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I.
Corporate Fund Financial Results - First Quarter 2012
Deposit Insurance Fund (DIF)
- For the three months ended March 31, 2012, the DIF’s comprehensive income totaled $3.5 billion compared to comprehensive income of $6.3 billion for the same period last year. This $2.9 billion decrease was mostly due to a $3.1 billion year-to-year increase in loss provisions (a nominal $12 million at the end of the first quarter 2012 vs. a negative $3.1 billion at the same time in 2011), partially offset by a $210 million increase in assessment revenue and a $103 million increase in unrealized gains on available-for-sale securities (U.S. Treasury obligations and trust preferred securities).
- The provision for insurance losses was $12 million for the first quarter of 2012, primarily the result of a $113 million increase to the contingent loss reserve offset by an $82 million reduction in the estimated losses for banks that had previously failed.
FSLIC Resolution Fund (FRF)
- During the first quarter, the FRF’s cash and cash equivalents increased by $46 million to $3.6 billion primarily due to the collection of $44 million in tax benefits arising from a former FSLIC assistance agreement.
Assessments
- The DIF recognized $3.7 billion in estimated assessment revenue for first quarter 2012 insurance coverage. Of this amount, $3.4 billion represented the estimate for first quarter 2012 insurance coverage—$3.1 billion was recognized for those institutions that prepaid assessments and $318 million was recorded as a receivable from those institutions that did not have any prepaid assessments available for offset. An adjustment of $285 million was recognized for prior period amendments of $225 million and a $60 million increase to the estimate for fourth quarter 2011 insurance coverage that was recorded at year-end 2011. The latter adjustment was due to higher than estimated growth in average assessment rates.
Quarterly Assessments Permiums based on insurance coverage period ($
in millions) |
Quarter |
Quarterly Assessments Premiums |
| 4th Qtr 2008 |
$1,087 |
| 1st Qtr 2009 |
$2,593 |
| 2nd Qtr 2009 |
$3,196 |
| 3rd Qtr 2009 |
$8,622 |
| 4th Qtr 2009 |
$3,262 |
| 1st Qtr 2010 |
$3,302 |
| 2nd Qtr 2010 |
$3,461 |
| 3rd Qtr 2010 |
$3,397 |
| 4th Qtr 2010 |
$3,432 |
| 1st Qtr 2011 |
$3,450 |
| 2nd Qtr 2011 |
$3,404 |
| 3rd Qtr 2011 |
$3,298 |
| 4th Qtr 2011 |
$3,385 |
| 1st Qtr 2012 |
$3,407 |
- On March 30, 2012, the FDIC collected $273 million in DIF assessments for fourth quarter 2011 insurance coverage. DIF Unearned Revenue (remaining prepaid assessments) totaled $14.0 billion at March 31, 2012.
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