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1996 Annual Report


Savings Association Insurance Fund
[Graphic] FDIC

[Graphic] Savings Association Insurance Fund Statements of Financial Position

"Dollars in Thousands"
December 31, 1996 December 31, 1995

Assets
Cash and cash equivalents (see Note 4 for restrictions)
$ 387,953
$ 911,810
Investment in U.S. Treasury obligations, net (Note 3) (Market value of investments at December 31, 1996 and December 31, 1995 was $8.7 billion and $2.8 billion, respectively) 8,764,092 2,832,91
Entrance and exit fees receivable, net (Note 4) 3,517 8,821
Interest receivable on investment and other assets 124,534 48,634
Receivables from thrift resolutions, net (Note 5) 19,266 51
Total Assets
$ 9,299,362
$ 3,802,235
Liabilities and the Fund Balance
Accounts payable and other liabilities
$ 179,367
$ 117,628
Estimated liability for anticipated failure of insured institutions (Note 6) 4,000 111,000
Total Liabilities 183,367 228,628
Commitments and contingencies (Notes 11 and 12)
SAIF-Member Exit Fees and Investment Proceeds Held in Escrow (Note 4) 227,574 215,760
Fund Balance 8,888,421 3,357,847
Total Liabilities and the Fund Balance
$ 9,299,362
$ 3,802,235
The accompanying notes are an integral part of these financial statements.

 

[Graphic] FDIC

[Graphic] Savings Association Insurance Fund Statements of Income and the Fund Balance

"Dollars in Thousands"
For the Year Ended
December 31, 1996
For the Year Ended
December 31, 1995

Revenue
Assessments (Note 7) $ 5,221,560 $ ...970,027
Interest on U.S. Treasury investments 253,868 169,101
Other revenue (Note 8) 26,256 788
Total Revenue 5,501,684 1,139,916
Expenses and Losses
Operating expenses 62,618 39,777
Reduction in provision for insurance losses (91,636) (321,000)
Interest and other insurance expenses 128 7
Total Expenses and Losses (28,890) (281,216)
Net Income 5,530,574 1,421,132
Fund Balance - Beginning 3,357,847 1,936,715
Fund Balance - Ending $ 8,888,421 $ 3,357,847
The accompanying notes are an integral part of these financial statements.

 

[Graphic] FDIC

[Graphic] Savings Association Insurance Fund Statements of Cash Flows

"Dollars in Thousands"
For the Year Ended
December 31, 1996
For the Year Ended
December 31, 1995

Cash Flows from Operating Activities
Cash provided from:
Assessments
$ 5,293,722 $ 1,060,829
Interest on U.S. Treasury investments
192,053 152,622
Interest on exit fees
7,739 8,449
Entrance and exit fee collections (Note 4)
6,000 29,757
Recoveries from thrift resolutions
24,478 17,149
Miscellaneous receipts
367 437
Cash used for:
Operating expenses
(78,726) (18,487)
Reimbursements to the FSLIC Resolution Fund for thrift resolutions
(33,137) (15,881)
Disbursements for thrift resolutions
(500) (1,142)
Miscellaneous disbursements
(49) 1
Net Cash Provided by Operating Activities (Note 14) 5,411,947 1,233,734
Cash Flows from Investing Activities
Cash provided from:
Maturity and sale of U.S. Treasury obligations
1,885,000 1,385,000
Cash used for:
Purchase of U.S. Treasury obligations
(7,820,804) (1,787,124)
Net Cash Used by Investing Activities (5,935,804) (402,124)
Net Increase in Cash and Cash Equivalents (523,857) 831,610
Cash and Cash Equivalents - Beginning 911,810 80,200
Cash and Cash Equivalents - Ending $ .. 387,953 $ .. 911,810
The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements (SAIF)


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