Form
20-F o
|
Form
40-F x
|
Yes
o
|
No
x
|
THE
TORONTO-DOMINION BANK
|
|||
DATE: November
23, 2005
|
By:
|
/s/
Rasha El Sissi
|
|
Name:
|
Rasha
El Sissi
|
||
Title:
|
Associate
Vice President, Legal
|
TD
Bank Financial Group Delivers Strong
Fourth
Quarter and Fiscal 2005
Results
|
•
|
The
impact of a $138 million tax charge ((19) cents per share) related
to the
TD Waterhouse reorganization which precedes the transaction with
Ameritrade. Having taken this tax charge, a gain of approximately
U.S.$1
billion after tax on this transaction is expected to be recognized
in the
first quarter of 2006.
|
•
|
Two
charges in connection with the previously announced decision to
reposition
the Bank’s global structured products businesses ((10) cents per
share):
|
•
|
a
loss of $70 million after-tax due to a reduction in the estimated
value
and the exit of certain structured derivative portfolios, compared
with
nil in the fourth quarter of last
year;
|
•
|
a
restructuring charge of $4 million after-tax, compared with nil
in the
fourth quarter of last
year.
|
•
|
Favourable
tax items of $68 million (10 cents per share), which include the
impact of
a recent court decision, compared with nil in the fourth quarter
of last
year.
|
•
|
A
$60 million after-tax gain (8 cents per share) related to specific
non-core portfolio loan loss recoveries versus $101 million (15
cents per
share) for the fourth quarter last
year.
|
•
|
Preferred
share redemption premium resulting in an after-tax charge of $13
million,
((2) cent per share), compared with nil in the fourth quarter of
last
year.
|
•
|
The
impact of hedging relationships accounting guideline (AcG-13) resulting
in
a gain of $7 million after-tax, (1 cent per share), compared with
a charge
of $11 million after-tax, ((2) cents per share) in the fourth quarter
last
year.
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
2
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
3
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
4
|
For
the three months ended
|
For
the twelve months ended 4
|
||||||||||||
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
||||||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Net
interest income
|
$
|
1,654
|
$
|
1,435
|
$
|
6,021
|
$
|
5,773
|
|||||
Provision
for (reversal of) credit losses
|
94
|
82
|
319
|
336
|
|||||||||
Other
income
|
1,539
|
1,135
|
6,015
|
4,961
|
|||||||||
Non-interest
expenses
|
2,062
|
1,762
|
7,825
|
7,081
|
|||||||||
Income
before provision for income taxes and non-controlling
interest
|
1,037
|
726
|
3,892
|
3,317
|
|||||||||
Provision
for income taxes
|
219
|
129
|
899
|
832
|
|||||||||
Non-controlling
interest
|
53
|
-
|
132
|
-
|
|||||||||
Income
before amortization of intangibles and items of
note
|
765
|
597
|
2,861
|
2,485
|
|||||||||
Items
of note impacting income, net of income taxes
|
|||||||||||||
Tax
charge related to reorganizations
|
(138
|
)
|
-
|
(163
|
)
|
-
|
|||||||
Other
tax items
|
68
|
-
|
98
|
-
|
|||||||||
Loss
on structured derivative portfolios
|
(70
|
)
|
-
|
(100
|
)
|
-
|
|||||||
Restructuring
charge
|
(4
|
)
|
-
|
(29
|
)
|
-
|
|||||||
Non-core
portfolio loan loss recoveries (sectoral related)
|
60
|
101
|
127
|
426
|
|||||||||
General
allowance release
|
-
|
-
|
23
|
43
|
|||||||||
Litigation
charge
|
-
|
-
|
(238
|
)
|
(195
|
)
|
|||||||
Preferred
share redemption
|
(13
|
)
|
-
|
(13
|
)
|
-
|
|||||||
Hedging
impact due to AcG-13
|
7
|
(11
|
)
|
17
|
(50
|
)
|
|||||||
Net
income before amortization of intangibles
|
675
|
687
|
2,583
|
2,709
|
|||||||||
