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Laurentian Bank of Canada - Q3-2020 Earnings, Price Target Update

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Laurentian Bank of Canada (LB) provides banking services to individuals and small and medium-sized enterprises, and brokerage services. The Personal & Commercial segment, provides a range of savings, investment and financing products; B2B Bank, which supplies banking and financial products to financial advisors and non-bank financial institutions; and Laurentian Bank Securities and Capital Markets, which consists of the Laurentian Bank Securities Inc. subsidiary, a broker, and capital market activities. The loan portfolio is comprised of Commercial loans -35%, Residential Mortgages – 49% and Personal Loans – 16%. Operations in Quebec contribute 58% of revenues, Ontario – 30%, US-6% and the rest of Canada – 6%.

Acquisitions – CIT Group and Northland Commercial Finance

In Oct-2016, CIT Group Inc. a Canadian equipment financing company was acquired for $987M. This acquisition significantly accelerated their plan to increase the proportion of business loans. It also provided the infrastructure to further develop this segment and facilitated the acquisition of Northland Commercial Finance in 2017. Integration of CIT Canada's operations was completed in 2018. Total transaction and integration costs were $30.1M of which $2.4M was incurred in 2018, $11.6M in 2017 and $16.1M in 2016. Acquisition of Northpoint Commercial Finance was completed in Aug-2017. They are a U.S. based non-bank inventory finance lender with a portfolio of US$819M(C$1,039M), for US$257M (C$325M). As part of the transaction, 4.7M shares were issue for $241M. Transaction costs were $4.4M in 2017.

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