Executive Summary - First Quarter 2022
The attached report highlights the FDIC’s financial activities and results for the quarter ended March 31, 2022.
- During the first quarter of 2022, the Deposit Insurance Fund (DIF) balance declined to $123.0 billion as of March 31, 2022, down $102 million from the December 31, 2021 balance of $123.1 billion. The quarterly decrease was primarily attributable to an unrealized loss on U.S. Treasury (UST) securities of $1.7 billion, offset by assessment revenue of $1.9 billion and operating expenses of $453 million.
- There were no FDIC-insured financial institution failures during the first quarter of 2022; the last failure occurred on October 23, 2020.
- Through March 31, 2022, overall FDIC Operating Budget expenditures were below the year-to-date budget by about $63.4 million, or 12 percent. This variance was primarily the result of underspending of $56.0 million in the Ongoing Operations budget component, including $27.5 million in the Salaries and Compensation expense category due to unfilled vacancies in budgeted positions, $10.4 million in Outside Services-Personnel expense category due to project delays and reductions to workplace services, $9.5 million in Buildings and Leased Space expense category due to delays in construction projects, and $7.3 million in Travel expense category due to pandemic-related FDIC travel restrictions. There were no significant spending variances for any FDIC organization or any major expense category.