MANAGEMENT OVERVIEW
January 31, 2025
Balance Sheet
Assets: Total assets were $981,794 thousand as of January 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for January were $52,703 thousand, inclusive of $48,329 thousand in member deposits, $2,948 thousand of accrued capital dividends and LRC interest, accounts payable of $491 thousand and $935 thousand in other liabilities.
Capital Stock: Capital stock shares increased from the prior month to $883,801 thousand in January 2025.
Equity: As of January 31, 2025, $281 thousand has been added to current calendar year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings decreased from $3,477 thousand in December 2024 to $3,414 thousand in January 2025 primarily due to the decrease in average yield.
Expense: Operating expenses for the month were $185 thousand.
Net Income: Monthly net income before dividends was $3,076 thousand which is $65 thousand lower than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,795 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of January 31, 2025, the CLF's statutory borrowing authority was $21.8 billion.
Investment Purchases: $145,000,000.
Maturities of Treasury Notes: $157,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Notes $849,098,549 and U.S. Treasury Cash $131,276,121.
Regular Membership: 437. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of January 31, 2025 and January 31, 2024 (Dollars in thousands)
| ASSETS | January 2025 | January 2024 |
|---|---|---|
| Cash and Cash Equivalents | $131,276 | $86,714 |
| Investments, Net U.S. Treasury Securities | 849,099 | 820,554 |
| Accrued Interest Receivable | 1,417 | 1,142 |
| Prepaid Expenses | 2 | - |
| Loans to Member | - | 1,000 |
| TOTAL ASSETS | $981,794 | $909,410 |
| LIABILITIES | January 2025 | January 2024 |
|---|---|---|
| Accounts Payable | $491 | $326 |
| Dividends and Interest Payable | 2,948 | 3,372 |
| Notes Payable | - | 1,000 |
| Accrued Interest Payable | - | 7 |
| Member Deposits | 48,329 | 36,301 |
| Other Liabilities | 935 | 7,126 |
| TOTAL LIABILITIES | $52,703 | $48,132 |
| MEMBERS' EQUITY | January 2025 | January 2024 |
|---|---|---|
| Capital Stock Regular Members | $883,801 | $819,949 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 281 | 188 |
| TOTAL MEMBERS' EQUITY | 929,091 | 861,278 |
| TOTAL LIABILITIES AND EQUITY | $981,794 | $909,410 |
STATEMENTS OF OPERATIONS
For the Periods Ended January 31, 2025 and January 31, 2024 (Dollars in thousands)
| REVENUES | January 2025 | Year-to-Date January 2025 |
Year-to-Date January 2024 |
|---|---|---|---|
| Investment Income | $3,414 | $3,414 | $3,719 |
| Interest on Loan | - | - | 5 |
| Total Revenues | 3,414 | 3,414 | 3,724 |
| EXPENSES | January 2025 | Year-to-Date January 2025 |
Year-to-Date January 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 146 | 146 | 134 |
| Rent, Communications, and Utilities | 5 | 5 | 4 |
| Other General and Administrative Expenses | 34 | 34 | 21 |
| Total Operating Expenses | 185 | 185 | 159 |
| Interest - Notes Payable | - | - | 5 |
| Interest - Member Deposits | 153 | 153 | 142 |
| Total Expenses | 338 | 338 | 306 |
| NET INCOME BEFORE DIVIDENDS | 3,076 | 3,076 | 3,418 |
| Dividends | 2,795 | 2,795 | 3,230 |
| NET AMOUNT AFTER DIVIDENDS | 281 | 281 | 188 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2024 | 2023 | 2022 |
|---|---|---|---|
| Dividend Rate First Quarter | 4.54% | 4.13% | 0.20% |
| Dividend Rate Second Quarter | 4.56%Blank | 4.59% | 0.82% |
| Dividend Rate Third Quarter | 4.46%Blank | 4.62% | 2.24% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% | 3.71% |
| SELECTED RATIOS | 1/31/2025 | 1/31/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 94.63% | 94.71% |
| Loans/Total Assets | 0.00% | 0.11% |
| Loans/Stock & Retained Earnings | 0.00% | 0.12% |
| Total Liabilities/Stock & Retained Earnings | 5.67% | 5.59% |
| SELECTED RATIOS | 1/31/2025 Month |
1/31/2025 YTD |
1/31/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.23% | 0.23% | 0.21% |
| Total Operating Expenses/Total Revenue | 5.43% | 5.43% | 4.26% |
| Net Income(before Divds)/Total Revenue | 90.10% | 90.10% | 91.79% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.13% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,352,054 shares; issued and outstanding: 17,676,027 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.