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 |
|---|---|---|
INTRAGOVERNMENTAL ASSETS Fund Balance with Treasury |
June 2024 $26,808 |
June 2023 $29,454 |
INTRAGOVERNMENTAL ASSETS Investments, Net - U.S. Treasury Securities |
June 2024 21,346,569 |
June 2023 20,300,173 |
INTRAGOVERNMENTAL ASSETS Accrued Interest Receivable - Investments |
June 2024 87,163 |
June 2023 100,371 |
INTRAGOVERNMENTAL ASSETS Accounts Receivable - Due from the NCUA Operating Fund |
June 2024 4,495 |
June 2023 1,624 |
INTRAGOVERNMENTAL ASSETS Advances and Prepayments |
June 2024 15,300 |
June 2023 14,731 |
INTRAGOVERNMENTAL ASSETS Total Intragovernmental Assets |
June 2024 21,480,335 |
June 2023 20,446,353 |
| WITH THE PUBLIC ASSETS | June 2024 | June 2023 |
|---|---|---|
WITH THE PUBLIC ASSETS Advances and Prepayments |
June 2024 759 |
June 2023 775 |
WITH THE PUBLIC ASSETS Receivables from Asset Management Estates (AMEs), Net* |
June 2024 69,327 |
June 2023 74,276 |
WITH THE PUBLIC ASSETS Total with the Public Assets |
June 2024 70,086 |
June 2023 75,051 |
WITH THE PUBLIC ASSETS TOTAL ASSETS |
June 2024 $21,550,421 |
June 2023 $20,521,404 |
LIABILITIES
| INTRAGOVERNMENTAL LIABILITIES | June 2024 | June 2023 |
|---|---|---|
INTRAGOVERNMENTAL LIABILITIES Accounts Payable - Due to the NCUA Operating Fund |
June 2024 - |
June 2023 - |
INTRAGOVERNMENTAL LIABILITIES Total Intragovernmental Liabilities |
June 2024 - |
June 2023 - |
| WITH THE PUBLIC LIABILITIES | June 2024 | June 2023 |
|---|---|---|
WITH THE PUBLIC LIABILITIES Accounts Payable |
June 2024 2,925 |
June 2023 2,404 |
WITH THE PUBLIC LIABILITIES Insurance and Guarantee Program Liabilities* |
June 2024 211,987 |
June 2023 204,059 |
WITH THE PUBLIC LIABILITIES Other Liabilities |
June 2024 239 |
June 2023 246 |
WITH THE PUBLIC LIABILITIES Total with the Public Liabilities |
June 2024 215,151 |
June 2023 206,709 |
WITH THE PUBLIC LIABILITIES TOTAL LIABILITIES |
June 2024 $215,151 |
June 2023 $206,709 |
| NET POSITION | June 2024 | June 2023 |
|---|---|---|
NET POSITION Cumulative Results of Operations |
June 2024 4,117,745 |
June 2023 3,456,183 |
NET POSITION Contributed Capital |
June 2024 17,217,525 |
June 2023 16,858,512 |
NET POSITION Total Net Position |
June 2024 21,335,270 |
June 2023 20,314,695 |
NET POSITION TOTAL LIABILITIES AND NET POSITION |
June 2024 $21,550,421 |
June 2023 $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 |
|---|---|---|---|
GROSS COSTS Operating Expenses* |
June 2024 $19,690 |
Year-to-Date
June 2024 $120,132 |
Year-to-Date
June 2023 $115,010 |
GROSS COSTS Provision for Insurance Losses |
|||
GROSS COSTS Reserve Expense (Reduction) |
June 2024 (6,136) |
Year-to-Date
June 2024 1,978 |
Year-to-Date
June 2023 20,002 |
GROSS COSTS AME Receivable Bad Debt Expense |
June 2024 (988) |
Year-to-Date
June 2024 (2,650) |
Year-to-Date
June 2023 (21,778) |
GROSS COSTS Total Provision for Insurance Losses |
June 2024 (7,124) |
Year-to-Date
June 2024 (672) |
Year-to-Date
June 2023 (1,776) |
GROSS COSTS Other Losses |
June 2024 - |
Year-to-Date
June 2024 - |
Year-to-Date
June 2023 9 |
GROSS COSTS Total Gross Costs |
June 2024 12,566 |
Year-to-Date
June 2024 119,460 |
Year-to-Date
June 2023 113,243 |
| LESS EXCHANGE REVENUES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
LESS EXCHANGE REVENUES Other Revenue |
June 2024 (32) |
Year-to-Date
June 2024 (301) |
Year-to-Date
June 2023 (93) |
LESS EXCHANGE REVENUES Total Exchange Revenues |
June 2024 (32) |
Year-to-Date
June 2024 (301) |
Year-to-Date
June 2023 (93) |
LESS EXCHANGE REVENUES TOTAL NET COST/(INCOME) OF OPERATIONS |
June 2024 12,534 |
Year-to-Date
June 2024 119,159 |
Year-to-Date
June 2023 113,150 |
| LESS NON-EXCHANGE REVENUES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
LESS NON-EXCHANGE REVENUES Interest Revenue - Investments |
June 2024 (47,175) |
Year-to-Date
June 2024 (273,450) |
Year-to-Date
June 2023 (192,185) |
LESS NON-EXCHANGE REVENUES Total Non-Exchange Revenues |
