MANAGEMENT OVERVIEW
January 31, 2025
Balance Sheet
Assets: Total assets were $981,794 thousand as of January 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for January were $52,703 thousand, inclusive of $48,329 thousand in member deposits, $2,948 thousand of accrued capital dividends and LRC interest, accounts payable of $491 thousand and $935 thousand in other liabilities.
Capital Stock: Capital stock shares increased from the prior month to $883,801 thousand in January 2025.
Equity: As of January 31, 2025, $281 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 $3,477 thousand in December 2024 to $3,414 thousand in January 2025 primarily due to the decrease in average yield.
Expense: Operating expenses for the month were $185 thousand.
Net Income: Monthly net income before dividends was $3,076 thousand which is $65 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,795 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of January 31, 2025, the CLF's statutory borrowing authority was $21.8 billion.
Investment Purchases: $145,000,000.
Maturities of Treasury Notes: $157,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $849,098,549 and U.S. Treasury Cash $131,276,121.
Regular Membership: 437. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of January 31, 2025 and January 31, 2024 (Dollars in thousands)
| ASSETS | January 2025 | January 2024 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
January 2025 $131,276 |
January 2024 $86,714 |
ASSETS Investments, Net U.S. Treasury Securities |
January 2025 849,099 |
January 2024 820,554 |
ASSETS Accrued Interest Receivable |
January 2025 1,417 |
January 2024 1,142 |
ASSETS Prepaid Expenses |
January 2025 2 |
January 2024 - |
ASSETS Loans to Member |
January 2025 - |
January 2024 1,000 |
ASSETS TOTAL ASSETS |
January 2025 $981,794 |
January 2024 $909,410 |
| LIABILITIES | January 2025 | January 2024 |
|---|---|---|
LIABILITIES Accounts Payable |
January 2025 $491 |
January 2024 $326 |
LIABILITIES Dividends and Interest Payable |
January 2025 2,948 |
January 2024 3,372 |
LIABILITIES Notes Payable |
January 2025 - |
January 2024 1,000 |
LIABILITIES Accrued Interest Payable |
January 2025 - |
January 2024 7 |
LIABILITIES Member Deposits |
January 2025 48,329 |
January 2024 36,301 |
LIABILITIES Other Liabilities |
January 2025 935 |
January 2024 7,126 |
LIABILITIES TOTAL LIABILITIES |
January 2025 $52,703 |
January 2024 $48,132 |
| MEMBERS' EQUITY | January 2025 | January 2024 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
January 2025 $883,801 |
January 2024 $819,949 |
MEMBERS' EQUITY Retained Earnings Prior Year |
January 2025 45,009 |
January 2024 41,141 |
MEMBERS' EQUITY Retained Earnings Current Year |
January 2025 281 |
January 2024 188 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
January 2025 929,091 |
January 2024 861,278 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
January 2025 $981,794 |
January 2024 $909,410 |
STATEMENTS OF OPERATIONS
For the Periods Ended January 31, 2025 and January 31, 2024 (Dollars in thousands)
| REVENUES | January 2025 | Year-to-Date January 2025 |
Year-to-Date January 2024 |
|---|---|---|---|
REVENUES Investment Income |
January 2025 $3,414 |
Year-to-Date
January 2025 $3,414 |
Year-to-Date
January 2024 $3,719 |
REVENUES Interest on Loan |
January 2025 - |
Year-to-Date
January 2025 - |
Year-to-Date
January 2024 5 |
REVENUES Total Revenues |
January 2025 3,414 |
Year-to-Date
January 2025 3,414 |
Year-to-Date
January 2024 3,724 |
| EXPENSES | January 2025 | Year-to-Date January 2025 |
Year-to-Date January 2024 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
January 2025 146 |
Year-to-Date
January 2025 146 |
Year-to-Date
January 2024 134 |
EXPENSES Rent, Communications, and Utilities |
January 2025 5 |
Year-to-Date
January 2025 5 |
Year-to-Date
January 2024 4 |
EXPENSES Other General and Administrative Expenses |
January 2025 34 |
Year-to-Date
January 2025 34 |
Year-to-Date
January 2024 21 |
EXPENSES Total Operating Expenses |
January 2025 185 |
Year-to-Date
January 2025 185 |
Year-to-Date
January 2024 159 |
EXPENSES Interest - Notes Payable |
January 2025 - |
Year-to-Date
January 2025 - |
Year-to-Date
January 2024 5 |
EXPENSES Interest - Member Deposits |
January 2025 153 |
Year-to-Date
January 2025 153 |
Year-to-Date
January 2024 142 |
EXPENSES Total Expenses |
January 2025 338 |
Year-to-Date
January 2025 338 |
Year-to-Date
January 2024 306 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
January 2025 3,076 |
Year-to-Date
January 2025 3,076 |
Year-to-Date
January 2024 3,418 |
EXPENSES Dividends |
January 2025 2,795 |
Year-to-Date
January 2025 2,795 |
Year-to-Date
January 2024 3,230 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
January 2025 281 |
Year-to-Date
January 2025 281 |
Year-to-Date
January 2024 188 |
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 4.46%Blank |
2023 4.62% |
2022 2.24% |
DIVIDEND RATES Dividend Rate Fourth Quarter |
2024 3.90% |
2023 4.62% |
2022 3.71% |
| SELECTED RATIOS | 1/31/2025 | 1/31/2024 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
1/31/2025 94.63% |
1/31/2024 94.71% |
SELECTED RATIOS Loans/Total Assets |
1/31/2025 0.00% |
1/31/2024 0.11% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
1/31/2025 0.00% |
1/31/2024 0.12% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
1/31/2025 5.67% |
1/31/2024 5.59% |
| SELECTED RATIOS | 1/31/2025 Month |
1/31/2025 YTD |
1/31/2024 YTD |
|---|---|---|---|
SELECTED RATIOS Annualized Operating Expenses/Average Total Assets |
1/31/2025
Month 0.23% |
1/31/2025
YTD 0.23% |
1/31/2024
YTD 0.21% |
SELECTED RATIOS Total Operating Expenses/Total Revenue |
1/31/2025
Month 5.43% |
1/31/2025
YTD 5.43% |
1/31/2024
YTD 4.26% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
1/31/2025
Month 90.10% |
1/31/2025
YTD 90.10% |
1/31/2024
YTD 91.79% |
SELECTED RATIOS Loan Income/Total Revenue |
1/31/2025
Month 0.00% |
1/31/2025
YTD 0.00% |
1/31/2024
YTD 0.13% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,352,054 shares; issued and outstanding: 17,676,027 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.