Document And Entity Information
Document And Entity Information | Apr. 30, 2023 |
Document Information [Line Items] | |
Entity Registrant Name | VersaBank |
Document, Type | 6-K |
Current Fiscal Year End Date | --10-31 |
Document, Period End Date | Apr. 30, 2023 |
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 | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Assets | |||
Cash | $ 223,661 | $ 88,581 | $ 198,157 |
Securities (note 4) | 39,652 | 141,564 | 0 |
Loans, net of allowance for credit losses (note 5) | 3,419,455 | 2,992,678 | 2,450,276 |
Other assets (note 6) | 46,625 | 43,175 | 43,713 |
Total assets | 3,729,393 | 3,265,998 | 2,692,146 |
Liabilities and Shareholders' Equity | |||
Deposits | 3,108,218 | 2,657,540 | 2,124,916 |
Subordinated notes payable (note 7) | 104,532 | 104,951 | 98,410 |
Other liabilities (note 8) | 160,124 | 152,832 | 127,406 |
Total liabilities | 3,372,874 | 2,915,323 | 2,350,732 |
Shareholders' equity: | |||
Share capital (note 9) | 228,880 | 239,629 | 241,321 |
Contributed surplus | 2,147 | 1,612 | 765 |
Retained earnings | 125,398 | 109,335 | 99,285 |
Accumulated other comprehensive income | 94 | 99 | 43 |
Total equity | 356,519 | 350,675 | 341,414 |
Total equity and liabilities | $ 3,729,393 | $ 3,265,998 | $ 2,692,146 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Interest income: | ||||
Loans | $ 50,704 | $ 25,472 | $ 97,559 | $ 49,986 |
Other | 2,891 | 376 | 5,597 | 582 |
Interest income | 53,595 | 25,848 | 103,156 | 50,568 |
Interest expense: | ||||
Deposits and other | 27,534 | 7,239 | 51,375 | 13,708 |
Subordinated notes | 1,452 | 1,367 | 2,898 | 2,733 |
Interest expense | 28,986 | 8,606 | 54,273 | 16,441 |
Net interest income | 24,609 | 17,242 | 48,883 | 34,127 |
Non-interest income | 2,076 | 1,393 | 3,720 | 2,774 |
Total revenue | 26,685 | 18,635 | 52,603 | 36,901 |
Provision for credit losses (note 5) | 237 | 78 | 622 | 80 |
Revenue less provision for credit loss | 26,448 | 18,557 | 51,981 | 36,821 |
Non-interest expenses: | ||||
Salaries and benefits | 8,429 | 6,726 | 16,686 | 12,809 |
General and administrative | 3,316 | 4,019 | 6,442 | 7,643 |
Premises and equipment | 981 | 1,022 | 1,933 | 1,951 |
Noninterest expense | 12,726 | 11,767 | 25,061 | 22,403 |
Income before income taxes | 13,722 | 6,790 | 26,920 | 14,418 |
Income tax provision (note 10) | 3,459 | 1,847 | 7,240 | 3,909 |
Net income | 10,263 | 4,943 | 19,680 | 10,509 |
Other comprehensive income (loss): | ||||
Items that may subsequently be reclassified to net income: Foreign exchange gain (loss) on translation of foreign operations | 22 | 30 | (5) | 47 |
Comprehensive income | $ 10,285 | $ 4,973 | $ 19,675 | $ 10,556 |
Basic and diluted income per common share (note 11) (in CAD per share) | $ 0.38 | $ 0.17 | $ 0.72 | $ 0.36 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - CAD ($) $ in Thousands | Total | Issued capital [member] Ordinary shares [member] | Issued capital [member] Series 1 preferred shares [member] | Additional paid-in capital [member] | Retained earnings [member] | Accumulated other comprehensive income [member] |
Balance at Oct. 31, 2021 | $ 227,674 | $ 13,647 | $ 145 | $ 90,644 | $ (4) | |
Statement Line Items [Line Items] | ||||||
Purchased and cancelled during the period | 0 | |||||
Stock-based compensation (note 9) | 620 | |||||
Adjustment for purchased and cancelled common shares | 0 | |||||
Net income (loss) | $ 10,509 | 10,509 | ||||
Dividends paid on common and preferred shares | (1,868) | |||||
Other comprehensive income (loss) | 47 | |||||
Balance, end of the period at Apr. 30, 2022 | 341,414 | 227,674 | 241,321 | 765 | 99,285 | 43 |
Balance at Jan. 31, 2022 | 227,674 | 13,647 | 341 | 95,276 | 13 | |
Statement Line Items [Line Items] | ||||||
Purchased and cancelled during the period | 0 | |||||
Stock-based compensation (note 9) | 424 | |||||
Adjustment for purchased and cancelled common shares | 0 | |||||
Net income (loss) | 4,943 | 4,943 | ||||
Dividends paid on common and preferred shares | (934) | |||||
Other comprehensive income (loss) | 30 | |||||
Balance, end of the period at Apr. 30, 2022 | 341,414 | 227,674 | 241,321 | 765 | 99,285 | 43 |
Balance at Oct. 31, 2022 | 350,675 | 225,982 | 13,647 | 1,612 | 109,335 | 99 |
Statement Line Items [Line Items] | ||||||
Purchased and cancelled during the period | (12,600) | (10,749) | ||||
Stock-based compensation (note 9) | 535 | |||||
Adjustment for purchased and cancelled common shares | (1,809) | |||||
Net income (loss) | 19,680 | 19,680 | ||||
Dividends paid on common and preferred shares | (1,808) | |||||
Other comprehensive income (loss) | (5) | |||||
Balance, end of the period at Apr. 30, 2023 | 356,519 | 215,233 | 228,880 | 2,147 | 125,398 | 94 |
Balance at Jan. 31, 2023 | 218,865 | 13,647 | 1,955 | 116,638 | 72 | |
Statement Line Items [Line Items] | ||||||
Purchased and cancelled during the period | (4,200) | (3,632) | ||||
Stock-based compensation (note 9) | 192 | |||||
Adjustment for purchased and cancelled common shares | (605) | |||||
Net income (loss) | 10,263 | 10,263 | ||||
Dividends paid on common and preferred shares | (898) | |||||
Other comprehensive income (loss) | 22 | |||||
Balance, end of the period at Apr. 30, 2023 | $ 356,519 | $ 215,233 | $ 228,880 | $ 2,147 | $ 125,398 | $ 94 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Cash provided by (used in): | ||
Net income (loss) | $ 19,680 | $ 10,509 |
Adjustments to determine net cash flows: | ||
Provision for credit losses | 622 | 80 |
Stock-based compensation | 535 | 620 |
Income tax provision | 7,240 | 3,909 |
Interest income | (103,156) | (50,568) |
Interest expense | 54,273 | 16,441 |
Amortization | 917 | 973 |
Accretion of discount on securities | (533) | 0 |
Foreign exchange rate change on assets and liabilities | (998) | 1,888 |
Interest received | 99,251 | 47,681 |
Interest paid | (40,680) | (19,329) |
Income taxes paid | (10,264) | (4,182) |
Securities | 101,768 | 0 |
Loans | (423,843) | (344,431) |
Deposits | 437,199 | 274,708 |
Change in other assets and liabilities | 13,364 | (10,326) |
Net cash flows from (used in) operating activities | 155,375 | (72,027) |
Purchase of property and equipment | (338) | (195) |
Net cash flows from (used in) investing activities | (338) | (195) |
Financing: | ||
Purchase and cancellation of common shares | (12,558) | 0 |
Dividends paid | (1,808) | (1,868) |
Repayment of lease obligations | (351) | (448) |
Net cash flows from (used in) financing activities | (14,717) | (2,316) |
Change in cash | 140,320 | (74,538) |
Effect of exchange rate changes on cash | (5,240) | 1,172 |
Cash, beginning of the period | 88,581 | 271,523 |
Cash, end of the period | $ 223,661 | $ 198,157 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 6 Months Ended |
Apr. 30, 2023 | |
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 2002, 140 N6A 5P2. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 6 Months Ended |
Apr. 30, 2023 | |
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, 2022. The interim Consolidated Financial Statements for the three six April 30, 2023 2022 June 5, 2023. b) Basis of measurement: These interim Consolidated Financial Statements have been prepared on the historical cost basis except the investment in Canada Stablecorp Inc. (note 6 12 c) Functional and presentation currency: These interim d) Use of estimates and judgements: In preparing these interim 5 9, 6, may Available forward-looking information, including forecast macroeconomic indicator and industry performance trend data continues to be 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 | 6 Months Ended |
Apr. 30, 2023 | |
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, 2022 3 2022 Derivative instruments: Derivatives are reported as other assets when they have a positive fair value and as other liabilities when they have a negative fair value. Derivatives may not not Hedge accounting: The Bank has elected, as permitted, to apply the hedge accounting requirements of IAS 39. To meet the criteria for hedge accounting, the Bank documents all relationships between hedging instruments and hedged items, how hedge effectiveness is assessed, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives to specific assets or liabilities on the Consolidated Balance Sheet. The Bank also formally assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of the hedged items. There are three The Bank has only fair value hedges outstanding. In a fair value hedge, the change in the fair value of the hedging derivative is recognized in non-interest income in the Consolidated Statements of Income and Comprehensive Income. The change in the fair value of the hedged item attributable to hedge risk is recorded as part of the carrying value of the hedged item (basis adjustment) and is also recognized in non-interest income in the Consolidated Statements of Income and Comprehensive Income. The Bank utilizes fair value hedges primarily to convert fixed rate financial assets to floating rate financial assets. The primary financial instruments designated in fair value hedging relationships are loans. If the derivative expires or is sold, terminated, no In fair value hedges, ineffectiveness arises to the extent that the change in fair value of the hedging items differs from the change in fair value of the hedge risk in the hedged item. Any hedge ineffectiveness is measured and recorded in non-interest income in the Consolidated Statements of Income and Comprehensive Income. Derivative contracts which do not |
Note 4 - Securities
Note 4 - Securities | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 4. Securities: As at April 30, 2023, October 31, 2022 - May 25, 2023 , , US$14.4 US$14.5 May 2, 2023 , |
Note 5 - Loans, Net of Allowanc
