/home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
">
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
Warning: Attempt to read property "cat_name" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
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
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493
Warning: Attempt to read property "cat_ID" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493
Cannabis
Sannabis, Inc. (OTC: USPS) Unveils Innovative NO LICK! Terpene Spray for Cannabis Products to Enhance CBD and THC to Achieve the Entourage Effect
Cannabis
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
transfer
IMC to transfer its Oranim Pharmacy shares back to the seller
TORONTO and GLIL YAM, Israel, April 16, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is announcing that, further to the news release dated January 12, 2024, the Company has decided not to make remaining installment payments installments (i.e. NIS 5,873K including interest or 2,154K CAD) by IMC Holdings Ltd., and as such will transfer the 51% shares held by IMC Holdings Ltd back to the seller.
“With the April 1st cannabis legalization in Germany, we are focusing our resources on the German market, where we expect to see the biggest growth potential,” said Oren Shuster, CEO of IMC. “With both of our core markets, Germany and Israel, currently undergoing rapid evolution, we need to assure that we allocate our resources to the growth opportunities where we expect the best return on investment.”
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC’s products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, the occurrence of growth opportunities and the likelihood of growth potential.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the development and introduction of new products; continuing demand for medical and adult-use recreational cannabis in the markets in which the Company operates; the Company’s ability to reach patients through both e-commerce and brick and mortar retail operations; the Company’s ability to maintain and renew or obtain required licenses; the effectiveness of its products for medical cannabis patients and recreational consumers; and the Company’s ability to market its brands and services successfully to its anticipated customers and medical cannabis patients.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward looking statements due to a number of factors and risks. These include: any failure of the Company to maintain “de facto” control over Focus Medical in accordance with IFRS 10; the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the effect of the reform on the Company; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group”) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East
Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made.
The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contacts:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
[email protected]
Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/imc-to-transfer-its-oranim-pharmacy-shares-back-to-the-seller-302117984.html
-
StickIt2 weeks ago
StickIt Technologies Inc. Announces Year-End 2023 Financial Results
-
Cannabis2 weeks ago
Hemp, Inc. Welcomes USDA Approval of GMO Hemp Strain – A Step Forward in Cannabis Biotechnology
-
Cannabis1 week ago
Right On Brands, Inc. Continues Rollout, Announces 13th Store Opening
-
Cannabis2 weeks ago
IM Cannabis and Flora Growth Partner to Bring Vessel Cannabis Accessories to the Israeli Market
-
Cannabis1 week ago
Avicanna Announces Completion of Topical Gel Observational Real-World Evidence Study
-
Cannabis1 week ago
Geopulse Exploration, Inc. Acquires 50% of ATC Services
-
Cannabis2 weeks ago
Tilray Brands, Inc. Reports Q3 Fiscal 2024 Financial Results
-
transfer4 days ago
IMC to transfer its Oranim Pharmacy shares back to the seller