Document And Entity Information
Document And Entity Information | 6 Months Ended |
Apr. 30, 2024 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001690639 |
Entity Registrant Name | VersaBank |
Amendment Flag | false |
Current Fiscal Year End Date | --10-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2024 |
Document Type | 6-K |
Document Period End Date | Apr. 30, 2024 |
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 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - CAD ($) $ in Thousands | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Assets | |||
Cash | $ 198,808 | $ 132,242 | $ 223,661 |
Securities (note 4) | 103,769 | 167,940 | 39,652 |
Loans, net of allowance for credit losses (note 5) | 4,018,458 | 3,850,404 | 3,419,455 |
Other assets (note 6) | 67,285 | 51,024 | 46,625 |
Total assets | 4,388,320 | 4,201,610 | 3,729,393 |
Liabilities and Shareholders' Equity | |||
Deposits | 3,693,495 | 3,533,366 | 3,108,218 |
Subordinated notes payable (note 7) | 101,108 | 106,850 | 104,532 |
Other liabilities (note 8) | 193,614 | 184,236 | 160,124 |
Total liabilities | 3,988,217 | 3,824,452 | 3,372,874 |
Shareholders' equity: | |||
Share capital (note 9) | 228,471 | 228,471 | 228,880 |
Contributed surplus | 2,717 | 2,513 | 2,147 |
Retained earnings | 168,776 | 146,043 | 125,398 |
Accumulated other comprehensive income | 139 | 131 | 94 |
Total equity | 400,103 | 377,158 | 356,519 |
Total equity and liabilities | $ 4,388,320 | $ 4,201,610 | $ 3,729,393 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Interest income: | ||||
Loans | $ 66,096 | $ 50,704 | $ 131,172 | $ 97,559 |
Other | 5,147 | 2,891 | 9,363 | 5,597 |
Interest income | 71,243 | 53,595 | 140,535 | 103,156 |
Interest expense: | ||||
Deposits and other | 43,469 | 27,534 | 84,740 | 51,375 |
Subordinated notes | 1,532 | 1,452 | 2,985 | 2,898 |
Interest expense | 45,001 | 28,986 | 87,725 | 54,273 |
Net interest income | 26,242 | 24,609 | 52,810 | 48,883 |
Non-interest income | 2,259 | 2,076 | 4,542 | 3,720 |
Total revenue | 28,501 | 26,685 | 57,352 | 52,603 |
Provision for (recovery of) credit losses (note 5) | 16 | 237 | (111) | 622 |
Revenue less provision for credit loss | 28,485 | 26,448 | 57,463 | 51,981 |
Non-interest expenses: | ||||
Salaries and benefits | 7,409 | 8,429 | 13,947 | 16,686 |
General and administrative | 3,557 | 3,316 | 7,890 | 6,442 |
Premises and equipment | 1,219 | 981 | 2,372 | 1,933 |
Noninterest expense | 12,185 | 12,726 | 24,209 | 25,061 |
Income before income taxes | 16,300 | 13,722 | 33,254 | 26,920 |
Income tax provision (note 10) | 4,472 | 3,459 | 8,727 | 7,240 |
Net income | 11,828 | 10,263 | 24,527 | 19,680 |
Other comprehensive income (loss): | ||||
Items that may subsequently be reclassified to net income: Foreign exchange gain (loss) on translation of foreign operations | 66 | 22 | 8 | (5) |
Comprehensive income | $ 11,894 | $ 10,285 | $ 24,535 | $ 19,675 |
Basic and diluted income per common share (note 11) (in CAD per share) | $ 0.45 | $ 0.38 | $ 0.93 | $ 0.72 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - CAD ($) $ in Thousands | Total | Issued capital [member] | Issued capital [member] Ordinary shares [member] | Issued capital [member] Preference shares [member] | Additional paid-in capital [member] | Retained earnings [member] | Accumulated other comprehensive income [member] |
Balance, beginning of the period at Oct. 31, 2022 | $ 225,982 | $ 1,612 | $ 109,335 | $ 99 | |||
Statement Line Items [Line Items] | |||||||
Purchased and cancelled during the period | $ (12,600) | (10,749) | (1,800) | ||||
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 | $ 228,880 | 215,233 | $ 13,647 | 2,147 | 125,398 | 94 |
Balance, beginning of the period at Jan. 31, 2023 | 218,865 | 1,955 | 116,638 | 72 | |||
Statement Line Items [Line Items] | |||||||
Purchased and cancelled during the period | (4,200) | (3,632) | (600) | ||||
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 | 228,880 | 215,233 | 13,647 | 2,147 | 125,398 | 94 |
Balance, beginning of the period at Oct. 31, 2023 | 377,158 | 214,824 | 2,513 | 146,043 | 131 | ||
Statement Line Items [Line Items] | |||||||
Purchased and cancelled during the period | 0 | ||||||
Stock-based compensation (note 9) | 204 | ||||||
Adjustment for purchased and cancelled common shares | 0 | ||||||
Net income (loss) | 24,527 | 24,527 | |||||
Dividends paid on common and preferred shares | (1,794) | ||||||
Other comprehensive income (loss) | 8 | ||||||
Balance, end of the period at Apr. 30, 2024 | 400,103 | 228,471 | 214,824 | 13,647 | 2,717 | 168,776 | 139 |
Balance, beginning of the period at Jan. 31, 2024 | 214,824 | 2,645 | 157,845 | 73 | |||
Statement Line Items [Line Items] | |||||||
Purchased and cancelled during the period | 0 | ||||||
Stock-based compensation (note 9) | 72 | ||||||
Adjustment for purchased and cancelled common shares | 0 | ||||||
Net income (loss) | 11,828 | 11,828 | |||||
Dividends paid on common and preferred shares | (897) | ||||||
Other comprehensive income (loss) | 66 | ||||||
Balance, end of the period at Apr. 30, 2024 | $ 400,103 | $ 228,471 | $ 214,824 | $ 13,647 | $ 2,717 | $ 168,776 | $ 139 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash provided by (used in): | ||
Net income | $ 24,527 | $ 19,680 |
Adjustments to determine net cash flows: | ||
Provision for credit losses (recovery of) | (111) | 622 |
Stock-based compensation | 204 | 535 |
Income tax provision | 8,727 | 7,240 |
Interest income | (140,535) | (103,156) |
Interest expense | 87,725 | 54,273 |
Amortization | 1,206 | 917 |
Accretion of discount on securities | (56) | (533) |
Foreign exchange rate change on assets and liabilities | 7,830 | (998) |
Interest received | 136,601 | 99,251 |
Interest paid | (82,123) | (40,680) |
Income taxes paid | (11,339) | (10,264) |
Loans | (164,600) | (423,843) |
Deposits | 154,721 | 437,199 |
Change in other assets and liabilities | 9,734 | 13,364 |
Net cash flows from (used in) operating activities | 32,511 | 53,607 |
Sale of securities (note 19) | 63,749 | 101,768 |
Purchase of property and equipment | (16,353) | (338) |
Net cash flows from (used in) investing activities | 47,396 | 101,430 |
Financing: | ||
Purchase and cancellation of common shares | 0 | (12,558) |
Redemption of subordinated notes payable | (5,000) | 0 |
Dividends paid | (1,794) | (1,808) |
Repayment of lease obligations | (357) | (351) |
Net cash flows from (used in) financing activities | (7,151) | (14,717) |
Change in cash | 72,756 | 140,320 |
Effect of exchange rate changes on cash | (6,190) | (5,240) |
Cash, beginning of the period | 132,242 | 88,581 |
Cash, end of the period | $ 198,808 | $ 223,661 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of notes and explanatory information [text block] | 1. Reporting entity: VersaBank (the “Bank”) operates as a Schedule I bank under the Bank Act (Canada) and is regulated by the Office of the Superintendent of Financial Institutions Canada (“OSFI”). The Bank, whose shares trade on the Toronto Stock Exchange and Nasdaq Stock Exchange, provides commercial lending and banking services to select niche markets in Canada and the United States as well as cybersecurity services through the operations of its wholly owned subsidiary DRT Cyber Inc., (“DRTC”). The Bank is incorporated and domiciled in Canada, and maintains its registered office at Suite 2002, 140 N6A 5P2. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 6 Months Ended |
Apr. 30, 2024 | |
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, 2023. The interim Consolidated Financial Statements for the three six April 30, 2024 2023 June 3, 2024. b) Basis of measurement: These interim Consolidated Financial Statements have been prepared on the historical cost basis except securities (note 4 6 12 c) Functional and presentation currency: These interim d) Use of estimates and judgements: In preparing these interim 5 9, 6, may 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, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of changes in 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, 2023 3 2023 |
Note 4 - Securities
Note 4 - Securities | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 4. Securities: As at April 30, 2024, October 31, 2023 - May 1, 2024 May 1, 2025. |
Note 5 - Loans, Net of Allowanc
Note 5 - Loans, Net of Allowance for Credit Losses | 6 Months Ended |
Apr. 30, 2024 | |
