New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended March 31, 2025.
“The Federal Home Loan Bank of New York continued to perform well in the first quarter of 2025, meeting the funding needs of our members and delivering liquidity in support of local economic growth,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our sustained focus on executing on our foundational liquidity mission in a safe and sound manner drives our performance and positions the FHLBNY as a stable and reliable partner to our members and the communities we serve.”
Highlights from the first quarter of 2025 include:
- Net income for the quarter was $155.7 million, a decrease of $64.8 million, or 29.4%, from net income of $220.5 million for the first quarter of 2024. Net interest income for the quarter was $215.0 million, a decrease of $50.0 million, or 18.9%, from net interest income of $265.0 million in the first quarter last year. This decrease in net interest income was driven by a decrease in average interest earning assets of $8.3 billion, from $169.4 billion in the prior year period to $161.1 billion for the first quarter of 2025. Non-interest income declined by $15.2 million, or 42.3%, to $20.7 million from the first quarter of 2024 due to net unrealized fair value losses on derivatives and hedged items including trading securities held for liquidity purposes. Non-interest expense increased $6.3 million, or 11.2%, to $62.6 million due to increases in voluntary contributions to housing and community development programs, and personnel- and technology-related expenses.
- Return on average equity (“ROE”) for the quarter was 7.16% (annualized), compared to ROE of 10.58% for the first quarter of 2024, as a result of the decrease in net income.
- As of March 31, 2025, total assets were $157.2 billion, a decrease of $3.1 billion, or 1.9%, from total assets of $160.3 billion at December 31, 2024. As of March 31, 2025, advances (par amount) were $97.9 billion, a decrease of $8.6 billion, or 8.1 %, from $106.5 billion at December 31, 2024.
- As of March 31, 2025, total capital was $8.1 billion, a decrease of $0.3 billion from total capital of $8.4 billion at December 31, 2024, due to declines in capital stock aligned with smaller advances balances offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.5 billion as of March 31, 2025 and December 31, 2024; $1.3 billion of the retained earnings were unrestricted and $1.2 billion were restricted. At March 31, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.
- The FHLBNY allocated $17.3 million from its first quarter 2025 earnings for its Affordable Housing Program.
The FHLBNY currently expects to file its Form 10-Q for the first quarter of 2025 with the U.S. Securities and Exchange Commission on or about May 8, 2025.
| SELECTED BALANCE SHEET ITEMS (dollars in millions) | |||||
| March 31, | December 31, | ||||
| 2025 | 2024 | Change | |||
| Advances | $97,523 | $105,838 | $(8,315) | ||
| Mortgage loans held for portfolio | 2,380 | 2,345 | 35 | ||
| Mortgage-backed securities | 19,480 | 19,397 | 83 | ||
| Liquidity assets | 35,566 | 30,344 | 5,222 | ||
| Total assets | $157,224 | $160,300 | $(3,076) | ||
| Consolidated obligations | $145,396 | $148,411 | $(3,015) | ||
| Capital stock | 5,631 | 6,014 | (383) | ||
| Unrestricted retained earnings | 1,272 | 1,286 | (14) | ||
| Restricted retained earnings | 1,240 | 1,209 | 31 | ||
| Accumulated other comprehensive income (loss) | (66) | (100) | 34 | ||
| Total capital | $8,077 | $8,410 | $(333) | ||
| Capital-to-assets ratio (GAAP) | 5.14% | 5.25% | |||
| Capital-to-assets ratio (Regulatory) | 5.18% | 5.31% | |||
| OPERATING RESULTS (dollars in millions) | |||||||||||
| Quarter Ended March 31, | |||||||||||
| 2025 | 2024 | Change | |||||||||
| Total interest income | $1,821.5 | $2,316.0 | $(494.5) | ||||||||
| Total interest expense | 1,606.5 | 2,051.0 | (444.5) | ||||||||
| Net interest income | 215.0 | 265.0 | (50.0) | ||||||||
| Provision (Reversal) for credit losses | 0.1 | (0.4) | 0.5 | ||||||||
| Net interest income after provision for credit losses | 214.9 | 265.4 | (50.5) | ||||||||
| Non-interest income (loss) | 20.7 | 35.9 | (15.2) | ||||||||
| Non-interest expense | 62.6 | 56.3 | 6.3 | ||||||||
| Affordable Housing Program assessments | 17.3 | 24.5 | (7.2) | ||||||||
| Net income | $155.7 | $220.5 | $(64.8) | ||||||||
| Return on average equity | 7.16% | 10.58% | |||||||||
| Return on average assets | 0.39% | 0.52% | |||||||||
| Net interest margin | 0.54% | 0.63% | |||||||||
About the Federal Home Loan Bank of New York
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 11 regional, stockholder-owned banks. As of March 31, 2025, the FHLBNY serves 338 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The FHLBNY’s mission is to provide members with reliable liquidity in support of housing and local community development.