CWB Reports Strong First Quarter Financial Performance Including Record Total Revenues
Pre-tax, pre-provision income up 12% compared to last year Positive operating leverage Adjusted cash earnings per common share of $0.61
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 03/02/17 -- Canadian Western Bank (TSX: CWB) -
"CWB is off to a great start this year. Strong first quarter financial performance included 12% annual growth of pre-tax, pre-provision income and record total revenues. We also delivered positive operating leverage and strong credit quality reflected in stable loan impairments and a provision for credit losses consistent with our expectations," said Chris Fowler, President and CEO. "I am pleased to report that our first quarter net interest margin was stable compared to the same quarter last year, and significantly higher than last quarter. It''s too early to say if we''ve turned the corner on this key metric, but the immediate positive impact of higher margin on CWB''s earnings is notable."
"Our businesses in Ontario continue to deliver strong loan growth, while growth within the western part of our geographic footprint has been more constrained. Overall net loan growth was flat this quarter as new loan originations were offset by higher than expected payouts in Alberta, British Columbia and Saskatchewan. Payouts in Alberta and Saskatchewan increased as certain clients have chosen to prudently direct cash flows to repayment of debt in view of the lagging impacts of the 2015 - 2016 recession. Net contraction within British Columbia this quarter reflects different factors. Included here is the relatively short duration of our real estate project loan portfolio, combined with the fact that we, and our experienced clients, have been cautious with new opportunities in this space. Certain real estate clients have also chosen to realize gains and pay back mortgage loans early as demand for Greater Vancouver commercial properties has increased. Both of these dynamics relate to the current environment of very high prices and the uncertain impact of recent regulatory and tax changes. We expect the impact on CWB''s growth in British Columbia to be temporary as the market adjusts to new regulations. With respect to Alberta and Saskatchewan, we fully expected a slowdown in regions affected by the recession, and that is just what has occurred. However, there is no doubt that sentiment has started to improve in those provinces. We remain committed to our objective to deliver double-digit annual loan growth whenever prudent. While we expect overall loan growth to accelerate with an improving economic backdrop in the second half of 2017, it will likely be challenging to deliver double-digit growth this year."
"Our strategic objectives are clear. They include strong, balanced growth of both loans and funding sources, progress toward a more balanced geographic footprint and broader diversification within targeted sectors of Canada''s commercial banking industry," continued Mr. Fowler. "In support of these objectives, the 2016 additions of CWB Maxium and CWB Franchise Finance fully align with our core mid-market commercial business. They have already increased CWB''s earnings power and made strong contributions to our continued growth. Just as important, we knew these were attractive acquisitions because their clients and their teams have so much in common with ours. Like National Leasing and CWB Optimum Mortgage before them, these new segments provide CWB with seasoned, motivated and highly respected management groups with established track records in their targeted markets."
"CWB is operating from a very strong capital position. Our capital base will fully support ongoing strong growth delivered through our unique approach to the market. We continue to support our people with better tools and more effective business processes as we leverage our new banking system to deliver on the high quality growth opportunities in front of us. Our dedicated, caring teams across the organization are excited about the future, and ready to help our clients grow."
First Quarter 2017 Highlights1 (compared to the same period in the prior year)
Canadian Western Bank (CWB) today announced strong core operating performance for the first quarter, including a 12% increase in pre-tax, pre-provision income compared to the same quarter last year. Strong 11% year-over-year growth of total revenues was comprised of a 9% increase in net interest income (teb) and higher non-interest income. Common shareholders'' net income of $49.5 million was down 5% from last year. The strong increase in total revenues was more than offset by increased non-interest expenses, higher provisions for credit losses, acquisition-related fair value changes, and higher preferred share dividends. Average loan balances were up 10% from last year, while the quarter-end total loan balance increased 7%. Net interest margin (teb) of 2.47% was relatively stable. Diluted earnings per common share of $0.56 and adjusted cash earnings per common share of $0.61 were down 14% and 8%, respectively, with changes reflecting the factors noted above and the 2016 issuance of common shares.
Compared to the prior quarter, pre-tax, pre-provision income increased 6% and common shareholders'' net income growth was very strong at 4%. While the balance of total loans at January 31 was relatively flat compared to the prior quarter, net interest income was 4% higher as net interest margin was up 11 basis points. Diluted and adjusted cash earnings per common share increased 4% and 3%, respectively.
Strong year-over-year loan growth with strategic diversification and strong branch-raised deposit growth
Total loans at January 31, 2017 were up 7% from the first quarter last year, while average balances increased 10%. Total loans were relatively flat compared to the prior quarter, as new originations and renewals were more than offset by higher than expected payouts. Annual loan growth by portfolio segment and geography was generally consistent with our expectations. Strong 14% year-over-year growth within general commercial loans includes the contributions of CWB Maxium and the CWB Franchise Finance portfolio, both acquired last year. The 17% increase in personal loans and mortgages compared to last year was driven by ongoing strong performance from CWB Optimum Mortgage. As expected, the trend of higher relative contributions from non-oil producing provinces across CWB''s growing geographic footprint has continued, with 39% annual growth in Ontario and 10% growth in BC, compared to a 6% year-over-year contraction of outstanding balances in Alberta and 1% growth in Saskatchewan. Annual growth in BC was mainly driven by originations within the real estate project loan category in the Lower Mainland early in fiscal 2016. CWB will continue to pursue opportunities to service high quality borrowers operating within our targeted industry segments.
Over the medium-term, our key strategic objectives include ongoing strong, balanced growth of both loans and funding sources, along with further geographic and business sector diversification within targeted segments of Canada''s commercial banking industry. We remain committed to our objective to deliver double-digit annual loan growth whenever prudent, and will continue to focus on growth of secured loans that offer an appropriate return and acceptable risk profile. Loan growth within Alberta and Saskatchewan is expected to remain challenging, particularly in the first half of 2017, due to the lagging impact of the 2015 - 2016 regional recession. While we expect overall loan growth to accelerate in the second half of 2017 with an improving economic backdrop and continued strong performance from CWB''s business lines with a national footprint, it will likely be challenging to deliver double-digit growth this year.
