Fannie Mae 2004 Annual Report Download - page 68

2004 2003 2002 2001
As of December 31,
(Restated) (Restated) (Restated)
(Dollars in millions)
Balance Sheet Data:
Investments in securities:
Trading
(4)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,287 $ 43,798 $ 14,909 $ (45)
Available-for-sale . . . . . . . . . . . . . . . . . . . . . . . . . . 532,095 523,272 520,176 503,381
Mortgage loans:
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . 11,721 13,596 20,192 11,327
Loans held for investment, net of allowance . . . . . . . 389,651 385,465 304,178 267,510
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,934 1,022,275 904,739 814,561
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,280 343,662 293,538 280,848
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 632,831 617,618 547,755 484,182
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 981,956 990,002 872,840 791,305
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,108 4,108 2,678 2,303
Total stockholders’ equity . . . . . . . . . . . . . . . . . . 38,902 32,268 31,899 23,256
Regulatory Capital Data:
Core capital
(5)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,514 $ 26,953 $ 20,431 $ 18,234
Total capital
(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,196 27,487 20,831 18,500
Book of Business Data:
Mortgage portfolio
(7)
. . . . . . . . . . . . . . . . . . . . . . . . . $ 917,209 $ 908,868 $ 799,779 $ 715,953
Fannie Mae MBS held by third parties
(8)
. . . . . . . . . . . 1,408,047 1,300,520 1,040,439 878,039
Book of business . . . . . . . . . . . . . . . . . . . . . . . . $2,325,256 $2,209,388 $1,840,218 $1,593,992
2004 2003 2002
(Restated) (Restated)
Ratios:
Return on assets ratio
(9)*
...................................... 0.47% 0.82% 0.44%
Return on equity ratio
(10)*
..................................... 16.6 27.6 15.2
Equity to assets ratio
(11)*
...................................... 3.5 3.3 3.2
Dividend payout ratio
(12)*
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.1 20.8 34.5
Average effective guaranty fee rate (in basis points)
(13)*
. . . . . . . . . . . . . . . . 20.8 bp 21.0 bp 19.3 bp
Credit loss ratio (in basis points)
(14)*
.............................. 1.0bp 0.9bp 0.8bp
Earnings to combined fixed charges and preferred stock dividends and
issuance costs at redemption ratio
(15)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.22:1 1.36:1 1.16:1
(1)
Includes investment losses, net; debt extinguishment losses, net; loss from partnership investments; and fee and other
income.
(2)
Unpaid principal balance of Fannie Mae MBS acquired by third-party investors during the reporting period.
(3)
Unpaid principal balance of mortgage loans and mortgage-related securities we purchased for our portfolio during the
reporting period.
(4)
Balance as of December 31, 2001 primarily represents the fair value of forward purchases of TBA mortgage securities
that were in a loss position.
(5)
The sum of (a) the stated value of outstanding common stock (common stock less treasury stock); (b) the stated value
of outstanding non-cumulative perpetual preferred stock; (c) paid-in-capital; and (d) retained earnings. Core capital
excludes accumulated other comprehensive income.
(6)
The sum of (a) core capital and (b) the total allowance for loan losses and reserve for guaranty losses, less (c) the
specific loss allowance (that is, the allowance required on individually-impaired loans).
(7)
Unpaid principal balance of mortgage loans and mortgage-related securities held in our portfolio.
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