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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 |
|---|---|---|
| Cash and Cash Equivalents | $94,567 | $13,525 |
| Investments, Net U.S. Treasury Securities | 819,486 | 773,420 |
| Accounts Receivable | 16,353 | 61,706 |
| Accrued Interest Receivable | 5,065 | 5,450 |
| TOTAL ASSETS | $935,471 | $854,101 |
| LIABILITIES | March 2024 | March 2023 |
|---|---|---|
| Accounts Payable | $654 | $539 |
| Dividends and Interest Payable | 9,763 | - |
| Member Deposits | 20,394 | 13,879 |
| Other Liabilities | 23,311 | 61,706 |
| TOTAL LIABILITIES | $54,122 | $76,124 |
| MEMBERS' EQUITY | March 2024 | March 2023 |
|---|---|---|
| Capital Stock Regular Members | $839,339 | $738,032 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 869 | 3 |
| TOTAL MEMBERS' EQUITY | 881,349 | 777,977 |
| TOTAL LIABILITIES AND EQUITY | $935,471 | $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 |
|---|---|---|---|
| Investment Income | $3,866 | $11,160 | $8,016 |
| Interest on Loan | 2 | 11 | - |
| Total Revenues | 3,868 | 11,171 | 8,016 |
| EXPENSES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 139 | 396 | 366 |
| Rent, Communications, and Utilities | 3 | 8 | 7 |
| Other General and Administrative Expenses | 63 | 124 | 156 |
| Total Operating Expenses | 205 | 528 | 529 |
| Interest - Notes Payable | 2 | 11 | - |
| Interest - Member Deposits | 119 | 388 | 137 |
| Total Expenses | 326 | 927 | 666 |
| NET INCOME BEFORE DIVIDENDS | 3,542 | 10,244 | 7,350 |
| Dividends | 3,244 | 9,375 | 7,347 |
| NET AMOUNT AFTER DIVIDENDS | 298 | 869 | 3 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2024 | 2023 | 2022 |
|---|---|---|---|
| Dividend Rate First Quarter | 4.54% | 4.13% | 0.20% |
| Dividend Rate Second Quarter | 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 | 3/31/2024 | 3/31/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 92.13% | 91.09% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 8.55% | 9.78% |
| SELECTED RATIOS | 3/31/2024 Month |
3/31/2024 YTD |
3/31/2023 YTD |
|---|---|---|---|
| Total Operating Expenses/Total Revenue | 5.31% | 4.72% | 6.60% |
| Net Income(before Divds)/Total Revenue | 91.56% | 91.70% | 91.69% |
| Loan/Total Revenue | 0.05% | 0.10% | 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.