Federal Reserve Bank of Minneapolis - The Region

Publications

Federal Reserve Bank of Minneapolis Statements of Income (in millions)

For the years ended December 31,	1998	1997
Interest income:
Interest on U.S. government securities	$ 314	$ 358
Interest on foreign currencies	15	9
Interest on loans to depository institutions	2	4
Total interest income	331	371
Other operating income:
Income from services	47	47
Reimbursable services to government agencies	20	16
Foreign currency gains (losses), net	67	(60)
Other income	1	1
Total other operating income	135	4
Operating expenses:
Salaries and other benefits	63	63
Occupancy expense	12	10
Equipment expense	7	7
Cost of unreimbursed Treasury services	—	3
Assessments by Board of Governors	11	9
Other expenses	28	29
Total operating expenses	121	121
Net income prior to distribution	$ 345	$ 254
Distribution of net income:
Dividends paid to member banks	$ 12	$ 10
Transferred to surplus	13	87
Payments to U.S. Treasury as interest on Federal Reserve notes	128	—
Payments to U.S. Treasury as required by statute	192	157
Total distribution	$ 345	$ 254

The accompanying notes are an integral part of these financial statements.