Federal Deposit Insurance Corporation

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

 November 11, 2019

MEMORANDUM TO: The Board of Directors

FROM: Bret Edwards

Deputy to the Chairman

and Chief Financial Officer

SUBJECT: Third Quarter 2019 CFO Report to the Board 

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

September 30, 2019.

Executive Summary

• During the third quarter of 2019, the Deposit Insurance Fund (DIF) balance rose to $108.9 billion, up 

$1.5 billion from the June 30, 2019, balance of $107.4 billion. The quarterly increase was primarily due 

to $1.1 billion in assessment revenue, $630 million in interest and unrealized gains on U.S. Treasury 

securities, and a $192 million increase in negative provision for insurance losses, partially offset by 

$443 million in operating expenses.

• The reserve ratio, which is the ratio of the DIF balance to estimated insured deposits, was 1.41 percent 

for the third quarter of 2019, compared to the second quarter 2019 reserve ratio of 1.40 percent. 

• Through September 30, 2019, overall FDIC Operating Budget expenditures were below the year-todate budget by nine percent ($136 million). This variance was primarily the result of underspending in 

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

the Ongoing Operations budget component and the Outside Services – Personnel expense category in 

the Receivership Funding budget component.
2

I. Financial Results (See pages 7 – 8 for detailed data and charts.) 

Deposit Insurance Fund 

 For the nine months ending September 30, 2019, the DIF's comprehensive income totaled $6.3 billion, 

compared to comprehensive income of $7.5 billion for the same period last year. This decline was 

primarily the result of a $4.5 billion decrease in assessment revenue, partially offset by an $871 million 

increase in negative provision for insurance losses and a $2.5 billion increase in interest and fair 

value adjustments on U.S. Treasury securities. 

 Assessment revenue was $3.7 billion for the first three quarters of 2019, compared to $8.2 billion 

for the same period last year. The $4.5 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. 

 The provision for insurance losses was a negative $1.2 billion for the first nine months of 2019, 

compared to a negative $327 million for the same period last year. The negative provision for 2019 

primarily resulted from a $574 million reduction of receiverships’ shared-loss liability estimates, $443 

million in unanticipated recoveries from litigation settlements and professional liability claims by 

receiverships, and a $103 million reduction in future receivership expense estimates. 

Assessments 

 During September, the DIF recognized $1.1 billion of assessment revenue for the estimate of third 

quarter 2019 insurance coverage. Gross assessment revenue of $1.35 billion was reduced by $237 

million for expected small bank assessment credit usage. Additionally, the DIF recognized a $3.8 

million reduction in assessment revenue for the estimated versus actual 2nd quarter 2019 assessment 

collection. 

 On September 30, 2019, the FDIC collected $1.1 billion in DIF assessments for second quarter 2019 

insurance coverage. 

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

DIF Investment Portfolio 

 As of September 30, 2019, the total liquidity (also total market value) of the DIF investment portfolio 

stood at $105.7 billion, up $6.7 billion from its December 31, 2018, balance of $99.0 billion. During the 

first three quarters of the year, interest revenue, receivership dividends, and deposit insurance 

assessment collections far exceeded resolution-related outlays and operating expenses. 

 On September 30, 2019, the DIF investment portfolio’s yield was 1.80 percent, down 25 basis points 

from its 2.05 percent yield on December 31, 2018. 

 In accordance with the approved third quarter 2019 DIF portfolio investment strategy, staff purchased a 

total of 17 short-maturity conventional Treasury securities, all designated as available-for-sale. The 17 

securities had a total par value of $16.5 billion, a weighted average yield of 1.85 percent, and a 

weighted average maturity of 1.40 years. 
3

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

Approved Budget Modifications 

The 2019 Budget Resolution delegated to the Chief Financial Officer (CFO) and selected other officials 

the authority to make certain modifications to the 2019 FDIC Operating Budget. The following budget 

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

Board of Directors. 

