CWB Reports Second Quarter Financial Performance
Pre-Tax, Pre-Provision Earnings Up 8% Compared to Last Year Results Reflect Previously Announced Provisions for Credit Losses on Oil and Gas Production Loans
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 06/02/16 -- Canadian Western Bank (TSX: CWB) -
"CWB's overall second quarter core operating performance was strong. We delivered 14% year-over-year loan growth, 8% growth in pre-tax, pre-provision earnings, and a stable ratio of costs to revenues," said Chris Fowler, President and CEO. "Our results reflect previously announced provisions for credit losses on oil and gas production loans. The impact of very low oil and gas prices on producer cash flows early in the calendar year, as well as subsequent borrowing base redeterminations, led to an increase in credit stress within this portfolio compared to prior quarters. We are maintaining a realistic outlook as we work with our clients through the difficult operating environment in Alberta."
"We expect the combination of our two recent acquisitions, CWB Maxium Financial and CWB Franchise Finance to be slightly accretive to adjusted net income this year, with accelerating contributions thereafter," Mr. Fowler continued. "Both businesses support CWB's established commercial banking strategy and offer specialized financing originations with attractive returns. They also bring experienced, motivated and highly respected management, and teams with demonstrated histories of delivering strong financial performance and solid credit quality. And with 80% of both portfolios based in Ontario, we look forward to these businesses accelerating the expansion of CWB's geographic footprint in Central and Eastern Canada. These are strategic acquisitions that position us to reach more clients with an expanded service offering across the country. We are well positioned to support this expansion with the recent launch of our new core banking system, which is itself a significant step in the continued execution of our relationship-focused strategic direction."
"Adding to what has already been a difficult year for Alberta, the wildfires in Fort McMurray and surrounding areas have caused extraordinary destruction and hardship for the people of that community. The impact can be felt across the province. Our top priorities are to take care of members of our CWB team who have friends and family affected by the fire, and to ensure our clients have the assistance they need. We are also committed to support immediate relief efforts, and have made a $25,000 donation to the Canadian Red Cross. CWB's business presence within Fort McMurray is limited. Notwithstanding the short-term economic impact of reduced output from the oil sands, we are confident the community and related activity will be fully restored in time."
Second Quarter 2016 Highlights(1), (2) for Continuing Operations (compared to the same period in the prior year)
Canadian Western Bank (CWB) today announced second quarter financial performance which included strong growth in pre-tax, pre-provision (PTPP) earnings and the significant negative impact of persistent low oil prices on the credit performance of oil and gas production loans. Common shareholders' net income from Continuing Operations of $32.2 million was down 37% compared to the same quarter in 2015, primarily due to total pre-tax provisions for credit losses of $39.7 million, up from $7.4 million last year. Diluted earnings per common share of $0.40 and adjusted cash earnings per common share of $0.41 were down 38% and 37%, respectively. PTPP earnings were up 8% to $84.5 million mainly due to the combined positive impact of very strong 14% year-over-year loan growth and 7% higher non-interest income. This was partially offset by a 10 basis point decrease in net interest margin and 10% increase in non-interest expenses.
Compared to the prior quarter, common shareholders' net income from Continuing Operations, diluted earnings per common share and adjusted cash earnings per common share were each down 38% primarily due to the impact of higher provisions for credit losses. PTPP earnings were 4% higher, reflecting the combined benefits of very strong 4% loan growth, a 32% increase in non-interest income and relatively stable net interest margin, partially offset by higher non-interest expenses.
The total year-to-date pre-tax provision for credit losses increased to $48.6 million from $14.4 million last year, contributing to 19% lower common shareholders' net income from Continuing Operations. Diluted and adjusted cash earnings per common share declined 19% and 18%, respectively. Year-to-date PTPP earnings of $165.9 million increased 6% as the positive impact of very strong 9% loan growth was partially offset by an 11 basis point decrease in net interest margin, an 8% increase in non-interest expenses and 6% lower non-interest income.
Medium-term Performance Target Ranges for Continuing Operations
Performance target ranges reflect the objectives embedded within CWB's strategic direction and a time horizon consistent with the longer-term interests of CWB shareholders. Target ranges for key financial metrics over a three- to five-year time horizon are presented in the following table:
Our medium-term performance target ranges are based on expectations for moderate economic growth in Canada over the three- to five-year forecast horizon. We are confident in our ability to achieve overall medium-term financial performance within these target ranges. We are committed to continue to deliver further business and geographic diversification; strong and profitable loan growth; a lower overall cost of funds through optimization of our funding mix; stable credit quality over a full economic cycle; effective expense management in consideration of revenue growth opportunities; and, prudent capital management.
Continuing Operations
Compared to the prior quarter, our outlook for 2016 now reflects expectations for significantly higher provisions for credit losses. As we disclosed on May 3, we now expect the annual provision to fall between 35 and 45 basis points as a percentage of average loans. This compares to our prior expectations for the provision to be at the high end of a range between 18 and 23 basis points. Within our oil and gas portfolio, the impact of very low commodity prices on producer cash flows early in the calendar year led to an increase in credit stress compared to prior quarters. The unusual level of provisioning this quarter directly reflects this development. Our expectations for near-term earnings growth are modest in view of this change to our credit outlook, the likelihood of further pressure on net interest margin, incremental increases in our expense base primarily related to implementation of our new core banking system, and further economic uncertainty within Alberta from the Fort McMurray wildfires.
One of our primary strategic objectives is to achieve further geographic and business diversification within targeted segments of the commercial banking industry in Canada. We completed an important step in support of this strategy with the Maxium Group (CWB Maxium) acquisition on March 1, 2016. Securitized assets originated by CWB Maxium prior to March 1, 2016 were not included in the transaction. This purchase structure will result in significant revenue contributions building over time.
Our acquisition of GE Capital's Canadian franchise finance platform is expected to close in the third quarter and represents another step in our commercial banking growth and geographic diversification strategy. This business, to be known as CWB Franchise Finance, provides financing across Canada to a diverse group of established companies in the franchised hospitality and restaurant industries, and the acquisition will include key employees required to complement our continued strategic commercial banking growth and geographic expansion. The balance of loans to be acquired is approximately $350 million. No goodwill or intangible assets were included in the purchase structure.
