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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income:        
Trading securities $ 185 $ 234 $ 633 $ 756
Available-for-sale securities 546 789 1,870 2,551
Mortgage loans (includes $25,351 and $27,057, respectively, for the three months ended and $75,592 and $84,482, respectively, for the nine months ended related to consolidated trusts) 28,299 30,593 85,579 95,186
Other 37 53 143 131
Total interest income 29,067 31,669 88,225 98,624
Interest expense:        
Short-term debt 29 38 109 112
Long-term debt (includes $20,905 and $23,395, respectively, for the three months ended and $62,785 and $73,469, respectively, for the nine months ended related to consolidated trusts) 23,456 26,314 70,563 82,570
Total interest expense 23,485 26,352 70,672 82,682
Net interest income 5,582 5,317 17,553 15,942
Benefit (provision) for credit losses 2,609 (2,079) 8,949 (1,038)
Net interest income (loss) after benefit (provision) for credit losses 8,191 3,238 26,502 14,904
Investment gains, net 648 134 1,056 381
Net other-than-temporary impairments (27) [1] (38) (42) [1] (701)
Fair value gains (losses), net 335 (1,020) 1,998 (3,186)
Debt extinguishment (losses) gains, net 92 (54) 96 (181)
Fee and other income (expense) 741 378 1,794 1,148
Non-interest income (loss) 1,789 (600) 4,902 (2,539)
Administrative expenses:        
Salaries and employee benefits 307 294 928 892
Professional services 236 195 678 542
Occupancy expenses 48 48 141 139
Other administrative expenses 55 51 166 146
Total administrative expenses 646 588 1,913 1,719
Foreclosed property (income) expense (1,165) (48) (1,757) 221
Other expenses 400 285 955 775
Total other (income) expenses (119) 825 1,111 2,715
Income (loss) before federal income taxes 10,099 1,813 30,293 9,650
Benefit (Provision) for federal income taxes (1,355) 0 47,231 [2] 0
Net income (loss) 8,744 1,813 77,524 9,650
Other comprehensive income (loss):        
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes (133) 741 532 1,416
Other (1) [3] 5 [3] 154 [3] 20 [3]
Total other comprehensive income (loss) (134) 746 686 1,436
Total comprehensive income (loss) 8,610 2,559 78,210 11,086
Less: Comprehensive (income) loss attributable to the noncontrolling interest (7) 8 (18) 4
Total comprehensive income (loss) attributable to Fannie Mae 8,603 2,567 78,192 11,090
Net income (loss) 8,744 1,813 77,524 9,650
Less: Net (income) loss attributable to noncontrolling interest (7) 8 (18) 4
Net (loss) income attributable to Fannie Mae 8,737 1,821 77,506 9,654
Dividends distributed or available for distribution to senior preferred stockholder (8,617) [4] (2,929) [4] (78,228) [4] (8,675) [4]
Net income (loss) attributable to common stockholders (Note 11) $ 120 $ (1,108) $ (722) $ 979
Earnings (Loss) Per Share:        
Earnings (loss) per share, Basic $ 0.02 $ (0.19) $ (0.13) $ 0.17
Earnings (loss) per share, Diluted $ 0.02 $ (0.19) $ (0.13) $ 0.17
Weighted-average common shares outstanding:        
Weighted-average common shares outstanding, Basic 5,762 [5] 5,762 [5] 5,762 [5] 5,762 [5]
Weighted-average common shares outstanding, Diluted 5,893 [5] 5,762 [5] 5,762 [5] 5,893 [5]
[1] Includes $26 million of other-than-temporary impairments recognized in earnings for the three and nine months ended September 30, 2013, as we had the intent to sell the related securities before recovery of their amortized cost basis.
[2] Primarily represents the release of the valuation allowance for our deferred tax assets that primarily are directly attributable to each segment based on the nature of the item.
[3] Primarily represents activity from our defined benefit pension plans.
[4] Represents our required dividend payments to Treasury under the terms of the senior preferred stock purchase agreement. For the three months ended September 30, 2013, the dividend is calculated based on our net worth as of September 30, 2013 less the applicable capital reserve amount of $3.0 billion and for the nine months ended September 30, 2013, we add dividends paid related to 2013 to this amount. For the three and nine months ended September 30, 2012, an annual dividend rate of 10% on the aggregate liquidation preference was used to calculate the dividend.
[5] Includes 4.6 billion of weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through September 30, 2013.