10) Income and Expenses of the Federal Reserve Banks, by Bank, 2005

Thousands of dollars

Item	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas City	Dallas	San Francisco
Current Income
Loans	7,453	438	1,217	75	234	43	220	1,813	881	1,365	628	88	451
U.S. Treasury securities	28,958,637	1,409,356	12,249,381	957,863	1,190,864	2,143,162	2,106,639	2,531,655	860,958	593,462	781,316	1,359,392	2,774,590
Foreign currencies	282,772	34,326	81,081	7,149	25,400	52,691	12,633	19,171	5,782	6,477	3,789	3,263	31,011
Priced services	900,959	0	66,264	0	0	0	785,660	49,035	0	0	0	0	0
Compensation received for check services provided 1	483,381	45,065	43,001	25,090	60,225	39,736	0	54,319	21,659	30,954	55,727	48,605	59,001
Other	96,154	3,045	57,582	1,975	2,682	5,674	4,793	5,567	2,259	1,199	1,540	2,588	7,251
Total	30,729,357	1,492,230	12,498,525	992,152	1,279,405	2,241,306	2,909,945	2,661,560	891,539	633,457	843,000	1,413,936	2,872,303
Current Expenses
Salaries and other personnel expenses	1,345,171	72,098	275,567	63,784	81,748	178,932	127,470	107,750	72,595	69,431	88,102	73,578	134,117
Retirement and other benefits	398,173	16,139	76,046	18,703	23,990	64,877	37,363	28,427	22,602	19,249	21,027	28,512	41,238
Net periodic pension costs 2	-7,183	148	-9,736	162	292	242	274	148	213	189	160	210	514
Fees	110,156	2,487	8,916	1,306	7,347	54,937	7,355	5,518	13,694	1,865	1,667	2,547	2,516
Travel	58,849	2,314	7,512	1,993	3,778	7,673	7,532	6,180	3,667	2,692	4,379	3,332	7,797
Software expenses	123,740	3,752	13,512	4,206	16,626	51,773	4,279	4,455	5,156	3,214	3,577	5,157	8,033
Postage and other shipping costs	91,465	1,446	4,637	1,508	4,871	3,928	55,031	4,180	2,091	2,850	2,540	2,680	5,703
Communications	39,198	2,193	2,799	469	724	23,912	1,502	1,320	1,108	1,239	1,011	1,312	1,610
Materials and supplies	44,739	2,358	8,459	3,052	3,795	4,755	5,326	3,378	2,162	1,737	2,413	3,522	3,782
Building expenses
Taxes on real estate	32,431	4,993	4,885	1,563	2,163	2,055	2,232	2,631	545	2,721	1,286	4,297	3,061
Property depreciation	88,592	4,862	14,495	3,891	6,919	8,195	11,451	9,239	5,103	4,661	4,022	7,109	8,645
Utilities	37,424	3,640	7,954	2,914	2,376	3,600	3,040	1,785	1,910	1,827	1,141	3,630	3,606
Rent	37,165	822	11,421	314	386	15,135	876	2,536	1,602	243	2,759	767	305
Other	34,872	1,255	6,495	1,716	2,848	3,894	3,618	4,923	1,028	1,568	938	4,169	2,420
Equipment
Purchases	25,873	1,476	3,328	1,051	1,703	5,124	2,432	813	1,364	2,302	2,687	1,526	2,067
Rentals	5,173	231	1,908	366	311	793	612	378	206	27	50	121	171
Depreciation	91,517	3,894	9,801	5,641	4,576	34,995	7,817	4,294	3,138	2,509	3,597	4,028	7,226
Repairs and maintenance	78,727	4,639	8,656	4,289	5,019	18,081	9,609	6,734	2,407	2,197	3,046	4,830	9,222
Earnings-credit costs	212,773	9,994	71,225	16,036	15,719	31,683	11,035	19,750	3,585	4,056	6,245	4,042	19,404
Compensation paid for check services costs incurred 1	483,381	0	0	0	0	0	483,381	0	0	0	0	0	0
Other	68,829	27,839	51,092	9,703	12,429	-251,340	14,042	41,067	74,996	21,616	17,763	33,827	15,795
Recoveries	-88,186	-12,108	-10,514	-3,176	-2,696	-28,720	-2,870	-7,433	-4,522	-1,132	-3,461	-6,699	-4,855
Expenses capitalized 3	-26,794	-430	-9,330	-1,994	0	-3,150	0	-267	-6,903	-1,600	-527	-1,008	-1,587
Total	3,286,085	154,040	559,127	137,497	194,924	231,374	793,405	247,807	207,746	143,462	164,421	181,491	270,790
Reimbursements	-396,540	-20,265	-72,912	-25,397	-55,008	-27,886	-17,557	-5,085	-111,621	-24,484	-10,518	-11,118	-14,689
Net expenses	2,889,544	133,775	486,215	112,100	139,916	203,489	775,848	242,722	96,125	118,978	153,903	170,373	256,101
