NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP DC

For the period ended Nov 30, 2023. Filed Jan 12, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Nov 30, 2023 · Filed Jan 12, 2024

NRUC$20.04+0.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 2. Results of operations

Non-interest income:
Interest income	$386,659	$20,016	$406,675	$—	$(17,688)	$388,987
Interest expense	(323,828)	(17,705)	(341,533)	—	17,688	(323,845)
Derivative cash settlements interest income	28,728	39	28,767	(28,767)	—	—
Interest expense	(295,100)	(17,666)	(312,766)	(28,767)	17,688	(323,845)
Net interest income	91,559	2,350	93,909	(28,767)	—	65,142
Provision for credit losses	(628)	(362)	(990)	—	362	(628)
Net interest income after provision for credit losses	90,931	1,988	92,919	(28,767)	362	64,514
Fee and other income	8,358	1,296	9,654	—	(3,043)	6,611
Derivative gains:
Derivative cash settlements interest income	—	—	—	28,767	—	28,767
Derivative forward value gains	—	—	—	78,171	—	78,171
Derivative gains	—	—	—	106,938	—	106,938
Investment securities gains	1,843	—	1,843	—	—	1,843
Total non-interest income	10,201	1,296	11,497	106,938	(3,043)	115,392
Non-interest expense:
General and administrative expenses	(30,467)	(3,284)	(33,751)	—	2,239	(31,512)
Losses on early extinguishment of debt	(26)	—	(26)	—	—	(26)
Other non-interest expense	(248)	(444)	(692)	—	442	(250)
Total non-interest expense	(30,741)	(3,728)	(34,469)	—	2,681	(31,788)
Income (loss) before income taxes	70,391	(444)	69,947	78,171	—	148,118
Income tax provision	—	(83)	(83)	—	—	(83)
Net income (loss)	$70,391	$(527)	$69,864	$78,171	$—	$148,035

(Dollars in thousands)	CFC	NCSC and RTFC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$322,252	$13,063	$335,315	$—	$(11,121)	$324,194
Interest expense	(245,444)	(11,121)	(256,565)	—	11,121	(245,444)
Derivative cash settlements interest income (expense)	4,938	(137)	4,801	(4,801)	—	—
Interest expense	(240,506)	(11,258)	(251,764)	(4,801)	11,121	(245,444)
Net interest income	81,746	1,805	83,551	(4,801)	—	78,750
Provision for credit losses	(11,628)	(1,034)	(12,662)	—	1,034	(11,628)
Net interest income after provision for credit losses	70,118	771	70,889	(4,801)	1,034	67,122
Non-interest income:
Fee and other income	5,899	1,695	7,594	—	(3,428)	4,166
Derivative gains:
Derivative cash settlements interest income	—	—	—	4,801	—	4,801
Derivative forward value gains	—	—	—	141,989	—	141,989
Derivative gains	—	—	—	146,790	—	146,790
Investment securities losses	(493)	—	(493)	—	—	(493)
Total non-interest income	5,406	1,695	7,101	146,790	(3,428)	150,463
Non-interest expense:
General and administrative expenses	(26,601)	(2,675)	(29,276)	—	2,029	(27,247)
Other non-interest expense	(354)	(366)	(720)	—	365	(355)
Total non-interest expense	(26,955)	(3,041)	(29,996)	—	2,394	(27,602)
Income (loss) before income taxes	48,569	(575)	47,994	141,989	—	189,983
Income tax provision	—	(219)	(219)	—	—	(219)
Net income (loss)	$48,569	$(794)	$47,775	$141,989	$—	$189,764

