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President’s Report

January 9, 2023

Report from the President
A Profound Importance

This past November, Cornerstone Community Federal Credit Union became one of the eight institutions to join the Federal Home Loan Bank of New York in 2022 – a diverse group of new members consisting of credit unions, insurance companies and CDFIs operating in communities across New Jersey, New York and Puerto Rico. The following month, Cornerstone announced its membership in our cooperative on LinkedIn. In its post, Cornerstone stated that “this exciting partnership provides our Credit Union with a wide range of powerful financial tools and access to additional resources to support our members and the Western New York community.”

This single sentence perfectly captures the mission and the impact of the FHLBNY. Cornerstone operates six branches serving New York State’s Erie and Niagara counties, but through its FHLBNY membership, it has access to the global funding markets, a dependable and uninterrupted source of on-demand liquidity, and our full suite of programs that support housing and community development. This same access is provided to all 335 of our members, from global banks that operate in thousands of locations to CDFIs that may serve one community, and from institutions that have been members from the day our doors opened in 1932 to those that joined 90 years later. Whatever their shape, size, coverage area or business focus, each of our members has a true partner in the FHLBNY, a role in which we are proud to serve.

This partnership is reflected across the entire Federal Home Loan Bank System, as highlighted by Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, in a December 2022 editorial. In his piece, Mr. Donovan stated that “the liquidity provided by the Home Loan Banks supports financial institutions across the nation – helping to foster a diverse and vibrant ecosystem of local lenders that does not exist in any other country and reduces risk in the financial system.”

Time and again, we are reminded of the importance and the impact of the local lender, not just in times of crisis, but always. And since 1932, America’s local lenders have had a trusted and proven partner in their Home Loan Bank. This was captured in an editorial that appeared in the Boston Globe last month, authored by Erin Cooperrider, principal of NewHeight Group and the chair of the Federal Home Loan Bank of Boston’s Advisory Council, and Mark O’Connell, chair of the Massachusetts Bankers Association and president and CEO of Avidia Bank, an FHLBank Boston member. In their piece, Ms. Cooperrider and Mr. O’Connell explain that, by accessing Home Loan Bank liquidity, especially when other sources of liquidity may not be as readily available, “members ensure that money will continue to flow to their communities, providing mortgage, business, and other loans, when the need is greatest.” This impact was also captured by Mr. Donovan, who noted that the “Home Loan Banks provide their members confidence that readily reliable liquidity is available on demand to meet the needs of their customers and communities.”

This confidence was on full display across 2022. Your Home Loan Bank began the year with $71.5 billion in advances out to our members – a level that reflected lower member demand as unprecedented amounts of government stimulus continued to flood the market following the global pandemic. Of course, this is exactly how the Home Loan Banks are designed to act: to seamlessly expand or contract based on member needs. And when our members need us, we are always there. While much of 2022 presented a volatile and often uncertain operating environment, our members found certainty within their FHLBNY partnership, increasingly accessing our reliable funding amid the turbulence of the market. We were proud to meet this demand, closing out the year with $117 billion in funding flowing through our members into communities across our region.

In his December 14 piece, Mr. Donovan stated that “the importance of Home Loan Bank advances as a source of liquidity is profound.” I could not agree more, but I will add that the importance is profound not because of where these dollars come from, but because these dollars bolster the effort of the local lender. The growth in funding demand we experienced in 2022 at the FHLBNY was repeated across the System, with every Home Loan Bank increasing its advances levels during the year, pouring hundreds of billions of dollars into all corners of the country, helping thousands of local lenders meet the challenges of a volatile funding market while strengthening their communities. This is our purpose, our mission, and we are honored to fulfill it each and every day.

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.



01/09/2023

Report from the President: A Profound Importance

12/01/2022

Report from the President: Grateful For Our Role

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

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