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Selected Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2020
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 2020 and 2019 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 2020 Quarter Ended
March 31June 30September 30December 31
(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities$316 $219 $177 $162 
Available-for-sale securities31 26 19 22 
Mortgage loans28,938 27,007 25,810 24,561 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
107 14 14 11 
Other34 25 33 43 
Total interest income29,426 27,291 26,053 24,799 
Interest expense:
Short-term debt(102)(54)(19)(7)
Long-term debt(23,977)(21,460)(19,378)(17,706)
Total interest expense(24,079)(21,514)(19,397)(17,713)
Net interest income5,347 5,777 6,656 7,086 
Benefit (provision) for credit losses(2,583)(12)501 1,416 
Net interest income after benefit for credit losses2,764 5,765 7,157 8,502 
Investment gains (losses) , net(158)149 653 263 
Fair value losses, net(276)(1,018)(327)(880)
Fee and other income120 90 93 159 
Non-interest income (loss)(314)(779)419 (458)
Administrative expenses:
Salaries and employee benefits(393)(382)(386)(393)
Professional services(212)(231)(230)(248)
Other administrative expenses(144)(141)(146)(162)
Total administrative expenses(749)(754)(762)(803)
Foreclosed property expense(80)(10)(71)(16)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees(637)(660)(679)(697)
Credit enhancement expense(376)(360)(325)(300)
Change in expected credit enhancement recoveries188 273 (48)(180)
Other expenses, net(218)(261)(313)(339)
Total expenses(1,872)(1,772)(2,198)(2,335)
Income before federal income taxes578 3,214 5,378 5,709 
Provision for federal income taxes(117)(669)(1,149)(1,139)
Net income461 2,545 4,229 4,570 
Dividends distributed or amounts attributable to senior preferred stock
(476)(2,532)(4,216)(4,566)
Net income (loss) attributable to common stockholders
$(15)$13 $13 $4 
Earnings per share:
Basic$0.00 $0.00 $0.00 $0.00 
Diluted0.00 0.00 0.00 0.00 
Weighted-average common shares outstanding:
Basic5,867 5,867 5,867 5,867 
Diluted5,867 5,893 5,893 5,893 
For the 2019 Quarter Ended
March 31June 30September 30December 31
(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities$427 $432 $418 $350 
Available-for-sale securities53 45 40 37 
Mortgage loans29,862 29,511 29,072 28,929 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
263 257 178 145 
Other32 41 47 43 
Total interest income30,637 30,286 29,755 29,504 
Interest expense:
Short-term debt(125)(119)(125)(132)
Long-term debt(25,716)(24,940)(24,282)(23,450)
Total interest expense(25,841)(25,059)(24,407)(23,582)
Net interest income4,796 5,227 5,348 5,922 
Benefit for credit losses650 1,225 1,857 279 
Net interest income after benefit for credit losses5,446 6,452 7,205 6,201 
Investment gains, net133 461 253 923 
Fair value gains (losses), net(831)(754)(713)84 
Fee and other income134 113 188 131 
Non-interest income (loss)(564)(180)(272)1,138 
Administrative expenses:
Salaries and employee benefits(386)(376)(361)(363)
Professional services(225)(233)(241)(268)
Other administrative expenses(133)(135)(147)(155)
Total administrative expenses(744)(744)(749)(786)
Foreclosed property expense(140)(128)(96)(151)
TCCA fees(593)(600)(613)(626)
Credit enhancement expense(216)(276)(290)(352)
Other expenses, net(162)(203)(186)(194)
Total expenses (1,855)(1,951)(1,934)(2,109)
Income before federal income taxes3,027 4,321 4,999 5,230 
Provision for federal income taxes(627)(889)(1,036)(865)
Net income 2,400 3,432 3,963 4,365 
Dividends distributed or amounts attributable to senior preferred stock
(2,361)(3,365)(3,977)(4,266)
Net income (loss) attributable to common stockholders$39 $67 $(14)$99 
Earnings per share:
Basic$0.01 $0.01 $0.00 $0.02 
Diluted0.01 0.01 0.00 0.02 
Weighted-average common shares outstanding:
Basic5,762 5,762 5,762 5,762 
Diluted5,893 5,893 5,762 5,893