Consolidated
Balance Sheet |
5 Yr Cmpd Anl Gr Rt |
10 Yr Cmpd Anl Gr Rt |
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As at March 31 |
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($ in thousands) |
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2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
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Assets |
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Cash |
15.89% |
1.47% |
$161,901.00 |
$179,424 |
$353,724 |
$91,567 |
$78,117 |
$77,454 |
$26,279 |
$101,281 |
$72,750 |
$120,061 |
$139,896 |
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Interest-bearing
deposits with financial institutions |
2.85% |
4.09% |
$1,123,779.00 |
675,576 |
2,516,489 |
1,928,230 |
1,017,497 |
976,671 |
927,244 |
956,727 |
579,607 |
752,269 |
752,519 |
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Securities |
8.31% |
8.32% |
$2,058,878.00 |
1,158,900 |
1,228,305 |
1,253,518 |
1,684,821 |
1,381,444 |
932,511 |
854,997 |
578,850 |
807,793 |
926,180 |
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Loans, net of allowance
for credit losses |
9.09% |
9.16% |
$22,943,184.00 |
22,534,603 |
21,602,235 |
19,443,517 |
16,994,329 |
14,846,694 |
13,137,917 |
12,131,053 |
11,691,482 |
10,400,563 |
9,554,252 |
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Other assets |
24.66% |
14.68% |
$1,100,321.00 |
880,515 |
813,390 |
626,321 |
519,954 |
365,552 |
357,281 |
261,752 |
261,306 |
273,124 |
279,685 |
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Total assets |
9.19% |
8.92% |
$27,388,063.00 |
$25,429,018 |
$26,514,143 |
$23,343,153 |
$20,294,718 |
$17,647,815 |
$15,381,232 |
$14,305,810 |
$13,183,995 |
$12,353,810 |
$11,652,532 |
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Liabilities and equity |
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Deposits |
8.61% |
8.19% |
$23,982,145.00 |
$22,579,167 |
$23,881,246 |
$21,175,716 |
$18,252,838 |
$15,870,308 |
$13,840,032 |
$13,035,120 |
$12,096,911 |
$11,425,210 |
$10,918,863 |
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Securities sold under
repurchase agreements |
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$341,557.00 |
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286,404 |
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Other liabilities |
17.58% |
11.02% |
$802,209.00 |
770,324 |
530,796 |
425,987 |
346,255 |
356,933 |
325,207 |
262,313 |
250,731 |
306,385 |
282,118 |
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Capital investment
notes |
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$230,972.00 |
224,994 |
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Subordinated
debentures |
-1.18% |
14.48% |
$67,467.00 |
45,176 |
57,013 |
72,998 |
72,242 |
71,579 |
65,719 |
45,416 |
45,416 |
30,182 |
17,444 |
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Equity |
7.80% |
16.29% |
$1,963,713.00 |
1,809,357 |
1,758,684 |
1,668,452 |
1,623,383 |
1,348,995 |
1,150,274 |
962,961 |
790,937 |
592,033 |
434,107 |
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Total liabilities and
equity |
9.19% |
8.92% |
$27,388,063.00 |
$25,429,018 |
$26,514,143 |
$23,343,153 |
$20,294,718 |
$17,647,815 |
$15,381,232 |
$14,305,810 |
$13,183,995 |
$12,353,810 |
$11,652,532 |
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Consolidated Statement
of Income |
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For the years ended
March 31 |
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($ in thousands) |
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2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
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Interest income |
5.93% |
2.98% |
$1,086,667.00 |
$1,031,112 |
$1,194,987 |
$1,302,564 |
$1,078,282 |
$814,669 |
$699,883 |
$740,601 |
