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John Byczkowski, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513.852.7085 (office) or 513.382.7615 (cell)
October 29, 2019
For the third quarter, net income was $63 million and return on average equity (ROE) was 5.36 percent. This compares to net income of $92 million and ROE of 6.87 percent for the same period of 2018. For the first nine months of 2019, net income was $200 million and ROE was 5.35 percent, compared to net income of $259 million and ROE of 6.41 percent for the same period of 2018.
Net interest income decreased in both comparison periods primarily due to lower Advance balances and lower spreads earned on Advances. However, these decreases were partially offset by higher non-interest income (loss) in both comparison periods primarily due to net gains realized on certain derivatives.
Total assets at September 30, 2019 were $100.2 billion, an increase of $1.0 billion (one percent) from year-end 2018.
Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – was $73.7 billion at September 30, 2019, a decrease of $6.5 billion (eight percent) from year-end 2018. The decline in Mission Asset Activity was driven by lower Advance balances.
Total investments at September 30, 2019 were $42.4 billion, an increase of $8.8 billion (26 percent) from year-end 2018. The increase in investments was driven by the purchase of $9.3 billion of U.S. Treasury obligations as part of the FHLB's plan to manage a new liquidity requirement that became effective on March 31, 2019. Total investments included $14.0 billion of mortgage-backed securities and $28.4 billion of other investments, which were mostly held for liquidity. The FHLB continued to maintain a robust amount of liquidity in order to meet the borrowing needs of members and to meet all current and anticipated financial commitments.
The FHLB exceeded all minimum regulatory capital and liquidity requirements. On September 30, 2019, GAAP capital was $4.6 billion, a decrease of 13 percent from year-end 2018, which primarily resulted from the repurchase of excess capital stock. The GAAP and regulatory capital-to-assets ratios were 4.63 percent and 4.67 percent, respectively, at September 30, 2019. Retained earnings grew three percent in the first nine months of 2019 to end the quarter at $1.1 billion.
The following information was filed by Federal Home Loan Bank Of Cincinnati on Tuesday, October 29, 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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