|
|
|
|
December 31, 1996 |
January
1, 1996 |
|
Assets |
|
|
Cash and cash
equivalents |
|
|
Receivables from
thrift resolutions, net (Note 3) |
4,454,776 |
12,876,647
|
Securitization
Reserve Fund (Note 14) |
5,804,062 |
0 |
Investment in
corporate owned assets, net (Note 4) |
182,827 |
1,005,147
|
Other assets, net (Note 5) |
6,747 |
10,366
|
Total Assets |
|
|
|
|
|
Liabilities |
|
|
Accounts payable and
other liabilities |
|
|
Notes payable -
Federal Financing Bank borrowings (Note 7) |
4,617,147 |
10,498,042
|
Liabilities incurred
from thrift resolutions (Note 6) |
143,725 |
248,539
|
Estimated
Liabilities for: (Note 8) |
|
|
Assistance
agreements |
16,120 |
81,340
|
Litigation losses |
39,294 |
163,636
|
Total
Liabilities |
4,970,633 |
11,196,548
|
Commitments and
contingencies (Notes 14 and 15) |
|
|
|
|
|
Resolution
Equity (Note 10) |
|
|
|
|
|
Contributed capital |
135,501,023 |
135,501,248
|
Accumulated deficit |
(128,919,323) |
(131,294,382) |
Total
Resolution Equity |
6,581,700 |
4,206,866
|
Total
Liabilities and Resolution Equity |
|
|
The
accompanying notes are an integral part of these financial statements. |
|
|
|
For the Year Ended
December 31, 1996 |
|
Revenue |
|
Interest on
Securitization Reserve Fund |
$
82,103 |
Interest on U.S.
Treasury investments |
26,452 |
Revenue from
corporate owned assets |
228,274 |
Limited partnership
revenue (Note 11) |
54,600 |
Interest on advances
and other revenue |
127,117 |
Total
Revenue |
518,546 |
|
|
Expenses and
Losses |
|
Operating expenses |
26,074 |
Interest expense on
FFB debt and other notes payable |
386,064 |
Corporate owned
asset expenses |
128,826 |
Reduction in
provision for losses (Note 9) |
(2,400,366) |
Other expenses |
2,889 |
Total
Expenses and Losses |
(1,856,513) |
|
|
Net Income |
2,375,059 |
|
|
Accumulated
Deficit - Beginning |
(131,294,382) |
|
|
Accumulated
Deficit - Ending |
$(128,919,323) |
|
|
The
accompanying notes are an integral part of these financial statements. |
|
|
|
|
For the Year Ended
December 31, 1996 |
|
Cash Flows from Operating
Activities |
|
|
|
|
Interest on U.S. Treasury
investments |
|
|
|
Recoveries from thrift resolutions |
|
6,152,927 |
|
Recoveries from securitization
reserve |
|
95,067 |
|
Recoveries from corporate owned
assets |
|
608,620 |
|
12,174 |
|
|
|
(42,882) |
|
Interest paid on notes payable |
|
(352,767) |
|
Disbursements for thrift resolutions |
|
(772,301) |
|
Disbursements for corporate owned
assets |
|
(169,463) |
|
Miscellaneous disbursements |
|
(19,714) |
Net Cash Provided by
Operating Activities (Note 17) |
5,538,202 |
|
|
Cash Flows from Financing Activities |
|
|
|
|
Repayments of Federal Financing Bank
borrowings |
|
(5,913,975) |
|
Payments of indebtedness incurred
from thrift resolutions |
|
(31,560) |
Net Cash Used for Financing
Activities |
(5,945,535) |
Net Decrease in Cash and
Cash Equivalents |
(407,333) |
|
|
Cash and Cash Equivalents -
Beginning |
1,511,254 |
Cash and Cash Equivalents -
Ending |
|
The accompanying notes
are an integral part of these financial statements. |
|
|
Notes to the Financial Statements |