FDIC Insurance Assessment Invoices

The FDIC sent out second quarter assessment worksheets and invoices this week. This is the first invoice based on the lower rate schedule effective April 1. For those of you in Risk Category I (most CAMELS 1 and 2 institutions), your base annual assessment rate dropped from 12 basis points to 5 basis points (a 59% reduction). The assessment base shifted from Total Deposits (as of the Call Report date) to Average Total Assets less Average Tangible Equity.

The net result for most banks in Risk Category I is a 40-45% expense reduction. If you have not adjusted your daily or monthly accruals in a while, you may be overaccrued. If so, give me a call and let’s talk about a couple of options for making the adjustments.