Note 5 - Loans, Net of Allowance for Credit Losses | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of loans and advances to customers [text block] | 5. Loans, net of allowance for credit losses: 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 ) Summary of loans and allowance for credit losses: (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Point-of-sale loans and leases $ 2,538,917 $ 2,220,894 $ 1,610,336 Commercial real estate mortgages 807,828 710,369 782,274 Commercial real estate loans 11,996 13,165 14,065 Public sector and other financing 46,350 35,452 35,529 3,405,091 2,979,880 2,442,204 Allowance for credit losses (2,526 ) (1,904 ) (1,533 ) Accrued interest 16,890 14,702 9,605 Total loans, net of allowance for credit losses $ 3,419,455 $ 2,992,678 $ 2,450,276 The following table provides a summary of loan amounts, expected credit loss allowance amounts, and expected loss rates by lending asset category: As at April 30, 2023 As at October 31, 2022 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases $ 2,527,006 $ 7,481 $ 4,430 $ 2,538,917 $ 2,215,388 $ 5,227 $ 279 $ 2,220,894 ECL allowance 627 - - 627 545 - - 545 EL % 0.02 % 0.00 % 0.00 % 0.02 % 0.02 % 0.00 % 0.00 % 0.02 % Commercial real estate mortgages $ 741,980 $ 50,937 $ 14,911 $ 807,828 $ 599,113 $ 111,256 $ - $ 710,369 ECL allowance 1,647 120 - 1,767 1,150 137 - 1,287 EL % 0.22 % 0.24 % 0.00 % 0.22 % 0.19 % 0.12 % 0.00 % 0.18 % Commercial real estate loans $ 11,996 $ - $ - $ 11,996 $ 13,165 $ - $ - $ 13,165 ECL allowance 59 - - 59 54 - - 54 EL % 0.49 % 0.00 % 0.00 % 0.49 % 0.41 % 0.00 % 0.00 % 0.41 % Public sector and other financing $ 46,178 $ 172 $ - $ 46,350 $ 35,273 $ 179 $ - $ 35,452 ECL allowance 70 3 - 73 17 1 - 18 EL % 0.15 % 1.74 % 0.00 % 0.16 % 0.05 % 0.56 % 0.00 % 0.05 % Total loans $ 3,327,160 $ 58,590 $ 19,341 $ 3,405,091 $ 2,862,939 $ 116,662 $ 279 $ 2,979,880 Total ECL allowance 2,403 123 - 2,526 1,766 138 - 1,904 Total EL % 0.07 % 0.21 % 0.00 % 0.07 % 0.06 % 0.12 % 0.00 % 0.06 % 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 changes in adjudication criteria for a particular group of borrowers or asset categories or changes in portfolio composition as well as changes in Canadian and US macroeconomic trends attributable to changes in monetary policy, inflation, employment rates, consumer behaviour and geo-political risks. 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. The ECL calculation is a function of the credit risk parameters; probability of default, loss given default, and exposure at default associated with each loan, sensitized to future market and macroeconomic conditions through the incorporation of forward-looking information derived from multiple economic forecast scenarios, including baseline, upside, and downside scenarios. The Bank’s ECL or impairment model develops contractual cashflow profiles for loans as a function of a number of underlying assumptions and a broad range of input variables. The expected cashflow schedules are subsequently derived from the contractual cashflow schedules, adjusted for incremental default amounts, forgone interest, and recovery amounts. The finalized contractual and expected cashflow schedules are subsequently discounted at the effective interest rate to determine the expected cash shortfall or expected credit losses for each individual loan or financial instrument. The ECL model estimates 12 not Loans or other financial instruments that have not 1, 2, 3. Individual allowances are estimated for loans or financial instruments that are determined to be credit impaired and that have been designated as stage 3. may may not 90 3, 3 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: elevated inflation and interest rates strain household finances; rate-sensitive sectors such as housing are negatively impacted as sales and prices decline over the course of 2023 2023 not 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%, April 30, 2023 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 April 30, 2023: (thousands of Canadian dollars) Reported 100% 100% 100% ECL Upside Baseline Downside Allowance for expected credit losses $ 2,526 $ 1,857 $ 2,428 $ 3,334 Variance from reported ECL (669 ) (98 ) 808 Variance from reported ECL (%) (26% ) (4% ) 32 % The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the three April 30, 2023: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 583 $ - $ - $ 583 Transfer in (out) to Stage 1 32 (32 ) - - Transfer in (out) to Stage 2 (118 ) 118 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 130 (86 ) - 44 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 44 - - 44 Write-offs - - - - Recoveies - - - - Balance at end of period $ 627 $ - $ - $ 627 Commercial real estate mortgages Balance at beginning of period $ 1,517 $ 74 $ - $ 1,591 Transfer in (out) to Stage 1 17 (17 ) - - Transfer in (out) to Stage 2 (88 ) 88 - - Transfer in (out) to Stage 3 - (13 ) 13 - Net remeasurement of loss allowance 159 (7 ) (13 ) 139 Loan originations 63 - - 63 Derecognitions and maturities (21 ) (5 ) - (26 ) Provision for (recovery of) credit losses 130 46 - 176 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,647 $ 120 $ - $ 1,767 Commercial real estate loans 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 2 - - 2 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 2 - - 2 Write-offs - - - - Recoveries - - - - Balance at end of period $ 59 $ - $ - $ 59 Public sector and other financing Balance at beginning of period $ 55 $ 3 $ - $ 58 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 16 - - 16 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 15 - - 15 Write-offs - - - - Recoveries - - - - Balance at end of period $ 70 $ 3 $ - $ 73 Total balance at end of period $ 2,403 $ 123 $ - $ 2,526 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the three April 30, 2022: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 370 $ - $ - $ 370 Transfer in (out) to Stage 1 14 (14 ) - - Transfer in (out) to Stage 2 (27 ) 27 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 62 (13 ) - 49 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 49 - - 49 Write-offs - - - - Recoveries - - - - Balance at end of period $ 419 $ - $ - $ 419 Commercial real estate mortgages Balance at beginning of period $ 949 $ 96 $ - $ 1,045 Transfer in (out) to Stage 1 8 (8 ) - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (69 ) 13 - (56 ) Loan originations 80 - - 80 Derecognitions and maturities (20 ) - - (20 ) Provision for (recovery of) credit losses (1 ) 5 - 4 Write-offs - - - - Recoveries - - - - Balance at end of period $ 948 $ 101 $ - $ 1,049 Commercial real estate loans Balance at beginning of period $ 36 $ - $ - $ 36 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 $ 40 $ - $ - $ 40 Public sector and other financing Balance at beginning of period $ 4 $ - $ - $ 4 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 20 1 - 21 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 20 1 - 21 Write-offs - - - - Recoveries - - - - Balance at end of period $ 24 $ 1 $ - $ 25 Total balance at end of period $ 1,431 $ 102 $ - $ 1,533 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the three April 30, 2022: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 545 $ - $ - $ 545 Transfer in (out) to Stage 1 70 (70 ) - - Transfer in (out) to Stage 2 (172 ) 172 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 184 (102 ) - 82 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 82 - - 82 Write-offs - - - - Recoveries - - - - Balance at end of period $ 627 $ - $ - $ 627 Commercial real estate mortgages Balance at beginning of period $ 1,150 $ 137 $ - $ 1,287 Transfer in (out) to Stage 1 79 (79 ) - - Transfer in (out) to Stage 2 (118 ) 118 - - Transfer in (out) to Stage 3 - (13 ) 13 - Net remeasurement of loss allowance 422 (38 ) (13 ) 371 Loan originations 149 - - 149 Derecognitions and maturities (35 ) (5 ) - (40 ) Provision for (recovery of) credit losses 497 (17 ) - 480 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,647 $ 120 $ - $ 1,767 Commercial real estate loans Balance at beginning of period $ 54 $ - $ - $ 54 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 5 - - 5 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 5 - - 5 Write-offs - - - - Recoveries - - - - Balance at end of period $ 59 $ - $ - $ 59 Public sector and other financing Balance at beginning of period $ 17 $ 1 $ - $ 18 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 - 12 Loan originations 43 - - 43 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 53 2 - 55 Write-offs - - - - Recoveries - - - - Balance at end of period $ 70 $ 3 $ - $ 73 Total balance at end of period $ 2,403 $ 123 $ - $ 2,526 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the six April 30, 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 52 (52 ) - - Transfer in (out) to Stage 2 (85 ) 85 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 177 (33 ) - 144 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 144 - - 144 Write-offs - - - - Recoveries - - - - Balance at end of period $ 419 $ - $ - $ 419 Commercial real estate mortgages Balance at beginning of period $ 980 $ 134 $ - $ 1,114 Transfer in (out) to Stage 1 22 (22 ) - - Transfer in (out) to Stage 2 (4 ) 4 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (97 ) (11 ) - (108 ) Loan originations 160 - - 160 Derecognitions and maturities (113 ) (4 ) - (117 ) Provision for (recovery of) credit losses (32 ) (33 ) - (65 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 948 $ 101 $ - $ 1,049 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 (5 ) - - (5 ) Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses (5 ) - - (5 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 40 $ - $ - $ 40 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 9 (2 ) - 7 Loan originations - - - - Derecognitions and maturities (1 ) - - (1 ) Provision for (recovery of) credit losses 8 (2 ) - 6 Write-offs - - - - Recoveries - - - - Balance at end of period $ 24 $ 1 $ - $ 25 Total balance at end of period $ 1,431 $ 102 $ - $ 1,533 |