A key strategic objective, supported by CWB''s investment in the new core banking system, is to increase the level of branch-raised deposits. These core funding products are typically lower cost than non-branch-raised sources. Branch-raised deposit products include business savings, cash management, high interest savings and bare trustee accounts. With the exception of bare trustee accounts, these are tools which help our banking clients conveniently manage their business and personal finances, and we consider growth within these product categories to demonstrate success in strengthening key, multi-product client relationships. First quarter branch-raised deposits were up 8% from the same period last year, and 2% lower than the prior quarter. The year-over-year increase in branch-raised deposits included strong 11% growth of lower-cost demand and notice deposits.
Stable impaired loans and provisions for credit losses consistent with expectations
Overall credit quality is consistent with expectations and continues to reflect CWB''s secured lending business model, disciplined underwriting practices and proactive loan management. Gross impaired loans totaled $124.4 million and represented 0.57% of total loans, compared to $111.5 million or 0.55% last year, and down from $127.2 million or 0.58% last quarter. The first quarter provision for credit losses of 27 basis points of average loans was consistent with expectations for the annual provision to fall in a range between 25 and 35 basis points, and compares to 18 basis points in the same quarter last year and 24 basis points in the prior quarter. Of the $15.0 million of first quarter provisions, $6.5 million related to a single loan and $4.4 million comprised an increase to the collective allowance.
We continue to carefully monitor the loan portfolio for signs of weakness resulting from the lagging impact of the 2015 - 2016 regional recession. While Alberta-based loans represent 36% of CWB''s overall portfolio, gross impaired loans within Alberta of $51.4 million represent 41% of total impairments at January 31, 2017. The level of impaired loans in Alberta as a percentage of impairments was unchanged from 12 months ago, and down from 51% last quarter. Although we expect periodic increases in the balance of impaired loans across the portfolio, we remain confident that our combination of disciplined underwriting, secured lending practices and proactive account management will continue to mitigate the financial impacts of further increases in impairments. Loss rates on current and future impaired loans are expected to be consistent with CWB''s prior experience, where write-offs have been low as a percentage of impaired loans. Last year we took a proactive approach to resolve positions within CWB''s small portfolio of loans to oil and gas producers. This portfolio now represents less than 1% of our total loans, and we do not expect material credit impacts related to remaining oil and gas loans.
Efficient operations and positive operating leverage
The first quarter efficiency ratio (teb) improved to 46.0% from 46.9% last year and 47.0% in the previous quarter. Operating leverage, which is calculated as total revenue (teb) growth less non-interest expense growth, excluding the pre-tax amortization of acquisition-related intangible assets, over the past twelve months, was 2.0%.
One of our key priorities is to deliver consistent increases in adjusted cash earnings per share through business growth and strategic investment while maintaining effective control of costs. CWB''s ongoing investment in people, technology and infrastructure is expected to contribute to long-term shareholder value through improved financial performance in future periods. In view of the level of necessary future investment to facilitate ongoing implementation of our strategic direction, we expect CWB''s efficiency ratio to fluctuate at levels moderately higher than the recent past. We are committed to disciplined control of all discretionary expenses, and we expect to deliver positive operating leverage over the medium-term.
Prudent capital management and dividends
At January 31, 2017, CWB''s capital ratios were 9.5% CET1, 10.8% Tier 1 and 13.0% Total capital. With a very strong capital position under the more conservative Standardized approach for calculating risk-weighted assets, CWB is well-positioned to continue to execute against our balanced growth strategy. Ongoing support and development of each of CWB''s core businesses will remain a key priority, and we will continue to evaluate potential strategic acquisitions.
We evaluate common share dividend increases every quarter against our dividend payout ratio target of approximately 30% of common shareholders'' net income. This quarter''s common share dividend of $0.23 per share is consistent with the first quarter last year and the prior quarter. The dividend payout ratio this quarter was approximately 45%, primarily reflecting the impact of elevated provisions for credit losses on common shareholders'' net income, as well as the impact of a higher share count on total dividends paid. The timing of future dividend increases will also be influenced by capital requirements under the Standardized approach to support ongoing strong and balanced asset growth.
Medium-term Performance Target Ranges
CWB''s performance target ranges for key financial metrics reflect the objectives embedded within CWB''s strategic direction and a time horizon consistent with the longer-term interests of our shareholders. These targets are based on expectations for moderate economic growth and a relatively stable net interest margin environment in Canada over the three- to five-year forecast horizon. Our target ranges are presented in the following table:
We expect earnings growth and profitability to fall below our medium-term target ranges in fiscal 2017. This reflects a higher share count compared to last year, the lagging impact of the 2015 - 2016 regional recession on loan growth and credit quality, the potential for incremental pressure on net interest margin, and increases in CWB''s expense base mainly related to the new core banking system. However, we expect financial performance over a three- to five-year time frame to be consistent with our medium-term targets, and to benefit from an expanding geographic footprint with increased business diversification. We also expect ongoing success in key strategic initiatives to enhance client offerings, build core funding sources, and leverage current and future investment in technology to support CWB''s strong financial performance over the medium-term.
About CWB Financial Group
CWB Financial Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB''s key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares) and "CWB.PR.C" (Series 7 Preferred Shares). Learn more at .
Fiscal 2017 First Quarter Results Conference Call
CWB''s first quarter conference call is scheduled for Thursday, March 2nd, 2017, at 2:00 p.m. ET (12:00 noon MT). CWB''s executives will comment on financial results and respond to questions from analysts and institutional investors.
The conference call may be accessed on a listen-only basis by dialing (703) 736-7380 (Toronto) or (844) 400-1695 (toll-free) and entering passcode 75481033. The call will also be webcast live through CWB''s website, . A replay of the conference call will be available until March 9th, 2017, by dialing (855) 859-2056 and entering passcode 75481033.
Annual General Meeting Webcast
CWB''s Annual General Meeting will be held Thursday, March 2nd, 2017, commencing at 5:00 p.m. ET (3:00 p.m. MT), at the Fairmont Hotel Macdonald in Edmonton, Alberta. The event webcast can be accessed through the link above.