 In July, the CFO approved mid-year budget adjustments in the Ongoing Operations budget 

component that reallocated budget authority among several divisions and the Corporate 

Unassigned contingency reserve as well as among expense categories within division budgets. 

Budgets were reduced for three organizations and increased for four others. 

o The budget of the Office of the Chief Information Security Officer was decreased by a net of 

about $278,000, with a reduction of about $826,000 in the Outside Services – Personnel 

expense category related to delays in fully staffing several contracts and an increase of about 

$548,000 in the Equipment expense category for additional expenses related to the Backup 

Data Center (BDC). 

o The budget of the Division of Insurance and Research was decreased in the Outside Services 

– Personnel expense category by $200,000 due to lower-than-anticipated contract expenses 

for the visiting scholars program in the Center for Financial Research. 

o The budget of the Office of CIO Management Services (OCMS) was decreased in the Outside 

Services – Personnel expense category by about $95,000 after reassessing its funding needs 

for the BDC and the Project Management Tools initiative. 

o The budget of the Legal Division was increased in the Outside Services – Personnel expense 

category by $4.5 million due to a substantial increase in expenses related to ongoing litigation 

with a complex financial institution. Factors driving the increase include the extension of 

defendant litigation deadlines, fact and expert discovery, and FOIA-related issues. 

o The budget of the Division of Information Technology (DIT) was increased by $4.4 million, 

primarily in the Equipment, Outside Services – Personnel, and Buildings expense categories to 

provide additional funding for the BDC and in the Equipment expense category to provide 

additional funding for laptop and iPhone replacements for examiners and others. 

o The CIO Council budget was increased by about $920,000 to address new funding 

requirements. The increase included $730,000 in the Equipment expense category for software 

licenses and about $190,000 in the Outside Services – Personnel expense category for several 

development projects. 

o The budget for the Division of Risk Management Supervision (RMS) was increased in the 

Outside Services – Personnel expense category by $550,000 to improve the analysis and 

sharing of cybersecurity threat information with financial institutions. 

 In August, the CFO approved the establishment of an initial budget for the new Division of 

Complex Institution Supervision and Resolution (CISR) through budget reallocations totaling 

$39.9 million across several expense categories from the budgets of the Office of Complex 

Financial Institutions (OCFI), RMS, and the Division of Resolutions and Receiverships (DRR). 

This reallocation also added $2.5 million to the Corporate Unassigned contingency reserve. 

 In August, the CFO approved budget increases or decreases in the Salaries and Compensation 

expense category for most divisions and offices. This realignment was based on an analysis by 
4

the Division of Finance of 2019 Salaries and Compensation budgets using actual salaries and 

fringe benefits spending through July 31, 2019, and projections of spending required for the rest of 

2019. 

 In August, the CFO approved the reallocation of $1.2 million in the Salaries and Compensation 

expense category from the Corporate Unassigned contingency reserve to OCFI and CISR to 

correct the timing of budget adjustments that were made to create CISR. 

There were no changes to the Receivership Funding budgets for any organization. 

Following these third quarter budget modifications, the balances in the Corporate Unassigned 

contingency reserves were $10,349,114 in the Ongoing Operations budget component and 

$19,313,320 in the Receivership Funding budget component. 

Approved Staffing Modifications 

The 2019 Budget Resolution delegated to the CFO the authority to modify approved 2019 staffing 

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

approved 2019 FDIC Operating Budget. 

 In July, the CFO approved an increase of nine authorized permanent positions in OCMS. 

These positions addressed needs for increased staffing for contract management, Information 

Security Managers, and IT risk governance and policy. 

 In August, the CFO approved the establishment of an initial 2019 staffing authorization for 

CISR through the realignment of 275 authorized permanent positions from OCFI (all 83 

positions), DRR (31 positions), and RMS (161 positions). This realignment was made effective 

as of July 21, 2019. 

