Navy Federal Credit Union 2007 Annual Report Download - page 24

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2Navy Federal
Navy Federal Credit Union
Consolidated Statements of Financial Condition
(dollars in thousands)
December 31 2007 2006
ASSETS
Cash $ 445,945 $ 356,657
Short term investments 1,860,383 2,195,036
Securities available-for-sale 680,898 2,897
Securities held-to-maturity 821,598 1,916,900
Mortgage loans awaiting sale 67,836 90,597
Loans to members, net of allowance for loan losses of $256,277
at December 31, 2007 and $176,326 at December 31, 2006 26,163,199 20,403,815
Investment in FHLB-Atlanta 224,318 76,107
Interest-bearing deposits 1,039,190 606,367
Other investments 3,371 3,209
Accounts receivable 526,016 461,057
Accrued interest receivable 122,396 102,111
Fixed assets 538,975 339,160
NCUSIF deposit 193,118 173,057
Mortgage servicing assets 191,806 198,707
Prepaid expenses 95,698 167,428
Other assets 37,173 28,787
Total assets 33,011,920 27,121,892
LIABILITIES AND MEMBERS’ EQUITY
Members’ accounts
Share savings accounts 4,646,477 5,353,844
Money market savings accounts 4,457,111 3,061,374
Checking accounts 3,181,833 3,248,313
Share certificate accounts 8,875,496 6,567,735
Individual retirement accounts 2,816,724 2,474,822
Total members’ accounts 23,977,641 20,706,088
Liabilities
Securities sold under repurchase agreements 873,002 1,824,147
Notes payable 4,498,258 1,135,700
Drafts payable 156,487 169,777
Accrued expenses and accounts payable 204,295 138,199
Accrued interest payable 23,045 12,076
Other liabilities 12,410 693
Total members’ accounts and liabilities 29,745,138 23,986,680
Equity
Regular reserve 349,808 349,808
Capital reserve 2,971,713 2,735,507
Undivided earnings 50,000 50,000
Accumulated other comprehensive income (104,739) (103)
Total equity 3,266,782 3,135,212
Total liabilities and equity $ 33,011,920 $ 27,121,892
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.