MANAGEMENT OVERVIEW
July 31, 2024
Balance Sheet
Assets: Total assets were $949,434 thousand as of July 2024 consisting of cash, U.S. Treasury securities and associated interest receivable.
Liabilities: Total liabilities for July were $33,467 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $3,487 thousand for the month of July and Other Liabilities of $426 thousand.
Capital Stock: Capital stock shares increased from the prior month to $872,611 thousand in July 2024.
Equity: As of July 31, 2024, $2,215 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings increased from $3,891 thousand in June to $3,900 in July primarily due to one more day in the month.
Expense: Operating expenses for the month were $168 thousand.
Net Income: Monthly net income before dividends was $3,709 thousand which is $53 thousand more than prior month primarily due to higher investment income.
Dividends: Dividend expense for the month was $3,374 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of July 31, 2024, the CLF's statutory borrowing authority was $21.5 billion.
Investment Purchases: $50,000,000.
Maturities of Treasury Notes: $50,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $837,554,892 and U.S. Treasury Cash $110,909,808.
Regular Membership: 424. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of July 31, 2024 and July 31, 2023 (Dollars in thousands)
| ASSETS | July 2024 | July 2023 |
|---|---|---|
| Cash and Cash Equivalents | $110,910 | $40,469 |
| Investments, Net U.S. Treasury Securities | 837,555 | 830,340 |
| Accrued Interest Receivable | 969 | 1,343 |
| TOTAL ASSETS | $949,434 | $872,152 |
| LIABILITIES | July 2024 | July 2023 |
|---|---|---|
| Accounts Payable | $423 | $268 |
| Dividends and Interest Payable | 3,487 | 3,338 |
| Member Deposits | 29,131 | 17,335 |
| Other Liabilities | 426 | 2,334 |
| TOTAL LIABILITIES | $33,467 | $23,275 |
| MEMBERS' EQUITY | July 2024 | July 2023 |
|---|---|---|
| Capital Stock Regular Members | $872,611 | $808,895 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 2,215 | 40 |
| TOTAL MEMBERS' EQUITY | 915,967 | 848,877 |
| TOTAL LIABILITIES AND EQUITY | $949,434 | $872,152 |
STATEMENTS OF OPERATIONS
For the Periods Ended July 31, 2024 and July 31, 2023 (Dollars in thousands)
| REVENUES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Investment Income | $3,990 | $26,788 | $21,198 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,990 | 26,799 | 21,198 |
| EXPENSES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 133 | 907 | 842 |
| Rent, Communications, and Utilities | 3 | 17 | 20 |
| Other General and Administrative Expenses | 32 | 278 | 337 |
| Total Operating Expenses | 168 | 1,202 | 1,199 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 113 | 743 | 302 |
| Total Expenses | 281 | 1,956 | 1,501 |
| NET INCOME BEFORE DIVIDENDS | 3,709 | 24,843 | 19,697 |
| Dividends | 3,374 | 22,628 | 19,657 |
| NET AMOUNT AFTER DIVIDENDS | 335 | 2,215 | 40 |
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 | 7/31/2024 | 7/31/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.47% | 97.33% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.65% | 2.74% |
| SELECTED RATIOS | 7/31/2024 Month |
7/31/2024 YTD |
7/31/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.22% | 0.22% | 0.24% |
| Total Operating Expenses/Total Revenue | 4.22% | 4.49% | 5.65% |
| Net Income(before Divds)/Total Revenue | 92.96% | 92.70% | 92.92% |
| Loan/Total Revenue | 0.00% | 0.04% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 34,904,426 shares; issued and outstanding: 17,452,213 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.