Amortization
of intangibles, net of income taxes
|
(86
|
)
|
(92
|
)
|
(354
|
)
|
(477
|
)
|
|||||
Net
income available to common shareholders - reported
basis
|
$
|
589
|
$
|
595
|
$
|
2,229
|
$
|
2,232
|
(Canadian
dollars)
|
|||||||||||||
Basic
- reported basis
|
$
|
.83
|
$
|
.91
|
$
|
3.22
|
$
|
3.41
|
|||||
Diluted
- reported basis
|
.82
|
.90
|
3.20
|
3.39
|
|||||||||
Items
of note impacting income (as above)
|
.12
|
(.13
|
)
|
.40
|
(.34
|
)
|
|||||||
Amortization
of intangibles
|
.12
|
.14
|
.51
|
.72
|
|||||||||
Item
of note impacting EPS
|
-
|
-
|
.03
|
3 |
-
|
||||||||
Diluted
- before amortization of intangibles and items of note
|
$
|
1.06
|
$
|
.91
|
$
|
4.14
|
$
|
3.77
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
5
|
Reconciliation
of Economic Profit, Return on Invested Capital and Net Income before
Amortization of
Intangibles
|
For
the three months ended
|
For
the twelve months ended
|
||||||||||||
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
||||||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Average
common equity
|
$
|
15,755
|
$
|
12,392
|
$
|
14,600
|
$
|
12,050
|
|||||
Average
cumulative goodwill/intangible assets amortized
|
3,348
|
2,991
|
3,213
|
2,834
|
|||||||||
Average
invested capital
|
$
|
19,103
|
$
|
15,383
|
$
|
17,813
|
$
|
14,884
|
|||||
Rate
charged for invested capital
|
10.1
|
%
|
10.7
|
%
|
10.1
|
%
|
10.7
|
%
|
|||||
Charge
for invested capital
|
(486
|
)
|
(413
|
)
|
(1,799
|
)
|
(1,593
|
)
|
|||||
Net
income before amortization of intangibles
|
675
|
687
|
2,583
|
2,709
|
|||||||||
Economic
profit
|
$
|
189
|
$
|
274
|
$
|
784
|
$
|
1,116
|
|||||
Return
on invested capital
|
14.0
|
%
|
17.8
|
%
|
14.5
|
%
|
18.2
|
%
|
|||||
Return
on total common equity - reported basis
|
14.8
|
%
|
19.1
|
%
|
15.3
|
%
|
18.5
|
%
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
6
|
For
the three months ended
|
For
the twelve months ended
|
||||||||||||||||||||||||
(millions
of Canadian dollars)
|
Oct.
31
2005
|
Oct.
31
2004
|
Oct.
31
2005
|
Oct.
31
2004
|
|||||||||||||||||||||
Income
taxes at Canadian statutory income tax rate
-
before
amortization of intangibles
|
$
|
361
|
35.0
|
%
|
$
|
303
|
35.1
|
%
|
$
|
1,264
|
35.0
|
%
|
$
|
1,285
|
35.1
|
%
|
|||||||||
Increase
(decrease) resulting from:
|
|||||||||||||||||||||||||
Dividends
received
|
(61
|
)
|
(6.0
|
)
|
(71
|
)
|
(8.2
|
)
|
(232
|
)
|
(6.5
|
)
|
(205
|
)
|
(5.6
|
)
|
|||||||||
Rate
differentials on
international operations
|
(53
|
)
|
(5.1
|
)
|
(78
|
)
|
(9.0
|
)
|
(215
|
)
|
(6.0
|
)
|
(215
|
)
|
(5.8
|
)
|
|||||||||
Internal
tax
reorganizations
|
138
|
13.4
|
8
|
.9
|
163
|
4.5
|
8
|
.2
|
|||||||||||||||||
Future
federal and provincial tax
rate increases
|
-
|
-
|
-
|
-
|
-
|
-
|
(18
|
)
|
(.5
|
)
|
|||||||||||||||
Federal
large corporations
tax
|
-
|
-
|
3
|
.3
|
9
|
.3
|
12
|
.3
|
|||||||||||||||||
Other
- net
|
(83
|
)
|
(8.0
|
)
|
12
|
1.4
|
(98
|
)
|
(2.6
|
)
|
85
|
2.3
|
|||||||||||||
Provision
for income taxes and effective income tax rate
-
before
amortization of intangibles
|
$
|
302
|
29.3
|
%
|
$
|
177
|
20.5
|
%
|
$
|
891
|
24.7
|
%
|
$
|
952
|
26.0
|
%
|
|||||||||
Tax
effect - amortization of intangibles
|
(49
|
)
|
(1.0
|
)
|
(50
|
)
|
(2.9
|
)
|
(192
|
)
|
(1.9
|
)
|
(149
|
)
|
.5
|
||||||||||
Provision
for income taxes and effective income tax rate
-
reported
basis
|
$
|
253
|
28.3
|
%
|
$
|
127
|
17.6
|
%
|
$
|
699
|
22.8
|
%
|
$
|
803
|
26.5
|
%
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
7
|
As
at
|
|
As
at
|
|||||||||||
Oct.
