Call Report

It is a quarterly report submitted to the Federal Deposit Insurance Corporation (FDIC) on the financial status of U.S. banks 

Author: Christopher Haynes
Christopher Haynes
Christopher Haynes
Asset Management | Investment Banking

Chris currently works as an investment associate with Ascension Ventures, a strategic healthcare venture fund that invests on behalf of thirteen of the nation's leading health systems with $88 billion in combined operating revenue. Previously, Chris served as an investment analyst with New Holland Capital, a hedge fund-of-funds asset management firm with $20 billion under management, and as an investment banking analyst in SunTrust Robinson Humphrey's Financial Sponsor Group.

Chris graduated Magna Cum Laude from the University of Florida with a Bachelor of Arts in Economics and earned a Master of Finance (MSF) from the Olin School of Business at Washington University in St. Louis.

Reviewed By: Christy Grimste
Christy Grimste
Christy Grimste
Real Estate | Investment Property Sales

Christy currently works as a senior associate for EdR Trust, a publicly traded multi-family REIT. Prior to joining EdR Trust, Christy works for CBRE in investment property sales. Before completing her MBA and breaking into finance, Christy founded and education startup in which she actively pursued for seven years and works as an internal auditor for the U.S. Department of State and CIA.

Christy has a Bachelor of Arts from the University of Maryland and a Master of Business Administrations from the University of London.

Last Updated:October 31, 2023

What is a Call Report?

All commercial banks and other equivalent financial institutions in the United States are obliged to file a quarterly report known as the consolidated report of condition and income (or "call report") after each calendar quarter. 

The Federal Financial Institutions Examination Council (FFIEC), a federal interagency entity entrusted with prescribing universal principles and standards for monitoring financial institutions in the United States, requires the report, commonly known as the R.C. report.

The Consolidated Reports of Condition and Income is a quarterly report that all banks in the United States are obliged to file after each calendar quarter.

The quarterly call reports aid in determining each bank's financial soundness and risk exposure, as well as the banking industry's overall risk exposure.

Various government regulatory bodies, as well as bank rating agencies, use call reports.

  • A call report is a quarterly report submitted to the Federal Deposit Insurance Corporation (FDIC) on the financial status of U.S. banks.
  • The bank's management must sign off and certify the facts in the report, officially known as the Report of Condition and Income.
  • The particular reporting requirements for a bank are determined by the bank's size, whether it has any "foreign" offices and the bank's capital levels.

Understanding Call Reports

These reports are a primary oversight tool for government agencies responsible for banking regulation.

The combined reports from all banks paint a picture of each bank's financial soundness and risk exposure, as well as the banking industry's overall risk exposure.

An income statement, a balance sheet statement, and various supporting schedules detailing income, costs, assets, liabilities, and capital accounts are included in the quarterly reports.

The FDIC and other government agencies in the United States use these reports to help them achieve their mandated responsibilities of ensuring the soundness of financial institutions and the entire financial system in the United States. 

They also provide deposit insurance and aim to protect financial consumers. The reports compute each bank's deposit insurance assessments and the associated semi-annual assessment costs.

Various economic studies, bank rating organizations, the U.S. Congress, and state banking regulatory bodies have access to and use call report data. In addition, the FDIC's website has report forms accessible.

Banking Reporting Requirements

Banks that only have offices in the United States must submit Form FFIEC 041 (domestic-only banks with less than $5 billion in assets must file Form FFIEC 051). 

U.S. banks file Form FFIEC 031 with offices in other countries. The Federal Deposit Insurance Corporation receives the reports (FDIC). Call records are required by Section 1817(a)(1) of the Federal Deposit Insurance Act.

In 2012, savings and loan organizations (often known as "thrifts") began reporting call reports.

Credit unions must also file quarterly reports, but they must do so with the National Credit Union Administration rather than the Federal Deposit Insurance Corporation.

These reports must be approved and confirmed by the Chief Financial Officer of the bank as well as two directors or trustees. In addition, financial analysts scrutinize them for mistakes, omissions, and any audit red flags.

Beginning in 2005, banks were obliged to produce quarterly reports. Each quarter, over 6,000 institutions in the United States provide reports.

The report includes the bank's income statement, balance sheet, loan, deposit, investment, capital changes, asset sale information, and several other parts outlining the bank's sustainability.

The report must be filed no later than 30 days following the end of each quarter. The Federal Insurance Deposit Commission is in charge of ensuring that report filing regulations are followed.

Each bank's board of directors and senior management are responsible for building and maintaining an effective internal control system, including controls over the Reports of Condition and Income. 

Call reports must be prepared following federal regulatory authority instructions and signed by the reporting bank's Chief Financial Officer (CFO). 

An individual performing an equivalent function) and attested to by at least two state non-member banks' directors and three state member banks, national banks, and savings associations' directors.

The reporting bank's management may additionally submit a brief narrative statement on the amounts indicated in the report if desired.

In response to any request for individual bank report data, this optional statement and the publicly accessible data in the Reports of Condition and Income shall be made available to the public.

Reporting on Calls

The Federal Financial Institutions Examination Council requires reports to be supplied (FFIEC). 

