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2005 Annual Report Highlights
III.
Financial Statements - Bank Insurance Fund (BIF)
Bank
Insurance Fund Balance Sheet at December 31, condensed
Dollars
in Thousands |
| |
2005 |
2004 |
| Assets |
| Cash and cash
equivalents |
$2,411,828 |
$ 1,821,776 |
| Investment
in U.S. Treasury obligations, net |
| Held-to-maturity
securities |
24,678,611 |
22,637,330 |
| Available-for-sale
securities |
7,620,733 |
9,470,605 |
| Interest receivable
on investments and other assets, net |
546,202 |
601,498 |
| Receivables from
bank resolutions, net |
299,317 |
375,303 |
| Property and
equipment, net |
378,064 |
357,106 |
| Total Assets |
$35,934,755 |
$35,263,618 |
| Liabilities |
| Accounts
payable and other liabilities |
$265,687 |
$268,451 |
| Contingent
liabilities for: |
| Anticipated
failure of insured institutions |
1,591 |
8,261 |
| Litigation
losses and other |
200,435 |
200,301 |
| Total
Liabilities |
467,713 |
477,013 |
| Commitments and off-balance-sheet exposure
|
| Fund Balance |
| Accumulated
net income |
35,168,698 |
34,096,676 |
| Unrealized
gain on available-for-sale securities, net |
298,344 |
689,929 |
| Total
Fund Balance |
35,467,042 |
34,786,605 |
| Total Liabilities and
Fund Balance |
$35,934,755 |
$ 35,263,618 |
Bank
Insurance Fund Statement of Income and Fund Balance for the Years
Ended
December 31, condensed
Dollars
in Thousands |
| |
2005 |
2004 |
| Revenue |
| Interest on U.S.
Treasury obligations |
$1,713,316 |
$1,552,576 |
| Assessments |
52,570 |
95,268 |
| Other revenue |
17,587 |
27,547 |
| Total Revenue |
1,783,473 |
1,675,391 |
| Expenses and Losses |
| Operating
expenses |
846,183 |
821,341 |
| Provision
for insurance losses |
(138,181) |
(281,390) |
| Insurance
and other expenses |
3,449 |
18,662 |
| Total
Expenses and Losses |
711,451 |
558,613 |
| Net Income |
1,072,022 |
1,116,778 |
| Unrealized
loss on available-for-sale securities, net |
(391,585) |
(112,368) |
| Comprehensive Income |
680,437 |
1,004,410 |
| Fund Balance - Beginning |
34,786,605 |
33,782,195 |
| Fund Balance - Ending |
$35,467,042 |
$34,786,605 |
Bank
Insurance Fund Statement of Cash Flows for the Years Ended December
31, condensed
Dollars in
Thousands |
| |
2005 |
2004 |
| Operating
Activities |
| Net
Income: |
$1,072,022 |
$1,116,778 |
| Adjustments to reconcile
net income to net cash provided by operating activities: |
| Amortization
of U.S. Treasury obligations |
613,971 |
737,439 |
| Treasury
inflation-indexed securities (TIIS) inflation adjustment |
(257,829) |
(181,650) |
| Depreciation
on property and equipment |
55,989 |
54,424 |
| Provision
for losses |
(138,181) |
(281,390) |
| Terminations/adjustments
of work-in-process accounts |
178 |
817 |
| Change
In Operating Assets and Liabilities: |
| (Increase)
in interest receivable and other assets |
(3,398) |
(24,411) |
| Decrease
in receivables from bank resolutions |
211,955 |
218,693 |
| Increase
in accounts payable and other liabilities |
21,860 |
15,590 |
| (Decrease)
in contingent liabilities for litigation losses and other |
(182) |
(1,047) |
| Net
Cash Provided by Operating Activities |
1,576,385 |
1,655,243 |
| Investing
Activities |
| Provided
by: |
| Maturity
of U.S. Treasury obligations, held-to-maturity |
6,290,000 |
3,365,000 |
| Maturity
of U.S. Treasury obligations, available-for-sale |
1,560,000 |
5,810,000 |
| Used
by: |
| Purchase
of property and equipment |
(47,197) |
(104,502) |
| Purchase
of U.S. Treasury obligations, held-to-maturity |
(8,789,136) |
(10,026,597) |
| Purchase
of U.S. Treasury obligations, available-for-sale |
0 |
(1,421,649) |
| Net
Cash Used by Provided by Investing Activities |
(986,333) |
(2,377,748) |
| Net Decrease in Cash
and Cash Equivalents |
590,052 |
(722,505) |
| Cash and Cash Equivalents
- Beginning |
1,821,776 |
2,544,281 |
| Cash and Cash Equivalents
- Ending |
$2,411,828 |
$1,821,776 |
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