New York, NY – April 29, 2015 – (RealEstateRama) — The Federal Home Loan Bank of New York (FHLBNY) today released its unaudited financial highlights for the quarter ended March 31, 2015.
“During the first three months of 2015, the Federal Home Loan Bank of New York continued to meet the needs of our members as they work to strengthen and support the communities they serve,” said José R. González, president and CEO of the FHLBNY. “We continued to perform well in the quarter, and this consistent performance reaffirms our cooperative as a reliable and dependable partner for our members.”
- Highlights from the first quarter of 2015 include:
- Net income for the quarter was $88.2 million, an increase of $12.8 million, or 16.9 percent, from net income of $75.4 million for the first quarter of 2014. The increase was primarily due to fees generated from prepayment of advances by members, as well as gains on derivative and hedging activity during the quarter. Return on average equity (ROE) for the quarter was 5.56 percent, compared to ROE of 4.79 percent for the first quarter of 2014.
- As of March 31, 2015, total assets were $119.4 billion, a decrease of $13.4 billion, or 10.1 percent, from total assets of $132.8 billion at December 31, 2014. This decline in total assets was driven primarily by lower advances balances during the period. As of March 31, 2015, advances were $88.5 billion, a decrease of $10.3 billion, or 10.4 percent, from $98.8 billion at December 31, 2014.
- As of March 31, 2015, total capital was $6.1 billion, a decrease of $400.0 million, or 6.2 percent, from total capital of $6.5 billion as of December 31, 2014. The FHLBNY’s unrestricted retained earnings increased during the quarter by $6.3 million to $869.0 million as of March 31, 2015. The FHLBNY increased its restricted retained earnings by $17.6 million during the quarter to $237.7 million as of March 31, 2015. At March 31, 2015, the Bank met its regulatory capital-to-assets ratios and liquidity requirements.
The FHLBNY currently expects to file its Form 10-Q for the first quarter of 2015 with the U.S. Securities and Exchange Commission on or before May 12, 2015.
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 12 regional, stockholder-owned banks. The FHLB of New York currently serves more than 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.
Contact: Eric Amig – (212) 441-6807
Brian Finnegan – (212) 441-6877