Navy Federal Credit Union 2011 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2011 Navy Federal Credit Union annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 62

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62

2011 FINANCIAL SECTION 3
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands)
Years Ended December 31 2011 2010
Interest income
Interest on loans to members $ 2,184,196 $ 2,190,765
Interest on securities available-for-sale 259,986 184,653
Interest on securities held-to-maturity 20,618 33,488
Interest on other investments 4,543 2,835
Total interest income 2,469,343 2,411,741
Dividend and interest expense
Dividends to members 420,861 465,530
Interest on securities sold under repurchase agreements and notes payable 257,856 269,861
Total dividend and interest expense 678,717 735,391
Net interest income 1,790,626 1,676,350
Provision for loan losses (450,661) (570,833)
Net interest income aer provision for loan losses 1,339,965 1,105,517
Non-interest income
Gain on mortgage loan sales, net 58,920 52,129
Gain on investment sales 22,399 405
Mortgage servicing 57,466 55,375
Credit card interchange 143,529 125,262
Check card interchange 159,519 163,865
Payment protection plan 84,063 68,294
ATM convenience 34,286 23,821
Overdrawn checking fee 52,832 112,405
Other 158,161 132,711
Total non-interest income 771,175 734,267
Non-interest expense
Salaries and employee benets 630,772 560,744
Oce operating 202,558 171,658
Loan servicing 232,031 189,657
Professional and outside services 120,211 96,863
Oce occupancy 80,316 74,374
Education and marketing 43,193 37,966
Fair value adjustment of mortgage servicing rights 51,258 39,103
Unrealized loss on mortgage loans awaiting sale (31,939) (20,618)
Unrealized loss/(gain) from derivative and economic hedging activities 2,643 (12,556)
Other 53,974 59,466
Total non-interest expense 1,385,017 1,196,657
Non-operating loss
Realized loss on NCUSIF stabilization and membership capital for corporate credit unions (76,795) (74,260)
Net income $ 649,328 $ 568,867
e accompanying notes (beginning on page 6) are an integral part of these consolidated nancial statements.