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
Powered by FlippingBook