The Federal Reserve, the Federal Insurance Deposit Commission (FDIC), and the Office of Thrift Supervision collaborate through the Federal Financial Institutions Examination Council to coordinate regulatory measures.

Banks must provide their data using standardized Federal Financial Institutions Examination Council forms. In addition, a Federal Insurance Deposit Commission analyst reviewed each report for mistakes and audit flags.

These documents, which are publicly accessible on the Federal Insurance Deposit Commission website, are an invaluable resource for anybody curious to learn more about the status of the U.S. banking sector.

Similarly, credit unions and thrift organizations must file reports with their respective regulatory bodies.

All credit union members get 5300 reports, which are quarterly lists of summary accounts compiled from all Federally Insured credit unions. 

The National Credit Union Administration (NCUA) is the Federal deposit insurer for credit unions. About 30 days after the end of each fiscal quarter, reports are delivered to the SEC.

Every national bank, state member bank, and insured non-member bank is required by federal law to submit a report (Reports of Condition and Income) by the close of business on the last day of each calendar quarter.

Schedules in Call Reports

The accompanying schedules that must be presented with a report contain exceedingly thorough information on each financial institution's operations and financial status. The following is a short list of the supporting schedules that are required:

The call report is divided into several schedules as follows:

  • R.I.—Income statement
  • RI-A—Changes in bank equity capital
  • RI-B—Charge-offs and recoveries on loans and leases and changes in the allowance for loan and lease losses
  • RI-C—Disaggregated Data on the Allowance for Loan and Lease Losses[3]
  • RI-D—Income from foreign offices (FFIEC 031 only)
  • RI-E—Explanations
  • R.C.—Balance sheet
  • RC-A—Cash and balances due from depository institutions
  • RC-B—Securities
  • RC-C, Part I—Loans and leases
  • RC-C, Part II—Loans to small businesses and small farms
  • RC-D—Trading assets and liabilities
  • RC-E—Deposit liabilities
  • RC-F—Other assets
  • RC-G—Other liabilities
  • RC-H—Selected balance sheet items for domestic offices (FFIEC 031 only)
  • RC-I—Assets, and liabilities of IBFs (FFIEC 031 only)
  • RC-K—Quarterly averages
  • RC-L—Derivatives and off-balance sheet items
  • RC-M—Memoranda
  • RC-N—Past due and nonaccrual loans, leases, and other assets
  • RC-O—Other data for deposit insurance and FICO assessments
  • RC-P—1-4 family residential mortgage banking activities
  • RC-Q—Assets, and liabilities measured at fair value regularly
  • RC-R—Regulatory capital
  • RC-S—Servicing, securitization, and asset sale activities
  • RC-T—Fiduciary and related services
  • RC-V—Variable interest entities
  • S.U.—Supplemental Information (FFIEC 051-only)

Optional narrative statement—concerning the amounts reported in the reports of condition and income.

A financial institution can publish an accompanying explanatory narrative statement in addition to the necessary financial statements and supporting schedule information. This statement can provide further insight into the reported information.

Call Reports in Banking

A call report is a legal document that American banks must submit to the Federal Deposit Insurance Corporation (FDIC) every quarter.

A call report includes information about a bank's financial health, and studying several reports can offer insight into the overall health of the U.S. banking system. National, state member, and non-member banks are required to file R.C. reports.

The call report is also known as the R.C. report and is formally recognized as the "Report of Condition and Income."

Every national bank, state member bank, insured state non-member bank, and savings association ("institution") must file Consolidated Reports of Condition and Income by the close of business on the last day of each calendar quarter.

 i.e., the report date. The size of the organization, the nature of its activities, and if it has any international offices all influence the reporting obligations.

Each quarter, institutions submit report data to bank regulatory bodies to monitor individual institutions' condition, performance, risk profile, and the sector as a whole.

Data from reports are used for regulatory and public policy purposes, aiding agencies in safeguarding the public's safety and security.

Agency-specific duties impact national and state-chartered institutions, such as monetary policy, financial stability, deposit insurance, the soundness of financial institutions and the financial system, and the protection of consumer financial rights. 

Call Reports to provide the most up-to-date statistical data for identifying areas of attention for on-site and off-site checks and monitoring. 

The agencies use report data to examine corporate applications from institutions, calculate institutions' deposit insurance assessments, and choose the semi-annual assessment fees for national banks and federal savings organizations.

The public, state financial regulators, researchers, bank rating organizations, and the academic community use report data.

Majorly used are:

  • Changes in the bank's equity capital (RI-A).
  • Charge-offs and recoveries on loans and leases are classified as RI-B.
  • Part II of the RC-C: Loans to small enterprises and farms
  • Trading assets and liabilities (RC-D)
  • Derivatives and off-balance sheet items (RC-L)
  • RC-N: Non-performing and past-due loans
  • Residential mortgage banking loans (RC-P) 
  • Asset sales (RC-S).

Researched and authored by Akhilesh JagtapLinkedIn

Free Resources

To continue learning and advancing your career, check out these additional helpful WSO resources: