Fannie Mae 2004 Annual Report Download - page 334

The following table displays our segment results for the years ended December 31, 2004, 2003 and 2002.
Single-Family
Credit Guaranty HCD
Capital
Markets Total
For the Year Ended December 31, 2004
(Dollars in millions)
Net interest income (expense)
(1)
. . . . . . . . . . . . . . . . . . $ 478 $(144) $ 17,747 $ 18,081
Guaranty fee income (expense)
(2)
. . . . . . . . . . . . . . . . . 4,455 379 (1,230) 3,604
Investment gains (losses), net . . . . . . . . . . . . . . . . . . . . 84 — (446) (362)
Derivatives fair value losses, net . . . . . . . . . . . . . . . . . . — — (12,256) (12,256)
Debt extinguishment losses, net . . . . . . . . . . . . . . . . . . — — (152) (152)
Losses from partnership investments . . . . . . . . . . . . . . . — (702) — (702)
Fee and other income (expense) . . . . . . . . . . . . . . . . . . 220 312 (128) 404
Non-interest income (loss) . . . . . . . . . . . . . . . . . . . . 4,759 (11) (14,212) (9,464)
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . 312 40 — 352
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023 395 848 2,266
Income (loss) before federal income taxes and
extraordinary gains (losses) . . . . . . . . . . . . . . . . . . 3,902 (590) 2,687 5,999
Provision (benefit) for federal income taxes . . . . . . . . . . 1,388 (927) 563 1,024
Income before extraordinary gains (losses) . . . . . . . . . 2,514 337 2,124 4,975
Extraordinary losses, net of tax effect . . . . . . . . . . . . . . — — (8) (8)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,514 $ 337 $ 2,116 $ 4,967
(1)
Includes cost of capital charge.
(2)
Includes intercompany guaranty fee revenue (expense) of $1.0 billion 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.
F-83
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)