Navy Federal Credit Union 2009 Annual Report Download - page 14

Ca Fos
Navy Federal Credit Union
4 5
2009 Financial Section
2009
(dollars in thousands) Regular
Reserve
Capital
Reserve
Undivided
Earnings
Other
Comprehensive
Income
Total Reserves
and Undivided
Earnings
Balance at December 31, 2007 $ 349,808 $ 3,011,154 $ 50,000 $ (104,739) $ 3,306,223
Net income ——81,633 — 81,633
Adjustments related to
pension accounting ——— (198,289) (198,289)
Net unrealized loss on
available-for-sale securities ——— (48,537) (48,537)
Discretionary transfer — 81,633 (81,633) — —
Balance at December 31, 2008 $ 349,808 $ 3,092,787 $ 50,000 $ (351,565) $ 3,141,030
Net income ——245,483 — 245,483
Adjustments related to
pension accounting ———62,560 62,560
Net unrealized gain on
available-for-sale securities ———119,066 119,066
Discretionary transfer — 245,483 (245,483) — —
Balance at December 31, 2009 $ 349,808 $ 3,338,270 $ 50,000 $ (169,939) $ 3,568,139
Navy Federal Credit Union
Consolidated Statements of
Navy Federal Credit Union
Consolidated Statements of
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
(dollars in thousands) 2009 2008
Cash flows from operating activities
Net income $ 245,483 $ 81,633
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 662,853 654,822
Depreciation of fixed assets 87,040 77,185
Loss on disposal of fixed assets 566 566
Loss on membership capital 20,470 —
Gain on sale of investments (6,809) (20,797)
Amortization of loan origination fees and costs 7,290 21,956
Mortgage loans originated for sale (2,132,866) (145,203)
Mortgage loan sales proceeds 1,933,159 162,827
Accretion of AFS investment securities (9,599) (1,443)
Amortization of HTM investment securities 370 (11,112)
(Increase)/decrease in mortgage servicing assets (37,505) 60,612
(Increase)/decrease in accrued interest receivable (11,877) 4,951
Decrease/(increase) in prepaid expenses 52,037 (119,728)
Decrease/(increase) in accounts receivable 123,450 (206,047)
(Increase) in other assets (47,650) (10,720)
(Decrease)/increase in dividends payable (44) 47
Increase/(decrease) in drafts payable 6,563 (22,944)
Increase/(decrease) in accrued expenses and accounts payable 16,619 (30,093)
(Decrease)/increase in accrued interest payable (3,813) 10,142
(Decrease)/increase in deferred income (2,942) 5,590
Increase in other liabilities 929 48,990
Net cash provided by operating activities 903,724 561,234
Cash flows from investing activities
Net (increase)/decrease in short-term and other investments (500,965) 2,868,213
Purchase of AFS investment securities (2,226,640) (2,143,121)
Purchase of HTM investment securities (1,584,904) —
Proceeds from maturity of AFS investment securities 1,141,126 156,205
Proceeds from maturity of HTM investment securities 76,899 596,724
Purchase of FHLB Stock, net of redemptions (3,206) (152,117)
Net increase in loans to members (578,828) (5,039,421)
Purchase of fixed assets (413,679) (448,557)
Sale of fixed assets 313,914 203,355
Increase in deposit to NCUSIF (61,123) (11,847)
Net cash used in investing activities (3,837,406) (3,970,566)
Cash flows from financing activities
Net increase in members’ accounts 3,720,243 747,875
Net decrease in securities sold under repurchase agreements —(443,870)
Net (decrease)/increase in notes payable (965,987) 3,193,782
Net cash provided by financing activities 2,754,256 3,497,787
Net (decrease)/increase in cash (179,426) 88,455
Cash at beginning of year 534,400 445,945
Cash at end of year $ 354,974 $ 534,400
Additional cash flow information:
Interest paid $ 873,754 $ 974,098
Transfers from loans to other real estate 35,875 40,414
Years Ended December 31
anges Reserves
&Univided Eanings