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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income:        
Trading securities $ 140 $ 99 $ 388 $ 330
Available-for-sale securities 134 261 507 931
Mortgage loans (includes $23,254 and $24,537, respectively, for the three months ended and $71,746 and $73,426, respectively, for the nine months ended related to consolidated trusts) 25,611 26,980 78,828 80,706
Other 66 37 160 104
Total interest income 25,951 27,377 79,883 82,071
Interest expense:        
Short-term debt 56 37 164 99
Long-term debt (includes $18,814 and $19,891, respectively, for the three months ended and $58,993 and $59,934, respectively, for the nine months ended related to consolidated trusts) 20,460 21,752 64,229 65,640
Total interest expense 20,516 21,789 64,393 65,739
Net interest income 5,435 5,588 15,490 16,332
Benefit for credit losses 673 1,550 3,458 1,050
Net interest income after benefit for credit losses 6,108 7,138 18,948 17,382
Non-interest income (loss):        
Investment gains, net 467 299 934 1,155
Fair value losses, net (491) (2,589) (4,971) (1,902)
Fee and other income 175 259 552 1,123
Non-interest income (loss) 151 (2,031) (3,485) 376
Administrative expenses:        
Salaries and employee benefits 322 317 1,017 999
Professional services 237 219 684 741
Occupancy expenses 45 43 136 129
Other administrative expenses 57 373 190 495
Total administrative expenses 661 952 2,027 2,364
Foreclosed property expense 110 497 507 1,152
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees 465 413 1,358 1,192
Other expenses, net 300 215 818 412
Total expenses 1,536 2,077 4,710 5,120
Income before federal income taxes 4,723 3,030 10,753 12,638
Provision for federal income taxes (1,527) (1,070) (3,475) (4,150)
Net income 3,196 1,960 7,278 8,488
Other comprehensive income (loss):        
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes (205) (177) (478) (548)
Other (2) 430 (6) 428
Total other comprehensive income (loss) (207) 253 (484) (120)
Total comprehensive income attributable to Fannie Mae 2,989 2,213 6,794 8,368
Net income attributable to Fannie Mae 3,196 1,960 7,278 8,488
Dividends distributed or available for distribution to senior preferred stockholder (Note 10) (2,977) (2,202) (6,765) (8,357)
Net income (loss) attributable to common stockholders (Note 10) $ 219 $ (242) $ 513 $ 131
Earnings (loss) per share, basic (in dollars per share) $ 0.04 $ (0.04) $ 0.09 $ 0.02
Earnings (loss) per share, diluted (in dollars per share) $ 0.04 $ (0.04) $ 0.09 $ 0.02
Weighted-average common shares outstanding, basic 5,762 5,762 5,762 5,762
Weighted-average common shares outstanding, diluted 5,893 5,762 5,893 5,893