and our Chief to Financial slide XXXX. on This and am I Officer of financial move fiscal the of second going is Ling the morning. quarter results Good review seven to Wang, CFC, during
our quarter growth or billion, the billion at an primarily were to of fiscal XXXX loan May increase XX, assets year approximately $X.X November portfolio. XXXX from $XX.X the ended XX, X% the total in Our due
members X% to nearly X% and or $XXX of quarter XX, May loans increase an of prior an or the XXXX, million from billion $X.X fiscal XXXX totaled increase November XX, level of from Our as billion end. $XX.X
we fiscal business our current the segments. During increases of year, all in experienced
and of $X million loan supply by million, RTFC our $X million increases power portfolio and billion by loan $XXX $XXX experienced Specifically, we distribution NCSC and increased portfolio increased respectively. also in loans
our November to XX.X or growth total $XX.X as increased loan $X.X billion to Our of in XXXX, XX, debt compared May as portfolio. issuance the to billion largely by due liabilities fund billion XXXX XX, X% to the of
cumulative derivative member's forward as other increased May or equity, XXXX billion by November to $X.X level. which income $XX Our XX, losses and XX, million the comprehensive accumulated of XXXX, X% value to excludes compared
XXXX, to XX, debt was XXXX equity times of adjusted equity an at a adjusted at six by times adjusted to X.XX paid the offset was growth November to an due Our to of at The $XX month borrowings ratio debt income. XXXX, increase X X.XX XX, of patronage retirement partially net July CFC's capital to which was ratio Board May additional loan largely X the of and increase from Directors million, authorization of increase at XX, support November to XXXX. in
adjusted elevated equity target to ratio X an we the to X in will anticipate above to debt expect long-term we While over $X.X growth of our is goal ratio currently X, net of that times our approximately X, adjusted our loan times growth equity to remain to months. approximately loan We strong debt next maintain billion due to had. XX
losses current an The $XX million net the and same for the in compared times in CFC of primarily to ended million million by current adjusted the income income $XX the decrease quarter generated X.X $X prior increase the quarter. million an of adjusted of adjusted recorded an net operating net investment our prior losses for same then provision income million a the of year quarter an For was decrease attributable million. $XX million, adjusted XXXX, TIER increase from and times, adjusted year $XX of with $XX in quarter expenses offset TIER increase XX, of the And X.XX securities. $X in in credit partially November on --
income for million income adjusted compared adjusted TIER of For with of CFC an X.XX [$XX net adjusted the $XXX $XXX million] TIER or period. million X.XX six The November $X net XXXX, million adjusted of and of of same of XX% the months increase decrease ended an $X million, year adjusted (ph) XX, our prior decrease losses primarily and income generated net recorded to times times, million losses a was of million. adjusted investment and net interest of credit by $XX of in operating income offset increasing the and in partially on securities expenses increasing $X due in provision
flat adjusted interest during the at compared quarter, increase $XX the of same as in X% income decrease was X.XX%. by to $X.X yield due billion adjusted average or million or to interest the cost interest net prior The the XXX basis largely an offset net was was of yield the of adjusted assets X earning current of yield net basis our to XX basis earning quarter, by the X.XX%, year our the average interest points Our increase X% to partially interest combined average in assets points to XX offset basis in of impact in points borrowing decrease increasing on the of points.
the during months attributable an or net Our X earning to of adjusted interest due of or was by $X basis X.XX%, on yield borrowings offset adjusted X% points period. the increase decrease assets was to of net cost our the primarily million partially adjusted interest to yield income billion in to current decrease adjusted in X%, by X.XX%. in the increased average or points interest period offset XX increase increase of in X%. partially by combined net six average largely the basis basis prior earning to increasing assets The The same to yield year interest interest points the X% of XX of impact compared an $X average the
adjusted XX income over expect flat We next net the will our remain months.
