February 2025 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

February 28, 2025

Balance Sheets

Receivables from Asset Management Estates, Net is $76.6 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $237.0 million; $7.9 million is for specific reserves for natural person credit unions, and $229.1 million is for general reserves.

Statements of Net Cost

For the month ended February 28, 2025, the fund had a net income of $26.2 million. The fund recognized gross revenues of $45.3 million and total operating expenses of $19.1 million. The fund recognized an insurance loss reduction of $15.4 thousand during the month of February 2025.

BALANCE SHEETS

As of February 28, 2025 and February 29, 2024 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	February 2025	February 2024
Fund Balance with Treasury	$29,869	$26,836
Investments, Net - U.S. Treasury Securities	22,442,211	21,174,492
Accrued Interest Receivable - Investments	61,707	63,017
Accounts Receivable - Due from the NCUA Operating Fund	4,885	4,200
Advances and Prepayments	16,961	15,693
Total Intragovernmental Assets	22,555,633	21,284,238

WITH THE PUBLIC ASSETS	February 2025	February 2024
Advances and Prepayments	792	1,076
Receivables from Asset Management Estates (AMEs), Net*	76,634	69,761
Total with the Public Assets	77,426	70,837
TOTAL ASSETS	$22,633,059	$21,355,075

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	February 2025	February 2024
Accounts Payable - Due to the NCUA Operating Fund	56	-
Total Intragovernmental Liabilities	56	-

WITH THE PUBLIC LIABILITIES	February 2025	February 2024
Accounts Payable	2,724	2,308
Insurance and Guarantee Program Liabilities*	236,970	208,999
Other Liabilities	526	443
Total with the Public Liabilities	240,220	211,750
TOTAL LIABILITIES	$240,276	$211,750

NET POSITION	February 2025	February 2024
Cumulative Results of Operations	4,775,664	3,907,978
Contributed Capital	17,617,119	17,235,347
Total Net Position	22,392,783	21,143,325
TOTAL LIABILITIES AND NET POSITION	$22,633,059	$21,355,075

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

STATEMENTS OF NET COST

For the periods ended February 28, 2025 and February 29, 2024 (Dollars in Thousands)

GROSS COSTS	February 2025	Year-to-Date February 2025	Year-to-Date February 2024
Operating Expenses*	$19,059	$39,837	$38,661
Provision for Insurance Losses
Reserve Expense (Reduction)	(15)	(15)	(8)
AME Receivable Bad Debt Expense	-	-	-
Total Provision for Insurance Losses	(15)	(15)	(8)
Other Losses	-	-	-
Total Gross Costs	19,044	39,822	38,653

LESS EXCHANGE REVENUES	February 2025	Year-to-Date February 2025	Year-to-Date February 2024
Other Revenue	(9)	(95)	(62)
Total Exchange Revenues	(9)	(95)	(62)
TOTAL NET COST/(INCOME) OF OPERATIONS	19,035	39,727	38,591

LESS NON-EXCHANGE REVENUES	February 2025	Year-to-Date February 2025	Year-to-Date February 2024
Interest Revenue - Investments	(45,238)	(94,525)	(86,992)
Total Non-Exchange Revenues	(45,238)	(94,525)	(86,992)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(26,203)	$(54,798)	$(48,401)

* 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 February 28, 2025 and February 29, 2024 (Dollars in Thousands)

CUMULATIVE RESULTS OF OPERATIONS	February 2025	February 2024
Beginning Balances	$4,492,048	$3,966,687

Non-Exchange Revenue	February 2025	February 2024
Interest Revenue - Investments	94,525	86,992
Net Unrealized Gain/(Loss) - Investments	228,818	(107,110)
Net Income /(Cost) of Operations	(39,727)	(38,591)
Change in Cumulative Results of Operations	283,616	(58,709)
CUMULATIVE RESULTS OF OPERATIONS	4,775,664	3,907,978

CONTRIBUTED CAPITAL	February 2025	February 2024
Beginning Balances	$17,605,018	$17,234,861
Change in Contributed Capital	12,101	486
CONTRIBUTED CAPITAL	17,617,119	17,235,347
NET POSITION	$22,392,783	$21,143,325

NET POSITION BREAKDOWN	February 2025	February 2024
Credit Union Contributed Capital	$17,617,119	$17,235,347
Retained Earnings	5,493,904	5,182,387
Total Net Position Without Unrealized Gain/ (Loss)	23,111,023	22,417,734
Unrealized Gain/ (Loss) - Investments	(718,240)	(1,274,409)
NET POSITION	$22,392,783	$21,143,325

Gross Income
February 2024 - February 2025

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $42.6 million in February 2024 to $45.3 million in February 2025, displaying a generally increasing trend.

Operating Expenses
February 2024 - February 2025

The second chart, “Operating Expenses”, presents monthly expenses from around $18.4 million in February 2024, and increasing to $19.1 million in February 2025.

Insurance Loss Expense (Reduction)
February 2024 - February 2025

The third chart, “Insurance Loss Expense (Reduction)” from February 2024 to February 2025, shows mostly zero values except for, $5.9 million, -$7.1 million, $11.2 million, and $2.6 million in March 2024, and June 2024, September 2024, and December 2024, respectively.

INVESTMENT PORTFOLIO ACTIVITY

February 28, 2025

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	$5,543,406,000	$5,543,406,000	$-	100.00%	4.31%
U.S. Treasury Notes	17,617,044,431	16,898,804,654	(718,239,777)	95.92%	2.06%
Total	$23,160,450,431	$22,442,210,654	$(718,239,777)	96.90%	2.59%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.51%	2.59%	2.55%
Investment Income	$49,287,550	$45,237,517	$94,525,067
Weighted Avg. Maturity in Days / (Years)	896 (2.46)	966 (2.65)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
2/18/2025	900,000,000	various	4.45% to 4.46%

Maturity	Amount	Purchased	Yield
2/15/2025	650,000,000	various	0.29% to 2.08%

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 23,694

TOTAL UNREALIZED GAIN/(LOSS) - $ (718)

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-6yr, 6yr-7yr, and 7yr-8yr. The largest balance is in the Overnight” category at $5,543 million, with other categories showing balances ranging from $350 million to $2,800 million. The “7yr-8yr” category have the lowest balances at $350 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 million to -$246 million. The most significant unrealized loss is in the “3yr-4yr” time frame at -$246 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.