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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 - Second Quarter 2007

This attached report highlights the Corporation's financial activities and results for the period ending June 30, 2007.

  • The Deposit Insurance Fund (DIF) fund balance grew by 0.95 percent to $51.2 billion during the second quarter of 2007, a decrease of 21 basis points from the growth experienced in the first quarter of 2007. DIF’s comprehensive income for the second quarter of 2007 was 17 percent lower compared to the prior quarter ($482 million vs. $580 million). This decrease of $98 million is primarily attributable to the volatility in the market value of DIF’s portfolio of available-for-sale securities (AFS) securities. Although the DIF reported higher interest revenue ($181 million) and an increase in assessment revenue ($46 million) in the second quarter, this was fully offset by a lower contribution to the year-to-date comprehensive income from unrealized (loss)/gain on AFS securities (second quarter unrealized loss of $162 million vs. first quarter unrealized gain of $81 million) and a smaller reduction in the estimated losses for anticipated failures ($70 million).
  • For the six months ending June 30, 2007, Corporate Operating Budget and Investment Budget related expenditures ran below budget by 10 percent and 53 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 second quarter. Detailed quarterly reports are provided separately to the Board by the Capital Investment Review Committee for those 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 08/20/2007 dofbusinesscenter@fdic.gov