Note 6 - Other Assets
Note 6 - Other Assets | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of other assets [text block] | 6. Other assets: (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Accounts receivable $ 3,070 $ 3,774 $ 3,750 Prepaid expenses and other 13,593 10,213 10,448 Property and equipment 6,833 6,868 6,872 Right-of-use assets 3,775 4,122 4,470 Deferred tax asset 2,269 2,128 2,315 Interest rate swap 103 - - Investment (note 6a) 953 953 953 Goodwill 5,754 5,754 5,754 Intangible assets (note 6b) 10,275 9,363 9,151 $ 46,625 $ 43,175 $ 43,713 a) In February 2021, not b) As at April 30, 2023, October 31, 2022 - October 31, 2022 - |
Note 7 - Subordinated Notes Pay
Note 7 - Subordinated Notes Payable | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 7. Subordinated notes payable: (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Issued March 2019, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of $ 5.0 500,000 10.41 March 2029 $ 4,913 $ 4,908 $ 4,903 Issued April 2021, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of US $ 75.0 5.38 May 2031 99,619 100,043 93,507 $ 104,532 $ 104,951 $ 98,410 |
Note 8 - Other Liabilities
Note 8 - Other Liabilities | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of other liabilities [text block] | 8. Other liabilities: (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Accounts payable and other $ 4,045 $ 7,662 $ 5,738 Current income tax liability 2,773 5,797 2,126 Deferred tax liability 681 786 812 Lease obligations 4,120 4,471 4,776 Cash collateral and amounts held in escrow 6,746 8,006 5,833 Cash reserves on loan and lease receivables 141,759 126,110 108,121 $ 160,124 $ 152,832 $ 127,406 |
Note 9 - Share Capital
Note 9 - Share Capital | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | 9. Share capital: a) Common shares: At April 30, 2023, October 31, 2022 - On August 5, 2022, September 21, 2022, may 9.54% not The Bank was eligible to make purchases commencing on August 17, 2022 August 16, 2023, may no For the quarter ended April 30, 2023, For the six April 30, 2023, b) Preferred shares: At April 30, 2023, October 31, 2022 - 1 1 15 c) Stock options Stock option transactions during the three six April 30, 2023 2022: for the three months ended for the six months ended April 30, 2023 April 30, 2022 April 30, 2023 April 30, 2022 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 963,276 $ 15.53 953,730 $ 15.53 965,766 $ 15.53 40,000 $ 7.00 Granted - - - - 1,500 15.90 913,730 15.90 Exercised - - - - - - - - Forfeited/cancelled (10,500 ) 15.90 - - (14,490 ) 15.90 - - Expired - - - - - - - - Outstanding, end of period 952,776 $ 15.53 953,730 $ 15.53 952,776 $ 15.53 953,730 $ 15.53 For the three six April 30, 2023, April 30, 2022 - April 30, 2022 - |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 10. Income tax provision: Income tax provision for the three six April 30, 2023 April 30, 2022 - April 30, 2022 - not 2022 not |
Note 11 - Income Per Common Sha
Note 11 - Income Per Common Share | 6 Months Ended |
Apr. 30, 2023 | |
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 six months ended April 30 April 30 April 30 April 30 2023 2022 2023 2022 Net income $ 10,263 $ 4,943 $ 19,680 $ 10,509 Less: dividends on preferred shares (247 ) (247 ) (494 ) (494 ) 10,016 4,696 19,186 10,015 Weighted average number of common shares outstanding 26,170,621 27,441,082 26,605,052 27,441,082 Income per common share: $ 0.38 $ 0.17 $ 0.72 $ 0.36 Common shares associated with the Series 1 |
Note 12 - Derivative Instrument
Note 12 - Derivative Instruments | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 4. Securities: As at April 30, 2023, October 31, 2022 - May 25, 2023 , , US$14.4 US$14.5 May 2, 2023 , |
Derivatives [member] | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 12. Derivative instruments: At April 30, 2023, October 31, 2022 - $nil October 31, 2022 - $nil not April 30, 2023, October 31, 2022 - $nil |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 13. 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) April 30 October 31 April 30 2023 2022 2022 Loan commitments $ 378,309 $ 382,851 $ 312,125 Letters of credit 78,866 60,273 54,655 $ 457,175 $ 443,124 $ 366,780 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 14. Related party transactions: The Bank’s Board of Directors and Senior Executive Officers represent key management personnel and are related parties. At April 30, 2023, October 31, 2022 - October 31, 2022 - three six April 30, 2023, April 30, 2022 - April 30, 2022 - October 31, 2022 - $nil April 30, 2023. March 2019, 7 |
Note 15 - Capital Management
Note 15 - Capital Management | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 15. Capital management: a) Overview: The Bank’s policy is to maintain a strong capital base so as 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. The goal is to maintain adequate regulatory capital 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 During the period ended April 30, 2023, 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) April 30 October 31 2023 2022 Common Equity Tier 1 (CET1) capital Directly issued qualifying common share capital $ 215,233 $ 225,982 Contributed surplus 2,147 1,612 Retained earnings 125,398 109,335 Accumulated other comprehensive income 94 99 CET1 before regulatory adjustments 342,872 337,028 Regulatory adjustments applied to CET1 (11,258 ) (11,371 ) Common Equity Tier 1 capital $ 331,614 $ 325,657 Additional Tier 1 capital Directly issued qualifying Additional Tier 1 instruments $ 13,647 $ 13,647 Total Tier 1 capital $ 345,261 $ 339,304 Tier 2 capital Directly issued Tier 2 capital instruments $ 106,835 $ 107,367 Tier 2 capital before regulatory adjustments 106,835 107,367 Eligible stage 1 and stage 2 allowance 2,526 1,904 Total Tier 2 capital $ 109,361 $ 109,271 Total regulatory capital $ 454,622 $ 448,575 Total risk-weighted assets $ 2,957,933 $ 2,714,902 Capital ratios CET1 capital ratio 11.21 % 12.00 % Tier 1 capital ratio 11.67 % 12.50 % Total capital ratio 15.37 % 16.52 % As at April 30, 2023 October 31, 2022, 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) April 30 October 31 2023 2022 On-balance sheet assets $ 3,729,393 $ 3,265,998 Assets amounts adjusted in determining the Basel III Tier 1 capital (11,258 ) (11,371 ) Total on-balance sheet exposures 3,718,135 3,254,627 Total off-balance sheet exposure at gross notional amount $ 457,175 $ 443,124 Adjustments for conversion to credit equivalent amount (266,913 ) (251,101 ) Total off-balance sheet exposures 190,262 192,023 Tier 1 capital 345,261 339,304 Total exposures 3,908,397 3,446,650 Leverage ratio 8.83 % 9.84 % As at April 30, 2023 October 31, 2022, |
Note 16 - Interest Rate Risk Po
Note 16 - Interest Rate Risk Position | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of how entity manages liquidity risk [text block] | 16. 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 (thousands of Canadian dollars) April 30, 2023 October 31, 2022 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 $ 5,323 $ (5,334 ) $ 4,304 $ (4,261 ) Duration difference between assets and liabilities (months) 3.1 1.4 |
Note 17 - Fair Value of Financi
Note 17 - Fair Value of Financial Instruments | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | 17. 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 judgement and, as such, may not not not 18 October 31, 2022 (thousands of Canadian dollars) As at April 30, 2023 October 31, 2022 Carrying Fair Carrying Fair (thousands of Canadian dollars) Value Value Value Value Assets Cash $ 223,661 $ 223,661 $ 88,581 $ 88,581 Securities 39,652 39,652 141,564 141,564 Loans 3,419,455 3,409,081 2,992,678 2,963,676 Other 4,126 4,126 4,727 4,727 Liabilities Deposits $ 3,108,218 $ 3,065,051 $ 2,657,540 $ 2,561,421 Subordinated notes payable 104,532 106,835 104,951 107,367 Other 156,670 156,670 146,249 146,249 |
Note 18 - Operating Segmentatio
Note 18 - Operating Segmentation | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 18. 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 the Bank’s 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 the Bank’s Consolidated Financial Statements, as disclosed in note 3 2022 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. The following table sets out the results of each reportable operating segment as at and for the three six April 30, 2023 2022: (thousands of Canadian dollars) for the three months ended April 30, 2023 April 30, 2022 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 24,609 $ - $ - $ 24,609 $ 17,242 $ - $ - $ 17,242 Non-interest income 122 2,146 (192 ) 2,076 1 1,434 (42 ) 1,393 Total revenue 24,731 2,146 (192 ) 26,685 17,243 1,434 (42 ) 18,635 Provision for credit losses 237 - - 237 78 - - 78 24,494 2,146 (192 ) 26,448 17,165 1,434 (42 ) 18,557 Non-interest expenses: Salaries and benefits 6,930 1,499 - 8,429 5,586 1,140 - 6,726 General and administrative 3,131 377 (192 ) 3,316 3,761 300 (42 ) 4,019 Premises and equipment 612 369 - 981 659 363 - 1,022 10,673 2,245 (192 ) 12,726 10,006 1,803 (42 ) 11,767 Income (loss) before income taxes 13,821 (99 ) - 13,722 7,159 (369 ) - 6,790 Income tax provision 3,991 (532 ) - 3,459 1,744 103 - 1,847 Net income (loss) $ 9,830 $ 433 $ - $ 10,263 $ 5,415 $ (472 ) $ - $ 4,943 Total assets $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 $ 2,692,510 $ 21,386 $ (21,750 ) $ 2,692,146 Total liabilities $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 $ 2,347,610 $ 23,727 $ (20,605 ) $ 2,350,732 (thousands of Canadian dollars) for the six months ended April 30, 2023 April 30, 2022 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 48,883 $ - $ - $ 48,883 $ 34,127 $ - $ - $ 34,127 Non-interest income 124 3,979 (383 ) 3,720 2 2,855 (83 ) 2,774 Total revenue 49,007 3,979 (383 ) 52,603 34,129 2,855 (83 ) 36,901 Provision for (recovery of) credit losses 622 - - 622 80 - - 80 48,385 3,979 (383 ) 51,981 34,049 2,855 (83 ) 36,821 Non-interest expenses: Salaries and benefits 13,614 3,072 - 16,686 11,025 1,784 - 12,809 General and administrative 5,993 832 (383 ) 6,442 7,243 483 (83 ) 7,643 Premises and equipment 1,235 698 - 1,933 1,241 710 - 1,951 20,842 4,602 (383 ) 25,061 19,509 2,977 (83 ) 22,403 Income (loss) before income taxes 27,543 (623 ) - 26,920 14,540 (122 ) - 14,418 Income tax provision 7,780 (540 ) - 7,240 3,706 203 - 3,909 Net income (loss) $ 19,763 $ (83 ) $ - $ 19,680 $ 10,834 $ (325 ) $ - $ 10,509 Total assets $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 $ 2,692,510 $ 21,386 $ (21,750 ) $ 2,692,146 Total liabilities $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 $ 2,347,610 $ 23,727 $ (20,605 ) $ 2,350,732 The Bank has operations in the US, through both its Digital Banking and DRTC businesses; however as at April 30, 2023, |
