CFC Ling XX, discuss is Chief quarter the Financial going Wang, financial This to and morning. move good on XXXX. and X of X to fiscal months ended our third Officer February XXXX at the Hi, results for to during Slide I'm
extended in increased At billion growth that May XXXX, was loans billion our portfolio our members. X% assets our total February to to billion XX, majority our assets our have the increase total which of of May XX, $X.X in by increase assets $XX or XXXX. $X.X approximately The from a were XXXX X% ended consist representing The due level. total fiscal primarily the $XX.X loan or year to billion, from XX, we
assets, total fixed of As loans accounted for of respectively. while XX, our XX% XXXX, XX% XX, of long-term XX%. fixed line February May loans of represented comparison, of loans credit X% rate loans of long-term our and accounted total assets In XXXX, for and credit rate line as
growth, loans XX, our liabilities typically total loans our remaining Andrew May was long-term our XX, XXXX spoke billion long-term as of in in XX% about the to years. up to members as XX the drivers to X% loans total XX amortizing of by of to years. for total behind The outstanding. liabilities $XX.X $X.X debt accounted for the of of loans $XX.X February XX, maturity outstanding as line XXXX. which We average increase fund increase billion long-term to offer credit in of February driven compared was or In loan increased increases by outstanding. XXXX, order billion The
from to credit or That increase increases is May million, at by forward-value from Because to It being other Our to X.XXx XX, derivative $XXX the May about increased from Xx [ph] an if members' growth, comprehensive adjusted remain continue of loan income said, balances strong as of XXXX. billion year debt-to-equity XXXX billion accumulated at our in $X.X to ratio which line equity of these difficult and will was XXXX, X.XXx level. which growth outstanding. or February XXXX XX, current losses [ph] outstanding. excludes predict to of February $X.X at loan half fiscal cumulative XX, X% Xx our XX, came
an debt-to-equity due strong our will We $X.X approximately growth long-term elevated billion growth. anticipate is ratio net approximately expect in While months. X debt-to-equity sustained of to maintain remain Xx loan [ph] X to loan goal our ratio of currently XX we target adjusted that adjusted to our over to next Xx above the
year interest TIER. ratio the to was period. increase X.Xx for same or in earned X.XXx and that's due X current months compared for expense, the denominator the an adjusted times and adjusted the in XX, prior TIER to February decrease our calculate TIER was The the quarter to respectively, X.XXx used for and interest adjusted Our XXXX ended adjusted X.XXx,
prior quarter an million $X net the the primarily by for offset and was net quarter $X the year increase recorded income increase a adjusted $X million $XX in attributable in XXXX, to reduction in in operating million XX, $XX million in CFC For million $XX securities, current losses. the reduction $XX ended net million The partially a current to income, generated income our same adjusted expenses on a adjusted interest investment credit of year quarter losses in benefit million income same compared of adjusted a for an quarter. prior increase from February net
period. generated income reached months The prior to million ended during increase was primarily due $XX During nearly X income $XX adjusted million million, net adjusted net securities, operating net shift $XXX XX, losses adjusted same $XXX our provision XXXX, expenses. of by identical million the on year in in February reduction investment slight increase and the in for an million the losses interest in partially in increase an the recorded offset our income $X unfavorable credit and million $XX to
same increase adjusted $X.X points. in an in average to Our funding benefit points was X% from XX interest the average $X million decrease in impact compared current of or partially yield points to to to during our adjusted of or on an XX prior or to attributable to the of due basis by million increase basis points X.XX% net yield an $X basis XXX of quarter million was net of XX partially basis largely year increased points. decrease X basis increase interest-earning to $XX X earning in points by points borrowing interest of in assets the average quarter. an basis to offset X income noninterest-bearing and net X% the basis increase the The assets in billion increase offset interest combined yield X.XX% X%, adjusted the The of adjusted cost
