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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