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President’s Report

December 7, 2021

Report from the President
Together Again

On November 1, the Federal Home Loan Bank of New York launched the first phase of our Return to Office Strategy, bringing approximately half of our team back onsite. A week later, on November 8, we launched the second phase, returning nearly our entire team to our offices. That same day, we initiated our Remote Work Pilot Program, under which most of our employees will work remotely for up to two days a week through at least the end of the first quarter of 2022, with the rest of the time spent in the office – a hybrid approach that will help ensure we retain the work/life balance we have gained throughout our remote posture while still benefiting from the personal and professional growth that is created when we work together, side by side.

With our offices abuzz with activity once again, our Business Continuity Leadership Team voted on November 15 to rescind the activation of our Business Continuity Plan, officially standing us down from our Business Continuity Event posture. The Plan was initially activated on March 12, 2020, and this action put an end to our 613-day remote posture – the longest Business Continuity event the FHLBNY has endured, and the longest we hopefully ever will.

Through it all, our entire team remained committed to our mission, dedicated to serving our members, and focused on supporting each other amid as difficult a personal and professional setting as any of us have encountered. I am grateful for our team’s safe return to the office, and thankful for the work that every single one of us did during our remote posture. Collectively, we rose to this challenge as one team. Our cooperative achieved so much in the nearly two years we were apart. Now we are back together, and our ability to deliver value for our members is stronger for it.

Of course, the environment we return to is not the same one we left back in March 2020. As we saw over the summer, when the Delta variant stymied office return plans nationwide, and as we see today with the current concerns regarding the Omicron variant, the pandemic continues to create uncertainty even nearly two years in. However, throughout the pandemic, we have proven our ability to meet the needs of our members from any location, and we remain prepared to continue to meet those needs in the event a return to a remote posture is warranted.

FHLBNY Board Update

Our Board has taken its own hybrid approach to meetings since June 2021, with Directors both gathering in person in our Board Room and participating via videoconference. Throughout this period, our Board has remained active and engaged, focused on the best ways for our cooperative to support our members, our communities and our people. Over this time, the Board has been led by the steady hand of John Buran, who last month was re-elected by his fellow Directors to serve as Board Chair for a two-year term starting January 1, 2022. Mr. Buran, who is president and CEO of Flushing Bank, has been a Member Director since December 2010, and has served as Board Chair since 2018.

Our Chair vote is not the only Board-related election to report. On December 6, 2021, we announced that our membership voted to elect Thomas R. Cangemi to serve as a New York Member Director and Josie Thomas to serve as an Independent Director. Our membership also voted to re-elect Larry E. Thompson to serve as an Independent Director; Mr. Thompson currently serves as the Board’s Vice Chair and as Chair of its Risk Committee. They join Gerald L. Reeves and Carlos J. Vázquez, who we previously announced were elected and re-elected, respectively, to serve as Member Directors representing our members in New Jersey and in Puerto Rico & the U.S. Virgin Islands, respectively. Mr. Vázquez currently serves as Chair of the Board’s Technology Committee and Vice Chair of its Risk Committee. Each was the only nominee for their respective open Member Director seat and accepted their nominations; as such, no election was held. I congratulate all the winners, and look forward to both the fresh insights our newest Directors and the learned counsel our returning Directors bring to their roles. I also thank our members for participating in this year’s election, which is always an important effort.

While we are excited to welcome new Directors, we will say goodbye to two long-term members later this month. On December 16, we will mark the final Board meeting for both Gerald H. Lipkin, a Member Director who first joined our Board in 2014, and Michael M. Horn, an Independent Director who has served on our Board for a total of 30 years, nearly 10 of which as Chairman. Both Gerry and Mike have made significant impacts on our cooperative over the years, and have helped shape the institution that we are today. Their leadership and insights have been vital to both the strength and growth of our franchise, and I know I speak for our entire team and membership when I thank them for their service.

An Important Partnership Throughout 2021

The past two years have driven home the undeniable fact that the local lender is truly a vital and committed part of every community across our country, and essential in this time of crisis. This is why our partnership with our members, and our ability to provide the products, programs and grants members rely on to help meet the needs of your customers and communities, is so important.

This year may have once again challenged our ability to meet in person, but our partnership with our members is stronger than ever. Through phone calls, videoconferences, webinars and, more recently, and thankfully, member visits, we have continued to engage members throughout 2021. On December 9, I will join Adam Goldstein, our Chief Business Officer, for our final member webinar of the year – a discussion with our members on the performance of our cooperative over the past year, and how we are positioned to continue to support our members as you continue to support your customers and communities in the year ahead.

