MANAGEMENT OVERVIEW
April 30, 2024
Balance Sheet
Assets: Total assets were $929,789 thousand as of April 2024 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $1,367 thousand.
Liabilities: Total liabilities for April were $31,719 thousand, inclusive of accrued capital stock dividend and LRC account interest payables of $3,285 thousand for the month and Other Liabilities of $8,474 thousand including the additional capital stock subscriptions as part of CLF's annual adjustments.
Capital Stock: Capital stock shares increased from the prior month to $855,761 thousand in April 2024.
Equity: As of April 30, 2024, $1,168 thousand has been added to current year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,866 thousand in March to $3,752 thousand in April primarily due to one fewer day in the month.
Expense: Operating expenses for the month were $168 thousand.
Net Income: Monthly net income before dividends was $3,491 thousand which is $51 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $3,192 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of April 30, 2024, the CLF's statutory borrowing authority was $21.0 billion.
Investment Purchases: $80,000,000.
Maturities of Treasury Notes: $73,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $826,848,043 and U.S. Treasury Cash $100,854,437.
Regular Membership: 416. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of April 30, 2024 and April 30, 2023 (Dollars in thousands)
| ASSETS | April 2024 | April 2023 |
|---|---|---|
| Cash and Cash Equivalents | $100,854 | $18,521 |
| Investments, Net U.S. Treasury Securities | 826,848 | 816,787 |
| Accounts Receivable | 1,367 | 5,074 |
| Accrued Interest Receivable | 720 | 8,274 |
| TOTAL ASSETS | $929,789 | $848,656 |
| LIABILITIES | April 2024 | April 2023 |
|---|---|---|
| Accounts Payable | $361 | $238 |
| Dividends and Interest Payable | 3,285 | 2,712 |
| Member Deposits | 19,599 | 8,228 |
| Other Liabilities | 8,474 | 5,074 |
| TOTAL LIABILITIES | $31,719 | $16,252 |
| MEMBERS' EQUITY | April 2024 | April 2023 |
|---|---|---|
| Capital Stock Regular Members | $855,761 | $792,419 |
| Retained Earnings Prior Year | 41,141 | 39,942 |
| Retained Earnings Current Year | 1,168 | 43 |
| TOTAL MEMBERS' EQUITY | 898,070 | 832,404 |
| TOTAL LIABILITIES AND EQUITY | $929,789 | $848,656 |
STATEMENTS OF OPERATIONS
For the Periods Ended April 30, 2024 and April 30, 2023 (Dollars in thousands)
| REVENUES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Investment Income | $3,752 | $14,912 | $10,961 |
| Interest on Loan | - | 11 | - |
| Total Revenues | 3,752 | 14,923 | 10,961 |
| EXPENSES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 129 | 525 | 476 |
| Rent, Communications, and Utilities | 3 | 11 | 12 |
| Other General and Administrative Expenses | 36 | 160 | 234 |
| Total Operating Expenses | 168 | 696 | 722 |
| Interest - Notes Payable | - | 11 | - |
| Interest - Member Deposits | 93 | 482 | 166 |
| Total Expenses | 261 | 1,189 | 888 |
| NET INCOME BEFORE DIVIDENDS | 3,491 | 13,734 | 10,073 |
| Dividends | 3,192 | 12,566 | 10,030 |
| NET AMOUNT AFTER DIVIDENDS | 299 | 1,168 | 43 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2024 | 2023 | 2022 |
|---|---|---|---|
| Dividend Rate First Quarter | 4.54% | 4.13% | 0.20% |
| Dividend Rate Second Quarter | Blank | 4.59% | 0.82% |
| Dividend Rate Third Quarter | Blank | 4.62% | 2.24% |
| Dividend Rate Fourth Quarter | Blank | 4.62% | 3.71% |
| SELECTED RATIOS | 4/30/2024 | 4/30/2023 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.59% | 98.08% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.53% | 1.95% |
| SELECTED RATIOS | 4/30/2024 Month |
4/30/2024 YTD |
4/30/2023 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.22% | 0.23% | 0.27% |
| Total Operating Expenses/Total Revenue | 4.49% | 4.66% | 6.59% |
| Net Income(before Divds)/Total Revenue | 93.04% | 92.04% | 91.90% |
| Loan/Total Revenue | 0.00% | 0.07% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 34,230,422 shares; issued and outstanding: 17,115,211 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.