Fannie Mae 2004 Annual Report Download - page 198

Table 48: 2004 Quarterly Condensed Business Segment Results
Single-Family
Credit Guaranty HCD
Capital
Markets Total
For the Quarter Ended March 31, 2004
(Restated)
(Dollars in millions)
Net interest income (expense)
(1)
. . . . . . . . . . . . . . . . . . . . . . $ 93 $ (37) $ 5,006 $ 5,062
Guaranty fee income (expense)
(2)
. . . . . . . . . . . . . . . . . . . . . 1,096 98 (303) 891
Investment gains, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 — 493 525
Derivatives fair value losses, net . . . . . . . . . . . . . . . . . . . . . . — — (6,446) (6,446)
Debt extinguishment losses, net . . . . . . . . . . . . . . . . . . . . . . — — (78) (78)
Losses from partnership investments . . . . . . . . . . . . . . . . . . . — (145) — (145)
Fee and other income (expense) . . . . . . . . . . . . . . . . . . . . . . 49 48 (41) 56
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . (3) (10) — (13)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (236) (84) (136) (456)
Income (loss) before federal income taxes and extraordinary
gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031 (130) (1,505) (604)
Provision (benefit) for federal income taxes . . . . . . . . . . . . . . 359 (226) (662) (529)
Income (loss) before extraordinary gains (losses) . . . . . . . . . 672 96 (843) (75)
Extraordinary gain, net of tax effect . . . . . . . . . . . . . . . . . . . — — 10 10
Net income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 672 $ 96 $ (833) $ (65)
(1)
Includes cost of capital charge.
(2)
Includes intercompany guaranty fee income (expense) of $254 million allocated to Single-Family Credit Guaranty and
HCD from Capital Markets for absorbing the credit risk on mortgage loans and Fannie Mae MBS held in our portfolio.
Single-Family
Credit Guaranty HCD
Capital
Markets Total
For the Quarter Ended June 30, 2004
(Restated)
(Dollars in millions)
Net interest income (expense)
(1)
. . . . . . . . . . . . . . . . . . . . . . $ 118 $ (34) $ 4,752 $ 4,836
Guaranty fee income (expense)
(2)
. . . . . . . . . . . . . . . . . . . . . 954 77 (304) 727
Investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . 29 — (1,547) (1,518)
Derivatives fair value gains, net . . . . . . . . . . . . . . . . . . . . . . — — 2,269 2,269
Debt extinguishment losses, net . . . . . . . . . . . . . . . . . . . . . . — — (7) (7)
Losses from partnership investments . . . . . . . . . . . . . . . . . . . — (177) — (177)
Fee and other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 72 264 413
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . (34) (21) — (55)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (212) (86) (117) (415)
Income (loss) before federal income taxes and extraordinary
gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 932 (169) 5,310 6,073
Provision (benefit) for federal income taxes . . . . . . . . . . . . . . 326 (243) 1,670 1,753
Income before extraordinary gains (losses) . . . . . . . . . . . . . 606 74 3,640 4,320
Extraordinary losses, net of tax effect . . . . . . . . . . . . . . . . . . — — (3) (3)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 606 $ 74 $ 3,637 $ 4,317
(1)
Includes cost of capital charge.
(2)
Includes intercompany guaranty fee income (expense) of $257 million allocated to Single-Family Credit Guaranty and
HCD from Capital Markets for absorbing the credit risk on mortgage loans and Fannie Mae MBS held in our portfolio.
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