Chief Financial Officer's (CFO) Report to the Board
I. Executive Summary - First Quarter 2018
The attached report highlights the Corporation's financial activities and results for the quarter ended June 30, 2018.
- During the second quarter of 2018, the Deposit Insurance Fund (DIF) balance increased by $2.5 billion, from $95.1 billion at March 31, 2018 to $97.6 billion at June 30, 2018. The quarterly increase was primarily due to $2.6 billion of assessment revenue.
- The reserve ratio, which is the ratio of the DIF balance to estimated insured deposits, was 1.33 percent for second quarter 2018, compared to the first quarter 2018 reserve ratio of 1.30 percent.
- There were no financial institution failures during the second quarter of 2018; the last failure occurred on December 15, 2017.
- Through June 30, 2018, overall FDIC Operating Budget expenditures were below budget by 7 percent ($73 million). This variance was primarily the result of vacancies in budgeted positions, delays in purchasing equipment for the backup data center, and lower-than-budgeted spending for contractual services and outside legal counsel.