Strategic benefits of acquisitions and core banking implementation
CWB Maxium Financial and CWB Franchise Finance will both contribute to an expanded CWB presence outside of Western Canada as approximately 80% of their current business is in Ontario. We expect the combination of these two meaningful strategic acquisitions to be slightly accretive to adjusted net income this year, with accelerating contributions thereafter.
We also expect CWB's earnings growth and business diversification to benefit from ongoing success in key strategic initiatives to attract new clients and expand our existing client relationships. The successful launch of our new core banking system subsequent to quarter end will facilitate these initiatives and advance our efforts to build core funding sources, enhance product and service offerings, and leverage current and future investment in technology.
Our successful launch reflects several years of focused effort on the part of CWB's dedicated project team, as well as a tremendous team effort within our branches during and after the implementation period. We look forward to realizing the significant benefits of this improved technology going forward, including the ability to leverage a client-centric view of our branch-based relationships, and support for CWB's eventual transition to the Advanced Internal Ratings Based (AIRB) methodology for calculating risk weighted assets.
Loans and Deposits
Loan growth of 14% over the past twelve months, 4% compared to the prior quarter and 9% on a year-to-date basis was driven by strong activity within targeted portfolio segments. Combined loan growth within BC and Ontario accounted for more than two thirds of the increase from last year, compared to less than one third in the same quarter last year. Loan growth in Alberta and Saskatchewan has slowed compared to prior years due to the economic impact of low oil prices. Combined sequential loan growth in these two provinces of $143 million compares to combined growth in BC and Ontario of $736 million over the same period. We expect this trend of stronger relative growth in non-oil producing provinces to continue through the remainder of 2016.
Combined originations within CWB Maxium and CWB Franchise Finance are expected to exceed $500 million commencing in fiscal 2017. In consideration of very strong loan growth through the first half of the year and our current pipeline of new lending opportunities, we are confident we will achieve another year of double-digit loan growth in 2016, marking the 26th time in 27 years CWB has achieved this level of performance.
Deposit growth was 13% over the past twelve months, 2% compared to the prior quarter and 5% on a year-to-date basis. We remain committed to further enhance and diversify funding sources to support growth, manage the impact of competitive factors and mitigate pressure on net interest margin.
Year-over-year branch-raised deposit growth was 9%. Another long-term strategic objective is to increase the level of these deposits as they strengthen relationships by providing clients with relevant tools for managing their finances. Preferred types of branch-raised deposits also have attractive liquidity characteristics, are typically lower cost, and provide associated transactional fee income. As such, we place specific emphasis on growing personal and business deposits raised within the branch network, as well as through trust services and, given suitable market conditions, Canadian Direct Financial, CWB's Internet-based division.
Credit Quality
Credit quality outside of our portfolio of oil and gas production loans is consistent with prior expectations. Significantly higher provisions for credit losses within the oil and gas portfolio have resulted from further weakening of energy commodity prices to very low levels early in the calendar year. In view of this factor and borrowing base redeterminations that reflect current information, we recorded $32.5 million of second quarter provisions for credit losses on oil and gas production loans and a total second quarter provision for credit losses of $39.7 million. We now expect the annual provision to fall between 35 and 45 basis points as a percentage of average loans. This compares to our prior expectations for the provision to be at the high end of a range between 18 and 23 basis points. Total gross impaired loans of $145.0 million compare to $92.9 million in the second quarter last year and $111.5 million last quarter. The sequential increase was mainly due to a $32.1 million increase in gross impaired oil and gas production loans. Recent loss rates within this portfolio have exceeded those experienced during prior economic cycles. As we work with our clients through a challenging operating environment in Alberta, we continue to carefully monitor the entire loan portfolio for signs of weakness resulting from the first and second order impacts of lower oil prices. Although we expect further increases in the balance of impaired loans across the portfolio, we anticipate loss rates on impaired loans outside of oil and gas production lending to be more consistent with our prior experience, reflecting the combined positive impact of our disciplined underwriting, secured lending practices and proactive account management.
Based on the results of stress tests simulating severe economic conditions in Alberta and Saskatchewan, in combination with very challenging economic conditions throughout the rest of CWB's geographic footprint over a multi-year timeframe, management is confident CWB will continue to deliver positive earnings for shareholders while maintaining financial stability and a strong capital position.
Efficiency and Operating Leverage
In view of necessary investment underway to facilitate ongoing implementation of our client relationship-focused strategy, as well as the low probability of meaningful short-term improvement in net interest margin, we expect our efficiency ratio to fluctuate at levels moderately higher than the recent past. Combined amortization and sustainment costs related to the new core banking system will add to our expense base commencing in the third quarter. We expect this investment to facilitate both revenue growth and cost efficiencies over the medium-term, as well as help us achieve our strategic client relationship objectives.
Second quarter operating leverage was negative 1% as year-over-year growth of 10% in non-interest expenses moderately outpaced 9% growth in total revenues. Adjusted for the impact of CWB Maxium, operating leverage was positive 1%. We are committed to disciplined control of all discretionary expenses and expect to achieve positive operating leverage over the medium-term. However, in view of the above mentioned increases to our cost base and the likelihood for continued pressure on net interest margin to constrain revenue growth, we expect operating leverage to be slightly negative in fiscal 2016.
Capital Management and the Dividend Payout Ratio
CWB maintains a strong capital position under the more conservative Standardized approach for calculating risk-weighted assets. We strengthened Tier 1 and Total capital during the second quarter through the issuance of $140 million of Series 7 preferred shares.
The common share dividend declared yesterday of $0.23 per share is consistent with the prior quarter and 5% higher than the dividend declared one year ago. Common share dividend increases are evaluated every quarter against the dividend payout ratio target of approximately 30%. The second quarter dividend payout ratio was 39%, primarily reflecting the current impact of the credit performance of oil and gas loans on common shareholders' net income.
The timing of future common share dividend increases will be influenced by capital requirements to support expected asset growth under the Standardized approach for calculating risk-weighted assets, as well as the impacts on earnings growth from the change to our credit outlook, challenges related to persistent net interest margin pressure, incremental increases in our expense base and ongoing macroeconomic uncertainty. Yesterday CWB's Board of Directors also declared dividends on the Series 5 and Series 7 preferred shares.