Investor Day Webcast
CWB will hold an Investor Day on March 28th, 2017 at the Thompson Hotel Toronto. The event webcast will also be available through the link above.
Selected Financial Highlights
Management''s Discussion and Analysis
This management''s discussion and analysis (MD&A), dated March 1, 2017, should be read in conjunction with Canadian Western Bank''s (CWB) unaudited condensed interim consolidated financial statements for the period ended January 31, 2017, and the audited consolidated financial statements and MD&A for the year ended October 31, 2016, available on SEDAR at and CWB''s website at .
Forward-looking Statements
From time to time, CWB makes written and verbal forward-looking statements. Statements of this type are included in the Annual Report and reports to shareholders and may be included in filings with Canadian securities regulators or in other communications such as press releases and corporate presentations. Forward-looking statements include, but are not limited to, statements about CWB''s objectives and strategies, targeted and expected financial results and the outlook for CWB''s businesses or for the Canadian economy. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "may increase", "may impact", "goal", "focus", "potential", "proposed" and other similar expressions, or future or conditional verbs such as "will", "should", "would" and "could".
By their very nature, forward-looking statements involve numerous assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that management''s predictions, forecasts, projections, expectations and conclusions will not prove to be accurate, that its assumptions may not be correct and that its strategic goals will not be achieved.
A variety of factors, many of which are beyond CWB''s control, may cause actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, but are not limited to, general business and economic conditions in Canada, including the volatility and level of liquidity in financial markets, fluctuations in interest rates and currency values, the volatility and level of various commodity prices, changes in monetary policy, changes in economic and political conditions, legislative and regulatory developments, legal developments, the level of competition, the occurrence of natural catastrophes, changes in accounting standards and policies, the accuracy and completeness of information CWB receives about customers and counterparties, the ability to attract and retain key personnel, the ability to complete and integrate acquisitions, reliance on third parties to provide components of business infrastructure, changes in tax laws, technological developments, unexpected changes in consumer spending and saving habits, timely development and introduction of new products, and management''s ability to anticipate and manage the risks associated with these factors. It is important to note that the preceding list is not exhaustive of possible factors.
Additional information about these factors can be found in the Risk Management section of CWB''s annual Management''s Discussion and Analysis (MD&A). These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause CWB''s actual results to differ materially from the expectations expressed in such forward-looking statements. Unless required by securities law, CWB does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time by it or on its behalf.
Assumptions about the performance of the Canadian economy over the forecast horizon and how it will affect CWB''s businesses are material factors considered when setting organizational objectives and targets. In determining expectations for economic growth, CWB primarily considers economic data and forecasts provided by the Canadian government and its agencies, as well as an average of certain private sector forecasts. These forecasts are subject to inherent risks and uncertainties that may be general or specific. Where relevant, material economic assumptions underlying forward looking statements are disclosed within the Outlook sections of this MD&A.
Acquisitions of CWB Maxium Financial and CWB Franchise Finance
On March 1, 2016, CWB acquired the non-securitized lending assets and other net business assets, including key employees, of CWB Maxium Financial (CWB Maxium). CWB Maxium provides loans, equipment leases and structured financing solutions to more than 35,000 clients, mainly in Ontario. Specialized financing solutions are primarily provided in the areas of health care, golf, transportation, real estate, and general corporate financing. Under the terms of the purchase agreement, contingent payment installments will be made annually with determination of the total amount payable based on CWB Maxium''s cumulative business performance over a 36-month period. CWB completed the first contingent instalment this quarter in cash, reflecting very strong operating performance.
On July 1, 2016, CWB acquired the portfolio now referred to as CWB Franchise Finance. The business provides financing across Canada to a diverse group of established companies in the franchised hospitality and restaurant industries. The acquisition included key employees to support CWB''s continued strategic commercial banking growth and geographic expansion.
The performance of both acquisitions has been consistent with management''s expectations.
Overview
Q1 2017 vs. Q1 2016
CWB delivered strong core operating performance, including a 12% increase in pre-tax, pre-provision income to $94.9 million. Record total revenues of $175.8 million increased 11%, comprised of a 9% increase in net interest income (teb) to $156.4 million and 33% higher non-interest income. Strong growth of net interest income reflects a 10% increase in average loan balances and relatively stable net interest margin (teb) of 2.47%. Common shareholders'' net income of $49.5 million was down 5%, as the strong increase in total revenues was more than offset by increased non-interest expenses, higher provisions for credit losses, acquisition-related fair value changes, and higher preferred share dividends. Diluted earnings per common share of $0.56 and adjusted cash earnings per common share of $0.61 were down 14% and 8%, respectively, with changes reflecting the factors noted above and the 2016 issuance of common shares.
Q1 2017 vs. Q4 2016
Total revenue growth of 4% was very strong and pre-tax, pre-provision income increased 6%. Common shareholders'' net income growth was also very strong at 4%. While the balance of total loans at quarter-end was relatively flat compared to the prior quarter, net interest income was 4% higher as net interest margin increased 11 basis points and average loan balances were stable. Non-interest income was up 2%. Diluted and adjusted cash earnings per common share increased 4% and 3%, respectively.
Adjusted ROE and ROA
The first quarter adjusted return on common shareholders'' equity (ROE) of 10.4% decreased 130 basis points from the same period last year due to the combined impact of lower net income and the common share issuance in the third quarter last year.
Adjusted ROE improved by 30 basis points compared to the prior quarter, primarily reflecting strong sequential growth of common shareholders'' net income. Return on assets (ROA) was 0.78%, compared to 0.90% last year and 0.76% in the previous quarter.
Outlook for Profitability Ratios
Management expects CWB''s earnings growth and profitability to benefit from expansion of existing client relationships and the attraction of new clients over the medium-term. The capabilities of CWB''s new core banking system are expected to facilitate various initiatives aligned with these objectives. Common shares issued in 2016 support CWB''s very strong capital position and continued execution against the balanced growth strategy. Primarily due to the impact of the common share issuance on shareholders'' equity, as well as the potential for continued net interest margin pressure on growth in total revenues, adjusted return on common shareholders'' equity in fiscal 2017 is expected to fall below CWB''s medium-term target range.
