Federal Home Loan Bank Of Cincinnati 10-K Annual Report Thu Mar 21 2019

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2018. The FHLB expects to file its 2018 Form 10-K with the Securities and Exchange Commission on or about March 21, 2019.

The FHLB is a AA+ rated wholesale cooperative bank owned by 646 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 more than $700 million in subsidies towards the creation of approximately 88,000 units of affordable housing.

Operating Results and Profitability


▪	Net income for 2018 was $339 million and return on average equity (ROE) was 6.29 percent. This compares to net income of $314 million and ROE of 6.15 percent for 2017. For the fourth quarter of 2018, net income was $80 million and ROE was 5.90 percent, compared to net income of $84 million and ROE of 6.42 percent for the same period of 2017.

▪

The increase in net income and ROE for the full year comparison period was primarily the result of higher net interest income. Net interest income increased in both the full year and quarter-to-date comparison periods primarily due to the rise in short-term interest rates, which improved earnings from funding assets with interest-free capital. However, net income and ROE were lower in the quarter-to-date comparison period primarily due to decreases in the fair values of certain derivatives and other financial instruments carried at fair value.

Dividend


▪	The FHLB paid its stockholders a cash dividend on December 20, 2018 at a 6.00 percent annualized rate, which is 3.37 percentage points above the fourth quarter average 3-month LIBOR.

Housing and Community Investment


▪	The FHLB's net income for 2018 resulted in an accrual of $38 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 disbursed $1.7 million in 2018 through its two 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 Thursday, February 21, 2019 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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Federal Home Loan Bank Of Cincinnati's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Cincinnati provided additional information to their SEC Filing as exhibits

Exhibit 3.2: Articles Of Incorporation

Exhibit 10.7: Material Contract

Exhibit 10.12: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

Exhibit 99.2: Additional Exhibits

CIK: 1326771
Form Type: 10-K Annual Report
Accession Number: 0001326771-19-000007
Submitted to the SEC: Thu Mar 21 2019 3:54:09 PM EST
Accepted by the SEC: Thu Mar 21 2019
Period: Monday, December 31, 2018
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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