The Federal Home Loan Bank of Dallas (Bank) today reported net
income of $187.3 million for the quarter ended June 30, 2024. In
comparison, for the quarters ended March 31, 2024 and June 30,
2023, the Bank reported net income of $180.6 million and $239.6
million, respectively. For the six months ended June 30, 2024, the
Bank reported net income of $367.9 million, as compared to $414.3
million for the six months ended June 30, 2023.
Total assets at June 30, 2024 were $126.2 billion, compared with
$125.1 billion at March 31, 2024 and $128.3 billion at December 31,
2023. Average total assets decreased from $187.1 billion and $160.9
billion for the quarter and six months ended June 30, 2023,
respectively, to $126.2 billion and $125.9 billion for the
corresponding periods in 2024. The $1.1 billion increase in total
assets during the second quarter of 2024 was primarily attributable
to increases in the Bank's advances ($6.1 billion), long-term
investments ($0.8 billion) and mortgage loans held for portfolio
($0.2 billion), partially offset by a decrease in the Bank's
short-term liquidity holdings ($6.1 billion). The $2.1 billion
decrease in total assets during the six months ended June 30, 2024
was attributable primarily to a decrease in the Bank's advances
($4.8 billion), partially offset by increases in the Bank's
long-term investments ($1.3 billion) short-term liquidity holdings
($1.0 billion) and mortgage loans held for portfolio ($0.3
billion).
Advances totaled $75.2 billion at June 30, 2024, compared with
$69.1 billion at March 31, 2024 and $80.0 billion at December 31,
2023. The Bank's mortgage loans held for portfolio totaled $5.4
billion at June 30, 2024, as compared to $5.2 billion at March 31,
2024 and $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, $0.2 billion and $0.3 billion at June 30, 2024, 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 $19.1 billion at June 30, 2024, as compared
to $18.3 billion at March 31, 2024 and $17.7 billion at December
31, 2023. At June 30, 2024, 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 June 30, 2024, March 31, 2024 and
December 31, 2023, the Bank's short-term liquidity holdings totaled
$25.6 billion, $31.7 billion and $24.6 billion, respectively.
The Bank's retained earnings increased to $2.629 billion at June
30, 2024 from $2.513 billion at March 31, 2024 and $2.413 billion
at December 31, 2023. On June 26, 2024, a dividend of $71.2 million
was paid to the Bank's shareholders.
Additional selected financial data as of and for the quarter and
six months ended June 30, 2024 (and, for comparative purposes, as
of March 31, 2024 and December 31, 2023, and for the quarters ended
March 31, 2024 and June 30, 2023 and the six months ended June 30,
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 June 30, 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 and Six
Months Ended June 30, 2024
(Unaudited, in thousands)
June 30, 2024
March 31, 2024
December 31, 2023
Selected Statement of Condition
Data:
Assets
Investments (1)
$
45,042,311
$
50,283,307
$
42,631,192
Advances
75,225,134
69,089,394
79,951,855
Mortgage loans held for portfolio, net
5,409,439
5,235,701
5,088,642
Cash and other assets
554,699
530,216
592,923
Total assets
$
126,231,583
$
125,138,618
$
128,264,612
Liabilities
Consolidated obligations
Discount notes
$
19,009,983
$
14,464,671
$
8,598,022
Bonds
96,906,629
100,725,004
109,536,207
Total consolidated obligations
115,916,612
115,189,675
118,134,229
Mandatorily redeemable capital stock
296
453
506
Other liabilities
2,867,509
2,830,177
2,870,657
Total liabilities
118,784,417
118,020,305
121,005,392
Capital
Capital stock — putable
4,582,079
4,367,775
4,737,388
Retained earnings
2,628,950
2,512,859
2,412,983
Total accumulated other comprehensive
income
236,137
237,679
108,849
Total capital
7,447,166
7,118,313
7,259,220
Total liabilities and capital
$
126,231,583
$
125,138,618
$
128,264,612
Total regulatory capital (2)
$
7,211,325
$
6,881,087
$
7,150,877
For the
For the
For the
For the
For the
Quarter Ended
Quarter Ended
Quarter Ended
Six Months Ended
Six Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Selected Statement of Income
Data:
Net interest income (3)
$
229,087
$
223,498
$
285,545
$
452,585
$
481,669
Other income
14,616
10,465
13,696
25,081
51,305
Other expense
35,622
33,306
32,945
68,928
72,589
AHP assessment
20,809
20,069
26,648
40,878
46,070
Net income
$
187,272
$
180,588
$
239,648
$
367,860
$
414,315
(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 June 30, 2024, March 31, 2024 and
December 31, 2023, total regulatory capital represented 5.71
percent, 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 mortgage loan losses.
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Corporate Communications Federal Home Loan Bank of Dallas
www.fhlb.com (214) 441-8445