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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income:        
Trading securities $ 143 $ 222 $ 270 $ 448
Available-for-sale securities 414 651 854 1,324
Mortgage loans (includes $25,533 and $24,847, respectively, for the three months ended and $51,487 and $50,241, respectively, for the six months ended related to consolidated trusts) 28,165 28,056 56,753 57,280
Other 24 49 48 106
Total interest income 28,746 28,978 57,925 59,158
Interest expense:        
Short-term debt 21 37 41 80
Long-term debt (includes $21,692 and $20,722, respectively, for the three months ended and $43,768 and $41,880, respectively, for the six months ended related to consolidated trusts) 23,821 23,274 48,242 47,107
Total interest expense 23,842 23,311 48,283 47,187
Net interest income 4,904 5,667 [1] 9,642 11,971 [1]
Benefit for credit losses 1,639 5,383 [1] 2,413 6,340 [1]
Net interest income after benefit for credit losses 6,543 11,050 [1] 12,055 18,311 [1]
Investment gains, net 506 290 652 408
Net other-than-temporary impairments (23) (6) [1] (74) (15) [1]
Fair value (losses) gains, net (934) 829 [1] (2,124) 1,663 [1]
Debt extinguishment gains, net 38 27 [1] 38 4 [1]
Fee and other income 383 485 4,738 1,053
Non-interest (loss) income (30) 1,625 3,230 3,113
Administrative expenses:        
Salaries and employee benefits 319 304 644 621
Professional services 275 219 517 442
Occupancy expenses 47 47 97 93
Other administrative expenses 56 56 111 111
Total administrative expenses 697 626 [1] 1,369 1,267 [1]
Foreclosed property income (214) (332) [1] (476) (592) [1]
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees 335 233 657 419
Other expenses, net 276 68 407 136
Total expenses 1,094 595 1,957 1,230
Income before federal income taxes 5,419 12,080 [1] 13,328 20,194 [1]
(Provision) benefit for federal income taxes (1,752) (1,985) [1] (4,336) 48,586 [1],[2]
Net income 3,667 10,095 [1] 8,992 68,780 [1]
Other comprehensive income:        
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes 45 17 417 665
Other 0 149 0 155
Total other comprehensive income 45 166 417 820
Total comprehensive income 3,712 10,261 9,409 69,600
Comprehensive Income Attributable to Noncontrolling Interest (1) (11) (1) (11)
Total comprehensive income attributable to Fannie Mae 3,711 10,250 9,408 69,589
Net income 3,667 10,095 [1] 8,992 68,780 [1]
Net Income Attributable to Noncontrolling Interest (1) (11) [1] (1) (11) [1]
Net income attributable to Fannie Mae 3,666 10,084 [1] 8,991 68,769 [1]
Dividends distributed or available for distribution to senior preferred stockholder (Note 11) (3,712) [3] (10,243) [3] (9,404) [3] (69,611) [3]
Net loss attributable to common stockholders (Note 11) $ (46) $ (159) $ (413) $ (842)
Loss per share: basic and diluted $ (0.01) $ (0.03) $ (0.07) $ (0.15)
Weighted-average common shares outstanding: basic and diluted 5,762 [4] 5,762 [4] 5,762 [4] 5,762 [4]
[1] Certain prior period amounts have been reclassified to conform with the current period presentation.
[2] Primarily represented the release of the valuation allowance for our deferred tax assets that generally is directly attributable to each segment based on the nature of the item.
[3] Represents our dividend payments to Treasury under the terms of the senior preferred stock. Dividends distributed or available for distribution for the three months ended June 30, 2014 (relating to the dividend period for the three months ended September 30, 2014) were calculated based on our net worth as of June 30, 2014 less the applicable capital reserve amount of $2.4 billion and for the six months ended June 30, 2014 we add dividends paid on June 30, 2014 to this amount. Dividends distributed or available for distribution for the three months ended June 30, 2013 (relating to the dividend period for the three months ended September 30, 2013) were calculated based on our net worth as of June 30, 2013 less the applicable capital reserve amount of $3.0 billion and for the six months ended June 30, 2013 we add dividends paid on June 30, 2013 to this amount.
[4] 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 June 30, 2014.