Bank of Montreal 1999 Annual Report Download - page 102

Notes to Consolidated Financial Statements
96 Bank of Montreal Group of Companies 1999 Annual Report
Condensed Consolidated Balance Sheet
As at October 31 (Canadian $ in millions) 1999 1998
Canadian Increase United States Canadian Increase United States
GAAP (Decrease) GAAP GAAP (Decrease) GAAP
Assets
Cash Resources $ 24,036 $
– $ 24,036 $ 19,730 $ – $ 19,730
Securities 43,273 (312) 42,961 43,465 412 43,877
Loans, net of the allowance for credit losses 138,001
– 138,001 129,691 – 129,691
Other 25,305 113 25,418 29,704 (196) 29,508
Total Assets $ 230,615 $ (199) $ 230,416 $ 222,590 $ 216 $ 222,806
Liabilities and Shareholders’ Equity
Deposits $ 156,874 $
– $ 156,874 $ 143,983 $ – $ 143,983
Other Liabilities 58,048 179 58,227 63,208 143 63,351
Subordinated Debt 4,712
– 4,712 4,791 – 4,791
Shareholders’ Equity (1) 10,981 (378)(5) 10,603 10,608 73(5) 10,681
Total Liabilities and Shareholders’ Equity $ 230,615 $ (199) $ 230,416 $ 222,590 $ 216 $ 222,806
Condensed Consolidated Statement of Income
For the Year Ended October 31 (Canadian $ in millions except per share amounts) 1999 1998 1997
Canadian Increase United States Canadian Increase United States Canadian Increase United States
GAAP (Decrease) GAAP GAAP (Decrease) GAAP GAAP (Decrease) GAAP
Interest, Dividend and Fee Income $ 13,174 $ (34)(2) $ 13,140 $ 14,121 $ (8)(2) $ 14,113 $ 11,534 $ (40)(2) $ 11,494
Interest Expense 8,895 – 8,895 10,097 – 10,097 7,457
– 7,457
Net Interest Income 4,279 (34) 4,245 4,024 (8) 4,016 4,077 (40) 4,037
Provision for credit losses 320 – 320 130 – 130 275
– 275
Net Interest Income After Provision
for Credit Losses 3,959 (34) 3,925 3,894 (8) 3,886 3,802 (40) 3,762
Other Income 3,511 (15)(3) 3,496 3,118 130(3) 3,248 2,981 7(3) 2,988
Net Interest and Other Income 7,470 (49) 7,421 7,012 122 7,134 6,783 (33) 6,750
Total non-interest expense before
restructuring charge 5,147 161(4) 5,308 4,785 207(4) 4,992 4,567 100(4) 4,667
Restructuring charge 141 – 141 ––––––
Total non-interest expense 5,288 161 5,449 4,785 207 4,992 4,567 100 4,667
Income Before Provision for
Income Taxes, Non-Controlling
Interest in Subsidiaries and Goodwill 2,182 (210) 1,972 2,227 (85) 2,142 2,216 (133) 2,083
Income taxes 736 (58) 678 810 8 818 845 (30) 815
1,446 (152) 1,294 1,417 (93) 1,324 1,371 (103) 1,268
Non-controlling interest 21 – 21 25 – 25 25 – 25
Net Income Before Goodwill 1,425 (152) 1,273 1,392 (93) 1,299 1,346 (103) 1,243
Amortization of goodwill, net of
applicable income tax 43 (43)(4[viii]) – 42 (42)(4[viii]) – 41 (41)(4[viii]) –
Net Income $ 1,382 $ (109) $ 1,273 $ 1,350 $ (51) $ 1,299 $ 1,305 $ (62) $ 1,243
Net Income Per Common Share
Basic $ 4.76 $(0.41) $ 4.35 $ 4.72 $ (0.20) $ 4.52 $ 4.69 $ (0.23) $ 4.46
Fully diluted 4.72 (0.43) 4.29 4.66 (0.21) 4.45 4.62 (0.25) 4.37
Consolidated Statement of Comprehensive Income
For the Year Ended October 31 (Canadian $ in millions) 1999 1998 1997
Net Income (under United States GAAP) $ 1,273 $ 1,299 $ 1,243
Other Comprehensive Income, net of tax:
Unrealized gain (loss) on translation of net investment
in foreign operations, net of hedging activities (a) (154) 229 93
Unrealized holding gains (losses) arising on
available for sale securities (b) (426) 56 86
Reclassification adjustment for realized (gains) losses
and write-downs on available for sale securities recognized
in net income (c) 49 (56) (30)
Total Other Comprehensive Income (531) 229 149
Comprehensive Income $ 742 $ 1,528 $ 1,392
(a) Net of income taxes of $168 (1998
– $231, 1997
– $88).
(b) Net of income taxes of $310 (1998
– $42, 1997
– $63).
(c) Net of income taxes of $36 (1998
–
$41, 1997
– $22).