Each depositor insured to at least $250,000 per insured bank



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2008 Annual Report Highlights



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III. Financial Statements

Refer to FDIC’s Web site at www.fdic.gov/about/strategic/report/index.html for the complete set of financial statements with accompanying footnotes.

Deposit Insurance Fund (DIF)

Deposit Insurance Fund Balance Sheet at December 31 - Condensed
Dollars in Thousands
  2008 2007
Assets
Cash and cash equivalents – unrestricted $1,011,430 $4,244,547
Cash and cash equivalents – restricted – systemic risk 2,377,387 0
Investment in U.S. Treasury obligations, net:
Held-to-maturity securities 0 38,015,174
Available-for-sale securities 27,859,080 8,572,800
Assessments receivable, net 1,018,486 244,581
Receivable – systemic risk 1,138,132 0
Interest receivable on investments and other assets, net 405,453 768,292
Receivables from resolutions, net 15,765,465 808,072
Property and equipment, net 368,761 351,861
Total Assets $49,944,194 $53,005,327
Liabilities
Accounts payable and other liabilities $185,079 $151,857
Liabilities due to resolutions 4,671,980 0
Guarantee obligations – systemic risk 2,077,880 0
Postretirement benefit liability 114,124 116,158
Contingent liabilities for:
Anticipated failure of insured institutions 23,981,204 124,276
Systemic risk 1,437,638 0
Litigation losses 200,000 200,000
Total Liabilities 32,667,905 592,291
Fund Balance
Accumulated net income 15,001,272 52,034,503
Unrealized gain on available-for-sale securities, net 2,250,052 358,908
Unrealized postretirement benefit gain 24,965 19,625
Total Fund Balance 17,276,289 52,413,036
Total Liabilities and Fund Balance $49,944,194 $53,005,327

Deposit Insurance Fund Statement of Income and Fund Balance
for the Years Ended December 31
- Condensed
Dollars in Thousands
Revenue
Interest on U.S. Treasury obligations $2,072,317 $2,540,061
Assessments 2,964,518 642,928
Systemic risk revenue 1,463,537 0
Realized gain on sale of securities 774,935 0
Other revenue 31,017 13,244
Total Revenue 7,306,324 3,196,233
Expenses and Losses
Operating expenses 1,033,490 992,570
Systemic risk expenses 1,463,537 0
Provision for insurance losses 41,838,835 95,016
Insurance and other expenses 3,693 3,370
Total Expenses and Losses 44,339,555 1,090,956
     
Net (Loss) Income (37,033,231) 2,105,277
Unrealized gain on available-for-sale securities, net 1,891,144 125,086
Unrealized postretirement benefit gain 5,340 17,366
     
Comprehensive (Loss) Income (35,136,747) 2,247,729
     
Fund Balance – Beginning 52,413,036 50,165,307
     
Fund Balance – Ending $17,276,289 $52,413,036

Deposit Insurance Fund Statement of Cash Flow for the Years Ended December 31 - Condensed
Dollars in Thousands
  2008 2007
Operating Activities
Net (Loss) Income: $(37,033,231) $2,105,277
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of U.S. Treasury obligations 457,289 571,267
Treasury inflation-protected securities (TIPS) inflation adjustment (271,623) (313,836)
Gain on sale of U.S. Treasury obligations (774,935) 0
Depreciation on property and equipment 55,434 63,115
Loss on retirement of property and equipment 447 153
Provision for insurance losses 41,838,835 95,016
Unrealized gain on postretirement benefits 5,340 17,366
Systemic risk expenses (2,352) 0
Change In Operating Assets and Liabilities:
(Increase) in assessments receivable, net (773,905) (244,581)
Decrease/(Increase) in interest receivable and other assets 402,225 (20,442)
(Increase) in receivables from resolutions (28,283,491) (350,309)
(Increase) in receivable – systemic risk (21,285) 0
(Decrease) in accounts payable and other liabilities (34,667) (39,580)
(Decrease) in postretirement benefit liability (2,034) (13,748)
Increase in guarantee obligations – systemic risk 2,377,387 0
Net Cash (Used by) Provided by Operating Activities (22,060,566) 1,869,698
Investing Activities
Provided by:    
Maturity of U.S. Treasury obligations, held-to-maturity 3,304,350 6,401,000
Maturity of U.S. Treasury obligations, available-for-sale 3,930,226 1,225,000
Sale of U.S. Treasury obligations 13,974,732 0
     
Used by:    
Purchase of property and equipment (4,472) (1,607)
Purchase of U.S. Treasury obligations, held-to-maturity 0 (7,706,117)
Purchase of U.S. Treasury obligations, available-for-sale 0 (497,422)
Net Cash Provided by (Used by) Investing Activities 21,204,836


(579,146)
Net (Decrease)/Increase in Cash and Cash Equivalents (855,730) 1,290,552
     
Cash and Cash Equivalents - Beginning 4,244,547 2,953,995
Unrestricted Cash and Cash Equivalents – Ending 1,011,430 4,244,547
Restricted Cash and Cash Equivalents – Ending 2,377,387 0
     
Cash and Cash Equivalents - Ending $3,388,817 $4,244,547

 

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Last Updated 08/8/2009 communications@fdic.gov