Federal Home Loan Bank of Dallas Earnings 2019-06-30

FHLBD 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

10-Q 1 a630201910q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019



o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-51405

FEDERAL HOME LOAN BANK OF DALLAS

(Exact name of registrant as specified in its charter)



Federally chartered corporation (State or other jurisdiction of incorporation or organization)		71-6013989 (I.R.S. Employer Identification Number)

8500 Freeport Parkway South, Suite 600 Irving, TX (Address of principal executive offices)		75063-2547 (Zip code)

(214) 441-8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of each exchange on which registered

Indicate by check mark whether the registrant [1] has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and [2] has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (17 C.F.R. §232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act:



Large accelerated filer o	Accelerated filer o	Non-accelerated filer þ	Smaller reporting company o	Emerging growth company o
		(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

At August 2, 2019, the registrant had outstanding 26,321,678 shares of its Class B Capital Stock, $100 par value per share.

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FEDERAL HOME LOAN BANK OF DALLAS

TABLE OF CONTENTS



	Page
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements	1

Statements of Condition as of June 30, 2019 and December 31, 2018	1

Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018	2

Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2019 and 2018	3

Statements of Capital for the Three and Six Months Ended June 30, 2019 and 2018	4

Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018	6

Notes to Interim Unaudited Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	42

Forward-Looking Information	42

Overview	42

Selected Financial Data	46

Financial Condition	47

Results of Operations	60

Critical Accounting Policies and Estimates	69

Liquidity and Capital Resources	69

Recently Issued Accounting Guidance	71

Item 3. Quantitative and Qualitative Disclosures About Market Risk	71

Item 4. Controls and Procedures	74

PART II. OTHER INFORMATION

Item 6. Exhibits	75

Signatures	75
EX-31.1
EX-31.2
EX-32.1
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FEDERAL HOME LOAN BANK OF DALLAS

STATEMENTS OF CONDITION

(Unaudited; in thousands, except share data)



	June 30, 2019		December 31, 2018
ASSETS
Cash and due from banks	$	52,382	$	35,157
Interest-bearing deposits	1,146,261		2,500,317
Securities purchased under agreements to resell (Note 11)	5,135,000		6,215,000
Federal funds sold	4,755,000		1,731,000
Trading securities (Note 3)	3,431,038		1,818,178
Available-for-sale securities (Notes 4, 11 and 16) ($757,046 and $712,547 pledged at June 30, 2019 and December 31, 2018, respectively, which could be rehypothecated)	16,679,261		15,825,155
Held-to-maturity securities^(a) (Note 5)	1,259,267		1,462,279
Advances (Notes 6 and 8)	38,778,599		40,793,813
Mortgage loans held for portfolio, net of allowance for credit losses of $731 and $493 at June 30, 2019 and December 31, 2018, respectively (Notes 7 and 8)	3,034,267		2,185,503
Accrued interest receivable	165,900		152,670
Premises and equipment, net	15,395		16,419
Derivative assets (Notes 11 and 12)	34,025		9,878
Other assets (including $13,166 and $12,376 of securities held at fair value at June 30, 2019 and December 31, 2018, respectively)	31,848		27,921
TOTAL ASSETS	$	74,518,243	$	72,773,290

LIABILITIES AND CAPITAL
Deposits
Interest-bearing	$	881,973	$	963,972
Non-interest bearing	20		20
Total deposits	881,993		963,992
Consolidated obligations (Note 9)
Discount notes	39,656,798		35,731,713
Bonds	29,481,562		31,931,929
Total consolidated obligations	69,138,360		67,663,642

Loan from other FHLBank (Note 18)	400,000		—
Mandatorily redeemable capital stock	7,093		6,979
Accrued interest payable	114,349		122,938
Affordable Housing Program (Note 10)	48,049		44,358
Derivative liabilities (Notes 11 and 12)	3,553		45,991
Other liabilities (Note 4)	106,781		161,134
Total liabilities	70,700,178		69,009,034

Commitments and contingencies (Notes 8 and 16)

CAPITAL (Note 13)
Capital stock
Capital stock — Class B-1 putable ($100 par value) issued and outstanding shares: 10,331,124 and 9,169,206 shares at June 30, 2019 and December 31, 2018, respectively	1,033,112		916,921
Capital stock — Class B-2 putable ($100 par value) issued and outstanding shares: 15,494,815 and 16,379,675 shares at June 30, 2019 and December 31, 2018, respectively	1,549,482		1,637,967
Total Class B Capital Stock	2,582,594		2,554,888
Retained earnings
Unrestricted	984,180		932,675
Restricted	171,187		148,692
Total retained earnings	1,155,367		1,081,367
Accumulated other comprehensive income (Note 19)	80,104		128,001
Total capital	3,818,065		3,764,256
TOTAL LIABILITIES AND CAPITAL	$	74,518,243	$	72,773,290

_____________________________


^(a)	Fair values: $1,271,314 and $1,478,691 at June 30, 2019 and December 31, 2018, respectively.

