Annual Report 2011
Item | Total | Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City | Dallas | San Francisco |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current income | |||||||||||||
Interest income | |||||||||||||
Primary, secondary, and seasonal loans | 266 | 8 | 73 | 14 | 2 | 9 | 13 | 47 | 16 | 32 | 22 | 11 | 19 |
Term Asset-Backed Securities Loan Facility | 264,683 | ... | 264,683 | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
American International Group, Inc., net | 408,716 | ... | 408,716 | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
Total loan interest income | 673,665 | 8 | 673,472 | 14 | 2 | 9 | 13 | 47 | 16 | 32 | 22 | 11 | 19 |
Treasury securities | 42,256,692 | 1,046,318 | 19,067,611 | 1,335,902 | 1,212,747 | 4,863,828 | 3,349,186 | 2,673,278 | 869,743 | 632,232 | 1,202,932 | 1,696,245 | 4,306,670 |
Government-sponsored enterprise debt securities | 3,053,680 | 75,771 | 1,365,356 | 94,135 | 89,174 | 351,132 | 246,501 | 196,712 | 64,358 | 45,318 | 88,628 | 123,117 | 313,476 |
Federal agency and government-sponsored enterprise mortgage-backed securities | 38,281,682 | 949,615 | 17,137,660 | 1,184,160 | 1,115,320 | 4,402,469 | 3,082,647 | 2,460,075 | 804,265 | 568,744 | 1,108,198 | 1,542,519 | 3,926,010 |
Foreign currency denominated assets | 248,871 | 8,638 | 72,092 | 24,311 | 18,466 | 52,239 | 14,333 | 6,286 | 2,048 | 7,636 | 2,227 | 3,747 | 36,848 |
Central bank liquidity swaps 1 | 34,521 | 1,193 | 9,998 | 3,345 | 2,561 | 7,083 | 1,979 | 875 | 281 | 1,066 | 311 | 523 | 5,307 |
Total SOMA interest income | 83,875,446 | 2,081,535 | 37,652,717 | 2,641,853 | 2,438,268 | 9,676,751 | 6,694,646 | 5,337,226 | 1,740,695 | 1,254,996 | 2,402,296 | 3,366,151 | 8,588,311 |
Total interest income | 84,549,110 | 2,081,543 | 38,326,188 | 2,641,867 | 2,438,270 | 9,676,760 | 6,694,659 | 5,337,273 | 1,740,711 | 1,255,028 | 2,402,318 | 3,366,162 | 8,588,330 |
Priced services | 477,371 | ... | 74,543 | ... | ... | ... | 327,082 | 75,746 | ... | ... | ... | ... | ... |
Compensation received for services provided 2 | 198,931 | 15,629 | 2,816 | 1,248 | 24,877 | 18,900 | 457 | 21,352 | 3,277 | 51,884 | 38,780 | 9,344 | 10,368 |
Securities lending fees | 13,194 | 327 | 5,889 | 405 | 386 | 1,517 | 1,068 | 853 | 279 | 196 | 384 | 532 | 1,356 |
Other income | 2,760 | 6 | 2,569 | 18 | 3 | 20 | 31 | 38 | 8 | 5 | 9 | 26 | 26 |
Total other income | 692,256 | 15,962 | 85,817 | 1,671 | 25,266 | 20,437 | 328,638 | 97,989 | 3,564 | 52,085 | 39,173 | 9,902 | 11,750 |
Total current income | 85,241,366 | 2,097,505 | 38,412,008 | 2,643,537 | 2,463,537 | 9,697,197 | 7,023,297 | 5,435,260 | 1,744,276 | 1,307,114 | 2,441,491 | 3,376,064 | 8,600,081 |
Current expenses | |||||||||||||
Interest expense on securities sold under agreements to repurchase | 44,000 | 1,096 | 19,362 | 1,297 | 1,323 | 5,051 | 3,663 | 2,922 | 965 | 644 | 1,319 | 1,787 | 4,573 |
Interest on reserves 3 | 3,764,908 | 57,356 | 2,491,731 | 122,441 | 54,503 | 267,780 | 109,420 | 174,634 | 30,103 | 23,108 | 58,209 | 83,625 | 292,000 |
Interest on term deposits 4 | 6,266 | 20 | 2,747 | 939 | 5 | 1,251 | 2 | 534 | 47 | 51 | 36 | 13 | 620 |
Earnings credits costs | 1,351 | 91 | 153 | 74 | 52 | 101 | 81 | 128 | 30 | 37 | 102 | 99 | 404 |
