Navy Federal Credit Union 2012 Annual Report Download - page 11

Navy Federal Credit Union2Leading with Vision. Achieving Results. 3
2012 Financial Section
Consolidated Statements of Income
Years Ended December 31
(dollars in thousands) 2012 2011
Interest income
Interest on loans to members $ 2,242,663 $ 2,184,196
Interest on securities available-for-sale 280,668 259,986
Interest on securities held-to-maturity 16,352 20,618
Interest on other investments 7,513 4,543
Total interest income 2,547,196 2,469,343
Dividend and interest expense
Dividends to members 398,018 420,861
Interest on securities sold under repurchase
agreements and notes payable 259,972 257,856
Total dividend and interest expense 657,990 678,717
Net interest income 1,889,206 1,790,626
Provision for loan losses (455,189) (450,661)
Net interest income after provision for loan losses 1,434,017 1,339,965
Non-interest income
Gain on mortgage loan sales, net 290,683 88,216
Gain on investment sales 40,706 22,399
Mortgage servicing 61,882 57,466
Credit card interchange 169,440 143,529
Check card interchange 98,379 159,519
Payment protection plan 100,199 84,063
ATM convenience 35,159 34,286
Overdrawn checking fee 60,169 52,832
Other 247,515 189,865
Total non-interest income 1,104,132 832,175
Non-interest expense
Salaries and employee benefits 716,117 630,772
Oce operating 174,233 129,798
Loan servicing 278,949 232,031
Professional and outside services 180,698 120,211
Oce occupancy 55,689 52,050
Education and marketing 76,957 43,193
Fair value adjustment of mortgage servicing rights 51,053 51,258
Depreciation 122,224 101,026
Other 89,970 85,678
Total non-interest expense 1,745,890 1,446,017
Non-operating loss
Realized loss on NCUSIF stabilization and membership
capital for corporate credit unions (31,839) (76,795)
Net income $ 760,420 $ 649,328
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
Consolidated Statements of Financial Condition
As of December 31
(dollars in thousands) 2012 2011
ASSETS
Cash $ 366,496 $ 307,231
Short-term investments 1,785,003 1,440,626
Securities available-for-sale 12,679,523 11,186,686
Securities held-to-maturity 469,752 794,529
Mortgage loans awaiting sale 1,442,868 692,740
Loans to members, net of allowance for loan losses of $643,336
at December 31, 2012 and $602,388 at December 31, 2011 33,170,924 30,191,509
Investment in FHLB 403,797 374,359
Interest-bearing deposits 100,940 8,781
Accounts receivable 315,499 284,490
Accrued interest receivable 177,914 169,528
Property, plant, and equipment 842,285 829,863
NCUSIF deposit 335,673 307,180
Mortgage servicing rights 144,089 142,368
Prepaid expenses 32,229 31,053
Goodwill and other intangible assets, net 59,797 60,307
Other assets 109,323 104,229
Total assets 52,436,112 46,925,479
LIABILITIES AND MEMBERS’ EQUITY
Members’ accounts
Savings accounts 8,892,890 7,637,920
Money market savings accounts 7,672,947 6,822,286
Checking accounts 6,217,947 5,601,077
Share certificate accounts 10,234,440 9,493,829
Individual retirement accounts 4,347,208 4,084,953
Total members’ accounts 37,365,432 33,640,065
Liabilities
Securities sold under repurchase agreements 50,000 —
Notes payable 8,354,185 7,605,185
Drafts payable 196,108 158,005
Accrued expenses and accounts payable 389,749 303,069
Accrued interest payable 24,467 23,727
Other liabilities 179,824 116,613
Total members’ accounts and liabilities 46,559,765 41,846,664
Members’ equity
Regular reserve 349,808 349,808
Capital reserve 5,316,885 4,556,465
Undivided earnings 50,000 50,000
Accumulated other comprehensive income 159,654 122,542
Total members’ equity 5,876,347 5,078,815
Total liabilities and members’ equity $ 52,436,112 $ 46,925,479
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.