Navy Federal Credit Union 2015 Annual Report Download - page 33

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Navy Federal Credit Union14
reporting period presented or retrospectively with the cumulative eect of initially applying this
guidance recognized at the date of initial application. Navy Federal is currently assessing the
impact on its consolidated financial statements.
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going
Concern (Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a
Going Concern, eective for annual reporting periods ending after December 15, 2016. This ASU
provides guidance about management’s responsibility to evaluate whether there is substantial
doubt about an entity’s ability to continue as a going concern and to provide related footnote
disclosures. This ASU is not expected to significantly impact Navy Federal’s consolidated
financial statements.
NOTE 2: RESTRICTIONS ON CASH
Navy Federal’s wholly owned entity, NFFG, had $2.6 million and $2.3 million in restricted cash
at December 31, 2015 and 2014, respectively. Restricted cash amounts are included in Other
assets in the Consolidated Statements of Financial Condition.
NOTE 3: INVESTMENTS
Navy Federal’s HTM and AFS securities as of December 31, 2015 and 2014 were as follows:
(dollars in thousands)
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
December 31, 2015
Held-to-maturity securities
U.S. government and federal
agency securities $ 307,808 $ 1,235 $ (232) $ 308,811
Residential mortgage-backed securities 6,819 26 — 6,845
Total held-to-maturity securities 314,627 1,261 (232) 315,656
Available-for-sale debt securities
U.S. government and federal
agency securities 4,923,422 79,376 (37,316) 4,965,482
Residential mortgage-backed securities
Agency 5,543,216 39,642 (53,103) 5,529,755
Non-agency 782,073 674 (21,182) 761,565
Commercial mortgage-backed securities 288,739 185 (3,604) 285,320
Bank notes and corporate bonds 1,952,958 11,021 (5,634) 1,958,345
Municipal securities 263,924 1,798 (3,556) 262,166
Total available-for-sale debt securities 13,754,332 132,696 (124,395) 13,762,633
Available-for-sale equity securities 99,999 — (2,716) 97,283
Total available-for-sale securities 13,854,331 132,696 (127,111) 13,859,916
Total securities $ 14,168,958 $ 133,957 $ (127,343) $ 14,175,572