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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Federal Home Loan Bank Of Cincinnati

CIK: 1326771

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News Release
Laura Gaffin, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513.852.7086 (office) or 513.265.5431 (cell)
February 23, 2021
    
FHLB CINCINNATI ANNOUNCES 2020 RESULTS

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2020.
Operating Results
Net income for 2020 was $276 million and return on average equity (ROE) was 5.78 percent. This compares to net income of $276 million and ROE of 5.65 percent for 2019. For the fourth quarter of 2020, net income was $40 million and ROE was 3.93 percent, compared to net income of $76 million and ROE of 6.64 percent for the same period of 2019.
The historically low interest rate environment in 2020 impacted results for both the fourth quarter and the full year. Low long-term interest rates resulted in a higher volume of mortgage refinance activity, which led to elevated levels of mortgage loan repayments and related premium amortization. Additionally, short-term interest rates declined sharply in early 2020 and continued at low levels for the remainder of the year, which lowered the earnings generated from investing the FHLB’s capital. The sharp decline in year-end Advance balances lowered earnings to a lesser extent given average Advances decreased only 10 percent compared to 2019, as the FHLB was a first responder in meeting its members' funding needs at the onset of the COVID-19 pandemic. Most of these Advances matured or prepaid by the end of 2020. Despite these declines, net income benefited from gains on the sale of interest rate swaptions during the first quarter of 2020 as well as higher prepayment fees on Advances in 2020.
Balance Sheet Highlights
Total assets at December 31, 2020 were $65.3 billion, a decrease of $28.2 billion (30 percent) from year-end 2019. The decrease in total assets was primarily driven by lower Advance balances. Advance principal balances decreased $22.3 billion (47 percent) from year-end 2019 primarily due to reduced borrowings by large-asset members as these members generally experienced an inflow of deposits on their balance sheets and increased access to other sources of liquidity in the financial markets.
Mission Asset Activity – comprising major activities with members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – was $63.3 billion at December 31, 2020, a decrease of $12.1 billion (16 percent) from year-end 2019. The decrease in Mission Asset Activity was primarily driven by lower Advance balances as noted above, which was partially offset by a $12.6 billion increase in Letters of Credit balances. The increase in Letters of Credit was due in part to members using them to secure elevated levels of public unit deposits during the pandemic.
Total investments at December 31, 2020 were $27.0 billion, a decrease of $7.3 billion from year-end 2019. Total investments included $9.7 billion of mortgage-backed securities, which decreased $3.7
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The following information was filed by Federal Home Loan Bank Of Cincinnati on Tuesday, February 23, 2021 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