Profit and Loss
Current net income	27,839,813	1,358,455	12,012,310	880,052	1,139,488	2,037,817	2,134,097	2,418,838	795,414	514,479	689,098	1,243,563	2,616,201
Additions to and deductions from (-) current net income 4
Other additions	933	25	99	3	1	0	279	49	427	0	9	6	35
Losses on foreign exchange transactions	-2,723,131	-313,128	-766,723	-69,819	-242,721	-519,271	-124,274	-193,661	-56,998	-66,356	-37,711	-31,662	-300,808
Interest expense on reverse repurchase agreements	-808,808	-40,649	-327,177	-27,694	-34,253	-61,671	-60,845	-72,841	-24,810	-17,054	-22,527	-39,198	-80,089
Other deductions	-45,875	-1	-545	-5	-2	-6	-39,568	-979	-2	-1	-4,630	-136	0
Total deductions	-3,577,814	-353,778	-1,094,445	-97,518	-276,976	-580,949	-224,687	-267,481	-81,810	-83,410	-64,868	-70,996	-380,897
Net addition to or deduction from (-) current net income	-3,576,881	-353,753	-1,094,347	-97,515	-276,974	-580,949	-224,408	-267,432	-81,383	-83,410	-64,858	-70,990	-380,862
Cost of unreimbursed Treasury services	22	0	3	19	0	0	0	0	0	0	0	0	0
Assessments by Board
Board expenditures 5	265,742	24,617	77,166	6,600	23,959	57,140	13,260	17,373	4,722	5,639	3,419	3,068	28,779
Cost of currency	477,087	28,344	101,397	27,030	26,020	42,101	58,604	52,210	17,653	12,652	16,897	29,984	64,197
Net income before payment to U.S. Treasury	23,520,080	951,741	10,739,398	748,889	812,534	1,357,628	1,837,825	2,081,824	691,656	412,777	603,924	1,139,520	2,142,364
Dividends paid	780,863	50,819	214,923	30,700	64,845	198,386	41,652	50,279	15,403	14,946	9,708	8,788	80,414
Payments to U.S. Treasury (interest on Federal Reserve notes)	21,467,545	1,937,102	10,268,863	268,048	798,844	0	1,419,942	1,918,743	767,897	406,905	572,526	1,113,058	1,995,617
Transferred to/from surplus	1,271,672	-1,036,180	255,612	450,140	-51,155	1,159,242	376,231	112,802	-91,644	-9,073	21,689	17,674	66,333
Surplus, January 1	11,629,504	1,353,004	3,429,567	293,908	1,064,625	2,148,210	515,935	763,499	235,644	254,396	153,068	134,953	1,282,696
Surplus, December 31	12,901,176	316,824	3,685,179	744,048	1,013,470	3,307,452	892,166	876,301	144,000	245,322	174,757	152,628	1,349,029

Note: Components may not sum to totals because of rounding.

1. Beginning in 2005, the Reserve Banks adopted a new management model for providing check services to depository institutions. The Federal Reserve Bank of Atlanta compensates the other eleven Banks for the costs incurred to provide check services.   Return to table

2. Reflects the effect of Financial Accounting Standards Board Statement of Financial Accounting Standards No. 87, Employers' Accounting for Pensions (SFAS 87). The System Retirement Plan for employees is recorded on behalf of the System on the books of the Federal Reserve Bank of New York, resulting in a decrease in expenses of $10,652 thousand. The expenses related to the Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank.   Return to table

3. Includes expenses for labor and materials capitalized and depreciated or amortized as charges to activities in the periods benefited.   Return to table

4. Includes reimbursement from the U.S. Treasury for uncut sheets of Federal Reserve notes, gains and losses on the sale of Reserve Bank buildings, counterfeit currency that is not charged back to the depositing institution, and stale Reserve Bank checks that are written off.   Return to table

5. For additional details, see the chapter "Board of Governors Financial Statements."    Return to table

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