Each depositor insured to at least $250,000 per insured bank



Home > About FDIC > Financial Reports > Chief Financial Officer's (CFO) Report to the Board





Chief Financial Officer's (CFO) Report to the Board

Skip Left Navigation Links
Chief Financial Officer's (CFO) Report to the Board Home
Executive Summary

   •  Summary Trends and Results
I. Corporate Fund Financial Results

   •  DIF Balance Sheet
   •  DIF Income Statement
   •  DIF Statements of Cash Flows
   •  FRF Statements of Cash Flows
II. Investments Results & Prospective Strategies

   •  Corporate Investment Portfolio Summary
   •  Approved Investment Strategy
III. Budget Results

   •  Budget & Expenditures by Major Expense Categories
   •  Budget & Expenditures by Budget Component, Division & Office
Printable Version

DIF Income Statement - First Quarter 2008

Fund Financial Results ($ in millions)
Income Statement
 
(unaudited) Mar-08
(audited) Dec-07
(unaudited) Mar-07
Year-Over-Year Change
Assessments earned $448 $643 $94 $354
Interest earned on investment securities 618 2,540 567 51
Other revenue 1 14 4 (3)
Total Revenue $1,067 $3,197 $665 $402
Operating expenses (includes depreciation expense) 238 993 239 (1)
Provision for insurance losses 525 95 (73) 598
Other expenses 1 3 0 1
Total Expenses & Losses $764 $1,091 $166 $598
Net Income $303 $2,106 $499 $(196)
Unrealized gain/(loss) on available-for-sale securities, net 127 125 81 46
Unrealized postretirement benefit gain/(loss) 0 17 0 0
YTD Comprehensive Income $430 $2,248 $580 $(150)

Components of Provision for Insurance Losses

Anticipated failures as of March 31, 2008 reached its highest mark in five years. Total losses from anticipated failures by the end of 2008 and 2009 are expected to be higher than the average over the past ten years.

Components of Provision for Insurance Losses
Year
Closed Banks
Anticipated Failures
Other
Total Provision for Losses
2004
(154)
(171) (28) (353)
2005
(159)
(5) 4 (160)
2006 (153) 105 (4) (52)
2007
81
14 0 95
2008 67 458 0 525

DIF Coverage Ratio
The coverage ratio in 2008 and 2009 is projected to decline due to a modest decrease in interest revenue and a nominal increase in operating expenses. The projected decline in interest revenue is attributable to lower Treasury market yields.

DIF Coverage Ratio
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
2006 $2,241 $951 2.36
2007

$2,540

$993 2.56
2008 $2,174 $1,031 2.11
2009 $2,291 $1,064 2.15

Last Updated 05/14/2008
  dofbusinesscenter@fdic.gov