John Byczkowski, FHLBank Cincinnati
513-852-7085 (office) or 513-382-7615 (cell)
February 20, 2014


Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (FHLBank) today released unaudited financial results for the year ended December 31, 2013. The FHLBank fulfilled its mission by providing readily available and competitively 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 2013 was $261 million and return on average equity (ROE) was 5.10 percent. This compares to net income of $235 million and ROE of 6.20 percent for 2012. For the fourth quarter of 2013, net income was $64 million and ROE was 4.78 percent, compared to net income of $65 million and ROE of 6.22 percent for the same period of 2012.
The most significant contributors to the increase in the 2013 net income were significantly higher average Advance balances and lower net amortization, primarily related to purchased premiums on mortgage assets. ROE fell because of growth in average capital ($1.3 billion) to support the Advance growth combined with several factors that lowered income, most notably net gains on securities sales recognized in 2012 that did not reoccur in 2013.
Total assets at December 31, 2013 were a record $103.2 billion, which was an increase of $21.6 billion (27 percent) from year-end 2012. Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit, and the Mortgage Purchase Program – was $85.2 billion at December 31, 2013, an increase of $14.0 billion (20 percent) from year-end 2012. The growth in both assets and Mission Asset Activity was primarily due to increased Advance balances outstanding.
Capital adequacy substantially exceeded all minimum regulatory requirements. On December 31, 2013, GAAP capital, including $621 million of total retained earnings, stood at $5.3 billion or 5.15 percent of total assets. The regulatory capital ratio was 5.27 percent at December 31, 2013. Total retained earnings increased by $17 million in the fourth quarter of 2013 and by $83 million in all of 2013.
The FHLBank paid its stockholders a cash dividend on December 19, 2013 at a 4.00 percent annualized rate, which was 3.76 percentage points above the fourth quarter average 3-month LIBOR. The average quarterly dividend paid for the year was 4.18 percent.
The FHLBank contributed $30 million in 2013 to the Affordable Housing Program pool of funds to be awarded to members in 2014. In addition, the FHLBank continued its voluntary sponsorship of two other housing programs which provide resources to pay for accessibility rehabilitation and emergency repairs for special needs and elderly homeowners and to help members aid their communities following natural disasters.

The following information was filed by Federal Home Loan Bank Of Cincinnati on Thursday, February 20, 2014 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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