0001299933-11-002295.txt : 20110728 0001299933-11-002295.hdr.sgml : 20110728 20110728112855 ACCESSION NUMBER: 0001299933-11-002295 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110728 DATE AS OF CHANGE: 20110728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federal Home Loan Bank of Dallas CENTRAL INDEX KEY: 0001331757 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 716013989 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51405 FILM NUMBER: 11992385 BUSINESS ADDRESS: STREET 1: 8500 FREEPORT PARKWAY SOUTH STREET 2: SUITE 100 CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: 214-441-8500 MAIL ADDRESS: STREET 1: 8500 FREEPORT PARKWAY SOUTH STREET 2: SUITE 100 CITY: IRVING STATE: TX ZIP: 75063 8-K 1 htm_42476.htm LIVE FILING Federal Home Loan Bank of Dallas (Form: 8-K)  

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   July 28, 2011

Federal Home Loan Bank of Dallas
__________________________________________
(Exact name of registrant as specified in its charter)

     
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

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2011, the Federal Home Loan Bank of Dallas issued a press release disclosing information regarding its financial condition at June 30, 2011 and its results of operations for the quarter and six months ended June 30, 2011. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1. The information contained in this Item 2.02 and Exhibit 99.1 attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.





Item 9.01 Financial Statements and Exhibits.

Exhibits

99.1 Press release dated July 28, 2011 disclosing financial information regarding the quarter and six months ended June 30, 2011





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Federal Home Loan Bank of Dallas
          
July 28, 2011   By:   /s/ Tom Lewis
       
        Name: Tom Lewis
        Title: Senior Vice President and Chief Accounting Officer

Exhibit Index


     
Exhibit No.   Description
 
99.1
  Press release dated July 28, 2011 disclosing financial information regarding the quarter and six months ended June 30, 2011.
EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 28, 2011

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

Federal Home Loan Bank of Dallas
Reports Second Quarter Earnings

DALLAS, TEXAS, July 28, 2011 – The Federal Home Loan Bank of Dallas (Bank) today reported net income of $6.7 million for the quarter ended June 30, 2011. For the six months ended June 30, 2011, the Bank reported net income of $18.2 million.

Total assets at June 30, 2011 were $31.4 billion, compared with $33.2 billion at March 31, 2011 and $39.7 billion at December 31, 2010. The $1.8 billion decrease in total assets for the second quarter was attributable to declines in the Bank’s advances ($2.1 billion) and its long-term held-to-maturity securities portfolio ($0.5 billion), offset by a $0.8 billion increase in the Bank’s short-term liquidity portfolio. The $8.3 billion decrease in total assets for the six-month period was attributable to declines in the Bank’s advances ($5.8 billion), its short-term liquidity portfolio ($1.3 billion) and its long-term held-to-maturity securities portfolio ($1.2 billion).

Advances were $19.7 billion at June 30, 2011, compared with $21.8 billion at March 31, 2011 and $25.5 billion at December 31, 2010. During the quarter and six months ended June 30, 2011, advances to the Bank’s top five borrowers decreased by $2.7 billion and $4.1 billion, respectively, which included the maturity of $2.3 billion and $3.3 billion, respectively, of advances to the Bank’s two largest borrowers. In addition, during the year-to-date period, $0.8 billion of maturing advances were repaid following the consolidation of several members’ charters into the charter of an out-of-district institution. Advances to the Bank’s other members increased by $0.6 billion during the second quarter; during the six-month period, advances to these members decreased by $0.9 billion.

Due to principal repayments on mortgage-backed securities (MBS), the Bank’s held-to-maturity securities portfolio declined from $7.8 billion at March 31, 2011 and $8.5 billion at December 31, 2010 to $7.3 billion at June 30, 2011. The Bank did not acquire any MBS during the six months ended June 30, 2011.

The Bank’s operating results for the quarter and six months ended June 30, 2011 included credit-related other-than-temporary impairment charges of $2.3 million and $3.7 million, respectively, on certain of its investments in non-agency (private-label) residential MBS (RMBS). The unpaid principal balance of the Bank’s non-agency RMBS holdings, all of which are classified as held-to-maturity, totaled $348.3 million at June 30, 2011, compared with $371.0 million at March 31, 2011 and $397.9 million at December 31, 2010.

The Bank’s retained earnings increased to $467.5 million at June 30, 2011, from $462.2 million at March 31, 2011 and $452.2 million at December 31, 2010. Accumulated other comprehensive loss attributable to the non-credit portion of other-than-temporary impairment losses on the Bank’s non-agency RMBS holdings declined from $57.3 million at March 31, 2011 and $63.3 million at December 31, 2010 to $56.2 million at June 30, 2011.

Additional selected financial data as of and for the quarter and six months ended June 30, 2011 is set forth below. Further discussion and analysis regarding the Bank’s second quarter and year-to-date results will be included in its Form 10-Q for the quarterly period ended June 30, 2011 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 12 district banks in the FHLBank System 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 more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank’s website at fhlb.com.

1

 
Federal Home Loan Bank of Dallas
Selected Financial Data
As of and For the Three and Six Months Ended June 30, 2011
(Unaudited, in thousands)
                         
    June 30, 2011   March 31, 2011   December 31, 2010
Selected Statement of Condition Data:
                        
Investments (1)
   $ 9,285,616     $ 10,545,849     $ 12,268,954  
Advances
     19,684,428       21,804,806       25,455,656  
Mortgage loans held for portfolio, net
     183,908       194,478       207,168  
Total assets
     31,387,759       33,169,709       39,690,070  
Consolidated obligations, net
     27,974,372       29,802,425       36,447,583  
Mandatorily redeemable capital stock
     17,176       18,131       8,076  
Capital stock — putable
     1,284,559       1,427,810       1,600,909  
Retained earnings
     467,503       462,188       452,205  
Total accumulated other comprehensive income (loss)
     (55,695 )     (56,743 )     (62,702 )
Total capital (2)
     1,696,367       1,833,255       1,990,412  
                 
    For the Three Months   For the Six Months
    Ended June 30, 2011   Ended June 30, 2011
Selected Statement of Income Data:
                
Net interest income
   $ 37,403     $ 79,526  
Credit component of other-than-temporary impairment losses
     (2,344 )     (3,722 )
Other loss
     (6,844 )     (11,733 )
Total other expense
     19,148       39,305  
Total assessments
     2,359       6,525  
Net income
     6,708       18,241  
         
  (1 )  
Investments consist of interest-bearing deposits, securities purchased under
agreements to resell, federal funds sold, trading securities, and held-to-maturity
securities.
  (2 )  
As of June 30, 2011, March 31, 2011 and December 31, 2010, total regulatory capital was
       
$1,769,238, $1,908,129 and $2,061,190, respectively, which represented 5.64 percent,
       
5.75 percent and 5.19 percent, respectively, of total assets as of those dates.

###

2