Navy Federal Credit Union 2006 Annual Report Download
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2006 Annual Report
N A V Y F E D E R A L
G E N E R A T I O N S O F T R U S T
Table of contents
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Page 1
N A V Y F E D E R A L G E N E R A T I O N S O F T R U S T 2006 Annual Report -
Page 2
VISION STATEMENT N avy Federal will perform with such excellence that all present and potential members will choose Navy Federal as the preferred source for their primary, lifetime financial services. 2006 Financial Summary As of 31 December 2006 $27,121.9 $20,670.7 $14,138.4 $6,567.7 $3,135.2 ... -
Page 3
... from the Kids Club to IRAs, credit cards, loans for homes, education and cars, to investments and insurance. Success also allows expansion, including the addition of more branches, ATMs and staff, to meet our members' service expectations. When people join Navy Federal Credit Union, they expect to... -
Page 4
... new deposits and over 1,700 new members • Streamlined the mortgage application process and introduced longer terms and higher loan limits • Launched a new line of rewards credit cards with unmatched benefits • Enhanced Navy Federal Online® Account Access security and introduced new services... -
Page 5
... Credit Union, Gulfport, MS Navy Federal Online & Account Access • New Home Service Connection Center allows members to sign up for utility and other home connection needs • New Equity Quick Quote lets members get loan rate and monthly payment quotes instantly • RSS technology added • Added... -
Page 6
... Visa® Check Card Direct Deposit Custom Club Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan Rewards Credit Card Investments & Insurance Estate Planning Small Business Services T welve-year-old... -
Page 7
...® Check Card Direct Deposit Custom Club Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan Rewards Credit Card Investments & Insurance Estate Planning Small Business Services 8 Navy Federal Annual... -
Page 8
..., NAVY FEDERAL COVERS HER BACK. Product Checklist Young Adults Savings Kids Club Checking Visa® Check Card Direct Deposit Custom Club EasyStart® Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan... -
Page 9
...Check Card Direct Deposit Custom Club Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan nRewards Credit Card SM Investments & Insurance Estate Planning Small Business Services 12 Navy Federal Annual... -
Page 10
...Club Checking Visa® Check Card Direct Deposit Custom Club Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan goRewards Credit Card SM A Investments & Insurance Estate Planning Small Business Services... -
Page 11
...Check Card Direct Deposit Custom Club Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan Flagship Rewards Credit Card Investments & Insurance Estate Planning Small Business Services SM savings accounts... -
Page 12
...Product Checklist Retirees Savings Kids Club Checking Visa® Check Card Direct Deposit Custom Club Certificate IRAs Money Market Account Access Web Bill Pay Personal Financial Counseling Education Loan Auto Loan Auto Insurance Mortgage Equity Loan Flagship Rewards Credit Card Investments & Insurance... -
Page 13
... news • Information centers • Download publications and videos Account Access • 24-hour account access • Online statements with option to turn off paper statement • Free Web Bill Pay with three or more bill payments a month • Make transfers and payments • View paid checks • View... -
Page 14
..., Chairman Mary Jane Miller, First Vice Chairman Bruce B. Engelhardt, Second Vice Chairman Cutler Dawson, Treasurer Kenneth R. Burns, Secretary second row Stanley D. Bozin Sharon R. Chapman Vernon Hutton III Henry J. Sanford Alan S. Thompson Frank Thorp IV 22 Navy Federal Annual Report 2006 23 -
Page 15
... activities in compliance with the Federal Credit Union Act and Navy Federal's bylaws. The Committee helps to ensure that management protects and safeguards assets by Michael C. Wholley Chairman ow rates, new products and flexible loan options continue to attract record numbers of members to Navy... -
Page 16
... safe return. COMMITTEE ASSIGNMENTS 1 ...Credit 2 ...Data Processing 3 ...Education and Marketing 4 ...Executive 5 ...Financial Plan Review 6 ...Investment 7 ...Personnel Policies 8 ...Planning 9 ...Retirement Program 10 ...Supervisory 11 ...Volunteers' Education Navy Federal Annual Report 2006 27 -
Page 17
Navy Federal Annual Report 2006 28 -
Page 18
PO Box 3000, Merrifield, VA 22119-3000 www.navyfcu.org -
Page 19
... members' accounts as described in the third paragraph of this report, the consolidated ï¬nancial statements referred to above present fairly, in all material respects, the ï¬nancial position of Navy Federal Credit Union at December 31, 2006 and 2005, and the results of its operations and its cash... -
Page 20
Navy Federal Credit Union Consolidated Statements of Financial Condition (dollars in thousands) December 31 ASSETS Cash Short term investments Securities available-for-sale Securities held-to-maturity Mortgage loans awaiting sale Loans to members, net of allowance for loan losses of $176,326 at ... -
Page 21
...in Federal funds and other short-term investments Purchase of HTM investment securities Proceeds from maturity of HTM investment securities Net increase in loans to members Purchase of ï¬xed assets Sale of ï¬xed assets Increase in deposit to NCUSIF Net cash used in investing activities Cash ï¬,ows... -
Page 22
... military and civilian personnel who are or were employed by the Department of the Navy and their families. Navy Federal Financial Group (NFFG), a wholly-owned credit union service organization, provides investment, insurance, mortgage settlement and other ï¬nancial services to members of Navy... -
Page 23
... interest of the members in Navy Federal. î'e American Institute of Certiï¬ed Public Accountants opined that credit union savings accounts should be classiï¬ed as liabilities consistent with the prevailing practice in mutually owned savings and loan associations and banks. Navy Federal does not... -
Page 24
... Other Intangible Assets. Navy Federal uses the number of new accounts opened at acquired office locations and net income per member to estimate the fair value of the goodwill. î'e carrying value of the goodwill is included in "Other assets" in the Consolidated Statements of Financial Condition. 11... -
Page 25
... payment of the medical insurance premiums. î'e supplemental retirement income beneï¬t is an annual beneï¬t of $75 multiplied by the number of years of continuous service the retiree had with Navy Federal. î'ere are no assets set aside to pre-fund the liability associated with the Medical Plan... -
Page 26
... cash and balances due from banks, federal funds sold and securities purchased Derivative Instruments and Hedging Activities Navy Federal does not receive loan commitment fees. î'e fair value of loan commitments is based upon differences between the contracted rate and the current market rate... -
Page 27
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