Freddie Mac 2014 Annual Report Download - page 56

51 Freddie Mac
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data presented below should be reviewed in conjunction with MD&A and our consolidated
financial statements and related notes.
Table 6 — Selected Financial Data
At or For The Year Ended December 31,
2014 2013 2012 2011 2010
(dollars in millions, except share-related amounts)
Statements of Comprehensive Income Data
Net interest income $ 14,263 $ 16,468 $ 17,611 $ 18,397 $ 16,856
(Provision) benefit for credit losses (58) 2,465 (1,890) (10,702) (17,218)
Non-interest income (loss) (113) 8,519 (4,083) (10,878) (11,588)
Non-interest expense (3,090) (2,089) (2,193) (2,483) (2,932)
Income tax (expense) benefit (3,312) 23,305 1,537 400 856
Net income (loss) 7,690 48,668 10,982 (5,266) (14,025)
Comprehensive income (loss) 9,426 51,600 16,039 (1,230) 282
Net loss attributable to common stockholders(1) (2,336) (3,531) (2,074) (11,764) (19,774)
Net loss per common share – basic and diluted (0.72) (1.09) (0.64) (3.63) (6.09)
Cash dividends per common share — — — — —
Weighted average common shares outstanding (in millions) –
basic and diluted 3,236 3,238 3,240 3,245 3,249
Balance Sheets Data
Mortgage loans held-for-investment, at amortized cost by
consolidated trusts (net of allowances for loan losses) $ 1,558,094 $ 1,529,905 $ 1,495,932 $ 1,564,131 $ 1,646,172
Total assets 1,945,539 1,966,061 1,989,856 2,147,216 2,261,780
Debt securities of consolidated trusts held by third parties 1,479,473 1,433,984 1,419,524 1,471,437 1,528,648
Other debt 450,069 506,767 547,518 660,546 713,940
All other liabilities 13,346 12,475 13,987 15,379 19,593
Total stockholders’ equity (deficit) 2,651 12,835 8,827 (146) (401)
Portfolio Balances - UPB
Mortgage-related investments portfolio $ 408,414 $ 461,024 $ 557,544 $ 653,313 $ 696,874
Total Freddie Mac mortgage-related securities(2) 1,637,086 1,592,511 1,562,040 1,624,684 1,712,918
Total mortgage portfolio 1,910,106 1,914,661 1,956,276 2,075,394 2,164,859
TDRs on accrual status 82,908 78,708 66,590 45,254 27,517
Non-accrual loans 33,130 43,457 63,005 76,575 88,988
Ratios(3)
Return on average assets(4) 0.4% 2.5% 0.5% (0.2)% (0.6)%
Allowance for loans losses as percentage of mortgage loans,
held-for-investment(5) 1.3 1.4 1.8 2.2 2.1
Equity to assets ratio(6) 0.4 0.5 0.2 — (0.2)
(1) For a discussion of the change in the manner in which the senior preferred stock dividend is determined and how it affects net income (loss) attributable
to common stockholders beginning in the fourth quarter of 2012, see “NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —
Earnings Per Common Share.”
(2) See ‘‘Table 37 — Freddie Mac Mortgage-Related Securities’’ for the composition of this line item.
(3) The dividend payout ratio on common stock is not presented because the amount of cash dividends per common share is zero for all periods presented.
The return on common equity ratio is not presented because the simple average of the beginning and ending balances of total stockholders’ equity, net
of preferred stock (at redemption value) is less than zero for all periods presented.
(4) Ratio computed as net income (loss) divided by the simple average of the beginning and ending balances of total assets.
(5) Ratio computed as the allowance for loan losses divided by the total recorded investment of held-for-investment mortgage loans.
(6) Ratio computed as the simple average of the beginning and ending balances of total stockholders’ equity (deficit) divided by the simple average of the
beginning and ending balances of total assets.
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