Federal Home Loan Bank Of Cincinnati 10-Q Quarterly Report Thu May 07 2020

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the first quarter ended March 31, 2020.

Recent Developments

The global outbreak of the coronavirus pandemic (COVID-19) has resulted in extraordinary market stress and caused financial hardship for many, including communities in the Fifth District. During this unprecedented time, the FHLB has continued to fulfill its mission of providing robust access to competitively priced wholesale funding to its members, while maintaining strong capital and liquidity positions. The FHLB also is expanding its commitment to affordable housing and community investment by temporarily modifying its existing discounted Advance programs and creating a new voluntary program that offers up to $2 billion in six-month Advances at zero percent interest to members. While maintaining full business operations, the FHLB has protected the health and safety of its employees by implementing a work from home environment.

Operating Results


▪	For the first quarter, net income was $80 million and return on average equity (ROE) was 6.94 percent. This compares to net income of $73 million and ROE of 5.59 percent for the same period of 2019.

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Net income increased as a result of higher non-interest income primarily due to gains on the sale of certain derivatives during the quarter. These gains were partially offset by unrealized losses on other instruments held at fair value in response to changes in interest rates. Although net income increased, net interest income decreased in the first three months of 2020. The decline in net interest income was primarily due to higher net amortization as a result of accelerated prepayments of financial instruments during a period of historically low interest rates.

Balance Sheet Highlights


▪	Total assets at March 31, 2020 were $122.5 billion, an increase of $29.0 billion (31 percent) from year-end 2019.

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Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – was $108.1 billion at March 31, 2020, an increase of $32.7 billion (43 percent) from year-end 2019. The increase in Mission Asset Activity was primarily driven by growth in Advance balances. The FHLB experienced Advance growth across its membership in the first quarter as the financial markets reacted to the coronavirus pandemic (COVID-19), and members turned to the FHLB for liquidity. Being a preferred partner and reliable source of liquidity, even during times of extraordinary market stress, is a principal component of the FHLB's mission.

The following information was filed by Federal Home Loan Bank Of Cincinnati on Tuesday, April 28, 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-Q Quarterly 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-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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

CIK: 1326771
Form Type: 10-Q Quarterly Report
Accession Number: 0001326771-20-000066
Submitted to the SEC: Thu May 07 2020 12:17:47 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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