31
|
Oct.
31
|
||||||||||||
2005
|
2004
|
||||||||||||
(millions
of Canadian dollars)
|
TDBFG
excluding
TD
Banknorth
|
TD
Banknorth
|
TDBFG
Consolidated
|
TDBFG
Consolidated
|
|||||||||
Securities
|
$
|
102,833
|
$
|
5,263
|
$
|
108,096
|
$
|
98,280
|
|||||
Securities
purchased under reverse repurchase agreements
|
26,375
|
-
|
26,375
|
21,888
|
|||||||||
Loans
(net of allowance for credit losses)
|
129,347
|
22,896
|
152,243
|
123,924
|
|||||||||
Deposits
|
220,926
|
26,055
|
246,981
|
206,893
|
•
|
measuring
the contribution of each product on a risk adjusted, fully-hedged
basis,
including the impact of financial options granted to
customers.
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
8
|
For
the three months ended
|
For
the twelve months ended
|
||||||||||||
Oct.
31, 2005
|
Oct.
31, 2005
|
Oct.
31, 2005
|
Oct.
31, 2004
|
||||||||||
(millions
of Canadian dollars)
|
As
at
|
Average
|
Average
|
Average
|
|||||||||
Interest
rate risk
|
$
|
7.3
|
$
|
8.0
|
$
|
8.0
|
$
|
9.1
|
|||||
Equity
risk
|
5.5
|
5.4
|
5.4
|
5.3
|
|||||||||
Foreign
exchange risk
|
1.9
|
3.5
|
2.8
|
2.6
|
|||||||||
Commodity
risk
|
.8
|
.8
|
.8
|
.8
|
|||||||||
Diversification
effect
|
(4.8
|
)
|
(7.4
|
)
|
(7.3
|
)
|
(6.9
|
)
|
|||||
General
Market Value at Risk
|
$
|
10.7
|
$
|
10.3
|
$
|
9.7
|
$
|
10.9
|
As
at
|
As
at
|
||||||
(billions
of Canadian dollars)
|
Oct.
31, 2005
|
Oct.
31, 2004
|
|||||
Tier
1 capital
|
$
|
13.1
|
$
|
12.6
|
|||
Tier
1 capital ratio
|
10.1
|
%
|
12.6
|
%
|
|||
Total
capital
|
$
|
17.2
|
$
|
16.9
|
|||
Total
capital ratio
|
13.2
|
%
|
16.9
|
%
|
|||
Risk
weighted assets
|
$
|
130.0
|
$
|
100.3
|
For
the three
months
ended
|
For
the twelve
months
ended
|
||||||||||||
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
||||||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Net
interest income - prior to restatement
|
$
|
1,688
|
$
|
1,475
|
$
|
6,155
|
$
|
5,943
|
|||||
Less:
Preferred dividends
|
30
|
17
|
79
|
78
|
|||||||||
Non-controlling
interest in innovative capital structures
|
17
|
23
|
68
|
92
|
|||||||||
Net
interest income - restated
|
$
|
1,641
|
$
|
1,435
|
$
|
6,008
|
$
|
5,773
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
9
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
10
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
11
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
12
|
|
As
at
|
||||||
Oct.
31
|
Oct.
