MANAGEMENT OVERVIEW
August 31, 2024
Balance Sheet
Assets: Total assets were $960,384 thousand as of August 2024 consisting of cash, U.S. Treasury securities and associated interest receivable.
Liabilities: Total liabilities for August were $37,063 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $6,954 thousand for the quarter to date and Other Liabilities of $427 thousand.
Capital Stock: Capital stock shares increased from the prior month to $879,616 thousand in August 2024.
Equity: As of August 31, 2024, $2,564 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings slightly decreased from $3,990 thousand in July to $3,988 thousand in August.
Expense: Operating expenses for the month were $172 thousand.
Net Income: Monthly net income before dividends was $3,704 thousand which is $5 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $3,356 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of August 31, 2024, the CLF's statutory borrowing authority was $21.6 billion.
Investment Purchases: $30,000,000.
Maturities of Treasury Notes: $60,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $808,246,592 and U.S. Treasury Cash $149,571,966.
Regular Membership: 428. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of August 31, 2024 and August 31, 2023 (Dollars in thousands)
| ASSETS | August 2024 | August 2023 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
August 2024 $149,572 |
August 2023 $48,390 |
ASSETS Investments, Net U.S. Treasury Securities |
August 2024 808,247 |
August 2023 823,174 |
ASSETS Accrued Interest Receivable |
August 2024 2,565 |
August 2023 3,432 |
ASSETS TOTAL ASSETS |
August 2024 $960,384 |
August 2023 $874,996 |
| LIABILITIES | August 2024 | August 2023 |
|---|---|---|
LIABILITIES Accounts Payable |
August 2024 $567 |
August 2023 $413 |
LIABILITIES Dividends and Interest Payable |
August 2024 6,954 |
August 2023 6,379 |
LIABILITIES Member Deposits |
August 2024 29,115 |
August 2023 17,335 |
LIABILITIES Other Liabilities |
August 2024 427 |
August 2023 11,063 |
LIABILITIES TOTAL LIABILITIES |
August 2024 $37,063 |
August 2023 $35,190 |
| MEMBERS' EQUITY | August 2024 | August 2023 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
August 2024 $879,616 |
August 2023 $799,396 |
MEMBERS' EQUITY Retained Earnings Prior Year |
August 2024 41,141 |
August 2023 39,942 |
MEMBERS' EQUITY Retained Earnings Current Year |
August 2024 2,564 |
August 2023 468 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
August 2024 923,321 |
August 2023 839,806 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
August 2024 $960,384 |
August 2023 $874,996 |
STATEMENTS OF OPERATIONS
For the Periods Ended August 31, 2024 and August 31, 2023 (Dollars in thousands)
| REVENUES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
REVENUES Investment Income |
August 2024 $3,988 |
Year-to-Date
August 2024 $30,776 |
Year-to-Date
August 2023 $24,812 |
REVENUES Interest on Loan |
August 2024 - |
Year-to-Date
August 2024 11 |
Year-to-Date
August 2023 - |
REVENUES Total Revenues |
August 2024 3,988 |
Year-to-Date
August 2024 30,787 |
Year-to-Date
August 2023 24,812 |
| EXPENSES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
August 2024 126 |
Year-to-Date
August 2024 1,032 |
Year-to-Date
August 2023 969 |
EXPENSES Rent, Communications, and Utilities |
August 2024 2 |
Year-to-Date
August 2024 20 |
Year-to-Date
August 2023 22 |
EXPENSES Other General and Administrative Expenses |
August 2024 44 |
Year-to-Date
August 2024 322 |
Year-to-Date
August 2023 353 |
EXPENSES Total Operating Expenses |
August 2024 172 |
Year-to-Date
August 2024 1,374 |
Year-to-Date
August 2023 1,344 |
EXPENSES Interest - Notes Payable |
August 2024 - |
Year-to-Date
August 2024 11 |
Year-to-Date
August 2023 - |
EXPENSES Interest - Member Deposits |
August 2024 112 |
Year-to-Date
August 2024 855 |
Year-to-Date
August 2023 365 |
EXPENSES Total Expenses |
August 2024 284 |
Year-to-Date
August 2024 2,240 |
Year-to-Date
August 2023 1,709 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
August 2024 3,704 |
Year-to-Date
August 2024 28,547 |
Year-to-Date
August 2023 23,103 |
EXPENSES Dividends |
August 2024 3,356 |
Year-to-Date
August 2024 25,983 |
Year-to-Date
August 2023 22,635 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
August 2024 348 |
Year-to-Date
August 2024 2,564 |
Year-to-Date
August 2023 468 |
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 4.56%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 | 8/31/2024 | 8/31/2023 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
8/31/2024 96.14% |
8/31/2023 95.98% |
SELECTED RATIOS Loans/Total Assets |
8/31/2024 0.00% |
8/31/2023 0.00% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
8/31/2024 0.00% |
8/31/2023 0.00% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
8/31/2024 4.01% |
8/31/2023 4.19% |
| SELECTED RATIOS | 8/31/2024 Month |
8/31/2024 YTD |
8/31/2023 YTD |
|---|---|---|---|
SELECTED RATIOS Annualized Operating Expenses/Average Total Assets |
8/31/2024
Month 0.22% |
8/31/2024
YTD 0.22% |
8/31/2023
YTD 0.24% |
SELECTED RATIOS Total Operating Expenses/Total Revenue |
8/31/2024
Month 4.32% |
8/31/2024
YTD 4.46% |
8/31/2023
YTD 5.42% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
8/31/2024
Month 92.88% |
8/31/2024
YTD 92.72% |
8/31/2023
YTD 93.11% |
SELECTED RATIOS Loan/Total Revenue |
8/31/2024
Month 0.00% |
8/31/2024
YTD 0.04% |
8/31/2023
YTD 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,184,668 shares; issued and outstanding: 17,592,334 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.