CWB reports strong second quarter financial performance
Positive loan growth and strong growth of relationship-based branch-raised deposits Higher net interest margin compared to last year and last quarter Adjusted cash earnings per common share of $0.59
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 06/01/17 -- "Strong second quarter results from CWB Financial Group demonstrate continued success in executing our balanced growth strategy. Highlights this quarter include very strong annual earnings growth, positive loan growth and strong growth of stable, relationship-based branch-raised deposits. We continue to support our solid operating performance with a very strong capital position, and credit quality remains stable with loan impairments and provisions for credit losses consistent with expectations," said Chris Fowler, President and CEO. "We recently celebrated the one year anniversary of our successful core banking system implementation. I''m pleased to report we are starting to realize the benefits of this transformative investment in progress toward both improved client offerings and enhanced capital and liability management."
"We have clearly defined strategic objectives. They include balanced growth of both loans and funding sources, a more balanced geographic footprint and broader diversification within targeted sectors of Canada''s banking industry," continued Mr. Fowler. "The growing contributions of our businesses in Ontario are very important in this respect. Strong performance within CWB Optimum Mortgage, National Leasing, CWB Maxium and the addition of CWB Franchise Finance contributed to a notable 42% increase in CWB''s Ontario-based lending exposures over the past year, as well as our strategic industry diversification."
"CWB''s focus is to deliver unique, full-service commercial and personal banking experiences to business owners. We are strategically diversifying outside of Western Canada to significantly expand our addressable market without compromising the competitive advantage conferred through our focused approach. Notwithstanding our purposeful expansion strategy, personal relationships tied to our network of 42 branches continue to represent the heart of our business. We are broadening these relationships with the help of our new core banking system to go beyond highly-valued lending solutions. Our client relationships increasingly incorporate flexible cash management and business savings arrangements, as well as the opportunity to provide complementary personal banking and wealth management solutions. Going forward, we will continue to execute on our strategy and capitalize on both our broader reach and the ongoing transformation of the financial services landscape. This will increasingly leverage our technology investments and related initiatives to deliver exceptional client experiences and build full banking relationships both within and beyond our branch footprint. Our dedicated, caring teams across the organization are excited about the future, and ready to help clients grow."
Second Quarter 2017 Highlights(1)(compared to the same period in the prior year)
Canadian Western Bank (TSX: CWB) (CWB) today announced strong second quarter financial performance including very strong earnings growth from the same quarter last year, positive loan growth, strong growth of relationship-based branch-raised deposits, higher net interest margin, stable credit quality and very strong regulatory capital ratios. Pre-tax, pre-provision income (teb) of $90.8 million was up 4% and common shareholders'' net income of $47.6 million was 48% higher. The significant increase in net income was driven by a 67% decline in the provision for credit losses, primarily reflecting the impact of specific allowances recorded against energy loans last year. Growth of total revenues also contributed to the bottom line, with net interest income and non-interest income both up 5%. These factors were partially offset by increased non-interest expenses, acquisition-related fair value changes and higher preferred share dividends. Average loan balances were up 5% from the second quarter last year, and net interest margin (teb) of 2.55% was up eight basis points. Higher net interest margin partly reflects CWB''s improved funding mix, including the benefit of very strong 15% growth of lower-cost demand and notice deposits within branch-raised funding. Diluted earnings per common share of $0.54 and adjusted cash earnings per common share of $0.59 were up 35% and 44%, respectively, with growth driven by the factors noted above, partially offset by the 2016 issuance of common shares.
Compared to the prior quarter, pre-tax, pre-provision income and common shareholders'' net income were both 4% lower. Net interest income (teb) was down 2% as the positive impacts of 1% growth of average loans and an eight basis point increase in net interest margin (teb) were more than offset by three fewer interest-earning days. Non-interest income was up 4% and the provision for credit losses was 12% lower. Non-interest expenses were up 2% during the quarter. Diluted earnings per common share and adjusted cash earnings per common share were down 4% and 3% on a sequential basis, respectively.
Year-to-date pre-tax, pre-provision income (teb) of $185.7 million was 8% higher and common shareholders'' net income of $97.1 million was up 15% from last year. Both metrics benefitted from the 7% increase in net interest income and 17% higher non-interest income. Higher net interest income reflects 7% growth of average loans and a four basis point increase in net interest margin (teb). The higher growth rate of common shareholders'' net income as compared to pre-tax, pre-provision income primarily reflects the 42% decrease in the provision for credit losses. These factors were partially offset within common shareholders'' net income by increased non-interest expenses, acquisition-related fair value changes, and higher preferred share dividends. Diluted earnings per common share and adjusted cash earnings per common share of $1.10 and $1.20, respectively, were up 6% and 12%, from last year.
