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 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
July 2024 $110,910 |
July 2023 $40,469 |
ASSETS Investments, Net U.S. Treasury Securities |
July 2024 837,555 |
July 2023 830,340 |
ASSETS Accrued Interest Receivable |
July 2024 969 |
July 2023 1,343 |
ASSETS TOTAL ASSETS |
July 2024 $949,434 |
July 2023 $872,152 |
| LIABILITIES | July 2024 | July 2023 |
|---|---|---|
LIABILITIES Accounts Payable |
July 2024 $423 |
July 2023 $268 |
LIABILITIES Dividends and Interest Payable |
July 2024 3,487 |
July 2023 3,338 |
LIABILITIES Member Deposits |
July 2024 29,131 |
July 2023 17,335 |
LIABILITIES Other Liabilities |
July 2024 426 |
July 2023 2,334 |
LIABILITIES TOTAL LIABILITIES |
July 2024 $33,467 |
July 2023 $23,275 |
| MEMBERS' EQUITY | July 2024 | July 2023 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
July 2024 $872,611 |
July 2023 $808,895 |
MEMBERS' EQUITY Retained Earnings Prior Year |
July 2024 41,141 |
July 2023 39,942 |
MEMBERS' EQUITY Retained Earnings Current Year |
July 2024 2,215 |
July 2023 40 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
July 2024 915,967 |
July 2023 848,877 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
July 2024 $949,434 |
July 2023 $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 |
|---|---|---|---|
REVENUES Investment Income |
July 2024 $3,990 |
Year-to-Date
July 2024 $26,788 |
Year-to-Date
July 2023 $21,198 |
REVENUES Interest on Loan |
July 2024 - |
Year-to-Date
July 2024 11 |
Year-to-Date
July 2023 - |
REVENUES Total Revenues |
July 2024 3,990 |
Year-to-Date
July 2024 26,799 |
Year-to-Date
July 2023 21,198 |
| EXPENSES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
July 2024 133 |
Year-to-Date
July 2024 907 |
Year-to-Date
July 2023 842 |
EXPENSES Rent, Communications, and Utilities |
July 2024 3 |
Year-to-Date
July 2024 17 |
Year-to-Date
July 2023 20 |
EXPENSES Other General and Administrative Expenses |
July 2024 32 |
Year-to-Date
July 2024 278 |
Year-to-Date
July 2023 337 |
EXPENSES Total Operating Expenses |
July 2024 168 |
Year-to-Date
July 2024 1,202 |
Year-to-Date
July 2023 1,199 |
EXPENSES Interest - Notes Payable |
July 2024 - |
Year-to-Date
July 2024 11 |
Year-to-Date
July 2023 - |
EXPENSES Interest - Member Deposits |
July 2024 113 |
Year-to-Date
July 2024 743 |
Year-to-Date
July 2023 302 |
EXPENSES Total Expenses |
July 2024 281 |
Year-to-Date
July 2024 1,956 |
Year-to-Date
July 2023 1,501 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
July 2024 3,709 |
Year-to-Date
July 2024 24,843 |
Year-to-Date
July 2023 19,697 |
EXPENSES Dividends |
July 2024 3,374 |
Year-to-Date
July 2024 22,628 |
Year-to-Date
July 2023 19,657 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
July 2024 335 |
Year-to-Date
July 2024 2,215 |
Year-to-Date
July 2023 40 |
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 Blank |
2023 4.62% |
2022 2.24% |
DIVIDEND RATES Dividend Rate Fourth Quarter |
2024 Blank |
2023 4.62% |
2022 3.71% |
| SELECTED RATIOS | 7/31/2024 | 7/31/2023 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
7/31/2024 96.47% |
7/31/2023 97.33% |
SELECTED RATIOS Loans/Total Assets |
7/31/2024 0.00% |
7/31/2023 0.00% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
7/31/2024 0.00% |
7/31/2023 0.00% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
7/31/2024 3.65% |
7/31/2023 2.74% |
| SELECTED RATIOS | 7/31/2024 Month |
7/31/2024 YTD |
7/31/2023 YTD |
|---|---|---|---|
SELECTED RATIOS Annualized Operating Expenses/Average Total Assets |
7/31/2024
Month 0.22% |
7/31/2024
YTD 0.22% |
7/31/2023
YTD 0.24% |
SELECTED RATIOS Total Operating Expenses/Total Revenue |
7/31/2024
Month 4.22% |
7/31/2024
YTD 4.49% |
7/31/2023
YTD 5.65% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
7/31/2024
Month 92.96% |
7/31/2024
YTD 92.70% |
7/31/2023
YTD 92.92% |
SELECTED RATIOS Loan/Total Revenue |
7/31/2024
Month 0.00% |
7/31/2024
YTD 0.04% |
7/31/2023
YTD 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.