Document And Entity Information
Document And Entity Information | Jul. 31, 2022 |
Document Information [Line Items] | |
Entity Registrant Name | VersaBank |
Document, Type | 6-K |
Current Fiscal Year End Date | --10-31 |
Document, Period End Date | Jul. 31, 2022 |
Entity, File Number | 001-40805 |
Entity, Address, Address Line One | 140 Fullarton Street, Suite 2002 |
Entity, Address, City or Town | London |
Entity, Address, State or Province | ON |
Entity, Address, Postal Zip Code | N6A 5P2 |
Entity, Address, Country | CA |
Amendment Flag | false |
Entity Central Index Key | 0001690639 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Assets | |||
Cash | $ 84,214 | $ 271,523 | $ 297,005 |
Securities (note 4) | 133,682 | 0 | 0 |
Loans, net of allowance for credit losses (note 5) | 2,814,121 | 2,103,050 | 1,952,154 |
Other assets (note 6) | 43,326 | 40,513 | 36,612 |
Total assets | 3,075,343 | 2,415,086 | 2,285,771 |
Liabilities and Shareholders' Equity | |||
Deposits | 2,475,063 | 1,853,204 | 1,817,746 |
Subordinated notes payable (note 7) | 98,706 | 95,272 | 95,683 |
Other liabilities (note 8) | 154,926 | 134,504 | 120,310 |
Total liabilities | 2,728,695 | 2,082,980 | 2,033,739 |
Shareholders' equity: | |||
Share capital (note 9) | 242,510 | 241,466 | 166,404 |
Retained earnings | 104,071 | 90,644 | 85,626 |
Accumulated other comprehensive income (loss) | 67 | (4) | 2 |
Total equity | 346,648 | 332,106 | 252,032 |
Total equity and liabilities | $ 3,075,343 | $ 2,415,086 | $ 2,285,771 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Interest income: | ||||
Loans | $ 33,165 | $ 22,078 | $ 83,151 | $ 64,465 |
Other | 1,012 | 322 | 1,594 | 1,099 |
Interest income | 34,177 | 22,400 | 84,745 | 65,564 |
Interest expense: | ||||
Deposits and other | 12,727 | 6,539 | 26,435 | 19,967 |
Subordinated notes | 1,388 | 1,319 | 4,121 | 1,586 |
Interest expense | 14,115 | 7,858 | 30,556 | 21,553 |
Net interest income | 20,062 | 14,542 | 54,189 | 44,011 |
Non-interest income | 1,177 | 1,187 | 3,951 | 3,110 |
Total revenue | 21,239 | 15,729 | 58,140 | 47,121 |
Provision for (recovery of) credit losses (note 5) | 166 | 96 | 246 | (159) |
Revenue less provision for credit loss | 21,073 | 15,633 | 57,894 | 47,280 |
Non-interest expenses: | ||||
Salaries and benefits | 6,768 | 4,853 | 19,577 | 14,836 |
General and administrative | 5,519 | 2,414 | 13,162 | 7,136 |
Premises and equipment | 929 | 933 | 2,880 | 2,657 |
Noninterest expense | 13,216 | 8,200 | 35,619 | 24,629 |
Income before income taxes | 7,857 | 7,433 | 22,275 | 22,651 |
Income tax provision (note 10) | 2,137 | 1,997 | 6,046 | 6,181 |
Net income | 5,720 | 5,436 | 16,229 | 16,470 |
Other comprehensive income: | ||||
Items that may subsequently be reclassified to net income: Foreign exchange gain on translation of foreign operations | 24 | 5 | 67 | 2 |
Comprehensive income | $ 5,744 | $ 5,441 | $ 16,296 | $ 16,472 |
Basic and diluted income per common share (note 11) (in CAD per share) | $ 0.20 | $ 0.25 | $ 0.56 | $ 0.72 |
Weighted average number of common shares outstanding (in shares) | 27,441,082 | 21,123,559 | 27,441,082 | 21,123,559 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - CAD ($) $ in Thousands | Total | Issued capital [member] | Issued capital [member] Ordinary shares [member] | Issued capital [member] Series 1 preferred shares [member] | Issued capital [member] Series 3 preferred shares [member] | Additional paid-in capital [member] | Retained earnings [member] | Accumulated other comprehensive income [member] |
Balance at Oct. 31, 2020 | $ 15,690 | $ 145 | $ 73,194 | $ 0 | ||||
Statement Line Items [Line Items] | ||||||||
Redemption of preferred shares (note 9) | (15,690) | |||||||
Fair value of stock-based compensation (note 9) | 0 | |||||||
Transfer of transaction costs on redemption of Series 3, preferred shares (note 9) | (1,123) | |||||||
Net income (loss) | $ 16,470 | 16,470 | ||||||
Dividends paid on common and preferred shares | (2,915) | |||||||
Other comprehensive income (loss) | 2 | |||||||
Balance at Jul. 31, 2021 | 252,032 | $ 166,404 | $ 152,612 | $ 13,647 | 0 | 145 | 85,626 | 2 |
Balance at Apr. 30, 2021 | 0 | 145 | 80,965 | (3) | ||||
Statement Line Items [Line Items] | ||||||||
Redemption of preferred shares (note 9) | 0 | |||||||
Fair value of stock-based compensation (note 9) | 0 | |||||||
Transfer of transaction costs on redemption of Series 3, preferred shares (note 9) | 0 | |||||||
Net income (loss) | 5,436 | 5,436 | ||||||
Dividends paid on common and preferred shares | (775) | |||||||
Other comprehensive income (loss) | 5 | |||||||
Balance at Jul. 31, 2021 | 252,032 | 166,404 | 152,612 | 13,647 | 0 | 145 | 85,626 | 2 |
Balance at Oct. 31, 2021 | 332,106 | 0 | 145 | 90,644 | 0 | |||
Statement Line Items [Line Items] | ||||||||
Redemption of preferred shares (note 9) | 0 | |||||||
Fair value of stock-based compensation (note 9) | 1,044 | |||||||
Transfer of transaction costs on redemption of Series 3, preferred shares (note 9) | 0 | |||||||
Net income (loss) | 16,229 | 16,229 | ||||||
Dividends paid on common and preferred shares | (2,802) | |||||||
Other comprehensive income (loss) | 67 | |||||||
Balance at Jul. 31, 2022 | 346,648 | 242,510 | 227,674 | 13,647 | 0 | 1,189 | 104,071 | 67 |
Balance at Apr. 30, 2022 | 0 | 765 | 99,285 | 43 | ||||
Statement Line Items [Line Items] | ||||||||
Redemption of preferred shares (note 9) | 0 | |||||||
Fair value of stock-based compensation (note 9) | 424 | |||||||
Transfer of transaction costs on redemption of Series 3, preferred shares (note 9) | 0 | |||||||
Net income (loss) | 5,720 | 5,720 | ||||||
Dividends paid on common and preferred shares | (934) | |||||||
Other comprehensive income (loss) | 24 | |||||||
Balance at Jul. 31, 2022 | $ 346,648 | $ 242,510 | $ 227,674 | $ 13,647 | $ 0 | $ 1,189 | $ 104,071 | $ 67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Cash provided by (used in): | ||
Net income (loss) | $ 16,229 | $ 16,470 |
Adjustments to determine net cash flows: | ||
Provision for (recovery of) credit losses | 246 | (43) |
Stock-based compensation | 1,044 | 0 |
Income tax provision | 6,046 | 6,181 |
Interest income | (84,745) | (65,564) |
Interest expense | 30,556 | 21,553 |
Amortization | 1,431 | 1,273 |
Accretion of discount on securities | (255) | 0 |
Foreign exchange rate change on assets and liabilities | 3,300 | 1,238 |
Interest received | 77,970 | 62,667 |
Interest paid | (24,919) | (23,224) |
Income taxes paid | (5,207) | (970) |
Loans | (704,607) | (294,255) |
Deposits | 617,589 | 252,970 |
Change in other assets and liabilities | 19,426 | 11,474 |
Net cash flows from (used in) operating activities | (45,896) | (10,230) |
Acquisition of DBG, net of cash acquired | 0 | (7,473) |
Purchase of securities (note 4) | (133,427) | 0 |
Purchase of investment (note 6) | 0 | (953) |
Purchase of property and equipment | (746) | (67) |
Net cash flows from (used in) investing activities | (134,173) | (8,493) |
Financing: | ||
Issuance of subordinated notes payable, net of issue costs (note 7) | 0 | 89,498 |
Redemption of preferred shares (note 9) | 0 | (16,813) |
Repayment of loan assumed from DBG | 0 | (1,410) |
Redemption of securitization liability | 0 | (8,631) |
Dividends paid | (2,802) | (2,915) |
Repayment of lease obligations | (469) | (458) |
Net cash flows from (used in) financing activities | (3,271) | 59,271 |
Change in cash | (183,340) | 40,548 |
Effect of exchange rate changes on cash | (3,969) | (1,187) |
Cash, beginning of the period | 271,523 | 257,644 |
Cash, end of the period | $ 84,214 | $ 297,005 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of notes and other explanatory information [text block] | 1. Reporting entity: VersaBank (the “Bank”) operates as a Schedule I bank under the Bank Act (Canada) two 17. The Bank is incorporated in Canada, and maintains its registered head office at Suite 2002, 140 N6A 5P2. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. Basis of preparation: a) Statement of compliance: These interim Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting not . October 31, 2021. The interim Consolidated Financial Statements for the three nine July 31, 2022 2021 August 29, 2022. b) Basis of measurement: These interim Consolidated Financial Statements have been prepared on the historical cost basis except for the investment in Canada Stablecorp Inc. which is measured at fair value through other comprehensive income (see note 6 c) Functional and presentation currency: These interim d) Use of estimates and judgements: In preparing these interim 5 may Estimates were applied by management in determining the fair value of stock options granted in the first 2022 9. Available forward-looking information, including forecast macroeconomic indicator and industry performance trend data are influenced by a number of factors, including, but not Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are applied prospectively once they are known. |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies and Future Accounting Changes | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 3. Significant accounting policies and future accounting changes: The accounting policies applied by the Bank in these interim Consolidated Financial Statements are the same as those applied by the Bank as at and for the year ended October 31, 2021 3 2021 Segment reporting: Effective the quarter ended January 31, 2022, 8 Segment Reporting two 17. |
Note 4 - Securities
Note 4 - Securities | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 4. Securities: During the quarter ended July 31, 2022, October 27, 2022 May 25, 2023. October 13, 2022. July 31, 2022 |
Note 5 - Loans