Positive loan growth with continued strategic diversification and strong growth of lower-cost, relationship-based branch-raised deposits
Total loans at April 30, 2017 were up 5% from the same period last year and 2% higher than the prior quarter. Of note, the sequential increase included positive growth across all provinces. The composition of year-over-year growth by portfolio segment and geography was in line with our expectations. Growth within personal loans and mortgages continued to be very strong with a 21% increase from a year ago driven by ongoing strong performance within CWB Optimum Mortgage. General commercial loans also delivered double-digit growth with a 10% year-over-year increase. This included contributions from CWB Maxium and the CWB Franchise Finance portfolio, both acquired in fiscal 2016. Growth within these categories contributed to a 42% annual increase in CWB''s Ontario-based lending exposures and a greater proportion of total loans represented by our general commercial and personal mortgages segments.
These developments are fully aligned with the strategic diversification objectives embedded within CWB''s balanced growth strategy. Along with ongoing strong growth of both loans and funding sources, our balanced growth objectives include further geographic and business sector diversification within targeted lending segments. We remain committed to delivering double-digit annual loan growth whenever prudent. Due to relatively moderate growth in the first half of the year, it will likely be challenging to deliver double digit growth on a consolidated basis in fiscal 2017. Net loan growth within Alberta and Saskatchewan is expected to remain moderate this year due to the lagging impact of the 2015 - 2016 regional recession. However, our pipeline of new lending opportunities in these provinces is expanding as the economic backdrop improves. On this basis, and with continued strong performance from CWB''s business lines with a national footprint, we expect that overall loan growth will continue to accelerate in the second half of this year. Regardless of economic factors, we will continue to focus on growth of secured loans that offer an appropriate return and acceptable risk profile.
Another key strategic objective, supported by the capabilities of our new core banking system, is to increase the level of relationship-based branch-raised deposits. These core funding products are typically lower cost than non-branch-raised sources. Branch-raised deposit products include various business savings, cash management, 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.
We consider growth within these product categories to demonstrate success in strengthening key, full-service client relationships, primarily tied to our network of 42 branches within Western Canada. Second quarter branch-raised deposits were up 9% from the same period last year, and 3% higher than the prior quarter. The year-over-year and sequential increases in branch-raised deposits included very strong growth within lower-cost demand and notice deposits of 15% and 5%, respectively.
Ongoing enhancements to CWB''s client experience in support of full-service client relationships
Implementation of the new banking system has enabled CWB to upgrade our client experience through a number of targeted initiatives. For example, we have improved our digital banking experience through strategic improvements to CWB Direct Online Banking. The updated design provides a more consistent visual experience across CWB''s digital platforms and complements new financial and communication tools within CWB''s mobile banking app. We also recently renewed our processing agreement with Everlink and expanded the scope of services to enable CWB to offer tap-enabled debit cards to our clients for the first time. The release of CWB PayHQ, in partnership with Payfirma, on May 1, 2017, represents the addition of a fully integrated, omni-channel payment technology platform to our growing portfolio of business services products, and another step forward to enhance CWB''s full-service banking experience for business owners. We also launched Motive Financial, a new brand for CWB''s on-line bank, with a focus on creating valuable savings opportunities for clients from coast-to-coast. Together these initiatives are expected to improve the convenience and overall user experience of our suite of business and personal banking tools, and support development of broader, multi-product client relationships.
Stable impaired loans and provision for credit losses consistent with expectations
Overall credit quality is consistent with expectations. Gross impaired loans totaled $137.8 million and represented 0.62% of total loans, compared to $145.0 million or 0.68% last year, and $124.4 million or 0.57% last quarter. The second quarter provision for credit losses of 25 basis points of average loans was at the low end of our expected full-year range of 25 to 35 basis points. This was down from 78 basis points in the same period last year and 27 basis points last quarter. On a year-to-date basis, the provision for credit losses as a percentage of average loans was 26 basis points, down from 48 basis points a year ago. Abnormally high second quarter and year-to-date provisions last year reflect specific allowances related to energy loans, as 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.
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 35% of CWB''s overall portfolio, gross impaired loans within Alberta of $64.7 million represent 47% of total impairments at April 30, 2017. The level of impaired loans in Alberta as a percentage of total impairments was down from 55% last year and up from 41% in the prior 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.
