Navy Federal Credit Union 2014 Annual Report Download - page 51

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Financial Section 33
2014 | A YEAR IN REVIEW
At December 31, 2013
Gross Amounts Not
Oset in the Statement
of Financial Condition
(dollars in thousands)
Gross
Amounts
of Recognized
Assets
Gross
Amounts
Oset in the
Statement
of Financial
Condition
Net Amounts
of Assets
Presented
in the
Statement
of Financial
Condition
Financial
Instruments(1)
Cash
Collateral
Net
Amount
Financial Assets
Economic Hedges
Interest Rate Lock
Commitments $ 5,593 $ — $ 5,593 $ — $ — $ 5,593
Forward Sales Contracts 2,558 — 2,558 (69) (1,492) 997
Interest Rate Contracts
FV Interest Rate Contracts 998 — 998 — — 998
CF Interest Rate Contracts 23,356 — 23,356 — (17,448) 5,908
Total $ 32,505 $ — $ 32,505 $ (69) $ (18,940) $ 13,496
Financial Liabilities
Interest Rate Lock
Commitments 45 — 45 — — 45
Forward Sales Contracts 86 — 86 (69) (1) 16
Interest Rate Contracts
FV Interest Rate Contracts — — — — — —
CF Interest Rate Contracts — — — — — —
Total Derivatives 131 — 131 (69) (1) 61
Securities sold under
repurchase agreements 1,404,299 — 1,404,299 (1,404,299) — —
Total $ 1,404,430 $ — $ 1,404,430 $ (1,404,368) $ (1) $ 61
(1)Includes oset by same counterparty where legally enforceable under master netting agreement.
NOTE 11: LEGAL CONTINGENCIES
Navy Federal is a party to various legal actions normally associated with financial institutions, the
aggregate eect of which, in management’s and legal counsel’s opinion, would not be material to
Navy Federal’s financial statements or results of operations.