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8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
FOR
IMMEDIATE RELEASE
|
CONTACT:
Brian Finnegan
|
October
29, 2020
|
(212)
441-6877
|
FEDERAL HOME LOAN BANK OF NEW YORK
ANNOUNCES THIRD QUARTER 2020 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, 2020.
“Through
the first nine months of 2020, as the pandemic has continued to
take its toll on the nation, we have repeatedly seen the local
lender stepping up and creating opportunities to support customers
and communities that are facing down a crisis,” said
José R. González, president and CEO of the FHLBNY.
“The local lender is truly a vital and committed part of
every community across our country, and essential in this time of
crisis. This is why our partnership with our members, and our
ability to provide the liquidity on which members rely to help meet
the needs of their customers and communities, is so important.
Through our continued strong performance, even in such a
challenging environment, the Federal Home Loan Bank of New York
remains a stable and reliable partner to our members and the
communities we all serve.”
Highlights
from the third quarter of 2020 include:
●
Net income for
the quarter was $101.2 million, a decrease of $0.2 million, or 0.2
percent, from net income of $101.4 million for the third quarter of
2019. Return on average equity (“ROE”) for the quarter
was 5.04 percent (annualized), compared to ROE of 5.75 percent for
the third quarter of 2019. The decline in ROE was primarily
due to higher amounts of capital stock in the third quarter of 2020
because of larger advances balances.
●
As of September 30,
2020, total assets were $151.7 billion, a decrease of $10.4
billion, or 6.4 percent, from total assets of $162.1 billion at
December 31, 2019. As of September 30, 2020, advances were
$106.2 billion, an increase of $5.5 billion, or 5.5 percent, from
$100.7 billion at December 31, 2019. Repurchase agreements,
federal funds and trading securities held for liquidity declined,
while the FHLBNY continued to meet all its liquidity
requirements.
●
As of September 30,
2020, total capital was $7.8 billion, an increase of $0.3 billion
from total capital of $7.5 billion at December 31, 2019. The
FHLBNY’s retained earnings increased during the quarter by
$89.2 million to $1.9 billion as of September 30, 2020, of which
$1.1 billion was unrestricted retained earnings and $754 million
was restricted retained earnings. At September 30, 2020, the
FHLBNY met its regulatory capital ratios and liquidity
requirements.
●
The FHLBNY
allocated $11.3 million from its third quarter 2020 earnings for
its Affordable Housing Program.
The
FHLBNY currently expects to file its Form 10-Q for the third
quarter of 2020 with the U.S. Securities and Exchange Commission by
November 12, 2020.
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, 2020, the FHLBNY serves 321 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, the Risk Factors set forth in our
Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q
filed with the SEC, as well as 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. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to revise or update
publicly any forward-looking statements for any
reason.