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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
Entire Document
 


Table 4: Analysis of Net Interest Income and Yield
 
For the Three Months Ended March 31,
 
2015
 
2014
 
Average
Balance
 
Interest
Income/
Expense
 
Average
Rates
Earned/Paid
 
Average
Balance
 
Interest
Income/
Expense
 
Average
Rates
Earned/Paid
 
(Dollars in millions)
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans of Fannie Mae
$
271,127

 
$
2,422

 
3.57
%
 
$
296,018

 
$
2,634

 
3.56
%
Mortgage loans of consolidated trusts
2,783,994

 
24,622

 
3.54
 
 
2,771,950

 
25,954

 
3.75
 
Total mortgage loans(1)
3,055,121

 
27,044

 
3.54
 
 
3,067,968

 
28,588

 
3.73
 
Mortgage-related securities
121,734

 
1,426

 
4.69
 
 
157,595

 
1,819

 
4.62
 
Elimination of Fannie Mae MBS held in retained mortgage portfolio
(83,587
)
 
(947
)
 
4.53
 
 
(107,798
)
 
(1,258
)
 
4.67
 
Total mortgage-related securities, net
38,147

 
479

 
5.02
 
 
49,797

 
561

 
4.51
 
Non-mortgage securities(2)
43,941

 
12

 
0.11
 
 
33,626

 
6

 
0.07
 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
33,409

 
12

 
0.14
 
 
33,395

 
5

 
0.06
 
Advances to lenders
4,001

 
21

 
2.10
 
 
3,213

 
19

 
2.37
 
Total interest-earning assets
$
3,174,619

 
$
27,568

 
3.47
%
 
$
3,187,999

 
$
29,179

 
3.66
%
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
$
98,043

 
$
29

 
0.12
%
 
$
62,931

 
$
20

 
0.13
%
Long-term debt
358,182

 
1,957

 
2.19
 
 
442,368

 
2,345

 
2.12
 
Total short-term and long-term funding debt
456,225

 
1,986

 
1.74
 
 
505,299

 
2,365

 
1.87
 
Debt securities of consolidated trusts
2,849,447

 
21,462

 
3.01
 
 
2,822,418

 
23,334

 
3.31
 
Elimination of Fannie Mae MBS held in retained mortgage portfolio
(83,587
)
 
(947
)
 
4.53
 
 
(107,798
)
 
(1,258
)
 
4.67
 
Total debt securities of consolidated trusts held by third parties
2,765,860

 
20,515

 
2.97
 
 
2,714,620

 
22,076

 
3.25
 
Total interest-bearing liabilities
$
3,222,085

 
$
22,501

 
2.79
%
 
$
3,219,919

 
$
24,441

 
3.04
%
Net interest income/net interest yield
 
 
$
5,067

 
0.64
%
 
 
 
$
4,738

 
0.59
%

 
As of March 31,
 
2015
 
2014
Selected benchmark interest rates
 
 
 
 
 
3-month LIBOR
0.27
%
 
0.23
%
2-year swap rate
0.81
 
 
0.55
 
5-year swap rate
1.53
 
 
1.80
 
10-year swap rate
2.02
 
 
2.84
 
30-year Fannie Mae MBS par coupon rate
2.65
 
 
3.44
 
__________
(1) 
Average balance includes mortgage loans on nonaccrual status. Interest income not recognized for loans on nonaccrual status was $412 million for the first quarter of 2015 compared with $527 million for the first quarter of 2014. Effective January 1, 2015, we changed our policy for the treatment of interest previously accrued, but not collected, at the date loans are placed on nonaccrual status. See “Note 1, Summary of Significant Accounting Policies” for information on this policy change.
(2) 
Includes cash equivalents.

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