The Federal Home Loan Bank of Dallas (Bank) today reported net
income of $180.6 million for the quarter ended March 31, 2024. In
comparison, for the quarters ended December 31, 2023 and March 31,
2023, the Bank reported net income of $212.4 million and $174.7
million, respectively.
Total assets at March 31, 2024 were $125.1 billion, compared
with $128.3 billion at December 31, 2023. Average total assets
decreased from $134.5 billion for the three months ended March 31,
2023 to $125.6 billion for the corresponding period in 2024. The
$3.2 billion decrease in total assets during the first quarter of
2024 was primarily attributable to a decrease in the Bank's
advances ($10.9 billion), partially offset by increases in the
Bank's short-term liquidity holdings ($7.1 billion), long-term
investments ($0.5 billion) and mortgage loans held for portfolio
($0.1 billion).
Advances totaled $69.1 billion at March 31, 2024, compared with
$80.0 billion at December 31, 2023. The Bank's mortgage loans held
for portfolio totaled $5.2 billion at March 31, 2024, as compared
to $5.1 billion at December 31, 2023.
The carrying value of the Bank's long-term held-to-maturity
securities portfolio, which is comprised substantially of U.S.
agency residential mortgage-backed securities (MBS), totaled $0.2
billion and $0.3 billion at March 31, 2024 and December 31, 2023,
respectively. The carrying value of the Bank's long-term
available-for-sale securities portfolio, which is comprised
substantially of U.S. agency debentures and U.S. agency commercial
MBS, totaled $18.3 billion at March 31, 2024, as compared to $17.7
billion at December 31, 2023. At March 31, 2024 and December 31,
2023, the Bank also held a $0.1 billion long-term U.S. Treasury
Note classified as trading.
The Bank's short-term liquidity holdings are typically comprised
of overnight interest-bearing deposits, overnight federal funds
sold, overnight reverse repurchase agreements, U.S. Treasury Bills,
U.S. Treasury Notes and, from time to time, may also include cash
held at the Federal Reserve. At March 31, 2024 and December 31,
2023, the Bank's short-term liquidity holdings totaled $31.7
billion and $24.6 billion, respectively.
The Bank's retained earnings increased to $2.513 billion at
March 31, 2024 from $2.413 billion at December 31, 2023. On March
27, 2024, a dividend of $80.7 million was paid to the Bank's
shareholders.
Additional selected financial data as of and for the three
months ended March 31, 2024 (and, for comparative purposes, as of
December 31, 2023 and for the quarters ended December 31, 2023 and
March 31, 2023) is set forth below. Further discussion and analysis
regarding the Bank's results will be included in its Form 10-Q for
the quarter ended March 31, 2024 to be filed with the Securities
and Exchange Commission.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks
in the FHLBank System, which was created by Congress in 1932. The
Bank is a member-owned cooperative that supports housing and
community development by providing competitively priced funding
solutions, liquidity, and other credit products to approximately
800 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico and Texas. For more information, visit the
Bank's website at fhlb.com.
Federal Home Loan Bank of
Dallas
Selected Financial Data
As of and For the Quarter Ended March
31, 2024
(Unaudited, in thousands)
March 31, 2024
December 31, 2023
Selected Statement of Condition
Data:
Assets
Investments (1)
$
50,283,307
$
42,631,192
Advances
69,089,394
79,951,855
Mortgage loans held for portfolio, net
5,235,701
5,088,642
Cash and other assets
530,216
592,923
Total assets
$
125,138,618
$
128,264,612
Liabilities
Consolidated obligations
Discount notes
$
14,464,671
$
8,598,022
Bonds
100,725,004
109,536,207
Total consolidated obligations
115,189,675
118,134,229
Mandatorily redeemable capital stock
453
506
Other liabilities
2,830,177
2,870,657
Total liabilities
118,020,305
121,005,392
Capital
Capital stock — putable
4,367,775
4,737,388
Retained earnings
2,512,859
2,412,983
Total accumulated other comprehensive
income
237,679
108,849
Total capital
7,118,313
7,259,220
Total liabilities and capital
$
125,138,618
$
128,264,612
Total regulatory capital (2)
$
6,881,087
$
7,150,877
For the
For the
For the
Quarter Ended
Quarter Ended
Quarter Ended
March 31, 2024
December 31, 2023
March 31, 2023
Selected Statement of Income
Data:
Net interest income (3)
$
223,498
$
251,393
$
196,124
Other income
10,465
20,232
37,609
Other expense
33,306
35,611
39,644
AHP assessment
20,069
23,603
19,422
Net income
$
180,588
$
212,411
$
174,667
(1)
Investments consist of interest-bearing
deposits, securities purchased under agreements to resell, federal
funds sold, trading securities, available-for-sale securities and
held-to-maturity securities.
(2)
As of March 31, 2024 and December 31,
2023, total regulatory capital represented 5.50 percent and 5.58
percent, respectively, of total assets as of those dates.
(3)
Net interest income is net of the
provision (reversal) for loan losses.
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Corporate Communications Federal Home Loan Bank of Dallas
www.fhlb.com (214) 441-8445