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

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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

   •  Deposit Insurance Fund Portfolio Summary
   •  Approved Investment Strategy
III. Budget Results

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

Executive Summary - Fourth Quarter 2007

The attached report highlights the Corporation's financial activities and results for the period ending December 31, 2007.

  • The Deposit Insurance Fund (DIF) balance grew by one percent to $52.413 billion during the fourth quarter of 2007. DIF’s comprehensive income grew by $659 million during the fourth quarter of 2007, increasing the year-to-date (YTD) comprehensive income to $2.248 billion. Comprehensive income for the fourth quarter 2007 is primarily composed of interest earned on investment securities of $585 million, assessment revenue of $239 million, and an unrealized gain on available-for-sale (AFS) securities of $138 million, less operating expenses of $263 million and a provision for insurance losses of $39 million.
  • On October 4, 2007, the Ohio Superintendent of Financial Institutions closed Miami Valley Bank of Lakeview, Ohio, and named the FDIC as receiver. DIF recorded a $56 million receivable from the receivership for the payments made by DIF to cover obligations to insured depositors. In addition, an allowance for loss of $3 million was recorded against the resolution receivable. The Miami Valley receivership retained assets of approximately $83 million.
  • For the twelve months ending December 31, 2007, total Corporate Operating and Investment Budget related expenditures ran below budget by 10 percent and 18 percent, respectively. The variance with respect to the Corporate Operating Budget expenditures was primarily the result of limited resolutions and receivership activity in the Receivership Funding component of the budget during the year. Detailed quarterly reports are provided separately to the Board by the Capital Investment Review Committee (CIRC) for those information technology projects that are included in the Investment Budget.

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.



Last Updated 02/25/2008 dofbusinesscenter@fdic.gov