Efficient operations and operating leverage
The second quarter efficiency ratio (teb) was 47.5%, up from 46.7% last year and 46.0% in the previous quarter. The year-to-date efficiency ratio (teb) was stable at 46.8%. 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 negative 2.0% as 5% year-over-year growth in total revenues (teb) compared a 7% increase in non-interest expenses. Expense growth compared to the first half of last year was partly attributable to implementation of our new core banking system, as well as expenses related to CWB Maxium and CWB Franchise Finance, both acquired in fiscal 2016. On a year-to-date basis, operating leverage was flat.
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 April 30, 2017, CWB''s capital ratios were 9.6% CET1, 10.9% Tier 1 and 12.7% 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 second quarter last year and the prior quarter. The dividend payout ratio this quarter was approximately 42%, partly reflecting 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.
Impacts of publicity related to challenges faced by a competitor to CWB Optimum Mortgage
Recent publicity related to challenges faced by the largest originator of Alt-A mortgages in Canada has resulted in both higher-than-normal mortgage application volumes for CWB Optimum Mortgage, and increased deposit pricing within the broker deposit funding channel.
Term deposits raised through the broker network represented 34% of our total funding at April 30, 2017, down from 38% last year. As discussed above, our strategic focus is to increase relationship-based branch-raised deposits, with particular emphasis on lower cost demand and notice deposits. Total branch-raised deposits increased to 57% of total deposits this quarter, up from 53% last year. Demand and notice deposits now comprise 39% of total deposits, up from 34% one year ago. The broker deposit network remains an efficient source for raising insured fixed term retail deposits and has proven to be a reliable and effective way to supplement core funding over a wide geographic base. Of note, we raise only fixed-term deposits through this funding channel, with terms to maturity between one and five years, and we do not offer a High Interest Savings Account (HISA) product.
Pricing within the broker channel was disrupted late in the second quarter as the most active issuer came under pressure. As we move through our third quarter, the broker deposit market remains deep, liquid and highly accessible to CWB. Of note, the weighted average cost of funding for broker deposits issued by CWB across all maturities in May 2017 was lower than the same month in both of the last two years, despite the impact of recent price disruption.
We expect the increase in both mortgage application volumes and broker deposit pricing to be temporary. As we consider the increase in mortgage applications, our manual adjudication and underwriting processes remain consistent with our conservative risk appetite and we continue to be very selective in approving new loans.
Medium-term Performance Target Ranges
CWB''s performance target ranges for key financial metrics reflect the objectives embedded within CWB''s balanced growth strategy 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 now expect earnings growth to fall within our medium-term target range in fiscal 2017; however, the adjusted return on common shareholders'' equity will likely remain below 12%. 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. We continue to 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 experiences, 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 Motive Financial. 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 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 Second Quarter Results Conference Call
CWB''s second quarter results conference call is scheduled for Thursday, June 1, 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: 21496571. The call will also be webcast live on CWB''s website:
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A replay of the conference call will be available until June 8, 2017, by dialing (404) 537-3406 (Toronto) or (855) 859-2056 (toll-free) and entering passcode 21496571.
Contents
Selected Financial Highlights 6
Management''s Discussion and Analysis 7
Interim Consolidated Financial Statements 23
Shareholder Information 38
Management''s Discussion and Analysis
This management''s discussion and analysis (MD&A), dated May 31, 2017, should be read in conjunction with Canadian Western Bank''s (CWB) unaudited condensed interim consolidated financial statements for the period ended April 30, 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 last 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
Q2 2017 vs. Q2 2016
Pre-tax, pre-provision income (teb) of $90.8 million was up 4% and common shareholders'' net income of $47.6 million was 48% higher. The significant increase in net income was driven by a 67% decline in the provision for credit losses, primarily reflecting the impact of specific allowances recorded against energy loans last year. Growth of total revenues also contributed to CWB''s bottom line. Net interest income (teb) of $152.7 million grew 5%, reflecting 5% loan growth and an eight basis point increase in net interest margin (teb) to 2.55%. Non-interest income was also up 5% primarily due to higher wealth management and credit related fees. These factors were partially offset by moderate 7% growth of non-interest expenses, acquisition-related fair value changes and higher preferred share dividends. Diluted earnings per common share of $0.54 and adjusted cash earnings per common share of $0.59 were up 35% and 44%, respectively, with growth driven by the factors noted above, partially offset by the issuance of common shares in the third quarter last year.
