October 2024 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

October 31, 2024

Balance Sheets

Receivables from Asset Management Estates, Net is $76.4 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $231.8 million; $8.0 million is for specific reserves for natural person credit unions, and $223.8 million is for general reserves.

Statements of Net Cost

For the month ended October 31, 2024, the fund had a net income of $28.5 million. The fund recognized gross revenues of $48.3 million and total operating expenses of $19.8 million. The fund did not recognize any insurance loss expense during the month of October 2024.

BALANCE SHEETS

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

ASSETS

INTRAGOVERNMENTAL ASSETS	October 2024	October 2023
Fund Balance with Treasury	$27,321	$26,355
Investments, Net - U.S. Treasury Securities	22,042,756	20,616,227
Accrued Interest Receivable - Investments	121,423	135,375
Accounts Receivable - Due from the NCUA Operating Fund	2,207	2,897
Advances and Prepayments	15,104	15,092
Total Intragovernmental Assets	22,208,811	20,795,946

WITH THE PUBLIC ASSETS	October 2024	October 2023
Accounts Receivable - Due from Insured Credit Unions, Net	3,480	3,761
Advances and Prepayments	1,742	1,309
Receivables from Asset Management Estates (AMEs), Net*	76,361	71,409
Total with the Public Assets	81,583	76,479
TOTAL ASSETS	$22,290,394	$20,872,425

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	October 2024	October 2023
Accounts Payable - Due to the NCUA Operating Fund	89	-
Total Intragovernmental Liabilities	89	-

WITH THE PUBLIC LIABILITIES	October 2024	October 2023
Accounts Payable	2,724	2,346
Insurance and Guarantee Program Liabilities*	231,759	214,340
Other Liabilities	197	132
Total with the Public Liabilities	234,680	216,818
TOTAL LIABILITIES	$234,769	$216,818

NET POSITION	October 2024	October 2023
Cumulative Results of Operations	4,465,625	3,424,737
Contributed Capital	17,590,000	17,230,870
Total Net Position	22,055,625	20,655,607
TOTAL LIABILITIES AND NET POSITION	$22,290,394	$20,872,425

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

STATEMENTS OF NET COST

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

GROSS COSTS	October 2024	Year-to-Date October 2024	Year-to-Date October 2023
Operating Expenses*	$19,841	$202,361	$191,665
Provision for Insurance Losses
Reserve Expense (Reduction)	-	23,690	29,677
AME Receivable Bad Debt Expense	-	(13,143)	(36,211)
Total Provision for Insurance Losses	-	10,547	(6,534)
Other Losses	-	-	9
Total Gross Costs	19,841	212,908	185,140

LESS EXCHANGE REVENUES	October 2024	Year-to-Date October 2024	Year-to-Date October 2023
Other Revenue	(27)	(513)	(267)
Total Exchange Revenues	(27)	(513)	(267)
TOTAL NET COST/(INCOME) OF OPERATIONS	19,814	212,395	184,873

LESS NON-EXCHANGE REVENUES	October 2024	Year-to-Date October 2024	Year-to-Date October 2023
Interest Revenue - Investments	(48,306)	(467,405)	(345,814)
Total Non-Exchange Revenues	(48,306)	(467,405)	(345,814)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(28,492)	$(255,010)	$(160,941)

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

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

Non-Exchange Revenue	October 2024	October 2023
Interest Revenue - Investments	467,405	345,814
Net Unrealized Gain/(Loss) - Investments	243,928	4,798
Net Income /(Cost) of Operations	(212,395)	(184,873)
Change in Cumulative Results of Operations	498,938	165,739
CUMULATIVE RESULTS OF OPERATIONS	4,465,625	3,424,737

CONTRIBUTED CAPITAL	October 2024	October 2023
Beginning Balances	$17,234,861	$16,916,436
Change in Contributed Capital	355,139	314,434
CONTRIBUTED CAPITAL	17,590,000	17,230,870
NET POSITION	$22,055,625	$20,655,607

NET POSITION BREAKDOWN	October 2024	October 2023
Credit Union Contributed Capital	$17,590,000	$17,230,870
Retained Earnings	5,388,996	5,085,213
Total Net Position Without Unrealized Gain/ (Loss)	22,978,996	22,316,083
Unrealized Gain/ (Loss) - Investments	(923,371)	(1,660,476)
NET POSITION	$22,055,625	$20,655,607

Gross Income
October 2023 - October 2024

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $40.4 million in October 2023 to $48.3 million in October 2024, displaying a generally increasing trend.

Operating Expenses
October 2023 - October 2024

The second chart, “Operating Expenses”, presents monthly expenses from around $17.5 million in October 2023, increasing to $23.5 million in December 2023, and then dropping to $22.5 million in September 2024 and $19.8 million in October 2024.

Insurance Loss Expense (Reduction)
October 2023 - October 2024

The third chart, “Insurance Loss Expense (Reduction)” from October 2023 to October 2024, shows mostly zero values except for, -$5.7 million, $5.9 million, -$7.1, and $11.2 million in December 2023, March 2024, and June 2024, and September 2024 respectively.

INVESTMENT PORTFOLIO ACTIVITY

October 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	$5,553,470,000	5,553,470,000	-	100.00%	4.75%
U.S. Treasury Notes	17,412,657,542	16,489,286,426	(923,371,116)	94.70%	1.78%
Total	$22,966,127,542	$22,042,756,426	$(923,371,116)	95.98%	2.50%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.48%	2.50%	2.48%
Investment Income	$47,114,000	$48,306,296	$467,405,287
Weighted Avg. Maturity in Days / (Years)	872 (2.38)	875 (2.39)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
10/22/2024	250,000,000	5/15/2031	4.09%
10/22/2024	150,000,000	8/15/2031	4.11%

Maturity	Amount	Purchased	Yield
None	-	-	-

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 23,204

TOTAL UNREALIZED GAIN/(LOSS) - $ (923)

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 $5,553 million, with other categories showing balances ranging from $1,350 to $2,800 million. The “1m-6m” category has the lowest balance at $1,350 million.

The lower chart, titled “Unrealized Gain/(Loss) (Millions)”, corresponds to the same time frame as the upper chart. It shows values ranging from $-7 million to -$288 million. The most significant unrealized loss is in the “3yr-4yr” time frame at -$288 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.