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 |
|---|---|---|
| Cash and Cash Equivalents | $149,572 | $48,390 |
| Investments, Net U.S. Treasury Securities | 808,247 | 823,174 |
| Accrued Interest Receivable | 2,565 | 3,432 |
| TOTAL ASSETS | $960,384 | $874,996 |
| LIABILITIES | August 2024 | August 2023 |
|---|---|---|
| Accounts Payable | $567 | $413 |
| Dividends and Interest Payable | 6,954 | 6,379 |
| Member Deposits | 29,115 | 17,335 |
| Other Liabilities | 427 | 11,063 |
| TOTAL LIABILITIES | $37,063 | $35,190 |
| MEMBERS' EQUITY | August 2024 | August 2023 |
|---|---|---|
| Capital Stock Regular Members | $879,616 | $799,396 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 2,564 | 468 |
| TOTAL MEMBERS' EQUITY | 923,321 | 839,806 |
| TOTAL LIABILITIES AND EQUITY | $960,384 | $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 |
|---|---|---|---|
| Investment Income | $3,988 | $30,776 | $24,812 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,988 | 30,787 | 24,812 |
| EXPENSES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 126 | 1,032 | 969 |
| Rent, Communications, and Utilities | 2 | 20 | 22 |
| Other General and Administrative Expenses | 44 | 322 | 353 |
| Total Operating Expenses | 172 | 1,374 | 1,344 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 112 | 855 | 365 |
| Total Expenses | 284 | 2,240 | 1,709 |
| NET INCOME BEFORE DIVIDENDS | 3,704 | 28,547 | 23,103 |
| Dividends | 3,356 | 25,983 | 22,635 |
| NET AMOUNT AFTER DIVIDENDS | 348 | 2,564 | 468 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2024 | 2023 | 2022 |
|---|---|---|---|
| Dividend Rate First Quarter | 4.54% | 4.13% | 0.20% |
| Dividend Rate Second Quarter | 4.56%Blank | 4.59% | 0.82% |
| Dividend Rate Third Quarter | Blank | 4.62% | 2.24% |
| Dividend Rate Fourth Quarter | Blank | 4.62% | 3.71% |
| SELECTED RATIOS | 8/31/2024 | 8/31/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.14% | 95.98% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 4.01% | 4.19% |
| SELECTED RATIOS | 8/31/2024 Month |
8/31/2024 YTD |
8/31/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.22% | 0.22% | 0.24% |
| Total Operating Expenses/Total Revenue | 4.32% | 4.46% | 5.42% |
| Net Income(before Divds)/Total Revenue | 92.88% | 92.72% | 93.11% |
| Loan/Total Revenue | 0.00% | 0.04% | 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.