Total Revenues (teb)
Record first quarter total revenues of $175.8 million, comprised of both net interest income (teb) and non-interest income, grew 11% compared to the same quarter in 2016. Growth of total revenues from the prior quarter of 4% was also very strong.
Net Interest Income (teb)
Q1 2017 vs. Q1 2016
Net interest income (teb) of $156.4 million was up 9% primarily reflecting the benefit of strong 10% growth of average loan balances and relatively stable net interest margin (teb) of 2.47%. Favourable changes in deposit mix contributed approximately six basis points to net interest margin, while elevated prepayment penalties contributed five basis points. CWB''s deposit mix improved with lower utilization of higher-cost broker-sourced and capital markets deposits, as well as higher growth in lower-cost branch-raised deposits. The combined benefit of these positive factors was offset by continued pressure on CWB''s contractual loan yields and lower yields on cash and securities. Of note, while competitive factors continue to impact loan yields, the magnitude of pressure on net interest margin from loan re-pricing, or the origination and renewal of loans yielding less than the portfolio average, was less severe than prior periods. This partly reflects growing contributions from the relatively higher-yielding CWB Maxium and CWB Franchise Finance portfolios.
Q1 2017 vs. Q4 2016
Net interest income (teb) was up 4% as stable average loan balances were complemented by a significant increase of 11 basis points in net interest margin (teb). Higher net interest margin mainly reflects the combined positive impact of elevated prepayment penalties, which contributed four basis points, incremental improvement in overall loan yields and favourable changes in deposit mix. Overall loan yields have benefitted from continued growth within CWB Maxium. CWB''s deposit mix improved with lower utilization of the broker deposit channel and replacement of higher-cost capital markets funding. While the average balance of CWB''s cash and securities portfolio was relatively consistent with the prior quarter, the yield on these assets has increased with recent steepening of the yield curve.
Interest rate sensitivity
Note 13 to the unaudited interim consolidated financial statements summarizes CWB''s exposure to interest rate risk as at January 31, 2017. The estimated sensitivity of net interest income to a change in interest rates is presented in the table below. The amounts represent the estimated change in net interest income that would result over the following 12 months from a one-percentage point change in interest rates. The estimates are based on a number of assumptions and factors, which include:
In addition to the projected changes in net interest income noted above, it is estimated that a one-percentage point increase in all interest rates at January 31, 2017 would increase unrealized losses related to available-for-sale securities and the fair value of interest rate swaps designated as hedges, and result in a reduction in other comprehensive income of approximately $80.3 million, net of tax (January 31, 2016 - $69.1 million).
It is estimated that a one-percentage point decrease in all interest rates at January 31, 2017 would have the opposite effect, increasing other comprehensive income by approximately $81.8 million, net of tax (January 31, 2016 - $62.2 million). Management maintains the asset liability structure and interest rate sensitivity within CWB''s established policies through pricing and product initiatives, as well as the use of interest rate swaps.
Outlook for net interest margin (teb)
CWB expects efforts to optimize the overall cost of funds through targeted growth of lower-cost funding sources, along with selective, geographically diversified growth in higher yielding loan portfolios with an acceptable risk profile to mitigate the earnings impact of ongoing margin pressure over the medium-term. However, these factors may only partially offset the impacts of ongoing very low interest rates and competitive factors this year. Moreover, the positive impact on net interest margin of elevated pre-payment penalties this quarter is expected to be temporary. As such, incremental net interest margin pressure is likely to reappear. On a full-year basis, margin in 2017 is expected to be relatively consistent with last year.
Non-interest Income
Q1 2017 vs. Q1 2016
Non-interest income of $19.5 million was up 33% ($4.9 million). Negligible net gains on securities in the current period compare to losses of $2.9 million last year. Non-interest income also benefitted from strong growth in credit related fee income.
Q1 2017 vs. Q4 2016
Non-interest income was up 2% ($0.4 million), primarily due to growth in ''other'' non-interest income and wealth management revenues.
Outlook for non-interest income
Growth of non-interest income is expected to reflect the extension and deepening of CWB''s relationships with both new and existing clients. Increases are expected across most categories of non-interest income reflecting CWB''s continued focus on strong, high quality loan growth with associated fee income, as well as enhanced transactional capabilities in cash management and other retail services, including CWB''s branch-raised deposit franchise. CWB liquidated its holdings of common equities in 2016 and has no plans to re-establish this portfolio. In view of this change, and based on the current composition of the securities portfolio, net gains/losses on securities are not expected to contribute materially to non-interest income in 2017; however, the magnitude and timing of gains or losses are dependent on market factors that are difficult to predict. Management expects further increases in wealth management revenues to result over the medium-term from solid performance within CWB Wealth Management, including organic growth of discretionary investment services, and further growth of proprietary investment products introduced last year. Management will realize gains on the sale of residential mortgage portfolios as opportunities become available. Such gains are anticipated to be a recurring, although sporadic, source of ''other'' non-interest income.
Acquisition-related Fair Value Changes
The estimated change in fair value of contingent consideration related to the acquisition of CWB Maxium was $4.4 million, compared to nil in the first quarter last year which preceded the acquisition, and $3.9 million last quarter. This quarter included the first contingent instalment, paid in cash, reflecting very strong operating performance since the acquisition was completed on March 1, 2016. Quarterly contingent consideration fair value changes approximately similar in magnitude through the remainder of the three-year earn out period would represent the maximum amount available through the purchase agreement.
Non-interest Expenses
Q1 2017 vs. Q1 2016
Non-interest expenses of $82.8 million were up 10% ($7.3 million), primarily due to a 9% ($4.3 million) increase in salaries and benefits, as well as a 19% ($2.3 million) increase in premises, equipment and software expenses. The addition of CWB Maxium accounted for $2.5 million of the change in salaries and benefits, with the remainder attributed to annual salary increments and modest increases in staff complement to support ongoing growth across CWB''s business, while higher equipment and software costs primarily relate to the new core banking system implemented last year.
Q1 2017 vs. Q4 2016
Moderate sequential growth of 2% ($1.7 million) in non-interest expenses included a 4% ($2.1 million) increase in salaries and benefits, primarily due to annual salary increments. This was partially offset by a 3% ($0.5 million) reduction in other expenses.
