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10. Income and Expenses of the Federal Reserve Banks, by Bank, 2009
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  
Term auction credit, primary, secondary, and seasonal loans 990,406 34,123 643,900 59,693 18,087 102,155 20,185 18,697 8,051 4,908 5,933 9,669 65,006
Other loans, net1 4,519,461 72,605 4,446,856 ...
U.S. Treasury securities2 22,885,320 546,770 8,779,219 488,305 896,633 1,083,414 2,658,000 2,381,981 874,687 389,876 993,153 1,074,010 2,719,272
Government-sponsored enterprise debt securities 2,047,910 44,976 791,706 38,809 80,512 87,462 241,497 216,618 79,074 34,485 90,335 97,302 245,134
Federal agency and government-sponsored enterprise mortgage-backed securities 20,406,825 423,278 7,927,495 355,933 804,013 811,771 2,429,407 2,180,354 793,004 341,090 909,376 977,096 2,454,008
Foreign currencies 296,223 12,404 78,310 32,169 21,698 83,637 22,669 10,238 2,941 4,681 2,943 4,027 20,504
Central bank liquidity swaps3 2,167,618 96,278 567,890 231,611 157,573 607,777 166,059 78,511 21,456 35,509 21,751 31,710 151,492
Other investments4 687 16 264 14 27 32 80 72 26 12 30 32 82
Other current income  
Priced services 662,730 66,839 525,645 70,246
Compensation received for services provided5 339,355 21,171 3,530 25,763 35,235 32,947 387 34,880 7,249 60,429 52,757 27,910 37,097
Securities lending fees 112,896 4,090 41,162 4,131 4,326 8,689 11,828 10,530 4,032 2,065 4,384 4,878 12,781
Other 33,690 14 31,797 386 22 68 38 87 15 11 251 103 897
Total current income 54,463,121 1,255,725 23,378,969 1,236,814 2,018,126 2,817,951 6,075,796 5,002,213 1,790,535 873,067 2,080,913 2,226,738 5,706,274
Current Expenses  
Interest expense  
Interest expense on securities sold under agreements to repurchase 97,605 2,762 36,781 2,614 3,794 5,652 10,940 9,782 3,643 1,707 4,077 4,451 11,402
Interest on reserves6 2,182,763 76,755 1,117,120 46,031 65,240 406,911 79,294 69,210 17,252 7,576 46,029 35,959 215,388
Personnel  
Salaries and other personnel expenses 1,610,205 85,331 375,823 74,118 91,600 227,716 136,433 117,285 79,719 79,533 97,361 89,261 156,027
Retirement and other benefits 564,097 26,915 112,585 30,526 39,475 79,388 49,556 44,634 27,492 26,014 29,940 36,990 60,581
Net periodic pension expense7 662,672 624 658,655 84 -186 523 252 437 653 642 385 318 286
Administrative  
Fees 218,417 3,230 98,719 4,193 3,457 60,600 16,399 8,091 6,981 3,001 5,679 1,687 6,381
Travel 69,157 2,531 9,930 2,621 3,974 10,808 7,680 7,550 3,899 2,804 4,562 4,036 8,761
Postage and other shipping costs 49,953 383 1,027 545 2,341 810 36,630 791 833 695 1,071 1,501 3,327
Communications 43,941 1,016 5,406 754 922 24,178 1,961 1,769 1,373 1,581 1,251 1,919 1,813
Materials and supplies 64,567 3,453 17,564 5,087 3,795 5,714 7,256 5,002 2,253 2,089 3,014 4,007 5,333
Building  
Taxes on real estate 37,306 5,885 5,461 1,589 1,890 2,245 3,343 1,262 563 3,560 3,527 3,814 4,167
Property depreciation 112,398 8,833 16,384 4,865 7,771 13,044 10,907 13,152 6,622 4,061 7,564 9,646 9,549
Utilities 41,535 4,197 7,362 2,601 2,683 4,723 4,251 2,238 1,749 1,935 2,194 4,127 3,475
Rent 43,284 1,083 18,595 881 53 17,109 546 1,173 1,517 265 709 210 1,143
Other building 46,117 2,711 7,035 2,730 3,327 4,212 4,140 5,811 2,558 1,774 1,551 6,987 3,281
Equipment/software  
Purchases 26,593 2,032 4,887 1,230 1,091 5,339 1,261 2,592 1,205 1,446 1,773 1,286 2,451
Rentals 3,311 326 1,269 423 247 178 457 280 29 7 8 21 65
Depreciation 89,459 5,018 9,331 6,196 4,664 32,821 5,118 3,268 2,706 1,489 5,426 6,866 6,555
Repairs and maintenance 64,826 3,898 6,215 3,353 3,746 16,394 9,793 4,996 1,659 1,899 2,507 4,324 6,044
Software 144,874 4,548 25,770 8,073 5,041 54,537 14,060 3,383 3,391 4,483 5,783 8,850 6,954