 In September, the CFO approved the transfer of six authorized permanent positions to staff the 

new Administrative Services Group reporting directly to the Chief Operating Officer. These 

positions were transferred from the Division of Administration (DOA), the Office of Minority and 

Women Inclusion, and Corporate University. These positions will be reported for administrative 

purposes as part of the DOA staffing authorization, similar to reporting for the Internal 

Ombudsman. 

 In September, the CFO approved an increase of four permanent authorized positions in OCMS 

to improve acquisition planning and strategy for the Chief Information Officer organizations.

Spending Variances 

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

below. Significant spending variances for the nine months ending September 30, 2019, are 

defined as those that either (1) exceed the YTD budget by more than $1 million and represent 

more than two percent of a major expense category or total division/office budget; or (2) are under 

the YTD budget for a major expense category or division/office by an amount that exceeds $7 

million and represents more than seven percent of the major expense category or total 

division/office budget. 
5

Significant Spending Variances by Major Expense Category 

Ongoing Operations 

There was a significant spending variance through the third quarter in one major expense category 

of the Ongoing Operations budget component. 

Spending in the Equipment expense category was under the YTD budget by $15.6 million, or 18 

percent. This variance was attributable primarily to underspending by DIT of $12.5 million, or 23 

percent, of its YTD budget for Equipment. This included approximately $10 million of 

underspending for hardware that was anticipated to be delivered by the end of September but was 

delayed. In addition, DOA underspent its YTD Equipment budget by about $1.7 million due 

primarily to delays in the completion of nationwide electronic security system upgrades and 

network migration. 

Receivership Funding 

The Receivership Funding component of the 2019 FDIC Operating Budget 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 and other 

expenses required to ensure readiness without regard to whether failures occur. 

There was a significant spending variance through the third quarter in one major expense category 

of the Receivership Funding budget component. Outside Services – Personnel expenses through 

the end of the third quarter were $52.6 million, or 51 percent, less than budgeted. This variance 

primarily reflected underspending by DRR ($29.4 million, or 51 percent of its YTD budget) and the 

Legal Division ($22.6 million, or 53 percent of its YTD budget). DRR underspending was 

attributable to the absence of insured institution failures for which funds had been budgeted. The 

variance for the Legal Division was attributable to lower-than-projected spending for outside 

counsel because cases were settled before going to trial; an increase in work performed by FDIC 

attorneys rather than outside counsel; and delays in the payment of almost $10 million of invoices 

that are still pending review or have been rejected and must be resubmitted. 

Office of Inspector General 

There were no significant spending variances during the third quarter in any major expense 

category of the Office of Inspector General budget component. 

Significant Spending Variances by Division/Office1

Three organizations had significant spending variances through the end of the third quarter. 

 DRR spent $38.6 million, or 25 percent, less than budgeted, due to the absence of expenses for 

insured institution failures. The underspending was mostly in the Outside Services – Personnel 

expense category of the Receivership Funding budget component, but less-than-budgeted 

 

1

Information on division/office variances reflects variances in the FDIC Operating Budget and do not include 

variances related to approved multi-year investment projects. 
6

spending in the Travel, Buildings, and Other expense categories of the Receivership Funding 

budget component also contributed to the variance. 

 The Legal Division spent $29.6 million, or 20 percent, less than budgeted, mostly in the Outside 

Services – Personnel expense category of the Receivership Funding budget component due to 

lower-than-budgeted outside counsel expenses. 

