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Financial Reports

Executive Summary

Executive Summary - First Quarter 2023

The attached report highlights the FDIC’s financial activities and results for the quarter ended March 31, 2023.

  • During the first quarter of 2023, the Deposit Insurance Fund (DIF) balance decreased to $116.1 billion as of March 31, 2023, down $12.1 billion from the year-end 2022 balance of $128.2 billion. The quarterly decrease was primarily due to an increase in provision for insurance losses of $16.4 billion.
  • The reserve ratio decreased to 1.11 percent, due to a 2.5% increase in insured deposits and the decrease in the DIF balance.
  • During the first quarter of 2023, the FDIC was named receiver for 2 failed institutions. The combined assets at inception for these institutions totaled approximately $319 billion with a total estimated loss of $18.5 billion. The corporate cash outlay during the first quarter for these institutions was $28.8 billion. By statute, the FDIC is required to recover $15.8 billion attributable to the cost of covering uninsured deposits as a result of the systemic risk determination through one or more special assessments.
  • Through March 31, 2023, overall FDIC Operating Budget expenditures were below the year-to-date budget by about $55.4 million, or nine percent. This was due to underspending of $67.7 million in the Ongoing Operations budget component, with spending below 90 percent of the YTD budget in every non-salary expense category. Receivership Funding expenditures exceeded the YTD budget by $10.8 million (96 percent), largely due to overspending for contractual services by both DRR and CISR in connection with the failures of Silicon Valley Bank and Signature Bank in March.

Last Updated: July 27, 2023