in slightly we projected based to However, short-term yield decrease will adjusted increase XX remain curve over near will months, decrease inverted. to rate in the adjusted TIER future our next yield attributable interest net assumption interest that continue that the will the on believe our and primarily our
at loans May as XXXX XXXX. XX, outstanding for May as of compensation With $XXX loans billion May at our with accounted the remain compared to of November of of XX, portfolio of total portfolio sector. loans rate consists of XX, to XX, fixed rural The of our electric XX% November long-term XXXX. The was X% compared million loans of of XX% XXXX, total and as XXXX. or systems as compared X% outstanding similar, CFC's credit telecommunications loans overall line XX, XX% or November to The XXXX as to XX, loan percentage of X% $XX
to The are November as outstanding long-term for XX, a amortizing average maturity senior loans, basis loans XX% long-term We a secured of XX, our our with We members typically offer senior as XXXX our at secured to being members loans up which level. XX, XX-years of total was loans, XX% of majority XXXX our May our and to loan senior remaining of accounted long-term XXXX XX% the lend loans November secured compared with our on on basis. for of XX-years.
$X.X expect of XX We amortization months. the next repayment loan long-term over billion schedule and
$XXX loans loans November as XXXX. loan. and non-performing borrowers to totaling quarter to wholly-owned XXXX the power at May Electric not Brazos total subsidiary of combination same classified and of loans charge-offs loans or Non-performing was as or Sandy principal outstanding XXXX of non-performing its X.XX% $XX Brazos and the Sandy XXXX. during CFC to as Electric non-performing million the XX, of million to include the loans had Creek are loans compared receipt of $XX of to in November We the of loans a payment million of three supply classified totaling Power non-performing as of reduction $XXX X.XX% to million a Brazos May total as loan current non-performing XX, (ph) Creek million Cooperative Brazos Cooperative, The XX, compared XX, related [$XXX] due outstanding to
million November $XX million and million $XX was of of secured unsecured accounted Sandy XXXX. $XX Loans which to and of and as XX Creek million was $XX for Brazos compared secured Loans of of $XX XX, million $XX was million accounted million $XX of as May $XX November to Brazos XX, XXXX unsecured XX, May as million to for was XXXX. as which and
the $X Sandy Brazos recorded million $X current $XX Brazos we million totaled million, for for Creek. charge-offs and The during quarter that
charge-off net November ended XXXX months annualized of three the a X.XX% six for and a X.XX% months and rate As recorded result, we the respectively. XX,
Creek’s during loan and In default and comparison, since Sandy had bankruptcy no Brazos our experienced not telecommunications year XXXX we any XXXX prior electric Brazos the charge-offs had we loan in filings, period. or same fiscal portfolio Prior charge-offs utility year respectively. to and
our is As of received payment These which The from in $XX subsequent of December current million as to $XX to loans XX, $XX our payments million Brazos unsecured. Andrew we earlier, to from outstanding entirety mentioned of Brazos end. quarter November XXXX million XXXX. reduced
the of for months. We unsecured remaining six to Brazos loans to receive over the portion expect next XX the
Creek with XX% in expect Sandy sale also reorganization payments non-performing Sandy interest the provisions of ownership income of We for cash in distribution tenant from Brazos Sandy for Brazos loans Creek plan Creek. the Sandy by to of available Brazos the accordance the outstanding Energy Brazos And Brazos and receive Station. Creek’s
a future the Creek’s date. HoldCo Brazos Riesel the CFC. share for to totaled XXXX, do a tenant XX% We income and bit in million. is HoldCo referred million directly interest no and timeline is were a including it to Brazos interest for $X the currently its by X.XX% was Creek based HoldCo, sold formed have Sandy interest on credit On Station December intends Creek asset the Brazos as which in bid, disposition. sell not Sandy entity HoldCo our allocated an We ownership million That potentially ownership XX, holders a in manage $XXX from in ownership the $XXX of now. Sandy credit at which
supply million losses allowance both allowance allowance X.XX% May million as our November The loans losses while decrease in a recovery allowance allowance allowance as for XXXX. an asset increase outstanding credit in in Our to credit portfolio. to $X power slightly for increase by was collective of electric allowance rate coverage and total of reflected was the XX in May of collective XX, the of November $X of the for of the $X million. XXXX X.XX% loan the offset from specific The decreased and used million as in assumption $XX an due decrease collective historical XX, increase XX, ratio determining a XXXX,
to in Partially on another the asset CFC an for loan. million related the a totaling in to power Brazos The due of non-performing primarily to asset allowance million borrower, by charge-offs specific $X expected loans. allowance offset attributable non-performing -- payment decrease to decrease $XX Brazos Sandy was and to supply specific increase loan Creek a this
