June 2024 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

June 30, 2024

Balance Sheets

Receivables from Asset Management Estates, Net is $69.3 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $212.0 million; $10.1 million is for specific reserves for natural person credit unions, and $201.9 million is for general reserves.

Statements of Net Cost

For the month ended June 30, 2024, the fund had a net income of $34.6 million. The fund recognized gross revenues of $47.2 million and total operating expenses of $19.7 million. The fund recognized an insurance loss reduction of $7.1 million during the month of June 2024.

BALANCE SHEETS

As of June 30, 2024 and 2023 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	June 2024	June 2023
Fund Balance with Treasury	$26,808	$29,454
Investments, Net - U.S. Treasury Securities	21,346,569	20,300,173
Accrued Interest Receivable - Investments	87,163	100,371
Accounts Receivable - Due from the NCUA Operating Fund	4,495	1,624
Advances and Prepayments	15,300	14,731
Total Intragovernmental Assets	21,480,335	20,446,353

WITH THE PUBLIC ASSETS	June 2024	June 2023
Advances and Prepayments	759	775
Receivables from Asset Management Estates (AMEs), Net*	69,327	74,276
Total with the Public Assets	70,086	75,051
TOTAL ASSETS	$21,550,421	$20,521,404

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	June 2024	June 2023
Accounts Payable - Due to the NCUA Operating Fund	-	-
Total Intragovernmental Liabilities	-	-

WITH THE PUBLIC LIABILITIES	June 2024	June 2023
Accounts Payable	2,925	2,404
Insurance and Guarantee Program Liabilities*	211,987	204,059
Other Liabilities	239	246
Total with the Public Liabilities	215,151	206,709
TOTAL LIABILITIES	$215,151	$206,709

NET POSITION	June 2024	June 2023
Cumulative Results of Operations	4,117,745	3,456,183
Contributed Capital	17,217,525	16,858,512
Total Net Position	21,335,270	20,314,695
TOTAL LIABILITIES AND NET POSITION	$21,550,421	$20,521,404

* Receivable from AMEs, Net and Insurance and Guarantee Program Liabilities lines are generally updated quarterly.

STATEMENTS OF NET COST

For the periods ended June 30, 2024 and 2023 (Dollars in Thousands)

GROSS COSTS	June 2024	Year-to-Date June 2024	Year-to-Date June 2023
Operating Expenses*	$19,690	$120,132	$115,010
Provision for Insurance Losses
Reserve Expense (Reduction)	(6,136)	1,978	20,002
AME Receivable Bad Debt Expense	(988)	(2,650)	(21,778)
Total Provision for Insurance Losses	(7,124)	(672)	(1,776)
Other Losses	-	-	9
Total Gross Costs	12,566	119,460	113,243

LESS EXCHANGE REVENUES	June 2024	Year-to-Date June 2024	Year-to-Date June 2023
Other Revenue	(32)	(301)	(93)
Total Exchange Revenues	(32)	(301)	(93)
TOTAL NET COST/(INCOME) OF OPERATIONS	12,534	119,159	113,150

LESS NON-EXCHANGE REVENUES	June 2024	Year-to-Date June 2024	Year-to-Date June 2023
Interest Revenue - Investments	(47,175)	(273,450)	(192,185)
Total Non-Exchange Revenues	(47,175)	(273,450)	(192,185)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(34,641)	$(154,291)	$(79,035)

* National Credit Union Share Insurance Fund operating expenses are an allocation of total NCUA operating expenses, as determined by the overhead transfer rate set by the Board.

STATEMENTS OF CHANGES IN NET POSITION

For the periods ended June 30, 2024 and 2023 (Dollars in Thousands)

CUMULATIVE RESULTS OF OPERATIONS	June 2024	June 2023
Beginning Balances	$3,966,687	$3,258,998

Non-Exchange Revenue	June 2024	June 2023
Interest Revenue - Investments	273,450	192,185
Net Unrealized Gain/(Loss) - Investments	(3,233)	118,150
Net Income /(Cost) of Operations	(119,159)	(113,150)
Change in Cumulative Results of Operations	151,058	197,185
CUMULATIVE RESULTS OF OPERATIONS	4,117,745	3,456,183

CONTRIBUTED CAPITAL	June 2024	June 2023
Beginning Balances	$17,234,861	$16,916,436
Change in Contributed Capital	(17,336)	(57,924)
CONTRIBUTED CAPITAL	17,217,525	16,858,512
NET POSITION	$21,335,270	$20,314,695

NET POSITION BREAKDOWN	June 2024	June 2023
Credit Union Contributed Capital	$17,217,525	$16,858,512
Retained Earnings	5,288,277	5,003,307
Total Net Position Without Unrealized Gain/ (Loss)	22,505,802	21,861,819
Unrealized Gain/ (Loss) - Investments	(1,170,532)	(1,547,124)
NET POSITION	$21,335,270	$20,314,695

Gross Income
June 2023 - June 2024

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $35.1 million in June 2023 to $47.2 million in June 2024, displaying a generally increasing trend.

Operating Expenses
June 2023 - June 2024

The second chart, “Operating Expenses”, presents monthly expenses from around $19.9 million in June 2023, increasing to $23.5 million in December 2023, and then dropping to $19.7 million in June 2024.

Insurance Loss Expense (Reduction)
June 2023 - June 2024

The third chart, “Insurance Loss Expense (Reduction)” from June 2023 to June 2024, shows mostly zero values except for $6.4 million, -$4.8 million, -$5.7 million, $5.9 million, and -$7.1 million in June 2023, September 2023, December 2023, March 2024, and June 2024 respectively.

INVESTMENT PORTFOLIO ACTIVITY

June 30, 2024

I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars)	Book Value	Market Value	Unrealized Gain or (Loss)	% Market to Book Value	Weighted Average Yield
Daily Treasury Account	$5,659,877,000	5,659,877,000	-	100.00%	5.37%
U.S. Treasury Notes	16,857,223,567	15,686,691,545	(1,170,532,022)	93.06%	1.59%
Total	$22,517,100,567	$21,346,568,545	$(1,170,532,022)	94.80%	2.54%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.54%	2.54%	2.45%
Investment Income	$47,785,737	$47,174,615	$273,449,914
Weighted Avg. Maturity in Days / (Years)	859 (2.35)	836 (2.28)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
None	-	-	-

Maturity	Amount	Purchased	Yield
None	-	-	-

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 22,510

TOTAL UNREALIZED GAIN/(LOSS) - $ (1,171)

The upper chart is titled “Maturity Investment Balance (Millions)” and depicts investment balances across different time frames: Overnight, 1m-6m, 6m-yr, 1yr-2yrs, 2yrs-3yr, 3yr-4yr, 4yr-5yr, 5yr-6yrs, and 6yr-7yrs. The largest balance is in the Overnight” category at $5,660 million, with other categories showing balances ranging from $850 to $2,800 million. The “6yrs-7yr” category has the lowest balance at $850 million.

The lower chart, titled “Unrealized Gain/(Loss) (Millions)”, corresponds to the same time frame as the upper chart. It shows values ranging from $0 to -$333 million. The most significant unrealized loss is in the “3yr-4yr” time frame at -$333 million, and there’s no unrealized gain or loss for the “Overnight” category.

The balances in the statement above are preliminary and unaudited.

The information provided in the portfolio summary above is preliminary and unaudited.