31
|
||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
|||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
1,673
|
$
|
1,404
|
|||
Interest-bearing
deposits with banks
|
11,745
|
7,634
|
|||||
Securities
|
|||||||
Investment
|
42,321
|
31,387
|
|||||
Trading
|
65,775
|
66,893
|
|||||
108,096
|
98,280
|
||||||
Securities
purchased under reverse repurchase agreements
|
26,375
|
21,888
|
|||||
Loans
|
|||||||
Residential
mortgages
|
52,740
|
51,420
|
|||||
Consumer
instalment and other personal
|
62,754
|
48,857
|
|||||
Credit
cards
|
2,998
|
2,566
|
|||||
Business
and government
|
35,044
|
22,264
|
|||||
153,536
|
125,107
|
||||||
Allowance
for credit losses
|
(1,293
|
)
|
(1,183
|
)
|
|||
Loans
(net of allowance for credit losses)
|
152,243
|
123,924
|
|||||
Other
|
|||||||
Customers’
liability under acceptances
|
5,989
|
5,507
|
|||||
Trading
derivatives’ market revaluation
|
33,651
|
33,697
|
|||||
Goodwill
|
6,518
|
2,225
|
|||||
Other
Intangibles
|
2,124
|
2,144
|
|||||
Land,
buildings and equipment
|
1,801
|
1,330
|
|||||
Other
assets
|
14,995
|
12,994
|
|||||
65,078
|
57,897
|
||||||
Total
assets
|
$
|
365,210
|
$
|
311,027
|
|||
LIABILITIES
|
|||||||
Deposits
|
|||||||
Personal
|
$
|
131,783
|
$
|
111,360
|
|||
Banks
|
11,505
|
11,459
|
|||||
Business
and government
|
103,693
|
84,074
|
|||||
246,981
|
206,893
|
||||||
Other
|
|||||||
Acceptances
|
5,989
|
5,507
|
|||||
Obligations
related to securities sold short
|
24,406
|
17,671
|
|||||
Obligations
related to securities sold under repurchase agreements
|
11,284
|
9,846
|
|||||
Trading
derivatives’ market revaluation
|
33,498
|
33,873
|
|||||
Other
liabilities
|
18,545
|
16,365
|
|||||
93,722
|
83,262
|
||||||
Subordinated
notes and debentures
|
5,138
|
5,644
|
|||||
Liabilities
for preferred shares and capital trust securities
|
1,795
|
2,560
|
|||||
Non-controlling
interest in subsidiaries
|
1,708
|
-
|
|||||
SHAREHOLDERS’
EQUITY
|
|||||||
Common
shares (millions of shares issued and outstanding: 2005 - 711.8
and 2004 -
655.9)
|
5,872
|
3,373
|
|||||
Contributed
surplus
|
40
|
20
|
|||||
Foreign
currency translation adjustments
|
(696
|
)
|
(265
|
)
|
|||
Retained
earnings
|
10,650
|
9,540
|
|||||
15,866
|
12,668
|
||||||
Total
liabilities and shareholders’ equity
|
$
|
365,210
|
$
|
311,027
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
13
|
For
the three months ended
|
For
the twelve months ended
|
||||||||||||
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
||||||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Interest
income
|
|||||||||||||
Loans
|
$
|
2,328
|
$
|
1,767
|
$
|
8,322
|
$
|
6,958
|
|||||
Securities
|
|||||||||||||
Dividends
|
225
|
230
|
927
|
859
|
|||||||||
Interest
|
792
|
649
|
3,112
|
2,798
|
|||||||||
Deposits
with banks
|
106
|
156
|
415
|
517
|
|||||||||
3,451
|
2,802
|
12,776
|
11,132
|
||||||||||
Interest
expense
|
|||||||||||||
Deposits
|
1,410
|
1,009
|
5,129
|
3,853
|
|||||||||
Subordinated
notes and debentures
|
84
|
78
|
328
|
312
|
|||||||||
Distributions
from liabilities for preferred shares and capital trust
securities
|
47
|
40
|
147
|
170
|
|||||||||
Other
obligations
|
269
|
240
|
1,164
|
1,024
|
|||||||||
1,810
|
1,367
|
6,768
|
5,359
|