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 2024 2023 2023 Point-of-sale loans and leases $ 3,114,024 $ 2,879,320 $ 2,538,917 Commercial real estate mortgages 819,853 889,069 807,828 Commercial real estate loans 8,612 8,793 11,996 Public sector and other financing 56,671 55,054 46,350 3,999,160 3,832,236 3,405,091 Allowance for credit losses (2,402 ) (2,513 ) (2,526 ) Accrued interest 21,700 20,681 16,890 Total loans, net of allowance for credit losses $ 4,018,458 $ 3,850,404 $ 3,419,455 The following table provides a summary of loan amounts, ECL allowance amounts, and expected loss (“EL”) rates by lending asset category: As at April 30, 2024 As at October 31, 2023 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases $ 3,104,388 $ 9,636 $ - $ 3,114,024 $ 2,873,078 $ 6,242 $ - $ 2,879,320 ECL allowance 207 - - 207 100 - - 100 EL % 0.01 % 0.00 % 0.00 % 0.01 % 0.00 % 0.00 % 0.00 % 0.00 % Commercial real estate mortgages $ 688,250 $ 131,603 $ - $ 819,853 $ 717,755 $ 155,993 $ 15,321 $ 889,069 ECL allowance 1,643 299 - 1,942 1,699 523 - 2,222 EL % 0.24 % 0.23 % 0.00 % 0.24 % 0.24 % 0.34 % 0.00 % 0.25 % Commercial real estate loans $ 8,612 $ - $ - $ 8,612 $ 8,793 $ - $ - $ 8,793 ECL allowance 58 - - 58 42 - - 42 EL % 0.67 % 0.00 % 0.00 % 0.67 % 0.48 % 0.00 % 0.00 % 0.48 % Public sector and other financing $ 52,423 $ 4,248 $ - $ 56,671 $ 49,293 $ 5,761 $ - $ 55,054 ECL allowance 185 10 - 195 104 45 - 149 EL % 0.35 % 0.24 % 0.00 % 0.34 % 0.21 % 0.78 % 0.00 % 0.27 % Total loans $ 3,853,673 $ 145,487 $ - $ 3,999,160 $ 3,648,919 $ 167,996 $ 15,321 $ 3,832,236 Total ECL allowance 2,093 309 - 2,402 1,945 568 - 2,513 Total EL % 0.05 % 0.21 % 0.00 % 0.06 % 0.05 % 0.34 % 0.00 % 0.07 % The Bank’s maximum exposure to credit risk is the carrying value of its financial assets. The Bank holds security against the majority of its loans in the form of mortgage interests over property, other registered securities over assets, guarantees or cash reserves (holdbacks) 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 that is adequate, in management’s opinion, to absorb all credit related losses in the Bank’s lending and treasury portfolios. The expected credit loss methodology requires the recognition of credit losses based on 12 1 2 not 1. 3 Forward-looking Information The Bank has sourced credit risk modeling systems and forecast macroeconomic scenario data from Moody’s Analytics, a third not Key assumptions driving Moody’s Analytics’ baseline macroeconomic forecast trends this quarter include: the Bank of Canada cutting interest rates at the June 2024 third 2024; not 2025. 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, 2024 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, 2024: (thousands of Canadian dollars) Reported 100% 100% 100% ECL Upside Baseline Downside Allowance for expected credit losses $ 2,402 $ 1,392 $ 1,739 $ 2,632 Variance from reported ECL (1,010 ) (663 ) 230 Variance from reported ECL (%) (42% ) (28% ) 10 % The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the three April 30, 2024: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 65 $ - $ - $ 65 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 142 - - 142 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 142 - - 142 Write-offs - - - - Recoveries - - - - Balance at end of period $ 207 $ - $ - $ 207 Commercial real estate mortgages Balance at beginning of period $ 1,656 $ 450 $ - $ 2,106 Transfer in (out) to Stage 1 110 (110 ) - - Transfer in (out) to Stage 2 (53 ) 53 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (73 ) (68 ) - (141 ) Loan originations 11 - - 11 Derecognitions and maturities (8 ) (26 ) - (34 ) Provision for (recovery of) credit losses (13 ) (151 ) - (164 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,643 $ 299 $ - $ 1,942 Commercial real estate loans Balance at beginning of period $ 55 $ - $ - $ 55 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 3 - - 3 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 3 - - 3 Write-offs - - - - Recoveries - - - - Balance at end of period $ 58 $ - $ - $ 58 Public sector and other financing Balance at beginning of period $ 134 $ 26 $ - $ 160 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 38 (16 ) - 22 Loan originations 13 - - 13 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 51 (16 ) - 35 Write-offs - - - - Recoveries - - - - Balance at end of period $ 185 $ 10 $ - $ 195 Total balance at end of period $ 2,093 $ 309 $ - $ 2,402 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 - - - - Recoveries - - - - 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 six April 30, 2024: (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 100 $ - $ - $ 100 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 107 - - 107 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 107 - - 107 Write-offs - - - - Recoveries - - - - Balance at end of period $ 207 $ - $ - $ 207 Commercial real estate mortgages Balance at beginning of period $ 1,699 $ 523 $ - $ 2,222 Transfer in (out) to Stage 1 232 (232 ) - - Transfer in (out) to Stage 2 (162 ) 162 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (106 ) (111 ) - (217 ) Loan originations 77 - - 77 Derecognitions and maturities (97 ) (43 ) - (140 ) Provision for (recovery of) credit losses (56 ) (224 ) - (280 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,643 $ 299 $ - $ 1,942 Commercial real estate loans Balance at beginning of period $ 42 $ - $ - $ 42 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 11 - - 11 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 16 - - 16 Write-offs - - - - Recoveries - - - - Balance at end of period $ 58 $ - $ - $ 58 Public sector and other financing Balance at beginning of period $ 104 $ 45 $ - $ 149 Transfer in (out) to Stage 1 18 (18 ) - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 50 (17 ) - 33 Loan originations 13 - - 13 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 81 (35 ) - 46 Write-offs - - - - Recoveries - - - - Balance at end of period $ 185 $ 10 $ - $ 195 Total balance at end of period $ 2,093 $ 309 $ - $ 2,402 The following table provides a reconciliation of the Bank’s ECL allowance by lending asset category for the six 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 $ 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 Credit quality: The Bank assigns a risk rating to each lending asset comprising its lending portfolio. A risk rating is assigned as a function of each new credit application, annual review or an amendment to a facility. The risk rating considers the credit risk attributes of the lending asset, structure, individual borrower circumstances as well as local, regional and global macroeconomic and market conditions. The Bank aggregates its risk rating assignments into the following three i) Satisfactory – The borrower and lending asset valuation are of acceptable credit quality. ii) Watchlist – The borrower or the lending asset valuation exhibits potential credit weakness or a downward trend which, if not iii) Classified – The collection of the structural payment and/or the full repayment of the lending asset is uncertain. As of April 30, 2024, October 31, 2023 – no |
Note 6 - Other Assets
Note 6 - Other Assets | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of other assets [text block] | 6. Other assets: (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Accounts receivable $ 5,921 $ 3,858 $ 3,070 Prepaid expenses and other 21,173 22,130 20,880 Property and equipment 24,172 6,536 6,833 Right-of-use assets 3,081 3,427 3,775 Deferred income tax asset 2,585 4,058 2,269 Interest rate swap (note 12) 1,052 1,517 103 Investment (note 6a) 953 953 953 Goodwill 5,754 5,754 5,754 Intangible assets 2,594 2,791 2,988 $ 67,285 $ 51,024 $ 46,625 a) In February 2021, not |
Note 7 - Subordinated Notes Pay
Note 7 - Subordinated Notes Payable | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 7. Subordinated notes payable: (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Issued April 2021, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of US $ 75.0 5.38 May 2031 $ 101,108 $ 101,931 $ 99,619 Issued March 2019, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of $ 5.0 500,000 10.41 March 2029 - 4,919 4,913 $ 101,108 $ 106,850 $ 104,532 On April 30, 2024, |
Note 8 - Other Liabilities
Note 8 - Other Liabilities | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of other liabilities [text block] | 8. Other liabilities: (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Accounts payable and other $ 20,816 $ 9,681 $ 4,045 Current income tax liability 4,102 7,466 2,773 Deferred income tax liability 355 731 681 Lease obligations 3,414 3,771 4,120 Cash collateral and amounts held in escrow 6,751 8,818 6,746 Cash reserves on loan and lease receivables 158,176 153,769 141,759 $ 193,614 $ 184,236 $ 160,124 |
Note 9 - Share Capital
Note 9 - Share Capital | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | 9. Share capital: a) Common shares: At April 30, 2024, October 31, 2023 - On August 5, 2022, September 21, 2022, The Bank was eligible to make purchases commencing on August 17, 2022 August 16, 2023. no No April 30, 2024. April 30, 2023, No six April 30, 2024. six April 30, 2023, b) Preferred shares: At April 30, 2024, October 31, 2023 - 1 1 15 The holders of the Series 1 October 31, 2024. five five The Bank maintains the right to redeem, subject to the approval of OSFI, up to all of the outstanding Series 1 October 31, 2024 October 31 five not 1 2 2 90 c) Stock options Stock option transactions during the three six April 30, 2024 2023: for the three months ended for the six months ended April 30, 2024 April 30, 2023 April 30, 2024 April 30, 2023 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 874,393 $ 15.90 963,276 $ 15.53 874,393 $ 15.90 965,766 $ 15.53 Granted - - - - - - 1,500 15.90 Exercised - - - - - - - - Forfeited/cancelled (12,600 ) 15.90 (10,500 ) 15.90 (12,600 ) 15.90 (14,490 ) 15.90 Expired - - - - - - - - Outstanding, end of period 861,793 $ 15.90 952,776 $ 15.53 861,793 $ 15.90 952,776 $ 15.53 For the three six April 30, 2024, April 30, 2023 - April 30, 2023 - |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 10. Income tax provision: Income tax provision for the three six April 30, 2024 April 30, 2023 - April 30, 2023 - 2023 not |
Note 11 - Income Per Common Sha
