Form 6-K BANK OF MONTREAL /CAN/ For: May 25

 

 

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of: May, 2016		Commission File Number: 001-13354

BANK OF MONTREAL

(Name of Registrant)

 

100 King Street West
1 First Canadian Place		129 rue Saint-Jacques
Toronto, Ontario		Montreal, Quebec
Canada, M5X 1A1		Canada, H2Y 1L6
(Executive Offices)		(Head Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ¨            Form 40-F  þ

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes  ¨  No  þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

INCORPORATION BY REFERENCE

The information contained in this Form 6-K and any exhibits hereto shall be deemed filed with the Securities and Exchange Commission (“SEC”) solely for purposes of incorporation by reference into and as part of the following registration statements of the registrant on file with and declared effective by the SEC:

 

1.

Registration Statement – Form F-3 – File No. 333-196387

 

2.

Registration Statement – Form F-3 – File No. 33-96354

 

3.

Registration Statement – Form F-3 – File No. 333-189814

 

4.

Registration Statement – Form S-8 – File No. 333-191591

 

5.

Registration Statement – Form S-8 – File No. 333-182644

 

6.

Registration Statement – Form S-8 – File No. 333-180968

 

7.

Registration Statement – Form S-8 – File No. 333-177579

 

8.

Registration Statement – Form S-8 – File No. 333-177568

 

9.

Registration Statement – Form S-8 – File No. 333-176479

 

10.

Registration Statement – Form S-8 – File No. 333-175413

 

11.

Registration Statement – Form S-8 – File No. 333-175412

 

12.

Registration Statement – Form S-8 – File No. 333-113096

 

13.

Registration Statement – Form S-8 – File No. 333-14260

 

14.

Registration Statement – Form S-8 – File No. 33-92112

 

15.

Registration Statement – Form S-8 – File No. 333-207739

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				BANK OF MONTREAL
				By:		/s/ Thomas E. Flynn
				Name:		Thomas E. Flynn
				Title:		Chief Financial Officer
Date: May 25, 2016				By:		/s/ Barbara M. Muir
				Name:		Barbara M. Muir
				Title:		Corporate Secretary

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EXHIBIT INDEX

 

Exhibit		Description of Exhibit
99.1		Consolidated Ratios of Earning to Fixed Charges and Preferred Dividends
99.2		Computation of Consolidated Ratios of Earnings to Fixed Charges
99.3		Consolidated Capitalization of Bank of Montreal

EXHIBIT 99.1

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The tables below set forth Bank of Montreal’s consolidated ratios of earnings to fixed charges, based on financial information calculated in accordance with International Financial Reporting Standards (IFRS), for the six months ended April 30, 2016, and years ended October 31, 2015 and 2014:

 

		Year Ended October 31										Six Months Ended
		2014				2015						April 30, 2016
Excluding Interest on Deposits			3.68				3.73						3.85
Including Interest on Deposits			2.07				2.13						2.10

The tables below set forth Bank of Montreal’s consolidated ratios of earnings to fixed charges and preferred dividends, based on financial information calculated in accordance with IFRS, for the six months ended April 30, 2016, and years ended October 31, 2015 and 2014:

 

		Year Ended October 31										Six Months Ended
		2014				2015						April 30, 2016
Excluding Interest on Deposits			3.42				3.47						3.49
Including Interest on Deposits			2.01				2.07						2.02