Note 5 - Loans | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of loans and advances to customers [text block] | 5. Loans: The Bank organizes its lending portfolio into the following four The Point-of-Sale Loans and Leases ( POS Financing ) The Commercial Real Estate Mortgages ( CRE Mortgages ) The Commercial Real Estate Loans ( CRE Loans ) The Public Sector and Other Financing ( PSOF ) a) Summary of loans and allowance for credit losses: (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Point-of-sale loans and leases $ 1,998,993 $ 1,279,576 $ 1,144,902 Commercial real estate mortgages 755,042 757,576 738,063 Commercial real estate loans 13,510 26,569 30,044 Public sector and other financing 35,605 32,587 33,201 2,803,150 2,096,308 1,946,210 Allowance for credit losses (1,699 ) (1,453 ) (1,732 ) Accrued interest 12,670 8,195 7,676 Total loans, net of allowance for credit losses $ 2,814,121 $ 2,103,050 $ 1,952,154 The following table provides a summary of loan amounts, expected credit loss allowance amounts, and expected loss rates by lending asset category: As at July 31, 2022 As at October 31, 2021 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases $ 1,993,887 $ 3,714 $ 1,392 $ 1,998,993 $ 1,277,011 $ 2,565 $ - $ 1,279,576 ECL allowance 528 - - 528 275 - - 275 EL % 0.03 % 0.00 % 0.00 % 0.03 % 0.02 % 0.00 % 0.00 % 0.02 % Commercial real estate mortgages $ 648,297 $ 106,745 $ - $ 755,042 $ 694,869 $ 62,707 $ - $ 757,576 ECL allowance 979 117 - 1,096 980 134 - 1,114 EL % 0.15 % 0.11 % 0.00 % 0.15 % 0.14 % 0.21 % 0.00 % 0.15 % Commercial real estate loans $ 13,510 $ - $ - $ 13,510 $ 26,569 $ - $ - $ 26,569 ECL allowance 49 - - 49 45 - - 45 EL % 0.36 % 0.00 % 0.00 % 0.36 % 0.17 % 0.00 % 0.00 % 0.17 % Public sector and other financing $ 35,422 $ 183 $ - $ 35,605 $ 32,507 $ 80 $ - $ 32,587 ECL allowance 25 1 - 26 16 3 - 19 EL % 0.07 % 0.55 % 0.00 % 0.07 % 0.05 % 3.75 % 0.00 % 0.06 % Total loans $ 2,691,116 $ 110,642 $ 1,392 $ 2,803,150 $ 2,030,956 $ 65,352 $ - $ 2,096,308 Total ECL allowance 1,581 118 - 1,699 1,316 137 - 1,453 Total EL % 0.06 % 0.11 % 0.00 % 0.06 % 0.06 % 0.21 % 0.00 % 0.07 % The Bank’s maximum exposure to credit risk is the carrying value of its financial assets. The Bank holds security against the majority of its loans in the form of mortgage interests over property, other registered securities over assets, guarantees or cash reserves on loan and lease receivables included in the POS Financing portfolio (see note 8 Allowance for Credit Losses The Bank must maintain an allowance for expected credit losses (“ECL”) that is adequate, in management’s opinion, to absorb all credit related losses in the Bank’s lending and treasury portfolios. Under IFRS 9 no Assessment of significant increase in credit risk ( SICR ) At each reporting date, the Bank assesses whether or not SICR is a function of the loan’s internal risk rating assignment, internal watchlist status, loan review status and delinquency status which are updated as necessary in response to changes including, but not Quantitative models may not may may Examples include but are not Expected credit loss model - Estimation of expected credit losses Expected credit losses are an estimate of a loan’s expected cash shortfalls discounted at the effective interest rate, where a cash shortfall is the difference between the contractual cash flows that are due to the Bank and the cash flows that the Bank actually expects to receive. Forward-Looking Information The Bank incorporates the impact of future economic conditions, or more specifically forward-looking information into the estimation of expected credit losses at the credit risk parameter level. This is accomplished via the credit risk parameter models and proxy datasets that the Bank utilizes to develop probability of default (“PD”), and loss given default (“LGD”), term structure forecasts for its loans. The Bank has sourced credit risk modeling systems and forecast macroeconomic scenario data from Moody’s Analytics, a third not third The Bank utilizes macroeconomic indicator data derived from multiple macroeconomic scenarios in order to mitigate volatility in the estimation of expected credit losses, as well as to satisfy the IFRS 9 The macroeconomic indicator data utilized by the Bank for the purpose of sensitizing PD and LGD term structure data to forward economic conditions include, but are not Key assumptions driving the base case macroeconomic forecast trends this quarter include: the Bank of Canada (“BoC”) continues to tighten monetary policy into early 2023; 2022; 19 19 Management developed ECL estimates using credit risk parameter term structure forecasts sensitized to individual baseline, upside and downside forecast macroeconomic scenarios, each weighted at 100%, July 31, 2022 Expected Credit Loss Sensitivity: The following table presents the sensitivity of the Bank’s estimated ECL to a range of individual macroeconomic scenarios, that in isolation may not July 31, 2022: (thousands of Canadian dollars) Reported 100 % 100 % 100 % ECL Upside Baseline Downside Allowance for expected credit losses $ 1,699 $ 1,129 $ 1,436 $ 2,000 Variance from reported ECL (570 ) (263 ) 301 Variance from reported ECL (%) (34 %) (15 %) 18 % The ECL model requires the recognition of credit losses based on 12 1 2 3 The determination of a significant increase in credit risk is a function primarily of loan product type and the associated risk profile of same. The principal factors considered in making this determination include relative changes in the Bank’s internal risk rating assignment, the loan’s watchlist status, and the loan’s delinquency status. Notwithstanding the above, the assessment of a significant increase in credit risk will require experienced credit judgement. The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the three July 31, 2022: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 419 $ - $ - $ 419 Transfer in (out) to Stage 1 16 (16 ) - - Transfer in (out) to Stage 2 (45 ) 45 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 138 (29 ) - 109 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 109 - - 109 Write-offs - - - - Recoveries - - - - Balance at end of period $ 528 $ - $ - $ 528 Commercial real estate mortgages Balance at beginning of period $ 948 $ 101 $ - $ 1,049 Transfer in (out) to Stage 1 16 (16 ) - - Transfer in (out) to Stage 2 (88 ) 88 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 49 (38 ) - 11 Loan originations 64 - - 64 Derecognitions and maturities (10 ) (18 ) - (28 ) Provision for (recovery of) credit losses 31 16 - 47 Write-offs - - - - Recoveries - - - - Balance at end of period $ 979 $ 117 $ - $ 1,096 Commercial real estate loans Balance at beginning of period $ 40 $ - $ - $ 40 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 9 - - 9 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 9 - - 9 Write-offs - - - - Recoveries - - - - Balance at end of period $ 49 $ - $ - $ 49 Public sector and other financing Balance at beginning of period $ 24 $ 1 $ - $ 25 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 1 - - 1 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 1 - - 1 Write-offs - - - - Recoveries - - - - Balance at end of period $ 25 $ 1 $ - $ 26 Total balance at end of period $ 1,581 $ 118 $ - $ 1,699 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the three July 31, 2021: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 238 $ - $ - $ 238 Transfer in (out) to Stage 1 34 (34 ) - - Transfer in (out) to Stage 2 (29 ) 29 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 16 5 - 21 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 21 - - 21 Write-offs - - - - Recoveries - - - - Balance at end of period $ 259 $ - $ - $ 259 Commercial real estate mortgages Balance at beginning of period $ 1,079 $ 229 $ - $ 1,308 Transfer in (out) to Stage 1 47 (47 ) - - Transfer in (out) to Stage 2 (23 ) 23 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 20 (17 ) - 3 Loan originations 120 - - 120 Derecognitions and maturities (30 ) - - (30 ) Provision for (recovery of) credit losses 134 (41 ) - 93 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,213 $ 188 $ - $ 1,401 Commercial real estate loans Balance at beginning of period $ 49 $ - $ - $ 49 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 3 - - 3 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 3 - - 3 Write-offs - - - - Recoveries - - - - Balance at end of period $ 52 $ - $ - $ 52 Public sector and other financing Balance at beginning of period $ 41 $ - $ - $ 41 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (16 ) - - (16 ) Loan originations - - - - Derecognitions and maturities (5 ) - - (5 ) Provision for (recovery of) credit losses (21 ) - - (21 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 20 $ - $ - $ 20 Total balance at end of period $ 1,544 $ 188 $ - $ 1,732 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the nine July 31, 2022: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 275 $ - $ - $ 275 Transfer in (out) to Stage 1 68 (68 ) - - Transfer in (out) to Stage 2 (130 ) 130 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 315 (62 ) - 253 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 253 - - 253 Write-offs - - - - Recoveries - - - - Balance at end of period $ 528 $ - $ - $ 528 Commercial real estate mortgages Balance at beginning of period $ 980 $ 134 $ - $ 1,114 Transfer in (out) to Stage 1 38 (38 ) - - Transfer in (out) to Stage 2 (92 ) 92 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (48 ) (49 ) - (97 ) Loan originations 224 - - 224 Derecognitions and maturities (123 ) (22 ) - (145 ) Provision for (recovery of) credit losses (1 ) (17 ) - (18 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 979 $ 117 $ - $ 1,096 Commercial real estate loans Balance at beginning of period $ 45 $ - $ - $ 45 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 4 - - 4 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 4 - - 4 Write-offs - - - - Recoveries - - - - Balance at end of period $ 49 $ - $ - $ 49 Public sector and other financing Balance at beginning of period $ 16 $ 3 $ - $ 19 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 10 (2 ) - 8 Loan originations - - - - Derecognitions and maturities (1 ) - - (1 ) Provision for (recovery of) credit losses 9 (2 ) - 7 Write-offs - - - - Recoveries - - - - Balance at end of period $ 25 $ 1 $ - $ 26 Total balance at end of period $ 1,581 $ 118 $ - $ 1,699 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the nine July 31, 2021: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 215 $ - $ - $ 215 Transfer in (out) to Stage 1 75 (75 ) - - Transfer in (out) to Stage 2 (119 ) 119 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 88 (44 ) - 44 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 44 - - 44 Write-offs - - - - Recoveries - - - - Balance at end of period $ 259 $ - $ - $ 259 Commercial real estate mortgages Balance at beginning of period $ 1,174 $ 192 $ - $ 1,366 Transfer in (out) to Stage 1 47 (47 ) - - Transfer in (out) to Stage 2 (81 ) 81 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (169 ) 29 - (140 ) Loan originations 344 - - 344 Derecognitions and maturities (102 ) (67 ) - (169 ) Provision for (recovery of) credit losses 39 (4 ) - 35 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,213 $ 188 $ - $ 1,401 Commercial real estate loans Balance at beginning of period $ 137 $ - $ - $ 137 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (85 ) - - (85 ) Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses (85 ) - - (85 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 52 $ - $ - $ 52 Public sector and other financing Balance at beginning of period $ 57 $ - $ - $ 57 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (31 ) - - (31 ) Loan originations - - - - Derecognitions and maturities (6 ) - (116 ) (122 ) Provision for (recovery of) credit losses (37 ) - (116 ) (153 ) Write-offs - - - - Recoveries - - 116 116 Balance at end of period $ 20 $ - $ - $ 20 Total balance at end of period $ 1,544 $ 188 $ - $ 1,732 b) Impaired loans: At July 31, 2022, three October 31, 2021 - $nil August 2, 2022, third September 2022. |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other assets [text block] | 6. Other assets: (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Accounts receivable $ 3,744 $ 2,643 $ 1,279 Prepaid expenses and other 16,067 12,699 10,699 Property and equipment 6,965 7,075 7,272 Right-of-use assets 4,296 4,817 4,990 Deferred income tax asset 2,248 2,931 1,943 Investment 953 953 953 Goodwill 5,754 5,754 5,754 Intangible assets 3,299 3,641 3,722 $ 43,326 $ 40,513 $ 36,612 |
