FRB: Annual Report 2007, Statistical Table 10: Income and Expenses of the Federal Reserve Banks, by Bank, 2007

10. Income and Expenses of the Federal Reserve Banks, by Bank, 2007
Item	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas City	Dallas	San Francisco
Thousands of dollars
Current Income
Loans	71,345	275	54,696	142	940	3,505	137	2,514	2,596	1,515	954	2,199	1,873
U.S. Treasury securities	40,297,924	1,868,185	14,791,753	1,765,843	1,668,195	3,435,771	3,617,951	3,457,351	1,280,394	805,010	1,263,466	1,773,992	4,570,014
Foreign currencies	574,525	14,775	141,114	65,450	40,965	153,751	47,228	32,571	6,233	10,360	6,678	7,849	47,550
Priced services	878,405	0	65,475	0	0	0	753,440	59,491	0	0	0	0	0
Compensation received for services provided ¹	634,819	46,972	29,040	38,486	79,931	55,800	459	81,786	26,252	78,665	81,241	47,010	69,178
Other	119,007	2,967	72,331	2,663	2,893	11,376	5,448	5,299	1,881	1,215	1,847	2,409	8,678
Total	42,576,025	1,933,174	15,154,409	1,872,583	1,792,924	3,660,202	4,424,663	3,639,012	1,317,356	896,765	1,354,187	1,833,458	4,697,294
Current Expenses
Salaries and other personnel expenses	1,499,112	82,288	302,889	70,493	93,093	212,395	135,008	114,948	77,558	79,344	96,941	83,391	150,765
Retirement and other benefits	505,516	22,023	92,280	25,444	34,555	76,590	46,823	46,292	27,363	25,979	27,660	33,613	46,892
Net periodic pension expense ²	109,849	1,271	103,149	173	243	774	740	439	449	565	664	164	1,220
Fees	132,372	4,009	13,120	2,047	5,913	62,831	11,761	10,174	7,719	2,631	7,011	1,565	3,592
Travel	71,187	3,337	9,947	2,469	4,648	10,765	7,420	7,452	3,910	3,147	5,242	3,737	9,113
Software expenses	141,444	2,885	20,876	8,460	21,457	55,807	2,467	4,866	5,256	3,878	4,535	5,300	5,656
Postage and other shipping costs	81,675	1,517	2,475	2,302	6,214	3,421	45,885	3,819	2,203	2,480	1,939	4,252	5,168
Communications	43,320	788	3,392	521	869	26,566	1,786	1,429	1,277	1,883	1,277	1,791	1,743
Materials and supplies	70,668	5,065	9,140	5,321	6,733	8,125	7,942	5,726	3,059	3,902	4,516	5,304	5,834
Building expenses
Taxes on real estate	32,610	4,976	4,765	1,567	1,954	2,408	3,293	2,231	637	3,186	201	3,914	3,479
Property depreciation	92,998	6,737	16,209	4,066	8,767	8,990	9,419	11,380	5,247	4,702	982	8,975	7,523
Utilities	39,285	4,300	7,833	2,739	2,771	3,740	4,063	2,294	1,634	1,976	677	4,027	3,232
Rent	49,166	3,183	14,929	326	187	16,146	566	5,933	1,738	253	4,518	199	1,188
Other	39,883	1,663	6,822	2,205	3,625	3,728	3,975	5,724	1,481	1,731	399	4,945	3,585
Equipment
Purchases	28,060	3,142	3,972	1,155	1,372	4,709	2,471	1,780	1,071	1,460	2,704	1,579	2,644
Rentals	3,592	281	1,434	412	162	249	417	295	143	18	28	88	65
Depreciation	117,996	6,444	10,459	6,066	7,887	37,635	8,597	9,714	5,318	4,603	6,358	5,326	9,590
Repairs and maintenance	78,276	4,394	7,491	4,694	6,390	16,668	9,556	6,544	2,770	2,798	3,470	5,367	8,134
Earnings credit costs	240,354	12,415	65,453	9,140	15,618	53,827	15,051	22,197	4,612	4,138	6,913	5,616	25,374
Compensation paid for service costs incurred¹	634,819	0	28,955	0	0	0	596,523	9,341	0	0	0	0	0
Other	81,956	21,453	71,392	11,746	15,994	-282,072	25,921	56,591	79,734	19,214	16,823	30,145	15,016
Recoveries	-104,730	-15,658	-13,831	-3,569	-3,755	-28,656	-8,174	-8,038	-2,313	-993	-4,473	-9,366	-5,905
Expenses capitalized ³	-20,873	-1,615	-9,547	-339	-516	-2,610	-640	-345	-1,158	-611	-863	-488	-2,141
Total	3,968,537	174,897	773,605	157,437	234,181	292,034	930,868	320,790	229,709	166,285	187,521	199,444	301,765
