Navy Federal Credit Union 2008 Annual Report Download - page 6

NAVY FEDERAL CREDIT UNION
2 3
2008 FINANCIAL SECTION
Navy Federal Credit Union
Consolidated Statements of Financial Condition
(dollars in thousands)
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
December 31 2008 2007 (as restated)
ASSETS
Cash $ 534,400 $ 445,945
Short term investments 11,860,383
Securities available-for-sale 2,631,256 680,898
Securities held-to-maturity 225,179 821,598
Mortgage loans awaiting sale 66,522 67,836
Loans to members, net of allowance for loan losses of $512,479
at December 31, 2008 and $256,277 at December 31, 2007 30,585,853 27,856,129
Investment in FHLB-Atlanta 376,435 224,318
Interest-bearing deposits 31,626 1,039,190
Other investments 3,374 3,371
Accounts receivable 718,779 526,016
Accrued interest receivable 117,445 122,396
Fixed assets 706,427 538,975
NCUSIF deposit 204,965 193,118
Mortgage servicing rights 131,194 169,306
Prepaid expenses 17,137 95,698
Other assets 47,893 37,173
Total assets 36,398,486 34,682,350
Years Ended December 31 2008 2007 (as restated)
Interest income
Interest on loans to members $ 2,085,317 $ 1,728,683
Interest on securities available-for-sale 68,582 6,931
Interest on securities held-to-maturity 73,672 213,921
Total interest income 2,227,571 1,949,535
Dividend and interest expense
Dividends to members 660,618 782,894
Interest on securities sold under repurchase agreements and notes payable 346,715 284,756
Total dividend and interest expense 1,007,333 1,067,650
Net interest income 1,220,238 881,885
Provision for loan losses (654,822) (283,902)
Net interest income after provision for loan losses 565,416 597,983
Non-interest income
(Loss)/gain on mortgage loan sales, net 5,735 11,331
Gain on investment sales 20,797 1,007
Mortgage servicing 45,931 47,470
Credit card interchange 106,159 98,196
Check card interchange 123,192 109,882
Payment protection plan 53,330 42,926
ATM convenience 14,695 16,457
Overdrawn checking fee 115,447 95,428
Other 59,112 35,629
Total non-interest income 544,398 458,326
Non-interest expense
Salaries and employee benefits 477,797 436,172
Office operating 142,850 120,992
Loan servicing 143,775 128,316
Professional and outside services 66,056 53,377
Office occupancy 67,635 48,958
Loan protection life insurance 904 1,931
Life savings insurance 1,021 851
Education and marketing 24,290 19,809
Fair value adjustment of mortgage servicing rights 66,323 25,735
Unrealized loss/(gain) on mortgage loans awaiting sale 866 (537)
Unrealized (gain)/loss from derivative and economic hedging activities (5,309) 79
Other 41,973 (9,430)
Total non-interest expense 1,028,181 826,253
Net income $ 81,633 $ 230,056
LIABILITIES AND MEMBERS’ EQUITY
Members’ accounts
Share savings accounts 4,997,956 4,646,477
Money market savings accounts 4,260,542 4,457,111
Checking accounts 3,579,195 3,181,833
Share certificate accounts 8,820,188 8,875,496
Individual retirement accounts 3,067,634 2,816,724
Total members’ accounts 24,725,515 23,977,641
Liabilities
Securities sold under repurchase agreements 311,500 873,002
Notes payable 7,809,672 6,127,835
Drafts payable 133,543 156,487
Accrued expenses and accounts payable 175,616 162,021
Accrued interest payable 33,187 23,045
Other liabilities 68,423 56,096
Total members’ accounts and liabilities 33,257,456 31,376,127
Members’ Equity
Regular reserve 349,808 349,808
Capital reserve 3,092,787 3,011,154
Undivided earnings 50,000 50,000
Accumulated other comprehensive income (351,565) (104,739)
Total members’ equity 3,141,030 3,306,223
Total liabilities and members’ equity $ 36,398,486 $ 34,682,350
Navy Federal Credit Union
Consolidated Statements of Income
(dollars in thousands)
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.