January 2024 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

January 31, 2024

Balance Sheets

Receivables from Asset Management Estates, Net is $70.0 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $209.0 million; $6.9 million is for specific reserves for natural person credit unions, and $202.1 million is for general reserves.

Statements of Net Cost

For the month ended January 31, 2024, the fund had a net income of $24.2 million. The fund recognized gross revenues of $44.5 million and total operating expenses of $20.3 million. The fund recognized an insurance loss reduction of $0.0 million during the month of January 2024.

BALANCE SHEETS

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

ASSETS

INTRAGOVERNMENTAL ASSETS	January 2024	January 2023
Fund Balance with Treasury	$40,325	$25,188
Investments, Net - U.S. Treasury Securities	21,201,666	20,359,509
Accrued Interest Receivable - Investments	124,759	144,783
Accounts Receivable - Due from the NCUA Operating Fund	475	1,809
Advances and Prepayments	15,839	12,604
Total Intragovernmental Assets	21,383,064	20,543,893

WITH THE PUBLIC ASSETS	January 2024	January 2023
Advances and Prepayments	$1,009	$1,218
Receivables from Asset Management Estates (AMEs), Net*	70,019	76,066
Total with the Public Assets	71,028	77,284
TOTAL ASSETS	$21,454,092	$20,621,177

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	January 2024	January 2023
Accounts Payable - Due to the NCUA Operating Fund	$10	$9
Total Intragovernmental Liabilities	10	9

WITH THE PUBLIC LIABILITIES	January 2024	January 2023
Accounts Payable	$2,301	$2,355
Insurance and Guarantee Program Liabilities*	209,001	185,228
Other Liabilities	142	360
Total with the Public Liabilities	211,444	187,943
TOTAL LIABILITIES	211,454	187,952

NET POSITION	January 2024	January 2023
Cumulative Results of Operations	4,007,095	3,510,406
Contributed Capital	17,235,543	16,922,819
Total Net Position	21,242,638	20,433,225
TOTAL LIABILITIES AND NET POSITION	$21,454,092	$20,621,177

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

STATEMENTS OF NET COST

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

GROSS COSTS	January 2024	Year-to-Date January 2024	Year-to-Date January 2023
Operating Expenses*	$20,275	$20,275	$18,472
Provision for Insurance Losses
Reserve Expense (Reduction)	(6)	(6)	-
Total Provision for Insurance Losses	(6)	(6)	-
Other Losses	-	-	9
Total Gross Costs	20,269	20,269	18,481

LESS EXCHANGE REVENUES	January 2024	Year-to-Date January 2024	Year-to-Date January 2023
Other Revenue	(62)	(62)	(55)
Total Exchange Revenues	(62)	(62)	(55)
TOTAL NET COST/(INCOME) OF OPERATIONS	20,207	20,207	18,426

LESS NON-EXCHANGE REVENUES	January 2024	Year-to-Date January 2024	Year-to-Date January 2023
Interest Revenue - Investments	(44,389)	(44,389)	(30,081)
Total Non-Exchange Revenues	(44,389)	(44,389)	(30,081)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	(24,182)	(24,182)	(11,655)

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

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

Non-Exchange Revenue	January 2024	January 2023
Interest Revenue - Investments	$44,389	$30,081
Net Unrealized Gain/(Loss) - Investments	16,226	239,753
Net Income /(Cost) of Operations	(20,207)	(18,426)
Change in Cumulative Results of Operations	40,408	251,408
CUMULATIVE RESULTS OF OPERATIONS	4,007,095	3,510,406

CONTRIBUTED CAPITAL	January 2024	January 2023
Beginning Balances	$17,234,861	$16,916,436
Change in Contributed Capital	682	6,383
CONTRIBUTED CAPITAL	17,235,543	16,922,819
NET POSITION	21,242,638	20,433,225

NET POSITION BREAKDOWN	January 2024	January 2023
Credit Union Contributed Capital	$17,235,543	$16,922,819
Retained Earnings	5,158,167	4,935,927
Total Net Position Without Unrealized Gain/ (Loss)	22,393,710	21,858,746
Unrealized Gain/ (Loss) - Investments	(1,151,072)	(1,425,521)
NET POSITION	21,242,638	20,433,225

Gross Income
January 2023 - January 2024

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $30.2 million in January 2023 to $44.5 million in January 2024, displaying a generally increasing trend.

Operating Expenses
January 2023 - January 2024

The second chart, “Operating Expenses,” presents monthly expenses from around $18.5 million in January 2023, increasing to $23.5 million in December 2023, and then dropping to $20.3 million in January 2024.

Insurance Loss Expense (Reduction)
January 2023 - January 2024

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

INVESTMENT PORTFOLIO ACTIVITY

January 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	$5,173,237,000	5,173,237,000	-	100.00%	5.38%
U.S. Treasury Notes	17,179,501,066	16,028,429,269	(1,151,071,797)	93.30%	1.40%
Total	22,352,738,066	21,201,666,269	(1,151,071,797)	94.85%	2.32%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.33%	2.32%	2.32%
Investment Income	$44,361,977	$44,388,514	44,388,514
Weighted Avg. Maturity in Days / (Years)	846 (2.32)	823 (2.25)	-

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 - $ 22,024

TOTAL UNREALIZED GAIN/(LOSS) - $ (1,151)

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 $5,173 million, with other categories showing balances ranging from $1,400 to $2,800 million. The “6yrs-7yr” category has the lowest balance at $551 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 -$327 million. The most significant unrealized loss is in the $4yr-5yr” time frame at -$327 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.