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF DALLAS

STATEMENTS OF INCOME

(Unaudited, in thousands)



	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
	2019		2018			2019		2018
INTEREST INCOME
Advances	$	244,658	$	198,670		$	482,522	$	354,015
Prepayment fees on advances, net	553		588			677		2,569
Interest-bearing deposits	8,368		939			19,489		1,708
Securities purchased under agreements to resell	26,177		15,745			51,474		22,924
Federal funds sold	15,953		17,417			34,457		46,405
Trading securities	19,079		2,597			37,104		3,166
Available-for-sale securities	112,788		104,402			231,796		184,360
Held-to-maturity securities	10,451		11,692			21,504		21,924
Mortgage loans held for portfolio	26,753		10,466			49,847		19,088
Total interest income	464,780		362,516			928,870		656,159
INTEREST EXPENSE
Consolidated obligations
Bonds	166,004		161,726			356,772		289,871
Discount notes	231,322		120,960			427,573		215,496
Deposits	4,697		3,794			9,619		6,579
Mandatorily redeemable capital stock	53		6			105		31
Other borrowings	110		18			111		77
Total interest expense	402,186		286,504			794,180		512,054
NET INTEREST INCOME	62,594		76,012			134,690		144,105
Provision for mortgage loan losses	120		7			238		7

NET INTEREST INCOME AFTER PROVISION FOR MORTGAGE LOAN LOSSES	62,474		76,005			134,452		144,098

OTHER INCOME (LOSS)
Net gains (losses) on trading securities	4,852		(542		)	8,079		(2,890		)
Net gains (losses) on derivatives and hedging activities	12,790		(2,347		)	21,556		(524		)
Net gains on other assets carried at fair value	353		202			1,266		215
Realized gains on sales of available-for-sale securities	140		—			580		—
Letter of credit fees	2,984		2,265			5,764		4,411
Other, net	1,025		847			1,876		1,487
Total other income	22,144		425			39,121		2,699
OTHER EXPENSE
Compensation and benefits	12,380		11,683			25,946		24,235
Other operating expenses	9,597		8,266			17,631		16,115
Finance Agency	1,183		876			2,366		1,839
Office of Finance	1,050		838			1,998		1,768
Discretionary grants and donations	1		195			39		1,583
Derivative clearing fees	314		311			610		620
Total other expense	24,525		22,169			48,590		46,160
INCOME BEFORE ASSESSMENTS	60,093		54,261			124,983		100,637
Affordable Housing Program assessment	6,015		5,427			12,509		10,067
NET INCOME	$	54,078	$	48,834		$	112,474	$	90,570

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF DALLAS

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)



	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
NET INCOME	$	54,078		$	48,834		$	112,474		$	90,570
OTHER COMPREHENSIVE INCOME (LOSS)
Net unrealized gains (losses) on available-for-sale securities, net of unrealized gains and losses relating to hedged interest rate risk included in net income	(44,739		)	(36,262		)	7,524			4,137
Reclassification adjustment for realized gains on sales of available-for-sale securities included in net income	(140		)	—			(580		)	—
Unrealized gains (losses) on cash flow hedges	(33,976		)	4,726			(54,366		)	18,566
Reclassification adjustment for (gains) losses on cash flow hedges included in net income	(765		)	(273		)	(1,572		)	37
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities	540			780			1,133			1,553
Postretirement benefit plan
Amortization of prior service cost included in net periodic benefit credit	5			5			10			10
Amortization of net actuarial gain included in net periodic benefit credit	(23		)	(27		)	(46		)	(53		)
Total other comprehensive income (loss)	(79,098		)	(31,051		)	(47,897		)	24,250
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(25,020	)	$	17,783		$	64,577		$	114,820

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF DALLAS

STATEMENTS OF CAPITAL

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018

(Unaudited, in thousands)



	Capital Stock Class B-1 - Putable (Membership/Excess)					Capital Stock Class B-2 - Putable (Activity)													Accumulated Other Comprehensive Income (Loss)
	Capital Stock Class B-1 - Putable (Membership/Excess)					Capital Stock Class B-2 - Putable (Activity)					Retained Earnings											Total Capital
	Shares		Par Value			Shares		Par Value			Unrestricted			Restricted		Total						Total Capital
BALANCE, APRIL 1, 2019	9,882		$	988,183		14,434		$	1,443,394		$	960,243		$	160,372	$	1,120,615		$	159,202		$	3,711,394
Net transfers of shares between Class B-1 and Class B-2 Stock	4,139		413,955			(4,139	)	(413,955		)	—			—		—			—			—
Proceeds from sale of capital stock	30		3,024			5,200		520,043			—			—		—			—			523,067
Repurchase/redemption of capital stock	(3,913	)	(391,297		)	—		—			—			—		—			—			(391,297		)
Comprehensive income (loss)
Net income	—		—			—		—			43,263			10,815		54,078			—			54,078
Other comprehensive income (loss)	—		—			—		—			—			—		—			(79,098		)	(79,098		)
Dividends on capital stock^(a)
Cash	—		—			—		—			(65		)	—		(65		)	—			(65		)
Mandatorily redeemable capital stock	—		—			—		—			(14		)	—		(14		)	—			(14		)
Stock	193		19,247			—		—			(19,247		)	—		(19,247		)	—			—

BALANCE, JUNE 30, 2019	10,331		$	1,033,112		15,495		$	1,549,482		$	984,180		$	171,187	$	1,155,367		$	80,104		$	3,818,065

BALANCE, APRIL 1, 2018	9,307		$	930,662		14,203		$	1,420,281		$	855,150		$	117,285	$	972,435		$	275,627		$	3,599,005
Net transfers of shares between Class B-1 and Class B-2 Stock	2,561		256,164			(2,561	)	(256,164		)	—			—		—			—			—
Proceeds from sale of capital stock	97		9,711			5,954		595,466			—			—		—			—			605,177
Repurchase/redemption of capital stock	(3,096	)	(309,577		)	—		—			—			—		—			—			(309,577		)
Comprehensive income (loss)
Net income	—		—			—		—			39,068			9,766		48,834			—			48,834
Other comprehensive income (loss)	—		—			—		—			—			—		—			(31,051		)	(31,051		)
Dividends on capital stock^(b)
Cash	—		—			—		—			(68		)	—		(68		)	—			(68		)
Mandatorily redeemable capital stock	—		—			—		—			(1		)	—		(1		)	—			(1		)
Stock	135		13,512			—		—			(13,512		)	—		(13,512		)	—			—

