Navy Federal Credit Union 2007 Annual Report Download - page 26

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4Navy Federal
Navy Federal Credit Union
Consolidated Statements of Changes in Reserves and Undivided Earnings
(dollars in thousands)
Regular
Reserve Capital
Reserve Undivided
Earnings
Accumulated Other
Comprehensive
Income Total Reserves and
Undivided Earnings
Balance at December 31, 2005 $ 349,406 $ 2,323,133 $ 20,000 $ (109) $ 2,692,430
Net income – – 401,588 – 401,588
Adjustments to initially apply SFAS 156 – – 39,669 –39,669
Net unrealized loss on
available-for-sale securities – – – 6 6
Merger 402 1,117 – – 1,519
Discretionary transfer – 411,257 (411,257) – –
Balance at December 31, 2006 $ 349,808 $ 2,735,507 $ 50,000 $ (103) $ 3,135,212
Net income – – 236,206 –236,206
Adjustments to initially apply SFAS 158 –––(101,662) (101,662)
Net unrealized loss on
available-for-sale securities –––(2,974) (2,974)
Discretionary transfer – 236,206 (236,206) – –
Balance at December 31, 2007 $ 349,808 $ 2,971,713 $ 50,000 $ (104,739) $ 3,266,782
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.