Company: FMCCN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001026214-25-000060
Chunk: 104

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 104
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Table 1 - Summary of Consolidated Statements of Income and Comprehensive IncomeChange(Dollars in millions)1Q 20251Q 2024$%Net interest income$5,102 $4,759 $343 7 %Non-interest income750 998 (248)(25)Net revenues5,852 5,757 95 2 (Provision) benefit for credit losses(280)(181)(99)(55)Non-interest expense(2,088)(2,122)34 2 Income before income tax expense3,484 3,454 30 1 Income tax expense(690)(688)(2)— Net income2,794 2,766 28 1 Other comprehensive income (loss), net of taxes and reclassification adjustments34 (25)59 NMComprehensive income$2,828 $2,741 $87 3 %

Net Revenues

Net Interest Income

The table below presents the components of net interest income.

Table 2 - Components of Net Interest IncomeChange(Dollars in millions)1Q 20251Q 2024$%Guarantee net interest income:Contractual net interest income$3,981 $3,772 $209 6 %Deferred fee income190 166 24 14 Total guarantee net interest income4,171 3,938 233 6 Investments net interest income1,297 1,514 (217)(14)Impact on net interest income from hedge accounting(366)(693)327 47 Net interest income$5,102 $4,759 $343 7 %

Key Drivers: 

n    Guarantee net interest income

l    1Q 2025 vs. 1Q 2024  - Increased primarily due to continued mortgage portfolio growth in Single-Family and an increase in the volume of fully guaranteed securitizations in Multifamily.

n    Investments net interest income

l    1Q 2025 vs. 1Q 2024  - Decreased primarily due to lower income from securities purchased under agreements to resell driven by a decrease in short-term interest rates.

n    Impact on net interest income from hedge accounting

l    1Q 2025 vs. 1Q 2024 - Decreased due to lower expense related to debt in hedge accounting relationships.

Freddie Mac 1Q