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2010 annual report Highlights

III. Financial Statements

FSLIC Resolution Fund (FRF)

FSLIC Resolution Fund Balance Sheet at December 31, condensed
Dollars in Thousands
  2010 2009
Assets
Cash and cash equivalents $3,547,907 $3,470,125
Receivables from thrift resolutions and other assets, net 23,408 32,338
Receivables from U.S. Treasury for goodwill litigation 323,495 405,412
Total Assets $3,894,810 $3,907,875
 
Liabilities
Accounts payable and other liabilities $2,990 $2,972
Contingent liabilities for goodwill litigation 323,495 405,412
Total Liabilities 326,485 408,384
Resolution Equity
Contributed capital 127,792,696 127,847,696
Accumulated deficit (124,224,371) (124,348,205)
Total Resolution Equity 3,568,325 3,499,491
 
Total Liabilities and Resolution Equity $3,894,810 $3,907,875


FSLIC Resolution Fund Statement of Income and Accumulated Deficit for the Years Ended
December 31, condensed
Dollars in Thousands
  2010 2009
Revenue
Interest on U.S. Treasury obligations $3,876 $3,167
Other revenue 9,393 5,276
Total Revenue 13,269 8,443
 
Expenses and Losses
Operating expenses 3,832 4,905
Provision for losses (945) 2,051
Goodwill litigation expenses (53,266) 408,997
Recovery of tax benefits (63,256) (10,279)
Other expenses 3,070 2,908
Total Expenses and Losses (110,565) 408,582

Net Income (Loss) 123,834 (400,139)
 
Accumulated Deficit–Beginning (124,348,205) (123,948,066)
 
Accumulated Deficit–Ending $(124,224,371) $(124,348,205)


FSLIC Resolution Fund Statement of Cash Flows for the Years Ended December 31, condensed
Dollars in Thousands
  2010 2009
Operating Activities
Net Income (Loss) $123,834 $(400,139)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Provision for losses (945) 2,051
 
Change in Operating Assets and Liabilities:
Decrease in receivables from thrift resolutions and other assets 9,875 563
Increase (Decrease) in accounts payable and other liabilities 18 (5,094)
(Decrease) Increase in contingent liabilities for goodwill litigation (81,917) 263,107
Net Cash Provided (Used) by Operating Activities 50,865 (139,512)
 
Financing Activities
Provided by:
U.S. Treasury payments for goodwill litigation 26,917 142,410
Net Cash Provided by Financing Activities 26,917 142,410
 
Net Increase in Cash and Cash Equivalents 77,782 2,898
Cash and Cash Equivalents–Beginning 3,470,125 3,467,227
Cash and Cash Equivalents–Ending $3,547,907 $3,470,125

Last Updated 6/6/2011 communications@fdic.gov