2012 PHFA Annual Report - Pennsylvania Housing Finance Agency
2012 PHFA Annual Report - Pennsylvania Housing Finance Agency
2012 PHFA Annual Report - Pennsylvania Housing Finance Agency
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PennsylvanIA HouSIng <strong>Finance</strong> AGEncy<br />
Statements of Cash Flows<br />
(continued) (in thousands of dollars) years ended June 30, <strong>2012</strong> and 2011<br />
Statements of<br />
cash flows (continued)<br />
<strong>2012</strong><br />
Multifamily Single Family<br />
General <strong>Housing</strong> Mortgage Insurance<br />
Fund Program Loan Program Fund Subtotal HEMAP Total<br />
Reconciliation of operating income (loss)<br />
to net cash provided by (used in) operating activities:<br />
Operating income (loss) $ 26,945 $ 9,297 $ 10,289 $ 2,149 $ 48,680 $ (10,847) $ 37,833<br />
Investment interest (185) (47) (11,561) (548) (12,341) - (12,341)<br />
Swap borrowing income - (313) (821) - (1,134) - (1,134)<br />
Net change in fair value of investments (14,278) (107) (4,530) (265) (19,180) - (19,180)<br />
Net change in fair value of swaps - (188) (913) - (1,101) - (1,101)<br />
Interest expense on bonds 739 6,752 167,041 - 174,532 - 174,532<br />
Provision for loan loss - 3,000 5,000 - 8,000 10,976 18,976<br />
Depreciation 1,217 - - - 1,217 1 1,218<br />
Early extinguishment of debt - 42 2,507 - 2,549 - 2,549<br />
Changes in assets and liabilities:<br />
Mortgage loans receivable, net - 12,562 299,786 - 312,348 (1,571) 310,777<br />
Accrued interest receivable on investments (85) (101) 129 229 172 - 172<br />
Other assets (2,154) (2,245) 2,090 - (2,309) (1,871) (4,180)<br />
Accounts payable and accrued expenses (838) (33) 746 156 31 (1,212) (1,181)<br />
Escrow deposits and development reserves (57) (6,710) (5,314) - (12,081) - (12,081)<br />
Other liabilities 2,451 9,142 (389) 529 11,733 1,433 13,166<br />
Net cash provided by (used in)<br />
operating activities $ 13,755 $ 31,051 $ 464,060 $ 2,250 $ 511,116 $ (3,091) $ 508,025<br />
2011<br />
Multifamily Single Family<br />
General <strong>Housing</strong> Mortgage Insurance<br />
Fund Program Loan Program Fund Subtotal HEMAP Total<br />
Reconciliation of operating income (loss)<br />
to net cash provided by (used in) operating activities:<br />
Operating income (loss) $ 8,336 $ 22,328 $ 11,779 $ 960 $ 43,403 $ (4,039) $ 39,364<br />
Investment interest (5,798) 99 (10,998) (504) (17,201) (4) (17,205)<br />
Swap borrowing income - - - - - - -<br />
Net change in fair value of investments 1,152 (495) (2,498) 445 (1,396) 4 (1,392)<br />
Net change in fair value of swaps - (440) (4,655) - (5,095) - (5,095)<br />
Interest expense on bonds 762 8,709 172,201 - 181,672 - 181,672<br />
Provision for loan loss - 3,100 5,000 - 8,100 11,252 19,352<br />
Depreciation 1,285 - - - 1,285 2 1,287<br />
Early extinguishment of debt - 29 2,734 - 2,763 - 2,763<br />
Changes in assets and liabilities:<br />
Mortgage loans receivable, net - 27,172 (339,666) - (312,494) (21,645) (334,139)<br />
Accrued interest receivable on investments (56) 7 142 (267) (174) - (174)<br />
Other assets (19,919) 544 (7,393) - (26,768) 24 (26,744)<br />
Accounts payable and accrued expenses (851) (23) 581 - (293) 99 (194)<br />
Escrow deposits and development reserves 1,970 (1,316) 8,695 381 9,730 - 9,730<br />
Other liabilities - - - - - 584 584<br />
Net cash provided by (used in)<br />
operating activities $ (13,119) $ 59,714 $ (164,078) $ 1,015 $ (116,468) $ (13,723) $ (130,191)<br />
36<br />
<strong>2012</strong> Financial statements annual report <strong>2012</strong><br />
37
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