CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended October 31 ($ thousands)
2023
2022
Cash Flows from Operating Activities Net income
$
350,649
$
336,896
Adjustments to determine net cash flows: Accrued interest receivable and payable, net
116,970 62,178 38,708
28,904 80,848 16,967 45,997
Depreciation and amortization
(Notes 8 and 9)
Current income taxes receivable and payable, net
Provision for credit losses
26,641
(Notes 4 and 6)
Deferred income taxes, net
(550)
6,493
Amortization of fair value of employee stock options
1,884
1,973
(Note 16)
Losses on securities, net
52
67
Change in operating assets and liabilities
Debt related to securitization activities, net
231,630 317,987
442,248
Deposits, net
3,034,723
Loans, net
(1,323,065) (134,662) (247,354)
(3,029,428)
Securities purchased under resale agreements, net
30,048
Securities sold under repurchase agreements, net
247,354
Derivative collateral receivable and payable, net
(78,128)
(56,200)
Other items, net
73,706
27,105
Net Cash from (used in) Operating Activities
(541,426)
1,192,067
Cash Flows from Financing Activities Debentures issued
149,160
-
Common shares issued, net of issuance costs
44,253
138,392
(Note 15)
Dividends and limited recourse capital note distributions
(144,839)
(132,834)
Repayment of lease liabilities
(15,841)
(14,353)
Net Cash from (used in) Financing Activities
32,733
(8,795)
Cash Flows from Investing Activities Interest bearing deposits with financial institutions, net
(122,452)
(5,489)
Securities, purchased
(2,615,355)
(3,263,551)
Securities, sales proceeds
284,891
1,941,850
Securities, matured
3,013,124
242,124
Property, equipment and intangible assets
(78,781)
(99,252)
Net Cash from (used in) Investing Activities
481,427
(1,184,318)
Change in Cash and Cash Equivalents
(27,266)
(1,046)
Cash and Cash Equivalents at Beginning of Year
55,959
57,005
Cash and Cash Equivalents at End of Year *
$
28,693
$
55,959
* Represented by: Cash and non-interest bearing deposits with financial institutions Cheques and other items in transit (included in Cash Resources) Cheques and other items in transit (included in Other Liabilities)
$
49,114 17,410
$
81,228
7,918
(37,831)
(33,187)
Cash and Cash Equivalents at End of Year
$
28,693
$
55,959
Supplemental Disclosure of Cash Flow Information Interest and dividends received
$
2,359,639 1,237,215
$
1,567,080
Interest paid
551,698
Income taxes paid
104,571
86,860
The accompanying notes are an integral part of the consolidated financial statements.
68 | CWB Financial Group 2023 Annual Report
Powered by FlippingBook