||||||||||
Net
interest income
|
1,641
|
1,435
|
6,008
|
5,773
|
|||||||||
Provision
for (reversal of) credit losses
|
(15
|
)
|
(73
|
)
|
55
|
(386
|
)
|
||||||
Net
interest income after provision for (reversal of) credit
losses
|
1,656
|
1,508
|
5,953
|
6,159
|
|||||||||
Other
income
|
|||||||||||||
Investment
and securities services
|
634
|
511
|
2,417
|
2,296
|
|||||||||
Credit
fees
|
84
|
80
|
343
|
343
|
|||||||||
Net
investment securities gains
|
76
|
44
|
242
|
192
|
|||||||||
Trading
income (loss)
|
(88
|
)
|
(75
|
)
|
147
|
(153
|
)
|
||||||
Service
charges
|
219
|
170
|
787
|
673
|
|||||||||
Loan
securitizations
|
120
|
82
|
414
|
390
|
|||||||||
Card
services
|
85
|
20
|
279
|
172
|
|||||||||
Insurance,
net of claims
|
210
|
175
|
826
|
593
|
|||||||||
Trust
fees
|
33
|
18
|
111
|
78
|
|||||||||
Other
|
69
|
93
|
323
|
299
|
|||||||||
1,442
|
1,118
|
5,889
|
4,883
|
||||||||||
Net
interest and other income
|
3,098
|
2,626
|
11,842
|
11,042
|
|||||||||
Non-interest
expenses
|
|||||||||||||
Salaries
and employee benefits
|
1,126
|
909
|
4,218
|
3,780
|
|||||||||
Occupancy
including depreciation
|
173
|
157
|
676
|
612
|
|||||||||
Equipment
including depreciation
|
171
|
161
|
609
|
562
|
|||||||||
Amortization
of other intangibles
|
135
|
142
|
546
|
626
|
|||||||||
Restructuring
costs (reversal)
|
6
|
-
|
43
|
(7
|
)
|
||||||||
Marketing
and business development
|
116
|
88
|
469
|
384
|
|||||||||
Brokerage
related fees
|
55
|
49
|
226
|
228
|
|||||||||
Professional
and advisory services
|
155
|
144
|
494
|
446
|
|||||||||
Communications
|
55
|
53
|
205
|
207
|
|||||||||
Other
|
211
|
201
|
1,296
|
1,169
|
|||||||||
2,203
|
1,904
|
8,782
|
8,007
|
||||||||||
Income
before provision for income taxes
|
895
|
722
|
3,060
|
3,035
|
|||||||||
Provision
for income taxes
|
253
|
127
|
699
|
803
|
|||||||||
Income
before non-controlling interest in subsidiaries
|
642
|
595
|
2,361
|
2,232
|
|||||||||
Non-controlling
interest in net income of subsidiaries
|
53
|
-
|
132
|
-
|
|||||||||
Net
income to common shares
|
$
|
589
|
$
|
595
|
$
|
2,229
|
$
|
2,232
|
|||||
Average
number of common shares outstanding (millions)
|
|||||||||||||
Basic
|
710.0
|
653.5
|
691.3
|
654.5
|
|||||||||
Diluted
|
716.1
|
658.2
|
696.9
|
659.4
|
|||||||||
Earnings
per share
|
|||||||||||||
Basic
|
$
|
.83
|
$
|
.91
|
$
|
3.22
|
$
|
3.41
|
|||||
Diluted
|
.82
|
.90
|
3.20
|
3.39
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
14
|
For
the year ended
|
|||||||
Oct.
31
|
Oct.
31
|
||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
|||||
Common
shares
|
|||||||
Balance
at beginning of year
|
$
|
3,373
|
$
|
3,179
|
|||
Proceeds
from shares issued on exercise of options
|
125
|
99
|
|||||
Proceeds
from shares issued as a result of dividend reinvestment
plan
|
380
|
174
|
|||||
Impact
of shares (acquired) sold in Wholesale Banking
|
6
|
(41
|
)
|
||||
Repurchase
of common shares
|
-
|
(38
|
)
|
||||
Issued
on acquisition of TD Banknorth
|
1,988
|
-
|
|||||
Balance
at end of year
|
5,872
|
3,373
|
|||||
Contributed
surplus
|
|||||||
Balance
at beginning of year
|
20
|
9
|
|||||
Stock
option expense
|
20
|
11
|
|||||
Balance
at end of year
|
40
|
20
|
|||||
Foreign
currency translation adjustments