BALANCE, JUNE 30, 2018	9,004		$	900,472		17,596		$	1,759,583		$	880,637		$	127,051	$	1,007,688		$	244,576		$	3,912,319

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	Capital Stock Class B-1 - Putable (Membership/Excess)					Capital Stock Class B-2 - Putable (Activity)													Accumulated Other Comprehensive Income (Loss)
	Capital Stock Class B-1 - Putable (Membership/Excess)					Capital Stock Class B-2 - Putable (Activity)					Retained Earnings											Total Capital
	Shares		Par Value			Shares		Par Value			Unrestricted			Restricted		Total						Total Capital
BALANCE, JANUARY 1, 2019	9,169		$	916,921		16,380		$	1,637,967		$	932,675		$	148,692	$	1,081,367		$	128,001		$	3,764,256
Net transfers of shares between Class B-1 and Class B-2 Stock	9,468		946,796			(9,468	)	(946,796		)	—			—		—			—			—
Proceeds from sale of capital stock	33		3,366			8,583		858,311			—			—		—			—			861,677
Repurchase/redemption of capital stock	(8,699	)	(869,936		)	—		—			—			—		—			—			(869,936		)
Shares reclassified to mandatorily redeemable capital stock	(23	)	(2,326		)	—		—			—			—		—			—			(2,326		)
Adjustment to initially apply new lease accounting guidance (Note 2)	—		—			—		—			(25		)	—		(25		)	—			(25		)
Comprehensive income (loss)
Net income	—		—			—		—			89,979			22,495		112,474			—			112,474
Other comprehensive income (loss)	—		—			—		—			—			—		—			(47,897		)	(47,897		)
Dividends on capital stock^(a)
Cash	—		—			—		—			(131		)	—		(131		)	—			(131		)
Mandatorily redeemable capital stock	—		—			—		—			(27		)	—		(27		)	—			(27		)
Stock	383		38,291			—		—			(38,291		)	—		(38,291		)	—			—

BALANCE, JUNE 30, 2019	10,331		$	1,033,112		15,495		$	1,549,482		$	984,180		$	171,187	$	1,155,367		$	80,104		$	3,818,065

BALANCE, JANUARY 1, 2018	8,534		$	853,462		14,645		$	1,464,475		$	832,826		$	108,937	$	941,763		$	220,326		$	3,480,026
Net transfers of shares between Class B-1 and Class B-2 Stock	7,806		780,627			(7,806	)	(780,627		)	—			—		—			—			—
Proceeds from sale of capital stock	104		10,447			10,757		1,075,735			—			—		—			—			1,086,182
Repurchase/redemption of capital stock	(7,682	)	(768,189		)	—		—			—			—		—			—			(768,189		)
Shares reclassified to mandatorily redeemable capital stock	(3	)	(386		)	—		—			—			—		—			—			(386		)
Comprehensive income
Net income	—		—			—		—			72,456			18,114		90,570			—			90,570
Other comprehensive income	—		—			—		—			—			—		—			24,250			24,250
Dividends on capital stock^(b)
Cash	—		—			—		—			(133		)	—		(133		)	—			(133		)
Mandatorily redeemable capital stock	—		—			—		—			(1		)	—		(1		)	—			(1		)
Stock	245		24,511			—		—			(24,511		)	—		(24,511		)	—			—

BALANCE, JUNE 30, 2018	9,004		$	900,472		17,596		$	1,759,583		$	880,637		$	127,051	$	1,007,688		$	244,576		$	3,912,319

^(a) Dividends were paid at annualized rates of 2.35 percent and 3.35 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the first quarter of 2019 and annualized rates of 2.50 percent and 3.50 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the second quarter of 2019.

^(b) Dividends were paid at annualized rates of 1.33 percent and 2.33 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the first quarter of 2018 and annualized rates of 1.65 percent and 2.65 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the second quarter of 2018.

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF DALLAS

STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)



	For the Six Months Ended
	June 30,
	2019			2018
OPERATING ACTIVITIES
Net income	$	112,474		$	90,570
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization
Net premiums and discounts on advances, consolidated obligations, investments and mortgage loans	55,523			47,963
Concessions on consolidated obligations	3,640			2,692
Premises, equipment and computer software costs	2,066			1,824
Non-cash interest on mandatorily redeemable capital stock	102			47
Provision for mortgage loan losses	238			7
Gains on sales of available-for-sale securities	(580		)	—
Net gains on other assets carried at fair value	(1,266		)	(215		)
Net losses (gains) on trading securities	(8,079		)	2,890
Loss (gain) due to changes in net fair value adjustment on derivative and hedging activities	(657,843		)	260,783
Increase in accrued interest receivable	(13,191		)	(26,279		)
Decrease (increase) in other assets	24			(2,213		)
Increase in Affordable Housing Program (AHP) liability	3,691			2,979
Increase (decrease) in accrued interest payable	(8,582		)	16,747
Increase (decrease) in other liabilities	362			(5,182		)
Total adjustments	(623,895		)	302,043
Net cash provided by (used in) operating activities	(511,421		)	392,613

