Federal Home Loan Bank Of Cincinnati 10-Q Quarterly Report August 2020

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the second quarter ended June 30, 2020.

Operating Results

▪For the second quarter, net income was $99 million and return on average equity (ROE) was 7.12 percent. This compares to net income of $64 million and ROE of 5.09 percent for the same period of 2019. For the first six months of 2020, net income was $179 million and ROE was 7.04 percent, compared to net income of $137 million and ROE of 5.34 percent for the same period of 2019.

▪Net income increased in the year-to-date comparison period primarily due to higher non-interest income as a result of gains on the sale of certain derivatives during the first quarter of 2020. These gains were partially offset by unrealized losses on other instruments held at fair value in response to changes in interest rates. Despite the large reductions in both short- and long-term interest rates, net income increased in the quarter-to-date comparison period primarily due to higher Advance-related activity. Average Advance balances were higher in the second quarter of 2020 as a result of members' increased borrowings in March 2020 as the financial markets reacted to the coronavirus pandemic (COVID-19). Many of these Advances matured or prepaid before the end of the second quarter of 2020.

Balance Sheet Highlights

▪Total assets at June 30, 2020 were $90.6 billion, a decrease of $2.8 billion (three percent) from year-end 2019.

▪Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – was $82.3 billion at June 30, 2020, an increase of $7.0 billion (nine percent) from year-end 2019. The increase in Mission Asset Activity was primarily driven by growth in Letters of Credit balances.

▪Total investments at June 30, 2020 were $29.5 billion, a decrease of $4.9 billion (14 percent) from year-end 2019. Total investments included $12.0 billion of mortgage-backed securities and $17.5 billion of liquidity investments. Total investments dropped at June 30, 2020 primarily due to lower liquidity investments. However, 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 following information was filed by Federal Home Loan Bank Of Cincinnati on Wednesday, July 29, 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: 0001326771-20-000118
Submitted to the SEC: Thu Aug 06 2020 1:56:49 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:
SEC.gov

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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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