Table 8 - Comprehensive Income ($ thousands)
Change from 2021
2022
2021
Net Income
$
336,896
$
357,253
$
(20,357)
Other Comprehensive Income (Loss), net of tax Items that will be subsequently reclassified to net income Debt securities measured at fair value through other comprehensive income Unrealized losses from change in fair value
(89,817)
(34,949)
(54,868)
Reclassification to net income, of (gains) losses in the year
8
(3,316)
3,324
(89,809)
(38,265)
(51,544)
Derivatives designated as cash flow hedges Losses from change in fair value
(38,852) (16,508)
(6,197)
(32,655)
Reclassification to net income, of gains (losses) in the year
(56,121)
39,613
(55,360)
(62,318)
6,958
Items that will not be subsequently reclassified to net income Unrealized gains (losses) on equity securities designated at fair value through other comprehensive income
(167)
1,053
(1,220)
(145,336)
(99,530)
(45,806)
Comprehensive Income
$
191,560
$
257,723
$
(66,163)
CASH AND SECURITIES Cash, securities and securities purchased under resale agreements totaled $4.6 billion at October 31, 2022, compared to $3.7 billion last year. The cash and securities portfolio is primarily comprised of high-quality debt instruments that are used exclusively for liquidity management purposes, are not held for trading purposes and are typically held to maturity. The balance and mix of cash and securities are managed as part of our overall liquidity management process. Refer to the Liquidity Management section of our MD&A for additional information. Table 9 - Unrealized Gains and Losses on Debt Securities and Cash Resources Measured at FVOCI and Equity (1) ($ thousands) As at October 31, 2022
Gross Unrealized Gains
Gross Unrealized Losses
Amortized Cost
Fair Value
Measured at FVOCI Interest bearing deposits with financial institutions (2)
$
26,833 $
-
$
- $
26,833
Debt securities issued or guaranteed by Canada
4,047,037
414
136,630
3,910,821
A province or municipality
465,377 157,393
67
16,497
448,947 148,722
Other debt securities issued by United States Treasury
-
8,671
Designated at FVOCI Other equity securities
8,972
1,617 2,098
284
10,305
Total
$
4,705,612 $
$
162,082 $
4,545,628
As at October 31, 2021
Gross Unrealized Gains
Gross Unrealized Losses
Amortized Cost
Fair Value
Measured at FVOCI Interest bearing deposits with financial institutions (2)
$
21,344 $
-
$
- $
21,344
Debt securities issued or guaranteed by Canada
3,001,582
420 209 362
39,712
2,962,290
A province or municipality
409,583 199,255
3,084
406,708 198,799
Other debt securities issued by United States Treasury
818
Designated at FVOCI Other equity securities
4,651
1,430
-
6,081
Total
$
3,636,415 $
2,421
$
43,614 $
3,595,222
(1) Excludes financial instruments measured at amortized cost, including cash, non-interest bearing deposits with financial institutions and cheques and other items in transit of $89 million (October 31, 2021 – $107 million) and securities purchased under resale agreements of nil (October 31, 2021 – $30 million). (2) Included in cash resources on the consolidated balance sheets.
CWB Financial Group 2022 Annual Report | 27
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