The Federal Home Loan Bank of New York released Monday its unaudited financial highlights for the quarter ended Mar. 31, disclosing, among other details, net income for the quarter of $75.4 million.
The result represents an increase of $5.4 million, or 7.7 percent, from net income of $70 million for the first quarter of 2013. Return on average equity for the quarter was 4.79 percent, compared to ROE of 5.28 percent for the first quarter of 2013.
As of Mar. 31, total assets were $119.5 billion, a decrease of $8.8 billion, or 6.9 percent, from total assets of $128.3 billion at Dec. 31, 2013. As of Mar. 31, 2014, advances were $87.7 billion, a decrease of $3.1 billion, or 3.4 percent, from $90.8 billion at Dec. 31, 2013.
“Following a strong close to 2013, the Federal Home Loan Bank of New York has continued to perform well throughout the first quarter of 2014,” said José R. González, president of the FHLBNY.
“Our continued focus on advances resulted in nearly $90 billion in liquidity flowing through communities across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands during the first quarter,” the said. “As our members work to revitalize the region’s economy, they have a trusted and reliable partner in their Home Loan Bank.”
As of Mar. 31, the bank’s total capital was $6.4 billion, a decrease of $100 million, or 1.5 percent, from Dec. 31, 2013.
The FHLBNY’s unrestricted retained earnings declined during the quarter by $5 million to $836.4 million as of Mar. 31. However, the entity that provides significant liquidity to Puerto Rico’s banks increased its restricted retained earnings by $15.1 million during the quarter to $172.2 million as of Mar. 31. At the end of the first quarter, the bank met its regulatory capital-to-assets ratios and liquidity requirements, the report noted.
The FHLBNY is a congressionally chartered, wholesale bank that 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 USVI. Its mission is to support the efforts of local members to help provide financing for homebuyers.