Navy Federal Credit Union 2005 Annual Report Download - page 34

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4
Consolidated Statements of Changes in Reserves and Undivided Earnings
(dollars in thousands)
The accompanying notes (beginning on page 6) are an integral part of these consolidated financial statements.
Years Ended
December 31, 2005 and 2004
Regular
Reserve
Capital
Reserve
Undivided
Earnings
Accumulated Other
Comprehensive Income
Total Reserves
and Undivided Earnings
Balance at December 31, 2003 $ 349,406 $ 1,782,960 $ 20,000 ($47) $ 2,152,319
Net income 273,836 273,836
Net unrealized loss
on available-for-sale securities (38) (38)
Transfers
Statutory – – – – –
Discretionary – 273,836 (273,836) – –
Balance at December 31, 2004 $ 349,406 $ 2,056,796 $ 20,000 ($85) $ 2,426,117
Net income 266,337 266,337
Net unrealized loss
on available-for-sale securities (24) (24)
Transfers –
Statutory – – – – –
Discretionary – 266,337 (266,337) – –
Balance at December 31, 2005 $ 349,406 $ 2,323,133 $ 20,000 ($109) $ 2,692,430