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MANAGEMENT OVERVIEW
February 29, 2024
Balance Sheet
Assets: Total assets were $913,011 thousand as of February 2024 consisting of cash, loan receivable, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for February were $51,099 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $6,400 thousand for the quarter to date. Notes payable were $1,000 thousand related to borrowing with the Federal Financing Bank.
Capital Stock: Capital stock shares increased from the prior month to $820,199 thousand in February 2024.
Equity: As of February 29, 2024, $572 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,719 thousand in January to $3,575 thousand in February primarily due to two fewer days in the month.
Expense: Operating expenses for the month were $164 thousand.
Net Income: Monthly net income before dividends was $3,284 thousand which is $134 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,901 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of February 29, 2024, the CLF's statutory borrowing authority was $20.2 billion.
Investment Purchases: $36,000,000.
Maturities of Treasury Notes: $56,300,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $800,303,760 and U.S. Treasury Cash $109,189,729.
Regular Membership: 409. Agent Membership: 0.
Loans: $1,000,000. Borrowing Activity: $1,000,000.
BALANCE SHEETS
As of February 29, 2024 and February 28, 2023 (Dollars in thousands)
| ASSETS | February 2024 | February 2023 |
|---|---|---|
| Cash and Cash Equivalents | $109,190 | $7,112 |
| Investments, Net U.S. Treasury Securities | 800,304 | 773,401 |
| Loans to Members | 1,000 | - |
| Accrued Interest Receivable | 2,517 | 2,638 |
| TOTAL ASSETS | $913,011 | $783,152 |
| LIABILITIES | February 2024 | February 2023 |
|---|---|---|
| Accounts Payable | $468 | $390 |
| Dividends and Interest Payable | 6,400 | 5,344 |
| Notes Payable | 1,000 | - |
| Accrued Interest Payable | 11 | - |
| Member Deposits | 36,262 | 13,404 |
| Other Liabilities | 6,958 | - |
| TOTAL LIABILITIES | $51,099 | $19,138 |
| MEMBERS' EQUITY | February 2024 | February 2023 |
|---|---|---|
| Capital Stock Regular Members | $820,199 | $724,597 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 572 | (525) |
| TOTAL MEMBERS' EQUITY | 861,911 | 764,014 |
| TOTAL LIABILITIES AND EQUITY | $913,011 | $783,152 |
STATEMENTS OF OPERATIONS
For the Periods Ended February 29, 2024 and February 28, 2023 (Dollars in thousands)
| REVENUES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| Investment Income | $3,575 | $7,294 | $5,161 |
| Interest on Loan | 4 | 9 | - |
| Total Revenues | 3,579 | 7,303 | 5,161 |
| EXPENSES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 123 | 257 | 235 |
| Rent, Communications, and Utilities | 1 | 5 | 4 |
| Other General and Administrative Expenses | 40 | 61 | 102 |
| Total Operating Expenses | 164 | 322 | 341 |
| Interest - Notes Payable | 4 | 9 | - |
| Interest - Member Deposits | 127 | 269 | 98 |
| Total Expenses | 295 | 601 | 439 |
| NET INCOME BEFORE DIVIDENDS | 3,284 | 6,702 | 4,722 |
| Dividends | 2,901 | 6,131 | 5,247 |
| NET AMOUNT AFTER DIVIDENDS | 383 | 572 | (525) |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2023 | 2022 | 2021 |
|---|---|---|---|
| Dividend Rate First Quarter | 4.13% | 0.20% | 0.15% |
| Dividend Rate Second Quarter | 4.59% | 0.82% | 0.15% |
| Dividend Rate Third Quarter | 4.62% | 2.24% | 0.15% |
| Dividend Rate Fourth Quarter | 4.62% | 3.71% | 0.15% |
| SELECTED RATIOS | 2/29/2024 | 2/28/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 94.40% | 97.56% |
| Loans/Total Assets | 0.11% | 0.00% |
| Loans/Stock & Retained Earnings | 0.12% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 5.93% | 2.50% |
| SELECTED RATIOS | 2/29/2024 Month |
2/29/2024 YTD |
2/28/2023 YTD |
|---|---|---|---|
| Total Operating Expenses/Total Revenue | 4.57% | 4.41% | 6.61% |
| Net Income(before Divds)/Total Revenue | 91.75% | 91.77% | 91.49% |
| Loan/Total Revenue | 0.12% | 0.13% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 32,807,950 shares; issued and outstanding: 16,403,975 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.