$697,524 |
$739,445 |
$809,826 |
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Interest expense |
-0.25% |
-2.49% |
$347,965.00 |
356,424 |
547,642 |
643,154 |
506,477 |
352,418 |
301,137 |
343,317 |
333,364 |
373,862 |
447,857 |
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Net interest income |
9.83% |
7.39% |
$738,712.00 |
674,688 |
647,345 |
659,410 |
571,805 |
462,251 |
398,746 |
397,284 |
364,160 |
365,583 |
361,969 |
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Other income |
10.06% |
10.93% |
$251,278.00 |
220,783 |
259,682 |
185,995 |
179,661 |
155,621 |
139,308 |
116,272 |
107,442 |
101,209 |
89,075 |
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Operating revenue before
the undernoted |
9.89% |
8.18% |
$989,990.00 |
895,471 |
907,027 |
845,405 |
751,466 |
617,872 |
538,054 |
513,556 |
471,602 |
466,792 |
451,044 |
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Recovery (provision for
loss) on ABCP 537 |
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$28,800.00 |
537 |
-224,816 |
-253,133 |
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Total operating
revenue |
10.52% |
8.49% |
$1,018,790.00 |
896,008 |
682,211 |
592,272 |
751,466 |
617,872 |
538,054 |
513,556 |
471,602 |
466,792 |
451,044 |
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Provision for (recovery
of ) credit losses |
110.53% |
3.10% |
$28,452.00 |
58,947 |
42,712 |
12,906 |
-5,211 |
688 |
-14,594 |
15,859 |
-43,211 |
21,095 |
20,969 |
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Non-interest
expenses |
11.85% |
10.55% |
$732,524.00 |
671,516 |
633,087 |
549,381 |
482,289 |
418,463 |
365,335 |
325,673 |
315,909 |
287,771 |
268,606 |
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Net income before
payment in lieu of tax |
5.34% |
4.79% |
$257,814.00 |
165,545 |
6,412 |
29,985 |
274,388 |
198,721 |
187,313 |
172,024 |
198,904 |
157,926 |
161,469 |
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Payment in lieu of
tax |
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$59,298.00 |
38,075 |
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Net income |
-0.02% |
2.09% |
$198,516.00 |
$127,470 |
$6,412 |
$29,985 |
$274,388 |
$198,721 |
$187,313 |
$172,024 |
$198,904 |
$157,926 |
$161,469 |
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Adjusted Net Income
(removing ABCP benefit or loss) |
-3.11% |
0.50% |
$169,716.00 |
$126,933.00 |
$231,228.00 |
$283,118.00 |
$274,388.00 |
$198,721.00 |
$187,313.00 |
$172,024.00 |
$198,904.00 |
$157,926.00 |
$161,469.00 |
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Adjusted Net Income
(fully taxable AND taxed) |
2.09% |
3.16% |
$169,716.00 |
$126,933.00 |
$178,046 |
$218,001 |
$211,279 |
$153,015 |
$144,231 |
$132,458 |
$153,156 |
$121,603 |
$124,331 |
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Operating Cash Flow |
-15.28% |
-10.32% |
$72,163.00 |
$98,272.00 |
$64,707.00 |
-$44,343.00 |
-$42,153.00 |
$165,325.00 |
$45,956.00 |
$51,196.00 |
$138,625.00 |
$227,746.00 |
$214,555.00 |
$165,167.00 |
$126,217.00 |
$56,726.00 |
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In
Purchase of premises, equipment, software, and other intangibles |
-1.12% |
1.16% |
-$30,233.00 |
-$55,140.00 |
-$39,164.00 |
-$23,472.00 |
-$20,424.00 |
-$31,983.00 |
-$16,309.00 |
-$15,607.00 |
-$26,768.00 |
-$17,897.00 |
-$26,946.00 |
-$23,486.00 |
-$15,002.00 |
-$9,453.00 |
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Free Cash Flow |
-20.66% |
-13.92% |
$41,930.00 |
$43,132.00 |
$25,543.00 |
-$67,815.00 |
-$62,577.00 |
$133,342.00 |
$29,647.00 |
$35,589.00 |
$111,857.00 |
$209,849.00 |
$187,609.00 |
$141,681.00 |
$111,215.00 |
$47,273.00 |
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Effective Tax Rate
derived from 'Pmt In Lieu of Tax' |
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23.00% |
