I. Financial Results - Fourth Quarter 2024
Deposit Insurance Fund (DIF)
- The provision for insurance losses was negative $2.0 billion for 2024, compared to $41.0 billion for 2023. The negative $2.0 billion for 2024 was due to a reduction of estimated losses for the bank failures that occurred in 2023, the $41.0 billion for 2023 primarily represented the initial estimated losses for the financial institution failures that occurred during that year.
- Assessment revenue was $11.6 billion for 2024, compared to $33.2 billion for 2023. The $21.6 billion year-over-year decrease was primarily due to the one-time recognition of $20.5 billion of special assessments in 2023 while in 2024, no such special assessment revenue was earned. Last year, the DIF recorded a receivable and revenue for special assessments that represented the estimated loss arising from the full coverage of uninsured deposits pursuant to two separate systemic risk determinations for the resolution of Silicon Valley Bank and Signature Bank.
- In 2024, the DIF’s comprehensive income totaled $15.3 billion compared to a comprehensive loss of $6.4 billion for last year. The year-over-year change of $21.8 billion was primarily due to a $43.0 billion decrease in provision for insurance losses, partially offset by a $21.6 billion decrease in assessment revenue.
Assessments
- During December, the DIF recognized assessment revenue of $3.3 billion for the estimate of fourth quarter 2024 insurance coverage. Actual assessments for fourth quarter 2024 will be collected in the subsequent quarter.
- On December 30, 2024, the FDIC collected $3.2 billion in DIF assessments for third quarter 2024 insurance coverage and $2.1 billion in special assessments from the banking industry.