INVESTING ACTIVITIES
Net decrease (increase) in interest-bearing deposits, including swap collateral pledged	1,355,219			(64,922		)
Net decrease in securities purchased under agreements to resell	1,080,000			2,260,000
Net increase in federal funds sold	(3,024,000		)	(653,000		)
Purchases of trading securities	(18,128,582		)	(991,320		)
Proceeds from sales of trading securities	15,101,184			—
Proceeds from maturities of trading securities	1,435,450			—
Purchases of available-for-sale securities	(844,689		)	(1,064,115		)
Proceeds from maturities of available-for-sale securities	260,109			181,281
Proceeds from sales of available-for-sale securities	436,019			—
Proceeds from maturities of held-to-maturity securities	204,654			174,179
Principal collected on advances	318,036,587			405,252,902
Advances made	(315,849,697		)	(412,428,170		)
Principal collected on mortgage loans held for portfolio	122,935			37,668
Purchases of mortgage loans held for portfolio	(972,825		)	(482,238		)
Purchases of premises, equipment and computer software	(1,171		)	(2,384		)
Net cash used in investing activities	(788,807		)	(7,780,119		)

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	For the Six Months Ended
	June 30,
	2019			2018
FINANCING ACTIVITIES
Net increase (decrease) in deposit liabilities, including swap collateral held	(82,897		)	235,229
Net receipts (payments) on derivative contracts with financing elements	(161,717		)	75,404
Increase in loan from other FHLBank	400,000			—
Net proceeds from issuance of consolidated obligations
Discount notes	152,786,615			143,693,045
Bonds	16,100,319			8,702,217
Debt issuance costs	(3,780		)	(3,008		)
Payments for maturing and retiring consolidated obligations
Discount notes	(148,909,387		)	(136,911,184		)
Bonds	(18,800,970		)	(8,769,500		)
Proceeds from issuance of capital stock	861,677			1,086,182
Payments for redemption of mandatorily redeemable capital stock	(2,340		)	(5,550		)
Payments for repurchase/redemption of capital stock	(869,936		)	(768,189		)
Cash dividends paid	(131		)	(133		)
Net cash provided by financing activities	1,317,453			7,334,513

Net increase (decrease) in cash and cash equivalents	17,225			(52,993		)
Cash and cash equivalents at beginning of the period	35,157			87,965
Cash and cash equivalents at end of the period	$	52,382		$	34,972

Supplemental Disclosures:
Interest paid	$	745,624		$	460,500
AHP payments, net	$	8,818		$	7,088
Stock dividends issued	$	38,291		$	24,511
Dividends paid through issuance of mandatorily redeemable capital stock	$	27		$	1
Variation margin recharacterized as settlement payments on derivative contracts (Note 11)	$	—		$	250,468
Net capital stock reclassified to mandatorily redeemable capital stock	$	2,326		$	386
Right-of-use assets acquired by lease	$	2,539		$	—

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF DALLAS

NOTES TO INTERIM UNAUDITED FINANCIAL STATEMENTS

Note 1—Basis of Presentation

The accompanying interim financial statements of the Federal Home Loan Bank of Dallas (the “Bank”) are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions provided by Article 10, Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. The financial statements contain all adjustments that are, in the opinion of management, necessary for a fair statement of the Bank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period.

The Bank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2018. The interim financial statements presented herein should be read in conjunction with the Bank’s audited financial statements and notes thereto, which are included in the Bank’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 25, 2019 (the “2018 10-K”). The notes to the interim financial statements update and/or highlight significant changes to the notes included in the 2018 10-K.

The Bank is one of 11 district Federal Home Loan Banks, each individually a “FHLBank” and collectively the “FHLBanks,” and, together with the Office of Finance, a joint office of the FHLBanks, the “FHLBank System.” The Office of Finance manages the sale and servicing of the FHLBanks’ consolidated obligations. The Federal Housing Finance Agency (“Finance Agency”), an independent agency in the executive branch of the U.S. government, supervises and regulates the housing government-sponsored enterprises ("GSEs"), including the FHLBanks and the Office of Finance.

Use of Estimates and Assumptions. The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates. These assumptions and estimates may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Significant estimates include the valuations of the Bank’s investment securities, as well as its derivative instruments and any associated hedged items. Actual results could differ from these estimates.

Note 2—Recently Adopted Accounting Guidance

Leases. On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, "Leases" (“ASU 2016-02”), which requires entities that lease assets (lessees) to recognize in the balance sheet assets and liabilities for the rights and obligations created by those leases. Specifically, ASU 2016-02 requires a lessee of operating or finance leases to recognize a right-of-use asset and a liability to make lease payments for leases with terms of more than 12 months. Lessor accounting will remain largely unchanged from current U.S. GAAP. The guidance is to be applied using a retrospective transition method to each period presented or, alternatively, by recognizing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The transition method allowing for a cumulative effect adjustment to the opening balance of retained earnings is provided by ASU 2018-11, "Leases: Targeted Improvements" ("ASU 2018-11"). ASU 2018-11 was issued by the FASB on July 30, 2018. ASU 2016-02 also requires extensive quantitative and qualitative disclosures to help financial statement users understand the amount, timing and uncertainty of cash flows arising from leases. For public business entities, the guidance in ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (January 1, 2019 for the Bank). Early adoption was permitted. The Bank adopted ASU 2016-02 effective January 1, 2019. In conjunction with the adoption of ASU 2016-02 (as amended by ASU 2018-11), the Bank recorded (on January 1, 2019) a cumulative effect adjustment to retained earnings of $25,000 and right-of-use assets and lease liabilities approximating $2,500,000. These assets and liabilities are included in other assets and other liabilities, respectively. Because these amounts are insignificant, the Bank has not provided any quantitative or qualitative disclosures regarding its right-of-use assets and lease liabilities in these financial statements.