23.00% |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
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Payment in lieu of tax
calculated for earlier years |
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$1,474.76 |
$6,896.55 |
$63,109.24 |
$45,705.83 |
$43,081.99 |
$39,565.52 |
$45,747.92 |
$36,322.98 |
$37,137.87 |
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Adjusted
Free Cash Flow, giving effect to tax in earlier years |
-13.71% |
-12.00% |
$41,930.00 |
$43,132.00 |
$24,068.24 |
-$74,711.55 |
-$125,686.24 |
$87,636.17 |
-$13,434.99 |
-$3,976.52 |
$66,109.08 |
$173,526.02 |
$150,471.13 |
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Adjusted
Operating Cash Flow, giving effect to tax in earlier years |
-9.61% |
-8.60% |
$72,163.00 |
$98,272.00 |
$63,232.24 |
-$51,239.55 |
-$105,262.24 |
$119,619.17 |
$2,874.01 |
$11,630.48 |
$92,877.08 |
$191,423.02 |
$177,417.13 |
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Adjusted
Free Cash Flow II, removing ABCP 537 losses or recoveries |
-31.59% |
-21.64% |
$13,130.00 |
$42,595.00 |
$248,884.24 |
$178,421.45 |
-$125,686.24 |
$87,636.17 |
-$13,434.99 |
-$3,976.52 |
$66,109.08 |
$173,526.02 |
$150,471.13 |
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Adjusted
Operating Cash Flow II, removing ABCP 537 losses or recoveries |
-18.37% |
-13.14% |
$43,363.00 |
$97,735.00 |
$288,048.24 |
$201,893.45 |
-$105,262.24 |
$119,619.17 |
$2,874.01 |
$11,630.48 |
$92,877.08 |
$191,423.02 |
$177,417.13 |
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Adjusted
Free Cash Flow II as Projected Using Average %age of Opg Revenue: Please see lines 60-63, below |
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$120,481.06 |
$108,978.16 |
$110,384.52 |
$102,885.17 |
$91,452.86 |
$75,194.57 |
$65,480.78 |
$62,499.39 |
$57,393.62 |
$56,808.24 |
$54,891.72 |
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Adjusted
Free Cash Flow II as Projected Using Avg Proportion of Equity: Please see lines 68-71, below |
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$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
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Average of the above two
calculations |
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$107,934.08 |
$102,182.63 |
$102,885.81 |
$99,136.13 |
$93,419.98 |
$85,290.83 |
$80,433.94 |
$78,943.24 |
$76,390.36 |
$76,097.67 |
$75,139.41 |
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Check: As proportion of Pre-tax Net Income |
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0.418650947 |
0.617249864 |
16.04582146 |
3.306190798 |
0.340466702 |
0.429198884 |
0.429409253 |
0.458908299 |
0.384056407 |
0.481856495 |
0.465348822 |
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|
|
Average
of the checked calculation |
4.145675953 |
2.125196175 |
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|
Ratios |
5 YR Average |
10 YR Average |
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Max of 2007-11 |
Min of 2007-11 |
|
Max of 2002-11 |
Min of 2002-11 |
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|
Free
Cash Flow Divided by Total Operating Revenue |
-0.0142 |
0.0956 |
0.0412 |
0.0481 |
0.0374 |
-0.1145 |
-0.0833 |
0.2158 |
0.0551 |
0.0693 |
0.237 |
0.4496 |
0.416 |
0.0481 |
-0.1145 |
|
0.4496 |
-0.1145 |
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|
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|
Free
Cash Flow Divided by Net Income Before Payment in Lieu of Tax |
0.3834 |
0.2900 |
0.1626 |
0.2605 |
3.9836 |
-2.2616 |
-0.2281 |
0.6710 |
0.1583 |
0.2069 |
0.562 |
1.329 |
1.162 |
3.9836 |
-2.2616 |
|
3.9836 |
-2.2616 |
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|
Free
Cash Flow as a Proportion of Equity |
-0.0039 |
0.2741 |
0.0214 |
0.0238 |
0.0145 |
-0.0406 |
-0.0385 |
0.0988 |