Q2 2017 vs. Q1 2017
Pre-tax, pre-provision income and common shareholders'' net income were both 4% lower. Total revenues decreased 2% from the record level achieved last quarter. Net interest income (teb) was down 2% as the positive impacts of 2% loan growth and an eight basis point increase in net interest margin (teb) were more than offset by three fewer interest-earning days. Non-interest income was up 4% and the provision for credit losses was 12% lower. Non-interest expenses were up 2% during the quarter. Diluted earnings per common share and adjusted cash earnings per common share were down 4% and 3% on a sequential basis, respectively.
YTD 2017 vs. YTD 2016
Pre-tax, pre-provision income (teb) of $185.7 million was 8% higher and common shareholders'' net income of $97.1 million was up 15% from last year. Both metrics benefitted from the 7% increase in net interest income and 17% higher non-interest income. The higher growth rate of common shareholders'' net income as compared to pre-tax, pre-provision income primarily reflects the 42% decrease in the provision for credit losses. Higher net interest income reflects 7% growth of average loan balances and a four basis point increase in net interest margin (teb). Growth of non-interest income was primarily attributable to $0.6 million of net gains on securities this year compared to $2.9 million of losses last year, 19% higher credit related fees, and a 20% increase in wealth management fees. These factors were partially offset within common shareholders'' net income by 8% growth of non-interest expenses, acquisition-related fair value changes, and higher preferred share dividends. Diluted earnings per common share and adjusted cash earnings per common share of $1.10 and $1.20, respectively, were up 6% and 12%, from last year.
Adjusted ROE and ROA
The second quarter adjusted return on common shareholders'' equity (ROE) of 10.1% increased 270 basis points from the same period last year. This was primarily due to higher common shareholders'' net income this quarter, reflecting the impact of energy-related provisions one year ago.
Sequentially, adjusted ROE was down 30 basis points from 10.4% reflecting lower common shareholders'' net income.
Year-to-date adjusted ROE of 10.2% was up 60 basis points, reflecting growth of common shareholders'' net income partially offset by the impact of common shares issued in the third quarter last year.
Return on assets (ROA) was 0.79% in the second quarter, compared to 0.55% in the same period last year and 0.78% last quarter. Year-to-date ROA of 0.79% was up seven basis points from last year.
Outlook for Profitability Ratios
Management expects CWB''s earnings growth and profitability to benefit from the expansion of existing client relationships through exceptional service and enhanced client experiences, and the attraction of new full-service clients over the medium-term. Common shares issued in the third quarter of 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, adjusted return on common shareholders'' equity in fiscal 2017 is expected to fall below CWB''s medium-term target range.
Total Revenue (teb)
Second quarter total revenue of $173.0 million, comprised of both net interest income (teb) and non-interest income, grew 5% from the same quarter in 2016 and was down 2% from the record level achieved in the prior quarter. Year-to-date total revenue of $348.9 million was up 8% from last year.
Net Interest Income (teb)
Q2 2017 vs. Q2 2016
Net interest income (teb) of $152.7 million was up 5% ($7.6 million) primarily reflecting the benefits of 5% growth of average loan balances and an eight basis point increase in net interest margin (teb) to 2.55%, partially offset by the impact of one fewer interest earning day. Sustained favourable changes in funding mix and lower average balances of cash and securities positively impacted net interest margin (teb) during the quarter. CWB''s deposit mix continued to shift towards lower-cost, relationship-based branch-raised deposits with very strong 15% growth in the demand and notice category, decreased utilization of higher-cost broker-sourced term deposits and redemption of certain higher-cost capital markets funding instruments. While competitive factors continue to impact loan yields, the growing contributions from the relatively higher-yielding CWB Maxium portfolio helps to mitigate the pressure on net interest margin (teb).
Q2 2017 vs. Q1 2017
Net interest income (teb) was down 2% ($3.6 million) as the positive impacts of an eight basis point improvement in net interest margin (teb) and stable average loan balances were more than offset by the impact of three fewer interest earning days. Higher net interest margin (teb) was mainly attributed to lower average balances of cash and securities and favourable changes in CWB''s funding mix. Ongoing strong growth of lower-cost demand and notice deposits drove favourable changes in funding mix including lower utilization of higher-cost broker deposits.
YTD 2017 vs. YTD 2016
Net interest income (teb) of $309.1 million was up 7% ($19.9 million), primarily reflecting a 7% increase in average loan balances and a four basis point improvement in net interest margin (teb). Higher net interest margin resulted primarily from the favourable changes in funding mix discussed above.