|
|||||||
Balance
at beginning of year
|
(265
|
)
|
(130
|
)
|
|||
Foreign
exchange losses from investments in subsidiaries and other
items
|
(718
|
)
|
(739
|
)
|
|||
Foreign
exchange gains from hedging activities
|
428
|
1,004
|
|||||
Provision
for income taxes
|
(141
|
)
|
(400
|
)
|
|||
Balance
at end of year
|
(696
|
)
|
(265
|
)
|
|||
Retained
earnings
|
|||||||
Balance
at beginning of year
|
9,540
|
8,518
|
|||||
Net
income
|
2,229
|
2,232
|
|||||
Common
dividends
|
(1,098
|
)
|
(890
|
)
|
|||
Termination
of equity based compensation plan
|
-
|
(24
|
)
|
||||
Premium
paid on repurchase of common shares
|
-
|
(312
|
)
|
||||
Other
|
(21
|
)
|
16
|
||||
Balance
at end of year
|
10,650
|
9,540
|
|||||
Total
shareholders’ equity
|
$
|
15,866
|
$
|
12,668
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
15
|
For
the three months ended
|
For
the twelve months ended
|
||||||||||||
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
||||||||||
(millions
of Canadian dollars)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Cash
flows from (used in) operating activities
|
|||||||||||||
Net
income
|
$
|
589
|
$
|
595
|
$
|
2,229
|
$
|
2,232
|
|||||
Adjustments
to determine net cash flows from (used in) operating
activities
|
|||||||||||||
Provision
for
(reversal of) credit losses
|
(15
|
)
|
(73
|
)
|
55
|
(386
|
)
|
||||||
Depreciation
|
95
|
83
|
322
|
294
|
|||||||||
Amortization
of
other intangibles
|
135
|
142
|
546
|
626
|
|||||||||
Stock
option expense
|
4
|
3
|
20
|
11
|
|||||||||
Net
investment securities gains
|
(76
|
)
|
(44
|
)
|
(242
|
)
|
(192
|
)
|
|||||
Gain
on
securitizations
|
(47
|
)
|
(16
|
)
|
(166
|
)
|
(134
|
)
|
|||||
Non-controlling
interest
|
53
|
-
|
132
|
-
|
|||||||||
Changes
in operating assets and liabilities
|
|||||||||||||
Future
income taxes
|
(154
|
)
|
276
|
(261
|
)
|
128
|
|||||||
Current
income taxes payable
|
241
|
231
|
2
|
(440
|
)
|
||||||||
Interest
receivable and payable
|
200
|
11
|
588
|
(141
|
)
|
||||||||
Trading
securities
|
6,822
|
809
|
1,118
|
(12,003
|
)
|
||||||||
Unrealized
gains and amounts receivable on derivatives contracts
|
534
|
(7,534
|
)
|
46
|
(5,246
|
)
|
|||||||
Unrealized
losses and amounts payable on derivatives contracts
|
(1,379
|
)
|
7,317
|
(375
|
)
|
5,873
|
|||||||
Other
|
(507
|
)
|
(407
|
)
|
1,248
|
370
|
|||||||
Net
cash from (used in) operating activities
|
6,495
|
1,393
|
5,262
|
(9,008
|
)
|
||||||||
Cash
flows from (used in) financing activities
|
|||||||||||||
Deposits
|
(4,457
|
)
|
(4,611
|
)
|
11,169
|
24,013
|
|||||||
Securities
sold under repurchase agreements
|
(1
|
)
|
(1,088
|
)
|
1,438
|
2,001
|
|||||||
Securities
sold short
|
1,282
|
(1,742
|
)
|
5,305
|
2,325
|
||||||||
Issuance
of subordinated notes and debentures
|
270
|
3
|
270
|
3
|
|||||||||
Repayment
of subordinated notes and debentures
|
(665
|
)
|
(1
|
)
|
(1,419
|
)
|
(158
|
)
|
|||||
Subordinated
notes and debentures (acquired) sold in Wholesale Banking
|
(9
|
)
|
40
|
(3
|
)
|
(26
|
)
|
||||||
Liability
for preferred shares and capital trust securities
|
(403
|
)
|
1
|
(765
|
)
|
(225
|
)
|
||||||
Translation
adjustment on subordinated notes and debentures issued in a foreign
currency
|
(28
