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11. Income and Expenses of the Federal Reserve Banks, 1914-2009
Thousands of dollars
Federal Reserve Bank and period Current income Net expenses Net additions or deductions (-)1 Assessments by the Board of Governors Change in funded status of benefit plans Dividends paid Distributions to the U.S. Treasury Transferred to /from surplus3 Transferred to/from surplus and change in accumulated other comprehensive income6
Board expenditures Costs of currency Statutory transfers2 Interest on Federal Reserve notes
All Banks  
1914-15 2,173 2,018 6 302 ... ... 217 ... ... ... ...
1916 5,218 2,082 -193 192 ... ... 1,743 ... ... ... ...
1917 16,128 4,922 -1,387 238 ... ... 6,804 1,134 ... ... 1,134
1918 67,584 10,577 -3,909 383 ... ... 5,541 ... ... ... 48,334
1919 102,381 18,745 -4,673 595 ... ... 5,012 2,704 ... ... 70,652
1920 181,297 27,549 -3,744 710 ... ... 5,654 60,725 ... ... 82,916
1921 122,866 33,722 -6,315 741 ... ... 6,120 59,974 ... ... 15,993
1922 50,499 28,837 -4,442 723 ... ... 6,307 10,851 ... ... -660
1923 50,709 29,062 -8,233 703 ... ... 6,553 3,613 ... ... 2,546
1924 38,340 27,768 -6,191 663 ... ... 6,682 114 ... ... -3,078
1925 41,801 26,819 -4,823 709 ... ... 6,916 59 ... ... 2,474
1926 47,600 24,914 -3,638 722 1,714 ... 7,329 818 ... ... 8,464
1927 43,024 24,894 -2,457 779 1,845 ... 7,755 250 ... ... 5,044
1928 64,053 25,401 -5,026 698 806 ... 8,458 2,585 ... ... 21,079
1929 70,955 25,810 -4,862 782 3,099 ... 9,584 4,283 ... ... 22,536
1930 36,424 25,358 -93 810 2,176 ... 10,269 17 ... ... -2,298
1931 29,701 24,843 311 719 1,479 ... 10,030 ... ... ... -7,058
1932 50,019 24,457 -1,413 729 1,106 ... 9,282 2,011 ... ... 11,021
1933 49,487 25,918 -12,307 800 2,505 ... 8,874 ... ... ... -917
1934 48,903 26,844 -4,430 1,372 1,026 ... 8,782 ... ... -60 6,510
1935 42,752 28,695 -1,737 1,406 1,477 ... 8,505 298 ... 28 607
1936 37,901 26,016 486 1,680 2,178 ... 7,830 227 ... 103 353
1937 41,233 25,295 -1,631 1,748 1,757 ... 7,941 177 ... 67 2,616
1938 36,261 25,557 2,232 1,725 1,630 ... 8,019 120 ... -419 1,862
1939 38,501 25,669 2,390 1,621 1,356 ... 8,110 25 ... -426 4,534
1940 43,538 25,951 11,488 1,704 1,511 ... 8,215 82 ... -54 17,617
1941 41,380 28,536 721 1,840 2,588 ... 8,430 141 ... -4 571
1942 52,663 32,051 -1,568 1,746 4,826 ... 8,669 198 ... 50 3,554
1943 69,306 35,794 23,768 2,416 5,336 ... 8,911 245 ... 135 40,327
1944 104,392 39,659 3,222 2,296 7,220 ... 9,500 327 ... 201 48,410
1945 142,210 41,666 -830 2,341 4,710 ... 10,183 248 ... 262 81,970
1946 150,385 50,493 -626 2,260 4,482 ... 10,962 67 ... 28 81,467
1947 158,656 58,191 1,973 2,640 4,562 ... 11,523 36 75,284 87 8,366
1948 304,161 64,280 -34,318 3,244 5,186 ... 11,920 ... 166,690 ... 18,523
1949 316,537 67,931 -12,122 3,243 6,304 ... 12,329 ... 193,146 ... 21,462
1950 275,839 69,822 36,294 3,434 7,316 ... 13,083 ... 196,629 ... 21,849
1951 394,656 83,793 -2,128 4,095 7,581 ... 13,865 ... 254,874 ... 28,321
1952 456,060 92,051 1,584 4,122 8,521 ... 14,682 ... 291,935 ... 46,334
1953 513,037 98,493 -1,059 4,100 10,922 ... 15,558 ... 342,568 ... 40,337
1954 438,486 99,068 -134 4,175 6,490 ... 16,442 ... 276,289 ... 35,888
1955 412,488 101,159 -265 4,194 4,707 ... 17,712 ... 251,741 ... 32,710
1956 595,649 110,240 -23 5,340 5,603 ... 18,905 ... 401,556 ... 53,983
1957 763,348 117,932 -7,141 7,508 6,374 ... 20,081 ... 542,708 ... 61,604
