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

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

   •  Summary Trends and Results
I. Corporate Fund Financial Results

   •  DIF Balance Sheet
   •  DIF Income Statement
   •  DIF Statements of Cash Flows
   •  FRF Statements of Cash Flows
II. Investments Results & Prospective Strategies

   •  Deposit Insurance Fund Portfolio Summary
   •  Approved Investment Strategy
III. Budget Results

   •  Budget & Expenditures by Major Expense Categories
   •  Budget & Expenditures by Budget Component, Division & Office
Printable Version

Executive Summary - First Quarter 2007

This report highlights the Corporation's financial activities and results for the three-month period ending March 31, 2007.

  • The Deposit Insurance Fund (DIF) fund balance grew by 1.2 percent to $50.7 billion during the first quarter of 2007, equaling the same percentage increase for the comparable period in 2006. DIF’s comprehensive income for the first quarter of 2007 was slightly lower compared to a year ago ($580 million vs. $596 million). However, if the one-time adjustment for exit fees earned of $346 million is excluded from the 2006 results, DIF’s first quarter 2007 comprehensive income rose by $330 million, or 132 percent. This increase resulted primarily from higher assessment revenue ($89 million), an increase in interest revenue ($89 million), and a higher contribution to the year-to-date comprehensive income from unrealized gain/(loss) on available-for-sale (AFS) securities ($138 million).
  • In February 2007, the FDIC was appointed receiver of Metropolitan Savings Bank, Pittsburgh, PA (total assets of $15.8 million), which was the first FDIC-insured bank failure in over two and one-half years. The DIF disbursed $17.3 million to cover obligations to insured depositors of the failed bank and recorded an allowance for loss of $2.5 million against this receivable. This estimated loss is likely to substantially increase based on a further review of the institution’s unrecorded assets and liabilities.
  • For the three months ending March 31, 2007, Corporate Operating and Investment Budget related expenditures ran below budget by 12 percent and 31 percent, respectively. The variance with respect to the Corporate Operating Budget expenditures was primarily the result of limited resolutions and receivership activities in the Receivership Funding component of the budget through the first quarter. Detailed quarterly reports are provided separately to the Board by the Capital Investment Review Committee for those information technology projects that are included in the Investment Budget.

On the pages following is an assessment of each of the three major finance areas: financial statements, investments, and budget.



Last Updated 11/27/2007 dofbusinesscenter@fdic.gov