Other expenses  
Compensation paid for service costs incurred5 339,355 33,289 295,468 10,599
Earnings credits costs 4,344 204 1,234 96 182 384 253 491 46 117 214 110 1,014
Other expenses 74,317 13,177 59,431 8,023 5,346 -247,789 56,051 52,339 69,621 20,717 5,666 14,111 17,624
Recoveries -126,682 -17,227 -16,870 -4,012 -4,285 -33,181 -11,363 -9,786 -2,989 -1,651 -6,296 -12,562 -6,460
Expenses capitalized8 -35,255 -3,252 -15,578 -725 -1,126 -2,205 -1,263 -1,191 -489 -4,945 -570 -516 -3,396
Total current expenses 6,429,158 234,432 2,597,426 201,895 245,041 690,113 739,421 355,159 232,283 160,797 223,424 227,401 521,764
Reimbursements -450,363 -28,721 -113,405 -32,499 -48,274 -37,642 -15,103 -4,529 -104,373 -27,848 -10,564 -14,217 -13,188
Net expenses 5,978,795 205,712 2,484,021 169,396 196,768 652,471 724,318 350,630 127,910 132,949 212,861 213,184 508,576
Profit and Loss  
Current net income 48,484,326 1,050,013 20,894,949 1,067,418 1,821,358 2,165,480 5,351,478 4,651,583 1,662,625 740,117 1,868,053 2,013,553 5,197,698
Additions to (+) and deductions from (-) current net income  
Profit on sales of federal agency and government-sponsored enterprise mortgage-backed securities 879,305 9,755 354,662 4,845 35,236 14,611 112,503 101,385 35,892 13,831 42,323 44,663 109,599
Profit (loss) on foreign exchange transactions 172,327 -7,113 58,946 28,558 15,744 59,686 12,730 -3,391 1,877 -535 1,156 -3,484 8,155
Dividends on preferred securities 106,164 106,164
Other loans unrealized gain 557,057 557,057
Net income from consolidated LLCs9 5,587,900 5,587,900
Other additions10 237,630 2 180,573 0 0 57,025 3 6 0 0 2 15 2
Total additions 7,540,383 2,644 6,845,302 33,403 50,980 131,322 125,237 98,000 37,769 13,297 43,480 41,194 117,756
Provision for loan loss 0 0 0 0 0 0 0 0 0 0 0 0 0
Provision for loan restructuring11 -2,620,624 -2,620,624
Other deductions12 -99,552 -1 -76,734 0 -15 -22,802 0 0 0 0 0 0 0
Total deductions -2,720,176 -1 -2,697,358 0 -15 -22,802 0 0 0 0 0 0 0
Net addition to (+) current net income 4,820,207 2,643 4,147,944 33,403 50,965 108,520 125,237 98,000 37,769 13,297 43,480 41,194 117,756
Cost of unreimbursed Treasury services 4 0 4 0 0 0 0 0 0 0 0 0 0
Assessments by Board  
Board expenditures13 386,400 15,221 106,919 42,109 27,661 107,992 28,173 12,791 3,820 7,088 3,661 4,786 26,179
Cost of currency 502,044 26,432 109,160 29,791 25,057 45,300 74,108 46,757 16,892 11,687 18,571 28,090 70,198
Net income before distributions 52,416,086 1,011,004 24,826,810 1,028,920 1,819,604 2,120,708 5,374,433 4,690,035 1,679,682 734,639 1,889,301 2,021,871 5,219,076
Change in funded status of benefit plans 1,006,813 -10,172 1,030,918 -6,459 -3,365 4,508 -1,006 -7,085 8,953 -3,863 -3,032 -2,981 398
Comprehensive income before distributions 53,422,899 1,000,832 25,857,728 1,022,461 1,816,239 2,125,216 5,373,427 4,682,950 1,688,635 730,776 1,886,270 2,018,890 5,219,475
Dividends paid 1,428,202 54,936 413,037 150,935 99,813 396,167 94,943 44,013 13,821 34,847 12,555 17,301 95,835
Distributions to U.S. Treasury (interest on Federal Reserve notes) 47,430,237 845,750 23,610,426 384,631 1,358,118 569,531 5,309,090 4,722,903 1,644,220 308,255 1,872,070 1,920,056 4,885,186
Transferred to/from surplus and change in accumulated other comprehensive income 4,564,460 100,145 1,834,265 486,895 358,308 1,159,518 -30,606 -83,965 30,594 387,674 1,645 81,533 238,455
Surplus, January 1 21,075,873 844,272 5,607,427 2,315,058 1,552,095 5,980,154 1,611,672 703,459 209,686 324,373 207,922 270,972 1,448,783
Surplus, December 31 25,640,333 944,417 7,441,692 2,801,953 1,910,403 7,139,672 1,581,065 619,494 240,281 712,046 209,566 352,505 1,687,238

