September 2024 Share Insurance Fund Financial Highlights
MANAGEMENT OVERVIEW
September 30, 2024
Balance Sheets
Receivables from Asset Management Estates, Net is $78.1 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 September 30, 2024, the fund had a net income of $13.4 million. The fund recognized gross revenues of $47.1 million and total operating expenses of $22.5 million. The fund recognized an insurance loss expense of $11.2 million during the month of September 2024.
BALANCE SHEETS
As of September 30, 2024 and 2023 (Dollars in Thousands)
ASSETS
| INTRAGOVERNMENTAL ASSETS | September 2024 | September 2023 |
|---|---|---|
INTRAGOVERNMENTAL ASSETS Fund Balance with Treasury |
September 2024 $26,263 |
September 2023 $25,864 |
INTRAGOVERNMENTAL ASSETS Investments, Net - U.S. Treasury Securities |
September 2024 21,906,859 |
September 2023 20,302,835 |
INTRAGOVERNMENTAL ASSETS Accrued Interest Receivable - Investments |
September 2024 89,954 |
September 2023 102,743 |
INTRAGOVERNMENTAL ASSETS Accounts Receivable - Due from the NCUA Operating Fund |
September 2024 1,108 |
September 2023 1,170 |
INTRAGOVERNMENTAL ASSETS Advances and Prepayments |
September 2024 14,851 |
September 2023 14,736 |
INTRAGOVERNMENTAL ASSETS Total Intragovernmental Assets |
September 2024 22,039,035 |
September 2023 20,447,348 |
| WITH THE PUBLIC ASSETS | September 2024 | September 2023 |
|---|---|---|
WITH THE PUBLIC ASSETS Accounts Receivable - Due from Insured Credit Unions, Net |
September 2024 452,956 |
September 2023 475,547 |
WITH THE PUBLIC ASSETS Advances and Prepayments |
September 2024 1,742 |
September 2023 1,309 |
WITH THE PUBLIC ASSETS Receivables from Asset Management Estates (AMEs), Net* |
September 2024 78,091 |
September 2023 71,675 |
WITH THE PUBLIC ASSETS Total with the Public Assets |
September 2024 532,789 |
September 2023 548,531 |
WITH THE PUBLIC ASSETS TOTAL ASSETS |
September 2024 $22,571,824 |
September 2023 $20,995,879 |
LIABILITIES
| INTRAGOVERNMENTAL LIABILITIES | September 2024 | September 2023 |
|---|---|---|
INTRAGOVERNMENTAL LIABILITIES Accounts Payable - Due to the NCUA Operating Fund |
September 2024 - |
September 2023 36 |
INTRAGOVERNMENTAL LIABILITIES Total Intragovernmental Liabilities |
September 2024 - |
September 2023 36 |
| WITH THE PUBLIC LIABILITIES | September 2024 | September 2023 |
|---|---|---|
WITH THE PUBLIC LIABILITIES Accounts Payable |
September 2024 92,819 |
September 2023 125,595 |
WITH THE PUBLIC LIABILITIES Insurance and Guarantee Program Liabilities* |
September 2024 231,759 |
September 2023 214,340 |
WITH THE PUBLIC LIABILITIES Other Liabilities |
September 2024 227 |
September 2023 140 |
WITH THE PUBLIC LIABILITIES Total with the Public Liabilities |
September 2024 324,805 |
September 2023 340,075 |
WITH THE PUBLIC LIABILITIES TOTAL LIABILITIES |
September 2024 $324,805 |
September 2023 $340,111 |
| NET POSITION | September 2024 | September 2023 |
|---|---|---|
NET POSITION Cumulative Results of Operations |
September 2024 4,658,946 |
September 2023 3,430,091 |
NET POSITION Contributed Capital |
September 2024 17,588,073 |
September 2023 17,225,677 |
NET POSITION Total Net Position |
September 2024 22,247,019 |
September 2023 20,655,768 |
NET POSITION TOTAL LIABILITIES AND NET POSITION |
September 2024 $22,571,824 |
September 2023 $20,995,879 |
* Receivable from AMEs, Net and Insurance and Guarantee Program Liabilities lines are generally updated quarterly.