|
)
|
(69
|
)
|
(24
|
)
|
(62
|
)
|
|||||
Common
shares issued on exercise of options
|
31
|
17
|
125
|
99
|
|||||||||
Common
shares issued as a result of dividend reinvestment plan
|
104
|
78
|
380
|
174
|
|||||||||
Common
shares (acquired) sold by Wholesale Banking
|
(7
|
)
|
33
|
6
|
(41
|
)
|
|||||||
Repurchase
of common shares
|
-
|
-
|
-
|
(350
|
)
|
||||||||
Dividends
paid on common shares
|
(298
|
)
|
(235
|
)
|
(1,098
|
)
|
(890
|
)
|
|||||
Net
cash from (used in) financing activities
|
(4,181
|
)
|
(7,574
|
)
|
15,384
|
26,863
|
|||||||
Cash
flows from (used in) investing activities
|
|||||||||||||
Interest-bearing
deposits with banks
|
(1,438
|
)
|
766
|
(4,111
|
)
|
(1,383
|
)
|
||||||
Activity
in investment securities
|
|||||||||||||
Purchases
|
(4,697
|
)
|
(3,963
|
)
|
(23,158
|
)
|
(30,877
|
)
|
|||||
Proceeds
from
maturities
|
1,177
|
1,768
|
6,388
|
4,688
|
|||||||||
Proceeds
from
sales
|
1,984
|
4,505
|
12,413
|
19,769
|
|||||||||
Activity
from lending activities
|
|||||||||||||
Origination
and
acquisitions
|
(17,895
|
)
|
(13,755
|
)
|
(78,655
|
)
|
(77,827
|
)
|
|||||
Proceeds
from
maturities
|
15,351
|
10,756
|
62,956
|
63,457
|
|||||||||
Proceeds
from
sales
|
1,853
|
280
|
4,541
|
3,326
|
|||||||||
Proceeds
from
loan securitizations
|
1,743
|
2,090
|
7,365
|
5,564
|
|||||||||
Land,
buildings and equipment
|
(123
|
)
|
(192
|
)
|
(814
|
)
|
(207
|
)
|
|||||
Securities
purchased under reverse repurchase agreements
|
(751
|
)
|
3,513
|
(4,487
|
)
|
(4,413
|
)
|
||||||
TD
Banknorth share repurchase program
|
-
|
-
|
(603
|
)
|
-
|
||||||||
Acquisitions
and dispositions less cash and cash equivalents acquired
|
-
|
-
|
(2,184
|
)
|
-
|
||||||||
Net
cash from (used in) investing activities
|
(2,796
|
)
|
5,768
|
(20,349
|
)
|
(17,903
|
)
|
||||||
Effect
of exchange rate changes on cash and cash equivalents
|
(17
|
)
|
(19
|
)
|
(28
|
)
|
(16
|
)
|
|||||
Net
changes in cash and cash equivalents
|
(499
|
)
|
(432
|
)
|
269
|
(64
|
)
|
||||||
Cash
and cash equivalents at beginning of period
|
2,172
|
1,836
|
1,404
|
1,468
|
|||||||||
Cash
and cash equivalents at end of period represented by cash and due
from
banks
|
$
|
1,673
|
$
|
1,404
|
$
|
1,673
|
$
|
1,404
|
|||||
Supplementary
disclosure of cash flow information
|
|||||||||||||
Amount
of interest paid during the period
|
$
|
1,560
|
$
|
1,303
|
$
|
6,433
|
$
|
5,468
|
|||||
Amount
of income taxes paid during the period
|
195
|
25
|
968
|
1,509
|
|||||||||
Dividends
per common share
|
$
|
.42
|
$
|
.36
|
$
|
1.58
|
$
|
1.36
|
TD
BANK FINANCIAL GROUP • FOURTH
QUARTER
NEWS RELEASE 2005
|
Page
16
|
(millions
of Canadian dollars)
|
Canadian
Personal
and
Commercial
Banking
|
U.S.
Personal and Commercial Banking
|
Wholesale
Banking1
|
Wealth
Management
|
Corporate1
|
Total
|
||||||||||||||||||||||||||||
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
Oct.
31
|
||||||||||||||||||||||||
For
the three months ended
|
2005
|
2004
|
2005
|
2005
|
2004
|
2005
|
2004
|
2005
|
2004
|
2005
|
2004
|
|||||||||||||||||||||||
Net
interest income
|
$
|
1,129
|
$
|
1,091
|
$
|
298
|
$
|
234
|
$
|
349
|
$
|
175
|
$
|
130
|
$
|
(195
|
)
|
$
|
(135
|
)
|
$
|
1,641
|
$
|
1,435
|
||||||||||
Other
income
|
600
|
523
|