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 |
|---|---|---|
| Cash and Cash Equivalents | $137,726 | $45,169 |
| Investments, Net U.S. Treasury Securities | 823,592 | 823,323 |
| Accrued Interest Receivable | 4,659 | 6,617 |
| TOTAL ASSETS | $965,977 | $875,109 |
| LIABILITIES | September 2024 | September 2023 |
|---|---|---|
| Accounts Payable | $732 | $591 |
| Dividends and Interest Payable | 10,167 | 9,522 |
| Member Deposits | 29,115 | 17,029 |
| Other Liabilities | 427 | 1,178 |
| TOTAL LIABILITIES | $40,441 | $28,320 |
| MEMBERS' EQUITY | September 2024 | September 2023 |
|---|---|---|
| Capital Stock Regular Members | $881,506 | $806,185 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 2,889 | 662 |
| TOTAL MEMBERS' EQUITY | 925,536 | 846,789 |
| TOTAL LIABILITIES AND EQUITY | $965,977 | $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 |
|---|---|---|---|
| Investment Income | $3,726 | $34,502 | $28,328 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,726 | 34,513 | 28,328 |
| EXPENSES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 133 | 1,166 | 1,082 |
| Rent, Communications, and Utilities | 3 | 23 | 25 |
| Other General and Administrative Expenses | 52 | 374 | 415 |
| Total Operating Expenses | 188 | 1,562 | 1,521 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 103 | 958 | 431 |
| Total Expenses | 291 | 2,531 | 1,952 |
| NET INCOME BEFORE DIVIDENDS | 3,435 | 31,982 | 26,375 |
| Dividends | 3,110 | 29,093 | 25,713 |
| NET AMOUNT AFTER DIVIDENDS | 325 | 2,889 | 662 |
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 | 9/30/2024 | 9/30/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 95.81% | 96.76% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 4.37% | 3.34% |
| SELECTED RATIOS | 9/30/2024 Month |
9/30/2024 YTD |
9/30/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.24% | 0.22% | 0.24% |
| Total Operating Expenses/Total Revenue | 5.04% | 4.53% | 5.37% |
| Net Income(before Divds)/Total Revenue | 92.20% | 92.67% | 93.11% |
| Loan/Total Revenue | 0.00% | 0.03% | 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.