President's Report

March 4, 2008

At the Bank

Advances at $80.4 Billion

During January, advances averaged $79.7 billion. We ended the month at $80.4 billion compared to $80.6 billion at the end of December and $58.7 billion at the end of January 2007. Through our competitive pricing, innovative products, and quality service, we look forward to providing sustained performance and sustained value to our members.

Home Loan Bank advances offer a stable, competitively-priced source of funding. This advantage is clearly demonstrated by the 36.8% increase -- from $641 billion to $877 billion -- in advance demand for the Home Loan Bank System for the period between June 30, 2007, and mid-January, 2008. Had the FHLBanks not been ready to provide credit, the current liquidity turmoil in the housing and financial markets would likely have been worse. Please remember that, as you continue to execute your 2008 business strategy, having a solid liquidity plan can be a key element to success. It is also worthy to note that at December 31, 2007, the combined assets of the 12 FHLBanks were $1.274 trillion, up from $1.016 trillion at the end of 2006. Clearly, Home Loan Banks are a proven and reliable source of non-deposit funds that can help our community member lenders make suitable, well-underwritten home loans.

Should you have any questions on how the Federal Home Loan Bank can help with liquidity or strategic growth, please contact Adam Goldstein, Vice President, Director of Marketing and Sales, at (212) 441-6703.

Nineteen Community Lenders Join the Federal Home Loan Bank

Nineteen community member lenders joined the Home Loan Bank in the past year.

Eight new members are headquartered in New Jersey:

  • Bank of New Jersey, Fort Lee
  • Credit Union of New Jersey, Ewing
  • First Bank, Williamstown
  • McGraw-Hill Employees Federal Credit Union, East Windsor
  • Northern State Bank, Closter
  • Saddle River Valley Bank, Saddle River
  • The First National Bank of Absecon, Absecon
  • Unilever Federal Credit Union, Englewood Cliffs

There are ten new members headquartered in New York:

  • AmeriCU Credit Union, Rome
  • Community National Bank, Great Neck
  • Empire State Bank, N.A., Newburgh
  • Flushing Commercial Bank, North New Hyde Park
  • Madison National Bank, Merrick
  • Global Bank, New York
  • Patriot Federal Bank, Canajoharie
  • Self Reliance (N.Y.) Federal Credit Union, New York
  • Teachers Federal Credit Union, Farmingville
  • The Stissing National Bank of Pine Plains, Pine Plains

And, there is one new member headquartered in the U.S. Virgin Islands:

Merchants Commercial Bank, St. Thomas

I am pleased to welcome each of the community lenders to the Home Loan Bank.

Later in March there will be a change in the senior management of the Home Loan Bank. After 13 years serving as Head of Marketing and Sales and a total of 24 years at the Bank, Senior Vice President Jim Gilmore will be retiring. Jim is a great managerial talent with absolute integrity and an abundance of common sense. His thorough understanding of the Home Loan Bank and our member lenders helped enable the Home Loan Bank cooperative to move forward in all market conditions. We wish Jim the best as he pursues his interests in reading, fishing, golfing, and spending time with his family.

Thank you.


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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