Note 19 - Comparative Balances
Note 19 - Comparative Balances | 6 Months Ended |
Apr. 30, 2023 | |
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 5 - Loans, Net of Allowa_2
Note 5 - Loans, Net of Allowance for Credit Losses (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Discosure of loans, net [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Point-of-sale loans and leases $ 2,538,917 $ 2,220,894 $ 1,610,336 Commercial real estate mortgages 807,828 710,369 782,274 Commercial real estate loans 11,996 13,165 14,065 Public sector and other financing 46,350 35,452 35,529 3,405,091 2,979,880 2,442,204 Allowance for credit losses (2,526 ) (1,904 ) (1,533 ) Accrued interest 16,890 14,702 9,605 Total loans, net of allowance for credit losses $ 3,419,455 $ 2,992,678 $ 2,450,276 |
Disclosure of loans by lending asset category [text block] | As at April 30, 2023 As at October 31, 2022 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases $ 2,527,006 $ 7,481 $ 4,430 $ 2,538,917 $ 2,215,388 $ 5,227 $ 279 $ 2,220,894 ECL allowance 627 - - 627 545 - - 545 EL % 0.02 % 0.00 % 0.00 % 0.02 % 0.02 % 0.00 % 0.00 % 0.02 % Commercial real estate mortgages $ 741,980 $ 50,937 $ 14,911 $ 807,828 $ 599,113 $ 111,256 $ - $ 710,369 ECL allowance 1,647 120 - 1,767 1,150 137 - 1,287 EL % 0.22 % 0.24 % 0.00 % 0.22 % 0.19 % 0.12 % 0.00 % 0.18 % Commercial real estate loans $ 11,996 $ - $ - $ 11,996 $ 13,165 $ - $ - $ 13,165 ECL allowance 59 - - 59 54 - - 54 EL % 0.49 % 0.00 % 0.00 % 0.49 % 0.41 % 0.00 % 0.00 % 0.41 % Public sector and other financing $ 46,178 $ 172 $ - $ 46,350 $ 35,273 $ 179 $ - $ 35,452 ECL allowance 70 3 - 73 17 1 - 18 EL % 0.15 % 1.74 % 0.00 % 0.16 % 0.05 % 0.56 % 0.00 % 0.05 % Total loans $ 3,327,160 $ 58,590 $ 19,341 $ 3,405,091 $ 2,862,939 $ 116,662 $ 279 $ 2,979,880 Total ECL allowance 2,403 123 - 2,526 1,766 138 - 1,904 Total EL % 0.07 % 0.21 % 0.00 % 0.07 % 0.06 % 0.12 % 0.00 % 0.06 % (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 583 $ - $ - $ 583 Transfer in (out) to Stage 1 32 (32 ) - - Transfer in (out) to Stage 2 (118 ) 118 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 130 (86 ) - 44 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 44 - - 44 Write-offs - - - - Recoveies - - - - Balance at end of period $ 627 $ - $ - $ 627 Commercial real estate mortgages Balance at beginning of period $ 1,517 $ 74 $ - $ 1,591 Transfer in (out) to Stage 1 17 (17 ) - - Transfer in (out) to Stage 2 (88 ) 88 - - Transfer in (out) to Stage 3 - (13 ) 13 - Net remeasurement of loss allowance 159 (7 ) (13 ) 139 Loan originations 63 - - 63 Derecognitions and maturities (21 ) (5 ) - (26 ) Provision for (recovery of) credit losses 130 46 - 176 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,647 $ 120 $ - $ 1,767 Commercial real estate loans 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 2 - - 2 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 2 - - 2 Write-offs - - - - Recoveries - - - - Balance at end of period $ 59 $ - $ - $ 59 Public sector and other financing Balance at beginning of period $ 55 $ 3 $ - $ 58 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 16 - - 16 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 15 - - 15 Write-offs - - - - Recoveries - - - - Balance at end of period $ 70 $ 3 $ - $ 73 Total balance at end of period $ 2,403 $ 123 $ - $ 2,526 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 370 $ - $ - $ 370 Transfer in (out) to Stage 1 14 (14 ) - - Transfer in (out) to Stage 2 (27 ) 27 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 62 (13 ) - 49 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 49 - - 49 Write-offs - - - - Recoveries - - - - Balance at end of period $ 419 $ - $ - $ 419 Commercial real estate mortgages Balance at beginning of period $ 949 $ 96 $ - $ 1,045 Transfer in (out) to Stage 1 8 (8 ) - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (69 ) 13 - (56 ) Loan originations 80 - - 80 Derecognitions and maturities (20 ) - - (20 ) Provision for (recovery of) credit losses (1 ) 5 - 4 Write-offs - - - - Recoveries - - - - Balance at end of period $ 948 $ 101 $ - $ 1,049 Commercial real estate loans Balance at beginning of period $ 36 $ - $ - $ 36 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 $ 40 $ - $ - $ 40 Public sector and other financing Balance at beginning of period $ 4 $ - $ - $ 4 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 20 1 - 21 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 20 1 - 21 Write-offs - - - - Recoveries - - - - Balance at end of period $ 24 $ 1 $ - $ 25 Total balance at end of period $ 1,431 $ 102 $ - $ 1,533 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 545 $ - $ - $ 545 Transfer in (out) to Stage 1 70 (70 ) - - Transfer in (out) to Stage 2 (172 ) 172 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 184 (102 ) - 82 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 82 - - 82 Write-offs - - - - Recoveries - - - - Balance at end of period $ 627 $ - $ - $ 627 Commercial real estate mortgages Balance at beginning of period $ 1,150 $ 137 $ - $ 1,287 Transfer in (out) to Stage 1 79 (79 ) - - Transfer in (out) to Stage 2 (118 ) 118 - - Transfer in (out) to Stage 3 - (13 ) 13 - Net remeasurement of loss allowance 422 (38 ) (13 ) 371 Loan originations 149 - - 149 Derecognitions and maturities (35 ) (5 ) - (40 ) Provision for (recovery of) credit losses 497 (17 ) - 480 Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,647 $ 120 $ - $ 1,767 Commercial real estate loans Balance at beginning of period $ 54 $ - $ - $ 54 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 5 - - 5 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 5 - - 5 Write-offs - - - - Recoveries - - - - Balance at end of period $ 59 $ - $ - $ 59 Public sector and other financing Balance at beginning of period $ 17 $ 1 $ - $ 18 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 - 12 Loan originations 43 - - 43 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 53 2 - 55 Write-offs - - - - Recoveries - - - - Balance at end of period $ 70 $ 3 $ - $ 73 Total balance at end of period $ 2,403 $ 123 $ - $ 2,526 (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 52 (52 ) - - Transfer in (out) to Stage 2 (85 ) 85 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 177 (33 ) - 144 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 144 - - 144 Write-offs - - - - Recoveries - - - - Balance at end of period $ 419 $ - $ - $ 419 Commercial real estate mortgages Balance at beginning of period $ 980 $ 134 $ - $ 1,114 Transfer in (out) to Stage 1 22 (22 ) - - Transfer in (out) to Stage 2 (4 ) 4 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (97 ) (11 ) - (108 ) Loan originations 160 - - 160 Derecognitions and maturities (113 ) (4 ) - (117 ) Provision for (recovery of) credit losses (32 ) (33 ) - (65 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 948 $ 101 $ - $ 1,049 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 (5 ) - - (5 ) Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses (5 ) - - (5 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 40 $ - $ - $ 40 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 9 (2 ) - 7 Loan originations - - - - Derecognitions and maturities (1 ) - - (1 ) Provision for (recovery of) credit losses 8 (2 ) - 6 Write-offs - - - - Recoveries - - - - Balance at end of period $ 24 $ 1 $ - $ 25 Total balance at end of period $ 1,431 $ 102 $ - $ 1,533 |
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 $ 2,526 $ 1,857 $ 2,428 $ 3,334 Variance from reported ECL (669 ) (98 ) 808 Variance from reported ECL (%) (26% ) (4% ) 32 % |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other assets [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Accounts receivable $ 3,070 $ 3,774 $ 3,750 Prepaid expenses and other 13,593 10,213 10,448 Property and equipment 6,833 6,868 6,872 Right-of-use assets 3,775 4,122 4,470 Deferred tax asset 2,269 2,128 2,315 Interest rate swap 103 - - Investment (note 6a) 953 953 953 Goodwill 5,754 5,754 5,754 Intangible assets (note 6b) 10,275 9,363 9,151 $ 46,625 $ 43,175 $ 43,713 |
Note 7 - Subordinated Notes P_2
Note 7 - Subordinated Notes Payable (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Issued March 2019, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of $ 5.0 500,000 10.41 March 2029 $ 4,913 $ 4,908 $ 4,903 Issued April 2021, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of US $ 75.0 5.38 May 2031 99,619 100,043 93,507 $ 104,532 $ 104,951 $ 98,410 |
