The report on Canadian Western Bank is updated and rated (higher) Buy at $29.30. CWB released earnings Friday morning and the stock rose 11.4% on the news. After quite a string of weak quarters it appears to have turned a corner. The net interest margin improved as its average interest rate on loans is rising as various shorter term loans renew at higher interest rates. Its provisions for loan losses are very low which it attributes to its cautious approach to lending and the fact that it has security on most of its loans. While it does have some exposure to residential mortgages it has never offered the variable interest rate mortgages that are now proving problematic for many banks. While there are always risks, this stock appears to be under-valued.