Federal Deposit Insurance Corporation

550 17th Street, N.W., Washington, D.C. 20429-9990 Deputy to the Chairman and CFO

 February 28, 2019

MEMORANDUM TO: The Board of Directors

FROM: Steven O. App

Deputy to the Chairman

and Chief Financial Officer

SUBJECT: Fourth Quarter 2018 CFO Report to the Board 

The attached report highlights the FDIC’s financial activities and results for the quarter ended 

December 31, 2018.

Executive Summary

• During the fourth quarter of 2018, the Deposit Insurance Fund (DIF) balance increased by $2.4

billion, from $100.2 billion at September 30, 2018, to $102.6 billion at December 31, 2018. The 

quarterly increase was primarily due to $1.4 billion in assessment revenue and a $756 million 

reduction in unrealized losses on U.S. Treasury securities.

• The reserve ratio, which is the ratio of the DIF balance to estimated insured deposits, was 1.36 

percent as of December 31, 2018. The reserve ratio was unchanged from September 30, 2018, 

and increased by 6 basis points during 2018. 

• There were no financial institution failures during the fourth quarter of 2018; the last failure 

occurred on December 15, 2017.

• Through December 31, 2018, overall FDIC Operating Budget expenditures were below budget by 9 

percent ($195 million). About $80 million was attributable to underspending in the Receivership 

Funding budget component due to lower-than-projected resolutions and receivership management 

workload because there were no bank closings during the year. Most of the remainder of the 

underspending was in the Ongoing Operations budget component ($112 million). About half of this 

variance was in the Salaries and Compensation major expenses category and was the result of 

higher-than-expected vacancies in budgeted positions throughout the year. In addition, lower-thananticipated expenses for facilities and the deferral of construction projects to 2019 and lower-thanbudgeted expenses for outside counsel, security services (including background checks), and 

other outside services were the primary factors contributing to the Ongoing Operations variance.
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I. Financial Results (See pages 7 – 8 for detailed data and charts.)

Deposit Insurance Fund 

• The DIF’s comprehensive income totaled $9.9 billion for 2018, compared to comprehensive income of 

$9.6 billion during 2017, a $277 million year-over-year increase. The slight increase was largely the 

result of a $576 million increase in interest on U.S Treasury securities, a $380 million increase in 

negative provision for insurance losses, and a $364 million decrease in unrealized losses on U.S. 

Treasury securities. The increases were almost fully offset by a $1.1 billion decrease in assessment 

revenue. 

• The provision for insurance losses was a negative $563 million for 2018, compared to negative $183 

million for 2017. The negative provision for 2018 primarily resulted from a $570 million decrease to the 

estimated losses for prior year failures, attributable to: (1) a decrease in receivership shared-loss 

liability cost estimates of $186 million primarily due to lower-than-anticipated losses on covered assets, 

reductions in shared-loss cost estimates from the early termination of shared-loss agreements (SLAs) 

during the year, and unanticipated recoveries from SLAs where the commercial loss coverage has 

expired but the recovery period remains active; (2) $172 million of estimated recoveries from residual 

certificates retained by receiverships for structured transactions; and (3) $130 million of unanticipated 

recoveries received by receiverships from tax refunds, litigation settlements, and professional liability 

claims.

• Assessment revenue was $9.5 billion for 2018, compared to $10.6 billion for 2017. The $1.1 billion 

year-over-year decrease was primarily due to the cessation of the surcharge assessment on large

institutions effective October 1, 2018, as a result of the reserve ratio exceeding the required minimum 

of 1.35 percent as of September 30, 2018.

• Small banks will receive credits to offset the portion of their assessments that helped to raise the DIF 

reserve ratio from 1.15 percent to 1.35 percent. These credits amount to $765 million in aggregate, 

and will be automatically applied to offset regular deposit insurance assessments for assessment 

periods where the DIF reserve ratio is at or above 1.38 percent. Because the DIF reserve ratio was 

below 1.38 percent as of December 31, 2018, assessment credits will not offset fourth quarter 

insurance assessments collected in March 2019.

Assessments

• During December, the DIF recognized assessment revenue of $1.4 billion, representing the estimate 

for the fourth quarter 2018 insurance coverage. Additionally, the DIF recognized a $27 million 

adjustment for lower-than-estimated collections for the third quarter 2018 insurance coverage (regular 

assessments: $23 million and surcharges: $4 million), which decreased assessment revenue.

