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2006 Annual Report Highlights
III. Financial Statements
Deposit Insurance Fund (DIF)
(combined BIF and SAIF for 2005)
| Balance Sheet at December 31, condensed Dollars in Thousands |
| |
2006 |
2005 |
| Assets |
| Cash and cash equivalents |
$ 2,953,995 |
$ 3,209,444 |
| Cash and other assets: Restricted for SAIF-member exit fees (Includes cash and cash equivalents of $20.9 million at December 31, 2005) |
0 |
341,656 |
| Investment in U.S. Treasury obligations, net: |
| Held-to-maturity securities |
37,184,214 |
34,253,237 |
| Available-for-sale securities |
8,958,566 |
9,987,223 |
| Interest receivable on investments and other assets, net |
747,715 |
737,566 |
| Receivables from resolutions, net |
538,991 |
533,474 |
| Property and equipment, net |
376,790 |
378,064 |
| Total Assets |
$ 50,760,271 |
$ 49,440,664 |
| Liabilities |
| Accounts payable and other liabilities |
$ 154,283 |
$ 296,540 |
| Postretirement benefit liability |
129,906 |
0 |
| Contingent liabilities for: |
| Anticipated failure of insured institutions |
110,775 |
5,366 |
| Litigation losses |
200,000 |
200,500 |
| SAIF-member exit fees and investment proceeds held in escrow |
0 |
341,656 |
| Total Liabilities |
594,964 |
844,062 |
| Commitments and off-balance-sheet exposure |
| Fund Balance |
| Accumulated net income |
49,929,226 |
48,190,062 |
| Unrealized gain on available-for-sale securities, net |
233,822 |
406,540 |
| Unrealized postretirement benefit gain |
2,259 |
0 |
| Total Fund Balance |
50,165,307 |
48,596,602 |
| |
| Total Liabilities and Fund Balance |
$ 50,760,271 |
$ 49,440,664 |
(combined BIF and SAIF for 2005)
| Statement of Income and Fund Balance for the Years Ended December 31, condensed Dollars in Thousands |
| |
2006 |
2005 |
| Revenue |
| Interest on U.S. Treasury obligations |
$ 2,240,723 |
$ 2,341,505 |
| Exit fees earned |
345,295 |
0 |
| Assessments |
31,945 |
60,884 |
| Other revenue |
25,565 |
18,073 |
| Total Revenue |
2,643,528 |
2,420,462 |
| |
| Expenses and Losses |
| Operating expenses |
950,618 |
965,652 |
| Provision for insurance losses |
(52,097) |
(160,170) |
| Insurance and other expenses |
5,843 |
3,821 |
| Total Expenses and Losses |
904,364 |
809,303 |
| |
| Net Income |
1,739,164 |
1,611,159 |
| Unrealized loss on available-for-sale securities, net |
(172,718) |
(521,350) |
| Unrealized postretirement benefit gain |
2,259 |
0 |
| |
| Comprehensive Income |
1,568,705 |
1,089,809 |
| |
| Fund Balance – Beginning |
48,596,602 |
47,506,793 |
| |
| Fund Balance – Ending |
$ 50,165,307 |
$ 48,596,602 |
(combined BIF and SAIF for 2005)
| Statement of Cash Flows for the Years Ended December 31, condensed Dollars in Thousands |
| |
2006 |
2005 |
| Operating Activities |
| Net Income: |
$ 1,739,164 |
$ 1,611,159 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
| |
| Amortization of U.S. Treasury obligations |
599,274 |
834,118 |
| Treasury inflation-protected securities (TIPS) inflation adjustment |
(109,394) |
(345,023) |
| Depreciation on property and equipment |
52,919 |
56,006 |
| Provision for insurance losses |
(52,097) |
(160,170) |
| Terminations/adjustments of work-in-process accounts |
433 |
178 |
| Exit fees earned |
(345,295) |
0 |
| |
| Change in Operating Assets and Liabilities: |
| Decrease/(Increase) in unamortized premium and discount of U.S. Treasury obligations (restricted) |
1,359 |
(6,565) |
| (Increase)/Decrease in interest receivable and other assets |
(14,635) |
5,590 |
| Decrease in receivables from resolutions |
147,258 |
348,173 |
| (Decrease)/Increase in accounts payable and other liabilities |
(166,822) |
27,145 |
| Increase in postretirement benefit liability |
129,906 |
0 |
| (Decrease) in contingent liabilities for litigation losses |
0 |
(182) |
| Increase in exit fees and investment proceeds held in escrow |
3,639 |
28,556 |
| Net Cash Provided by Operating Activities |
1,985,709 |
2,398,985 |
| |
| Investing Activities |
| Provided by: |
| Maturity of U.S. Treasury obligations, held-to-maturity |
5,955,000 |
8,220,000 |
| Maturity of U.S. Treasury obligations, available-for-sale |
845,000 |
1,830,000 |
| Used by: |
| Purchase of property and equipment |
(11,721) |
(47,197) |
| Purchase of U.S. Treasury obligations, held-to-maturity |
(9,050,372) |
(11,693,984) |
| Net Cash Used by Investing Activities |
(2,262,093) |
(1,691,181) |
| |
| Net (Decrease) /Increase in Cash and Cash Equivalents |
(276,384) |
707,804 |
| Cash and Cash Equivalents - Beginning |
3,230,379 |
2,522,575 |
| Unrestricted Cash and Cash Equivalents – Ending |
2,953,995 |
3,209,444 |
| Restricted Cash and Cash Equivalents – Ending |
0 |
20,935 |
| Cash and Cash Equivalents - Ending |
$ 2,953,995 |
$ 3,230,379 |
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