Personnel | |||||||||||||
Salaries and other personnel expenses | 1,757,419 | 90,640 | 425,187 | 78,549 | 96,887 | 257,125 | 144,237 | 130,131 | 86,157 | 85,685 | 109,225 | 95,611 | 157,984 |
Retirement and other benefits | 576,690 | 26,901 | 127,326 | 26,908 | 47,166 | 80,627 | 48,659 | 44,691 | 28,287 | 28,019 | 34,345 | 34,378 | 49,382 |
Net periodic pension expense 5 | 525,284 | 764 | 513,248 | 1,061 | 429 | 1,404 | 1,563 | 1,726 | 15 | 1,146 | 1,463 | 798 | 1,667 |
Administrative | |||||||||||||
Fees | 174,405 | 3,129 | 44,144 | 7,559 | 3,878 | 64,880 | 18,539 | 8,096 | 12,663 | 2,563 | 2,048 | 2,817 | 4,090 |
Travel | 85,138 | 2,898 | 12,506 | 3,156 | 4,975 | 14,004 | 9,093 | 9,551 | 5,265 | 3,496 | 5,883 | 4,801 | 9,511 |
Postage and other shipping costs | 18,445 | 369 | 961 | 310 | 2,121 | 712 | 5,788 | 368 | 767 | 752 | 949 | 2,154 | 3,193 |
Communications | 45,753 | 984 | 5,537 | 736 | 810 | 26,736 | 1,785 | 1,787 | 1,179 | 1,574 | 1,300 | 1,746 | 1,579 |
Materials and supplies | 64,626 | 4,741 | 22,509 | 5,862 | 2,300 | 5,884 | 5,158 | 3,742 | 2,515 | 1,620 | 2,601 | 4,046 | 3,648 |
Building | |||||||||||||
Taxes on real estate | 42,015 | 5,843 | 7,903 | 1,746 | 1,564 | 2,728 | 3,332 | 3,376 | 688 | 3,445 | 3,489 | 3,476 | 4,425 |
Property depreciation | 126,221 | 10,574 | 20,653 | 5,612 | 9,337 | 14,310 | 9,808 | 15,091 | 7,629 | 4,090 | 7,802 | 10,916 | 10,401 |
Utilities | 39,936 | 4,030 | 8,345 | 2,356 | 2,100 | 4,379 | 3,733 | 2,109 | 1,715 | 1,833 | 2,105 | 4,056 | 3,175 |
Rent | 48,625 | 302 | 22,793 | 856 | 21 | 21,144 | 172 | 967 | 989 | 264 | 662 | 191 | 264 |
Other building | 55,851 | 4,996 | 7,724 | 3,696 | 3,286 | 5,329 | 4,387 | 7,443 | 2,090 | 2,361 | 1,895 | 9,024 | 3,619 |
Equipment/software | |||||||||||||
Purchases | 35,214 | 3,711 | 6,709 | 1,461 | 1,077 | 6,900 | 2,593 | 2,857 | 1,428 | 1,452 | 2,223 | 1,982 | 2,822 |
Rentals | 3,849 | 287 | 1,708 | 238 | 338 | 134 | 495 | 459 | 22 | 10 | 15 | 41 | 102 |
Depreciation | 87,677 | 5,280 | 10,140 | 4,863 | 3,019 | 36,157 | 4,835 | 5,164 | 3,006 | 1,827 | 4,095 | 3,873 | 5,419 |
Repairs and maintenance | 61,297 | 4,372 | 6,190 | 3,041 | 2,696 | 19,626 | 6,822 | 3,821 | 1,688 | 1,519 | 2,388 | 3,333 | 5,802 |
Software | 155,393 | 5,171 | 31,660 | 9,251 | 4,447 | 58,809 | 12,729 | 3,913 | 2,633 | 4,734 | 5,793 | 9,811 | 6,443 |
Other expenses | |||||||||||||
Compensation paid for service costs incurred2 | 198,931 | ... | 32,537 | ... | ... | ... | 158,247 | 8,146 | ... | ... | ... | ... | ... |
Other expenses | 72,534 | 12,805 | 69,539 | 10,969 | 5,613 | -251,970 | 40,109 | 52,884 | 67,922 | 19,646 | 6,541 | 20,720 | 17,755 |
Recoveries | -141,710 | -17,833 | -18,509 | -4,720 | -5,064 | -40,939 | -11,407 | -10,603 | -4,430 | -1,930 | -6,478 | -13,617 | -6,179 |
Expenses capitalized 6 | -48,127 | -4,445 | -17,344 | -2,733 | -2,651 | 3,712 | -2,154 | -1,482 | -2,982 | -6,168 | -4,284 | -549 | -7,047 |
Total current expenses | 7,801,991 | 224,082 | 3,855,459 | 285,528 | 240,231 | 605,874 | 581,689 | 472,456 | 250,390 | 181,778 | 243,725 | 285,132 | 575,651 |
Reimbursements | -485,348 | -32,563 | -114,677 | -35,424 | -51,670 | -46,013 | -15,914 | -4,665 | -105,413 | -28,435 | -15,808 | -22,903 | -11,861 |