• On December 28, 2018, the FDIC collected $1.4 billion in DIF assessments and $1.3 billion in 

surcharge assessments for third quarter 2018 insurance coverage.

II. Investment Results (See pages 9 – 10 for detailed data and charts.)

DIF Investment Portfolio

• On December 31, 2018, the total liquidity (also total market value) of the DIF investment portfolio stood 

at $99.0 billion, up $13.4 billion from its December 31, 2017, balance of $85.6 billion. During the year, 

interest revenue, receivership dividends, and deposit insurance assessment collections far exceeded 

resolution-related outlays and operating expenses.
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• On December 31, 2018, the DIF investment portfolio’s yield was 2.05 percent, up 53 basis points from 

its 1.52 percent yield on December 31, 2017. The new Treasury securities purchased during the year 

had higher yields than the maturing securities’ yields.

• In accordance with the fourth quarter 2018 DIF portfolio investment strategy, staff purchased 14 shortto intermediate-maturity conventional Treasury securities, all designated as available-for-sale. The 14 

securities had a total par value of $7.750 billion, a weighted average yield of 2.87 percent, and a 

weighted average maturity of 2.60 years.

III. Budget Results (See pages 11 – 12 for detailed data.)

Approved Budget Modifications

The 2018 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials the 

authority to make certain modifications to the 2018 FDIC Operating Budget. The following budget 

reallocations were approved during the fourth quarter in accordance with the authority delegated by the 

Board of Directors.

• In October 2018, the CFO approved an increase of $1.9 million in the Equipment expense category of 

the Division of Information Technology’s (DIT) Ongoing Operations budget to purchase equipment 

required for a planned expansion of WiFi capabilities in FDIC Headquarters facilities in early 2019. 

These funds were reallocated from the Corporate Unassigned contingency reserve within the Ongoing 

Operations budget component.

• In December 2018, the CFO approved miscellaneous budget adjustments to address projected 

surpluses and shortfalls within the Ongoing Operations budgets of the Executive Offices. There was 

no net increase or decrease in the total Ongoing Operations budget for the Executive Offices. 

Following these budget modifications, the balances in the Corporate Unassigned contingency reserves 

were $18,662,766 in the Ongoing Operations budget and $23,908,578 in the Receivership Funding budget 

component. This unused budget authority lapsed at the end of the year.

Approved Staffing Modifications

The 2018 Budget Resolution delegated to the CFO the authority to modify approved 2018 staffing 

authorizations for divisions and offices, as long as those modifications did not increase the total approved 

2018 FDIC Operating Budget. There were no staffing modifications approved during the fourth quarter of 

2018.

Spending Variances

Significant spending variances by major expense category and division/office are discussed below. 

Significant spending variances for the full year are defined as those that either (1) exceed the annual 

budget; or (2) are under the annual budget for a major expense category or division/office by an amount 

that exceeds $5 million and represents more than five percent of the major expense category or total 

division/office budget. 

Significant Spending Variances by Major Expense Category

Ongoing Operations

There were three significant spending variances in major expense categories in the Ongoing Operations 

budget component for 2018:
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• Outside Services – Personnel expenditures were $26 million, or 10 percent, less than budgeted. This 

primarily reflected underspending in the Division of Administration (DOA) and the Chief Information 

Officer (CIO) organizations as well as $2 million in unused budget authority in this expense category in 

the Corporate Unassigned contingency reserve.

 DOA spent $5 million, or 10 percent, less than budgeted for contractual services, mainly due to 

lower-than-budgeted expenses on HR Benefits (Career Counseling and Benefit Support Services), 

HR Services (including PD classification analysis and staffing/organizational restructuring reviews), 

background investigations, Access Control Program maintenance, and Student Residence Center

management expenses. 

 The combined CIO organizations spent approximately $12 million, or eight percent, less than 

budgeted for contractual services. 

 DIT spent $6 million, or seven percent, less than budgeted, largely due to under-spending in 

the operations budgets ($3.7 million, or six percent) for the Business Administration, Enterprise 

Technology, and Infrastructure Services Branches. DIT also under-spent its budget for the 

Backup Data Center ($2.8 million, or 33 percent) due to a lower-than-projected need for onsite 

contractors at the new Backup Data Center and lower-than-anticipated spending for 

engineering services. It also under-spent its budget for services related to Technology 

Refreshment ($500,000, or 14 percent).

