Navy Federal Credit Union 2014 Annual Report Download - page 38

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Navy Federal Credit Union20
As of December 31, 2013
(dollars in thousands) Consumer Credit Cards Real Estate Other Total
Allowance for credit losses:
Balance, beginning of year $ 237,391 $ 224,187 $ 172,402 $ 247 $ 634,227
Provision charged to operations 193,737 224,241 50,041 — 468,019
Loans charged o (234,978) (209,022) (79,776) — (523,776)
Recoveries 41,208 12,041 7,518 2 60,769
Balance, end of year $ 237,358 $ 251,447 $ 150,185 $ 249 $ 639,239
Ending balance: loans individually
evaluated for impairment $ 62,167 $ 54,240 $ 100,175 $ — $ 216,582
Ending balance: loans collectively
evaluated for impairment $ 166,360 $ 197,207 $ 39,765 $ 249 $ 403,581
Ending balance: loans acquired
with deteriorated credit quality $ 8,831 $ — $ 10,245 $ — $ 19,076
Loan amount (excluding allowance):
Ending balance: loans individually
evaluated for impairment $ 352,477 $ 207,491 $ 499,016 $ — $ 1,058,984
Ending balance: loans collectively
evaluated for impairment $ 11,720,974 $ 7,919,993 $ 18,880,595 $ — $ 38,521,562
Ending balance: loans acquired
with deteriorated credit quality $ 6,587 $ — $ 45,529 $ — $ 52,116
When payments of principal or interest are past due by more than 90 days, Navy Federal discontinues
the accrual of interest on those loans, and reverses the previously recognized interest. The unpaid
principal balances (UPB) of Navy Federal’s non-accrual loans totaled $304.5 million and $288.7 million
at December 31, 2014 and 2013, respectively. If interest on those loans had been accrued at original
contracted rates, interest income would have been approximately $30.3 million and $27.8 million
higher for 2014 and 2013, respectively. The UPB of loans on non-accrual status by portfolio type as
of December 31, 2014 and 2013 were as follows:
(dollars in thousands) 2014 2013
Consumer $ 92,977 $ 73,287
Credit Card 76,919 57,707
Real estate 134,622 157,656
Total $ 304,518 $ 288,650