Attached files
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| 8-K - PRIMARY DOCUMENT - Federal Home Loan Bank of New York | Form_8-k.htm |
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FOR
IMMEDIATE RELEASE
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CONTACT:
Eric Amig
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October
29, 2018
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(212)
441-6807
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|
Brian
Finnegan
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(212)
441-6877
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FEDERAL HOME LOAN BANK OF NEW YORK
ANNOUNCES THIRD QUARTER 2018 OPERATING HIGHLIGHTS
New
York, NY – The Federal Home Loan Bank of New York
(“FHLBNY”) today released its unaudited financial
highlights for the quarter ended September 30, 2018.
“Our
strong performance through the first nine months of 2018 reflects
the Federal Home Loan Bank of New York’s ability to
consistently and reliably meet the needs of our members,”
said José R. González, president and CEO of the FHLBNY.
“By providing a stable source of liquidity for these local
lenders, we serve as a trusted partner for these institutions as
they make the loans and provide the services that help communities
across our region thrive.”
Highlights
from the third quarter of 2018 include:
●
Net income for
the quarter was $156.4 million, an increase of $22.7 million, or 17.0 percent, from net
income of $133.7 million for the third quarter of 2017. This
increase was driven primarily by higher market interest rates and
favorable funding conditions. Return on average equity
(“ROE”) for the quarter was 7.94 percent (annualized),
compared to ROE of 6.84 percent for the third quarter of
2017.
●
As of September 30,
2018, total assets were $145.9 billion, a decrease of $13.0
billion, or 8.2 percent, from total assets of $158.9 billion at
December 31, 2017. This decrease in total assets was driven
primarily by lower balances of advances during the period. As
of September 30, 2018, advances were $100.2 billion, a decrease of
$22.2 billion, or 18.1
percent, from $122.4 billion at December 31, 2017. Short-term
investments balances were $19.2 billion as of September 30, 2018,
an increase of $6.2 billion from $13.0 billion as of December 31,
2017.
●
As of September 30,
2018, total capital was $7.6 billion, a decrease of $0.7 billion
from total capital of $8.3 billion at December 31, 2017. The
FHLBNY’s retained earnings increased during the quarter by
$53.2 million to $1.7 billion as of September 30, 2018, of which
$1.1 billion was unrestricted retained earnings and $0.6 billion
was restricted retained earnings. At September 30, 2018, the
FHLBNY met its regulatory capital ratios and liquidity
requirements.
●
The FHLBNY
allocated $17.4 million from its third quarter 2018 earnings for
its Affordable Housing Program.
The
FHLBNY currently expects to file its Form 10-Q for the third
quarter of 2018 with the U.S. Securities and Exchange Commission by
November 8, 2018.
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 September 30, 2018, the FHLBNY serves 326 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.