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Federal Home Loan Bank of Dallas Reports Third Quarter 2022 Operating Results

The Federal Home Loan Bank of Dallas (Bank) today reported net income of $94.7 million for the quarter ended September 30, 2022. In comparison, for the quarters ended June 30, 2022 and September 30, 2021, the Bank reported net income of $65.6 million and $41.3 million, respectively. For the nine months ended September 30, 2022, the Bank reported net income of $201.3 million, as compared to $117.2 million for the nine months ended September 30, 2021.

Total assets at September 30, 2022 were $89.6 billion, compared with $77.7 billion at June 30, 2022 and $63.5 billion at December 31, 2021. The $11.9 billion increase in total assets for the third quarter was primarily attributable to increases in the Bank's advances ($7.8 billion), short-term liquidity holdings ($3.4 billion), long-term investments ($0.3 billion) and mortgage loans held for portfolio ($0.2 billion). The $26.1 billion increase in total assets for the nine months ended September 30, 2022 was attributable primarily to increases in the Bank's advances ($19.6 billion), short-term liquidity holdings ($7.1 billion) and mortgage loans held for portfolio ($0.7 billion), partially offset by a decrease in the Bank's long-term investments ($1.6 billion).

Advances totaled $44.2 billion at September 30, 2022, compared with $36.4 billion at June 30, 2022 and $24.6 billion at December 31, 2021. The Bank's mortgage loans held for portfolio totaled $4.2 billion at September 30, 2022, as compared to $4.0 billion at June 30, 2022 and $3.5 billion at December 31, 2021.

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, 2022, compared to $0.4 billion and $0.6 billion at June 30, 2022 and December 31, 2021, 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 $14.0 billion at September 30, 2022, as compared to $13.6 billion at June 30, 2022 and $15.3 billion at December 31, 2021. At September 30, 2022, June 30, 2022 and December 31, 2021, 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, 2022, June 30, 2022 and December 31, 2021, the Bank's short-term liquidity holdings totaled $26.3 billion, $22.9 billion and $19.2 billion, respectively.

The Bank's retained earnings increased to $1.741 billion at September 30, 2022 from $1.657 billion at June 30, 2022 and $1.558 billion at December 31, 2021. On September 27, 2022, a dividend of $10.6 million was paid to the Bank's shareholders.

Additional selected financial data as of and for the quarter ended September 30, 2022 (and, for comparative purposes, as of June 30, 2022 and December 31, 2021 and for the quarters ended June 30, 2022 and September 30, 2021 and the nine months ended September 30, 2021) 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, 2022 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 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 September 30, 2022

(Unaudited, in thousands)

 

 

 

September 30, 2022

 

June 30, 2022

 

December 31, 2021

Selected Statement of Condition Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Investments (1)

 

$

40,729,299

 

$

37,053,619

 

$

34,653,202

Advances

 

 

44,238,384

 

 

36,375,762

 

 

24,637,464

Mortgage loans held for portfolio, net

 

 

4,240,222

 

 

3,985,872

 

 

3,491,265

Cash and other assets

 

 

342,927

 

 

299,471

 

 

706,445

Total assets

 

$

89,550,832

 

$

77,714,724

 

$

63,488,376

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Consolidated obligations

 

 

 

 

 

 

Discount notes

 

$

29,590,696

 

$

29,622,896

 

$

11,003,026

Bonds

 

 

51,838,498

 

 

40,944,088

 

 

44,514,220

Total consolidated obligations

 

 

81,429,194

 

 

70,566,984

 

 

55,517,246

Mandatorily redeemable capital stock

 

 

12,895

 

 

13,698

 

 

6,657

Other liabilities

 

 

3,107,324

 

 

2,501,920

 

 

4,030,782

Total liabilities

 

 

84,549,413

 

 

73,082,602

 

 

59,554,685

Capital

 

 

 

 

 

 

Capital stock — putable

 

 

3,012,726

 

 

2,798,381

 

 

2,192,504

Retained earnings

 

 

1,741,128

 

 

1,657,025

 

 

1,558,417

Total accumulated other comprehensive income

 

 

247,565

 

 

176,716

 

 

182,770

Total capital

 

 

5,001,419

 

 

4,632,122

 

 

3,933,691

Total liabilities and capital

 

$

89,550,832

 

$

77,714,724

 

$

63,488,376

 

 

 

 

 

 

 

Total regulatory capital (2)

 

$

4,766,749

 

$

4,469,104

 

$

3,757,578

 

 

For the

 

For the

 

For the

 

For the

 

For the

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Nine Months Ended

 

Nine Months Ended

 

 

September 30, 2022

 

June 30, 2022

 

September 30, 2021

 

September 30, 2022

 

September 30, 2021

Selected Statement of Income Data:

 

 

 

 

 

 

 

 

 

 

Net interest income (3) (4)

 

$

136,097

 

 

$

102,098

 

 

$

67,257

 

$

328,380

 

 

$

198,474

Other income (loss)

 

 

(6,097

)

 

 

(5,712

)

 

 

4,600

 

 

(32,640

)

 

 

8,680

Other expense

 

 

24,804

 

 

 

23,547

 

 

 

26,010

 

 

72,018

 

 

 

76,977

AHP assessment

 

 

10,525

 

 

 

7,288

 

 

 

4,586

 

 

22,382

 

 

 

13,020

Net income

 

$

94,671

 

 

$

65,551

 

 

$

41,261

 

$

201,340

 

 

$

117,157

(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, 2022, June 30, 2022 and December 31, 2021, total regulatory capital represented 5.32 percent, 5.75 percent and 5.92 percent, respectively, of total assets as of those dates.

(3)

Net interest income is net of the provision (reversal) for mortgage loan losses.

(4)

The Bank records hedge ineffectiveness associated with fair value hedging relationships in net interest income in accordance with the provisions of ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities." During the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, fair value hedge ineffectiveness increased net interest income by $3.130 million, $1.409 million and $8.933 million, respectively. During the nine months ended September 30, 2022 and 2021, fair value hedge ineffectiveness increased net interest income by $16.942 million and $22.640 million, respectively.

 

Contacts

Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com

(214) 441-8445

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