Annual Report 2015

Table 10. Income and expenses of the Federal Reserve Banks, by Bank, 2015
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 349 7 12 2 7 2 34 48 46 118 16 10 45
Treasury securities 63,317,284 1,519,488 38,234,895 1,559,521 1,485,388 3,465,341 3,548,272 2,414,627 692,149 385,851 825,563 2,010,532 7,175,657
Government-sponsored enterprise debt securities, net 1,329,438 31,627 803,523 32,695 31,069 72,845 74,445 50,899 14,636 8,104 17,344 42,120 150,131
Federal agency and government-sponsored enterprise mortgage-backed securities, net 48,931,208 1,165,286 29,571,240 1,203,587 1,144,032 2,680,755 2,740,275 1,872,516 538,225 298,265 638,308 1,550,676 5,528,044
Foreign currency denominated investments, net 30,420 1,380 9,801 1,776 2,378 6,899 1,733 820 280 128 320 447 4,459
Central bank liquidity swaps 1 1,417 64 456 83 111 321 81 38 13 6 15 21 208
Total interest income 113,610,116 2,717,852 68,619,927 2,797,664 2,662,985 6,226,163 6,364,840 4,338,948 1,245,349 692,472 1,481,566 3,603,806 12,858,544
Income from priced services 429,108 n/a 103,975 n/a n/a n/a 242,109 83,024 n/a n/a n/a n/a n/a
Compensation received for services provided 2 175,324 14,762 1,661 2,598 2,506 16,790 768 24,446 2,511 61,663 31,720 7,206 8,692
Securities lending fees 8,127 195 4,909 200 190 445 455 310 89 50 106 258 920
Other income 11,001 197 7,669 181 188 422 616 310 106 63 107 256 885
Total other income 623,560 15,154 118,214 2,979 2,884 17,657 243,948 108,090 2,706 61,776 31,933 7,720 10,497
Total current income 114,233,676 2,733,006 68,738,141 2,800,643 2,665,869 6,243,820 6,608,788 4,447,038 1,248,055 754,248 1,513,499 3,611,526 12,869,041
Net expenses
Personnel
Salaries and other personnel expenses 2,219,098 136,911 515,367 98,708 98,130 331,036 160,056 173,641 131,480 103,513 150,195 113,307 206,753
Retirement and other benefits 705,923 35,816 159,260 32,894 35,044 103,952 60,399 55,822 37,587 34,853 43,400 42,566 64,329
Administrative
Fees 200,505 4,390 39,220 9,798 4,480 85,770 15,268 9,451 13,156 4,140 3,654 2,215 8,962
Travel 93,593 4,421 13,558 3,303 5,582 14,365 8,112 10,430 5,561 3,592 7,468 5,264 11,938
Postage and other shipping costs 13,420 234 1,185 232 1,325 565 2,465 238 703 328 1,006 2,290 2,850
Communications 45,834 1,131 5,781 574 567 29,597 1,382 2,119 1,013 948 700 890 1,132
Materials and supplies 65,197 3,548 22,530 6,439 2,426 5,816 4,798 4,688 2,639 1,589 3,072 3,345 4,308
Building
Taxes on real estate 51,134 6,757 15,864 999 1,811 2,458 3,218 4,135 727 3,578 3,228 3,898 4,462
Property depreciation 139,341 13,859 28,823 6,733 6,949 14,779 10,203 15,732 8,007 4,385 8,642 9,196 12,032
Utilities 38,507 4,153 9,608 1,657 1,506 4,233 3,127 2,225 1,731 1,784 2,234 2,848 3,401
Rent 33,534 292 3,100 901 990 22,854 294 973 2,150 201 758 813 208
Other building 63,484 5,690 13,068 5,354 3,360 5,790 5,032 7,314 2,446 2,683 1,839 5,898 5,010
Equipment/software
Purchases 33,123 2,002 5,592 1,345 1,763 6,964 2,065 2,115 2,208 1,688 2,977 2,112 2,292
Rentals 3,790 311 1,132 184 284 858 286 603 22 67 5 23 15
Depreciation 78,124 4,911 5,603 2,375 2,169 42,171 3,541 3,492 1,761 1,507 3,285 2,800 4,509
Repairs and maintenance 66,555 5,309 5,518 1,829 2,088 28,013 5,544 3,729 1,613 1,288 1,946 3,628 6,049
Software 205,074 9,027 35,338 10,128 7,243 69,212 15,348 6,669 10,182 8,632 11,484 10,176 11,635
Other expenses
Compensation paid for service costs incurred2 175,324 n/a 40,664 n/a n/a n/a 123,588 11,072 n/a n/a n/a n/a n/a
Other expenses 74,193 13,029 87,488 21,607 8,209 -353,123 27,646 65,143 106,656 27,920 18,987 25,220 25,410
Recoveries -178,562 -19,975 -22,785 -5,166 -6,490 -58,506 -14,619 -10,559 -4,446 -2,939 -8,015 -15,439 -9,622
Expenses capitalized 3 -84,057 -4,688 -26,786 -3,767 -7,231 3,162 -224 -3,832 -3,848 -376 -11,890 -1,618 -22,958
Total operating expenses before pension expense and reimbursements 4,043,134 227,128 959,128 196,127 170,205 359,966 437,529 365,200 321,348 199,381 244,975 219,432 342,715
Net periodic pension expense 4 562,562 2,240 541,916 798 2,800 2,840 1,304 2,176 1,829 838 1,551 766 3,505
Reimbursements -650,490 -46,501 -169,289 -34,168 -34,209 -42,221 -23,897 -5,747 -174,951 -32,939 -49,671 -19,252 -17,645
