III. Financial Statements
Refer to FDIC's website 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 |
| |
2010 |
2009 |
| Assets |
| Cash and cash equivalents |
$27,076,606 |
$54,092,423 |
Cash and cash investments–restricted–systemic risk
(Includes cash/cash equivalents of $5,030,369 at December 31, 2010 and $6,430,589 at December 31, 2009) |
6,646,968 |
6,430,589 |
| Investment in U.S. Treasury obligations, net |
12,371,268 |
5,486,799 |
| Assessments receivable, net |
217,893 |
280,510 |
| Receivables and other assets–systemic risk |
2,269,422 |
3,298,819 |
| Trust preferred securities |
2,297,818 |
1,961,824 |
| Interest receivable on investments and other assets, net |
259,683 |
220,588 |
| Receivables from resolutions, net |
29,532,545 |
38,408,622 |
| Property and equipment, net |
416,065 |
388,817 |
| Total Assets |
$81,088,268 |
$110,568,991 |
| |
| Liabilities |
| Accounts payable and other liabilities |
$514,287 |
$273,338 |
| Unearned revenue–prepaid assessments |
30,057,033 |
42,727,101 |
| Liabilities due to resolutions |
30,511,877 |
34,711,726 |
| Deferred revenue–systemic risk |
9,054,541 |
7,847,447 |
| Postretirement benefit liability |
165,874 |
144,952 |
| Contingent liabilities for: |
|
|
| Anticipated failure of insured institutions |
17,687,569 |
44,014,258 |
| Systemic risk |
149,327 |
1,411,966 |
| Litigation losses |
300,000 |
300,000 |
| Total Liabilities |
$88,440,508 |
$131,430,788 |
| Commitments and off-balance-sheet exposure |
| Fund Balance |
| Accumulated Net Loss |
(7,696,428) |
(21,001,312) |
| Unrealized Gain on U.S. Treasury investments, net |
26,698 |
142,127 |
| Unrealized postretirement benefit Loss |
(18,503) |
(2,612) |
| Unrealized Gain on trust preferred securities |
335,993 |
0 |
| Total Fund Balance |
(7,352,240) |
(20,861,797) |
| |
| Total Liabilities and Fund Balance |
$81,088,268 |
$110,568,991 |
| Deposit Insurance Fund Statement of Income and Fund Balance for the Years Ended December 31, condensed |
| Dollars in Thousands |
| |
2010 |
2009 |
| Revenue |
| Interest on U.S. Treasury obligations |
$204,871 |
$704,464 |
| Assessments |
13,610,436 |
17,717,374 |
| Systemic risk revenue |
(672,818) |
1,721,626 |
| Realized gain on sale of securities |
0 |
1,389,285 |
| Other revenue |
237,425 |
3,173,611 |
| Total Revenue |
13,379,914 |
24,706,360 |
| |
| Expenses and Losses |
| Operating expenses |
1,592,641 |
1,271,099 |
| Systemic risk expenses |
(672,818) |
1,721,626 |
| Provision for insurance losses |
(847,843) |
57,711,772 |
| Insurance and other expenses |
3,050 |
4,447 |
| Total Expenses and Losses |
75,030 |
60,708,944 |
| |
| Net Income (Loss) |
13,304,884 |
(36,002,584) |
| Unrealized Loss on U.S. Treasury investments, net |
(115,429) |
(2,107,925) |
| Unrealized postretirement benefit Loss |
(15,891) |
(27,577) |
| Unrealized Gain on trust preferred securities |
335,993 |
0 |
| Comprehensive Income (Loss) |
13,509,557 |
(38,138,086) |
| |
| Fund Balance–Beginning |
(20,861,797) |
17,276,289 |
| |
| Fund Balance–Ending |
$(7,352,240) |
$(20,861,797) |
| Deposit Insurance Fund Statement of Cash Flows for the Years Ended December 31, condensed |
| Dollars in Thousands |
| |
2010 |
2009 |
| Operating Activities |
| Net Income (Loss): |
$13,304,884 |
$(36,002,584) |
Adjustments to reconcile net income to net cash (used by)
provided by operating activities: |
|
| Amortization of U.S. Treasury obligations |
(5,149) |
210,905 |
| Treasury inflation-protected securities inflation adjustment |
(23,051) |
10,837 |
| Gain on sale of U.S. Treasury obligations |
0 |
(1,389,285) |
| Depreciation on property and equipment |
68,790 |
70,488 |
| Loss on retirement of property and equipment |
620 |
924 |
| Provision for insurance losses |
(847,843) |
57,711,772 |
| Unrealized Loss on postretirement benefits |
(15,891) |
(27,577) |
| Guarantee termination fee from Citigroup |
0 |
(1,961,824) |
| |
| Change In Operating Assets and Liabilities: |
| Decrease in assessments receivable, net |
62,617 |
737,976 |
| (Increase) Decrease in interest receivable and other assets |
(34,194) |
192,750 |
| (Increase) in receivables from resolutions |
(16,607,671) |
(60,229,760) |
| Decrease (Increase) in receivable–systemic risk |
1,029,397 |
(2,160,688) |
| Increase in accounts payable and other liabilities |
240,949 |
140,740 |
| Increase in postretirement benefit liability |
20,922 |
30,828 |
| (Decrease) in contingent liabilities–systemic risk |
(1,262,639) |
(25,672) |
| (Decrease) Increase in liabilities due to resolutions |
(4,199,849) |
29,987,265 |
| (Decrease) Increase in unearned revenue–prepaid assessments |
(12,670,068) |
42,727,101 |
| Increase in deferred revenue–systemic risk |
1,203,936 |
5,769,567 |
| Net Cash (Used by) Provided by Operating Activities |
(19,734,240) |
35,793,763 |
| |
| Investing Activities Provided by: |
| Maturity of U.S. Treasury obligations |
21,558,000 |
6,382,027 |
| Sale of U.S. Treasury obligations |
0 |
15,049,873 |
| Investing Activities Used by: |
| Purchase of property and equipment |
(96,659) |
(91,468) |
| Purchase of U.S. Treasury obligations |
(30,143,138) |
0 |
| Net Cash (Used by) Provided by Investing Activities |
(8,681,797) |
21,340,432 |
| |
| Net (Decrease) Increase in Cash and Cash Equivalents |
(28,416,037) |
57,134,195 |
| Cash and Cash Equivalents–Beginning |
60,523,012 |
3,388,817 |
| Unrestricted Cash and Cash Equivalents–Ending |
27,076,606 |
54,092,423 |
| Restricted Cash and Cash Equivalents–Ending |
5,030,369 |
6,430,589 |
| Cash and Cash Equivalents–Ending |
$32,106,975 |
$60,523,012 |
|
