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Screenings of the original Cantonese versions of Hong Kong films will be permitted across the mainland from next year if the movies come with subtitles in simplified Chinese.存倉The initiative is one of a record-setting 73 measures contained in the 10th supplement to the Closer Economic Partnership Arrangement (Cepa), signed yesterday between the mainland and Hong Kong.All the measures will take effect on January 1. For the first time Cepa, which aims to foster trade and cross-border co-operation, will cover funeral services.The initiatives were designed to make it easier for businesses in around 30 sub-sectors among the city’s service industries to operate on the mainland, authorities said at a ceremony officiated by Commerce Vice-minister Gao Yan and Financial Secretary John Tsang Chun-wah.Unde迷你倉 the latest measures, the dialect versions of motion pictures produced in Hong Kong or co-produced in Hong Kong and on the mainland can be distributed and shown across the border if standard Chinese subtitles are provided on screen and if the mainland authorities approve of the content.Currently, Hong Kong films are screened in Cantonese only in Guangdong. In other parts of the mainland, including major cities such as Beijing and Shanghai, the movies must be voiced over in Putonghua.Crucindo Hung Cho-sing, who chairs the Motion Picture Industry Association, said on RTHK that the measure would preserve the authenticity of the films, save production cost and time, and encourage more movie-making.The original Cepa pact was signed in 2003 to help Hong Kong recover from the economic fallout of Sars.自存倉

LONG BEACH, Calif.迷你倉價錢, Aug. 30, 2013 /PRNewswire/ -- Epson today announced the winning concept for its "Finish Strong" advertising campaign photography contest. At a vantage point 800 feet high atop the antenna on the Prudential Tower overlooking the Boston city skyline, Joe McNally and his photography crew recently shot the "Finish Strong" photo envisioned by a participant from the photo contest. Josh Lohmeyer from Pylesville, Maryland had the winning entry with the concept of a photographer on top of a tall, distinctive building with a large city skyline as the backdrop. A video detailing the awe-inspiring photo shoot can be seen on Epson's Finish Strong contest website.(Logo: photos.prnewswire.com/prnh/20121130/LA21891LOGO)"It was exciting to be a part of this process, and the winner came up with an idea of something I like to do anyway - get your camera in an unusual place," said Joe McNally, photographer for the winning Finish Strong ad. "Boston is one of the most pictorial and beautiful cities, and from atop the Prudential Tower - one of the tallest buildings in the city - it is a tremendously dramatic backdrop. It was a long, fun, stressful shoot, but it was such a great experience, and I would have to say we did indeed finish strong."Over the past three years, Epson has collaborated with some of the industry's leading photographers to create the Finish Strong ad campaign, developed by M&C Saatchi Los Angeles. The campaign celebrates both the photograph and the photographer in their pursuit of that final defining print, and has captured some of the extraordinary lengths photographers will go to for the perfect shot, which now includes the top of the Prudential Tower in Boston, Mass."This contest provided an ideal venue to hear from photographers about the scenes, backdrops and photo shoots they equate with a great photograph," said Richard Day, group product manager, Professional Imaging, Epson America, Inc. "When we read Josh Lohmeyer's entry, we were struck by the challenge of such a shoot, and yet迷你倉could also visualize it - what a magnificent undertaking it would be with such a rewarding result. Joe McNally and his team brought Josh's vision to life with a breathtaking finish."The Finish Strong ad campaign contest invited photographers to submit 200 words or less describing their idea for Epson's next Finish Strong print ad. Additional information, including the final winning ad, video, and previous "Finish Strong" print advertisements, can be found at .epson.com/finishstrongcontest.About EpsonEpson is a global innovation leader whose product lineup ranges from inkjet printers and printing systems, 3LCD projectors and industrial robots to sensors and other microdevices. Dedicated to exceeding the vision of its customers worldwide, Epson delivers customer value based on compact, energy-saving, and high-precision technologies in markets spanning enterprise and the home to commerce and industry.Led by the Japan-based Seiko Epson Corporation, the Epson Group comprises more than 68,000 employees in 96 companies around the world, and is proud of its ongoing contributions to the global environment and the communities in which it operates. Epson America, Inc. based in Long Beach, Calif. is Epson's regional headquarters for the U.S., Canada, and Latin America. To learn more about Epson, please visit: .Epson.com.You may also connect with Epson America on Facebook (.facebook.com/EpsonAmerica), Twitter (twitter.com/EpsonAmerica) and (twitter.com/EpsonProImaging) and YouTube (.youtube.com/EpsonTV).Note: EPSON is a registered trademark and EPSON Exceed Your Vision is a registered logomark of Seiko Epson Corporation. All other product brand names are trademarks and/or registered trademarks of their respective companies. Epson disclaims any and all rights in these marks.Photo: photos.prnewswire.com/prnh/20121130/LA21891LOGOEpson America, Inc.CONTACT: Duane Brozek, Epson America, Inc., 562-290-5683,Duane_Brozek@ea.epson.com; Jane Fainer, Walt & Company, 408-369-7200, ext.1052, jfainer@walt.comWeb site: .epson.com/儲存

Source: Cape Cod Times, Hyannis, Mass.迷你倉價錢Aug. 29--WELLFLEET -- Singing can bond people together. It can sooth, and inspire people to action.The songs of the civil rights movement did just that and more on Aug. 28, 1963, at the March on Washington for Jobs and Freedom.As the Rev. Brenda Haywood, a Provincetown resident, arrived from Boston that morning and stood in a crowd that listened to Martin Luther King Jr.'s "I Have a Dream" speech, she was as tired as could be but "spiritually fed," she told a crowd of about 230 people Wednesday evening at the First Congregational Church.They sang on the bus, Haywood said.Everywhere she looked in Washington, D.C., people were singing and carrying signs."I was so overwhelmed," Haywood said of her sudden realization that her civil rights as a black American were real. "It was the most incredible moment in my life."The important role of song in the civil rights movement was celebrated at the Wednesday event, and also meant to remind those who attended that the struggle for freedom is ongoing."There's still so much work to be done," "sing-in" organizer and choral director Jon Arterton of Provincetown said Wednesday.The crowd sang about a dozen songs together, mostly standing, clapping, swinging their arms, with the lyrics displayed on a screen at the front of the sanctuary. There were familiar words and familiar tunes: "Down by the Riverside" and "This Little Light of Mine." The words of the songs had the specific details of freedom in them: "I'm gonna sit at the Woolworth counter"; "I'm gonna be a registered voter"; "I'm gonna tell God how you treated me.""The protest music of the '60s is still with us today," the Rev. Paul Cullity, minister of the church, said earlier on Wednesday by phone. "If you begin to sing any of those, every audience 迷你倉nows those songs."The songs of the civil rights era were often sung in groups and started by a song leader, rather than being a solo performance, according to Bernice Johnson Reagon, a composer, song leader and scholar of the civil rights movement, in an interview from 2006 posted on pbs.org.The songs were often ones that people already knew, but with adapted lyrics for the civil rights cause, Reagon said. The songs allowed large groups of people to articulate their feelings, she said. Particularly singing "at full voice," Reagon said, "was essential to those of us involved in the action; it was galvanizing, it pulled us together, it helped us handle fear and anger.""I would say that music is what kept slaves alive for many, many generations," Betsy Siggins of Cotuit said Wednesday afternoon by phone. Siggins helped run a coffeehouse in Harvard Square from 1959 to 1968, called Club 47, where black musicians from the South regularly played. "Slaves used songs to sooth themselves, to do the work in the fields, on chain gangs," she said. "It was great solace in an otherwise dreadful world for blacks in America."The Rev. Kent Moorehead of Brewster, who spoke at the event Wednesday, was just out of seminary in 1963, and volunteered to go to Washington, D.C., for the march on a bus, a 10-hour trip."There was a lot of singing of freedom songs on the bus," Moorehead said. The songs were about moving on, he said, and about staying in the struggle. "There was a good deal of anxiety on the part of some people. Especially people who came from the South, and these songs have sustained them, given them courage, I think."Copyright: ___ (c)2013 the Cape Cod Times (Hyannis, Mass.) Visit the Cape Cod Times (Hyannis, Mass.) at .capecodonline.com Distributed by MCT Information Services儲存

Source: San Antonio Express-NewsAug.迷你倉價錢 30--If you haven't found Twitter yet, it's probably found you. The social media platform that launched in 2008 has gone over like gangbusters in the last five years, and just about everyone and everything has an account now. So we thought we'd take a look at some of San Antonio's top tweeters.No, we're not talking about people with a massive following, like Manu Ginobili (1,953,513 followers and counting) or Shawn Michaels (1,894,910 followers and counting). We're talking about the little people -- relatively speaking -- who are on the ground, and who really know what San Antonians will find interesting, funny or useful.So, without further ado ... here is the (non-exhaustive) list of San Antonio's Top Tweeters!1. @PuroPincheSAFollowers: 5,627Bio: "What's going on tonight, San Antonio?"Who is she?: Stephanie Guerra, who runs Puro Pinche, a business based of Geekdom that promotes and spotlights San Antonio entertainment.Why follow?: Guerra dishes on happy hour spots and specials, who's hiring at local bars, and all other things boozy, but she started this account with a focus on live music, which means after-work hours. Which means drinking. "There was a gap in coverage for those types of events," Guerra said, "so when people ask what is there to do tonight, I was trying to answer that question, instead of saying, 'Go to Austin.'"2. @PuroSanAntonioFollowers: 9,585Bio: "From BigRed & barbacoa, to BBQing in the front yard, I'm on the lookout for things that are Puro San Antonio."Who is she?: Brenda Munoz, but she doesn't want you to know that. "A lot of times people thought I was guy, because I have kind of a potty mouth." She prefers to be incognito, so she doesn't correct the misinformation. And if you ask her, she might just deny she's behind this account.Why follow?: PuroSanAntonio doesn't take this city too seriously. It's about "picking at things that are pop culture that people who grew up here would relate to and find funny," she said. "There are some things that make the city look really good and some things that make the city look really bad." Like the teen pregnancy rate? A while back, she got sucked into a live-tweeting vortex about teen pregnancy rates and dropout rates. "It is a problem, but at the same time, it's something funny." Can't fault the girl for having a good sense of humor. And speaking of humor ...3. @BeerBizDailyFollowers: 9,855Bio: "Publisher of Beer Business Daily, an insider trade publication for commercial beer industry news in the U.S."Who is he?: Harry Schuhmacher, the rapier-witted booze journalist reporting from San Antonio and reaching audiences nationwide.Why follow?: Aside from keeping the masses abreast of the business of beer, wine and spirits, Schuhmacher doles out quippy tweets about everything from his kids to his meals. A recent tweet: "My son just said, 'I think the number of allowable characters in a tweet should be dictated by your IQ'."Bonus: Schuhmacher is preparing to release a book later this year spotlighting his brand of dry humor. It should consist of more than 140 characters.4. @ColleenPenceFollowers: 5,862Bio: "Social media mentor; friend to nonprofits; Parrothead; mama; foodie who can't cook."Who is she?: Pence is a mom with an eye for goodies that kids and adults can appreciate. Also head of Social Media Mentoring, a consulting firm and blogger on San Antonio Mom Blogs.Why follow?: Her feed includes links to fun and/or easy recipes, like orange cookies with sweet glaze, pics of San Antonio must-sees like the infamous two-headed turtle, Thelma and Louise, and discussions on practicalities for parents, like charter schools. She's basically a Mommy tweeter extraordinaire with useful pointers. "It's about keeping in touch with what's going on in San Antonio," Pence said. "I use Twitter to connect with parents and moms and to share what they're doing in San Antonio."5. @JulianCastroFollowers: 52,933Bio: "Mayor of San Antoni迷你倉, Texas, America's 7th largest city. Keynote Speaker/2012 Democratic National Convention."Who is he?: See above.Why follow?: Because he's the boss of San Antonio! Just kidding (... but not really). Castro's account is more of a tweet aggregation service; his feed largely consists of re-tweets, but they're re-tweets that shed light on activities and legislation that can shape the city.Bonus: Dreamy avatar.6. @ChefJasonDadyFollowers: 4,115Bio: "Chef/Owner of Jason Dady Restaurants, part time husband and love my kids, camping, pappy and excel at making things delicious."Why follow?: Jason Dady's culinary influence in San Antonio reaches far and wide with Bin 555, Two Bros BBQ market, The Duk Truck and two Tre Trattorias: one in Alamo Heights and one downtown. Dady mixes food photos and restaurant updates with a liberal sprinkling of his personality as a family man. Recent wistful tweets bemoaned how fast his daughters are growing up at the start of the school year. That's a chef with a heart.7. @WhataburgerFollowers: 151,582Bio: "There's pride in every Whataburger."Who is it?: Whataburger's three-person social media team, who loves to engage other Tweeters with @ replies.Why follow?: Whataburger is something of a San Antonio institution since the headquarters moved here from Corpus Christi in 2009, and the orange-and-white A-frames are scattered all across our cityscape. Besides that, this account posts pics of their delicious hangover-ending, late-night-munchies-satisfying, making-you-miss-Texas-when-you're-gone hamburgers. And that fills our hearts with joy (and spicy ketchup).8. @NanPalmeroFollowers: 8,096Bio: "Business Growth Expert @SalesBy5 -- Power User @BlackBerryCool -- Black Belt -- Marathoner -- Travel Photographer -- Nan is pronounced like the tasty flat bread."Who is he?: Something of a renaissance man with a concentration on technology and communication.Why follow?: Palmero keeps au courant on the city's goings-on and on tech trends by going to conferences and shares helpful tidbits from what he's learned. He's also super-duper friendly, which, in an age of drive-by trolling, can be a breath of fresh air. "You can come across negatively very quickly, so I try to be especially friendly," Palmero said. "You'll almost never see me use the word 'thanks' or 'thx,' I'll cut other things so I can give someone a proper 'thank you.'"Bonus: This LOL-inducing thread between Palmero and a tweeter who apparently thought he was her grandmother. (This, by the way, is not him at his friendliest. But it's possibly his funniest.)9. @NoraFrostFollowers: 2,993Bio: "Laughing loudly and pursuing abundant life. Let's grow old together!"Who is she?: A stand-up comedienne who's not shy about sharing her Christian views.Why follow?: The comedy-cum-Christian tack is good. So many Twitter comics get their laughs from negative humor, but Frost keeps things optimistic.10. @TPRCinemaFollowers: 1,259Bio: Nathan Cone is "Curator of Cinema Tuesdays series; Director of Marketing & Digital Content at TPR; Disneyphile."Who is he?: A bespectacled movie buff with sophisticated taste.Why follow?: Cone's tweets sheds light on the world of cinema, especially classic cinema, and can help you figure out what to watch on movie night. And he's pretty good about sticking to his forte. "With any Twitter account in general, it almost has a theme -- that's what I think a really good twitter account should be," Cone said. "Because my Twitter account started off with my work and Cinema Tuesdays, I tweet about movies and how public radio covers the world of movies, as well as interesting movie stuff that has relevance to us in San Antonio and here in south Texas."Are we missing someone? Send us a tweet @mySA, find us on Facebook or shoot me an email.stressler@express-news.netTwitter: @sarahtressCopyright: ___ (c)2013 the San Antonio Express-News Visit the San Antonio Express-News at .mysanantonio.com Distributed by MCT Information Services儲存

