President's Report

July 21, 2005

At the Bank

Federal Home Loan Bank of New York Declares a 5.0% Dividend for the Second Quarter of 2005

I am pleased to report that our Board of Directors has approved a dividend rate for the second quarter of 2005 of 5.0% (annualized). The dividend will be distributed to member financial institutions on July 29, 2005. The Home Loan Bank's dividend rate for the first quarter of 2005, paid in April of 2005, was 4.7%. The dollar amount of the second quarter dividend will be approximately $46 million.

This second quarter dividend of 5.0% represents a fair return on our members’ investment in the Home Loan Bank. This dividend is also reflective of the Bank’s low-risk profile and conservative investment strategy. It represents a payout of 81% of core earnings for the quarter. Retained earnings after the dividend payment will be approximately $225 million. The Bank intends to rebuild earnings to approximately $245 million, the December 2002 level, by next year. Our success in maintaining this substantial level of retained earnings reflects the Bank's conservative financial management practices.

The Federal Home Loan Bank of New York is a Congressionally chartered wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves over 300 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Bank of New York is to support the efforts of local members to make home mortgages to families of all income levels and provide credit to spur community growth.

 

Sincerely,
Alfred A. DelliBovi
President & CEO


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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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