Updated report for Canadian Western Bank

The report for Canadian Western Bank is updated and it remains rated Strong Buy. Their Q1 earnings were about flat compared to the prior year which is good performance given the recession in Alberta. While impaired loans have increased 40% in the past year they still remain low. And management does not expect most impaired loans to ultimately be written off. The provision for credit losses was increased only modestly. The opportunity to purchase this well-managed bank at about book value seems attractive.