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Canadian Western Bank Group – Annual Report 2011 Canadian Western Bank Group at a Glance (October 31, 2011)

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Canadian Western Bank Group – Annual Report 2011 Canadian Western Bank Group at a Glance (October 31, 2011) SHARED VISION WORKING TOGETHER TO REALIZE SUCCESS Canadian Western Bank Group – Annual Report 2011 Canadian Western Bank Group at a Glance (October 31, 2011) Canadian Western Bank, along with its subsidiaries and operating divisions, comprise Canadian Western Bank Group Subsidiary (Affiliate) Companies Canadian Western Canadian Direct Insurance Bank Group Employees†: 290+ Number of policies outstanding: 190,000+ Employees†: 1,900+ Annual gross written premiums: $129 million+ Clients: 600,000+ Total assets: $14.7 billion+ President & CEO: Larry M. Pollock Valiant Trust Chairman: Allan W. Jackson Employees†: 40+ Client appointments in 2011 (#): 560+ Number of clients: 300+ Canadian Western Bank Canadian Western Trust Optimum Mortgage † † Employees†: 1,200+ Employees : 70+ Employees : 40+ Consecutive profitable quarters: 94 Investment accounts (#): 47,000+ Total mortgages: $930 million+ Number of branches: 40 Total assets under administration: Number of client mortgages: $6.7 billion+ 3,700+ Operating Division Adroit Investment Canadian Direct Financial Management Established: 2008 Employees†: 10+ Client deposits: $100 million+ Total assets under management: $815 million+ Provinces and territories in Canada Number of client relationships: 300+ where products are offered (#): 12 Operating Division Canadian Western Financial Mutual fund representatives (#): 120+ Number of mutual fund clients: 3,000+ National Leasing Employees†: 260+ Total leases under management: $770 million+ Number of leases outstanding: 60,000+ † Includes both full- and part-time employees Five Year Financial Summary ($ thousands, except per share amounts) 2011 2010 2009 2008 2007 Results of Operations Net interest income (teb) (1) $ 384,683 $ 328,664 $ 236,354 $ 228,617 $ 210,659 Less teb adjustment 11,059 11,186 7,847 5,671 5,410 Net interest income per financial statements 373,624 317,478 228,507 222,946 205,249 Other income 106,331 105,595 91,612 70,240 62,821 Total revenues (teb) 491,014 434,259 327,966 298,857 273,480 Total revenues 479,995 423,073 320,119 293,186 268,070 Net income 178,149 163,621 106,285 102,019 96,282 Return on common shareholders’ equity (2) 15.6% 17.1% 13.2% 15.9% 17.4% Return on assets (3) 1.20 1.24 0.86 1.03 1.18 Per Common Share Average common shares outstanding (thousands) 72,205 65,757 63,613 63,214 62,354 Earnings per share Basic $ 2.26 $ 2.26 $ 1.51 $ 1.61 $ 1.54 Diluted 2.12 2.05 1.47 1.58 1.50 Diluted cash (4) 2.18 2.09 1.49 1.59 1.50 Dividends 0.54 0.44 0.44 0.42 0.34 Book value 14.36 14.08 12.16 10.70 9.48 Market price High 31.75 26.59 23.00 32.20 30.86 Low 24.00 19.85 7.52 14.67 20.78 Close 28.50 25.36 21.38 18.44 30.77 Balance Sheet and Off-Balance Sheet Summary Assets $ 14,772,035 $ 12,701,691 $ 11,635,872 $ 10,600,732 $ 9,525,040 Cash resources, securities and resale agreements 2,238,039 1,876,085 2,188,512 1,798,137 1,961,241 Loans 12,221,143 10,496,464 9,236,193 8,624,069 7,405,580 Deposits 12,499,689 10,812,767 9,617,238 9,245,719 8,256,918 Subordinated debentures 545,000 315,000 375,000 375,000 390,000 Shareholders’ equity 1,293,566 1,148,043 986,499 679,148 595,493 Assets under administration 9,369,589 8,530,716 5,467,447 4,347,723 4,283,900 Assets under management 816,219 795,467 878,095 — — Capital Adequacy Tangible common equity to risk-weighted assets (5) 8.6% 8.5% 8.0% 7.7% 7.7% Tier 1 ratio (6) 11.1 11.3 11.3 8.9 9.1 Total ratio (6) 15.4 14.3 15.4 13.5 13.7 Other Information Efficiency ratio (teb) (7) 45.3% 44.1% 48.2% 45.2% 44.6% Efficiency ratio 46.3 45.3 49.4 46.1 45.5 Net interest margin (teb) (8) 2.82 2.74 2.10 2.30 2.58 Net interest margin 2.74 2.64 2.03 2.25 2.51 Provision for credit losses as a percentage of average loans 0.20 0.21 0.15 0.15 0.16 Net impaired loans as a percentage of total loans 0.21 0.62 0.68 0.19 (0.57) Number of full-time equivalent staff (9) 1,796 1,716 1,339 1,284 1,185 Number of bank branches 40 39 37 36 35 (1) Most banks analyze revenue on a taxable equivalent basis (teb) to permit uniform measurement and (5) Tangible common equity to risk-weighted assets is calculated as shareholders’ equity less subsidiary comparison of net interest income. Net interest income (as presented in the consolidated statements goodwill divided by risk-weighted assets, calculated in accordance with guidelines issued by the Office of the of income) includes tax-exempt income on certain