A pair of throwbacks proves there’s life in films for grown-ups, one way or another.自存倉 Elizabeth Kerr reports. Making a sweeping claim that anyone over the age of 14 can’t enjoy a mindless action movie or a superhero or two is patently false. Similarly, the belief that anyone under 30 can’t get into a “real” drama or movie that lacks CGI is wrong. But you wouldn’t know that if were left up to the dudes in the boardrooms where what movies get made and when are decided. Targeted marketing is exclusive and it’s also standard operating procedure now. Granted, there may be a nugget of truth in both ideas. How often do you hear the old fogeys — 40 or so — say The Avengers gave them a headache, and their kids spout off about how “cheap” and “slow” films like the original Psycho and Star Wars are? Frequently, no doubt. Rules are, however, meant to be broken, which can mean a pleasant surprise for everyone. In 2010, Red became a US$200 million hit with a cast that had an average age of around 57, which is practically unheard of these days. It had no teenagers, no sparkly vampires and no hardbodies going “undercover” at the beach. It did have Bruce Willis being his usual cool operator self and Helen “The Queen” Mirren firing off multiple rounds from a high-powered cannon. The whippersnapper was 41-year-old Karl Urban. The movie was terrible, but its mindless one-joke concept worked. Cue the sequel. By the same token, people love to be scared. Horror buffs are myriad, but they’re also a picky lot. With the rise of torture porn and egregious gore a so-called horror film’s value has become a matter of how gross it was. Marketing now can include news of how many people walked out of a screening. So when The Conjuring started its march to world domination in July, it proved that $20 million and a healthy dose of creativity still go a long way. In the span of two weeks, Red 2 (cast average age now 59) and The Conjuring will bring their old fogey ways to theaters and prove that youth and beauty can be overrated. Or at least one will. Based on an old case file dug up from real life ghost hunters Ed and Lorraine Warren — the couple that investigated the Amityville haunting — The Conjuring is the kind of old-fashioned creepfest that relies on simple camera tricks, cinematography, creaking floorboards and performance to find its scares. In the early 1970s, Carolyn and Roger Perron (Lili Taylor and Ron Livingston) move their five daughters to an old country house in Rhode Island. No sooner do they move in than things start to go bump in the night, to the point that the family is abjectly terrified and turn to the Warrens for help. Lorraine (Vera Farmiga) is vaguely clairvoyant, and Ed (Patrick Wilson, rocking the ’70s look) is the hardware and logistics guy. They debunk as many claims to hauntings as they resolve, but the minute Lorraine steps into the Perrons’ house she knows there’s something horribly wrong. Director James Wan is best known as one of the maestros of the torture horror movement, having practically founded it with Saw. But here he reels it in and falls back on classic Hollywood filmmaking. He manages to infuse sudden jumps, bangs, weird shadows, dark corners and groaning stairs with just the right amount of tension in every frame, and ratchet it up a notch when need be. But he gets help from a stellar cast that make you believe their fear absolutely. Indie darling Taylor has a kind of maternal exas迷你倉新蒲崗eration that makes her real, and Livingston is just the right amount of befuddled. Skeptical, but given what he sees in his home, willing to put that aside for the greater good. But he still ventures into the dark basement alone (don’t, you fool!). Wilson at this point has a lock on solid, domestic integrity in leading men. He never wavers in his belief and his work, but he’s intensely human. But the real star is Farmiga as the strong but simultaneously fragile Lorraine. The Conjuring hints (wisely) at a traumatic exorcism in the Warrens’ past that has made Ed cautious on Lorraine’s behalf and which informs her every action — as does her faith, which is ever so delicately hinted at but never fully explored. Farmiga is excellent in conveying controlled fear with a gesture or a look, and never lets the Warrens be played as kooks, though she acknowledges that perception at a lecture. She’s the glue that binds the movie together and keeps it together when the familiar final acts starts to unfold. And familiar is the best phrase to describe Red 2, a near carbon copy of the first film, complete with ambitious CIA operative, Horton (Neal McDonough), a great deal of city hopping — European this time — and the spinning car trick. Horton is sent to eliminate the REDs when an unsavory and politically sensitive document surfaces on WikiLeaks and they marshal their vast network of lethal allies to bust the conspiracy wide open. New to the game is Catherine Zeta-Jones as Frank’s (Bruce Willis) old Russian girlfriend from his spying days, Katja — which irks his current girlfriend, adventure-starved Sarah (Mary-Louise Parker) — Korean actor Lee Byung-hun (the whelp this time, at 43) as a crooked operative whom Frank put in jail years before and Anthony Hopkins as a weapons genius who may or may not be crazy. Director Dean Parisot has done a boatload of television and it shows: the pacing and snappy jump from one segment to the next feel like a filmmaker working in 12-minute blocks as well as one that’s been let loose with a huge budget. He does coax out a few genuinely entertaining moments, largely courtesy of its stars. Helen Mirren as retired MI6 wetworks specialist Victoria and John Malkovich as the paranoid and fully armed Marvin are consistently charming. The characters are still paper thin and the joke still has one dimension, though it goes further this time in suggesting that Victoria still has, gasp, a sex drive and a romantic life. At her age! If you enjoyed the mindless shenanigans of the old folks the first time around, Red 2 will probably do the trick. Because it’s the same movie. Still, it’s nice to see the elder statespersons of style and casting get some respect. Talk about showing ’em how it’s done. The Conjuring opened in Hong Kong on Thursday. Red 2 opens September 5 The Conjuring Directed by James Wan, written by Chad Hayes and Carey Hayes. Starring Vera Farmiga, Patrick Wilson, Ron Livingston, and Lili Taylor. USA, 111 minutes, IIB. Red 2 Directed by Dean Parisot, written by Jon Hoeber and Erich Hoeber. Starring Bruce Willis, John Malkovich, Helen Mirren, Mary-Louise Parker and Anthony Hopkins. USA/France, 116 minutes, IIA. The Conjuring is the kind of old-fashioned creepfest that relies on simple camera tricks, cinematography, creaking floorboards and performance to find its scares.” The director does coax out a few genuinely entertaining moments, largely courtesy of its stars.” 迷你倉出租

Source: San Antonio Express-NewsAug.迷你倉價錢 30--San Antonio City Council nominated controversial CPS Energy supplier Nexolon America LLC today for a state program that would allow it to get a rebate for up to $1.25 million in state sales tax over five years.The council's request that Nexolon's solar panel manufacturing plant be considered a Texas Enterprise Project would allow the program to receive the tax rebate under the state's Texas Enterprise Zone program, which allows communities to partner with the state to o迷你倉fer incentives to companies that create jobs in economic disadvantaged areas.Nexolon America is a key contractor for CPS Energy's solar power project, which is led by OCI Solar Power. Last month, OCI Solar Power bought a majority stake in Nexolon America from its financially troubled parent company, Nexolon Co. Ltd.nhicks@express-news.netTwitter: @ndhappleCopyright: ___ (c)2013 the San Antonio Express-News Visit the San Antonio Express-News at .mysanantonio.com Distributed by MCT Information Services儲存

Source: Greeley Tribune, Colo.新蒲崗迷你倉Aug. 29--Shortly after announcing it would close an Arkansas rendering plant, Pilgrim's Pride on Wednesday announce it would put $25 million into its Alabama operations with a new feed mill and renovation of an existing processing plant.The investment includes $15 million on construction of a new feed mill facility in Pinckard, Ala., and a $10 million renovation of the company's poultry processing facility in Enterprise, Ala., according to a new release."We are excited to announce our continued commitment to Dale County, the communities of Enterprise and Pinckard, local family farmers, our customers and the Pilgrim's team members who work hard every day to make our business a success," said Jayson Penn, executive vice president, sales and operations, in the news release. "This significant investment is consistent with our strategy of relentless pursuit of operational excellence and will improve our efficiencies, cost structure and competitimini storageeness, while creating a safer work environment for our employees."Earlier this month, the company announced it would close its Batesville, Ark., plant, a small plant in the Pilgrims network employing about 400 people. Pilgrims Pride is based in Greeley under JBS USA.Construction of the new feed mill will start in the next month and renovation of the processing facility should occur over the next six months, the release stated.The poultry processing facility in Enterprise employs more than 700 people, processes more than 1 million birds per week and provides products to food service and restaurant chains throughout the country, the release stated. The new feed mill in Pinckard will replace the existing feed mill currently located in Enterprise and will employ more than 25 people, the release stated.Copyright: ___ (c)2013 the Greeley Tribune (Greeley, Colo.) Visit the Greeley Tribune (Greeley, Colo.) at .greeleytribune.com Distributed by MCT Information Servicesself storage

Source: Tulsa World, Okla.新蒲崗迷你倉Aug. 29--Harold Omar Ebeling was born July 28, 1921 in Mustang, OK to Henry and Ada Maybelle (Silver) Ebeling and passed from this life August 26, 2013 in Tulsa, OK at the age of 92. Harold attended New Mexico Military School and graduated from Classen High School in 1939. He joined the Air Force to serve during World War II which he was honorably discharged as a Second Lieutenant Navigator in 1945. He gained his Bachelor's degree in Civil Engineering and in Mechanical Engineering from the University of Oklahoma in 1948. He was involved in Mason's Blue Lodge, O.U.'s School of Engineering, Phi-Kappa-Psi, Pi Tau Sigma, the Petroleum Club and First United Methodist Church. Harold was President of Latoka Engineering (company began 1975) located in Tulsa and Drumright. His success was mirrored by the many patented gas dehydration equipments he invented. February 6, 1945, Harold married the love of his life, Billie Anne Bergman (Anne) where they shared 68 cherished years of raising a family, devoting themselves to Christ,mini storagerelishing friendships (old and new) and supporting his beloved Oklahoma Sooners. Harold was preceded in death by his parents and son, Brent Ebeling. He is survived by: his wife, Billie Anne (Bergman) Ebeling; his daughter, Jana Ebeling; his son and daughter-in-law, Brad and Cathy Ebeling; his granddaughter and husband, Christa Ebeling Streebin & Adam. A funeral service will be held 10:00 a.m. Saturday at the Ninde Brookside Funeral Home. He will be laid to rest at Rose Hill Burial Park, Oklahoma City. The family wishes to thank the staff at Montereau's Chateau and St Francis Hospice for the loving care and devotion to Harold. Donations in Harold's memory may be made to the Alzheimer's Research and Prevention Foundation, PO Box 30783, Tucson, AZ 85751 or College of Engineering -- University of Oklahoma, 202 W. Boyd St., Room 104, Norman, OK 73019. Ninde Brookside Chapel(918)742-5556 .ninde.comCopyright: ___ (c)2013 Tulsa World (Tulsa, Okla.) Visit Tulsa World (Tulsa, Okla.) at .tulsaworld.com Distributed by MCT Information Servicesself storage

