PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
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36<br />
37<br />
Statements of Revenues, Expenses and Changes in Net Assets<br />
(in thousands of dollars)<br />
Years Ended June 30, <strong>2003</strong> and 2002<br />
<strong>2003</strong> 2002<br />
<strong>2003</strong> 2002<br />
MULTI- SINGLE TOTALS MULTI- SINGLE TOTALS<br />
GENERAL FAMILY FAMILY INSURANCE (MEMORANDUM GENERAL FAMILY FAMILY INSURANCE<br />
FUND PROGRAM PROGRAM FUND HEMAP ONLY) FUND PROGRAM PROGRAM FUND HEMAP ONLY)<br />
Operating income<br />
Interest income<br />
Interest on loans (Note F) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 46,648 $ 126,211 $ — $ 969 $ 173,828 $ — $ 48,896 $ 132,109 $ — $ 961 $ 181,966<br />
Interest on investments (Note E) . . . . . . . . . . . . . . . . . . . . . . 3,986 4,605 8,707 1,512 42 18,852 3,928 6,617 12,435 1,524 145 24,649<br />
Total interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,986 51,253 134,918 1,512 1,011 192,680 3,928 55,513 144,544 1,524 1,106 206,615<br />
Interest expense<br />
Interest on notes and bonds (Note I) . . . . . . . . . . . . . . . . . . . . — 27,173 143,347 — — 170,520 — 33,257 142,975 — — 176,232<br />
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 27,173 143,347 — — 170,520 — 33,257 142,975 — — 176,232<br />
Net interest income before<br />
provision for potential<br />
loan losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,986 24,080 (8,429) 1,512 1,011 22,160 3,928 22,256 1,569 1,524 1,106 30,383<br />
Provision for potential loan losses (Note F) . . . . . . . . . . . . . . . — 2,000 2,000 — 4,878 8,878 — 8,000 3,000 — 4,794 15,794<br />
Net operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . 3,986 22,080 (10,429) 1,512 (3,867) 13,282 3,928 14,256 (1,431) 1,524 (3,688) 14,589<br />
Noninterest income<br />
Fee income (Note F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,787 — 2,073 1,513 286 25,659 20,395 — 2,119 1,907 270 24,691<br />
Construction advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 517 — — — 517 — — — — — —<br />
Pass-through grants income (Note M) . . . . . . . . . . . . . . . . . . . — 266,493 — — — 266,493 — 242,744 — — — 242,744<br />
Gain on sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,210 — — — — 2,210 199 — — — — 199<br />
Net increase (decrease) in fair value<br />
of investments (Note E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,070 1,940 672 899 — 5,581 2,055 1,891 (4,074) 885 — 757<br />
Amortization of deferred gain (Note C) . . . . . . . . . . . . . . . . . . — 689 — — — 689 — 759 — — — 759<br />
Residual receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,138 — — — 2,138 — 1,167 — — — 1,167<br />
Total noninterest income . . . . . . . . . . . . . . . . . . . . . . . . . . 26,067 271,777 2,745 2,412 286 303,287 22,649 246,561 (1,955) 2,792 270 270,317<br />
Noninterest expense<br />
Pass-through grants expense (Note M) . . . . . . . . . . . . . . . . . . . — 266,493 — — — 266,493 — 242,744 — — — 242,744<br />
Salaries and related benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,493 — — — 1,699 15,192 12,461 — — — 1,612 14,073<br />
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,937 2,764 107 — 1,908 9,716 5,975 2,558 — — 1,844 10,377<br />
Mortgage claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 500 — 500 — — — 1,251 — 1,251<br />
Total noninterest expense . . . . . . . . . . . . . . . . . . . . . . . . . . 18,430 269,257 107 500 3,607 291,901 18,436 245,302 — 1,251 3,456 268,445<br />
Income (loss) before<br />
extraordinary item . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,623 24,600 (7,791) 3,424 (7,188) 24,668 8,141 15,515 (3,386) 3,065 (6,874) 16,461<br />
Extraordinary item - loss on early<br />
retirement of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (156) (1,110) — — (1,266) — (9) (734) — — (743)<br />
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,623 24,444 (8,901) 3,424 (7,188) 23,402 8,141 15,506 (4,120) 3,065 (6,874) 15,718<br />
Changes in net assets<br />
Interfund transfers (Note D) . . . . . . . . . . . . . . . . . . . . . . . . . . 16,346 (19,820) 3,474 — — — 762 (3,285) 2,523 — — —<br />
Net assets at beginning of the year . . . . . . . . . . . . . . . . . . . . . . 151,895 167,304 171,406 34,026 54,197 578,828 142,992 155,083 173,003 30,961 61,071 563,110<br />
Net assets at end of the year . . . . . . . . . . . . . . . . . . . . . . . . $ 179,864 $ 171,928 $ 165,979 $ 37,450 $ 47,009 $ 602,230 $ 151,895 $ 167,304 $ 171,406 $ 34,026 $ 54,197 $ 578,828<br />
The accompanying notes are an integral part of these financial statements.