Premium Amortization on Purchased Callable Debt Securities. On March 30, 2017, the FASB issued ASU 2017-08, "Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"), which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. For public business entities, the guidance in ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the Bank), and interim periods within those fiscal years. Early adoption, including adoption in an interim period, was permitted. If an entity early adopted ASU 2017-08 in an interim period, any adjustments were to be reflected as of the beginning of the fiscal year that included that interim period. The guidance was to be applied using a modified retrospective transition approach, with the cumulative-effect adjustment recognized in retained earnings as of the beginning of the period of adoption. The Bank

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adopted ASU 2017-08 on January 1, 2019. The adoption of this guidance did not have any impact on the Bank's results of operations or financial condition.

Derivatives and Hedging. On August 28, 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"), which is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This guidance requires that, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness be presented in the same income statement line that is used to present the earnings effect of the hedged item. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness must be recorded in other comprehensive income. In addition, the guidance provides for, but does not require, the use of a qualitative method of assessing hedge ineffectiveness. Among other things, the guidance also permits, but does not require, the following:


•	For fair value hedges, measurement of the change in fair value of the hedged item on the basis of the benchmark rate component of the contractual coupon cash flows determined at hedge inception.


•	Partial-term fair value hedges of interest-rate risk, in which it can be assumed that the hedged item has a term that reflects only the designated cash flows being hedged.


•	For prepayable financial instruments, consideration only of how changes in the benchmark interest rate affect a decision to settle a debt instrument before its scheduled maturity in calculating the change in the fair value of the hedged item attributable to interest rate risk.


•	For a cash flow hedge of interest-rate risk of a variable-rate financial instrument, designation of the variability in cash flows attributable to the contractually specified interest rate as the hedged risk (when the contractually specified variable rate is not a benchmark rate).


•	For a closed portfolio of prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable financial instruments, designation of an amount that is not expected to be affected by prepayments, defaults and other events affecting the timing and amount of cash flows as a hedged item (commonly referred to as the "last-of-layer" method).

For public business entities, the guidance in ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the Bank), and interim periods within those fiscal years. Early adoption, including adoption in an interim period, was permitted. If an entity early adopted ASU 2017-12 in an interim period, any adjustments were to be reflected as of the beginning of the fiscal year that included that interim period. For cash flow hedges existing on the date of adoption, an entity was required to eliminate the separate measurement of ineffectiveness in earnings by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. Among other things, an entity could elect at transition to modify the measurement methodology for hedged items in existing fair value hedges to the benchmark rate component of the contractual coupon cash flows. The cumulative effect of applying this election was to be recognized as an adjustment to the basis adjustment of the hedged item recognized on the balance sheet with a corresponding adjustment to the opening balance of retained earnings. The amended presentation and disclosure guidance is required only prospectively.

The Bank adopted ASU 2017-12 effective January 1, 2019. At adoption, the Bank did not modify any of its then existing fair value or cash flow hedging relationships. Because the Bank had not had any ineffectiveness associated with its cash flow hedges, a cumulative effect adjustment relating to such hedges was not required. The impact of recording fair value hedge ineffectiveness in the same line where the earnings effect of the hedged item is presented reduced net interest income by $15,625,000 and increased net gains on derivatives and hedging activities by an equal and offsetting amount for the three months ended June 30, 2019 and reduced net interest income by $24,965,000 and increased net gains on derivatives and hedging activities by an equal and offsetting amount for the six months ended June 30, 2019. The amended presentation and disclosure guidance was applied prospectively; prior period comparative financial information has not been reclassified to conform to the current period presentation. Upon adoption, the Bank did not elect to change the way in which it assesses the effectiveness of its hedging relationships. The Bank is continuing to assess other opportunities that are available under the new guidance including, but not limited to, the use of the benchmark rate component to measure the hedged item in some of its fair value hedging relationships entered into after June 30, 2019 and the use of the last-of-layer method for its mortgage loans held for portfolio.

Inclusion of the Secured Overnight Financing Rate Overnight Index Swap Rate as a Benchmark Interest Rate. On October 25, 2018, the FASB issued ASU 2018-16, "Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" ("ASU 2018-16"). ASU 2018-16 adds the OIS rate based on SOFR (a swap rate based on the underlying overnight SOFR rate) as an eligible benchmark interest rate for purposes of applying hedge accounting. SOFR is a volume-weighted median interest rate that is calculated daily based on

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overnight transactions from the prior day's trading activity in specified segments of the U.S. Treasury repo market. SOFR was selected by the Alternative Reference Rates Committee as its preferred alternative reference rate to LIBOR.

For entities that had not already adopted ASU 2017-12, the guidance in ASU 2018-16 was required to be adopted concurrently with the adoption of ASU 2017-12. The guidance is to be applied prospectively to qualifying new or redesignated hedging relationships entered into on and after the date of adoption. The Bank adopted ASU 2018-16 effective January 1, 2019. The adoption of this guidance did not have any impact on the Bank's results of operations or financial condition.

Note 3—Trading Securities

Trading securities as of June 30, 2019 and December 31, 2018 consisted solely of U.S. Treasury Notes.

Note 4—Available-for-Sale Securities

Major Security Types. Available-for-sale securities as of June 30, 2019 were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Debentures
U.S. government-guaranteed obligations	$	460,500	$	5,482	$	—	$	465,982
GSE obligations	5,709,744		71,811		2,826		5,778,729
Other	45,332		412		—		45,744
	6,215,576		77,705		2,826		6,290,455
GSE commercial mortgage-backed securities	10,337,761		76,798		25,753		10,388,806
Total	$	16,553,337	$	154,503	$	28,579	$	16,679,261

Included in the table above are GSE commercial mortgage-backed securities ("MBS") that were purchased but which had not yet settled as of June 30, 2019. The aggregate amount due of $68,613,000 is included in other liabilities on the statement of condition at that date.

