Financial Statements and Report of Independent Certified ...

Financial Statements and Report of Independent Certified Public Accountants

Bank-Fund Staff Federal Credit Union December 31, 2014 and 2013

Contents

Page

Report of Independent Certified Public Accountants

3

Financial Statements

Statements of Financial Condition

5

Statements of Income

6

Statements of Comprehensive Income

7

Statements of Changes In Members' Equity

8

Statements of Cash Flows

9

Notes to Financial Statements

10

Report of Independent Certified Public Accountants

Supervisory Committee Bank-Fund Staff Federal Credit Union

Grant Thornton LLP Two Commerce Square 2001 Market St., Suite 700 Philadelphia, PA 19103 T 215.561.4200 F 215.561.1066 linkd.in/GrantThorntonUS GrantThorntonUS

We have audited the accompanying financial statements of Bank-Fund Staff Federal Credit Union (a

federally chartered credit union), which comprise the statements of financial condition as of December 31, 2014 and 2013, and the related statements of income, comprehensive income, changes in members' equity, and cash flows for the years then ended, and the related notes to the financial statements.

Management's responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes

the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bank-Fund Staff Federal Credit Union as of December 31, 2014 and 2013, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania March 31, 2015

Bank-Fund Staff Federal Credit Union STATEMENTS OF FINANCIAL CONDITION

(In Thousands)

ASSETS

Cash and cash equivalents Investments

Trading securities, at fair value Available-for-sale securities, at fair value Other investments Loans held-for-sale Loans-in-process Loans, net of allowance of $22,084 and $18,372 Accrued interest receivable Property and equipment, net NCUSIF deposit Other assets

Total assets

LIABILITIES AND MEMBERS' EQUITY

LIABILITIES Members' share accounts Accrued dividends payable Accrued expenses and other liabilities

Total liabilities

MEMBERS' EQUITY Regular accounts Undivided earnings Accumulated other comprehensive loss

Total members' equity

Total liabilities and members' equity

December 31,

2014

2013

$ 611,920

433,845 701,774 14,390

11,316 2,186,565 6,524 6,637 25,728 14,713

$ 4,013,412

$ 550,732

647,593 426,576 10,106

285 9,586 2,071,264 6,377 8,106 24,811 15,436

$ 3,770,872

$ 3,546,122 10,012 18,037

3,574,171

$ 3,321,920 10,014 25,248

3,357,182

27,151 413,502

(1,412)

439,241

$ 4,013,412

27,151 389,870

(3,331)

413,690

$ 3,770,872

The accompanying notes are an integral part of these financial statements. 5

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