Executive Summary - Third Quarter 2024
The attached report highlights the FDIC’s financial activities and results for the quarter ended September 30, 2024.
- During the third quarter of 2024, the Deposit Insurance Fund (DIF) balance increased to $133.1 billion as of September 30, 2024, up $3.9 billion from the June 30, 2024, balance of $129.2 billion. The quarterly increase was primarily due to assessment revenue of $3.0 billion, interest on U.S. Treasury (UST) securities of $1.1 billion, and negative provision for insurance losses of $274 million, partially offset by operating expenses of $594 million.
- The reserve ratio—the fund balance relative to insured deposits—increased by four basis points in the third quarter to 1.25 percent.
- Through September 30, 2024, overall FDIC Operating Budget expenditures were below the year-to-date (YTD) budget by 12 percent ($257.5 million). This consisted of underspending of $179.6 million (10 percent) in the Ongoing Operations budget component and $76.9 million (48 percent) in the Receivership Funding budget component. The largest contributor to the underspending in Ongoing Operations was a $73.9 million (6 percent) variance in the Salaries and Compensation major expense category, primarily resulting from vacancies in budgeted positions. Every other major expense category except Travel had variances of at least 10 percent. Underspending in Receivership Funding was principally because of lower than expected resolution activity and 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.