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Chief Financial Officer's (CFO) Report to the Board

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Chief Financial Officer's (CFO) Report to the Board Home
Executive Summary

   •  Summary Trends and Results
I. Corporate Fund Financial Statement Results

   •  DIF Balance Sheet
   •  DIF Income Statement
   •  DIF Statements of Cash Flows
   •  FRF Statements of Cash Flows
II. Investments Results & Prospective Strategies

   •  Deposit Insurance Fund Portfolio Summary
   •  Approved Investment Strategy
III. Budget Results

   •  Budget & Expenditures by Major Expense Categories
   •  Budget & Expenditures by Budget Component, Division & Office
Printable Version

I. Corporate Fund Financial Statement Results - First Quarter 2008


  • For the three months ending March 31, 2008, DIF’s comprehensive income totaled $430 million compared to $580 million for the same period last year, a decrease of $150 million or 26 percent. This year-over-year decrease was primarily due to a $598 million increase in the provision for insurance losses, which was offset in part by a: 1) $354 million increase in assessment revenue; 2) $51 million increase in interest revenue from UST obligations; and 3) $46 million increase in the unrealized gain on available-for-sale securities.
  • DIF recorded a $442 million receivable for estimated net assessments due from insured institutions for first quarter 2008 insurance coverage. The receivable was the result of netting approximately $563 million in credits against approximately $1.005 billion in gross assessment revenue. During the month of March, DIF also collected $251 million in cash assessment payments for fourth quarter 2007 insurance coverage, exceeding the estimated receivable by approximately $6 million.
  • The provision for losses for the first quarter of 2008 was $525 million, consisting primarily of a $458 million increase to the estimated losses for future failures and a $67 million upward adjustment to the estimated losses for prior year failures (including $42 million for the NetBank receivership and $16 million for the Miami Valley Bank receivership, both of which failed during 2007).


  • For the first quarter of 2008, FRF reported a net loss of $55 million. This loss was primarily related to Goodwill litigation expenses/losses that were partially offset by interest earned on U.S. Treasury obligations.
  • In addition to the aforementioned Goodwill litigation expenses/losses, FRF paid Goodwill judgments for two cases in the aggregate amount of $35.4 million that were accrued for in the prior year.

Last Updated 05/06/2008

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