About CWB Group
CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 41 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares) and "CWB.PR.C" (Series 7 Preferred Shares). Learn more at .
Fiscal 2016 Second Quarter Results Conference Call
CWB's second quarter results conference call is scheduled for Thursday, June 2, 2016, at 2:00 p.m. ET (12:00 noon MT). CWB's executives will comment on financial results and respond to questions from analysts and institutional investors.
The conference call may be accessed on a listen-only basis by dialing 647-788-4922 or toll-free 1-877-223-4471. The call will also be webcast live on CWB's website: .
A replay of the conference call will be available until June 16, 2016, by dialing 416-621-4642 (Toronto) or 1-800-585-8367 (toll-free) and entering passcode 11374513.
Selected Financial Highlights(2)
Management's Discussion and Analysis
This management's discussion and analysis (MD&A), dated June 1, 2016, should be read in conjunction with Canadian Western Bank's (CWB) unaudited condensed interim consolidated financial statements for the period ended April 30, 2016, and the audited consolidated financial statements and MD&A for the year ended October 31, 2015, available on SEDAR at and CWB's website at .
Continuing and Discontinued Operations
On May 1, 2015, CWB completed the divestitures of its property and casualty insurance subsidiary, Canadian Direct Insurance (CDI), and the stock transfer business of its subsidiary, Valiant Trust Company (Valiant), ("Discontinued Operations"). The remaining operations are defined as "Continuing Operations" and the total Discontinued Operations and Continuing Operations are defined as "Combined Operations". In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, revenue, expenses and gains on sale associated with the businesses sold have been classified as Discontinued Operations in CWB's interim consolidated statements of income for all periods presented. Associated assets and liabilities were classified as held for sale in CWB's interim consolidated balance sheets prospectively from January 31, 2015 until their sale on May 1, 2015. Return on common shareholders' equity reflects equity from Combined Operations. All other measures reflect either Continuing or Combined Operations as indicated. The proceeds of sale may be subject to further post-closing adjustments and costs.
Forward-looking Statements
From time to time, CWB makes written and verbal forward-looking statements. Statements of this type are included in the Annual Report and reports to shareholders and may be included in filings with Canadian securities regulators or in other communications such as press releases and corporate presentations. Forward-looking statements include, but are not limited to, statements about CWB's objectives and strategies, targeted and expected financial results and the outlook for CWB's businesses or for the Canadian economy. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "may increase", "may impact", "goal", "focus", "potential", "proposed" and other similar expressions, or future or conditional verbs such as "will", "should", "would" and "could".
By their very nature, forward-looking statements involve numerous assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that management's predictions, forecasts, projections, expectations and conclusions will not prove to be accurate, that its assumptions may not be correct and that its strategic goals will not be achieved.
A variety of factors, many of which are beyond CWB's control, may cause actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, but are not limited to, general business and economic conditions in Canada, including the volatility and level of liquidity in financial markets, fluctuations in interest rates and currency values, the volatility and level of various commodity prices, changes in monetary policy, changes in economic and political conditions, legislative and regulatory developments, legal developments, the level of competition, the occurrence of natural catastrophes, changes in accounting standards and policies, the accuracy and completeness of information CWB receives about customers and counterparties, the ability to attract and retain key personnel, the ability to complete and integrate acquisitions, reliance on third parties to provide components of business infrastructure, changes in tax laws, technological developments, unexpected changes in consumer spending and saving habits, timely development and introduction of new products, and management's ability to anticipate and manage the risks associated with these factors. It is important to note that the preceding list is not exhaustive of possible factors.
Additional information about these factors can be found in the Risk Management section of CWB's annual Management's Discussion and Analysis (MD&A). These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause CWB's actual results to differ materially from the expectations expressed in such forward-looking statements. Unless required by securities law, CWB does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time by it or on its behalf.
Assumptions about the performance of the Canadian economy over the forecast horizon and how it will affect CWB's businesses are material factors considered when setting organizational objectives and targets. In determining expectations for economic growth, CWB primarily considers economic data and forecasts provided by the Canadian government and its agencies, as well as an average of certain private sector forecasts. These forecasts are subject to inherent risks and uncertainties that may be general or specific. Where relevant, material economic assumptions underlying forward looking statements are disclosed within the Outlook sections of this MD&A.
Acquisitions of CWB Maxium Financial and CWB Franchise Finance
On March 1, 2016, CWB acquired the non-securitized lending assets and other net business assets of Maxium Financial Services Inc. and Desante Financial Services Inc., now referred to as "CWB Maxium Financial" (CWB Maxium). CWB Maxium provides loans, equipment leases and structured financing solutions to more than 35,000 clients, mainly in Ontario. Specialized financing solutions are primarily provided in the areas of health care, golf, transportation, real estate, and general corporate financing. Securitized assets that were originated prior to March 1, 2016 were not included in the transaction. The purchase agreement is structured over three years with maximum total consideration of up to $120 million. The acquisition was funded at closing with 1,250,312 common shares valued at $25.6 million and $19.5 million in cash. Remaining consideration consists of contingent payments to the vendors that could total up to $70.5 million, with an estimated fair value at the acquisition date of $16.4 million. Contingent payment installments will be made annually with determination of the total amount payable based on CWB Maxium's cumulative business performance over a 36-month purchase price adjustment period. Up to 50% of the total contingent consideration may be settled with CWB shares at the vendors' option, provided the average share price over the 20 days preceding issuance exceeds $30.00, with the remainder to be paid in cash. Full disclosure of the accounting treatment of the transaction is provided in Note 3 of the unaudited interim financial statements. CWB Maxium's revenue and net loss for the quarter ended April 30, 2016 were $1.0 million and $0.4 million, respectively, and its total assets and total liabilities at April 30, 2016 were $168.4 million and $136.5 million, respectively. Other than the contingent consideration payable to the vendors, there were no other contingent liabilities or commitments arising from the acquisition.