earning decrease X net interest to or or adjusted the in billion of increased The average adjusted in cost interest million increase points X current of the basis X in adjusted basis the due prior period. interest-earning attributable primarily of of increase income basis $X.X impact yield points. points largely X%, average to year an $XXX partially interest in million of of by X% The points X.XX%, benefit to the was net an net XX noninterest-bearing combined yield to points increase decrease from borrowing an compared offset to points funding adjusted or in XX assets and increase average X.XX% an X-month by the assets of Our $XX offset partially was basis million X.XX%. increase period same X% $XX on XX during our the yield to in basis to to the basis
net based income. projected in XX will next months increase income over increase We adjusted interest expect modest the slightly net our adjusted on our
our XX our months, TIER slightly the expense. next increase we in projected believe that adjusted However, to will adjusted primarily interest due decrease over
based yield We our our curve net balance adjusted assumption sheet also believe decline yield on interest and will that position. our current
The of our XX% billion February loan $XX overall as portfolio loans remained $XXX compared similar with to XXXX, our electric of X% May at to to systems telecommunications XXXX, sector. portfolio and million of or consisting or the XX, XX, composition rural
May to our in XX% increase as for made XX% percentage XX% borrowers. outstanding February to XXXX, loans of loans CFC's made XX, outstanding. of As loans February of and XX% the The distribution accounted XXXX, XX, outstanding loans due was compared XXXX. of X% borrowers to electric to February of loans XXXX, of loans of XX% XXXX, compared XX, credit primarily The credit power long-term at line total total line as supply of of our of of XX, as were loans of May rate XX, were as to fixed
February May on a of to basis, loans XX% XX% members as We XX, typically with of senior our senior compared our XXXX. lend to of being XXXX, secured secured XX, as
loan nonperforming total loans; restructuring combination loans of year-to-date loans the the points both XX, totaling factors: to of loans payment Sandy As debt related XX, points $XXX $XXX million we nonperforming loans XXXX. Creek February to reduction $XX supply XXXX, basis XX the million due current borrowers principal during number or power to to Brazos the loans; The X million in XX Brazos or loans, the on nonperforming compared troubled loans had of $XXX outstanding, X of period charge-off a current was nonperforming three, basis totaling CFC May Power as million the one, Electric two, the Brazos received X during to quarter. number of partial Cooperative remaining classification the nonperforming nonperforming and now and fiscal
XXXX, to and Creek Sandy Brazos outstanding $X loans and As of totaled Brazos February respectively. XX XX, million,
basis of losses and and nonperforming collective decrease The to million partially XXXX. was Sandy as allowance. as of the asset-specific decreased loan. for due the power in collective in by of asset-specific Creek loan to another May in million charge-offs reduction allowance offset this The due loans, $XX increase $XX $X supply asset-specific the a to million an as CFC Brazos as decrease the payment allowance to by expected of offset XX, change compared ratio the XX points Brazos the a The primarily the allowance the for was February a decreased XX, basis in loan losses totaling May for increase Our in the allowance attributable allowance $XX to on XX February growth. XXXX. portfolio to to credit of XX, from related partially reflected points $XX XXXX, timing primarily in allowance XXXX, million increase million, credit The allowance XX, coverage
not since charge-offs and We fiscal fiscal during loans loan respectively. to electric basis our Prior we current in utility no had quarter the charge-offs, or in telecommunication these $XX year-to-date and which represented had defaults year any the of and the million experienced XXXX our current portfolio X we charge-offs recorded period outstanding. portfolio points during had charge-offs average loan XXXX,
by to continue February the since loan our overall CFC. our of portfolio utility of believe inception as of limited and loan that defaults a We evidenced remains XXXX, quality the strong in portfolio losses electric XX,
debt outstanding $X.X diverse billion as the XXXX, any to members our XX, of funding February markets an primarily as billion XX, of May increase single or markets from funding loan of $XX.X We Our funding maintained XXXX, on was being market. well and fund capital at total risk including growth. from minimize our X% dependent source sources, non-capital to
decrease from As members program. Farmer came May our the increased our XX, increased Mac of XX, funding billion Underwriter investment member capital Guaranteed ended year our XXXX, Underwriter the XXXX, from XX% purchase of Mac billion, to of Guaranteed funding fiscal million. XX% funding XX% by from our Farmer from capital $XXX offset $X.X and and from $X.X our markets, note and XX% a Program, our by markets Compared by in Program
