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Federal Home Loan Bank of Dallas : Reports Fourth Quarter and Full Year 2020 Operating Results

02/23/2021 | 01:33pm EST

The Federal Home Loan Bank of Dallas (Bank) today reported net income of $32.5 million for the quarter ended December 31, 2020. In comparison, for the quarters ended September 30, 2020 and December 31, 2019, the Bank reported net income of $47.7 million and $61.7 million, respectively. For the year ended December 31, 2020, the Bank reported net income of $198.7 million, as compared to $227.3 million for the year ended December 31, 2019.

Total assets at December 31, 2020 were $64.9 billion, compared with $66.3 billion at September 30, 2020 and $75.4 billion at December 31, 2019. The $1.4 billion decrease in total assets for the fourth quarter was attributable primarily to decreases in the Bank's advances ($1.8 billion), long-term investments ($0.4 billion) and mortgage loans held for portfolio ($0.3 billion), offset by an increase in its short-term liquidity holdings ($1.1 billion). The $10.5 billion decrease in total assets for the year ended December 31, 2020 was attributable primarily to decreases in the Bank's short-term liquidity holdings ($4.8 billion), advances ($4.6 billion), mortgage loans held for portfolio ($0.7 billion) and long-term investments ($0.3 billion).

Advances totaled $32.5 billion at December 31, 2020, compared with $34.3 billion at September 30, 2020 and $37.1 billion at December 31, 2019. The Bank's mortgage loans held for portfolio totaled $3.4 billion at December 31, 2020, as compared to $3.7 billion at September 30, 2020 and $4.1 billion at December 31, 2019.

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 approximately $0.9 billion at December 31, 2020 compared to $1.0 billion at September 30, 2020 and $1.2 billion at December 31, 2019. 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 $16.8 billion at December 31, 2020, as compared to $17.1 billion at September 30, 2020 and $16.8 billion at December 31, 2019. At December 31, 2020, September 30, 2020 and December 31, 2019, 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 December 31, 2020, September 30, 2020 and December 31, 2019, the Bank's short-term liquidity holdings totaled $11.0 billion, $9.9 billion and $15.8 billion, respectively.

The Bank's retained earnings increased to $1.408 billion at December 31, 2020 from $1.380 billion at September 30, 2020 and $1.233 billion at December 31, 2019. On December 31, 2020, a dividend of $4.3 million was paid to the Bank's shareholders.

Additional selected financial data as of and for the quarter and year ended December 31, 2020 (and, for comparative purposes, as of September 30, 2020 and December 31, 2019, and for the quarters ended September 30, 2020 and December 31, 2019 and the year ended December 31, 2019) is set forth below. Further discussion and analysis regarding the Bank's results will be included in its Form 10-K for the year ended December 31, 2020 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 and Year Ended December 31, 2020
(Unaudited, in thousands)

 

 

December 31, 2020

 

September 30, 2020

 

December 31, 2019

Selected Statement of Condition Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Investments (1)

 

$

25,660,696

 

 

$

28,049,888

 

 

$

33,918,055

 

Advances

 

32,478,944

 

 

34,292,478

 

 

37,117,455

 

Mortgage loans held for portfolio, net

 

3,422,686

 

 

3,705,344

 

 

4,075,464

 

Cash and other assets

 

3,350,200

 

 

248,143

 

 

270,631

 

Total assets

 

$

64,912,526

 

 

$

66,295,853

 

 

$

75,381,605

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Consolidated obligations

 

 

 

 

 

 

Discount notes

 

$

22,171,296

 

 

$

26,739,876

 

 

$

34,327,886

 

Bonds

 

37,112,721

 

 

34,099,828

 

 

35,745,827

 

Total consolidated obligations

 

59,284,017

 

 

60,839,704

 

 

70,073,713

 

Mandatorily redeemable capital stock

 

13,864

 

 

13,810

 

 

7,140

 

Other liabilities

 

2,057,760

 

 

1,911,178

 

 

1,502,784

 

Total liabilities

 

61,355,641

 

 

62,764,692

 

 

71,583,637

 

Capital

 

 

 

 

 

 

Capital stock — putable

 

2,101,380

 

 

2,181,608

 

 

2,466,242

 

Retained earnings

 

1,408,245

 

 

1,380,050

 

 

1,232,677

 

Total accumulated other comprehensive income (loss)

 

47,260

 

 

(30,497

)

 

99,049

 

Total capital

 

3,556,885

 

 

3,531,161

 

 

3,797,968

 

Total liabilities and capital

 

$

64,912,526

 

 

$

66,295,853

 

 

$

75,381,605

 

 

 

 

 

 

 

 

Total regulatory capital (2)

 

$

3,523,489

 

 

$

3,575,468

 

 

$

3,706,059

 

 
 

 

 

For the

 

For the

 

For the

 

For the

 

For the

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Year Ended

 

Year Ended

 

 

December 31, 2020

 

September 30, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

Selected Statement of Income Data:

 

 

 

 

 

 

 

 

 

 

Net interest income (3) (4)

 

$

74,831

 

 

$

79,457

 

 

$

90,811

 

 

$

309,979

 

 

$

293,175

 

Other income (loss)

 

107

 

 

(708

)

 

2,299

 

 

32,159

 

 

56,320

 

Other expense

 

38,869

 

 

25,731

 

 

24,572

 

 

121,342

 

 

96,965

 

AHP assessment

 

3,607

 

 

5,305

 

 

6,858

 

 

22,087

 

 

25,272

 

Net income

 

$

32,462

 

 

$

47,713

 

 

$

61,680

 

 

$

198,709

 

 

$

227,258

 

   

(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 December 31, 2020, September 30, 2020 and December 31, 2019, total regulatory capital represented 5.43 percent, 5.39 percent and 4.92 percent, respectively, of total assets as of those dates.

(3)

 

Net interest income is net of the provision 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 December 31, 2020, September 30, 2020 and December 31, 2019, fair value hedge ineffectiveness increased net interest income by $7.856 million, $4.629 million and $13.335 million, respectively. During the years ended December 31, 2020 and 2019, fair value hedge ineffectiveness reduced net interest income by $14.982 million and $17.909 million, respectively.

   
   

 


© Business Wire 2021
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