John Byczkowski, FHLBank Cincinnati
513-852-7085 (office) or 513-382-7615 (cell)
February 19, 2015


Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (FHLBank) today released unaudited financial results for the year ended December 31, 2014. The FHLBank expects to file its 2014 Form 10-K with the Securities and Exchange Commission on or about March 19, 2015.
Operating Results and Profitability
Net income for 2014 was $244 million and return on average equity (ROE) was 4.93 percent. This compares to net income of $261 million and ROE of 5.10 percent for 2013. For the fourth quarter of 2014, net income was $64 million and ROE was 5.14 percent, compared to net income of $64 million and ROE of 4.78 percent for the same period of 2013.
The lower net income and ROE in 2014 resulted primarily from a decrease in net interest income and from a $7 million larger reversal for credit losses on mortgage loans held for portfolio in 2013.
Balance Sheet Highlights
Total assets at December 31, 2014 were $106.6 billion, which was an increase of $3.5 billion (three percent) from year-end 2013. Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit, and the Mortgage Purchase Program – was $95.3 billion at December 31, 2014, an increase of $10.1 billion (12 percent) from year-end 2013.
The balance of investments at December 31, 2014 was $26.0 billion, an increase of $3.6 billion (16 percent) from year-end 2013.
Capital adequacy substantially exceeded all minimum regulatory requirements. On December 31, 2014, GAAP capital stood at $4.9 billion, a decrease of $0.4 billion (seven percent) from year-end 2013, which primarily resulted from our $500 million redemption/repurchase of excess stock in February 2014. The GAAP and regulatory capital ratios were 4.63 percent and 4.71 percent, respectively, at December 31, 2014.
Housing and Community Investment
The FHLBank contributed $28 million in 2014 to the Affordable Housing Program (AHP) pool of funds to be awarded to members in 2015, which marks the 25th anniversary of the AHP. Since inception of the AHP, the FHLBank has awarded $544 million in AHP grants to more than 350 members towards the creation of over 70,000 units of affordable housing.
The FHLBank awarded more than $1 million in 2014 through two of its voluntary housing programs. These programs primarily provide grants to cover accessibility rehabilitation and emergency repairs for special needs and elderly homeowners, and for the replacement or repair of homes damaged or destroyed by natural disasters within the Fifth District.

The following information was filed by Federal Home Loan Bank Of Cincinnati on Thursday, February 19, 2015 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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