July 25, 2016
Eric Amig – (212) 441-6807
Brian Finnegan – (212) 441-6877
FHLBNY Announces Second Quarter 2016 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, 2016.
“Advances are at the core of our business, and we increasingly met our members’ funding needs during the first half of the year,” said José R. González, president and CEO of the FHLBNY. “This focus on advances continues to drive our strong performance in 2016 as we remain a reliable partner for our members and the communities we all serve.”
Highlights from the second quarter of 2016 include:
Net income for the quarter was $91.6 million, an increase of $16.4 million, or 21.8 percent, from net income of $75.2 million for the second quarter of 2015. The higher net income was driven by an increase of $22.7 million in net interest income. Return on average equity (“ROE”) for the quarter was 5.56 percent (annualized), compared to ROE of 4.90 percent for the second quarter of 2015.
As of June 30, 2016, total assets were $128.7 billion, an increase of $8.8 billion, or 7.3 percent, from total assets of $119.9 billion at March 31, 2016. This increase in total assets was driven primarily by higher advances balances during the period. As of June 30, 2016, advances were $95.3 billion, an increase of $5.8 billion, or 6.5 percent, from $89.5 billion at March 31, 2016.
As of June 30, 2016, total capital was $6.8 billion, an increase of $0.3 billion from total capital of $6.5 billion at March 31, 2016. The FHLBNY’s retained earnings increased during the quarter by $30.4 million to $1.3billion as of June 30, 2016, of which $984.5 million was unrestricted retained earnings and $338.1 million was restricted retained earnings. At June 30, 2016, the FHLBNY met its regulatory capital ratios and liquidity requirements.
The FHLBNY currently expects to file its Form 10-Q for the second quarter of 2016 with the U.S. Securities and Exchange Commission on or before August 11, 2016.
About the 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, 2019, the FHLBNY serves 324 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, 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.
A Proven Partnership to Help a Region Recover
FHLBNY 2021 Community Lending and Affordable Housing Plans
Update to the Member Products Guide & Correspondent Services Manual
A Review of Housing Statistics at the End of 2019
Five Ways to Manage Your Balance Sheet in a Volatile Rate Environment