April 2024 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

April 30, 2024

Balance Sheets

Receivables from Asset Management Estates, Net is $70.1 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $217.5 million; $7.3 million is for specific reserves for natural person credit unions, and $210.2 million is for general reserves.

Statements of Net Cost

For the month ended April 30, 2024, the fund had a net income of $25.5 million. The fund recognized gross revenues of $45.0 million and total operating expenses of $19.5 million. The fund did not recognize any insurance loss expense during the month of April 2024.

BALANCE SHEETS

As of April 30, 2024 and 2023 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	April 2024	April 2023
Fund Balance with Treasury	$28,469	$26,628
Investments, Net - U.S. Treasury Securities	21,032,739	20,491,788
Accrued Interest Receivable - Investments	123,327	144,008
Accounts Receivable - Due from the NCUA Operating Fund	1,943	1,876
Advances and Prepayments	15,285	14,980
Total Intragovernmental Assets	21,201,763	20,679,280

WITH THE PUBLIC ASSETS	April 2024	April 2023
Accounts Receivable - Due from Insured Credit Unions, Net	2,918	1,411
Advances and Prepayments	1,067	886
Receivables from Asset Management Estates (AMEs), Net*	70,065	78,988
Total with the Public Assets	74,050	81,285
TOTAL ASSETS	$21,275,813	$20,760,565

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	April 2024	April 2023
Accounts Payable - Due to the NCUA Operating Fund	35	1
Total Intragovernmental Liabilities	35	1

WITH THE PUBLIC LIABILITIES	April 2024	April 2023
Accounts Payable	3,689	2,688
Insurance and Guarantee Program Liabilities*	217,513	197,983
Other Liabilities	47	624
Total with the Public Liabilities	221,249	201,295
TOTAL LIABILITIES	$221,284	$201,296

NET POSITION	April 2024	April 2023
Cumulative Results of Operations	3,845,591	3,700,982
Contributed Capital	17,208,938	16,858,287
Total Net Position	21,054,529	20,559,269
TOTAL LIABILITIES AND NET POSITION	$21,275,813	$20,760,565

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

STATEMENTS OF NET COST

For the periods ended April 30, 2024 and 2023 (Dollars in Thousands)

GROSS COSTS	April 2024	Year-to-Date April 2024	Year-to-Date April 2023
Operating Expenses*	$19,473	$79,218	$75,189
Provision for Insurance Losses
Reserve Expense (Reduction)	-	8,114	12,240
AME Receivable Bad Debt Expense	-	(2,212)	(20,425)
Total Provision for Insurance Losses	-	5,902	(8,185)
Other Losses	-	-	9
Total Gross Costs	19,473	85,120	67,013

LESS EXCHANGE REVENUES	April 2024	Year-to-Date April 2024	Year-to-Date April 2023
Other Revenue	(93)	(206)	(82)
Total Exchange Revenues	(93)	(206)	(82)
TOTAL NET COST/(INCOME) OF OPERATIONS	19,380	84,914	66,931

LESS NON-EXCHANGE REVENUES	April 2024	Year-to-Date April 2024	Year-to-Date April 2023
Interest Revenue - Investments	(44,876)	(178,490)	(121,368)
Total Non-Exchange Revenues	(44,876)	(178,490)	(121,368)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(25,496)	$(93,576)	$(54,437)

* 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 April 30, 2024 and 2023 (Dollars in Thousands)

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

Non-Exchange Revenue	April 2024	April 2023
Interest Revenue - Investments	178,490	121,368
Net Unrealized Gain/(Loss) - Investments	(214,672)	387,547
Net Income /(Cost) of Operations	(84,914)	(66,931)
Change in Cumulative Results of Operations	121,096	441,984
CUMULATIVE RESULTS OF OPERATIONS	3,845,591	3,700,982

CONTRIBUTED CAPITAL	April 2024	April 2023
Beginning Balances	$17,234,861	$16,916,436
Change in Contributed Capital	(25,923)	(58,149)
CONTRIBUTED CAPITAL	17,208,938	16,858,287
NET POSITION	$21,054,529	$20,559,269

NET POSITION BREAKDOWN	April 2024	April 2023
Credit Union Contributed Capital	$17,208,938	$16,858,287
Retained Earnings	5,227,561	4,978,710
Total Net Position Without Unrealized Gain/ (Loss)	22,436,499	21,836,997
Unrealized Gain/ (Loss) - Investments	(1,381,970)	(1,277,728)
NET POSITION	$21,054,529	$20,559,269

Gross Income
April 2023 - April 2024

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $30.5 million in April 2023 to $45.0 million in April 2024, displaying a generally increasing trend.

Operating Expenses
April 2023 - April 2024

The second chart, “Operating Expenses”, presents monthly expenses from around $18.0 million in April 2023, increasing to $23.5 million in December 2023, and then dropping to $19.5 million in April 2024.

Insurance Loss Expense (Reduction)
April 2023 - April 2024

The third chart, “Insurance Loss Expense (Reduction)” from April 2023 to April 2024, shows mostly zero values except for $6.4 million, -$4.8 million, -$5.7 million, and $5.9 million in June 2023, September 2023, December 2023, and March 2024 respectively.

INVESTMENT PORTFOLIO ACTIVITY

April 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
Daily Treasury Account	$5,593,833,000	5,593,833,000	-	100.00%	5.38%
U.S. Treasury Notes	16,820,876,289	15,438,905,920	(1,381,970,369)	91.78%	1.44%
Total	$22,414,709,289	$21,032,738,920	$(1,381,970,369)	93.83%	2.42%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.43%	2.42%	2.40%
Investment Income	$46,621,159	$44,876,398	$178,489,562
Weighted Avg. Maturity in Days / (Years)	812 (2.22)	790 (2.16)	-

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 - $ 22,194

TOTAL UNREALIZED GAIN/(LOSS) - $ (1,382)

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 $5,594 million, with other categories showing balances ranging from $1,350 to $2,800 million. The “6yrs-7yr” category has the lowest balance at $400 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 -$382 million. The most significant unrealized loss is in the “4yr-5yr” time frame at -$382 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.