Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 423

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1
Chunk 423
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The table below compares our consolidated results of operations for the past three years. During 2024, we adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which, among other amendments, requires additional disclosure about significant segment expenses. In connection with the adoption of these amendments, we have reclassified certain amounts within non-interest expense in our consolidated statements of income. Prior period amounts have been reclassified to conform to the current period presentation. See Note 1 for additional information about our adoption of ASU 2023-07.

Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income Year Over Year ChangeYear Ended December 31,2024 vs. 20232023 vs. 2022(Dollars in millions)202420232022$%$%Net interest income$19,737 $18,542 $18,005 $1,195 6%$537 3%Non-interest income4,175 2,687 3,259 1,488 55(572)(18)Net revenues23,912 21,229 21,264 2,683 13(35)—(Provision) benefit for credit losses(476)872 (1,841)(1,348)NM2,713 NMNon-interest expense(8,658)(8,902)(7,819)244 3(1,083)(14)Income before income tax expense14,778 13,199 11,604 1,579 121,595 14Income tax expense(2,920)(2,661)(2,277)(259)(10)(384)(17)Net income11,858 10,538 9,327 1,320 131,211 13Other comprehensive income (loss), net of taxes and reclassification adjustments(5)166 (342)(171)NM508 NMComprehensive income$11,853 $10,704 $8,985 $1,149 11%$1,719 19%

See MD&A - Critical Accounting Estimates for information concerning certain significant accounting policies and estimates applied in determining our reported results of operations and Note 1 for a summary of our accounting policies and the related notes in which information about them can be found.

Net Revenues

Net Interest Income

Net interest income primarily consists of guarantee net interest income in Single-Family. We consolidate most of our Single-F