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CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements
112 BMO Financial Group 193rd Annual Report 2010
Consolidated Statement of Comprehensive Income
For the Year Ended October 31 (Canadian $ in millions) 2010 2009 2008
Net income $ 2,810 $ 1,787 $ 1,978
Other Comprehensive Income
Net change in unrealized gains (losses) on available-for-sale securities 35 554 (109)
Net change in unrealized gains (losses) on cash flow hedges 48 (244) 424
Net gain (loss) on translation of net foreign operations (242) (458) 967
Total Comprehensive Income $ 2,651 $ 1,639 $ 3,260
Consolidated Statement of Changes in Shareholders’ Equity
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2010 2009 2008
Preferred Shares (Note 20)
Balance at beginning of year $ 2,571 $ 1,746 $ 1,196
Issued during the year – 825 550
Balance at End of Year 2,571 2,571 1,746
Common Shares (Note 20)
Balance at beginning of year 6,198 4,773 4,411
Issued during the year – 1,000 –
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 20) 537 338 122
Issued under the Stock Option Plan (Note 20) 192 87 60
Issued on the acquisition of a business – – 180
Balance at End of Year 6,927 6,198 4,773
Treasury Shares (Note 20) – – (65)
Contributed Surplus
Balance at beginning of year 79 69 58
Stock option expense/exercised (Note 22) 13 8 11
Premium on treasury shares – 2 –
Balance at End of Year 92 79 69
Retained Earnings
Balance at beginning of year 11,748 11,632 11,166
Net income 2,810 1,787 1,978
Dividends – Preferred shares (Note 20) (136) (120) (73)
– Common shares (Note 20) (1,571) (1,530) (1,410)
Share issue expense (3) (32) (10)
Treasury shares – 11 (19)
Balance at End of Year 12,848 11,748 11,632
Accumulated Other Comprehensive Income (Loss) on Available-for-Sale Securities
Balance at beginning of year 480 (74) 35
Unrealized gains (losses) on available-for-sale securities arising during the year
(net of income tax (provision) recovery of $(21), $(253) and $137) 108 491 (280)
Reclassification to earnings of (gains) losses in the year
(net of income tax (provision) recovery of $25, $(26) and $(84)) (73) 63 171
Balance at End of Year 515 480 (74)
Accumulated Other Comprehensive Income on Cash Flow Hedges
Balance at beginning of year 14 258 (166)
Gains (losses) on cash flow hedges arising during the year
(net of income tax (provision) recovery of $(69), $64 and $(173)) 154 (153) 363
Reclassification to earnings of (gains) losses on cash flow hedges
(net of income tax (provision) recovery of $48, $44 and $(31)) (106) (91) 61
Balance at End of Year 62 14 258
Accumulated Other Comprehensive Loss on Translation of Net Foreign Operations
Balance at beginning of year (893) (435) (1,402)
Unrealized gain (loss) on translation of net foreign operations (725) (1,331) 2,726
Impact of hedging unrealized gain (loss) on translation of net foreign operations
(net of income tax (provision) recovery of $(206), $(382) and $881) 483 873 (1,759)
Balance at End of Year (1,135) (893) (435)
Total Accumulated Other Comprehensive Loss (558) (399) (251)
Total Shareholders’ Equity $ 21,880 $ 20,197 $ 17,904
The accompanying notes are an integral part of these consolidated financial statements.