Navy Federal Credit Union 2015 Annual Report Download - page 55

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Navy Federal Credit Union36
As of December 31, 2014
Gross Amounts Not
Oset in the Statement of
Financial Condition
Gross
Amounts
Recognized
Gross Amounts
Oset in the
Statement
of Financial
Condition
Net Amounts
Presented in the
Statement of
Financial Condition
Financial
Instruments(1)
Cash
Collateral
Net
Amount
(dollars in thousands)
Financial Assets
Interest Rate Lock
Commitments $ 8,771 $ — $ 8,771 $ — $ — $ 8,771
Forward Sales
Contracts 943 — 943 (723) — 220
Interest Rate Contracts
FV Interest Rate
Contracts 361 — 361 — — 361
CF Interest Rate
Contracts 743 — 743 (743) — —
Total 10,818 — 10,818 (1,466) — 9,353
Financial Liabilities
Interest Rate Lock
Commitments 3 — 3 — — 3
Forward Sales
Contracts 3,558 — 3,558 (723) (1,886) 949
Interest Rate Contracts
FV Interest Rate
Contracts — — — — — —
CF Interest Rate
Contracts 34,311 — 34,311 (743) (33,207) 361
Total Derivatives 37,872 — 37,872 (1,466) (35,093) 1,313
Securities sold under
repurchase agreements 1,469,502 — 1,469,502 (1,469,502) — —
Total $ 1,507,374 $ — $ 1,507,374 $ (1,470,968) $ (35,093) $ 1,313
(1)Includes oset by same counterparty where legally enforceable under master netting agreement.
NOTE 11: CONTINGENCIES
Navy Federal is party to various legal and regulatory actions normally associated with financial
institutions, the aggregate eect of which, in the opinions of management and legal counsel,
would not be material to the financial condition or results of operations of Navy Federal.
NOTE 12: COMMITMENTS
In the normal course of business, Navy Federal enters into conditional commitments to extend
credit and makes financial guarantees to help meet the financing needs of its members. Unfunded
loan commitments are amounts Navy Federal has agreed to lend a member generally as long
as the member remains in good standing on existing loans. Commitments generally have fixed
expiration dates or other termination clauses. Navy Federal uses the same credit policies in
making commitments as it does for all loans to members, and accordingly, at December 31, 2015