unsecured, was secured As unsecured XX% XX, May and and XXXX. at to XXXX, total XX% XX, our of of compared secured was XX% debt February XX%
relatively total at to level the or $X.X XX% short-term at XXXX. XX, XX% May from XX, XX, XXXX. our $X.X XX% XXXX, at February total billion about our May XXXX, billion total short-term same remained February borrowings of debt or billion XX, for XX% compared at our billion, A borrowings debt at accounting of at member or $X came outstanding investment of of outstanding with compared short-term Our $X
at member Our had of a XXXX, for short-term investment as cash members lower needs. their February portion operating our investment utilized level was XX,
total XX, XXXX, member we $X.X short-term our of March in a of billion As investments. had
from as and our source our us to for that continue strong are members. a member receive funding believe we stable reliable investments support We
the averaged maintaining XX USDX.X quarters, member investments Over range funding each our $X.X to short-term billion and wholesale short-term billion. outstanding at billion. commercial member have investments billion averaged paper have within quarter by $X.X total our USDX fiscal manage We our to last dealer balance a risk of end intend
dealer billion. our XXXX, XX, at paper February was outstanding of As commercial $X.X
of February XX, place This CFC sources that slide the had in liquidity various at shows XXXX.
Program various note liquidity Mac XX, investments, Farmer and the the billion sources at Guaranteed February XXXX. included committed available bank lines, Underwriter totaling and Our from agreement, $X.X purchase revolving cash
the During the we totaling Program. a Underwriter new under facility Guaranteed closed quarter, current $XXX million
liquidity the include to on long-term and loans amortization total over expect that does our next $X.X amount XX Our repayments the we receive scheduled members billion not from months.
with a for funding and stable indicated As February at XX, our investments investments a to table large their be investments short-term in the very from members our billion at rolled traditionally we XXXX, of totaled reliable over our consider source $X.X short-term of of CFC. have maturity, members us because portion member
short-term billion purchase maturities a maturities commercial next debt and XX member consist subordinated $X of XXXX. February note approximately debt million, the Mac These long-term billion. of we the XX, debt $XXX our Farmer payable obligations months revolving maturities, dealer Excluding of $X.X of notes short-term agreement $X.X over as under had of of and debt paper billion
total the our debt investments, during months next maturities member we short-term maturities X.Xx XX debt have of XX, $X.X liquidity our a to billion of related excess to XXXX. in $X.X the to or subsequent liquidity equaling Excluding February billion
slide to issuance This next debt XX, over XX long-term months needs subsequent projected CFC's XXXX. February the represents
loans derived are offset funding that primary refinancing loan our debt from amortization members, needs our -- existing advances to by from members. partially maturities and cash Our and the our X repayments areas, of
driven Our our funding needs by member investment are levels. also
structure capital quarter, a notes. note Program. million X-month with under the bonds, $XXX $XXX and $XXX million $XXX purchase current X-year $XXX medium-term million During under issued trust amortizing term with agreement and Mac accessed notes and collateral the Underwriter we a million, markets X-year the Farmer medium-term the Guaranteed XX-year XX-year borrowed million We
million note to addition, an the under borrowed purchase XXXX, Farmer February we XX, Mac subsequent additional $XXX In agreement.
over months non-capital to billion XX next maturities and of markets March of $X.X billion debt. debt and amortization $X.X total a consisting of from capital $X.X in long-term debt the XXXX, August expect We markets billion XXXX in
over next net billion. XX-month expect to growth We the loan period our approximately $X.X be
in existing the expected long-term column this in debt last period debt and indicated billion time fund to over table, growth. refinancing issue expect to $X.X As of loan to the approximately we this maturities
Thank CFC our our the results XXXX. to plans ended future. us XX, fiscal discussing funding to interest again our quarter and today your joining forward for in performance you for We review and financial look appreciate February in once
the ask web -- questions open you the so to may those suggest respond like line via may submit well. questions services, to we also you. to operator would Thank that I the and to the respond we for those as
