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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
 

FANNIE MAE
(In conservatorship)
Condensed Consolidated Statements of Operations and Comprehensive Income — (Unaudited)
(Dollars and shares in millions, except per share amounts)
 
For the Three Months
 
Ended March 31,
 
2015
 
2014
Interest income:
 
 
 
 
 
 
 
Trading securities
 
$
115

 
 
 
$
127

 
Available-for-sale securities
 
376

 
 
 
440

 
Mortgage loans (includes $24,622 and $25,954, respectively, related to consolidated trusts)
 
27,044

 
 
 
28,588

 
Other
 
33

 
 
 
24

 
Total interest income
 
27,568

 
 
 
29,179

 
Interest expense:
 
 
 
 
 
 
 
Short-term debt
 
29

 
 
 
20

 
Long-term debt (includes $20,515 and $22,076, respectively, related to consolidated trusts)
 
22,472

 
 
 
24,421

 
Total interest expense
 
22,501

 
 
 
24,441

 
Net interest income
 
5,067

 
 
 
4,738

 
Benefit for credit losses
 
533

 
 
 
774

 
Net interest income after benefit for credit losses
 
5,600

 
 
 
5,512

 
Investment gains, net
 
342

 
 
 
95

 
Fair value losses, net
 
(1,919
)
 
 
 
(1,190
)
 
Debt extinguishment gains, net
 
8

 
 
 

 
Fee and other income
 
308

 
 
 
4,355

 
Non-interest (loss) income
 
(1,261
)
 
 
 
3,260

 
Administrative expenses:
 
 
 
 
 
 
 
Salaries and employee benefits
 
351

 
 
 
325

 
Professional services
 
271

 
 
 
242

 
Occupancy expenses
 
43

 
 
 
50

 
Other administrative expenses
 
58

 
 
 
55

 
Total administrative expenses
 
723

 
 
 
672

 
Foreclosed property expense (income)
 
473

 
 
 
(262
)
 
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees
 
382

 
 
 
322

 
Other expenses, net
 
3

 
 
 
131

 
Total expenses
 
1,581

 
 
 
863

 
Income before federal income taxes
 
2,758

 
 
 
7,909

 
Provision for federal income taxes
 
(870
)
 
 
 
(2,584
)
 
Net income
 
1,888

 
 
 
5,325

 
Other comprehensive income:
 
 
 
 
 
 
 
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes
 
(91
)
 
 
 
372

 
Other
 
(1
)
 
 
 

 
Total other comprehensive (loss) income
 
(92
)
 
 
 
372

 
Total comprehensive income attributable to Fannie Mae
 
$
1,796

 
 
 
$
5,697

 
Net income attributable to Fannie Mae
 
1,888

 
 
 
5,325

 
Dividends available for distribution to senior preferred stockholder (Note 10)
 
(1,796
)
 
 
 
(5,692
)
 
Net income (loss) attributable to common stockholders (Note 10)
 
$
92

 
 
 
$
(367
)
 
Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
 
$
0.02

 
 
 
$
(0.06
)
 
Diluted
 
0.02

 
 
 
(0.06
)
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
Basic
 
5,762

 
 
 
5,762

 
Diluted
 
5,893

 
 
 
5,762

 









See Notes to Condensed Consolidated Financial Statements

70