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100 BMO Financial Group 190th Annual Report 2007
Notes to Consolidated Financial Statements
Notes
Unrealized Gains and Losses
(Canadian $ in millions) Available-for-sale and other securities 2007 Investment and other securities 2006
Gross Gross Gross Gross
Amortized unrealized unrealized Fair Amortized unrealized unrealized Fair
cost gains losses value cost gains losses value
Issued or guaranteed by:
Canadian federal government $927 $
–
$
–
$927 $ 589 $
–
$
–
$ 589
Canadian provincial and municipal governments 1
––
13
––
3
U.S. federal government 1,518 6 1 1,523 1,898
–
19 1,879
U.S. states, municipalities and agencies 8,681 20 17 8,684 7,810 15 25 7,800
Other governments 96
––
96 106 1
–
107
Mortgage-backed securities and
collateralized mortgage obligations –Canada (1) 8,882 20
–
8,902
––––
Mortgage-backed securities and
collateralized mortgage obligations –U.S. 368
–
6362465 1 11 455
Corporate debt 4,779 18 21 4,776 2,485 4 1 2,488
Corporate equity 2,207 29 3 2,233 2,224 91 1 2,314
Total $ 27,459 $ 93 $ 48 $ 27,504 $ 15,580 $ 112 $ 57 $ 15,635
(1)Theseamountsaresupportedbyguaranteedmortgages.
Available-for-sale Investment
Unrealized Losses securities in an unrealized securities in an unrealized
(Canadian $ in millions) loss position for 2007 loss position for 2006
Less than 12 months Less than 12 months
12 months or longer Total 12 months or longer Total
Gross Gross Gross Gross Gross Gross
unrealized unrealized unrealized Fair unrealized unrealized unrealized Fair
losses losses losses value losses losses losses value
Issued or guaranteed by:
Canadian federal government $
–
$
–
$
–
$
–
$
–
$
–
$
–
$
–
Canadian provincial and municipal governments
––––––––
U.S. federal government 1
–
1301 15 4 19 899
U.S. states, municipalities and agencies 11 6 17 2,453 8 17 25 4,717
Other governments
–––
56
–––
67
Mortgage-backed securities and
collateralized mortgage obligations –Canada (1)
––––––––
Mortgage-backed securities and
collateralized mortgage obligations –U.S.
–
6 6 253
–
11 11 368
Corporate debt 20 1 21 1,411 1
–
1 286
Corporate equity 21386
–
1 1 30
Total $ 34 $ 14 $ 48 $ 4,560 $ 24 $ 33 $ 57 $ 6,367
(1)Theseamountsaresupportedbyguaranteedmortgages.
Income from securities has been included in our consolidated financial statements as follows:
(Canadian $ in millions) 2007 2006 2005
Reported in Consolidated Statement of Income:
Interest, Dividend and Fee Income
Trading securities $ 1,631 $ 1,789 $ 1,340
Available-for-sale securities (1) 1,439 369 490
Other securities (1) 83
––
$ 3,153 $ 2,158 $ 1,830
Non-Interest Revenue
Available-for-sale securities (1)
Gross realized gains $ 212 $ 137 $ 142
Gross realized losses (18) (12) (16)
Other securities, net realized and unrealized gains 70 29 50
Impairment write-downs (18) (9) (11)
Securities gains, other than trading $ 246 $ 145 $ 165
Trading securities, net realized and unrealized gains (losses) $ (38) $ 305 $ 222
Total income from securities $ 3,361 $ 2,608 $ 2,217
(1) Classified as investment securities in 2006 and 2005.