Federal Home Loan Bank of New York Announces First Quarter 2024 Operating Highlights
April 25 2024 - 1:42PM
The Federal Home Loan Bank of New York (“FHLBNY”) today released
its unaudited financial highlights for the quarter ended March 31,
2024.
“Throughout the first quarter of 2024, the Federal Home Loan
Bank of New York successfully executed on our foundational
liquidity mission, as reflected in our strong results for the
period,” said José R. González, president and CEO of the FHLBNY.
“Our ability to serve as a stable source of funding for our members
also supports our efforts to make a direct impact in the
communities we serve, as we allocated $24.5 million from this
quarter’s earnings for our Affordable Housing Program.”
Highlights from the first quarter of 2024 include:
- Net income for the quarter was $220.5 million, an increase of
$22.0 million, or 11.1%, from net income of $198.5 million for the
first quarter of 2023. Net interest income for the quarter was
$265.0 million, an increase of $35.3 million, or 15.4%, from net
interest income of $229.7 million in the first quarter last year.
This increase was driven by an increase of average interest earning
assets from $163.8 billion in the prior year period to $169.4
billion for the first quarter of 2024, as well as an increase in
yield on assets from 4.64% in the prior year period to 5.50% in
first quarter of this year.
- Return on average equity (“ROE”) for the quarter was 10.58%
(annualized), compared to ROE of 9.61% for the first quarter of
2023, as a result of the increase in net income.
- As of March 31, 2024, total assets were $159.6 billion, an
increase of $1.3 billion, or 0.8%, from total assets of $158.3
billion at December 31, 2023. As of March 31, 2024, advances (par
amount) were $108.3 billion, a decrease of $1.5 billion, or 1.4%,
from $109.8 billion at December 31, 2023.
- As of March 31, 2024, total capital was $8.3 billion, an
increase of $0.1 billion from total capital of $8.2 billion at
December 31, 2023. The FHLBNY’s retained earnings were $2.4 billion
as of March 31, 2024, an increase of $0.1 billion from December 31,
2023; $1.3 billion of the retained earnings were unrestricted
retained earnings and $1.1 billion were restricted retained
earnings. At March 31, 2024, the FHLBNY met all of its regulatory
capital ratios.
- The FHLBNY allocated $24.5 million from its first quarter 2024
earnings for its Affordable Housing Program.
The FHLBNY currently expects to file its Form 10-Q for the first
quarter of 2024 with the U.S. Securities and Exchange Commission on
or about May 9, 2024.
Selected Balance Sheet Items (dollars in
millions) |
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
|
|
|
|
Advances |
$ |
107,164 |
|
|
$ |
108,890 |
|
|
$ |
(1,726 |
) |
Mortgage
loans held for portfolio |
|
2,191 |
|
|
|
2,180 |
|
|
|
11 |
|
Mortgage-backed securities |
|
19,766 |
|
|
|
19,582 |
|
|
|
184 |
|
Liquidity
assets |
|
28,117 |
|
|
|
25,340 |
|
|
|
2,777 |
|
Total
assets |
$ |
159,630 |
|
|
$ |
158,333 |
|
|
$ |
1,297 |
|
|
|
|
|
|
|
Consolidated
obligations |
$ |
147,415 |
|
|
$ |
145,476 |
|
|
$ |
1,939 |
|
Capital
stock |
|
5,986 |
|
|
|
6,050 |
|
|
|
(64 |
) |
Unrestricted
retained earnings |
|
1,310 |
|
|
|
1,277 |
|
|
|
33 |
|
Restricted
retained earnings |
|
1,105 |
|
|
|
1,061 |
|
|
|
44 |
|
Accumulated
other comprehensive income |
|
(88 |
) |
|
|
(143 |
) |
|
|
55 |
|
Total
capital |
$ |
8,313 |
|
|
$ |
8,245 |
|
|
$ |
68 |
|
|
|
|
|
|
|
Capital-to-assets ratio (GAAP) |
|
5.21 |
|
% |
|
5.21 |
|
% |
|
Capital-to-assets ratio (Regulatory) |
|
5.27 |
|
% |
|
5.30 |
|
% |
|
|
|
|
|
|
|
Operating Results (dollars in millions) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
2024 |
|
|
|
2023 |
Change |
|
|
|
|
|
|
|
|
Total interest income |
$ |
2,316.0 |
|
|
$ |
1,881.7 |
|
$ |
434.3 |
|
|
Total
interest expense |
|
2,051.0 |
|
|
|
1,652.0 |
|
|
399.0 |
|
|
Net interest
income |
|
265.0 |
|
|
|
229.7 |
|
|
35.3 |
|
|
Provision
(Reversal) for credit losses |
|
(0.4 |
) |
|
|
0.1 |
|
|
(0.5 |
) |
|
Net interest
income after provision for credit losses |
|
265.4 |
|
|
|
229.6 |
|
|
35.8 |
|
|
Non-interest
income (loss) |
|
35.9 |
|
|
|
41.0 |
|
|
(5.1 |
) |
|
Non-interest
expense |
|
56.3 |
|
|
|
50.0 |
|
|
6.3 |
|
|
Affordable
Housing Program assessments |
|
24.5 |
|
|
|
22.1 |
|
|
2.4 |
|
|
Net
income |
$ |
220.5 |
|
|
$ |
198.5 |
|
$ |
22.0 |
|
|
|
|
|
|
|
|
|
Return on
average equity |
|
10.58 |
|
% |
|
9.61 |
% |
|
|
Return on
average assets |
|
0.52 |
|
% |
|
0.48 |
% |
|
Net interest
margin |
|
0.63 |
|
% |
|
0.57 |
% |
|
|
|
|
|
|
|
|
|
About the Federal Home Loan Bank of New YorkThe
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 March 31, 2024, the FHLBNY serves
336 member institutions in New Jersey, New York, Puerto Rico, and
the U.S. Virgin Islands. The FHLBNY’s mission is to provide members
with reliable liquidity in support of housing and local community
development.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995This 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.
CONTACTBrian Finnegan(212) 441-6877brian.finnegan@fhlbny.com