June 2024 (47,175) |
Year-to-Date
June 2024 (273,450) |
Year-to-Date
June 2023 (192,185) |
LESS NON-EXCHANGE REVENUES TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES |
June 2024 $(34,641) |
Year-to-Date
June 2024 $(154,291) |
Year-to-Date
June 2023 $(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 |
|---|---|---|
CUMULATIVE RESULTS OF OPERATIONS Beginning Balances |
June 2024 $3,966,687 |
June 2023 $3,258,998 |
| Non-Exchange Revenue | June 2024 | June 2023 |
|---|---|---|
Non-Exchange Revenue Interest Revenue - Investments |
June 2024 273,450 |
June 2023 192,185 |
Non-Exchange Revenue Net Unrealized Gain/(Loss) - Investments |
June 2024 (3,233) |
June 2023 118,150 |
Non-Exchange Revenue Net Income /(Cost) of Operations |
June 2024 (119,159) |
June 2023 (113,150) |
Non-Exchange Revenue Change in Cumulative Results of Operations |
June 2024 151,058 |
June 2023 197,185 |
Non-Exchange Revenue CUMULATIVE RESULTS OF OPERATIONS |
June 2024 4,117,745 |
June 2023 3,456,183 |
| CONTRIBUTED CAPITAL | June 2024 | June 2023 |
|---|---|---|
CONTRIBUTED CAPITAL Beginning Balances |
June 2024 $17,234,861 |
June 2023 $16,916,436 |
CONTRIBUTED CAPITAL Change in Contributed Capital |
June 2024 (17,336) |
June 2023 (57,924) |
CONTRIBUTED CAPITAL CONTRIBUTED CAPITAL |
June 2024 17,217,525 |
June 2023 16,858,512 |
CONTRIBUTED CAPITAL NET POSITION |
June 2024 $21,335,270 |
June 2023 $20,314,695 |
| NET POSITION BREAKDOWN | June 2024 | June 2023 |
|---|---|---|
NET POSITION BREAKDOWN Credit Union Contributed Capital |
June 2024 $17,217,525 |
June 2023 $16,858,512 |
NET POSITION BREAKDOWN Retained Earnings |
June 2024 5,288,277 |
June 2023 5,003,307 |
NET POSITION BREAKDOWN Total Net Position Without Unrealized Gain/ (Loss) |
June 2024 22,505,802 |
June 2023 21,861,819 |
NET POSITION BREAKDOWN Unrealized Gain/ (Loss) - Investments |
June 2024 (1,170,532) |
June 2023 (1,547,124) |
NET POSITION BREAKDOWN NET POSITION |
June 2024 $21,335,270 |
June 2023 $20,314,695 |
Gross Income
June 2023 - June 2024
Operating Expenses
June 2023 - June 2024
Insurance Loss Expense (Reduction)
June 2023 - June 2024
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 |
|---|---|---|---|---|---|
I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars) Daily Treasury Account |
Book Value $5,659,877,000 |
Market Value 5,659,877,000 |
Unrealized Gain or (Loss) - |
% Market to Book Value 100.00% |
Weighted Average Yield 5.37% |
I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars) U.S. Treasury Notes |
Book Value 16,857,223,567 |
Market Value 15,686,691,545 |
Unrealized Gain or (Loss) (1,170,532,022) |
% Market to Book Value 93.06% |
Weighted Average Yield 1.59% |
I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars) Total |
Book Value $22,517,100,567 |
Market Value $21,346,568,545 |
Unrealized Gain or (Loss) $(1,170,532,022) |
% Market to Book Value 94.80% |
Weighted Average Yield 2.54% |
| II. INVESTMENT PORTFOLIO SUMMARY | Last Month | Current Month | CY To Date |
|---|---|---|---|
II. INVESTMENT PORTFOLIO SUMMARY Investment Yield |
Last Month 2.54% |
Current Month 2.54% |
CY To Date 2.45% |
II. INVESTMENT PORTFOLIO SUMMARY Investment Income |
Last Month $47,785,737 |
Current Month $47,174,615 |
CY To Date $273,449,914 |
II. INVESTMENT PORTFOLIO SUMMARY Weighted Avg. Maturity in Days / (Years) |
Last Month 859 (2.35) |
Current Month 836 (2.28) |
CY To Date - |
III. MONTHLY ACTIVITY FOR T-NOTES
| Purchased | Amount | Maturity | Yield |
|---|---|---|---|
Purchased None |
Amount - |
Maturity - |
Yield - |
| Maturity | Amount | Purchased | Yield |
|---|---|---|---|
Maturity None |
Amount - |
Purchased - |
Yield - |
IV. MATURITY SCHEDULE (par value in millions)
TOTAL PAR VALUE - $ 22,510
TOTAL UNREALIZED GAIN/(LOSS) - $ (1,171)
The balances in the statement above are preliminary and unaudited.
The information provided in the portfolio summary above is preliminary and unaudited.