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Federal Home Loan Bank of Dallas Reports First Quarter 2024 Operating Results

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.

 

Contacts

Corporate Communications

Federal Home Loan Bank of Dallas

www.fhlb.com

(214) 441-8445

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