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

1. Represents interest income on Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, Primary Dealer Credit Facility, Term Asset-Backed Securities Loan Facility, and credit extended to American International Group, Inc. (AIG), net of commitment fees.  Return to table

2. Includes interest income on securities purchased under agreements to resell  Return to table

3. Represents interest income on swap agreements with foreign central banks. Return to table

4. Represents interest income on short-term investments related to the federal agency and government-sponsored mortgage-backed securities portfolio.  Return to table

5. The Federal Reserve Bank of Atlanta has overall responsibility for managing the Reserve Banks' provision of check and ACH services and recognizes total System revenue for these services. The Federal Reserve Bank of New York 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 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 Federal Reserve Bank of Atlanta, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago compensate the other Reserve Banks for the costs incurred in providing these services.  Return to table

6. 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

7. Reflects the effect of the Financial Accounting Standards Board's Codification Topic (ASC 715) Compensation - Retirement Benefits. The System Retirement Plan for employees is recorded on behalf of the System on the books of the Federal Reserve Bank of New York. Net pension expense for the System, which was $651,850 thousand. is recorded in the books of the Federal Reserve Bank of New York. The Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank.  Return to table

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

9. Represents the portion of the consolidated LLCs' net income recorded by the Federal Reserve Bank of New York. The amount includes interest income, interest expenses, realized and unrealized gains and losses, and professional fees.  Return to table

10. Includes compensation paid by Citigroup, Inc. and Bank of America Corporation for the Federal Reserve Bank of New York's and the Federal Reserve Bank of Richmond's commitments to provide funding support. Costs are reported in "Other deductions."  Return to table

11. Represents the economic effect of the interest rate reduction made pursuant to the April 17, 2009, restructuring of the the AIG credit extension.  Return to table

12. Includes costs incurred by the Federal Reserve Bank of New York and the Federal Reserve Bank of Richmond related to their commitment to provide funding support to Citigroup, Inc. and Bank of America Corporation. Reimbursement of these costs is reported in "Other additions."  Return to table

13. For additional details, see the "Board of Governors Financial Statements" in the "Federal Reserve System Audits" section of this report.  Return to table

... Not applicable  Return to table

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