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National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) (NRUC+1.61%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $144,803,000, compared to $148,035,000 in the same quarter the previous year. The decrease in net income was primarily driven by an increase in operating expenses and a decrease in fee and other income.
The company reported a total of $35,614 million in loans to members as of November 30, 2024, reflecting an increase of $1,072 million from May 31, 2024. This increase was attributed to net increases in long-term and line of credit loans.
Total debt outstanding increased by $976 million to $33,694 million as of November 30, 2024, primarily due to borrowings to fund the increase in loans to members. The company issued long-term debt totaling $1,850 million during the period.
The company recorded a provision for credit losses of $1 million for the quarter, primarily due to an increase in the collective allowance related to loan portfolio growth.
Cash and cash equivalents increased to $347 million as of November 30, 2024, from $280 million as of May 31, 2024. Available liquidity totaled $7,006 million, which was $787 million below the total scheduled debt obligations over the next 12 months.
The filing also details various financial agreements, including amendments to the company's committed bank revolving line of credit agreements and a new $450 million Series V committed loan facility under the Guaranteed Underwriter Program.
The company continues to focus on managing its interest rate risk and reported adjusted net interest income of $92 million for the quarter, a decrease from $94 million in the same quarter the previous year.
The company's adjusted debt-to-equity ratio was 7.37 as of November 30, 2024, reflecting an increase due to additional borrowings to fund growth in the loan portfolio.
The filing includes a discussion on the company's outlook, indicating an expectation of net long-term loan growth of $1,680 million over the next 12 months and a projected decrease in adjusted net interest income due to current yield curve assumptions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.