CWBFG Annual Report 2023

8. PROPERTY AND EQUIPMENT Land is carried at cost. Buildings, equipment and furniture, and leasehold improvements are carried at cost less accumulated depreciation and impairment. Right-of-use assets primarily reflect leases of branches and office premises, and are measured at an amount equal to the lease liability adjusted by any prepaid or accrued lease payments. Lease liabilities are measured at the present value of the remaining lease payments discounted at our weighted average incremental borrowing rate.

Depreciation is calculated primarily using the straight-line method over the estimated useful life of the asset, as follows:

• Buildings: 20 years • Computer and office equipment and furniture: 3 to 10 years • Leasehold improvements: over the shorter of the term of the lease and the remaining useful life • Right-of-use assets: over the earlier of the lease term and the expected life. If ownership will transfer to us or we are reasonably certain to exercise a purchase option at the end of the lease term, the expected life of the right-of-use asset is used. When components of an item of property and equipment have different useful lives, they are accounted for as separate items. Gains and losses on disposal are recorded in non-interest income in the period of disposal. Property and equipment is subject to an impairment review if there are events or changes in circumstances which indicate that the carrying amount may not be recoverable.

Leasehold Improvements

Land and Buildings

Computer Equipment

Office Equipment

Right of Use Asset

Total

Cost Balance at November 1, 2022

$

101,704 $

19,051 $

53,300 $

52,681 $

113,606 $

340,342

Additions

10,614

60

3,996

2,106

7,842 1,277

24,618

Lease modifications

-

- -

-

-

1,277

Disposals

(2,001)

(7,778)

(3,069)

(2,309)

(15,157)

Balance at October 31, 2023

110,317

19,111

49,518

51,718

120,416

351,080

Accumulated Depreciation and Impairment Balance at November 1, 2022

62,873

8,102

41,124

38,864

36,353 11,633

187,316

Depreciation

5,823

561

3,823

3,017

24,857

Lease modifications

-

- -

-

-

31

31

Disposals

(2,001)

(7,778)

(3,069)

(631)

(13,479)

Balance at October 31, 2023

66,695

8,663

37,169

38,812

47,386

198,725

Net Carrying Amount at October 31, 2023

$

43,622 $

10,448 $

12,349

$

12,906

$

73,030 $

152,355

Cost Balance at November 1, 2021

$

90,137 $

19,016 $

49,977 $

51,274 $

91,169 $

301,573

Additions

15,953

35

3,356

4,883

17,153

41,380

Lease modifications

-

- -

-

-

5,284

5,284

Disposals

(4,386)

(33)

(3,476)

-

(7,895)

Balance at October 31, 2022

101,704

19,051

53,300

52,681

113,606

340,342

Accumulated Depreciation and Impairment Balance at November 1, 2021

62,181

7,528

37,674

39,498

23,994

170,875

Depreciation

5,078

574

3,483

2,842

12,359

24,336

Lease modifications

-

-

-

-

-

-

Disposals

(4,386)

-

(33)

(3,476)

-

(7,895)

Balance at October 31, 2022

62,873

8,102

41,124

38,864

36,353

187,316

Net Carrying Amount at October 31, 2022

$

38,831 $

10,949 $

12,176 $

13,817 $

77,253 $

153,026

CWB Financial Group 2023 Annual Report | 83

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