Interest rate sensitivity
Note 14 to the unaudited interim consolidated financial statements summarizes CWB''s exposure to interest rate risk as at April 30, 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 April 30, 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 $61.1 million, net of tax (April 30, 2016 - $65.2 million). It is estimated that a one-percentage point decrease in all interest rates at April 30, 2017 would have the opposite effect, increasing other comprehensive income by approximately $62.4 million, net of tax (April 30, 2016 - $66.2 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''s strategic efforts to optimize the overall cost of funds will continue. These efforts are consistent with management''s balanced growth strategy which targets growth of lower-cost funding sources, along with selective, geographically diversified growth in higher yielding loan portfolios with an acceptable risk profile. Ongoing successful execution of this strategy is expected to mitigate the earnings impact of margin pressure due to low interest rates and competitive factors over the medium-term. However, in the near-term, favourable changes in funding mix which have supported net interest margin through the first half of 2017 are expected to be less apparent. This is mainly due to expectations for loan growth to accelerate in the third and fourth quarters, which is likely to require increased usage of the relatively higher-cost broker deposit funding channel compared to the first half of the year. Management also expects to hold sequentially higher average balances of cash and securities with a lower average yield through the second half of the year. In view of these factors, incremental net interest margin pressure is likely to reappear.
Non-interest Income
Q2 2017 vs. Q2 2016
Non-interest income of $20.3 million was up 5% ($0.9 million), primarily due to higher wealth management fees, credit related fee income, and net gains on securities. These positive factors were partially offset by the $1.6 million decrease in ''other'' non-interest income.
Q2 2017 vs. Q1 2017
Non-interest income was up 4% ($0.8 million), primarily due to higher wealth management fees and net gains on securities, partially offset by lower credit related fees and ''other'' non-interest income.
YTD 2017 vs. YTD 2016
Non-interest income of $39.8 million increased 17% ($5.8 million) from last year, reflecting net gains on securities this year compared to net losses last year, higher credit related and wealth management fee income.
Outlook for non-interest income
Growth of non-interest income is expected to reflect CWB''s strategy to extend and deepen relationships with both new and existing clients. Increases are expected across most categories of non-interest income reflecting CWB''s continued strategic 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 relationship-based, branch-raised deposit franchise.
Based on the current composition of the securities portfolio, net gains/losses on securities on a full-year basis 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. CWB liquidated its holdings of common equities in 2016 and has no plans to re-establish this portfolio.
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 $4.6 million, compared to nil in the second quarter last year and $4.4 million last quarter. Reflecting very strong operating performance since the acquisition, this brings the year-to-date change in estimated fair value of contingent consideration to $9.0 million compared to nil in the first half of fiscal 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. CWB completed the first contingent instalment, paid in cash, last quarter.
Non-interest Expenses
Q2 2017 vs. Q2 2016
Non-interest expenses of $84.1 million were up 7% ($5.7 million), primarily due to an 18% ($2.3 million) increase in premises and equipment expenses, as well as 4% ($2.1 million) growth in salaries and employee benefits. Growth in premises and equipment expense primarily relate to the new core banking system implemented on May 2, 2016. The acquisition of CWB Maxium and CWB Franchise Finance contributed $1.6 million, or 76%, to the increase in salaries and employee benefits.
Q2 2017 vs. Q1 2017
Non-interest expenses grew moderately by 2% ($1.3 million) from the prior quarter, mainly attributed to higher ''other'' non-interest expenses ($1.2 million) and rental of real estate ($0.4 million), partially offset by lower salaries and employee benefits.
YTD 2017 vs. YTD 2016
Year-to-date non-interest expenses of $167.0 million increased by 8% ($12.9 million) partly due to a 6% increase in salaries and employee benefits ($6.5 million). The addition of CWB Maxium and CWB Franchise Finance contributed $4.7 million, or 72%, to the increase in salaries and benefits, with the remainder attributed to annual salary increments and increases in staff complement to support business growth. Premises and equipment expenses were up 19% ($4.6 million), primarily due to costs associated with the new core banking system, and other expenses increased 7% ($1.9 million).
Efficiency ratio and operating leverage
The second quarter efficiency ratio (teb) of 47.5%, which measures non-interest expenses, excluding the pre-tax amortization of acquisition-related intangible assets, divided by total revenues (teb), was up slightly from 46.7% in the same period last year and 46.0% last quarter. The combined revenue benefits of 5% year-over-year growth of average loan balances, higher net interest margin and growth of non-interest income were more than offset by higher non-interest expenses.
