Fannie Mae 2014 Annual Report Download - page 220

F-5
FANNIE MAE
(In conservatorship)
Consolidated Statements of Cash Flows
(Dollars in millions)
For the Year Ended December 31,
2014 2013 2012
Cash flows (used in) provided by operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,209 $ 83,982 $ 17,220
Reconciliation of net income to net cash (used in) provided by operating activities:
Amortization of cost basis adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,265) (5,104) (2,335)
Benefit for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,964) (8,949) (852)
Valuation gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,159) (2) (1,345)
Current and deferred federal income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,126 (47,766) 10
Net change in trading securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,666) 1,575 31,972
Net gains related to the disposition of acquired property and preforeclosure sales, including
credit enhancements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,510) (6,024) (6,009)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,109) (4,809) (1,660)
Net cash (used in) provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,338) 12,903 37,001
Cash flows provided by investing activities:
Purchases of trading securities held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (7,521) (3,216)
Proceeds from maturities and paydowns of trading securities held for investment. . . . . . . . . . . . . 1,358 2,491 3,508
Proceeds from sales of trading securities held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,668 14,585 3,861
Proceeds from maturities and paydowns of available-for-sale securities. . . . . . . . . . . . . . . . . . . . . 5,853 10,116 12,636
Proceeds from sales of available-for-sale securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,265 15,497 1,306
Purchases of loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (132,650) (195,386) (210,488)
Proceeds from repayments and sales of loans acquired as held for investment of Fannie Mae. . . . 26,719 48,875 31,322
Proceeds from repayments and sales of loans acquired as held for investment of consolidated
trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388,348 631,088 797,331
Net change in restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,547) 38,924 (17,122)
Advances to lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,045) (139,162) (144,064)
Proceeds from disposition of acquired property and preforeclosure sales. . . . . . . . . . . . . . . . . . . . 25,476 38,349 38,685
Net change in federal funds sold and securities purchased under agreements to resell or similar
arrangements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,025 (6,475) 13,500
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 1,373 434
Net cash provided by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,667 452,754 527,693
Cash flows used in financing activities:
Proceeds from issuance of debt of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380,282 372,361 736,065
Payments to redeem debt of Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (450,140) (459,745) (854,111)
Proceeds from issuance of debt of consolidated trusts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,353 409,979 396,513
Payments to redeem debt of consolidated trusts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (405,505) (707,544) (832,537)
Payments of cash dividends on senior preferred stock to Treasury . . . . . . . . . . . . . . . . . . . . . . . . . (20,594) (82,452) (11,608)
Proceeds from senior preferred stock purchase agreement with Treasury. . . . . . . . . . . . . . . . . . . . — — 4,571
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 (145) (9)
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (220,534) (467,546) (561,116)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,795 (1,889) 3,578
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,228 21,117 17,539
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,023 $ 19,228 $ 21,117
Cash paid during the period for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 108,667 $ 109,240 $ 119,259
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,815 2,350 —
Non-cash activities:
Net mortgage loans acquired by assuming debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 190,151 $ 433,007 $ 537,862
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts . . . . . . . . 113,611 179,097 165,272
Transfers from advances to lenders to loans held for investment of consolidated trusts . . . . . . . . . . . . 93,909 137,074 133,554
Net transfers from mortgage loans to acquired property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,742 34,024 46,981
See Notes to Consolidated Financial Statements