Note 8 - Other Liabilities (Tab
Note 8 - Other Liabilities (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other liabilities [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Accounts payable and other $ 4,045 $ 7,662 $ 5,738 Current income tax liability 2,773 5,797 2,126 Deferred tax liability 681 786 812 Lease obligations 4,120 4,471 4,776 Cash collateral and amounts held in escrow 6,746 8,006 5,833 Cash reserves on loan and lease receivables 141,759 126,110 108,121 $ 160,124 $ 152,832 $ 127,406 |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
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 six months ended April 30, 2023 April 30, 2022 April 30, 2023 April 30, 2022 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 963,276 $ 15.53 953,730 $ 15.53 965,766 $ 15.53 40,000 $ 7.00 Granted - - - - 1,500 15.90 913,730 15.90 Exercised - - - - - - - - Forfeited/cancelled (10,500 ) 15.90 - - (14,490 ) 15.90 - - Expired - - - - - - - - Outstanding, end of period 952,776 $ 15.53 953,730 $ 15.53 952,776 $ 15.53 953,730 $ 15.53 |
Note 11 - Income Per Common S_2
Note 11 - Income Per Common Share (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | (thousands of Canadian dollars) for the three months ended for the six months ended April 30 April 30 April 30 April 30 2023 2022 2023 2022 Net income $ 10,263 $ 4,943 $ 19,680 $ 10,509 Less: dividends on preferred shares (247 ) (247 ) (494 ) (494 ) 10,016 4,696 19,186 10,015 Weighted average number of common shares outstanding 26,170,621 27,441,082 26,605,052 27,441,082 Income per common share: $ 0.38 $ 0.17 $ 0.72 $ 0.36 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2023 2022 2022 Loan commitments $ 378,309 $ 382,851 $ 312,125 Letters of credit 78,866 60,273 54,655 $ 457,175 $ 443,124 $ 366,780 |
Note 15 - Capital Management (T
Note 15 - Capital Management (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of regulatory capital and capital ratios [text block] | (thousands of Canadian dollars) April 30 October 31 2023 2022 Common Equity Tier 1 (CET1) capital Directly issued qualifying common share capital $ 215,233 $ 225,982 Contributed surplus 2,147 1,612 Retained earnings 125,398 109,335 Accumulated other comprehensive income 94 99 CET1 before regulatory adjustments 342,872 337,028 Regulatory adjustments applied to CET1 (11,258 ) (11,371 ) Common Equity Tier 1 capital $ 331,614 $ 325,657 Additional Tier 1 capital Directly issued qualifying Additional Tier 1 instruments $ 13,647 $ 13,647 Total Tier 1 capital $ 345,261 $ 339,304 Tier 2 capital Directly issued Tier 2 capital instruments $ 106,835 $ 107,367 Tier 2 capital before regulatory adjustments 106,835 107,367 Eligible stage 1 and stage 2 allowance 2,526 1,904 Total Tier 2 capital $ 109,361 $ 109,271 Total regulatory capital $ 454,622 $ 448,575 Total risk-weighted assets $ 2,957,933 $ 2,714,902 Capital ratios CET1 capital ratio 11.21 % 12.00 % Tier 1 capital ratio 11.67 % 12.50 % Total capital ratio 15.37 % 16.52 % (thousands of Canadian dollars) April 30 October 31 2023 2022 On-balance sheet assets $ 3,729,393 $ 3,265,998 Assets amounts adjusted in determining the Basel III Tier 1 capital (11,258 ) (11,371 ) Total on-balance sheet exposures 3,718,135 3,254,627 Total off-balance sheet exposure at gross notional amount $ 457,175 $ 443,124 Adjustments for conversion to credit equivalent amount (266,913 ) (251,101 ) Total off-balance sheet exposures 190,262 192,023 Tier 1 capital 345,261 339,304 Total exposures 3,908,397 3,446,650 Leverage ratio 8.83 % 9.84 % |
Note 16 - Interest Rate Risk _2
Note 16 - Interest Rate Risk Position (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Sensitivity analysis for types of market risk [text block] | (thousands of Canadian dollars) April 30, 2023 October 31, 2022 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 $ 5,323 $ (5,334 ) $ 4,304 $ (4,261 ) Duration difference between assets and liabilities (months) 3.1 1.4 |
Note 17 - Fair Value of Finan_2
Note 17 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | (thousands of Canadian dollars) As at April 30, 2023 October 31, 2022 Carrying Fair Carrying Fair (thousands of Canadian dollars) Value Value Value Value Assets Cash $ 223,661 $ 223,661 $ 88,581 $ 88,581 Securities 39,652 39,652 141,564 141,564 Loans 3,419,455 3,409,081 2,992,678 2,963,676 Other 4,126 4,126 4,727 4,727 Liabilities Deposits $ 3,108,218 $ 3,065,051 $ 2,657,540 $ 2,561,421 Subordinated notes payable 104,532 106,835 104,951 107,367 Other 156,670 156,670 146,249 146,249 |
Note 18 - Operating Segmentat_2
Note 18 - Operating Segmentation (Tables) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | for the three months ended April 30, 2023 April 30, 2022 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 24,609 $ - $ - $ 24,609 $ 17,242 $ - $ - $ 17,242 Non-interest income 122 2,146 (192 ) 2,076 1 1,434 (42 ) 1,393 Total revenue 24,731 2,146 (192 ) 26,685 17,243 1,434 (42 ) 18,635 Provision for credit losses 237 - - 237 78 - - 78 24,494 2,146 (192 ) 26,448 17,165 1,434 (42 ) 18,557 Non-interest expenses: Salaries and benefits 6,930 1,499 - 8,429 5,586 1,140 - 6,726 General and administrative 3,131 377 (192 ) 3,316 3,761 300 (42 ) 4,019 Premises and equipment 612 369 - 981 659 363 - 1,022 10,673 2,245 (192 ) 12,726 10,006 1,803 (42 ) 11,767 Income (loss) before income taxes 13,821 (99 ) - 13,722 7,159 (369 ) - 6,790 Income tax provision 3,991 (532 ) - 3,459 1,744 103 - 1,847 Net income (loss) $ 9,830 $ 433 $ - $ 10,263 $ 5,415 $ (472 ) $ - $ 4,943 Total assets $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 $ 2,692,510 $ 21,386 $ (21,750 ) $ 2,692,146 Total liabilities $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 $ 2,347,610 $ 23,727 $ (20,605 ) $ 2,350,732 for the six months ended April 30, 2023 April 30, 2022 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 48,883 $ - $ - $ 48,883 $ 34,127 $ - $ - $ 34,127 Non-interest income 124 3,979 (383 ) 3,720 2 2,855 (83 ) 2,774 Total revenue 49,007 3,979 (383 ) 52,603 34,129 2,855 (83 ) 36,901 Provision for (recovery of) credit losses 622 - - 622 80 - - 80 48,385 3,979 (383 ) 51,981 34,049 2,855 (83 ) 36,821 Non-interest expenses: Salaries and benefits 13,614 3,072 - 16,686 11,025 1,784 - 12,809 General and administrative 5,993 832 (383 ) 6,442 7,243 483 (83 ) 7,643 Premises and equipment 1,235 698 - 1,933 1,241 710 - 1,951 20,842 4,602 (383 ) 25,061 19,509 2,977 (83 ) 22,403 Income (loss) before income taxes 27,543 (623 ) - 26,920 14,540 (122 ) - 14,418 Income tax provision 7,780 (540 ) - 7,240 3,706 203 - 3,909 Net income (loss) $ 19,763 $ (83 ) $ - $ 19,680 $ 10,834 $ (325 ) $ - $ 10,509 Total assets $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 $ 2,692,510 $ 21,386 $ (21,750 ) $ 2,692,146 Total liabilities $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 $ 2,347,610 $ 23,727 $ (20,605 ) $ 2,350,732 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) $ in Thousands, $ in Millions | 6 Months Ended | ||||
Apr. 30, 2023 CAD ($) | Apr. 30, 2023 USD ($) | Apr. 30, 2023 USD ($) | Oct. 31, 2022 CAD ($) | Apr. 30, 2022 CAD ($) | |
Statement Line Items [Line Items] | |||||
Investments in Securities | $ 39,652 | $ 141,564 | $ 0 | ||
Government of Canada Treasury Bills and a U.S. Government Treasury Bill [member] | |||||
Statement Line Items [Line Items] | |||||
Investments in Securities | 39,700 | $ 141,600 | |||
Zero-coupon Bank of Canada treasury bills [member] | |||||
Statement Line Items [Line Items] | |||||
Cash payment to acquire securities | 19,500 | ||||
Notional amount | $ 20,000 | ||||
Zero-coupon Bank of Canada treasury bills [member] | Weighted average [member] | |||||
Statement Line Items [Line Items] | |||||
Financial assets, interest rate | 2.81% | 2.81% | |||
Zero-coupon US Government treasury bills [member] | |||||
Statement Line Items [Line Items] | |||||
Cash payment to acquire securities | $ 19,500 | $ 14.4 | |||
Notional amount | $ 19,700 | $ 14.5 | |||
Financial assets, interest rate | 4.70% | 4.70% |
Note 5 - Loans, Net of Allowa_3
Note 5 - Loans, Net of Allowance for Credit Losses - Portfolio Analysis (Details) - Loans [member] - CAD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 |
Statement Line Items [Line Items] | ||||||
Loans, gross | $ 3,405,091 | $ 3,405,091 | $ 2,979,880 | $ 2,442,204 | ||
Allowance for credit losses | (2,526) | (2,526) | (1,904) | $ (1,533) | (1,533) | |
Accrued interest | 16,890 | 14,702 | 9,605 | |||
Total loans, net of allowance for credit losses | 3,419,455 | 2,992,678 | 2,450,276 | |||
Point of sale loans and leases [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 2,538,917 | 2,538,917 | 2,220,894 | 1,610,336 | ||
Allowance for credit losses | (59) | (57) | (54) | (40) | (36) | $ (45) |
Commercial real estate mortgages [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 807,828 | 807,828 | 710,369 | 782,274 | ||
Allowance for credit losses | (627) | (583) | (545) | (419) | (370) | (275) |
Commercial real estate loans [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 11,996 | 11,996 | 13,165 | 14,065 | ||
Allowance for credit losses | (1,767) | (1,591) | (1,287) | (1,049) | (1,045) | (1,114) |
Public sector and other financing [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 46,350 | 46,350 | 35,452 | 35,529 | ||
Allowance for credit losses | $ (73) | $ (58) | $ (18) | $ (25) | $ (4) | $ (19) |
Note 5 - Loans, Net of Allowa_4
Note 5 - Loans, Net of Allowance for Credit Losses - Summary of Loan, ECL, and EL amounts by lending asset category (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2022 | |
Statement Line Items [Line Items] | |||||||
Provision for (recovery of) credit losses | $ 237 | $ 78 | $ 622 | $ 80 | |||
