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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 2008

The attached report highlights the Corporation's financial activities and results for the period ending March 31, 2008.

  • The Deposit Insurance Fund (DIF) balance grew by one percent ($430 million) to $52.843 billion during the first quarter of 2008, a decrease of 26 percent compared to a year ago. Although two banks failed during the quarter, their resolution had a nominal effect on the DIF’s comprehensive income.
  • On January 25, 2008, the Office of the Comptroller of the Currency closed Douglass National Bank of Kansas City, Missouri, and named the FDIC as receiver. Liberty Bank and Trust of New Orleans, Louisiana, assumed all of the deposits and purchased most of the assets of the failed bank. DIF recorded a $50 million receivable from the receivership for the payments made by DIF to cover obligations to insured depositors. In addition, an allowance for loss of $6 million was recorded against the resolution receivable.

    On March 7, 2008, the Commissioner of Missouri’s Division of Finance closed Hume Bank of Hume, Missouri, and named the FDIC as receiver. Security Bank of Rich Hill, Missouri, assumed the failed bank’s insured deposits and purchased approximately $3 million in assets. The FDIC recorded a $14 million receivable from the receivership for the payments made by DIF to cover obligations to insured depositors. In addition, DIF recorded an allowance for loss of $3 million against the resolution receivable.

  • For the three months ending March 31, 2008, Corporate Operating and Investment Budget related expenditures ran below budget by 12 percent and 16 percent, respectively. The variance with respect to the Corporate Operating Budget expenditures was primarily the result of lower spending for contractual services in both the Ongoing Operations and Receivership Funding components of the budget during the 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 05/13/2008 dofbusinesscenter@fdic.gov