proven to continue XX, our in portfolio our overall portfolio. default November loss losses utility believe electric of of a track on that limited by We historically strong as quality the as of remains record and XXXX,
our debt outstanding of loan billion XX, primarily May of XXXX, XXXX, capital markets from non-capital to on maintain $X.X November increase our members, from an billion the source well as market. sources, risk dependent $XX.X a in single markets Our funding funding portfolio. our diverse funding XX, including any and was as to minimize of as being total growth of X% fund or We
XXXX, members of As our both billion November CFC’s $X.X from XX of came and form the short-term May investments. in long-term XX, and funding
offset XXXX, Our member funding Underwriter Guaranteed XXXX. XX% to compared program. the payable Program, XX, of $X.X investments a a partially no November XX% debt by to increase an XX with billion Mac borrowings represented Farmer from million Underwriter XXXX, Farmer total of as May in decrease due XX% XXXX, of of XX, under the million and $XX $XXX November our in outstanding our our debt Mac the under borrowings outstanding, of Program $XXX At at totaled purchase notes net under the of XX, total Guaranteed May million or increase net
the term issuance to increase Our $XXX totaled and our repurchase in bonds, a of an capital dealer of XXXX. in in increase net August from primarily borrowings in of related million paper November increase XX, and at agreement, October dealer million $XXX increase trust Market million $XXX notes XXXX, net $XX due commercial a billion of outstanding. of was due in net medium a $X.X on $XX.X increase a to collateral May increase funding XXXX, million XX, sources net The billion
of accounted XXXX. at for XX% and capital At and at compared XXXX. XX% May funding, XX, total November XX% XX% our secured our May to compared with XXXX, was markets November XX% secured funding of unsecured At XXXX, outstanding related XX, unsecured, total sources XX, XX, debt XX% was
debt XX% our of outstanding Our by of XX% $XXX $X accounting or outstanding for increased XX, XXXX. total short-term XX, billion November May to $X.X XXXX, at at compared total debt billion borrowings with million
in paper borrowing our our with from XXXX, borrowing short-term XX% repurchase member $X XXXX. to commercial The agreement. due or came or XX% XX, of in on May $X.X total increase of and increase our total XX, primarily A an investments at compared short-term billion dealer was short-term November billion the borrowings at
have a Our for member reliable investments been stable funding and source us.
Over the last investments short-term $X.X XX billion. fiscal member averaged quarters, our have around
Our outstanding range with $X paper intent maintaining quarter each end is short-term a our by commercial to wholesale dealer funding of $X.X. to risk manage at
This slide the XXXX. months January debt XX present CFC's amortization maturities over from long-term next and
million collateral debt notes Program. term non-member in term notes, in in upcoming payable median trust Farmer million in notes, amortization million dealer of $XXX consists retail million $XXX bonds Guaranteed million maturities $XXX and in median Underwriter $XX $XX Our and Mac
bond the year $XXX median structure million $XXX which borrowed three repaid XX During a the $XXX $XXX issued short-term agreement million million November of we Mac repurchase of Guaranteed year the term XX-year Program. quarter, XXXX. Unwriter and We as with our note under collateral We we current million and a XX trust seven dealer under nder $XXX purchase year December Farmer XXXX, term on million with agreement amortizing had notes. XX, borrowing
Subsequent loans. year five issued dealer $XXX term to XXXX, end, million December our medium quarter in we current
have traditionally maturities months of XX from the billion Excluding notes member December be refinancing us, upcoming we of to XXXX. approximately million, maturities January our fund next term over median need reinvested $XXX to which have $X.X the with
to consistently course. sources to we debt due non-capital upcoming refinance utilize and we funding look maturities markets in stated, have will markets As both capital
included our underwriter XXXX, available program Mac bank agreement, This place of November and $X.X liquidity November CFC as billion Farmer liquidity from sources XX, the purchase no various and that XXXX. totaling in committed guarantee XX revolving sources various investments, slide cash at shows lines, had
During in three under of Guaranteed agreements Guaranteed the the and XX, new the December $XXX the amended quarter the of and XXXX, we line Including the November facility, currently current new XXXX, four Unwriter closed we to end million bank XX, Program. Program. Underwriter dates have November year under facility to under to availability quarter, million totaling $X.XX availability extend year committed $XXX XXXX the maturity milliion our Subsequent credit total we the a a revolving respectively.