Loans [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 3,405,091 | 3,405,091 | $ 3,405,091 | $ 2,979,880 | $ 2,442,204 | ||
ECL allowance | $ 2,526 | 1,533 | $ 2,526 | 1,533 | 2,526 | $ 1,904 | 1,533 |
EL % | 0.07% | 0.07% | 0.06% | ||||
Balance at beginning of period | $ 2,526 | 1,533 | $ 1,904 | ||||
Recoveies | 0 | ||||||
Balance at end of period | 2,526 | 1,533 | 2,526 | 1,533 | |||
Loans [member] | Stage 1 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 3,327,160 | 3,327,160 | $ 2,862,939 | ||||
ECL allowance | $ 2,403 | 1,431 | $ 2,403 | 1,431 | $ 1,766 | ||
EL % | 0.07% | 0.07% | 0.06% | ||||
Balance at beginning of period | $ 1,766 | ||||||
Recoveies | $ 0 | ||||||
Balance at end of period | 2,403 | 1,431 | 2,403 | 1,431 | |||
Loans [member] | Stage 2 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 58,590 | 58,590 | $ 116,662 | ||||
ECL allowance | $ 123 | 102 | $ 123 | 102 | $ 138 | ||
EL % | 0.21% | 0.21% | 0.12% | ||||
Balance at beginning of period | $ 138 | ||||||
Recoveies | $ 0 | ||||||
Balance at end of period | 123 | 102 | 123 | 102 | |||
Loans [member] | Financial instruments credit-impaired [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 19,341 | 19,341 | $ 279 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | $ 0 | ||
EL % | 0% | 0% | 0% | ||||
Balance at beginning of period | $ 0 | ||||||
Recoveies | $ 0 | ||||||
Balance at end of period | 0 | 0 | 0 | 0 | |||
Point of sale loans and leases [member] | Loans [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 2,538,917 | 2,538,917 | 2,538,917 | $ 2,220,894 | 1,610,336 | ||
ECL allowance | $ 59 | 40 | $ 59 | 40 | 57 | $ 54 | 36 |
EL % | 0.49% | 0.49% | 0.41% | ||||
Balance at beginning of period | $ 57 | 36 | $ 54 | 45 | |||
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 | 2 | 4 | 5 | (5) | |||
Loan originations | 0 | 0 | 0 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | 0 | |||
Provision for (recovery of) credit losses | 2 | 4 | 5 | (5) | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 59 | 40 | 59 | 40 | |||
Point of sale loans and leases [member] | Loans [member] | Stage 1 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 2,527,006 | 2,527,006 | $ 2,215,388 | ||||
ECL allowance | $ 59 | 40 | $ 59 | 40 | 57 | $ 54 | 36 |
EL % | 0.49% | 0.49% | 0.41% | ||||
Balance at beginning of period | $ 57 | 36 | $ 54 | 45 | |||
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 | 2 | 4 | 5 | (5) | |||
Loan originations | 0 | 0 | 0 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | 0 | |||
Provision for (recovery of) credit losses | 2 | 4 | 5 | (5) | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 59 | 40 | 59 | 40 | |||
Point of sale loans and leases [member] | Loans [member] | Stage 2 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 7,481 | 7,481 | $ 5,227 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | $ 0 | 0 |
EL % | 0% | 0% | 0% | ||||
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 | |||
Recoveies | 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] | |||||||
Notional amount | 4,430 | 4,430 | $ 279 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | $ 0 | 0 |
EL % | 0% | 0% | 0% | ||||
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 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 0 | 0 | 0 | 0 | |||
Commercial real estate mortgages [member] | Loans [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 807,828 | 807,828 | 807,828 | $ 710,369 | 782,274 | ||
ECL allowance | $ 627 | 419 | $ 627 | 419 | 583 | $ 545 | 370 |
EL % | 0.02% | 0.02% | 0.02% | ||||
Balance at beginning of period | $ 583 | 370 | $ 545 | 275 | |||
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 | 44 | 49 | 82 | 144 | |||
Loan originations | 0 | 0 | 0 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | 0 | |||
Provision for (recovery of) credit losses | 44 | 49 | 82 | 144 | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 627 | 419 | 627 | 419 | |||
Commercial real estate mortgages [member] | Loans [member] | Stage 1 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 741,980 | 741,980 | $ 599,113 | ||||
ECL allowance | $ 627 | 419 | $ 627 | 419 | 583 | $ 545 | 370 |
EL % | 0.02% | 0.02% | 0.02% | ||||
Balance at beginning of period | $ 583 | 370 | $ 545 | 275 | |||
Transfer in (out) to Stage 1 | 32 | 14 | 70 | 52 | |||
Transfer in (out) to Stage 2 | (118) | (27) | (172) | (85) | |||
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 | |||
Net remeasurement of loss allowance | 130 | 62 | 184 | 177 | |||
Loan originations | 0 | 0 | 0 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | 0 | |||
Provision for (recovery of) credit losses | 44 | 49 | 82 | 144 | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 627 | 419 | 627 | 419 | |||
Commercial real estate mortgages [member] | Loans [member] | Stage 2 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 50,937 | 50,937 | $ 111,256 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | $ 0 | 0 |
EL % | 0% | 0% | 0% | ||||
Balance at beginning of period | $ 0 | 0 | $ 0 | 0 | |||
Transfer in (out) to Stage 1 | (32) | (14) | (70) | (52) | |||
Transfer in (out) to Stage 2 | 118 | 27 | 172 | 85 | |||
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 | |||
Net remeasurement of loss allowance | (86) | (13) | (102) | (33) | |||
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 | |||
Recoveies | 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] | |||||||
Notional amount | 14,911 | 14,911 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | $ 0 | 0 |
EL % | 0% | 0% | 0% | ||||
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 | |||
Recoveies | 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] | |||||||
Notional amount | 11,996 | 11,996 | 11,996 | $ 13,165 | 14,065 | ||
ECL allowance | $ 1,767 | 1,049 | $ 1,767 | 1,049 | 1,591 | $ 1,287 | 1,045 |
EL % | 0.22% | 0.22% | 0.18% | ||||
Balance at beginning of period | $ 1,591 | 1,045 | $ 1,287 | 1,114 | |||
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 | 139 | (56) | 371 | (108) | |||
Loan originations | 63 | 80 | 149 | 160 | |||
Derecognitions and maturities | (26) | (20) | (40) | (117) | |||
Provision for (recovery of) credit losses | 176 | 4 | 480 | (65) | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 1,767 | 1,049 | 1,767 | 1,049 | |||
Commercial real estate loans [member] | Loans [member] | Stage 1 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 11,996 | 11,996 | $ 13,165 | ||||
ECL allowance | $ 1,647 | 948 | $ 1,647 | 948 | 1,517 | $ 1,150 | 949 |
EL % | 0.22% | 0.22% | 0.19% | ||||
Balance at beginning of period | $ 1,517 | 949 | $ 1,150 | 980 | |||
Transfer in (out) to Stage 1 | 17 | 8 | 79 | 22 | |||
Transfer in (out) to Stage 2 | (88) | 0 | (118) | (4) | |||
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 | |||
Net remeasurement of loss allowance | 159 | (69) | 422 | (97) | |||
Loan originations | 63 | 80 | 149 | 160 | |||
Derecognitions and maturities | (21) | (20) | (35) | (113) | |||
Provision for (recovery of) credit losses | 130 | (1) | 497 | (32) | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 1,647 | 948 | 1,647 | 948 | |||
Commercial real estate loans [member] | Loans [member] | Stage 2 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 0 | 0 | $ 0 | ||||
ECL allowance | $ 120 | 101 | $ 120 | 101 | 74 | $ 137 | 96 |
EL % | 0.24% | 0.24% | 0.12% | ||||
Balance at beginning of period | $ 74 | 96 | $ 137 | 134 | |||
Transfer in (out) to Stage 1 | (17) | (8) | (79) | (22) | |||
Transfer in (out) to Stage 2 | 88 | 0 | 118 | 4 | |||
Transfer in (out) to Stage 3 | (13) | 0 | (13) | 0 | |||
Net remeasurement of loss allowance | (7) | 13 | (38) | (11) | |||
Loan originations | 0 | 0 | 0 | 0 | |||
Derecognitions and maturities | (5) | 0 | (5) | (4) | |||
Provision for (recovery of) credit losses | 46 | 5 | (17) | (33) | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | 0 | |||
Balance at end of period | 120 | 101 | 120 | 101 | |||
Commercial real estate loans [member] | Loans [member] | Financial instruments credit-impaired [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 0 | 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | $ 0 | 0 |
EL % | 0% | 0% | 0% | ||||
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 | 13 | 0 | 13 | 0 | |||
Net remeasurement of loss allowance | (13) | 0 | (13) | 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 | |||
Recoveies | 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] | |||||||
Notional amount | 46,350 | 46,350 | 46,350 | $ 35,452 | 35,529 | ||
ECL allowance | $ 73 | 25 | $ 73 | 25 | 58 | $ 18 | 4 |
EL % | 0.16% | 0.16% | 0.05% | ||||
Balance at beginning of period | $ 58 | 4 | $ 18 | 19 | |||
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) | 21 | 12 | 7 | |||
Loan originations | 16 | 0 | 43 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | (1) | |||
Provision for (recovery of) credit losses | 15 | 21 | 55 | 6 | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | ||||
Balance at end of period | 73 | 25 | 73 | 25 | |||
Public sector and other financing [member] | Loans [member] | Stage 1 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 46,178 | 46,178 | $ 35,273 | ||||
ECL allowance | $ 70 | 24 | $ 70 | 24 | 55 | $ 17 | 4 |
EL % | 0.15% | 0.15% | 0.05% | ||||
Balance at beginning of period | $ 55 | 4 | $ 17 | 16 | |||
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) | 20 | 10 | 9 | |||
Loan originations | 16 | 0 | 43 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | (1) | |||
Provision for (recovery of) credit losses | 15 | 20 | 53 | 8 | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | ||||
Balance at end of period | 70 | 24 | 70 | 24 | |||