On April 7, 2016, CWB announced the signing of an asset purchase agreement to acquire GE Capital's Canadian Franchise Finance platform, to be referred to as "CWB Franchise Finance". The business provides financing across Canada to a diverse group of established companies in the franchised hospitality and restaurant industries. The acquisition will include key employees to support CWB's continued strategic commercial banking growth and geographic expansion. The balance of loans to be acquired is approximately $350 million. No goodwill or intangible assets are included in the purchase structure. The transaction is expected to close in CWB's third quarter of fiscal 2016, subject to customary approvals.
In combination, these two strategic acquisitions are expected to be slightly accretive to adjusted net income this year, with accelerating contributions thereafter.
Overview of Continuing Operations
Q2 2016 vs. Q2 2015
Common shareholders' net income of $32.2 million was down 37%, primarily due to the impact of $33 million of previously announced pre-tax energy-related provisions for credit losses. Net interest income (teb) of $145.1 million was up 9% as the benefits of very strong 14% loan growth and one additional revenue earning day were partially offset by a 10 basis point decrease in net interest margin (teb). Non-interest income increased 7% to $19.4 million reflecting growth in most categories with the exception of slightly lower wealth management revenues. Diluted earnings per common share of $0.40 and adjusted cash earnings per common share, which excludes the acquisition-related after-tax amortization of intangible assets and non-tax deductible changes in fair value of contingent consideration, of $0.41 were down 38% and 37%, respectively. Excluding provisions for credit losses and income taxes in all periods, pre-tax, pre-provision (PTPP) earnings were up 8% to $84.5 million.
Q2 2016 vs. Q1 2016
Common shareholders' net income was down 38% due to the impact of energy-related provisions for credit losses. Net interest income increased 1%, reflecting the positive impact of 4% loan growth and relatively stable net interest margin, partially offset by two fewer revenue earning days. Non-interest income was 32% higher, primarily due to nil net gains on securities, compared to net losses of $2.9 million last quarter, and higher 'other' non-interest income. PTPP earnings were 4% higher.
YTD 2016 vs. YTD 2015
Common shareholders' net income of $84.3 million was down 19% as provisions for credit losses of $48.6 million compared to $14.4 million last year. Net interest income (teb) increased 8% to $289.2 million, as the positive impact of very strong 9% loan growth and one additional revenue earning day offset an 11 basis point decline in net interest margin (teb).
Non-interest income of $34.0 million was 6% lower. Gains in most categories were more than offset by lower net gains/losses on securities. Net losses on securities of $2.9 million compared to gains of $0.7 million last year. Diluted earnings per common share of $1.04 and adjusted cash earnings per common share of $1.07 were down 19% and 18%, respectively. Year-to-date PTPP earnings of $165.9 million increased 6%.
ROE and ROA
To adjust for the impact of acquisition-related accounting items which represent non-cash charges not considered indicative of ongoing business performance, CWB calculates an adjusted return on common shareholders' equity which excludes the acquisition-related after-tax amortization of intangible assets and the non-tax deductible change in fair value of contingent consideration from common shareholders' net income.
Second quarter adjusted return on common shareholders' equity (adjusted ROE) was 7.4%, compared to 13.3% last year and 11.7% in the previous quarter. Year-to-date adjusted ROE was 9.6%, compared to 13.4% last year. Return on assets (ROA) of 0.55% was down from 1.00% a year earlier and 0.90% last quarter. Lower profitability ratios primarily resulted from higher provisions for credit losses compared to prior periods.
Outlook for Profitability Ratios
Our expectations for near-term earnings growth are modest in view of the previously announced change to our credit outlook, ongoing pressure on net interest margin, incremental increases in CWB's expense base, and further economic uncertainty within Alberta from the Fort McMurray wildfires. Common shares issued in support of the CWB Maxium acquisition will result in higher levels of common shareholders' equity this year and have a moderate negative impact on profitability ratios.
Total Revenues (teb) from Continuing Operations
Second quarter total revenues of $164.5 million, comprised of both net interest income (teb) and non-interest income, grew 9% compared to the same quarter in 2015 and 4% from the prior quarter, reflecting strong core operating performance. Year-to-date total revenues of $323.2 million were up 6% from last year.
Net Interest Income (teb)
Q2 2016 vs. Q2 2015
Net interest income (teb) of $145.1 million was up 9% primarily reflecting the benefit of very strong 14% loan growth and one additional revenue earning day, partially offset by a 10 basis point decrease in net interest margin (teb) to 2.47%. The Bank of Canada's July 2015 interest rate cuts and the corresponding 15 basis point decrease in CWB's prime lending interest rate had a negative impact on loan yields. Corresponding reductions in the cost of various deposits did not fully offset the impact of this change on net interest margin. As such, various positive factors, including more favourable deposit costs, and strong growth in both higher yielding loan portfolios and preferred types of branch-raised demand and notice deposits, were more than offset by the impact of significantly lower loan yields, resulting in lower net interest margin.
Q2 2016 vs. Q1 2016
Net interest income was up 1% reflecting the benefit of 4% loan growth and relatively stable net interest margin (teb), partially offset by two fewer revenue earning days. Net interest margin (teb) was relatively consistent with the prior quarter, as well as the fourth quarter of 2015.
YTD 2016 vs. YTD 2015
Net interest income (teb) of $289.2 million increased 8% due to the combined benefits of very strong 9% loan growth, partially offset by an 11 basis point reduction in net interest margin (teb) to 2.47%. The change in net interest margin (teb) reflects factors similar to those discussed above, with an additional negative impact from the Bank of Canada's January and July 2015 interest rate cuts and corresponding 15 basis point decreases in CWB's prime lending interest rate on both occasions.
Interest rate sensitivity
Note 13 to the unaudited interim consolidated financial statements summarizes CWB's exposure to interest rate risk as at April 30, 2016. The estimated sensitivity of net interest income to a change in interest rates is presented in the table below. The amounts represent the estimated change in net interest income that would result over the following 12 months from a one-percentage point change in interest rates. The estimates are based on a number of assumptions and factors, which include:
In addition to the projected changes in net interest income noted above, it is estimated that a one-percentage point increase in all interest rates at April 30, 2016 would increase unrealized losses related to available-for-sale securities and the fair value of interest rate swaps designated as hedges, and result in a reduction in other comprehensive income of approximately $65.2 million, net of tax (April 30, 2015 - $50.7 million). It is estimated that a one-percentage point decrease in all interest rates at April 30, 2016 would have the opposite effect, increasing other comprehensive income by approximately $66.2 million, net of tax (April 30, 2015 - $51.2 million). Management maintains the asset liability structure and interest rate sensitivity within CWB's established policies through pricing and product initiatives, as well as the use of interest rate swaps.
