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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Federal Home Loan Bank Of Cincinnati

CIK: 1326771

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Contact:
News Release
Laura Gaffin, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513.852.7086 (office) or 513.265.5431 (cell)
July 29, 2021
    
FHLB CINCINNATI ANNOUNCES SECOND QUARTER 2021 RESULTS

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the second quarter ended June 30, 2021.
Operating Results
Three-Months Comparison: For the three months ended June 30, 2021, net income was $0.3 million and return on average equity (ROE) was 0.03 percent. This compares to net income of $99 million and ROE of 7.12 percent for the same period of 2020. The decline in profitability in the second quarter of 2021 compared to the same period of 2020 was primarily driven by:
Advances. Average Advance balances declined 59 percent. Although Advances grew significantly during the onset of the COVID-19 pandemic as members sought additional liquidity, balances subsequently fell in 2020 and have remained low due to increased liquidity in the financial markets and increased deposit levels at member institutions. Additionally, Advance prepayment fees were lower due to a higher amount of member prepayments of Advances in the first half of 2020 as interest rates declined.
Mortgage Assets. The spreads earned on mortgage assets declined due to the accelerated payoff of higher-yielding mortgages at a faster pace than the associated debt funding them. The historically low long-term interest rates led to prepayments occurring faster than the purchases of new mortgage assets, which also resulted in the average balances of mortgage assets declining 30 percent.
Fair Value Adjustments. Unrealized losses on derivatives and instruments held at fair value were higher in the second quarter of 2021 in response to changes in interest rates.
Six-Months Comparison: For the first six months of 2021, net income was $19 million and ROE was 0.97 percent, compared to net income of $179 million and ROE of 7.04 percent for the same period of 2020. The decline in profitability in the first six months of 2021 compared to the same period of 2020 was primarily driven by the Advances and mortgage assets factors noted for the three-months comparison as well as the following:
Sales of Swaptions. The FHLB sold interest rate swaptions in the first quarter of 2020 in response to changes in interest rates, which resulted in net realized gains of approximately $69 million before assessments. The FHLB did not sell any interest rate swaptions in the first six months of 2021. Swaptions are used to hedge market risk exposure associated with holding fixed-rate mortgage assets and may be sold to offset the risk incurred due to changes in interest rates.
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The following information was filed by Federal Home Loan Bank Of Cincinnati on Thursday, July 29, 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-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

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)
Background Information
Background Information (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)
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)
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)
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 Htm Securities By Interest Rate Payment Terms (Details)
Investments Htm Securities By Major Security Type (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 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 (Details)
Pension And Postretirement Benefit Plans
Pension And Postretirement Benefit Plans (Tables)
Pension And Postretirement Benefit Plans Narrative (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
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)

Material Contracts, Statements, Certifications & more

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

CIK: 1326771
Form Type: 10-Q Quarterly Report
Accession Number: 0001326771-21-000087
Submitted to the SEC: Thu Aug 05 2021 1:51:55 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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