Efficiency ratio and operating leverage
The first quarter efficiency ratio (teb) of 46.0%, which measures non-interest expenses, excluding the pre-tax amortization of acquisition-related intangible assets, divided by total revenues (teb), improved from 46.9% last year and 47.0% last quarter. Compared to prior periods, the efficiency ratio benefitted from the positive impact on total revenues of loan growth, relatively stable, or, on a sequential basis, increasing net interest margin, and higher non-interest income. Operating leverage, which is calculated as total revenue (teb) growth less non-interest expense growth, excluding the pre-tax amortization of acquisition-related intangible assets, over the past twelve months, was 2.0%.
Outlook for the efficiency ratio and operating leverage
A key priority for CWB is to deliver consistent increases in adjusted cash earnings per share through business growth and strategic investment while maintaining effective control of costs. CWB''s ongoing investment in people, technology and infrastructure is expected to contribute to long-term shareholder value through improved financial performance in future periods. CWB has delivered an annual average efficiency ratio (teb) of 46.0% over the past three years. In view of the level of necessary future investment to facilitate ongoing implementation of CWB''s strategic direction, as well as the potential for incremental pressure on net interest margin from current levels, management expects CWB''s efficiency ratio to fluctuate at levels moderately higher than 46.0% going forward. Management is committed to disciplined control of all discretionary expenses, and positive operating leverage is expected over the medium-term.
Income Taxes
The first quarter effective income tax rate (teb) was 27.6%, compared to 27.5% last year.
Outlook for income taxes
CWB''s expected income tax rate (teb) for 2017 is approximately 27.5%.
Comprehensive Income
Comprehensive income is comprised of net income and other comprehensive income (OCI), all net of income taxes.
Q1 2017 vs. Q1 2016
Comprehensive income of $43.2 million was down from $47.9 million in the same period last year. The change primarily reflects lower OCI as net income was relatively consistent.
Changes in OCI, all net of tax, mainly resulted from a decrease in fair value of derivatives designated as cash flow hedges, partially offset by an increase in fair value of available-for-sale securities. CWB''s portfolio of available-for-sale securities is comprised of debt securities and investment grade preferred shares. While the combined dollar investment in CWB''s securities portfolio is relatively small in relation to total assets, volatility in the market value of these securities increases the potential for comparatively larger fluctuations in OCI.
Balance Sheet
The quarter-end balance of total assets of $24,815 million was up 6% from last year and was 2% lower than the previous quarter.
Cash and Securities
Cash and securities totaled $2,552 million at January 31, 2017, compared to $2,770 million a year earlier and $2,629 million at the end of last quarter. Average balances of cash and securities were slightly lower than the same quarter last year and relatively consistent with the prior quarter. CWB will maintain prudent liquidity levels in 2017 while remaining compliant with the Liquidity Adequacy Guideline established by Office of the Superintendent of Financial Institutions Canada (OSFI).
The cash and securities portfolio is comprised of high quality debt instruments and investment grade preferred shares that are not held for trading purposes and typically held until maturity. Net unrealized losses on cash and securities recorded on the balance sheet of $42.7 million were down from $84.9 million last year and $44.7 million last quarter. Fluctuations in value are generally attributed to changes in interest rates, movements in market credit spreads and shifts in the interest rate curve. Differences compared to both last year and the prior quarter primarily reflects higher market values of preferred shares, partially offset by lower market values of debt securities.
Net realized gains on securities in the first quarter were effectively nil, compared to net losses of $2.9 million in the same period last year and nil in the previous quarter. Based on the current composition of the securities portfolio, net gains/losses on securities through the remainder of 2017 are not expected to have a material impact on non-interest income although bond and preferred share market conditions are inherently unpredictable in the short-term.
Loans
Based on quarter-end balances, total loans, excluding the allowance for credit losses, of $21,883 million grew 7% ($1,431 million) in the past twelve months and were relatively flat compared to the prior quarter. Of note, average loan balances increased 10% from the first quarter last year and were stable compared to the prior quarter. In dollar terms, year-over-year growth by lending sector was led by general commercial loans ($690 million) and personal loans and mortgages ($616 million). Growth in real estate project loans was also strong ($455 million), particularly in the first half of 2016, as CWB identified opportunities to finance well-capitalized developers on the basis of sound loan structures and acceptable pre-sale/lease levels. CWB maintained a proactive approach to resolving positions within its small portfolio of oil and gas production loans over the past twelve months, reducing outstanding balances by $156 million. The balance of outstanding equipment financing and leasing exposures and commercial mortgages also contracted slightly, by $104 million and $70 million, respectively. Contraction of equipment financing and leasing exposures mainly reflects the impact of constrained new lending opportunities and higher than expected payouts within Alberta and Saskatchewan due to the 2015 - 2016 regional recession, in combination with this portfolio''s relatively short duration. Lower balances of commercial mortgages partly reflect CWB''s purposeful emphasis on higher-yielding, relationship business in the context of significant price competition within this market. On a sequential basis, strong growth in personal loans and mortgages ($114 million) was more than offset by higher than expected payouts and incremental contraction in each of the other segments.
Lending activity in Ontario showed the highest growth in dollar terms on a year-over-year basis ($970 million), followed by British Columbia ($722 million). Strong loan growth in Ontario reflects the geographic diversification objectives defined within CWB''s balanced growth strategy, with continued strong contributions from CWB''s businesses that have a national footprint, including CWB Optimum Mortgage, National Leasing, CWB Maxium and CWB Franchise Finance. Strong year-over-year loan growth in British Columbia was mainly driven by originations during the first half of fiscal 2016 within the real estate project loan category in the Lower Mainland. Overall outstanding balances within Alberta contracted compared to last year, and growth in Saskatchewan was effectively flat, reflecting the negative impact of the regional recession on new lending opportunities in these provinces. Certain clients in these provinces have chosen to prudently scale back operations and direct cash flows toward the repayment of debt in view of the recessionary environment.
