January 2025 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

January 31, 2025

Balance Sheets

Receivables from Asset Management Estates, Net is $77.7 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 January 31, 2025, the fund had a net income of $28.6 million. The fund recognized gross revenues of $49.4 million and total operating expenses of $20.8 million. The fund did not recognize any insurance loss expense during the month of January 2025.

BALANCE SHEETS

As of January 31, 2025 and 2024 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	January 2025	January 2024
Fund Balance with Treasury	$23,679	$40,325
Investments, Net - U.S. Treasury Securities	22,172,660	21,201,666
Accrued Interest Receivable - Investments	115,562	124,759
Accounts Receivable - Due from the NCUA Operating Fund	1,264	475
Advances and Prepayments	16,670	15,839
Total Intragovernmental Assets	22,329,835	21,383,064

WITH THE PUBLIC ASSETS	January 2025	January 2024
Advances and Prepayments	1,292	1,009
Receivables from Asset Management Estates (AMEs), Net*	77,741	70,019
Total with the Public Assets	79,033	71,028
TOTAL ASSETS	$22,408,868	$21,454,092

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	January 2025	January 2024
Accounts Payable - Due to the NCUA Operating Fund	38	10
Total Intragovernmental Liabilities	38	10

WITH THE PUBLIC LIABILITIES	January 2025	January 2024
Accounts Payable	2,721	2,301
Insurance and Guarantee Program Liabilities*	236,985	209,001
Other Liabilities	945	142
Total with the Public Liabilities	240,651	211,444
TOTAL LIABILITIES	$240,689	$211,454

NET POSITION	January 2025	January 2024
Cumulative Results of Operations	4,562,892	4,007,095
Contributed Capital	17,605,287	17,235,543
Total Net Position	22,168,179	21,242,638
TOTAL LIABILITIES AND NET POSITION	$22,408,868	$21,454,092

* 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, 2025 and 2024 (Dollars in Thousands)

GROSS COSTS	January 2025	Year-to-Date January 2025	Year-to-Date January 2024
Operating Expenses*	$20,779	$20,779	$20,275
Provision for Insurance Losses
Reserve Expense (Reduction)	-	-	(6)
Total Provision for Insurance Losses	-	-	(6)
Total Gross Costs	20,779	20,779	20,269

LESS EXCHANGE REVENUES	January 2025	Year-to-Date January 2025	Year-to-Date January 2024
Other Revenue	(87)	(87)	(62)
Total Exchange Revenues	(87)	(87)	(62)
TOTAL NET COST/(INCOME) OF OPERATIONS	20,692	20,692	20,207

LESS NON-EXCHANGE REVENUES	January 2025	Year-to-Date January 2025	Year-to-Date January 2024
Interest Revenue - Investments	(49,288)	(49,288)	(44,389)
Total Non-Exchange Revenues	(49,288)	(49,288)	(44,389)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(28,596)	$(28,596)	$(24,182)

* 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, 2025 and 2024 (Dollars in Thousands)

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

Non-Exchange Revenue	January 2025	January 2024
Interest Revenue - Investments	49,288	44,389
Net Unrealized Gain/(Loss) - Investments	42,248	16,226
Net Income /(Cost) of Operations	(20,692)	(20,207)
Change in Cumulative Results of Operations	70,844	40,408
CUMULATIVE RESULTS OF OPERATIONS	4,562,892	4,007,095

CONTRIBUTED CAPITAL	January 2025	January 2024
Beginning Balances	$17,605,018	$17,234,861
Change in Contributed Capital	269	682
CONTRIBUTED CAPITAL	17,605,287	17,235,543
NET POSITION	$22,168,179	$21,242,638

NET POSITION BREAKDOWN	January 2025	January 2024
Credit Union Contributed Capital	$17,605,287	$17,235,543
Retained Earnings	5,467,701	5,158,167
Total Net Position Without Unrealized Gain/ (Loss)	23,072,988	22,393,710
Unrealized Gain/ (Loss) - Investments	(904,809)	(1,151,072)
NET POSITION	$22,168,179	$21,242,638

Gross Income
January 2024 - January 2025

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $44.5 million in January 2024 to $49.4 million in January 2025, displaying a generally increasing trend.

Operating Expenses
January 2024 - January 2025

The second chart, “Operating Expenses”, presents monthly expenses from around $20.3 million in January 2024, increasing to $20.8 million in January 2025.

Insurance Loss Expense (Reduction)
January 2024 - January 2025

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

INVESTMENT PORTFOLIO ACTIVITY

January 31, 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	$5,591,592,000	$5,591,592,000	$-	100.00%	4.32%
U.S. Treasury Notes	17,485,876,503	16,581,067,748	(904,808,755)	94.83%	1.93%
Total	$23,077,468,503	$22,172,659,748	$(904,808,755)	96.08%	2.51%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.50%	2.51%	2.51%
Investment Income	$49,646,600	$49,287,550	$49,287,550
Weighted Avg. Maturity in Days / (Years)	919 (2.51)	896 (2.46)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
-	-	-	-

Maturity	Amount	Purchased	Yield
-	-	-	-

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 23,492

TOTAL UNREALIZED GAIN/(LOSS) - $ (905)

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 $5,592 million, with other categories showing balances ranging from $1,400 to $2,800 million. The “1m-6m” and “6m-1yr” categories have the lowest balances at $1,400 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 million to -$287 million. The most significant unrealized loss is in the “3yr-4yr” time frame at -$287 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.