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

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.

 

Contacts

Corporate Communications

Federal Home Loan Bank of Dallas

www.fhlb.com

(214) 441-8445

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