Annual Report 2014

Statistical Table 10

Table 10. Income and expenses of the Federal Reserve Banks, by Bank, 2014
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 251 3 6 4 3 7 28 26 29 83 22 11 30
Term Asset-Backed Securities Loan Facility 1,553 n/a 1,553 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Total loan interest income 1,804 3 1,559 4 3 7 28 26 29 83 22 11 30
Treasury securities 63,010,863 1,368,663 37,732,894 1,589,259 1,434,616 3,621,652 3,660,333 2,784,497 836,867 439,547 921,296 2,052,809 6,568,428
Government-sponsored enterprise debt securities, net 1,578,931 34,778 940,689 40,233 36,251 91,264 92,629 70,847 21,276 11,288 23,554 52,121 164,001
Federal agency and government-sponsored enterprise mortgage-backed securities, net 51,264,494 1,117,007 30,663,905 1,295,949 1,169,361 2,950,217 2,984,550 2,273,173 683,073 359,588 752,936 1,675,055 5,339,682
Foreign currency denominated investments, net 77,852 3,567 25,020 5,869 6,181 16,245 4,473 2,156 654 329 816 1,296 11,246
Central bank liquidity swaps 1 1,147 53 369 87 91 239 66 32 10 5 12 19 166
Total SOMA interest income 115,933,287 2,524,068 69,362,877 2,931,397 2,646,500 6,679,617 6,742,051 5,130,705 1,541,880 810,757 1,698,614 3,781,300 12,083,523
Total interest income 115,935,091 2,524,071 69,364,436 2,931,401 2,646,503 6,679,624 6,742,079 5,130,731 1,541,909 810,840 1,698,636 3,781,311 12,083,553
Priced services 433,122 n/a 95,430 n/a n/a n/a 252,974 84,717 n/a n/a n/a n/a n/a
Compensation received for services provided 2 176,758 15,802 2,160 2,564 5,621 15,660 698 23,950 2,234 61,392 31,055 7,139 8,484
Securities lending fees 7,331 160 4,383 185 167 422 427 326 98 52 108 240 763
Other income 9,210 145 6,502 165 155 386 398 302 90 49 127 219 672
Total other income 626,421 16,107 108,475 2,914 5,943 16,468 254,497 109,295 2,422 61,493 31,290 7,598 9,919
Total current income 116,561,512 2,540,178 69,472,911 2,934,315 2,652,446 6,696,092 6,996,576 5,240,026 1,544,331 872,333 1,729,926 3,788,909 12,093,472
Net expenses
Personnel
Salaries and other personnel expenses 2,122,219 130,515 496,857 99,765 91,986 321,406 155,328 163,074 117,298 100,627 141,020 108,898 195,444
Retirement and other benefits 675,590 33,504 156,794 32,991 33,484 100,347 57,781 52,494 35,585 33,477 39,540 39,009 60,584
Administrative
Fees 188,816 4,382 42,718 10,105 6,854 73,889 17,793 7,967 8,650 3,743 2,729 2,952 7,032
Travel 88,937 3,831 12,456 3,280 5,198 13,731 8,584 9,687 5,374 3,625 7,034 5,147 10,991
Postage and other shipping costs 13,491 259 797 310 1,374 553 2,628 375 718 433 1,036 2,341 2,668
Communications 46,354 1,043 6,023 580 582 29,606 1,671 1,922 962 1,092 749 965 1,157
Materials and supplies 63,909 3,577 21,135 6,587 2,232 6,532 4,767 4,544 2,484 1,583 2,819 3,422 4,226
Building
Taxes on real estate 47,638 6,400 14,875 999 1,824 954 3,260 3,767 739 3,641 3,372 3,769 4,038
Property depreciation 132,752 12,943 26,582 6,093 6,679 14,450 9,438 15,194 7,935 4,327 8,194 9,281 11,636
Utilities 39,953 4,151 10,380 1,756 1,467 4,439 3,116 2,239 1,969 1,990 2,246 2,871 3,329
Rent 32,271 229 2,730 936 958 23,209 320 999 1,248 187 640 592 221
Other building 61,086 5,174 9,925 5,388 3,610 6,770 4,499 6,925 2,361 2,579 2,015 6,083 5,755
Equipment/software
Purchases 32,428 1,508 5,598 1,115 1,375 7,329 2,294 2,181 1,884 1,523 2,948 1,970 2,703
Rentals 3,355 317 1,232 187 227 270 336 616 23 64 12 28 45
Depreciation 72,858 4,633 5,531 2,624 2,086 38,939 3,282 3,549 1,829 1,543 2,068 2,649 4,128
Repairs and maintenance 66,426 5,617 5,358 2,620 2,153 26,861 5,499 3,748 1,581 1,370 2,169 3,289 6,161
Software 226,298 7,476 33,228 9,276 6,699 69,206 45,694 5,296 11,701 7,908 8,278 9,707 11,828
Other expenses
Compensation paid for service costs incurred2 176,758 n/a 38,979 n/a n/a n/a 126,557 11,222 n/a n/a n/a n/a n/a
Other expenses 89,395 18,181 86,860 20,836 7,616 (330,894) 26,187 62,021 87,651 26,241 17,908 25,410 41,377
Recoveries (172,847) (18,016) (25,674) (4,287) (6,002) (57,016) (13,004) (9,843) (4,495) (1,793) (9,154) (15,602) (7,962)
Expenses capitalized 3 (81,602) (5,300) (23,830) (3,649) (7,396) 6,047 (593) (2,294) (2,759) (3,520) (16,812) (1,202) (20,295)
Total operating expenses before pension expense and reimbursements 3,926,085 220,424 928,554 197,512 163,006 356,628 465,437 345,683 282,738 190,640 218,811 211,579 345,066
