The Federal Home Loan Bank of Dallas (Bank) today reported net
income of $35.1 million for the quarter ended March 31, 2017. In
comparison, for the quarter ended December 31, 2016, the Bank
reported net income of $28.8 million.
The increase in net income from quarter to quarter was
attributable primarily to increases in the Bank's net interest
income ($5.9 million), aggregate net gains associated with the
Bank's derivatives and hedging activities and its trading
securities portfolio ($0.9 million) and gains on sales of
available-for-sale securities ($0.7 million), offset by increases
in non-interest expenses ($0.4 million) and Affordable Housing
Program assessments ($0.7 million).
Total assets at March 31, 2017 were $57.5 billion, compared with
$58.2 billion at December 31, 2016. The $0.7 billion decrease
in total assets for the first quarter was attributable primarily to
a decrease in the Bank's advances ($1.4 billion) offset by an
increase in its long-term investments ($0.6 billion). Advances
totaled $31.1 billion at March 31, 2017, compared with $32.5
billion at December 31, 2016.
The Bank's long-term held-to-maturity securities portfolio,
which is comprised substantially of U.S. agency residential
mortgage-backed securities (MBS), totaled $2.4 billion at March 31,
2017 as compared to $2.5 billion at December 31, 2016. The
Bank's long-term available-for-sale securities portfolio, which is
comprised substantially of U.S. agency and other highly rated
debentures and U.S. agency commercial MBS, totaled $13.9 billion at
March 31, 2017 as compared to $13.2 billion at December 31,
2016. The Bank also held a $0.1 billion long-term U.S. Treasury
Note in its trading securities portfolio at both March 31, 2017 and
December 31, 2016.
The Bank's short-term liquidity portfolio, which is comprised
substantially of overnight federal funds sold (including loans to
other Federal Home Loan Banks) and reverse repurchase agreements,
totaled $9.7 billion at March 31, 2017, compared to $9.6 billion at
December 31, 2016.
The Bank's retained earnings increased to $853.0 million at
March 31, 2017 from $824.0 million at December 31, 2016. On
March 29, 2017, a dividend of $6.1 million was paid to the Bank's
shareholders.
Additional selected financial data as of and for the quarter
ended March 31, 2017 (and, for comparative purposes, as of and for
the quarter ended December 31, 2016) is set forth below.
Further discussion and analysis regarding the Bank's first quarter
results will be included in its Form 10-Q for the quarter ended
March 31, 2017 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 loans
(known as advances) and other credit products to approximately 850
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,
2017 (Unaudited, in thousands)
March 31, 2017 December 31, 2016 Selected
Statement of Condition Data: Assets Investments
(1) $ 26,040,636 $ 25,419,421 Advances 31,058,811 32,506,175
Mortgage loans held for portfolio, net 178,107 123,961 Cash and
other assets 248,131 162,520
Total assets $
57,525,685 $ 58,212,077
Liabilities Consolidated
obligations Discount notes $ 22,783,297 $ 26,941,782 Bonds
30,127,957 26,997,487 Total consolidated obligations
52,911,254 53,939,269 Mandatorily redeemable capital stock 2,865
3,417 Other liabilities 1,670,266 1,452,049
Total
liabilities 54,584,385 55,394,735
Capital
Capital stock — putable 1,952,078 1,930,148 Retained earnings
853,042 823,984 Total accumulated other comprehensive income
136,180 63,210
Total capital 2,941,300
2,817,342
Total liabilities and capital $ 57,525,685 $
58,212,077
Total regulatory capital (2) $ 2,807,985 $
2,757,549
For the Quarter Ended For the
Quarter Ended March 31, 2017 December 31, 2016
Selected Statement of Income Data: Net interest
income $ 52,746 $ 46,815 Other income 8,557 7,122 Other expense
22,260 21,882 AHP assessment 3,905 3,206 Net income $
35,138 $ 28,849 (1) Investments consist of
interest-bearing deposits, securities purchased under agreements to
resell, federal funds sold, loans to other Federal Home Loan Banks,
trading securities, available-for-sale securities and
held-to-maturity securities. (2) As of March 31, 2017 and December
31, 2016, total regulatory capital represented 4.88 percent and
4.74 percent, respectively, of total assets as of those dates.
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Federal Home Loan Bank of DallasCorporate Communications,
214-441-8445fhlb.com