Annual Report 2015

Table 11. Income and expenses of the Federal Reserve Banks, 1914-2015
Thousands of dollars
Federal
Reserve
Bank
and
period		 Current
income		 Net
expenses		 Net
additions
or
deductions
(-) 1		 Assessments by the Board
of Governors		 Other
compre-
hensive
income
(loss)		 Dividends
paid		 Distributions
to the
U.S. Treasury		 Trans-
ferred
to/from
surplus 4		 Transferred
to/from
surplus
and
change in
accumulated
other
compre-
hensive
income 5
Board
expenditures		 Costs of
currency		 Consumer
Financial
Protection
Bureau
and
Office of
Financial
Research 2		 Statutory
transfers 3		 Interest
on
Federal
Reserve
notes
All banks
1914-15 2,173 2,018 6 302 n/a n/a n/a 217 n/a n/a n/a n/a
1916 5,218 2,082 -193 192 n/a n/a n/a 1,743 n/a n/a n/a n/a
1917 16,128 4,922 -1,387 238 n/a n/a n/a 6,804 1,134 n/a n/a 1,134
1918 67,584 10,577 -3,909 383 n/a n/a n/a 5,541 n/a n/a n/a 48,334
1919 102,381 18,745 -4,673 595 n/a n/a n/a 5,012 2,704 n/a n/a 70,652
1920 181,297 27,549 -3,744 710 n/a n/a n/a 5,654 60,725 n/a n/a 82,916
1921 122,866 33,722 -6,315 741 n/a n/a n/a 6,120 59,974 n/a n/a 15,993
1922 50,499 28,837 -4,442 723 n/a n/a n/a 6,307 10,851 n/a n/a -660
1923 50,709 29,062 -8,233 703 n/a n/a n/a 6,553 3,613 n/a n/a 2,546
1924 38,340 27,768 -6,191 663 n/a n/a n/a 6,682 114 n/a n/a -3,078
1925 41,801 26,819 -4,823 709 n/a n/a n/a 6,916 59 n/a n/a 2,474
1926 47,600 24,914 -3,638 722 1,714 n/a n/a 7,329 818 n/a n/a 8,464
1927 43,024 24,894 -2,457 779 1,845 n/a n/a 7,755 250 n/a n/a 5,044
1928 64,053 25,401 -5,026 698 806 n/a n/a 8,458 2,585 n/a n/a 21,079
1929 70,955 25,810 -4,862 782 3,099 n/a n/a 9,584 4,283 n/a n/a 22,536
1930 36,424 25,358 -93 810 2,176 n/a n/a 10,269 17 n/a n/a -2,298
1931 29,701 24,843 311 719 1,479 n/a n/a 10,030 n/a n/a n/a -7,058
1932 50,019 24,457 -1,413 729 1,106 n/a n/a 9,282 2,011 n/a n/a 11,021
1933 49,487 25,918 -12,307 800 2,505 n/a n/a 8,874 n/a n/a n/a -917
1934 48,903 26,844 -4,430 1,372 1,026 n/a n/a 8,782 n/a n/a -60 6,510
1935 42,752 28,695 -1,737 1,406 1,477 n/a n/a 8,505 298 n/a 28 607
1936 37,901 26,016 486 1,680 2,178 n/a n/a 7,830 227 n/a 103 353
1937 41,233 25,295 -1,631 1,748 1,757 n/a n/a 7,941 177 n/a 67 2,616
1938 36,261 25,557 2,232 1,725 1,630 n/a n/a 8,019 120 n/a -419 1,862
1939 38,501 25,669 2,390 1,621 1,356 n/a n/a 8,110 25 n/a -426 4,534
1940 43,538 25,951 11,488 1,704 1,511 n/a n/a 8,215 82 n/a -54 17,617
1941 41,380 28,536 721 1,840 2,588 n/a n/a 8,430 141 n/a -4 571
1942 52,663 32,051 -1,568 1,746 4,826 n/a n/a 8,669 198 n/a 50 3,554
1943 69,306 35,794 23,768 2,416 5,336 n/a n/a 8,911 245 n/a 135 40,327
1944 104,392 39,659 3,222 2,296 7,220 n/a n/a 9,500 327 n/a 201 48,410
1945 142,210 41,666 -830 2,341 4,710 n/a n/a 10,183 248 n/a 262 81,970
1946 150,385 50,493 -626 2,260 4,482 n/a n/a 10,962 67 n/a 28 81,467
1947 158,656 58,191 1,973 2,640 4,562 n/a n/a 11,523 36 75,284 87 8,366
1948 304,161 64,280 -34,318 3,244 5,186 n/a n/a 11,920 n/a 166,690 n/a 18,523
1949 316,537 67,931 -12,122 3,243 6,304 n/a n/a 12,329 n/a 193,146 n/a 21,462
1950 275,839 69,822 36,294 3,434 7,316 n/a n/a 13,083 n/a 196,629 n/a 21,849
1951 394,656 83,793 -2,128 4,095 7,581 n/a n/a 13,865 n/a 254,874 n/a 28,321
1952 456,060 92,051 1,584 4,122 8,521 n/a n/a 14,682 n/a 291,935 n/a 46,334
1953 513,037 98,493 -1,059 4,100 10,922 n/a n/a 15,558 n/a 342,568 n/a 40,337
1954 438,486 99,068 -134 4,175 6,490 n/a n/a 16,442 n/a 276,289 n/a 35,888
1955 412,488 101,159 -265 4,194 4,707 n/a n/a 17,712 n/a 251,741 n/a 32,710
1956 595,649 110,240 -23 5,340 5,603 n/a n/a 18,905 n/a 401,556 n/a 53,983
