Fannie Mae 2010 Annual Report Download - page 398

March 31 June 30 September 30 December 31
For the 2009 Quarter Ended
(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 990 $ 923 $ 862 $ 1,084
Available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . 3,721 3,307 3,475 3,115
Mortgage loans:
Of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,707 4,392 3,229 3,050
Of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . 891 1,219 2,061 1,972
Other........................................ 127 139 48 43
Total interest income . . . . . . . . . . . . . . . . . . . . . . . . . . 10,436 9,980 9,675 9,264
Interest expense:
Short-term debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,107 600 390 209
Long-term debt:
Of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,992 5,560 5,370 5,273
Of consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 85 85 85
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . 7,188 6,245 5,845 5,567
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,248 3,735 3,830 3,697
Provision for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,509) (2,615) (2,546) (1,899)
Net interest income after provision for loan losses. . . . . . . . . . . 739 1,120 1,284 1,798
Guaranty fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,752 1,659 1,923 1,877
Investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . 223 (45) 785 495
Other-than-temporary impairments . . . . . . . . . . . . . . . . . . . . . (5,653) (1,097) (1,018) (1,289)
Noncredit portion of other-than-temporary impairments
recognized in other comprehensive loss . . . . . . . . . . . . . . . . — 344 79 (1,227)
Net other-than-temporary impairments . . . . . . . . . . . . . . . . . . . (5,653) (753) (939) (2,516)
Fair value gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . (1,460) 823 (1,536) (638)
Debt extinguishment losses, net. . . . . . . . . . . . . . . . . . . . . . . . (79) (190) (11) (45)
Losses from partnership investments . . . . . . . . . . . . . . . . . . . . (357) (571) (520) (5,287)
Feeandotherincome............................... 192 197 194 190
Non-interest income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . (5,382) 1,120 (104) (5,924)
Administrative expenses:
Salaries and employee benefits . . . . . . . . . . . . . . . . . . . . . . 293 245 293 302
Professional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 180 178 183
Occupancy expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 46 47 64
Other administrative expenses . . . . . . . . . . . . . . . . . . . . . . . 39 39 44 63
Total administrative expenses . . . . . . . . . . . . . . . . . . . . 523 510 562 612
Provision for guaranty losses . . . . . . . . . . . . . . . . . . . . . . . . . 17,825 15,610 19,350 10,272
Foreclosed property expense (income) . . . . . . . . . . . . . . . . . . . 538 559 64 (251)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 318 231 656
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,165 16,997 20,207 11,289
Loss before federal income taxes and extraordinary losses . . . . . (23,808) (14,757) (19,027) (15,415)
Provision (benefit) for federal income taxes . . . . . . . . . . . . . . . (623) 23 (143) (242)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,185) (14,780) (18,884) (15,173)
Less: Net (income) loss attributable to the noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 26 12 (2)
Net loss attributable to Fannie Mae . . . . . . . . . . . . . . . . . . . . . (23,168) (14,754) (18,872) (15,175)
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) (411) (883) (1,151)
Net loss attributable to common stockholders . . . . . . . . . . . . . . $(23,197) $(15,165) $(19,755) $(16,326)
Loss per share—Basic and Diluted . . . . . . . . . . . . . . . . . . . . . $ (4.09) $ (2.67) $ (3.47) $ (2.87)
Weighted-average common shares outstanding—Basic and
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,666 5,681 5,685 5,687
F-140
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)