0.0258 |
0.0370 |
0.141 |
0.354 |
0.432 |
0.0238 |
-0.0406 |
|
0.3545 |
-0.0406 |
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|
Free
Cash Flow Divided by Liabilities and Equity |
-0.0004 |
0.0337 |
0.0015 |
0.0017 |
0.0010 |
-0.0029 |
-0.0031 |
0.0076 |
0.0019 |
0.0025 |
0.008 |
0.017 |
0.016 |
0.0017 |
-0.0031 |
|
0.0170 |
-0.0031 |
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|
Adjusted
Free Cash Flow II Divided by Operating Revenue |
0.1118 |
0.0608 |
0.0129 |
0.0475 |
0.3648 |
0.3012 |
-0.1673 |
0.1418 |
-0.0250 |
-0.0077 |
0.1402 |
0.3717 |
0.3336 |
0.3648 |
-0.1673 |
|
0.3717 |
-0.1673 |
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|
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|
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|
Removing
highest and lowest figures in calculating average |
0.1206 |
0.1228 |
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|
Mean
of Averages (Simple Average) of the 5 year and 10 year averages |
0.1217 |
<==TO BE USED TO CALCULATE
FCF |
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|
Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
0.9906 |
<==VERY stable |
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|
Adjusted
Free Cash Flow II Divided by Net Income Before Payment in Lieu of Tax |
8.9232 |
2.3787 |
0.0509 |
0.2573 |
38.8154 |
5.9504 |
-0.4581 |
0.4410 |
-0.0717 |
-0.0231 |
0.3324 |
1.0988 |
0.9319 |
38.8154 |
-0.4581 |
|
38.8154 |
-0.4581 |
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|
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|
Removing
highest and lowest figures in calculating average |
1.5646 |
1.0045 |
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|
Simple
Average of the 5 year and 10 year averages |
1.2846 |
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|
Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
1.2180 |
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|
Adjusted
Free Cash Flow II as a Proportion of Equity |
0.0403 |
2.3510 |
0.0067 |
0.0235 |
0.1415 |
0.1069 |
-0.0774 |
0.0650 |
-0.0117 |
-0.0041 |
0.0836 |
0.2931 |
0.3466 |
0.1415 |
-0.0774 |
|
0.2931 |
-0.0774 |
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|
Removing
highest and lowest figures in calculating average |
0.0457 |
0.0514 |
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|
|
|
|
|
|
|
Mean
of Averages (Simple Average) of the 5 year and 10 year averages |
0.0486 |
<==TO BE USED TO CALCULATE
FCF |
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|
Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
0.9413 |
<==VERY stable |
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|
Adjusted
Free Cash Flow II Divided by Liabilities and Equity |
0.0026 |
0.0331 |
0.0005 |
0.0017 |
0.0094 |
0.0076 |
-0.0062 |
0.0050 |
-0.0009 |
-0.0003 |
0.0050 |
0.0140 |
0.0129 |
0.0094 |
-0.0062 |
|
0.0140 |
-0.0062 |
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|
|
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|
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|
Removing
highest and lowest figures in calculating average |
0.0033 |
0.0047 |
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|
Simple
Average of the 5 year and 10 year averages |
0.0040 |
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|
|
Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
0.8190 |
|
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|
Purchase
of premises, equipment, software, and other intangibles/Non-Interest Expenses |
-0.0541 |
0.7459 |
-4.13% |
-8.21% |
-6.19% |
-4.27% |
-4.23% |
-7.64% |
-4.46% |
-4.79% |
-8.47% |
-6.22% |
-10.03% |
-0.0413 |
-0.0821 |
|
-0.0413 |
-0.0847 |
|
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|
|
|
|
|
|
|
Operating
Cash Flow/Operating Revenue |
0.0291 |
0.0531 |
7.29% |
10.97% |
7.13% |
-5.25% |
-5.61% |
26.76% |
