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Navy Federal Credit Union • 2013 Financial Section
3
2013 ANNUAL REPORT
Consolidated Statements of Income

(dollars in thousands)  
Interest income
Interest on loans to members $ 2,433,339 $ 2,242,663
Interest on securities available-for-sale 271,641 280,654
Interest on securities held-to-maturity 10,963 15,440
Interest on other investments 8,797 8,252
Total interest income  
Dividend and interest expense
Dividends to members 370,664 398,018
Interest on securities sold under repurchase
agreements and notes payable 266,311 261,444
Total dividend and interest expense  
Net interest income  
Provision for loan losses (468,019) (455,189)
Net interest income after provision for loan losses  
Non-interest income
Net gains on mortgage loan sales 149,081 327,283
Net gains on sales of investments 16,855 40,706
Mortgage servicing revenue 71,924 61,882
Credit/debit card interchange 323,869 276,620
Payment protection plan fees 111,732 100,199
ATM convenience fees 34,615 35,159
Overdrawn checking fees 66,645 60,169
Fee income 105,889 87,346
Other income 115,490 114,955
Total non-interest income  
Non-interest expense
Salaries and employee benefits 820,499 716,117
Oce operating expenses 182,388 174,233
Loan servicing expenses 359,333 278,949
Professional and outside services 183,636 180,698
Oce occupancy expenses 59,910 55,689
Education and marketing 95,655 76,957
Fair value adjustment of mortgage servicing rights (22,774) 51,053
Depreciation and amortization 104,888 122,224
Other 106,948 88,498
Total non-interest expense  
Non-operating loss
Realized losses on NCUSIF stabilization and membership
capital for corporate credit unions (29,525) (31,839)
Net income $  $
The accompanying notes are an integral part of these consolidated financial statements.