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2007 Annual Report Highlights
III. Financial Statements
Deposit Insurance Fund (DIF)
Deposit
Insurance Fund Balance Sheet
at December 31, condensed
Dollars
in Thousands |
| |
2007 |
2006 |
|---|
| Assets |
| Cash and cash equivalents |
$4,244,547 |
$2,953,995 |
| Investment in U.S. Treasury obligations, net: |
| Held-to-maturity securities |
38,015,174 |
37,184,214 |
| Available-for-sale securities |
8,572,800 |
8,958,566 |
| Assessments receivable, net |
244,581 |
0 |
| Interest receivable on investments and other assets, net |
768,292 |
747,715 |
| Receivables from resolutions, net |
808,072 |
538,991 |
| Property and equipment, net |
351,861 |
376,790 |
| Total Assets |
$53,005,327 |
$50,760,271 |
| Liabilities |
| Accounts payable and other liabilities |
$151,857 |
$154,283 |
| Postretirement benefit liability |
116,158 |
129,906 |
| Contingent liabilities for: |
| Anticipated failure of insured institutions |
124,276 |
110,775 |
| Litigation losses |
200,000 |
200,000 |
| Total Liabilities |
592,291 |
594,964 |
| Fund Balance |
| Accumulated net income |
52,034,503 |
49,929,226 |
| Unrealized gain on available-for-sale securities, net |
358,908 |
233,822 |
| Unrealized postretirement benefit gain |
19,625 |
2,259 |
| Total Fund Balance |
52,413,036 |
50,165,307 |
| Total Liabilities and Fund Balance |
$53,005,327 |
$50,760,271 |
Deposit Insurance Fund Statement of Income and Fund Balance
for the Years Ended December 31, condensed
Dollars in Thousands |
| |
2007 |
2006 |
| Revenue |
| Interest on U.S. Treasury obligations |
$2,540,061 |
$2,240,723 |
| Assessments |
642,928 |
31,945 |
| Exit fees earned |
0 |
345,295 |
| Other revenue |
13,244 |
25,565 |
| Total Revenue |
3,196,233 |
2,643,528 |
| Expenses and Losses |
| Operating expenses |
992,570 |
950,618 |
| Provision for insurance losses |
95,016 |
(52,097) |
| Insurance and other expenses |
3,370 |
5,843 |
| Total Expenses and Losses |
1,090,956 |
904,364 |
| Net Income |
2,105,277 |
1,739,164 |
| Unrealized gain/(loss) on available-for-sale securities, net |
125,086 |
(172,718) |
| Unrealized postretirement benefit gain |
17,366 |
2,259 |
| Comprehensive Income |
2,247,729 |
1,568,705 |
| Fund Balance - Beginning |
50,165,307 |
48,596,602 |
| Fund Balance - Ending |
$52,413,036 |
$50,165,307 |
Deposit Insurance Fund Statement of Cash Flows
for the Years Ended December 31, condensed
Dollars in Thousands |
| |
2007 |
2006 |
| Operating Activities |
| Net Income: |
$2,105,277 |
$1,739,164 |
Adjustments to reconcile net income to net cash provided by
operating activities: |
| Amortization of U.S. Treasury obligations |
571,267 |
599,274 |
| Treasury inflation-protected securities (TIPS) inflation adjustment |
(313,836) |
(109,394) |
| Depreciation on property and equipment |
63,115 |
52,919 |
| Loss on retirement of property and equipment |
153 |
0 |
| Provision for insurance losses |
95,016 |
(52,097) |
| Terminations/adjustments of work-in-process accounts |
0 |
433 |
| Exit fees earned |
0 |
(345,295) |
| Unrealized gain on postretirement benefits |
17,366 |
0 |
| Change In Operating Assets and Liabilities: |
Decrease in unamortized premium & discount of U.S. Treasury
obligations (restricted) |
0 |
1,359 |
| (Increase) in assessments receivable, net |
(244,581) |
0 |
| (Increase) in interest receivable and other assets |
(20,442) |
(14,635) |
| (Increase)/Decrease in receivables from resolutions |
(350,309) |
147,258 |
| (Decrease) in accounts payable and other liabilities |
(39,580) |
(166,822) |
| (Decrease)/Increase in postretirement benefit liability |
(13,748) |
129,906 |
| Increase in exit fees and investment proceeds held in escrow |
0 |
3,639 |
| Net Cash Provided by Operating Activities |
1,869,698 |
1,985,709 |
| Investing Activities |
| Provided by: |
| Maturity of U.S. Treasury obligations, held-to-maturity |
6,401,000 |
5,955,000 |
| Maturity of U.S. Treasury obligations, available-for-sale |
1,225,000 |
845,000 |
| Used by: |
| Purchase of property and equipment |
(1,607) |
(11,721) |
| Purchase of U.S. Treasury obligations, held-to-maturity |
(7,706,117) |
(9,050,372) |
| Purchase of U.S. Treasury obligations, available-for-sale |
(497,422) |
0 |
| Net Cash Used by Investing Activities |
(579,146) |
(2,262,093) |
| Net Increase/(Decrease) in Cash and Cash Equivalents |
1,290,552 |
(276,384) |
| Cash and Cash Equivalents - Beginning |
2,953,995 |
3,230,379 |
| Cash and Cash Equivalents - Ending |
$4,244,547 |
$2,953,995 |
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