2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

39
2011 (continued)
(In thousands of dollars)
General Multifamily Single Family Mortgage Insurance
Fund Housing Program Loan Program Fund Subtotal HEMAP Total
Net cash provided by (used in) investing activities 18,357 (2,955) (83,020) (3,495) (71,113) 4 (71,109)
Net increase (decrease) in cash and cash equivalents 46,810 (51,132) (583,850) (2,480) (590,652) (99) (590,751)
Cash and cash equivalents, beginning of year 20,812 210,145 963,981 35,624 1,230,562 457 1,231,019
Cash and cash equivalents, end of year $ 67,622 $ 159,013 $ 380,131 $ 33,144 $ 639,910 $ 358 $ 640,268
Reconciliation of operating income (loss)
to net cash provided by (used in) operating activities:
Operating income (loss) $ 8,336 $ 22,328 $ 11,779 $ 960 $ 43,403 $ (4,039) $ 39,364
Net change in fair value of investments (4,646) (396) (13,496) (59) (18,597) - (18,597)
Net change in fair value of swaps - (440) (4,655) - (5,095) - (5,095)
Interest expense on bonds 762 8,709 172,201 - 181,672 - 181,672
Provision for loan loss - 3,100 5,000 - 8,100 11,252 19,352
Depreciation 1,285 - - - 1,285 2 1,287
Early extinguishment of debt - 29 2,734 - 2,763 - 2,763
Changes in assets and liabilities:
Mortgage loans receivable, net - 27,172 (339,666) - (312,494) (21,645) (334,139)
Accrued interest receivable (56) 7 142 (267) (174) - (174)
Deferred and other assets (19,919) 544 (7,393) - (26,768) 24 (26,744)
Accounts payable and accrued expenses (851) (23) 581 - (293) 99 (194)
Escrow deposits and other liabilities 1,970 (1,316) 8,695 381 9,730 584 10,314
Net cash provided by (used in) operating activities $ (13,119) $ 59,714 $ (164,078) $ 1,015 $ (116,468) $ (13,723) $ (130,191)
The accompanying notes are an integral part of these financial statements .