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Selected Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information (Unaudited)
Selected Quarterly Financial Information (Unaudited)
The consolidated statements of operations for the quarterly periods in 2017 and 2016 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. Certain prior period amounts have been reclassified to conform to the current period presentation. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods.
 
For the 2017 Quarter Ended
 
March 31
 
June 30
 
September 30
 
December 31
 
(Dollars and shares in millions, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
 
$
142

 
 
 
$
176

 
 
 
$
195

 
 
 
$
193

 
Available-for-sale securities
 
101

 
 
 
91

 
 
 
77

 
 
 
66

 
Mortgage loans
 
27,047

 
 
 
27,011

 
 
 
27,047

 
 
 
27,214

 
Other
 
94

 
 
 
115

 
 
 
142

 
 
 
145

 
Total interest income
 
27,384

 
 
 
27,393

 
 
 
27,461

 
 
 
27,618

 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
(44
)
 
 
 
(57
)
 
 
 
(72
)
 
 
 
(77
)
 
Long-term debt
 
(21,994
)
 
 
 
(22,334
)
 
 
 
(22,115
)
 
 
 
(22,430
)
 
Total interest expense
 
(22,038
)
 
 
 
(22,391
)
 
 
 
(22,187
)
 
 
 
(22,507
)
 
Net interest income
 
5,346

 
 
 
5,002

 
 
 
5,274

 
 
 
5,111

 
Benefit (provision) for credit losses
 
396

 
 
 
1,267

 
 
 
(182
)
 
 
 
560

 
Net interest income after benefit (provision) for credit losses
 
5,742

 
 
 
6,269

 
 
 
5,092

 
 
 
5,671

 
Investment gains (losses), net
 
(9
)
 
 
 
385

 
 
 
313

 
 
 
833

 
Fair value gains (losses), net
 
(40
)
 
 
 
(691
)
 
 
 
(289
)
 
 
 
(191
)
 
Fee and other income
 
249

 
 
 
353

 
 
 
1,194

 
 
 
431

 
Non-interest income
 
200

 
 
 
47

 
 
 
1,218

 
 
 
1,073

 
Administrative expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
(344
)
 
 
 
(332
)
 
 
 
(331
)
 
 
 
(321
)
 
Professional services
 
(229
)
 
 
 
(234
)
 
 
 
(218
)
 
 
 
(252
)
 
Other administrative expenses
 
(111
)
 
 
 
(120
)
 
 
 
(115
)
 
 
 
(130
)
 
Total administrative expenses
 
(684
)
 
 
 
(686
)
 
 
 
(664
)
 
 
 
(703
)
 
Foreclosed property expense
 
(217
)
 
 
 
(34
)
 
 
 
(140
)
 
 
 
(130
)
 
TCCA fees
 
(503
)
 
 
 
(518
)
 
 
 
(531
)
 
 
 
(544
)
 
Other expenses, net
 
(382
)
 
 
 
(291
)
 
 
 
(427
)
 
 
 
(411
)
 
Total expenses
 
(1,786
)
 
 
 
(1,529
)
 
 
 
(1,762
)
 
 
 
(1,788
)
 
Income before federal income taxes
 
4,156

 
 
 
4,787

 
 
 
4,548

 
 
 
4,956

 
Provision for federal income taxes
 
(1,383
)
 
 
 
(1,587
)
 
 
 
(1,525
)
 
 
 
(11,489
)
 
Net income (loss) attributable to Fannie Mae
 
2,773

 
 
 
3,200

 
 
 
3,023

 
 
 
(6,533
)
 
Dividends distributed or available for distribution to senior preferred stockholder(1)
 
(2,779
)
 
 
 
(3,117
)
 
 
 
(3,048
)
 
 
 
—

 
Net income (loss) attributable to common stockholders
 
$
(6
)
 
 
 
$
83

 
 
 
$
(25
)
 
 
 
$
(6,533
)
 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.00

 
 
 
$
0.01

 
 
 
$
0.00

 
 
 
$
(1.13
)
 
Diluted
 
0.00

 
 
 
0.01

 
 
 
0.00

 
 
 
(1.13
)
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
5,762

 
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
Diluted
 
5,762

 
 
 
5,893

 
 
 
5,762

 
 
 
5,762

 
 
For the 2016 Quarter Ended
 
March 31
 
June 30
 
September 30
 
December 31
 
(Dollars and shares in millions, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
 
