Navy Federal Credit Union 2015 Annual Report Download - page 69
Download and view the complete annual report
Please find page 69 of the 2015 Navy Federal Credit Union annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Navy Federal Credit Union50
The tables below present the items recognized at fair value in the Consolidated Statements of
Financial Condition on a recurring basis at December 31:
Fair Value Measurements on Recurring Basis as of December 31, 2015
(dollars in thousands) Level 1 Level 2 Level 3 Total
Available-for-sale securities
U.S. government and federal agency securities $ — $ 4,965,482 $ — $ 4,965,482
Residential mortgage-backed securities
Agency — 5,529,755 — 5,529,755
Non-agency — 761,565 — 761,565
Commercial mortgage-backed securities — 285,320 — 285,320
Bank notes and corporate bonds — 1,958,345 — 1,958,345
Municipal securities — 262,166 — 262,166
Equity securities 97,283 — — 97,283
Total available-for-sale securities 97,283 13,762,633 — 13,859,916
Mortgage loans awaiting sale — 708,015 — 708,015
Mortgage servicing rights — — 270,876 270,876
Derivatives — 1,741 18,570 20,311
Total assets at fair value on a
recurring basis $ 97,283 $ 14,472,389 $ 289,446 $ 14,859,118
Derivatives $ — $ 41,606 $ 19 $ 41,625
Total liabilities at fair value on a
recurring basis $ — $ 41,606 $ 19 $ 41,625
Fair Value Measurements on Recurring Basis as of December 31, 2014
(dollars in thousands) Level 1 Level 2 Level 3 Total
Available-for-sale securities
U.S. government and federal agency securities $ — $ 5,204,237 $ — $ 5,204,237
Residential mortgage-backed securities
Agency — 5,289,946 — 5,289,946
Non-agency — 655,805 — 655,805
Commercial mortgage-backed securities — 14,381 — 14,381
Bank notes — 1,551,156 — 1,551,156
Municipal securities — 259,652 — 259,652
Equity securities 11,015 — — 11,015
Total available-for-sale securities 11,015 12,975,177 — 12,986,192
Mortgage loans awaiting sale — 572,420 — 572,420
Mortgage servicing rights — — 235,801 235,801
Derivatives(1) — 2,047 8,771 10,818
Total assets at fair value on a
recurring basis $ 11,015 $ 13,549,644 $ 244,572 $ 13,805,231
Derivatives $ — $ 37,869 $ 3 $ 37,872
Total liabilities at fair value on a
recurring basis $ — $ 37,869 $ 3 $ 37,872
(1)Includes a reclassification of $8.8 million to the classification of previously disclosed amounts related to interest rate lock commitments
between level 2 and level 3. This misclassification is not material to the consolidated financial statements.