Table 6 – Comprehensive Income ($ thousands)
Change from 2022
2023
2022
Net Income
$
350,649
$
336,896
$
13,753
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 Gains (Losses) from change in fair value
65,694
(89,817)
155,511
Reclassification to net income, of (gains) losses in the year
(209)
8
(217)
65,485
(89,809)
155,294
Derivatives designated as cash flow hedges Losses from change in fair value
(55,058)
(38,852) (16,508) (55,360)
(16,206)
Reclassification to net income, of gains (losses) in the year
32,303
48,811 32,605
(22,755)
Items that will not be subsequently reclassified to net income Unrealized losses on equity securities designated at fair value through other comprehensive income
(986)
(167)
(819)
41,744
(145,336) 191,560
187,080 200,833
Comprehensive Income
$
392,393
$
$
CASH AND SECURITIES Cash, securities and securities purchased under resale agreements totaled $4.3 billion at October 31, 2023, compared to $4.6 billion last year. The cash and securities portfolio is primarily comprised of high-quality debt instruments that are used exclusively for liquidity management purposes, and have an average remaining duration of approximately one year. The balance and mix of cash and securities are managed as part of our overall liquidity management process. Refer to the Liquidity Management section of our MD&A for additional information. Table 7 – Unrealized Gains and Losses on Debt Securities, Equity Securities, and Cash Resources Measured at FVOCI (1) ($ thousands) As at October 31, 2023
Gross Unrealized Gains
Gross Unrealized Losses
Amortized Cost
Fair Value
Measured at FVOCI Interest bearing deposits with financial institutions (2)
$
149,292 $
2
$
9 $
149,285
Debt securities issued or guaranteed by Canada
3,333,770
1,718
67,012
3,268,476
A province or municipality
444,545 134,434 55,305
71
4,303 4,706
440,313 129,728 55,388
Other debt securities issued by United States Treasury
-
Other debt securities
85
2
Measured at fair value through profit or loss (FVTPL) Other debt securities
12,494
2,569 4,445
162
14,901
Total
$
4,129,840 $
$
76,194 $
4,058,091
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 16,497
3,910,821
A province or municipality
465,377 157,393
67
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
(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 $67 million (October 31, 2022 – $89 million) and securities purchased under resale agreements of $135 million (October 31, 2022 – nil). (2) Included in cash resources on the consolidated balance sheets.
CWB Financial Group 2023 Annual Report | 25
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