$
120

 
 
 
$
128

 
 
 
$
140

 
 
 
$
128

 
Available-for-sale securities
 
203

 
 
 
170

 
 
 
134

 
 
 
113

 
Mortgage loans
 
26,961

 
 
 
26,256

 
 
 
25,611

 
 
 
25,814

 
Other
 
48

 
 
 
46

 
 
 
66

 
 
 
83

 
Total interest income
 
27,332

 
 
 
26,600

 
 
 
25,951

 
 
 
26,138

 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
(51
)
 
 
 
(57
)
 
 
 
(56
)
 
 
 
(42
)
 
Long-term debt
 
(22,512
)
 
 
 
(21,257
)
 
 
 
(20,460
)
 
 
 
(20,291
)
 
Total interest expense
 
(22,563
)
 
 
 
(21,314
)
 
 
 
(20,516
)
 
 
 
(20,333
)
 
Net interest income
 
4,769

 
 
 
5,286

 
 
 
5,435

 
 
 
5,805

 
Benefit (provision) for credit losses
 
1,184

 
 
 
1,601

 
 
 
673

 
 
 
(1,303
)
 
Net interest income after benefit (provision) for credit losses
 
5,953

 
 
 
6,887

 
 
 
6,108

 
 
 
4,502

 
Investment gains, net
 
69

 
 
 
398

 
 
 
467

 
 
 
322

 
Fair value gains (losses), net
 
(2,813
)
 
 
 
(1,667
)
 
 
 
(491
)
 
 
 
3,890

 
Fee and other income
 
203

 
 
 
174

 
 
 
175

 
 
 
414

 
Non-interest income (loss)
 
(2,541
)
 
 
 
(1,095
)
 
 
 
151

 
 
 
4,626

 
Administrative expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
(364
)
 
 
 
(331
)
 
 
 
(322
)
 
 
 
(319
)
 
Professional services
 
(215
)
 
 
 
(232
)
 
 
 
(237
)
 
 
 
(271
)
 
Other administrative expenses
 
(109
)
 
 
 
(115
)
 
 
 
(102
)
 
 
 
(124
)
 
Total administrative expenses
 
(688
)
 
 
 
(678
)
 
 
 
(661
)
 
 
 
(714
)
 
Foreclosed property expense
 
(334
)
 
 
 
(63
)
 
 
 
(110
)
 
 
 
(137
)
 
TCCA fees
 
(440
)
 
 
 
(453
)
 
 
 
(465
)
 
 
 
(487
)
 
Other expenses, net
 
(264
)
 
 
 
(254
)
 
 
 
(300
)
 
 
 
(210
)
 
Total expenses
 
(1,726
)
 
 
 
(1,448
)
 
 
 
(1,536
)
 
 
 
(1,548
)
 
Income before federal income taxes
 
1,686

 
 
 
4,344

 
 
 
4,723

 
 
 
7,580

 
Provision for federal income taxes
 
(550
)
 
 
 
(1,398
)
 
 
 
(1,527
)
 
 
 
(2,545
)
 
Net income attributable to Fannie Mae
 
1,136

 
 
 
2,946

 
 
 
3,196

 
 
 
5,035

 
Dividends distributed or available for distribution to senior preferred stockholder
 
(919
)
 
 
 
(2,869
)
 
 
 
(2,977
)
 
 
 
(5,471
)
 
Net income (loss) attributable to common stockholders (Note 11)
 
$
217

 
 
 
$
77

 
 
 
$
219

 
 
 
$
(436
)
 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.04

 
 
 
$
0.01

 
 
 
$
0.04

 
 
 
$
(0.08
)
 
Diluted
 
0.04

 
 
 
0.01

 
 
 
0.04

 
 
 
(0.08
)
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
5,762

 
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
Diluted
 
5,893

 
 
 
5,893

 
 
 
5,893

 
 
 
5,762

 

__________
(1) 
Subsequent to the filing of our quarterly report on Form 10-Q for the quarter ended September 30, 2017 on November 2, 2017, the dividend provisions of our senior preferred stock were amended. As a result, the amount available for distribution as of September 30, 2017 was not the amount ultimately distributed upon payment of our fourth quarter 2017 dividend. See “Note 11, Equity (Deficit)” for further information regarding the changes to the dividend provisions of our senior preferred stock and the dividends we paid on the senior preferred stock during 2017.