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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
Entire Document
 
 
MD&A | Consolidated Results of Operations


Analysis of Net Interest Income and Yield

The table below displays an analysis of our net interest income, average balances, and related yields earned on assets and incurred on liabilities for the periods indicated. 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.
Analysis of Net Interest Income and Yield

For the Three Months Ended September 30,

2018

2017

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
$
149,859


$
1,665


4.44
%

$
181,445

 
$
1,879

 
4.14
%
Mortgage loans of consolidated trusts
3,090,212


27,058


3.50


2,979,153

 
25,168

 
3.38

Total mortgage loans(1)
3,240,071


28,723


3.55


3,160,598

 
27,047

 
3.42

Mortgage-related securities
10,513


115


4.38


12,132

 
99

 
3.30

Non-mortgage-related securities(2)
57,271


302


2.06


57,880

 
173

 
1.17

Federal funds sold and securities purchased under agreements to resell or similar arrangements
32,208


166


2.02


37,094

 
109

 
1.15

Advances to lenders
4,459


38


3.34


4,634

 
33

 
2.78

Total interest-earning assets
$
3,344,522


$
29,344


3.51
%

$
3,272,338

 
$
27,461

 
3.36
%
Interest-bearing liabilities:







 
 
 
 
 
Short-term funding debt
$
22,837


$
(114
)

1.95
%

$
27,967

 
$
(71
)
 
0.99
%
Long-term funding debt
196,266


(1,133
)

2.31


247,334

 
(1,232
)
 
1.99

Connecticut Avenue Securities® (“CAS”)
25,100


(366
)

5.83


20,978

 
(274
)
 
5.22

Total debt of Fannie Mae
244,203


(1,613
)

2.64


296,279

 
(1,577
)
 
2.13

Debt securities of consolidated trusts held by third parties
3,090,509


(22,362
)

2.89


2,984,811

 
(20,610
)
 
2.76

Total interest-bearing liabilities
$
3,334,712


$
(23,975
)

2.88
%

$
3,281,090

 
$
(22,187
)
 
2.70
%
Net interest income/net interest yield


$
5,369


0.64
%

 
 
$
5,274

 
0.64
%


Fannie Mae Third Quarter 2018 Form 10-Q
10