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John Byczkowski, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513.852.7085 (office) or 513.382.7615 (cell)
October 29, 2018
For the third quarter, net income was $92 million and return on average equity (ROE) was 6.87 percent. This compares to net income of $78 million and ROE of 5.97 percent for the same period of 2017. For the first nine months of 2018, net income was $259 million and ROE was 6.41 percent, compared to net income of $230 million and ROE of 6.06 percent for the same period of 2017.
The increase in net income and ROE for both comparison periods was primarily the result of higher net interest income. The increase in net interest income was primarily due to the rise in short-term interest rates, which improved earnings from funding assets with interest-free capital.
The FHLB paid its stockholders a cash dividend on September 20, 2018 at a 6.00 percent annualized rate, which is 3.66 percentage points above the third quarter average 3-month LIBOR.
The FHLB's net income for the first nine months of 2018 resulted in an accrual of $29 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 the first nine months of 2018 through two of its other 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 Monday, October 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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