As of the April 18, 2012 Daily TARP Update, the Treasury disbursed a total of $204.9 billion under the TARP Capital Purchase Program, and has since received a total cash return of $216.2 billion. Accordingly, without event taking into account the remaining CPP investments or the potential ramifications to the economy had the CPP program not been implemented, the TARP CPP program has been a financial success, resulting in an investment profit of over $11.2 billion to U.S. taxpayers.

However, according to the April 17, 2012 TARP Transactions Report, a total of 346 institutions still have an aggregate of $10.4 billion in TARP CPP investments outstanding, with the 14 largest remaining CPP participants representing over half of the remaining dollar investment. Specifically, the 14 largest remaining investments represent 50.2% of the outstanding CPP funds, with an average investment of $373.9 million each. The remaining 332 investments represent just under $5.2 billion of the remaining investment, for an average investment in these institutions of $15.6 million.

The top 50 remaining investments represent $7.4 billion of the $11.2 billion still outstanding. (The cut-off to be included in the top 50 remaining investments is $35 million.) The other 296 investments total $3 billion, representing an average investment of just over $10 million per institution.

Overall, 184, or 53.2%, of the remaining institutions are current on their dividends, while 162, or 46.8%, have deferred one or more dividend payments. From a dollar perspective, $7.0 billion, or 67.5%, in principal is current on dividend payments, while $3.4 billion, or 32.5%, is in dividend deferral. Looking exclusively at the 296 smaller investments, the condition of the remaining investments is in worse shape. Of the 296 investments of less than $35 million remaining, 152, or 51.4%, are current on dividends, with 144, or 48.6% in dividend deferral; by dollar, $1.47 billion, or 49.0%, is current, while $1.53 billion, or 51.0% is in deferral.

The vast majority of the remaining portfolio represents investments in bank holding companies, and therefore cumulative investments. Based on our calculation, it appears that 299 of the remaining investments (or 86.4%) representing $10.1 billion (or 97.2%) is in the form of a cumulative instrument. However, 47 institutions, or 13.6%, appear to have non-cumulative investments under the TARP CPP program, representing $289 million (or 2.8%). While smaller, the non-cumulative instruments also appear to be in greater distress, as 75.8% of the non-cumulative investments are currently not current in their dividend payments. This additional deferral could, however, represent the additional dividend restrictions placed on banks compared to bank holding companies.