National Credit Union Share Insurance Fund, Preliminary & Unaudited Financial Highlights, January 31, 2019

Transcript

1 NATIONAL CREDIT UNION SHARE INSURANCE FUND PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS January 31, 2019 RENDELL L. JONES CHIEF FINANCIAL OFFICER

2 NATIONAL CREDIT UNION SHARE INSURANCE FUND MANAGEMENT OVERVIEW January 31, 2019 Balance Sheet Insurance and Guarantee Program Liabilities Reserves are $119.1 million as of January 31, 2019; $7.3 million is for specific reserves for natural person credit unions, and $111.8 million is for general reserves. There is no Insurance and Guarantee Program Liability for the Corporate System Resolution Program (CSRP) as of January 31, 2019. Statement of Net Cost For the month ended January 31, 2019, the fund had net income of $13.1 million. The fund recognized gross revenues of $25.9 million and total operating expenses of $12.8 million. The fund did not recognize any insurance loss expense during the month of January 2019. 2

3 NATIONAL CREDIT UNION SHARE INSURANCE FUND BALANCE SHEETS As of January 31, 2019 and 2018 (Dollars in thousands) January 2018 January 2019 ASSETS INTRAGOVERNMENTAL $ 3,161 $ Fund Balance with Treasury 9,136 15,088,887 16,060,726 Investments, Net U.S. Treasury Securities Accrued Interest Receivable - Investments 66,556 81,826 Accounts Receivable - Due from the National Credit Union Administration Operating Fund 2,557 2,273 Note Receivable - Note due from the National 6,258 7,599 Credit Union Administration Operating Fund 15,188,664 Total Intragovernmental Assets 16,140,315 PUBLIC Accounts Receivable, Other 85 - Advances 1,030 985 Accounts Receivable - Guarantee Fee on NCUA Guarantee Notes 957 1,213 General Property, Plant and Equipment, Net 509 167 Other - Receivable from Asset Management Estates, Net - NPCU AMEs 399,420 8,982 Other - Receivable from Asset Management Estates, Net - Corporate AMEs 289,450 401,164 Total Public Assets 691,064 412,898 $ 16,553,213 $ TOTAL ASSETS 15,879,728 LIABILITIES INTRAGOVERNMENTAL Accounts Payable - Due to the National Credit Union Administration $ $ 714 415 Operating Fund 415 Total Intragovernmental Liabilities 714 PUBLIC 634 1,774 Accounts Payable and Other Liabilities - Capital Lease Liability 176 925,407 Other - Insurance and Guarantee Program Liabilities (Reserves) 119,053 - - Other - Insurance and Guarantee Program Liabilities (CSRP) 927,181 Total Public Liabilities 119,863 120,278 TOTAL LIABILITIES 927,895 NET POSITION 11,327,234 10,765,320 Contributed Capital Cumulative Result of Operations 4,859,998 4,432,216 15,625,318 Total Net Position 15,759,450 $ 16,553,213 $ 15,879,728 TOTAL LIABILITIES AND NET POSITION * Other-Receivable from Asset Management Estates, Net line items are generally updated quarterly. The balances in the statement above are preliminary and unaudited. 3

4 NATIONAL CREDIT UNION SHARE INSURANCE FUND STATEMENTS OF NET COST, INCLUDING NON-EXCHANGE REVENUES For the Periods Ending January 31, 2019 and 2018 (Dollars in thousands) Year-to-Date Year-to-Date January 2018 January 2019 January 2019 GROSS COSTS (1) OPERATING EXPENSES 8,009 $ 8,015 8,015 $ Employee Pay Employee Benefits 2,495 2,495 3,383 282 231 Travel 282 Rent, Communications and Utilities (15) (15) 234 Administrative Costs 1,092 1,092 561 Contracted Services 864 814 814 22 Training Expense 25 25 Leasing Expense 45 45 53 Other Insurance Expense 3 3 3 13,360 Total Operating Costs 12,756 12,756 (9) - - INSURANCE LOSS EXPENSE 13,351 Total Gross Costs 12,756 12,756 LESS EXCHANGE REVENUES Interest Revenue on Note Receivable due from the National Credit Union Administration Operating Fund (10) (11) (11) (1,525) (1,182) (1,182) Guarantee Fee Revenue - NCUA Guaranteed Notes Other Gains - 1,407 1,407 Other (Revenue) / Expense 2 - - (1,533) 214 Total Exchange Revenues 214 12,970 TOTAL NET COST/(INCOME) OF OPERATIONS 12,970 11,818 LESS NON-EXCHANGE REVENUES (22,298) Investment Income (26,108) (26,108) - - Gain on Sales of Investments - (26,108) (22,298) Total Non-Exchange Revenues (26,108) TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES $ (10,481) (13,138) $ (13,138) $ (1) Share Insurance Fund operating expenses are an allocation of total NCUA operating expenses, as determined by the overhead transfer rate set by the Board of 60.5% and 61.5% for 2019 and 2018, respectively. The balances in the statement above are preliminary and unaudited. 4