LONDON, ON, Aug.儲存 29, 2013 /CNW/ -THIRD QUARTER SUMMARY (three months ended July 31, 2013, compared to three months ended July 31, 2012, unless otherwise noted)-- Net interest income and spread for Pacific & Western Bank of Canada ("the Bank") for the three months ended July 31, 2013 increased to $6.7 million and 1.91% respectively from $6.1 million and 1.77% for the previous quarter and from $5.1 million and 1.25% respectively for the same period a year ago. -- For the nine months ended July 31, 2013, net interest income and spread increased to $18.8 million and 1.71% respectively from $14.1 million and 1.24% a year ago. -- Credit quality continues to remain strong with gross impaired loans at July 31, 2013 totalling $1.8 million or 0.15% of total loans compared to $1.7 million or 0.14% of total loans a year ago. Net impaired loans totalled $93,000 at July 31, 2013 compared to $51,000 a year ago. -- At July 31, 2013, the Bank's Common Equity Tier 1 (CET1) ratio was 10.52% compared to 10.34% at the end of the previous quarter. -- Net income (loss) for the Bank for the three months ended July 31, 2013 was $878,000 compared to ($39,000) for the previous quarter and $1.8 million for the same period a year ago. Net income for the same period a year ago included pre-tax gains from the sale of securities totalling $3.0 million. -- Net income for the Bank for the nine months ended July 31, 2013 was $2.0 million compared to $4.7 million for the same period a year ago. Net income a year ago included pre-tax gains from the sales of securities which totalled $10.1 million and net income for the current period includes debt and other restructuring charges totalling $789,000.PRESIDENT'S COMMENTSI am pleased with the results of our third quarter. Our Bank's net interest income continued to grow with net interest income of $6.7 million for the third quarter compared to $6.1 million earned in the previous quarter and $5.1 million earned in the same quarter a year ago.? This increase can be mainly attributed to a significant increase in spread, which improved by 53% over the same period last year to 1.91% this quarter.? Credit quality continued to be outstanding with no loans in arrears at the end of the quarter.? Unlike last year, total revenue for the current quarter was not bolstered by gains from the sale of assets, but included restructuring charges relating to reductions in staff.Although it is possible that our Bank may still periodically realize gains from sales of assets, its primary source of revenue is now derived from sustainable net interest income from its growing loan and lease portfolio.? Overall, our Bank's spread figures have now returned to pre liquidity crisis levels and compare favourably to the large banks.Our three new programs continue to grow.? Bulk financing assets increased by 25% during the quarter to $172 million and 81% over last year's balance. The loss incurred on our credit card program decreased from $579,000 in the previous quarter to $187,000 this quarter.? Our trustee deposits initiative continues to gain acceptance as new trustees throughout Canada are continuing to move their banking to us.? Overall, we are very pleased with the progress that we are making on the bulk financing and trustee deposits programs, and are working with our credit card partner to improve the profitability of that program.On August 27th, we completed our Initial Public Offering and listed our Bank on the TSX.? This was a key step in the Bank's evolution, providing it with direct access to the public markets.? Our Bank raised net proceeds of $6 million increasing its CET1 capital to $123 million and resulting in the Bank's capital ratios significantly exceeding the industry average while providing ample capacity for growth.These are exciting times for us shareholders. Our Bank has now been reconfigured so that it is able to earn ever increasing sustainable spread income, it has reduced its vulnerability to external factors and is well capitalized to provide for profitable growth.FINANCIAL HIGHLIGHTS(unaudited) as at as atJuly 31 July 31 July 31 July 31($CDN thousands except per share 2013 2012 2013 2012 amounts )Balance Sheet SummaryCash and $ 251,527 $ 251,527 securities $ 182,849 $ 182,849Total 1,193,561 1,193,561 1,255,595 loans 1,255,595Average 1,194,443 1,201,936 1,202,380 loans 1,233,487Total 1,407,342 1,407,342 1,538,769 assets 1,538,769Average assets 1,398,679 1,610,014 1,470,755 1,512,252Deposits 1,201,593 1,323,494 1,201,593 1,323,494Subordinated notes payable 20,297 49,773 20,297 49,773Shareholder's 93,989 93,989 equity 125,014 125,014Capital ratios (2012 based on Basel II)Assets-to-capital 10.50 10.50 ratio 9.75 9.75Risk-weighted 1,175,584 1,175,584 assets 1,107,029 1,107,029Common Equity Tier 1 capital 116,491 n/a 116,491 n/aCommon Equity Tier 1 ratio 10.52% n/a 10.52% n/aTier 1 risk-based capital ratio 10.52% 8.46% 10.52% 8.46%Total risk-based capital ratio 12.14% 12.67% 12.14% 12.67%for the three months for the nine months ended endedResults of operationsNet interest $ 5,059 $ 14,105 income $ 6,733 $ 18,759Spread 1.91% 1.25% 1.71% 1.24%Other income 315 3,573 1,995 10,917Debt and other restructuring charges (287) - (789) -Provision for credit losses 154 249 399 433Total 6,607 19,566 24,589 revenue 8,383Net income before income taxes 1,226 2,217 2,744 7,065Net 878 1,954 4,731 income 1,783Income per common share: *Basic $ 0.05 $ 0.13 $ 0.12 $ 0.34Diluted $ 0.05 $ 0.13 $ 0.12 $ 0.34Return on average total assets 0.25% 0.44% 0.18% 0.42%Gross impaired loans to total loans 0.15% 0.14% 0.15% 0.14%Provision for credit losses as a % of average loans 0.01% 0.02% 0.03% 0.04%Commercial Lending income before $ income taxes 1,413 $ 3,015 $ 4,002 $ 9,284Loan 2.23% 2.21% 2.03% spread 2.04%* EPS for the three and nine months ended July 31, 2012 have been adjusted to reflectthe 8:1 share consolidation which took place on December 31, 2012.?MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANCIAL CONDITIONThis management's discussion and analysis (MD&A) of operations and financial condition for the third quarter of fiscal 2013, dated August 28, 2013, should be read in conjunction with the unaudited interim consolidated financial statements for the period ended July 31, 2013, included herein which have been prepared in accordance with International Financial Reporting Standards (IFRS). This MD&A should also be read in conjunction with the Bank's MD&A and the audited consolidated financial statements for the year ended October 31, 2012, 2011 and 2010 included in its Prospectus dated August 19, 2013 and posted on SEDAR. Except as discussed below, all other factors discussed and referred to in the Prospectus, remain substantially unchanged.Basis of PresentationNon-GAAP and Additional GAAP MeasuresNet Interest Income and Net Interest Margin or SpreadMost banks analyze profitability by net interest income (as presented in the Consolidated Statements of Income (Loss)) and net interest margin or spread.? Net interest margin or spread is defined as net interest income as a percentage of average total assets.? Net interest margin or spread does not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other financial institutions.Total RevenueAn additional measure of profitability is total revenue which consists of net interest income, other income, restructuring charges and provisions for credit losses (as presented in the Consolidated Statements of Income.Book Value Per Common ShareBook value per common share is defined as Shareholder's Equity divided by the number of common shares outstanding.OverviewPacific & Western Bank of Canada (the "Bank"), provides commercial lending services to selected niche markets and raises its deposits through a diversified deposit broker network across Canada. The Bank has operated as a Schedule I bank under the Bank Act (Canada) since August 1, 2002. Prior to that, the Bank had operated as a provincially licensed trust company since 1979. The Bank is a wholly-owned subsidiary of Pacific & Western Credit Corp. (the "Corporation" or "parent company") whose securities are listed and trade on the Toronto Stock Exchange.On January 28, 2013, the Bank announced its plans to complete an Initial Public Offering (IPO) of its common shares. The final prospectus was filed on August 20, 2013 and the Bank's common shares were conditionally approved for listing on the Toronto Stock Exchange (TSX). See Subsequent Event and Proposed Transactions.Net income (loss) of the Bank for the three months ending July 31, 2013 was $878,000 compared to ($39,000) for the previous quarter and $1.8 million for the same period a year ago. Included in net income for the same period a year ago were pre-tax gains of $3.0 million on the sale of securities. There were no gains realized on the sale of securities in the current quarter.Net income of the Bank for the nine months ended July 31, 2013 was $2.0 million compared to $4.7 million for the same period a year ago. Included in net income for the same period a year ago were pre-tax gains of $10.1 million on the sale of securities. There were no gains realized on the sale of securities in the current period. Included in net income for the current period were debt and other restructuring costs totalling $789,000 relating to the retirement of subordinated notes payable to the parent company and severance costs incurred as a result of reductions in staff complement.Net interest income and spread for the three months ended July 31, 2013 increased to $6.7 million and 1.91% respectively from $6.1 million and 1.77% for the previous quarter and from $5.1 million and 1.25% for the same period a year ago. For the nine months ended July 31, 2013, net interest income and spread increased to $18.8 million and 1.71% respectively from $14.1 million and 1.24% a year ago. Net interest income and spread increased from previous periods due to a combination of lower interest expense as a result of the repayment in March 2013 of subordinated notes payable to the parent company and the booking of new loans with larger spreads during the current periods.At July 31, 2013, total assets of the Bank were $1.41 billion compared to $1.39 billion at the end of the previous quarter and $1.54 billion a year ago. The decrease in total assets from a year ago was due primarily to a lower level of cash and securities held at the end of the current quarter and a lower level of lending assets caused primarily by loan sales over the past year.?? Cash and securities decreased from the previous year due to a lower level of deposits maturing in the succeeding months requiring a lower level of liquid assets to fund their repayment.Credit quality remains strong, with gross impaired loans totalling $1.8 million at July 31, 2013 compared to $1.7 million a year ago and net impaired loans of $93,000 compared to $51,000 a year ago. At July 31, 2013, the ratio of gross impaired loans as a percentage of total loans was 0.15% compared to 0.14% last year.The Basel Committee on Banking Supervision published the Basel III rules supporting more stringent global standards on capital adequacy and liquidity (Basel III). The Office of the Superintendent of Financial Institutions (OSFI) requires all Canadian banks to comply with the new Basel III standards on an "all in" basis that became effective January 1, 2013 for purposes of determining its risk-based capital ratios. Required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 (CET1) capital ratio at January 1, 2013, and at January 1, 2014 an 8.5% Tier 1 capital ratio and 10.5% total capital, all of which include a 2.50% capital conservation buffer.At July 31, 2013, the Bank significantly exceeded the new CET1 capital requirement of 7.0% with a ratio of 10.52%. In addition, its Tier 1 capital ratio was 10.52%; the total capital ratio was 12.14% and the assets-to-capital ratio at July 31, 2013 was 9.75.Total RevenueTotal revenue consists of net interest income, other income, debt and restructuring charges and provisions for credit losses.? For the three months ended July 31, 2013 total revenue of the Bank was $6.6 million compared to $5.7 million in the previous quarter and $8.4 million for the same period last year. Total revenue decreased from a year ago due primarily to gains totalling $3.0 million from the sale of securities realized last year compared to $nil in the current period, with the impact reduced by an increase of $1.7 million in net interest income in the period. Compared to the previous quarter, total revenue of the Bank increased due primarily to the growth in net interest income.For the nine months ending July 31, 2013, total revenue of the Bank was $19.6 million compared to $24.6 million a year ago with the decrease due primarily to gains totalling $10.1 million from the sale of securities in the same period a year ago compared to $nil in the current period. This decrease was partially offset by an increase in net interest income which grew to $18.8 million in the current period from $14.1 million a year ago.? In addition, included in total revenue for the current period are restructuring charges totalling $789,000 of which $384,000 was a result of the retirement of subordinated notes payable to the parent company and $405,000 related to severance costs incurred as a result of reductions in staff complement.The provision for credit losses, which is also included in total revenue, was a provision of $154,000 in the current quarter compared to $266,000 for the previous quarter and a provision of $249,000 for the same period a year ago. Included in the provision for credit losses in the current quarter was an amount totalling $369,000 relating to credit card receivables compared to $137,000 for the same period last year. For the nine months ended July 31, 2013, the provision for credit losses was $399,000 compared to $433,000 for the same period a year ago. Included in the provision for credit losses in the current period was an amount totalling $764,000 related to credit card receivables compared to $257,000 for the same period last year.Net Interest Income and Net Interest MarginNet interest income of the Bank for the three months ended July 31, 2013 increased to $6.7 million from $6.1 million for the previous quarter and from $5.1 million for the same period a year ago. These increases were due primarily to loans that matured during the period being replaced with loans with larger spreads and a decrease in interest expense as a result of the repayment in March 2013 of subordinated notes payable to the parent company. Net interest margin or spread for the three months ended July 31, 2013 increased to 1.91% from 1.77% for the previous quarter and from 1.25% last year due to the factors noted above. On a year-to-date basis, net interest income of the Bank increased to $18.8 million from $14.1 million a year ago and net interest margin or spread increased to 1.71% from 1.24% a year ago due to the factors noted previously.Other Income??Other income of the Bank for the three months ended July 31, 2013 was $315,000 compared to $400,000 for the previous quarter and $3.6 million for the same period a year ago. Other income for the current quarter includes non-interest revenue of $306,000 from credit cards compared to $261,000 for the previous quarter and $259,000 for the same period a year ago. Other income for the same period last year included gains of $3.0 million from the sale of securities held in the treasury portfolio.On a year-to-date basis, other income of the Bank totalled $2.0 million compared to $10.9 million a year ago with the difference due primarily to gains totalling $10.1 million on the sale of securities compared to $nil in the current period. In addition, gains from the sale of loans totalled $1.0 million and are included in other income for the current period compared to $nil a year ago and non-interest revenue from credit cards for the current period totalled $824,000 compared to $375,000 for the same period a year ago. Non-interest revenue from credit cards increased in the current period compared to the same period last year due to increases in credit card receivable balances and an additional two months of credit card activities in 2013 as the credit card program was launched on January 2, 2012.Non-Interest ExpensesNon-interest expenses of the Bank, including those relating to credit card operations, totalled $5.4 million for the current quarter compared to $5.8 million for the previous quarter and $6.2 million for the same period a year ago. The decrease in non-interest expenses from the previous periods was due primarily to a reduction in staff complement, a reduction in costs to operate the credit card program and timing of expenses. On a year-to-date basis, non-interest expenses of the Bank were $16.8 million for the current period compared to $17.5 million for the same period last year with the decrease due to the factors described above.Income TaxesThe Bank's statutory federal and provincial income tax rate is approximately 27% compared to 29% for the previous periods. The effective rate is impacted by certain items not being taxable or deductible for income tax purposes. The provision for income taxes consists of the following items:(thousands of for the three months Canadian ended for the nine months ended dollars)July 31 July 31 July 31 July 312013 2012 2013 2012Income tax on $ 348 $ - $ 790 $ - earningsTax on gain on sale of - 810 - 2,710 securitiesSubstantively enacted rate - (376) - (376) changes$ 348 $ 434 $ 790 $ 2,334?For the current quarter, the provision for income taxes was $348,000 relating to income tax on earnings.? The income tax provision for the same quarter last year included