NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

For the period ended Feb 28, 2025. Filed Apr 11, 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.

Feb 28, 2025 · Filed Apr 11, 2025

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	$426,442	$21,711	$448,153	$—	$(19,293)	$428,860
Interest expense	(361,847)	(19,364)	(381,211)	—	19,293	(361,918)
Derivative cash settlements interest income (expense)	20,343	(34)	20,309	(20,309)	—	—
Interest expense	(341,504)	(19,398)	(360,902)	(20,309)	19,293	(361,918)
Net interest income	84,938	2,313	87,251	(20,309)	—	66,942
Benefit (provision) for credit losses	6,093	(276)	5,817	—	276	6,093
Net interest income after benefit (provision) for credit losses	91,031	2,037	93,068	(20,309)	276	73,035
Fee and other income	7,241	1,347	8,588	—	(2,606)	5,982
Derivative gains:
Derivative cash settlements interest income	—	—	—	20,309	—	20,309
Derivative forward value gains	—	—	—	19,833	—	19,833
Derivative gains	—	—	—	40,142	—	40,142
Investment securities gains	663	—	663	—	—	663
Total non-interest income	7,904	1,347	9,251	40,142	(2,606)	46,787
Non-interest expense:
General and administrative expenses	(32,436)	(2,706)	(35,142)	—	1,852	(33,290)
Losses on early extinguishment of debt	(10)	—	(10)	—	—	(10)
Other non-interest expense	(306)	(492)	(798)	—	478	(320)
Total non-interest expense	(32,752)	(3,198)	(35,950)	—	2,330	(33,620)
Income before income taxes	66,183	186	66,369	19,833	—	86,202
Income tax provision	—	(66)	(66)	—	—	(66)
Net income	$66,183	$120	$66,303	$19,833	$—	$86,136

(Dollars in thousands)	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Results of operations:
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
Non-interest income:
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	$1,259,727	$65,549	$1,325,276	$—	$(58,420)	$1,266,856
Interest expense	(1,072,648)	(58,593)	(1,131,241)	—	58,420	(1,072,821)
Derivative cash settlements interest income	78,760	16	78,776	(78,776)	—	—
Interest expense	(993,888)	(58,577)	(1,052,465)	(78,776)	58,420	(1,072,821)
Net interest income	265,839	6,972	272,811	(78,776)	—	194,035
Benefit (provision) for credit losses	4,270	(793)	3,477	—	793	4,270
Net interest income after benefit (provision) for credit losses	270,109	6,179	276,288	(78,776)	793	198,305
Non-interest income (loss):
Fee and other income	21,335	3,555	24,890	—	(7,816)	17,074
Derivative losses:
Derivative cash settlements interest income	—	—	—	78,776	—	78,776
Derivative forward value losses	—	—	—	(127,921)	—	(127,921)
Derivative losses	—	—	—	(49,145)	—	(49,145)
Investment securities gains	6,891	—	6,891	—	—	6,891
Total non-interest income (loss)	28,226	3,555	31,781	(49,145)	(7,816)	(25,180)
Non-interest expense:
General and administrative expenses	(103,418)	(7,631)	(111,049)	—	5,540	(105,509)
Losses on early extinguishment of debt	(50)	—	(50)	—	—	(50)
Other non-interest expense	(815)	(1,513)	(2,328)	—	1,483	(845)
Total non-interest expense	(104,283)	(9,144)	(113,427)	—	7,023	(106,404)
Income before income taxes	194,052	590	194,642	(127,921)	—	66,721
Income tax provision	—	(108)	(108)	—	—	(108)
Net income	$194,052	$482	$194,534	$(127,921)	$—	$66,613
	CFC	NCSC	Segments Total	Reclasses and Adjustments(1)	Intersegment Eliminations(2)	Consolidated Total
Assets:
Total loans outstanding	$36,449,424	$1,609,056	$38,058,480	$—	$(1,595,040)	$36,463,440
Deferred loan origination costs	15,769	—	15,769	—	—	15,769
Loans to members	36,465,193	1,609,056	38,074,249	—	(1,595,040)	36,479,209
Less: Allowance for credit losses	(44,456)	(6,793)	(51,249)	—	6,793	(44,456)
Loans to members, net	36,420,737	1,602,263	38,023,000	—	(1,588,247)	36,434,753
Other assets	1,330,000	27,665	1,357,665	—	(13,675)	1,343,990
Total assets	$37,750,737	$1,629,928	$39,380,665	$—	$(1,601,922)	$37,778,743

(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

(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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