Federal Home Loan Bank of Dallas Reports First Quarter 2024 Operating Results

• April 29, 2024

DALLAS, TEXAS, April 29, 2024 - The Federal Home Loan Bank of Dallas (Bank) today reported net income of $180.6 million for the quarter ended March 31, 2024. In comparison, for the quarters ended December 31, 2023 and March 31, 2023, the Bank reported net income of $212.4 million and $174.7 million, respectively.

Total assets at March 31, 2024 were $125.1 billion, compared with $128.3 billion at December 31, 2023. Average total assets decreased from $134.5 billion for the three months ended March 31, 2023 to $125.6 billion for the corresponding period in 2024. The $3.2 billion decrease in total assets during the first quarter of 2024 was primarily attributable to a decrease in the Bank's advances ($10.9 billion), partially offset by increases in the Bank's short-term liquidity holdings ($7.1 billion), long-term investments ($0.5 billion) and mortgage loans held for portfolio ($0.1 billion).

Advances totaled $69.1 billion at March 31, 2024, compared with $80.0 billion at December 31, 2023. The Bank's mortgage loans held for portfolio totaled $5.2 billion at March 31, 2024, as compared to $5.1 billion at December 31, 2023.

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 $0.2 billion and $0.3 billion at March 31, 2024 and December 31, 2023, 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 $18.3 billion at March 31, 2024, as compared to $17.7 billion at December 31, 2023. At March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, the Bank's short-term liquidity holdings totaled $31.7 billion and $24.6 billion, respectively.

The Bank's retained earnings increased to $2.513 billion at March 31, 2024 from $2.413 billion at December 31, 2023. On March 27, 2024, a dividend of $80.7 million was paid to the Bank's shareholders.

Additional selected financial data as of and for the three months ended March 31, 2024 (and, for comparative purposes, as of December 31, 2023 and for the quarters ended December 31, 2023 and March 31, 2023) 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 March 31, 2024 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.

Contact Information:

Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
214.441.8445