Fannie Mae 2009 Annual Report Download - page 262

FANNIE MAE
(In conservatorship)
Consolidated Statements of Operations
(Dollars and shares in millions, except per share amounts)
2009 2008 2007
For the Year Ended
December 31,
Interest income:
Trading securities ................................................. $ 3,859 $ 5,878 $ 2,051
Available-for-sale securities . . . ....................................... 13,618 13,214 19,442
Mortgage loans .................................................. 21,521 22,692 22,218
Other ......................................................... 357 1,339 1,055
Total interest income ............................................. 39,355 43,123 44,766
Interest expense:
Short-term debt .................................................. 2,306 7,815 8,999
Long-term debt .................................................. 22,539 26,526 31,186
Total interest expense ............................................ 24,845 34,341 40,185
Net interest income ................................................. 14,510 8,782 4,581
Guaranty fee income (includes imputed interest of $1,333, $1,423 and $1,278,
respectively) . ................................................... 7,211 7,621 5,071
Losses on certain guaranty contracts ..................................... — — (1,424)
Trust management income ............................................ 40 261 588
Investment gains (losses), net . . . ....................................... 1,458 (246) (53)
Other-than-temporary impairments ....................................... (9,057) (6,974) (814)
Less: Noncredit portion of other-than-temporary impairments recognized in
other comprehensive loss ........................................... (804) — —
Net other-than-temporary impairments . . . ................................. (9,861) (6,974) (814)
Fair value losses, net . . . ............................................. (2,811) (20,129) (4,668)
Debt extinguishment losses, net . . ....................................... (325) (222) (47)
Losses from partnership investments ..................................... (6,735) (1,554) (1,005)
Fee and other income. . . ............................................. 733 772 965
Non-interest loss. . . ............................................. (10,290) (20,471) (1,387)
Administrative expenses:
Salaries and employee benefits ....................................... 1,133 1,032 1,370
Professional services. . ............................................. 684 529 851
Occupancy expenses . . ............................................. 205 227 263
Other administrative expenses . ....................................... 185 191 185
Total administrative expenses ....................................... 2,207 1,979 2,669
Provision for credit losses ............................................. 72,626 27,951 4,564
Foreclosed property expense ........................................... 910 1,858 448
Other expenses . ................................................... 1,484 1,093 660
Total expenses ................................................. 77,227 32,881 8,341
Loss before federal income taxes and extraordinary losses . ..................... (73,007) (44,570) (5,147)
Provision (benefit) for federal income taxes ................................ (985) 13,749 (3,091)
Loss before extraordinary losses . ....................................... (72,022) (58,319) (2,056)
Extraordinary losses, net of tax effect..................................... — (409) (15)
Net loss ......................................................... (72,022) (58,728) (2,071)
Less: Net loss attributable to the noncontrolling interest . ..................... 53 21 21
Net loss attributable to Fannie Mae ...................................... (71,969) (58,707) (2,050)
Preferred stock dividends and issuance costs at redemption . ..................... (2,474) (1,069) (513)
Net loss attributable to common stockholders ............................... $(74,443) $(59,776) $ (2,563)
Loss per share—Basic and Diluted ...................................... $ (13.11) $ (24.04) $ (2.63)
Cash dividends per common share ....................................... $ — $ 0.75 $ 1.90
Weighted-average common shares outstanding—Basic and Diluted . ............... 5,680 2,487 973
See Notes to Consolidated Financial Statements
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