(Dollars in thousands)	CFC	NCSC and RTFC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$765,289	$39,048	$804,337	$—	$(34,394)	$769,943
Interest expense	(640,101)	(34,419)	(674,520)	—	34,394	(640,126)
Derivative cash settlements interest income	56,565	71	56,636	(56,636)	—	—
Interest expense	(583,536)	(34,348)	(617,884)	(56,636)	34,394	(640,126)
Net interest income	181,753	4,700	186,453	(56,636)	—	129,817
Provision for credit losses	(1,428)	(1,264)	(2,692)	—	1,264	(1,428)
Net interest income after provision for credit losses	180,325	3,436	183,761	(56,636)	1,264	128,389
Non-interest income:
Fee and other income	14,685	2,962	17,647	—	(6,499)	11,148
Derivative gains:
Derivative cash settlements interest income	—	—	—	56,636	—	56,636
Derivative forward value gains	—	—	—	240,189	—	240,189
Derivative gains	—	—	—	296,825	—	296,825
Investment securities gains	4,776	—	4,776	—	—	4,776
Total non-interest income	19,461	2,962	22,423	296,825	(6,499)	312,749
Non-interest expense:
General and administrative expenses	(61,403)	(6,047)	(67,450)	—	4,435	(63,015)
Losses on early extinguishment of debt	(965)	—	(965)	—	—	(965)
Other non-interest expense	(425)	(803)	(1,228)	—	800	(428)
Total non-interest expense	(62,793)	(6,850)	(69,643)	—	5,235	(64,408)
Income (loss) before income taxes	136,993	(452)	136,541	240,189	—	376,730
Income tax provision	—	(411)	(411)	—	—	(411)
Net income (loss)	$136,993	$(863)	$136,130	$240,189	$—	$376,319
	CFC	NCSC and RTFC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$33,529,392	$1,492,683	$35,022,075	$—	$(1,481,837)	$33,540,238
Deferred loan origination costs	13,351	—	13,351	—	—	13,351
Loans to members	33,542,743	1,492,683	35,035,426	—	(1,481,837)	33,553,589
Less: Allowance for credit losses	(55,554)	(4,934)	(60,488)	—	4,934	(55,554)
Loans to members, net	33,487,189	1,487,749	34,974,938	—	(1,476,903)	33,498,035
Other assets	1,991,729	75,449	2,067,178	—	(55,010)	2,012,168
Total assets	$35,478,918	$1,563,198	$37,042,116	$—	$(1,531,913)	$35,510,203

(Dollars in thousands)	CFC	NCSC and RTFC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$627,236	$24,999	$652,235	$—	$(21,063)	$631,172
Interest expense	(454,912)	(21,063)	(475,975)	—	21,063	(454,912)
Derivative cash settlements interest expense	(5,590)	(394)	(5,984)	5,984	—	—
Interest expense	(460,502)	(21,457)	(481,959)	5,984	21,063	(454,912)
Net interest income	166,734	3,542	170,276	5,984	—	176,260
Provision for credit losses	(15,124)	(1,281)	(16,405)	—	1,281	(15,124)
Net interest income after provision for credit losses	151,610	2,261	153,871	5,984	1,281	161,136
Non-interest income:
Fee and other income	11,692	2,614	14,306	—	(6,084)	8,222
Derivative gains:
Derivative cash settlements interest expense	—	—	—	(5,984)	—	(5,984)
Derivative forward value gains	—	—	—	246,361	—	246,361
Derivative gains	—	—	—	240,377	—	240,377
Investment securities losses	(4,172)	—	(4,172)	—	—	(4,172)
Total non-interest income	7,520	2,614	10,134	240,377	(6,084)	244,427
Non-interest expense:
General and administrative expenses	(51,613)	(5,210)	(56,823)	—	4,057	(52,766)
Other non-interest expense	(676)	(747)	(1,423)	—	746	(677)
Total non-interest expense	(52,289)	(5,957)	(58,246)	—	4,803	(53,443)
Income (loss) before income taxes	106,841	(1,082)	105,759	246,361	—	352,120
Income tax provision	—	(482)	(482)	—	—	(482)
Net income (loss)	$106,841	$(1,564)	$105,277	$246,361	$—	$351,638
	CFC	NCSC and RTFC	Segment Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$31,545,440	$1,387,933	$32,933,373	$—	$(1,368,549)	$31,564,824
Deferred loan origination costs	12,527	—	12,527	—	—	12,527
Loans to members	31,557,967	1,387,933	32,945,900	—	(1,368,549)	31,577,351
Less: Allowance for credit losses	(67,615)	(4,016)	(71,631)	—	4,016	(67,615)
Loans to members, net	31,490,352	1,383,917	32,874,269	—	(1,364,533)	31,509,736
Other assets	1,667,517	97,712	1,765,229	—	(86,595)	1,678,634
Total assets	$33,157,869	$1,481,629	$34,639,498	$—	$(1,451,128)	$33,188,370

(1)Consists of (i) the reclassification of net periodic derivative settlement interest expense amounts, which we report as a component of interest expense for business segment reporting purposes but is included in derivatives gains (losses) in our consolidated total results and (ii) derivative forward value gains and losses, which we exclude from our business segment results but is included in derivatives gains (losses) in our consolidated total results.

(2)Consists of intercompany borrowings payable by NCSC and RTFC to CFC and the interest related to those borrowings, management fees paid by NCSC and RTFC to CFC and other intercompany amounts, all of which are eliminated in consolidation.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.