The Federal Home Loan Bank of Dallas (Bank) today filed its 10-K annual report, which reflects financial strength and stability.
The Bank reported net income of $129.8 million for the year 2007, up 6 percent from the prior year. Net interest income for 2007 rose $6.7 million to $223 million, due primarily to an increase in the Bank's net interest spread. Total assets as of December 31, 2007 were $63.6 billion – an increase of $8.0 billion, or 14 percent, from year-end 2006. During 2007, the par value of the Bank's outstanding advances increased by $4.9 billion (or 12 percent), from $41.2 billion at year-end 2006 to $46.1 billion as of December 31, 2007. The Bank's retained earnings increased 11 percent, to $211.8 million at year-end 2007.
The announcement of the Bank's results comes on the heels of its declaration of a 2008 first quarter dividend payable March 31, 2008 at an annualized rate of 4.50 percent.
"The Bank's focus is on maintaining a low-risk profile and providing stable dividends for our member financial institutions. As a cooperative, the Bank is managed with the primary objective of enhancing the value of membership and fulfilling its public purpose," said Terry Smith, the Bank's President and Chief Executive Officer.
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 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.