Bank of Montreal 2000 Annual Report Download - page 106

Supplemental Information
82 ■Bank of Montreal Group of Companies Annual Report 2000
Table 19 Non-Recurring Items ($ millions)
For the year ended October 31 2000 1999 1998 1997 1996
Other Income
Gain on sale of Global Custody 027000
Write-down of the distressed securities portfolio 0(55) 0 0 0
Gain on sale of Partners First, a U.S. credit card issuing business 112 0000
Gain on sale of U.S. Corporate Trust 74 0000
Gain on sale of branches 40 0000
226 (28) 0 0 0
Provision for Credit Losses
Reversal of loss provision on the sale of LDC securities (42) 0000
(42) 0000
Non-interest Expense
Charge resulting from legislation to assess premiums on deposits
insured by the Savings Association Insurance Fund 000023
Charge representing accelerated depreciation related to technology changes
and costs associated with improving efficiency of our credit process 000750
Restructuring charges 0141000
Reversal of 1999 restructuring charge (43) 0000
(43) 141 07523
Net impact of non-recurring items 311 (169) 0 (75) (23)
Income taxes 126 (74) 0 (32) (9)
Total non-recurring items 185 (95) 0 (43) (14)
Table 20 Average Deposits ($ millions except as noted)
2000 1999 1998
Average Average Average Average Average Average
balance rate paid (%) balance rate paid (%) balance rate paid (%)
Deposits Booked in Canada
Demand deposits
– interest bearing 5,909 3.76 3,987 3.84 3,753 3.98
Demand deposits
– non-interest bearing 6,621 0.00 5,837 0.00 5,342 0.00
Payable after notice 27,391 2.86 23,725 1.88 22,855 1.82
Payable on a fixed date 51,217 5.09 48,137 4.76 53,843 4.97
Total Deposits Booked in Canada 91,138 81,686 3.54 85,793 3.78
Deposits Booked in the U.S. and Other Countries
U.S. demand deposits 12,310 4.08 12,560 3.37 13,354 3.70
Other U.S. deposits payable after notice or on a fixed date 32,496 6.43 32,381 6.14 27,211 7.67
Deposits booked in other countries 23,500 5.09 24,034 4.27 26,776 5.35
Total Average Deposits 159,444 4.66 150,661 4.20 153,134 4.74
Table 21 Quarterly Financial Data ($ millions)
Oct. 31 July 31 April 30 Jan. 31 Oct. 31* July 31* April 30* Jan. 31*
As at or for the three months ended 2000 2000 2000 2000 1999 1999 1999 1999
Statement of Income
Total interest income 3,700 3,632 3,590 3,381 3,270 3,232 3,192 3,480
Total interest expense 2,652 2,575 2,541 2,331 2,179 2,174 2,115 2,427
Net interest income 1,048 1,057 1,049 1,050 1,091 1,058 1,077 1,053
Provision for credit losses (PCL) 58 100 100 100 80 80 80 80
Net interest income after PCL 990 957 949 950 1,011 978 997 973
Other income 1,079 1,005 1,200 1,042 884 933 849 845
Non-interest expense 1,330 1,326 1,348 1,254 1,501 1,284 1,271 1,232
Income before provision for income taxes 739 636 801 738 394 627 575 586
Provision for income taxes 235 219 287 248 120 213 196 207
Income before non-controlling interest in subsidiary, and goodwill 504 417 514 490 274 414 379 379
Non-controlling interest in subsidiary 6454 455 7
Income before goodwill 498 413 509 486 270 409 374 372
Amortization of goodwill, net of applicable taxes 13 12 12 12 12 11 10 10
Net income (a) 485 401 497 474 258 398 364 362
Taxable equivalent adjustment (b) 35 33 35 31 33 34 35 36
Total revenue (TEB) 2,162 2,095 2,284 2,123 2,008 2,025 1,961 1,934
*Restated to give effect to presentation changes. (a) Refer to note (m) on page 83.
(b) Refertotheglossaryonpage88foradefinitionofthetaxableequivalentbasis(TEB)adjustment.
For years 1996 through 2000, the Bank’s results of operations included a number of non-recurring
items. Non-recurring items are generally infrequent, material and quantifiable. These items are
As at October 31, 2000, 1999 and 1998, deposits by foreign depositors in our Canadian bank
offices amounted to $9,148 million, $9,934 million and $11,241 million respectively. As at October
31, 2000, 1999 and 1998, total deposits payable after notice included $18,597 million, $14,262
million and $12,840 million respectively of chequing accounts which would have been classified
as demand deposits under U.S. reporting requirements. As at October 31, 2000, 1999 and 1998,
total deposits payable on a fixed date included $27,041 million, $26,632 million and $33,738 mil-
lion respectively of federal funds purchased and commercial paper issued. These amounts would
have been classified as short-term borrowings for U.S. reporting purposes.
unusual in that they are not considered to be part of the ongoing operations of the Bank and are
not expected to recur in the near future.