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2005 Annual Report Highlights
III.
Financial Statements - Bank Insurance Fund (BIF)
Bank
Insurance Fund Balance Sheet at December 31, condensed
Dollars
in Thousands |
|
2005 |
2004 |
Assets |
Cash and cash
equivalents |
$2,411,828 |
$1,821,776 |
Investment
in U.S. Treasury obligations, net |
Held-to-maturity
securities |
24,678,611 |
22,637,330 |
Available-for-sale
securities |
7,620,733 |
9,470,605 |
Interest receivable
on investments and other assets, net |
546,202 |
601,498 |
Receivables from
bank resolutions, net |
299,317 |
375,303 |
Property and
equipment, net |
378,064 |
357,106 |
Total Assets |
$35,934,755 |
$35,263,618 |
Liabilities |
Accounts
payable and other liabilities |
$265,687 |
$268,451 |
Contingent
liabilities for: |
Anticipated
failure of insured institutions |
1,591 |
8,261 |
Litigation
losses and other |
200,435 |
200,301 |
Total
Liabilities |
467,713 |
477,013 |
Commitments and off-balance-sheet exposure
|
Fund Balance |
Accumulated
net income |
35,168,698 |
34,096,676 |
Unrealized
gain on available-for-sale securities, net |
298,344 |
689,929 |
Total
Fund Balance |
35,467,042 |
34,786,605 |
Total Liabilities and
Fund Balance |
$35,934,755 |
$35,263,618 |
Bank
Insurance Fund Statement of Income and Fund Balance for the Years
Ended
December 31, condensed
Dollars
in Thousands |
|
2005 |
2004 |
Revenue |
Interest on U.S.
Treasury obligations |
$1,713,316 |
$1,552,576 |
Assessments |
52,570 |
95,268 |
Other revenue |
17,587 |
27,547 |
Total Revenue |
1,783,473 |
1,675,391 |
Expenses and Losses |
Operating
expenses |
846,183 |
821,341 |
Provision
for insurance losses |
(138,181) |
(281,390) |
Insurance
and other expenses |
3,449 |
18,662 |
Total
Expenses and Losses |
711,451 |
558,613 |
Net Income |
1,072,022 |
1,116,778 |
Unrealized
loss on available-for-sale securities, net |
(391,585) |
(112,368) |
Comprehensive Income |
680,437 |
1,004,410 |
Fund Balance - Beginning |
34,786,605 |
33,782,195 |
Fund Balance - Ending |
$35,467,042 |
$34,786,605 |
Bank
Insurance Fund Statement of Cash Flows for the Years Ended December
31, condensed
Dollars in
Thousands |
|
2005 |
2004 |
Operating
Activities |
Net
Income: |
$1,072,022 |
$1,116,778 |
Adjustments to reconcile
net income to net cash provided by operating activities: |
Amortization
of U.S. Treasury obligations |
613,971 |
737,439 |
Treasury
inflation-indexed securities (TIIS) inflation adjustment |
(257,829) |
(181,650) |
Depreciation
on property and equipment |
55,989 |
54,424 |
Provision
for losses |
(138,181) |
(281,390) |
Terminations/adjustments
of work-in-process accounts |
178 |
817 |
Change
In Operating Assets and Liabilities: |
(Increase)
in interest receivable and other assets |
(3,398) |
(24,411) |
Decrease
in receivables from bank resolutions |
211,955 |
218,693 |
Increase
in accounts payable and other liabilities |
21,860 |
15,590 |
(Decrease)
in contingent liabilities for litigation losses and other |
(182) |
(1,047) |
Net
Cash Provided by Operating Activities |
1,576,385 |
1,655,243 |
Investing
Activities |
Provided
by: |
Maturity
of U.S. Treasury obligations, held-to-maturity |
6,290,000 |
3,365,000 |
Maturity
of U.S. Treasury obligations, available-for-sale |
1,560,000 |
5,810,000 |
Used
by: |
Purchase
of property and equipment |
(47,197) |
(104,502) |
Purchase
of U.S. Treasury obligations, held-to-maturity |
(8,789,136) |
(10,026,597) |
Purchase
of U.S. Treasury obligations, available-for-sale |
0 |
(1,421,649) |
Net
Cash Used by Provided by Investing Activities |
(986,333) |
(2,377,748) |
Net Decrease in Cash
and Cash Equivalents |
590,052 |
(722,505) |
Cash and Cash Equivalents
- Beginning |
1,821,776 |
2,544,281 |
Cash and Cash Equivalents
- Ending |
$2,411,828 |
$1,821,776 |
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