Attached files
file | filename |
---|---|
8-K - LIVE FILING - Federal Home Loan Bank of New York | htm_53417.htm |
FOR IMMEDIATE RELEASE
April 27, 2016
CONTACT: Eric Amig
(212) 441-6807
Brian Finnegan
(212) 441-6877
FEDERAL HOME LOAN BANK OF NEW YORK
ANNOUNCES FIRST QUARTER 2016 OPERATING HIGHLIGHTS
New York, NY The Federal Home Loan Bank of New York (FHLBNY) today released its unaudited financial highlights for the quarter ended March 31, 2016.
As our results for the first quarter reflect, we have sustained our momentum from a strong 2015 through the first three months of this year, said José R. González, president and CEO of the FHLBNY. Throughout the quarter, we have successfully executed on our strategy, acted on our mission and strengthened our cooperative. We remain focused on enhancing the value of membership and continue to be a reliable partner for our members and the communities we all serve.
Highlights from the first quarter of 2016 include:
Net income for the quarter was $83.4 million, a decrease of $4.8 million, or 5.4 percent, from net income of $88.2 million for the first quarter of 2015. Return on average equity (ROE) for the quarter was 5.10 percent (annualized), compared to ROE of 5.56 percent for the first quarter of 2015.
As of March 31, 2016, total assets were $119.9 billion, a decrease of $3.3 billion, or 2.7 percent, from total assets of $123.2 billion at December 31, 2015. This decline in total assets was driven primarily by lower advances balances during the period. As of March 31, 2016, advances were $89.5 billion, a decrease of $4.4 billion, or 4.7 percent, from $93.9 billion at December 31, 2015.
As of March 31, 2016, total capital was $6.5 billion, a decrease of $0.2 billion from total capital of $6.7 billion at December 31, 2015. The FHLBNYs retained earnings increased during the quarter by $22 million to $1.3 billion as of March 31, 2016, of which $972.5 million was unrestricted retained earnings and $319.7 million was restricted retained earnings. At March 31, 2016, the FHLBNY met its regulatory capital ratios and liquidity requirements.
The FHLBNY currently expects to file its Form 10-Q for the first quarter of 2016 with the U.S. Securities and Exchange Commission on or before May 11, 2016.
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. The FHLBNY currently serves 327 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 Americas 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.