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 |
|---|---|---|
| Cash and Cash Equivalents | $109,342 | $28,534 |
| Investments, Net U.S. Treasury Securities | 836,466 | 830,022 |
| Accrued Interest Receivable | 5,214 | 6,460 |
| TOTAL ASSETS | $951,022 | $865,016 |
| LIABILITIES | June 2024 | June 2023 |
|---|---|---|
| Accounts Payable | $684 | $528 |
| Dividends and Interest Payable | 10,121 | 9,138 |
| Member Deposits | 19,486 | 8,221 |
| Other Liabilities | 7,384 | 1,009 |
| TOTAL LIABILITIES | $37,675 | $18,895 |
| MEMBERS' EQUITY | June 2024 | June 2023 |
|---|---|---|
| Capital Stock Regular Members | $870,326 | $806,143 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 1,880 | 35 |
| TOTAL MEMBERS' EQUITY | 913,347 | 846,120 |
| TOTAL LIABILITIES AND EQUITY | $951,022 | $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 |
|---|---|---|---|
| Investment Income | $3,891 | $22,798 | $17,708 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,891 | 22,809 | 17,708 |
| EXPENSES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 114 | 774 | 727 |
| Rent, Communications, and Utilities | 2 | 14 | 16 |
| Other General and Administrative Expenses | 47 | 246 | 308 |
| Total Operating Expenses | 163 | 1,034 | 1,051 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 72 | 631 | 232 |
| Total Expenses | 235 | 1,676 | 1,283 |
| NET INCOME BEFORE DIVIDENDS | 3,656 | 21,133 | 16,425 |
| Dividends | 3,287 | 19,253 | 16,390 |
| NET AMOUNT AFTER DIVIDENDS | 369 | 1,880 | 35 |
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 | 6/30/2024 | 6/30/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.04% | 97.82% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 4.12% | 2.23% |
| SELECTED RATIOS | 6/30/2024 Month |
6/30/2024 YTD |
6/30/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.21% | 0.22% | 0.25% |
| Total Operating Expenses/Total Revenue | 4.18% | 4.53% | 5.94% |
| Net Income(before Divds)/Total Revenue | 93.95% | 92.65% | 92.75% |
| Loan/Total Revenue | 0.00% | 0.05% | 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.