Note 11 - Income Per Common Share | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 11. Income per common share: (thousands of Canadian dollars, except shares outstanding and per share amounts) for the three months ended for the six months ended April 30 April 30 April 30 April 30 2024 2023 2024 2023 Net income $ 11,828 $ 10,263 $ 24,527 $ 19,680 Less: dividends on preferred shares (247 ) (247 ) (494 ) (494 ) 11,581 10,016 24,033 19,186 Weighted average number of common shares outstanding 25,964,424 26,170,621 25,964,424 26,605,052 Income per common share: $ 0.45 $ 0.38 $ 0.93 $ 0.72 Common shares associated with the Series 1 |
Note 12 - Derivative Instrument
Note 12 - Derivative Instruments | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 4. Securities: As at April 30, 2024, October 31, 2023 - May 1, 2024 May 1, 2025. |
Derivatives [member] | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | 12. Derivative instruments: At April 30, 2024, October 31, 2023 - October 31, 2023 - not April 30, 2024, October 31, 2023 - |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2024 | |
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 2024 2023 2023 Loan commitments $ 438,177 $ 405,426 $ 378,309 Letters of credit 72,332 75,963 78,866 $ 510,509 $ 481,389 $ 457,175 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 6 Months Ended |
Apr. 30, 2024 | |
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, 2024, October 31, 2023 - October 31, 2023 - three six April 30, 2024, April 30, 2023 - April 30, 2023 - April 30, 2024, October 31, 2023 - $nil April 30, 2024, April 2019; 7 |
Note 15 - Capital Management
Note 15 - Capital Management | 6 Months Ended |
Apr. 30, 2024 | |
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 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, 2024, 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 2024 2023 Common Equity Tier 1 (CET1) capital Directly issued qualifying common share capital $ 214,824 $ 214,824 Contributed surplus 2,717 2,513 Retained earnings 168,776 146,043 Accumulated other comprehensive income 139 131 CET1 before regulatory adjustments 386,456 363,511 Regulatory adjustments applied to CET1 (11,303 ) (12,699 ) Common Equity Tier 1 capital $ 375,153 $ 350,812 Additional Tier 1 capital Directly issued qualifying Additional Tier 1 instruments $ 13,647 $ 13,647 Total Tier 1 capital $ 388,800 $ 364,459 Tier 2 capital Directly issued Tier 2 capital instruments $ 103,095 $ 109,033 Tier 2 capital before regulatory adjustments 103,095 109,033 Eligible stage 1 and stage 2 allowance 2,402 2,513 Total Tier 2 capital $ 105,497 $ 111,546 Total regulatory capital $ 494,297 $ 476,005 Total risk-weighted assets $ 3,224,822 $ 3,095,092 Capital ratios CET1 capital ratio 11.63 % 11.33 % Tier 1 capital ratio 12.06 % 11.78 % Total capital ratio 15.33 % 15.38 % As at April 30, 2024 October 31, 2023, 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 2024 2023 On-balance sheet assets $ 4,388,320 $ 4,201,610 Assets amounts adjusted in determining the Basel III Tier 1 capital (11,303 ) (12,699 ) Total on-balance sheet exposures 4,377,017 4,188,911 Total off-balance sheet exposure at gross notional amount $ 510,509 $ 481,389 Adjustments for conversion to credit equivalent amount (339,616 ) (281,705 ) Total off-balance sheet exposures 170,893 199,684 Tier 1 capital 388,800 364,459 Total exposures 4,547,910 4,388,595 Leverage ratio 8.55 % 8.30 % As at April 30, 2024 October 31, 2023, |
Note 16 - Interest Rate Risk Po
Note 16 - Interest Rate Risk Position | 6 Months Ended |
Apr. 30, 2024 | |
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, 2024 October 31, 2023 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 $ 5,084 $ (5,097 ) $ 4,046 $ (4,059 ) Duration difference between assets and liabilities (months) (2.7 ) (2.0 ) |
Note 17 - Fair Value of Financi
Note 17 - Fair Value of Financial Instruments | 6 Months Ended |
Apr. 30, 2024 | |
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 21 October 31, 2023 (thousands of Canadian dollars) April 30, 2024 October 31, 2023 Carrying Value Fair value Level 1 Fair Value Level 2 Fair Value Level 3 Total Fair Value Carrying Value Fair value Level 1 Fair Value Level 2 Fair Value Level 3 Total Fair Value Assets Cash $ 198,808 $ 198,808 $ - $ - $ 198,808 $ 132,242 $ 132,242 $ - $ - $ 132,242 Securities 103,769 103,769 - - 103,769 167,940 167,940 - - 167,940 Loans 4,018,458 - - 4,011,986 4,011,986 3,850,404 - - 3,837,599 3,837,599 Derivatives 1,052 - 1,052 - 1,052 1,517 - 1,517 - 1,517 Other financial assets 953 - - 953 953 953 - - 953 953 Liabilities Deposits $ 3,693,495 $ - $ - $ 3,661,067 $ 3,661,067 $ 3,533,366 $ - $ - $ 3,436,491 $ 3,436,491 Subordinated notes payable 101,108 - 98,831 - 98,831 106,850 - 109,033 - 109,033 Other financial liabilities 189,157 - - 189,157 189,157 176,039 - - 176,039 176,039 |
Note 18 - Operating Segmentatio
Note 18 - Operating Segmentation | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 18. Operating segmentation: The Bank has established two 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 2023 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, 2024 2023: (thousands of Canadian dollars) for the three months ended April 30, 2024 April 30, 2023 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 26,242 $ - $ - $ 26,242 $ 24,609 $ - $ - $ 24,609 Non-interest income 262 2,336 (339 ) 2,259 122 2,146 (192 ) 2,076 Total revenue 26,504 2,336 (339 ) 28,501 24,731 2,146 (192 ) 26,685 Provision for (recovery of) credit losses 16 - - 16 237 - - 237 26,488 2,336 (339 ) 28,485 24,494 2,146 (192 ) 26,448 Non-interest expenses: Salaries and benefits 5,724 1,685 - 7,409 6,930 1,499 - 8,429 General and administrative 3,445 451 (339 ) 3,557 3,131 377 (192 ) 3,316 Premises and equipment 845 374 - 1,219 612 369 - 981 10,014 2,510 (339 ) 12,185 10,673 2,245 (192 ) 12,726 Income (loss) before income taxes 16,474 (174 ) - 16,300 13,821 (99 ) - 13,722 Income tax provision 4,484 (12 ) - 4,472 3,991 (532 ) - 3,459 Net income (loss) $ 11,990 $ (162 ) $ - $ 11,828 $ 9,830 $ 433 $ - $ 10,263 Total assets $ 4,378,863 $ 26,980 $ (17,523 ) $ 4,388,320 $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 Total liabilities $ 3,982,924 $ 29,069 $ (23,776 ) $ 3,988,217 $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 (thousands of Canadian dollars) for the six months ended April 30, 2024 April 30, 2023 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 52,810 $ - $ - $ 52,810 $ 48,883 $ - $ - $ 48,883 Non-interest income 382 4,836 (676 ) 4,542 124 3,979 (383 ) 3,720 Total revenue 53,192 4,836 (676 ) 57,352 49,007 3,979 (383 ) 52,603 Provision for (recovery of) credit losses (111 ) - - (111 ) 622 - - 622 53,303 4,836 (676 ) 57,463 48,385 3,979 (383 ) 51,981 Non-interest expenses: Salaries and benefits 11,095 2,852 - 13,947 13,614 3,072 - 16,686 General and administrative 7,721 845 (676 ) 7,890 5,993 832 (383 ) 6,442 Premises and equipment 1,613 759 - 2,372 1,235 698 - 1,933 20,429 4,456 (676 ) 24,209 20,842 4,602 (383 ) 25,061 Income (loss) before income taxes 32,874 380 - 33,254 27,543 (623 ) - 26,920 Income tax provision 8,620 107 - 8,727 7,780 (540 ) - 7,240 Net income (loss) $ 24,254 $ 273 $ - $ 24,527 $ 19,763 $ (83 ) $ - $ 19,680 Total assets $ 4,378,863 $ 26,980 $ (17,523 ) $ 4,388,320 $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 Total liabilities $ 3,982,924 $ 29,069 $ (23,776 ) $ 3,988,217 $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 The Bank has operations in the US, through both its Digital Banking and DRTC businesses, however as at April 30, 2024, |
Note 19 - Comparative Balances
Note 19 - Comparative Balances | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of reclassifications or changes in presentation [text block] | 19. Comparative balances: The interim financial statements have been reclassified, where applicable, to conform with the financial statement presentation used in the current period. Cash flows related to the Bank’s investments in securities were reflected in operating activities in the comparative period and are now reflected as investing activities, consistent with the presentation and disclosure in the Bank’s annual audited financial statements for the year ended October 31, 2023. not |
Note 5 - Loans, Net of Allowa_2
Note 5 - Loans, Net of Allowance for Credit Losses (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Discosure of loans, net [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Point-of-sale loans and leases $ 3,114,024 $ 2,879,320 $ 2,538,917 Commercial real estate mortgages 819,853 889,069 807,828 Commercial real estate loans 8,612 8,793 11,996 Public sector and other financing 56,671 55,054 46,350 3,999,160 3,832,236 3,405,091 Allowance for credit losses (2,402 ) (2,513 ) (2,526 ) Accrued interest 21,700 20,681 16,890 Total loans, net of allowance for credit losses $ 4,018,458 $ 3,850,404 $ 3,419,455 |
