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Federal Home Loan Bank of Dallas Reports First Quarter 2019 Operating Results
DALLAS–(BUSINESS WIRE)–The Federal Home Loan Bank of Dallas (Bank) today reported net income of
$58.4 million for the quarter ended March 31, 2019. In comparison, for
the quarters ended December 31, 2018 and March 31, 2018, the Bank
reported net income of $58.1 million and $41.7 million, respectively.
Total assets at March 31, 2019 were $69.0 billion, compared with $72.8
billion at December 31, 2018. The $3.8 billion decrease in total assets
for the first quarter was attributable primarily to a decrease in the
Bank’s advances ($4.7 billion), offset by increases in the Bank’s
mortgage loans held for portfolio ($0.4 billion), long-term investments
($0.2 billion) and short-term liquidity portfolio ($0.2 billion).
Advances totaled $36.1 billion at March 31, 2019, compared with $40.8
billion at December 31, 2018. The Bank’s mortgage loans held for
portfolio totaled $2.6 billion at March 31, 2019, as compared to $2.2
billion at December 31, 2018.
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 $1.4 billion and $1.5 billion at
March 31, 2019 and December 31, 2018, respectively. 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 $16.1 billion at March 31, 2019, as compared to $15.8 billion at
December 31, 2018. At March 31, 2019 and December 31, 2018, the Bank
also held a $0.1 billion long-term U.S. Treasury Note classified as
trading.
The Bank’s short-term liquidity portfolio, which is comprised
substantially of overnight interest-bearing deposits, overnight federal
funds sold, overnight reverse repurchase agreements, U.S. Treasury Bills
and U.S. Treasury Notes with short remaining terms to maturity, totaled
$12.4 billion at March 31, 2019, compared to $12.2 billion at
December 31, 2018.
The Bank’s retained earnings increased to $1.121 billion at March 31,
2019 from $1.081 billion at December 31, 2018. On March 27, 2019, a
dividend of $19.1 million was paid to the Bank’s shareholders.
Additional selected financial data as of and for the quarter ended
March 31, 2019 (and, for comparative purposes, as of December 31, 2018,
and for the quarters ended December 31, 2018 and March 31, 2018) 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, 2019 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 820 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 March 31, 2019 |
(Unaudited, in thousands) |
March 31, 2019 | December 31, 2018 | ||||||||
Selected Statement of Condition Data: | |||||||||
Assets | |||||||||
Investments (1) | $ | 30,040,987 | $ | 29,551,929 | |||||
Advances | 36,096,595 | 40,793,813 | |||||||
Mortgage loans held for portfolio, net | 2,594,412 | 2,185,503 | |||||||
Cash and other assets | 305,498 | 242,045 | |||||||
Total assets | $ | 69,037,492 | $ | 72,773,290 | |||||
Liabilities | |||||||||
Consolidated obligations | |||||||||
Discount notes | $ | 37,369,065 | $ | 35,731,713 | |||||
Bonds | 26,746,361 | 31,931,929 | |||||||
Total consolidated obligations | 64,115,426 | 67,663,642 | |||||||
Mandatorily redeemable capital stock | 7,753 | 6,979 | |||||||
Other liabilities | 1,202,919 | 1,338,413 | |||||||
Total liabilities | 65,326,098 | 69,009,034 | |||||||
Capital | |||||||||
Capital stock — putable | 2,431,577 | 2,554,888 | |||||||
Retained earnings | 1,120,615 | 1,081,367 | |||||||
Total accumulated other comprehensive income | 159,202 | 128,001 | |||||||
Total capital | 3,711,394 | 3,764,256 | |||||||
Total liabilities and capital | $ | 69,037,492 | $ | 72,773,290 | |||||
Total regulatory capital (2) | $ | 3,559,945 | $ | 3,643,234 | |||||
For the | For the | For the | ||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||
March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||||||
Selected Statement of Income Data: | ||||||||||||
Net interest income (3) (4) | $ | 71,978 | $ | 85,431 | $ | 68,093 | ||||||
Other income (loss) (4) | 16,977 | 1,765 | 2,274 | |||||||||
Other expense | 24,065 | 22,597 | 23,991 | |||||||||
AHP assessment | 6,494 | 6,465 | 4,640 | |||||||||
Net income | $ | 58,396 | $ | 58,134 | $ | 41,736 | ||||||
(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 March 31, 2019 and December 31, 2018, total regulatory capital represented 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 March 31, 2019, fair value hedge ineffectiveness reduced net interest income by $9.340 million. |
|
Contacts
Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214)
441-8445
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Cannabis
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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