MANAGEMENT OVERVIEW
October 31, 2024
Balance Sheet
Assets: Total assets were $969,519 thousand as of October 2024 consisting of cash, U.S. Treasury securities and associated interest receivable.
Liabilities: Total liabilities for October were $43,272 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $3,146 thousand for the month and Other Liabilities of $427 thousand.
Capital Stock: Capital stock shares increased from the prior month to $881,886 thousand in October 2024.
Equity: As of October 31, 2024, $3,220 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,726 thousand in September to $3,643 thousand in October primarily due to the decrease in average yield.
Expense: Operating expenses for the month were $166 thousand.
Net Income: Monthly net income before dividends was $3,343 thousand which is $92 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $3,012 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of October 31, 2024, the CLF's statutory borrowing authority was $21.7 billion.
Investment Purchases: $81,000,000.
Maturities of Treasury Notes: $105,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $799,242,337 and U.S. Treasury Cash $169,623,727.
Regular Membership: 431. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of October 31, 2024 and October 31, 2023 (Dollars in thousands)
| ASSETS | October 2024 | October 2023 |
|---|---|---|
| Cash and Cash Equivalents | $169,624 | $34,171 |
| Investments, Net U.S. Treasury Securities | 799,242 | 845,943 |
| Accrued Interest Receivable | 653 | 829 |
| TOTAL ASSETS | $969,519 | $880,943 |
| LIABILITIES | October 2024 | October 2023 |
|---|---|---|
| Accounts Payable | $417 | $316 |
| Dividends and Interest Payable | 3,146 | 3,216 |
| Member Deposits | 39,282 | 26,551 |
| Other Liabilities | 427 | 1,178 |
| TOTAL LIABILITIES | $43,272 | $31,261 |
| MEMBERS' EQUITY | October 2024 | October 2023 |
|---|---|---|
| Capital Stock Regular Members | $881,886 | $808,881 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 3,220 | 859 |
| TOTAL MEMBERS' EQUITY | 926,247 | 849,682 |
| TOTAL LIABILITIES AND EQUITY | $969,519 | $880,943 |
STATEMENTS OF OPERATIONS
For the Periods Ended October 31, 2024 and October 31, 2023 (Dollars in thousands)
| REVENUES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Investment Income | $3,643 | $38,145 | $31,974 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,643 | 38,156 | 31,974 |
| EXPENSES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 131 | 1,296 | 1,276 |
| Rent, Communications, and Utilities | 3 | 25 | 27 |
| Other General and Administrative Expenses | 32 | 407 | 452 |
| Total Operating Expenses | 166 | 1,728 | 1,755 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 134 | 1,092 | 533 |
| Total Expenses | 300 | 2,831 | 2,288 |
| NET INCOME BEFORE DIVIDENDS | 3,343 | 35,325 | 29,686 |
| Dividends | 3,012 | 32,105 | 28,827 |
| NET AMOUNT AFTER DIVIDENDS | 331 | 3,220 | 859 |
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 | 10/31/2024 | 10/31/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 95.54% | 96.45% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 4.67% | 3.68% |
| SELECTED RATIOS | 10/31/2024 Month |
10/31/2024 YTD |
10/31/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.21% | 0.22% | 0.25% |
| Total Operating Expenses/Total Revenue | 4.55% | 4.53% | 5.49% |
| Net Income(before Divds)/Total Revenue | 91.77% | 92.58% | 92.85% |
| Loan Income/Total Revenue | 0.00% | 0.03% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,275,428 shares; issued and outstanding: 17,637,714 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.