On a year-to-date basis, the efficiency ratio (teb) was stable at 46.8%, as the positive impacts of 7% growth of average loan balances, higher net interest margin (teb), and increased non-interest income offset growth of non-interest expenses.
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 negative 2.0% as 5% year-over-year growth in total revenues (teb) compared to a 7% increase in non-interest expenses. On a year-to-date basis, operating leverage was flat.
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 maintaining efficient operations through disciplined control of all discretionary expenses, and positive operating leverage is expected over the medium-term.
Income Taxes
The second quarter effective income tax rate (teb) was 27.6%, compared to 27.2% last year. On a year-to-date basis, effective tax rate (teb) was 27.6%, compared to 27.4% 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.
Q2 2017 vs. Q2 2016
Comprehensive income for the second quarter of $66.2 million was up from $33.2 million in the same period last year. Growth is mainly attributed to the $17.7 million increase in net income, reflecting both the significantly lower provision for credit losses and strong business growth, as well as the $15.3 million increase in OCI.
Changes in OCI, all net of tax, resulted from increases in the fair value of both derivatives designated as cash flow hedges ($13.8 million) and available-for-sale securities ($1.5 million). CWB''s portfolio of available-for-sale securities is comprised of debt securities and investment grade preferred shares. While the combined dollar investment in the portfolios of preferred shares 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.
YTD 2017 vs. YTD 2016
On a year-to-date basis, comprehensive income of $109.4 million was up from $81.0 million last year. The increase is primarily attributable to net income growth of $17.3 million, resulting from both the substantial decrease in the energy-related provision for credit losses and business growth, as well as the $11.1 million increase in OCI.
Changes in OCI, all net of tax, primarily reflect an increase in the fair value of both available-for-sale securities ($9.3 million) and derivatives designated as cash flow hedges ($1.8 million).
Balance Sheet
The quarter end balance of total assets of $24,618 million was up 2% from last year and was down 1% from last quarter.
Cash and Securities
Cash, securities and securities purchased under resale agreements totaled $1,935 million at April 30, 2017, compared to $2,526 million a year earlier and $2,552 million last quarter. CWB will maintain prudent liquidity levels in 2017 while remaining compliant with the Liquidity Adequacy Requirements guideline established by the 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 are typically held until maturity. Net unrealized losses on cash and securities recorded on the balance sheet of $28.3 million were down from $72.5 million last year and $42.7 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 reflect higher market values of preferred shares and debt securities.
Net realized gains on securities in the second quarter were $0.5 million, compared to nil in the same period last year and last quarter. Year-to-date net realized gains on securities were $0.6 million, compared to net losses of $2.9 million last year. 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 debt security and preferred share market conditions are inherently unpredictable in the short-term.
Loans
Total loans, excluding allowance for credit losses, of $22,328 million increased 4% ($952 million) from last year and 2% ($445 million) from the prior quarter. Including the allowance for credit losses, loan growth from the second quarter last year was 5%. In dollar terms, year-over-year growth by lending sector was led by personal loans and mortgages ($776 million). General commercial loans increased $526 million, including contributions from CWB Maxium and CWB Franchise Finance. CWB''s portfolio of commercial mortgages and the equipment financing and leasing portfolio both returned to positive net growth with increases of $18 million and $3 million, respectively. Outstanding balances of real estate project loans contracted $195 million, primarily reflecting the successful completion of development projects along with reduced new activity within Alberta. CWB maintained a proactive approach to resolving positions within its small portfolio of oil and gas production loans over the past year, reducing outstanding balances by $176 million.
Sequentially, the increase in personal loans and mortgages of $298 million and general commercial loans of $105 million accounted for 91% of this quarter''s growth ($445 million). Growth within equipment financing and leasing exposures and commercial mortgages picked up this quarter, with increases of $86 million and $25 million, respectively. The contraction in real estate project loans ($47 million) was concentrated within Alberta and British Columbia, while oil and gas production loans were down $22 million.
