Annual Report 2013

Statistical Table 10

Table 10. Income and expenses of the Federal Reserve Banks, by Bank, 2013
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 194 3 8 8 3 8 20 32 20 32 25 12 23
Term Asset-Backed Securities Loan Facility 5,820 … 5,820 … … … … … … … … … …
Total loan interest income 6,014 3 5,828 8 3 8 20 32 20 32 25 12 23
Treasury securities 51,590,721 1,324,218 28,690,734 1,549,286 1,316,045 3,327,905 3,345,243 2,806,982 824,023 484,241 991,670 2,003,698 4,926,676
Government-sponsored enterprise debt securities 2,166,447 55,397 1,205,500 65,521 55,252 140,766 139,782 118,036 34,552 20,290 41,776 84,144 205,431
Federal agency and government-sponsored enterprise mortgage-backed securities 36,628,566 940,868 20,367,668 1,098,442 934,413 2,359,400 2,377,359 1,992,374 585,213 343,952 703,632 1,422,584 3,502,661
Foreign currency denominated assets 95,996 4,589 30,711 7,511 7,451 20,131 5,471 2,721 799 401 970 1,524 13,717
Central bank liquidity swaps 1 21,717 1,004 6,955 1,722 1,676 4,547 1,238 611 180 90 219 345 3,130
Total SOMA interest income 90,503,447 2,326,076 50,301,568 2,722,482 2,314,837 5,852,749 5,869,093 4,920,724 1,444,767 848,974 1,738,267 3,512,295 8,651,615
Total interest income 90,509,461 2,326,079 50,307,396 2,722,490 2,314,840 5,852,757 5,869,113 4,920,756 1,444,787 849,006 1,738,292 3,512,307 8,651,638
Priced services 441,203 … 89,595 … … … 273,919 77,689 … … … … …
Compensation received for services provided 2 174,294 14,460 2,530 4,342 5,373 20,095 683 21,941 3,089 54,413 31,547 7,524 8,297
Securities lending fees 10,161 260 5,654 307 259 659 656 553 162 95 196 395 965
Other income 14,834 320 9,255 378 320 825 806 681 200 132 246 487 1,184
Total other income 640,492 15,040 107,034 5,027 5,952 21,579 276,064 100,864 3,451 54,640 31,989 8,406 10,446
Total current income 91,149,953 2,341,119 50,414,430 2,727,517 2,320,792 5,874,336 6,145,177 5,021,620 1,448,238 903,646 1,770,281 3,520,713 8,662,084
Net expenses
Personnel
Salaries and other personnel expenses 2,021,610 116,018 485,013 90,901 85,768 309,462 151,251 153,786 107,714 102,096 128,280 106,999 184,322
Retirement and other benefits 663,857 32,511 151,969 34,275 32,860 96,864 55,592 52,392 33,548 33,738 37,618 40,046 62,444
Administrative
Fees 186,689 4,099 48,684 9,009 4,928 72,511 18,128 7,405 8,758 3,288 2,458 2,039 5,382
Travel 87,798 3,641 11,446 3,580 5,388 13,281 8,588 10,085 5,483 3,701 6,860 5,071 10,674
Postage and other shipping costs 14,099 288 893 319 1,347 687 2,637 365 762 384 1,021 2,553 2,843
Communications 47,471 966 6,233 595 730 28,862 1,851 2,040 1,040 1,291 1,190 1,389 1,284
Materials and supplies 66,467 3,542 22,520 6,515 2,709 7,198 4,672 4,803 2,390 1,608 3,187 3,530 3,793
Building
Taxes on real estate 48,443 6,175 14,269 1,879 1,102 2,864 3,229 3,465 739 3,621 3,412 3,608 4,080
Property depreciation 132,304 11,693 26,883 6,463 6,793 14,373 9,191 15,483 7,878 4,312 8,159 9,769 11,307
Utilities 38,703 4,169 10,127 1,545 1,520 4,208 3,165 2,172 1,822 1,889 2,137 2,847 3,102
Rent 35,837 199 7,562 910 973 22,437 522 927 1,125 250 502 167 263
Other building 59,044 4,988 11,016 5,081 3,150 5,841 4,823 6,840 2,276 2,634 2,300 6,741 3,354
Equipment/software
Purchases 30,680 1,807 4,804 1,100 999 8,794 1,933 2,171 1,315 1,510 1,924 1,947 2,376
Rentals 3,386 301 1,272 183 237 248 314 664 18 68 14 42 25
Depreciation 69,888 3,914 6,439 3,315 1,693 36,641 3,021 2,829 2,024 1,353 2,389 2,616 3,654
Repairs and maintenance 64,786 5,527 5,517 2,837 2,100 25,483 5,221 3,535 1,650 1,445 2,401 3,063 6,007
Software 182,073 5,247 34,345 9,896 6,605 70,858 14,347 3,913 4,582 6,434 6,340 9,430 10,076
Other expenses
Compensation paid for service costs incurred2 174,294 … 36,899 … … … 125,501 11,894 … … … … …
Other expenses 78,369 16,436 84,988 24,425 6,644 -314,839 31,463 59,243 80,963 24,110 16,091 22,966 25,882
Recoveries -159,790 -16,665 -21,102 -5,232 -4,935 -51,197 -12,236 -9,900 -5,930 -2,246 -8,552 -15,530 -6,265
Expenses capitalized 3 -80,541 -6,141 -30,016 -2,779 -5,104 5,137 -423 -2,480 -4,726 -10,486 -10,671 -1,671 -11,182
Total operating expenses before pension expense and reimbursements 3,765,467 198,715 919,761 194,817 155,507 359,713 432,790 331,632 253,431 181,000 207,060 207,622 323,421
