Fannie Mae 2006 Annual Report Download - page 234

FANNIE MAE
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
2006 2005
As of December 31,
ASSETS
Cash and cash equivalents (includes cash equivalents pledged as collateral that may be repledged
of $215 and $686 as of December 31, 2006 and 2005, respectively) . . . . . . . . . . . . . . . . . . . . $ 3,239 $ 2,820
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 755
Federal funds sold and securities purchased under agreements to resell . . . . . . . . . . . . . . . . . . . . 12,681 8,900
Investments in securities:
Trading, at fair value (includes Fannie Mae MBS of $11,070 and $14,607 as of December 31,
2006 and 2005, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,514 15,110
Available-for-sale, at fair value (includes Fannie Mae MBS of $185,608 and $217,844 as of
December 31, 2006 and 2005, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378,598 390,964
Total investments in securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,112 406,074
Mortgage loans:
Loans held for sale, at lower of cost or market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,868 5,064
Loans held for investment, at amortized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379,027 362,781
Allowance for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (340) (302)
Total loans held for investment, net of allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378,687 362,479
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383,555 367,543
Advances to lenders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,163 4,086
Accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,672 3,506
Acquired property, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,141 1,771
Derivative assets at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,931 5,803
Guaranty assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,692 6,848
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,505 7,684
Partnership investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,571 9,305
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,941 9,073
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $843,936 $834,168
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,847 $ 6,616
Federal funds purchased and securities sold under agreements to repurchase . . . . . . . . . . . . . . . 700 705
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,810 173,186
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601,236 590,824
Derivative liabilities at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,184 1,429
Reserve for guaranty losses (includes $46 and $71 as of December 31, 2006 and 2005,
respectively, related to Fannie Mae MBS included in Investments in securities) . . . . . . . . . . . 519 422
Guaranty obligations (includes $390 and $506 as of December 31, 2006 and 2005, respectively,
related to Fannie Mae MBS included in Investments in securities) . . . . . . . . . . . . . . . . . . . . 11,145 10,016
Partnership liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,695 3,432
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,158 8,115
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802,294 794,745
Minority interests in consolidated subsidiaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 121
Commitments and contingencies (see Note 20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Stockholders’ Equity:
Preferred stock, 200,000,000 shares authorized—132,175,000 shares issued and outstanding as
ofDecember31,2006and2005............................................ 9,108 9,108
Common stock, no par value, no maximum authorization—1,129,090,420 shares issued as of
December 31, 2006 and 2005; 972,110,681 shares and 970,532,789 shares outstanding as of
December 31, 2006 and 2005, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593 593
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,942 1,913
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,955 35,555
Accumulated other comprehensive loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (445) (131)
Treasury stock, at cost, 156,979,739 shares and 158,557,631 shares as of December 31, 2006
and 2005, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,647) (7,736)
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,506 39,302
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $843,936 $834,168
See Notes to Consolidated Financial Statements.
F-3