Exhibit 99.1
FOR IMMEDIATE RELEASE
October 30, 2017
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.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.
|
|
| Federal Home Loan Bank of Dallas |
| Selected Financial Data |
| As of and For the Quarter Ended September 30, 2017 |
| (Unaudited, in thousands) |
|
| | | | | | | | | | | | |
| | | September 30, 2017 | | June 30, 2017 | | December 31, 2016 |
| Selected Statement of Condition Data: | | | | | | |
| | | | | | | |
| Assets | | | | | | |
| Investments (1) | | $ | 29,255,476 |
| | $ | 28,122,619 |
| | $ | 25,419,421 |
|
| Advances | | 36,287,884 |
| | 34,132,238 |
| | 32,506,175 |
|
| Mortgage loans held for portfolio, net | | 576,806 |
| | 378,885 |
| | 123,961 |
|
| Cash and other assets | | 329,717 |
| | 228,755 |
| | 162,520 |
|
| Total assets | | $ | 66,449,883 |
| | $ | 62,862,497 |
| | $ | 58,212,077 |
|
| | | | | | | |
| Liabilities | | | | | | |
| Consolidated obligations | | | | | | |
| Discount notes | | $ | 31,438,766 |
| | $ | 28,014,878 |
| | $ | 26,941,782 |
|
| Bonds | | 30,060,229 |
| | 30,020,333 |
| | 26,997,487 |
|
| Total consolidated obligations | | 61,498,995 |
| | 58,035,211 |
| | 53,939,269 |
|
| Mandatorily redeemable capital stock | | 7,032 |
| | 23,146 |
| | 3,417 |
|
| Other liabilities | | 1,655,271 |
| | 1,666,835 |
| | 1,452,049 |
|
| Total liabilities | | 63,161,298 |
| | 59,725,192 |
| | 55,394,735 |
|
| Capital | | | | | | |
| Capital stock — putable | | 2,206,815 |
| | 2,114,575 |
| | 1,930,148 |
|
| Retained earnings | | 920,914 |
| | 889,544 |
| | 823,984 |
|
| Total accumulated other comprehensive income | | 160,856 |
| | 133,186 |
| | 63,210 |
|
| Total capital | | 3,288,585 |
| | 3,137,305 |
| | 2,817,342 |
|
| Total liabilities and capital | | $ | 66,449,883 |
| | $ | 62,862,497 |
| | $ | 58,212,077 |
|
| | | | | | | |
| Total regulatory capital (2) | | $ | 3,134,761 |
| | $ | 3,027,265 |
| | $ | 2,757,549 |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | | For the | | For the | | For the | | For the | | For the |
| | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Nine Months Ended | | Nine Months Ended |
| | | September 30, 2017 | | June 30, 2017 | | September 30, 2016 | | September 30, 2017 | | September 30, 2016 |
| Selected Statement of Income Data: | | | | | | | | | | |
| | | | | | | | | | | |
| Net interest income | | $ | 62,492 |
| | $ | 61,514 |
| | $ | 44,668 |
| | $ | 176,752 |
| | $ | 118,215 |
|
| Other income | | 5,463 |
| | 7,890 |
| | 2,405 |
| | 21,910 |
| | 702 |
|
| Other expense | | 23,491 |
| | 20,774 |
| | 23,600 |
| | 66,525 |
| | 62,692 |
|
| AHP assessment | | 4,451 |
| | 4,867 |
| | 2,348 |
| | 13,223 |
| | 5,625 |
|
| Net income | | $ | 40,013 |
| | $ | 43,763 |
| | $ | 21,125 |
| | $ | 118,914 |
| | $ | 50,600 |
|
| |
| (1) | Investments consist of interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, loans to other Federal Home Loan Banks, trading securities, available-for-sale securities and held-to-maturity securities. |
| |
| (2) | As of September 30, 2017, June 30, 2017 and December 31, 2016, total regulatory capital represented 4.72 percent, 4.82 percent and 4.74 percent, respectively, of total assets as of those dates. |
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