 DIT spent $17.0 million, or 9 percent, less than budgeted due primarily to underspending in the 

Equipment expense category of its Ongoing Operations budget. 
Fund Financial Results ($ in Millions) 

7

Balance Sheet

Quarterly Year-Over-Year

Sep-19 Jun-19 Change Sep-18 Change

Cash and cash equivalents 4,268 $ 8,795 $ (4,527) $ 2,790 $ 1,478 $ 

Investment in U.S. Treasury securities 100,873 94,524 6,349 92,211 8,662 

Assessments receivable 1,115 1,060 55 2,702 (1,587) 

Interest receivable on investments and other assets, net 582 694 (112) 539 43 

Receivables from resolutions, net 3,204 2,801 2,897 (403) (96)

Property and equipment, net 317 320 (3) 322 (5) 

Total Assets $ 108,597 109,956 $ 1,359 $ 101,461 $ 8,495 $ 

Accounts payable and other liabilities 212 241 (29) 204 8 

Liabilities due to resolutions 427 530 654 (103) (227)

Postretirement benefit liability 236 236 - 259 (23) 

Contingent liability for anticipated failures 108 111 (3) 106 2 

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

Total Liabilities $ 1,151 1,016 $ $ 1,257 (135) $ $ (241)

FYI: Unrealized gain (loss) on U.S. Treasury securities, net 586 500 86 (1,371) 1,957 

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

Fund Balance $ 107,446 108,940 $ 1,494 $ 100,204 $ 8,736 $ 

Deposit Insurance Fund

Pursuant to FDIC rulemaking in response

to the Dodd-Frank Act increase of the

minimum reserve ratio to 1.35 percent,

small banks were awarded credits for the

portion of their assessments that

contributed to growth in the reserve ratio

from 1.15 percent to 1.35 percent. The

total amount of available credits is $765

million. As of June 30, 2019, the reserve

ratio exceeded 1.38 percent by reaching

1.40 percent, and small bank credits in the

amount of $320 million were applied. In

addition, the 3rd quarter assessment

revenue estimate was reduced by $237

million for expected credit usage. The chart

presents the actual and estimated credit

usage by quarter; 73% of the credits are

expected to be used in just two quarters of

offset.

319.7

236.8

145.1

59.3

3.6

$0

$50

$100

$150

$200

$250

$300

$350

1st 2nd 3rd 4th Estimated

Remaining

Small Bank Assessment Credit Usage

(as of September 30, 2019; dollars in millions)

Actual

Estimate

Future

Quarter of credit use

Jun‐19         Sep‐19
8

Fund Financial Results - continued ($ in Millions) 

Receivership Selected Statistics September 2019 vs. September 2018

Income Statement (year-to-date)

Quarterly Year-Over-Year

Sep-19 Jun-19 Change Sep-18 Change

Assessments 3,667 $ 2,556 $ $ 1,111 $ (4,509) 8,176 $ 

Interest on U.S. Treasury securities 1,586 1,042 544 434 1,152 

Other revenue 17 12 5 9 8 

Total Revenue $ 3,610 5,270 $ $ 1,660 $ (4,066) 9,336 $ 

Operating expenses 1,336 893 443 24 1,312 

Provision for insurance losses (1,198) (1,006) (192) (871) (327) 

Insurance and other expenses 2 1 1 2 0

Total Expenses and Losses $ (112) 140 $ 252 $ 987 $ (847) $ 

Net Income 3,722 5,130 1,408 (3,219) 8,349 

Unrealized gain (loss) on U.S. Treasury securities, net 1,201 1,115 86 2,093 (892) 

Unrealized postretirement benefit gain (loss) 0 0 0 0 0

Comprehensive Income $ 4,837 6,331 $ $ 1,494 $ (1,126) 7,457 $ 

Deposit Insurance Fund

Selected Financial Data

Quarterly Year-Over-Year

Sep-19 Jun-19 Change Sep-18 Change

Cash and cash equivalents 918 $ 912 $ 6 $ 896 $ 22 $ 

Accumulated deficit (124,570) (124,576) 6 (124,593) 23 

Total resolution equity 919 913 6 897 22 

Total revenue 17 11 6 11 6

Operating expenses 0 0 0 0 0

Losses related to thrift resolutions 0 0 0 0 0

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

FSLIC Resolution Fund

 ($ in millions) Sep-19 Sep-18 Change Sep-19 Sep-18 Change Sep-19 Sep-18 Change

Total Receiverships 252 282 (30) 0 0 0 252 282 (30)