Note 7 - Subordinated Notes Pay
Note 7 - Subordinated Notes Payable | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 7. Subordinated notes payable: (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Ten 5.0 500,000 10.41 March 2029 $ 4,906 $ 4,898 $ 4,896 Ten 75.0 5.38 May 2031 93,800 90,374 90,787 $ 98,706 $ 95,272 $ 95,683 |
Note 8 - Other Liabilities
Note 8 - Other Liabilities | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other liabilities [text block] | 8. Other liabilities: (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Accounts payable and other $ 8,317 $ 6,893 $ 6,328 Current income tax liability 3,157 2,949 2,053 Deferred income tax liability 769 898 840 Lease obligations 4,644 5,113 5,276 Cash collateral and amounts held in escrow 10,992 7,887 3,182 Cash reserves on loan and lease receivables 127,047 110,764 102,631 $ 154,926 $ 134,504 $ 120,310 |
Note 9 - Share Capital
Note 9 - Share Capital | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | 9. Share capital: a) Common shares: At July 31, 2022, October 31, 2021 – b) Preferred shares: At July 31, 2022, October 31, 2021 – 1 1 14 On April 30, 2021, 3 c) Stock options Under the Bank’s stock option plan, the Bank will grant, to eligible participants, options for the Bank’s common shares on a periodic basis. As per the Bank’s current stock option plan all options issued have a five three July 31, 2022, October 31, 2021 – Stock option transactions during the three nine July 31, 2022 2021: for the three months ended for the nine months ended July 31, 2022 July 31, 2021 July 31, 2022 July 31, 2021 Weighted Weighted Weighted Weighted Number of average Number of average Number of average Number of average options exercise price options exercise price options exercise price options exercise price Outstanding, beginning of period 953,730 $ 15.53 42,017 $ 10.73 40,000 $ 7.00 42,017 $ 10.73 Granted - - - - 913,730 15.90 - - Exercised - - - - - - - - Forfeired/cancelled - - - - - - - - Expired - - - - - - - - Outstanding, end of period 953,730 $ 15.53 42,017 $ 10.73 953,730 $ 15.53 42,017 $ 10.73 For the three nine July 31, 2022, July 31, 2021 - $nil July 31, 2021 - $nil January 31, 2022, July 31, 2022, October 2023. |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 10. Income tax provision: Income tax provision for the three nine July 31, 2022 July 31, 2021 - July 31, 2021 - 2021 not |
Note 11 - Income Per Common Sha
Note 11 - Income Per Common Share | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 11. Income per common share: (thousands of Canadian dollars) for the three months ended for the nine months ended July 31 July 31 July 31 July 31 2022 2021 2022 2021 Net income $ 5,720 $ 5,436 $ 16,229 $ 16,470 Less: dividends on preferred shares (247 ) (247 ) (741 ) (1,331 ) 5,473 5,189 15,488 15,139 Weighted average number of common shares outstanding 27,441,082 21,123,559 27,441,082 21,123,559 Income per common share: $ 0.20 $ 0.25 $ 0.56 $ 0.72 Common shares associated with the Series 1 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 12. Commitments and contingencies: The amount of credit related commitments represents the maximum amount of additional credit that the Bank could be obligated to extend. (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Loan commitments $ 315,757 $ 296,248 $ 280,086 Letters of credit 58,732 46,462 51,418 $ 374,489 $ 342,710 $ 331,504 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 13. Related party transactions: The Bank’s Board of Directors and Senior Executive Officers represent key management personnel and are related parties. At July 31, 2022, October 31, 2021 - October 31, 2021 - three nine July 31, 2022, July 31, 2021 - July 31, 2021 – October 31, 2021 - $nil July 31, 2022. March 2019, 7 |
Note 14 - Capital Management
Note 14 - Capital Management | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 14. Capital management: a) Overview: The Bank’s policy is to maintain a strong capital base in order to retain investor, creditor and market confidence as well as to support the future growth and development of the business. The impact of the level of capital held on shareholders’ return is an important consideration and the Bank recognizes the need to maintain a balance between the higher returns that may may OSFI sets and monitors capital requirements for the Bank. Capital is managed in accordance with policies and plans that are regularly reviewed and approved by the Board of Directors and that take into account, amongst other items, forecasted capital requirements and current and anticipated financial market conditions. Our objectives with respect to regulatory capital are to maintain adequate capital levels for the Bank to be considered well capitalized, protect consumer deposits and provide capacity to support organic growth as well as to capitalize on strategic opportunities that do not 1 1 2 The Bank monitors its capital adequacy and related capital ratios on a daily basis and has policies setting internal targets and thresholds for its capital ratios. These capital ratios consist of the leverage ratio and the risk-based capital ratios. The Bank makes use of the Standardized Approach for credit risk as prescribed by OSFI, and therefore, may 2 19 second 2020 CET1 2020 2022 CET1 1 2 1 2 three January 31, 2020, 70% 2020, 50% 2021 25% 2022. During the period ended July 31, 2022, no b) Risk-Based Capital Ratios: The Basel Committee on Banking Supervision has published the Basel III rules on capital adequacy and liquidity (“Basel III”). OSFI requires that all Canadian banks must comply with the Basel III standards on an “all-in” basis for the purpose of determining their risk-based capital ratios. Required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 “CET1” 1 OSFI also requires banks to measure capital adequacy in accordance with guidelines for determining risk adjusted capital and risk-weighted assets including off-balance sheet credit instruments as specified in the Basel III regulations. Based on the deemed credit risk for each type of asset, both on and off-balance sheet assets of the Bank are assigned a weighting ranging between 0% 150% The Bank’s risk-based capital ratios are calculated as follows: (thousands of Canadian dollars) July 31 October 31 2022 2021 "Transitional" & "All in" "All in" Common Equity Tier 1 (CET1) capital Directly issued qualifying common share capital $ 228,863 $ 227,819 Retained earnings 104,071 90,644 Accumulated other comprehensive income 67 (4 ) CET1 before regulatory adjustments 333,001 318,459 Regulatory adjustments applied to CET1 (11,615 ) (12,751 ) Common Equity Tier 1 capital $ 321,386 $ 305,708 Additional Tier 1 capital Directly issued qualifying Additional Tier 1 instruments $ 13,647 $ 13,647 Total Tier 1 capital $ 335,033 $ 319,355 Tier 2 capital Directly issued Tier 2 capital instruments $ 101,180 $ 97,910 Tier 2 capital before regulatory adjustments 101,180 97,910 Eligible stage 1 and stage 2 allowance 1,699 1,453 Total Tier 2 capital $ 102,879 $ 99,363 Total regulatory capital $ 437,912 $ 418,718 Total risk-weighted assets $ 2,568,678 $ 2,013,544 Capital ratios CET1 capital ratio 12.51 % 15.18 % Tier 1 capital ratio 13.04 % 15.86 % Total capital ratio 17.05 % 20.80 % As at July 31, 2022 October 31, 2021, c) Leverage Ratio: The leverage ratio, which is prescribed under the Basel III Accord, is a supplementary measure to the risk-based capital requirements and is defined as the ratio of Tier 1 (thousands of Canadian dollars) July 31 October 31 2022 2021 "Transitional" & "All in" "All in" On-balance sheet assets $ 3,075,343 $ 2,415,086 Assets amounts adjusted in determining the Basel III Tier 1 capital (11,615 ) (12,751 ) Total on-balance sheet exposures 3,063,728 2,402,335 Total off-balance sheet exposure at gross notional amount $ 374,489 $ 342,710 Adjustments for conversion to credit equivalent amount (210,567 ) (210,065 ) Total off-balance sheet exposures 163,922 132,645 Tier 1 capital 335,033 319,355 Total exposures 3,227,650 2,534,980 Leverage ratio 10.38 % 12.60 % As at July 31, 2022 October 31, 2021, |
Note 15 - Interest Rate Risk Po
Note 15 - Interest Rate Risk Position | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of how entity manages liquidity risk [text block] | 15. Interest rate risk position: The Bank is subject to interest rate risk which is the risk that a movement in interest rates could negatively impact net interest margin, net interest income and the economic value of assets, liabilities and shareholders’ equity. The following table provides the duration difference between the Bank’s assets and liabilities and the potential after-tax impact of a 100 12 100 60 no (thousands of Canadian dollars) July 31, 2022 October 31, 2021 Increase 100 bps Decrease 100 bps Increase 100 bps Decrease 100 bps Increase (decrease): Impact on projected net interest income during a 12 month period $ 5,877 $ (5,823 ) $ 4,147 $ (3,220 ) Impact on reported equity during a 60 month period $ (1,694 ) $ 1,890 $ 1,603 $ (1,586 ) Duration difference between assets and liabilities (months) 0.8 2.3 |
Note 16 - Fair Value of Financi
Note 16 - Fair Value of Financial Instruments | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | 16. Fair Value of Financial Instruments: Fair values are based on management’s best estimates of market conditions and valuation policies at a certain point in time. The estimates are subjective and involve particular assumptions and matters of judgement and as such, may not not not 19 October 31, 2021 (thousands of Canadian dollars) As at July 31, 2022 October 31, 2021 Book Fair Book Fair (thousands of Canadian dollars) Value Value Value Value Assets Cash $ 84,214 $ 84,214 $ 271,523 $ 271,523 Securities 133,682 133,602 - - Loans 2,814,121 2,849,584 2,103,050 2,118,636 Other financial assets 3,744 3,744 3,596 3,596 Liabilities Deposits $ 2,475,063 $ 2,390,055 $ 1,853,204 $ 1,860,332 Subordinated notes payable 98,706 101,180 95,272 97,910 Other financial liabilities 151,000 151,000 130,657 130,657 |