Outlook for net interest margin (teb)
Continued pressure on net interest margin is expected to result from the combined impact of the current low interest rate environment, competitive factors and the persistently flat yield curve, as well as the likelihood that CWB may carry moderately higher average balances of cash and securities. CWB will maintain its strategic focus on mitigating the earnings impact of ongoing margin pressure through efforts to achieve stronger relative growth in higher yielding loan portfolios with an acceptable risk profile, as well as managing the funding mix to optimize the overall cost of funds and liquidity adequacy requirements.
Provision for Credit Losses
The quarterly provision for credit losses measured against average loans, inclusive of previously announced energy-related provisions for credit losses, was 78 basis points, compared to 17 basis points in the same period last year and 18 basis points in the prior quarter. The year-to-date provision for credit losses was 48 basis points, compared to 16 basis points last year. Within the oil and gas portfolio, the impact of very low commodity prices on producer cash flows early in the calendar year, as well as subsequent borrowing base redeterminations, led to an increase in credit stress compared to prior quarters. The unusual level of provisioning this quarter directly reflects these developments. Credit quality outside of the oil and gas portfolio, is consistent with prior expectations. Management now expects the annual provision to fall between 35 and 45 basis points as a percentage of average loans. This compares to prior expectations for the provision to be at the high end of a range between 18 and 23 basis points.
Non-interest Income from Continuing Operations
Q2 2016 vs. Q2 2015
Non-interest income increased 7% to $19.4 million reflecting growth in most categories with the exception of slightly lower wealth management revenues.
Q2 2016 vs. Q1 2016
Non-interest income was 32% higher, primarily due to nil net gains/losses on securities compared to net losses of $2.9 million last quarter, and higher 'other' non-interest income.
YTD 2016 vs. YTD 2015
Non-interest income of $34.0 million was 6% lower, as gains in most categories were more than offset by lower net gains/losses on securities. Net losses on securities of $2.9 million compare to gains of $0.7 million last year and primarily reflect the impact of volatile financial market conditions on previous holdings of common equities.
Outlook for non-interest income from Continuing Operations
The outlook for growth in banking-related fee income is relatively consistent with anticipated loan and deposit growth. Trust services and CWB Wealth Management are also expected to continue to provide consistent contributions. CWB has liquidated its holdings of common equities and has no plans to re-establish this portfolio. In view of this change, and based on the current composition of the securities portfolio, net gains/losses on securities through the remainder of 2016 are not expected to have a material impact on non-interest income although financial market conditions are inherently unpredictable in the short-term. Management will realize gains on the sale of residential mortgage portfolios as opportunities become available. Such gains are anticipated to be a recurring, although sporadic, source of 'other' non-interest income.
Non-interest Expenses from Continuing Operations
Q2 2016 vs. Q2 2015
Quarterly non-interest expenses of $78.5 million were up 10% ($7.1 million) due to 10% ($4.7 million) higher salaries and benefits, a 10% ($1.3 million) increase in general expenses, and 9% ($1.0 million) higher premises and equipment expenses. The change in salaries and benefits mainly resulted from annual salary increments and modest increases in staff complement to support ongoing growth across all businesses. CWB Maxium contributed $1.5 million, or 21%, of the overall increase in non-interest expenses.
Q2 2016 vs. Q1 2016
Non-interest expenses were up 4% ($2.9 million) from the prior quarter, due mainly to incremental increases in both salaries and benefits, and general expenses. CWB Maxium accounted for approximately 52% of this change.
YTD 2016 vs. YTD 2015
Non-interest expenses of $154.0 million increased 8% ($10.8 million) due to 8% ($7.6 million) higher salaries and benefits, an 8% ($2.1 million) increase in general expenses, and a 5% ($1.1 million) increase in premises and equipment expense. The change in salaries and benefits reflects the factors discussed above. CWB Maxium accounted for approximately 14% of the year-to-date increase in non-interest expenses.
Outlook for non-interest expenses from Continuing Operations
A key priority for CWB is to deliver strong long-term growth in earnings per share through strategic investment while maintaining effective control of costs. CWB's current investments in people, technology and infrastructure are expected to contribute to long-term shareholder value through improved financial performance in future periods. In view of level of investment currently underway, non-interest expense growth is expected to increase moderately over the near term compared to the recent past. Combined amortization and sustainment costs related to the new core banking system will add to non-interest expenses commencing in the third quarter. Upgrades and expansion of branch infrastructure continue, including work toward the addition of a new full-service branch location in Lloydminster, Saskatchewan, scheduled to open in the third quarter of 2016. Compliance with an increasing level of regulatory rules and oversight for all Canadian banks requires the investment of both time and resources, which further contributes to higher non-interest expenses.
Core banking system implementation
CWB's new core banking system was successfully launched on May 2, 2016. Total investment was consistent with estimated total costs of up to $71 million. The successful implementation of this important new technology reflects several years of focused effort on the part of CWB's dedicated project team as well as a tremendous team effort within CWB's branches during and after the implementation period. Management expects CWB to realize significant benefits related to this improved technology going forward, including the ability to leverage a client-centric view of CWB's branch-based client relationships, and support for CWB's eventual transition to the Advanced Internal Ratings Based (AIRB) methodology for calculating risk weighted assets.
Efficiency ratio and operating leverage
To adjust for the impact of acquisition-related accounting items which represent non-cash charges not considered indicative of ongoing business performance, CWB calculates its efficiency ratio excluding the pre-tax amortization of acquisition-related intangible assets and the non-tax deductible change in fair value of contingent consideration. All periods have been recalculated to conform to the current period presentation.
The second quarter efficiency ratio (teb) was 46.7%, up slightly from 46.4% last year. The positive impact on total revenues of very strong loan growth and slightly higher non-interest income was more than offset by the impact of lower net interest margin (teb) and higher expenses. Adjusted for the impact of CWB Maxium on revenues and expenses, the second quarter efficiency ratio (teb) was lower than last year, at 46.0%.