 The CIO Council spent $4 million, or eight percent, less than budgeted due to under-spending 

for system enhancements from the discretionary budget allocations of divisions, lower-thanestimated maintenance costs for various systems, and lower-than-expected spending for 

required changes to permit systems to run in the new Backup Data Center. 

 The Office of the Chief Information Security Officer spent $2 million, or 9 percent, less than 

budgeted, mostly due to delays in bringing contractor staff on board, a delay in awarding the 

contract for Information Security Management Program support, delays in completing system 

certification reviews, and the delay of scheduled security assessments until 2019.

• Travel expenditures were $6 million, or six percent, under budget. This was mostly due to underspending of $5 million by the Division of Risk Management Supervision due to lower-than-anticipated 

travel for bank examinations throughout the year. The Division of Depositor and Consumer Protection 

spent almost $1 million less than budgeted due to lower than expected relocation expenses. 

• Buildings and Leased Space spending was $16 million, or 15 percent, under budget, mostly due to 

under-spending by DOA. DOA spent $11 million less than budgeted because the completion of 

building improvement projects at the 1776 F St. and Virginia Square buildings, which were budgeted in 

2018, will carry over into 2019. Another $5 million in under-spending in this expense category was 

attributable to procurement delays resulting from technical and personnel issues, several field office 

moves that did not occur as anticipated, lower-than-expected annual utilities expenses, and deferral of 

the San Francisco Regional Office (SFRO) improvement project.

• The Corporate Unassigned contingency reserve had approximately $19 million in unused budget 

authority remaining at the end of the year in the Ongoing Operations budget component. That unused 

budget authority lapsed on December 31, 2018.
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Receivership Funding

The Receivership Funding component includes funding for expenses that are incurred in conjunction with 

institution failures and the management and disposition of the assets and liabilities of the ensuing 

receiverships, except for salary and benefits expenses for permanent employees assigned to the 

receivership management function. 

There were significant spending variances in five of the seven major expense categories in the 

Receivership Funding component of the 2018 FDIC Operating Budget:

• Outside Services-Personnel expenditures were $64 million, or 35 percent, less than budgeted. This 

variance was largely attributable to under-spending of almost $24 million by the Division of Resolutions 

and Receiverships (DRR) and about $15 million by the Legal Division. The variance for DRR ($24 

million, or 25 percent, less than budgeted) was primarily due to the absence of bank closings in 2018. 

DRR under-spent for pre-closing, closing, and resolution activities, financial advisory services, and 

valuation advisory requirements. The variance for Legal ($15 million, or 24 percent, less than 

budgeted) was due to lower-than-anticipated costs for outside legal counsel for receivership and 

resolution activities. In addition, the Corporate Unassigned contingency reserve had approximately 

$24 million in unused budget authority remaining at the end of the year in this expense category. That 

unused budget authority lapsed on December 31, 2018. 

• Salaries and Compensation expenditures were $8 million, or 40 percent, less than budgeted. DRR and 

the Legal Division accounted for approximately $5 million and $2 million of this variance, respectively, 

due to vacancies in budgeted non-permanent positions. 

• Other Expenses were approximately $5 million, or 72 percent, less than budgeted. This variance was 

almost entirely due to lower-than-budgeted spending by DRR for administrative expenses, settlements, 

and taxes due to the lack of bank closings in 2018.

• Outside Service – Other expenditures were approximately $819,000, or 62 percent, more than 

budgeted due to significant expenses related to insurance and communications expenses for one 

failed bank receivership.

• Equipment expenditures were $13,000, or one percent, more than budgeted. This was primarily 

attributable to higher-than-anticipated costs for the maintenance of one software application by DIT.

• The Corporate Unassigned contingency reserve had approximately $24 million in unused budget 

authority remaining at the end of the year in the Receivership Funding budget component. That unused 

budget authority lapsed on December 31, 2018.

Office of Inspector General

The Office of Inspector General (OIG) budget component had a significant spending variance in one of the 

seven major expense categories. Equipment expenditures were $972,000, or 63 percent, more than 

budgeted due to investment in additional hardware to refresh the OIG’s existing data center equipment, 

enhance data storage and backup capacity, and purchase new hardware and software for the Electronic 

Crimes Unit Laboratory to support forensic and investigative work.
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Significant Spending Variances by Division/Office1

Three organizations had significant spending variances through the end of the fourth quarter:

• DRR spent $39 million, or 16 percent, less than budgeted, largely due to under-spending of $24 million 

and $5 million in the Outside Services – Personnel and Other Expenses expense categories, 

respectively, due to the lack of bank closings last year, and almost $5 million in the Salaries and 

Compensation expense category due to vacancies in budgeted positions.

