Navy Federal Credit Union 2007 Annual Report Download - page 25

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Navy Federal Credit Union
Consolidated Statements of Operations
(dollars in thousands)
2007 Financial Section 3
Years Ended December 31 2007 2006
Interest income
Interest on loans to members $ 1,661,456 $ 1,290,002
Interest on securities available-for-sale 6,931 169
Interest on securities held-to-maturity 213,921 219,822
Total interest income 1,882,308 1,509,993
Dividend and interest expense
Dividends to members 782,894 552,228
Interest on securities sold under repurchase agreements and notes payable 193,621 131,095
Total dividend and interest expense 976,515 683,323
Net interest income 905,793 826,670
Provision for loan losses (283,902) (120,567)
Net interest income after provision for loan losses 621,891 706,103
Non-interest income
Gain on mortgage loan sales, net 11,561 12,992
Mortgage servicing 51,293 50,292
Credit card interchange 98,196 82,323
Check card interchange 109,882 98,695
ATM convenience 16,457 17,522
Overdrawn check fee 95,428 87,758
Mortgage loan origination 25,861 7,312
Other 82,299 54,603
Total non-interest income 490,977 411,497
Non-interest expense
Salaries and employee benefits 436,172 337,220
Office operating 120,992 118,417
Loan servicing 128,316 120,213
Professional and outside services 53,377 34,832
Office occupancy 47,546 36,572
Loan protection life insurance 1,931 3,741
Life savings insurance 851 1,465
Education and marketing 19,809 11,639
Fair value adjustment of mortgage servicing assets 28,252 21,147
Unrealized (gain) on mortgage loans awaiting sale (537) (891)
Unrealized (gain)/loss from derivative and economic hedging activities 79 (2,537)
Other 39,874 34,194
Total non-interest expense 876,662 716,012
Net income $ 236,206 $ 401,588
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.