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Business Segments (Tables)
 12 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Presentation for the Consolidated Statements of Operations and Consolidated Balance Sheets
The following tables display segment results of operations for the years ended May 31, 2026, 2025 and 2024, assets attributable to each segment as of May 31, 2026 and 2025 and a reconciliation of total segment amounts to our consolidated total amounts.
Table 16.1: Business Segment Information
Year Ended May 31, 2026
(Dollars in thousands)CFC
NCSC
Segments Total
Reclasses and Adjustments(1)
Intersegment Eliminations(2)
Consolidated
Results of operations:
Interest income$1,785,859 $93,162 $1,879,021 $— $(82,361)$1,796,660 
Interest expense(1,494,526)(82,729)(1,577,255)— 82,361 (1,494,894)
Derivative cash settlements interest income (expense)
64,178 (225)63,953 (63,953)— — 
Interest expense(3) (4)
(1,430,348)(82,954)(1,513,302)(63,953)82,361 (1,494,894)
Net interest income355,511 10,208 365,719 (63,953)— 301,766 
Benefit (provision) for credit losses10,362 (105)10,257 — 105 10,362 
Net interest income after benefit (provision) for credit losses365,873 10,103 375,976 (63,953)105 312,128 
Non-interest income:
Fee and other income34,814 6,323 41,137 — (12,418)28,719 
Derivative gains:
Derivative cash settlements interest income— — — 63,953 — 63,953 
Derivative forward value gains— — — 18,213 — 18,213 
Derivative gains— — — 82,166 — 82,166 
Investment securities gains
1,128 — 1,128 — — 1,128 
Total non-interest income35,942 6,323 42,265 82,166 (12,418)112,013 
Non-interest expense:
Salaries and employee benefits(3)
(79,813)(270)(80,083)— — (80,083)
Depreciation and amortization(3)
(13,966)— (13,966)— — (13,966)
Other non-interest expense(5)
(63,680)(15,655)(79,335)— 12,313 (67,022)
Total non-interest expense(157,459)(15,925)(173,384)— 12,313 (161,071)
Income before income taxes
244,356 501 244,857 18,213 — 263,070 
Income tax provision— (334)(334)— — (334)
Net income(6)
$244,356 $167 $244,523 $18,213 $— $262,736 
May 31, 2026
CFC
NCSC
Segments Total
Reclasses and Adjustments(1)
Intersegment Eliminations(2)
Consolidated Total
Assets:
Total loans outstanding$38,389,050 $1,656,398 $40,045,448 $— $(1,642,033)$38,403,415 
Deferred loan origination costs18,713 — 18,713 — — 18,713 
Loans to members38,407,763 1,656,398 40,064,161 — (1,642,033)38,422,128 
Less: Allowance for credit losses(29,947)(5,691)(35,638)— 5,691 (29,947)
Loans to members, net38,377,816 1,650,707 40,028,523 — (1,636,342)38,392,181 
Other assets1,296,147 34,981 1,331,128 — (18,962)1,312,166 
Total assets$39,673,963 $1,685,688 $41,359,651 $— $(1,655,304)$39,704,347 
Year Ended May 31, 2025
(Dollars in thousands)CFC
NCSC
Segments Total
Reclasses and Adjustments(1)
Intersegment Eliminations(2)
Consolidated Total
Results of operations:
Interest income$1,693,507 $87,710 $1,781,217 $— $(77,984)$1,703,233 
Interest expense(1,442,027)(78,236)(1,520,263)— 77,984 (1,442,279)
Derivative cash settlements interest income (expense)99,237 (18)99,219 (99,219)— — 
Interest expense(3) (4)
(1,342,790)(78,254)(1,421,044)(99,219)77,984 (1,442,279)
Net interest income350,717 9,456 360,173 (99,219)— 260,954 
Benefit for credit losses8,111 414 8,525 — (414)8,111 
Net interest income after benefit for credit losses358,828 9,870 368,698 (99,219)(414)269,065 
Non-interest income:
Fee and other income29,162 3,707 32,869 — (9,272)23,597 
Derivative gains (losses):
Derivative cash settlements interest income
— — — 99,219 — 99,219 
Derivative forward value losses— — — (105,070)— (105,070)
Derivative losses— — — (5,851)— (5,851)
Investment securities gains
5,674 — 5,674 — — 5,674 
Total non-interest income34,836 3,707 38,543 (5,851)(9,272)23,420 
Non-interest expense:
