2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

General Multifamily Single Family Mortgage Insurance
Fund Housing Program Loan Program Fund Subtotal HEMAP Total
Operating revenues:
Interest income on mortgage loans $ - $ 27,665 $ 169,466 $ - $ 197,131 $ 816 $ 197,947
Program income and fees 33,213 1,980 4,006 646 39,845 13,976 53,821
Investment income 1,855 50 7,027 569 9,501 3 9,504
Net increase (decrease) in fair value of investments 9,137 409 7,490 1,115 18,151 - 18,151
Net increase (decrease) in fair value of swaps - (1,018) (1,215) - (2,233) - (2,233)
Federal program awards - 608,232 22,116 - 630,348 - 630,348
Total operating revenues 44,205 637,318 208,890 2,330 892,743 14,795 907,538
Operating expenses:
Interest expense on bonds and notes 760 11,180 179,126 - 191,066 - 191,066
Salaries and related benefits 22,656 - - - 22,656 2,641 25,297
OPEB liability expense 3,289 - - - 3,289 448 3,737
General and administrative 4,459 2,958 9,077 600 17,094 1,396 18,490
Provision for loan loss - 2,330 1,800 - 4,130 8,956 13,086
Early extinguishment of debt - 36 865 - 901 - 901
Federal program expense - 608,232 22,116 - 630,348 - 630,348
Total operating expenses 31,164 624,736 212,984 600 869,484 13,441 882,925
Operating income (loss) before transfers 13,041 12,582 (4,094) 1,730 23,259 1,354 24,613
Interfund transfers 3,186 2,826 (5,938) (74) - - -
Change in Net Assets 16,227 15,408 (10,032) 1,656 23,259 1,354 24,613
Total net assets - beginning of year 123,033 231,365 312,738 35,405 702,541 43,932 746,473
Total net assets - end of year $ 139,260 $ 246,773 $ 302,706 $ 37,061 $ 725,800 $ 45,286 $ 771,086
37
2010
(In thousands of dollars)
The accompanying notes are an integral part of these financial statements .