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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

301 Moved Permanently

301 Moved Permanently


Executive Summary - Third Quarter 2013

The attached report highlights the Corporation’s financial activities and results for the quarter ended September 30, 2013.

  • During the third quarter of 2013, the Deposit Insurance Fund (DIF) balance increased by $2.9 billion, from $37.9 billion to $40.8 billion.  This quarterly increase was primarily due to $2.3 billion of assessment revenue, a $539 million decrease in the provision for insurance losses, and a $156 million net realized gain on sale of trust preferred securities (TruPs), partially offset by $298 million of operating expenses. 
  • During the third quarter of 2013, the FDIC was named receiver for 6 failed institutions.  The combined assets at inception for these institutions totaled approximately $3.8 billion with a total estimated loss of $775 million.  The corporate cash outlay during the third quarter for these failures was approximately $1.1 billion.
  • Through September 30, 2013, overall Corporate Operating Budget expenditures were below budget by 15 percent ($296 million), largely due to substantial under-spending in the Receivership Funding budget component.  Spending in that component was $176 million, or 27 percent, less-than-budgeted, while spending in the Ongoing Operations component was $121 million, or 9 percent, under budget.  The variance in the Receivership Funding component was primarily due to less costly resolutions and lower-than-anticipated asset management and marketing and contract support costs for failed bank resolutions. 

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

Last Updated 05/31/2013

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