The efficiency ratio improved from 46.9% in the previous quarter. Higher non-interest income and the combined benefits of very strong 4% loan growth and relatively stable net interest margin (teb) more than offset the increase in non-interest expenses. Adjusted for the impact of CWB Maxium, sequential improvement in the efficiency ratio was even more significant.
The year-to-date efficiency ratio (teb) of 46.8% was up from 46.3%, as the benefit of very strong 9% loan growth was more than offset by the impact of lower net interest margin (teb), higher non-interest expenses and lower non-interest income. Adjusted for the impact of CWB Maxium, the year-to-date efficiency ratio (teb) was relatively stable, at 46.4%.
Second quarter operating leverage was negative 1% as year-over-year growth of 10% in non-interest expenses moderately outpaced 9% growth in total revenues. Adjusted for the impact of CWB Maxium, operating leverage was positive 1%.
Outlook for the efficiency ratio and operating leverage
Ongoing pressure on net interest margin has constrained revenue growth compared to expectations. In view of the level of necessary investment, as discussed above, as well as the low probability of meaningful short-term improvement in net interest margin, management expects CWB's efficiency ratio to fluctuate at levels moderately higher than the recent past, and operating leverage is likely to be slightly negative in fiscal 2016.
Income Taxes
The second quarter effective income tax rate (teb) for Continuing Operations was 27.2%, compared to 26.4% last year. The year-to-date effective income tax rate (teb) for Continuing Operations was 27.4% compared to 26.4% last year. The 20% increase in Alberta's provincial corporate income tax rate, from 10% to 12%, effective July 1, 2015, had a negative impact on year-to-date adjusted cash earnings per share of approximately $0.01 compared to the same period last year.
Outlook for income taxes
CWB's expected income tax rate (teb) for 2016 is approximately 27.5%.
Overview of Discontinued Operations
The components of net income from Discontinued Operations included in the interim consolidated statements of income, which are attributable entirely to CWB common shareholders, follow:
Second quarter and year-to-date common shareholders' net income from Discontinued Operations was nil compared to $2.0 million and $3.8 million, respectively, in 2015. Second quarter and year-to-date adjusted cash earnings per common share were nil compared to $0.03 and $0.05, respectively, in 2015.
Overview of Combined Operations
Q2 2016 vs. Q2 2015
Common shareholders' net income of $32.2 million was down 40% primarily reflecting the factors discussed above within the overview of Continuing Operations, along with the absence of current year earnings contributions from Discontinued Operations. Diluted earnings per common share of $0.40 and adjusted cash earnings per common share of $0.41 both decreased 40%.
Q2 2016 vs. Q1 2016
Common shareholders' net income decreased 38% reflecting the factors discussed above within the overview of Continuing Operations.
YTD 2016 vs. YTD 2015
Common shareholders' net income decreased 22% to $84.3 million primarily reflecting the factors discussed above within the overview of Continuing Operations, along with the absence of current year earnings contributions from Discontinued Operations. Diluted earnings per common share of $1.04 and adjusted cash earnings per common share of $1.07 were down 22% and 21%, respectively.
ROE and ROA
Second quarter adjusted return on common shareholders' equity (adjusted ROE) was 7.4%, compared to 13.9% last year and 11.7% last quarter. Return on assets (ROA) of 0.55% compares to 1.02% a year earlier and 0.90% last quarter. Year-to-date adjusted ROE of 9.6% compares to 13.9% last year, and ROA of 0.72% was down from 1.03%.
Comprehensive Income
Comprehensive income is comprised of common shareholders' net income from Combined Operations and other comprehensive income (OCI), all net of income taxes.
Q2 2016 vs. Q2 2015
Comprehensive income of $33.2 million was relatively unchanged from $33.3 million in the same period last year. A decrease of $21.5 million in net income, due to the combined impact of energy-related provisions for credit losses on net income from Continuing Operations and the absence of contributions from Discontinued Operations this year, was offset by a $21.4 million increase in OCI.
Changes in OCI, all net of tax, resulted from an increase in fair value of available-for-sale securities, partially offset by a reduction in the fair value of derivatives designated as cash flow hedges. CWB has liquidated its holdings of common shares. With liquidation of the common shares, CWB's portfolio of available-for-sale securities is now comprised of debt securities and investment grade preferred shares. While the combined dollar investment in the portfolios of preferred shares is relatively small in relation to total assets, volatility in the market value of these securities increases the potential for comparatively larger fluctuations in OCI.
YTD 2016 vs. YTD 2015
Comprehensive income of $81.0 million was down from $88.3 million last year as lower common shareholders' net income was only partially offset by higher OCI. Net income of $87.6 million compared to $111.3 million last year, with the decrease reflecting the combined impact of energy-related provisions for credit losses on net income from Continuing Operations and the absence of 2016 contributions from Discontinued Operations. OCI losses decreased from $23.0 million to $6.6 million as fair value losses related to available-for-sale securities were $30.7 million lower than prior year, partially offset by fair value losses of $8.7 million related to derivatives designated as cash flow hedges compared to $5.7 million fair value gains in the prior year.
Balance Sheet
Total assets increased 12% in the past year, 3% in the quarter and 6% on a year-to-date basis to reach $24,237 million at April 30, 2016.
Cash and Securities
Cash, securities and securities purchased and sold under resale and repurchase agreements totaled $2,247 million at April 30, 2016, compared to $2,241 million a year earlier and $2,636 million at the end of last quarter.
The cash and securities portfolio is comprised of high quality debt instruments, and investment grade preferred shares that are not held for trading purposes and, where applicable, are typically held until maturity. CWB's holdings of common equities have been liquidated. Net unrealized losses on cash and securities from Continuing Operations recorded on the balance sheet of $72.5 million were up from $39.8 million as at April 30, 2015, and down from $84.9 million last quarter. Fluctuations in value are generally attributed to changes in interest rates, movements in market credit spreads and shifts in the interest rate curve.
The difference compared to last year primarily reflects decreases in the market value of preferred shares and fixed income securities. The change from last quarter reflects higher market values for preferred shares, partially offset by higher unrealized losses on fixed income securities.
