NEW YORK, July 29 -- The Federal Home Loan Bank of New York, a district bank in the Federal Home Loan Bank System, issued the following news release:
The Federal Home Loan Bank of New York ("FHLBNY") today announced its unaudited financial highlights for the quarter ended June 30, 2014.
"Our members benefit from a stable and reliable Home Loan Bank," said Jose R. Gonzalez, president and CEO of the FHLBNY. "At the Federal Home Loan Bank of New York, our stability is reflected through our performance, which has been strong through the first half of the year. And our members know that we are a reliable source of funding, with nearly $97 billion in advances in the second quarter. This makes us a dependable and trusted partner for all of the members of our cooperative and the communities we serve."
* Highlights from the second quarter of 2014 include:
* Net income for the quarter was $76.9 million, a decrease of $7.6 million, or 9.0 percent, from net income of $84.5 million for the second quarter of 2013. Return on average equity ("ROE") for the quarter was 4.83 percent, compared to ROE of 6.18 percent for the second quarter of 2013.
* As of June 30, 2014, total assets were $127.8 billion, an increase of $8.3 billion, or 6.9 percent, from total assets of $119.5 billion at March 31, 2014. As of June 30, 2014, advances were $96.8 billion, an increase of $9.1 billion, or 10.4 percent, from $87.7 billion at March 31, 2014, as several members increased advances during the quarter.
* As of June 30, 2014, total capital was $6.7 billion, an increase of $300.0 million, or 4.7 percent, from March 31, 2014. The FHLBNY's unrestricted retained earnings increased during the quarter by $8.7 million to $845.1 million as of June 30, 2014. The FHLBNY increased its restricted retained earnings by $15.4 million during the quarter to $187.6 million as of June 30, 2014. At June 30, 2014, the Bank met its regulatory capital-to-assets ratios and liquidity requirements.
The FHLBNY currently expects to file its Form 10-Q for the second quarter of 2014 with the U.S. Securities and Exchange Commission on or before August 8, 2014.
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