CWBFG Annual Report 2023

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

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