Note 17 - Operating Segmentatio
Note 17 - Operating Segmentation | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 17. Operating Segmentation: The Bank has established two reportable operating segments, those being Digital Banking and DRTC (cybersecurity services). The two Digital Banking DRTC (cybersecurity services and banking and financial technology development) The basis for the determination of the reportable segments is a function primarily of the systematic, consistent process employed by our chief operating decision maker, the Chief Executive Officer, and the Chief Financial Officer in reviewing and interpreting the operations and performance of each segment. The accounting policies applied to these segments are consistent with those employed in the preparation of our consolidated financial statements, as disclosed in note 3 2021 Performance is measured based on segment net income, as included in the Bank’s internal management reporting. Management has determined that this measure is the most relevant in evaluating segment results and in the allocation of resources. Following is information regarding the results of each reportable operating segment as at and for the three nine July 31, 2022 2021: (thousands of Canadian dollars) for the three months ended July 31, 2022 July 31, 2021 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 20,062 $ - $ - $ 20,062 $ 14,542 $ - $ - $ 14,542 Non-interest income 12 1,206 (41 ) 1,177 2 1,226 (41 ) 1,187 Total revenue 20,074 1,206 (41 ) 21,239 14,544 1,226 (41 ) 15,729 Provision for (recovery of) credit losses 166 - - 166 96 - - 96 19,908 1,206 (41 ) 21,073 14,448 1,226 (41 ) 15,633 Non-interest expenses: Salaries and benefits 5,600 1,168 - 6,768 4,411 442 - 4,853 General and administrative 5,217 343 (41 ) 5,519 2,286 169 (41 ) 2,414 Premises and equipment 610 319 - 929 607 326 - 933 11,427 1,830 (41 ) 13,216 7,304 937 (41 ) 8,200 Income (loss) before income taxes 8,481 (624 ) - 7,857 7,144 289 - 7,433 Income tax provision 2,099 38 - 2,137 1,904 93 - 1,997 Net income (loss) $ 6,382 $ (662 ) $ - $ 5,720 $ 5,240 $ 196 $ - $ 5,436 Total assets $ 3,076,611 $ 21,796 $ (23,064 ) $ 3,075,343 $ 2,285,882 $ 18,323 $ (18,434 ) $ 2,285,771 Total liabilities $ 2,725,820 $ 24,794 $ (21,919 ) $ 2,728,695 $ 2,030,180 $ 20,848 $ (17,289 ) $ 2,033,739 (thousands of Canadian dollars) for the nine months ended July 31, 2022 July 31, 2021 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 54,189 $ - $ - $ 54,189 $ 44,011 $ - $ - $ 44,011 Non-interest income 14 4,061 (124 ) 3,951 (14 ) 3,234 (110 ) 3,110 Total revenue 54,203 4,061 (124 ) 58,140 43,997 3,234 (110 ) 47,121 Provision for (recovery of) credit losses 246 - - 246 (159 ) - - (159 ) 53,957 4,061 (124 ) 57,894 44,156 3,234 (110 ) 47,280 Non-interest expenses: Salaries and benefits 16,625 2,952 - 19,577 13,634 1,202 - 14,836 General and administrative 12,460 826 (124 ) 13,162 6,585 661 (110 ) 7,136 Premises and equipment 1,851 1,029 - 2,880 1,775 882 - 2,657 30,936 4,807 (124 ) 35,619 21,994 2,745 (110 ) 24,629 Income (loss) before income taxes 23,021 (746 ) - 22,275 22,162 489 - 22,651 Income tax provision 5,805 241 - 6,046 5,910 271 - 6,181 Net income (loss) $ 17,216 $ (987 ) $ - $ 16,229 $ 16,252 $ 218 $ - $ 16,470 Total assets $ 3,076,611 $ 21,796 $ (23,064 ) $ 3,075,343 $ 2,285,882 $ 18,323 $ (18,434 ) $ 2,285,771 Total liabilities $ 2,725,820 $ 24,794 $ (21,919 ) $ 2,728,695 $ 2,030,180 $ 20,848 $ (17,289 ) $ 2,033,739 The Bank has operations in the US, through both its Digital Banking and DRTC businesses, however as at July 31, 2022 |
Note 18 - Acquisition
Note 18 - Acquisition | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 18. Acquisition: On June 14, 2022, December 31, 2022. |
Note 19 - Comparative Balances
Note 19 - Comparative Balances | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of reclassifications or changes in presentation [text block] | 19. Comparative balances: Certain comparative balances have been reclassified to conform with the financial statement presentation adopted in the current period. |
Note 20 - Subsequent Event
Note 20 - Subsequent Event | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 20. Subsequent event: On August 5, 2022, may not As of August 10, 2022, six The purchases may August 17, 2022 August 16, 2023, may no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2022 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for segment reporting [text block] | Segment reporting: Effective the quarter ended January 31, 2022, 8 Segment Reporting two 17. |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Discosure of loans, net [text block] | (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Point-of-sale loans and leases $ 1,998,993 $ 1,279,576 $ 1,144,902 Commercial real estate mortgages 755,042 757,576 738,063 Commercial real estate loans 13,510 26,569 30,044 Public sector and other financing 35,605 32,587 33,201 2,803,150 2,096,308 1,946,210 Allowance for credit losses (1,699 ) (1,453 ) (1,732 ) Accrued interest 12,670 8,195 7,676 Total loans, net of allowance for credit losses $ 2,814,121 $ 2,103,050 $ 1,952,154 |
Disclosure of loans by lending asset category [text block] | As at July 31, 2022 As at October 31, 2021 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases $ 1,993,887 $ 3,714 $ 1,392 $ 1,998,993 $ 1,277,011 $ 2,565 $ - $ 1,279,576 ECL allowance 528 - - 528 275 - - 275 EL % 0.03 % 0.00 % 0.00 % 0.03 % 0.02 % 0.00 % 0.00 % 0.02 % Commercial real estate mortgages $ 648,297 $ 106,745 $ - $ 755,042 $ 694,869 $ 62,707 $ - $ 757,576 ECL allowance 979 117 - 1,096 980 134 - 1,114 EL % 0.15 % 0.11 % 0.00 % 0.15 % 0.14 % 0.21 % 0.00 % 0.15 % Commercial real estate loans $ 13,510 $ - $ - $ 13,510 $ 26,569 $ - $ - $ 26,569 ECL allowance 49 - - 49 45 - - 45 EL % 0.36 % 0.00 % 0.00 % 0.36 % 0.17 % 0.00 % 0.00 % 0.17 % Public sector and other financing $ 35,422 $ 183 $ - $ 35,605 $ 32,507 $ 80 $ - $ 32,587 ECL allowance 25 1 - 26 16 3 - 19 EL % 0.07 % 0.55 % 0.00 % 0.07 % 0.05 % 3.75 % 0.00 % 0.06 % Total loans $ 2,691,116 $ 110,642 $ 1,392 $ 2,803,150 $ 2,030,956 $ 65,352 $ - $ 2,096,308 Total ECL allowance 1,581 118 - 1,699 1,316 137 - 1,453 Total EL % 0.06 % 0.11 % 0.00 % 0.06 % 0.06 % 0.21 % 0.00 % 0.07 % |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [text block] | (thousands of Canadian dollars) Reported 100 % 100 % 100 % ECL Upside Baseline Downside Allowance for expected credit losses $ 1,699 $ 1,129 $ 1,436 $ 2,000 Variance from reported ECL (570 ) (263 ) 301 Variance from reported ECL (%) (34 %) (15 %) 18 % |
Disclosure of Reconciliation of changes in allowance account for credit losses of financial assets [text block] | (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 419 $ - $ - $ 419 Transfer in (out) to Stage 1 16 (16 ) - - Transfer in (out) to Stage 2 (45 ) 45 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 138 (29 ) - 109 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 109 - - 109 Write-offs - - - - Recoveries - - - - Balance at end of period $ 528 $ - $ - $ 528 Commercial real estate mortgages Balance at beginning of period $ 948 $ 101 $ - $ 1,049 Transfer in (out) to Stage 1 16 (16 ) - - Transfer in (out) to Stage 2 (88 ) 88 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 49 (38 ) - 11 Loan originations 64 - - 64 Derecognitions and maturities (10 ) (18 ) - (28 ) Provision for (recovery of) credit losses 31 16 - 47 Write-offs - - - - Recoveries - - - - Balance at end of period $ 979 $ 117 $ - $ 1,096 Commercial real estate loans Balance at beginning of period $ 40 $ - $ - $ 40 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 9 - - 9 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 9 - - 9 Write-offs - - - - Recoveries - - - - Balance at end of period $ 49 $ - $ - $ 49 Public sector and other financing Balance at beginning of period $ 24 $ 1 $ - $ 25 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 1 - - 1 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 1 - - 1 Write-offs - - - - Recoveries - - - - Balance at end of period $ 25 $ 1 $ - $ 26 Total balance at end of period $ 1,581 $ 118 $ - $ 1,699 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 238 $ - $ - $ 238 Transfer in (out) to Stage 1 34 (34 ) - - Transfer in (out) to Stage 2 (29 ) 29 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 16 5 - 21 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 21 - - 21 Write-offs - - - - Recoveries - - - - Balance at end of period $ 259 $ - $ - $ 259 Commercial real estate mortgages Balance at beginning of period $ 1,079 $ 229 $ - $ 1,308 Transfer in (out) to Stage 1 47 (47 ) - - Transfer in (out) to Stage 2 (23 ) 23 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 20 (17 ) - 3 Loan originations 120 - - 120 Derecognitions and maturities (30 ) - - (30 ) Provision for (recovery of) credit losses 134 (41 ) - 93 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,213 $ 188 $ - $ 1,401 Commercial real estate loans Balance at beginning of period $ 49 $ - $ - $ 49 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 3 - - 3 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 3 - - 3 Write-offs - - - - Recoveries - - - - Balance at end of period $ 52 $ - $ - $ 52 Public sector and other financing Balance at beginning of period $ 41 $ - $ - $ 41 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (16 ) - - (16 ) Loan originations - - - - Derecognitions and maturities (5 ) - - (5 ) Provision for (recovery of) credit losses (21 ) - - (21 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 20 $ - $ - $ 20 Total balance at end of period $ 1,544 $ 188 $ - $ 1,732 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 275 $ - $ - $ 275 Transfer in (out) to Stage 1 68 (68 ) - - Transfer in (out) to Stage 2 (130 ) 130 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 315 (62 ) - 253 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 253 - - 253 Write-offs - - - - Recoveries - - - - Balance at end of period $ 528 $ - $ - $ 528 Commercial real estate mortgages Balance at beginning of period $ 980 $ 134 $ - $ 1,114 Transfer in (out) to Stage 1 38 (38 ) - - Transfer in (out) to Stage 2 (92 ) 92 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (48 ) (49 ) - (97 ) Loan originations 224 - - 224 Derecognitions and maturities (123 ) (22 ) - (145 ) Provision for (recovery of) credit losses (1 ) (17 ) - (18 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 979 $ 117 $ - $ 1,096 Commercial real estate loans Balance at beginning of period $ 45 $ - $ - $ 45 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 4 - - 4 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 4 - - 4 Write-offs - - - - Recoveries - - - - Balance