Disclosure of loans by lending asset category [text block] | As at April 30, 2024 As at October 31, 2023 (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases $ 3,104,388 $ 9,636 $ - $ 3,114,024 $ 2,873,078 $ 6,242 $ - $ 2,879,320 ECL allowance 207 - - 207 100 - - 100 EL % 0.01 % 0.00 % 0.00 % 0.01 % 0.00 % 0.00 % 0.00 % 0.00 % Commercial real estate mortgages $ 688,250 $ 131,603 $ - $ 819,853 $ 717,755 $ 155,993 $ 15,321 $ 889,069 ECL allowance 1,643 299 - 1,942 1,699 523 - 2,222 EL % 0.24 % 0.23 % 0.00 % 0.24 % 0.24 % 0.34 % 0.00 % 0.25 % Commercial real estate loans $ 8,612 $ - $ - $ 8,612 $ 8,793 $ - $ - $ 8,793 ECL allowance 58 - - 58 42 - - 42 EL % 0.67 % 0.00 % 0.00 % 0.67 % 0.48 % 0.00 % 0.00 % 0.48 % Public sector and other financing $ 52,423 $ 4,248 $ - $ 56,671 $ 49,293 $ 5,761 $ - $ 55,054 ECL allowance 185 10 - 195 104 45 - 149 EL % 0.35 % 0.24 % 0.00 % 0.34 % 0.21 % 0.78 % 0.00 % 0.27 % Total loans $ 3,853,673 $ 145,487 $ - $ 3,999,160 $ 3,648,919 $ 167,996 $ 15,321 $ 3,832,236 Total ECL allowance 2,093 309 - 2,402 1,945 568 - 2,513 Total EL % 0.05 % 0.21 % 0.00 % 0.06 % 0.05 % 0.34 % 0.00 % 0.07 % |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [text block] | (thousands of Canadian dollars) Reported 100% 100% 100% ECL Upside Baseline Downside Allowance for expected credit losses $ 2,402 $ 1,392 $ 1,739 $ 2,632 Variance from reported ECL (1,010 ) (663 ) 230 Variance from reported ECL (%) (42% ) (28% ) 10 % |
Disclosure of Reconciliation of changes in allowance account for credit losses of financial assets [text block] | (thousands of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Point-of-sale loans and leases Balance at beginning of period $ 65 $ - $ - $ 65 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 142 - - 142 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 142 - - 142 Write-offs - - - - Recoveries - - - - Balance at end of period $ 207 $ - $ - $ 207 Commercial real estate mortgages Balance at beginning of period $ 1,656 $ 450 $ - $ 2,106 Transfer in (out) to Stage 1 110 (110 ) - - Transfer in (out) to Stage 2 (53 ) 53 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (73 ) (68 ) - (141 ) Loan originations 11 - - 11 Derecognitions and maturities (8 ) (26 ) - (34 ) Provision for (recovery of) credit losses (13 ) (151 ) - (164 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,643 $ 299 $ - $ 1,942 Commercial real estate loans Balance at beginning of period $ 55 $ - $ - $ 55 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 3 - - 3 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 3 - - 3 Write-offs - - - - Recoveries - - - - Balance at end of period $ 58 $ - $ - $ 58 Public sector and other financing Balance at beginning of period $ 134 $ 26 $ - $ 160 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 38 (16 ) - 22 Loan originations 13 - - 13 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 51 (16 ) - 35 Write-offs - - - - Recoveries - - - - Balance at end of period $ 185 $ 10 $ - $ 195 Total balance at end of period $ 2,093 $ 309 $ - $ 2,402 (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 - - - - Recoveries - - - - 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 $ 100 $ - $ - $ 100 Transfer in (out) to Stage 1 - - - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 107 - - 107 Loan originations - - - - Derecognitions and maturities - - - - Provision for (recovery of) credit losses 107 - - 107 Write-offs - - - - Recoveries - - - - Balance at end of period $ 207 $ - $ - $ 207 Commercial real estate mortgages Balance at beginning of period $ 1,699 $ 523 $ - $ 2,222 Transfer in (out) to Stage 1 232 (232 ) - - Transfer in (out) to Stage 2 (162 ) 162 - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance (106 ) (111 ) - (217 ) Loan originations 77 - - 77 Derecognitions and maturities (97 ) (43 ) - (140 ) Provision for (recovery of) credit losses (56 ) (224 ) - (280 ) Write-offs - - - - Recoveries - - - - Balance at end of period $ 1,643 $ 299 $ - $ 1,942 Commercial real estate loans Balance at beginning of period $ 42 $ - $ - $ 42 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 11 - - 11 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 16 - - 16 Write-offs - - - - Recoveries - - - - Balance at end of period $ 58 $ - $ - $ 58 Public sector and other financing Balance at beginning of period $ 104 $ 45 $ - $ 149 Transfer in (out) to Stage 1 18 (18 ) - - Transfer in (out) to Stage 2 - - - - Transfer in (out) to Stage 3 - - - - Net remeasurement of loss allowance 50 (17 ) - 33 Loan originations 13 - - 13 Derecognitions and maturities - - - - Provision for (recovery of) credit losses 81 (35 ) - 46 Write-offs - - - - Recoveries - - - - Balance at end of period $ 185 $ 10 $ - $ 195 Total balance at end of period $ 2,093 $ 309 $ - $ 2,402 (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 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other assets [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Accounts receivable $ 5,921 $ 3,858 $ 3,070 Prepaid expenses and other 21,173 22,130 20,880 Property and equipment 24,172 6,536 6,833 Right-of-use assets 3,081 3,427 3,775 Deferred income tax asset 2,585 4,058 2,269 Interest rate swap (note 12) 1,052 1,517 103 Investment (note 6a) 953 953 953 Goodwill 5,754 5,754 5,754 Intangible assets 2,594 2,791 2,988 $ 67,285 $ 51,024 $ 46,625 |
Note 7 - Subordinated Notes P_2
Note 7 - Subordinated Notes Payable (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Issued April 2021, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of US $ 75.0 5.38 May 2031 $ 101,108 $ 101,931 $ 99,619 Issued March 2019, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of $ 5.0 500,000 10.41 March 2029 - 4,919 4,913 $ 101,108 $ 106,850 $ 104,532 |
Note 8 - Other Liabilities (Tab
Note 8 - Other Liabilities (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other liabilities [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Accounts payable and other $ 20,816 $ 9,681 $ 4,045 Current income tax liability 4,102 7,466 2,773 Deferred income tax liability 355 731 681 Lease obligations 3,414 3,771 4,120 Cash collateral and amounts held in escrow 6,751 8,818 6,746 Cash reserves on loan and lease receivables 158,176 153,769 141,759 $ 193,614 $ 184,236 $ 160,124 |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
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, 2024 April 30, 2023 April 30, 2024 April 30, 2023 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 874,393 $ 15.90 963,276 $ 15.53 874,393 $ 15.90 965,766 $ 15.53 Granted - - - - - - 1,500 15.90 Exercised - - - - - - - - Forfeited/cancelled (12,600 ) 15.90 (10,500 ) 15.90 (12,600 ) 15.90 (14,490 ) 15.90 Expired - - - - - - - - Outstanding, end of period 861,793 $ 15.90 952,776 $ 15.53 861,793 $ 15.90 952,776 $ 15.53 |
Note 11 - Income Per Common S_2
Note 11 - Income Per Common Share (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | (thousands of Canadian dollars, except shares outstanding and per share amounts) for the three months ended for the six months ended April 30 April 30 April 30 April 30 2024 2023 2024 2023 Net income $ 11,828 $ 10,263 $ 24,527 $ 19,680 Less: dividends on preferred shares (247 ) (247 ) (494 ) (494 ) 11,581 10,016 24,033 19,186 Weighted average number of common shares outstanding 25,964,424 26,170,621 25,964,424 26,605,052 Income per common share: $ 0.45 $ 0.38 $ 0.93 $ 0.72 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | (thousands of Canadian dollars) April 30 October 31 April 30 2024 2023 2023 Loan commitments $ 438,177 $ 405,426 $ 378,309 Letters of credit 72,332 75,963 78,866 $ 510,509 $ 481,389 $ 457,175 |
Note 15 - Capital Management (T
Note 15 - Capital Management (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of regulatory capital and capital ratios [text block] | (thousands of Canadian dollars) April 30 October 31 2024 2023 Common Equity Tier 1 (CET1) capital Directly issued qualifying common share capital $ 214,824 $ 214,824 Contributed surplus 2,717 2,513 Retained earnings 168,776 146,043 Accumulated other comprehensive income 139 131 CET1 before regulatory adjustments 386,456 363,511 Regulatory adjustments applied to CET1 (11,303 ) (12,699 ) Common Equity Tier 1 capital $ 375,153 $ 350,812 Additional Tier 1 capital Directly issued qualifying Additional Tier 1 instruments $ 13,647 $ 13,647 Total Tier 1 capital $ 388,800 $ 364,459 Tier 2 capital Directly issued Tier 2 capital instruments $ 103,095 $ 109,033 Tier 2 capital before regulatory adjustments 103,095 109,033 Eligible stage 1 and stage 2 allowance 2,402 2,513 Total Tier 2 capital $ 105,497 $ 111,546 Total regulatory capital $ 494,297 $ 476,005 Total risk-weighted assets $ 3,224,822 $ 3,095,092 Capital ratios CET1 capital ratio 11.63 % 11.33 % Tier 1 capital ratio 12.06 % 11.78 % Total capital ratio 15.33 % 15.38 % (thousands of Canadian dollars) April 30 October 31 2024 2023 On-balance sheet assets $ 4,388,320 $ 4,201,610 Assets amounts adjusted in determining the Basel III Tier 1 capital (11,303 ) (12,699 ) Total on-balance sheet exposures 4,377,017 4,188,911 Total off-balance sheet exposure at gross notional amount $ 510,509 $ 481,389 Adjustments for conversion to credit equivalent amount (339,616 ) (281,705 ) Total off-balance sheet exposures 170,893 199,684 Tier 1 capital 388,800 364,459 Total exposures 4,547,910 4,388,595 Leverage ratio 8.55 % 8.30 % |
Note 16 - Interest Rate Risk _2
Note 16 - Interest Rate Risk Position (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Sensitivity analysis for types of market risk [text block] | (thousands of Canadian dollars) April 30, 2024 October 31, 2023 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 $ 5,084 $ (5,097 ) $ 4,046 $ (4,059 ) Duration difference between assets and liabilities (months) (2.7 ) (2.0 ) |
Note 17 - Fair Value of Finan_2
