Fannie Mae 2004 Annual Report Download - page 254

FANNIE MAE
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
2004 2003
(Restated)
As of December 31,
ASSETS
Cash and cash equivalents (includes cash equivalents that may be repledged of $242 and $487 as of
December31,2004and2003,respectively) ........................................... $ 2,655 $ 3,395
Restricted cash . . ............................................................. 1,046 1,409
Federal funds sold and securities purchased under agreements to resell . .......................... 3,930 12,686
Investments in securities:
Trading, at fair value (includes Fannie Mae MBS of $34,350 and $42,728 as of December 31, 2004 and
2003, respectively) . ........................................................ 35,287 43,798
Available-for-sale, at fair value (includes Fannie Mae MBS of $315,195 and $370,905 as of December 31,
2004 and 2003, respectively) ................................................... 532,095 523,272
Total investments . . ........................................................ 567,382 567,070
Mortgage loans:
Loans held for sale, at lower of cost or market ......................................... 11,721 13,596
Loans held for investment, at amortized cost . ......................................... 390,000 385,755
Allowance for loan losses . . ................................................... (349) (290)
Total loans held for investment, net of allowance .................................... 389,651 385,465
Total loans . . . ........................................................ 401,372 399,061
Advances to lenders ............................................................ 4,850 4,696
Accrued interest receivable ....................................................... 4,237 4,450
Acquired property, net . . ........................................................ 1,704 1,320
Derivative assets at fair value . . ................................................... 6,589 7,218
Guaranty assets. . ............................................................. 5,924 4,282
Deferred tax assets ............................................................ 6,074 4,082
Partnership investments . ........................................................ 8,061 6,421
Other assets ................................................................. 7,110 6,185
Total assets . . . ............................................................. $1,020,934 $1,022,275
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accrued interest payable ....................................................... $ 6,212 $ 6,315
Federal funds purchased and securities sold under agreements to repurchase. ..................... 2,400 3,673
Short-term debt ............................................................. 320,280 343,662
Long-term debt ............................................................. 632,831 617,618
Derivative liabilities at fair value .................................................. 1,145 3,225
Reserve for guaranty losses (includes $113 and $83 as of December 31, 2004 and 2003, respectively,
related to Fannie Mae MBS included in Investments in securities) .......................... 396 313
Guaranty obligations (includes $814 and $863 as of December 31, 2004 and 2003, respectively, related to
Fannie Mae MBS included in Investments in securities) . . ............................... 8,784 6,401
Partnership liabilities . ........................................................ 2,662 1,792
Other liabilities ............................................................. 7,246 7,003
Total liabilities ............................................................ 981,956 990,002
Minority interests in consolidated subsidiaries . . ......................................... 76 5
Commitments and contingencies (see Note 20) . ......................................... — —
Stockholders’ Equity:
Preferred stock, 200,000,000 shares authorized—132,175,000 shares issued and outstanding as of
December 31, 2004 and 82,150,000 shares issued and outstanding as of December 31, 2003 . . . ...... 9,108 4,108
Common stock, no par value, no maximum authorization—1,129,090,420 shares issued as of December 31,
2004 and 2003; 969,075,573 shares and 970,358,844 shares outstanding as of December 31, 2004 and
2003, respectively . . . ....................................................... 593 593
Additional paid-in capital . . . ................................................... 1,982 1,985
Retained earnings............................................................ 30,705 27,923
Accumulated other comprehensive income . . ......................................... 4,387 5,315
46,775 39,924
Less: Treasury stock, at cost, 160,014,847 shares and 158,731,576 shares as of December 31, 2004 and
2003, respectively . . . ....................................................... 7,873 7,656
Total stockholders’ equity ...................................................... 38,902 32,268
Total liabilities and stockholders’ equity . . ............................................. $1,020,934 $1,022,275
See Notes to Consolidated Financial Statements.
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