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Financial Reports

Corporate Fund Financial Results - Third Quarter 2024

I. Financial Results - Third Quarter 2024

Deposit Insurance Fund (DIF)

  • For the nine months ending September 30, 2024, the DIF’s comprehensive income totaled $11.3 billion compared to a comprehensive loss of $8.9 billion for the same period last year.  The year-over-year change of $20.2 billion was primarily due to a $21.5 billion decrease in provision for insurance losses, partially offset by a $1.4 billion decrease in assessment revenue.
  • The provision for insurance losses was negative $1.8 billion for the first nine months of 2024 primarily due to a $1.9 billion reduction in estimated losses for the three large banks that failed in 2023.  This decrease in estimated losses resulted mainly from better than expected net recoveries from asset dispositions, net increases in asset valuations, unanticipated collections from non-assets, and interest earned on receivership cash, which was partially offset by an adjustment of prior year loss estimates.  Of the $1.9 billion reduction, $1.5 billion represents a decrease in estimated losses on uninsured deposits that must be recovered through a special assessment on insured depository institutions pursuant to the statutory systemic risk determination in 2023.  Accordingly, the special assessments receivable for the recovery of the estimated loss on uninsured deposits was reduced by $1.5 billion with a corresponding reduction to assessment revenue. As a result, assessment revenue declined by $1.4 billion in the first three quarters of 2024 as compared to the same period last year ($8.2 billion in 2024 vs. $9.7 billion in 2023).

Assessments

  • During September, the DIF recognized assessment revenue of $3.3 billion for the estimate of third quarter 2024 insurance coverage. Additionally, the DIF recognized a $48 million adjustment for lower-than-estimated collections for the second quarter 2024 insurance coverage, which decreased assessment revenue.
  • On September 30, 2024, the FDIC collected $3.2 billion in DIF assessments for second quarter 2024 insurance coverage and $2.1 billion in special assessments.

Last Updated: December 17, 2024