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Chief Financial Officer's (CFO) Report to the Board

DIF Balance Sheet - Second Quarter 2019

Fund Financial Results
Balance Sheet
 

Jun-19

Mar-19
Quarterly
Change

Jun-18
Year-Over-Year
Change
Cash and cash equivalents $8,795 $7,062 $1,733 $3,535 $5,260
Investment in US Treasury securities 94,524 93,507 1,017 88,300 6,224
Assessments receivable 1,060 1,372 (312) 2,679 (1,619)
Interest receivable on investments and other assets, net 694 567 127 558 136
Receivables from resolutions, net 3,204 3,187 17 3,711 (507)
Property and equipment, net 320 324 (4) 321 (1)
Total Assets $108,597 $106,019 $2,578 $99,104 $9,493
Accounts payable and other liabilities 241 211 30 232 9
Liabilities due to resolutions 530 554 (24) 905 (375)
Postretirement benefit liability 236 236 0 259 (23)
Contingent liability for anticipated failures 111 115 (4) 85 26
Contingent liability for guarantee payments and litigation losses 33 33 0 35 (2)
Total Liabilities $1,151 $1,149 $2 $1,516 ($365)
FYI: Unrealized gain (loss) on US Treasury securities, net 500 (194) 694 (1,137) 1,637
FYI: Unrealized postretirement benefit (loss) gain (14) (14) (0) (46) 32
Fund Balance $107,446 $104,870 $2,576 $97,588 $9,858

 

Small Bank Assessment Credit Usage Estimated (as of June 30, 2019; dollars in millions)

Small Bank Assessment Credit Usage Estimate (as of June 30, 2019; dollars in millions
  Dollars
1st 313.2
2nd 237.8
3rd 145.1
4th 59.3
Remaining 9.0

 

Pursuant to FDIC rulemaking in response to the Dodd-Frank Act increase of the minimum reserve ratio to 1.35 percent, small banks will receive credits for the portion of their assessments that contributed to growth in the reserve ratio from 1.15 percent to 1.35 percent.  Per a proposed rule issued on August 20, 2019, in each quarter that the reserve ratio is at or above 1.35 percent (rather than 1.38 percent, as required under current regulation), the FDIC will automatically apply a small bank’s credits to reduce its regular assessment up to the entire amount of the assessment, until the credits are exhausted.  The total amount of available credits is $764 million.  The chart presents the estimated credit usage by quarter; 72% of the credits are expected to be used in just two quarters of offset.