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T ABLE 24


LOANS AND ACCEPTANCES, NET OF COUNTERPARTY-SPECIFIC AND INDIVIDUALLY INSIGNIFICANT ALLOWANCES BY GEOGRAPHY1,2


(millions of Canadian dollars, except as noted)


October 31 2016


Gross loans


Canada


Atlantic provinces British Columbia3 Ontario3 Prairies3 Québec


Total Canada United States


Carolinas (North and South) Florida


New England4 New Jersey New York


Pennsylvania Other


Total United States


International Europe Other


Total international


Total excluding other loans Other loans Total


Incurred but not identified allowance Total, net of allowance


Percentage change over previous year – loans and acceptances, net of counterparty-specific and individually insignificant allowances for loan losses


Canada


United States International Other loans


Total 1


Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.


2 Primarily based on the geographic location of the customer’s address.


$ 10,909 54,195


236,667 67,585 31,324


400,680 9,803


13,893 38,831 33,961 31,370 13,171 59,349


200,378 500


1,029 1,529


602,587 2,648


$ 605,235


$ 14 26


159 87 31


317


15 23 87 51 47 27


157 407


– –





724 268


$ 992


$ 10,895 54,169


236,508 67,498 31,293


400,363 9,788


13,870 38,744 33,910 31,323 13,144 59,192


199,971 500


1,029 1,529


601,863 2,380


$ 604,243 2,881


$ 601,362


$ 10,706 51,979


224,532 66,083 29,935


383,235 8,293


12,015 36,781 31,749 26,363 14,008 45,809


175,018 196


1,787 1,983


560,236 3,311


$ 563,547 2,560


$ 560,987


$ 10,350 50,137


202,734 64,151 29,369


356,741


6,390 8,836


30,903 23,459 23,677 8,514


29,469 131,248 369


1,764 2,133


490,122 4,098


$ 494,220 2,231


$ 491,989


1.8% 9.0


39.1 11.2 5.2


66.3


1.6 2.3 6.4 5.6 5.2 2.2 9.8


33.1 –


0.2 0.2


99.6 0.4


100.0%


1.9% 9.2


39.9 11.7 5.3


68.0


1.5 2.1 6.5 5.6 4.7 2.5 8.1


31.0 –


0.4 0.4


99.4 0.6


100.0% 2.1%


10.2 41.0 13.0 5.9


72.2


1.3 1.8 6.2 4.7 4.8 1.7 6.0


26.5


0.1 0.4


0.5


99.2 0.8


100.0%


Counterparty- specific and individually insignificant allowances


October 31 2015


As at


October 31 2014


October 31 2016


October 31 2015


Percentage of total October 31


2014


Net loans


Net loans


Net loans


2016 4.5% 14.3


(22.9) (28.1)


7.2% 3


4


2015 7.4%


33.3 (7.0)


(19.2) 14.0%


2014 6.5%


19.1 (5.2)


(31.0) 9.0%


The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and Northwest Territories is included in the Prairies region.


The states included in New England are as follows: Connecticut, Maine, Massachusetts, New Hampshire, and Vermont.


REAL ESTATE SECURED LENDING


Retail real estate secured lending includes mortgages and lines of credit to North American consumers to satisfy financing needs including home purchases and refinancing. While the Bank retains first lien on the majority of properties held as security, there is a small portion of loans with second liens, but most of these are behind a TD mortgage that is in first position. In Canada, credit policies ensure that the combined exposure of all uninsured facilities on one property does not exceed 80% of the collateral value at origination. Lending at a higher loan-to-value ratio is permitted by legislation but requires default insurance. This insurance is contractual coverage for the life of eligible facilities and protects the Bank’s real estate secured lending portfolio against potential losses caused by borrower default. The Bank also purchases default insurance on lower loan-to-value ratio loans. The insurance is provided by either government-backed entities or approved private mortgage insurers. In the U.S., for residential


mortgage originations, mortgage insurance is usually obtained from either government-backed entities or approved private mortgage insurers when the loan-to-value exceeds 80% of the collateral value at origination.


The Bank regularly performs stress tests on its real estate lending portfolio as part of its overall stress testing program. This is done with a view to determine the extent to which the portfolio would be vulnerable to a severe downturn in economic conditions. The effect of severe changes in house prices, interest rates, and unemployment levels are among the factors considered when assessing the impact on credit losses and the Bank’s overall profitability. A variety of portfolio segments, including dwelling type and geographical regions, are examined during the exercise to determine whether specific vulnerabilities exist. Based on the Bank’s most recent reviews, potential losses on all real estate secured lending exposures are considered manageable.


TD BANK GROUP ANNUAL REPORT 2016 MANAGEMENT’S DISCUSSION AND ANALYSIS


45


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