Document And Entity Information Document
Statements Of Capital
Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Condition (Parenthetical)
Statements Of Income
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Advances
Advances (Advance Redemption Terms) (Details)
Advances (Advances By Interest Rate Payment Terms) (Details)
Advances (Advances By Year Of Contractual Maturity Or Next Put/Convert Date For Putable/Convertible Advances) (Details)
Advances (Borrowers Holding Five Percent Or More Of Total Advances) (Details)
Advances (Year Of Contractual Maturity Or Next Call Date) (Details)
Advances Advances (Tables)
Advances Narrative (Details)
Affordable Housing Program (Ahp)
Affordable Housing Program (Ahp) (Details)
Affordable Housing Program (Ahp) (Tables)
Amounts Recognized In Accumulated Other Comprehensive Income (Details)
Background Information
Background Information (Details)
Benefit Obligation Key Assumptions (Details)
Benefit Obligation, Fair Value Of Plan Assets And Funded Status (Details)
Capital
Capital (Details)
Capital (Mandatorily Redeemable Capital Stock By Contractual Year Of Redemption) (Details)
Capital (Mandatorily Redeemable Capital Stock) (Details)
Capital (Tables)
Capital Narrative (Details)
Cash And Cash Equivalents
Cash And Cash Equivalents (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies Narrative (Details)
Consolidated Obligations
Consolidated Obligations (Tables)
Consolidated Obligations Bonds By Call Feature (Details)
Consolidated Obligations Bonds By Contractual Maturity Or Next Call Date (Details)
Consolidated Obligations Bonds By Interest-Rate Type (Details)
Consolidated Obligations Bonds By Original Contractual Maturity (Details)
Consolidated Obligations Discount Notes (Details)
Consolidated Obligations Narrative (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities Derivative Fair Value Hedges (Details)
Derivatives And Hedging Activities Derivatives In Statement Of Condition (Details)
Derivatives And Hedging Activities Derivatives In Statement Of Income (Details)
Derivatives And Hedging Activities Derivatives In Statement Of Income And Impact On Interest (Details)
Derivatives And Hedging Activities Offsetting Of Derivative Assets And Derivative Liabilities (Details)
Estimated Future Benefit Payments (Details)
Fair Value Disclosures
Fair Value Disclosures Fair Value (Tables)
Fair Value Disclosures Fair Value Difference Between Fair Value And Remaining Contractual Principal Balance Outstanding (Details)
Fair Value Disclosures Fair Value Impact On Financial Performance (Details)
Fair Value Disclosures Fair Value Measured On A Recurring Basis (Details)
Fair Value Disclosures Fair Value Summary (Details)
Investments
Investments (Tables)
Investments Afs Securities By Contractual Maturity (Details)
Investments Afs Securities By Interest Rate Payment Terms (Details)
Investments Afs Securities By Major Security Type (Details)
Investments Afs Securities Continuous Unrealized Loss Position (Details)
Investments Htm Securities By Interest Rate Payment Terms (Details)
Investments Htm Securities By Major Security Type (Details)
Investments Htm Securities Continuous Unrealized Loss Position (Details)
Investments Htm Securities Net Premuims (Discounts) (Details)
Investments Htm Securitites By Contractual Maturity (Details)
Investments Narrative (Details)
Investments Trading Securities By Major Security Type (Details)
Investments Trading Securities Net Gains (Losses) (Details)
Mortgage Loans
Mortgage Loans (Tables)
Mortgage Loans Allowance For Credit Losses By Impairment Methodology (Details)
Mortgage Loans Members With Five Percent Or More Of Mortgage Loans (Details)
Mortgage Loans Mortgage Loans Allowance Rollforward (Details)
Mortgage Loans Mortgage Loans Held For Portfolio (Details)
Mortgage Loans Mortgage Loans Other Delinquency Status (Details)
Mortgage Loans Mortgage Loans Past Due (Details)
Mortgage Loans Mortgage Loans Rollforward Of Lra (Details)
Mortgage Loans Narrative (Details)
Net Periodic Benefit Cost And Other Amounts Recognized In Aoci (Details)
Net Periodic Benefit Cost Key Assumptions (Details)
Pension And Postretirement Benefit Plans
Pension And Postretirement Benefit Plans (Tables)
Pension And Postretirement Benefit Plans Narrative (Details)
Pentegra Defined Benefit Plan (Details)
Postretirement Benefits Plan Assumed Health Care Cost Trend Rate (Details)
Recently Issued Accounting Standards And Interpretations
Recently Issued Accounting Standards And Interpretations (Policies)
Segment Information
Segment Information (Tables)
Segment Information Asset Balances (Details)
Segment Information Financial Performance (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Transactions With Other Fhlbanks
Transactions With Other Fhlbanks (Details)
Transactions With Other Fhlbanks (Tables)
Transactions With Stockholders
Transactions With Stockholders (Concentrations) (Details)
Transactions With Stockholders (Details)
Transactions With Stockholders (Tables)
CIK: 1326771
Form Type: 10-K Annual Report
Accession Number: 0001326771-21-000030
Submitted to the SEC: Thu Mar 18 2021 1:42:44 PM EST
Accepted by the SEC: Thu Mar 18 2021
Period: Thursday, December 31, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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