Note 17 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | (thousands of Canadian dollars) April 30, 2024 October 31, 2023 Carrying Value Fair value Level 1 Fair Value Level 2 Fair Value Level 3 Total Fair Value Carrying Value Fair value Level 1 Fair Value Level 2 Fair Value Level 3 Total Fair Value Assets Cash $ 198,808 $ 198,808 $ - $ - $ 198,808 $ 132,242 $ 132,242 $ - $ - $ 132,242 Securities 103,769 103,769 - - 103,769 167,940 167,940 - - 167,940 Loans 4,018,458 - - 4,011,986 4,011,986 3,850,404 - - 3,837,599 3,837,599 Derivatives 1,052 - 1,052 - 1,052 1,517 - 1,517 - 1,517 Other financial assets 953 - - 953 953 953 - - 953 953 Liabilities Deposits $ 3,693,495 $ - $ - $ 3,661,067 $ 3,661,067 $ 3,533,366 $ - $ - $ 3,436,491 $ 3,436,491 Subordinated notes payable 101,108 - 98,831 - 98,831 106,850 - 109,033 - 109,033 Other financial liabilities 189,157 - - 189,157 189,157 176,039 - - 176,039 176,039 |
Note 18 - Operating Segmentat_2
Note 18 - Operating Segmentation (Tables) | 6 Months Ended |
Apr. 30, 2024 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | (thousands of Canadian dollars) for the three months ended April 30, 2024 April 30, 2023 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 26,242 $ - $ - $ 26,242 $ 24,609 $ - $ - $ 24,609 Non-interest income 262 2,336 (339 ) 2,259 122 2,146 (192 ) 2,076 Total revenue 26,504 2,336 (339 ) 28,501 24,731 2,146 (192 ) 26,685 Provision for (recovery of) credit losses 16 - - 16 237 - - 237 26,488 2,336 (339 ) 28,485 24,494 2,146 (192 ) 26,448 Non-interest expenses: Salaries and benefits 5,724 1,685 - 7,409 6,930 1,499 - 8,429 General and administrative 3,445 451 (339 ) 3,557 3,131 377 (192 ) 3,316 Premises and equipment 845 374 - 1,219 612 369 - 981 10,014 2,510 (339 ) 12,185 10,673 2,245 (192 ) 12,726 Income (loss) before income taxes 16,474 (174 ) - 16,300 13,821 (99 ) - 13,722 Income tax provision 4,484 (12 ) - 4,472 3,991 (532 ) - 3,459 Net income (loss) $ 11,990 $ (162 ) $ - $ 11,828 $ 9,830 $ 433 $ - $ 10,263 Total assets $ 4,378,863 $ 26,980 $ (17,523 ) $ 4,388,320 $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 Total liabilities $ 3,982,924 $ 29,069 $ (23,776 ) $ 3,988,217 $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 (thousands of Canadian dollars) for the six months ended April 30, 2024 April 30, 2023 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Net interest income $ 52,810 $ - $ - $ 52,810 $ 48,883 $ - $ - $ 48,883 Non-interest income 382 4,836 (676 ) 4,542 124 3,979 (383 ) 3,720 Total revenue 53,192 4,836 (676 ) 57,352 49,007 3,979 (383 ) 52,603 Provision for (recovery of) credit losses (111 ) - - (111 ) 622 - - 622 53,303 4,836 (676 ) 57,463 48,385 3,979 (383 ) 51,981 Non-interest expenses: Salaries and benefits 11,095 2,852 - 13,947 13,614 3,072 - 16,686 General and administrative 7,721 845 (676 ) 7,890 5,993 832 (383 ) 6,442 Premises and equipment 1,613 759 - 2,372 1,235 698 - 1,933 20,429 4,456 (676 ) 24,209 20,842 4,602 (383 ) 25,061 Income (loss) before income taxes 32,874 380 - 33,254 27,543 (623 ) - 26,920 Income tax provision 8,620 107 - 8,727 7,780 (540 ) - 7,240 Net income (loss) $ 24,254 $ 273 $ - $ 24,527 $ 19,763 $ (83 ) $ - $ 19,680 Total assets $ 4,378,863 $ 26,980 $ (17,523 ) $ 4,388,320 $ 3,719,592 $ 25,559 $ (15,758 ) $ 3,729,393 Total liabilities $ 3,982,924 $ 29,069 $ (23,776 ) $ 3,988,217 $ 3,366,614 $ 29,057 $ (22,797 ) $ 3,372,874 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) - CAD ($) $ in Thousands | 6 Months Ended | ||
Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | |
Statement Line Items [Line Items] | |||
Investments in Securities | $ 103,769 | $ 167,940 | $ 39,652 |
Government of Canada Treasury Bills and a U.S. Government Treasury Bill [member] | |||
Statement Line Items [Line Items] | |||
Investments in Securities | 103,800 | $ 167,900 | |
Government of Canada Bond Maturing May 2025 [Member] | |||
Statement Line Items [Line Items] | |||
Cash payment to acquire securities | 102,900 | ||
Notional amount | $ 103,000 | ||
Financial assets, interest rate | 4.23% |
Note 5 - Loans, Net of Allowa_3
Note 5 - Loans, Net of Allowance for Credit Losses (Details Textual) - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 |
Satisfactory Grade Loans [Member] | ||
Statement Line Items [Line Items] | ||
Percentage of Lending Assets | 97% | 99% |
West Texas Intermediate [member] | Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Global oil prices | $ 80 |
Note 5 - Loans, Net of Allowa_4
Note 5 - Loans, Net of Allowance for Credit Losses - Portfolio Analysis (Details) - Loans [member] - CAD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Statement Line Items [Line Items] | ||||||
Loans, gross | $ 3,999,160 | $ 3,832,236 | $ 3,405,091 | |||
Allowance for credit losses | (2,402) | (2,513) | (2,526) | |||
Accrued interest | 21,700 | 20,681 | 16,890 | |||
Total loans, net of allowance for credit losses | 4,018,458 | 3,850,404 | 3,419,455 | |||
Point of sale loans and leases [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 3,114,024 | 2,879,320 | 2,538,917 | |||
Allowance for credit losses | (207) | $ (65) | (100) | (627) | $ (583) | $ (545) |
Commercial real estate mortgages [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 819,853 | 889,069 | 807,828 | |||
Allowance for credit losses | (1,942) | (2,106) | (2,222) | (1,767) | (1,591) | (1,287) |
Commercial real estate loans [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 8,612 | 8,793 | 11,996 | |||
Allowance for credit losses | (58) | (55) | (42) | (59) | (57) | (54) |
Public sector and other financing [member] | ||||||
Statement Line Items [Line Items] | ||||||
Loans, gross | 56,671 | 55,054 | 46,350 | |||
Allowance for credit losses | $ (195) | $ (160) | $ (149) | $ (73) | $ (58) | $ (18) |
Note 5 - Loans, Net of Allowa_5
Note 5 - Loans, Net of Allowance for Credit Losses - Summary of Loan, ECL, and EL Amounts by Lending Asset Category (Details) - Loans [member] - CAD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Statement Line Items [Line Items] | ||||||
Notional amount | $ 3,999,160 | $ 3,832,236 | $ 3,405,091 | |||
ECL allowance | $ 2,402 | $ 2,513 | 2,526 | |||
EL % | 0.06% | 0.07% | ||||
Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 3,853,673 | $ 3,648,919 | ||||
ECL allowance | $ 2,093 | $ 1,945 | 2,403 | |||
EL % | 0.05% | 0.05% | ||||
Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 145,487 | $ 167,996 | ||||
ECL allowance | $ 309 | $ 568 | 123 | |||
EL % | 0.21% | 0.34% | ||||
Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 15,321 | ||||
ECL allowance | $ 0 | $ 0 | 0 | |||
EL % | 0% | 0% | ||||
Point of sale loans and leases [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 3,114,024 | $ 2,879,320 | 2,538,917 | |||
ECL allowance | $ 207 | $ 65 | $ 100 | 627 | $ 583 | $ 545 |
EL % | 0.01% | 0% | ||||
Point of sale loans and leases [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 3,104,388 | $ 2,873,078 | ||||
ECL allowance | $ 207 | 65 | $ 100 | 627 | 583 | 545 |
EL % | 0.01% | 0% | ||||
Point of sale loans and leases [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 9,636 | $ 6,242 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Point of sale loans and leases [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Commercial real estate mortgages [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 819,853 | $ 889,069 | 807,828 | |||
ECL allowance | $ 1,942 | 2,106 | $ 2,222 | 1,767 | 1,591 | 1,287 |
EL % | 0.24% | 0.25% | ||||
Commercial real estate mortgages [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 688,250 | $ 717,755 | ||||
ECL allowance | $ 1,643 | 1,656 | $ 1,699 | 1,647 | 1,517 | 1,150 |
EL % | 0.24% | 0.24% | ||||
Commercial real estate mortgages [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 131,603 | $ 155,993 | ||||
ECL allowance | $ 299 | 450 | $ 523 | 120 | 74 | 137 |
EL % | 0.23% | 0.34% | ||||
Commercial real estate mortgages [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 15,321 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Commercial real estate loans [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 8,612 | $ 8,793 | 11,996 | |||
ECL allowance | $ 58 | 55 | $ 42 | 59 | 57 | 54 |
EL % | 0.67% | 0.48% | ||||
Commercial real estate loans [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 8,612 | $ 8,793 | ||||
ECL allowance | $ 58 | 55 | $ 42 | 59 | 57 | 54 |
EL % | 0.67% | 0.48% | ||||
Commercial real estate loans [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Commercial real estate loans [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | 0 | $ 0 | 0 | 0 | 0 |
EL % | 0% | 0% | ||||
Public sector and other financing [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 56,671 | $ 55,054 | 46,350 | |||
ECL allowance | $ 195 | 160 | $ 149 | 73 | 58 | 18 |
EL % | 0.34% | 0.27% | ||||
Public sector and other financing [member] | Stage 1 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 52,423 | $ 49,293 | ||||
ECL allowance | $ 185 | 134 | $ 104 | 70 | 55 | 17 |
EL % | 0.35% | 0.21% | ||||
Public sector and other financing [member] | Stage 2 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 4,248 | $ 5,761 | ||||
ECL allowance | $ 10 | 26 | $ 45 | 3 | 3 | 1 |
EL % | 0.24% | 0.78% | ||||
Public sector and other financing [member] | Financial instruments credit-impaired [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | ||||
ECL allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
EL % | 0% | 0% |
Note 5 - Loans, Net of Allowa_6
Note 5 - Loans, Net of Allowance for Credit Losses - Expected Credit Loss Sensitivity (Details) - Loans [member] - CAD ($) $ in Thousands | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | $ 2,402 | $ 2,513 | $ 2,526 |
Upside, 100% [member] | |||
