Date of Report (Date of Earliest Event Reported): | July 29, 2019 |
Federally Chartered Corporation | 000-51405 | 71-6013989 |
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
8500 Freeport Parkway South, Suite 600, Irving, Texas | 75063-2547 | |
____________________________ (Address of principal executive offices) | ___________ (Zip Code) |
Registrant’s telephone number, including area code: | 214-441-8500 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Federal Home Loan Bank of Dallas | ||||
July 29, 2019 | By: | /s/ Tom Lewis | ||
Name: Tom Lewis | ||||
Title: Executive Vice President and Chief Financial Officer |
Federal Home Loan Bank of Dallas |
Selected Financial Data |
As of and For the Quarter Ended June 30, 2019 |
(Unaudited, in thousands) |
June 30, 2019 | March 31, 2019 | December 31, 2018 | ||||||||||
Selected Statement of Condition Data: | ||||||||||||
Assets | ||||||||||||
Investments (1) | $ | 32,405,827 | $ | 30,040,987 | $ | 29,551,929 | ||||||
Advances | 38,778,599 | 36,096,595 | 40,793,813 | |||||||||
Mortgage loans held for portfolio, net | 3,034,267 | 2,594,412 | 2,185,503 | |||||||||
Cash and other assets | 299,550 | 305,498 | 242,045 | |||||||||
Total assets | $ | 74,518,243 | $ | 69,037,492 | $ | 72,773,290 | ||||||
Liabilities | ||||||||||||
Consolidated obligations | ||||||||||||
Discount notes | $ | 39,656,798 | $ | 37,369,065 | $ | 35,731,713 | ||||||
Bonds | 29,481,562 | 26,746,361 | 31,931,929 | |||||||||
Total consolidated obligations | 69,138,360 | 64,115,426 | 67,663,642 | |||||||||
Mandatorily redeemable capital stock | 7,093 | 7,753 | 6,979 | |||||||||
Other liabilities | 1,554,725 | 1,202,919 | 1,338,413 | |||||||||
Total liabilities | 70,700,178 | 65,326,098 | 69,009,034 | |||||||||
Capital | ||||||||||||
Capital stock — putable | 2,582,594 | 2,431,577 | 2,554,888 | |||||||||
Retained earnings | 1,155,367 | 1,120,615 | 1,081,367 | |||||||||
Total accumulated other comprehensive income | 80,104 | 159,202 | 128,001 | |||||||||
Total capital | 3,818,065 | 3,711,394 | 3,764,256 | |||||||||
Total liabilities and capital | $ | 74,518,243 | $ | 69,037,492 | $ | 72,773,290 | ||||||
Total regulatory capital (2) | $ | 3,745,054 | $ | 3,559,945 | $ | 3,643,234 |
For the | For the | For the | For the | For the | ||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2019 | March 31, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||||||
Selected Statement of Income Data: | ||||||||||||||||||||
Net interest income (3) (4) | $ | 62,474 | $ | 71,978 | $ | 76,005 | $ | 134,452 | $ | 144,098 | ||||||||||
Other income (loss) (4) | 22,144 | 16,977 | 425 | 39,121 | 2,699 | |||||||||||||||
Other expense | 24,525 | 24,065 | 22,169 | 48,590 | 46,160 | |||||||||||||||
AHP assessment | 6,015 | 6,494 | 5,427 | 12,509 | 10,067 | |||||||||||||||
Net income | $ | 54,078 | $ | 58,396 | $ | 48,834 | $ | 112,474 | $ | 90,570 |
(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, 2019, March 31, 2019 and December 31, 2018, total regulatory capital represented 5.03 percent, 5.16 percent and 5.01 percent, respectively, of total assets as of those dates. |
(3) | Net interest income is net of the provision for loan losses. |
(4) | Beginning January 1, 2019, 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." Prior to January 1, 2019, these amounts were recorded in other income (loss). During the quarter ended June 30, 2019, the quarter ended March 31, 2019 and the six months ended June 30, 2019, fair value hedge ineffectiveness reduced net interest income by $15.625 million, $9.340 million and $24.965 million, respectively. |