a provision of $810,000 relating to gains on the sale of securities and a recovery of $376,000 resulting from a substantively enacted rate change that occurred during the third quarter last year. ? On a year-to-date basis, the provision for income taxes was $790,000 compared to $2.3 million for the same period last year. This decrease was due primarily to an income tax provision of $2.7 million on the sale of securities a year ago compared to $nil in the current period.At July 31, 2013, the Bank has a deferred income tax asset of $8.3 million compared to $11.0 million a year ago with the decrease due to the tax effect of operating results over the past year, the recording of an income tax adjustment totalling $1.9 million in the previous year less tax rate adjustments recorded last year. The deferred income tax asset is primarily a result of income tax losses totalling approximately $42 million from previous periods, the benefit of which was recorded at the time. The income tax loss carry-forwards in the Bank are not scheduled to begin expiring until 2027 if unutilized.Comprehensive Income (Loss)Comprehensive income (loss) is comprised of the net income (loss) for the period and other comprehensive income (loss) which consists primarily of unrealized gains and losses on available-for-sale securities. Comprehensive income for the three months ended July 31, 2013 was $876,000 compared to a loss of $96,000 for the previous quarter and a loss of $1.1 million a year ago. The change from a year ago is due to the net income in the current period being greater than that of a year ago and amounts of unrealized gains on available-for-sale securities recorded in comprehensive income (loss) in previous years being reversed through other comprehensive income (loss) when realized last year. On a year-to-date basis, comprehensive income (loss) was $1.9 million compared to ($2.6 million) for the same period a year ago with the change due to same factors described previously.Segment Analysis?Commercial Lending ?The commercial lending segment consists of the operations of the Bank related to issuing mortgages, loans and leases. The commercial lending segment is supported by deposit taking, treasury and administrative activities of the Bank. For the three months ended July 31, 2013, net income of the commercial lending segment totalled $1.1 million compared to $540,000 for the previous quarter and $2.6 million a year ago with the difference due primarily to gains from the sale of securities a year ago which totalled $3.0 million compared to $nil in the current quarter. On a year-to-date basis, net income of the commercial lending segment totalled $3.2 million compared to $7.0 million for the same period a year ago with the difference due primarily to gains from the sale of securities which totalled $10.1 million last year.Net interest income from commercial lending for the three months ended July 31, 2013, totalled $6.4 million compared to $5.8 million for the previous quarter and $5.0 million last year with the growth due primarily to increased yields on new loans and a decrease in interest expense. For the nine months ended July 31, 2013, net interest income from commercial lending totalled $17.9 million compared to $14.0 million for the same period a year ago.Credit quality relating to the commercial lending segment remains strong with provisions (recoveries) for credit losses for the three months ended July 31, 2013 totalling ($215,000) compared to a provision of $36,000 for the previous quarter and a provision of $112,000 for the same period last year. For the nine months ended July 31, 2013, the provision for credit losses was a recovery of ($365,000) compared to a provision of $176,000 for the same period a year ago. Provisions (recoveries) for credit losses were lower in the current periods as a result of decreases in lending assets and maturities in the existing loan portfolio over the past year.For the three months ended July 31, 2013, non-interest expenses for the commercial lending segment totalled $4.9 million compared to $4.9 million for the previous quarter and $5.2 million a year ago. On a year-to-date basis, non-interest expenses totalled $14.7 million compared to $15.1 million for the same period a year ago.Credit Card Operations?This segment consists of income and expenses related to the Bank's private label credit card program which was launched on January 2, 2012.? As at July 31, 2013, credit card receivables totalled $26.3 million compared to $23.8 million at the end of the previous quarter and $17.8 million a year ago. For the three months ended July 31, 2013, costs to operate the credit card program exceeded revenues by $187,000 compared to $579,000 for the previous quarter and $798,000 for the same period a year ago. For the nine months ended July 31, 2013, costs to operate the credit program exceeded revenues by $1.3 million compared to $2.2 million for the same period a year ago.Net interest income from credit card operations for the three months ending July 31, 2013, totalled $370,000 compared to $269,000 for the previous quarter and $69,000 a year ago. For the nine months ended July 31, 2013, net interest income from credit card operations totalled $858,000 compared to $63,000 for the same period a year ago. Net interest income from credit card operations continues to be impacted by incentive programs with low or no interest rates used to generate the issue of new cards.For the three months ended July 31, 2013, non-interest revenue from credit card operations in the form of credit card fees totalled $306,000 compared to $261,000 for the previous quarter and $259,000 a year ago. For the nine months ended July 31, 2013, non-interest revenue from credit card operations totalled $823,000 compared to $375,000 for the same period a year ago.For the three months ending July 31, 2013, the Bank recorded a provision for credit losses of $369,000 relating to credit card receivables compared to $230,000 for the previous quarter and $137,000 a year ago. These provisions consist of adjustments to the collective allowance and write-offs of credit card balances. For the nine months ended July 31, 2013, the provision for credit card losses totalled $764,000 compared to $257,000 for the same period last year. At July 31, 2013, the collective allowance relating to credit card receivables totalled $744,000 compared to $250,000 a year ago.Non-interest expenses relating to credit card operations totalled $494,000 for the current quarter compared to $879,000 for the previous quarter and $989,000 for the same period last year. On a year-to-date basis, non-interest expenses totalled $2.2 million compared to $2.4 million last year. Non-interest expenses relating to credit cards decreased in the current periods as a result of a decrease in staff complement and an effort to reduce non-variable costs. These expenses consist of salaries and benefits, expenses for activities carried out by external parties to administer processing of the credit cards and marketing and promotional costs and general and administrative expenses.Consolidated Balance SheetTotal assets of the Bank at July 31, 2013, were $1.41 billion compared to $1.39 billion at the end of the previous quarter and $1.54 billion a year ago with the change due primarily to decreases in cash and securities and a decrease in lending assets. Cash and securities decreased from a year ago due primarily to a lower level of deposits maturing in the coming months compared to a year ago requiring less cash to fund the maturities. Lending assets decreased from a year ago primarily as a result of loans sold over the past year.Cash and SecuritiesCash and cash equivalents consist of deposits with Canadian chartered banks, government treasury bills and bankers acceptances with less than ninety days to maturity from the date of acquisition. Securities in the Bank's treasury portfolio typically consist of Government of Canada and Canadian provincial and municipal bonds, bankers' acceptances and corporate debt. Cash and securities, which are held primarily for liquidity purposes, totalled $182.8 million or 13.0% of total assets compared to $167.2 million or 12.0% of total assets at the end of the previous quarter and $251.5 million or 16.3% of total assets a year ago. The decrease in cash and securities as a percentage of total assets from a year ago was a result of the Bank no longer having to hold the same levels of cash as deposit maturities in the coming months are less than those maturing a year ago. In addition, since July 31, 2012, the Bank shifted its strategy to hold larger amounts of cash and cash equivalents as a proportion of its treasury portfolio rather than holding securities that were not as liquid.At July 31, 2013, net unrealized gains in the Bank's available-for-sale securities portfolio were $38,000 compared to net unrealized gains of $70,000 a year ago. In addition there was an unrealized loss of $559,000 at July 31, 2013 compared to an unrealized loss of $545,000 at the end of the previous quarter relating to a security the Bank classifies as held-to-maturity. This unrealized loss was due to changes in interest rates rather than due to changes in credit risk and management is of the opinion that no impairment charge is required at this time.LoansLoans totalled $1.19 billion at July 31, 2013, compared to $1.20 billion at the end of the previous quarter and $1.26 billion a year ago with the decrease from a year ago due primarily to the sale of loans which occurred over the past year. The Bank does not expect to see significant loan sales during the remainder of the year.At July 31, 2013, the balances of individual loan categories remained relatively consistent with those from a year ago taking into account loan sales. Government financings have declined from a year ago due to market conditions and the Bank shifting its focus to corporate lending opportunities, primarily through its bulk financing initiative as described below.The Bank's bulk financing portfolio showed significant growth totalling $171.6 million at July 31, 2013 compared to $137.8 million at the end of the previous quarter, an increase of 25%, and $94.8 million a year ago, an increase of 81%. The bulk financing program continues to be a key initiative for the Bank and is expected to be the primary area of growth in the Bank's lending portfolio. The Bank continues to enter into agreements with vendors for the program and expects to see continued growth in the coming months.Overall, new lending for the quarter totalled $151.8 million compared to $117.9 million for the previous quarter and $166.0 million a year ago.? Loan repayments for the quarter totalled $153.6 million compared to $93.6 million for the previous quarter and $135.0 million a year ago. On a year-to-date basis, new lending totalled $405.8 million compared to loan repayments of $421.4 million. Loan repayments for the current nine month period include loan sales totalling $37 million.Credit QualityThe Bank has maintained its high credit quality and strong underwriting standards and requires minimal provisions for credit losses. Gross impaired loans at July 31, 2013, totalled $1.8 million or 0.15% of total loans compared to $1.7 million or 0.14% of total loans at the end of the previous quarter and $1.7 million or 0.14% of total loans a year ago. Provisions for credit losses in the current quarter totalled $154,000 compared to $266,000 in the previous quarter and $249,000 a year ago. For the nine months ended July 31, 2013, provisions for credit losses totalled $399,000 compared to $433,000 for the same period a year ago. The change in the provision for credit losses from a year ago was due to additional provisions and write-offs related to credit card receivables.At July 31, 2013, the Bank's collective allowance totalled $3.2 million virtually unchanged from a year ago. Included in the Bank's collective allowance at July 31, 2013 was $744,000 relating to credit card receivables compared to $250,000 a year ago.? The Bank's individual allowance for credit losses totalled $1.7 million compared to $1.7 million a year ago and net impaired loans at July 31, 2013 totalled $93,000 compared to $51,000 a year ago. Based on results from ongoing stress testing of the loan portfolio under various scenarios, and the secured nature of the existing loan portfolio, the Bank is of the view that any credit losses which exist but cannot be specifically identified at this time are adequately provided for.Other Assets??Other assets totalled $30.9 million at July 31, 2013 compared to $27.5 million at the end of the previous quarter and $31.6 million a year ago. Included in other assets is the deferred income tax asset of the Bank of $8.3 million compared to $11.0 million last year and capital assets and prepaid expenses of $18.3 million at July 31, 2013 compared to $16.9 million last year.Deposits and Other LiabilitiesDeposits are used as a primary source of financing growth in assets and are raised primarily through a well established and well diversified deposit broker network across Canada. Deposits raised and deposit levels are highly sensitive to interest rates being offered by the Bank for new deposits. Deposits at July 31, 2013 totalled $1.20 billion compared to $1.19 billion at the end of the previous quarter and $1.32 billion a year ago, and consist primarily of guaranteed investment certificates. The decrease in total deposits from a year ago is due to the decrease in total assets, specifically the level of cash and securities. Of the total amount of deposits, $38.2 million or approximately 3.2% of total deposits at the end of the current quarter were in the form of demand deposits compared to $34.9 million or approximately 2.6% of total deposits a year ago, with the remaining deposits having fixed terms.In order to diversify its sources of deposits and reduce its cost of new deposits, the Bank has identified another source, that being deposits of trustees in the bankruptcy industry. The Bank has developed new banking software to serve this deposit market and launched this product in April 2012. These services are now being offered to trustees in the bankruptcy industry across Canada and at July 31, 2013, deposits from this source totalled $14.7 million.An additional source of financing growth in assets and a source of liquidity is the use of margin lines and securities sold under repurchase agreements. From time to time, the Bank uses these sources of short-term financing when the cost of borrowing is less than the interest rates that would have to be paid on new deposits. At July 31, 2013, the Bank did not have any amounts outstanding relating to margin lines or securities sold under repurchase agreements nor were any amounts outstanding a year ago.Other liabilities consist primarily of accounts payable and accruals and the fair value of derivatives. At July 31, 2013, other liabilities totalled $16.9 million compared to $13.2 million at the end of the previous quarter and $28.1 million a year ago with the change due to a decrease in the fair value of derivatives as interest rate swap contracts were unwound during the first quarter. See Interest Rate Risk Management in this Management's Discussion and Analysis for more information.Securitization Liabilities??The Bank has securitization liabilities outstanding which relate to amounts payable to counterparties for cash received upon initiation of securitization transactions. At July 31, 2013, the amount of securitization liabilities totalled $43.5 million compared to $43.5 million a year ago. The Bank has not entered into any