FRB: Annual Report 2009, Statistical Table 10: Income and Expenses of the Federal Reserve Banks, by Bank, 2009

10. Income and Expenses of the Federal Reserve Banks, by Bank, 2009
Thousands of dollars
Item	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas City	Dallas	San Francisco
Current Income
Interest income
Term auction credit, primary, secondary, and seasonal loans	990,406	34,123	643,900	59,693	18,087	102,155	20,185	18,697	8,051	4,908	5,933	9,669	65,006
Other loans, net¹	4,519,461	72,605	4,446,856	^...	…	…	…	…	…	…	…	…	…
U.S. Treasury securities²	22,885,320	546,770	8,779,219	488,305	896,633	1,083,414	2,658,000	2,381,981	874,687	389,876	993,153	1,074,010	2,719,272
Government-sponsored enterprise debt securities	2,047,910	44,976	791,706	38,809	80,512	87,462	241,497	216,618	79,074	34,485	90,335	97,302	245,134
Federal agency and government-sponsored enterprise mortgage-backed securities	20,406,825	423,278	7,927,495	355,933	804,013	811,771	2,429,407	2,180,354	793,004	341,090	909,376	977,096	2,454,008
Foreign currencies	296,223	12,404	78,310	32,169	21,698	83,637	22,669	10,238	2,941	4,681	2,943	4,027	20,504
Central bank liquidity swaps³	2,167,618	96,278	567,890	231,611	157,573	607,777	166,059	78,511	21,456	35,509	21,751	31,710	151,492
Other investments⁴	687	16	264	14	27	32	80	72	26	12	30	32	82
Other current income
Priced services	662,730	…	66,839	…	…	…	525,645	70,246	…	…	…	…	…
Compensation received for services provided⁵	339,355	21,171	3,530	25,763	35,235	32,947	387	34,880	7,249	60,429	52,757	27,910	37,097
Securities lending fees	112,896	4,090	41,162	4,131	4,326	8,689	11,828	10,530	4,032	2,065	4,384	4,878	12,781
Other	33,690	14	31,797	386	22	68	38	87	15	11	251	103	897
Total current income	54,463,121	1,255,725	23,378,969	1,236,814	2,018,126	2,817,951	6,075,796	5,002,213	1,790,535	873,067	2,080,913	2,226,738	5,706,274
Current Expenses
Interest expense
Interest expense on securities sold under agreements to repurchase	97,605	2,762	36,781	2,614	3,794	5,652	10,940	9,782	3,643	1,707	4,077	4,451	11,402
Interest on reserves⁶	2,182,763	76,755	1,117,120	46,031	65,240	406,911	79,294	69,210	17,252	7,576	46,029	35,959	215,388
Personnel
Salaries and other personnel expenses	1,610,205	85,331	375,823	74,118	91,600	227,716	136,433	117,285	79,719	79,533	97,361	89,261	156,027
Retirement and other benefits	564,097	26,915	112,585	30,526	39,475	79,388	49,556	44,634	27,492	26,014	29,940	36,990	60,581
Net periodic pension expense⁷	662,672	624	658,655	84	-186	523	252	437	653	642	385	318	286
Administrative
Fees	218,417	3,230	98,719	4,193	3,457	60,600	16,399	8,091	6,981	3,001	5,679	1,687	6,381
Travel	69,157	2,531	9,930	2,621	3,974	10,808	7,680	7,550	3,899	2,804	4,562	4,036	8,761
Postage and other shipping costs	49,953	383	1,027	545	2,341	810	36,630	791	833	695	1,071	1,501	3,327
Communications	43,941	1,016	5,406	754	922	24,178	1,961	1,769	1,373	1,581	1,251	1,919	1,813
Materials and supplies	64,567	3,453	17,564	5,087	3,795	5,714	7,256	5,002	2,253	2,089	3,014	4,007	5,333
Building
Taxes on real estate	37,306	5,885	5,461	1,589	1,890	2,245	3,343	1,262	563	3,560	3,527	3,814	4,167
Property depreciation	112,398	8,833	16,384	4,865	7,771	13,044	10,907	13,152	6,622	4,061	7,564	9,646	9,549
Utilities	41,535	4,197	7,362	2,601	2,683	4,723	4,251	2,238	1,749	1,935	2,194	4,127	3,475
Rent	43,284	1,083	18,595	881	53	17,109	546	1,173	1,517	265	709	210	1,143
Other building	46,117	2,711	7,035	2,730	3,327	4,212	4,140	5,811	2,558	1,774	1,551	6,987	3,281
Equipment/software
Purchases	26,593	2,032	4,887	1,230	1,091	5,339	1,261	2,592	1,205	1,446	1,773	1,286	2,451
Rentals	3,311	326	1,269	423	247	178	457	280	29	7	8	21	65
Depreciation	89,459	5,018	9,331	6,196	4,664	32,821	5,118	3,268	2,706	1,489	5,426	6,866	6,555
Repairs and maintenance	64,826	3,898	6,215	3,353	3,746	16,394	9,793	4,996	1,659	1,899	2,507	4,324	6,044
