Federal Home Loan Bank Of Cincinnati 10-K Annual Report Thu Mar 19 2020

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2019.

Operating Results


▪	Net income for 2019 was $276 million and return on average equity (ROE) was 5.65 percent. This compares to net income of $339 million and ROE of 6.29 percent for 2018. For the fourth quarter of 2019, net income was $76 million and ROE was 6.64 percent, compared to net income of $80 million and ROE of 5.90 percent for the same period of 2018.

▪

Net income decreased in both comparison periods primarily due to lower spreads earned on Advances and lower average Advance balances. However, the lower net income in both comparison periods was partially offset by increases in the fair values of certain derivatives and other financial instruments carried at fair value. Despite the decline in net income in the fourth quarter of 2019 compared to the same period of 2018, ROE was higher in the fourth quarter of 2019 due to the lower average capital balance, which resulted from the repurchases of excess stock throughout the year.

Balance Sheet Highlights


▪	Total assets at December 31, 2019 were $93.5 billion, a decrease of $5.7 billion (six 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 $75.4 billion at December 31, 2019, a decrease of $4.8 billion (six percent) from year-end 2018. The decline in Mission Asset Activity was driven by lower Advance balances.

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Total investments at December 31, 2019 were $34.4 billion, an increase of $0.8 billion (two percent) from year-end 2018. Total investments included $13.5 billion of mortgage-backed securities and $20.9 billion of liquidity investments. All mortgage-backed securities held were issued and guaranteed by Fannie Mae, Freddie Mac or a U.S. agency. Liquidity investments consisted of highly-rated short-term instruments and longer-term U.S. Treasury and GSE obligations. 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.

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The FHLB exceeded all minimum regulatory capital and liquidity requirements. On December 31, 2019, GAAP capital was $4.4 billion, a decrease of 17 percent from year-end 2018, which primarily resulted from the repurchase of excess capital stock. The GAAP and regulatory capital-to-assets ratios were 4.75 percent and 4.79 percent, respectively, at December 31, 2019. Retained earnings grew seven percent in 2019 to end the year at $1.1 billion.

The following information was filed by Federal Home Loan Bank Of Cincinnati on Thursday, February 20, 2020 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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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 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.7: 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: 0001326771-20-000042
Submitted to the SEC: Thu Mar 19 2020 12:22:02 PM EST
Accepted by the SEC: Thu Mar 19 2020
Period: Tuesday, December 31, 2019
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 Tuesday, December 31, 2019

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