5 NATIONAL CREDIT UNION SHARE INSURANCE FUND STATEMENTS OF NET POSITION As of January 31, 2019 and 2018 (Dollars in thousands) January 2019 January 2018 NET POSITION BREAKDOWN Credit Union Contributed Capital $ $ 11,327,234 10,765,320 5,099,439 Retained Earnings 4,591,796 15,864,759 Total Net Position without Unrealized Gain/(Loss) 15,919,030 (239,441) Unrealized Gain/(Loss) - Investments (159,580) $ 15,625,318 $ NET POSITION 15,759,450 NATIONAL CREDIT UNION SHARE INSURANCE FUND Comparative Analysis of NCUSIF Ratios for January 31, 2019 and 2018 As of January 31, 2019 and 2018 Comparative Analysis of NCUSIF Ratios for January 2019 January 2019 January 2018 95.02% 97.02% Investments/Total Assets (1) Equity Ratio 1.46% 1.40% (1) Available Assets Ratio 1.31% 1.39% (1) Ins. Loss Exp./Insured Shares 0.00% 0.00% $ 1,141.0 Insured Shares as of December 31, 2017 (in billions) sured Shares as of December 31, 2016 (in billions) 1,087.6 In (1) The above ratios are based on an insured share level of $1.1 trillion as of December 31, 2018 and $1.1 trillion as of December 31, 2017 respectively. * The blue line represents the Normal Operating Level over the time period represented on the slide. The balances in the statement above are preliminary and unaudited. 5

6 NATIONAL CREDIT UNION SHARE INSURANCE FUND STATISTICAL INFORMATION January 31, 2019 Gross Income Millions January 2018 - January 2019 $30.0 $27.5 $26.3 $26.1 $25.9 $25.7 $25.7 $25.5 $25.3 $24.8 $24.8 $25.0 $23.8 $22.5 $22.0 $20.0 $15.0 $10.0 $5.0 $0.0 Sep-18 Apr-18 Jan-18 May-18 Jun-18 Jul-18 Aug-18 Feb-18 Oct-18 Nov-18 Dec-18 Jan-19 Mar-18 Operating Expenses Millions $30.0 January 2019 January 2018 - $25.0 $20.0 $18.5 $18.5 $17.4 $17.2 $16.7 $15.5 $15.4 $15.3 $15.0 $13.8 $13.5 $13.4 $12.8 $12.2 $10.0 $5.0 $0.0 Mar-18 Jan-18 Apr-18 Jan-19 Feb-18 Jul-18 May-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jun-18 Insurance Loss Expense (Reduction) Millions January 2019 January 2018 - $100.0 $75.0 $50.0 $25.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Aug-18 Jan-19 Dec-18 Jan-18 Nov-18 Oct-18 Sep-18 Jul-18 Feb-18 Mar-18 Jun-18 Apr-18 May-18 ($0.1) ($4.1) ($4.2) ($25.0) ($34.5) ($50.0) ($75.0) ($70.9) ($100.0) The information provided in the supporting statement above is preliminary and unaudited. 6

7 INVESTMENT PORTFOLIO SUMMARY January 31, 2019 I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars) Unrealized % Market to Book Weighted Average Gain or (Loss) Value Yield Market Value Book Value Daily Treasury Account 1,210,043,000 $ - $ 100.00% 2.40% 1,210,043,000 $ 14,038,423,511 13,878,843,750 (159,579,761) 98.86% 1.98% U.S. Treasury Notes 15,248,466,511 15,088,886,750 $ (159,579,761) $ 98.95% 2.01% $ Total II. INVESTMENT PORTFOLIO SUMMARY Current Month CY To Date Last Month Investment Yield 2.01% 2.01% 2.01% Investment Income 26,088,404 $ 26,108,128 $ 26,108,128 $ Weighted Avg. Maturity in Days 873 845 III. MONTHLY ACTIVITY Purchased Type Amount Yield Maturity TOTAL - $ IV. MATURITY SCHEDULE (par value in millions) TOTAL $ 15,210 4,300 2,000 1,800 1,550 1,500 1,210 1,100 900 Maturing Investment Balance (Millions) 550 300 7yr-8yr Overnight 1m-6m 6m-1yr 1yr-2yr 2yr-3yr 3yr-4yr 4yr-5yr 5yr-6yr 6yr-7yr The information provided in the portfolio summary above is preliminary and unaudited. 7

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