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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 Statement 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

I. Corporate Fund Financial Statement Results - Second Quarter 2007

DIF

  • For the six months ending June 30, 2007, DIF’s comprehensive income totaled $1.1 billion compared to $967 million for the same period last year, an increase of 10 percent. Excluding the recognition of exit fees earned of $346 million (a one-time adjustment), comprehensive income rose by $441 million, or 71 percent, from a year ago. This year-over-year increase was primarily due to a $222 million increase in assessment revenue, a $172 million increase in interest revenue, a $53 million decrease in the unrealized loss on AFS securities, and a $24 million increase in the negative provision for insurance loss.
  • During the second quarter of 2007, DIF recorded a $139 million receivable for estimated net assessments due from insured institutions for second quarter 2007 insurance coverage. The receivable was the result of netting $789 million in credits estimated to be used by financial institutions against $928 million in estimated gross assessment revenue. In June, DIF also collected $94 million in cash assessment payments for first quarter insurance coverage.
  • During the second quarter of 2007, DIF’s net receivables from resolutions declined by $124 million, or 29 percent, to $307 million compared to the prior quarter. This reduction was primarily due to dividends from receiverships totaling approximately $122 million ($108 million from Southern Pacific and $14.5 million from Nextbank).

FRF

  • FRF’s net loss was $22 million for the second quarter of 2007 compared to a $19 million loss incurred during the first quarter of 2007. The additional loss is primarily due to an increase in interest on U.S. Treasury obligations of $40 million offset by Goodwill/Guarini expenses of $64 million.
  • During the second quarter of 2007, FRF paid $74.5 million for a Goodwill case. In addition, FRF accrued expenses for three Goodwill cases which totaled $64.3 million. All of the Guarini cases have been concluded. However, there are still issues pertaining to attorney fees pending in several of those cases.




Last Updated 08/20/2007 dofbusinesscenter@fdic.gov