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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income:        
Trading securities $ 432 $ 318 $ 859 $ 554
Available-for-sale securities 45 50 98 121
Mortgage loans (includes $28,102 and $26,521, respectively, for the three months ended and $56,547 and $52,819, respectively, for the six months ended related to consolidated trusts) 29,379 28,307 59,147 56,341
Federal funds sold and securities purchased under agreements to resell or similar arrangements 257 149 520 291
Other 41 33 73 64
Total interest income 30,154 28,857 60,697 57,371
Interest expense:        
Short-term debt (119) (110) (244) (217)
Long-term debt (includes $23,407 and $21,896, respectively, for the three months ended and $47,596 and $43,611, respectively, for the six months ended related to consolidated trusts) (24,885) (23,370) (50,570) (46,545)
Total interest expense (25,004) (23,480) (50,814) (46,762)
Net interest income 5,150 5,377 9,883 10,609
Benefit for credit losses 1,225 1,296 1,875 1,513
Net interest income after benefit for credit losses 6,375 6,673 11,758 12,122
Non-interest income (loss):        
Investment gains, net 461 277 594 527
Fair value gains (losses), net (754) 229 (1,585) 1,274
Fee and other income 246 239 473 559
Non-interest income (loss) (47) 745 (518) 2,360
Administrative expenses:        
Salaries and employee benefits (376) (365) (762) (746)
Professional services (233) (254) (458) (497)
Other administrative expenses (135) (136) (268) (262)
Total administrative expenses (744) (755) (1,488) (1,505)
Foreclosed property expense (128) (139) (268) (301)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees (600) (565) (1,193) (1,122)
Other expenses, net (535) (366) (943) (569)
Total expenses (2,007) (1,825) (3,892) (3,497)
Income before federal income taxes 4,321 5,593 7,348 10,985
Provision for federal income taxes (889) (1,136) (1,516) (2,267)
Other comprehensive income (loss):        
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes (65) 4 (101) (316)
Other, net of taxes (2) (2) (5) (5)
Total other comprehensive income (loss) (67) 2 (106) (321)
Total comprehensive income 3,365 4,459 5,726 8,397
Net income 3,432 4,457 5,832 8,718
Dividends distributed or available for distribution to senior preferred stockholder (3,365) (4,459) (5,726) (5,397)
Net income (loss) attributable to common stockholders $ 67 $ (2) $ 106 $ 3,321
Earnings per share, Basic $ 0.01 $ 0.00 $ 0.02 $ 0.58
Earnings per share, Diluted $ 0.01 $ 0.00 $ 0.02 $ 0.56
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