securitization transactions in the current fiscal year nor does it expect to in the remainder of the year.The amounts payable to counterparties bear interest at rates ranging from 1.97% - 3.95% and mature between 2016 and 2020. Securitized insured mortgages with a carrying value of $41.0 million are pledged as collateral for these liabilities.Subordinated Notes Payable?Subordinated notes payable, net of issue costs, totalled $20.3 million at July 31, 2013 compared to $49.8 million a year ago.? The change from last year was a result of the Bank repaying $30 million in subordinated notes to its parent company during the second quarter.? Excluding issue costs, subordinated notes payable consist of $21.5 million issued by the Bank to an external party. These subordinated notes, of which $11.5 million are callable, bear interest at rates ranging from 8.00% to 11.00% and mature between 2019 and 2021.Shareholder's EquityAt July 31, 2013, shareholder's equity was $125.0 million compared to $124.1 million at the end of the previous quarter and $94.0 million a year ago with the change mainly due to the parent company investing $30 million in common shares of the Bank during the second quarter as well as earnings during the period.?Common shares outstanding at July 31, 2013 totalled 17,387,368 compared to 14,054,034 a year ago after adjusting for an 8:1 share consolidation on December 31, 2012.? The increase from a year ago was due to $30 million invested in common shares by the Bank's parent during the second quarter. The total number of common shares outstanding is subject to adjustment once the offering price of the Initial Public Offering of the Bank is determined. See Updated Share Information.The Bank's book value per common share at July 31, 2013 was $7.19 compared to $6.69 a year ago after adjusting for the share consolidation that took place on December 31, 2012.Updated Share InformationAs at August 28, 2013, there were 19,212,171 shares outstanding of the Bank.? The increase from July 31, 2013 was a result of 1,424,803 shares being issued to the parent company; 804,597 shares issued whereby the number of shares issued in March 2013 was subject to adjustment once the IPO price was determined and 620,206 as a result of cash consideration being received of $4,496,494.? In addition, 400,000 shares were issued pursuant to the IPO for gross proceeds of $2,900,000.Off-Balance Sheet ArrangementsAs at July 31, 2013, the Bank does not have any significant off-balance sheet arrangements other than loan commitments and letters of credit resulting from normal course business activities. See Note 11 to the unaudited interim consolidated financial statements.Related Party TransactionsDuring the three and nine months ended July 31, 2013, the Bank incurred interest expense of $nil (2012 - $783,000) and $1,124,000 (2012 - $2,425,000) respectively on subordinated notes held by its parent company of which $nil (2012 - $263,000) in accrued interest was outstanding at July 31, 2013.? During the three and nine months ended July 31, 2013, the Bank incurred management and other fees totalling $300,000 (2012 - $300,000) and $900,000 (2012 - $885,000) respectively paid to its parent company and a subsidiary of the parent.The Bank's Board of Directors and Senior Executive Officers represent key management personnel. Other than key management personnel, the Bank has no other related parties for which there were transactions or outstanding balances during the period. See Note 12 to the unaudited interim consolidated financial statements for additional information on related party transactions and balances.Subsequent Event and Proposed TransactionsOn August 20, 2013, the Bank filed its final prospectus and on August 27, 2013 its common shares began trading on the Toronto Stock Exchange. Under the terms of the IPO, 400,000 common shares of the Bank were issued at a price of $7.25 per share before commissions and other expenses of the offering. In addition, under a secondary offering of the IPO, the parent company sold 1,100,000 of its common shares of the Bank at $7.25 per share before commissions. From the net proceeds the parent company purchased an additional 620,206 shares of the Bank for $4,496,494.? As a result of these transactions, the Corporation's ownership interest in the Bank decreased from 100% to approximately 92%.As part of the IPO, the syndicate of agents have been granted an Over-Allotment Option exercisable in whole or in part for a period of 30 days following the closing of the IPO, to purchase up to an additional 225,000 Common Shares from the Bank at a price of $7.25 per Common Share.Risk ManagementThe risk management policies and procedures of the Bank are provided on pages 68-69 and 102-110 in its Prospectus dated August 19, 2013 and filed on SEDAR.Capital Management and Capital ResourcesThe Basel Committee on Banking Supervision has published the Basel III rules supporting more stringent global standards on capital adequacy and liquidity (Basel III). Significant changes under Basel III that are most relevant to the Bank include:-- Increased focus on tangible common equity.-- All forms of non-common equity such as the Bank's conventional subordinated notes must be non-viability contingent capital (NVCC) compliant. NVCC compliant means the subordinated notes must include a clause that would require conversion to common equity in the event that OSFI deems the institution to be insolvent or a government is ready to inject a "bail out" payment.-- Changes in the risk-weighting of certain assets.-- Additional capital buffers.-- New requirements for levels of liquidity and new liquidity measurements.OSFI requires that all Canadian banks must comply with the Basel III standards on an "all-in" basis that became effective January 1, 2013 for purposes of determining its risk-based capital ratios. Required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 (CET1) capital ratio and effective January 1, 2014, an 8.5% Tier 1 capital ratio and 10.5% total capital ratio, all of which include a 2.5% capital conservation buffer. The Basel III rules provide for "transitional" adjustments whereby certain aspects of the new rules will be phased in between 2013 and 2019. The only available transition allowed by OSFI for capital ratios is related to the 10 year phase out of non-qualifying capital instruments. However, OSFI has allowed Canadian banks to calculate their asset to capital ratios on a transitional basis between 2013 and 2019.Under the Basel III standards, total capital of the Bank totalled $134.4 million at July 31, 2013 compared to $133.1 million at the end of the previous quarter. The Bank exceeded the new capital requirements with a CET1 ratio of 10.52% compared to 10.34% at the end of the previous quarter. In addition, the Bank's total capital ratio was 12.14% at July 31, 2013 compared to 11.94% at the end of the previous quarter and its assets-to-capital ratio at July 31, 2013 was 9.75 compared to 9.69 at the end of the previous quarter.See note 13 to the interim consolidated financial statements for more information regarding capital management.The operations of the Bank are not dependent upon significant amounts of capital assets to generate revenue.? Currently, the Bank does not have any commitments for capital expenditures or for significant additions to its level of capital assets.Interest Rate Risk ManagementThe Bank is subject to interest rate risk which is the risk that a movement in interest rates could negatively impact spread, net interest income and the economic value of assets, liabilities and shareholder's equity. The following table provides the duration difference between the Bank's assets and liabilities and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's earnings during a 12 month period and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's shareholder's equity over a 60 month period if no remedial actions are taken.July 31, 2013 July 31, 2012Increase Decrease 100 Increase 100 Decrease 100 100 bps bps bps bpsSensitivity of projected net interestincome during a 12 $ 5,049 $ (4,997) $ 5,975 $ (5,919) month periodSensitivity of projected net interestincome during a 60 $ 2,906 $ (2,890) $ 9,364 $ (9,983) month periodDuration difference between assets andliabilities 2.9 3.7 (months)?The change in exposure to a decrease of 100 basis points in interest rates in a 60 month period from a year ago was due primarily to the change in the composition of the Bank's treasury portfolio through the sale of longer term securities over the past year with the proceeds being invested in cash or short term liquid securities as well as the Bank unwinding interest rate swaps during the first quarter of fiscal 2013.The decision to unwind the swap contracts was made as the Bank decided to use on-balance sheet strategies to manage its interest rate risk rather than interest rate swaps. These strategies include the raising of longer term deposits and reducing the duration of its assets primarily by maintaining higher levels of shorter duration and highly liquid treasury assets. Another factor in unwinding its interest rate swap contracts was the decision to eliminate the basis risk that resulted from the decrease in the correlation between the yield on banker's acceptances and the GIC's the Bank issues that occurred during the global liquidity crisis.LiquidityThe unaudited Consolidated Statement of Cash Flows for the Bank for the nine months ended July 31, 2013 shows cash used from operations in excess of cash provided by operations of $113.9 million compared to cash used of $55.3 million for the nine months ended July 31, 2012. The Bank's operating cash flow is primarily affected by the change in the balance of its deposits (a positive change in deposits has a positive impact on cash flow and a negative change in deposits has a negative impact on cash flow) as compared to the change in the balance of its loans (a positive change in loans has a negative impact on cash flow and a negative change in loans has a positive impact on cash flow).? Based on factors such as liquidity requirements and opportunities for investment in loans and securities, the Bank may manage the amount of deposits it receives and loans it funds in ways that result in the balances of these items giving rise to either negative or positive cash flow from operations.? The Bank will continue to fund its operations and meet contractual obligations as they become due from cash on hand and from managing the amount of deposits it receives as compared to the amount of loans it funds. See Note 11 to the unaudited interim consolidated financial statementsContractual ObligationsContractual obligations of the Bank as disclosed in its prospectus dated August 19, 2013 and posted on SEDAR and the audited consolidated financial statements for the year ended October 31, 2012 appended to the prospectus, have not changed significantly at July 31, 2013.Summary of Quarterly Results(thousands of dollars except per 2013 2012 2011 share amounts)Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4Results of operations:Total interest $ 15,242 $ 14,776 $ 15,695 $ 15,620 $ 15,350 $ 14,924 $ 15,008 $ 14,618 incomeYield on 4.32% 4.29% 4.20% 4.04% 3.78% 3.73% 3.90% 3.93% assets (%)Interest 8,509 8,679 9,766 10,117 10,291 10,650 10,236 9,954 expenseCost of funds 2.41% 2.52% 2.61% 2.62% 2.54% 2.66% 2.66% 2.68% (%)Net interest 6,733 6,097 5,929 5,503 5,059 4,274 4,772 4,664 incomeNet interest 1.91% 1.77% 1.59% 1.42% 1.25% 1.07% 1.24% 1.25% margin (%) *Provision for (recovery of) 154 266 (21) 28 249 - 184 118 credit lossesOther income 315 400 1,280 2,370 3,573 3,939 3,405 8,811Debt and other (287) (502) - - - - - - restructuring chargesTotal revenue 6,607 5,729 7,230 7,845 8,383 8,213 7,993 13,357 *Non-interest 5,381 5,761 5,680 6,819 6,166 6,063 5,295 4,336 expensesIncome (loss) before income 1,226 (32) 1,550 1,026 2,217 2,150 2,698 9,021 taxesIncome tax provision 348 7 435 1,933 434 1,040 860 2,794 (recovery)Net income $ 878 $ (39) $ $ $ $ $ $ (loss) 1,115 (907) 1,783 1,110 1,838 6,227Earnings (loss) per share **- basic $ 0.05 $ $ 0.08 $ $ 0.13 $ 0.08 $ 0.13 $ 0.44 0.00 (0.06)- diluted $ 0.05 $ $ 0.08 $ $ 0.13 $ 0.08 $ 0.13 $ 0.44 0.00 (0.06)* Net interest margin and Total revenue are Non-GAAP and Additional GAAP measures. See Basis of Presentation-Non-GAAP andAdditional GAAP measures** EPS for all periods have been adjusted to reflect the 8:1 share consolidation which took place on December 31, 2012.?The financial results for each of the last eight quarters are summarized above. The Bank's results, particularly total interest income and net interest income, are comparable between quarters and over the past eight quarters reflect the increase in lending assets. Additional factors in the increase in net interest income were higher yields on loans booked, increasing 39 bps over the last eight quarters, and a decrease in the cost of deposits over the past year.? Interest expense also decreased in the second and third quarter of 2013 as a result of the repayment of $30 million in subordinated notes payable to its parent company.Other income during the quarters shows variability due to the level of gains realized in previous quarters on the sale of securities and in the fourth quarter of 2012 and first quarter of 2013 from the sale of loans. The provisions for credit losses recorded in the last two quarters were due primarily to write-offs and adjustments in the collective allowance relating to credit card receivables.Non-interest expenses have decreased over the last six quarters as a result of a strategy to reduce overhead expenses, a reduction in staff complement and the timing of expenses. Non-interest expenses increased in the fourth quarter of 2012 as a result of expenses being incurred relating to professional and consulting fees and increased costs relating to credit card operations.The provision for income taxes in the first two quarters of 2013 reflects the effective statutory income tax rate of the Bank.? The provision for income taxes in the fourth quarter of 2012 included an income tax adjustment of $1.9 million relating to a change in the estimate of previously recognized deferred income tax assets. The income tax provision in the third quarter of 2012 decreased from previous quarters as a result of a recovery for income taxes relating to a change in corporate income tax rates substantively enacted during the quarter.Selected Annual Financial InformationThe following table, which has not been audited, sets out selected financial information derived from the Bank's audited annual consolidated financial statements for Fiscal 2012, Fiscal 2011 and Fiscal 2010.?IFRS CGAAPfor the year endedOctober 31 October 31 October 31(thousands of Canadian dollars except per share 2012 2011 2010 amounts)Net interest income $ 19,608 $ 16,927 $ 15,687Spread (%) * 1.30% 1.21% 1.15%Provision for (recovery 461 309 (1,163) of) credit lossesOther income 13,287 12,306 286Total revenue * 32,434 28,924 17,136Non-interest expenses 24,343 17,734 16,850Net income $ 3,824 $ 7,570 $ 467Earnings per share**- basic $ 0.27 $ 0.56 $ 0.04- diluted $ 0.27 $ 0.56 $ 0.04Financial Position:Total assets 1,534,168 1,485,734 1,315,888Average assets 1,509,951 1,411,866 1,361,872Deposits 1,317,298 1,269,730 1,150,903Subordinated notes 49,815 49,651 40,025 payableShareholder's equity 93,104 96,576 88,092* Spread and Total revenue are Non-GAAP and Additional GAAP measures-See Basis of Presentation** EPS for all periods have been adjusted to reflect the 8:1 share consolidation that took place onDecember 31, 2012.IFRS-International Financial Reporting