UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(State or Other Jurisdiction of Incorporation) |
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(Address of Principal Executive Offices) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Item 8.01 Other Events.
On July 28, 2022, the Federal Home Loan Bank of New York (“FHLBNY”) issued a Press Release regarding among other information, unaudited financial results for the quarter ended June 30, 2022. A copy of the FHLBNY’s Press Release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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| FHLBNY Press Release, dated July 28, 2022, regarding the quarter ended June 30, 2022. | |
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| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Federal Home Loan Bank of New York |
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Date: July 28, 2022 | By: | /s/ Kevin M. Neylan |
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| Name: Kevin M. Neylan |
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| Title: Senior Vice President and Chief Financial Officer |
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE | CONTACT: Brian Finnegan |
July 28, 2022 | (212) 441-6877 |
FEDERAL HOME LOAN BANK OF NEW YORK
ANNOUNCES SECOND QUARTER 2022 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, 2022.
“For 90 years, the Federal Home Loan Banks have been tasked with providing a steady, reliable source of liquidity in all economic cycles,” said José R. González, president and CEO of the FHLBNY. “Through the volatility of the first half of 2022, our members have continued to find a stable partner in the Federal Home Loan Bank of New York, as reflected in advances balances that have steadily increased throughout the first six months of the year. This stability is reflected across the Federal Home Loan Bank System, benefitting local lenders nationwide.”
Highlights from the second quarter of 2022 include:
| · | Net income for the quarter was $76.3 million, an increase of $1.6 million, or 2.1%, from net income of $74.7 million for the second quarter of 2021. Net interest income for the quarter was $146.7 million, an increase of $3.5 million, or 2.4%, from $143.2 million in the second quarter last year. |
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| · | Return on average equity (“ROE”) for the quarter was 4.71% (annualized), compared to ROE of 4.21% for the second quarter of 2021. |
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| · | As of June 30, 2022, total assets were $116.0 billion, an increase of $10.6 billion, or 10.1%, from total assets of $105.4 billion at December 31, 2021. As of June 30, 2022, advances were $80.1 billion, an increase of $8.5 billion, or 11.9%, from $71.5 billion at December 31, 2021. |
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| · | As of June 30, 2022, total capital was $6.8 billion, an increase of $0.4 billion from total capital of $6.4 billion at December 31, 2021. The FHLBNY’s retained earnings increased by $31.9 million to nearly $2.0 billion as of June 30, 2022, of which $1.1 billion were unrestricted retained earnings and $0.9 billion were restricted retained earnings. At June 30, 2022, the FHLBNY continued to meet its regulatory capital ratios. |
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| · | The FHLBNY allocated $8.6 million from its second quarter 2022 earnings for its Affordable Housing Program. |
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The FHLBNY currently expects to file its Form 10-Q for the second quarter of 2022 with the U.S. Securities and Exchange Commission on or before August 11, 2022.
Selected Balance Sheet Items (dollars in millions) |
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Advances |
| $ | 80,062 |
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| $ | 71,536 |
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| $ | 8,526 |
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Mortgage loans held for portfolio |
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| 2,175 |
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| 2,320 |
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| (145 | ) |
Mortgage-backed securities |
| 14,589 |
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| 14,693 |
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Liquidity assets |
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| 17,202 |
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| 14,948 |
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| 2,254 |
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Total assets |
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| 115,963 |
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| 105,358 |
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| 10,605 |
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Consolidated obligations |
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| 107,070 |
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| 97,026 |
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| 10,044 |
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Capital stock |
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| 4,939 |
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| 4,501 |
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| 438 |
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Unrestricted retained earnings |
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| 1,109 |
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| 1,104 |
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| 5 |
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Restricted retained earnings |
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| 854 |
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| 827 |
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| 27 |
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Accumulated other comprehensive income |
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| (139 | ) |
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| 14 |
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| (153 | ) |
Total capital |
| $ | 6,763 |
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| $ | 6,446 |
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| $ | 317 |
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Capital-to-assets ratio (GAAP) |
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| 5.83 | % |
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| 6.12 | % |
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Capital-to-assets ratio (Regulatory) |
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| 5.96 | % |
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| 6.11 | % |
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Operating Results (dollars in millions) |
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| Three Months Ended June 30, |
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| Six Months Ended June 30, |
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Total interest income |
| $ | 386.3 |
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| $ | 247.5 |
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| $ | 138.8 |
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| $ | 608.7 |
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| $ | 529.8 |
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| $ | 78.9 |
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Total interest expense |
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| 239.6 |
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| 104.4 |
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| 135.2 |
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| 339.9 |
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| 228.1 |
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| 111.8 |
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Net interest income |
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| 146.7 |
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| 143.1 |
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| 3.6 |
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| 268.8 |
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| 301.7 |
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Provision (Reversal) for credit losses |
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| (0.1 | ) |
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| (1.7 | ) |
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| 1.6 |
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| (3.0 | ) |
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| 2.9 |
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Net interest income after provision for credit loss |
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| 146.8 |
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| 144.8 |
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| 2.0 |
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| 268.9 |
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| 304.7 |
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| (35.8 | ) |
Non-interest income (loss) |
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| (15.3 | ) |
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| (9.6 | ) |
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| (5.7 | ) |
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| (28.1 | ) |
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| (42.2 | ) |
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| 14.1 |
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Non-interest expense |
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| 46.6 |
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| 52.2 |
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| (5.6 | ) |
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| 92.6 |
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| 99.3 |
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Affordable Housing Program assessments |
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| 8.6 |
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| 8.3 |
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| 0.3 |
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| 14.9 |
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| 16.3 |
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| (1.4 | ) |
Net income |
| $ | 76.3 |
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| $ | 74.7 |
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| $ | 1.6 |
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| $ | 133.3 |
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| $ | 146.9 |
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Return on average equity |
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| 4.71 | % |
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| 4.21 | % |
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| 4.17 | % |
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| 4.14 | % |
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Return on average assets |
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| 0.27 | % |
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| 0.24 | % |
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| 0.23 | % |
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| 0.23 | % |
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Net interest margin |
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| 0.52 | % |
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| 0.46 | % |
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| 0.48 | % |
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| 0.47 | % |
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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, 2022, the FHLBNY serves 315 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.
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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, 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.
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Cover |
Jul. 28, 2022 |
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Cover [Abstract] | |
Entity Registrant Name | Federal Home Loan Bank of New York |
Entity Central Index Key | 0001329842 |
Document Type | 8-K |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Document Period End Date | Jul. 28, 2022 |
Entity File Number | 000-51397 |
Entity Tax Identification Number | 13-6400946 |
Entity Address Address Line 1 | 101 Park Avenue |
Entity Address City Or Town | New York |
Entity Address State Or Province | NY |
Entity Address Postal Zip Code | 10178-0599 |
City Area Code | 212 |
Local Phone Number | 441-6616 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
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