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October 30, 2017

 

Contact:

Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com

(214) 441-8445

Federal Home Loan Bank of Dallas Reports Third Quarter 2017 Operating Results

DALLAS, TEXAS, October 30, 2017 - The Federal Home Loan Bank of Dallas (Bank) today reported net income of $40.0 million for the quarter ended September 30, 2017. In comparison, for the quarters ended June 30, 2017 and September 30, 2016, the Bank reported net income of $43.8 million and $21.1 million, respectively. For the nine months ended September 30, 2017, the Bank reported net income of $118.9 million, as compared to $50.6 million for the nine months ended September 30, 2016.

The $3.8 million decrease in net income from the second quarter to the third quarter of 2017 was attributable primarily to an increase in the Bank's non-interest expenses ($2.7 million), which was due in large part to $1.8 million of grants and donations that were made to support recovery efforts in the areas impacted by Hurricane Harvey.

Total assets at September 30, 2017 were $66.4 billion, compared with $62.9 billion at June 30, 2017 and $58.2 billion at December 31, 2016. The $3.5 billion increase in total assets for the third quarter was attributable primarily to increases in the Bank's advances ($2.2 billion), short-term liquidity portfolio ($0.6 billion), long-term investments ($0.5 billion) and mortgage loans held for portfolio ($0.2 billion). For the nine months ended September 30, 2017, the $8.2 billion increase in total assets was attributable primarily to increases in the Bank's advances ($3.8 billion), short-term liquidity portfolio ($2.5 billion), long-term investments ($1.3 billion) and mortgage loans held for portfolio ($0.5 billion). Advances totaled $36.3 billion at September 30, 2017, compared with $34.1 billion at June 30, 2017 and $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 $2.0 billion at September 30, 2017 as compared to $2.2 billion at June 30, 2017 and $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 $15.0 billion at September 30, 2017 as compared to $14.3 billion at June 30, 2017 and $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 September 30, 2017, June 30, 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 $12.1 billion at September 30, 2017, compared to $11.5 billion at June 30, 2017 and $9.6 billion at December 31, 2016.

The Bank's mortgage loans held for portfolio totaled $577 million at September 30, 2017, as compared to $379 million at June 30, 2017 and $124 million at December 31, 2016.

The Bank's retained earnings increased to $921 million at September 30, 2017 from $890 million at June 30, 2017 and $824 million at December 31, 2016. On September 27, 2017, a dividend of $8.6 million was paid to the Bank's shareholders.

Additional selected financial data as of and for the quarter ended September 30, 2017 (and, for comparative purposes, as of June 30, 2017 and December 31, 2016 and for the quarters ended June 30, 2017 and September 30, 2016) is set forth below. Further discussion and analysis regarding the Bank's third quarter results will be included in its Form 10-Q for the quarter ended September 30, 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 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank's website at fhlb.com.

Q3 2017 Financial Table in Release.JPG