Annual Report 2012

Statistical Table 10

Table 10. Income and expenses of the Federal Reserve Banks, by Bank, 2012
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
Primary, secondary, and seasonal loans 278 4 14 2 3 9 25 21 23 60 17 74 26
Term Asset-Backed Securities Loan Facility 80,338 ... 80,338 ... ... ... ... ... ... ... ... ... ...
Total loan interest income 80,616 4 80,352 2 3 9 25 21 23 60 17 74 26
Treasury securities 46,415,600 1,131,247 24,773,580 1,550,058 1,200,836 3,882,655 2,982,151 2,626,033 768,699 504,001 1,017,589 1,812,569 4,166,182
Government-sponsored enterprise debt securities 2,626,052 64,024 1,394,644 87,785 68,055 222,899 169,745 148,858 43,731 28,972 58,047 102,600 236,692
Federal agency and government-sponsored enterprise mortgage-backed securities 31,429,248 766,322 16,670,745 1,050,891 814,847 2,677,308 2,034,593 1,782,415 524,092 348,108 696,125 1,228,096 2,835,706
Foreign currency denominated assets 138,969 4,866 44,433 12,175 10,277 28,725 7,948 3,691 1,136 888 1,371 2,216 21,243
Central bank liquidity swaps 1 241,171 8,433 76,395 21,349 17,840 49,811 13,795 6,377 1,971 2,124 2,359 3,826 36,891
Other investments 8,966 218 4,963 297 229 668 550 500 142 86 184 349 780
Total SOMA interest income 80,860,006 1,975,110 42,964,760 2,722,555 2,112,084 6,862,066 5,208,782 4,567,874 1,339,771 884,179 1,775,675 3,149,656 7,297,494
Total interest income 80,940,622 1,975,114 43,045,112 2,722,557 2,112,087 6,862,075 5,208,807 4,567,895 1,339,794 884,239 1,775,692 3,149,730 7,297,520
Priced services 449,319 ... 81,662 ... ... ... 290,282 77,375 ... ... ... ... ...
Compensation received for services provided 2 184,417 14,737 3,058 1,672 15,099 19,199 574 20,013 3,192 53,332 36,762 7,893 8,886
Securities lending fees 9,329 228 4,810 314 244 859 624 535 160 112 216 366 861
Other income 2,415 6 2,175 95 48 19 7 15 5 8 8 22 7
Total other income 645,480 14,971 91,705 2,081 15,391 20,077 291,487 97,938 3,357 53,452 36,986 8,281 9,754
Total current income 81,586,102 1,990,085 43,136,817 2,724,638 2,127,478 6,882,152 5,500,294 4,665,833 1,343,151 937,691 1,812,678 3,158,011 7,307,274
Current expenses
Interest expense on securities sold under agreements to repurchase 141,943 3,456 76,873 4,726 3,654 11,358 8,956 7,985 2,312 1,468 3,036 5,535 12,584
Interest on reserves 3 3,871,302 72,887 2,574,852 91,296 44,527 227,019 114,308 173,377 32,489 19,790 51,439 103,573 365,745
Interest on term deposits 4 3,653 12 2,195 598 9 264 48 90 1 81 196 6 153
Personnel
Salaries and other personnel expenses 1,888,219 102,753 468,094 83,378 82,928 281,119 142,255 144,110 94,546 97,089 122,568 99,622 169,757
Retirement and other benefits 617,285 31,086 148,026 28,627 30,293 89,971 55,205 48,517 29,674 31,619 30,462 37,796 56,009
Net periodic pension expense 5 640,919 791 637,198 878 -75 321 1,884 104 131 404 -188 -63 -466
Administrative
Fees 183,179 3,938 46,915 8,941 5,183 67,168 17,160 8,922 11,940 3,092 1,918 2,433 5,569
Travel 99,296 3,795 14,367 3,684 5,807 16,600 9,338 11,777 5,987 4,261 7,156 5,493 11,031
Postage and other shipping costs 14,721 362 825 302 1,513 742 2,651 435 773 450 1,036 2,517 3,115
Communications 47,561 906 6,040 726 740 28,481 1,828 1,929 1,183 1,558 1,265 1,449 1,456
Materials and supplies 69,413 3,436 25,676 7,202 2,465 6,149 5,009 4,728 2,385 1,602 2,582 3,936 4,243
Building
Taxes on real estate 46,772 5,944 12,862 1,814 2,067 3,028 3,328 2,822 718 3,484 3,355 3,510 3,840
Property depreciation 133,873 11,652 28,849 5,622 7,036 14,153 8,465 15,329 8,214 4,199 7,984 11,380 10,990
Utilities 38,604 3,743 9,213 1,906 1,692 4,161 3,400 2,097 1,711 1,789 2,006 3,682 3,204
Rent 34,983 180 7,382 911 317 22,797 159 1,079 972 275 493 170 248
Other building 61,001 4,703 10,551 3,708 3,328 5,971 5,623 7,469 2,294 2,442 1,692 9,303 3,917
Equipment/software
Purchases 40,665 3,088 6,677 2,009 1,914 7,854 2,764 4,162 2,096 2,166 3,014 2,779 2,142
Rentals 3,686 285 1,300 201 279 230 497 688 21 72 13 50 50
Depreciation 85,433 4,066 8,655 3,801 2,062 44,262 3,561 3,336 2,663 1,583 3,219 3,011 5,214
Repairs and maintenance 62,846 4,553 5,871 3,093 2,039 23,362 5,777 3,651 1,628 1,294 2,296 3,250 6,032
Software 171,773 5,061 35,699 10,455 4,922 66,972 12,343 3,889 3,224 5,694 5,167 10,648 7,699
Other expenses