• DOA spent $30 million, or 11 percent, less than budgeted, largely due to under-spending in the 

Salaries and Compensation, Buildings, and Outside Services – Personnel expense categories in the 

Ongoing Operations budget component. DOA spent $17 million less-than-budgeted for Buildings due 

to unexpected technical, contractual, and personnel issues that delayed Headquarters building 

projects, deferral of the SFRO improvement project until decisions can be reached on the proper way 

to implement the project, lower-than-expected building operating and utilities expenses, and lower-than 

expected costs for relocating field offices.

• The Legal Division spent $23 million, or 12 percent, less than budgeted, mostly due to underspending 

of about $4 million in the Salaries and Compensation expense category of the Ongoing Operations 

budget component and $15 million in the Outside Services – Personnel expense category in the 

Receivership Funding budget component. The variance in the Salaries and Compensation expense 

category was due to vacancies in budgeted positions and slower-than-projected hiring to fill those 

vacancies. In the Receivership Funding budget component, the variance was mostly due to underspending of almost $15 million in the Outside Services – Personnel expense category due to lowerthan-anticipated costs for outside legal counsel for receivership and resolution activities.

 1Information on division/office variances reflects variances in the FDIC Operating Budget.
Fund Financial Results ($ in Millions) 

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Balance Sheet

Quarterly Year-Over-Year

Dec-18 Sep-18 Change Dec-17 Change

Cash and cash equivalents $ 5,774 $ 2,790 $ 2,984 $ 1,829 $ 3,945

Investment in U.S. Treasury securities 92,708 92,211 497 83,303 9,405

Assessments receivable 1,376 2,702 (1,326) 2,634 (1,258)

Interest receivable on investments and other assets, net 550 539 11 506 44

Receivables from resolutions, net 3,058 2,897 161 5,973 (2,915)

Property and equipment, net 329 322 7 334 (5)

Total Assets $ 103,795 $ 101,461 $ 2,334 $ 94,579 $ 9,216

Accounts payable and other liabilities 198 204 (6) 237 (39)

Liabilities due to resolutions 605 654 (49) 1,203 (598)

Postretirement benefit liability 236 259 (23) 259 (23)

Contingent liability for anticipated failures 114 106 8 98 16

Contingent liability for guarantee payments and litigation losses 33 34 (1) 35 (2)

Total Liabilities $ 1,186 $ 1,257 $ (71) $ 1,832 $ (646)

FYI: Unrealized gain (loss) on U.S. Treasury securities, net (615) (1,371) 756 (479) (136)

FYI: Unrealized postretirement benefit (loss) gain (14) (46) 32 (46) 32

Fund Balance $ 102,609 $ 100,204 $ 2,405 $ 92,747 $ 9,862

Deposit Insurance Fund

2014 2015 2016 2017 2018
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Fund Financial Results - continued ($ in Millions) 

Receivership Selected Statistics December 2018 vs. December 2017

Income Statement (year-to-date)

Quarterly Year-Over-Year

Dec-18 Sep-18 Change Dec-17 Change

Assessments $ 9,527 $ 8,176 $ 1,351 $ 10,595 $ (1,068)

Interest on U.S. Treasury securities 1,633 1,152 481 1,057 576

Other revenue 11 8 3 12 (1)

Total Revenue $ 11,171 $ 9,336 $ 1,835 $ 11,664 $ (493)

Operating expenses 1,765 1,312 453 1,740 25

Provision for insurance losses (563) (327) (236) (183) (380)

Insurance and other expenses 3 2 1 2 1

Total Expenses and Losses $ 1,205 $ 987 $ 218 $ 1,559 $ (354)

Net Income 9,966 8,349 1,617 10,105 (139)

Unrealized gain (loss) on U.S. Treasury securities, net (136) (892) 756 (500) 364

Unrealized postretirement benefit gain (loss) 32 - 32 (20) 52

Comprehensive Income $ 9,862 $ 7,457 $ 2,405 $ 9,585 $ 277

Deposit Insurance Fund

The FDIC, as receiver, manages failed banks with the goal of expeditiously winding up their affairs. The oversight and prompt termination of receiverships help to

preserve value for the uninsured depositors and other creditors by reducing overhead and other holding costs. Once the assets of a failed institution have been sold, the

final distribution of any proceeds is made and the FDIC terminates the receivership. As of December 31, 2018, the FDIC has terminated 260 receiverships (or 49

percent) of the 531 receiverships created from 2007 through 2018.

