MANAGEMENT OVERVIEW
April 30, 2024
Balance Sheet
Assets: Total assets were $929,789 thousand as of April 2024 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $1,367 thousand.
Liabilities: Total liabilities for April were $31,719 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $3,285 thousand for the month and Other Liabilities of $8,474 thousand including the additional capital stock subscriptions as part of CLF's annual adjustments.
Capital Stock: Capital stock shares increased from the prior month to $855,761 thousand in April 2024.
Equity: As of April 30, 2024, $1,168 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,866 thousand in March to $3,752 thousand in April primarily due to one fewer day in the month.
Expense: Operating expenses for the month were $168 thousand.
Net Income: Monthly net income before dividends was $3,491 thousand which is $51 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $3,192 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of April 30, 2024, the CLF's statutory borrowing authority was $21.0 billion.
Investment Purchases: $80,000,000.
Maturities of Treasury Notes: $73,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $826,848,043 and U.S. Treasury Cash $100,854,437.
Regular Membership: 416. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of April 30, 2024 and April 30, 2023 (Dollars in thousands)
| ASSETS | April 2024 | April 2023 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
April 2024 $100,854 |
April 2023 $18,521 |
ASSETS Investments, Net U.S. Treasury Securities |
April 2024 826,848 |
April 2023 816,787 |
ASSETS Accounts Receivable |
April 2024 1,367 |
April 2023 5,074 |
ASSETS Accrued Interest Receivable |
April 2024 720 |
April 2023 8,274 |
ASSETS TOTAL ASSETS |
April 2024 $929,789 |
April 2023 $848,656 |
| LIABILITIES | April 2024 | April 2023 |
|---|---|---|
LIABILITIES Accounts Payable |
April 2024 $361 |
April 2023 $238 |
LIABILITIES Dividends and Interest Payable |
April 2024 3,285 |
April 2023 2,712 |
LIABILITIES Member Deposits |
April 2024 19,599 |
April 2023 8,228 |
LIABILITIES Other Liabilities |
April 2024 8,474 |
April 2023 5,074 |
LIABILITIES TOTAL LIABILITIES |
April 2024 $31,719 |
April 2023 $16,252 |
| MEMBERS' EQUITY | April 2024 | April 2023 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
April 2024 $855,761 |
April 2023 $792,419 |
MEMBERS' EQUITY Retained Earnings Prior Year |
April 2024 41,141 |
April 2023 39,942 |
MEMBERS' EQUITY Retained Earnings Current Year |
April 2024 1,168 |
April 2023 43 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
April 2024 898,070 |
April 2023 832,404 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
April 2024 $929,789 |
April 2023 $848,656 |
STATEMENTS OF OPERATIONS
For the Periods Ended April 30, 2024 and April 30, 2023 (Dollars in thousands)
| REVENUES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
REVENUES Investment Income |
April 2024 $3,752 |
Year-to-Date
April 2024 $14,912 |
Year-to-Date
April 2023 $10,961 |
REVENUES Interest on Loan |
April 2024 - |
Year-to-Date
April 2024 11 |
Year-to-Date
April 2023 - |
REVENUES Total Revenues |
April 2024 3,752 |
Year-to-Date
April 2024 14,923 |
Year-to-Date
April 2023 10,961 |
| EXPENSES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
April 2024 129 |
Year-to-Date
April 2024 525 |
Year-to-Date
April 2023 476 |
EXPENSES Rent, Communications, and Utilities |
April 2024 3 |
Year-to-Date
April 2024 11 |
Year-to-Date
April 2023 12 |
EXPENSES Other General and Administrative Expenses |
April 2024 36 |
Year-to-Date
April 2024 160 |
Year-to-Date
April 2023 234 |
EXPENSES Total Operating Expenses |
April 2024 168 |
Year-to-Date
April 2024 696 |
Year-to-Date
April 2023 722 |
EXPENSES Interest - Notes Payable |
April 2024 - |
Year-to-Date
April 2024 11 |
Year-to-Date
April 2023 - |
EXPENSES Interest - Member Deposits |
April 2024 93 |
Year-to-Date
April 2024 482 |
Year-to-Date
April 2023 166 |
EXPENSES Total Expenses |
April 2024 261 |
Year-to-Date
April 2024 1,189 |
Year-to-Date
April 2023 888 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
April 2024 3,491 |
Year-to-Date
April 2024 13,734 |
Year-to-Date
April 2023 10,073 |
EXPENSES Dividends |
April 2024 3,192 |
Year-to-Date
April 2024 12,566 |
Year-to-Date
April 2023 10,030 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
April 2024 299 |
Year-to-Date
April 2024 1,168 |
Year-to-Date
April 2023 43 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2024 | 2023 | 2022 |
|---|---|---|---|
DIVIDEND RATES Dividend Rate First Quarter |
2024 4.54% |
2023 4.13% |
2022 0.20% |
DIVIDEND RATES Dividend Rate Second Quarter |
2024 Blank |
2023 4.59% |
2022 0.82% |
DIVIDEND RATES Dividend Rate Third Quarter |
2024 Blank |
2023 4.62% |
2022 2.24% |
DIVIDEND RATES Dividend Rate Fourth Quarter |
2024 Blank |
2023 4.62% |
2022 3.71% |
| SELECTED RATIOS | 4/30/2024 | 4/30/2023 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
4/30/2024 96.59% |
4/30/2023 98.08% |
SELECTED RATIOS Loans/Total Assets |
4/30/2024 0.00% |
4/30/2023 0.00% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
4/30/2024 0.00% |
4/30/2023 0.00% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
4/30/2024 3.53% |
4/30/2023 1.95% |
| SELECTED RATIOS | 4/30/2024 Month |
4/30/2024 YTD |
4/30/2023 YTD |
|---|---|---|---|
SELECTED RATIOS Annualized Operating Expenses/Average Total Assets |
4/30/2024
Month 0.22% |
4/30/2024
YTD 0.23% |
4/30/2023
YTD 0.27% |
SELECTED RATIOS Total Operating Expenses/Total Revenue |
4/30/2024
Month 4.49% |
4/30/2024
YTD 4.66% |
4/30/2023
YTD 6.59% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
4/30/2024
Month 93.04% |
4/30/2024
YTD 92.04% |
4/30/2023
YTD 91.90% |
SELECTED RATIOS Loan/Total Revenue |
4/30/2024
Month 0.00% |
4/30/2024
YTD 0.07% |
4/30/2023
YTD 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 34,230,422 shares; issued and outstanding: 17,115,211 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.