Compensation paid for service costs incurred2 184,428 ... 32,287 ... ... ... 140,430 11,711 ... ... ... ... ...
Other expenses 77,954 14,266 84,159 16,744 4,856 -280,691 38,945 53,774 74,770 22,009 7,135 21,935 20,052
Recoveries -151,914 -17,525 -22,077 -4,406 -4,658 -41,459 -11,908 -10,110 -7,101 -2,317 -8,969 -14,270 -7,114
Expenses capitalized 6 -62,801 -5,715 -23,933 -738 -2,530 -5,159 -346 -2,181 -3,675 -9,298 -702 -902 -7,622
Total current expenses 8,304,794 257,723 4,198,556 275,478 200,368 594,673 571,680 499,690 268,956 194,806 248,173 316,843 677,848
Reimbursements -506,441 -32,295 -124,159 -38,826 -25,260 -49,460 -19,207 -5,624 -110,800 -35,343 -25,656 -26,364 -13,447
Net expenses 7,798,353 225,428 4,074,397 236,652 175,108 545,213 552,473 494,066 158,156 159,463 222,517 290,479 664,401
Current net income 73,787,749 1,764,657 39,062,420 2,487,986 1,952,370 6,336,939 4,947,821 4,171,767 1,184,995 778,228 1,590,161 2,867,532 6,642,873
Additions to (+) and deductions from (-) current net income
Profit on sales of Treasury securities 13,254,934 322,811 7,151,353 441,689 341,649 1,073,199 840,338 746,780 216,875 138,889 285,368 517,059 1,178,924
Profit on sales of Federal agency and government-sponsored enterprise mortgage-backed securities 241,382 5,899 123,752 8,125 6,329 22,547 16,255 13,864 4,173 2,955 5,638 9,463 22,382
Foreign currency translation gains (losses) -1,116,381 -39,194 -363,902 -95,664 -82,507 -231,140 -63,820 -29,940 -9,134 -1,463 -11,213 -17,983 -170,421
Term Asset-Backed Securities Loan Facility unrealized losses 7 -33,637 ... -33,637 ... ... ... ... ... ... ... ... ... ...
Net income from consolidated variable interest entities 8 6,037,978 ... 6,037,978 ... ... ... ... ... ... ... ... ... ...
Other additions 372 27 100 5 0 2 0 12 0 0 0 0 226
Other deductions -3,807 -1 0 0 0 0 0 0 0 -76 0 0 -3,730
Net addition to (+) current net income 18,380,841 289,542 12,915,644 354,155 265,471 864,608 792,773 730,716 211,914 140,305 279,793 508,539 1,027,381
Cost of unreimbursed Treasury services 6 ... 6 ... ... ... ... ... ... ... ... ... ...
Assessments by Board
Board expenditures 9 490,001 20,302 157,276 40,754 37,062 99,838 27,910 13,685 4,004 2,016 4,877 7,901 74,376
Cost of currency 722,301 35,047 148,871 34,908 39,555 67,053 102,907 65,879 23,604 15,202 24,599 57,729 106,947
Consumer Financial Protection Bureau 10 385,200 17,906 123,098 30,835 29,681 78,105 21,744 10,890 3,145 1,585 3,842 6,166 58,203
Office of Financial Research10 2,079 87 656 333 161 277 116 58 11 2 13 30 335
Net income before interest on Federal Reserve notes expense remitted to Treasury 90,569,006 1,980,857 51,548,162 2,735,306 2,111,383 6,956,277 5,587,918 4,811,971 1,366,146 899,730 1,836,620 3,304,244 7,430,392
Interest on Federal Reserve notes expense remitted to Treasury 88,417,936 1,497,670 51,022,917 2,812,450 1,830,583 6,413,920 5,452,810 4,690,388 1,336,831 881,740 1,807,401 3,266,764 7,404,462
Net income 2,151,071 483,187 525,245 -77,144 280,800 542,357 135,108 121,583 29,316 17,990 29,219 37,480 25,930
Other comprehensive income (loss) -52,611 -3,349 65,845 -8,149 -9,135 -28,302 -22,192 -12,866 -7,832 -6,375 -3,568 -8,068 -8,620
Comprehensive income 2,098,460 479,838 591,091 -85,293 271,665 514,055 112,916 108,716 21,483 11,615 25,652 29,412 17,310
Distribution of comprehensive income
Dividends on capital stock 1,637,934 78,087 522,719 131,613 126,080 332,329 92,388 46,147 13,383 6,766 16,365 26,220 245,837
Transferred to/from surplus and change in accumulated other comprehensive income 460,528 401,751 68,372 -216,906 145,586 181,726 20,528 62,570 8,101 4,849 9,287 3,192 -228,528
Interest on Federal Reserve notes expense remitted to Treasury 88,417,936 1,497,670 51,022,917 2,812,450 1,830,583 6,413,920 5,452,810 4,690,388 1,336,831 881,740 1,807,401 3,266,764 7,404,462
Total distribution of comprehensive income 90,516,398 1,977,508 51,614,008 2,727,157 2,102,249 6,927,975 5,565,726 4,799,105 1,358,315 893,355 1,833,053 3,296,176 7,421,771

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. Net pension expense for the System Retirement Plan of $638,091 thousand is recorded on behalf of the System 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.

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Last update: June 25, 2013