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| 8-K - PRIMARY DOCUMENT - Federal Home Loan Bank of New York | form_8-k.htm |
January
3, 2019
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
At the Bank
A Strong Year, A Strategy for Success
Throughout
2018, the Federal Home Loan Bank of New York served as a stable and
reliable partner for our members. This stability is reflected in
our performance, with a record $437.8 million in net income for the
first nine months of the year, and $316.3 million in dividends
through the first three quarters. This reliability is reflected in
the daily availability of our advances, with solid advances demand
across the year. And this partnership is perhaps reflected best in
the $44.3 million in Affordable Housing Program grants we announced
for the 2018 AHP Round – our largest single round offering in
the history of the program.
Our
achievements in 2018 go beyond our results. Last year, we created
two new Disaster Recovery Grant Programs – the Homeowner
Recovery Grant and the Small Business Recovery Grant – to
help communities in Puerto Rico and the U.S. Virgin Islands
continue to recover from the 2017 hurricanes. We also issued our
first advance linked to the Secured Overnight Financing Rate
(“SOFR”). As markets evolve and LIBOR transitions to
alternative indices, we believe that products like our SOFR-Linked
ARC Advance will help assist members in meeting their funding needs
in a changing environment. These actions reflect our ability to
innovate to create programs and products to meet the needs of our
members and the communities we serve.
It is
certain that the year ahead will present its own challenges and
opportunities, but just as our members remain stable partners for
your customers and communities, so too shall we will remain your
trusted partner. We begin 2019 with a talented and committed team
at the FHLBNY, all dedicated to our mission and our members. Our
team is strengthened by the guidance we receive from our active and
knowledgeable Board of Directors – which, in 2019, will
benefit from the energy and insight brought by its three newest
members: New York Member Director Stephen S. Romaine, chairman of
Tompkins Trust Company; and Independent Directors David R. Huber,
the former chief financial officer of Horizon Blue Cross Blue
Shield of New Jersey, and Charles E. Kilbourne, III, managing
director of the Financial Services Volunteer Corps. But it is
through our new 2019-2021 Strategic Plan that we believe we are
best-positioned to enhance our franchise and deliver value to our
members over the coming years.
Our
culture and mission define who we are, and our strategy guides us
as we act on this mission, positioning the FHLBNY to take advantage
of opportunities, identify and address risks and generate results
for our members. Our 2019-2021 Strategic Plan includes key
initiatives that are designed to enhance the services we provide to
our members, bolster our balance sheet, build our infrastructure
and strengthen our culture.
We
closed 2018 with a solid advances book and a strong balance sheet;
a healthy and diverse membership; and a talented and dedicated
workforce, all of which are vital to the ongoing success of our
cooperative. In 2019, we will remain focused on the strategic
vision of being “a balanced provider of liquidity to members
in all operating environments.” Our new Strategic Plan
establishes a set of Core Values, formalizing the principles that
have long reflected our culture and guided our
decision-making:
1.
Focus on members
2.
Foster a collaborative and responsive work environment
3.
Support diversity and inclusion in a respectful manner across our
business
4.
Uphold our integrity and promote accountability
5. Be
results-oriented and mindful of our risk profile
It is
our focus on members that drove our performance on 2018, and it is
this focus that will drive our cooperative forward in 2019. In
2019, and the years ahead, our franchise will draw on the
contributions of each member of our talented team, as well as the
counsel from our Board, to execute on our strategy and help ensure
that the FHLBNY remains an unwavering supporter of our local
communities and a reliable partner for our members.
I thank
our members for your business in 2018, and look forward to working
with you in 2019 to the benefit of our cooperative, our members and
the communities we serve.
Sincerely,
José
R. González
President
and Chief Executive Officer
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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 of 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.
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