Navy Federal Credit Union 2014 Annual Report Download - page 70

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Navy Federal Credit Union52
The estimated fair values of financial instruments at December 31, 2014 and 2013 were:
2014 2014 2013 2013
(dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value
Financial assets:
Cash $ 425,961 $ 425,961 $ 501,906 $ 501,906
Short-term investments 353,052 353,052 415,003 415,003
Securities available-for-sale 12,986,192 12,986,192 11,903,235 11,903,235
Securities held-to-maturity 369,084 370,225 377,034 377,012
Mortgage loans awaiting sale 572,420 572,420 507,948 507,948
Loans to members, net of
allowance for loan losses 45,461,552 50,903,173 38,993,423 43,822,134
Interest-bearing deposits 1,727 1,727 740 740
Investments in FHLBs 462,877 462,877 332,631 332,631
Mortgage servicing rights 235,801 235,801 236,579 236,579
Other assets 16,090 16,090 37,778 37,778
Financial liabilities:
Members’ accounts 44,154,199 41,050,943 40,024,041 38,562,152
Securities sold under
repurchase agreements 1,469,502 1,472,615 1,404,299 1,403,804
Notes payable 9,942,200 10,327,671 6,923,835 7,243,212
Other liabilities 37,872 37,872 131 131
ASC 825-10 also requires the disclosure of all significant concentrations of credit risk arising from
financial liabilities, whether from an individual counterparty or groups of counterparties. Navy Federal
has assessed the counterparty credit risk on its financial liabilities and has determined that it is not
material to the financial statements.