Lending activity in Ontario continued to show the highest growth in dollar terms on a year-over-year basis ($1,116 million), followed by British Columbia ($195 million). Strong loan growth in Ontario reflects the geographic diversification objectives embedded within CWB''s balanced growth strategy, with strong contributions from CWB''s businesses that have a national footprint, including CWB Maxium, CWB Optimum Mortgage, National Leasing, and the addition of the CWB Franchise Finance portfolio. Outstanding loan balances within Alberta and Saskatchewan contracted 7% and 1%, respectively, year-over-year, primarily reflecting the lagging impact of the 2015 - 2016 regional recession on new lending opportunities in these provinces.
Loan balances increased across all provinces sequentially with Ontario accounting for 72% of the overall increase, primarily driven by continued strong growth in personal loans and mortgages.
Optimum Mortgage
Net of portfolio sales, total loans of $2,511 million within CWB Optimum increased 18% ($389 million) year-over-year, 5% ($112 million) compared to the prior quarter and 10% ($228 million) year-to-date. Total loans within CWB Optimum comprise approximately 11% of CWB''s total outstanding lending exposures. 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 93% of CWB Optimum''s total portfolio at quarter end, compared to 92% both last year and in the prior quarter. Ontario continues to account for more than half of all new originations. At approximately 52% of the total, Ontario also represents the largest geographic exposure by province within CWB Optimum''s portfolio, followed by Alberta at 21% and British Columbia at 17%. The average size of CWB Optimum mortgages originated in the second quarter was approximately $337,000 and the average size of all mortgages outstanding at April 30, 2017 was $231,000.
Outlook for loans
Constrained recent growth in Alberta and Saskatchewan due to the 2015 - 2016 recession is consistent with management''s stated expectations. Business sentiment within regions affected by the recession has improved, and CWB''s pipeline of new lending opportunities across all provinces continues to expand. On this basis, and in view of expectations for ongoing strong performance from CWB''s business lines with a national footprint, loan growth is expected to accelerate in the second half of 2017. CWB will continue to focus on prudent growth of secured loans that offer an appropriate return and acceptable risk profile, and remains committed to its objective to deliver double-digit annual loan growth whenever prudent. Notwithstanding expectations for growth to accelerate in the third and fourth quarters, it will likely be challenging to deliver double-digit growth in fiscal 2017 due to moderate growth in the first half of the year.
With the exception of the Greater Toronto Area and certain parts of Greater Vancouver, Canadian residential real estate markets remain affordable, largely reflecting very low interest rates. A material increase in the supply of homes for sale has recently become apparent within Greater Toronto and the surrounding area as sellers react to the Ontario Fair Housing Plan. A moderate decline in the value of higher-priced homes in these markets is evident within the last 30 days, and consensus indicates market conditions may be trending toward a more balanced state. Within Greater Vancouver, a general supply shortage of detached single family homes remains apparent, and home prices have held relatively firm.
The combination of counter-cyclical measures undertaken by the federal government, historically high price levels concentrated in the Greater Toronto Area and parts of Greater Vancouver, policy changes introduced by provincial governments in Ontario and British Columbia and the lagging impacts of the 2015 - 2016 recession in Alberta and Saskatchewan could lead to a general moderation of Canadian housing sector activity. That said, regulatory changes at the federal level have primarily targeted 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 residential mortgage originations.
CWB Optimum has recently experienced higher-than-normal mortgage application volumes as a result of challenges faced by its largest competitor. CWB Optimum''s manual adjudication and underwriting processes remain consistent with CWB''s conservative risk appetite and management continues to be very selective in approving new loans.
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 April 30, 2017 totaled $137.8 million, down from $145.0 last year and up from $124.4 million in the prior quarter. Gross impaired loans within Alberta of $64.7 million accounted for 47% of total impairments. This percentage share was down from 55% last year and up from 41% in the prior quarter.
The dollar level of gross impaired loans represented 0.62% of total loans at quarter end, compared to 0.68% last year and 0.57% at January 31, 2017. 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 $18.3 million this quarter are specific allowances of $4.5 million on loans with Alberta-based security, down from $34.8 million last year and $5.1 million last quarter. Unusually high specific allowances last year were primarily related to energy loans.
As at April 30, 2017, the total allowance for credit losses (collective and specific) was $136.4 million, compared to $145.8 million a year ago and $129.5 million last quarter. The total allowance for credit losses represented 99% of gross impaired loans at quarter end, compared to 101% last year and 104% in the prior quarter. The collective allowance for credit losses increased 18% over the past twelve months and 2% from last quarter.
Provision for Credit Losses
The second quarter provision for credit losses of 25 basis points of average loans compares to 78 basis points in the same quarter last year and 27 basis points in the prior quarter.