Reimbursements	-458,331	-25,073	-109,437	-30,812	-62,455	-29,720	-12,264	-5,238	-114,707	-29,292	-11,028	-15,021	-13,283
Net expenses	3,510,206	149,824	664,168	126,625	171,726	262,314	918,603	315,551	115,003	136,993	176,493	184,423	288,483
Profit and Loss
Current net income	39,065,820	1,783,349	14,490,241	1,745,959	1,621,198	3,397,889	3,506,059	3,323,461	1,202,353	759,772	1,177,694	1,649,035	4,408,811
Additions to (+) and deductions from (-) current net income ⁴
Profits on foreign exchange transactions	1,885,770	49,346	447,281	242,599	131,895	501,282	162,120	102,302	20,439	33,756	21,153	26,785	146,812
Other additions	580	17	29	91	236	18	40	51	23	17	5	16	37
Total additions	1,886,350	49,363	447,310	242,690	132,131	501,300	162,160	102,354	20,461	33,773	21,158	26,800	146,849
Interest expense on reverse repurchase agreements	-1,687,918	-78,664	-615,495	-74,232	-70,285	-144,330	-151,710	-145,835	-53,846	-33,880	-52,984	-74,666	-191,992
Other deductions	-9	0	0	0	-8	0	0	0	0	0	0	0	0
Total deductions	-1,687,927	-78,664	-615,495	-74,232	-70,293	-144,330	-151,710	-145,835	-53,846	-33,880	-52,984	-74,666	-191,992
Net addition to (+) or deduction from (-) current net income	198,423	-29,301	-168,185	168,458	61,839	356,970	10,450	-43,481	-33,385	-107	-31,825	-47,866	-45,143
Cost of unreimbursed Treasury services	6	0	2	4	0	0	0	0	0	0	0	0	0
Assessments by Board
Board expenditures ⁵	296,125	7,534	74,183	34,464	20,766	77,265	24,941	16,506	3,198	5,485	3,421	4,380	23,982
Cost of currency	576,306	30,970	123,566	32,084	26,174	51,241	78,926	56,393	19,551	14,880	23,518	30,903	88,099
Net income before payment to U.S. Treasury	38,391,806	1,715,543	14,124,306	1,847,864	1,636,096	3,626,352	3,412,643	3,207,080	1,146,219	739,300	1,118,929	1,565,886	4,251,587
Change in funded status of benefit plans ⁶	324,481	3,596	228,568	4,924	5,345	22,519	5,717	14,711	3,536	10,627	3,547	13,535	7,854
Comprehensive income before payment to U.S. Treasury	38,716,287	1,719,139	14,352,874	1,852,789	1,641,441	3,648,871	3,418,359	3,221,792	1,149,756	749,927	1,122,477	1,579,422	4,259,441
Dividends paid	992,353	34,714	253,678	108,613	65,679	263,167	78,220	52,775	10,398	19,522	11,109	17,019	77,460
Payments to U.S. Treasury (interest on Federal Reserve notes)	34,598,401	1,031,048	13,207,574	1,740,672	1,371,427	2,483,025	3,191,589	3,212,649	1,125,614	651,634	1,093,644	1,410,713	4,078,811
Transferred to/from surplus and change in accumulated other comprehensive income	3,125,533	653,378	891,622	3,504	204,335	902,679	148,551	-43,632	13,743	78,771	17,724	151,689	103,171
Surplus, January 1	15,324,288	396,093	3,727,084	1,809,826	1,086,735	4,093,301	1,276,288	858,091	166,206	275,762	176,344	211,742	1,246,817
Surplus, December 31	18,449,821	1,049,471	4,618,706	1,813,329	1,291,070	4,995,979	1,424,838	814,459	179,950	354,533	194,068	363,431	1,349,988

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

1. 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
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 an increase in expenses of $97,419 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
6. Subsquent to the adoption of SFAS 158 at December 31, 2006, the Reserve Banks recognize the change in funded status of pension and postretirement benefit plans as an element of other comprehensive income.Return to table

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