The Federal Deposit Insurance Corp. said the Bank Insurance Fund earned $535 million in the first half, bringing its balance to $27.4 billion on June 30. That's $2 billion more than Congress requires the FDIC to hold in reserves backing bank deposits.

First-half earnings for the Savings Association Insurance Fund totaled $246 million, bringing its balance to $9.1 billion. The thrift fund's reserves exceed by $500 million the 1.25% ratio Congress requires. The FDIC has not had to pay for a bank or thrift failure since August 1996.

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