MANAGEMENT OVERVIEW
June 30, 2024
Balance Sheet
Assets: Total assets were $951,022 thousand as of June 2024 consisting of cash, U.S. Treasury securities and associated interest receivable.
Liabilities: Total liabilities for June were $37,675 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $10,121 thousand for the second quarter and Other Liabilities of $7,384 thousand.
Capital Stock: Capital stock shares increased from the prior month to $870,326 thousand in June 2024.
Equity: As of June 30, 2024, $1,880 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,995 thousand in May to $3,891 thousand in June primarily due to one less day in the month.
Expense: Operating expenses for the month were $163 thousand.
Net Income: Monthly net income before dividends was $3,656 thousand which is $87 thousand less than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $3,287 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of June 30, 2024, the CLF's statutory borrowing authority was $21.4 billion.
Investment Purchases: $42,000,000.
Maturities of Treasury Notes: $50,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $836,465,508 and U.S. Treasury Cash $109,341,752
Regular Membership: 423. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of June 30, 2024 and June 30, 2023 (Dollars in thousands)
| ASSETS | June 2024 | June 2023 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
June 2024 $109,342 |
June 2023 $28,534 |
ASSETS Investments, Net U.S. Treasury Securities |
June 2024 836,466 |
June 2023 830,022 |
ASSETS Accrued Interest Receivable |
June 2024 5,214 |
June 2023 6,460 |
ASSETS TOTAL ASSETS |
June 2024 $951,022 |
June 2023 $865,016 |
| LIABILITIES | June 2024 | June 2023 |
|---|---|---|
LIABILITIES Accounts Payable |
June 2024 $684 |
June 2023 $528 |
LIABILITIES Dividends and Interest Payable |
June 2024 10,121 |
June 2023 9,138 |
LIABILITIES Member Deposits |
June 2024 19,486 |
June 2023 8,221 |
LIABILITIES Other Liabilities |
June 2024 7,384 |
June 2023 1,009 |
LIABILITIES TOTAL LIABILITIES |
June 2024 $37,675 |
June 2023 $18,895 |
| MEMBERS' EQUITY | June 2024 | June 2023 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
June 2024 $870,326 |
June 2023 $806,143 |
MEMBERS' EQUITY Retained Earnings Prior Year |
June 2024 41,141 |
June 2023 39,942 |
MEMBERS' EQUITY Retained Earnings Current Year |
June 2024 1,880 |
June 2023 35 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
June 2024 913,347 |
June 2023 846,120 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
June 2024 $951,022 |
June 2023 $865,016 |
STATEMENTS OF OPERATIONS
For the Periods Ended June 30, 2024 and June 30, 2023 (Dollars in thousands)
| REVENUES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
REVENUES Investment Income |
June 2024 $3,891 |
Year-to-Date
June 2024 $22,798 |
Year-to-Date
June 2023 $17,708 |
REVENUES Interest on Loan |
June 2024 - |
Year-to-Date
June 2024 11 |
Year-to-Date
June 2023 - |
REVENUES Total Revenues |
June 2024 3,891 |
Year-to-Date
June 2024 22,809 |
Year-to-Date
June 2023 17,708 |
| EXPENSES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
June 2024 114 |
Year-to-Date
June 2024 774 |
Year-to-Date
June 2023 727 |
EXPENSES Rent, Communications, and Utilities |
June 2024 2 |
Year-to-Date
June 2024 14 |
Year-to-Date
June 2023 16 |
EXPENSES Other General and Administrative Expenses |
June 2024 47 |
Year-to-Date
June 2024 246 |
Year-to-Date
June 2023 308 |
EXPENSES Total Operating Expenses |
June 2024 163 |
Year-to-Date
June 2024 1,034 |
Year-to-Date
June 2023 1,051 |
EXPENSES Interest - Notes Payable |
June 2024 - |
Year-to-Date
June 2024 11 |
Year-to-Date
June 2023 - |
EXPENSES Interest - Member Deposits |
June 2024 72 |
Year-to-Date
June 2024 631 |
Year-to-Date
June 2023 232 |
EXPENSES Total Expenses |
June 2024 235 |
Year-to-Date
June 2024 1,676 |
Year-to-Date
June 2023 1,283 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
June 2024 3,656 |
Year-to-Date
June 2024 21,133 |
Year-to-Date
June 2023 16,425 |
EXPENSES Dividends |
June 2024 3,287 |
Year-to-Date
June 2024 19,253 |
Year-to-Date
June 2023 16,390 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
June 2024 369 |
Year-to-Date
June 2024 1,880 |
Year-to-Date
June 2023 35 |
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 | 6/30/2024 | 6/30/2023 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
6/30/2024 96.04% |
6/30/2023 97.82% |
SELECTED RATIOS Loans/Total Assets |
6/30/2024 0.00% |
6/30/2023 0.00% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
6/30/2024 0.00% |
6/30/2023 0.00% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
6/30/2024 4.12% |
6/30/2023 2.23% |
| SELECTED RATIOS | 6/30/2024 Month |
6/30/2024 YTD |
6/30/2023 YTD |
|---|---|---|---|
SELECTED RATIOS Annualized Operating Expenses/Average Total Assets |
6/30/2024
Month 0.21% |
6/30/2024
YTD 0.22% |
6/30/2023
YTD 0.25% |
SELECTED RATIOS Total Operating Expenses/Total Revenue |
6/30/2024
Month 4.18% |
6/30/2024
YTD 4.53% |
6/30/2023
YTD 5.94% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
6/30/2024
Month 93.95% |
6/30/2024
YTD 92.65% |
6/30/2023
YTD 92.75% |
SELECTED RATIOS Loan/Total Revenue |
6/30/2024
Month 0.00% |
6/30/2024
YTD 0.05% |
6/30/2023
YTD 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 34,813,050 shares; issued and outstanding: 17,406,525 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.