John Byczkowski, FHLBank Cincinnati
513-852-7085 (office) or 513-382-7615 (cell)
February 21, 2013


Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (FHLBank) today released unaudited financial results for the year ended December 31, 2012. The FHLBank continued to effectively fulfill its mission by providing readily available and favorably priced wholesale funding to its member financial institutions, supporting its commitment to affordable housing, and paying stockholders a competitive dividend return on their capital investment. Highlights include:
Net income for 2012 was $235 million and return on average equity (ROE) was 6.20 percent. This compares to net income of $138 million and ROE of 3.89 percent for 2011. For the fourth quarter of 2012, net income was $65 million and ROE was 6.22 percent, compared to net income of $40 million and ROE of 4.44 percent for the same period of 2011.
The most significant contributors to the increase in net income and ROE in 2012 were the full year effect of elimination of the REFCORP obligation, management's asset-liability and market risk strategies, prepayment fees on Advances, gains from the clean-up sales of certain securities, and several other factors detailed below under "Operating Results and Profitability."
Total assets at December 31, 2012 were $81.6 billion, an increase of $21.2 billion (35 percent) from year-end 2011. The growth was primarily due to significant Advance borrowings by a new large-asset member. Total assets in 2012 averaged $66.7 billion, a decrease of $0.6 billion (one percent) from 2011. The year-over-year increase in total assets was substantially positive, while average assets fell slightly because the Advance growth occurred in the second half of the year.
The balance of Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit, and the Mortgage Purchase Program – was $71.3 billion at December 31, 2012, an increase of $30.4 billion (74 percent) from year-end 2011.
Capital adequacy continued to substantially exceed all minimum regulatory capital requirements. On December 31, 2012, GAAP capital, which included $538 million of total retained earnings, stood at $4.5 billion or 5.56 percent of total assets. Total retained earnings increased in the fourth quarter by $25 million and by $94 million in all of 2012.
Stockholders were paid a cash dividend on December 20, 2012 at a 4.75 percent annualized rate, which was 4.43 percentage points above the fourth quarter average 3-month LIBOR. The average dividend paid for the year was 4.44 percent.

The following information was filed by Federal Home Loan Bank Of Cincinnati on Thursday, February 21, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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