NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP DC

For the period ended Aug 31, 2024. Filed Oct 11, 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.

Aug 31, 2024 · Filed Oct 11, 2024

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

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Contents

Item 2. Results of operations

Non-interest income (loss):
Interest income	$415,719		$21,986		$437,705		$—		$(19,586)	$418,119
Interest expense	(356,416)		(19,630)		(376,046)		—		19,586	(356,460)
Derivative cash settlements interest income	32,016		45		32,061		(32,061)		—	—
Interest expense	(324,400)		(19,585)		(343,985)		(32,061)		19,586	(356,460)
Net interest income	91,319		2,401		93,720		(32,061)		—	61,659
Provision for credit losses	(953)		(700)		(1,653)		—		700	(953)
Net interest income after provision for credit losses	90,366		1,701		92,067		(32,061)		700	60,706
Fee and other income	7,074		1,647		8,721		—		(3,053)	5,668
Derivative gains (losses):
Derivative cash settlements interest income	—		—		—		32,061		—	32,061
Derivative forward value losses	—		—		—		(230,386)		—	(230,386)
Derivative losses	—		—		—		(198,325)		—	(198,325)
Investment securities gains	4,131		—		4,131		—		—	4,131
Total non-interest income (loss)	11,205		1,647		12,852		(198,325)		(3,053)	(188,526)
Non-interest expense:
General and administrative expenses	(35,659)		(2,474)		(38,133)		—		1,841	(36,292)
Losses on early extinguishment of debt	(22)		—		(22)		—		—	(22)
Other non-interest expense	(287)		(521)		(808)		—		512	(296)
Total non-interest expense	(35,968)		(2,995)		(38,963)		—		2,353	(36,610)
Income (loss) before income taxes	65,603		353		65,956		(230,386)		—	(164,430)
Income tax benefit	—		104		104		—		—	104
Net income (loss)	$65,603		$457		$66,060		$(230,386)		$—	$(164,326)
(Dollars in thousands)	CFC	NCSC		Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)		Consolidated Total
Assets:
Total loans outstanding	$35,083,150		$1,583,937		$36,667,087		$—		$(1,570,890)	$35,096,197
Deferred loan origination costs	14,675		—		14,675		—		—	14,675
Loans to members	35,097,825		1,583,937		36,681,762		—		(1,570,890)	35,110,872
Less: Allowance for credit losses	(49,679)		(6,700)		(56,379)		—		6,700	(49,679)
Loans to members, net	35,048,146		1,577,237		36,625,383		—		(1,564,190)	35,061,193
Other assets	1,414,447		28,421		1,442,868		—		(15,720)	1,427,148
Total assets	$36,462,593		$1,605,658		$38,068,251		$—		$(1,579,910)	$36,488,341

(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$378,630	$19,032	$397,662	$—	$(16,706)	$380,956
Interest expense	(316,273)	(16,714)	(332,987)	—	16,706	(316,281)
Derivative cash settlements interest income	27,837	32	27,869	(27,869)	—	—
Interest expense	(288,436)	(16,682)	(305,118)	(27,869)	16,706	(316,281)
Net interest income	90,194	2,350	92,544	(27,869)	—	64,675
Provision for credit losses	(800)	(902)	(1,702)	—	902	(800)
Net interest income after provision for credit losses	89,394	1,448	90,842	(27,869)	902	63,875
Non-interest income:
Fee and other income	6,327	1,666	7,993	—	(3,456)	4,537
Derivative gains:
Derivative cash settlements interest income	—	—	—	27,869	—	27,869
Derivative forward value gains	—	—	—	162,018	—	162,018
Derivative gains	—	—	—	189,887	—	189,887
Investment securities gains	2,933	—	2,933	—	—	2,933
Total non-interest income	9,260	1,666	10,926	189,887	(3,456)	197,357
Non-interest expense:
General and administrative expenses	(30,936)	(2,763)	(33,699)	—	2,196	(31,503)
Losses on early extinguishment of debt	(939)	—	(939)	—	—	(939)
Other non-interest expense	(177)	(359)	(536)	—	358	(178)
Total non-interest expense	(32,052)	(3,122)	(35,174)	—	2,554	(32,620)
Income (loss) before income taxes	66,602	(8)	66,594	162,018	—	228,612
Income tax provision	—	(328)	(328)	—	—	(328)
Net income (loss)	$66,602	$(336)	$66,266	$162,018	$—	$228,284
(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$33,063,285	$1,462,423	$34,525,708	$—	$(1,442,215)	$33,083,493
Deferred loan origination costs	13,153	—	13,153	—	—	13,153
Loans to members	33,076,438	1,462,423	34,538,861	—	(1,442,215)	33,096,646
Less: Allowance for credit losses	(54,926)	(4,572)	(59,498)	—	4,572	(54,926)
Loans to members, net	33,021,512	1,457,851	34,479,363	—	(1,437,643)	33,041,720
Other assets	1,644,426	76,321	1,720,747	—	(68,304)	1,652,443
Total assets	$34,665,938	$1,534,172	$36,200,110	$—	$(1,505,947)	$34,694,163

(1)Consists of (i) the reclassification of net periodic derivative settlement interest income (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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