Salaries and employee benefits(3)
(71,920)(251)(72,171)— — (72,171)
Depreciation and amortization(3)
(12,615)— (12,615)— — (12,615)
Other non-interest expense(5)
(64,844)(12,339)(77,183)— 9,686 (67,497)
Total non-interest expense(149,379)(12,590)(161,969)— 9,686 (152,283)
Income before income taxes
244,285 987 245,272 (105,070)— 140,202 
Income tax provision— (188)(188)— — (188)
Net income(6)
$244,285 $799 $245,084 $(105,070)$— $140,014 
May 31, 2025
CFC
NCSC
Segments Total
Reclasses and Adjustments(1)
Intersegment Eliminations(2)
Consolidated Total
Assets:
Total loans outstanding$37,049,692 $1,654,228 $38,703,920 $— $(1,640,372)$37,063,548 
Deferred loan origination costs16,430 — 16,430 — — 16,430 
Loans to members37,066,122 1,654,228 38,720,350 — (1,640,372)37,079,978 
Less: Allowance for credit losses(40,615)(5,586)(46,201)— 5,586 (40,615)
Loans to members, net37,025,507 1,648,642 38,674,149 — (1,634,786)37,039,363 
Other assets1,269,575 34,068 1,303,643 — (17,957)1,285,686 
Total assets$38,295,082 $1,682,710 $39,977,792 $— $(1,652,743)$38,325,049 
Year Ended May 31, 2024
(Dollars in thousands)CFC
NCSC
Segments Total
Reclasses and Adjustments(1)
Intersegment Eliminations(2)
Consolidated Total
Results of operations:
Interest income$1,584,071 $82,104 $1,666,175 $— $(72,824)$1,593,351 
Interest expense(1,339,003)(72,909)(1,411,912)— 72,824 (1,339,088)
Derivative cash settlements interest income127,017 149 127,166 (127,166)— — 
Interest expense(3) (4)
(1,211,986)(72,760)(1,284,746)(127,166)72,824 (1,339,088)
Net interest income372,085 9,344 381,429 (127,166)— 254,263 
Benefit (provision) for credit losses5,516 (2,330)3,186 — 2,330 5,516 
Net interest income after benefit (provision) for credit losses377,601 7,014 384,615 (127,166)2,330 259,779 
Non-interest income:
Fee and other income27,857 7,448 35,305 — (12,513)22,792 
Derivative gains:
Derivative cash settlements interest income
— — — 127,166 — 127,166 
Derivative forward value gains— — — 264,871 — 264,871 
Derivative gains— — — 392,037 — 392,037 
Investment securities gains10,772 — 10,772 — — 10,772 
Total non-interest income38,629 7,448 46,077 392,037 (12,513)425,601 
Non-interest expense:
Salaries and employee benefits(3)
(66,382)(1,019)(67,401)— — (67,401)
Depreciation and amortization(3)
(10,469)— (10,469)— — (10,469)
Other non-interest expense(5)
(49,622)(12,251)(61,873)— 10,183 (51,690)
Total non-interest expense(126,473)(13,270)(139,743)— 10,183 (129,560)
Income before income taxes289,757 1,192 290,949 264,871 — 555,820 
Income tax provision— (1,504)(1,504)— — (1,504)
Net income (loss)(6)
$289,757 $(312)$289,445 $264,871 $— $554,316 
____________________________
(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 (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.
(3)The significant expense categories and amounts align with the segment level information that is regularly provided to the CODM.
(4)Interest expense presented at the segment level is adjusted to include the effects of derivative cash settlement interest income or expense as provided to the CODM.
(5)Other non-interest expense for each segment includes consulting, information technology, member relations, board, and other general and administrative expenses. For the NCSC segment, the other non-interest expense also includes the management fee expense paid to CFC pursuant to the management agreement. Certain reclassifications have been made to the presentation of information in prior periods to conform to the current-period presentation.
(6) Net income (loss) presented at the segment level is adjusted to exclude derivative forward value gains (losses) and is the primary measure used regularly by our CODM to evaluate segment financial performance and allocate resources between segments.