Available-for-sale securities as of December 31, 2018 were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Debentures
U.S. government-guaranteed obligations	$	447,365	$	5,652	$	21	$	452,996
GSE obligations	5,610,796		77,868		1,831		5,686,833
Other	170,367		461		—		170,828
	6,228,528		83,981		1,852		6,310,657
GSE commercial MBS	9,477,647		73,052		36,201		9,514,498
Total	$	15,706,175	$	157,033	$	38,053	$	15,825,155

Included in the table above are GSE commercial MBS that were purchased but which had not yet settled as of December 31, 2018. The aggregate amount due of $125,927,000 is included in other liabilities on the statement of condition at that date.

Other debentures are comprised of securities issued by the Private Export Funding Corporation ("PEFCO"). These debentures are fully secured by U.S. government-guaranteed obligations and the payment of interest on the debentures is guaranteed by an agency of the U.S. government. The amortized cost of the Bank's available-for-sale securities includes hedging adjustments.

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The following table summarizes (in thousands, except number of positions) the available-for-sale securities with unrealized losses as of June 30, 2019. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position.



	Less than 12 Months					12 Months or More					Total
	Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses
GSE debentures	2	$	119,590	$	315	3	$	204,091	$	2,511	5	$	323,681	$	2,826
GSE commercial MBS	77	2,866,482		15,161		27	976,621		10,592		104	3,843,103		25,753
Total	79	$	2,986,072	$	15,476	30	$	1,180,712	$	13,103	109	$	4,166,784	$	28,579

The following table summarizes (in thousands, except number of positions) the available-for-sale securities with unrealized losses as of December 31, 2018. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position.



	Less than 12 Months					12 Months or More					Total
	Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses
Debentures
U.S. government-guaranteed obligations	2	$	59,050	$	21	—	$	—	$	—	2	$	59,050	$	21
GSE debentures	4	224,072		1,831		—	—		—		4	224,072		1,831
GSE commercial MBS	105	3,523,623		35,435		7	38,844		766		112	3,562,467		36,201
Total	111	$	3,806,745	$	37,287	7	$	38,844	$	766	118	$	3,845,589	$	38,053

At June 30, 2019, the gross unrealized losses on the Bank’s available-for-sale securities were $28,579,000. All of the Bank's available-for-sale securities are either guaranteed by the U.S. government, issued by GSEs, or fully secured by collateral that is guaranteed by the U.S government. As of June 30, 2019, the U.S. government and the issuers of the Bank’s holdings of GSE debentures and GSE MBS were rated triple-A by Moody’s Investors Service (“Moody’s”) and AA+ by S&P Global Ratings (“S&P”). The Bank's holdings of PEFCO debentures are rated triple-A by Moody's and are not rated by S&P. Based upon the Bank's assessment of the creditworthiness of the issuers of the GSE debentures that were in an unrealized loss position at June 30, 2019 and the credit ratings assigned by Moody's and S&P, the Bank expects that these debentures would not be settled at an amount less than the Bank's amortized cost bases in the investments. In addition, based upon the Bank's assessment of the strength of the GSEs' guarantees of the Bank's holdings of GSE commercial MBS and the credit ratings assigned by Moody's and S&P, the Bank expects that its holdings of GSE commercial MBS that were in an unrealized loss position at June 30, 2019 would not be settled at an amount less than the Bank’s amortized cost bases in these investments. Because the current market value deficits associated with the Bank's available-for-sale securities are not attributable to credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, the Bank does not consider any of these investments to be other-than-temporarily impaired at June 30, 2019.

Redemption Terms. The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at June 30, 2019 and December 31, 2018 are presented below (in thousands).



	June 30, 2019				December 31, 2018
Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Debentures
Due in one year or less	$	251,786	$	252,194	$	445,731	$	446,227
Due after one year through five years	2,679,773		2,698,365		2,398,495		2,420,763
Due after five years through ten years	3,198,633		3,252,094		3,256,389		3,312,322
Due after ten years	85,384		87,802		127,913		131,345
	6,215,576		6,290,455		6,228,528		6,310,657
GSE commercial MBS	10,337,761		10,388,806		9,477,647		9,514,498
Total	$	16,553,337	$	16,679,261	$	15,706,175	$	15,825,155

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Interest Rate Payment Terms. At June 30, 2019 and December 31, 2018, all of the Bank's available-for-sale securities were fixed rate securities which were swapped to a variable rate.

Sales of Securities. During the three months ended June 30, 2019, the Bank sold an available-for-sale security with an amortized cost (determined by the specific identification method) of $24,734,000. Proceeds from the sale totaled $24,874,000, resulting in a realized gain of $140,000. During the six months ended June 30, 2019, the Bank sold available-for-sale securities with an amortized cost (determined by the specific identification method) of $435,439,000. Proceeds from the sales totaled $436,019,000, resulting in realized gains of $580,000. There were no sales of available-for-sale securities during the six months ended June 30, 2018.

