MANAGEMENT OVERVIEW
November 30, 2024
Balance Sheet
Assets: Total assets were $975,268 thousand as of November 2024 consisting of cash, loan receivable, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for November were $47,382 thousand, inclusive of $39,282 thousand in member deposits, $6,114 thousand of accrued capital dividends and LRC interest, accounts payable of $558 thousand and $427 thousand in other liabilities. Additionally, notes payable to the Federal Financing Bank were $1,000 thousand for the period.
Capital Stock: Capital stock shares increased from the prior month to $883,195 thousand in November 2024.
Equity: As of November 30, 2024, $3,550 thousand has been added to current calendar year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,643 thousand in October to $3,459 thousand in November primarily due to the decrease in average yield.
Expense: Operating expenses for the month were $161 thousand.
Net Income: Monthly net income before dividends was $3,171 thousand which is $172 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,842 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of November 30, 2024, the CLF's statutory borrowing authority was $21.7 billion.
Investment Purchases: $99,000,000.
Maturities of Treasury Notes: $96,900,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $799,737,228 and U.S. Treasury Cash $172,511,917.
Regular Membership: 434. Agent Membership: 0.
Loans: $1,000,000. Borrowing Activity: $1,000,000.
BALANCE SHEETS
As of November 30, 2024 and November 30, 2023 (Dollars in thousands)
| ASSETS | November 2024 | November 2023 |
|---|---|---|
| Cash and Cash Equivalents | $172,512 | $43,705 |
| Investments, Net U.S. Treasury Securities | 799,737 | 845,239 |
| Accrued Interest Receivable | 2,019 | 3,302 |
| Loans to Member | 1,000 | - |
| TOTAL ASSETS | $975,268 | $892,246 |
| LIABILITIES | November 2024 | November 2023 |
|---|---|---|
| Accounts Payable | $558 | $455 |
| Dividends and Interest Payable | 6,114 | 6,477 |
| Notes Payable | 1,000 | - |
| Accrued Interest Payable | 1 | - |
| Member Deposits | 39,282 | 26,499 |
| Other Liabilities | 427 | 169 |
| TOTAL LIABILITIES | $47,382 | $33,600 |
| MEMBERS' EQUITY | November 2024 | November 2023 |
|---|---|---|
| Capital Stock Regular Members | $883,195 | $817,658 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 3,550 | 1,046 |
| TOTAL MEMBERS' EQUITY | 927,886 | 858,646 |
| TOTAL LIABILITIES AND EQUITY | $975,268 | $892,246 |
STATEMENTS OF OPERATIONS
For the Periods Ended November 30, 2024 and November 30, 2023 (Dollars in thousands)
| REVENUES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Investment Income | $3,459 | $41,604 | $35,581 |
| Interest on Loan | 1 | 12 | - |
| Total Revenues | 3,460 | 41,616 | 35,581 |
| EXPENSES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 119 | 1,415 | 1,396 |
| Rent, Communications, and Utilities | 2 | 27 | 29 |
| Other General and Administrative Expenses | 40 | 447 | 489 |
| Total Operating Expenses | 161 | 1,889 | 1,914 |
| Interest - Notes Payable | 1 | 11 | - |
| Interest - Member Deposits | 127 | 1,219 | 635 |
| Total Expenses | 289 | 3,119 | 2,549 |
| NET INCOME BEFORE DIVIDENDS | 3,171 | 38,497 | 33,032 |
| Dividends | 2,842 | 34,947 | 31,986 |
| NET AMOUNT AFTER DIVIDENDS | 329 | 3,550 | 1,046 |
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 | 4.46%Blank | 4.62% | 2.24% |
| Dividend Rate Fourth Quarter | Blank | 4.62% | 3.71% |
| SELECTED RATIOS | 11/30/2024 | 11/30/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 95.14% | 96.23% |
| Loans/Total Assets | 0.10% | 0.00% |
| Loans/Stock & Retained Earnings | 0.11% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 5.11% | 3.91% |
| SELECTED RATIOS | 11/30/2024 Month |
11/30/2024 YTD |
11/30/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.20% | 0.22% | 0.24% |
| Total Operating Expenses/Total Revenue | 4.67% | 4.54% | 5.38% |
| Net Income(before Divds)/Total Revenue | 91.66% | 92.50% | 92.84% |
| Loan Income/Total Revenue | 0.02% | 0.03% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,327,826 shares; issued and outstanding: 17,663,913 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.