November 2024 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

November 30, 2024

Balance Sheets

Receivables from Asset Management Estates, Net is $76.2 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $231.8 million; $8.0 million is for specific reserves for natural person credit unions, and $223.8 million is for general reserves.

Statements of Net Cost

For the month ended November 30, 2024, the fund had a net income of $28.4 million. The fund recognized gross revenues of $47.9 million and total operating expenses of $19.5 million. The fund did not recognize any insurance loss expense during the month of November 2024.

BALANCE SHEETS

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

ASSETS

INTRAGOVERNMENTAL ASSETS	November 2024	November 2023
Fund Balance with Treasury	$25,006	$26,711
Investments, Net - U.S. Treasury Securities	22,226,735	20,964,421
Accrued Interest Receivable - Investments	56,887	61,181
Accounts Receivable - Due from the NCUA Operating Fund	2,735	1,395
Advances and Prepayments	15,075	15,231
Total Intragovernmental Assets	22,326,438	21,068,939

WITH THE PUBLIC ASSETS	November 2024	November 2023
Accounts Receivable - Due from Insured Credit Unions, Net	680	-
Advances and Prepayments	1,742	1,309
Receivables from Asset Management Estates (AMEs), Net*	76,213	70,261
Total with the Public Assets	78,635	71,570
TOTAL ASSETS	$22,405,073	$21,140,509

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	November 2024	November 2023
Accounts Payable - Due to the NCUA Operating Fund	14	27
Total Intragovernmental Liabilities	14	27

WITH THE PUBLIC LIABILITIES	November 2024	November 2023
Accounts Payable	2,710	2,326
Insurance and Guarantee Program Liabilities*	231,759	214,177
Other Liabilities	496	203
Total with the Public Liabilities	234,965	216,706
TOTAL LIABILITIES	$234,979	$216,733

NET POSITION	November 2024	November 2023
Cumulative Results of Operations	4,566,459	3,692,723
Contributed Capital	17,603,635	17,231,053
Total Net Position	22,170,094	20,923,776
TOTAL LIABILITIES AND NET POSITION	$22,405,073	$21,140,509

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

STATEMENTS OF NET COST

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

GROSS COSTS	November 2024	Year-to-Date November 2024	Year-to-Date November 2023
Operating Expenses*	$19,455	$221,816	$210,878
Provision for Insurance Losses
Reserve Expense (Reduction)	-	23,690	29,677
AME Receivable Bad Debt Expense	-	(13,143)	(36,211)
Total Provision for Insurance Losses	-	10,547	(6,534)
Other Losses	-	-	9
Total Gross Costs	19,455	232,363	204,353

LESS EXCHANGE REVENUES	November 2024	Year-to-Date November 2024	Year-to-Date November 2023
Other Revenue	-	(513)	(235)
Total Exchange Revenues	-	(513)	(235)
TOTAL NET COST/(INCOME) OF OPERATIONS	19,455	231,850	204,118

LESS NON-EXCHANGE REVENUES	November 2024	Year-to-Date November 2024	Year-to-Date November 2023
Interest Revenue - Investments	(47,900)	(515,306)	(387,344)
Total Non-Exchange Revenues	(47,900)	(515,306)	(387,344)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(28,445)	$(283,456)	$(183,226)

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

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

Non-Exchange Revenue	November 2024	November 2023
Interest Revenue - Investments	515,306	387,344
Net Unrealized Gain/(Loss) - Investments	316,316	250,499
Net Income /(Cost) of Operations	(231,850)	(204,118)
Change in Cumulative Results of Operations	599,772	433,725
CUMULATIVE RESULTS OF OPERATIONS	4,566,459	3,692,723

CONTRIBUTED CAPITAL	November 2024	November 2023
Beginning Balances	$17,234,861	$16,916,436
Change in Contributed Capital	368,774	314,617
CONTRIBUTED CAPITAL	17,603,635	17,231,053
NET POSITION	$22,170,094	$20,923,776

NET POSITION BREAKDOWN	November 2024	November 2023
Credit Union Contributed Capital	$17,603,635	$17,231,053
Retained Earnings	5,417,442	5,107,499
Total Net Position Without Unrealized Gain/ (Loss)	23,021,077	22,338,552
Unrealized Gain/ (Loss) - Investments	(850,983)	(1,414,776)
NET POSITION	$22,170,094	$20,923,776

Gross Income
November 2023 - November 2024

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $41.5 million in November 2023 to $47.9 million in November 2024, displaying a generally increasing trend.

Operating Expenses
November 2023 - November 2024

The second chart, “Operating Expenses”, presents monthly expenses from around $19.2 million in November 2023, increasing to $23.5 million in December 2023, and then dropping to $22.5 million in September 2024 and $19.5 million in November 2024.

Insurance Loss Expense (Reduction)
November 2023 - November 2024

The third chart, “Insurance Loss Expense (Reduction)” from November 2023 to November 2024, shows mostly zero values except for, -$5.7 million, $5.9 million, -$7.1 million, and $11.2 million in December 2023, March 2024, and June 2024, and September 2024 respectively.

INVESTMENT PORTFOLIO ACTIVITY

November 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	$5,589,479,000	$5,589,479,000	$-	100.00%	4.63%
U.S. Treasury Notes	17,488,238,743	16,637,255,806	(850,982,937)	95.13%	1.92%
Total	$23,077,717,743	$22,226,734,806	$(850,982,937)	96.31%	2.58%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.50%	2.58%	2.49%
Investment Income	$48,306,296	$47,900,388	$515,305,675
Weighted Avg. Maturity in Days / (Years)	875 (2.39)	943 (2.58)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
11/15/2024	$950,000,000	various	4.39% to 4.40%

Maturity	Amount	Purchased	Yield
11/15/2024	$700,000,000	various	0.26% to 2.34%

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 23,490

TOTAL UNREALIZED GAIN/(LOSS) - $ (851)

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 $5,589 million, with other categories showing balances ranging from $1,400 to $2,800 million. The “1m-6m” and “6m-1yr” categories have the lowest balance 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 $2 million to -$282 million. The most significant unrealized loss is in the “3yr-4yr” time frame at -$282 million, there is an unrealized gain of $2m in the “6yr-7yr” time frame, 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.