MANAGEMENT OVERVIEW
May 31, 2024
Balance Sheet
Assets: Total assets were $946,182 thousand as of May 2024 consisting of cash, U.S. Treasury securities and associated interest receivable.
Liabilities: Total liabilities for May were $33,748 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $6,761 thousand for the quarter to date and Other Liabilities of $6,985 thousand.
Capital Stock: Capital stock shares increased from the prior month to $869,782 thousand in May 2024.
Equity: As of May 31, 2024, $1,511 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings increased from $3,752 thousand in April to $3,995 thousand in May primarily due to one more day in the month.
Expense: Operating expenses for the month were $176 thousand.
Net Income: Monthly net income before dividends was $3,743 thousand which is $252 thousand higher than prior month primarily due to higher investment income.
Dividends: Dividend expense for the month was $3,400 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of May 31, 2024, the CLF's statutory borrowing authority was $21.4 billion.
Investment Purchases: $90,000,000.
Maturities of Treasury Notes: $71,400,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $844,486,208 and U.S. Treasury Cash $98,871,059.
Regular Membership: 422. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of May 31, 2024 and May 31, 2023 (Dollars in thousands)
| ASSETS | May 2024 | May 2023 |
|---|---|---|
| Cash and Cash Equivalents | $98,871 | $24,766 |
| Investments, Net U.S. Treasury Securities | 844,486 | 829,715 |
| Accrued Interest Receivable | 2,825 | 3,542 |
| TOTAL ASSETS | $946,182 | $858,023 |
| LIABILITIES | May 2024 | May 2023 |
|---|---|---|
| Accounts Payable | $516 | $384 |
| Dividends and Interest Payable | 6,761 | 5,976 |
| Member Deposits | 19,486 | 8,225 |
| Other Liabilities | 6,985 | 1,009 |
| TOTAL LIABILITIES | $33,748 | $15,595 |
| MEMBERS' EQUITY | May 2024 | May 2023 |
|---|---|---|
| Capital Stock Regular Members | $869,782 | $802,461 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 1,511 | 25 |
| TOTAL MEMBERS' EQUITY | 912,434 | 842,429 |
| TOTAL LIABILITIES AND EQUITY | $946,182 | $858,023 |
STATEMENTS OF OPERATIONS
For the Periods Ended May 31, 2024 and May 31, 2023 (Dollars in thousands)
| REVENUES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Investment Income | $3,995 | $18,907 | $14,370 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,995 | 18,918 | 14,370 |
| EXPENSES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 135 | 659 | 604 |
| Rent, Communications, and Utilities | 2 | 13 | 14 |
| Other General and Administrative Expenses | 39 | 199 | 267 |
| Total Operating Expenses | 176 | 871 | 885 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 76 | 558 | 199 |
| Total Expenses | 252 | 1,440 | 1,084 |
| NET INCOME BEFORE DIVIDENDS | 3,743 | 17,478 | 13,287 |
| Dividends | 3,400 | 15,967 | 13,261 |
| NET AMOUNT AFTER DIVIDENDS | 343 | 1,511 | 25 |
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 | 5/31/2024 | 5/31/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.43% | 98.18% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.70% | 1.85% |
| SELECTED RATIOS | 5/31/2024 Month |
5/31/2024 YTD |
5/31/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.22% | 0.23% | 0.26% |
| Total Operating Expenses/Total Revenue | 4.39% | 4.61% | 6.16% |
| Net Income(before Divds)/Total Revenue | 93.67% | 92.38% | 92.46% |
| Loan/Total Revenue | 0.00% | 0.06% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 34,791,296 shares; issued and outstanding: 17,395,648 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.