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | 1,392 | ||
Variance from reported ECL | $ (1,010) | ||
Variance from reported ECL (%) | (42.00%) | ||
Baseline, 100% [member] | |||
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | $ 1,739 | ||
Variance from reported ECL | $ (663) | ||
Variance from reported ECL (%) | (28.00%) | ||
Downside, 100% [member] | |||
Statement Line Items [Line Items] | |||
Allowance for expected credit losses | $ 2,632 | ||
Variance from reported ECL | $ 230 | ||
Variance from reported ECL (%) | 10% |
Note 5 - Loans, Net of Allowa_7
Note 5 - Loans, Net of Allowance for Credit Losses - Reconciliation of ECL Allowance by Lending Asset Category (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Statement Line Items [Line Items] | ||||
Provision for (recovery of) credit losses | $ 16 | $ 237 | $ (111) | $ 622 |
Loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 2,513 | |||
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 2,402 | 2,526 | 2,402 | 2,526 |
Loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1,945 | |||
Net remeasurement of loss allowance | 142 | 130 | 107 | 184 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 2,093 | 2,403 | 2,093 | 2,403 |
Loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 568 | |||
Net remeasurement of loss allowance | 0 | (86) | 0 | (102) |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 309 | 123 | 309 | 123 |
Loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | |||
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Loans [member] | Point of sale loans and leases [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 65 | 583 | 100 | 545 |
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 | 142 | 44 | 107 | 82 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 142 | 44 | 107 | 82 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 207 | 627 | 207 | 627 |
Loans [member] | Point of sale loans and leases [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 65 | 583 | 100 | 545 |
Transfer in (out) to Stage 1 | 0 | 32 | 0 | 70 |
Transfer in (out) to Stage 2 | 0 | (118) | 0 | (172) |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 142 | 44 | 107 | 82 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 207 | 627 | 207 | 627 |
Loans [member] | Point of sale loans and leases [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | (32) | 0 | (70) |
Transfer in (out) to Stage 2 | 0 | 118 | 0 | 172 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Loans [member] | Point of sale loans and leases [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Loans [member] | Commercial real estate mortgages [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 2,106 | 1,591 | 2,222 | 1,287 |
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 | (141) | 139 | (217) | 371 |
Loan originations | 11 | 63 | 77 | 149 |
Derecognitions and maturities | (34) | (26) | (140) | (40) |
Provision for (recovery of) credit losses | (164) | 176 | (280) | 480 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 1,942 | 1,767 | 1,942 | 1,767 |
Loans [member] | Commercial real estate mortgages [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 1,656 | 1,517 | 1,699 | 1,150 |
Transfer in (out) to Stage 1 | 110 | 17 | 232 | 79 |
Transfer in (out) to Stage 2 | (53) | (88) | (162) | (118) |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | (73) | 159 | (106) | 422 |
Loan originations | 11 | 63 | 77 | 149 |
Derecognitions and maturities | (8) | (21) | (97) | (35) |
Provision for (recovery of) credit losses | (13) | 130 | (56) | 497 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 1,643 | 1,647 | 1,643 | 1,647 |
Loans [member] | Commercial real estate mortgages [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 450 | 74 | 523 | 137 |
Transfer in (out) to Stage 1 | (110) | (17) | (232) | (79) |
Transfer in (out) to Stage 2 | 53 | 88 | 162 | 118 |
Transfer in (out) to Stage 3 | 0 | (13) | 0 | (13) |
Net remeasurement of loss allowance | (68) | (7) | (111) | (38) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | (26) | (5) | (43) | (5) |
Provision for (recovery of) credit losses | (151) | 46 | (224) | (17) |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 299 | 120 | 299 | 120 |
Loans [member] | Commercial real estate mortgages [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 13 | 0 | 13 |
Net remeasurement of loss allowance | 0 | (13) | 0 | (13) |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Loans [member] | Commercial real estate loans [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 55 | 57 | 42 | 54 |
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 | 3 | 2 | 5 | 5 |
Loan originations | 0 | 0 | 11 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 3 | 2 | 16 | 5 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 58 | 59 | 58 | 59 |
Loans [member] | Commercial real estate loans [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 55 | 57 | 42 | 54 |
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 | 3 | 2 | 5 | 5 |
Loan originations | 0 | 0 | 11 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 3 | 2 | 16 | 5 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 58 | 59 | 58 | 59 |
Loans [member] | Commercial real estate loans [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Loans [member] | Commercial real estate loans [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Loans [member] | Public sector and other financing [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 160 | 58 | 149 | 18 |
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 | 22 | (1) | 33 | 12 |
Loan originations | 13 | 16 | 13 | 43 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 35 | 15 | 46 | 55 |
Write-offs | 0 | 0 | 0 | 0 |
Balance at end of period | 195 | 73 | 195 | 73 |
Loans [member] | Public sector and other financing [member] | Stage 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 134 | 55 | 104 | 17 |
Transfer in (out) to Stage 1 | 0 | 0 | 18 | 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 | 38 | (1) | 50 | 10 |
Loan originations | 13 | 16 | 13 | 43 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 51 | 15 | 81 | 53 |
Write-offs | 0 | 0 | 0 | 0 |
Balance at end of period | 185 | 70 | 185 | 70 |
Loans [member] | Public sector and other financing [member] | Stage 2 [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 26 | 3 | 45 | 1 |
Transfer in (out) to Stage 1 | 0 | 0 | (18) | 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 | (16) | 0 | (17) | 2 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | (16) | 0 | (35) | 2 |
Write-offs | 0 | 0 | 0 | 0 |
Balance at end of period | 10 | 3 | 10 | 3 |
Loans [member] | Public sector and other financing [member] | Financial instruments credit-impaired [member] | ||||
Statement Line Items [Line Items] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 1 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 2 | 0 | 0 | 0 | 0 |
Transfer in (out) to Stage 3 | 0 | 0 | 0 | 0 |
Net remeasurement of loss allowance | 0 | 0 | 0 | 0 |
Loan originations | 0 | 0 | 0 | 0 |
Derecognitions and maturities | 0 | 0 | 0 | 0 |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 |
Write-offs | 0 | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - Canada Stablecorp Inc.[member] | 1 Months Ended |
Feb. 28, 2021 CAD ($) | |
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, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | |
Statement Line Items [Line Items] | ||||
Accounts receivable | $ 5,921 | $ 3,858 | $ 3,070 | |
Prepaid expenses and other | 21,173 | 22,130 | 20,880 | |
Property and equipment | 24,172 | 6,536 | 6,833 | |
Right-of-use assets | 3,081 | 3,427 | 3,775 | |
Deferred income tax asset | 2,585 | 4,058 | 2,269 | |
Interest rate swap (note 12) | 1,052 | 1,517 | 103 | |
Investment (note 6a) | [1] | 953 | 953 | 953 |
Goodwill | 5,754 | 5,754 | 5,754 | |
Intangible assets | 2,594 | 2,791 | 2,988 | |
Other assets | $ 67,285 | $ 51,024 | $ 46,625 | |
[1]In February 2021, the Bank acquired an 11% investment in Canada Stablecorp Inc. (“Stablecorp”) for cash consideration of $953,000. The Bank has made an irrevocable election to designate this investment at fair value through other comprehensive income at initial recognition and any future changes in the fair value of the investment will be recognized in other comprehensive income (loss). Amounts recorded in other comprehensive income (loss) will not be reclassified to profit and loss at a later date. |
Note 7 - Subordinated Notes P_3
Note 7 - Subordinated Notes Payable (Details Textual) - CAD ($) $ in Thousands | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2024 | Apr. 30, 2023 | |
Statement Line Items [Line Items] | |||
Repayments of bonds, notes and debentures | $ 5,000 | $ 0 | |
Subordinated notes payable [member] | |||
Statement Line Items [Line Items] | |||
Repayments of bonds, notes and debentures | $ 5,000 |
Note 7 - Subordinated Notes P_4
Note 7 - Subordinated Notes Payable - Schedule of Subordinated Notes Payable (Details) - CAD ($) $ in Thousands | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Subordinated notes payable, maturing May 2031 [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | $ 101,108 | $ 101,931 | $ 99,619 |
Subordinated notes payable, maturing March 2029 [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | 0 | 4,919 | 4,913 |
Subordinated notes payable [member] | |||
Statement Line Items [Line Items] | |||
