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2008 Annual Report Highlights
III. Financial Statements
Refer to FDIC’s Web site at www.fdic.gov/about/strategic/report/index.html for the complete set of financial statements with accompanying footnotes.
Deposit Insurance Fund (DIF)
Deposit Insurance Fund Balance Sheet at December 31 - Condensed
Dollars in Thousands |
| |
2008 |
2007 |
| Assets |
| Cash and cash equivalents – unrestricted |
$1,011,430 |
$4,244,547 |
| Cash and cash equivalents – restricted – systemic risk |
2,377,387 |
0 |
| Investment in U.S. Treasury obligations, net: |
| Held-to-maturity securities |
0 |
38,015,174 |
| Available-for-sale securities |
27,859,080 |
8,572,800 |
| Assessments receivable, net |
1,018,486 |
244,581 |
| Receivable – systemic risk |
1,138,132 |
0 |
| Interest receivable on investments and other assets, net |
405,453 |
768,292 |
| Receivables from resolutions, net |
15,765,465 |
808,072 |
| Property and equipment, net |
368,761 |
351,861 |
| Total Assets |
$49,944,194 |
$53,005,327 |
| Liabilities |
| Accounts payable and other liabilities |
$185,079 |
$151,857 |
| Liabilities due to resolutions |
4,671,980 |
0 |
| Guarantee obligations – systemic risk |
2,077,880 |
0 |
| Postretirement benefit liability |
114,124 |
116,158 |
| Contingent liabilities for: |
| Anticipated failure of insured institutions |
23,981,204 |
124,276 |
| Systemic risk |
1,437,638 |
0 |
| Litigation losses |
200,000 |
200,000 |
| Total Liabilities |
32,667,905 |
592,291 |
| Fund Balance |
| Accumulated net income |
15,001,272 |
52,034,503 |
| Unrealized gain on available-for-sale securities, net |
2,250,052 |
358,908 |
| Unrealized postretirement benefit gain |
24,965 |
19,625 |
| Total Fund Balance |
17,276,289 |
52,413,036 |
| Total Liabilities and Fund Balance |
$49,944,194 |
$53,005,327 |
Deposit Insurance Fund Statement of Income and Fund Balance
for the Years Ended December 31 - Condensed
Dollars in Thousands |
| Revenue |
| Interest on U.S. Treasury obligations |
$2,072,317 |
$2,540,061 |
| Assessments |
2,964,518 |
642,928 |
| Systemic risk revenue |
1,463,537 |
0 |
| Realized gain on sale of securities |
774,935 |
0 |
| Other revenue |
31,017 |
13,244 |
| Total Revenue |
7,306,324 |
3,196,233 |
| Expenses and Losses |
| Operating expenses |
1,033,490 |
992,570 |
| Systemic risk expenses |
1,463,537 |
0 |
| Provision for insurance losses |
41,838,835 |
95,016 |
| Insurance and other expenses |
3,693 |
3,370 |
| Total Expenses and Losses |
44,339,555 |
1,090,956 |
| |
|
|
| Net (Loss) Income |
(37,033,231) |
2,105,277 |
| Unrealized gain on available-for-sale securities, net |
1,891,144 |
125,086 |
| Unrealized postretirement benefit gain |
5,340 |
17,366 |
| |
|
|
| Comprehensive (Loss) Income |
(35,136,747) |
2,247,729 |
| |
|
|
| Fund Balance – Beginning |
52,413,036 |
50,165,307 |
| |
|
|
| Fund Balance – Ending |
$17,276,289 |
$52,413,036 |
Deposit Insurance Fund Statement of Cash Flow for the Years Ended December 31 - Condensed
Dollars in Thousands |
| |
2008 |
2007 |
| Operating Activities |
| Net (Loss) Income: |
$(37,033,231) |
$2,105,277 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of U.S. Treasury obligations |
457,289 |
571,267 |
| Treasury inflation-protected securities (TIPS) inflation adjustment |
(271,623) |
(313,836) |
| Gain on sale of U.S. Treasury obligations |
(774,935) |
0 |
| Depreciation on property and equipment |
55,434 |
63,115 |
| Loss on retirement of property and equipment |
447 |
153 |
| Provision for insurance losses |
41,838,835 |
95,016 |
| Unrealized gain on postretirement benefits |
5,340 |
17,366 |
| Systemic risk expenses |
(2,352) |
0 |
| Change In Operating Assets and Liabilities: |
| (Increase) in assessments receivable, net |
(773,905) |
(244,581) |
| Decrease/(Increase) in interest receivable and other assets |
402,225 |
(20,442) |
| (Increase) in receivables from resolutions |
(28,283,491) |
(350,309) |
| (Increase) in receivable – systemic risk |
(21,285) |
0 |
| (Decrease) in accounts payable and other liabilities |
(34,667) |
(39,580) |
| (Decrease) in postretirement benefit liability |
(2,034) |
(13,748) |
| Increase in guarantee obligations – systemic risk |
2,377,387 |
0 |
| Net Cash (Used by) Provided by Operating Activities |
(22,060,566) |
1,869,698 |
| Investing Activities |
| Provided by: |
|
|
| Maturity of U.S. Treasury obligations, held-to-maturity |
3,304,350 |
6,401,000 |
| Maturity of U.S. Treasury obligations, available-for-sale |
3,930,226 |
1,225,000 |
| Sale of U.S. Treasury obligations |
13,974,732 |
0 |
| |
|
|
| Used by: |
|
|
| Purchase of property and equipment |
(4,472) |
(1,607) |
| Purchase of U.S. Treasury obligations, held-to-maturity |
0 |
(7,706,117) |
| Purchase of U.S. Treasury obligations, available-for-sale |
0 |
(497,422) |
| Net Cash Provided by (Used by) Investing Activities |
21,204,836
|
(579,146) |
| Net (Decrease)/Increase in Cash and Cash Equivalents |
(855,730) |
1,290,552 |
| |
|
|
| Cash and Cash Equivalents - Beginning |
4,244,547 |
2,953,995 |
| Unrestricted Cash and Cash Equivalents – Ending |
1,011,430 |
4,244,547 |
| Restricted Cash and Cash Equivalents – Ending |
2,377,387 |
0 |
| |
|
|
| Cash and Cash Equivalents - Ending |
$3,388,817 |
$4,244,547 |
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