We have been proud to serve as your reliable partner in 2021, and I thank you for your business and your support of our cooperative throughout the year. My colleagues and I wish you all the best this holiday season, and we look forward to working with you to help ensure a safe and strong close to 2021 and a fresh start for a successful 2022.

Sincerely,

José R. González
President and Chief Executive Officer

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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.

Prior releases can be found on the SEC’s EDGAR System.

11/17/2022

Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022

11/03/2022

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/07/2022

Report from the President: The System’s Stakeholders Speak

09/01/2022

Report from the President: The Voice of the Local Lender

08/18/2022

Dividend Announcement 2Q22: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2022

08/02/2022

Report from the President: Looking Ahead to 100 Years of the Federal Home Loan Banks

07/05/2022

Report from the President: Federal Home Loan Bank System Turns 90

06/02/2022

Report from the President: Approaching 90, the Power of Partnership Prevails

05/12/2022

Dividend Announcement 1Q22: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2022

04/05/2022

Report from the President: FHLBNY Files 2021 Form 10-K – Stability Throughout the Year

03/03/2022

Report from the President: Closing the Books on 2021

02/17/2022

Dividend Announcement 4Q21: The FHLBNY Declares a 4.36% Dividend for the Fourth Quarter of 2021

02/01/2022

Report from the President: Enhancing the Value of Membership

01/06/2022

Report from the President: A Strategic Focus on Stability and Service

12/07/2021

Report from the President: Together Again

11/18/2021

Dividend Announcement 3Q21: The FHLBNY Declares a 4.40% Dividend for the Third Quarter of 2021

11/02/2021

Report from the President: FHLBNY Announces 3Q21 Operating Highlights

10/04/2021

Report from the President: An Unwavering Focus on Our Members and Supporting Our Communities

09/01/2021

Report from the President: 25 Years of Creating Homeownership Opportunities

08/19/2021

Dividend Announcement 2Q21: The FHLBNY Declares a 4.60% Dividend for the Second Quarter of 2021

07/01/2021

Report from the President: FHLBNY Commences 2021 Director Election Process

06/07/2021

Report from the President: A Stable Partner for the Recovery Ahead

05/28/2021

Dividend Announcement 1Q21: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2021

04/05/2021

Report from the President: FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

03/02/2021

Report from the President: Meeting Member Needs

02/18/2021

Dividend Announcement 4Q20: The FHLBNY Declares a 5.00% Dividend for the Fourth Quarter of 2020

02/04/2021

Report from the President: FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

01/05/2021

Report from the President: A Proven Partnership to Help a Region Recover

12/02/2020

Report from the President: A Steady Foundation

11/19/2020

Dividend Announcement 3Q20: The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020

11/02/2020

Report from the President: FHLBNY Announces 3Q20 Operating Highlights

10/05/2020

Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

08/04/2020

Report from the President: FHLBNY Announces 2Q20 Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Dividend Announcement 4Q19: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the 3Q19

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants

09/05/2019

Report from the President: A Market Milestone

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

01/16/2018

Member Advantage: A Strong Partner in the New Year

12/03/2018

Report from the President: Developing a Market for Our Members; A Record Round; FHLBNY Board Update

11/15/2018

Dividend Announcement 3Q18: The FHLBNY Declares a 6.90% Dividend for the Third Quarter of 2018

10/09/2018

Report from the President: A Proven Partner; Balance Sheet Support; Board Election Update

09/05/2018

Report from the President: A Critical Role; Strong Performance, Positioned to Help

08/16/2018

Dividend Announcement 2Q18: The FHLBNY Declares a 6.75% Dividend for the Second Quarter of 2018

05/24/2018

Dividend Announcement 1Q18: The FHLBNY Declares a 6.50% Dividend for the First Quarter of 2018

04/24/2018

Member Advantage: Disaster Relief Program Grants Introduced

03/02/2018

Report from the President: Closing the Chapter on a Record 2017; FHLBNY Announces Fourth Quarter 2017 Dividend; FHLBNY Increases 2017 AHP Round Awards

02/15/2018

Dividend Announcement 4Q17: The FHLBNY Declares a 6.50% Dividend for the Fourth Quarter of 2017;

02/01/2018

Report from the President: Leading Our Franchise Forward; A Record 2017; NJBankers Economic Leadership Forum

07/30/2018

Member Advantage: Looking Back While Looking Forward

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