1957 763,348 117,932 -7,141 7,508 6,374 n/a n/a 20,081 n/a 542,708 n/a 61,604
1958 742,068 125,831 124 5,917 5,973 n/a n/a 21,197 n/a 524,059 n/a 59,215
1959 886,226 131,848 98,247 6,471 6,384 n/a n/a 22,722 n/a 910,650 n/a -93,601
1960 1,103,385 139,894 13,875 6,534 7,455 n/a n/a 23,948 n/a 896,816 n/a 42,613
1961 941,648 148,254 3,482 6,265 6,756 n/a n/a 25,570 n/a 687,393 n/a 70,892
1962 1,048,508 161,451 -56 6,655 8,030 n/a n/a 27,412 n/a 799,366 n/a 45,538
1963 1,151,120 169,638 615 7,573 10,063 n/a n/a 28,912 n/a 879,685 n/a 55,864
1964 1,343,747 171,511 726 8,655 17,230 n/a n/a 30,782 n/a 1,582,119 n/a -465,823
1965 1,559,484 172,111 1,022 8,576 23,603 n/a n/a 32,352 n/a 1,296,810 n/a 27,054
1966 1,908,500 178,212 996 9,022 20,167 n/a n/a 33,696 n/a 1,649,455 n/a 18,944
1967 2,190,404 190,561 2,094 10,770 18,790 n/a n/a 35,027 n/a 1,907,498 n/a 29,851
1968 2,764,446 207,678 8,520 14,198 20,474 n/a n/a 36,959 n/a 2,463,629 n/a 30,027
1969 3,373,361 237,828 -558 15,020 22,126 n/a n/a 39,237 n/a 3,019,161 n/a 39,432
1970 3,877,218 276,572 11,442 21,228 23,574 n/a n/a 41,137 n/a 3,493,571 n/a 32,580
1971 3,723,370 319,608 94,266 32,634 24,943 n/a n/a 43,488 n/a 3,356,560 n/a 40,403
1972 3,792,335 347,917 -49,616 35,234 31,455 n/a n/a 46,184 n/a 3,231,268 n/a 50,661
1973 5,016,769 416,879 -80,653 44,412 33,826 n/a n/a 49,140 n/a 4,340,680 n/a 51,178
1974 6,280,091 476,235 -78,487 41,117 30,190 n/a n/a 52,580 n/a 5,549,999 n/a 51,483
1975 6,257,937 514,359 -202,370 33,577 37,130 n/a n/a 54,610 n/a 5,382,064 n/a 33,828
1976 6,623,220 558,129 7,311 41,828 48,819 n/a n/a 57,351 n/a 5,870,463 n/a 53,940
1977 6,891,317 568,851 -177,033 47,366 55,008 n/a n/a 60,182 n/a 5,937,148 n/a 45,728
1978 8,455,309 592,558 -633,123 53,322 60,059 n/a n/a 63,280 n/a 7,005,779 n/a 47,268
1979 10,310,148 625,168 -151,148 50,530 68,391 n/a n/a 67,194 n/a 9,278,576 n/a 69,141
1980 12,802,319 718,033 -115,386 62,231 73,124 n/a n/a 70,355 n/a 11,706,370 n/a 56,821
1981 15,508,350 814,190 -372,879 63,163 82,924 n/a n/a 74,574 n/a 14,023,723 n/a 76,897
1982 16,517,385 926,034 -68,833 61,813 98,441 n/a n/a 79,352 n/a 15,204,591 n/a 78,320
1983 16,068,362 1,023,678 -400,366 71,551 152,135 n/a n/a 85,152 n/a 14,228,816 n/a 106,663
1984 18,068,821 1,102,444 -412,943 82,116 162,606 n/a n/a 92,620 n/a 16,054,095 n/a 161,996
1985 18,131,983 1,127,744 1,301,624 77,378 173,739 n/a n/a 103,029 n/a 17,796,464 n/a 155,253
1986 17,464,528 1,156,868 1,975,893 97,338 180,780 n/a n/a 109,588 n/a 17,803,895 n/a 91,954
1987 17,633,012 1,146,911 1,796,594 81,870 170,675 n/a n/a 117,499 n/a 17,738,880 n/a 173,771
1988 19,526,431 1,205,960 -516,910 84,411 164,245 n/a n/a 125,616 n/a 17,364,319 n/a 64,971
1989 22,249,276 1,332,161 1,254,613 89,580 175,044 n/a n/a 129,885 n/a 21,646,417 n/a 130,802
1990 23,476,604 1,349,726 2,099,328 103,752 193,007 n/a n/a 140,758 n/a 23,608,398 n/a 180,292
1991 22,553,002 1,429,322 405,729 109,631 261,316 n/a n/a 152,553 n/a 20,777,552 n/a 228,356
1992 20,235,028 1,474,531 -987,788 128,955 295,401 n/a n/a 171,763 n/a 16,774,477 n/a 402,114
1993 18,914,251 1,657,800 -230,268 140,466 355,947 n/a n/a 195,422 n/a 15,986,765 n/a 347,583
1994 20,910,742 1,795,328 2,363,862 146,866 368,187 n/a n/a 212,090 n/a 20,470,011 n/a 282,122
1995 25,395,148 1,818,416 857,788 161,348 370,203 n/a n/a 230,527 n/a 23,389,367 n/a 283,075
1996 25,164,303 1,947,861 -1,676,716 162,642 402,517 n/a n/a 255,884 5,517,716 14,565,624 n/a 635,343
1997 26,917,213 1,976,453 -2,611,570 174,407 364,454 n/a n/a 299,652 20,658,972 0 n/a 831,705
