Fannie Mae 2004 Annual Report Download - page 354

21. Selected Quarterly Financial Information (Unaudited)
2004 Quarterly Balance Sheets
The following table displays our unaudited interim condensed consolidated balance sheets as of March 31,
2004, June 30, 2004, September 30, 2004 and December 31, 2004. As noted in the table, the condensed
consolidated balance sheets as of March 31, 2004 and June 30, 2004 have been restated from our previously
reported unaudited interim condensed consolidated financial statements.
As
Previously
Reported
(1)
As
Restated
As
Previously
Reported
(1)
As
Restated
September 30,
2004
December 31,
2004
March 31,
2004
June 30,
2004
As of
(Dollars in millions)
Assets:
Cash and cash equivalents . . . . . . . . . . . . $ 3,214 $ 5,205 $ 340 $ 3,479 $ 3,857 $ 2,655
Investments in securities:
Trading, at fair value . . . . . . . . . . . . . . 6 42,552 11 38,323 37,223 35,287
Available-for-sale, at fair value . . . . . . . 225,853 517,106 240,475 515,067 535,826 532,095
Held-to-maturity, at fair value . . . . . . . . 468,863 — 458,257 — — —
Total investments . . . . . . . . . . . . . . . 694,722 559,658 698,743 553,390 573,049 567,382
Mortgage loans:
Loans held for sale, at lower of cost or
market . . . . . . . . . . . . . . . . . . . . . . 6,655 13,318 2,637 11,363 11,280 11,721
Loans held for investment, at amortized
cost . . . . . . . . . . . . . . . . . . . . . . . . 236,054 380,115 239,982 385,253 389,766 390,000
Allowance for loan losses . . . . . . . . . (85) (288) (80) (296) (288) (349)
Total loans. . . . . . . . . . . . . . . . . . 242,624 393,145 242,539 396,320 400,758 401,372
Derivative assets at fair value . . . . . . . . . . 7,464 7,223 11,300 9,736 8,729 6,589
Guaranty assets . . . . . . . . . . . . . . . . . . . 5,100 4,798 5,810 5,602 5,652 5,924
Deferred tax assets . . . . . . . . . . . . . . . . . 11,622 4,767 8,934 7,043 6,508 6,074
Other assets . . . . . . . . . . . . . . . . . . . . . . 30,522 36,281 21,675 26,480 28,496 30,938
Total assets . . . . . . . . . . . . . . . . . . . $995,268 $1,011,077 $989,341 $1,002,050 $1,027,049 $1,020,934
Liabilities and Stockholders’ Equity:
Liabilities:
Short-term debt . . . . . . . . . . . . . . . . . . $468,999 $ 337,312 $422,899 $ 312,247 $ 336,321 $ 320,280
Long-term debt . . . . . . . . . . . . . . . . . . 474,091 606,340 515,296 632,076 630,585 632,831
Derivative liabilities at fair value. . . . . . 4,146 5,357 318 558 1,885 1,145
Reserve for guaranty losses . . . . . . . . . 710 271 677 271 299 396
Guaranty obligations . . . . . . . . . . . . . . 5,100 7,084 5,810 8,208 8,396 8,784
Other liabilities . . . . . . . . . . . . . . . . . . 21,370 20,731 18,176 18,395 16,549 18,520
Total liabilities . . . . . . . . . . . . . . . . 974,416 977,095 963,176 971,755 994,035 981,956
Minority interests in consolidated
subsidiaries. . . . . . . . . . . . . . . . . . . . . 47 52 44 50 47 76
Stockholders’ Equity:
Retained earnings . . . . . . . . . . . . . . . . 36,845 27,307 37,414 31,079 29,668 30,705
Accumulated other comprehensive
income . . . . . . . . . . . . . . . . . . . . . . (14,896) 7,686 (9,994) 374 4,462 4,387
Other stockholders’ equity . . . . . . . . . . (1,144) (1,063) (1,299) (1,208) (1,163) 3,810
Total stockholders’ equity . . . . . . . . . 20,805 33,930 26,121 30,245 32,967 38,902
Total liabilities and stockholders’ equity . . $995,268 $1,011,077 $989,341 $1,002,050 $1,027,049 $1,020,934
(1)
Certain amounts have been reclassified to conform to the current condensed consolidated balance sheet presentation.
F-103
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)