CWBFG Annual Report 2023

CONSOLIDATED STATEMENTS OF INCOME For the Years Ended October 31 ($ thousands, except per share amounts)

2022

2023

Interest Income

(Note 23)

Loans

$

2,281,621

$

1,523,026

Securities

72,906

37,043

Deposits with financial institutions

10,945

1,836

2,365,472

1,561,905

Interest Expense Deposits

1,261,037

546,136

Debt

123,158

75,793

1,384,195

621,929

Net Interest Income

981,277

939,976

Non-interest Income Wealth management services

61,202

61,928

Credit related

45,187

40,449

Trust services

10,723

9,991

Retail services

10,442

10,264

Losses on securities, net

(52)

(67)

Other

3,795

13,746

(Note 18)

131,297

136,311

Total Revenue

1,112,574

1,076,287

Provision for Credit Losses

26,641

45,997

(Notes 4 and 6)

Non-interest Expenses Salaries and employee benefits

390,164

345,743

(Notes 16 and 18)

Premises and equipment

121,727

127,685

Other expenses

99,392

108,349

(Note 18)

611,283

581,777

Net Income before Income Taxes

474,650

448,513

Income Taxes

124,001

111,617

(Note 19)

Net Income

350,649

336,896

Preferred share dividends and limited recourse capital note distributions

26,333

26,594

(Note 15)

Common Shareholders' Net Income

$

324,316

$

310,302

Average number of common shares (in thousands)

96,054

91,431

(Note 20)

Average number of diluted common shares (in thousands)

96,061

91,490

Earnings Per Common Share

(Note 20)

Basic

$

3.38

$

3.39

Diluted

3.38

3.39

The accompanying notes are an integral part of the consolidated financial statements.

CWB Financial Group 2023 Annual Report | 65

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