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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 08/03/2017
Entire Document
 
 
MD&A | Consolidated Results of Operations


Table 2 displays an analysis of our net interest income, average balances, and related yields earned on assets and incurred on liabilities. For most components of the average balances, we use a daily weighted average of amortized cost. When daily average balance information is not available, such as for mortgage loans, we use monthly averages. Table 3 displays the change in our net interest income between periods and the extent to which that variance is attributable to: (1) changes in the volume of our interest-earning assets and interest-bearing liabilities or (2) changes in the interest rates of these assets and liabilities.
Table 2: Analysis of Net Interest Income and Yield
 
For the Three Months Ended June 30,
 
2017
 
2016
 
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
$
190,255

 
$
1,978

 
4.16
%
 
$
232,722

 
$
2,390

 
4.11
%
Mortgage loans of consolidated trusts
2,951,028

 
25,033

 
3.39

 
2,822,502

 
23,866

 
3.38

Total mortgage loans(1)
3,141,283

 
27,011

 
3.44

 
3,055,224

 
26,256

 
3.44

Mortgage-related securities, net
13,860

 
127

 
3.64

 
23,060

 
241

 
4.18

Non-mortgage-related securities(2)
54,542

 
140

 
1.02

 
53,217

 
57

 
0.42

Other(3)
41,344

 
115

 
1.10

 
26,781

 
46

 
0.68

Total interest-earning assets
$
3,251,029

 
$
27,393

 
3.37
%
 
$
3,158,282

 
$
26,600

 
3.37
%
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
Short-term funding debt
$
30,320

 
$
56

 
0.73
%
 
$
56,132

 
$
56

 
0.40
%
Long-term funding debt
281,987

 
1,629

 
2.31

 
303,397

 
1,736

 
2.29

Total funding debt
312,307

 
1,685

 
2.16

 
359,529

 
1,792

 
1.99

Debt securities of consolidated trusts held by third parties
2,949,510

 
20,706

 
2.81

 
2,819,018

 
19,522

 
2.77

Total interest-bearing liabilities
$
3,261,817

 
$
22,391

 
2.75
%
 
$
3,178,547

 
$
21,314

 
2.68
%
Net interest income/net interest yield
 
 
$
5,002

 
0.62
%
 
 
 
$
5,286

 
0.67
%


Fannie Mae Second Quarter 2017 Form 10-Q
14