1958 742,068 125,831 124 5,917 5,973 ... 21,197 ... 524,059 ... 59,215
1959 886,226 131,848 98,247 6,471 6,384 ... 22,722 ... 910,650 ... -93,601
1960 1,103,385 139,894 13,875 6,534 7,455 ... 23,948 ... 896,816 ... 42,613
1961 941,648 148,254 3,482 6,265 6,756 ... 25,570 ... 687,393 ... 70,892
1962 1,048,508 161,451 -56 6,655 8,030 ... 27,412 ... 799,366 ... 45,538
1963 1,151,120 169,638 615 7,573 10,063 ... 28,912 ... 879,685 ... 55,864
1964 1,343,747 171,511 726 8,655 17,230 ... 30,782 ... 1,582,119 ... -465,823
1965 1,559,484 172,111 1,022 8,576 23,603 ... 32,352 ... 1,296,810 ... 27,054
1966 1,908,500 178,212 996 9,022 20,167 ... 33,696 ... 1,649,455 ... 18,944
1967 2,190,404 190,561 2,094 10,770 18,790 ... 35,027 ... 1,907,498 ... 29,851
1968 2,764,446 207,678 8,520 14,198 20,474 ... 36,959 ... 2,463,629 ... 30,027
1969 3,373,361 237,828 -558 15,020 22,126 ... 39,237 ... 3,019,161 ... 39,432
1970 3,877,218 276,572 11,442 21,228 23,574 ... 41,137 ... 3,493,571 ... 32,580
1971 3,723,370 319,608 94,266 32,634 24,943 ... 43,488 ... 3,356,560 ... 40,403
1972 3,792,335 347,917 -49,616 35,234 31,455 ... 46,184 ... 3,231,268 ... 50,661
1973 5,016,769 416,879 -80,653 44,412 33,826 ... 49,140 ... 4,340,680 ... 51,178
1974 6,280,091 476,235 -78,487 41,117 30,190 ... 52,580 ... 5,549,999 ... 51,483
1975 6,257,937 514,359 -202,370 33,577 37,130 ... 54,610 ... 5,382,064 ... 33,828
1976 6,623,220 558,129 7,311 41,828 48,819 ... 57,351 ... 5,870,463 ... 53,940
1977 6,891,317 568,851 -177,033 47,366 55,008 ... 60,182 ... 5,937,148 ... 45,728
1978 8,455,309 592,558 -633,123 53,322 60,059 ... 63,280 ... 7,005,779 ... 47,268
1979 10,310,148 625,168 -151,148 50,530 68,391 ... 67,194 ... 9,278,576 ... 69,141
1980 12,802,319 718,033 -115,386 62,231 73,124 ... 70,355 ... 11,706,370 ... 56,821
1981 15,508,350 814,190 -372,879 63,163 82,924 ... 74,574 ... 14,023,723 ... 76,897
1982 16,517,385 926,034 -68,833 61,813 98,441 ... 79,352 ... 15,204,591 ... 78,320
1983 16,068,362 1,023,678 -400,366 71,551 152,135 ... 85,152 ... 14,228,816 ... 106,663
1984 18,068,821 1,102,444 -412,943 82,116 162,606 ... 92,620 ... 16,054,095 ... 161,996
1985 18,131,983 1,127,744 1,301,624 77,378 173,739 ... 103,029 ... 17,796,464 ... 155,253
1986 17,464,528 1,156,868 1,975,893 97,338 180,780 ... 109,588 ... 17,803,895 ... 91,954
1987 17,633,012 1,146,911 1,796,594 81,870 170,675 ... 117,499 ... 17,738,880 ... 173,771
1988 19,526,431 1,205,960 -516,910 84,411 164,245 ... 125,616 ... 17,364,319 ... 64,971
1989 22,249,276 1,332,161 1,254,613 89,580 175,044 ... 129,885 ... 21,646,417 ... 130,802
1990 23,476,604 1,349,726 2,099,328 103,752 193,007 ... 140,758 ... 23,608,398 ... 180,292
1991 22,553,002 1,429,322 405,729 109,631 261,316 ... 152,553 ... 20,777,552 ... 228,356
1992 20,235,028 1,474,531 -987,788 128,955 295,401 ... 171,763 ... 16,774,477 ... 402,114
1993 18,914,251 1,657,800 -230,268 140,466 355,947 ... 195,422 ... 15,986,765 ... 347,583
1994 20,910,742 1,795,328 2,363,862 146,866 368,187 ... 212,090 ... 20,470,011 ... 282,122
1995 25,395,148 1,818,416 857,788 161,348 370,203 ... 230,527 ... 23,389,367 ... 283,075
1996 25,164,303 1,947,861 -1,676,716 162,642 402,517 ... 255,884 5,517,716 14,565,624 ... 635,343
1997 26,917,213 1,976,453 -2,611,570 174,407 364,454 ... 299,652 20,658,972 0 ... 831,705
1998 28,149,477 1,833,436 1,906,037 178,009 408,544 ... 343,014 17,785,942 8,774,994 ... 731,575
