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John Byczkowski, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513.852.7085 (office) or 513.382.7615 (cell)
April 23, 2019
For the first quarter, net income was $73 million and return on average equity (ROE) was 5.59 percent. This compares to net income of $83 million and ROE of 6.23 percent for the same period of 2018.
The lower net income and ROE resulted mostly from higher non-interest losses due to decreases in the fair values of certain derivatives and other financial instruments carried at fair value.
The FHLB paid its stockholders a cash dividend on March 21, 2019 at a 6.00 percent annualized rate, which is 3.31 percentage points above the first quarter average 3-month LIBOR.
The FHLB's net income for the first quarter of 2019 resulted in an accrual of $8 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 continued its two voluntary housing programs in 2019. 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, April 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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