III. Financial Statements
Refer to FDIC's website at www.fdic.gov/about/strategic/report/index.html for the complete set of financial statements with accompanying footnotes.
Deposit Insurance Fund (DIF)
Deposit Insurance Fund Balance Sheet at December 31, condensed |
Dollars in Thousands |
|
2010 |
2009 |
Assets |
Cash and cash equivalents |
$27,076,606 |
$54,092,423 |
Cash and cash investments–restricted–systemic risk (Includes cash/cash equivalents of $5,030,369 at December 31, 2010 and $6,430,589 at December 31, 2009) |
6,646,968 |
6,430,589 |
Investment in U.S. Treasury obligations, net |
12,371,268 |
5,486,799 |
Assessments receivable, net |
217,893 |
280,510 |
Receivables and other assets–systemic risk |
2,269,422 |
3,298,819 |
Trust preferred securities |
2,297,818 |
1,961,824 |
Interest receivable on investments and other assets, net |
259,683 |
220,588 |
Receivables from resolutions, net |
29,532,545 |
38,408,622 |
Property and equipment, net |
416,065 |
388,817 |
Total Assets |
$81,088,268 |
$110,568,991 |
|
Liabilities |
Accounts payable and other liabilities |
$514,287 |
$273,338 |
Unearned revenue–prepaid assessments |
30,057,033 |
42,727,101 |
Liabilities due to resolutions |
30,511,877 |
34,711,726 |
Deferred revenue–systemic risk |
9,054,541 |
7,847,447 |
Postretirement benefit liability |
165,874 |
144,952 |
Contingent liabilities for: |
|
|
Anticipated failure of insured institutions |
17,687,569 |
44,014,258 |
Systemic risk |
149,327 |
1,411,966 |
Litigation losses |
300,000 |
300,000 |
Total Liabilities |
$88,440,508 |
$131,430,788 |
Commitments and off-balance-sheet exposure |
Fund Balance |
Accumulated Net Loss |
(7,696,428) |
(21,001,312) |
Unrealized Gain on U.S. Treasury investments, net |
26,698 |
142,127 |
Unrealized postretirement benefit Loss |
(18,503) |
(2,612) |
Unrealized Gain on trust preferred securities |
335,993 |
0 |
Total Fund Balance |
(7,352,240) |
(20,861,797) |
|
Total Liabilities and Fund Balance |
$81,088,268 |
$110,568,991 |
Deposit Insurance Fund Statement of Income and Fund Balance for the Years Ended December 31, condensed |
Dollars in Thousands |
|
2010 |
2009 |
Revenue |
Interest on U.S. Treasury obligations |
$204,871 |
$704,464 |
Assessments |
13,610,436 |
17,717,374 |
Systemic risk revenue |
(672,818) |
1,721,626 |
Realized gain on sale of securities |
0 |
1,389,285 |
Other revenue |
237,425 |
3,173,611 |
Total Revenue |
13,379,914 |
24,706,360 |
|
Expenses and Losses |
Operating expenses |
1,592,641 |
1,271,099 |
Systemic risk expenses |
(672,818) |
1,721,626 |
Provision for insurance losses |
(847,843) |
57,711,772 |
Insurance and other expenses |
3,050 |
4,447 |
Total Expenses and Losses |
75,030 |
60,708,944 |
|
Net Income (Loss) |
13,304,884 |
(36,002,584) |
Unrealized Loss on U.S. Treasury investments, net |
(115,429) |
(2,107,925) |
Unrealized postretirement benefit Loss |
(15,891) |
(27,577) |
Unrealized Gain on trust preferred securities |
335,993 |
0 |
Comprehensive Income (Loss) |
13,509,557 |
(38,138,086) |
|
Fund Balance–Beginning |
(20,861,797) |
17,276,289 |
|
Fund Balance–Ending |
$(7,352,240) |
$(20,861,797) |
Deposit Insurance Fund Statement of Cash Flows for the Years Ended December 31, condensed |
Dollars in Thousands |
|
2010 |
2009 |
Operating Activities |
Net Income (Loss): |
$13,304,884 |
$(36,002,584) |
Adjustments to reconcile net income to net cash (used by) provided by operating activities: |
|
Amortization of U.S. Treasury obligations |
(5,149) |
210,905 |
Treasury inflation-protected securities inflation adjustment |
(23,051) |
10,837 |
Gain on sale of U.S. Treasury obligations |
0 |
(1,389,285) |
Depreciation on property and equipment |
68,790 |
70,488 |
Loss on retirement of property and equipment |
620 |
924 |
Provision for insurance losses |
(847,843) |
57,711,772 |
Unrealized Loss on postretirement benefits |
(15,891) |
(27,577) |
Guarantee termination fee from Citigroup |
0 |
(1,961,824) |
|
Change In Operating Assets and Liabilities: |
Decrease in assessments receivable, net |
62,617 |
737,976 |
(Increase) Decrease in interest receivable and other assets |
(34,194) |
192,750 |
(Increase) in receivables from resolutions |
(16,607,671) |
(60,229,760) |
Decrease (Increase) in receivable–systemic risk |
1,029,397 |
(2,160,688) |
Increase in accounts payable and other liabilities |
240,949 |
140,740 |
Increase in postretirement benefit liability |
20,922 |
30,828 |
(Decrease) in contingent liabilities–systemic risk |
(1,262,639) |
(25,672) |
(Decrease) Increase in liabilities due to resolutions |
(4,199,849) |
29,987,265 |
(Decrease) Increase in unearned revenue–prepaid assessments |
(12,670,068) |
42,727,101 |
Increase in deferred revenue–systemic risk |
1,203,936 |
5,769,567 |
Net Cash (Used by) Provided by Operating Activities |
(19,734,240) |
35,793,763 |
|
Investing Activities Provided by: |
Maturity of U.S. Treasury obligations |
21,558,000 |
6,382,027 |
Sale of U.S. Treasury obligations |
0 |
15,049,873 |
Investing Activities Used by: |
Purchase of property and equipment |
(96,659) |
(91,468) |
Purchase of U.S. Treasury obligations |
(30,143,138) |
0 |
Net Cash (Used by) Provided by Investing Activities |
(8,681,797) |
21,340,432 |
|
Net (Decrease) Increase in Cash and Cash Equivalents |
(28,416,037) |
57,134,195 |
Cash and Cash Equivalents–Beginning |
60,523,012 |
3,388,817 |
Unrestricted Cash and Cash Equivalents–Ending |
27,076,606 |
54,092,423 |
Restricted Cash and Cash Equivalents–Ending |
5,030,369 |
6,430,589 |
Cash and Cash Equivalents–Ending |
$32,106,975 |
$60,523,012 |
|