1998 28,149,477 1,833,436 1,906,037 178,009 408,544 n/a n/a 343,014 17,785,942 8,774,994 n/a 731,575
1999 29,346,836 1,852,162 -533,557 213,790 484,959 n/a n/a 373,579 n/a 25,409,736 n/a 479,053
2000 33,963,992 1,971,688 -1,500,027 188,067 435,838 n/a n/a 409,614 n/a 25,343,892 n/a 4,114,865
2001 31,870,721 2,084,708 -1,117,435 295,056 338,537 n/a n/a 428,183 n/a 27,089,222 n/a 517,580
2002 26,760,113 2,227,078 2,149,328 205,111 429,568 n/a n/a 483,596 n/a 24,495,490 n/a 1,068,598
2003 23,792,725 2,462,658 2,481,127 297,020 508,144 n/a n/a 517,705 n/a 22,021,528 n/a 466,796
2004 23,539,942 2,238,705 917,870 272,331 503,784 n/a n/a 582,402 n/a 18,078,003 n/a 2,782,587
2005 30,729,357 2,889,544 -3,576,903 265,742 477,087 n/a n/a 780,863 n/a 21,467,545 n/a 1,271,672
2006 38,410,427 3,263,844 -158,846 301,014 491,962 n/a n/a 871,255 n/a 29,051,678 n/a 4,271,828
2007 42,576,025 3,510,206 198,417 296,125 576,306 n/a 324,481 992,353 n/a 34,598,401 n/a 3,125,533
2008 41,045,582 4,870,374 3,340,628 352,291 500,372 n/a -3,158,808 1,189,626 n/a 31,688,688 n/a 2,626,053
2009 54,463,121 5,978,795 4,820,204 386,400 502,044 n/a 1,006,813 1,428,202 n/a 47,430,237 n/a 4,564,460
2010 79,300,937 6,270,420 9,745,562 422,200 622,846 42,286 45,881 1,582,785 n/a 79,268,124 n/a 883,724
2011 85,241,366 7,316,643 2,015,991 472,300 648,798 281,712 -1,161,848 1,577,284 n/a 75,423,597 n/a 375,175
2012 81,586,102 7,798,353 18,380,835 490,001 722,301 387,279 -52,611 1,637,934 n/a 88,417,936 n/a 460,528
2013 91,149,953 9,134,656 -1,029,750 580,000 701,522 563,200 2,288,811 1,649,277 n/a 79,633,271 n/a 147,088
2014 116,561,512 10,714,872 -2,718,283 590,000 710,807 563,000 -1,611,569 1,685,826 n/a 96,901,695 n/a 1,064,952
2015 114,233,676 11,139,956 -1,305,513 705,000 689,288 489,700 366,145 1,742,745 25,955,921 91,143,493 n/a -18,571,798
Total,
1914-2015		 1,417,047,916 120,081,531 37,489,887 8,999,117 14,506,295 2,327,177 -1,952,705 22,224,809 70,069,879 1,198,433,402 -4 15,942,389 6
Aggregate for each Bank, 1914-2015
Boston 56,552,363 5,507,426 287,115 386,945 798,011 103,910 12,644 976,247 3,600,834 44,842,511 135 636,102
New York 608,881,173 408,937,687 7 25,937,128 2,459,753 3,949,734 741,668 -2,106,581 6,236,539 27,623,341 545,077,826 -433 5,729,512
Philadelphia 46,673,746 4,849,202 736,052 570,919 669,534 174,117 7,963 1,583,110 2,546,267 36,308,189 291 716,126
Cleveland 62,926,686 5,064,531 611,548 666,177 821,313 180,704 19,098 1,656,251 4,485,577 49,612,575 -10 1,070,211
Richmond 107,823,476 9,621,863 2,041,871 1,659,803 1,242,798 492,107 43,270 4,486,666 7,798,746 81,295,580 -72 3,311,130
Atlanta 95,153,663 12,451,705 1,666,154 618,315 1,484,229 132,820 10,621 1,450,225 4,200,906 75,616,315 5 875,917
Chicago 127,994,393 10,439,949 1,860,519 659,401 1,525,919 63,758 26,274 1,345,169 5,353,413 109,806,844 12 686,725
St. Louis 37,953,861 3,920,631 424,880 153,968 506,405 20,289 19,935 329,674 2,091,623 31,149,772 -27 226,346
Minneapolis 20,660,131 3,978,472 424,534 195,886 281,295 15,118 -2,042 433,785 541,120 15,436,029 65 200,861
Kansas City 42,173,398 5,390,019 578,233 189,796 523,182 23,766 -2,757 381,605 1,541,569 34,476,668 -9 222,271
Dallas 58,599,215 5,764,024 1,079,514 284,379 847,351 36,921 9,251 556,018 2,014,658 49,889,286 55 294,797
San Francisco 151,655,816 12,199,936 1,842,345 1,153,778 1,856,523 342,001 9,617 2,789,521 8,271,826 124,921,807 -17 1,972,394
Total 1,417,047,916 120,081,531 37,489,887 8,999,117 14,506,295 2,327,177 -1,952,705 22,224,809 70,069,879 1,198,433,402 -4 15,942,389