StandardsCGAAP-Canadian Generally Accepted Accounting Principles?Significant Accounting Policies and Use of Estimates and JudgmentsSignificant accounting policies are detailed in Note 3 of the Bank's 2012 Audited Consolidated Financial Statements that is included in the Prospectus dated August 19, 2013 and filed on SEDAR. There has been no change in accounting policies nor any significant new policies adopted during the current period.In preparing the consolidated financial statements, management has exercised judgment and developed estimates in applying accounting policies and generating reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting periods. Areas where significant judgment was applied or estimates were developed include assessments of fair value and impairments of financial instruments, the calculation of the allowance for credit losses, and the measuremen新蒲崗迷你倉 of deferred income taxes.It is reasonably possible, on the basis of existing knowledge, that actual results may vary from that expected in the generation of these estimates. This could result in material adjustments to the carrying amounts of assets and/or liabilities affected in the future.Estimates and their underlying assumptions are reviewed on an ongoing basis.? Revisions to accounting estimates are applied prospectively once they are recognized.The policies discussed below are considered particularly significant as they require management to make estimates or judgements, some of which may relate to matters that are inherently uncertain.Financial InstrumentsAll financial assets are classified as one of the following:? held-to-maturity, loans and receivables, financial assets recorded at fair value through profit or loss or available-for-sale.? All financial liabilities are classified as fair value through profit or loss or other liabilities.? Financial assets and liabilities recorded at fair value through profit or loss are measured at fair value with gains and losses recognized in net income.? Financial assets held-to-maturity, loans and receivables and financial liabilities other than those held for trading, are measured at amortized cost based on the effective interest method.? Available-for-sale instruments are measured at fair value with gains and losses, net of tax, recognized in other comprehensive income.Estimates of fair value are developed using a variety of valuation methods and assumptions. The Bank follows a fair value hierarchy to categorize the inputs used to measure fair value for its financial instruments.? The fair value hierarchy is based on quoted prices in active markets (Level 1), valuation techniques using inputs other than quoted prices but with observable market data (Level 2), or valuation techniques using inputs that are not based on observable market data (Level 3).? Valuation techniques may require the use of inputs, transaction values derived from models and input assumptions sourced from pricing services. Valuation inputs are either observable or unobservable. The Bank looks to external readily observable market inputs when available and may include certain prices and rates for shorter-dated Canadian yield curves and bankers acceptances. Unobservable inputs may include credit spreads, probability of default and recovery rates.Fair value measurements that fall into Level 2 of the fair value hierarchy comprise derivatives and Canadian municipal and corporate bonds that are classified as available-for-sale. Fair value of derivatives is estimated using a discounted cash flow valuation technique based on observable market data including interest rates, the Bank's and the counterparty's credit spreads, corresponding market interest rate volatility levels and other market-based pricing factors.? For Canadian municipal and corporate bonds, fair value measurement is primarily based on quotes received from brokers that represent transaction prices in markets for identical instruments.SecuritiesThe Bank holds securities primarily for liquidity purposes with the intention of holding the securities to maturity or until market conditions render alternative investments more attractive.? Settlement date accounting is used for all securities transactions.At the end of each reporting period, the Bank assesses whether or not there is any objective evidence to suggest that a security may be impaired.? Objective evidence of impairment results from one or more events that occur after the initial recognition of the security which has an impact that can be reliably estimated on the estimated future cash flows of the security such as financial difficulty of the issuer.? An impairment loss is recognized for an equity instrument if the decline in fair value is significant or prolonged, as such circumstances provide objective evidence of impairment.Impairment losses on a held-to-maturity security are recognized in income and loss in the period they are identified.? When there is objective evidence of impairment of an available-for-sale security, the cumulative loss that has been recorded in accumulated other comprehensive income is reclassified to income or loss.? For available-for-sale debt securities, if in a subsequent period the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was first recognized, then the previously recognized impairment loss is adjusted through income or loss to reflect the net recoverable amount of the impaired security.? No adjustments of impairment losses are recognized for available-for-sale equity securities.LoansLoans are initially measured at fair value plus incremental direct transaction costs.? Loans are subsequently measured at amortized cost, net of allowance for credit losses, using the effective interest method.? On a monthly basis, the Bank assesses whether or not there is any objective evidence to suggest that the carrying value of the loans may be impaired.? Impairment assessments are facilitated through the identification of loss events and assessments of their impact on the estimated future cash flows of the loans.A loan is classified as impaired when, in management's opinion, there has been deterioration in credit quality to the extent that there is no longer reasonable assurance as to the timely collection of the full amount of principal and interest.? Loans, except credit cards, where interest or principal is contractually past due 90 days are automatically recognized as impaired, unless management determines that the loan is fully secured, in the process of collection and the collection efforts are reasonably expected to result in either repayment of the loan or restoring it to current status.? All loans, except credit cards, are classified as impaired when interest or principal is past due 180 days, except for loans guaranteed or insured by the Canadian government, provinces, territories, or a Canadian government agency, which are classified as impaired when interest or principal is contractually 365 days in arrears.? Credit card receivables are written off when payments are 180 days past due, or upon receipt of a bankruptcy notification.As loans are classified as loans and receivables and measured at amortized cost, an impairment loss is measured as the difference between the carrying amount and the present value of future cash flows discounted using the effective interest rate computed at initial recognition, if future cash flows can be reasonably estimated.? When the amounts and timing of cash flows cannot be reasonably estimated, the carrying amount of the loan is reduced to its estimated net realizable value based on either:???????(i)?the fair value of any security underlying the loan, net of expected costs of realization, or, ??????(ii) ?observable market prices for the loan.Impairment losses are recognized in income or loss.? If, in a subsequent period, the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was first recognized, then a recovery of a portion or all of the previously recognized impairment loss is adjusted through income or loss to reflect the net recoverable amount of the impaired loan.Real estate held for resale is recorded at the lower of cost and fair value, less costs to sell.Allowance for Credit LossesThe Bank maintains an allowance for credit losses which, in management's opinion, is adequate to absorb all credit related losses in its loan portfolio. The allowance for credit losses consists of both individual and collective allowances and is reviewed on a monthly basis.? The allowance is presented as a component of loans on the Bank's consolidated balance sheets.The Bank considers evidence of impairment for loans at both an individual asset and collective level.? All individually significant loans are assessed for impairment first.? All individually significant loans found not to be specifically impaired and all loans which are not individually significant are then collectively assessed for impairment by aggregating them into groups with similar credit risk characteristics.The collective impairment allowance is determined by reviewing factors including historical loss experience in portfolios of similar credit risk characteristics, current portfolio credit quality trends, probability of default and recovery rates, and business and economic conditions. Historical loss experience is adjusted based on current observable data to reflect effects of current conditions that did not affect the period in which the historical loss experience is based. The collective impairment allowance may also be adjusted by management using its judgment taking into account other observable and unobservable factors.Corporate Income TaxesCurrent income taxes are calculated based on taxable income at the reporting period end.? Taxable income differs from accounting income because of differences in the inclusion and deductibility of certain components of income which are established by Canadian taxation authorities.? Current income taxes are measured at the amount expected to be recovered or paid using statutory tax rates at the reporting period end.The Bank follows the asset and liability method of accounting for deferred income taxes.? Deferred income tax assets and liabilities arise from temporary differences between financial statement carrying values and the respective tax base of those assets and liabilities.? Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply to taxable income in the years when temporary differences are expected to be recovered or settled.Deferred income tax assets are recognized in the Bank's consolidated financial statements to the extent that it is probable that the Bank will have sufficient taxable income to enable the benefit of the deferred income tax asset to be realized.? Unrecognized deferred income tax assets are reassessed for recoverability at each reporting period endThe realization of the deferred income tax asset is dependent upon the Bank being able to generate taxable income during the carry-forward period sufficient to offset the income tax losses and deductible temporary timing differences.? While management is of the opinion that it is probable that the Bank will be able to realize the deferred income tax asset, there is no guarantee the Bank will be able to generate sufficient taxable income during the carry-forward period.? The realization of the deferred income tax asset is dependent upon the Bank being able to generate taxable income in future years sufficient to offset the income tax losses.Future Change in Accounting PoliciesIFRS 9: Financial instruments (IFRS 9)In November 2009, the IASB issued IFRS 9 as the first phase of an ongoing project to replace IAS 39. This first issuance of IFRS 9 introduced new requirements for classifying and measuring financial assets. IFRS 9 was then re-issued in October 2010, incorporating new requirements for the accounting of financial liabilities, and carrying over from IAS 39 the requirements for de-recognition of financial assets and financial liabilities. The mandatory effective date for the adoption of IFRS 9 was set for annual periods beginning on or after January 1, 2015, with earlier application permitted. In July 2013, the IASB deferred the mandatory effective date for the adoption of IFRS 9 to a date yet to be determined and to allow entities to early adopt only the own credit requirement in IFRS 9. The IASB continues to deliberate on the content of IFRS 9 and intends to expand the existing standard by adding new requirements for the impairment of financial assets measured at amortized cost and hedge accounting. On completion of these various projects, IFRS 9 will represent a complete replacement of IAS 39.The most significant changes expected under IFRS 9 relate to decreases in the classification categories available for financial instruments, a requirement that debt instruments meet a business model and cash flow characteristic test before being eligible for measurement at amortized cost, and a requirement that changes in the fair value of equity instruments be reported in profit or loss (unless an irrevocable election is made at initial recognition to recognize such changes in other comprehensive income). Management has performed preliminary evaluations of the impact of IFRS 9, however the impact on the Bank's Consolidated Financial Statements is not determinable at this time as it is dependent upon the nature of financial instruments held by the Bank when IFRS 9 becomes effective. The Bank is choosing not to early adopt IFRS 9.Controls and ProceduresDuring the most recent interim period, there have been no changes in the Bank's policies and procedures and other processes that comprise its internal control over financial reporting, that have materially affected, or are reasonably likely to materially affect, the Bank's internal control over financial reporting.Forward-Looking StatementsThe statements in this management's discussion and analysis that relate to the future are forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are out of our control. Risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian economy in general and the strength of the local economies within Canada in which we conduct operations; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada; the effects of competition in the markets in which we operate; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in the laws and regulations regulating financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; and our anticipation of and success in managing the risks implicated by the foregoing. For a detailed discussion of certain key factors that may affect our future results, please see pages 102-110 of our Prospectus.The foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking information contained in the management's discussion and analysis is presented to assist our shareholders in understanding our financial position and may not be appropriate for any other purposes. Except as required by securities law, we do not undertake to update any forward-looking statement that is contained in this management's discussion and analysis or made from time to time by the Bank or on its behalf.PACIFIC & WESTERN BANK OF CANADA Consolidated Balance Sheets (Unaudited)(thousands of Canadian dollars)July 31 October July 31 31As at 2013 2012 2012AssetsCash and cash $ 94,370 $ 129,466 $ 193,800 equivalentsSecurities 88,479 167,227 57,727 (note 4)Loans, net of allowance for 1,193,561 1,210,311 1,255,595 credit losses (note 5)Other assets 30,932 27,164 31,647$ 1,407,342 $ 1,534,168 $ 1,538,769Liabilities and Shareholder's EquityDeposits $ 1,201,593 $ 1,317,298 $ 1,323,494Subordinated notes 20,297 49,815 49,773 payable (note 6)Securitization liabilities (note 43,511 43,356 43,458 7)Other 16,927 30,595 28,055 liabilities1,282,328 1,441,064 1,444,780Shareholder's equity:Share capital 133,965 103,965 103,965 (note 8)Retained earnings (8,979) (10,933) (10,027) (deficit)Accumulated other comprehensive 28 72 51 income125,014 93,104 93,989$ 1,407,342 $ 1,534,168 $ 1,538,769?The accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN BANK OF CANADA Consolidated Statements of Income (Unaudited)(thousands of Canadian dollars, except per share amounts)for the three months for the nine months ended endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Interest income:Loans $ 13,366 $ 13,762 $ 40,125 $ 39,478Securities 662 640 2,136 3,030Loan fees 1,214 948 3,452 2,77415,242 15,350 45,713 45,282Interest expense:Deposits and 7,954 8,901 24,165 27,035 otherSubordinated 555 1,390 2,789 4,142 notes8,509 10,291 26,954 31,177Net interest 6,733 5,059 18,759 14,105 incomeOther income 315 3,573 1,995 10,917 (note 9)Debt and other restructuring (287) - (789) - chargesNet interest and 6,761 8,632 19,965 25,022 other incomeProvision for credit losses 154 249 399 433 (note 5b)Net interest and other income after 6,607 8,383 19,566 24,589 provision for credit lossesNon-interest expenses:Salaries and 2,595 2,758 7,786 7,857 benefitsGeneral and 2,217 2,825 7,370 7,881 administrativePremises and 569 583 1,666 1,786 equipment5,381 6,166 16,822 17,524Income before 1,226 2,217 2,744 7,065 income taxesIncome tax provision (note 348 434 790 2,334 10)Net income $ 878 $ 1,783 $ 1,954 $ 4,731Basic earnings $ 0.05 $ 0.13 $ 0.12 $ 0.34 per shareDiluted earnings $ 0.05 $ 0.13 $ 0.12 $ 0.34 per shareWeighted average number of common 17,387,000 14,055,000 15,825,000 14,055,000 shares outstanding (note 8)?The accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN BANK OF CANADA Consolidated Statements of Comprehensive Income (Loss) (Unaudited)(thousands of Canadian dollars)for the three for the nine months months ended endedJuly July 31 July 31 July 31 312013 2012 2013 2012Net $ 1,954 $ 4,731 income $ 878 $ 1,783Other comprehensive income (loss), net of taxNet unrealized gains (losses) on assets held as available-for-sale (1) (1) (887) (18) (238)Amount transferred to income or loss on disposal of available-for-sale assets (2) (1) (1,998) (26) (7,079)(2) (2,885) (44) (7,317)Comprehensive $ (1,102) $ (2,586) income (loss) $ 876 $ 1,910?(1)?????Net of income tax benefit (expense) for the three months of $nil (2012 - $328) and nine months of $7 (2012-$88) (2)?????Net of income tax benefit (expense) for the three months of $nil (2012 - $739) and nine months of $10 (2012-$2,618)The accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN BANK OF CANADA Consolidated Statements of Changes in Shareholder's Equity (Unaudited)(thousands of Canadian dollars)for the three months for the nine months ended endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Common shares (note 8):Balance, beginning of $ 133,965 $ 103,965 $ 103,965 $ 103,965 the periodIssued during the period, net - - 30,000 - of issue costsBalance, end $ 133,965 $ 103,965 $ 133,965 $ 103,965 of the periodRetained earnings (deficit):Balance, beginning of $ (9,857) $ (11,810) $ (10,933) $ (14,758) the periodNet 878 1,783 1,954 4,731 incomeBalance, end $ (8,979) $ (10,027) $ (8,979) $ (10,027) of the periodAccumulated other comprehensive income, net of taxes:Balance, beginning of $ 30 $ 2,936 $ 72 $ 7,368 the periodOther comprehensive (2) (2,885) (44) (7,317) income (loss)Balance, end $ 28 $ 51 $ 28 $ 51 of the periodTotal shareholder's $ 125,014 $ 93,989 $ 125,014 $ 93,989 equityThe accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN BANK OF CANADA Consolidated Statements of Cash Flows (Unaudited)?(thousands of Canadian dollars)July 31 July 31For the nine months ended 2013 2012Cash provided (used in):Operations:Net income $ 1,954 $ 4,731Items not involving cash:Provision for credit losses 399 433Change in derivative financial - (96) instrumentsDeferred income taxes 790 2,334Gain on disposal of securities - (10,141)Interest income (45,713) (45,282)Interest expense 26,954 31,177Gain on sale of lending assets (1,009) -Interest received 44,175 43,595Interest paid (31,228) (30,714)Mortgages and loans 17,557 (108,657)Deposits (115,705) 53,764Change in other assets and liabilities (12,099) 3,593(113,925) (55,263)Investing:Purchase of securities (27,985) (39,218)Proceeds from sale and maturity of 106,814 99,287 securities78,829 60,069Financing:Repayment of subordinated notes payable (30,000) -Proceeds from shares issued 30,000 -- -Increase (decrease) in cash and cash (35,096) 4,806 equivalentsCash and cash equivalents, beginning of the 129,466 188,994 periodCash and cash equivalents, end of the $ 94,370 $ 193,800 periodCash and cash equivalents is represented by:Cash $ 94,370 $ 95,211Cash equivalents - 98,589Cash and cash equivalents, end of the $ 94,370 $ 193,800 period?The accompanying notes are an integral part of these interim Consolidated Financial Statements.Pacific & Western Bank of Canada Notes to Interim Consolidated Financial Statements (Unaudited)Three and nine month periods ended July 31, 2013 and 2012------------------------------1. Reporting entity:Pacific & Western Bank of Canada (the "Bank") has operated as a Schedule I bank under the Bank Act (Canada).? The Bank is a wholly-owned subsidiary of Pacific & Western Credit Corp. (the "Corporation") whose securities are listed and trade on the Toronto Stock Exchange.The Bank is incorporated and domiciled in Canada, and maintains its registered office at Suite 2002, 140 Fullarton Street, London, Ontario, Canada, N6A 5P2.2. Basis of preparation:a) Statement of complianceThese interim Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and have been prepared in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting and do not include all of the information required for full annual financial statements. These interim Consolidated Financial Statements should be read in conjunction with the Bank's audited Consolidated Financial Statements for the year ended October 31, 2012.The interim Consolidated Financial Statements for the three and nine months ended July 31, 2013 and 2012 were approved by the Board of Directors on August 28, 2013.b) Basis of measurement:These interim Consolidated Financial Statements have been prepared on the historical cost basis except for securities designated as available-for-sale, loans in a hedging relationship and derivative liabilities that are measured at fair value in the Consolidated Balance Sheets.c) Functional and presentation currencyThese interim Consolidated Financial Statements are presented in Canadian dollars which is the Bank's functional currency. Except as indicated, the financial information presented has been rounded to the nearest thousand.d) Use of estimates and judgementsIn preparing these interim Consolidated Financial Statements, management has exercised judgment and developed estimates in applying accounting policies and generating reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Areas where significant judgment was applied or estimates were developed include the calculation of the allowance for credit losses, assessments of fair value and impairments of financial instruments and the measurement of deferred income taxes.It is reasonably possible, on the basis of existing knowledge, that actual results may vary from that expected in the generation of these estimates. This could result in material adjustments to the carrying amounts of assets and/or liabilities affected in the future.Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are applied prospectively once they are recognized.3. Significant accounting policies:The accounting policies applied by the Bank in these interim Consolidated Financial Statements are the same as those applied by the Bank as at and for the year ended October 31, 2012.? There have been no changes in accounting policies nor any significant new policies adopted during the current period.4. Securities:Portfolio analysis:July 31 October 31 July 312013 2012 2012Available-for-sale securitiesSecurities issued or guaranteed by:Canadian federal $ 28,360 $ 76,841 $ 30,003 governmentCanadian provincial 18,609 48,526 9,939 governmentsCanadian municipal 965 1,581 1,648 governmentsCorporate debt 25,329 25,012 853Total available-for-sale $ 73,263 $ 151,960 $ 42,443 securitiesHeld-to-maturity securityCorporate debt $ 15,216 $ 15,267 $ 15,284Total securities $ 88,479 $ 167,227 $ 57,727?5. Loans:a) Portfolio analysis:July 31 October 31 July 312013 2012 2012Residential mortgagesInsured $ 24,921 $ 35,966 $ 36,451Uninsured 247,403 230,129 235,329Securitized mortgages 41,245 41,894 42,100Government financing 143,419 172,326 185,968Corporate loans 616,553 630,738 644,970Corporate leases 90,433 71,131 87,958Other loans 3,869 5,080 5,097Credit card receivables 26,226 23,397 17,8201,194,069 1,210,661 1,255,693Allowance for credit losses:Collective (3,235) (3,283) (3,182)Individual (1,662) (1,579) (1,672)(4,897) (4,862) (4,854)1,189,172 1,205,799 1,250,839Accrued interest 4,389 4,512 4,756Total loans, net of allowance for credit $ 1,193,561 $ 1,210,311 $ 1,255,595 lossesThe collective allowance for credit losses relates to the following loan portfolios:July 31 October 31 July 312013 2012 2012Residential mortgages $ 564 $ 600 $ 530Corporate and government loans 1,919 2,307 2,372Other loans 8 24 30Credit card receivables 744 352 250$ 3,235 $ 3,283 $ 3,182?The Bank holds collateral against loans in the form of mortgage interests over property, other registered securities over assets and guarantees. Estimates of fair value are based on the nature of the underlying collateral. For mortgages secured by real estate, the value of collateral is determined at the time of borrowing by an appraisal. For loans secured by equipment, the value of collateral is assigned by the nature of the underlying equipment held.b) Allowance for credit losses:The allowance for credit losses results from the following:July 31 July 31 2013 2012For the three Total Total months ended Collective Individual Allowance AllowanceBalance, 3,302 1,622 4,924 4,612 beginning of the $ $ $ $ periodProvision for 114 40 154 249 credit lossesRecoveries (181) - (181) (7) (write-offs)Balance, end of $ 3,235 $ 1,662 $ 4,897 $ 4,854 the periodJuly 31 July 31 2013 2012For the nine Total Total months ended Collective Individual Allowance AllowanceBalance, 3,283 1,579 4,862 4,387 beginning of the $ $ $ $ periodProvision for 282 117 399 433 credit lossesRecoveries (330) (34) (364) 34 (write-offs)Balance, end of $ 3,235 $ 1,662 $ 4,897 $ 4,854 the period?c)? Impaired loans:July 31, 2013Gross Individual impaired allowance Net impairedResidential mortgages $ 1,749 $ 1,662 $ 87Other loans 6 - 6$ 1,755 $ 1,662 $ 93July 31, 2012Gross Individual impaired allowance Net impairedResidential mortgages $ 1,695 $ 1,672 $ 23Other loans 28 - 28$ 1,723 $ 1,672 $ 51?Impaired loans at July 31, 2013 include foreclosed real estate held for sale with a gross carrying value of $111,000 (2012 - $159,000) and a related allowance of $111,000 (2012 - $120,000). Real estate held for sale is measured at the lower of cost and fair value less costs to sell.Interest income recognized on impaired loans for the three and nine months ended July 31, 2013 was $40,000 (2012 - $38,000) and $117,000 (2012 - $111,000) respectively. An individual allowance has been recognized on the impaired loans to reflect the estimated recoverable amounts for impaired loans.At July 31, 2013, loans, other than credit card receivables, past due but not impaired totalled $nil (2012 - $nil). At July 31, 2013, credit card receivables overdue by one day or more but not impaired totalled $2,080,000 (2012 - $849,000).6. Subordinated notes payable:July 31 October 31 July 312013 2012 2012Ten year term, unsecured subordinated notes payable to Pacific & Western Credit Corp., maturing in 2022, net of note issue costs of $nil (October 31, 2012 - $383, July 31, 2012 - $394) effective interest of 11.29% $ - $ 27,617 $ 27,606Ten year term, unsecured, $11.5 million callable, subordinated notes payable by the Bank to a third party, maturing between 2019 and 2021, net of issue costs of $1,203 (October 31, 2012 - $1,302, July 31, 2012 - $1,333) effective interest of 10.92% 20,297 22,198 22,167$ 20,297 $ 49,815 $ 49,773?7. Securitization liabilities:Securitization liabilities include amounts payable to counterparties for cash received upon initiation of securitization transactions, accrued interest on amounts payable to counterparties, and the unamortized balance of deferred costs and discounts which arose upon initiation of the securitization transactions.The amounts payable to counterparties bear interest at rates ranging from 1.97% - 3.95% and mature between 2016 and 2020.? Securitized insured mortgages with a carrying value of $41,035,000 (2012 - $41,837,000) are pledged as collateral for these liabilities.8. Share capital:During the nine months ended July 31, 2013, 3,333,334 (2012 - nil) common shares were issued for cash proceeds of $30,000,006 (2012 - $nil) to the Bank's parent company.? The total number of common shares to be received by the parent company for this transaction is subject to adjustment once the offering price of the Initial Public Offering (IPO) of the Bank is determined.? See Note 15 Subsequent Event.? No common shares were issued during the three months ended July 31, 2013.At July 31, 2013, there were 17,387,368 (2012 - 14,054,034) common shares outstanding. The number of shares outstanding and earnings per share for the three and nine months ended July 31, 2012 have been adjusted to reflect the 8:1 share consolidation which took place on December 31, 2012.In August, subsequent to the end of the period, 804,597 additional common shares were issued as an adjustment to the shares issued to the parent company above based on the offering price of the IPO.9. Other income:for the three months for the nine months ended endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Gain on sale of securities $ - $ 2,998 $ - $ 10,141Gain on sale of loans - - 1,009 -Credit card non-interest revenue 306 259 823 375Other income 9 316 163 305Mark-to-market adjustment for derivatives - - - 96$ 315 $ 3,573 $ 1,995 $ 10,917?10. Income taxes:The Bank's statutory federal and provincial income tax rate is approximately 27% compared to 29% for the previous periods. The effective rate is impacted by certain items not being taxable or deductible for income tax purposes. The provision for income taxes consists of the following items:(thousands of for the three months Canadian dollars) ended for the nine months endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Income tax on $ earnings 348 $ - $ 790 $ -Tax on gain on sale of securities - 810 - 2,710Other - - - -Substantively enacted - rate changes (376) - (376)$ 348 $ 434 $ 790 $ 2,334?11. Commitments and contingencies:The amount of credit related commitments represents the maximum amount of additional credit that the Bank could be obligated to extend.? Under certain circumstances, the Bank may cancel loan commitments at its option.? The amount with respect to the letters of credit are not necessarily indicative of credit risk as many of these arrangements are contracted for a limited period of usually less than one year and will expire or terminate without being drawn upon.July 31 July 312013 2012Loan commitments $ 129,009 $ 216,184Undrawn credit card lines 139,481 92,845Letters of credit 20,529 26,434$ 289,019 $ 335,463In the ordinary course of business, cash and securities are pledged against liabilities and off-balance sheet