8.54% |
9.97% |
29.39% |
48.79% |
47.57% |
0.1097 |
-0.0561 |
|
0.4879 |
-0.0561 |
|
|
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|
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|
|
|
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|
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|
Operating
Cash Flow/Shareholders Equity |
0.0151 |
0.1455 |
3.67% |
5.43% |
3.68% |
-2.66% |
-2.60% |
12.26% |
4.00% |
5.32% |
17.53% |
38.47% |
49.42% |
0.0543 |
-0.0266 |
|
0.3847 |
-0.0266 |
|
|
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|
|
|
|
|
|
|
Free
Cash Flow/Shareholders Equity |
-0.0039 |
0.1098 |
2.14% |
2.38% |
1.45% |
-4.06% |
-3.85% |
9.88% |
2.58% |
3.70% |
14.14% |
35.45% |
43.22% |
0.0238 |
-0.0406 |
|
0.3545 |
-0.0406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Cash Flow/Net Income |
1.9187 |
0.7048 |
36.35% |
77.09% |
1009.15% |
-147.88% |
-15.36% |
83.19% |
24.53% |
29.76% |
69.69% |
144.21% |
132.88% |
10.0915 |
-1.4788 |
|
10.0915 |
-1.4788 |
|
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|
|
|
|
|
Free Cash Flow/Net
Income |
0.4087 |
0.9350 |
21.12% |
33.84% |
398.36% |
-226.16% |
-22.81% |
67.10% |
15.83% |
20.69% |
56.24% |
132.88% |
116.19% |
3.9836 |
-2.2616 |
|
3.9836 |
-2.2616 |
|
|
|
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|
|
|
|
|
|
|
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|
|
Credit Losses/Operating
Revenue |
0.0300 |
0.2858 |
2.87% |
6.58% |
4.71% |
1.53% |
-0.69% |
0.11% |
-2.71% |
3.09% |
-9.16% |
4.52% |
4.65% |
0.0658 |
-0.0069 |
|
0.0658 |
-0.0916 |
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|
Return
on Equity |
0.0767 |
0.1511 |
10.52% |
7.15% |
0.37% |
1.82% |
18.46% |
15.90% |
17.73% |
19.62% |
28.76% |
30.78% |
|
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|
|
|
|
|
|
Return
on Assets |
0.0057 |
0.0803 |
0.75% |
0.49% |
0.03% |
0.14% |
1.45% |
1.20% |
1.26% |
1.25% |
1.56% |
1.32% |
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|
DISCOUNTED
FREE CASH FLOW (DFCF) INTRINSIC OR FAIR VALUE |
|
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|
Growth Rate: |
0 |
0 |
0 |
0 |
0 |
1% |
1% |
1% |
1% |
1% |
2% |
2% |
2% |
2% |
2% |
3% |
3% |
3% |
3% |
3% |
4% |
4% |
4% |
4% |
4% |
5% |
5% |
5% |
5% |
5% |
|
|
|
Required Rate of Return: |
7% |
8% |
9% |
10% |
11% |
7% |
8% |
9% |
10% |
11% |
7% |
8% |
9% |
10% |
11% |
7% |
8% |
9% |
10% |
11% |
7% |
8% |
9% |
10% |
11% |
7% |
8% |
9% |
10% |
11% |
Adjusted
Free Cash Flow II Projection using Mean of Averages for Proportion of
Revenue: 'A' |
$132,246.58 |
|
Intrinsic or Fair Market
Value: |
$1,889,237 |
$1,653,082 |
$1,469,406 |
$1,322,466 |
$1,202,242 |
$2,226,151 |
$1,908,129 |
$1,669,613 |
$1,484,100 |
$1,335,690 |
$2,697,830 |
$2,248,192 |
$1,927,022 |
$1,686,144 |
$1,498,795 |
$3,405,349 |
$2,724,279 |
$2,270,233 |
$1,945,914 |
$1,702,675 |
$4,584,548 |
$3,438,411 |
$2,750,729 |
$2,292,274 |
$1,964,806 |
$6,942,945 |
$4,628,630 |
$3,471,473 |
$2,777,178 |
$2,314,315 |
|
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|
|
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|
|
|
|
|
|
|
|
|
Adjusted
Free Cash Flow II Projection using Mean of Averages for Proportion of
Equity: 'B' |
$95,387.09 |
|
Intrinsic or Fair Market
Value: |
$1,362,673 |
$1,192,339 |
$1,059,857 |
$953,871 |
$867,155 |
$1,605,683 |
$1,376,299 |
$1,204,262 |
$1,070,455 |
$963,410 |
$1,945,897 |
$1,621,581 |
$1,389,926 |
$1,216,185 |
$1,081,054 |
$2,456,218 |
$1,964,974 |
$1,637,478 |
$1,403,553 |
$1,228,109 |
$3,306,753 |
$2,480,064 |
$1,984,052 |
$1,653,376 |
$1,417,180 |
$5,007,822 |
$3,338,548 |
$2,503,911 |
$2,003,129 |
$1,669,274 |
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Average
of the Preceding Two Estimates 'A' & 'B'; 'C' |
$113,816.84 |
|
Intrinsic or Fair Market
Value: |
$1,625,955 |
$1,422,710 |
$1,264,632 |
