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2005 Annual Report Highlights

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III. Financial Statements - Savings Association and Insurance Fund (SAIF)

Savings Association Insurance Fund Balance Sheet at December 31, condensed
Dollars in Thousands
  2005 2004
Cash and cash equivalents $797,616 $644,346
Cash and other assets: Restricted for SAIF-member exit fees (Includes cash and cash equivalents of $20.9 million and $56.5 million at December 31, 2005 and 2004, respectively) 341,656 328,394
Investment in U.S. Treasury obligations, net
  Held-to-maturity securities 9,574,627 8,835,964
  Available-for-sale securities 2,366,489 2,720,315
Interest receivable on investments and other assets, net 191,364 200,204
Receivables from thrift resolutions, net 234,157 346,923
Total Assets $13,505,909 $13,076,146
Liabilities
Accounts payable and other liabilities $30,854 $25,568
Contingent liabilities for:
  Anticipated failure of insured institutions 3,775 1,957
  Litigation losses 65 39
SAIF-member exit fees and investment proceeds held in escrow 341,656 328,394
Total Liabilities 376,350 355,958
Commitments and off-balance-sheet exposure
Fund Balance
Accumulated net income 13,021,364 12,482,227
Unrealized gain on available-for-sale securities, net 108,195 237,961
Total Fund Balance 13,129,559 12,720,188
Total Liabilities and Fund Balance $13,505,909 $13,076,146

 

Savings Association Insurance Fund Statement of Income and Fund Balance for the Years Ended December 31, condensed
Dollars in Thousands
  2005 2004
Interest on U.S. Treasury obligations 628,189 555,592
Assessments 8,315 8,891
Other revenue 485 294
Total Revenue 636,989 564,777
Expenses and Losses
Operating expenses
 119,468
 119,998
Provision for insurance losses (21,988) (72,385)
Insurance and other expenses 372 713
Total Expenses and Losses 97,852 48,326
Net Income 539,137
 516,451
Unrealized loss on available-for-sale securities, net (129,766) (36,328)
Comprehensive Income
 409,371
480,123
Fund Balance - Beginning
 12,720,188 12,240,065
Fund Balance - Ending
 $ 13,129,559 $ 12,720,188

 

Savings Association Insurance Fund Statement of Cash Flows for the Years Ended December 31 , condensed
Dollars in Thousands
  2005 2004
  Net Income: $539,137 $516,451
    Adjustments to reconcile net income to net cash provided by
      operating activities:
    Amortization of U.S. Treasury obligations 220,147 262,317
    Treasury inflation-protected securities (TIPS) inflation adjustment (87,194) (61,431)
    Provision for losses (21,988) (72,385)
    Amortization of prepaid FFIEC assets 17 0
  Change in Operating Assets and Liabilities:
    Increase/(Decrease) in unamortized premium and discount of U.S.
    Treasury Obligations (restricted)
(6,565) 2,443
    Decrease/(Increase) in entrance and exit fees receivable,
    including interest receivable on investments and other assets 		8,988 (16,065)
    Decrease/(Increase) in receivables from thrift resolutions 136,218 (2,635)
    Increase in accounts payable and other liabilities 5,285 5,028
    Increase in exit fees and investment proceeds held in escrow 28,556 9,107
Net Cash Provided by Operating Activities 822,601 642,830
Investing Activities
  Provided by:
    Maturity of U.S. Treasury obligations, held-to-maturity 1,930,000 1,690,000
    Maturity of U.S. Treasury obligations, available-for-sale 270,000 1,360,000
  Used by:
    Purchase of U.S. Treasury obligations, held-to-maturity (2,904,848) (4,051,084)
Net Cash Used by Investing Activities (704,848) (1,001,084)
Net Increase/(Decrease) in Cash and Cash Equivalents 117,753 (358,254)
Cash and Cash Equivalents - Beginning 700,798 1,059,052
  Unrestricted Cash and Cash Equivalents - Ending 797,616 644,346
  Restricted Cash and Cash Equivalents - Ending 20,935 56,452
Cash and Cash Equivalents - Ending $818,551 $700,798




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