The New Paradigm - Federal Reserve Bank of Dallas

37
Statements of Income (in millions)
INTEREST INCOME
FOR THE YEARS ENDED
December 31, 1999 December 31, 1998
Interest on U.S. government and federal agency securities $ 1,332 $ 1,136
Interest on foreign currencies _________ 9 _________ 23
Total interest income $ 1,341
_________
$ 1,159
_________
OTHER OPERATING INCOME
Income from services $ 56 $ 56
Reimbursable services to government agencies 11 11
Foreign currency gains (losses), net (19) 97
U.S. government securities gains (losses), net (1) 2
Other income 1
_________
1
_________
Total other operating income $ 48
_________
$ 167
_________
OPERATING EXPENSES
Salaries and other benefits $ 85 $ 81
Occupancy expense 12 11
Equipment expense 11 10
Assessments by Board of Governors 31 27
Other expenses 50
_________
54
_________
Total operating expenses $ 189
_________
$ 183
_________
Net income prior to distribution $ 1,200 $ 1,143
_________
_________
DISTRIBUTION OF NET INCOME
Dividends paid to member banks $ 13 $ 14
Transferred (from) surplus (16) (43)
Payments to U.S. Treasury as interest on
Federal Reserve notes 1,203 441
Payments to U.S. Treasury as required by statute —
_________
731
______
Total distribution $ 1,200 _________
$ 1,143
_________
The accompanying notes are an integral part
of these financial statements.
Federal Reserve Bank of Dallas 1999 ANNUAL REPORT