Executive Summary - Second Quarter 2024
The attached report highlights the FDIC’s financial activities and results for the quarter ended March 31, 2024.
- During the second quarter of 2024, the Deposit Insurance Fund (DIF) balance increased to $129.2 billion as of June 30, 2024, up $3.9 billion from the March 31, 2024 balance of $125.3 billion. The quarterly increase was primarily due to assessment revenue of $3.2 billion, interest on U.S. Treasury (UST) securities of $981 million, and negative provision for insurance losses of $337 million, partially offset by operating expenses of $609 million.
- The reserve ratio—the fund balance relative to insurance deposits—increased by four basis points in the second quarter to 1.21 percent.
- Through June 30, 2024, overall FDIC Operating Budget expenditures were below the year-to-date (YTD) budget by 12 percent ($168.8 million). This consisted of underspending of $113.7 million (9 percent) in the Ongoing Operations component and $54.3 million (50 percent) in the Receivership Funding component. The largest contributor to the underspending in Ongoing Operations was a $55.4 million (7 percent) variance in the Salaries and Compensation major expense category, but there also were variances of 10 percent or more in every other major expense category. Underspending in Receivership Funding was almost entirely because the final settlement expenses paid to the acquiring institution by the Silicon Valley bridge bank receivership were substantially lower than the amount that had been accrued for those expenses at the end of 2023.