On a year-to-date basis, the provision for credit losses as a percentage of average loans was 26 basis points, down from 48 basis points a year ago. The full-year provision is expected to fall toward the lower end of a range between 25 and 35 basis points.
Outlook for credit quality
Gross impaired loans remain low as a percentage of total loans, with the current level of 0.62% 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 across CWB''s geographic footprint over a multi-year timeframe, including consideration for the impact of a severe housing market correction, 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 1% over the past year ($133 million) and down 1% ($209 million) from the previous quarter. Relationship-based branch-raised funding increased 9%, including very strong 15% growth of lower-cost demand and notice deposits. Total deposits by type and source are summarized below:
Personal deposits represented 62% of total deposits at April 30, 2017, compared to 61% last year and 63% last quarter. Total branch-raised deposits, including trust services deposits, represented 57% of total deposits at April 30, 2017, up from 53% last year and 55% last quarter. Demand and notice deposits now comprise 39% of total deposits, up from 34% one year ago and 37% last quarter. 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. CWB raises only fixed-term broker deposits, with terms to maturity between one and five years, and does not offer a High Interest Savings Account (HISA) product. Term deposits raised through the broker network represented 34% of total funding at quarter end, compared to 38% last year and 36% last quarter. Term deposits raised through debt capital markets of $1,765 million represented 9% of total deposits this quarter, consistent with last year and last quarter.
Securitization
Securitized leases and mortgages are reported on-balance sheet with total loans. The gross amount of securitized leases at April 30, 2017 was $906 million, compared to $969 million last year and $996 million last quarter. The gross amount of mortgages securitized under the National Housing Act Mortgage Backed Securities (NHA MBS) program was $373 million (January 31, 2017 - $381 million; April 30, 2016 - $171 million). Year-to-date funding from the securitization of leases and mortgages was $190 million (2016 - $465 million).
Outlook for deposits and funding
CWB''s strategic focus to increase relationship-based branch-raised deposits will continue, with particular emphasis on demand and notice deposits. This funding segment is typically 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. CWB''s growing market presence, which includes the periodic expansion of full-service branches, supports objectives to generate branch-raised deposits, and 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.
For example, implementation of the new banking system enabled CWB to upgrade its client digital banking experience during the second quarter through targeted improvements to CWB Direct Online Banking. The updated design provides a more consistent visual experience across CWB''s digital platforms and complements new financial and communication tools within CWB''s mobile banking app. CWB also renewed its processing agreement with Everlink Payment Services Inc. and expanded the scope of services to enable CWB to offer tap-enabled debit cards to CWB clients for the first time. The release of CWB PayHQ, in partnership with Payfirma, on May 1, 2017, represents the addition of a fully integrated, omni-channel payment technology platform to CWB''s growing portfolio of business services products, and another step forward to enhance CWB''s banking experience for business owners. Together these initiatives are expected to improve the convenience and user experience of CWB''s overall suite of business and personal banking tools, and support development of broader, multi-product client relationships.
On April 18, 2017, CWB launched Motive Financial (Motive), a new brand for its on-line bank. The switch to Motive reflects a renewed focus on creating valuable savings opportunities for clients from coast-to-coast, and is expected to re-position CWB''s on-line bank as an effective channel for funding growth.
Pricing of term deposits raised through the broker market was disrupted beginning in late April, primarily due to publicity related to challenges faced by the most active issuer in this market, a non-bank mortgage originator. The broker deposit market remains deep, liquid and highly accessible to CWB. Despite the impact of recent price disruption, the weighted average cost of funding for broker deposits issued by CWB across all maturities in May 2017 was lower than the same month in both of the last two years. In view of expectations for accelerating loan growth in the second half of the year, management expects to increase usage of the broker deposit channel relative to the first half of the year.
Selectively utilizing the debt capital markets remains 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 last quarter and the relative cost-effectiveness of these funding channels. CWB commenced securitization of residential mortgages in 2016 through the NHA MBS program, and was approved by the Canada Mortgage and Housing Corporation (CMHC) as an issuer of Canada Mortgage Bonds (CMB) subsequent to quarter end. Management expects to initiate participation in the CMB Program in 2017.
Other Assets and Other Liabilities
Other assets totaled $467 million at April 30, 2017, compared to $462 million one year ago and $490 million last quarter. Other liabilities were $567 million at quarter end, relatively unchanged from a year earlier and up from $534 million the previous quarter.
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 $11,614 million at April 30, 2017, compared to $10,288 million one year ago and $11,
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