Public sector and other financing [member] | Loans [member] | Stage 2 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 172 | 172 | $ 179 | ||||
ECL allowance | $ 3 | 1 | $ 3 | 1 | 3 | $ 1 | 0 |
EL % | 1.74% | 1.74% | 0.56% | ||||
Balance at beginning of period | $ 3 | 0 | $ 1 | 3 | |||
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 | 1 | 2 | (2) | |||
Loan originations | 0 | 0 | 0 | 0 | |||
Derecognitions and maturities | 0 | 0 | 0 | 0 | |||
Provision for (recovery of) credit losses | 0 | 1 | 2 | (2) | |||
Write-offs | 0 | 0 | 0 | 0 | |||
Recoveies | 0 | 0 | 0 | ||||
Balance at end of period | 3 | 1 | 3 | 1 | |||
Public sector and other financing [member] | Loans [member] | Financial instruments credit-impaired [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | 0 | 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 |
EL % | 0% | 0% | 0% | ||||
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 | |||
Recoveies | 0 | 0 | 0 | ||||
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Note 5 - Loans, Net of Allowa_5
Note 5 - Loans, Net of Allowance for Credit Losses - Expected Credit Loss Sensitivity (Details) - Loans [member] - CAD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 |
Statement Line Items [Line Items] | |||||
Allowance for expected credit losses | $ 2,526 | $ 2,526 | $ 1,904 | $ 1,533 | $ 1,533 |
Upside, 100% [member] | |||||
Statement Line Items [Line Items] | |||||
Allowance for expected credit losses | 1,857 | ||||
Variance from reported ECL | $ (669) | ||||
Variance from reported ECL (%) | (26.00%) | ||||
Baseline, 100% [member] | |||||
Statement Line Items [Line Items] | |||||
Allowance for expected credit losses | $ 2,428 | ||||
Variance from reported ECL | $ (98) | ||||
Variance from reported ECL (%) | (4.00%) | ||||
Downside, 100% [member] | |||||
Statement Line Items [Line Items] | |||||
Allowance for expected credit losses | $ 3,334 | ||||
Variance from reported ECL | $ 808 | ||||
Variance from reported ECL (%) | 32% |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - CAD ($) | 2 Months Ended | |||
Feb. 28, 2021 | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 | |
Statement Line Items [Line Items] | ||||
Total intangible assets other than goodwill | $ 10,275,000 | $ 9,363,000 | $ 9,151,000 | |
Capitilised development costs | $ 7,300,000 | $ 6,200,000 | ||
Canada Stablecorp Inc.[member] | ||||
Statement Line Items [Line Items] | ||||
Proportion of ownership interest in associate | 11% | |||
Purchase of interests in associates | $ 953,000 |
Note 6 - Other Assets - Schedul
Note 6 - Other Assets - Schedule of Other Assets (Details) - CAD ($) $ in Thousands | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Statement Line Items [Line Items] | |||
Accounts receivable | $ 3,070 | $ 3,774 | $ 3,750 |
Prepaid expenses and other | 13,593 | 10,213 | 10,448 |
Property and equipment | 6,833 | 6,868 | 6,872 |
Right-of-use assets | 3,775 | 4,122 | 4,470 |
Deferred tax asset | 2,269 | 2,128 | 2,315 |
Interest rate swap | 103 | 0 | 0 |
Investment (note 6a) | 953 | 953 | 953 |
Goodwill | 5,754 | 5,754 | 5,754 |
Intangible assets (note 6b) | 10,275 | 9,363 | 9,151 |
Other assets | $ 46,625 | $ 43,175 | $ 43,713 |
Note 7 - Subordinated Notes P_3
Note 7 - Subordinated Notes Payable - Schedule of Subordinated Notes Payable (Details) - CAD ($) | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Subordinated notes payable, maturing March 2029 [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | $ 4,913,000 | $ 4,908,000 | $ 4,903,000 |
Subordinated notes payable, maturing May 2031 [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | 99,619 | 100,043 | 93,507 |
Subordinated notes payable [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | $ 104,532,000 | $ 104,951,000 | $ 98,410,000 |
Note 7 - Subordinated Notes P_4
Note 7 - Subordinated Notes Payable - Schedule of Subordinated Notes Payable (Details) (Parentheticals) - CAD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | Oct. 31, 2022 | |
Subordinated notes payable, maturing March 2029 [member] | |||
Statement Line Items [Line Items] | |||
Principal amount | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
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 | $ 500,000 | $ 500,000 | $ 500,000 |
Subordinated notes payable, maturing May 2031 [member] | |||
Statement Line Items [Line Items] | |||
Principal amount | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 |
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 | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Statement Line Items [Line Items] | |||
Accounts payable and other | $ 4,045 | $ 7,662 | $ 5,738 |
Current income tax liability | 2,773 | 5,797 | 2,126 |
Deferred tax liability | 681 | 786 | 812 |
Lease obligations | 4,120 | 4,471 | 4,776 |
Cash collateral and amounts held in escrow | 6,746 | 8,006 | 5,833 |
Cash reserves on loan and lease receivables | 141,759 | 126,110 | 108,121 |
Other liabilities | $ 160,124 | $ 152,832 | $ 127,406 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) - CAD ($) | 3 Months Ended | 6 Months Ended | |||||
Aug. 05, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | Oct. 31, 2022 | |
Statement Line Items [Line Items] | |||||||
Number of shares issued for offering (in shares) | 1,700,000 | ||||||
Shares purchased and cancelled during period (in shares) | 419,500 | 1,241,796 | |||||
Reduction of issued capital | $ 4,200,000 | $ 12,600,000 | |||||
Total expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets | 192,000 | $ 424,000 | 535,000 | $ 620,000 | |||
Retained earnings [member] | |||||||
Statement Line Items [Line Items] | |||||||
Reduction to retained earnings | $ 600,000 | $ 1,800,000 | |||||
Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares outstanding at end of period (in shares) | 26,003,986 | 26,003,986 | 27,245,782 | ||||
Ordinary shares [member] | Issued capital [member] | |||||||
Statement Line Items [Line Items] | |||||||
Reduction of issued capital | $ 3,632,000 | $ 0 | $ 10,749,000 | $ 0 | |||
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 |
Note 9 - Share Capital - Stock
Note 9 - Share Capital - Stock Option Transactions (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2023 $ / shares | Apr. 30, 2022 $ / shares | Apr. 30, 2023 $ / shares | Apr. 30, 2022 $ / shares | |
Statement Line Items [Line Items] | ||||
Outstanding, beginning of period | 963,276 | 953,730 | 965,766 | 40,000 |
Outstanding, beginning of period, weighted average exercise price (in CAD per share) | $ 15.53 | $ 15.53 | $ 15.53 | $ 7 |
Granted | 0 | 0 | 1,500 | 913,730 |
Granted, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 15.90 | $ 15.90 |
Exercised | 0 | 0 | 0 | 0 |
Exercised, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Forfeited/cancelled | (10,500) | 0 | (14,490) | 0 |
Forfeired/cancelled, weighted average exercise price (in CAD per share) | $ 15.90 | $ 0 | $ 15.90 | $ 0 |
Expired | 0 | 0 | 0 | 0 |
Expired, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Outstanding, end of period | 952,776 | 953,730 | 952,776 | 953,730 |
Outstanding, beginning of period, weighted average exercise price (in CAD per share) | $ 15.53 | $ 15.53 | $ 15.53 | $ 15.53 |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision (Details Textual) - CAD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Statement Line Items [Line Items] | ||||
Tax income (expense) | $ 3,459,000 | $ 1,847,000 | $ 7,240,000 | $ 3,909,000 |
Net deferred tax assets | $ 530,000 | $ 530,000 | ||
Applicable tax rate | 27% | 27% |
Note 11 - Income Per Common S_3
Note 11 - Income Per Common Share (Details Textual) | 6 Months Ended |
Apr. 30, 2023 shares | |
Statement Line Items [Line Items] | |
Dilutive effect of share options on number of ordinary shares (in shares) | 40,000 |
Note 11 - Income Per Common S_4
Note 11 - Income Per Common Share - Basic and Diluted Income Per Common Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Statement Line Items [Line Items] | ||||
Net income (loss) | $ 10,263 | $ 4,943 | $ 19,680 | $ 10,509 |
Less: dividends on preferred shares | (247) | (247) | (494) | (494) |
Profit (loss), attributable to ordinary equity holders of parent entity | $ 10,016 | $ 4,696 | $ 19,186 | $ 10,015 |
Weighted average number of common shares outstanding (in shares) | 26,170,621 | 27,441,082 | 26,605,052 | 27,441,082 |
Income per common share: (in CAD per share) | $ 0.38 | $ 0.17 | $ 0.72 | $ 0.36 |
Note 12 - Derivative Instrume_2
Note 12 - Derivative Instruments (Details Textual) - Interest rate swap contract [member] - CAD ($) | Apr. 30, 2023 | Oct. 31, 2022 |
Statement Line Items [Line Items] | ||
Notional amount | $ 11,800,000 | $ 0 |
Financial assets qualified for hedge accounting | 11,800,000 | 0 |
Other assets [member] | ||
Statement Line Items [Line Items] | ||
Total financial assets | $ 103,000 | $ 0 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies - Credit Related Commitments (Details) - CAD ($) $ in Thousands | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Statement Line Items [Line Items] | |||
Credit commitments | $ 457,175 | $ 443,124 | $ 366,780 |
Loan commitments [member] | |||
Statement Line Items [Line Items] | |||
Credit commitments | 378,309 | 382,851 | 312,125 |
Letters of credit [member] | |||
Statement Line Items [Line Items] | |||
Credit commitments | $ 78,866 | $ 60,273 | $ 54,655 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - CAD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Oct. 31, 2022 | |
Statement Line Items [Line Items] | |||||
Revenue from rendering of services, related party transactions | $ 25,000 | $ 23,000 | $ 49,000 | $ 48,000 | |
Subordinated notes payable [member] | |||||
Statement Line Items [Line Items] | |||||
Notional amount | 5 | 5 | |||
Key management personnel of entity or parent [member] | |||||