Note 5—Held-to-Maturity Securities

Major Security Types. Held-to-maturity securities as of June 30, 2019 were as follows (in thousands):

Amortized

Cost

OTTI Recorded in

Accumulated Other

Comprehensive

Income

Carrying

Value

Gross

Unrecognized

Holding

Gains

Gross

Unrecognized

Holding

Losses

Estimated

Fair

Value

Debentures

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-10-07	Off-BS Arrangement, Exhibits
8-K	2019-10-02	Off-BS Arrangement, Exhibits
8-K	2019-09-27	Off-BS Arrangement, Exhibits
8-K	2019-09-27	Other Events, Exhibits
8-K	2019-09-25	Off-BS Arrangement, Exhibits
8-K	2019-09-19	Off-BS Arrangement, Exhibits
8-K	2019-09-17	Off-BS Arrangement, Exhibits
8-K	2019-09-11	Off-BS Arrangement, Exhibits
8-K	2019-09-10	Off-BS Arrangement, Exhibits
8-K	2019-09-04	Off-BS Arrangement, Exhibits
8-K	2019-08-30	Off-BS Arrangement, Exhibits
8-K	2019-08-28	Off-BS Arrangement, Exhibits
8-K	2019-08-26	Off-BS Arrangement, Exhibits
8-K	2019-08-21	Off-BS Arrangement, Exhibits
8-K	2019-08-20	Off-BS Arrangement, Exhibits
8-K	2019-08-15	Off-BS Arrangement, Exhibits
8-K	2019-08-12	Off-BS Arrangement, Exhibits
8-K	2019-08-07	Off-BS Arrangement, Exhibits
8-K	2019-08-06	Off-BS Arrangement, Exhibits
8-K	2019-08-01	Off-BS Arrangement, Exhibits
8-K	2019-07-29	Off-BS Arrangement, Exhibits
8-K	2019-07-29	Earnings, Exhibits
8-K	2019-07-22	Off-BS Arrangement, Exhibits
8-K	2019-07-17	Off-BS Arrangement, Exhibits
8-K	2019-07-16	Off-BS Arrangement, Exhibits
8-K	2019-07-10	Off-BS Arrangement, Exhibits
8-K	2019-06-25	Off-BS Arrangement, Exhibits
8-K	2019-06-19	Off-BS Arrangement, Exhibits
8-K	2019-06-18	Off-BS Arrangement, Exhibits
8-K	2019-06-14	Off-BS Arrangement, Exhibits
8-K	2019-06-11	Off-BS Arrangement, Exhibits
8-K	2019-06-06	Off-BS Arrangement, Exhibits
8-K	2019-06-03	Off-BS Arrangement, Exhibits
8-K	2019-05-28	Off-BS Arrangement, Exhibits
8-K	2019-05-21	Off-BS Arrangement, Exhibits
8-K	2019-05-17	Off-BS Arrangement, Exhibits
8-K	2019-05-14	Off-BS Arrangement, Exhibits
8-K	2019-05-08	Off-BS Arrangement, Exhibits
8-K	2019-05-07	Off-BS Arrangement, Exhibits
8-K	2019-05-01	Off-BS Arrangement, Exhibits
8-K	2019-04-29	Off-BS Arrangement, Exhibits
8-K	2019-04-29	Earnings, Exhibits
8-K	2019-04-24	Off-BS Arrangement, Exhibits
8-K	2019-04-23	Off-BS Arrangement, Exhibits
8-K	2019-04-17	Off-BS Arrangement, Exhibits
8-K	2019-04-16	Off-BS Arrangement, Exhibits
8-K	2019-04-10	Off-BS Arrangement, Exhibits
8-K	2019-04-03	Off-BS Arrangement, Exhibits
8-K	2019-03-29	Off-BS Arrangement, Exhibits
8-K	2019-03-20	Off-BS Arrangement, Exhibits
8-K	2019-03-18	Off-BS Arrangement, Exhibits
8-K	2019-03-13	Off-BS Arrangement, Exhibits
8-K	2019-03-11	Off-BS Arrangement, Exhibits
8-K	2019-03-06	Off-BS Arrangement, Exhibits
8-K	2019-03-05	Off-BS Arrangement, Exhibits
8-K	2019-02-26	Off-BS Arrangement, Exhibits
8-K	2019-02-21	Earnings, Exhibits
8-K	2019-02-20	Off-BS Arrangement, Exhibits
8-K	2019-02-19	Officers
8-K	2019-02-19	Off-BS Arrangement, Exhibits
8-K	2019-02-13	Off-BS Arrangement, Exhibits
8-K	2019-02-11	Off-BS Arrangement, Exhibits
8-K	2019-02-04	Off-BS Arrangement, Exhibits
8-K	2019-01-28	Off-BS Arrangement, Exhibits
8-K	2019-01-23	Off-BS Arrangement, Exhibits
8-K	2019-01-17	Off-BS Arrangement, Exhibits
8-K	2019-01-17	Off-BS Arrangement, Exhibits
8-K	2019-01-14	Off-BS Arrangement, Exhibits
8-K	2019-01-10	Off-BS Arrangement, Exhibits
8-K	2019-01-08	Off-BS Arrangement, Exhibits
8-K	2019-01-02	Off-BS Arrangement, Exhibits
8-K	2018-12-26	Off-BS Arrangement, Exhibits
8-K	2018-12-20	Officers
8-K	2018-12-18	Off-BS Arrangement, Exhibits
8-K	2018-12-12	Off-BS Arrangement, Exhibits
8-K	2018-12-11	Off-BS Arrangement, Exhibits
8-K	2018-12-06	Off-BS Arrangement, Exhibits
8-K	2018-12-04	Off-BS Arrangement, Exhibits