at end of period $ 49 $ - $ - $ 49 Public sector and other financing Balance at beginning of period $ 16 $ 3 $ - $ 19 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 10 (2 ) - 8 Loan originations - - - - Derecognitions and maturities (1 ) - - (1 ) Provision for (recovery of) credit losses 9 (2 ) - 7 Write-offs - - - - Recoveries - - - - Balance at end of period $ 25 $ 1 $ - $ 26 Total balance at end of period $ 1,581 $ 118 $ - $ 1,699 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 215 $ - $ - $ 215 Transfer in (out) to Stage 1 75 (75 ) - - Transfer in (out) to Stage 2 (119 ) 119 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 88 (44 ) - 44 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 44 - - 44 Write-offs - - - - Recoveries - - - - Balance at end of period $ 259 $ - $ - $ 259 Commercial real estate mortgages Balance at beginning of period $ 1,174 $ 192 $ - $ 1,366 Transfer in (out) to Stage 1 47 (47 ) - - Transfer in (out) to Stage 2 (81 ) 81 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (169 ) 29 - (140 ) Loan originations 344 - - 344 Derecognitions and maturities (102 ) (67 ) - (169 ) Provision for (recovery of) credit losses 39 (4 ) - 35 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,213 $ 188 $ - $ 1,401 Commercial real estate loans Balance at beginning of period $ 137 $ - $ - $ 137 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (85 ) - - (85 ) Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses (85 ) - - (85 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 52 $ - $ - $ 52 Public sector and other financing Balance at beginning of period $ 57 $ - $ - $ 57 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (31 ) - - (31 ) Loan originations - - - - Derecognitions and maturities (6 ) - (116 ) (122 ) Provision for (recovery of) credit losses (37 ) - (116 ) (153 ) Write-offs - - - - Recoveries - - 116 116 Balance at end of period $ 20 $ - $ - $ 20 Total balance at end of period $ 1,544 $ 188 $ - $ 1,732 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other assets [text block] | (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Accounts receivable $ 3,744 $ 2,643 $ 1,279 Prepaid expenses and other 16,067 12,699 10,699 Property and equipment 6,965 7,075 7,272 Right-of-use assets 4,296 4,817 4,990 Deferred income tax asset 2,248 2,931 1,943 Investment 953 953 953 Goodwill 5,754 5,754 5,754 Intangible assets 3,299 3,641 3,722 $ 43,326 $ 40,513 $ 36,612 |
Note 7 - Subordinated Notes P_2
Note 7 - Subordinated Notes Payable (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Ten 5.0 500,000 10.41 March 2029 $ 4,906 $ 4,898 $ 4,896 Ten 75.0 5.38 May 2031 93,800 90,374 90,787 $ 98,706 $ 95,272 $ 95,683 |
Note 8 - Other Liabilities (Tab
Note 8 - Other Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other liabilities [text block] | (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Accounts payable and other $ 8,317 $ 6,893 $ 6,328 Current income tax liability 3,157 2,949 2,053 Deferred income tax liability 769 898 840 Lease obligations 4,644 5,113 5,276 Cash collateral and amounts held in escrow 10,992 7,887 3,182 Cash reserves on loan and lease receivables 127,047 110,764 102,631 $ 154,926 $ 134,504 $ 120,310 |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | for the three months ended for the nine months ended July 31, 2022 July 31, 2021 July 31, 2022 July 31, 2021 Weighted Weighted Weighted Weighted Number of average Number of average Number of average Number of average options exercise price options exercise price options exercise price options exercise price Outstanding, beginning of period 953,730 $ 15.53 42,017 $ 10.73 40,000 $ 7.00 42,017 $ 10.73 Granted - - - - 913,730 15.90 - - Exercised - - - - - - - - Forfeired/cancelled - - - - - - - - Expired - - - - - - - - Outstanding, end of period 953,730 $ 15.53 42,017 $ 10.73 953,730 $ 15.53 42,017 $ 10.73 |
Note 11 - Income Per Common S_2
Note 11 - Income Per Common Share (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | (thousands of Canadian dollars) for the three months ended for the nine months ended July 31 July 31 July 31 July 31 2022 2021 2022 2021 Net income $ 5,720 $ 5,436 $ 16,229 $ 16,470 Less: dividends on preferred shares (247 ) (247 ) (741 ) (1,331 ) 5,473 5,189 15,488 15,139 Weighted average number of common shares outstanding 27,441,082 21,123,559 27,441,082 21,123,559 Income per common share: $ 0.20 $ 0.25 $ 0.56 $ 0.72 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | (thousands of Canadian dollars) July 31 October 31 July 31 2022 2021 2021 Loan commitments $ 315,757 $ 296,248 $ 280,086 Letters of credit 58,732 46,462 51,418 $ 374,489 $ 342,710 $ 331,504 |
Note 14 - Capital Management (T
Note 14 - Capital Management (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of regulatory capital and capital ratios [text block] | (thousands of Canadian dollars) July 31 October 31 2022 2021 "Transitional" & "All in" "All in" Common Equity Tier 1 (CET1) capital Directly issued qualifying common share capital $ 228,863 $ 227,819 Retained earnings 104,071 90,644 Accumulated other comprehensive income 67 (4 ) CET1 before regulatory adjustments 333,001 318,459 Regulatory adjustments applied to CET1 (11,615 ) (12,751 ) Common Equity Tier 1 capital $ 321,386 $ 305,708 Additional Tier 1 capital Directly issued qualifying Additional Tier 1 instruments $ 13,647 $ 13,647 Total Tier 1 capital $ 335,033 $ 319,355 Tier 2 capital Directly issued Tier 2 capital instruments $ 101,180 $ 97,910 Tier 2 capital before regulatory adjustments 101,180 97,910 Eligible stage 1 and stage 2 allowance 1,699 1,453 Total Tier 2 capital $ 102,879 $ 99,363 Total regulatory capital $ 437,912 $ 418,718 Total risk-weighted assets $ 2,568,678 $ 2,013,544 Capital ratios CET1 capital ratio 12.51 % 15.18 % Tier 1 capital ratio 13.04 % 15.86 % Total capital ratio 17.05 % 20.80 % (thousands of Canadian dollars) July 31 October 31 2022 2021 "Transitional" & "All in" "All in" On-balance sheet assets $ 3,075,343 $ 2,415,086 Assets amounts adjusted in determining the Basel III Tier 1 capital (11,615 ) (12,751 ) Total on-balance sheet exposures 3,063,728 2,402,335 Total off-balance sheet exposure at gross notional amount $ 374,489 $ 342,710 Adjustments for conversion to credit equivalent amount (210,567 ) (210,065 ) Total off-balance sheet exposures 163,922 132,645 Tier 1 capital 335,033 319,355 Total exposures 3,227,650 2,534,980 Leverage ratio 10.38 % 12.60 % |
Note 15 - Interest Rate Risk _2
Note 15 - Interest Rate Risk Position (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Sensitivity analysis for types of market risk [text block] | (thousands of Canadian dollars) July 31, 2022 October 31, 2021 Increase 100 bps Decrease 100 bps Increase 100 bps Decrease 100 bps Increase (decrease): Impact on projected net interest income during a 12 month period $ 5,877 $ (5,823 ) $ 4,147 $ (3,220 ) Impact on reported equity during a 60 month period $ (1,694 ) $ 1,890 $ 1,603 $ (1,586 ) Duration difference between assets and liabilities (months) 0.8 2.3 |
Note 16 - Fair Value of Finan_2
Note 16 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | (thousands of Canadian dollars) As at July 31, 2022 October 31, 2021 Book Fair Book Fair (thousands of Canadian dollars) Value Value Value Value Assets Cash $ 84,214 $ 84,214 $ 271,523 $ 271,523 Securities 133,682 133,602 - - Loans 2,814,121 2,849,584 2,103,050 2,118,636 Other financial assets 3,744 3,744 3,596 3,596 Liabilities Deposits $ 2,475,063 $ 2,390,055 $ 1,853,204 $ 1,860,332 Subordinated notes payable 98,706 101,180 95,272 97,910 Other financial liabilities 151,000 151,000 130,657 130,657 |
Note 17 - Operating Segmentat_2
Note 17 - Operating Segmentation (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | (thousands of Canadian dollars) for the three months ended July 31, 2022 July 31, 2021 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 20,062 $ - $ - $ 20,062 $ 14,542 $ - $ - $ 14,542 Non-interest income 12 1,206 (41 ) 1,177 2 1,226 (41 ) 1,187 Total revenue 20,074 1,206 (41 ) 21,239 14,544 1,226 (41 ) 15,729 Provision for (recovery of) credit losses 166 - - 166 96 - - 96 19,908 1,206 (41 ) 21,073 14,448 1,226 (41 ) 15,633 Non-interest expenses: Salaries and benefits 5,600 1,168 - 6,768 4,411 442 - 4,853 General and administrative 5,217 343 (41 ) 5,519 2,286 169 (41 ) 2,414 Premises and equipment 610 319 - 929 607 326 - 933 11,427 1,830 (41 ) 13,216 7,304 937 (41 ) 8,200 Income (loss) before income taxes 8,481 (624 ) - 7,857 7,144 289 - 7,433 Income tax provision 2,099 38 - 2,137 1,904 93 - 1,997 Net income (loss) $ 6,382 $ (662 ) $ - $ 5,720 $ 5,240 $ 196 $ - $ 5,436 Total assets $ 3,076,611 $ 21,796 $ (23,064 ) $ 3,075,343 $ 2,285,882 $ 18,323 $ (18,434 ) $ 2,285,771 Total liabilities $ 2,725,820 $ 24,794 $ (21,919 ) $ 2,728,695 $ 2,030,180 $ 20,848 $ (17,289 ) $ 2,033,739 (thousands of Canadian dollars) for the nine months ended July 31, 2022 July 31, 2021 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 54,189 $ - $ - $ 54,189 $ 44,011 $ - $ - $ 44,011 Non-interest income 14 4,061 (124 ) 3,951 (14 ) 3,234 (110 ) 3,110 Total revenue 54,203 4,061 (124 ) 58,140 43,997 3,234 (110 ) 47,121 Provision for (recovery of) credit losses 246 - - 246 (159 ) - - (159 ) 53,957 4,061 (124 ) 57,894 44,156 3,234 (110 ) 47,280 Non-interest expenses: Salaries and benefits 16,625 2,952 - 19,577 13,634 1,202 - 14,836 General and administrative 12,460 826 (124 ) 13,162 6,585 661 (110 ) 7,136 Premises and equipment 1,851 1,029 - 2,880 1,775 882 - 2,657 30,936 4,807 (124 ) 35,619 21,994 2,745 (110 ) 24,629 Income (loss) before income taxes 23,021 (746 ) - 22,275 22,162 489 - 22,651 Income tax provision 5,805 241 - 6,046 5,910 271 - 6,181 Net income (loss) $ 17,216 $ (987 ) $ - $ 16,229 $ 16,252 $ 218 $ - $ 16,470 Total assets $ 3,076,611 $ 21,796 $ (23,064 ) $ 3,075,343 $ 2,285,882 $ 18,323 $ (18,434 ) $ 2,285,771 Total liabilities $ 2,725,820 $ 24,794 $ (21,919 ) $ 2,728,695 $ 2,030,180 $ 20,848 $ (17,289 ) $ 2,033,739 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) $ in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 CAD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2022 CAD ($) | Jul. 31, 2021 CAD ($) | Jul. 31, 2022 USD ($) | |
Statement Line Items [Line Items] | |||||
Cash payment to acquire securities | $ 133,427 | $ 0 | |||
Zero-coupon Bank of Canada treasury bills [member] | |||||
Statement Line Items [Line Items] | |||||
Cash payment to acquire securities | $ 88,800 | ||||
Notional amount | $ 90,000 | $ 90,000 | |||
Zero-coupon Bank of Canada treasury bills [member] | Weighted average [member] | |||||
Statement Line Items [Line Items] | |||||
Financial assets, interest rate | 2.60% | 2.60% | 2.60% | ||
Zero-coupon US Government treasury bills [member] | |||||
