Navy Federal Credit Union 2011 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2011 Navy Federal Credit Union annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 62

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62

NAVY FEDERAL CREDIT UNION16
As of December 31, 2011, the following table provides a summarized indication of the credit quality of member loans by current FICO scores
for credit card, consumer and real estate loans. A FICO score takes into account various factors including payment history, current level of
indebtness, types of credit used as well as length of credit history. e credit scores are updated every two months on the loans that are included
in the following table:
(dollars in thousands) 2011
FICO score Consumer Credit Card Real Estate Total
Less than 610 $ 1,737,825 $ 952,526 $ 1,169,218 $ 3,859,569
Greater than or equal to 610 6,605,038 4,830,672 15,190,538 26,626,248
Total $ 8,342,863 $ 5,783,198 $16,359,756 $30,485,817
Excludes Mortgage Loans Awaiting Sale (MLAS) of $692.7 million, Business Consumer Loans of $12.7 million, Overdra Lines of Credit (OLOC) of $265.3 million and Participation Loans
of $30.1 million.
Changes in the allowance for loan losses during the year ended December 31, 2011 were as follows:
Year Ended December 31, 2011
(dollars in thousands) Consumer Credit Cards Real Estate Other Total
Allowance for credit losses
Balance, beginning of year $ 228,353 $ 228,226 $ 159,319 $ 242 $ 616,140
Provision charged to operations 162,589 166,879 121,193 — 450,661
Loans charged o (221,934) (187,153) (110,747) 2 (519,832)
Recoveries 41,153 9,317 4,949 — 55,419
Balance, end of year 210,161 217,269 174,714 244 602,388
Ending balance: individually evaluated for impairment 7,141 32,873 41,343 — 81,357
Ending balance: collectively evaluated for impairment 195,704 184,396 126,733 244 507,077
Ending balance: loans acquired deteriorated credit quality 7,316 — 6,638 — 13,954
Loan amount (excluding allowance)
Ending balance: individually evaluated for impairment $ 84,053 $ 150,067 $ 439,356 $ — $ 673,476
Ending balance: collectively evaluated for impairment 8,522,590 5,633,131 16,581,637 — 30,737,358
Ending balance: loans acquired deteriorated credit quality 14,163 — 61,640 — 75,803