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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
|
July
29, 2020
|
(212)
441-6877
|
FEDERAL HOME LOAN BANK OF NEW YORK
ANNOUNCES SECOND 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 June 30, 2020.
“Throughout
the first half of 2020, as our region and our nation have grappled
with the COVID-19 pandemic and resulting economic turmoil, our
consistently strong performance has helped position the Federal
Home Loan Bank of New York as a stable and reliable partner for our
members,” said José R. González, president and CEO
of the FHLBNY. “We remain focused on our mission, meeting the
liquidity needs of our members and supporting their efforts to help
the communities we all serve through our COVID-19 Relief Program,
which includes small business grants, charitable donations and
Disaster Relief Funding aimed at addressing the challenges
presented by the pandemic. Our cooperative is a proud partner to
the communities we serve, and we will continue to support our
District’s local lenders, small businesses and non-profit
organizations as they continue to deal with the effects of the
pandemic.”
Highlights
from the second quarter of 2020 include:
●
Net income for the
quarter was $137.5 million, an increase of $29.4 million, or 27.2
percent, from net income of $108.1 million for the second quarter
of 2019. This increase in net income was driven primarily by
more favorable funding levels and larger advances balances as
compared with the prior year period.
●
Return on average
equity (“ROE”) for the quarter was 6.45 percent
(annualized), compared to ROE of 5.77 percent for the second
quarter of 2019.
●
As of June 30,
2020, total assets were $158.9 billion, a decrease of $3.2 billion,
or 2.0 percent, from total assets of $162.1 billion at December 31,
2019. As of June 30, 2020, advances were $ 113.8 billion, an
increase of $ 13.1 billion, or 13.0 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 June 30,
2020, total capital was $8.1 billion, an increase of $0.6 billion
from total capital of $7.5 billion at December 31, 2019. The
FHLBNY’s retained earnings increased by $83.5 million to $1.9
billion as of June 30, 2020, of which $1.2 billion were
unrestricted retained earnings and $0.7 billion were restricted
retained earnings. At June 30, 2020, the FHLBNY met its regulatory
capital ratios.
●
The FHLBNY
allocated $15.3 million from its second quarter 2020 earnings for
its Affordable Housing Program.
The
FHLBNY currently expects to file its Form 10-Q for the second
quarter of 2020 with the U.S. Securities and Exchange Commission on
or before August 7, 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 June 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.