NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP DC

For the period ended Feb 29, 2024. Filed Apr 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.

Feb 29, 2024 · Filed Apr 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.

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Contents

Item 2. Results of operations

Non-interest income:
Interest income	$409,514	$21,417	$430,931	$—	$(19,096)	$411,835
Interest expense	(346,993)	(19,122)	(366,115)	—	19,096	(347,019)
Derivative cash settlements interest income	38,304	38	38,342	(38,342)	—	—
Interest expense	(308,689)	(19,084)	(327,773)	(38,342)	19,096	(347,019)
Net interest income	100,825	2,333	103,158	(38,342)	—	64,816
Benefit (provision) for credit losses	6,559	(537)	6,022	—	537	6,559
Net interest income after benefit (provision) for credit losses	107,384	1,796	109,180	(38,342)	537	71,375
Fee and other income	6,217	1,773	7,990	—	(2,965)	5,025
Derivative gains (losses):
Derivative cash settlements interest income	—	—	—	38,342	—	38,342
Derivative forward value losses	—	—	—	(56,817)	—	(56,817)
Derivative losses	—	—	—	(18,475)	—	(18,475)
Investment securities gains	4,140	—	4,140	—	—	4,140
Total non-interest income (loss)	10,357	1,773	12,130	(18,475)	(2,965)	(9,310)
Non-interest expense:
General and administrative expenses	(29,153)	(2,706)	(31,859)	—	1,870	(29,989)
Losses on early extinguishment of debt	(33)	—	(33)	—	—	(33)
Other non-interest expense	(250)	(595)	(845)	—	558	(287)
Total non-interest expense	(29,436)	(3,301)	(32,737)	—	2,428	(30,309)
Income before income taxes	88,305	268	88,573	(56,817)	—	31,756
Income tax provision	—	(567)	(567)	—	—	(567)
Net income (loss)	$88,305	$(299)	$88,006	$(56,817)	$—	$31,189

(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$350,914	$17,915	$368,829	$—	$(15,537)	$353,292
Interest expense	(281,706)	(15,540)	(297,246)	—	15,537	(281,709)
Derivative cash settlements interest income (expense)	18,680	(46)	18,634	(18,634)	—	—
Interest expense	(263,026)	(15,586)	(278,612)	(18,634)	15,537	(281,709)
Net interest income	87,888	2,329	90,217	(18,634)	—	71,583
Benefit (provision) for credit losses	11,318	(15)	11,303	—	15	11,318
Net interest income after benefit (provision) for credit losses	99,206	2,314	101,520	(18,634)	15	82,901
Non-interest income:
Fee and other income	7,004	828	7,832	—	(2,506)	5,326
Derivative gains:
Derivative cash settlements interest income	—	—	—	18,634	—	18,634
Derivative forward value gains	—	—	—	83,674	—	83,674
Derivative gains	—	—	—	102,308	—	102,308
Investment securities losses	(1,402)	—	(1,402)	—	—	(1,402)
Total non-interest income	5,602	828	6,430	102,308	(2,506)	106,232
Non-interest expense:
General and administrative expenses	(24,570)	(2,766)	(27,336)	—	2,021	(25,315)
Other non-interest expense	(297)	(471)	(768)	—	470	(298)
Total non-interest expense	(24,867)	(3,237)	(28,104)	—	2,491	(25,613)
Income (loss) before income taxes	79,941	(95)	79,846	83,674	—	163,520
Income tax provision	—	(303)	(303)	—	—	(303)
Net income (loss)	$79,941	$(398)	$79,543	$83,674	$—	$163,217