Bank of Montreal		EXHIBIT 99.2

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

				IFRS
(in millions of Canadian dollars, except for ratios)				Six Months Ended						Year Ended October 31
				April 30, 2016						2015						2014						2013 (5)						2012 (5)						2011 (5)
EXCLUDING INTEREST ON DEPOSITS
Fixed Charges
Interest expensed and capitalized (excluding deposits) (1)					$815						$1,743						$1,743						$1,881						$2,183						$2,376
Estimated interest within rental expense					68						129						116						130						139						124
Preferred dividend requirement (2)					3						26						54						54						54						54
Total Fixed Charges					$886						$1,898						$1,913						$2,065						$2,376						$2,554
Preferred Dividends Requirement (Parent Entity) (3)					$91						$142						$145						$152						$166						$185
Total Fixed Charges and Preferred Dividends					$977						$2,040						$2,058						$2,217						$2,542						$2,739
Earnings
Income from continuing operations before income taxes (4)					$2,437						$5,341						$5,236						$5,250						$5,030						$3,922
Adjusted for: Earnings and distributions related to equity investees					87						(129	)					(55	)					(155	)					(148	)					(102	)
Fixed Charges (excluding preferred dividend requirement)					883						1,872						1,859						2,011						2,322						2,500
Earnings					$3,407						$7,084						$7,040						$7,106						$7,204						$6,320
Ratio of Earnings to Fixed Charges, excluding interest on deposits					3.85						3.73						3.68						3.44						3.03						2.47
Ratio of Earnings to Fixed Charges and Preferred Dividends, excluding interest on deposits					3.49						3.47						3.42						3.21						2.83						2.31
INCLUDING INTEREST ON DEPOSITS
Fixed Charges
Interest expensed and capitalized (including deposits) (1)					$2,215						$4,424						$4,608						$4,608						$4,854						$5,069
Estimated interest within rental expense					68						129						116						130						139						124
Preferred dividend requirement (2)					3						26						54						54						54						54
Total Fixed Charges					$2,286						$4,579						$4,778						$4,792						$5,047						$5,247
Preferred Dividends Requirement (Parent Entity) (3)					$91						$142						$145						$152						$166						$185
Total Fixed Charges and Preferred Dividends					$2,377						$4,721						$4,923						$4,944						$5,213						$5,432
Earnings
Income from continuing operations before income taxes (4)					$2,437						$5,341						$5,236						$5,250						$5,030						$3,922
Adjusted for: Earnings and distributions related to equity investees					87						(129	)					(55	)					(155	)					(148	)					(102	)
Fixed Charges (excluding preferred dividend requirement)					2,283						4,553						4,724						4,738						4,993						5,193
Earnings					$4,807						$9,765						$9,905						$9,833						$9,875						$9,013
Ratio of Earnings to Fixed Charges, including interest on deposits					2.10						2.13						2.07						2.05						1.96						1.72
Ratio of Earnings to Fixed Charges and Preferred Dividends, including interest on deposits					2.02						2.07						2.01						1.99						1.89						1.66

 

(1)		Includes amortization of debt issuance costs.
(2)		Represents pre-tax earnings required to pay preferred dividends declared by consolidated subsidiaries.
(3)		Represents pre-tax earnings required to pay preferred dividends declared by the parent entity.
(4)		Adjusted for capitalized interest.
(5)		Comparative figures have been restated to reflect the impact of the adoption of accounting standards as described on pages 130 to 131 of our 2014 Annual Report.

Exhibit 99.3

CONSOLIDATED CAPITALIZATION OF BANK OF MONTREAL

The following table sets forth the consolidated capitalization of the Bank at April 30, 2016.

 

		As at April 30, 2016
		(in millions of Canadian    dollars)
Subordinated Debt			4,643
Total Equity
Preferred Shares(1)			3,240
Common Shares			12,370
Contributed Surplus			298
Retained Earnings			19,806
Accumulated Other Comprehensive Income			3,287
Total Shareholders’ Equity			39,001
Non-controlling Interest in Subsidiaries			31
Total Equity			39,032
Total Capitalization			43,675

Notes:

 

(1)

Preferred Shares classified under Shareholders’ Equity consist of Class B Preferred Shares Series 14, 15, 16, 17, 25, 27, 29, 31, 33, 35 and 36. For more information on the classification of Preferred Shares, please refer to Note 9 of the unaudited interim consolidated financial statements of Bank of Montreal for the quarter ended April 30, 2016.

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