Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 34

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 12
Chunk 34
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Management's Discussion and AnalysisOur Business Segments | Single-Family

Financial Results

The table below presents the results of operations for our Single-Family segment. See Note 14 for additional information about segment financial results.

Table 12 - Single-Family Segment Financial ResultsYear Over Year ChangeYear Ended December 31,2024 vs. 20232023 vs. 2022(Dollars in millions)202420232022$%$%Net interest income$18,513 $17,657 $17,067 $856 5%$590 3%Non-interest income 1,306 610 1,684 696 114(1,074)(64)Net revenues19,819 18,267 18,751 1,552 8(484)(3)(Provision) benefit for credit losses(374)1,172 (1,772)(1,546)NM2,944 NMNon-interest expense(7,783)(8,118)(7,148)335 4(970)(14)Income before income tax expense11,662 11,321 9,831 341 31,490 15Income tax expense(2,305)(2,282)(1,929)(23)(1)(353)(18)Net income 9,357 9,039 7,902 318 41,137 14Other comprehensive income (loss), net of taxes and reclassification adjustments(1)10 (24)(11)NM34 NMComprehensive income $9,356 $9,049 $7,878 $307 3%$1,171 15%

Key Drivers:

n    2024 vs. 2023

l    Net income of $9.4 billion, up 4% year-over-year.

–Net revenues were $19.8 billion, up 8% year-over-year. 

◦Net interest income was $18.5 billion, up 5% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs due to increasing net worth. 

◦Non-interest income was $1.3 billion, up from $0.6 billion for 2023, due to impacts from interest-rate risk management activities.

–Provision for credit losses was $0.4 billion for 2024, primarily driven by a credit reserve build attributable to new acquisitions. The benefit for credit losses was $1.2 billion