WSFS FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Consolidated Statements of Comprehensive Income (Loss)
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2023 | 2022 | 2021 |
| Net income | $269,025 | $222,648 | $271,605 |
| Less: Net (loss) gain attributable to noncontrolling interest | (131) | 273 | 163 |
| Net income attributable to WSFS | $269,156 | $222,375 | $271,442 |
| Other comprehensive income (loss): | |||
| Net change in unrealized gains (losses) on investment securities available-for-sale | |||
| Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $20,085, $(167,261), and $(29,523), respectively | 63,601 | (529,660) | (93,503) |
| Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of $—, $—, and $80, respectively | — | — | (252) |
| 63,601 | (529,660) | (93,755) | |
| Net change in securities held-to-maturity | |||
| Net change in unrealized gains (losses) on securities reclassified to held-to-maturity, net of tax (benefit) expense of $(5,361), $34,319, and $32, respectively(1)(2) | 16,980 | (108,678) | (101) |
| Net change in unfunded pension liability | |||
| Change in unfunded pension liability related to unrealized (loss) gain and prior service cost, net of tax expense (benefit) of $1, $(5), and $50, respectively | (132) | 209 | 97 |
| Net change in cash flow hedge | |||
| Net unrealized gain arising during the period, net of tax expense of $504, $—, and $—, respectively | 1,596 | — | — |
| Amortization of unrealized gain on terminated cash flow hedges, net of tax benefitof $34, $51 and $119, respectively | (107) | (160) | (378) |
| 1,489 | (160) | (378) | |
| Net change in equity method investments | |||
| Net change in other comprehensive (loss) income of equity method investments, net of tax (benefit) expense of $(27), $67, and $114, respectively | (85) | 213 | 362 |
| Total other comprehensive income (loss) | 81,853 | (638,076) | (93,775) |
| Total comprehensive income (loss) | $351,009 | $(415,701) | $177,667 |
(1)Includes $119.8 million, net of tax benefit, of unrealized losses on transferred investment securities with a book value of $1.1 billion from available-for-sale to held-to-maturity that were transferred in June 2022.
(2)Includes amortization of unrealized gains and losses on securities reclassified to held-to-maturity.
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