Fannie Mae 2014 Annual Report Download - page 218

F-3
FANNIE MAE
(In conservatorship)
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
As of December 31,
2014 2013
ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,023 $ 19,228
Restricted cash (includes $27,515 and $23,982, respectively, related to consolidated trusts) . . . . . . . . . . . . . . . . . . . . . . . 32,542 28,995
Federal funds sold and securities purchased under agreements to resell or similar arrangements . . . . . . . . . . . . . . . . . . . . 30,950 38,975
Investments in securities:
Trading, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,504 30,768
Available-for-sale, at fair value (includes $596 and $998, respectively, related to consolidated trusts). . . . . . . . . . . . . 30,654 38,171
Total investments in securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,158 68,939
Mortgage loans:
Loans held for sale, at lower of cost or fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 380
Loans held for investment, at amortized cost:
Of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,360 300,159
Of consolidated trusts (includes $15,629 and $14,268, respectively, at fair value and loans pledged as collateral
that may be sold or repledged of $0 and $442, respectively). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,782,344 2,769,547
Total loans held for investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,054,704 3,069,706
Allowance for loan losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,541) (43,846)
Total loans held for investment, net of allowance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,019,163 3,025,860
Total mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,019,494 3,026,240
Accrued interest receivable, net (includes $7,169 and $7,271, respectively, related to consolidated trusts) . . . . . . . . . . . . 8,193 8,319
Acquired property, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,618 11,621
Deferred tax assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,206 47,560
Other assets (includes cash pledged as collateral of $1,646 and $1,590, respectively). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,992 20,231
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,248,176 $ 3,270,108
LIABILITIES AND EQUITY
Liabilities:
Accrued interest payable (includes $8,282 and $8,276, respectively, related to consolidated trusts) . . . . . . . . . . . . . . . . $ 10,232 $ 10,553
Federal funds purchased and securities sold under agreements to repurchase. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 —
Debt:
Of Fannie Mae (includes $6,403 and $1,308, respectively, at fair value). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460,443 529,434
Of consolidated trusts (includes $19,483 and $14,976, respectively, at fair value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,761,712 2,705,089
Other liabilities (includes $503 and $488, respectively, related to consolidated trusts). . . . . . . . . . . . . . . . . . . . . . . . . . . 12,019 15,441
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,244,456 3,260,517
Commitments and contingencies (Note 19). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Fannie Mae stockholders’ equity:
Senior preferred stock, 1,000,000 shares issued and outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,149 117,149
Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding. . . . . . . . . . . . . . . . 19,130 19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued, 1,158,082,750 and
1,158,080,657 shares outstanding, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687 687
Accumulated deficit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (127,618) (121,227)
Accumulated other comprehensive income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,733 1,203
Treasury stock, at cost, 150,679,953 and 150,682,046 shares, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,401) (7,401)
Total Fannie Mae stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,680 9,541
Noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 50
Total equity (See Note 1: Senior Preferred Stock and Warrant Issued to Treasury and (Loss) Earnings per Share for
information on our dividend obligation to Treasury) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,720 9,591
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,248,176 $ 3,270,108
See Notes to Consolidated Financial Statements