CWBFG Annual Report 2023

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended October 31 ($ thousands)

2023

2022

Preferred Shares

(Note 15)

Balance at beginning and end of year

$

250,000

$

250,000

Limited Recourse Capital Notes

(Note 15)

Balance at beginning and end of year

325,000

325,000

Common Shares

(Note 15)

Balance at beginning of year

956,061

809,435 141,098

Issued under at-the-market common equity distribution program

44,998

Issued under dividend reinvestment plan

6,492

5,005

Transferred from share-based payment reserve on the exercise or exchange of options

432

523

Balance at end of year

1,007,983

956,061

Retained Earnings Balance at beginning of year

2,317,146

2,120,795

Net income

350,649

336,896

Dividends and other distributions - Preferred shares and limited recourse capital notes

(26,333)

(26,594)

(Note 15)

- Common shares

(124,998)

(111,245)

(Note 15)

Issuance costs on at-the-market common equity distribution program

(745)

(2,706)

(Note 15)

Balance at end of year

2,515,719

2,317,146

Share-based Payment Reserve

(Note 16)

Balance at beginning of year

27,466

26,016

Amortization of fair value of options

1,884

1,973

Transferred to common shares on the exercise or exchange of options

(432)

(523)

Balance at end of year

28,918

27,466

Accumulated Other Comprehensive Loss Debt securities measured at fair value through other comprehensive income Balance at beginning of year

(121,949)

(32,140) (89,809)

Other comprehensive income (loss)

65,485

Balance at end of year

(56,464)

(121,949)

Derivatives designated as cash flow hedges Balance at beginning of year

(21,672) (22,755)

33,688

Other comprehensive loss

(55,360)

Balance at end of year

(44,427)

(21,672)

Equity securities designated at fair value through other comprehensive income Balance at beginning of year

924

1,091

Other comprehensive loss

(986)

(167)

Balance at end of year

(62)

924

Total accumulated other comprehensive loss

(100,953)

(142,697)

Total Equity

$

4,026,667

$

3,732,976

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

CWB Financial Group 2023 Annual Report | 67

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