While Ontario contributed strong growth compared to the prior quarter ($111 million), the balance of CWB''s outstanding loans in Alberta, British Columbia and Saskatchewan all contracted sequentially. In regard to Alberta and Saskatchewan, this primarily reflects the lagging impacts of the 2015 - 2016 regional recession discussed above. Contraction within British Columbia relates to both commercial mortgage payouts and lower net growth within CWB''s real estate project loans segment. With respect to commercial mortgages, demand for commercial properties in Greater Vancouver remains very strong, and certain property owners have chosen to realize gains and pay back mortgage loans early. Regarding real estate project loans, CWB continues to actively support its strong client base in this strategically important segment with well-structured credit facilities. However, in view of the uncertain combined impact of historically high price levels, recent counter-cyclical measures undertaken by the federal government, and policy changes implemented by the provincial government within British Columbia, CWB and its experienced clients within this segment have been cautious with new development opportunities. As such, the past two quarters have presented fewer high-quality lending opportunities compared to prior periods.
Outlook for loans
Constrained recent growth within regions affected by the 2015 - 2016 recession is consistent with management''s stated expectations. CWB will continue to focus on prudent growth of secured loans that offer an appropriate return and acceptable risk profile. Business sentiment within regions affected by the regional recession has improved with a period of commodity price stability and the recent approval of two important energy pipeline projects. As such, net loan growth is expected to accelerate in the second half of 2017 with an improved economic backdrop and continued strong performance from CWB''s business lines with a national footprint. Ongoing economic strength in the U.S. and a lower Canadian dollar are expected to support an escalation of manufacturing and exporting activity in all provinces, especially British Columbia and Ontario. CWB remains committed to its objective to deliver double-digit annual loan growth whenever prudent. While overall loan growth is expected to accelerate with an improving economic backdrop in the second half of 2017, it will likely be challenging to deliver double-digit growth this year.
CWB Optimum Mortgage
Net of portfolio sales, total loans of $2,399 million within CWB Optimum increased 20% ($399 million) year-over-year and 5% ($116 million) compared to the prior quarter. Growth for the quarter was driven almost exclusively by alternative mortgages secured via first mortgages carrying a weighted average loan-to-value ratio at initiation of approximately 68%. The book value of alternative mortgages represented 92% of CWB Optimum''s total portfolio at quarter end, compared to 90% last year and unchanged from the prior quarter. Ontario continues to account for more than half of all new originations. At approximately 50% of the total, Ontario also represents the largest geographic exposure by province within CWB Optimum''s portfolio, followed by Alberta at 22% and British Columbia at 17%. The average size of CWB Optimum mortgages originated in the first quarter was approximately $328,000, and the average size of mortgages outstanding at January 31, 2017 was $266,000.
Outlook for CWB Optimum Mortgage
Canadian residential real estate markets have been resilient and affordability in most geographic areas outside of certain neighborhoods in Toronto and Vancouver remains within historical ranges, largely reflecting very low interest rates. Moderately reduced housing sector activity and softer pricing is apparent in certain parts of the Greater Vancouver region, as well as in Alberta and Saskatchewan. Reduced activity is particularly apparent within higher-priced segments of the housing market.
As discussed above, the combination of historically high price levels, lagging impacts of the 2015 - 2016 regional recession, recent counter-cyclical measures undertaken by the federal government and policy changes within British Columbia could lead to further moderation of housing sector activity in these and other markets. Recent regulatory changes target both insured mortgages and mortgages funded through securitization, neither of which represents a core business focus for CWB. In isolation, management expects these changes will have no material impact to CWB''s outlook for originations within CWB Optimum Mortgage.
Credit Quality
Overall credit quality is consistent with expectations and continues to reflect CWB''s secured lending business model, disciplined underwriting practices and proactive loan management. CWB has no material exposure to unsecured personal borrowing, including credit cards. Last year management took a proactive approach to resolve positions within CWB''s small portfolio of loans to oil and gas producers. Remaining direct exposure to borrowers in this category represents less than 1% of the overall portfolio. Loans to service companies are primarily comprised of term-reducing advances against standard industrial equipment, as opposed to operating lines of credit or loans secured against receivables and/or inventory. These factors mitigate the risk of CWB''s limited direct exposures to the energy sector. Management continues to proactively monitor all accounts with a particular focus on those located within Alberta and Saskatchewan as the lagging impacts of the 2015 - 2016 regional recession continue to work through all facets of the affected economies.
The dollar level of gross impaired loans at January 31, 2017 totaled $124.4 million, up from $111.5 million last year and down slightly from $127.2 million in the prior quarter. While Alberta-based loans represent 36% of CWB''s overall portfolio, impaired loans within Alberta of $51.4 million represent 41% of total impairments. This percentage was unchanged from the first quarter last year, and down from 51% in the prior quarter.
The dollar level of gross impaired loans represented 0.57% of total loans at quarter end, compared to 0.55% last year and 0.58% at October 31, 2016. The level of gross impaired loans fluctuates as loans become impaired and are subsequently resolved, and does not directly reflect the dollar value of expected write-offs given tangible security held in support of lending exposures. The overall loan portfolio is reviewed regularly with credit decisions undertaken on a case-by-case basis to provide early identification of possible adverse trends. Loans that have become impaired are monitored closely by a specialized team with regular reviews of each loan and its realization plan. Specific allowances for expected write-offs are established through detailed analyses of both the overall quality and marketability of security held against each impaired account. Within total specific allowances of $14.2 million this quarter are specific allowances of $5.1 million on loans with Alberta-based security, down from $12.8 million one year ago and $6.1 million last quarter.
As at January 31, 2017, the total allowance for credit losses (collective and specific) was $129.5 million, compared to $120.6 million one year ago and $127.2 million last quarter. The total allowance for credit losses represented 104% of gross impaired loans at quarter end, compared to 108% last year and 100% in the prior quarter. Growth of the collective allowance for credit losses of 16% over the past twelve months and 4% this quarter exceeded loan growth in both cases.
Provision for Credit Losses
The first quarter provision for credit losses of 27 basis points of average loans was consistent with expectations for the annual provision to fall in a range between 25 and 35 basis points. The first quarter provision compares to 18 basis points in the same quarter last year and 24 basis points in the prior quarter. Of the $15.0 million of provisions this quarter, $6.5 million related to a single, fully resolved loan and $4.4 million comprised an increase to the collective allowance.
