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President’s Report

August 4, 2020

Report from the President

FHLBNY Announces Second Quarter Operating Highlights

On July 29, the Federal Home Loan Bank of New York announced our results for the second quarter of 2020. The second quarter was a new experience for our franchise – it was the first full quarter in our history in which we operated from a remote posture. But our focus on our members and our commitment to our mission remained the same. Throughout the first half of 2020, as our region and our nation grappled with the COVID-19 pandemic and resulting economic turmoil, our consistently strong performance helped continue to position the FHLBNY as a stable and reliable partner for our members. In the second quarter, we posted net income of $137.5 million. And while advances declined from their record high at the onset of the pandemic, we closed the quarter with $113.8 billion in liquidity flowing through members to communities across our District. This level of advances reflects our role as a trusted liquidity partner for our member, while also displaying our ability to seamlessly expand and contract in size to meet current member needs, a hallmark of our scalable business model. At the FHLBNY, we take great pride in our reliability, even amid a most challenging operating environment.

Continuous Community Support

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. We have seen significant member interest in our Small Business Recovery Grant Program, with members accessing $8 million in funding to provide grants to help more than 700 small businesses and nonprofit organizations address the challenges presented by the pandemic.

We have also seen significant member activity in our Homebuyer Dream Program (HDP). On August 3, we launched the third installment of 2020 HDP funds, making $3 million available to our members for the submission of reservation requests. Through the first three funding periods, members have accessed $9 million in HDP funds, with our final 2020 HDP allocation of $3 million expected to be made available in September. These grants will help create homeownership opportunities for households across our District, helping to build the personal, family and community stability that homeownership provides. We are also well-positioned to continue to support our communities through the pandemic and beyond: through the first half of 2020, we have set aside $27 million from our earnings to be made available through our Affordable Housing Program in 2021.

Our ability to support our communities throughout the pandemic does not stop at our grant programs. In response to the pandemic, the Federal Home Loan Banks have worked with the Federal Housing Finance Agency (FHFA) – our regulator – to increase access to our Community Investment Cash Advance – Disaster Relief Funding (CICA-DRF) program to assist a variety of institutions. We are pleased to announce that Paycheck Protection Program-eligible entities that would not have previously qualified as eligible small businesses under applicable program regulations are now approved to be beneficiaries of this funding. This expanded eligibility will remain in effect through December 31, 2020. This means that, going forward, these advances will be able to support small businesses, faith-based organizations and other community-focused entities across our region.

FHLBNY to Launch New Mortgage Purchase Program

On July 16, I received a letter from the FHFA stating that the FHLBNY had satisfied our regulator’s conditions for approval of our new Mortgage Asset Program (MAPsm). MAP offers our members a secondary market outlet to sell loans to the FHLBNY, and was developed based on member feedback. MAP, a “true-sale” program, will help members be more competitive in offering fixed-rate mortgage loan products, is operationally user-friendly, and offers attractive pricing for members. MAP will launch in the fourth quarter of this year and replace the Mortgage Partnership Finance® (MPF®) program. We are very excited to offer this robust business opportunity to our members, and last month we hosted a series of MAP webinars to discuss its key features and benefits. As we draw closer to the launch date, we plan on holding additional sessions. Of course, if you have any questions on MAP, please contact your Relationship Manager at (212) 441-6700, or the MAP team at [email protected].

The pandemic has certainly created significant disruptions in our economy and our way of life. But, as reflected in our strong earnings and advance levels, our products and our programs, the FHLBNY’s commitment to our members is unwavering. As we continue to move through the second half of the year, we are well-positioned to remain your trusted partner.

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 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.

Prior releases can be found on the SEC’s EDGAR System.

08/04/2020

Report from the President: FHLBNY Announces Second Quarter Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Report from the President: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs; FHLBNY Board Update; Making an Impact

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the Third Quarter of 2019

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants; A Better FHLBNY.com; FHFA Provides LIBOR Transition Guidance; FHLBNY Board Elections Underway

09/05/2019

Report from the President: A Market Milestone; A Stable Outlook; Funding Dreams; Promoting Partnerships; Building Relationships; Paul Héroux, FHLBNY Chief Bank Operations Officer, to Retire; 2019 FHLBNY Director Election Update; Looking Ahead

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

12/03/2018

Report from the President: Developing a Market for Our Members; A Record Round; FHLBNY Board Update

11/15/2018

Dividend Announcement 3Q18: The FHLBNY Declares a 6.90% Dividend for the Third Quarter of 2018

10/09/2018

Report from the President: A Proven Partner; Balance Sheet Support; Board Election Update

09/05/2018

Report from the President: A Critical Role; Strong Performance, Positioned to Help

08/16/2018

Dividend Announcement 2Q18: The FHLBNY Declares a 6.75% Dividend for the Second Quarter of 2018

07/30/2018

Member Advantage: Looking Back While Looking Forward

05/24/2018

Dividend Announcement 1Q18: The FHLBNY Declares a 6.50% Dividend for the First Quarter of 2018

