Navy Federal Credit Union 2014 Annual Report Download - page 57

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Financial Section 39
2014 | A YEAR IN REVIEW
As of December 31, 2013
(dollars in thousands)
Maturity
Fixed or
Floating
Interest
Rate
Interest
Payment
Amount
Outstanding
Weighted-
Average
Rate
Coupon
Short term
Other FHLB short-term
borrowings
2014 Fixed Monthly $ 600,000 0.17%–0.22%
2014 Floating Quarterly 750,000 Variable(1)
1,350,000 0.21%
FHLB long-term borrowings
maturing in next 12 months
2014 Fixed Monthly 540,835 0.63%–5.05%
2014 Fixed Quarterly 190,800 1.65%–5.59%
731,635 3.87%
Securities sold under
repurchase agreements 2014 Fixed At maturity 1,354,299 0.15% (0.15)%–0.18%
Total short-term borrowings $3,435,934
Long term
FHLB long-term borrowings
2015–2033 Fixed Monthly 2,301,200 2.04%–5.10%
2015–2033 Fixed Quarterly 2,541,000 3.09%–6.04%
4,842,200 4.21%
Securities sold under
repurchase agreements 2019 Fixed Quarterly 50,000 1.88% 1.88%
Total long-term borrowings 4,892,200
Total borrowed funds $8,328,134
(1)Variable coupon is a spread to 3-month LIBOR and is determined quarterly.
The following table displays the amount of borrowed funds by maturity for each of the next five years as
of December 31, 2014:
(dollars in thousands) Amount
2015 $ 5,911,002
2016 856,700
2017 618,500
2018 1,471,700
2019 698,800
Thereafter 1,855,000
Total $ 11,411,702
At December 31, 2014, Navy Federal had $14.03 billion pledged as collateral for Federal Home Loan
Bank (FHLB) borrowings, which was comprised of $0.01 billion in various securities and $14.02 billion
in mortgage loans held for investment. At December 31, 2013, Navy Federal had $9.91 billion pledged
as collateral for FHLB borrowings, which was comprised of $0.02 billion in various securities and
$9.89 billion in mortgage loans held for investment.