Outlook for credit quality
Gross impaired loans remain low as a percentage of total loans, with the current level of 0.57% comparing to a peak during the prior credit cycle of 1.68% in the second quarter of 2010. Partially due to the lagging impacts of the regional 2015 - 2016 recession, management expects periodic further increases in the balance of impaired loans across the portfolio; however, material credit impacts related to the small balance of remaining oil and gas loans are not expected. Loss rates on current and future impaired loans are expected to reflect the combined positive impact of CWB''s disciplined underwriting, secured lending practices and proactive account management, and to be more consistent with our prior experience where write-offs have been low as a percentage of impairments. Ongoing loan management processes include assignment of experienced credit adjudicators to assist branches and credit teams proactively identify and address higher risk loans. Gross impaired loans within CWB Optimum Mortgage are expected to increase in view of softer housing market conditions, particularly in Alberta. Management remains confident in the strength, diversity and underwriting structure of the overall loan portfolio and lending exposures continue to be closely monitored. CWB continues to carefully monitor the entire portfolio for signs of weakness.
Based on the results of stress tests simulating severe economic conditions in Alberta and Saskatchewan, in combination with very challenging economic conditions throughout the rest of CWB''s geographic footprint over a multi-year timeframe, management is confident CWB will continue to deliver positive earnings for shareholders while maintaining financial stability and a strong capital position. Stress test assumptions include severe credit losses, a persistent low interest rate environment and significantly slower loan growth to reflect lower assumed levels of economic activity, as well as increased competition for deposits and much higher levels of gross impaired loans that could combine to result in significant compression of net interest margin.
Deposits and Funding
Total deposits were up 4% over the past year ($823 million), and down 2% ($512 million) from the previous quarter. Total deposits by type and source are summarized below:
Personal deposits represented 63% of total deposits at January 31, 2017, compared to 61% one year ago and 62% in the prior quarter. Total branch-raised deposits, including trust services deposits, represented 55% of total deposits at January 31, 2017, up from 53% last year and consistent with the previous quarter. Lower cost demand and notice deposits increased 11% from last year and now comprise 37% of total deposits, up from 35% one year ago and 36% last quarter. Term deposits raised through debt capital markets were down 8% year-over-year to $1,776 million as maturities have exceeded new issuance. Capital markets term deposits represent 9% of total deposits this quarter, down from 10% last year and consistent with the prior quarter.
Securitization
Securitized leases and mortgages are reported on-balance sheet with total loans. The gross amount of securitized leases at January 31, 2017 was $996 million, compared to $947 million one year ago and $1,030 million last quarter. The gross amount of mortgages securitized under the National Housing Act Mortgage Backed Securities (NHA MBS) program was $381 million (Q1 2016 - $173 million). Funding from securitization of leases in the first quarter was $74 million (2016 - $354 million).
Outlook for deposits and funding
CWB''s strategic focus to increase branch-raised deposits will continue, with particular emphasis on demand and notice deposits, This funding segment is often lower cost and provides associated transactional fee income. Continued growth in the proportion of branch-raised funding is also a key strategic objective because it reflects success in strengthening targeted multi-product client relationships. The capabilities of CWB''s new core banking system are expected to support various growth initiatives related to branch-raised funding over the medium term. CWB''s growing market presence, which includes the periodic expansion of full-service branches, also supports objectives to generate branch-raised deposits.
On April 18, 2017, CWB will introduce a new brand for its on-line bank in replacement of Canadian Direct Financial (CDF). The switch to Motive Financial reflects a renewed focus on creating wealth and opportunity for clients from coast-to-coast, and is expected to re-position CWB''s on-line bank as an effective channel for funding growth.
The deposit broker network remains an efficient source for raising insured fixed term retail deposits and has proven to be a reliable and effective way to access funding and liquidity over a wide geographic base. Selectively utilizing the debt capital markets is also part of management''s strategy to further augment and diversify both the long- and short-term funding base over time.
Ongoing utilization of lease securitization is expected in view of the addition of a second lease securitization funding partner this quarter and the relative cost-effectiveness of these funding channels. CWB commenced securitization of residential mortgages in 2016 through the NHA MBS program, and expects to initiate participation in the Canada Mortgage Bond (CMB) Program in 2017.
Other Assets and Other Liabilities
Other assets totaled $490 million at January 31, 2017, compared to $352 million last year and $469 million last quarter. The year-over-year increase primarily resulted from goodwill and intangible assets related to the acquisition of CWB Maxium.
Other liabilities totaled $534 million at January 31, 2017, compared to $483 million a year earlier and $417 million last quarter. The higher balance of other liabilities compared to last year also related to the acquisition of CWB Maxium, while the increase from previous quarter resulted from a higher balance of securities sold under repurchase agreements.
Off-Balance Sheet
Off-balance sheet items include assets under administration and assets under management. Total assets under administration, which are comprised of trust assets and third-party leases under administration, as well as mortgages under service agreements, totaled $11,120 million at January 31, 2017, compared to $9,501 million one year ago and $10,689 million last quarter. Assets under management were $1,972 million at quarter end, compared to $1,825 million a year earlier and $1,924 million last quarter.
Other off-balance sheet items are comprised of standard industry credit instruments (guarantees, standby letters of credit and commitments to extend credit). CWB does not utilize, nor does it have exposure to, collateralized debt obligations or credit default swaps. For additional information regarding other off-balance sheet items refer to Note 11 of the unaudited interim consolidated financial statements for the period ended January 31, 2017, as well as Note 20 of the audited consolidated financial statements in CWB''s 2016 Annual Report.
Capital Management
OSFI requires Canadian financial institutions to manage and report regulatory capital in accordance with the Basel III capital management framework. CWB currently reports its regulatory capital ratios using the Standardized approach for calculating risk-weighted assets, which requires CWB to carry significantly more capital for certain credit exposures compared to requirements under the Advanced Internal Ratings Based (AIRB) methodology. For this reason, regulatory capital ratios of banks that utilize the Standardized approach are not directly comparable with the large Canadian banks and other financial institutions which utilize the AIRB methodology. CWB''s required minimum regulatory capital ratios, including a 250 basis point capital conservation buffer, are 7.0% common equity Tier 1 (CET1), 8.5% Tier 1 and 10.5% Total capital.