items. Details of assets pledged are as follows:July 31 July 312013 2012Collateral related to derivative transactions $ 3,964 $ 16,213Collateral related to letters of credit 9,298 9,245$ 13,262 $ 25,458?12. Related party transactions:During the three and nine months ended July 31, 2013, the Bank incurred interest expense of $nil (2012 - $783,000) and $1,124,000 (2012 - $2,425,000) respectively on subordinated notes held by its parent company, Pacific & Western Credit Corp. of which $nil (2012 - $263,000) in accrued interest was outstanding at July 31, 2013.? During the three and nine months ended July 31, 2013, the Bank incurred management and other fees totalling $300,000 (2012 - $300,000) and $900,000 (2012 - $885,000) respectively to its parent company and a subsidiary of the parent.The Bank's Board of Directors and Senior Executive Officers represent key management personnel. Other than key management personnel, the Bank has no other related parties for which there were transactions or outstanding balances during the period.The Bank issues both mortgages and personal loans to employees and Senior Executive Officers. At July 31, 2013 amounts due from Senior Executive Officers totalled $725,000 (2012 - $961,000) and are unsecured.The interest rates charged on these loans are similar to those charged in an arms-length transaction. Interest income earned on the above loans for the three and nine months ended July 31, 2013 was $9,000 (2012 - $10,000) and $28,000 (2012 - $30,000) respectively. There was no provision for credit losses related to loans issued to key management personnel for the three and nine months ended July 31, 2013 and 2012.13. Capital management:a) Overview:The Bank's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.? The impact of the level of capital on shareholders' return is also important and the Bank recognizes the need to maintain a balance between the higher returns that might be possible with greater leverage and the advantages and security afforded by a sound capital position.The Bank operates as a bank under the Bank Act (Canada) and is regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI).? OSFI sets and monitors capital requirements for the Bank.Capital is managed in accordance with policies and plans that are regularly reviewed and approved by the Board of Directors and take into account forecasted capital needs and conditions in financial markets.The goal is to maintain adequate regulatory capital to be considered well capitalized, protect consumer deposits and provide capacity for internally generated growth and strategic opportunities that do not otherwise require accessing the public capital markets, all the while providing a satisfactory return to shareholders.? The Bank's regulatory capital is comprised of share capital, retained earnings and unrealized gains and losses on available-for-sale securities (Common Equity Tier 1 capital) and the face value of subordinated notes (Tier 2 capital).The Bank monitors its capital adequacy and related capital ratios on a daily basis and has policies setting internal maximum and minimum amounts for its capital ratios.? These capital ratios consist of the assets-to-capital multiple and the risk-based capital ratios.During the period ended July 31, 2013 there were no material changes in the Bank's management of capital.b) Risk-Based Capital Ratio:The Basel Committee on Banking Supervision has published the Basel III rules supporting more stringent global standards on capital adequacy and liquidity (Basel III).OSFI requires that all Canadian banks must comply with the Basel III standards on an "all-in" basis that became effective January 1, 2013 for purposes of determining its risk-based capital ratios. Required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 (CET1) capital ratio and effective January 1, 2014, an 8.5% Tier 1 capital ratio and 10.5% total capital ratio, all of which include a 2.50% capital conservation buffer. The Basel III rules provide for "transitional" adjustments whereby certain aspects of the new rules will be phased in between 2013 and 2019. The only available transition allowed by OSFI for capital ratios is related to the 10 year phase out of non-qualifying capital instruments. However, OSFI has allowed Canadian banks to calculate their asset to capital ratios on a transitional basis between 2013 and 2019.OSFI also requires banks to measure capital adequacy in accordance with guidelines for determining risk adjusted capital and risk-weighted assets including off-balance sheet credit instruments as specified in the Basel III regulations.? Based on the deemed credit risk for each type of asset, assets held by the Bank are assigned a weighting of 0% to 150% to determine the risk-based capital ratio.The Bank's risk-based capital ratios are calculated as follows:July 31, 2013"All-in" "Transitional"Common Equity Tier 1 (CET1) capitalDirectly issued qualifying common share capital $ 133,965 $ 133,965Retained earnings (deficit) (8,979) (8,979)Accumulated other comprehensive income 28 28CET1 before regulatory adjustments 125,014 125,014Regulatory adjustments applied to CET1 (8,523) -Total Common Equity Tier 1 capital $ 116,491 $ 125,014Additional Tier 1 capitalDirectly issued qualifying Additional Tier 1 instruments - -Total Tier 1 capital $ 116,491 $ 125,014Tier 2 capitalDirectly issued capital instruments subject to phase out from Tier 2 $ 21,500 $ 21,500Tier 2 capital before regulatory adjustments 21,500 21,500Regulatory adjustments applied to Tier 2 (3,545) -Total Tier 2 capital $ 17,955 $ 21,500Total 146,514 capital $ 134,446 $Total risk-weighted assets $ 1,107,029 $ 1,119,096Capital ratiosCET1 Ratio 10.52% 11.17%Tier 1 Capital 11.17% Ratio 10.52%Total Capital 13.09% Ratio 12.14%?c) Assets-to-Capital Multiple:The Bank's growth in total assets is governed by a permitted assets-to-capital multiple which is prescribed by OSFI and is defined as the ratio of the total assets of the Bank to its regulatory capital. The Bank's assets-to-capital multiple is calculated as follows:July 312013Total assets (on and off-balance sheet) $ 1,427,871CapitalCommon shares $ 133,965Retained earnings (deficit) (8,979)Accumulated other comprehensive income 28Subordinated notes (leverageable amount) 21,500Total regulatory capital $ 146,514Assets-to-capital ratio 9.75The Bank was in compliance with the assets-to-capital multiple prescribed by OSFI throughout the period presented.14. Interest rate position:The Bank is subject to interest rate risk which is the risk that a movement in interest rates could negatively impact spread, net interest income and the economic value of assets, liabilities and shareholder's equity. The following table provides the duration difference between the Bank's assets and liabilities and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's earnings during a 12 month period and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's shareholder's equity over a 60 month period if no remedial actions are taken.July 31, 2013 July 31, 2012Increase Decrease Increase 100 Decrease 100 100 100 bps bps bps bpsSensitivity of projected net interestincome during a 12 $ 5,049 $ (4,997) $ 5,975 $ (5,919) month periodSensitivity of projected net interestincome during a 60 $ 2,906 $ (2,890) $ 9,364 $ (9,983) month periodDuration difference between assets andliabilities 2.9 3.7 (months)15. Segmented information:The Bank determines its operating segments based on the different business activities of its component operations. The Bank has identified two distinct operating segments: commercial lending and credit card lending.The commercial lending segment consists of the operations of the Bank related to issuing loans and leases and participating in securitization arrangements. The commercial lending segment is supported by deposit taking, treasury and administrative activities. The credit card lending segment consists of the operations of the Bank related to its private label credit card program.Operating segment financial results are based on internal financial reporting documents which are provided to the Bank's chief decision makers. The financial results for all segments are presented on a consolidated basis. Transactions between segments have been eliminated.The following table details financial results for the Bank by operating segment:For the three months ended July 31, 2013Commercial Credit card lending lending TotalNet interest $ income $ 6,363 $ 370 6,733Other income (charges) (278) 306 28Net interest income and other income 6,085 676 6,761Provision for (recovery of) credit losses (215) 369 154Net interest and other income after provision for credit losses 6,300 307 6,607Non-interest expense 4,887 494 5,381Income (loss) before income taxes 1,413 (187) 1,226Income tax expense 348 - 348Net income $ (loss) $ 1,065 $ (187) 878For the three months ended July 31, 2012Commercial Credit card lending lending TotalNet interest $ income $ 4,990 $ 69 5,059Other income 3,314 259 3,573Net interest income and other income 8,304 328 8,632Provision for (recovery of) credit losses 112 137 249Net interest and other income after provision for credit losses 8,192 191 8,383Non-interest expense 5,177 989 6,166Income (loss) before income taxes 3,015 (798) 2,217Income tax expense 434 - 434Net income $ (loss) $ 2,581 $ (798) 1,783For the nine months ended July 31, 2013Commercial Credit card lending lending TotalNet interest income $ 17,901 $ 858 $ 18,759Other income 383 823 1,206Net interest income and other income 18,284 1,681 19,965Provision for (recovery of) credit losses (365) 764 399Net interest and other income after provision for credit losses 18,649 917 19,566Non-interest expense 14,647 2,175 16,822Income (loss) before income taxes 4,002 (1,258) 2,744Income tax expense 790 - 790Net income (loss) $ 3,212 $ (1,258) $ 1,954Total assets $ 1,381,116 $ 26,226 $ 1,407,342Total liabilities $ 1,282,328 $ - $ 1,282,328For the nine months ended July 31, 2012Credit card Commercial lending lending (1) TotalNet interest income $ 14,042 $ 63 $ 14,105Other income 10,542 375 10,917Net interest income and other income 24,584 438 25,022Provision for credit losses 176 257 433Net interest and other income (loss) after provision for credit losses 24,408 181 24,589Non-interest expense 15,124 2,400 17,524Income (loss) before income taxes 9,284 (2,219) 7,065Income tax expense 2,334 - 2,334Net income (loss) $ 6,950 $ (2,219) $ 4,731Total assets $ 1,520,949 $ 17,820 $ 1,538,769Total liabilities $ 1,444,780 $ - $ 1,444,780Note 1: The Credit card lending segment began operations on January 2, 2012?16. Subsequent event:On August 20, 2013, the Bank filed its final prospectus and on August 27, 2013 its common shares began trading on the Toronto Stock Exchange. Under the terms of the IPO, 400,000 common shares of the Bank were issued at a price of $7.25 per share before commissions and other expenses of the offering. In addition, under a secondary offering of the IPO, the parent company sold 1,100,000 of its common shares of the Bank at $7.25 per share before commissions. From the net proceeds the parent company purchased an additional 620,206 shares of the Bank for $4,496,494.? As a result of these transactions, the Corporation's ownership interest in the Bank decreased from 100% to approximately 92%.As part of the IPO, the syndicate of agents have been granted an Over-Allotment Option exercisable in whole or in part for a period of 30 days following the closing of the IPO, to purchase up to an additional 225,000 Common Shares from the Bank at a price of $7.25 per Common Share.Pacific & Western Bank of Canada (PWBank), a Schedule I chartered bank, is a branchless financial institution with over $1.4 billion in assets.? PWBank specializes in providing commercial lending services to selected niche markets and receives its deposits through a diversified deposit broker network across Canada.Pacific & Western Bank of Canada shares trade on the TSX under the symbol PWB.On behalf of the Board of Directors:? David R. Taylor, President & C.E.O.To receive company news releases, please contact: Wade MacBain at wadem@pwbank.com (519) 675-4201FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations: (800) 244-1509, wadem@pwbank.com Public Relations & Media: Tel Matrundola, Vice-President, (416) 203-0882, telm@pwbank.com Visit our website at:? .pwbank.com??Pacific & Western Bank of CanadaCONTACT: Visit our website at: .pwbank.com.mini storage

湖北日報訊 記者 李世傑 實習生 楊玲玲20日，自存倉《百年變遷——中國首家平民（袁裕校）家庭博物館館藏精品展》在省檔案館開幕，與通常博物館展覽的宏大敘述不同，它用一件件可親可感的展品迅速拉近了與參觀者的距離，讓不少人深藏的內心記憶在剎那間被激發出來。精心設計的展廳里，既有上世紀初的衣服、家具等生活用品，也有極具五六十年代特色的糧票布票、報刊。與公辦博物館相比，民辦博物館雖然在藏品數量、場館建設等方面存在差距，但是其藏品本身的趣味性和差異化特點，使其也有自己的觀�。　　民間辦館熱情高漲事實上，我省類似于袁裕校家庭博物館這樣的民辦博物館還有不少。據介紹，我省文物局從2006年開始對省內民辦博物館進行認定登記，截至今年6月底，獲得省文物局審批並在此備案的民辦博物館已有30家之多，其中武漢市就有20家。近年來，我省每年新增民辦博物館的數量呈遞增態勢。2011年，有7家民辦博物館在省文物局獲批登記。2012年，新獲批的民辦博物館為9家。今年，僅上半年就有武漢虞小風指畫博物館、武漢漢繡博物館、恩施巴蜀民族民俗文化博物館等7家民辦博物館加入這一行列。業內人士認為，我省人文底蘊深厚，民間收藏群體規模龐大，未來隨著群�文化需求的提高和日益多樣化，我省民辦博物館的數量和質量都會達到新的高度。目前我省獲批的30家民辦博物館，其藏品類型涵蓋民俗、建築、藝術、醫藥等多個領域，其中部分藏品具有較高的歷史和藝術價值。以今年5月正式開放的武漢道一堂中醫藥博物館為例，其館藏的金陵版《本草綱目》，系蘄春李時珍博物館捐贈，全國僅有兩套，極其珍貴。迷你倉新蒲崗　多數運行困難盡管我省的民辦博物館已經初具規模，並形成了自身的特色，但是其運行中面臨的問題，卻繁雜而棘手。記者瞭解到，去年我省博物館共接待遊客1600萬人次，其中歸屬於民辦博物館的，尚不足一成。在不少專家看來，館址偏僻、展品單一、布展水平低、展覽活動少是絕大部分民辦博物館的短板，而這些因素也在很大程度上阻礙了博物館的進一步發展。經費和專業人才，是制約民辦博物館發展的最大瓶頸。道一堂中醫藥博物館負責人姜維介紹，場地費用和藏品籌備費用是民辦博物館前期支出的主要方面，博物館正式運行後，藏品的維護及日常開銷往往更加驚人。以該博物館為例，其從選址、裝修到博物館正式運營，投入資金將近千萬元。“博物館建設依托的是武漢道一堂中醫院，所以資金籌措沒有太大問題，但是如果個人建館的話，著實是一筆巨大的負擔。”姜維說，這也是不少民辦博物館館址偏僻、活動策劃少的原因。相較經費的困難，專業人才的缺乏對民辦博物館影響更大。博物館的布展、藏品維護等都需要專業人才的參與，這也是博物館吸引遊客的核心競爭力，但是民辦博物館卻大都面臨著無處請人、無錢請人的窘境。位於荊州的南郡楹聯博物館負責人陳錕介紹，民辦博物館對專業人才缺乏足夠的吸引力，即使能夠開出高于一般公辦博物館的工資，但是大學畢業生往往出于對編制、晉升的追求，而直接將民辦博物館在自己的職位選擇中排除。姜維說，目前道一堂中醫藥博物館的工作人員除了一名保安外，還有一名由醫院客服人員客串的講解員。“碰到參觀人數較多，講解需求大的話，我們就會把藥劑師拉過來頂一下，單獨請一名講解員的成本還是太高了。”迷你倉出租

據新華社澳門電 （記者劉冬傑） 澳門特區金融管理局22日公佈的2012年國際收支平衡表顯示，儲存2012年澳門整體國際收支盈餘初步估算為301億元（澳門元，1美元約合8澳門元，下同）。國際收支平衡表由經常賬、資本賬及金融賬三部分構成。去年，澳門經常賬目盈餘為1520億元，資本賬項目顯示“無法提供”，而金融賬項目的盈餘為1369億元，當中非儲備性質的金融資產淨值增加了1068億元。受惠于本地需求和旅客消費暢旺，澳門以離岸價計算的貨物進口去年全年上升了14.0%，貨物出口同時實現24.1%的快速增長。雖然貨物出口增幅高于進口，但由於進口貨值遠高于新蒲崗迷你倉口，致使澳門貨物貿易赤字由2011年的624億元增加至去年的703億元。另一方面，在強勁的旅遊服務出口帶動下，澳門服務賬的盈餘由2011年的2352億元擴大至2753億元。由於龐大的服務貿易盈餘抵消了貨物貿易的赤字、初次及二次收益的淨流出，澳門經常賬盈餘躍升至1520億元，較2011年增加了234億元。此外，非儲備性質的金融資產淨值2012年錄得1068億元的淨流出，遠遠高于2011年132億元的淨流出。其中，直接投資由2011年的129億元淨流入轉變為2012年331億元淨流入；同時，證券投資的淨流出從2011年的151億元減少至39億元。mini storage

今年上半年，迷你倉我市工業經濟增長較快，完成規模以上工業增加值1375.4億元，增長14.1%，增幅列全國副省級城市第二。八大特色優勢產業完成規模以上工業增加值1169億元，增長14.4%……昨日召開的市十六屆人大常委會第四次會議，聽取了市政府關於我市2013年上半年國民經濟和社會發展計劃執行情況的報告。“今年上半年，全市經濟平穩較快發展，開放合作也積極推進，城市建設和管理水平再上新台階。下半年，我市將在推進經濟發展提質升位、城市建設轉型升級等方面著力，確保全市經濟社會平穩較快發展。”市發改委相關負責人說。經濟提質優先發展先進製造業下半年，我市將繼續加快產業發展，提升城市產業競爭力，先進製造業則是優先發展的對象。據相關負責人介紹，下半年將狠抓重點產業發展，進一步做大做強電子信息產業、汽車等重點產業，進一步做大做強高新區、經開區和二、三圈層工業經濟規模。深入實施大企業大集團培育工程和中小（微型）企業成長工程，提高企業競爭力；同時還將促進現代服務業提升發展。此外，我市將加快發展信息服務、現代物流、科技服務等生產性服務業，提升商貿業、旅遊業、美食餐飲等傳統優勢服務業，大力發展健康、醫療、養老、文化、體育、社區服務等生活性服務業；著力加快都市農業發展；支持農業產業化龍頭企業做大做強，培育聯戶經營、專業合作組織、股份合作社、家庭農場和專業大戶等經營主體；深入推行土地股份合作、“大園區+小業主”、業主租賃經營等多種規模經營模式。我市還將推進“千斤糧、萬元錢”糧菜高產高效基地、畜禽養殖標儲存倉化示範建設，提高農業綜合生產能力。城市建設轉型中心城區品質全面提升“我市還將在推動城市建設轉型升級，提高城市建設管理水平上下大力氣。”相關負責人表示，在加快基礎設施建設方面，將加快成綿樂客專、成渝客專、西成客專、成蒲鐵路、地鐵2號線東延線、4號線一期、3號線一期、1號線南延線和7號線等軌道交通建設，優先發展公共交通，繼續增加公交車和出租車數量，擴大社區巴士覆蓋面；加快停車場、公共停車泊位建設；同時推進建設光網城市、無線城市和智慧城市，加快成都雲計算中心基地和移動、聯通IDC等項目建設。中心城區品質也將全面提升。記者瞭解到，我市將加快“北改”工程步伐，推進十里店五路口改造、新鳳凰大道、金糧路開工建設，加快傳統市場調遷步伐，抓好曹家巷、昭覺寺改造和國際商貿城三期以及鳳凰山、天回山、虎頭山為重點的北部區域生態環境建設。繼續推動“兩軸四片”、城中村和棚戶區改造；深化中心城區特色文化街區打造，推動歷史文化片區和特色街區建設。在提高新型城鎮化水平方面，我市將優化市域城鎮體系，加快建設溫江、郫縣、新都、都江堰四大衛星城市；同時推進新農村綜合體建設，深化一般場鎮改造。在加快推進天府新區建設方面，我市將進一步完善天府新區管理體制機制，加快編制中和老城鎮舊城改造規劃。“三縱一橫”二期建成通車，加快供電、供氣等能源基礎設施、學校、醫院等生活配套設施建設以及生態環境建設。推動天府新區直管功能區和新川創新科技園、電子信息產業園、國際汽車城等核心起步區建設和先進製造業項目竣工投產。本報記者 王伶雅迷你倉價錢