Net periodic pension expense 4 383,113 3,142 352,130 2,294 1,523 3,917 2,904 3,797 2,926 2,717 1,949 1,760 4,054
Reimbursements (569,638) (46,403) (119,696) (44,048) (31,582) (50,246) (21,762) (6,717) (143,587) (32,560) (35,049) (19,884) (18,104)
Operating expenses 3,739,560 177,163 1,160,988 155,758 132,947 310,299 446,579 342,763 142,077 160,797 185,711 193,455 331,016
Interest expense on securities sold under agreements to repurchase 112,179 2,357 67,969 2,762 2,504 6,363 6,367 4,781 1,440 738 1,563 3,543 11,791
Interest on reserves 5 6,705,226 143,415 4,797,274 146,280 81,358 297,250 110,526 165,197 22,973 17,451 48,961 101,839 772,702
Interest on term deposits 6 156,394 1,214 116,734 10,828 2,850 1,306 763 9,255 147 95 1,579 1,266 10,357
Other expenses 1,513 32 917 37 34 86 86 65 19 10 21 48 159
Net expenses 10,714,872 324,181 6,143,882 315,665 219,693 615,304 564,321 522,061 166,656 179,091 237,835 300,151 1,126,025
Current net income 105,846,640 2,215,997 63,329,029 2,618,650 2,432,753 6,080,788 6,432,255 4,717,965 1,377,675 693,242 1,492,091 3,488,758 10,967,447
Additions to (+) and deductions from (-) current net income
Profit on sales of federal agency and government-sponsored enterprise mortgage-backed securities 80,850 1,757 48,408 2,040 1,841 4,648 4,698 3,574 1,074 564 1,183 2,635 8,427
Foreign currency translation gains (losses) (2,907,260) (131,729) (935,110) (218,304) (231,426) (606,061) (167,236) (80,154) (24,449) (12,298) (30,655) (48,728) (421,110)
Net income from consolidated variable interest entities 7 109,058 n/a 109,058 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Other additions 647 2 (3,180) 1 2 5 7 2 2 1 3 3,732 69
Other deductions (1,579) (73) 316 1 (29) (390) (477) (198) (42) (174) (115) (102) (295)
Net deductions to (-) current net income (2,718,283) (130,043) (780,508) (216,262) (229,612) (601,798) (163,008) (76,776) (23,415) (11,907) (29,584) (42,463) (412,909)
Cost of unreimbursed Treasury services 4 n/a 4 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Assessments by Board
Board expenditures 8 590,000 26,817 191,211 44,315 46,703 121,848 33,789 16,142 5,078 2,475 6,171 9,846 85,606
Cost of currency 710,807 33,373 151,545 33,966 42,806 65,352 101,404 61,510 21,440 14,072 22,039 55,582 107,718
Consumer Financial Protection Bureau 9 563,000 25,562 183,187 42,120 44,427 115,728 32,196 15,330 4,934 2,351 5,897 9,417 81,852
Assessments by the Board of Governors 1,863,807 85,752 525,943 120,401 133,936 302,928 167,389 92,982 31,452 18,898 34,107 74,845 275,176
Net income before providing for remittances to the Treasury 101,264,546 2,000,202 62,022,574 2,281,987 2,069,206 5,176,062 6,101,858 4,548,208 1,322,808 662,437 1,428,400 3,371,450 10,279,362
Earnings remittances to the Treasury 96,901,695 1,881,295 59,625,435 2,624,531 1,873,601 3,974,190 5,944,747 4,481,892 1,275,656 634,403 1,392,718 3,383,408 9,809,819
Net income (loss) 4,362,851 118,907 2,397,139 (342,544) 195,605 1,201,872 157,111 66,316 47,152 28,034 35,682 (11,958) 469,543
Other comprehensive income (loss) (1,611,569) 1,894 (1,485,591) (10,832) (22,830) (26,556) (16,594) (12,664) 2,713 (17,329) (6,932) (8,251) (8,598)
Comprehensive income 2,751,282 120,801 911,548 (353,376) 172,775 1,175,316 140,517 53,652 49,865 10,705 28,750 (20,209) 460,945
Distribution of comprehensive income
Dividends on capital stock 1,685,826 76,432 548,911 118,281 132,812 354,416 96,282 45,772 14,966 7,040 17,680 27,535 245,699
Transferred to/from surplus and change in accumulated other comprehensive income 1,064,952 44,370 362,635 (471,660) 39,959 820,900 44,235 7,880 34,900 3,663 11,069 (48,235) 215,236
Earnings remittances to the Treasury 96,901,695 1,881,295 59,625,435 2,624,531 1,873,601 3,974,190 5,944,747 4,481,892 1,275,656 634,403 1,392,718 3,383,408 9,809,819
Total distribution of net income 99,652,473 2,002,097 60,536,981 2,271,152 2,046,372 5,149,506 6,085,264 4,535,544 1,325,522 645,106 1,421,467 3,362,708 10,270,754

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 $328,466 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 the "Board of Governors Financial Statements" in section 12. Return to table

9. The Board of Governors assesses the Reserve Banks to fund the operations of the Consumer Financial Protection Bureau. 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

n/a Not applicable.

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Last update: July 17, 2015