Net expenses | 7,316,643 | 191,519 | 3,740,782 | 250,104 | 188,561 | 559,861 | 565,775 | 467,791 | 144,977 | 153,343 | 227,917 | 262,228 | 563,791 |
Profit and loss | |||||||||||||
Current net income | 77,924,723 | 1,905,986 | 34,671,225 | 2,393,433 | 2,274,976 | 9,137,336 | 6,457,522 | 4,967,469 | 1,599,299 | 1,153,771 | 2,213,574 | 3,113,836 | 8,036,290 |
Additions to (+) and deductions from (-) current net income | |||||||||||||
Profit on sales of Treasury securities | 2,258,051 | 55,517 | 1,050,091 | 77,351 | 60,995 | 260,782 | 167,869 | 134,095 | 42,738 | 34,703 | 60,066 | 89,306 | 224,538 |
Profit on sales of federal agency and government-sponsored enterprise mortgage-backed securities | 9,709 | 239 | 4,515 | 333 | 262 | 1,121 | 722 | 577 | 184 | 149 | 258 | 384 | 965 |
Foreign currency gains (losses) | 151,969 | 5,338 | 43,984 | 15,181 | 11,291 | 33,861 | 8,872 | 3,809 | 1,284 | 4,582 | 1,338 | 2,252 | 20,177 |
Dividends on preferred interests | 46,987 | ... | 46,987 | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
Term Asset-Backed Securities Loan Facility unrealized losses 7 | -83,835 | ... | -83,835 | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
Net income from consolidated variable interest entities 8 | -356,570 | ... | -356,570 | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
Other additions | 61,670 | 9 | 61,333 | 120 | 1 | 6 | 73 | 32 | 2 | 3 | 29 | 27 | 35 |
Total additions | 2,087,981 | 61,103 | 766,504 | 92,986 | 72,549 | 295,770 | 177,536 | 138,513 | 44,208 | 39,437 | 61,691 | 91,970 | 245,715 |
Other deductions | -71,983 | -1 | -61,301 | 0 | -10,270 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -411 |
Total deductions | -71,983 | -1 | -61,301 | 0 | -10,270 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -411 |
Net addition to (+) current net income | 2,015,998 | 61,102 | 705,203 | 92,986 | 62,279 | 295,770 | 177,536 | 138,513 | 44,208 | 39,437 | 61,691 | 91,970 | 245,304 |
Cost of unreimbursed Treasury services | 8 | ... | 8 | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
Assessments by Board | |||||||||||||
Board expenditures 9 | 472,300 | 16,376 | 137,231 | 44,028 | 35,128 | 98,054 | 26,627 | 11,924 | 3,897 | 14,606 | 4,453 | 7,047 | 72,929 |
Cost of currency | 648,798 | 31,741 | 129,494 | 34,543 | 34,468 | 54,337 | 95,116 | 61,114 | 19,591 | 12,526 | 22,845 | 60,551 | 92,471 |
Consumer Financial Protection Bureau 10 | 241,712 | 8,547 | 71,301 | 22,013 | 18,189 | 50,738 | 13,724 | 6,428 | 2,046 | 5,010 | 2,361 | 3,608 | 37,747 |
Office of Financial Research10 | 40,000 | 1,435 | 11,917 | 3,650 | 3,034 | 8,475 | 2,279 | 1,108 | 344 | 471 | 396 | 600 | 6,292 |
Net income before distributions | 78,537,904 | 1,908,989 | 35,026,478 | 2,382,185 | 2,246,436 | 9,221,502 | 6,497,313 | 5,025,408 | 1,617,629 | 1,160,595 | 2,245,209 | 3,133,999 | 8,072,155 |
Change in funded status of benefit plans | -1,161,848 | 621 | -1,129,118 | -1,490 | 25,406 | -17,256 | -11,612 | -5,715 | -1,210 | -7,471 | -6,834 | -8,303 | 1,131 |
Comprehensive income before distributions | 77,376,056 | 1,909,610 | 33,897,360 | 2,380,695 | 2,271,842 | 9,204,246 | 6,485,701 | 5,019,693 | 1,616,419 | 1,153,124 | 2,238,375 | 3,125,696 | 8,073,286 |
