MANAGEMENT OVERVIEW
September 30, 2024
Balance Sheet
Assets: Total assets were $965,977 thousand as of September 2024 consisting of cash, U.S. Treasury securities and associated interest receivable.
Liabilities: Total liabilities for September were $40,441 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $10,167 thousand for the third quarter of 2024 and Other Liabilities of $427 thousand.
Capital Stock: Capital stock shares increased from the prior month to $881,506 thousand in September 2024.
Equity: As of September 30, 2024, $2,889 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,988 thousand in August to $3,726 thousand in September primarily due to the decrease in average yield.
Expense: Operating expenses for the month were $188 thousand.
Net Income: Monthly net income before dividends was $3,435 thousand which is $269 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $3,110 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of September 30, 2024, the CLF's statutory borrowing authority was $21.7 billion.
Investment Purchases: $110,000,000.
Maturities of Treasury Notes: $92,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $823,592,579 and U.S. Treasury Cash $137,725,852.
Regular Membership: 430. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of September 30, 2024 and September 30, 2023 (Dollars in thousands)
| ASSETS | September 2024 | September 2023 |
|---|---|---|
ASSETS Cash and Cash Equivalents |
September 2024 $137,726 |
September 2023 $45,169 |
ASSETS Investments, Net U.S. Treasury Securities |
September 2024 823,592 |
September 2023 823,323 |
ASSETS Accrued Interest Receivable |
September 2024 4,659 |
September 2023 6,617 |
ASSETS TOTAL ASSETS |
September 2024 $965,977 |
September 2023 $875,109 |
| LIABILITIES | September 2024 | September 2023 |
|---|---|---|
LIABILITIES Accounts Payable |
September 2024 $732 |
September 2023 $591 |
LIABILITIES Dividends and Interest Payable |
September 2024 10,167 |
September 2023 9,522 |
LIABILITIES Member Deposits |
September 2024 29,115 |
September 2023 17,029 |
LIABILITIES Other Liabilities |
September 2024 427 |
September 2023 1,178 |
LIABILITIES TOTAL LIABILITIES |
September 2024 $40,441 |
September 2023 $28,320 |
| MEMBERS' EQUITY | September 2024 | September 2023 |
|---|---|---|
MEMBERS' EQUITY Capital Stock Regular Members |
September 2024 $881,506 |
September 2023 $806,185 |
MEMBERS' EQUITY Retained Earnings Prior Year |
September 2024 41,141 |
September 2023 39,942 |
MEMBERS' EQUITY Retained Earnings Current Year |
September 2024 2,889 |
September 2023 662 |
MEMBERS' EQUITY TOTAL MEMBERS' EQUITY |
September 2024 925,536 |
September 2023 846,789 |
MEMBERS' EQUITY TOTAL LIABILITIES AND EQUITY |
September 2024 $965,977 |
September 2023 $875,109 |
STATEMENTS OF OPERATIONS
For the Periods Ended September 30, 2024 and September 30, 2023 (Dollars in thousands)
| REVENUES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
REVENUES Investment Income |
September 2024 $3,726 |
Year-to-Date
September 2024 $34,502 |
Year-to-Date
September 2023 $28,328 |
REVENUES Interest on Loan |
September 2024 - |
Year-to-Date
September 2024 11 |
Year-to-Date
September 2023 - |
REVENUES Total Revenues |
September 2024 3,726 |
Year-to-Date
September 2024 34,513 |
Year-to-Date
September 2023 28,328 |
| EXPENSES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
EXPENSES Employee Wages and Benefits, Net |
September 2024 133 |
Year-to-Date
September 2024 1,166 |
Year-to-Date
September 2023 1,082 |
EXPENSES Rent, Communications, and Utilities |
September 2024 3 |
Year-to-Date
September 2024 23 |
Year-to-Date
September 2023 25 |
EXPENSES Other General and Administrative Expenses |
September 2024 52 |
Year-to-Date
September 2024 374 |
Year-to-Date
September 2023 415 |
EXPENSES Total Operating Expenses |
September 2024 188 |
Year-to-Date
September 2024 1,562 |
Year-to-Date
September 2023 1,521 |
EXPENSES Interest - Notes Payable |
September 2024 - |
Year-to-Date
September 2024 11 |
Year-to-Date
September 2023 - |
EXPENSES Interest - Member Deposits |
September 2024 103 |
Year-to-Date
September 2024 958 |
Year-to-Date
September 2023 431 |
EXPENSES Total Expenses |
September 2024 291 |
Year-to-Date
September 2024 2,531 |
Year-to-Date
September 2023 1,952 |
EXPENSES NET INCOME BEFORE DIVIDENDS |
September 2024 3,435 |
Year-to-Date
September 2024 31,982 |
Year-to-Date
September 2023 26,375 |
EXPENSES Dividends |
September 2024 3,110 |
Year-to-Date
September 2024 29,093 |
Year-to-Date
September 2023 25,713 |
EXPENSES NET AMOUNT AFTER DIVIDENDS |
September 2024 325 |
Year-to-Date
September 2024 2,889 |
Year-to-Date
September 2023 662 |
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 4.56%Blank |
2023 4.59% |
2022 0.82% |
DIVIDEND RATES Dividend Rate Third Quarter |
2024 4.46%Blank |
2023 4.62% |
2022 2.24% |
DIVIDEND RATES Dividend Rate Fourth Quarter |
2024 Blank |
2023 4.62% |
2022 3.71% |
| SELECTED RATIOS | 9/30/2024 | 9/30/2023 |
|---|---|---|
SELECTED RATIOS Stock & Retained Earnings/Total Assets |
9/30/2024 95.81% |
9/30/2023 96.76% |
SELECTED RATIOS Loans/Total Assets |
9/30/2024 0.00% |
9/30/2023 0.00% |
SELECTED RATIOS Loans/Stock & Retained Earnings |
9/30/2024 0.00% |
9/30/2023 0.00% |
SELECTED RATIOS Total Liabilities/Stock & Retained Earnings |
9/30/2024 4.37% |
9/30/2023 3.34% |
| SELECTED RATIOS | 9/30/2024 Month |
9/30/2024 YTD |
9/30/2023 YTD |
|---|---|---|---|
SELECTED RATIOS Annualized Operating Expenses/Average Total Assets |
9/30/2024
Month 0.24% |
9/30/2024
YTD 0.22% |
9/30/2023
YTD 0.24% |
SELECTED RATIOS Total Operating Expenses/Total Revenue |
9/30/2024
Month 5.04% |
9/30/2024
YTD 4.53% |
9/30/2023
YTD 5.37% |
SELECTED RATIOS Net Income(before Divds)/Total Revenue |
9/30/2024
Month 92.20% |
9/30/2024
YTD 92.67% |
9/30/2023
YTD 93.11% |
SELECTED RATIOS Loan/Total Revenue |
9/30/2024
Month 0.00% |
9/30/2024
YTD 0.03% |
9/30/2023
YTD 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,260,262 shares; issued and outstanding: 17,630,131 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.