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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
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Notes to Condensed Consolidated Financial Statements | Segment Reporting


9.  Segment Reporting
We have two reportable business segments: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our condensed consolidated results of operations.
The following tables display our segment results.
 
For the Three Months Ended September 30,
 
2018
 
2017
 
Single-Family
 
Multifamily
 
Total
 
Single-Family
 
Multifamily
 
Total
 
(Dollars in millions)
Net interest income(1)
$
4,670

 
$
699

 
$
5,369

 
$
4,627

 
$
647

 
$
5,274

Fee and other income(2)
79

 
192

 
271

 
1,005

 
189

 
1,194

Net revenues
4,749

 
891

 
5,640

 
5,632

 
836

 
6,468

Investment gains, net(3)
146

 
20

 
166

 
286

 
27

 
313

Fair value gains (losses), net(4)
417

 
(31
)
 
386

 
(300
)
 
11

 
(289
)
Administrative expenses
(636
)
 
(104
)
 
(740
)
 
(580
)
 
(84
)
 
(664
)
Credit-related income (expense)(5)
 
 
 
 
 
 
 
 
 
 
 
Benefit (provision) for credit losses
732

 
(16
)
 
716

 
(137
)
 
(45
)
 
(182
)
Foreclosed property income (expense)
(150
)
 
(9
)
 
(159
)
 
(157
)
 
17

 
(140
)
Total credit-related income (expense)
582

 
(25
)
 
557

 
(294
)
 
(28
)
 
(322
)
TCCA fees(6)
(576
)
 

 
(576
)
 
(531
)
 

 
(531
)
Other expenses, net
(282
)
 
(95
)
 
(377
)
 
(320
)
 
(107
)
 
(427
)
Income before federal income taxes
4,400

 
656

 
5,056

 
3,893

 
655

 
4,548

Provision for federal income taxes
(938
)
 
(107
)
 
(1,045
)
 
(1,361
)
 
(164
)
 
(1,525
)
Net income
$
3,462

 
$
549

 
$
4,011

 
$
2,532

 
$
491

 
$
3,023

 
For the Nine Months Ended September 30,
 
2018
 
2017
 
Single-Family
 
Multifamily
 
Total
 
Single-Family
 
Multifamily
 
Total
 
(Dollars in millions)
Net interest income(1)
$
13,954

 
$
2,024

 
$
15,978

 
$
13,749

 
$
1,873

 
$
15,622

Fee and other income(2)
306

 
524

 
830

 
1,192

 
604

 
1,796

Net revenues
14,260

 
2,548

 
16,808

 
14,941

 
2,477

 
17,418

Investment gains, net(3)
640

 
53

 
693

 
557

 
132

 
689

Fair value gains (losses), net(4)
1,729

 
(69
)
 
1,660

 
(997
)
 
(23
)
 
(1,020
)
Administrative expenses
(1,928
)
 
(317
)
 
(2,245
)
 
(1,781
)
 
(253
)
 
(2,034
)
Credit-related income (expense)(5)
 
 
 
 
 
 
 
 
 
 
 
Benefit (provision) for credit losses
2,223

 
6

 
2,229

 
1,518

 
(37
)
 
1,481

Foreclosed property income (expense)
(448
)
 
(12
)
 
(460
)
 
(405
)
 
14

 
(391
)
Total credit-related income (expense)
1,775

 
(6
)
 
1,769

 
1,113

 
(23
)
 
1,090

TCCA fees(6)
(1,698
)
 

 
(1,698
)
 
(1,552
)
 

 
(1,552
)
Other expenses, net
(684
)
 
(262
)
 
(946
)
 
(731
)
 
(369
)
 
(1,100
)
Income before federal income taxes
14,094

 
1,947

 
16,041

 
11,550

 
1,941

 
13,491

Provision for federal income taxes
(2,998
)
 
(314
)
 
(3,312
)
 
(4,014
)
 
(481
)
 
(4,495
)
Net income
$
11,096

 
$
1,633

 
$
12,729

 
$
7,536

 
$
1,460

 
$
8,996



Fannie Mae (In conservatorship) Third Quarter 2018 Form 10-Q
79