October 31, 2023 Demand deposits Notice deposits

Total 1,011

$

1,011

$

- -

$

- -

$

- -

$

- -

$

- -

$

12,756

12,756 19,561 33,328 33,010

Deposits payable on a fixed date

9,458

3,792 3,792 5,006

2,460 2,460 2,440

1,751 1,751

1,905 1,905 1,305

195 195 566

Total

$ $

23,225 22,840

$ $

$ $

$ $

$ $

$ $

$ $

October 31, 2022 Total

853

A breakdown of deposits by source is provided in Table 14 and Table 15. Target limits by source have been established as part of the overall liquidity policy and are monitored regularly to ensure an acceptable level of funding diversification is maintained. We continue to develop and implement strategies to compete for branch-raised deposits, and to strengthen this channel as the core source of funding. Additional sources of liquidity include deposits raised through broker channels, issuances of senior deposit notes, instruments that qualify as regulatory capital and securitization activity.

A summary of the subordinated debentures outstanding is presented in the following table. Table 19 – Subordinated Debentures Outstanding ($ thousands)

Earliest Date Redeemable by CWB at Par

Interest

Maturity Date

Reset Spread (1)

Rate (1)

Par Value (2)

Series F NVCC subordinated debentures Series G NVCC subordinated debentures Series H NVCC subordinated debentures

3.668% 4.840% 5.937%

June 11, 2029 June 29, 2030

199 bp

June 11, 2024 $

250,000 125,000 150,000

410.2 bp

June 29, 2025

December 22, 2032

291 bp

December 22, 2027

(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 for Series F and Series G and CORRA for Series H. (2) The balance reported on the consolidated balance sheet as at October 31, 2023 includes unamortized financing costs related to the issuance of subordinated debentures of $1,562 (October 31, 2022 - $1,198). Bp – basis point

On December 22, 2022, we issued $150 million of Series H NVCC subordinated debentures with a fixed annual interest rate of 5.937% until December 22, 2027.

In addition to deposit liabilities and subordinated debentures, we have notional debt securities related to the securitization of loans, leases, and mortgages to third parties. Further details can be found in Note 7 and 14 of the audited consolidated financial statements for the year ended October 31, 2023.

CWB Financial Group 2023 Annual Report | 33

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