NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

For the period ended Nov 30, 2024. Filed Jan 13, 2025.

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, 2024 · Filed Jan 13, 2025

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:
Interest income	$417,566	$21,852	$439,418	$—	$(19,541)	$419,877
Interest expense	(354,385)	(19,599)	(373,984)	—	19,541	(354,443)
Derivative cash settlements interest income	26,401	5	26,406	(26,406)	—	—
Interest expense	(327,984)	(19,594)	(347,578)	(26,406)	19,541	(354,443)
Net interest income	89,582	2,258	91,840	(26,406)	—	65,434
Benefit (provision) for credit losses	(870)	183	(687)	—	(183)	(870)
Net interest income after benefit (provision) for credit losses	88,712	2,441	91,153	(26,406)	(183)	64,564
Fee and other income	7,020	561	7,581	—	(2,157)	5,424
Derivative gains:
Derivative cash settlements interest income	—	—	—	26,406	—	26,406
Derivative forward value gains	—	—	—	82,632	—	82,632
Derivative gains	—	—	—	109,038	—	109,038
Investment securities gains	2,097	—	2,097	—	—	2,097
Total non-interest income	9,117	561	9,678	109,038	(2,157)	116,559
Non-interest expense:
General and administrative expenses	(35,323)	(2,451)	(37,774)	—	1,847	(35,927)
Losses on early extinguishment of debt	(18)	—	(18)	—	—	(18)
Other non-interest expense	(222)	(500)	(722)	—	493	(229)
Total non-interest expense	(35,563)	(2,951)	(38,514)	—	2,340	(36,174)
Income before income taxes	62,266	51	62,317	82,632	—	144,949
Income tax provision	—	(146)	(146)	—	—	(146)
Net income (loss)	$62,266	$(95)	$62,171	$82,632	$—	$144,803

(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
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
Non-interest income:
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	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
Interest income	$833,285	$43,838	$877,123	$—	$(39,127)	$837,996
Interest expense	(710,801)	(39,229)	(750,030)	—	39,127	(710,903)
Derivative cash settlements interest income	58,417	50	58,467	(58,467)	—	—
Interest expense	(652,384)	(39,179)	(691,563)	(58,467)	39,127	(710,903)
Net interest income	180,901	4,659	185,560	(58,467)	—	127,093
Provision for credit losses	(1,823)	(517)	(2,340)	—	517	(1,823)
Net interest income after provision for credit losses	179,078	4,142	183,220	(58,467)	517	125,270
Non-interest income (loss):
Fee and other income	14,094	2,208	16,302	—	(5,210)	11,092
Derivative losses:
Derivative cash settlements interest income	—	—	—	58,467	—	58,467
Derivative forward value losses	—	—	—	(147,754)	—	(147,754)
Derivative losses	—	—	—	(89,287)	—	(89,287)
Investment securities gains	6,228	—	6,228	—	—	6,228
Total non-interest income (loss)	20,322	2,208	22,530	(89,287)	(5,210)	(71,967)
Non-interest expense:
General and administrative expenses	(70,982)	(4,925)	(75,907)	—	3,688	(72,219)
Losses on early extinguishment of debt	(40)	—	(40)	—	—	(40)
Other non-interest expense	(509)	(1,021)	(1,530)	—	1,005	(525)
Total non-interest expense	(71,531)	(5,946)	(77,477)	—	4,693	(72,784)
Income (loss) before income taxes	127,869	404	128,273	(147,754)	—	(19,481)
Income tax provision	—	(42)	(42)	—	—	(42)
Net income (loss)	$127,869	$362	$128,231	$(147,754)	$—	$(19,523)
	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$35,584,699	$1,588,218	$37,172,917	$—	$(1,574,343)	$35,598,574
Deferred loan origination costs	15,192	—	15,192	—	—	15,192
Loans to members	35,599,891	1,588,218	37,188,109	—	(1,574,343)	35,613,766
Less: Allowance for credit losses	(50,549)	(6,517)	(57,066)	—	6,517	(50,549)
Loans to members, net	35,549,342	1,581,701	37,131,043	—	(1,567,826)	35,563,217
Other assets	1,536,226	31,188	1,567,414	—	(18,149)	1,549,265
Total assets	$37,085,568	$1,612,889	$38,698,457	$—	$(1,585,975)	$37,112,482

(Dollars in thousands)	CFC	NCSC	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	Segment 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

(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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