|
|
DIF
Income Statement -
Fourth Quarter 2007
| Fund Financial Results |
($
in millions) |
| Income
Statement |
| |
(audited) 12/31/2007 |
(unaudited) 9/30/2007 |
Quarterly Change |
(audited) 12/31/2006 |
Year-Over-Year Change |
| Assessments earned |
$643 |
$404 |
$239 |
$32 |
$611 |
| Interest earned on investment securities |
2,540 |
1,955 |
585 |
2,241 |
299 |
| Exit fees earned |
0 |
0 |
0 |
345 |
(345) |
| Other revenue |
14 |
11 |
3 |
26 |
(12) |
| Total Revenue |
$3,197 |
$2,370 |
$827 |
$2,644 |
$553 |
| Operating expenses (includes depreciation expense) |
993 |
730 |
263 |
951 |
42 |
| Provision for insurance losses |
95 |
56 |
39 |
(52) |
147 |
| Other expenses |
3 |
2 |
1 |
6 |
(3) |
| Total
Expenses & Losses |
$1,091 |
$788 |
$303 |
$905 |
$186 |
| Net Income |
$2,106 |
$1,582 |
$524 |
$1,739 |
$367 |
| Unrealized gain/(loss) on available-for-sale securities, net |
125 |
(13) |
138 |
(173) |
298 |
| Unrealized postretirement benefit gain/(loss) |
17 |
20 |
(3) |
2 |
15 |
| YTD Comprehensive Income |
$2,248 |
$1,589 |
$659 |
$1,568 |
$680 |
| Over the last three years,
the provision for insurance losses added to net income as estimated
losses that had been previously booked for
both existing receiverships and potential failures were reversed.
During
2007, this trend had reversed. |
| Components
of Provision for Insurance Losses |
Year |
Closed Banks |
Anticipated Failures |
Other |
Total Provision for Losses |
| 2004 |
(154) |
(171) |
(28) |
(353) |
| 2005 |
(159) |
(5) |
4 |
(160) |
| 2006 |
(153) |
105 |
(4) |
(52) |
| 2007 |
81 |
14 |
0 |
95 |
| Interest
Earned on Investment Securities |
| Year |
Interest
Income |
TIPS
Inflation Compensation |
Total
Interest Earned |
| 2005 |
$1,996 |
$345 |
$2,342 |
| 2006 |
$2,131 |
$109 |
$2,241 |
| 2007 |
$2,226 |
$314 |
$2,540 |
|
