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2005 Annual Report Highlights

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III. Financial Statements - Bank Insurance Fund (BIF)


Bank Insurance Fund Balance Sheet at December 31, condensed
Dollars in Thousands
  2005 2004
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
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
  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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