Assets in Liquidation $ 1,245 575 $ (670) $ $ 2 $ 2 $ 0 577 $ 1,247 $ (670) $ 

YTD Collections $ 1,333 1,113 $ (220) $ 2 $ 0 $ 2 1,115 $ 1,333 $ (218) $ 

YTD Dividend/Other Pmts - $ 3,185 1,374 $ (1,811) $ $ 0 $ 0 $ 0 1,374 $ 3,185 $ (1,811) $ 

DIF FRF ALL FUNDS

For the first three quarters of 

2019, the DIF portfolio has been 

impacted first by an inverted yield 

curve and then by two Federal 

Reserve rate cuts. As a result, the 

weighted average yield for 

purchases has gradually declined 

over each quarter. At the same 

time, the weighted average yield 

of maturities has risen over the 

year as higher-yielding securities 

have rolled off the portfolio. As a 

result, the overall yield of the DIF 

portfolio has fallen from 2.05% on 

December 30, 2018 to 1.80% on 

September 30. During 2019, 29 

securities with a total par value of 

$27.1 billion were purchased with 

a weighted average yield of 

2.04%. At the same time, 41 

securities with a par value of 

$21.0 billion and weighted 

average yield of 1.83% have 

matured. 

$5,150 $4,500 $6,250 $6,100 $9,550

$16,500

1.566%

2.561%

1.702%

2.187%

2.055%

1.850%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$

Percentage

in millions

U.S. Treasury Securities during 2019

1st Quarter 2nd Quarter

Matured Purchased Weighted Average Yield Purchased          Weighted Average Yield Matured

3rd Quarter
9

9/30/19 12/31/18 Change

Par Value $104,015 $99,339 $4,676

Amortized Cost $104,552 $99,063 $5,489

Total Market Value (including accrued interest) $105,676 $98,954 $6,722

Primary Reserve 1 $105,676 $98,954 $6,722

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

Yield-to-Maturity 2 1.80% 2.05% -0.25%

Weighted Average Maturity (in years) 1.31 1.75 -0.44

Effective Duration (in years)

 Total Portfolio 1.27 1.69 -0.42

 Available-for-Sale Securities 1.33 1.79 -0.46

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

9/30/19 12/31/18 Change

FRF-FSLIC

 Book Value 4 $872 $857 $15

 Yield-to-Maturity 1.90% 2.42% -0.52%

 Weighted Average Maturity overnight overnight no change

9/30/19 12/31/18 Change

Book Value 5 $2,635 $2,988 ($353)

Effective Annual Yield 2.13% 2.46% -0.33%

Weighted Average Maturity (in days) 36 51 (15)

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.

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 

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

National Liquidation Fund (NLF) Investment Portfolio Summary

(Dollar Values in Millions)
10

DEPOSIT INSURANCE FUND

Invest up to $22 billion (par value) in AFS securities with maturities between December 

31, 2019 and December 31, 2023. Purchase no more than $2 billion (adjusted par value) 

of TIPS. No "soft target" minimum investment for newly purchased Treasury securities in 

the 3- to 5-year maturity sector.

Invest up to $19 billion (par value) in AFS securities with maturities between March 31, 

2020 and December 31, 2024. 

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 fourth quarter of 2019.