Subordinated notes payable | $ 101,108 | $ 106,850 | $ 104,532 |
Note 7 - Subordinated Notes P_5
Note 7 - Subordinated Notes Payable - Schedule of Subordinated Notes Payable (Details) (Parentheticals) $ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2024 CAD ($) | Apr. 30, 2023 CAD ($) | Oct. 31, 2023 CAD ($) | Apr. 30, 2024 USD ($) | Oct. 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | |
Subordinated notes payable, maturing May 2031 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | $ 75 | $ 75 | $ 75 | |||
Interest rate | 5.38% | 5.38% | 5.38% | 5.38% | 5.38% | 5.38% |
Maturity date | May 31, 2031 | May 31, 2031 | May 31, 2031 | |||
Subordinated notes payable, maturing March 2029 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | $ 5 | $ 5 | $ 5 | |||
Interest rate | 10.41% | 10.41% | 10.41% | 10.41% | 10.41% | 10.41% |
Maturity date | Mar. 31, 2029 | Mar. 31, 2029 | Mar. 31, 2029 | |||
Subordinated notes payable, maturing March 2029 [member] | Key management personnel of entity or parent [member] | ||||||
Statement Line Items [Line Items] | ||||||
Principal amount | $ 0.5 | $ 0.5 | $ 0.5 |
Note 8 - Other Liabilities - Sc
Note 8 - Other Liabilities - Schedule of Other Liabilities (Details) - CAD ($) $ in Thousands | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Statement Line Items [Line Items] | |||
Accounts payable and other | $ 20,816 | $ 9,681 | $ 4,045 |
Current income tax liability | 4,102 | 7,466 | 2,773 |
Deferred income tax liability | 355 | 731 | 681 |
Lease obligations | 3,414 | 3,771 | 4,120 |
Cash collateral and amounts held in escrow | 6,751 | 8,818 | 6,746 |
Cash reserves on loan and lease receivables | 158,176 | 153,769 | 141,759 |
Other liabilities | $ 193,614 | $ 184,236 | $ 160,124 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) - CAD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 21, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | |
Statement Line Items [Line Items] | ||||||
Shares purchased and cancelled during period (in shares) | 1,700,000 | 419,500 | 1,241,796 | |||
Number of shares repurchased and cancelled, percentage of public float | 9.54% | |||||
Reduction of issued capital | $ 4,200,000 | $ 12,600,000 | ||||
Total expense from share-based payment transactions | $ 72,000 | 192,000 | $ 204,000 | 535,000 | ||
Retained earnings [member] | ||||||
Statement Line Items [Line Items] | ||||||
Reduction of issued capital | 600,000 | 1,800,000 | ||||
Ordinary shares [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of shares outstanding at end of period (in shares) | 25,964,424 | 25,964,424 | 25,964,424 | |||
Ordinary shares [member] | Issued capital [member] | ||||||
Statement Line Items [Line Items] | ||||||
Reduction of issued capital | $ 0 | $ 3,632,000 | $ 0 | $ 10,749,000 | ||
Series 1 preferred shares [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of shares outstanding at end of period (in shares) | 1,461,460 | 1,461,460 | 1,461,460 | |||
Dividends paid, other shares per share (in CAD per share) | $ 0.6772 | |||||
Dividend, annual yield | 6.772% | |||||
Dividends rate, period for reset (Year) | 5 years | |||||
Dividend rate, adjustment | 5.43% | |||||
Preferred shares, period for mandatory redemption (Year) | 5 years | |||||
Par value per share (in CAD per share) | $ 10 | $ 10 |
Note 9 - Share Capital - Stock
Note 9 - Share Capital - Stock Option Transactions (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 $ / shares | Apr. 30, 2023 $ / shares | Apr. 30, 2024 $ / shares | Apr. 30, 2023 $ / shares | |
Statement Line Items [Line Items] | ||||
Outstanding, beginning of period | 874,393 | 963,276 | 874,393 | 965,766 |
Outstanding, beginning of period, weighted average exercise price (in CAD per share) | $ 15.9 | $ 15.53 | $ 15.9 | $ 15.53 |
Granted | 0 | 0 | 0 | 1,500 |
Granted, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 15.9 |
Exercised | 0 | 0 | 0 | 0 |
Exercised, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Forfeited/cancelled | (12,600) | (10,500) | (12,600) | (14,490) |
Forfeired/cancelled, weighted average exercise price (in CAD per share) | $ 15.9 | $ 15.9 | $ 15.9 | $ 15.9 |
Expired | 0 | 0 | 0 | 0 |
Expired, weighted average exercise price (in CAD per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Outstanding, end of period | 861,793 | 952,776 | 861,793 | 952,776 |
Outstanding, beginning of period, weighted average exercise price (in CAD per share) | $ 15.9 | $ 15.53 | $ 15.9 | $ 15.53 |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision (Details Textual) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Statement Line Items [Line Items] | ||||
Tax income (expense) | $ 4,472 | $ 3,459 | $ 8,727 | $ 7,240 |
Applicable tax rate | 27% | 27% |
Note 11 - Income Per Common S_3
Note 11 - Income Per Common Share - Basic and Diluted Income Per Common Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Statement Line Items [Line Items] | ||||
Net income (loss) | $ 11,828 | $ 10,263 | $ 24,527 | $ 19,680 |
Less: dividends on preferred shares | (247) | (247) | (494) | (494) |
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating basic earnings per share | $ 11,581 | $ 10,016 | $ 24,033 | $ 19,186 |
Weighted average number of common shares outstanding (in shares) | 25,964,424 | 26,170,621 | 25,964,424 | 26,605,052 |
Basic and diluted income per common share (note 11) (in CAD per share) | $ 0.45 | $ 0.38 | $ 0.93 | $ 0.72 |
Note 12 - Derivative Instrume_2
Note 12 - Derivative Instruments (Details Textual) - Interest rate swap contract [member] - CAD ($) $ in Millions | Apr. 30, 2024 | Oct. 31, 2023 |
Statement Line Items [Line Items] | ||
Notional amount | $ 22.8 | $ 20.8 |
Financial assets qualified for hedge accounting | 22.8 | 20.8 |
Reserve of cash flow hedges | 22.2 | |
Other assets [member] | ||
Statement Line Items [Line Items] | ||
Total financial assets | $ 1.1 | $ 1.5 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies - Credit Related Commitments (Details) - CAD ($) $ in Thousands | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Statement Line Items [Line Items] | |||
Credit commitments | $ 510,509 | $ 481,389 | $ 457,175 |
Loan commitments [member] | |||
Statement Line Items [Line Items] | |||
Credit commitments | 438,177 | 405,426 | 378,309 |
Letters of credit [member] | |||
Statement Line Items [Line Items] | |||
Credit commitments | $ 72,332 | $ 75,963 | $ 78,866 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - CAD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||||||
Revenue from rendering of services, related party transactions | $ 40,000 | $ 25,000 | $ 81,000 | $ 49,000 | ||
Subordinated notes payable [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 5,000,000 | |||||
Key management personnel of entity or parent [member] | ||||||
Statement Line Items [Line Items] | ||||||
Amounts receivable, related party transactions | 2,100,000 | 2,100,000 | $ 1,500,000 | |||
Allowance account for credit losses of financial assets at end of period | 0 | 0 | 0 | |||
Key management personnel of entity or parent [member] | Subordinated notes payable [member] | ||||||
Statement Line Items [Line Items] | ||||||
Notional amount | $ 500,000 | |||||
Corporation controlled by key management personnel [member] | ||||||
Statement Line Items [Line Items] | ||||||
Amounts receivable, related party transactions | $ 4,300,000 | $ 4,300,000 | $ 3,900,000 |
Note 15 - Capital Management (D
Note 15 - Capital Management (Details Textual) | Apr. 30, 2024 |
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, 2024 | Oct. 31, 2023 | Apr. 30, 2023 |
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 228,471 | $ 228,471 | $ 228,880 |
Contributed surplus | 2,717 | 2,513 | 2,147 |
Retained earnings | 168,776 | 146,043 | 125,398 |
Accumulated other comprehensive income | 139 | 131 | 94 |
Regulatory capital | 476,005 | ||
Total risk-weighted assets | $ 3,095,092 | ||
CET1 capital ratio | 15.38% | ||
Total assets | 4,388,320 | $ 4,201,610 | $ 3,729,393 |
Transitional [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital | 494,297 | ||
Total risk-weighted assets | $ 3,224,822 | ||
CET1 capital ratio | 15.33% | ||
Basel III [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital | $ (11,303) | (12,699) | |
Total assets | 4,388,320 | 4,201,610 | |
Total on-balance sheet exposures | 4,377,017 | 4,188,911 | |
Total off-balance sheet exposure at gross notional amount | 510,509 | 481,389 | |
Adjustments for conversion to credit equivalent amount | 339,616 | 281,705 | |
Total off-balance sheet exposures | 170,893 | 199,684 | |
Total exposures | $ 4,547,910 | $ 4,388,595 | |
Leverage ratio | 8.55% | 8.30% | |
Common equity tier 1 [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 214,824 | ||
Contributed surplus | 2,513 | ||
Retained earnings | 146,043 | ||
Accumulated other comprehensive income | 131 | ||
Regulatory capital before adjustments | 363,511 | ||
Adjustments to capital | (12,699) | ||
Regulatory capital | $ 350,812 | ||
CET1 capital ratio | 11.33% | ||
Common equity tier 1 [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 214,824 | ||
Contributed surplus | 2,717 | ||
Retained earnings | 168,776 | ||
Accumulated other comprehensive income | 139 | ||
Regulatory capital before adjustments | 386,456 | ||
Adjustments to capital | (11,303) | ||
Regulatory capital | $ 375,153 | ||
CET1 capital ratio | 11.63% | ||
Capital Tier 1 [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 13,647 | ||