securities. Since this income is not taxable, the rate Superintendent of Financial Institutions Canada (OSFI). As of November 1, 2007, OSFI adopted a new capital of interest or dividend received is significantly lower than would apply to a loan or security of the same management framework called Basel II, and capital is managed and reported in accordance with those amount. The adjustment to taxable equivalent basis increases interest income and the provision for income requirements. Capital ratios prior to fiscal 2008 have been calculated using the previous framework. taxes to what they would have been had the tax-exempt securities been taxed at the statutory rate. The (6) Tier 1 and total capital adequacy ratios are calculated in accordance with guidelines issued by OSFI. As taxable equivalent basis does not have a standardized meaning prescribed by generally accepted accounting of November 1, 2007, OSFI adopted a new capital management framework called Basel II, and capital is principles (GAAP) and, therefore, may not be comparable to similar measures presented by other banks. managed and reported in accordance with those requirements. Capital ratios prior to fiscal 2008 have been (2) Return on common shareholders’ equity is calculated as net income after preferred share dividends divided calculated using the previous framework. by average common shareholders’ equity. (7) Efficiency ratio is calculated as non-interest expenses divided by total revenues. (3) Return on assets is calculated as net income after preferred share dividends divided by average total assets. (8) Net interest margin is calculated as net interest income divided by average total assets. (4) Diluted cash earnings per share is diluted earnings per common share excluding the after-tax amortization (9) The significant increase in the number of full-time equivalent staff in 2010 compared to the prior year of acquisition-related intangible assets. reflects CWB’s acquisition of National Leasing Group Inc., effective February 1, 2010. Our History of Financial Performance www.cwbankgroup.com Total Assets ($ millions) Total Loans ($ millions) 14,772 12,702 11,636 12,221 10,601 10,496 9,525 9,236 8,624 7,406 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Total Revenue (teb) ($ millions) Net Income ($ millions) 491 178 163 434 328 299 102 10 6 273 96 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Provision for Credit Losses Efficiency Ratio (teb) (as a percentage of average loans) (expenses to revenues) 48.2% % % 44.6% 45.2 44.1% 45.3 0.21 % 0.20% 0.16% 0.15 % 0.15 % 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 (1) Net income before preferred share dividends. (2) Net income before income 2011 2011 taxes (teb), non-controlling Performance Targets Minimum Targets Performance interest in subsidiary and preferred share dividends. Net income growth (1) 6% 9% (3) Return on common equity Net income growth, before taxes (teb) (2) 10% 11% calculated as net income after Total revenue (teb) growth 12% 13% preferred share dividends divided by average common Loan growth 10% 16% shareholders’ equity. % % Provision for credit losses as a percentage of average loans 0.20 to 0.25 0.20 (4) Return on assets calculated Efficiency ratio (teb) 46% or less 45.3% as net income after preferred Return on common shareholders’ equity (3) 15% 15.6% share dividends divided Return on assets (4) 1.20% 1.20% by average total assets. Shared Vision No matter what you want to achieve, it helps to work Table of Contents alongside people who share the same vision. Here 1 Shared Vision at Canadian Western Bank Group (CWB Group), we’re 2 CWB Group 4 An Interview with Larry Pollock, proud that our management teams and dedicated President and CEO employees share a common vision of what a financial 8 An Interview with Allan Jackson, institution can, and should, be. This shared commitment Board Chair 10 Canadian Western Bank to provide exceptional service and customized client 14 Canadian Western Financial solutions has shaped how we have done business 15 Canadian Direct Financial 16 National Leasing since our inception almost 30 years ago, and it’s how 17 Canadian Western Trust we continue to serve our clients and add value for 18 Optimum Mortgage 19 Valiant Trust shareholders today. It has created an organization that 20 Canadian Direct Insurance is focused, aligned and strong enough to both embrace 21 Adroit Investment Management opportunities and weather challenges. It has directed 22 Corporate Social Responsibility 28 Corporate Governance our success and growth, and allowed us to do what 29 Board of Directors we do while always striving to do better.
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