New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended March 31, 2024.
“Throughout the first quarter of 2024, the Federal Home Loan Bank of New York successfully executed on our foundational liquidity mission, as reflected in our strong results for the period,” said José R. González, president and CEO of the FHLBNY. “Our ability to serve as a stable source of funding for our members also supports our efforts to make a direct impact in the communities we serve, as we allocated $24.5 million from this quarter’s earnings for our Affordable Housing Program.”
Highlights from the first quarter of 2024 include:
- Net income for the quarter was $220.5 million, an increase of $22.0 million, or 11.1%, from net income of $198.5 million for the first quarter of 2023. Net interest income for the quarter was $265.0 million, an increase of $35.3 million, or 15.4%, from net interest income of $229.7 million in the first quarter last year. This increase was driven by an increase of average interest earning assets from $163.8 billion in the prior year period to $169.4 billion for the first quarter of 2024, as well as an increase in yield on assets from 4.64% in the prior year period to 5.50% in first quarter of this year.
- Return on average equity (“ROE”) for the quarter was 10.58% (annualized), compared to ROE of 9.61% for the first quarter of 2023, as a result of the increase in net income.
- As of March 31, 2024, total assets were $159.6 billion, an increase of $1.3 billion, or 0.8%, from total assets of $158.3 billion at December 31, 2023. As of March 31, 2024, advances (par amount) were $108.3 billion, a decrease of $1.5 billion, or 1.4%, from $109.8 billion at December 31, 2023.
- As of March 31, 2024, total capital was $8.3 billion, an increase of $0.1 billion from total capital of $8.2 billion at December 31, 2023. The FHLBNY’s retained earnings were $2.4 billion as of March 31, 2024, an increase of $0.1 billion from December 31, 2023; $1.3 billion of the retained earnings were unrestricted retained earnings and $1.1 billion were restricted retained earnings. At March 31, 2024, the FHLBNY met all of its regulatory capital ratios.
- The FHLBNY allocated $24.5 million from its first quarter 2024 earnings for its Affordable Housing Program.
The FHLBNY currently expects to file its Form 10-Q for the first quarter of 2024 with the U.S. Securities and Exchange Commission on or about May 9, 2024.
| SELECTED BALANCE SHEET ITEMS | |||||
| March 31, | December 31, | ||||
| 2024 | 2023 | Change | |||
| Advances | $107,164 | $108,890 | $(1,726) | ||
| Mortgage loans held for portfolio | 2,191 | 2,180 | 11 | ||
| Mortgage-backed securities | 19,766 | 19,582 | 184 | ||
| Liquidity assets | 28,117 | 25,340 | 2,777 | ||
| Total assets | $159,630 | $158,333 | $1,297 | ||
| Consolidated obligations | $147,415 | $145,476 | $1,939 | ||
| Capital stock | 5,986 | 6,050 | (64) | ||
| Unrestricted retained earnings | 1,310 | 1,277 | 33 | ||
| Restricted retained earnings | 1,105 | 1,061 | 44 | ||
| Accumulated other comprehensive income | (88) | (143) | 55 | ||
| Total capital | $8,313 | $8,245 | $68 | ||
| Capital-to-assets ratio (GAAP) | 5.21% | 5.21% | |||
| Capital-to-assets ratio (Regulatory) | 5.27% | 5.30% | |||
| OPERATING RESULTS (dollars in millions) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | Change | |||||||||
| Total interest income | $2,316.0 | $1,881.7 | $434.3 | ||||||||
| Total interest expense | 2,051.0 | 1,652.0 | 399.0 | ||||||||
| Net interest income | 265.0 | 229.7 | 35.3 | ||||||||
| Provision (Reversal) for credit losses | (0.4) | 0.1 | (0.5) | ||||||||
| Net interest income after provision for credit losses | 265.4 | 229.6 | 35.8 | ||||||||
| Non-interest income (loss) | 35.9 | 41.0 | (5.1) | ||||||||
| Non-interest expense | 56.3 | 50.0 | 6.3 | ||||||||
| Affordable Housing Program assessments | 24.5 | 22.1 | 2.4 | ||||||||
| Net income | $220.5 | $198.5 | $22.0 | ||||||||
| Return on average equity | 10.58% | 9.61% | |||||||||
| Return on average assets | 0.52% | 0.48% | |||||||||
| Net interest margin | 0.63% | 0.57% | |||||||||
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, 2024, the FHLBNY serves 336 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.