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Executive
Summary -
Fourth Quarter 2007
The attached report highlights the Corporation's financial activities
and results for the period ending December 31, 2007.
- The Deposit Insurance
Fund (DIF) balance grew by one percent to $52.413 billion during
the fourth
quarter of 2007. DIF’s comprehensive
income grew by $659 million during the fourth quarter of 2007,
increasing the year-to-date (YTD) comprehensive income to $2.248
billion. Comprehensive
income for the fourth quarter 2007 is primarily composed of interest
earned on investment securities of $585 million, assessment revenue
of $239 million,
and an unrealized gain on available-for-sale (AFS) securities of
$138 million, less operating expenses of $263 million and a
provision for insurance losses
of $39 million.
- On October
4, 2007, the Ohio Superintendent of Financial Institutions closed
Miami Valley Bank of Lakeview,
Ohio, and named the FDIC
as receiver. DIF recorded a $56 million receivable
from the receivership for the payments
made by DIF to cover obligations to insured depositors.
In addition, an allowance for loss of $3 million was recorded
against the resolution
receivable. The Miami Valley receivership retained
assets of approximately $83 million.
- For the twelve months ending December 31, 2007, total Corporate
Operating and Investment Budget related expenditures ran below budget
by 10 percent and 18 percent, respectively. The variance with respect
to the Corporate Operating Budget expenditures was primarily the result
of limited resolutions and receivership activity in the Receivership
Funding component of the budget during the year. Detailed quarterly reports
are provided separately to the Board by the Capital Investment Review
Committee (CIRC) for those information technology projects that are included
in the Investment Budget.
On
the pages following is an assessment of each of the three major finance
areas:
financial statements, investments, and budget.
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