$1,138,168 |
$1,034,699 |
$1,915,917 |
$1,642,214 |
$1,436,938 |
$1,277,278 |
$1,149,550 |
$2,321,863 |
$1,934,886 |
$1,658,474 |
$1,451,165 |
$1,289,924 |
$2,930,784 |
$2,344,627 |
$1,953,856 |
$1,674,733 |
$1,465,392 |
$3,945,650 |
$2,959,238 |
$2,367,390 |
$1,972,825 |
$1,690,993 |
$5,975,384 |
$3,983,589 |
$2,987,692 |
$2,390,154 |
$1,991,795 |
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
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|
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|
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|
|
|
|
|
|
|
Net
Income Fully Taxed and Removing ABCP Recoveries or Losses: 'D' |
$169,716.00 |
|
Intrinsic or Fair Market
Value: |
$2,424,514 |
$2,121,450 |
$1,885,733 |
$1,697,160 |
$1,542,873 |
$2,856,886 |
$2,448,759 |
$2,142,665 |
$1,904,591 |
$1,714,132 |
$3,462,206 |
$2,885,172 |
$2,473,005 |
$2,163,879 |
$1,923,448 |
$4,370,187 |
$3,496,150 |
$2,913,458 |
$2,497,250 |
$2,185,094 |
$5,883,488 |
$4,412,616 |
$3,530,093 |
$2,941,744 |
$2,521,495 |
$8,910,090 |
$5,940,060 |
$4,455,045 |
$3,564,036 |
$2,970,030 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Adjusted Free Cash
Flow II: 'E' |
$43,363.00 |
|
Intrinsic or Fair Market
Value: |
$619,471 |
$542,038 |
$481,811 |
$433,630 |
$394,209 |
$729,944 |
$625,666 |
$547,458 |
$486,629 |
$437,966 |
$884,605 |
$737,171 |
$631,861 |
$552,878 |
$491,447 |
$1,116,597 |
$893,278 |
$744,398 |
$638,056 |
$558,299 |
$1,503,251 |
$1,127,438 |
$901,950 |
$751,625 |
$644,250 |
$2,276,558 |
$1,517,705 |
$1,138,279 |
$910,623 |
$758,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
of the Preceding Two Estimates, 'D' & 'E': 'F' |
$106,539.50 |
|
Intrinsic or Fair Market
Value: |
$1,521,993 |
$1,331,744 |
$1,183,772 |
$1,065,395 |
$968,541 |
$1,793,415 |
$1,537,213 |
$1,345,061 |
$1,195,610 |
$1,076,049 |
$2,173,406 |
$1,811,172 |
$1,552,433 |
$1,358,379 |
$1,207,448 |
$2,743,392 |
$2,194,714 |
$1,828,928 |
$1,567,653 |
$1,371,696 |
$3,693,369 |
$2,770,027 |
$2,216,022 |
$1,846,685 |
$1,582,873 |
$5,593,324 |
$3,728,883 |
$2,796,662 |
$2,237,330 |
$1,864,441 |
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Dividend
Payout Using Adjusted Net Income, 'D', and average payout of Canadian Western
Bank, Laurentian Bank: DIVIDEND
DISCOUNT MODEL (DDM): 'G' |
$49,217.64 |
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Intrinsic or Fair Market
Value: |
$703,109 |
$615,221 |
$546,863 |
$492,176 |
$447,433 |
$828,497 |
$710,140 |
$621,373 |
$552,331 |
$497,098 |
$1,004,040 |
$836,700 |
$717,171 |
$627,525 |
$557,800 |
$1,267,354 |
$1,013,883 |
$844,903 |
$724,202 |
$633,677 |
$1,706,212 |
$1,279,659 |
$1,023,727 |
$853,106 |
$731,234 |
$2,583,926 |
$1,722,617 |
$1,291,963 |
$1,033,570 |
$861,309 |
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Variation
of DIVIDEND DISCOUNT MODEL (DDM), using figure immediately above, 'G',
averaged with the average of Adjusted Free Cash Flow projections, 'C': 'H' |
$81,517.24 |
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Intrinsic or Fair Market
Value: |
$1,164,532 |
$1,018,965 |
$905,747 |
$815,172 |
$741,066 |
$1,372,207 |
$1,176,177 |
$1,029,155 |
$914,805 |
$823,324 |
$1,662,952 |
$1,385,793 |
$1,187,823 |
$1,039,345 |
$923,862 |
$2,099,069 |
$1,679,255 |
$1,399,379 |
$1,199,468 |
$1,049,534 |
$2,825,931 |
$2,119,448 |
$1,695,559 |
$1,412,965 |
$1,211,113 |
$4,279,655 |
$2,853,103 |
$2,139,827 |
$1,711,862 |
$1,426,552 |
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Payment in Lieu of Tax |
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Pursuant to
the ATB Act, the Government of Alberta has the ability to assess a charge to
ATB as prescribed by the ATB Regulation. The ATB |
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Regulation
defines the charge to be an amount equal to 23% of ATB ’s consolidated net