our the with members November source As billion, because indicated our be of investments have member consider members their over investment our portion roll totaled short-term investments XXXX stable at We CFC. reliable table, for short-term us at maturity. traditionally and $X.X very a in XX, large to of funding from
our November Excluding of the we under repurchase billion. paper obligations $XXX maturities, debt XX had long-term member short-term of over outstanding XX, debt of $X.X $X.X maturities billion next approximately debt dealer commercial XXXX. These billion subordinated agreement of $X.X and and of as consist million, months of borrowings maturities debt
XX, we the that months. member on Excluding short-term liquidity a the months to does debt of expect to debt times and long-term maturities have next billion This loans liquidity November to we or billion XXXX. our amortization $X.X include the repayment $X.X subsequent investment, our X.X $X.X XX to over the members over scheduled XX our billion not of total related receive excess equal next maturities in from
need This over XX debt November subsequent slide represents to months CFC's issuance projected XXXX. the XX, long-term next
amortization needs repayment partially from offset our derived of and existing primary members. growth, the cash loan maturities from Our loans and areas: are debt by funding two refinancing
levels. Our driven by funding member investment needs our are also
over loan XX $X.X growth months net to be period approximately net our expect the We long-term billion.
and refinancing our long-term mainly always and financings look while approximately the capital to to the existing needs, we for in to expected meet period access our To unsecured attractive this over our column, last debt look balance maturities. long-term members. of issuance non-capital markets, funds debt to $X.X are continue secured billion, funding cost most indicated markets will As
a with To focus key are strength These credit conclude you investment basis S&P CFC and when as credit at a stable consistently our senior and where call, and CFC strong Fitch, AX I'd and A, on A- items CFC on secured and CFC's Moody's areas an like from a key unsecured basis as an AX you represent senior investment. A- A+, ratings takeaways to leave respectively. remained viewing few on that consider opportunity. and
December in trust stable and S&P During quarter, bond. the of in affirmed on reaffirmed offering is CFC's outlook secure CFC's XXXX, the capital Fitch rating credit CFC's outlook. and X, markets the credit collateral ratings current form
pledge reminder, our the a secured trust electric secured cooperatives notes. collateral distribution are mortgage As by senior bonds of
distribution borrowers. The overall supply to our to portfolios our of XX% quality be with XX% strong of borrowers loan electric continued and to loans power
In our a lending a made addition loans to source. support in strong basis. funding continues business of as terms members, new on CFC both receive our XX% senior of from are secured and valuable
current XXXX. totaled our with $X.X year Our short-term end of quarter, the at billion long-term at X.X and the investments member compared end billion fiscal
XX have last the quarters, Over $X.X our total billion. averaged fiscal investments member
equity has to XX% billion our earnings. grow are committed at we by May Our member's $X.X X.X to XXXX, from XX, grown retained billion as through equity
to a sources healthy profile. continue and diverse We liquidity demonstrate maintain funding
are Our stable. have very established funding sources well and remained
results for Thank future. once today review CFC We our in to to Again, our quarter financial in ended plans November us discussing look the XXXX. your XX, and and interest you. funding forward performance fiscal to our appreciate join
open to web service, suggest you. submit questions questions may respond also the I'd via we like the for to that those your operators so ask well. lines Thank you the to and as