Statement Line Items [Line Items] | |||||
Cash payment to acquire securities | $ 45,300 | $ 34.9 | |||
Notional amount | $ 45,600 | $ 45,600 | $ 35 | ||
Financial assets, interest rate | 2.15% | 2.15% | 2.15% |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) - Loans [member] - CAD ($) | Sep. 30, 2022 | Aug. 02, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Statement Line Items [Line Items] | |||||
Total financial assets | $ 2,814,121,000 | $ 2,103,050,000 | $ 1,952,154,000 | ||
Financial assets impaired [member] | |||||
Statement Line Items [Line Items] | |||||
Total financial assets | $ 1,400,000 | $ 0 | |||
Financial assets impaired [member] | Impaired loans fully repaid [member] | |||||
Statement Line Items [Line Items] | |||||
Total financial assets | $ 400,000 | $ 1,000,000 |
Note 5 - Loans - Portfolio Anal
Note 5 - Loans - Portfolio Analysis (Details) - Loans [member] - CAD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Statement Line Items [Line Items] | ||||||
Principal amount | $ 2,803,150 | $ 2,096,308 | $ 1,946,210 | |||
Allowance for credit losses | (1,699) | (1,453) | (1,732) | |||
Accrued interest | 12,670 | 8,195 | 7,676 | |||
Total loans, net of allowance for credit losses | 2,814,121 | 2,103,050 | 1,952,154 | |||
Point of sale loans and leases [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | 1,998,993 | 1,279,576 | 1,144,902 | |||
Allowance for credit losses | (49) | $ (40) | (45) | (52) | $ (49) | $ (137) |
Commercial real estate mortgages [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | 755,042 | 757,576 | 738,063 | |||
Allowance for credit losses | (528) | (419) | (275) | (259) | (238) | (215) |
Commercial real estate loans [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | 13,510 | 26,569 | 30,044 | |||
Allowance for credit losses | (1,096) | (1,049) | (1,114) | (1,401) | (1,308) | (1,366) |
Public sector and other financing [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | 35,605 | 32,587 | 33,201 | |||
Allowance for credit losses | $ (26) | $ (25) | $ (19) | $ (20) | $ (41) | $ (57) |
Note 5 - Loans - Summary of Loa
Note 5 - Loans - Summary of Loan, ECL, and EL amounts by lending asset category (Details) - Loans [member] - CAD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Statement Line Items [Line Items] | ||||||
Notional amount | $ 2,803,150 | $ 2,096,308 | $ 1,946,210 | |||
ECL allowance | $ 1,699 | $ 1,453 | 1,732 | |||
EL % | 0.06% | 0.07% | ||||
Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 2,691,116 | $ 2,030,956 | ||||
ECL allowance | $ 1,581 | $ 1,316 | 1,544 | |||
EL % | 0.06% | 0.06% | ||||
Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 110,642 | $ 65,352 | ||||
ECL allowance | $ 118 | $ 137 | 188 | |||
EL % | 0.11% | 0.21% | ||||
Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 1,392 | $ 0 | ||||
ECL allowance | $ 0 | $ 0 | 0 | |||
EL % | 0% | 0% | ||||
Point of sale loans and leases [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 1,998,993 | $ 1,279,576 | 1,144,902 | |||
ECL allowance | $ 49 | $ 40 | $ 45 | 52 | $ 49 | $ 137 |
EL % | 0.36% | 0.17% | ||||
Point of sale loans and leases [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 1,993,887 | $ 1,277,011 | ||||
ECL allowance | $ 49 | 40 | $ 45 | 52 | 49 | 137 |
EL % | 0.36% | 0.17% | ||||
Point of sale loans and leases [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 3,714 | $ 2,565 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Point of sale loans and leases [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 1,392 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Commercial real estate mortgages [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 755,042 | $ 757,576 | 738,063 | |||
ECL allowance | $ 528 | 419 | $ 275 | 259 | 238 | 215 |
EL % | 0.03% | 0.02% | ||||
Commercial real estate mortgages [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 648,297 | $ 694,869 | ||||
ECL allowance | $ 528 | 419 | $ 275 | 259 | 238 | 215 |
EL % | 0.03% | 0.02% | ||||
Commercial real estate mortgages [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 106,745 | $ 62,707 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Commercial real estate mortgages [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Commercial real estate loans [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 13,510 | $ 26,569 | 30,044 | |||
ECL allowance | $ 1,096 | 1,049 | $ 1,114 | 1,401 | 1,308 | 1,366 |
EL % | 0.15% | 0.15% | ||||
Commercial real estate loans [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 13,510 | $ 26,569 | ||||
ECL allowance | $ 979 | 948 | $ 980 | 1,213 | 1,079 | 1,174 |
EL % | 0.15% | 0.14% | ||||
Commercial real estate loans [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 117 | 101 | $ 134 | 188 | 229 | 192 |
EL % | 0.11% | 0.21% | ||||
Commercial real estate loans [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Public sector and other financing [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 35,605 | $ 32,587 | 33,201 | |||
ECL allowance | $ 26 | 25 | $ 19 | 20 | 41 | 57 |
EL % | 0.07% | 0.06% | ||||
Public sector and other financing [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 35,422 | $ 32,507 | ||||
ECL allowance | $ 25 | 24 | $ 16 | 20 | 41 | 57 |
EL % | 0.07% | 0.05% | ||||
Public sector and other financing [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 183 | $ 80 | ||||
ECL allowance | $ 1 | 1 | $ 3 | 0 | 0 | 0 |
EL % | 0.55% | 3.75% | ||||
Public sector and other financing [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
EL % | 0% | 0% |
Note 5 - Loans - Expected Credi
Note 5 - Loans - Expected Credit Loss Sensitivity (Details) - Loans [member] - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | $ 1,699 | $ 1,453 | $ 1,732 |
Upside, 100% [member] | |||
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | 1,129 | ||
Variance from reported ECL | $ (570) | ||
Variance from reported ECL (%) | (34.00%) | ||
Baseline, 100% [member] | |||
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | $ 1,436 | ||
Variance from reported ECL | $ (263) | ||
Variance from reported ECL (%) | (15.00%) | ||
Downside, 100% [member] | |||
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | $ 2,000 | ||
Variance from reported ECL | $ 301 | ||
Variance from reported ECL (%) | 18% |
Note 5 - Loans - Reconciliation
Note 5 - Loans - Reconciliation of ECL Allowance by Lending Asset Category (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Statement Line Items [Line Items] | ||||
Provision for (recovery of) credit losses | $ 166 | $ 96 | $ 246 | $ (159) |
Loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1,453 | |||
Balance at end of period | 1,699 | 1,732 | 1,699 | 1,732 |
Loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1,316 | |||
Balance at end of period | 1,581 | 1,544 | 1,581 | 1,544 |
Loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 137 | |||
Balance at end of period | 118 | 188 | 118 | 188 |
Loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | |||
Balance at end of period | 0 | 0 | 0 | 0 |
Commercial real estate mortgages [member] | Loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 419 | 238 | 275 | 215 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 109 | 21 | 253 | 44 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 109 | 21 | 253 | 44 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 528 | 259 | 528 | 259 |
Commercial real estate mortgages [member] | Loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 419 | 238 | 275 | 215 |
Transfer in (out) to Stage 1 | 16 | 34 | 68 | 75 |
Transfer in (out) to Stage 2 | (45) | (29) | (130) | (119) |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 138 | 16 | 315 | 88 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 109 | 21 | 253 | 44 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 528 | 259 | 528 | 259 |
Commercial real estate mortgages [member] | Loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | (16) | (34) | (68) | (75) |
Transfer in (out) to Stage 2 | 45 | 29 | 130 | 119 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | (29) | 5 | (62) | (44) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Commercial real estate mortgages [member] | Loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Commercial real estate loans [member] | Loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1,049 | 1,308 | 1,114 | 1,366 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 11 | 3 | (97) | (140) |
Loan originations | 64 | 120 | 224 | 344 |
Derecognitions and maturities | (28) | (30) | (145) | (169) |
Provision for (recovery of) credit losses | 47 | 93 | (18) | 35 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 1,096 | 1,401 | 1,096 | 1,401 |
Commercial real estate loans [member] | Loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 948 | 1,079 | 980 | 1,174 |
Transfer in (out) to Stage 1 | 16 | 47 | 38 | 47 |
Transfer in (out) to Stage 2 | (88) | (23) | (92) | (81) |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 49 | 20 | (48) | (169) |
Loan originations | 64 | 120 | 224 | 344 |
Derecognitions and maturities | (10) | (30) | (123) | (102) |
Provision for (recovery of) credit losses | 31 | 134 | (1) | 39 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 979 | 1,213 | 979 | 1,213 |
Commercial real estate loans [member] | Loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 101 | 229 | 134 | 192 |
Transfer in (out) to Stage 1 | (16) | (47) | (38) | (47) |
Transfer in (out) to Stage 2 | 88 | 23 | 92 | 81 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | (38) | (17) | (49) | 29 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | (18) | 0 | (22) | (67) |
Provision for (recovery of) credit losses | 16 | (41) | (17) | (4) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 117 | 188 | 117 | 188 |
Commercial real estate loans [member] | Loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Point of sale loans and leases [member] | Loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 40 | 49 | 45 | 137 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 9 | 3 | 4 | (85) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 9 | 3 | 4 | (85) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 49 | 52 | 49 | 52 |
Point of sale loans and leases [member] | Loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 40 | 49 | 45 | 137 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 9 | 3 | 4 | (85) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 9 | 3 | 4 | (85) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 49 | 52 | 49 | 52 |
