Fannie Mae 2001 Annual Report Download - page 3

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{ 1} Fannie Mae 2001 Annual Report
Financial Highlights
Dollars in millions, except per common share amounts 2001 2000 % Change
For the Year
Operating net income1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,367 $4,448 21
Operating earnings per diluted common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.20 4.29 21
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,894 4,448 33
Diluted earnings per common share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.72 4.29 33
Dividends per common share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.20 1.12 7
Mortgage purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,584 154,231 75
MBS issues acquired by others. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,739 105,407 227
At December 31,
Mortgage portfolio, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $705,167 $607,399 16
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 799,791 675,072 18
Stockholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,118 20,838 (13)
Core capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,182 20,827 21
Excess of core capital over minimum capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 533 88
Outstanding MBS2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858,867 706,684 22
Year Ended December 31,
Other Statistics 2001 2000 % Change
To tal taxable-equivalent revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,187 $ 7,825 30
Average net interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.11% 1.01% 10
Average effective guaranty fee rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190 .195 (3)
Credit loss ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .006 .007 (14)
Administrative expense ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .071 .072 (1)
Efficiency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 11.6 (14)
Operating return on average realized common equity . . . . . . . . . . . . . . . . . . . . . . 25.4 25.2 1
1Excludes the cumulative after-tax gain of $168 million from the change in accounting principle upon adoption of FAS 133 on January 1, 2001 and the after-tax loss of $24 million recognized during the year 2001 for the change
in fair value of time value of purchased options under FAS 133. Includes after-tax charges of $383 million for the amortization expense of purchased options premiums during the year ended December 31, 2001.
2MBS held by investors other than Fannie Mae.