1999 29,346,836 1,852,162 -533,557 213,790 484,959 ... 373,579 ... 25,409,736 ... 479,053
2000 33,963,992 1,971,688 -1,500,027 188,067 435,838 ... 409,614 ... 25,343,892 ... 4,114,865
2001 31,870,721 2,084,708 -1,117,435 295,056 338,537 ... 428,183 ... 27,089,222 ... 517,580
2002 26,760,113 2,227,078 2,149,328 205,111 429,568 ... 483,596 ... 24,495,490 ... 1,068,598
2003 23,792,725 2,462,658 2,481,127 297,020 508,144 ... 517,705 ... 22,021,528 ... 466,796
2004 23,539,942 2,238,705 917,870 272,331 503,784 ... 582,402 ... 18,078,003 ... 2,782,587
2005 30,729,357 2,889,544 -3,576,903 265,742 477,087 ... 780,863 ... 21,467,545 ... 1,271,672
2006 38,410,427 3,263,844 -158,846 301,014 491,962 ... 871,255 ... 29,051,678 ... 4,271,828
2007 42,576,025 3,510,206 198,417 296,125 576,306 324,481 992,353 ... 34,598,401 ... 3,125,533
2008 41,045,582 4,870,374 3,340,628 352,291 500,372 -3,158,808 1,189,626 ... 31,688,688 2,626,053
2009 54,463,121 5,978,795 4,820,204 386,400 502,044 1,006,813 1,428,202 ... 47,430,237 4,564,460
Total, 1914-2009 848,974,370 67,706,631 12,401,045 5,739,616 10,410,734 -1,827,514 12,348,958 44,113,958 687,645,286 -4 31,582,7224
Aggregate for each Bank, 1914- 2009  
Boston 43,062,237 3,992,881 149,103 248,532 604,816 -13,242 554,883 2,579,504 34,078,800 135 1,138,546
New York 304,907,672 12,959,1185 4,788,937 1,437,420 3,124,108 -1,873,938 3,143,937 17,307,161 259,978,960 -433 9,872,400
Philadelphia 31,233,470 3,241,737 615,539 311,463 466,216 -6,258 794,701 1,312,118 22,748,368 291 2,967,857
Cleveland 47,993,734 3,851,063 649,458 416,037 587,999 2,889 899,444 2,827,043 37,845,642 -10 2,218,863
Richmond 65,510,304 5,921,622 1,829,706 948,707 867,797 30,135 2,380,997 3,083,928 45,946,850 -72 8,220,316
Atlanta 54,815,334 9,080,562 885,186 431,119 883,931 7,165 884,651 2,713,230 39,812,462 5 1,901,724
Chicago 96,740,142 7,503,350 1,052,372 572,318 1,152,455 3,064 1,079,245 4,593,811 81,856,222 12 1,038,165
St. Louis 28,405,607 2,976,568 183,368 125,518 376,880 9,824 243,679 1,833,837 22,678,317 -27 364,027
Minneapolis 14,741,915 2,970,651 240,066 159,353 195,896 2,961 331,057 416,227 10,041,556 65 870,139
Kansas City 30,064,548 3,994,257 256,754 157,542 386,884 -5,346 283,928 1,249,703 23,911,666 -9 331,986
Dallas 37,851,916 4,067,776 516,569 233,913 515,061 10,175 402,176 1,510,802 31,128,376 55 520,501
San Francisco 93,647,491 7,147,046 1,233,988 697,695 1,248,691 5,055 1,350,260 4,686,594 77,618,065 -17 2,138,200
Total 848,974,370 67,706,631 12,401,045 5,739,616 10,410,734 -1,827,514 12,348,958 44,113,958 687,645,286 -4 31,582,7226

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. 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; and transfers made under section 7 of the Federal Reserve Act for 1996 and 1997.  Return to table

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

4. The $31,582,722 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), and $106,000 thousand (1996), $107,000 thousand (1997), $3,752,000 thousand transferred to the Treasury as statutorily required (2000), 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 $25,640,333 thousand on December 31, 2009.  Return to table

5. This amount is reduced by $3,604,674 thousand for expenses of the System Retirement Plan. See note 6, table 10.  Return to table

6. 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

... Not applicable  Return to table