STATEMENTS OF NET COST
For the periods ended September 30, 2024 and 2023 (Dollars in Thousands)
| GROSS COSTS | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
GROSS COSTS Operating Expenses* |
September 2024 $22,522 |
Year-to-Date
September 2024 $182,520 |
Year-to-Date
September 2023 $174,164 |
GROSS COSTS Provision for Insurance Losses |
|||
GROSS COSTS Reserve Expense (Reduction) |
September 2024 21,726 |
Year-to-Date
September 2024 23,690 |
Year-to-Date
September 2023 29,677 |
GROSS COSTS AME Receivable Bad Debt Expense |
September 2024 (10,492) |
Year-to-Date
September 2024 (13,143) |
Year-to-Date
September 2023 (36,211) |
GROSS COSTS Total Provision for Insurance Losses |
September 2024 11,234 |
Year-to-Date
September 2024 10,547 |
Year-to-Date
September 2023 (6,534) |
GROSS COSTS Other Losses |
September 2024 - |
Year-to-Date
September 2024 - |
Year-to-Date
September 2023 9 |
GROSS COSTS Total Gross Costs |
September 2024 33,756 |
Year-to-Date
September 2024 193,067 |
Year-to-Date
September 2023 167,639 |
| LESS EXCHANGE REVENUES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
LESS EXCHANGE REVENUES Other Revenue |
September 2024 (40) |
Year-to-Date
September 2024 (486) |
Year-to-Date
September 2023 (193) |
LESS EXCHANGE REVENUES Total Exchange Revenues |
September 2024 (40) |
Year-to-Date
September 2024 (486) |
Year-to-Date
September 2023 (193) |
LESS EXCHANGE REVENUES TOTAL NET COST/(INCOME) OF OPERATIONS |
September 2024 33,716 |
Year-to-Date
September 2024 192,581 |
Year-to-Date
September 2023 167,446 |
| LESS NON-EXCHANGE REVENUES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
LESS NON-EXCHANGE REVENUES Interest Revenue - Investments |
September 2024 (47,114) |
Year-to-Date
September 2024 (419,099) |
Year-to-Date
September 2023 (305,461) |
LESS NON-EXCHANGE REVENUES Total Non-Exchange Revenues |
September 2024 (47,114) |
Year-to-Date
September 2024 (419,099) |
Year-to-Date
September 2023 (305,461) |
LESS NON-EXCHANGE REVENUES TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES |
September 2024 $(13,398) |
Year-to-Date
September 2024 $(226,518) |
Year-to-Date
September 2023 $(138,015) |
* 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 September 30, 2024 and 2023 (Dollars in Thousands)
| CUMULATIVE RESULTS OF OPERATIONS | September 2024 | September 2023 |
|---|---|---|
CUMULATIVE RESULTS OF OPERATIONS Beginning Balances |
September 2024 $3,966,687 |
September 2023 $3,258,998 |
| Non-Exchange Revenue | September 2024 | September 2023 |
|---|---|---|
Non-Exchange Revenue Interest Revenue - Investments |
September 2024 419,099 |
September 2023 305,461 |
Non-Exchange Revenue Net Unrealized Gain/(Loss) - Investments |
September 2024 465,741 |
September 2023 33,078 |
Non-Exchange Revenue Net Income /(Cost) of Operations |
September 2024 (192,581) |
September 2023 (167,446) |
Non-Exchange Revenue Change in Cumulative Results of Operations |
September 2024 692,259 |
September 2023 171,093 |
Non-Exchange Revenue CUMULATIVE RESULTS OF OPERATIONS |
September 2024 4,658,946 |
September 2023 3,430,091 |
| CONTRIBUTED CAPITAL | September 2024 | September 2023 |
|---|---|---|
CONTRIBUTED CAPITAL Beginning Balances |
September 2024 $17,234,861 |
September 2023 $16,916,436 |
CONTRIBUTED CAPITAL Change in Contributed Capital |
September 2024 353,212 |
September 2023 309,241 |
CONTRIBUTED CAPITAL CONTRIBUTED CAPITAL |
September 2024 17,588,073 |
September 2023 17,225,677 |
CONTRIBUTED CAPITAL NET POSITION |
September 2024 $22,247,019 |
September 2023 $20,655,768 |
| NET POSITION BREAKDOWN | September 2024 | September 2023 |
|---|---|---|
NET POSITION BREAKDOWN Credit Union Contributed Capital |
September 2024 $17,588,073 |
September 2023 $17,225,677 |
NET POSITION BREAKDOWN Retained Earnings |
September 2024 5,360,504 |
September 2023 5,062,288 |
NET POSITION BREAKDOWN Total Net Position Without Unrealized Gain/ (Loss) |
September 2024 22,948,577 |
September 2023 22,287,965 |
NET POSITION BREAKDOWN Unrealized Gain/ (Loss) - Investments |
September 2024 (701,558) |
September 2023 (1,632,197) |
NET POSITION BREAKDOWN NET POSITION |
September 2024 $22,247,019 |
September 2023 $20,655,768 |
Gross Income
September 2023 - September 2024
Operating Expenses
September 2023 - September 2024
Insurance Loss Expense (Reduction)
September 2023 - September 2024
INVESTMENT PORTFOLIO ACTIVITY
September 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 $5,531,365,000 |
Market Value 5,531,365,000 |
Unrealized Gain or (Loss) - |
% Market to Book Value 100.00% |
Weighted Average Yield 4.79% |
I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars) U.S. Treasury Notes |
Book Value 17,077,052,571 |
Market Value 16,375,494,455 |
Unrealized Gain or (Loss) (701,558,116) |
% Market to Book Value 95.89% |
Weighted Average Yield 1.74% |
I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars) Total |
Book Value $22,608,417,571 |
Market Value $21,906,859,455 |
Unrealized Gain or (Loss) $(701,558,116) |
% Market to Book Value 96.90% |
Weighted Average Yield 2.48% |
| II. INVESTMENT PORTFOLIO SUMMARY | Last Month | Current Month | CY To Date |
|---|---|---|---|
II. INVESTMENT PORTFOLIO SUMMARY Investment Yield |
Last Month 2.60% |
Current Month 2.48% |
CY To Date 2.48% |
II. INVESTMENT PORTFOLIO SUMMARY Investment Income |
Last Month $49,662,317 |
Current Month $47,114,000 |
CY To Date $419,098,991 |
II. INVESTMENT PORTFOLIO SUMMARY Weighted Avg. Maturity in Days / (Years) |
Last Month 895 (2.45) |
Current Month 872 (2.38) |
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 - $ 22,782
TOTAL UNREALIZED GAIN/(LOSS) - $ (702)
The balances in the statement above are preliminary and unaudited.
The information provided in the portfolio summary above is preliminary and unaudited.