|
Three-Year Financial Highlights
| September 30, |
|
2003 |
|
2002 |
|
2001 |
 |
| (Dollars in thousands) |
|
|
|
|
|
|
|
| Balance Sheet and Liquidity Analysis |
|
|
|
|
|
|
|
| Funds with U.S. Treasury |
$ |
2,931,800 |
$ |
2,509,100 |
$ |
2,043,000 |
|
| U.S. Government Securities |
$ |
7,215,800 |
$ |
6,935,200 |
$ |
6,557,100 |
|
| Total Assets |
$ |
10,353,900 |
$ |
9,554,600 |
$ |
8,739,300 |
|
| Total Liabilities |
$ |
703,900 |
$ |
636,100 |
$ |
615,100 |
|
| Investment of U.S. Government |
$ |
9,650,000 |
$ |
8,918,500 |
$ |
8,124,200 |
|
| Total RPB Outstanding(1) |
$ |
473,907,979 |
$ |
568,351,015 |
$ |
604,308,600 |
|
| LLR(2) and Investment of U.S. Government |
$ |
10,169,300 |
$ |
9,457,200 |
$ |
8,659,700 |
|
Investment of U.S Government
as a percentage of Average Total Assets |
|
96.94% |
|
97.50% |
|
97.54% |
|
LLR and Investment of U.S. Government
as a percentage of RPB |
|
2.15% |
|
1.66% |
|
1.43% |
|
| Capital Adequacy Ratio(3) |
|
2.10% |
|
1.64% |
|
1.41% |
|
Statement of Revenues and Expenses
& Profitability Ratios
Years ended September 30, |
|
|
|
|
|
|
|
| MBS Program Income |
$ |
406,100 |
$ |
446,000 |
$ |
438,700 |
|
| Interest Income |
$ |
389,300 |
$ |
398,900 |
$ |
430,300 |
|
| Total Revenues |
$ |
799,600 |
$ |
851,100 |
$ |
878,500 |
|
| MBS Program Expenses |
$ |
55,400 |
$ |
45,600 |
$ |
40,100 |
|
| Administrative Expenses |
$ |
10,300 |
$ |
9,300 |
$ |
9,300 |
|
| Provision for Loss |
$ |
– |
$ |
– |
$ |
23,800 |
|
| Total Expenses |
$ |
68,100 |
$ |
56,800 |
$ |
49,400 |
|
| Excess of Revenues Over Expenses |
$ |
731,500 |
$ |
794,300 |
$ |
805,300 |
|
| Total Expense as a percentage of Average RPB |
|
0.0131% |
|
0.0097% |
|
0.0082% |
|
| Provision for Loss as a percentage of Average RPB |
|
– |
|
– |
|
0.0039% |
|
| (1) Remaining Principal Balance (RPB) of Ginnie Mae MBS, includes $109 million of GNMA Guaranteed Bonds |
| (2) Loan Loss Reserve (LLR) |
| (3) Investment of U.S. Government plus Loan Loss Reserve divided by the sum of Total Assets and Remaining Principal Balance |
|