04/24/2018

Member Advantage: Disaster Relief Program Grants Introduced

03/02/2018

Report from the President: Closing the Chapter on a Record 2017; FHLBNY Announces Fourth Quarter 2017 Dividend; FHLBNY Increases 2017 AHP Round Awards

02/15/2018

Dividend Announcement 4Q17: The FHLBNY Declares a 6.50% Dividend for the Fourth Quarter of 2017;

02/01/2018

Report from the President: Leading Our Franchise Forward; A Record 2017; NJBankers Economic Leadership Forum

01/16/2018

Member Advantage: A Strong Partner in the New Year

11/16/2017

Dividend Announcement 3Q17: The FHLBNY Declares a 6.00% Dividend for the Third Quarter of 2017;

09/05/2017

Report from the President: The Importance of Dependability; Engaging Our Membership;

08/17/2017

Dividend Announcement 2Q17: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2017;

08/01/2017

At the Bank: FHLBNY Announces Second Quarter Operating Highlights; Continued Focus on Increasing the Value of Membership

07/18/2017

Member Advantage: Our Board serves a key function not only for our franchise, but also for our members: they are your representatives in our cooperative

06/01/2017

At the Bank: Confirming Our Strength; FHLBNY Declares First Quarter 2017 Dividend; FHLBNY Opens New Headquarters; AHP Applications Due June 9th

05/17/2017

Dividend Announcement 1Q17: The FHLBNY Declares a 5.00% Dividend for the First Quarter of 2017;

05/05/2017

At the Bank: Nationwide Dependability; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window Now Open

04/13/2017

The Reach of Our Housing Mission: A Reliable Partner for the Communities We All Serve; FDIC Publishes Federal Home Loan Bank Product Guide

03/01/2017

At the Bank: A Strong Year for Our Cooperative and Our System; FHLBNY Announces Fourth Quarter 2016 Dividend; FHLBNY Names Chief Risk Officer

02/16/2017

Dividend Announcement: FHLBNY Declares a 5.65% Dividend for the Fourth Quarter of 2016

02/01/2017

At the Bank: Positioned to Thrive in 2017; Mourning FHLBNY Director Caren Franzini

01/04/2017

Member Advantage: To say that 2016 was an “interesting” year would be an understatement

12/01/2016

At the Bank: FHLBNY Awards 2016 AHP Grants; FHLBNY Announces Third Quarter Dividend

11/17/2016

Dividend Announcement: FHLBNY Declares a 5.00% Dividend for the Third Quarter of 2016

11/01/2016

At the Bank: A Sturdy Strategic Partner

10/11/2016

Member Advantage: Last month, S&P Global Ratings issued a report on the Federal Home Loan Bank System

09/06/2016

At the Bank: A Wide Range of Products for Our Members

08/18/2016

Dividend Announcement: FHLBNY Declares a 4.75% Dividend for the Second Quarter of 2016

08/03/2016

Member Advantage: On May 6, Moody’s Investors Service issued credit opinions on both the FHLBNY and the Federal Home Loan Bank System.

05/19/2016

Dividend Announcement: FHLBNY Declares a 4.50% Dividend for the First Quarter of 2016

05/03/2016

At the Bank: A Stable Support System; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window to Open in Late May

03/28/2016

Member Advantage: Our mission is to advance housing opportunity and local community development by supporting members in serving their markets

02/18/2016

Dividend Announcement: FHLBNY Declares a 4.65% Dividend for the Fourth Quarter of 2015

02/04/2016

At the Bank: FHFA Membership Rule Strengthens System

01/12/2016

At the Bank: Focused On Enhancing Member Value; Michael M. Horn Reelected Board Chair

12/03/2015

Member Advantage: Consider the many ways in which you can leverage your relationship with the FHLBNY

11/19/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Third Quarter of 2015

11/02/2015

At the Bank: The Cornerstones of Our Franchise; FHLBNY Announces Third Quarter Results; Board of Director Elections Underway

10/01/2015

At the Bank: A Cooperative Partner for the Region; Board of Director Elections Underway

09/03/2015

At the Bank: A Stable Partner

08/20/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Second Quarter of 2015

08/03/2015

At the Bank: A Solid Foundation, and Well-Positioned for the Future

06/01/2015

At the Bank: Consistency and Reliability; On-Balance Sheet Support; Off-Balance Sheet Support; Community Support; Lehman Brothers Files Suit; An 11-Member System

05/21/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the First Quarter of 2015

05/04/2015

At the Bank: A Solid Start for the FHLBNY; A Solid Start for the System; Consistent Performance, Stable Partnership

04/01/2015

At the Bank: A Reliable System That Works; A New Look, the Same Purpose

03/03/2015

At the Bank: A Strong 2014 and a Trusted Partner; Des Moines and Seattle Members Approve Merger; In Washington

02/19/2015

Dividend Announcement: FHLBNY Declares a 4.60% Dividend for the Fourth Quarter of 2014

02/04/2015

At the Bank: Challenges and Opportunities; FHLBNY Announces AHP Awards; In Washington

01/06/2015

At the Bank: Stability Amid Change; In Washington; FHFA Approves Federal Home Loan Bank Merger Application

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