Freddie Mac 2004 Annual Report Download - page 47
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CONSOLIDATED RESULTS OF OPERATIONS
The following discussion of our consolidated results of operations should be read in conjunction with the
notes to our consolidated Ñnancial statements.
Table 13 Ì Summary of Consolidated Results
2003 vs. 2002
2004 vs. 2003 Year Ended
Year Ended December 31, December 31,
2004 2003 Change 2002 Change
(in millions, except per share amounts)
Net interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 9,137 $ 9,498 $ (361) $ 9,525 $ (27)
Non-interest income (loss)
Management and guarantee income ÏÏÏÏ 1,382 1,653 (271) 1,527 126
Gains (losses) on ""Guarantee asset for
Participation CertiÑcates, at fair
value'' ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,135) (1,461) 326 (2,176) 715
Income on ""Guarantee obligation for
Participation CertiÑcates'' ÏÏÏÏÏÏÏÏÏÏ 732 925 (193) 592 333
Derivative gains (losses) ÏÏÏÏÏÏÏÏÏÏÏÏÏ (4,475) 39 (4,514) 5,302 (5,263)
Hedge accounting gains (losses) ÏÏÏÏÏÏÏ 743 644 99 187 457
Gains (losses) on investment activity ÏÏÏ (348) (1,114) 766 1,799 (2,913)
Gains (losses) on debt retirementÏÏÏÏÏÏ (327) (1,775) 1,448 (674) (1,101)
Resecuritization fees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 159 352 (193) 276 76
Other incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 230 493 (263) 321 172
Total non-interest income (loss) ÏÏÏÏÏ (3,039) (244) (2,795) 7,154 (7,398)
Non-interest expense
Salaries and employee beneÑts ÏÏÏÏÏÏÏÏ (758) (624) (134) (593) (31)
Professional services ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (588) (311) (277) (155) (156)
Occupancy expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (60) (52) (8) (42) (10)
Other administrative expenses ÏÏÏÏÏÏÏÏÏ (144) (194) 50 (184) (10)
Total administrative expenses ÏÏÏÏÏ (1,550) (1,181) (369) (974) (207)
(Provision) beneÑt for credit losses ÏÏÏÏ (143) 5 (148) (122) 127
REO operations income (expense) ÏÏÏÏÏ 3 (7) 10 (4) (3)
Housing tax credit partnerships ÏÏÏÏÏÏÏÏ (281) (200) (81) (160) (40)
Minority interests in earnings of
consolidated subsidiariesÏÏÏÏÏÏÏÏÏÏÏÏ (129) (157) 28 (184) 27
Other expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (271) (696) 425 (432) (264)
Total non-interest expense ÏÏÏÏÏÏÏÏ (2,371) (2,236) (135) (1,876) (360)
Income before income tax expense ÏÏÏÏÏÏÏ 3,727 7,018 (3,291) 14,803 (7,785)
Income tax expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (790) (2,202) 1,412 (4,713) 2,511
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,937 4,816 (1,879) 10,090 (5,274)
Preferred stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (210) (216) 6 (239) 23
Net income available to common
stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,727 $ 4,600 $(1,873) $ 9,851 $(5,251)
Diluted earnings per common share ÏÏÏÏÏÏ $ 3.94 $ 6.68 $ (2.74) $ 14.17 $ (7.49)
Freddie Mac
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