Operating expenses 3,955,206 182,867 1,331,755 162,757 138,796 320,585 414,936 361,629 148,226 167,280 196,855 200,946 328,575
Interest expense on securities sold under agreements to repurchase 247,733 5,995 149,466 6,111 5,833 13,543 13,893 9,411 2,690 1,509 3,228 7,883 28,171
Interest on reserves 5 6,846,148 165,566 4,608,535 159,473 133,437 400,826 108,615 190,884 22,433 18,307 55,084 107,457 875,530
Interest on term deposits 6 89,205 69 48,895 14,394 5,249 592 230 3,707 21 13 1,209 567 14,258
Other expenses 1,664 40 1,003 41 39 91 93 63 18 10 22 53 190
Net expenses 11,139,956 354,537 6,139,654 342,776 283,354 735,637 537,767 565,694 173,388 187,119 256,398 316,906 1,246,724
Current net income 103,093,720 2,378,469 62,598,487 2,457,867 2,382,515 5,508,183 6,071,021 3,881,344 1,074,667 567,129 1,257,101 3,294,620 11,622,317
Additions to (+) and deductions from (-) current net income
Profit on sales of federal agency and government-sponsored enterprise mortgage-backed securities 43,295 930 26,431 1,047 968 2,403 2,404 1,730 514 265 568 1,338 4,697
Foreign currency translation gains (losses) -1,382,100 -62,766 -444,913 -90,524 -108,832 -302,758 -79,056 -37,642 -12,248 -5,823 -14,543 -21,505 -201,490
Net income from consolidated variable interest entities 7 36,383 n/a 36,383 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Other additions 183 0 121 1 1 3 7 2 0 1 0 45 2
Other deductions -3,274 0 -2,861 4 -3 -192 -45 89 -68 6 -10 71 -267
Net deductions to (-) current net income -1,305,513 -61,836 -384,839 -89,472 -107,866 -300,544 -76,690 -35,821 -11,802 -5,551 -13,985 -20,051 -197,058
Cost of unreimbursed Treasury services 2 n/a 2 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 8 705,000 31,717 228,891 39,996 54,599 160,345 39,896 19,030 6,702 3,020 7,424 10,285 103,095
Cost of currency 689,288 29,535 128,174 31,953 40,936 64,790 101,412 60,977 20,792 14,230 21,843 61,691 112,955
Consumer Financial Protection Bureau 9 489,700 21,907 159,647 27,356 37,773 110,845 27,693 13,242 4,692 2,093 5,165 7,192 72,095
Assessments by the Board of Governors 1,883,988 83,159 516,712 99,305 133,308 335,980 169,001 93,249 32,186 19,343 34,432 79,168 288,145
Net income before providing for remittances to the Treasury 99,904,217 2,233,474 61,696,936 2,269,090 2,141,341 4,871,659 5,825,330 3,752,274 1,030,679 542,235 1,208,684 3,195,401 11,137,114
Earnings remittances to the Treasury
Interest on Federal Reserve notes 91,143,493 1,988,610 56,984,653 1,993,390 1,831,749 4,112,024 5,329,227 3,465,831 919,199 494,433 1,105,554 2,941,276 9,977,548
Required by the Federal Reserve Act, as amended by the FAST Act 25,955,921 1,021,330 10,316,180 1,234,149 1,658,534 4,714,818 1,487,676 759,602 257,786 124,893 291,866 503,856 3,585,232
Total earnings remittances to the Treasury 117,099,414 3,009,940 67,300,833 3,227,539 3,490,283 8,826,842 6,816,903 4,225,433 1,176,985 619,326 1,397,420 3,445,132 13,562,780
Net loss after providing for remittances to the Treasury -17,195,197 -776,466 -5,603,897 -958,449 -1,348,942 -3,955,183 -991,573 -473,159 -146,306 -77,091 -188,736 -249,731 -2,425,666
Other comprehensive income (loss) 366,145 873 264,319 9,396 17,541 22,886 19,402 20,852 -338 7,392 6,297 -9,536 7,061
Comprehensive income -16,829,052 -775,593 -5,339,578 -949,053 -1,331,401 -3,932,297 -972,171 -452,307 -146,644 -69,699 -182,439 -259,267 -2,418,605
Distribution of comprehensive income
Dividends on capital stock 1,742,745 77,944 569,237 97,352 134,435 394,256 98,408 47,076 16,884 7,498 18,291 25,616 255,748
Transferred to/from surplus and change in accumulated other comprehensive income -18,571,798 -853,537 -5,908,815 -1,046,406 -1,465,837 -4,326,553 -1,070,577 -499,381 -163,528 -77,198 -200,729 -284,884 -2,674,353
Earnings remittances to the Treasury 117,099,414 3,009,940 67,300,833 3,227,539 3,490,283 8,826,842 6,816,903 4,225,433 1,176,985 619,326 1,397,420 3,445,132 13,562,780
Total distribution of net income 100,270,361 2,234,347 61,961,255 2,278,485 2,158,881 4,894,545 5,844,734 3,773,128 1,030,341 549,626 1,214,982 3,185,864 11,144,175

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 $522,925 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 20, 2016