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Navy Federal Credit Union • 2013 Financial Section
15
2013 ANNUAL REPORT
Navy Federal held 170 and 32 AFS securities in an unrealized loss position at December 31, 2013 and 2012,
respectively. Navy Federal held three HTM securities in an unrealized loss position at December 31, 2013,
but did not hold any HTM securities in an unrealized loss position as of December 31, 2012. The following
tables present these investments at fair value and their associated gross unrealized losses broken down
by the amount of time the investments have been in a loss position:
(dollars in thousands)   Total
December 31, 2013 Fair


Unrealized
(Losses)
Fair


Unrealized
(Losses)
Fair


Unrealized
(Losses)
Available-for-sale
securities $ 6,094,508 $ (272,795) $ 359,331 $ (24,988) $ 6,453,839 $ (297,783)
Held-to-maturity
securities 148,595 (4,508) — — 148,595 (4,508)
 $ $ $ $ $ $
(dollars in thousands)   Total
December 31, 2012 Fair


Unrealized
(Losses)
Fair


Unrealized
(Losses)
Fair


Unrealized
(Losses)
Available-for-sale
securities $ 790,095 $ (3,873) $ 30,853 $ (208) $ 820,948 $ (4,081)
Held-to-maturity
securities — — — — — —
 $ $ $ $ $ $
During the years ended December 31, 2013 and 2012, there were no declines in the fair value of securities
held by Navy Federal that were considered other-than-temporary.
As of December 31, 2013 and 2012, Navy Federal had $1.4 billion and $0.05 billion, respectively, in
investments pledged as collateral for borrowed funds under repurchase agreements.
NOTE 4:
Navy Federal originates mortgage loans for sale as well as mortgage loans it holds in portfolio.
Navy Federal originated $11.1 billion and $10.3 billion, and sold $6.4 billion and $5.5 billion, of first
mortgage loans during the years ended December 31, 2013 and 2012, respectively.
Gains and losses on the sale of MLAS are classified on the Consolidated Statements of Income as Net
gains on mortgage loan sales. Navy Federal had $5.8 million and $63.2 million of unrealized gains on
MLAS as of December 31, 2013 and 2012, respectively. Navy Federal was servicing $37.0 billion and
$32.3 billion of originated mortgage loans as of December 31, 2013 and 2012, respectively.