Navy Federal Credit Union 2015 Annual Report Download - page 22

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Financial Section 3
2015—SHARED SUCCESS
Consolidated Statements of Income
For the Year Ended December 31,
(dollars in thousands) 2015 2014
Interest income
Loans to members $ 3,264,271 $ 2,798,030
Available-for-sale securities 316,512 299,729
Held-to-maturity securities 5,768 7,389
Other investments 21,248 13,489
Total interest income 3,607,799 3,118,637
Dividend and interest expense
Dividends to members 387,284 351,756
Interest on securities sold under repurchase
agreements and notes payable 277,781 274,727
Total dividend and interest expense 665,065 626,483
Net interest income 2,942,734 2,492,154
Provision for loan losses (940,116) (668,279)
Net interest income after provision for loan losses 2,002,618 1,823,875
Non-interest income
Net gains on mortgage loan sales 173,005 87,490
Net gains on sales of investments 25,700 22,657
Mortgage servicing revenue 84,839 79,336
Credit/debit card interchange, net 296,471 266,803
Payment protection plan fees 117,309 115,433
ATM convenience fees 38,662 35,874
Overdrawn checking fees 81,817 73,464
Fee income 150,560 126,297
Other income 144,220 132,898
Total non-interest income 1,112,583 940,252
Non-interest expense
Salaries and employee benefits 1,058,286 905,848
Oce operating expenses 213,527 207,325
Loan servicing expenses 197,331 183,961
Professional and outside services 209,706 219,716
Oce occupancy expenses 72,009 67,922
Marketing expenses 104,550 92,552
Fair value adjustment of mortgage servicing rights 28,024 34,841
Depreciation and amortization of property, plant and equipment 143,061 123,818
Other 216,488 209,314
Total non-interest expense 2,242,982 2,045,297
Net income $ 872,219 $ 718,830
The accompanying notes are an integral part of these consolidated financial statements.