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					Navy Federal Credit Union

Statement of Income
ACCT NO. 411100 411200 411210 411300 411400 411500 411600 411650 411700 412000 413000 414000 414500 415000 415500 416000 Income: Interest on Consumer Loans  Closed-End Interest on NAVchek Loans Interest on Vehicle Leases Interest on Credit Card Loans Interest on Mortgage Loans Interest on Federal Education Loans Interest on Home Equity Loans Interest on Fixed Equity Loans Interest on Business Loans Income from Investments Late Charges Gain (Loss) on Eligible Obligation Gain (Loss) on Disposition of Leased Vehicles Origination Fees Servicing Fees Miscellaneous Operating Income TOTAL GROSS INCOME Expenses: Compensation Employee Benefits (NOTE 3) Travel and Conference Expenses Association Dues Office Occupancy Expenses Office Operations Expenses Education and Marketing Expenses Loan Servicing Expenses Professional and Outside Services Provision for Loan Losses Provision for Investment Losses Amortization of Mort. Serv. Assets Expenses Impairment of Mort. Serv. Assets Expenses Fair Market Value Adj. of Mort. Serv. Assets Expenses Unrealized Losses on Mortgage Loans Unrealized Losses on Mort. Loan Commit/Trades Members' Insurance Federal Operating Fee Cash Short (Over) Interest Expenses Annual Meeting Expenses Miscellaneous Operating Expenses TOTAL EXPENSES Income from Operations Non-Operating Gains (Losses): Gain (Loss) on Investments Gain (Loss) on Disposition of Assets Gain (Loss) on NCUSIF Stabilization TOTAL NON-OPERATING GAIN (LOSSES) Income Before Dividends Dividends NET INCOME Notes to Financial Statements $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ MONTH OF SEPTEMBER 52,649,606 3,206,953 300,902 35,730,554 64,317,871 767,311 2,445,589 20,749,159 417,389 13,082,462 1,242,594 747,963 (93,719) 12,768 4,337,797 39,616,316 239,531,515 32,278,794 13,429,982 138,605 8,658 6,083,042 14,975,075 1,255,210 12,324,017 5,383,562 55,542,664 1,654,548 (10,166) (681,916) 47,366 92,511 5,652 24,936,224 12,052 2,425,194 169,901,074 69,630,441 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ FROM 1 JAN 2009 TO PRESENT 471,863,178 28,567,075 3,195,790 305,352,309 575,770,549 8,099,189 21,541,992 201,887,068 3,333,772 81,854,182 11,156,022 50,243,777 (1,417,738) 124,087 36,687,449 342,887,952 2,141,146,653 284,111,075 101,985,661 1,095,178 78,117 53,626,647 126,338,117 12,606,585 110,022,761 47,467,950 489,637,929 16,342,246 3,033,081 496,500 428,976 832,604 47,209 230,385,705 25,527 19,166,206 1,497,728,074 643,418,579

521000 522000 523000 524000 525000 526000 527000 528000 529000 530000 530600 530620 530630 530635 530640 530650 531000 532000 533000 534000 535000 537000

642000 643000 644000*

$ $ $ $ $ $ $

$ (331,181) $ $ (331,181) $ 69,299,260 43,999,943 25,299,317 $ $ $

(426,196) (54,858,312) (55,284,508) 588,134,071 435,752,140 152,381,931

538000

* NOTE 1:
NOTE 2: NOTE 3: NOTE 4: NOTE 5:

COMMITMENTS: NAVchek, Credit Card, Home Equity Lines of Credit, Letters of Credit, Utility Guarantee, and Pre-approved Auto Loan Commitments as of 30 September 2009 were $573,598,912, $5,667,085,282, $1,145,484,546, $7,500,000, $3,403,170, and $266,144,973, respectively. PENSION PLAN: Navy Federal has a non-contributory funded pension plan covering substantially all of its employees. Pension expenses through 30 September 2009 amounted to $26,552,561. The market value of securities held to maturity as of 30 September 2009 was $1,639,209,003. The U.S. Government obligations and federal agency securities collateralizing notes payable (reverse repurchase transactions) have a book and market value of $357,986,526 and $375,994,644, respectively.

These financial statements were prepared as required by NCUA to record the impact on the NCUSIF of Corporate Credit Union Stabilization actions and in accordance with NCUA Accounting Bulletin #09-2 and #09-14.

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posted:11/15/2009
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