News Release

John Byczkowski, FHLB Cincinnati
513.852.7085 (office) or 513.382.7615 (cell)
February 21, 2018

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2017. The FHLB expects to file its 2017 Form 10-K with the Securities and Exchange Commission on or about March 15, 2018.
The FHLB is a AA+ rated wholesale cooperative bank owned by 660 Member financial institutions. The FHLB supports housing finance and community development by lending to a diverse membership base including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. It annually sets aside a portion of its profits for grants supporting affordable housing, and since 1990 has awarded nearly $661 million in subsidies towards the creation of 83,300 units of affordable housing.

Operating Results and Profitability
Net income for 2017 was $314 million and return on average equity (ROE) was 6.15 percent. This compares to net income of $268 million and ROE of 5.35 percent for 2016. For the fourth quarter of 2017, net income was $84 million and ROE was 6.42 percent, compared to net income of $89 million and ROE of 7.15 percent for the same period of 2016.
The increase in net income and ROE for the full year comparison period was primarily the result of higher net interest income. The increase in net interest income was driven mostly by lower net amortization of premiums and discounts related to mortgage assets and Consolidated Obligations, and higher net spreads earned on short-term and LIBOR-indexed assets. The decrease in net income and ROE for the quarter-to-date comparison period was primarily due to higher non-interest income in the fourth quarter of 2016 as a result of gains on the sale of securities.
The FHLB paid its stockholders a cash dividend on December 21, 2017 at a 5.50 percent annualized rate, an increase of 25 basis points from the dividend rate paid in September 2017. The dividend paid in December was 4.03 percentage points above the fourth quarter average 3-month LIBOR.
Housing and Community Investment
The FHLB's net income for 2017 resulted in an accrual of $35 million to the Affordable Housing Program (AHP) pool of funds available to Members. These funds assist Members in serving very low-, low-, and moderate-income households and community economic development.
In addition to the required AHP assessment, the FHLB voluntarily awarded $1.8 million in 2017 through two other housing programs. These programs provide grants to cover accessibility

The following information was filed by Federal Home Loan Bank Of Cincinnati on Wednesday, February 21, 2018 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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