DEFINITION of 'Report of Condition and Income'
A quarterly financial statement that banks, bank holding companies and Edge Act corporations must file with the FDIC under Section 1817(a)(1) of the Federal Deposit Insurance Act. These reports contain statements on a bank's income, assets (cash due from banks, cash on hand, bonds, etc.), liabilities (deposits, repurchase agreements, interest-bearing funds, etc.) and write-offs for bad debt. This report is a major method used by bank regulatory agencies to monitor banks. The other way to monitor is through on-site visits by bank examiners.
BREAKING DOWN 'Report of Condition and Income'
Reports of Condition and Income are also known as call reports because for many years banks had to file the quarterly reports on surprise dates within a month of the end-quarter date.
The savings and loan equivalent of this report is called a Thrift Financial Report.