|
2005 Annual Report Highlights
III. Financial Statements - Savings Association and Insurance Fund (SAIF)
Savings
Association Insurance Fund Balance Sheet at December 31, condensed
Dollars in
Thousands |
| |
2005 |
2004 |
| Assets |
| Cash and cash equivalents |
$797,616 |
$ 644,346 |
| Cash and other assets:
Restricted for SAIF-member exit fees (Includes cash and cash equivalents of $20.9 million and $56.5 million at December 31, 2005 and 2004, respectively)
|
341,656 |
328,394 |
| Investment
in U.S. Treasury obligations, net |
| Held-to-maturity
securities |
9,574,627 |
8,835,964 |
| Available-for-sale
securities |
2,366,489 |
2,720,315 |
| Interest receivable
on investments and other assets, net |
191,364 |
200,204 |
| Receivables from
thrift resolutions, net |
234,157 |
346,923 |
| Total Assets |
$13,505,909 |
$13,076,146 |
| Liabilities |
| Accounts payable
and other liabilities |
$30,854 |
$25,568 |
| Contingent
liabilities for: |
| Anticipated
failure of insured institutions |
3,775 |
1,957 |
| Litigation
losses |
65 |
39 |
| SAIF-member
exit fees and investment proceeds held in escrow |
341,656 |
328,394 |
| Total Liabilities |
376,350 |
355,958 |
| Commitments and off-balance-sheet exposure
|
| Fund Balance |
| Accumulated
net income |
13,021,364 |
12,482,227 |
| Unrealized
gain on available-for-sale securities, net |
108,195 |
237,961 |
| Total
Fund Balance |
13,129,559 |
12,720,188 |
| Total Liabilities and Fund
Balance |
$13,505,909 |
$ 13,076,146 |
Savings Association Insurance Fund Statement of Income and Fund Balance for the Years Ended December 31, condensed
Dollars in
Thousands |
| |
2005 |
2004 |
| Revenue |
| Interest on U.S. Treasury obligations |
628,189 |
555,592 |
| Assessments |
8,315 |
8,891 |
| Other revenue |
485 |
294 |
| Total Revenue |
636,989 |
564,777 |
| Expenses and Losses |
Operating expenses
|
119,468
|
119,998 |
| Provision
for insurance losses |
(21,988) |
(72,385) |
| Insurance
and other expenses |
372 |
713 |
| Total
Expenses and Losses |
97,852 |
48,326 |
| Net Income |
539,137
|
516,451 |
| Unrealized
loss on available-for-sale securities, net |
(129,766) |
(36,328) |
Comprehensive
Income
|
409,371
|
480,123 |
Fund Balance
- Beginning
|
12,720,188 |
12,240,065 |
Fund Balance - Ending
|
$
13,129,559 |
$
12,720,188 |
Savings
Association Insurance Fund Statement of Cash Flows for the Years
Ended December 31 , condensed
Dollars in Thousands |
| |
2005 |
2004 |
| Operating Activities |
| Net
Income: |
$539,137 |
$516,451 |
Adjustments
to reconcile net income to net cash provided by
operating activities: |
| Amortization of U.S. Treasury obligations |
220,147 |
262,317 |
| Treasury inflation-protected securities (TIPS) inflation adjustment |
(87,194) |
(61,431) |
| Provision
for losses |
(21,988) |
(72,385) |
| Amortization of prepaid FFIEC assets |
17 |
0 |
| Change
in Operating Assets and Liabilities: |
Increase/(Decrease) in unamortized premium and discount of U.S.
Treasury Obligations (restricted)
|
(6,565) |
2,443 |
Decrease/(Increase) in entrance and exit fees receivable,
including
interest receivable on investments and other assets
|
8,988 |
(16,065) |
| Decrease/(Increase) in receivables from thrift resolutions |
136,218 |
(2,635) |
| Increase
in accounts payable and other liabilities |
5,285 |
5,028 |
| Increase
in exit fees and investment proceeds held in escrow |
28,556 |
9,107 |
| Net
Cash Provided by Operating Activities |
822,601 |
642,830 |
| Investing
Activities |
| Provided
by: |
| Maturity
of U.S. Treasury obligations, held-to-maturity |
1,930,000 |
1,690,000 |
| Maturity
of U.S. Treasury obligations, available-for-sale |
270,000 |
1,360,000 |
| Used
by: |
| Purchase
of U.S. Treasury obligations, held-to-maturity |
(2,904,848) |
(4,051,084) |
| Net
Cash Used by Investing Activities |
(704,848) |
(1,001,084) |
| Net Increase/(Decrease) in Cash and Cash Equivalents |
117,753 |
(358,254) |
| Cash and Cash Equivalents
- Beginning |
700,798 |
1,059,052 |
| Unrestricted Cash and Cash Equivalents
- Ending |
797,616 |
644,346 |
| Restricted Cash and Cash Equivalents
- Ending |
20,935 |
56,452 |
| Cash and Cash Equivalents
- Ending |
$818,551 |
$700,798 |
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