Navy Federal Credit Union 2015 Annual Report Download - page 34

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Financial Section 15
2015—SHARED SUCCESS
(dollars in thousands)
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
December 31, 2014
Held-to-maturity securities
U.S. government and federal
agency securities $ 357,809 $ 1,744 $ (648) $ 358,905
Residential mortgage-backed securities 11,275 45 — 11,320
Total held-to-maturity securities 369,084 1,789 (648) 370,225
Available-for-sale debt securities
U.S. government and federal
agency securities 5,098,497 120,098 (14,358) 5,204,237
Residential mortgage-backed securities
Agency 5,245,507 77,353 (32,913) 5,289,947
Non-agency 666,918 2,282 (13,396) 655,804
Commercial mortgage-backed securities 13,989 392 — 14,381
Bank notes 1,541,271 14,461 (4,576) 1,551,156
Municipal securities 255,698 6,133 (2,179) 259,652
Total available-for-sale debt securities 12,821,880 220,719 (67,422) 12,975,177
Available-for-sale equity securities 11,148 — (133) 11,015
Total available-for-sale securities 12,833,028 220,719 (67,555) 12,986,192
Total securities $ 13,202,112 $ 222,508 $ (68,203) $ 13,356,417
Navy Federal sold $1.5 billion and $1.6 billion of AFS securities during the years ended
December 31, 2015 and 2014, respectively. Gross proceeds from those sales totaled $1.5 billion
and $1.6 billion for the years ended December 31, 2015 and 2014, respectively. Gross realized
gains of $30.4 million and gross realized losses of $4.7 million were included in earnings for the
year ended December 31, 2015. Gross realized gains of $32.9 million and gross realized losses
of $10.3 million were included in earnings for the year ended December 31, 2014.
The contractual maturities of Navy Federal’s HTM and AFS debt securities as of December 31,
2015 and 2014 were as follows:
December 31, 2015
(dollars in thousands) Amortized Cost Fair Value
Held-to-maturity securities
Due in one year or less $ — $ —
Due after one year through five years 260,562 261,233
Due after five years through ten years 52,805 53,160
Due after ten years 1,260 1,263
Total held-to-maturity securities 314,627 315,656
Available-for-sale debt securities
Due in one year or less 810,779 814,789
Due after one year through five years 2,800,415 2,847,818
Due after five years through ten years 3,164,925 3,177,030
Due after ten years 6,978,213 6,922,996
Total available-for-sale debt securities 13,754,332 13,762,633
Total debt securities $ 14,068,959 $ 14,078,289