March 2024 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

March 31, 2024

Balance Sheets

Receivables from Asset Management Estates, Net is $70.4 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $217.5 million; $7.3 million is for specific reserves for natural person credit unions, and $210.2 million is for general reserves.

Statements of Net Cost

For the month ended March 31, 2024, the fund had a net income of $19.7 million. The fund recognized gross revenues of $46.7 million and total operating expenses of $21.1 million. The fund recognized an insurance loss expense of $5.9 million during the month of March 2024.

BALANCE SHEETS

As of March 31, 2024 and 2023 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	March 2024	March 2023
Fund Balance with Treasury	$31,896	$34,095
Investments, Net - U.S. Treasury Securities	21,217,857	20,515,804
Accrued Interest Receivable - Investments	95,347	108,423
Accounts Receivable - Due from the NCUA Operating Fund	2,674	-
Advances and Prepayments	14,629	13,919
Total Intragovernmental Assets	21,362,403	20,672,241

WITH THE PUBLIC ASSETS	March 2024	March 2023
Accounts Receivable - Due from Insured Credit Unions, Net	211,228	210,124
Advances and Prepayments	874	886
Receivables from Asset Management Estates (AMEs), Net*	70,373	79,559
Total with the Public Assets	282,475	290,569
TOTAL ASSETS	$21,644,878	$20,962,810

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	March 2024	March 2023
Accounts Payable - Due to the NCUA Operating Fund	59	1,091
Total Intragovernmental Liabilities	59	1,091

WITH THE PUBLIC LIABILITIES	March 2024	March 2023
Accounts Payable	242,739	284,422
Insurance and Guarantee Program Liabilities*	217,513	197,983
Other Liabilities	65	1,292
Total with the Public Liabilities	460,317	483,697
TOTAL LIABILITIES	$460,376	$484,788

NET POSITION	March 2024	March 2023
Cumulative Results of Operations	3,975,015	3,626,401
Contributed Capital	17,209,487	16,851,621
Total Net Position	21,184,502	20,478,022
TOTAL LIABILITIES AND NET POSITION	$21,644,878	$20,962,810

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

STATEMENTS OF NET COST

For the periods ended March 31, 2024 and 2023 (Dollars in Thousands)

GROSS COSTS	March 2024	Year-to-Date March 2024	Year-to-Date March 2023
Operating Expenses*	$21,084	$59,745	$57,195
Provision for Insurance Losses
Reserve Expense (Reduction)	8,122	8,114	12,240
AME Receivable Bad Debt Expense	(2,212)	(2,212)	(20,425)
Total Provision for Insurance Losses	5,910	5,902	(8,185)
Other Losses	-	-	9
Total Gross Costs	26,994	65,647	49,019

LESS EXCHANGE REVENUES	March 2024	Year-to-Date March 2024	Year-to-Date March 2023
Other Revenue	(52)	(113)	(82)
Total Exchange Revenues	(52)	(113)	(82)
TOTAL NET COST/(INCOME) OF OPERATIONS	26,942	65,534	48,937

LESS NON-EXCHANGE REVENUES	March 2024	Year-to-Date March 2024	Year-to-Date March 2023
Interest Revenue - Investments	(46,621)	(133,613)	(90,845)
Total Non-Exchange Revenues	(46,621)	(133,613)	(90,845)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(19,679)	$(68,079)	$(41,908)

* 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 March 31, 2024 and 2023 (Dollars in Thousands)

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

Non-Exchange Revenue	March 2024	March 2023
Interest Revenue - Investments	133,613	90,845
Net Unrealized Gain/(Loss) - Investments	(59,751)	325,495
Net Income /(Cost) of Operations	(65,534)	(48,937)
Change in Cumulative Results of Operations	8,328	367,403
CUMULATIVE RESULTS OF OPERATIONS	3,975,015	3,626,401

CONTRIBUTED CAPITAL	March 2024	March 2023
Beginning Balances	$17,234,861	$16,916,436
Change in Contributed Capital	(25,374)	(64,815)
CONTRIBUTED CAPITAL	17,209,487	16,851,621
NET POSITION	$21,184,502	$20,478,022

NET POSITION BREAKDOWN	March 2024	March 2023
Credit Union Contributed Capital	$17,209,487	$16,851,621
Retained Earnings	5,202,065	4,966,181
Total Net Position Without Unrealized Gain/ (Loss)	22,411,552	21,817,802
Unrealized Gain/ (Loss) - Investments	(1,227,050)	(1,339,780)
NET POSITION	$21,184,502	$20,478,022

Gross Income
March 2023 - March 2024

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $32.4 million in March 2023 to $46.7 million in March 2024, displaying a generally increasing trend.

Operating Expenses
March 2023 - March 2024

The second chart, “Operating Expenses”, presents monthly expenses from around $21.8 million in March 2023, increasing to $23.5 million in December 2023, and then dropping to $21.1 million in March 2024.

Insurance Loss Expense (Reduction)
March 2023 - March 2024

The third chart, “Insurance Loss Expense (Reduction)” from March 2023 to March 2024, shows mostly zero values except for -$8.2 million, $6.4 million, -$4.8 million, -$5.7 million, and $5.9 million in March 2023, June 2023, September 2023, December 2023, and March 2024 respectively.

INVESTMENT PORTFOLIO ACTIVITY

March 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	$5,614,368,000	5,614,368,000	-	100.00%	5.39%
U.S. Treasury Notes	16,830,539,028	15,603,488,542	(1,227,050,486)	92.71%	1.44%
Total	$22,444,907,028	$21,217,856,542	$(1,227,050,486)	94.53%	2.43%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.43%	2.43%	2.39%
Investment Income	$42,603,491	$46,621,159	$133,613,164
Weighted Avg. Maturity in Days / (Years)	835 (2.28)	812 (2.22)	-

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 - $ 22,215

TOTAL UNREALIZED GAIN/(LOSS) - $ (1,227)

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 $5,614 million, with other categories showing balances ranging from $1,350 to $2,800 million. The “6yrs-7yr” category has the lowest balance at $401 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 -$339 million. The most significant unrealized loss is in the $3yr-4yr” time frame at -$339 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.