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Federal Home Loan Bank of Dallas Reports Third Quarter 2023 Operating Results

The Federal Home Loan Bank of Dallas (Bank) today reported net income of $247.7 million for the quarter ended September 30, 2023. In comparison, for the quarters ended June 30, 2023 and September 30, 2022, the Bank reported net income of $239.6 million and $94.7 million, respectively. For the nine months ended September 30, 2023, the Bank reported net income of $662.0 million, as compared to $201.3 million for the nine months ended September 30, 2022.

Total assets at September 30, 2023 were $147.6 billion, compared with $174.0 billion at June 30, 2023 and $114.3 billion at December 31, 2022. Average total assets increased from $76.0 billion and $68.7 billion for the three and nine months ended September 30, 2022, respectively, to $157.6 billion and $159.8 billion for the corresponding periods in 2023. The $26.4 billion decrease in total assets during the third quarter of 2023 was primarily attributable to decreases in the Bank's advances ($17.7 billion) and short-term liquidity holdings ($9.1 billion), partially offset by increases in the Bank's long-term investments ($0.2 billion) and mortgage loans held for portfolio ($0.2 billion). The $33.3 billion increase in total assets during the nine months ended September 30, 2023 was attributable primarily to increases in the Bank's advances ($22.4 billion), short-term liquidity holdings ($8.6 billion), long-term investments ($1.5 billion) and mortgage loans held for portfolio ($0.6 billion).

Advances totaled $91.3 billion at September 30, 2023, compared with $109.0 billion at June 30, 2023 and $68.9 billion at December 31, 2022. The Bank's mortgage loans held for portfolio totaled $5.0 billion at September 30, 2023, as compared to $4.8 billion at June 30, 2023 and $4.4 billion at December 31, 2022.

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 $0.3 billion at September 30, 2023, June 30, 2023 and December 31, 2022. 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 $16.6 billion at September 30, 2023, as compared to $16.4 billion at June 30, 2023 and $15.1 billion at December 31, 2022. At September 30, 2023, June 30, 2023 and December 31, 2022, 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 September 30, 2023, June 30, 2023 and December 31, 2022, the Bank's short-term liquidity holdings totaled $33.7 billion, $42.8 billion and $25.1 billion, respectively.

The Bank's retained earnings increased to $2.289 billion at September 30, 2023 from $2.140 billion at June 30, 2023 and $1.834 billion at December 31, 2022. On September 27, 2023, a dividend of $98.5 million was paid to the Bank's shareholders.

Additional selected financial data as of and for the quarter and nine months ended September 30, 2023 (and, for comparative purposes, as of June 30, 2023 and December 31, 2022, and for the quarters ended June 30, 2023 and September 30, 2022 and the nine months ended September 30, 2022) 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 September 30, 2023 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 Nine Months Ended September 30, 2023

(Unaudited, in thousands)

 

 

September 30, 2023

 

June 30, 2023

 

December 31, 2022

Selected Statement of Condition Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Investments (1)

 

$

50,707,609

 

 

$

59,507,921

 

 

$

40,613,512

 

Advances

 

 

91,338,176

 

 

 

109,031,770

 

 

 

68,921,869

 

Mortgage loans held for portfolio, net

 

 

4,982,201

 

 

 

4,780,545

 

 

 

4,395,175

 

Cash and other assets

 

 

585,568

 

 

 

663,320

 

 

 

418,000

 

Total assets

 

$

147,613,554

 

 

$

173,983,556

 

 

$

114,348,556

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Consolidated obligations

 

 

 

 

 

 

Discount notes

 

$

20,930,677

 

 

$

41,309,102

 

 

$

46,270,265

 

Bonds

 

 

116,303,450

 

 

 

121,323,406

 

 

 

59,946,458

 

Total consolidated obligations

 

 

137,234,127

 

 

 

162,632,508

 

 

 

106,216,723

 

Mandatorily redeemable capital stock

 

 

568

 

 

 

8,452

 

 

 

7,453

 

Other liabilities

 

 

2,709,512

 

 

 

2,767,648

 

 

 

2,123,303

 

Total liabilities

 

 

139,944,207

 

 

 

165,408,608

 

 

 

108,347,479

 

Capital

 

 

 

 

 

 

Capital stock — putable

 

 

5,204,484

 

 

 

6,216,036

 

 

 

3,984,105

 

Retained earnings

 

 

2,288,886

 

 

 

2,139,693

 

 

 

1,834,446

 

Total accumulated other comprehensive income

 

 

175,977

 

 

 

219,219

 

 

 

182,526

 

Total capital

 

 

7,669,347

 

 

 

8,574,948

 

 

 

6,001,077

 

Total liabilities and capital

 

$

147,613,554

 

 

$

173,983,556

 

 

$

114,348,556

 

 

 

 

 

 

 

 

Total regulatory capital (2)

 

$

7,493,938

 

$

8,364,181

 

$

5,826,004

 

 

For the

 

For the

 

For the

 

For the

 

For the

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Nine Months Ended

 

Nine Months Ended

 

 

September 30, 2023

 

June 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Selected Statement of Income Data:

 

 

 

 

 

 

 

 

 

 

Net interest income (3)

 

$

284,851

 

 

$

285,545

 

 

$

136,097

 

 

$

766,520

 

 

$

328,380

 

Other income (loss)

 

 

20,181

 

 

 

13,696

 

 

 

(6,097

)

 

 

71,486

 

 

 

(32,640

)

Other expense

 

 

29,774

 

 

 

32,945

 

 

 

24,804

 

 

 

102,363

 

 

 

72,018

 

AHP assessment

 

 

27,533

 

 

 

26,648

 

 

 

10,525

 

 

 

73,603

 

 

 

22,382

 

Net income

 

$

247,725

 

$

239,648

 

$

94,671

 

 

$

662,040

 

$

201,340

 

(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 September 30, 2023, June 30, 2023 and December 31, 2022, total regulatory capital represented 5.08 percent, 4.81 percent and 5.09 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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