income as reported in its audited annual financial |
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statements. As
at March 31, 2010, ATB accrued a total of $38,075 (2009: nil) for payment in
lieu of tax. |
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T his amount
must be settled before July 1, 2010, by ATB issuing a subordinated debenture
to the Government of Alberta. The payment in |
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lieu of tax
will continue to be settled by issuing subordinated debentures until ATB ’s
Tier 2 notional capital is eliminated. (Refer to note 7.) |
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Growth Rate: |
|
2.00% |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
4.00% |
4.00% |
4.00% |
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Required Rate of Return: |
8.00% |
9.00% |
10.00% |
8.00% |
9.00% |
10.00% |
8.00% |
9.00% |
10.00% |
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Adjusted
Free Cash Flow II Projection using Mean of Averages for Proportion of
Revenue: 'A' |
$132,246.58 |
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Intrinsic or Fair Market Value: |
$2,248,192 |
$1,927,022 |
$1,686,144 |
$2,724,279 |
$2,270,233 |
$1,945,914 |
$3,438,411 |
$2,750,729 |
$2,292,274 |
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Adjusted
Free Cash Flow II Projection using Mean of Averages for Proportion of
Equity: 'B' |
$95,387.09 |
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Intrinsic or Fair Market Value: |
$1,621,581 |
$1,389,926 |
$1,216,185 |
$1,964,974 |
$1,637,478 |
$1,403,553 |
$2,480,064 |
$1,984,052 |
$1,653,376 |
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Average
of the Preceding Two Estimates 'A' & 'B'; 'C' |
$113,816.84 |
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Intrinsic or Fair Market Value: |
$1,934,886 |
$1,658,474 |
$1,451,165 |
$2,344,627 |
$1,953,856 |
$1,674,733 |
$2,959,238 |
$2,367,390 |
$1,972,825 |
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Net
Income Fully Taxed and Removing ABCP Recoveries or Losses FOR COMPARISON
ONLY, NOT TRUE DFCF: 'D' |
$169,716.00 |
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Intrinsic or Fair Market Value: |
$2,885,172 |
$2,473,005 |
$2,163,879 |
$3,496,150 |
$2,913,458 |
$2,497,250 |
$4,412,616 |
$3,530,093 |
$2,941,744 |
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Actual
Adjusted Free Cash Flow II: 'E' |
$43,363.00 |
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Intrinsic or Fair Market Value: |
$737,171 |
$631,861 |
$552,878 |
$893,278 |
$744,398 |
$638,056 |
$1,127,438 |
$901,950 |
$751,625 |
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Average
of the Preceding Two Estimates, 'D' & 'E': 'F' |
$106,539.50 |
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Intrinsic or Fair Market Value: |
$1,811,172 |
$1,552,433 |
$1,358,379 |
$2,194,714 |
$1,828,928 |
$1,567,653 |
$2,770,027 |
$2,216,022 |
$1,846,685 |
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Dividend
Payout Using Adjusted Net Income, 'D', and average payout of Canadian Western
Bank, Laurentian Bank: DIVIDEND
DISCOUNT MODEL (DDM): 'G' |
$49,217.64 |
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Intrinsic or Fair Market Value: |
$836,700 |
$717,171 |
$627,525 |
$1,013,883 |
$844,903 |
$724,202 |
$1,279,659 |
$1,023,727 |
$853,106 |
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Variation
of DIVIDEND DISCOUNT MODEL (DDM), using figure immediately above, 'G',
averaged with the average of Adjusted Free Cash Flow projections, 'C': 'H' |
$81,517.24 |
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Intrinsic or Fair Market Value: |
$1,385,793 |
$1,187,823 |
$1,039,345 |
$1,679,255 |
$1,399,379 |
$1,199,468 |
$2,119,448 |
$1,695,559 |
$1,412,965 |
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