TD Bank 2009 Annual Report Download - page 95

TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 FINANCIAL RESULTS 91
For the years ended October 31
(millions of Canadian dollars) 2009 2008 2007
Common shares (Note 18)
Balance at beginning of year $ 13,241 $ 6,577 $ 6,334
Proceeds from shares issued on exercise of stock options 247 255 173
Shares issued as a result of dividend reinvestment plan 451 274 85
Proceeds from issuance of new shares 1,381 ––
Repurchase of common shares –– (45)
Shares issued on acquisition of Commerce (Note 7) –6,147 –
Impact of shares sold (acquired) for trading purposes137 (12) 30
Balance at end of year 15,357 13,241 6,577
Preferred shares (Note 18)
Balance at beginning of year 1,875 425 425
Shares issued 1,520 1,450 –
Balance at end of year 3,395 1,875 425
Contributed surplus
Balance at beginning of year 350 119 66
Stock options (Note 24) (29) (32) 1
Conversion of TD Banknorth stock options on privatization (Note 24) ––52
Conversion of Commerce stock options on acquisition (Note 24) –263 –
Balance at end of year 321 350 119
Retained earnings
Balance at beginning of year, as previously reported 17,857 15,954 13,805
Transition adjustment on adoption of financial instruments amendments (Note 1a)) (59) ––
Net income due to reporting-period alignment of U.S. entities (Note 1) 4––
Net income 3,120 3,833 3,997
Common dividends (2,075) (1,851) (1,517)
Preferred dividends (167) (59) (20)
Premium paid on repurchase of common shares –– (311)
Share issue expenses (48) (20) –
Balance at end of year 18,632 17,857 15,954
Accumulated other comprehensive income (loss) (Note 20)
Balance at beginning of year, as previously reported (1,649) (1,671) (492)
Transition adjustment on adoption of financial instruments amendments (Note 1a)) 563 ––
Other comprehensive income due to reporting-period alignment of U.S. entities (Note 1) 329 ––
Other comprehensive income (loss) for the period 1,772 22 (1,179)
Balance at end of year 1,015 (1,649) (1,671)
Retained earnings and accumulated other comprehensive income 19,647 16,208 14,283
Total shareholders’ equity $ 38,720 $ 31,674 $ 21,404
Consolidated Statement of Changes in Shareholders’ Equity
For the years ended October 31
(millions of Canadian dollars) 2009 2008 2007
Net income $ 3,120 $ 3,833 $ 3,997
Other comprehensive income (loss), net of income taxes
Change in unrealized gains (losses) on available-for-sale securities, net of hedging activities
11,129 (1,725) 135
Reclassification to earnings of net losses (gains) in respect of available-for-sale securities2257 (53) (53)
Net change in unrealized foreign currency translation gains (losses) on
investments in subsidiaries, net of hedging activities3,4 (72) 440 (1,155)
Change in net gains (losses) on derivative instruments designated as cash flow hedges51,702 1,522 (146)
Reclassification to earnings of net losses (gains) on cash flow hedges6(1,244) (162) 40
Other comprehensive income (loss) for the year 1,772 22 (1,179)
Comprehensive income for the year $ 4,892 $ 3,855 $ 2,818
Consolidated Statement of Comprehensive Income
1Sold or purchased by subsidiaries of the Bank which are regulated securities
entities in accordance with Regulation 92-313 under the Bank Act.
1Net of income tax provision of $456 million (2008 – income tax recovery
$904 million).
2Net of income tax recovery of $148 million (2008 – income tax provision
$22 million).
3Net of income tax provision of $604 million (2008 – income tax recovery
$1,363 million).
Certain comparative amounts have been reclassified to conform with the
presentation adopted in the current year.
The accompanying Notes are an integral part of these Consolidated
Financial Statements.
4Includes $1,380 million of after-tax gains arising from hedges of the Bank's
investment in foreign operations (2008 – after-tax losses of $2,881 million).
5Net of income tax provision of $828 million (2008 – $669 million).
6Net of income tax provision of $552 million (2008 – $70 million).