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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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

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Executive Summary - Second Quarter 2011

The attached report highlights the Corporation’s financial activities and results for the quarter ending June 30, 2011.

  • For the second quarter of 2011, the Deposit Insurance Fund (DIF) balance increased by $4.9 billion, from negative $1.0 billion to a positive $3.9 billion.  This quarterly increase was primarily due to $3.2 billion in assessment revenues and a $2.1 billion decrease in the provision for insurance losses, offset by $463 million in operating expenses.  The second quarter of 2011 was the first quarter since June 30, 2009 that the DIF ended with a positive fund balance.
  • During the second quarter of 2011, the FDIC was named receiver for 22 failed institutions.  The combined assets at inception for these institutions totaled approximately $9.6 billion with a total estimated loss of $2.0 billion. The corporate cash outlay during the second quarter for these failures was approximately $1.3 billion.
  • Through June 30, 2011, overall Corporate Operating Budget expenditures were below budget by 22 percent ($405.7 million).  This variance was primarily the result of lower-than-budgeted resolutions activity during the first half of the year.

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.

Last Updated 06/08/2010

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