Point of sale loans and leases [member] | Loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Point of sale loans and leases [member] | Loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Public sector and other financing [member] | Loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 25 | 41 | 19 | 57 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 1 | (16) | 8 | (31) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | (5) | (1) | (122) |
Provision for (recovery of) credit losses | 1 | (21) | 7 | (153) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 116 |
Balance at end of period | 26 | 20 | 26 | 20 |
Public sector and other financing [member] | Loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 24 | 41 | 16 | 57 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 1 | (16) | 10 | (31) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | (5) | (1) | (6) |
Provision for (recovery of) credit losses | 1 | (21) | 9 | (37) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 25 | 20 | 25 | 20 |
Public sector and other financing [member] | Loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1 | 0 | 3 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | (2) | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | (2) | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 1 | 0 | 1 | 0 |
Public sector and other financing [member] | Loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | (116) |
Provision for (recovery of) credit losses | 0 | 0 | 0 | (116) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 116 |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Other Assets - Schedul
Note 6 - Other Assets - Schedule of Other Assets (Details) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Statement Line Items [Line Items] | |||
Accounts receivable | $ 3,744 | $ 2,643 | $ 1,279 |
Prepaid expenses and other | 16,067 | 12,699 | 10,699 |
Property and equipment | 6,965 | 7,075 | 7,272 |
Right-of-use assets | 4,296 | 4,817 | 4,990 |
Deferred income tax asset | 2,248 | 2,931 | 1,943 |
Investment | 953 | 953 | 953 |
Goodwill | 5,754 | 5,754 | 5,754 |
Intangible assets | 3,299 | 3,641 | 3,722 |
Other assets | $ 43,326 | $ 40,513 | $ 36,612 |
Note 7 - Subordinated Notes P_3
Note 7 - Subordinated Notes Payable - Schedule of Subordinated Notes Payable (Details) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Subordinated notes payable, maturing March 2029 [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | $ 4,906 | $ 4,898 | $ 4,896 |
Subordinated notes payable, maturing May 2031 [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | 93,800 | 90,374 | 90,787 |
Subordinated notes payable [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | $ 98,706 | $ 95,272 | $ 95,683 |
Note 7 - Subordinated Notes P_4
Note 7 - Subordinated Notes Payable - Schedule of Subordinated Notes Payable (Details) (Parentheticals) - CAD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Subordinated notes payable, maturing March 2029 [member] | |||
Statement Line Items [Line Items] | |||
Term (Year) (Year) | 10 years | 10 years | 10 years |
Principal amount | $ 5 | $ 5 | $ 5 |
Interest rate | 10.41% | 10.41% | 10.41% |
Maturity date | Mar. 31, 2029 | Mar. 31, 2029 | Mar. 31, 2029 |
Subordinated notes payable, maturing March 2029 [member] | Key management personnel of entity or parent [member] | |||
Statement Line Items [Line Items] | |||
Principal amount | $ 0.5 | $ 0.5 | $ 0.5 |
Subordinated notes payable, maturing May 2031 [member] | |||
Statement Line Items [Line Items] | |||
Term (Year) (Year) | 10 years | 10 years | 10 years |
Principal amount | $ 75 | $ 75 | $ 75 |
Interest rate | 5.38% | 5.38% | 5.38% |
Maturity date | May 31, 2031 | May 31, 2031 | May 31, 2031 |
Note 8 - Other Liabilities - Sc
Note 8 - Other Liabilities - Schedule of Other Liabilities (Details) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Statement Line Items [Line Items] | |||
Accounts payable and other | $ 8,317 | $ 6,893 | $ 6,328 |
Current income tax liability | 3,157 | 2,949 | 2,053 |
Deferred income tax liability | 769 | 898 | 840 |
Lease obligations | 4,644 | 5,113 | 5,276 |
Cash collateral and amounts held in escrow | 10,992 | 7,887 | 3,182 |
Cash reserves on loan and lease receivables | 127,047 | 110,764 | 102,631 |
Other liabilities | $ 154,926 | $ 134,504 | $ 120,310 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2021 CAD ($) $ / shares shares | Jul. 31, 2022 CAD ($) $ / shares shares | Jan. 31, 2022 | Jul. 31, 2021 CAD ($) | Jul. 31, 2022 CAD ($) $ / shares shares | Jul. 31, 2021 CAD ($) | Apr. 30, 2022 | Oct. 31, 2021 shares | Oct. 31, 2020 | |
Statement Line Items [Line Items] | |||||||||
Term of share option for share-based payment arrangement (Year) | 5 years | ||||||||
Vesting period of share options for share-based payment arrangement (Year) | 3 years | ||||||||
Maximum number of instruments authorized in share-based payment arrangement (in shares) | 1,240,000 | 1,240,000 | |||||||
Number of share options outstanding in share-based payment arrangement at end of period | 42,017 | 953,730 | 42,017 | 953,730 | 42,017 | 953,730 | 40,000 | 42,017 | |
Total expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ | $ 424,000 | $ 0 | $ 1,000,000 | $ 0 | |||||
Number of share options granted in share-based payment arrangement | 0 | 913,730 | 0 | 913,730 | 0 | ||||
Risk free interest rate, share options granted | 1.26% | ||||||||
Option life, share options granted | 3.5 | ||||||||
Expected volatility, share options granted | 29.50% | ||||||||
Expected dividend as percentage, share options granted | 0.64% | ||||||||
Forfeiture rate, share options granted | 2% | ||||||||
Weighted average share price, share options granted (in CAD per share) | $ / shares | $ 3.10 | ||||||||
Number of share options exercisable in share-based payment arrangement | 40,000 | 40,000 | |||||||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in CAD per share) | $ / shares | $ 7 | $ 7 | |||||||
Ordinary shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of shares outstanding at end of period (in shares) | 27,441,082 | 27,441,082 | 27,441,082 | ||||||
Series 1 preferred shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of shares outstanding at end of period (in shares) | 1,461,460 | 1,461,460 | 1,461,460 | ||||||
Series 3 preferred shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of shares outstanding at end of period (in shares) | 1,681,320 | ||||||||
Preference shares, conversion price (in CAD per share) | $ / shares | $ 10 | ||||||||
Payments for redemption of preference shares | $ | $ 16,800,000 | ||||||||
Share issue related cost | $ | $ 1,100,000 |
Note 9 - Share Capital - Stock
Note 9 - Share Capital - Stock Option Transactions (Details) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 $ / shares | Jan. 31, 2022 $ / shares | Jul. 31, 2021 $ / shares | Jul. 31, 2022 $ / shares | Jul. 31, 2021 $ / shares | |
Statement Line Items [Line Items] | |||||
Outstanding, beginning of period | 953,730 | 40,000 | 42,017 | 40,000 | 42,017 |
Outstanding, beginning of period, weighted average exercise price (in CAD per share) | $ 15.53 | $ 7 | $ 10.73 | $ 7 | $ 10.73 |
Granted | 0 | 913,730 | 0 | 913,730 | 0 |
Granted, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 15.90 | $ 0 | |
Exercised | 0 | 0 | 0 | 0 | |
Exercised, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 | |
Forfeired/cancelled | 0 | 0 | 0 | 0 | |
Forfeired/cancelled, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 | |
Expired | 0 | 0 | 0 | 0 | |
Expired, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 | |
Outstanding, end of period | 953,730 | 42,017 | 953,730 | 42,017 | |
Outstanding, beginning of period, weighted average exercise price (in CAD per share) | $ 15.53 | $ 10.73 | $ 15.53 | $ 10.73 |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision (Details Textual) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Statement Line Items [Line Items] | ||||||
Tax income (expense) | $ 2,137 | $ 1,997 | $ 6,046 | $ 6,181 | ||
Applicable tax rate | 27% | 27% |
Note 11 - Income Per Common S_3
Note 11 - Income Per Common Share - Basic and Diluted Income Per Common Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Statement Line Items [Line Items] | ||||
Net income (loss) | $ 5,720 | $ 5,436 | $ 16,229 | $ 16,470 |
Less: dividends on preferred shares | (247) | (247) | (741) | (1,331) |
Profit (loss), attributable to ordinary equity holders of parent entity | $ 5,473 | $ 5,189 | $ 15,488 | $ 15,139 |
Weighted average number of common shares outstanding (in shares) | 27,441,082 | 21,123,559 | 27,441,082 | 21,123,559 |
Income per common share: (in CAD per share) | $ 0.20 | $ 0.25 | $ 0.56 | $ 0.72 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies - Credit Related Commitments (Details) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Statement Line Items [Line Items] | |||
Credit commitments | $ 374,489 | $ 342,710 | $ 331,504 |
Loan commitments [member] | |||
Statement Line Items [Line Items] | |||
Credit commitments | 315,757 | 296,248 | 280,086 |
Letters of credit [member] | |||
Statement Line Items [Line Items] | |||
Credit commitments | $ 58,732 | $ 46,462 | $ 51,418 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - CAD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Statement Line Items [Line Items] | |||||
Revenue from rendering of services, related party transactions | $ 24,000 | $ 25,000 | $ 71,000 | $ 58,000 | |
Subordinated notes payable [member] | |||||
Statement Line Items [Line Items] | |||||
Notional amount | 5,000,000 | 5,000,000 | |||
Key management personnel of entity or parent [member] | |||||
Statement Line Items [Line Items] | |||||
Amounts receivable, related party transactions | 1,300,000 | 1,300,000 | $ 1,500,000 | ||
Allowance account for credit losses of financial assets at end of period | 0 | 0 | 0 | ||
Key management personnel of entity or parent [member] | Subordinated notes payable [member] | |||||
Statement Line Items [Line Items] | |||||
Notional amount | 500,000 | 500,000 | |||
Corporation controlled by key management personnel [member] | |||||
Statement Line Items [Line Items] | |||||
Amounts receivable, related party transactions | $ 2,400,000 | $ 2,400,000 | $ 2,800,000 |
Note 14 - Capital Management (D
Note 14 - Capital Management (Details Textual) | Jul. 31, 2022 | Jan. 31, 2022 |
Statement Line Items [Line Items] | ||
Maximum percentage of credit risk-weighted assets for allowance | 1.25% | |
Required minimum capital ratio, common equity tier 1 | 7% | |
Required minimum capital ratio, tier 1 capital | 8.50% | |
Required minimum capital ratio, total capital | 10.50% | |
Capital conservation buffer | 2.50% | |
Minimum leverage ratio | 3% |
Note 14 - Capital Management -
Note 14 - Capital Management - Risk-based Capital Ratios (Details) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 |
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 242,510 | $ 241,466 | $ 166,404 |