Software	144,874	4,548	25,770	8,073	5,041	54,537	14,060	3,383	3,391	4,483	5,783	8,850	6,954
Other expenses
Compensation paid for service costs incurred⁵	339,355	…	33,289	…	…	…	295,468	10,599	…	…	…	…	…
Earnings credits costs	4,344	204	1,234	96	182	384	253	491	46	117	214	110	1,014
Other expenses	74,317	13,177	59,431	8,023	5,346	-247,789	56,051	52,339	69,621	20,717	5,666	14,111	17,624
Recoveries	-126,682	-17,227	-16,870	-4,012	-4,285	-33,181	-11,363	-9,786	-2,989	-1,651	-6,296	-12,562	-6,460
Expenses capitalized⁸	-35,255	-3,252	-15,578	-725	-1,126	-2,205	-1,263	-1,191	-489	-4,945	-570	-516	-3,396
Total current expenses	6,429,158	234,432	2,597,426	201,895	245,041	690,113	739,421	355,159	232,283	160,797	223,424	227,401	521,764
Reimbursements	-450,363	-28,721	-113,405	-32,499	-48,274	-37,642	-15,103	-4,529	-104,373	-27,848	-10,564	-14,217	-13,188
Net expenses	5,978,795	205,712	2,484,021	169,396	196,768	652,471	724,318	350,630	127,910	132,949	212,861	213,184	508,576
Profit and Loss
Current net income	48,484,326	1,050,013	20,894,949	1,067,418	1,821,358	2,165,480	5,351,478	4,651,583	1,662,625	740,117	1,868,053	2,013,553	5,197,698
Additions to (+) and deductions from (-) current net income
Profit on sales of federal agency and government-sponsored enterprise mortgage-backed securities	879,305	9,755	354,662	4,845	35,236	14,611	112,503	101,385	35,892	13,831	42,323	44,663	109,599
Profit (loss) on foreign exchange transactions	172,327	-7,113	58,946	28,558	15,744	59,686	12,730	-3,391	1,877	-535	1,156	-3,484	8,155
Dividends on preferred securities	106,164	…	106,164	…	…	…	…	…	…	…	…	…	…
Other loans unrealized gain	557,057	…	557,057	…	…	…	…	…	…	…	…	…	…
Net income from consolidated LLCs⁹	5,587,900	…	5,587,900	…	…	…	…	…	…	…	…	…	…
Other additions¹⁰	237,630	2	180,573	0	0	57,025	3	6	0	0	2	15	2
Total additions	7,540,383	2,644	6,845,302	33,403	50,980	131,322	125,237	98,000	37,769	13,297	43,480	41,194	117,756
Provision for loan loss	0	0	0	0	0	0	0	0	0	0	0	0	0
Provision for loan restructuring¹¹	-2,620,624	…	-2,620,624	…	…	…	…	…	…	…	…	…	…
Other deductions¹²	-99,552	-1	-76,734	0	-15	-22,802	0	0	0	0	0	0	0
Total deductions	-2,720,176	-1	-2,697,358	0	-15	-22,802	0	0	0	0	0	0	0
Net addition to (+) current net income	4,820,207	2,643	4,147,944	33,403	50,965	108,520	125,237	98,000	37,769	13,297	43,480	41,194	117,756
Cost of unreimbursed Treasury services	4	0	4	0	0	0	0	0	0	0	0	0	0
Assessments by Board
Board expenditures¹³	386,400	15,221	106,919	42,109	27,661	107,992	28,173	12,791	3,820	7,088	3,661	4,786	26,179
Cost of currency	502,044	26,432	109,160	29,791	25,057	45,300	74,108	46,757	16,892	11,687	18,571	28,090	70,198
Net income before distributions	52,416,086	1,011,004	24,826,810	1,028,920	1,819,604	2,120,708	5,374,433	4,690,035	1,679,682	734,639	1,889,301	2,021,871	5,219,076
Change in funded status of benefit plans	1,006,813	-10,172	1,030,918	-6,459	-3,365	4,508	-1,006	-7,085	8,953	-3,863	-3,032	-2,981	398
Comprehensive income before distributions	53,422,899	1,000,832	25,857,728	1,022,461	1,816,239	2,125,216	5,373,427	4,682,950	1,688,635	730,776	1,886,270	2,018,890	5,219,475
Dividends paid	1,428,202	54,936	413,037	150,935	99,813	396,167	94,943	44,013	13,821	34,847	12,555	17,301	95,835
Distributions to U.S. Treasury (interest on Federal Reserve notes)	47,430,237	845,750	23,610,426	384,631	1,358,118	569,531	5,309,090	4,722,903	1,644,220	308,255	1,872,070	1,920,056	4,885,186
Transferred to/from surplus and change in accumulated other comprehensive income	4,564,460	100,145	1,834,265	486,895	358,308	1,159,518	-30,606	-83,965	30,594	387,674	1,645	81,533	238,455
Surplus, January 1	21,075,873	844,272	5,607,427	2,315,058	1,552,095	5,980,154	1,611,672	703,459	209,686	324,373	207,922	270,972	1,448,783
Surplus, December 31	25,640,333	944,417	7,441,692	2,801,953	1,910,403	7,139,672	1,581,065	619,494	240,281	712,046	209,566	352,505	1,687,238