(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$1,174,803	$60,465	$1,235,268	$—	$(53,490)	$1,181,778
Interest expense	(987,094)	(53,541)	(1,040,635)	—	53,490	(987,145)
Derivative cash settlements interest income	94,869	109	94,978	(94,978)	—	—
Interest expense	(892,225)	(53,432)	(945,657)	(94,978)	53,490	(987,145)
Net interest income	282,578	7,033	289,611	(94,978)	—	194,633
Benefit (provision) for credit losses	5,131	(1,801)	3,330	—	1,801	5,131
Net interest income after benefit (provision) for credit losses	287,709	5,232	292,941	(94,978)	1,801	199,764
Non-interest income:
Fee and other income	20,902	4,735	25,637	—	(9,464)	16,173
Derivative gains:
Derivative cash settlements interest income	—	—	—	94,978	—	94,978
Derivative forward value gains	—	—	—	183,372	—	183,372
Derivative gains	—	—	—	278,350	—	278,350
Investment securities gains	8,916	—	8,916	—	—	8,916
Total non-interest income	29,818	4,735	34,553	278,350	(9,464)	303,439
Non-interest expense:
General and administrative expenses	(90,556)	(8,753)	(99,309)	—	6,305	(93,004)
Losses on early extinguishment of debt	(998)	—	(998)	—	—	(998)
Other non-interest expense	(675)	(1,398)	(2,073)	—	1,358	(715)
Total non-interest expense	(92,229)	(10,151)	(102,380)	—	7,663	(94,717)
Income (loss) before income taxes	225,298	(184)	225,114	183,372	—	408,486
Income tax provision	—	(978)	(978)	—	—	(978)
Net income (loss)	$225,298	$(1,162)	$224,136	$183,372	$—	$407,508
	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$34,387,835	$1,532,703	$35,920,538	$—	$(1,521,826)	$34,398,712
Deferred loan origination costs	13,622	—	13,622	—	—	13,622
Loans to members	34,401,457	1,532,703	35,934,160	—	(1,521,826)	34,412,334
Less: Allowance for credit losses	(48,995)	(5,471)	(54,466)	—	5,471	(48,995)
Loans to members, net	34,352,462	1,527,232	35,879,694	—	(1,516,355)	34,363,339
Other assets	1,513,120	27,575	1,540,695	—	(12,281)	1,528,414
Total assets	$35,865,582	$1,554,807	$37,420,389	$—	$(1,528,636)	$35,891,753

(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$978,150	$42,914	$1,021,064	$—	$(36,600)	$984,464
Interest expense	(736,618)	(36,603)	(773,221)	—	36,600	(736,621)
Derivative cash settlements interest income (expense)	13,090	(440)	12,650	(12,650)	—	—
Interest expense	(723,528)	(37,043)	(760,571)	(12,650)	36,600	(736,621)
Net interest income	254,622	5,871	260,493	(12,650)	—	247,843
Provision for credit losses	(3,806)	(1,296)	(5,102)	—	1,296	(3,806)
Net interest income after provision for credit losses	250,816	4,575	255,391	(12,650)	1,296	244,037
Non-interest income:
Fee and other income	18,696	3,442	22,138	—	(8,590)	13,548
Derivative gains:
Derivative cash settlements interest income	—	—	—	12,650	—	12,650
Derivative forward value gains	—	—	—	330,035	—	330,035
Derivative gains	—	—	—	342,685	—	342,685
Investment securities losses	(5,574)	—	(5,574)	—	—	(5,574)
Total non-interest income	13,122	3,442	16,564	342,685	(8,590)	350,659
Non-interest expense:
General and administrative expenses	(76,183)	(7,976)	(84,159)	—	6,078	(78,081)
Other non-interest expense	(973)	(1,218)	(2,191)	—	1,216	(975)
Total non-interest expense	(77,156)	(9,194)	(86,350)	—	7,294	(79,056)
Income (loss) before income taxes	186,782	(1,177)	185,605	330,035	—	515,640
Income tax provision	—	(785)	(785)	—	—	(785)
Net income (loss)	$186,782	$(1,962)	$184,820	$330,035	$—	$514,855
	CFC	NCSC	Segment Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$32,355,116	$1,470,160	$33,825,276	$—	$(1,456,045)	$32,369,231
Deferred loan origination costs	12,598	—	12,598	—	—	12,598
Loans to members	32,367,714	1,470,160	33,837,874	—	(1,456,045)	32,381,829
Less: Allowance for credit losses	(56,297)	(4,031)	(60,328)	—	4,031	(56,297)
Loans to members, net	32,311,417	1,466,129	33,777,546	—	(1,452,014)	32,325,532
Other assets	1,661,392	98,919	1,760,311	—	(84,331)	1,675,980
Total assets	$33,972,809	$1,565,048	$35,537,857	$—	$(1,536,345)	$34,001,512

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

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