MANAGEMENT OVERVIEW
March 31, 2022
Balance Sheet
Assets: Interest receivable consists of investments in U.S. Treasury securities. Accounts receivable includes 2022 annual stock adjustments for CLF members.
Current Liabilities: Dividend & Interest expenses for the month were $273 thousand in March 2022.
Other Liabilities: Other liabilities include 2022 annual stock adjustments for CLF members.
Capital Stock includes $405 million from corporate credit unions that joined the CLF as Agent Members.
Retained Earnings include year to date net income of $832 thousand.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings for the month totaled $726 thousand or current month’s average yield of 0.75%. This is higher than prior month’s average yield of 0.63%.
Expense: Operating expenses for the month were $82 thousand.
Net Income: Net income before dividends was $644 thousand for the month which is higher than last month.
Borrowing Authority, Investment Activity, Membership and Loans
CLF's Borrowing Authority were as follows:
| Dollars in billions | March 31, 2022 | March 31, 2021 |
|---|---|---|
| Under Statutory Borrowing Authority 12 times Capital Stock and Surplus | $27.2B | $25.3B |
| During CARES Act Period* 16 times Capital Stock and Surplus | N/A | $33.7B |
*The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) spans from the date it was signed into law on March 27, 2020 and the Consolidated Appropriations Act (CAA) extends the ending date through December 31, 2021.
Investment Purchases: $13,000,000.
Maturities of Treasury Notes: $5,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $1,139,905,775 and U.S. Treasury Cash $14,122,229.
Regular Membership: 348. Agent Membership: 10.
BALANCE SHEETS
As of March 31, 2022 and March 31, 2021 (Dollars in thousands)
| ASSETS | March 2022 | March 2021 |
|---|---|---|
| Cash and Cash Equivalents | $14,122 | $341,458 |
| Investments, Net U.S. Treasury Securities | 1,139,906 | 735,859 |
| Accrued Receivable | 111,201 | 77,402 |
| Accrued Interest Receivable - Investments | 1,283 | 969 |
| TOTAL ASSETS | $1,266,512 | $1,155,688 |
| LIABILITIES | March 2022 | March 2021 |
|---|---|---|
| Accounts Payable | $392 | $336 |
| Regular Member Deposits - Liquidity Reserve | 2,953 | 4,388 |
| Other Liabilities | 111,201 | 77,402 |
| TOTAL LIABILITIES | $114,546 | $82,126 |
| MEMBERS' EQUITY | March 2022 | March 2021 |
|---|---|---|
| Capital Stock Regular Members | $706,829 | $619,169 |
| Capital Stock Agent Members | 404,918 | 416,385 |
| Retained Earnings Prior Year | 39,389 | 37,414 |
| Retained Earnings Current Year | 832 | 594 |
| TOTAL MEMBERS' EQUITY | 1,151,967 | 1,073,562 |
| TOTAL LIABILITIES AND EQUITY | $1,266,512 | $1,155,688 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2022 and March 31, 2021 (Dollars in thousands)
| REVENUES | March 2022 | Year-to-Date March 2022 |
Year-to-Date March 2021 |
|---|---|---|---|
| Investment Income | $726 | $1,650 | $1,215 |
| Total Revenues | 726 | 1,650 | 1,215 |
| EXPENSES | March 2022 | Year-to-Date March 2022 |
Year-to-Date March 2021 |
|---|---|---|---|
| Employee Wages and Benefits, Net | $59 | $225 | $181 |
| Rent, Communications, and Utilities | 2 | 5 | 7 |
| Other | 22 | 43 | 51 |
| Total Operating Expenses | 82 | 274 | 239 |
| NET INCOME BEFORE DIVIDENDS & INTERESTS | 644 | 1,376 | 976 |
| Dividends & Interests | 273 | 544 | 383 |
| NET INCOME | $371 | $832 | $594 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2022 | 2021 | 2020 |
|---|---|---|---|
| Dividend Rate First Quarter | 0.20% | 0.15% | 0.75% |
| Dividend Rate Second Quarter | Blank |
0.15% | 0.50% |
| Dividend Rate Third Quarter | Blank |
0.15% | 0.25% |
| Dividend Rate Fourth Quarter | 0.15% | 0.15% |
| SELECTED RATIOS | 3/31/2022 | 3/31/2021 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 90.96% | 92.89% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 9.94% | 7.65% |
| SELECTED RATIOS | 3/31/2022 Month |
3/31/2022 YTD |
3/31/2021 YTD |
|---|---|---|---|
| Total Operating Expenses/Total Revenue | 11.35% | 16.62% | 19.64% |
| Net Income(before Divds)/Total Revenue | 88.65% | 83.38% | 80.36% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 44,469,846 shares; issued and outstanding: 22,234,923 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.