Note: Components may not sum to totals because of rounding.

1. For 1987 and subsequent years, includes the cost of services provided to the Treasury by Federal Reserve Banks for which reimbursement was not received. Return to table

2. Starting in 2010, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Board of Governors began assessing the Reserve Banks to fund the operations of the Consumer Financial Protection Bureau and, for a two-year period beginning July 21, 2010, the Office of Financial Research. These assessments are allocated to the Reserve Banks based on each Reserve Bank's capital and surplus balances as of the most recent quarter. Return to table

3. Represents transfers made as a franchise tax from 1917 through 1932; transfers made under section 13b of the Federal Reserve Act from 1935 through 1947; transfers made under section 7 of the Federal Reserve Act for 1996, 1997, and 2015. Return to table

4. Transfers are made under section 13b of the Federal Reserve Act. Return to table

5. Transfers are made under section 7 of the Federal Reserve Act. Beginning in 2006, accumulated other comprehensive income is reported as a component of surplus. Return to table

6. The $15,942,389 thousand transferred to surplus was reduced by direct charges of $500 thousand for charge-off on Bank premises (1927); $139,300 thousand for contributions to capital of the Federal Deposit Insurance Corporation (1934); $4 thousand net upon elimination of section 13b surplus (1958); $106,000 thousand (1996), $107,000 thousand (1997), $3,752,000 thousand (2000) transferred to the Treasury as statutorily required; and $1,848,716 thousand related to the implementation of SFAS No. 158 (2006) and was increased by a transfer of $11,131 thousand from reserves for contingencies (1955), leaving a balance of $10,000,000 thousand on December 31, 2015. Return to table

7. This amount is reduced by $6,707,578 thousand for expenses of the System Retirement Plan. See note 4, "Table 10. Income and expenses of the Federal Reserve Banks, by Bank, 2015."  Return to table

n/a Not applicable.

Back to top

Last update: July 20, 2016