MANAGEMENT OVERVIEW
March 31, 2024
Balance Sheet
Assets: Total assets were $935,471 thousand as of March 2024 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $16,353 thousand.
Liabilities: Total liabilities for March were $54,122 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $9,763 thousand for the first quarter and Other Liabilities of $16,353 thousand representing additional capital stock subscriptions as part of CLF's annual adjustments.
Capital Stock: Capital stock shares increased from the prior month to $839,339 thousand in March 2024.
Equity: As of March 31, 2024, $869 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings increased from $3,575 thousand in February to $3,866 thousand in March primarily due to two more days in the month.
Expense: Operating expenses for the month were $205 thousand.
Net Income: Monthly net income before dividends was $3,542 thousand which is $258 thousand higher than prior month primarily due to higher investment income.
Dividends: Dividend expense for the month was $3,244 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of March 31, 2024, the CLF's statutory borrowing authority was $20.6 billion.
Investment Purchases: $70,000,000.
Maturities of Treasury Notes: $50,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $819,485,607 and U.S. Treasury Cash $94,566,643.
Regular Membership: 411. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of March 31, 2024 and March 31, 2023 (Dollars in thousands)
| ASSETS | March 2024 | March 2023 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
March 2024 $94,567 |
March 2023 $13,525 |
ASSETS Investments, Net U.S. Treasury Securities |
March 2024 819,486 |
March 2023 773,420 |
ASSETS Accounts Receivable |
March 2024 16,353 |
March 2023 61,706 |
ASSETS Accrued Interest Receivable |
March 2024 5,065 |
March 2023 5,450 |
ASSETS TOTAL ASSETS |
March 2024 $935,471 |
March 2023 $854,101 |
| LIABILITIES | March 2024 | March 2023 |
|---|---|---|
LIABILITIES Accounts Payable |
March 2024 $654 |
March 2023 $539 |
LIABILITIES Dividends and Interest Payable |
March 2024 9,763 |
March 2023 - |
LIABILITIES Member Deposits |
March 2024 20,394 |
March 2023 13,879 |
LIABILITIES Other Liabilities |
March 2024 23,311 |
March 2023 61,706 |
LIABILITIES TOTAL LIABILITIES |
March 2024 $54,122 |
March 2023 $76,124 |
| MEMBERS' EQUITY | March 2024 | March 2023 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
March 2024 $839,339 |
March 2023 $738,032 |
MEMBERS' EQUITY Retained Earnings Prior Year |
March 2024 41,141 |
March 2023 39,942 |
MEMBERS' EQUITY Retained Earnings Current Year |
March 2024 869 |
March 2023 3 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
March 2024 881,349 |
March 2023 777,977 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
March 2024 $935,471 |
March 2023 $854,101 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2024 and March 31, 2023 (Dollars in thousands)
| REVENUES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
REVENUES Investment Income |
March 2024 $3,866 |
Year-to-Date
March 2024 $11,160 |
Year-to-Date
March 2023 $8,016 |
REVENUES Interest on Loan |
March 2024 2 |
Year-to-Date
March 2024 11 |
Year-to-Date
March 2023 - |
REVENUES Total Revenues |
March 2024 3,868 |
Year-to-Date
March 2024 11,171 |
Year-to-Date
March 2023 8,016 |
| EXPENSES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
March 2024 139 |
Year-to-Date
March 2024 396 |
Year-to-Date
March 2023 366 |
EXPENSES Rent, Communications, and Utilities |
March 2024 3 |
Year-to-Date
March 2024 8 |
Year-to-Date
March 2023 7 |
EXPENSES Other General and Administrative Expenses |
March 2024 63 |
Year-to-Date
March 2024 124 |
Year-to-Date
March 2023 156 |
EXPENSES Total Operating Expenses |
March 2024 205 |
Year-to-Date
March 2024 528 |
Year-to-Date
March 2023 529 |
EXPENSES Interest - Notes Payable |
March 2024 2 |
Year-to-Date
March 2024 11 |
Year-to-Date
March 2023 - |
EXPENSES Interest - Member Deposits |
March 2024 119 |
Year-to-Date
March 2024 388 |
Year-to-Date
March 2023 137 |
EXPENSES Total Expenses |
March 2024 326 |
Year-to-Date
March 2024 927 |
Year-to-Date
March 2023 666 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
March 2024 3,542 |
Year-to-Date
March 2024 10,244 |
Year-to-Date
March 2023 7,350 |
EXPENSES Dividends |
March 2024 3,244 |
Year-to-Date
March 2024 9,375 |
Year-to-Date
March 2023 7,347 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
March 2024 298 |
Year-to-Date
March 2024 869 |
Year-to-Date
March 2023 3 |
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 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 | 3/31/2024 | 3/31/2023 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
3/31/2024 92.13% |
3/31/2023 91.09% |
SELECTED RATIOS Loans/Total Assets |
3/31/2024 0.00% |
3/31/2023 0.00% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
3/31/2024 0.00% |
3/31/2023 0.00% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
3/31/2024 8.55% |
3/31/2023 9.78% |
| SELECTED RATIOS | 3/31/2024 Month |
3/31/2024 YTD |
3/31/2023 YTD |
|---|---|---|---|
SELECTED RATIOS Total Operating Expenses/Total Revenue |
3/31/2024
Month 5.31% |
3/31/2024
YTD 4.72% |
3/31/2023
YTD 6.60% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
3/31/2024
Month 91.56% |
3/31/2024
YTD 91.70% |
3/31/2023
YTD 91.69% |
SELECTED RATIOS Loan/Total Revenue |
3/31/2024
Month 0.05% |
3/31/2024
YTD 0.10% |
3/31/2023
YTD 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 33,573,548 shares; issued and outstanding: 16,786,774 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.