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CONTACT:
NEWS RELEASE
John Byczkowski, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513-852-7085 (office) or 513-382-7615 (cell)
February 21, 2017


FHLB CINCINNATI ANNOUNCES 2016 RESULTS

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2016. The FHLB expects to file its 2016 Form 10-K with the Securities and Exchange Commission on or about March 16, 2017.
Operating Results and Profitability
Net income for 2016 was $268 million and return on average equity (ROE) was 5.35 percent. This compares to net income of $254 million and ROE of 5.04 percent for 2015. For the fourth quarter of 2016, net income was $89 million and ROE was 7.15 percent, compared to net income of $64 million and ROE of 4.93 percent for the same period of 2015.
The increase in net income and ROE in both comparison periods was primarily the result of higher net interest income and an increase in non-interest income, which included $39 million in gains from the sale of securities during the fourth quarter of 2016. The increase in net interest income was primarily the result of higher net spreads earned on LIBOR-indexed assets, combined with the growth in mortgage assets. These benefits were partially offset by an increase in non-interest expense, which included a settlement of all claims related to the 2008 Lehman bankruptcy during the fourth quarter of 2016 of approximately $25 million.
Dividend
The FHLB paid its stockholders a cash dividend on December 15, 2016 at a 4.00 percent annualized rate, which was 3.08 percentage points above the fourth quarter average 3-month LIBOR. The average quarterly dividend paid for the year was 4.00 percent.
Housing and Community Investment
The FHLB's net income for 2016 resulted in an accrual of $30 million to the Affordable Housing Program (AHP) pool of funds available to members in 2017. Since the AHP's inception, the FHLB has awarded approximately $621 million in subsidies towards the creation of 78,500 units of affordable housing.
The FHLB disbursed over $1.6 million in 2016 through two of its voluntary housing programs. These programs 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 Tuesday, February 21, 2017 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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