Regulatory capital | $ 388,800 | $ 364,459 | |
CET1 capital ratio | 11.78% | ||
Capital Tier 1 [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | 13,647 | ||
Regulatory capital | $ 388,800 | ||
CET1 capital ratio | 12.06% | ||
Tier 2 capital [member] | |||
Statement Line Items [Line Items] | |||
Directly issued capital instruments | $ 103,095 | $ 109,033 | |
Regulatory capital before adjustments | 109,033 | ||
Adjustments to capital | 2,513 | ||
Regulatory capital | $ 111,546 | ||
Tier 2 capital [member] | Transitional [member] | |||
Statement Line Items [Line Items] | |||
Regulatory capital before adjustments | 103,095 | ||
Adjustments to capital | 2,402 | ||
Regulatory capital | $ 105,497 |
Note 16 - Interest Rate Risk _3
Note 16 - Interest Rate Risk Position - Analysis of Sensitivity to Market Interest Rates (Details) - Interest rate risk [member] $ in Thousands | Apr. 30, 2024 CAD ($) mo | Oct. 31, 2023 CAD ($) mo |
Increase 100 bps [member] | ||
Statement Line Items [Line Items] | ||
Impact on projected net interest income during a 12 month period | $ 5,084 | $ 4,046 |
Duration difference between assets and liabilities (months) (Month) | mo | (2.7) | (2) |
Decrease 100 bps [member] | ||
Statement Line Items [Line Items] | ||
Impact on projected net interest income during a 12 month period | $ (5,097) | $ (4,059) |
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, 2024 | Oct. 31, 2023 |
Other financial liabilities [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | $ 189,157 | $ 176,039 |
Liabilities, fair value | 189,157 | 176,039 |
Deposits from banks [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | 3,693,495 | 3,533,366 |
Liabilities, fair value | 3,661,067 | 3,436,491 |
Subordinated notes [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, book value | 101,108 | 106,850 |
Liabilities, fair value | 98,831 | 109,033 |
Level 1 of fair value hierarchy [member] | Other financial liabilities [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Deposits from banks [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Subordinated notes [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Other financial liabilities [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Deposits from banks [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Subordinated notes [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 98,831 | 109,033 |
Level 3 of fair value hierarchy [member] | Other financial liabilities [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 189,157 | 176,039 |
Level 3 of fair value hierarchy [member] | Deposits from banks [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 3,661,067 | 3,436,491 |
Level 3 of fair value hierarchy [member] | Subordinated notes [member] | ||
Statement Line Items [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 198,808 | 132,242 |
Assets, fair value | 198,808 | 132,242 |
Cash and cash equivalents [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 198,808 | 132,242 |
Cash and cash equivalents [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Cash and cash equivalents [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Securities [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 103,769 | 167,940 |
Assets, fair value | 103,769 | 167,940 |
Securities [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 103,769 | 167,940 |
Securities [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Securities [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Loans, net [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 4,018,458 | 3,850,404 |
Assets, fair value | 4,011,986 | 3,837,599 |
Loans, net [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Loans, net [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Loans, net [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 4,011,986 | 3,837,599 |
Derivatives [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 1,052 | 1,517 |
Assets, fair value | 1,052 | 1,517 |
Derivatives [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Derivatives [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 1,052 | 1,517 |
Derivatives [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Other financial assets [member] | ||
Statement Line Items [Line Items] | ||
Assets, book value | 953 | 953 |
Assets, fair value | 953 | 953 |
Other financial assets [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Other financial assets [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | 0 | 0 |
Other financial assets [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Assets, fair value | $ 953 | $ 953 |
Note 18 - Operating Segmentat_3
Note 18 - Operating Segmentation (Details Textual) | 6 Months Ended |
Apr. 30, 2024 | |
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, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | |
Statement Line Items [Line Items] | |||||
Net interest income | $ 26,242 | $ 24,609 | $ 52,810 | $ 48,883 | |
Non-interest income | 2,259 | 2,076 | 4,542 | 3,720 | |
Total revenue | 28,501 | 26,685 | 57,352 | 52,603 | |
Provision for (recovery of) credit losses | 16 | 237 | (111) | 622 | |
Revenue less provision for credit loss | 28,485 | 26,448 | 57,463 | 51,981 | |
Non-interest expenses: | |||||
Salaries and benefits | 7,409 | 8,429 | 13,947 | 16,686 | |
General and administrative | 3,557 | 3,316 | 7,890 | 6,442 | |
Premises and equipment | 1,219 | 981 | 2,372 | 1,933 | |
Noninterest expense | 12,185 | 12,726 | 24,209 | 25,061 | |
Income (loss) before income taxes | 16,300 | 13,722 | 33,254 | 26,920 | |
Income tax provision | 4,472 | 3,459 | 8,727 | 7,240 | |
Net income (loss) | 11,828 | 10,263 | 24,527 | 19,680 | |
Total assets | 4,388,320 | 3,729,393 | 4,388,320 | 3,729,393 | $ 4,201,610 |
Total liabilities | 3,988,217 | 3,372,874 | 3,988,217 | 3,372,874 | $ 3,824,452 |
Net interest income | 26,242 | 24,609 | 52,810 | 48,883 | |
Non-interest income | 2,259 | 2,076 | 4,542 | 3,720 | |
Total revenue | 28,501 | 26,685 | 57,352 | 52,603 | |
Provision for (recovery of) credit losses | 16 | 237 | (111) | 622 | |
Revenue less provision for credit loss | 28,485 | 26,448 | 57,463 | 51,981 | |
Elimination of intersegment amounts [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | (339) | (192) | (676) | (383) | |
Total revenue | (339) | (192) | (676) | (383) | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | (339) | (192) | (676) | (383) | |
Non-interest expenses: | |||||
Salaries and benefits | 0 | 0 | 0 | 0 | |
General and administrative | (339) | (192) | (676) | (383) | |
Premises and equipment | 0 | 0 | 0 | 0 | |
Noninterest expense | (339) | (192) | (676) | (383) | |
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 | (17,523) | (15,758) | (17,523) | (15,758) | |
Total liabilities | (23,776) | (22,797) | (23,776) | (22,797) | |
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | (339) | (192) | (676) | (383) | |
Total revenue | (339) | (192) | (676) | (383) | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | (339) | (192) | (676) | (383) | |
Banking segment [member] | Operating segments [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 26,242 | 24,609 | 52,810 | 48,883 | |
Non-interest income | 262 | 122 | 382 | 124 | |
Total revenue | 26,504 | 24,731 | 53,192 | 49,007 | |
Provision for (recovery of) credit losses | 16 | 237 | (111) | 622 | |
Revenue less provision for credit loss | 26,488 | 24,494 | 53,303 | 48,385 | |
Non-interest expenses: | |||||
Salaries and benefits | 5,724 | 6,930 | 11,095 | 13,614 | |
General and administrative | 3,445 | 3,131 | 7,721 | 5,993 | |
Premises and equipment | 845 | 612 | 1,613 | 1,235 | |
Noninterest expense | 10,014 | 10,673 | 20,429 | 20,842 | |
Income (loss) before income taxes | 16,474 | 13,821 | 32,874 | 27,543 | |
Income tax provision | 4,484 | 3,991 | 8,620 | 7,780 | |
Net income (loss) | 11,990 | 9,830 | 24,254 | 19,763 | |
Total assets | 4,378,863 | 3,719,592 | 4,378,863 | 3,719,592 | |
Total liabilities | 3,982,924 | 3,366,614 | 3,982,924 | 3,366,614 | |
Net interest income | 26,242 | 24,609 | 52,810 | 48,883 | |
Non-interest income | 262 | 122 | 382 | 124 | |
Total revenue | 26,504 | 24,731 | 53,192 | 49,007 | |
Provision for (recovery of) credit losses | 16 | 237 | (111) | 622 | |
Revenue less provision for credit loss | 26,488 | 24,494 | 53,303 | 48,385 | |
Cybersecurity segment [member] | Operating segments [member] | |||||
Statement Line Items [Line Items] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | 2,336 | 2,146 | 4,836 | 3,979 | |
Total revenue | 2,336 | 2,146 | 4,836 | 3,979 | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | 2,336 | 2,146 | 4,836 | 3,979 | |
Non-interest expenses: | |||||
Salaries and benefits | 1,685 | 1,499 | 2,852 | 3,072 | |
General and administrative | 451 | 377 | 845 | 832 | |
Premises and equipment | 374 | 369 | 759 | 698 | |
Noninterest expense | 2,510 | 2,245 | 4,456 | 4,602 | |
Income (loss) before income taxes | (174) | (99) | 380 | (623) | |
Income tax provision | (12) | (532) | 107 | (540) | |
Net income (loss) | (162) | 433 | 273 | (83) | |
Total assets | 26,980 | 25,559 | 26,980 | 25,559 | |
Total liabilities | 29,069 | 29,057 | 29,069 | 29,057 | |
Net interest income | 0 | 0 | 0 | 0 | |
Non-interest income | 2,336 | 2,146 | 4,836 | 3,979 | |
Total revenue | 2,336 | 2,146 | 4,836 | 3,979 | |
Provision for (recovery of) credit losses | 0 | 0 | 0 | 0 | |
Revenue less provision for credit loss | $ 2,336 | $ 2,146 | $ 4,836 | $ 3,979 |