Strategy Changes for the 4th Quarter 2019

Strategy Changes for the 3rd Quarter 2019

Strategy Changes for the 3rd Quarter 2019

Strategy Changes for the 4th Quarter 2019

Investment Strategies
11

Annual YTD YTD % of YTD YTD

Major Expense Category Budget Budget Expenditures Budget Used Variance

FDIC Operating Budget 

Ongoing Operations

Salaries & Compensation $1,232,037 $925,803 $889,100 96% ($36,703)

Outside Services - Personnel 258,396 191,311 180,117 94% (11,194)

Travel 85,236 63,584 59,404 93% (4,180)

Buildings 106,187 79,103 76,624 97% (2,479)

Equipment 114,399 85,694 70,123 82% (15,571)

Outside Services - Other 16,091 12,250 11,710 96% (540)

Other Expenses 13,118 9,950 8,442 85% (1,508)

Total Ongoing Operations $1,825,464 $1,367,695 $1,295,520 95% (72,175)

Receivership Funding

Salaries & Compensation $3,761 $3,176 $2,097 66% ($1,079)

Outside Services - Personnel 156,753 102,974 50,349 49% (52,625)

Travel 3,196 2,395 894 37% (1,501)

Buildings 5,488 4,115 1,613 39% (2,502)

Equipment 1,160 869 628 72% (241)

Outside Services - Other 1,023 766 544 71% (222)

Other Expenses 3,619 2,713 731 27% (1,982)

Total Receivership Funding $175,000 $117,008 $56,856 49% ($60,152)

Office of Inspector General

Salaries & Compensation $37,013 $27,759 $23,890 86% ($3,869)

Outside Services - Personnel 1,595 1,196 1,918 160% 722

Travel 1,218 914 1,282 140% 368

Buildings 0 0 0 0

Equipment 2,686 2,015 850 42% (1,165)

Outside Services - Other 0 0 0 0

Other Expenses 470 353 367 104% 14

Total Office of Inspector General $42,982 $32,237 $28,307 88% ($3,930)

Total FDIC Operating Budget $2,043,446 $1,516,940 $1,380,683 91% ($136,257)

Executive Summary of 2019 Budget and Expenditures

by Budget Component and Major Expense Category

Through September 30, 2019

(Dollars in Thousands)
12

1) Executive Support includes the Offices of Minority and Women Inclusion, Communications, Ombudsman, Legislative Affairs, 

Financial Institution Adjudication, CIO Management Services, and FDiTech Lab. 

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, Deputy to the Chairman for Policy, and Chief Information

Officer.

3) Budget and expenses for the Internal Ombudsman and the COO's Administrative Services Group are reported for administrative

purposes with DOA.

Annual YTD YTD % of YTD YTD

Division/Office Budget Budget Expenditures Budget Used Variance

 FDIC Operating Budget 

 Risk Management Supervision $551,291 $424,015 $410,057 97% ($13,958)

 Administration 3 267,323 200,818 192,494 96% (8,324)

 Information Technology 240,504 181,027 164,034 91% (16,993)

 Resolutions & Receiverships 198,959 152,166 113,590 75% (38,576)

 Legal 191,093 144,913 115,314 80% (29,599)

 Depositor & Consumer Protection 179,507 135,782 130,188 96% (5,594)

 Insurance & Research 55,527 41,837 40,115 96% (1,722)

 CIO Council 51,890 39,227 39,131 100% (96)

 Chief Information Security Officer 48,096 35,483 30,884 87% (4,599)

 Inspector General 42,982 32,237 28,307 88% (3,930)

 Finance 40,740 31,379 28,853 92% (2,526)

 Complex Institution Supervision & Resolution 40,581 16,687 14,452 87% (2,235)

 Executive Support 1 33,729 25,268 21,585 85% (3,683)

 Corporate University - Corporate 26,349 19,173 18,275 95% (898)

 Corporate University - CEP 20,939 15,361 13,502 88% (1,859)

 Executive Offices 2 13,548 10,938 9,691 89% (1,247)

 Complex Financial Institutions 10,726 10,629 10,211 96% (418)

 Corporate Unassigned 29,662 0 0 0

 Total FDIC Operating Budget $2,043,446 $1,516,940 $1,380,683 91% ($136,257)

Executive Summary of 2019 Budget and Expenditures

by Division/Office

Through September 30, 2019

(Dollars in Thousands)