FEDERAL HOME LOAN BANK OF NEW YORK ANNOUNCES SECOND QUARTER 2022 OPERATIONAL HIGHLIGHTS

NEW YORK, July 28, 2022 /PRNewswire/ — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30th2022.

“For 90 years, the Federal Home Loan Banks have had a mission to provide a stable and reliable source of liquidity through all economic cycles,” said José R. González, President and CEO of FHLBNY. “Through the volatility of the first half of 2022, our members continued to find a stable partner in the Federal Home Loan Bank of New York, as evidenced by the balances of advances which increased steadily throughout the first six months of the year. This stability is reflected throughout the federal mortgage system, benefiting local lenders nationwide. »

Highlights of the second quarter of 2022 include:

  • Net profit for the quarter was $76.3 millionan augmentation of $1.6 millioni.e. 2.1%, of the net income of $74.7 million for the second quarter of 2021. Net interest income for the quarter was $146.7 millionan augmentation of $3.5 millioni.e. 2.4%, of $143.2 million in the second quarter of last year.
  • Return on average equity (“ROE”) for the quarter was 4.71% (annualized), compared to an ROE of 4.21% for the second quarter of 2021.
  • Of the June 30, 2022total assets were $116.0 billionan augmentation of $10.6 billioni.e. 10.1%, of the total assets of $105.4 billion at the 31st of December2021. To June 30, 2022advances have been $80.1 billionan augmentation of $8.5 billioni.e. 11.9%, of $71.5 billion at December 31, 2021.
  • Of the June 30, 2022the total capital was $6.8 billionan augmentation of $0.4 billion of the total capital of $6.4 billion at the 31st of December2021. FHLBNY’s retained earnings increased by $31.9 million after $2.0 billion of the June 30, 2022whose $1.1 billion were unallocated retained earnings and $0.9 billion were restricted retained earnings. To June 30, 2022FHLBNY continued to meet its regulatory capital ratios.
  • The FHLBNY has allocated $8.6 million of its Q2 2022 revenue for its affordable housing program.

FHLBNY currently expects to file its Form 10-Q for the second quarter of 2022 with the United States Securities and Exchange Commission no later than August 11, 2022.

Main balance sheet items (in millions of dollars)








June 30th,


The 31st of December,





2022


2021


To change









Advances

$80,062


$71,536


$8,526


Mortgages held for the portfolio

2,175


2,320


(145)


Securities backed by mortgages

14,589


14,693


(104)


Liquid assets

17,202


14,948


2,254


Total assets

115,963


105,358


10,605









Consolidated bonds

107,070


97,026


10,044


Share capital

4,939


4,501


438


Unrestricted unrestricted earnings

1,109


1,104


5


Restricted retained earnings

854


827


27


Accumulated other comprehensive income

(139)


14


(153)


total capital

$6,763


$6,446


$317









Capital to Assets Ratio (GAAP)

5.83

%

6.12

%



Capital/asset ratio (regulatory)

5.96

%

6.11

%































Results of operations (in millions of dollars)










































Quarter ended June 30





Semester ended June 30





2022


2021

To change



2022


2021

To change
















Total interest income

$386.3


$247.5


$138.8



$608.7


$529.8


$78.9


Total interest expense

239.6


104.4


135.2



339.9


228.1


111.8


Net interest income

146.7


143.1


3.6



268.8


301.7


(32.9)


Allowance (reversal) for credit losses

(0.1)


(1.7)


1.6



(0.1)


(3.0)


2.9


Net interest income after provision for credit loss

146.8


144.8


2.0



268.9


304.7


(35.8)


Non-interest income (loss)

(15.3)


(9.6)


(5.7)



(28.1)


(42.2)


14.1


Non-interest charges

46.6


52.2


(5.6)



92.6


99.3


(6.7)


Affordable Housing Program














ratings

8.6


8.3


0.3



14.9


16.3


(1.4)


Net revenue

$76.3


$74.7


$1.6



$133.3


$146.9


$(13.6)
















return on average equity

4.71

%

4.21

%




4.17

%

4.14

%



Average return on assets

0.27

%

0.24

%




0.23

%

0.23

%



Net interest margin

0.52

%

0.46

%




0.48

%

0.47

%































Federal Mortgage Bank of New York
The Federal Mortgage Bank of New York is a congressional chartered wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 shareholder-owned regional banks. Of the June 30, 2022FHLBNY serves 315 financial institutions in New Jersey, New York, Porto Ricoand the US Virgin Islands. The Federal Home Loan Banks supports the efforts of local members to help provide financing to US 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. Such statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking words, such as “expected”, “expects”, “may”, or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risks or uncertainties that actual results could differ materially from those expressed or implied by such forward-looking statements or could affect the extent to which an objective, projection , an estimate, or the prediction is made. 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 such as regulations and accounting, rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in mortgage asset prepayment rates, the cost of our funding, changes in our membership profile, withdrawal of one or more significant members, competitive pressures, changes 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 publicly revise or update any forward-looking statements for any reason.

CONTACT:

Brian Finnegan


(212) 441-6877

SOURCE Federal Home Loan Bank of New York

Bernadine J. Perkins