$ in millions

Dec-18 Dec-17 Change Dec-18 Dec-17 Change Dec-18 Dec-17 Change

Total Receiverships 272 338 (66) - - - 272 338 (66)

Assets in Liquidation $1,176 $ 2,269 $ (1,093) $ 2 $ 2 - $ 1,178 $ 2,271 $ (1,093)

YTD Collections $1,449 $ 2,762 $ (1,313) 1 1 $ - $ 1,450 $ 2,763 $ (1,313)

YTD Dividend/Other Pymts - Cash $3,252 $ 3,957 $ (705) - - - $ 3,252 $ 3,957 $ (705)

DIF FRF ALL FUNDS

Selected Financial Data

Quarterly Year-Over-Year

Dec-18 Sep-18 Change Dec-17 Change

Cash and cash equivalents $ 902 $ 896 $ 6 $ 885 $ 17

Accumulated deficit (124,587) (124,593) 6 (124,604) 17

Total resolution equity 902 897 5 886 16

Total revenue 17 11 6 8 9

Operating expenses 0 0 0 1 (1)

Losses related to thrift resolutions 0 0 0 0 0

Net Income (Loss) $ 17 $ 11 6 $ 7 10

FSLIC Resolution Fund
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12/31/18 12/31/17 Change

Par Value $99,339 $85,376 $13,963

Amortized Cost $99,063 $85,707 $13,356

Total Market Value (including accrued interest) $98,954 $85,590 $13,364

Primary Reserve 1 $98,954 $85,590 $13,364

Primary Reserve % of Total Portfolio 100.0% 100.0% 0.0%

Yield-to-Maturity 2 2.05% 1.52% 0.53%

Weighted Average Maturity (in years) 1.75 2.05 -0.30

Effective Duration (in years)

 Total Portfolio 1.69 1.97 -0.28

 Available-for-Sale Securities 1.79 2.07 -0.28

 Held-to-Maturity Securities 3 not applicable not applicable not applicable

12/31/18 12/31/17 Change

FRF-FSLIC

 Book Value 4 $857 $842 $15

 Yield-to-Maturity 2.42% 1.20% 1.22%

 Weighted Average Maturity overnight overnight no change

12/31/18 12/31/17 Change

Book Value 5 $2,988 $4,733 ($1,745)

Effective Annual Yield 2.46% 1.24% 1.22%

Weighted Average Maturity (in days) 51 51 0

Deposit Insurance Fund Portfolio Summary

(Dollar Values in Millions)

1

 Primary Reserve is the total market value (including accrued interest) of overnight investments, all available-for-sale (AFS) 

securities, and held-to-maturity (HTM) securities maturing within three months.

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)

3

 In early August 2008, management reclassified all of the DIF portfolio's HTM securities as AFS securities effective as of 

June 30, 2008, because the FDIC could no longer assert it had the positive intent and ability to hold its HTM securities until 

their maturity dates.

5

 Due to the short-term nature of the NLF portfolio, its Book and Market Values are identical for reporting purposes.

Summary of Other Corporate Investment Portfolios

(Dollar Values in Millions)

4

 Due to the current short-term nature of this portfolio, its respective Par, Book, and Market Values are identical for reporting 

purposes.

2

 The Yield-to-Maturity includes the potential yields of any Treasury Inflation-Protected Securities (TIPS), which assumes an 

average 2.0% annual increase in the CPI over the remaining life of each TIPS.
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DEPOSIT INSURANCE FUND

Purchase up to $14 billion (par value) of Treasury securities with maturity dates 

between March 31, 2019, and December 31, 2023, subject to the following 

additional provisions: all newly purchased securities will be designated as AFS; no 

more than $2 billion (adjusted par value) of such securities shall consist of TIPS; 

and target at least $3.5 billion (par value) of newly purchased securities maturing 

between January 1, 2022, and December 31, 2023.

Purchase up to $12 billion (par value) of Treasury securities with maturity dates 

between June 30, 2019, and December 31, 2023, subject to the following additional 

provisions: all newly purchased securities will be designated as AFS; no more than 

$2 billion (adjusted par value) of such securities shall consist of TIPS; and no "soft 

target" minimum investment for newly purchased Treasury securities in the 3- to 5-

year maturity sectors.