Net periodic pension expense 4 616,286 -268 618,944 -37 -183 820 -187 -882 -86 -345 -742 273 -1,021
Reimbursements -530,055 -38,427 -120,184 -38,501 -27,235 -48,487 -22,223 -6,127 -122,239 -34,484 -33,468 -24,604 -14,076
Operating Expenses 3,851,698 160,020 1,418,521 156,279 128,089 312,046 410,380 324,623 131,106 146,171 172,850 183,291 308,324
Interest expense on securities sold under agreements to repurchase 60,201 1,516 33,575 1,871 1,534 4,023 3,808 3,298 954 559 1,175 2,339 5,549
Interest on reserves 5 5,211,912 82,253 3,712,634 98,956 51,443 214,826 114,022 168,129 27,382 19,351 47,516 114,405 560,995
Interest on term deposits 6 10,845 24 7,400 614 0 247 707 525 4 111 162 67 984
Net expenses 9,134,656 243,813 5,172,130 257,720 181,066 531,142 528,917 496,575 159,446 166,192 221,703 300,102 875,852
Current net income 82,015,297 2,097,306 45,242,300 2,469,797 2,139,726 5,343,194 5,616,260 4,525,045 1,288,792 737,454 1,548,578 3,220,611 7,786,232
Additions to (+) and deductions from (-) current net income
Profit on sales of federal agency and government-sponsored enterprise mortgage-backed securities 50,954 1,397 28,044 1,335 1,305 2,857 3,598 2,703 836 497 923 1,978 5,481
Foreign currency translation gains (losses) -1,256,960 -60,198 -402,109 -98,276 -97,594 -263,625 -71,631 -35,639 -10,462 -5,252 -12,699 -19,959 -179,516
Net income from consolidated variable interest entities 7 181,149 … 181,149 … … … … … … … … … …
Other additions 653 21 5 1 2 6 598 7 2 1 2 3 5
Other deductions -5,537 -1 -3,639 59 -1,759 -216 -54 -39 -9 -4 0 139 -13
Net deductions to (-) current net income -1,029,741 -58,781 -196,550 -96,881 -98,046 -260,978 -67,489 -32,968 -9,633 -4,758 -11,774 -17,839 -174,043
Cost of unreimbursed Treasury services 9 … 9 … … … … … … … … … …
Assessments by Board
Board expenditures 8 580,000 27,934 185,239 44,711 45,553 121,717 33,374 16,233 4,867 2,446 5,908 9,467 82,552
Cost of currency 701,522 34,109 138,873 35,901 41,991 62,923 107,591 64,837 23,237 15,201 22,089 54,932 99,838
Consumer Financial Protection Bureau 9 563,200 26,966 179,558 43,280 44,357 117,808 32,547 15,686 4,743 2,384 5,751 9,303 80,819
Assessments by the Board of Governors 1,844,722 89,009 503,670 123,892 131,901 302,448 173,512 96,756 32,847 20,031 33,748 73,702 263,209
Net income before providing for remittances to Treasury 79,140,825 1,949,516 44,542,089 2,249,024 1,909,779 4,779,768 5,375,259 4,395,321 1,246,312 712,665 1,503,056 3,129,070 7,348,980
Earnings remittances to Treasury 79,633,271 1,981,758 45,940,958 2,189,384 1,749,365 4,495,626 5,286,388 4,406,921 1,245,055 721,260 1,485,464 3,105,049 7,026,043
Net income (loss) -492,446 -32,242 -1,398,869 59,640 160,414 284,142 88,871 -11,600 1,257 -8,595 17,592 24,021 322,937
Other comprehensive income (loss) 2,288,811 16,763 2,024,343 19,205 22,884 51,493 29,116 36,783 15,747 17,300 11,988 29,031 14,157
Comprehensive income 1,796,365 -15,479 625,474 78,845 183,298 335,635 117,987 25,183 17,004 8,705 29,580 53,052 337,094
Distribution of comprehensive income
Dividends on capital stock 1,649,277 78,102 525,884 126,774 129,908 345,446 94,989 45,858 13,877 6,992 16,902 27,207 237,338
Transferred to/from surplus and change in accumulated other comprehensive income 147,088 -93,581 99,576 -47,932 53,388 -9,812 22,996 -20,672 3,128 1,718 12,675 25,850 99,755
Earnings remittances to Treasury 79,633,271 1,981,758 45,940,958 2,189,384 1,749,365 4,495,626 5,286,388 4,406,921 1,245,055 721,260 1,485,464 3,105,049 7,026,043
Total distribution of net income 81,429,636 1,966,279 46,566,418 2,268,226 1,932,661 4,831,260 5,404,373 4,432,107 1,262,060 729,970 1,515,041 3,158,106 7,363,136

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

4. 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 $625,019 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

5. 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

6. In April 2010, the Reserve Banks began to pay interest on term deposits under the Term Deposit Facility. Return to table

7. 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

8. For additional details, see "Board of Governors Financial Statements" in section 11. Return to table

9. 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: July 2, 2014