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



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2007 Annual Report Highlights

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III. Financial Statements

Deposit Insurance Fund (DIF)

Deposit Insurance Fund Balance Sheet
at December 31, condensed
Dollars in Thousands
  2007 2006
Assets
Cash and cash equivalents $4,244,547 $2,953,995
Investment in U.S. Treasury obligations, net:
Held-to-maturity securities 38,015,174 37,184,214
Available-for-sale securities 8,572,800 8,958,566
Assessments receivable, net 244,581 0
Interest receivable on investments and other assets, net 768,292 747,715
Receivables from resolutions, net 808,072 538,991
Property and equipment, net 351,861 376,790
Total Assets $53,005,327 $50,760,271
Liabilities
Accounts payable and other liabilities $151,857 $154,283
Postretirement benefit liability 116,158 129,906
Contingent liabilities for:
Anticipated failure of insured institutions 124,276 110,775
Litigation losses 200,000 200,000
Total Liabilities 592,291 594,964
Fund Balance
Accumulated net income 52,034,503 49,929,226
Unrealized gain on available-for-sale securities, net 358,908 233,822
Unrealized postretirement benefit gain 19,625 2,259
Total Fund Balance 52,413,036 50,165,307
Total Liabilities and Fund Balance $53,005,327 $50,760,271


Deposit Insurance Fund Statement of Income and Fund Balance
for the Years Ended December 31, condensed
Dollars in Thousands
  2007 2006
Revenue
Interest on U.S. Treasury obligations $2,540,061 $2,240,723
Assessments 642,928 31,945
Exit fees earned 0 345,295
Other revenue 13,244 25,565
Total Revenue 3,196,233 2,643,528
Expenses and Losses
Operating expenses 992,570 950,618
Provision for insurance losses 95,016 (52,097)
Insurance and other expenses 3,370 5,843
Total Expenses and Losses 1,090,956 904,364
Net Income 2,105,277 1,739,164
Unrealized gain/(loss) on available-for-sale securities, net 125,086 (172,718)
Unrealized postretirement benefit gain 17,366 2,259
Comprehensive Income 2,247,729 1,568,705
Fund Balance - Beginning 50,165,307 48,596,602
Fund Balance - Ending $52,413,036 $50,165,307


Deposit Insurance Fund Statement of Cash Flows
for the Years Ended December 31, condensed
Dollars in Thousands
  2007 2006
Operating Activities
Net Income: $2,105,277 $1,739,164
Adjustments to reconcile net income to net cash provided by
operating activities:
Amortization of U.S. Treasury obligations 571,267 599,274
Treasury inflation-protected securities (TIPS) inflation adjustment (313,836) (109,394)
Depreciation on property and equipment 63,115 52,919
Loss on retirement of property and equipment 153 0
Provision for insurance losses 95,016 (52,097)
Terminations/adjustments of work-in-process accounts 0 433
Exit fees earned 0 (345,295)
Unrealized gain on postretirement benefits 17,366 0
Change In Operating Assets and Liabilities:
Decrease in unamortized premium & discount of U.S. Treasury
obligations (restricted)
0 1,359
(Increase) in assessments receivable, net (244,581) 0
(Increase) in interest receivable and other assets (20,442) (14,635)
(Increase)/Decrease in receivables from resolutions (350,309) 147,258
(Decrease) in accounts payable and other liabilities (39,580) (166,822)
(Decrease)/Increase in postretirement benefit liability (13,748) 129,906
Increase in exit fees and investment proceeds held in escrow 0 3,639
Net Cash Provided by Operating Activities 1,869,698 1,985,709
Investing Activities
Provided by:
Maturity of U.S. Treasury obligations, held-to-maturity 6,401,000 5,955,000
Maturity of U.S. Treasury obligations, available-for-sale 1,225,000 845,000
Used by:
Purchase of property and equipment (1,607) (11,721)
Purchase of U.S. Treasury obligations, held-to-maturity (7,706,117) (9,050,372)
Purchase of U.S. Treasury obligations, available-for-sale (497,422) 0
Net Cash Used by Investing Activities (579,146) (2,262,093)
Net Increase/(Decrease) in Cash and Cash Equivalents 1,290,552 (276,384)
Cash and Cash Equivalents - Beginning 2,953,995 3,230,379
Cash and Cash Equivalents - Ending $4,244,547 $2,953,995



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