WSFS FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Consolidated Statements of Comprehensive Income (Loss)
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Net income | $263,495 | $269,025 | $222,648 |
| Less: Net (loss) income attributable to noncontrolling interest | (176) | (131) | 273 |
| Net income attributable to WSFS | $263,671 | $269,156 | $222,375 |
| Other comprehensive (loss) income: | |||
| Net change in unrealized gains (losses) on investment securities available-for-sale | |||
| Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(11,955), $20,085, and $(167,261), respectively | (37,857) | 63,601 | (529,660) |
| Net change in securities held-to-maturity | |||
| Net change in unrealized losses (gains) on securities reclassified to held-to-maturity, net of tax expense (benefit) of $4,774, $5,361, and $(34,319), respectively(1)(2) | 15,118 | 16,980 | (108,678) |
| 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 $269, $1, and $(5), respectively | 799 | (132) | 209 |
| Net change in cash flow hedge | |||
| Net unrealized (loss) gain arising during the period, net of tax (benefit) expense of $(2,809), $504, and $—, respectively | (8,894) | 1,596 | — |
| Amortization of unrealized gain on terminated cash flow hedges, net of tax benefitof $—, $34 and $51, respectively | — | (107) | (160) |
| (8,894) | 1,489 | (160) | |
| Net change in equity method investments | |||
| Net change in other comprehensive (loss) income of equity method investments, net of tax (benefit) expense of $(16), $(27), and $67, respectively | (52) | (85) | 213 |
| Total other comprehensive (loss) income | (30,886) | 81,853 | (638,076) |
| Total comprehensive income (loss) | $232,785 | $351,009 | $(415,701) |
(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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