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2006 Annual Report Highlights

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III. Financial Statements

Deposit Insurance Fund (DIF)

(combined BIF and SAIF for 2005)

Balance Sheet at December 31, condensed
Dollars in Thousands
  2006 2005
Assets
Cash and cash equivalents $ 2,953,995 $ 3,209,444
Cash and other assets: Restricted for SAIF-member exit fees (Includes cash and cash equivalents of $20.9 million at December 31, 2005) 0 341,656
Investment in U.S. Treasury obligations, net:
Held-to-maturity securities 37,184,214 34,253,237
Available-for-sale securities 8,958,566 9,987,223
Interest receivable on investments and other assets, net 747,715 737,566
Receivables from resolutions, net 538,991 533,474
Property and equipment, net 376,790 378,064
Total Assets $ 50,760,271 $ 49,440,664
Liabilities
Accounts payable and other liabilities $ 154,283 $ 296,540
Postretirement benefit liability 129,906 0
Contingent liabilities for:
Anticipated failure of insured institutions 110,775 5,366
Litigation losses 200,000 200,500
SAIF-member exit fees and investment proceeds held in escrow 0 341,656
Total Liabilities 594,964 844,062
Commitments and off-balance-sheet exposure
Fund Balance
Accumulated net income 49,929,226 48,190,062
Unrealized gain on available-for-sale securities, net 233,822 406,540
Unrealized postretirement benefit gain 2,259 0
Total Fund Balance 50,165,307 48,596,602
 
Total Liabilities and Fund Balance $ 50,760,271 $ 49,440,664

(combined BIF and SAIF for 2005)

Statement of Income and Fund Balance for the Years Ended December 31, condensed
Dollars in Thousands
  2006 2005
Revenue
Interest on U.S. Treasury obligations $ 2,240,723 $ 2,341,505
Exit fees earned 345,295 0
Assessments 31,945 60,884
Other revenue 25,565 18,073
Total Revenue 2,643,528 2,420,462
 
Expenses and Losses
Operating expenses 950,618 965,652
Provision for insurance losses (52,097) (160,170)
Insurance and other expenses 5,843 3,821
Total Expenses and Losses 904,364 809,303
 
Net Income 1,739,164 1,611,159
Unrealized loss on available-for-sale securities, net (172,718) (521,350)
Unrealized postretirement benefit gain 2,259 0
 
Comprehensive Income 1,568,705 1,089,809
 
Fund Balance Beginning 48,596,602 47,506,793
 
Fund Balance Ending $ 50,165,307 $ 48,596,602

(combined BIF and SAIF for 2005)

Statement of Cash Flows for the Years Ended December 31, condensed
Dollars in Thousands
  2006 2005
Operating Activities
Net Income: $ 1,739,164 $ 1,611,159
Adjustments to reconcile net income to net cash provided by operating activities:
 
Amortization of U.S. Treasury obligations 599,274 834,118
Treasury inflation-protected securities (TIPS) inflation adjustment (109,394) (345,023)
Depreciation on property and equipment 52,919 56,006
Provision for insurance losses (52,097) (160,170)
Terminations/adjustments of work-in-process accounts 433 178
Exit fees earned (345,295) 0
 
Change in Operating Assets and Liabilities:
Decrease/(Increase) in unamortized premium and discount of U.S. Treasury obligations (restricted) 1,359 (6,565)
(Increase)/Decrease in interest receivable and other assets (14,635) 5,590
Decrease in receivables from resolutions 147,258 348,173
(Decrease)/Increase in accounts payable and other liabilities (166,822) 27,145
Increase in postretirement benefit liability 129,906 0
(Decrease) in contingent liabilities for litigation losses 0 (182)
Increase in exit fees and investment proceeds held in escrow 3,639 28,556
Net Cash Provided by Operating Activities 1,985,709 2,398,985
 
Investing Activities
Provided by:
Maturity of U.S. Treasury obligations, held-to-maturity 5,955,000 8,220,000
Maturity of U.S. Treasury obligations, available-for-sale 845,000 1,830,000
Used by:
Purchase of property and equipment (11,721) (47,197)
Purchase of U.S. Treasury obligations, held-to-maturity (9,050,372) (11,693,984)
Net Cash Used by Investing Activities (2,262,093) (1,691,181)
 
Net (Decrease) /Increase in Cash and Cash Equivalents (276,384) 707,804
Cash and Cash Equivalents - Beginning 3,230,379 2,522,575
Unrestricted Cash and Cash Equivalents Ending 2,953,995 3,209,444
Restricted Cash and Cash Equivalents Ending 0 20,935
Cash and Cash Equivalents - Ending $ 2,953,995 $ 3,230,379



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