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
Operating Expenses
June 2023 - June 2024
Insurance Loss Expense (Reduction)
June 2023 - June 2024
INVESTMENT PORTFOLIO ACTIVITY
May 31, 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 balances in the statement above are preliminary and unaudited.
The information provided in the portfolio summary above is preliminary and unaudited.