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

1. Represents interest income on Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, Primary Dealer Credit Facility, Term Asset-Backed Securities Loan Facility, and credit extended to American International Group, Inc. (AIG), net of commitment fees. Return to table

2. Includes interest income on securities purchased under agreements to resell Return to table

3. Represents interest income on swap agreements with foreign central banks. Return to table

4. Represents interest income on short-term investments related to the federal agency and government-sponsored mortgage-backed securities portfolio. Return to table

5. The Federal Reserve Bank of Atlanta has overall responsibility for managing the Reserve Banks' provision of check and ACH services and recognizes total System revenue for these services. The Federal Reserve Bank of New York has overall responsibility for managing the Reserve Banks' provision of Fedwire funds transfer and securities transfer services, and recognizes the total System revenue for these services. The Federal Reserve Bank of Chicago has overall responsibility for managing the Reserve Banks' provision of electronic access services to depository institutions, and recognizes the total System revenue for these services. The Federal Reserve Bank of Atlanta, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago compensate the other Reserve Banks for the costs incurred in providing these services. Return to table

6. In October 2008, the Reserve Banks began to pay interest to depository institutions on qualifying balances held at the Federal Reserve Banks. Return to table

7. Reflects the effect of the Financial Accounting Standards Board's Codification Topic (ASC 715) Compensation - Retirement Benefits. The System Retirement Plan for employees is recorded on behalf of the System on the books of the Federal Reserve Bank of New York. Net pension expense for the System, which was $651,850 thousand. is recorded in the books of the Federal Reserve Bank of New York. The Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank. Return to table

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

9. Represents the portion of the consolidated LLCs' net income recorded by the Federal Reserve Bank of New York. The amount includes interest income, interest expenses, realized and unrealized gains and losses, and professional fees. Return to table

10. Includes compensation paid by Citigroup, Inc. and Bank of America Corporation for the Federal Reserve Bank of New York's and the Federal Reserve Bank of Richmond's commitments to provide funding support. Costs are reported in "Other deductions." Return to table

11. Represents the economic effect of the interest rate reduction made pursuant to the April 17, 2009, restructuring of the the AIG credit extension. Return to table

12. Includes costs incurred by the Federal Reserve Bank of New York and the Federal Reserve Bank of Richmond related to their commitment to provide funding support to Citigroup, Inc. and Bank of America Corporation. Reimbursement of these costs is reported in "Other additions." Return to table

13. For additional details, see the "Board of Governors Financial Statements" in the "Federal Reserve System Audits" section of this report. Return to table

... Not applicable Return to table

Return to top