MANAGEMENT OVERVIEW
January 31, 2024
Balance Sheet
Assets: Total assets were $909,410 thousand as of January 2024 consisting of cash, loan receivable, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for January were $48,132 thousand, which included $3,372 thousand in accrued capital stock dividends and LRC account interest payables. Notes payable were $1,000 thousand related to borrowing with the Federal Financing Bank.
Capital Stock: Capital stock shares decreased from the prior month to $819,949 thousand in January 2024.
Equity: As of January 31, 2024, $188 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings for the month totaled $3,719 thousand. This is slightly lower than the previous month.
Expense: Operating expenses for the month were $159 thousand.
Net Income: Monthly net income before dividends was $3,418 thousand which is $45 thousand higher than prior month primarily due to lower operating expense.
Dividends: Dividend expense for the month was $3,230 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of January 31, 2024, the CLF's statutory borrowing authority was $20.2 billion.
Investment Purchases: $75,000,000. Maturities of Treasury Notes: $100,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $820,553,923 and U.S. Treasury Cash $86,714,053.
Regular Membership: 408. Agent Membership: 0. Loans: $1,000,000.
Borrowing Activity: $1,000,000.
BALANCE SHEETS
As of January 31, 2024 and January 31, 2023 (Dollars in thousands)
| ASSETS | January 2024 | January 2023 |
|---|---|---|
| Cash and Cash Equivalents | $86,714 | $12,718 |
| Investments, Net U.S. Treasury Securities | 820,554 | 763,675 |
| Loans to Members | 1,000 | - |
| Accrued Interest Receivable | 1,142 | 1,353 |
| TOTAL ASSETS | $909,410 | $777,746 |
| LIABILITIES | January 2024 | January 2023 |
|---|---|---|
| Accounts Payable | $326 | $256 |
| Dividends and Interest Payable | 3,372 | 2,649 |
| Notes Payable | 1,000 | - |
| Accrued Interest Payable | 7 | - |
| Member Deposits | 36,301 | 13,404 |
| Other Liabilities | 7,126 | - |
| TOTAL LIABILITIES | $48,132 | $16,309 |
| MEMBERS' EQUITY | January 2024 | January 2023 |
|---|---|---|
| Capital Stock Regular Members | $819,949 | $721,677 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 188 | (182) |
| TOTAL MEMBERS' EQUITY | 861,278 | 761,437 |
| TOTAL LIABILITIES AND EQUITY | $909,410 | $777,746 |
STATEMENTS OF OPERATIONS
For the Periods Ended January 31, 2024 and January 31, 2023 (Dollars in thousands)
| REVENUES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| Investment Income | $3,719 | $3,719 | $2,632 |
| Interest on Loan | 5 | 5 | - |
| Total Revenues | 3,724 | 3,724 | 2,632 |
| EXPENSES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 134 | 134 | 122 |
| Rent, Communications, and Utilities | 4 | 4 | 2 |
| Other General and Administrative Expenses | 21 | 21 | 41 |
| Total Operating Expenses | 159 | 159 | 165 |
| Interest - Notes Payable | 5 | 5 | - |
| Interest - Member Deposits | 142 | 142 | 49 |
| Total Expenses | 306 | 306 | 214 |
| NET INCOME BEFORE DIVIDENDS | 3,418 | 3,418 | 2,418 |
| Dividends | 3,230 | 3,230 | 2,600 |
| NET AMOUNT AFTER DIVIDENDS | 188 | 188 | (182) |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2023 | 2022 | 2021 |
|---|---|---|---|
| Dividend Rate First Quarter | 4.13% | 0.20% | 0.15% |
| Dividend Rate Second Quarter | 4.59% | 0.82% | 0.15% |
| Dividend Rate Third Quarter | 4.62% | 2.24% | 0.15% |
| Dividend Rate Fourth Quarter | 4.62% | 3.71% | 0.15% |
| SELECTED RATIOS | 1/31/2024 | 1/31/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 94.71% | 97.90% |
| Loans/Total Assets | 0.11% | 0.00% |
| Loans/Stock & Retained Earnings | 0.12% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 5.59% | 2.14% |
| SELECTED RATIOS | 1/31/2024 Month |
1/31/2024 YTD |
1/31/2023 YTD |
|---|---|---|---|
| Total Operating Expenses/Total Revenue | 4.26% | 4.26% | 6.27% |
| Net Income(before Divds)/Total Revenue | 91.79% | 91.79% | 91.89% |
| Loan/Total Revenue | 0.13% | 0.13% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 32,797,958 shares; issued and outstanding: 16,398,979 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.