Statement Line Items [Line Items] | |||||
Amounts receivable, related party transactions | 1,500,000 | 1,500,000 | $ 1,300,000 | ||
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 | $ 2,700,000 | $ 2,700,000 | $ 3,900,000 |
Note 15 - Capital Management (D
Note 15 - Capital Management (Details Textual) | Apr. 30, 2023 |
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 15 - Capital Management -
Note 15 - Capital Management - Risk-based Capital Ratios (Details) - CAD ($) $ in Thousands | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 228,880 | $ 239,629 | $ 241,321 |
Contributed surplus | 2,147 | 1,612 | 765 |
Retained earnings | 125,398 | 109,335 | 99,285 |
Accumulated other comprehensive income | 94 | 99 | 43 |
Regulatory capital | 448,575 | ||
Total risk-weighted assets | $ 2,714,902 | ||
CET1 capital ratio | 16.52% | ||
Total assets | 3,729,393 | $ 3,265,998 | $ 2,692,146 |
Transitional [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital | 454,622 | ||
Total risk-weighted assets | $ 2,957,933 | ||
CET1 capital ratio | 15.37% | ||
Basel III [member] | |||
Statement Line Items [Line Items] | |||
Total assets | 3,265,998 | ||
Total on-balance sheet exposures | 3,254,627 | ||
Total off-balance sheet exposure at gross notional amount | $ 457,175 | 443,124 | |
Adjustments for conversion to credit equivalent amount | 251,101 | ||
Total off-balance sheet exposures | 190,262 | 192,023 | |
Total exposures | $ 3,446,650 | ||
Leverage ratio | 9.84% | ||
Basel III [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Total assets | 3,729,393 | ||
Total on-balance sheet exposures | 3,718,135 | ||
Adjustments for conversion to credit equivalent amount | 266,913 | ||
Total exposures | $ 3,908,397 | ||
Leverage ratio | 8.83% | ||
Common equity tier 1 [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 225,982 | ||
Contributed surplus | 1,612 | ||
Retained earnings | 109,335 | ||
Accumulated other comprehensive income | 99 | ||
Regulatory capital before adjustments | 337,028 | ||
Adjustments to capital | $ (11,258) | (11,371) | |
Regulatory capital | $ 325,657 | ||
CET1 capital ratio | 12% | ||
Common equity tier 1 [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | 215,233 | ||
Contributed surplus | 2,147 | ||
Retained earnings | 125,398 | ||
Accumulated other comprehensive income | 94 | ||
Regulatory capital before adjustments | 342,872 | ||
Adjustments to capital | (11,258) | ||
Regulatory capital | $ 331,614 | ||
CET1 capital ratio | 11.21% | ||
Capital Tier 1 [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 13,647 | ||
Regulatory capital | $ 339,304 | ||
CET1 capital ratio | 12.50% | ||
Capital Tier 1 [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 13,647 | ||
Regulatory capital | $ 345,261 | ||
CET1 capital ratio | 11.67% | ||
Tier 2 capital [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 106,835 | $ 107,367 | |
Regulatory capital before adjustments | 107,367 | ||
Adjustments to capital | 1,904 | ||
Regulatory capital | $ 109,271 | ||
Tier 2 capital [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital before adjustments | 106,835 | ||
Adjustments to capital | 2,526 | ||
Regulatory capital | $ 109,361 |
Note 16 - Interest Rate Risk _3
Note 16 - Interest Rate Risk Position - Analysis of Sensitivity to Market Interest Rates (Details) - Interest rate risk [member] - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Apr. 30, 2023 | Oct. 31, 2022 | |
Increase 100 bps [member] | ||
Statement Line Items [Line Items] | ||
Impact on projected net interest income during a 12 month period | $ 5,323 | $ 4,304 |
Duration difference between assets and liabilities (months) (Month) | 3 months 3 days | 1 month 12 days |
Decrease 100 bps [member] | ||
Statement Line Items [Line Items] | ||
Impact on projected net interest income during a 12 month period | $ (5,334) | $ (4,261) |
Note 17 - Fair Value of Finan_3
Note 17 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - CAD ($) $ in Thousands | Apr. 30, 2023 | Oct. 31, 2022 |
Deposits from banks [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | $ 3,108,218 | $ 2,657,540 |
Liabilities, fair value | 3,065,051 | 2,561,421 |
Subordinated notes [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | 104,532 | 104,951 |
Liabilities, fair value | 106,835 | 107,367 |
Other financial liabilities [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | 156,670 | 146,249 |
Liabilities, fair value | 156,670 | 146,249 |
Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 223,661 | 88,581 |
Assets, fair value | 223,661 | 88,581 |
Securities [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 39,652 | 141,564 |
Assets, fair value | 39,652 | 141,564 |
Loans, net [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 3,419,455 | 2,992,678 |
Assets, fair value | 3,409,081 | 2,963,676 |
Other financial assets [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 4,126 | 4,727 |
Assets, fair value | $ 4,126 | $ 4,727 |
Note 18 - Operating Segmentat_3
Note 18 - Operating Segmentation (Details Textual) | 6 Months Ended |
Apr. 30, 2023 | |
Statement Line Items [Line Items] | |
Number of segments | 2 |
Note 18 - Operating Segmentat_4
Note 18 - Operating Segmentation - Results of Reportable Operating Segments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Oct. 31, 2022 | |
Statement Line Items [Line Items] | |||||
Net interest income | $ 24,609 | $ 17,242 | $ 48,883 | $ 34,127 | |
Non-interest income | 2,076 | 1,393 | 3,720 | 2,774 | |
Total revenue | 26,685 | 18,635 | 52,603 | 36,901 | |
Provision for credit losses | 237 | 78 | 622 | 80 | |
Revenue less provision for credit loss | 26,448 | 18,557 | 51,981 | 36,821 | |
Non-interest expenses: | |||||
Salaries and benefits | 8,429 | 6,726 | 16,686 | 12,809 | |
General and administrative | 3,316 | 4,019 | 6,442 | 7,643 | |
Premises and equipment | 981 | 1,022 | 1,933 | 1,951 | |
Noninterest expense | 12,726 | 11,767 | 25,061 | 22,403 | |
Income (loss) before income taxes | 13,722 | 6,790 | 26,920 | 14,418 | |
Income tax provision | 3,459 | 1,847 | 7,240 | 3,909 | |
Net income (loss) | 10,263 | 4,943 | 19,680 | 10,509 | |
Total assets | 3,729,393 | 2,692,146 | 3,729,393 | 2,692,146 | $ 3,265,998 |
Total liabilities | 3,372,874 | 2,350,732 | 3,372,874 | 2,350,732 | $ 2,915,323 |
Net interest income | 24,609 | 17,242 | 48,883 | 34,127 | |
Non-interest income | 2,076 | 1,393 | 3,720 | 2,774 | |
Total revenue | 26,685 | 18,635 | 52,603 | 36,901 | |
Provision for credit losses | 237 | 78 | 622 | 80 | |
Revenue less provision for credit loss | 26,448 | 18,557 | 51,981 | 36,821 | |
Elimination of intersegment amounts [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | (192) | (42) | (383) | (83) | |
Total revenue | (192) | (42) | (383) | (83) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | (192) | (42) | (383) | (83) | |
Non-interest expenses: | |||||
Salaries and benefits | 0 | 0 | 0 | 0 | |
General and administrative | (192) | (42) | (383) | (83) | |
Premises and equipment | 0 | 0 | 0 | 0 | |
Noninterest expense | (192) | (42) | (383) | (83) | |
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 | (15,758) | (21,750) | (15,758) | (21,750) | |
Total liabilities | (22,797) | (20,605) | (22,797) | (20,605) | |
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | (192) | (42) | (383) | (83) | |
Total revenue | (192) | (42) | (383) | (83) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | (192) | (42) | (383) | (83) | |
Banking segment [member] | Operating segments [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 24,609 | 17,242 | 48,883 | 34,127 | |
Non-interest income | 122 | 1 | 124 | 2 | |
Total revenue | 24,731 | 17,243 | 49,007 | 34,129 | |
Provision for credit losses | 237 | 78 | 622 | 80 | |
Revenue less provision for credit loss | 24,494 | 17,165 | 48,385 | 34,049 | |
Non-interest expenses: | |||||
Salaries and benefits | 6,930 | 5,586 | 13,614 | 11,025 | |
General and administrative | 3,131 | 3,761 | 5,993 | 7,243 | |
Premises and equipment | 612 | 659 | 1,235 | 1,241 | |
Noninterest expense | 10,673 | 10,006 | 20,842 | 19,509 | |
Income (loss) before income taxes | 13,821 | 7,159 | 27,543 | 14,540 | |
Income tax provision | 3,991 | 1,744 | 7,780 | 3,706 | |
Net income (loss) | 9,830 | 5,415 | 19,763 | 10,834 | |
Total assets | 3,719,592 | 2,692,510 | 3,719,592 | 2,692,510 | |
Total liabilities | 3,366,614 | 2,347,610 | 3,366,614 | 2,347,610 | |
Net interest income | 24,609 | 17,242 | 48,883 | 34,127 | |
Non-interest income | 122 | 1 | 124 | 2 | |
Total revenue | 24,731 | 17,243 | 49,007 | 34,129 | |
Provision for credit losses | 237 | 78 | 622 | 80 | |
Revenue less provision for credit loss | 24,494 | 17,165 | 48,385 | 34,049 | |
Cybersecurity segment [member] | Operating segments [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | 2,146 | 1,434 | 3,979 | 2,855 | |
Total revenue | 2,146 | 1,434 | 3,979 | 2,855 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | 2,146 | 1,434 | 3,979 | 2,855 | |
Non-interest expenses: | |||||
Salaries and benefits | 1,499 | 1,140 | 3,072 | 1,784 | |
General and administrative | 377 | 300 | 832 | 483 | |
Premises and equipment | 369 | 363 | 698 | 710 | |
Noninterest expense | 2,245 | 1,803 | 4,602 | 2,977 | |
Income (loss) before income taxes | (99) | (369) | (623) | (122) | |
Income tax provision | (532) | 103 | (540) | 203 | |
Net income (loss) | 433 | (472) | (83) | (325) | |
Total assets | 25,559 | 21,386 | 25,559 | 21,386 | |
Total liabilities | 29,057 | 23,727 | 29,057 | 23,727 | |
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | 2,146 | 1,434 | 3,979 | 2,855 | |
Total revenue | 2,146 | 1,434 | 3,979 | 2,855 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | $ 2,146 | $ 1,434 | $ 3,979 | $ 2,855 |