NATIONAL LIQUIDATION FUND

Maintain an overnight deposit target floor balance within a range of $100 million to 

$300 million.

Strategically invest the remaining funds in the zero- to 12-month maturity sector.

No strategy changes for the first quarter of 2019.

Strategy Changes for the 1st Quarter 2019

Investment Strategies

Strategy for the 4th Quarter 2018

Strategy for the 4th Quarter 2018

Strategy Changes for the 1st Quarter 2019
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Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

FDIC Operating Budget 

Ongoing Operations

Salaries & Compensation $1,225,430 $1,225,430 $1,170,798 96% ($54,632)

Outside Services - Personnel 256,087 256,087 229,949 90% (26,138)

Travel 92,809 92,809 86,989 94% (5,820)

Buildings 106,307 106,307 90,497 85% (15,810)

Equipment 116,838 116,838 110,882 95% (5,956)

Outside Services - Other 16,196 16,196 15,034 93% (1,162)

Other Expenses 13,368 13,368 11,358 85% (2,010)

Total Ongoing Operations $1,827,035 $1,827,035 $1,715,507 94% (111,528)

Receivership Funding

Salaries & Compensation $19,390 $19,390 $11,689 60% ($7,701)

Outside Services - Personnel 185,600 185,600 121,506 65% (64,094)

Travel 3,574 3,574 1,802 50% (1,772)

Buildings 6,968 6,968 4,915 71% (2,053)

Equipment 969 969 982 101% 13

Outside Services - Other 1,327 1,327 2,146 162% 819

Other Expenses 7,172 7,172 2,042 28% (5,130)

Total Receivership Funding $225,000 $225,000 $145,082 64% ($79,918)

Office of the Inspector General

Salaries & Compensation $34,853 $34,853 $31,686 91% ($3,167)

Outside Services - Personnel 1,660 1,660 1,470 89% (190)

Travel 1,583 1,583 916 58% (667)

Buildings 0 0 0 0

Equipment 1,555 1,555 2,527 163% 972

Outside Services - Other 0 0 3 3

Other Expenses 447 447 350 78% (97)

Total Office of the Inspector General $40,098 $40,098 $36,952 92% ($3,146)

Total FDIC Operating Budget $2,092,133 $2,092,133 $1,897,541 91% ($194,592)

Executive Summary of 2018 Budget and Expenditures

by Budget Component and Major Expense Category

Through December 31, 2018

(Dollars in Thousands)
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1) Executive Support includes the Offices of Minority and Women Inclusion, Communications, Ombudsman, 

Legislative Affairs, and Financial Institution Adjudication. 

2) Executive Offices include the offices of the Chairman, Vice Chairman, Independent Director, Deputy to the 

Chairman and Chief Operating Officer, Deputy to the Chairman and Chief Financial Officer, and Chief Information 

Officer.

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 FDIC Operating Budget 

 Risk Management Supervision $579,831 $579,831 $558,101 96% ($21,730)

 Resolutions & Receiverships 236,786 236,786 198,225 84% (38,561)

 Administration 274,830 274,830 244,947 89% (29,883)

 Legal 197,518 197,518 174,507 88% (23,011)

 Information Technology 246,668 246,668 236,494 96% (10,174)

 Depositor & Consumer Protection 181,186 181,186 174,835 96% (6,351)

 Insurance & Research 51,532 51,532 50,672 98% (860)

 CIO Council 52,118 52,118 47,626 91% (4,492)

 Finance 40,935 40,935 39,247 96% (1,688)

 Inspector General 40,098 40,098 36,952 92% (3,146)

 Chief Information Security Officer 50,383 50,383 45,221 90% (5,162)

 Executive Support 1 21,902 21,902 20,161 92% (1,741)

 Complex Financial Institutions 19,715 19,715 17,570 89% (2,145)

 Corporate University - Corporate 26,153 26,153 25,475 97% (678)

 Corporate University - CEP 18,834 18,834 18,102 96% (732)

 Executive Offices 2 11,073 11,073 9,406 85% (1,667)

 Corporate Unassigned 42,571 42,571 0 0% (42,571)

 Total FDIC Operating Budget $2,092,133 $2,092,133 $1,897,541 91% ($194,592)

Executive Summary of 2018 Budget and Expenditures

by Division/Office

Through December 31, 2018

(Dollars in Thousands)