Net realized gains/losses on securities of nil in the second quarter were relatively consistent with the same period last year and compare to net losses of $2.9 million in the previous quarter. Year-to-date net losses on securities of $2.9 million primarily reflected the impact of volatile financial market conditions on CWB's portfolio of common equities. These holdings have been liquidated and management does not intend to re-establish this portfolio. Based on the current composition of the securities portfolio, net gains/losses on securities through the remainder of 2016 are not expected to have a material impact on non-interest income although financial market conditions are inherently unpredictable in the short-term.
Treasury Management
Average balances of cash and securities were relatively consistent with the same quarter last year and lower than the prior quarter. CWB held liquidity for the first several months of the last quarter in preparation for the November 30, 2015 redemption of $300 million of subordinated debentures. Management expects to maintain a conservative level of liquid assets as a percentage of total assets. CWB remains compliant with the Office of the Superintendent of Financial Institutions' (OSFI) Liquidity Adequacy Requirements guideline.
Loans
Total loans, excluding the allowance for credit losses, grew 14% ($2,704 million) in the past twelve months, 4% ($924 million) in the quarter and 9% ($1,806 million) year-to-date to reach $21,376 million. In dollar terms, year-over-year growth by lending sector was led by real estate project loans ($996 million) as CWB continued to identify opportunities to finance well-capitalized developers on the basis of sound loan structures and acceptable pre-sale/lease levels. Growth in personal loans and mortgages ($695 million) was also strong, as was the increase in general commercial loans ($535 million). Commercial mortgages were up $318 million, and equipment financing and leasing grew $223 million. Corporate lending declined by $56 million and exposure to oil and gas production loans decreased $7 million to $327 million.
On a sequential basis, second quarter growth was led by real estate project loans ($498 million) and general commercial loans ($219 million), followed by personal loans and mortgages ($138 million), and commercial mortgages ($86 million). Equipment financing and leasing was down $10 million, corporate lending contracted by $5 million, and the balance of outstanding oil and gas production loans declined $2 million.
Lending activity in British Columbia showed the highest growth in dollar terms on a year-over-year basis, followed by Alberta and Ontario. Combined second quarter loan growth within BC and Ontario accounted for two thirds of the increase from April 30, 2015, compared to one third last year. In contrast, Alberta accounted for only one fifth of CWB's year-over-year loan growth in the second quarter this year compared to approximately 50% last year.
Optimum Mortgage
Net of portfolio sales, total loans of $2,122 million within Optimum increased 31% ($501 million) year-over-year, 6% ($122 million) compared to the prior quarter and 10% ($197 million) year-to-date. Growth for the quarter was driven almost exclusively by alternative mortgages secured via first mortgages carrying a weighted average loan-to-value ratio at initiation of approximately 70%. The book value of alternative mortgages represented 89% of Optimum's total portfolio at quarter end, compared to 88% last year and 89% in the prior quarter. Ontario continues to account for more than half of all new originations. At approximately 45% of the total, Ontario also represents the largest geographic exposure by province within Optimum's portfolio, followed by Alberta at 26% and British Columbia at 16%. The average size of Optimum mortgages originated in the second quarter was approximately $298,000, and the average size of mortgage outstanding at April 30, 2016 was approximately $267,000.
Outlook for Optimum Mortgage
Optimum is expected to continue to deliver very strong performance with an attractive risk profile based on the ongoing addition of business development staff to new markets and maintenance of selective underwriting criteria at all times. This includes manual adjudication of each loan application and reduced loans-to-value at initiation within markets perceived to be more vulnerable to price correction. Canadian residential real estate markets have been resilient and affordability in most geographic areas outside of certain neighborhoods in Toronto and Vancouver remains within historical ranges, largely reflecting very low interest rates. Reduced housing sector activity and softer pricing is apparent in Alberta and Saskatchewan, and the combination of historically high price levels and sentiment related to potential economic headwinds caused by low energy prices could lead to further moderation of housing sector activity in these and other markets.
Outlook for loans
CWB will continue to support high quality borrowers operating within targeted industry segments and selectively pursue opportunities for profitable growth across Canada. Very strong loan growth through the first half of the year was the result of higher relative contributions from non-oil producing provinces across CWB's growing geographic footprint. Continued economic strength in the U.S. and a lower Canadian dollar are expected to support an escalation of manufacturing and exporting activity in all provinces, especially BC, Ontario and Manitoba. Taken together, these three provinces account for greater than half of CWB's geographic exposure. Alberta and Saskatchewan are currently assumed to be in recession and are generally expected to continue to underperform the rest of Canada over the near term. This is primarily based on the recognition of diminished resource-related activity resulting from persistent low oil prices and, more recently, further economic uncertainty from the Fort McMurray wildfires. As such, loan growth in these two provinces is expected to remain slow through the second half of 2016 as compared to the levels achieved in recent years.
Approximately 80% of the current business of both CWB Maxium and CWB Franchise Finance is in Ontario, and combined annual commercial lending originations from these sources are expected to exceed $500 million commencing in fiscal 2017. In consideration of very strong loan growth through the first half of the year and CWB's current pipeline of new lending opportunities, including the expected impact of acquisition-related growth, management is confident CWB will achieve another year of double-digit loan growth in 2016, marking the 26th time in 27 years CWB has achieved this level of performance.
Credit Quality
Credit quality outside of the oil and gas production loans portfolio is consistent with prior expectations. This reflects CWB's secured lending business model and continued strong underwriting practices, proactive loan management and the management experience and financial stability of CWB's client base. CWB has no material exposure to unsecured personal borrowing, including credit cards.
Within the oil and gas portfolio, the impact of very low commodity prices on producer cash flows early in the calendar year led to an increase in credit stress compared to prior quarters. In view of this factor and borrowing base redeterminations that reflect current information, CWB recorded $32.5 million of previously announced second quarter pre-tax provisions for credit losses on the oil and gas production portfolio and a second quarter total provision for credit losses of $39.7 million, or 78 basis points as a percentage of average loans. This compares to 17 basis points in the second quarter last year and 18 basis points last quarter. Year-to-date provisions for credit losses of 48 basis points compare to 16 basis points last year.
