Navy Federal Credit Union 2009 Annual Report Download - page 13

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Navy Federal Credit Union
2 3
2009 Financial Section
2009
Navy Federal Credit Union
Consolidated Statements of
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
December 31 2009 2008
Assets
Cash $ 354,974 $ 534,400
Short-term investments 500,010 1
Securities available-for-sale 3,852,246 2,631,256
Securities held-to-maturity 1,732,813 225,179
Mortgage loans awaiting sale 264,203 66,522
Loans to members, net of allowance for loan losses of $588,278
at December 31, 2009 and $512,479 at December 31, 2008 30,500,611 30,585,853
Investment in FHLB-Atlanta 379,641 376,435
Interest-bearing deposits 12,056 31,626
Other investments 3,427 3,374
Accounts receivable 591,284 718,779
Accrued interest receivable 129,322 117,445
Fixed assets 718,586 706,427
NCUSIF deposit 266,088 204,965
Mortgage servicing rights 168,699 131,194
Prepaid expenses 27,664 17,137
Other assets 95,543 47,893
Total assets 39,597,167 36,398,486
Years Ended December 31 2009 2008
Interest income
Interest on loans to members $ 2,166,796 $ 2,085,317
Interest on securities available-for-sale 96,107 68,676
Interest on securities held-to-maturity 18,545 25,191
Interest on other investments 799 48,387
Total interest income 2,282,247 2,227,571
Dividend and interest expense
Dividends to members 565,557 660,618
Interest on securities sold under repurchase agreements and notes payable 304,384 346,715
Total dividend and interest expense 869,941 1,007,333
Net interest income 1,412,306 1,220,238
Provision for loan losses (662,853) (654,822)
Net interest income after provision for loan losses 749,453 565,416
Non-interest income
Gain on mortgage loan sales, net 56,606 5,735
Gain on investment sales 6,809 20,797
Mortgage servicing 50,115 45,931
Credit card interchange 110,709 106,159
Check card interchange 140,772 123,192
Payment protection plan 57,376 53,330
ATM convenience 14,815 14,695
Overdrawn checking fee 127,427 115,447
Other 48,866 59,112
Total non-interest income 613,495 544,398
Non-interest expense
Salaries and employee benefits 506,532 469,185
Office operating 169,500 142,850
Loan servicing 147,837 141,682
Professional and outside services 67,735 66,056
Office occupancy 72,292 67,635
Education and marketing 18,757 24,290
Fair value adjustment of mortgage servicing assets 14,540 66,323
Unrealized loss on mortgage loans awaiting sale 3,531 866
Unrealized loss/(gain) from derivative and economic hedging activities 1,428 (5,309)
Other 54,915 54,603
Total non-interest expense 1,057,067 1,028,181
Non-operating loss
Realized loss on NCUSIF stabilization and membership capital
for corporate credit unions (60,398) —
Net income $ 245,483 $ 81,633
Liabilities and Members’ Equity
Members’ accounts
Share savings accounts 5,885,990 4,997,956
Money market savings accounts 5,179,419 4,260,542
Checking accounts 4,215,143 3,579,195
Share certificate accounts 9,573,394 8,820,188
Individual retirement accounts 3,591,812 3,067,634
Total members’ accounts 28,445,758 24,725,515
Liabilities
Securities sold under repurchase agreements 311,500 311,500
Notes payable 6,843,685 7,809,672
Drafts payable 140,106 133,543
Accrued expenses and accounts payable 192,234 175,616
Accrued interest payable 29,374 33,187
Other liabilities 66,371 68,423
Total members’ accounts and liabilities 36,029,028 33,257,456
Members’ Equity
Regular reserve 349,808 349,808
Capital reserve 3,338,270 3,092,787
Undivided earnings 50,000 50,000
Other comprehensive income (169,939) (351,565)
Total members’ equity 3,568,139 3,141,030
Total liabilities and members’ equity $ 39,597,167 $ 36,398,486
Navy Federal Credit Union
Consolidated Statements of
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
Fnancia Coniti
(dollars in thousands) (dollars in thousands)