MANAGEMENT OVERVIEW
February 28, 2025
Balance Sheet
Assets: Total assets were $984,890 thousand as of February 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for February were $55,889 thousand, inclusive of $48,329 thousand in member deposits, $5,595 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $634 thousand and $1,331 thousand in other liabilities.
Capital Stock: Capital stock shares decreased from the prior month to $883,406 thousand in February 2025.
Equity: As of February 28, 2025, $586 thousand has been added to current calendar year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,414 thousand in January 2025 to $3,099 thousand in February 2025 primarily due to three fewer days in the month.
Expense: Operating expenses for the month were $146 thousand.
Net Income: Monthly net income before dividends was $2,816 thousand which is $260 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,511 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of February 28, 2025, the CLF's statutory borrowing authority was $21.7 billion.
Investment Purchases: $40,000,000.
Maturities of Treasury Notes: $49,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $839,759,000 and U.S. Treasury Cash $142,966,687.
Regular Membership: 437. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of February 28, 2025 and February 29, 2024 (Dollars in thousands)
| ASSETS | February 2025 | February 2024 |
|---|---|---|
| Cash and Cash Equivalents | $142,967 | $109,190 |
| Investments, Net U.S. Treasury Securities | 839,759 | 800,304 |
| Accrued Interest Receivable | 2,164 | 2,517 |
| Loans to Member | - | 1,000 |
| TOTAL ASSETS | $984,890 | $913,011 |
| LIABILITIES | February 2025 | February 2024 |
|---|---|---|
| Accounts Payable | $634 | $468 |
| Dividends and Interest Payable | 5,595 | 6,400 |
| Notes Payable | - | 1,000 |
| Accrued Interest Payable | - | 11 |
| Member Deposits | 48,329 | 36,262 |
| Other Liabilities | 1,331 | 6,958 |
| TOTAL LIABILITIES | $55,889 | $51,099 |
| MEMBERS' EQUITY | February 2025 | February 2024 |
|---|---|---|
| Capital Stock Regular Members | $883,406 | $820,199 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 586 | 572 |
| TOTAL MEMBERS' EQUITY | 929,001 | 861,911 |
| TOTAL LIABILITIES AND EQUITY | $984,890 | $913,011 |
STATEMENTS OF OPERATIONS
For the Periods Ended February 29, 2025 and February 28, 2024 (Dollars in thousands)
| REVENUES | February 2025 | Year-to-Date February 2025 |
Year-to-Date February 2024 |
|---|---|---|---|
| Investment Income | $3,099 | $6,513 | $7,294 |
| Interest on Loan | - | - | 9 |
| Total Revenues | 3,099 | 6,513 | 7,303 |
| EXPENSES | February 2025 | Year-to-Date February 2025 |
Year-to-Date February 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 121 | 267 | 257 |
| Rent, Communications, and Utilities | 2 | 7 | 5 |
| Other General and Administrative Expenses | 23 | 58 | 61 |
| Total Operating Expenses | 146 | 332 | 322 |
| Interest - Notes Payable | - | - | 9 |
| Interest - Member Deposits | 137 | 290 | 269 |
| Total Expenses | 283 | 622 | 601 |
| NET INCOME BEFORE DIVIDENDS | 2,816 | 5,891 | 6,702 |
| Dividends | 2,511 | 5,305 | 6,131 |
| NET AMOUNT AFTER DIVIDENDS | 305 | 586 | 572 |
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 | 4.46%Blank | 4.62% | 2.24% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% | 3.71% |
| SELECTED RATIOS | 2/28/2025 | 2/29/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 94.33% | 94.40% |
| Loans/Total Assets | 0.00% | 0.11% |
| Loans/Stock & Retained Earnings | 0.00% | 0.12% |
| Total Liabilities/Stock & Retained Earnings | 6.02% | 5.93% |
| SELECTED RATIOS | 2/28/2025 Month |
2/28/2025 YTD |
2/29/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.18% | 0.20% | 0.21% |
| Total Operating Expenses/Total Revenue | 4.72% | 5.09% | 4.41% |
| Net Income(before Divds)/Total Revenue | 90.86% | 90.46% | 91.77% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.13% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,336,244 shares; issued and outstanding: 17,668,122 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.