CWB's direct exposure to the energy industry is relatively small at approximately 5% of total loans outstanding, comprised of loans to exploration and production companies representing approximately 2%, and loans to energy service companies representing approximately 3%. Nearly three quarters of CWB's direct exposure to exploration and production companies is comprised of syndicated advances to borrowers with strong balance sheets and substantial proven, developed and producing resources. Previously announced provisions primarily relate to CWB's non-syndicated exposures.
Loans to service companies are primarily comprised of term-reducing advances against standard industrial equipment, as opposed to operating lines of credit or loans secured against receivables and/or inventory. These factors mitigate the risk of CWB's limited exposures to the energy services sector. Management continues to proactively monitor all accounts with a particular focus on those located within the oil-exporting provinces as the full impact of lower oil prices continues to work its way through all facets of the economy.
The dollar level of gross impaired loans at April 30, 2016 totalled $145.0 million, up from $92.9 million last year and $111.5 million in the prior quarter. Total gross impaired loans within Alberta of $80.4 million at April 30, 2016 increased from $36.2 million in the second quarter last year, and $45.2 million in the prior quarter. Gross impaired loans within the oil and gas production lending portfolio totalled $53.8 million at April 30, 2016, compared to $14.5 million in the second quarter last year and $21.7 million last quarter. Total second quarter gross impaired loans related to CWB's equipment financing and leasing exposures were $34.3 million, compared to $15.3 million last year and $27.1 million in the prior quarter, with approximately half of the balance in all periods represented by Alberta loans and leases.
The dollar level of gross impaired loans represented 0.68% of total loans at quarter end, compared to 0.50% last year and 0.55% at January 31, 2016. The increase in gross impaired loans is consistent with management's expectations. The level of gross impaired loans fluctuates as loans become impaired and are subsequently resolved, and does not directly reflect the dollar value of expected write-offs given tangible security held in support of lending exposures. The overall loan portfolio is reviewed regularly with credit decisions undertaken on a case-by-case basis to provide early identification of possible adverse trends.
Loans that have become impaired are monitored closely by a specialized team with regular quarterly, or more frequent, reviews of each loan and its realization plan. Specific allowances for expected write-offs are established through detailed analyses of both the overall quality and ultimate marketability of security held against each impaired account. Specific allowances accounted for substantially all of the $39.7 million quarterly provision for credit losses, with $32.5 million attributed to oil and gas production loans.
As at April 30, 2016, the collective allowance for credit losses exceeded the balance of impaired loans, net of specific allowances. The total allowance for credit losses (collective and specific) was $145.8 million at April 30, 2016, compared to $107.9 million a year earlier and $120.6 million last quarter. The total allowance for credit losses represented 101% of gross impaired loans at quarter end, compared to 116% one year ago and 108% last quarter. The collective allowance grew 6% over the past twelve months.
Outlook for credit quality
Credit quality outside of CWB's portfolio of oil and gas production loans is consistent with prior expectations. However, recent loss rates related to impaired loans within the oil and gas portfolio have exceeded those experienced during prior economic cycles. As such, management now expects the annual provision to fall between 35 and 45 basis points as a percentage of average loans. This compares to prior expectations for the provision to be at the high end of a range between 18 and 23 basis points. As CWB works with clients through a challenging operating environment in Alberta, management continues to carefully monitor the entire loan portfolio for signs of weakness resulting from the first and second order impacts of lower oil prices.
Notwithstanding the ongoing migration from unsustainably low levels in prior periods, gross impaired loans remain low as a percentage of total loans, with the current level of 0.68% comparing to a peak during the prior credit cycle of 1.68% in the second quarter of 2010. Although we expect further increases in the balance of impaired loans across the portfolio, we anticipate loss rates on impaired loans outside of oil and gas production lending to reflect the combined positive impact of our disciplined underwriting, secured lending practices and proactive account management, and to be more consistent with our prior experience. In support of CWB's loan management processes, experienced credit adjudicators have been activated in the field to help branches and credit teams proactively identify and address higher risk loans.
Based on the results of stress tests simulating severe economic conditions in Alberta and Saskatchewan, in combination with very challenging economic conditions throughout the rest of CWB's geographic footprint over a multi-year timeframe, management is confident CWB will continue to deliver positive earnings for shareholders while maintaining financial stability and a strong capital position. This expectation is supported through stress tests which incorporate multiple dimensions of artificially intensified severity, including: the simultaneous application of 200% of CWB's historical peak loss rates within each portfolio segment to all exposures within Alberta and Saskatchewan, including the loss rate related to oil and gas production loans experienced this quarter; the simultaneous application of 100% of peak loss rates to all exposures in all other regions; an average 2.00% net interest margin reflecting a persistent low interest rate environment, increased competition for core deposits and much higher levels of gross impaired loans; materially slower loan growth to reflect lower assumed levels of economic activity that may be attributed to protracted period of very low oil prices; and, all stressed conditions persisting over a three year period. The assumed consolidated annual loss rate in each year of the stress test is approximately 65 basis points.
Deposits and Funding
Total deposits were up 13% over the past year ($2,363 million), 2% ($481 million) from the previous quarter and 5% ($976 million) year-to-date. Total deposits by type and source are summarized below:
Personal deposits represented 61% of total deposits at April 30, 2016, consistent with the prior quarter and up from 59% one year ago. Total branch-raised deposits, including trust services deposits, grew 9% from the second quarter last year and represent 53% of total deposits at April 30, 2016. This was down slightly from 54% one year ago and consistent with the previous quarter.
Lower cost demand and notice deposits increased 7% from the same quarter last year and now comprise 34% of total deposits, down slightly from 36% one year ago and relatively consistent with the previous quarter. Term deposits raised through debt capital markets were $1,920 million at quarter end, representing 9% of total deposits, down from 11% last year reflecting the redemption of certain deposit notes. The level of capital markets depos
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 02.06.2016 - 11:00 Uhr
Sprache: Deutsch
News-ID 475258
Anzahl Zeichen: 0
contact information:
Town:
EDMONTON, ALBERTA
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 188 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CWB Reports Second Quarter Financial Performance"
steht unter der journalistisch-redaktionellen Verantwortung von
Canadian Western Bank (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