Retained earnings | 104,071 | 90,644 | 85,626 |
Accumulated other comprehensive income | 67 | (4) | 2 |
Regulatory capital | 418,718 | ||
Total risk-weighted assets | $ 2,013,544 | ||
CET1 capital ratio | 20.80% | ||
Total assets | 3,075,343 | $ 2,415,086 | $ 2,285,771 |
Transitional [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital | 437,912 | ||
Total risk-weighted assets | $ 2,568,678 | ||
CET1 capital ratio | 17.05% | ||
Basel III [member] | |||
Statement Line Items [Line Items] | |||
Total assets | 2,415,086 | ||
Total on-balance sheet exposures | 2,402,335 | ||
Total off-balance sheet exposure at gross notional amount | $ 374,489 | 342,710 | |
Adjustments for conversion to credit equivalent amount | 210,065 | ||
Total off-balance sheet exposures | 163,922 | 132,645 | |
Total exposures | $ 2,534,980 | ||
Leverage ratio | 12.60% | ||
Basel III [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Total assets | 3,075,343 | ||
Total on-balance sheet exposures | 3,063,728 | ||
Adjustments for conversion to credit equivalent amount | 210,567 | ||
Total exposures | $ 3,227,650 | ||
Leverage ratio | 10.38% | ||
Common equity tier 1 [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 227,819 | ||
Retained earnings | 90,644 | ||
Accumulated other comprehensive income | (4) | ||
Regulatory capital before adjustments | 318,459 | ||
Adjustments to capital | $ (11,615) | (12,751) | |
Regulatory capital | $ 305,708 | ||
CET1 capital ratio | 15.18% | ||
Common equity tier 1 [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | 228,863 | ||
Retained earnings | 104,071 | ||
Accumulated other comprehensive income | 67 | ||
Regulatory capital before adjustments | 333,001 | ||
Adjustments to capital | (11,615) | ||
Regulatory capital | $ 321,386 | ||
CET1 capital ratio | 12.51% | ||
Capital Tier 1 [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 13,647 | ||
Regulatory capital | $ 319,355 | ||
CET1 capital ratio | 15.86% | ||
Capital Tier 1 [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 13,647 | ||
Regulatory capital | $ 335,033 | ||
CET1 capital ratio | 13.04% | ||
Tier 2 capital [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 101,180 | $ 97,910 | |
Regulatory capital before adjustments | 97,910 | ||
Adjustments to capital | 1,453 | ||
Regulatory capital | $ 99,363 | ||
Tier 2 capital [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital before adjustments | 101,180 | ||
Adjustments to capital | 1,699 | ||
Regulatory capital | $ 102,879 |
Note 15 - Interest Rate Risk _3
Note 15 - Interest Rate Risk Position - Analysis of Sensitivity to Market Interest Rates (Details) - Interest rate risk [member] - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jul. 31, 2022 | Oct. 31, 2021 | |
Increase 100 bps [member] | ||
Statement Line Items [Line Items] | ||
Impact on projected net interest income during a 12 month period | $ 5,877 | $ 4,147 |
Impact on reported equity during a 60 month period | $ (1,694) | $ 1,603 |
Duration difference between assets and liabilities (months) (Month) | 24 days | 2 months 9 days |
Decrease 100 bps [member] | ||
Statement Line Items [Line Items] | ||
Impact on projected net interest income during a 12 month period | $ (5,823) | $ (3,220) |
Impact on reported equity during a 60 month period | $ 1,890 | $ (1,586) |
Note 16 - Fair Value of Finan_3
Note 16 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - CAD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Deposits from banks [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | $ 2,475,063 | $ 1,853,204 |
Liabilities, fair value | 2,390,055 | 1,860,332 |
Subordinated notes [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | 98,706 | 95,272 |
Liabilities, fair value | 101,180 | 97,910 |
Other liabilities [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | 151,000 | 130,657 |
Liabilities, fair value | 151,000 | 130,657 |
Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 84,214 | 271,523 |
Assets, fair value | 84,214 | 271,523 |
Securities [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 133,682 | 0 |
Assets, fair value | 133,602 | 0 |
Loans, net [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 2,814,121 | 2,103,050 |
Assets, fair value | 2,849,584 | 2,118,636 |
Other assets [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 3,744 | 3,596 |
Assets, fair value | $ 3,744 | $ 3,596 |
Note 17 - Operating Segmentat_3
Note 17 - Operating Segmentation (Details Textual) | 9 Months Ended |
Jul. 31, 2022 | |
Statement Line Items [Line Items] | |
Number of segments | 2 |
Note 17 - Operating Segmentat_4
Note 17 - Operating Segmentation - Results of Reportable Operating Segments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Statement Line Items [Line Items] | |||||
Net interest income | $ 20,062 | $ 14,542 | $ 54,189 | $ 44,011 | |
Non-interest income | 1,177 | 1,187 | 3,951 | 3,110 | |
Total revenue | 21,239 | 15,729 | 58,140 | 47,121 | |
Provision for (recovery of) credit losses | 166 | 96 | 246 | (159) | |
Revenue less provision for credit loss | 21,073 | 15,633 | 57,894 | 47,280 | |
Non-interest expenses: | |||||
Salaries and benefits | 6,768 | 4,853 | 19,577 | 14,836 | |
General and administrative | 5,519 | 2,414 | 13,162 | 7,136 | |
Premises and equipment | 929 | 933 | 2,880 | 2,657 | |
Noninterest expense | 13,216 | 8,200 | 35,619 | 24,629 | |
Income (loss) before income taxes | 7,857 | 7,433 | 22,275 | 22,651 | |
Income tax provision | 2,137 | 1,997 | 6,046 | 6,181 | |
Net income (loss) | 5,720 | 5,436 | 16,229 | 16,470 | |
Total assets | 3,075,343 | 2,285,771 | 3,075,343 | 2,285,771 | $ 2,415,086 |
Total liabilities | 2,728,695 | 2,033,739 | 2,728,695 | 2,033,739 | $ 2,082,980 |
Net interest income | 20,062 | 14,542 | 54,189 | 44,011 | |
Non-interest income | 1,177 | 1,187 | 3,951 | 3,110 | |
Total revenue | 21,239 | 15,729 | 58,140 | 47,121 | |
Provision for (recovery of) credit losses | 166 | 96 | 246 | (159) | |
Revenue less provision for credit loss | 21,073 | 15,633 | 57,894 | 47,280 | |
Elimination of intersegment amounts [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | (41) | (41) | (124) | (110) | |
Total revenue | (41) | (41) | (124) | (110) | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | (41) | (41) | (124) | (110) | |
Non-interest expenses: | |||||
Salaries and benefits | 0 | 0 | 0 | 0 | |
General and administrative | (41) | (41) | (124) | (110) | |
Premises and equipment | 0 | 0 | 0 | 0 | |
Noninterest expense | (41) | (41) | (124) | (110) | |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | |
Income tax provision | 0 | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | 0 | 0 | |
Total assets | (23,064) | (18,434) | (23,064) | (18,434) | |
Total liabilities | (21,919) | (17,289) | (21,919) | (17,289) | |
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | (41) | (41) | (124) | (110) | |
Total revenue | (41) | (41) | (124) | (110) | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | (41) | (41) | (124) | (110) | |
Banking segment [member] | Operating segments [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 20,062 | 14,542 | 54,189 | 44,011 | |
Non-interest income | 12 | 2 | 14 | (14) | |
Total revenue | 20,074 | 14,544 | 54,203 | 43,997 | |
Provision for (recovery of) credit losses | 166 | 96 | 246 | (159) | |
Revenue less provision for credit loss | 19,908 | 14,448 | 53,957 | 44,156 | |
Non-interest expenses: | |||||
Salaries and benefits | 5,600 | 4,411 | 16,625 | 13,634 | |
General and administrative | 5,217 | 2,286 | 12,460 | 6,585 | |
Premises and equipment | 610 | 607 | 1,851 | 1,775 | |
Noninterest expense | 11,427 | 7,304 | 30,936 | 21,994 | |
Income (loss) before income taxes | 8,481 | 7,144 | 23,021 | 22,162 | |
Income tax provision | 2,099 | 1,904 | 5,805 | 5,910 | |
Net income (loss) | 6,382 | 5,240 | 17,216 | 16,252 | |
Total assets | 3,076,611 | 2,285,882 | 3,076,611 | 2,285,882 | |
Total liabilities | 2,725,820 | 2,030,180 | 2,725,820 | 2,030,180 | |
Net interest income | 20,062 | 14,542 | 54,189 | 44,011 | |
Non-interest income | 12 | 2 | 14 | (14) | |
Total revenue | 20,074 | 14,544 | 54,203 | 43,997 | |
Provision for (recovery of) credit losses | 166 | 96 | 246 | (159) | |
Revenue less provision for credit loss | 19,908 | 14,448 | 53,957 | 44,156 | |
Cybersecurity segment [member] | Operating segments [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | 1,206 | 1,226 | 4,061 | 3,234 | |
Total revenue | 1,206 | 1,226 | 4,061 | 3,234 | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | 1,206 | 1,226 | 4,061 | 3,234 | |
Non-interest expenses: | |||||
Salaries and benefits | 1,168 | 442 | 2,952 | 1,202 | |
General and administrative | 343 | 169 | 826 | 661 | |
Premises and equipment | 319 | 326 | 1,029 | 882 | |
Noninterest expense | 1,830 | 937 | 4,807 | 2,745 | |
Income (loss) before income taxes | (624) | 289 | (746) | 489 | |
Income tax provision | 38 | 93 | 241 | 271 | |
Net income (loss) | (662) | 196 | (987) | 218 | |
Total assets | 21,796 | 18,323 | 21,796 | 18,323 | |
Total liabilities | 24,794 | 20,848 | 24,794 | 20,848 | |
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | 1,206 | 1,226 | 4,061 | 3,234 | |
Total revenue | 1,206 | 1,226 | 4,061 | 3,234 | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | $ 1,206 | $ 1,226 | $ 4,061 | $ 3,234 |
Note 18 - Acquisition (Details
Note 18 - Acquisition (Details Textual) - Jun. 14, 2022 - Steams Bank Holdingford, N.A. [member] $ in Millions, $ in Millions | CAD ($) | USD ($) |
Statement Line Items [Line Items] | ||
Total consideration transferred, acquisition-date fair value | $ 17.4 | $ 13.5 |
Assets recognised as of acquisition date | $ 60 |
Note 20 - Subsequent Event (Det
Note 20 - Subsequent Event (Details Textual) - Ordinary shares [member] - shares | 6 Months Ended | |||
Aug. 10, 2022 | Aug. 05, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | |
Statement Line Items [Line Items] | ||||
Number of shares outstanding at end of period (in shares) | 27,441,082 | 27,441,082 | ||
Potential ordinary share transactions [member] | ||||
Statement Line Items [Line Items] | ||||
Maximum number of shares allowed to be purchased for cancellation (in shares) | 1,700,000 | |||
Percent of public float | 9.54% | |||
Number of shares in public float (in shares) | 17,817,350 | |||
Number of shares outstanding at end of period (in shares) | 27,441,082 | |||
Total number of shares issued (in shares) | 27,441,082 | |||
Daily purchase limit, percentage of average daily trading volume | 25% | |||
Daily purchase limit, number of shares (in shares) | 1,182 | |||
Number of shares traded (in shares) | 1,054,624 | |||
Number of shares traded on TSE system (in shares) | 591,481 | |||
Number of shares traded on alternate exchanges and trading systems (in shares) | 463,143 |