Dividends paid | 1,577,284 | 55,639 | 470,489 | 143,799 | 118,576 | 330,244 | 89,753 | 42,456 | 13,266 | 27,962 | 15,562 | 23,656 | 245,884 |
Payments to U.S. Treasury (interest on Federal Reserve notes) | 75,423,597 | 1,827,617 | 32,432,120 | 2,472,979 | 2,132,131 | 8,748,635 | 6,377,838 | 4,931,572 | 1,599,321 | 1,834,696 | 2,194,032 | 3,073,008 | 7,799,648 |
Transferred to/from surplus and change in accumulated other comprehensive income | 375,175 | 26,354 | 994,754 | -236,082 | 21,135 | 125,368 | 18,109 | 45,666 | 3,834 | -709,531 | 28,782 | 29,029 | 27,755 |
Surplus, January 1 | 26,524,057 | 916,618 | 7,682,284 | 2,569,208 | 1,967,519 | 5,438,856 | 1,519,966 | 671,991 | 216,166 | 819,267 | 238,767 | 401,849 | 4,081,565 |
Surplus, December 31 | 26,899,231 | 942,973 | 8,677,037 | 2,333,126 | 1,988,654 | 5,564,224 | 1,538,076 | 717,658 | 219,999 | 109,736 | 267,550 | 430,878 | 4,109,320 |
Note: Components may not sum to totals because of rounding.
1. Represents interest income recognized on swap agreements with foreign central banks. Return to table
2. The Federal Reserve Bank of Atlanta (FRBA) has overall responsibility for managing the Reserve Banks' provision of check and automated clearinghouse (ACH) services and recognizes total System revenue for these services. The Federal Reserve Bank of New York (FRBNY) 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 (FRBC) 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 FRBA, the FRBNY, and the FRBC compensate the other Reserve Banks for the costs incurred in providing these services. Return to table
3. 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
4. In April 2010, the Reserve Banks began to pay interest on term deposits under the Term Deposit Facility. Return to table
5. 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 FRBNY. Net pension expense for the System, which was $495,447 thousand, is recorded in the books of the FRBNY. The Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank. Return to table
6. Includes expenses for labor and materials capitalized and depreciated or amortized as charges to activities in the periods benefited. Return to table
7. Represents the valuation adjustment for Term Asset-Backed Securities Loan Facility (TALF) loans, which are recorded at fair value. In addition to the valuation adjustment, earnings on TALF loans include interest income of $265 million, and the FRBNY's allocated share of TALF LLC's net income. Return to table
8. Represents the portion of the consolidated variable interest entities' net income recorded by the FRBNY. The amount includes interest income, interest expenses, realized and unrealized gains and losses, and professional fees. Return to table
9. For additional details, see the "Board of Governors Financial Statements" in the "Federal Reserve System Audits" section of this report. Return to table
10. The Board of Governors assesses the Reserve Banks to fund the operations of the Consumer Financial Protection Bureau and Office of Financial Research. These assessments are allocated to each Reserve Bank based on each Reserve Bank's capital and surplus balances as of the most recent quarter. Return to table
... Not applicable.