|
|
DIF
Income Statement -
First Quarter 2006
| Fund Financial Results |
($ in millions – All data is unaudited) |
| Income Statement |
DIF |
| |
03/31/06 |
12/31/05 |
03/31/05 |
Year-Over-Year
Change |
| Assessments earned |
$ 5 |
$ 61 |
$ 14 |
(9) |
| Interest earned on investment securities |
478 |
2,342 |
474 |
4 |
| Exit fees earned1 |
346 |
0 |
0 |
346 |
| Other revenue |
5 |
18 |
4 |
1 |
| Total Revenue |
$ 834 |
$ 2,421 |
$ 492 |
342 |
| Operating expenses (includes depreciation
expense) |
224 |
966 |
233 |
(9) |
| Provision for insurance losses |
(45) |
(160) |
(19) |
(26) |
| Other expenses |
2 |
4 |
1 |
1 |
| Total Expenses & Losses |
$ 181 |
$ 810 |
$ 215 |
(34) |
| Net Income |
$ 653 |
$ 1,611 |
$ 277 |
376 |
| Unrealized (loss)/gain on available-for-sale
securities |
(57) |
(521) |
(167) |
110 |
| YTD Comprehensive
Income |
$ 596 |
$ 1,090 |
$ 110 |
486 |
| The
Effects of Unrealized Gains/Losses on Quarterly Comprehensive Income |
| Quarter |
Unrealized
Gains/Losses |
Net
Income |
| 1st Quarter 2003 |
136.6 |
354.4 |
| 2nd Quarter 2003 |
50.0 |
545.0 |
| 3rd Quarter 2003 |
-60.4 |
825.4 |
| 4th Quarter 2003 |
-142.8 |
516.8 |
| 1st Quarter 2004 |
234.6 |
301.4 |
| 2nd Quarter 2004 |
-441.7 |
404.7 |
| 3rd Quarter 2004 |
100.6 |
368.4 |
| 4th Quarter 2004 |
-42.2 |
559.2 |
| 1st Quarter 2005 |
-167.1 |
277.1 |
| 2nd Quarter 2005 |
-72.4 |
478.4 |
| 3rd Quarter 2005 |
-46.6 |
396.6 |
| 4th Quarter 2005 |
-235.3 |
458.3 |
| 1st Quarter 2006 |
-57.0 |
653.0 |
| DIF
Coverage Ratio (Interest Revenue/Operating Expenses) |
| Year |
Interest
on Obligations |
Operating
Expense |
Coverage
Ratio |
| 2001 |
$2,469 |
$888 |
2.78 |
| 2002 |
$2,256 |
$945 |
2.39 |
| 2003 |
$2,062 |
$934 |
2.21 |
| 2004 |
$2,108 |
$942 |
2.24 |
| 2005 |
$2,341 |
$965 |
2.42 |
| March 2006 |
$478 |
$224 |
2.13 |
1Due
to the enactment of the Federal Deposit Insurance Reform Conforming
Amendments Act of 2005, the restriction on SAIF-member exit fees was
removed and recognized as income of the DIF as of 3/31/06.
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