CWB is well-positioned to continue to execute against its balanced growth strategy with very strong capital ratios of 9.5% CET1, 10.8% Tier 1 and 13.0% Total capital at January 31, 2017. The increase in CWB''s CET1 capital ratio compared to the prior quarter mainly reflects the impact of a reduction of risk weighted assets with higher than expected loan payouts to start the year, along with the contribution of common shareholders'' net income to retained earnings. On December 31, 2016, CWB redeemed both the $105 million senior deposit note held by CWB Capital Trust and all outstanding CWB Capital Trust Capital Securities Series 1 (WesTS), which did not qualify as non-viability contingent capital (NVCC) under the Basel III regulatory capital requirements. The redemption resulted in a $105 million reduction in CWB''s Tier 1 regulatory capital and reduced both the Tier 1 and Total capital ratios by approximately 50 basis points. CWB has received regulatory approval to redeem all $75 million outstanding 5.571% subordinated debentures on March 22, 2017. This redemption is expected to reduce the Total capital ratio by approximately 40 basis points. At 8.4%, the Basel III leverage ratio remains very conservative.
Further details regarding CWB''s regulatory capital and capital adequacy ratios are included in the following table:
Book value per common share at January 31, 2017 was $23.77, compared to $22.53 last year and $23.58 last quarter. The change from prior periods reflects both earnings growth and the issuance of common shares in fiscal 2016.
Common shareholders received a quarterly cash dividend of $0.23 per common share on January 5, 2017. On March 1, 2017, CWB''s Board of Directors declared a cash dividend of $0.23 per common share, payable on March 31, 2017 to shareholders of record on March 17, 2017. This quarterly dividend is consistent with the prior quarter and the dividend declared one year ago. Series 5 and Series 7 preferred shareholders received quarterly cash dividends of $0.275 and $0.390625 on January 31, 2017. On March 1, 2017, the Board of Directors also declared cash dividends on Series 5 and Series 7 Preferred Shares in amounts unchanged from the prior quarter, both payable on April 30, 2017 to shareholders of record on April 21, 2017.
Common share dividend increases are evaluated every quarter against the dividend payout ratio target of approximately 30%, and capital requirements under the Standardized approach to support ongoing strong and balanced asset growth. The first quarter dividend payout ratio was 45%.
Outlook for Capital Management
CWB is operating from a very strong capital position. Management will maintain strong capital ratios under the Standardized approach for calculating risk-weighted assets, above CWB''s target thresholds and OSFI''s required minimums. Target capital ratios, including an appropriate capital buffer over the prescribed OSFI minimums, are reconfirmed regularly through CWB''s Regulatory Capital Plan. The ongoing retention of earnings, net of expected common and preferred share dividends, is expected to support capital requirements associated with the anticipated achievement of CWB''s medium-term performance target range for a strong common equity Tier 1 ratio. CWB continues to monitor changes proposed to the Standardized approach for credit risk by the Basel Committee on Banking Supervision.
AIRB transition plan
CWB''s project in support of an application to OSFI for transition to the AIRB methodology for managing credit risk and calculating risk-weighted assets, including an anticipated three-year time frame ending in fiscal 2019, is underway. The AIRB approach will put CWB on more equal footing with its competition. It will add risk sensitivity to CWB''s framework for capital management, increase risk quantification processes, improve risk-based pricing capabilities and economic capital estimations, and enhance CWB''s ability to comply with new accounting standards. These improved risk management capabilities will better equip CWB to target business segments that generate the most attractive risk-adjusted returns and allocate resources accordingly.
CWB''s AIRB transition project is separated into several discrete phases, including: establishment of formalized project governance; creation of models including data collection, development, validation, deployment, operationalization and use test; commencement of model validation; implementation of risk-weighted asset calculator; and, submission of final application to OSFI.
Work continues toward development of an enhanced enterprise data warehouse to serve as a repository for the required data. AIRB models have been developed for Optimum Mortgage, National Leasing, small- and medium-sized enterprises, and branch-based residential mortgages, representing approximately one third of CWB''s overall portfolio. These models have been deployed in a pilot phase within the business. Management expects all models to be developed and deployed with operational testing underway by the end of 2017.
Further information relating to CWB''s capital position is provided in Note 14 of the unaudited interim consolidated financial statements for the period ended January 31, 2017 as well as the audited consolidated financial statements and MD&A for the year ended October 31, 2016.
Significant Changes in Accounting Policies and Financial Statement Presentation
The unaudited interim consolidated financial statements for the quarter were prepared using the same accounting policies as the audited consolidated financial statements for the year ended October 31, 2016.
Future Accounting Changes
A number of standards and amendments have been issued by the International Accounting Standards Board (IASB) and are described in further detail on page 52 of CWB''s 2016 Annual Report. These standards and amendments may impact the presentation of financial statements in the future and management is currently reviewing these changes to determine the impact, if any.
CWB continues to monitor the IASB''s proposed changes to IFRS.
Controls and Procedures
There were no significant changes in CWB''s disclosure controls and procedures and internal controls over financial reporting that occurred during the quarter ended January 31, 2017 that have materially affected, or are reasonably likely to materially affect, CWB''s disclosures of required information and internal controls over financial reporting. CWB''s certifying officers had previously limited the scope of the design of disclosure controls and procedures and internal controls over financial reporting to exclude the controls, policies and procedures of CWB Maxium, acquired in the second quarter of 2016. This limitation has now been removed. Prior to its release, this quarterly report to shareholders was reviewed by the Audit Committee and, on the Audit Committee''s recommendation, approved by the Board of Directors of CWB.
Third-party Credit Ratings
DBRS Limited (DBRS) maintains published credit ratings on CWB''s senior debt (deposits), short-term debt, subordinated debentures and preferred shares of "A (low)", "R1 (low)", "BBB (high)" and "Pfd-3", respectively, all with a stable outlook. Credit ratings do not consider market price or address the suitability of any financial instrument for a particular investor and are not
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