8-K	2018-11-28	Off-BS Arrangement, Exhibits
8-K	2018-11-26	Off-BS Arrangement, Exhibits
8-K	2018-11-14	Off-BS Arrangement, Exhibits
8-K	2018-11-13	Officers, Shareholder Vote
8-K	2018-11-07	Off-BS Arrangement, Exhibits
8-K	2018-10-31	Off-BS Arrangement, Exhibits
8-K	2018-10-29	Earnings, Exhibits
8-K	2018-10-29	Off-BS Arrangement, Exhibits
8-K	2018-10-24	Off-BS Arrangement, Exhibits
8-K	2018-10-22	Off-BS Arrangement, Exhibits
8-K	2018-10-17	Off-BS Arrangement, Exhibits
8-K	2018-10-15	Off-BS Arrangement, Exhibits
8-K	2018-10-10	Off-BS Arrangement, Exhibits
8-K	2018-10-09	Off-BS Arrangement, Exhibits
8-K	2018-10-03	Off-BS Arrangement, Exhibits
8-K	2018-10-02	Off-BS Arrangement, Exhibits
8-K	2018-09-26	Off-BS Arrangement, Exhibits
8-K	2018-09-25	Off-BS Arrangement, Exhibits
8-K	2018-09-19	Off-BS Arrangement, Exhibits
8-K	2018-09-14	Off-BS Arrangement, Exhibits
8-K	2018-09-10	Off-BS Arrangement, Exhibits
8-K	2018-09-05	Off-BS Arrangement, Exhibits
8-K	2018-09-04	Off-BS Arrangement, Exhibits
8-K	2018-08-29	Off-BS Arrangement, Exhibits
8-K	2018-08-27	Off-BS Arrangement, Exhibits
8-K	2018-08-24	Off-BS Arrangement, Exhibits
8-K	2018-08-21	Off-BS Arrangement, Exhibits
8-K	2018-08-15	Off-BS Arrangement, Exhibits
8-K	2018-08-13	Off-BS Arrangement, Exhibits
8-K	2018-08-08	Off-BS Arrangement, Exhibits
8-K	2018-08-06	Off-BS Arrangement, Exhibits
8-K	2018-07-27	Off-BS Arrangement, Exhibits
8-K	2018-07-26	Earnings, Exhibits
8-K	2018-07-24	Off-BS Arrangement, Exhibits
8-K	2018-07-20	Off-BS Arrangement, Exhibits
8-K	2018-07-17	Off-BS Arrangement, Exhibits
8-K	2018-07-12	Off-BS Arrangement, Exhibits
8-K	2018-07-09	Off-BS Arrangement, Exhibits
8-K	2018-07-03	Off-BS Arrangement, Exhibits
8-K	2018-06-26	Off-BS Arrangement, Exhibits
8-K	2018-06-20	Off-BS Arrangement, Exhibits
8-K	2018-06-12	Off-BS Arrangement, Exhibits
8-K	2018-06-07	Off-BS Arrangement, Exhibits
8-K	2018-06-05	Off-BS Arrangement, Exhibits
8-K	2018-05-18	Off-BS Arrangement, Exhibits
8-K	2018-05-09	Off-BS Arrangement, Exhibits
8-K	2018-05-02	Off-BS Arrangement, Exhibits
8-K	2018-05-01	Off-BS Arrangement, Exhibits
8-K	2018-04-26	Earnings, Exhibits
8-K	2018-04-25	Off-BS Arrangement, Exhibits
8-K	2018-04-18	Off-BS Arrangement, Exhibits
8-K	2018-04-16	Off-BS Arrangement, Exhibits
8-K	2018-04-11	Off-BS Arrangement, Exhibits
8-K	2018-04-05	Off-BS Arrangement, Exhibits
8-K	2018-04-03	Off-BS Arrangement, Exhibits
8-K	2018-03-28	Off-BS Arrangement, Exhibits
8-K	2018-03-26	Off-BS Arrangement, Exhibits
8-K	2018-03-21	Off-BS Arrangement, Exhibits
8-K	2018-03-15	Off-BS Arrangement, Exhibits
8-K	2018-03-07	Off-BS Arrangement, Exhibits
8-K	2018-03-05	Off-BS Arrangement, Exhibits
8-K	2018-02-28	Off-BS Arrangement, Exhibits
8-K	2018-02-26	Off-BS Arrangement, Exhibits
8-K	2018-02-21	Off-BS Arrangement, Exhibits
8-K	2018-02-16	Off-BS Arrangement, Exhibits
8-K	2018-02-13	Off-BS Arrangement, Exhibits
8-K	2018-02-07	Off-BS Arrangement, Exhibits
8-K	2018-02-06	Off-BS Arrangement, Exhibits
8-K	2018-01-31	Off-BS Arrangement, Exhibits
8-K	2018-01-29	Off-BS Arrangement, Exhibits
8-K	2018-01-24	Off-BS Arrangement, Exhibits
8-K	2018-01-22	Off-BS Arrangement, Exhibits
8-K	2018-01-17	Off-BS Arrangement, Exhibits
8-K	2018-01-16	Off-BS Arrangement, Exhibits
8-K	2018-01-10	Off-BS Arrangement, Exhibits
8-K	2018-01-04	Officers
8-K	2018-01-03	Off-BS Arrangement, Exhibits
8-K	2017-12-28	Off-BS Arrangement, Exhibits

DBA	Invesco DB Agriculture Fund	412
DDG	Diverse Development Group	177
ADMT	ADM Tronics Unlimited	11
PSNL	Personalis	0
JSMN	Jasmin	0
TBMM	China Vtv	0
CFFA	CF Finance Acquisition	0
LSMG	Lode-Star Mining	0
LOVV	Love International Group	0
QPAG	Qpagos	0

EX-31.1	fhlbdallas-63019xex_311.htm
EX-31.2	fhlbdallas-63019xex_312.htm
EX-32.1	fhlbdallas-63019xex_321.htm