April 26, 2018
Eric Amig – (212) 441-6807
Brian Finnegan – (212) 441-6877
Federal Home Loan Bank of New York
Announces First Quarter 2018 Operating Highlights
New York, New York — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended March 31, 2018.
“Reliability is the true value of membership in our cooperative, and throughout the first quarter of 2018, we provided our members with a reliable source of liquidity,” said José R. González, president and CEO of the FHLBNY. “The stability of our franchise is reflected in our consistent performance and the constant availability of our funding.”
Highlights from the first quarter of 2018 include:
Net income for the quarter was $126.2 million, an increase of $56.6 million, or 81.3 percent, from net income of $69.6 million for the first quarter of 2017, when the FHLBNY took a one-time charge of $70 million to settle all claims related to the 2008 Lehman Brothers bankruptcy. Return on average equity (“ROE”) for the quarter was 6.34 percent (annualized), compared to ROE of 3.75 percent for the first quarter of 2017.
As of March 31, 2018, total assets were $151.9 billion, a decrease of $7.0 billion, or 4.4 percent, from total assets of $158.9 billion at December 31, 2017. This decline in total assets was driven primarily by lower advances balances during the period. As of March 31, 2018, advances were $112.2 billion, a decrease of $10.2 billion, or 8.3 percent, from $122.4 billion at December 31, 2017.
As of March 31, 2018, total capital was $7.9 billion, a decrease of $0.3 billion from total capital of $8.2 billion at December 31, 2017. The FHLBNY’s retained earnings increased during the quarter by $29.0 million to $1.6 billion as of March 31, 2018, of which $1.1 billion was unrestricted retained earnings and $504.4 million was restricted retained earnings. At March 31, 2017, the FHLBNY met its regulatory capital ratios and liquidity requirements.
The FHLBNY allocated $14.1 million from its first quarter 2018 earnings for its Affordable Housing Program.
The FHLBNY currently expects to file its Form 10-Q for the first quarter of 2018 with the U.S. Securities and Exchange Commission on or before May 9, 2018.
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 June 30, 2019, the FHLBNY serves 324 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.
# # #
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 on 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.
Report from the President: A Stable Foundation
Amendments to the FHLBNY Capital Plan (Effective October 2, 2020)
FHLBNY Announces Second Quarter 2020 Operating Highlights
A Review of Housing Statistics at the End of 2019
Five Ways to Manage Your Balance Sheet in a Volatile Rate Environment