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President’s Report

April 5, 2021

Report from the President

FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

On March 19, 2021, we filed the FHLBNY’s 2020 Form 10-K with the SEC, closing the book on a most unique, challenging and volatile year. Even today, more than a year from the onset of the COVID-19 pandemic, communities across the nation continue to grapple with its impact. We see the true depth of this impact in our own region, from shuttered small businesses and empty classrooms to municipalities struggling with budget shortfalls and infection rates above the national average. But we also see our members continue to rise to these challenges, supporting your customers and communities throughout a most tumultuous period. And as reflected in our 10-K filing, throughout this period, our members have had a stable and reliable partner in the FHLBNY.

As we reported last month, your cooperative posted strong performance throughout 2020, with $442.4 million in net income. Our advances came down from the record levels we experienced in March 2020 at the onset of the health crisis, but we still finished the year at a strong level, with $92.1 billion in liquidity flowing through communities across our District. At year-end 2020, our total assets stood at $137 billion, and during the year we grew our retained earnings by $108.6 million, further bolstering our balance sheet.

Focused on Our Mission

As our strong 2020 results show, throughout the year we successfully acted on our mission by providing our members with constant and reliable access to funding amid as challenging an operating environment as any of us have experienced. This success was, and is, driven by our unwavering focus on our members, which positions us to not only meet member needs, but to work together to support our communities, as well.

On March 4, 2021, we made an additional $2 million in Small Business Recovery Grant (“SBRG”) Program funding available to our members. The grant dollars went quickly, reflecting both the continued need for support across our District and the strength of our partnership with our members. This most recent round follows the $8 million in SBRG Program funding we made available through our COVID-19 Relief Program last year, which our members quickly put to work. More than 60 members participated in the SBRG Program in 2020, bringing grant funding to 750 small businesses and 486 non-profits in communities across our District, helping businesses keep their doors open and their people employed, and supporting non-profits as they continue to provide aid amid the pandemic.

We had 23 members participate in this most recent SBRG Program round, with an additional 20 institutions submitting requests after all funds had already been allocated. These members were placed on a waitlist, and we are reviewing how to prioritize these requests if and when additional SBRG Program funds become available this year.

Mortgage Asset Program Momentum Continues

The Small Business Recovery Grant Program was not the only initiative we launched in 2020 to support our members. In November 2020, we proudly launched our newest business line: the Mortgage Asset Program (“MAP®”), our new secondary market program specifically catered to our members and local markets. The development of MAP reflects not only our continued focus on meeting our members’ ever-changing needs, but how our collaborative and supportive culture breeds innovation and drives our business forward. That we were able to launch MAP and keep up its momentum amid both the global pandemic and our resulting remote posture speaks to the talent of our team and our overall dedication to serving our members. Last month, we officially exited our prior secondary market product, the Mortgage Partnership Finance Program, and, as we continue to onboard new Participating Financial Institutions to the MAP platform, we look forward to utilizing MAP to continue to help our members fund mortgages and be more competitive in offering fixed-rate mortgage loan products.

The Full Value of Membership

Our MAP product and the SBRG Program are just two of the many ways we help meet member needs beyond the daily availability of our advances. Our highly rated Letters of Credit support members’ balance sheet management strategies and housing, community and economic development activities. Our Municipal Letters of Credit help members collateralize state, city and local government deposits, further strengthening their relationships with the communities they serve. And our Community Investment products and programs, from our Community Lending Program to our Affordable Housing Program and Homebuyer Dream Program®, enhance our members’ ability to make a tangible and long-lasting impact in these communities.

Advances are our premier product and are key to the value we deliver to our members, but we are designed to grow and shrink our advance book based on member needs. We believe that the main value of Federal Home Loan Bank membership is the reliability we provide, whether that is access to our low-cost liquidity in all markets, whether turbulent or calm, even as other funding sources dry up or are slow out of the gate at the onset of a crisis. Over the past year, as our communities have struggled, we have proudly delivered the full value of membership every day – from record levels of advances at the onset of the crisis to the grant programs that have helped communities, small businesses and households weather the storm. As our region and the nation look to the end of the pandemic and the recovery to follow, your FHLBNY stands ready as your trusted partner to deliver the value that will help raise up the communities we all 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.

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

04/05/2021

Report from the President: FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

03/02/2021

Report from the President: Meeting Member Needs

02/18/2021

Dividend Announcement 4Q20: The FHLBNY declares a 5.00% dividend for the fourth quarter of 2020

02/04/2021

Report from the President: FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

01/05/2021

A Proven Partnership to Help a Region Recover

12/02/2020

Report from the President: A Steady Foundation

11/19/2020

Dividend Announcement 3Q20: The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020

11/02/2020

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/05/2020

Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

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

Dividend Announcement 4Q19: 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 4Q14: The 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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