Navy Federal Credit Union 2013 Annual Report Download - page 70
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Navy Federal Credit Union • 2013 Financial Section
50
2013 ANNUAL REPORT
(dollars in thousands)
$
Net gains/(losses)
Originations 52,773
Payos/Maturities (39,642)
(Loss) on changes in value of MSRs (11,410)
$
Change in unrealized losses related to financial instruments
still held at December 31, 2012 $ (12,650)
The tables below present the items measured at fair value on the Consolidated Statements of Financial
Condition on a non-recurring basis where assets that are measured at the lower of cost or fair value less
costs to sell were recognized at fair value less costs to sell at December 31, 2013 and December 31, 2012:
(dollars in thousands)
Active Markets for
Identical Assets
Observable
Unobservable
as of
Other real estate owned $ — $ — $ 21,403 $ 21,403
$ — $ — $ $
(dollars in thousands)
Active Markets for
Identical Assets
Observable
Unobservable
as of
Other real estate owned $ — $ — $ 15,244 $ 15,244
$ — $ — $ $
NOTE 22:
ASC 825-10, Fair Value of Financial Instruments—Disclosure, requires disclosure of estimated fair values
of financial instruments, including those financial instruments for which Navy Federal did not elect
fair value treatment. The financial instruments that are accounted for under ASC 820-10, Fair Value
Measurement, are disclosed separately in Note 21. Navy Federal discloses fair value information for its
financial instruments, whether recognized at fair value on the Consolidated Statements of Financial
Condition or not, and for which it is practicable to estimate that value. In cases where quoted market
prices are not available, fair values are based on estimates using present value or other valuation
techniques. Those techniques are significantly aected by the assumptions used, including the discount
rate and estimates of future cash flows. In that regard, the derived fair value cannot be substantiated by
comparison to independent markets and, in many cases, could not be realized in immediate settlement
of the instrument. Certain financial instruments and all non-financial instruments are excluded from these