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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 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)
February 22, 2022
    
FHLB CINCINNATI ANNOUNCES 2021 RESULTS

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2021.
Operating Results
Full Year Comparison: Net income for 2021 was $42 million and ROE was 1.08 percent, compared to net income of $276 million and ROE of 5.78 percent for 2020. The decline in profitability in 2021 compared to 2020 was primarily due to low interest rates and an unprecedented amount of liquidity in the financial markets due to governmental stimulus actions, which impacted the following:
Advances. Average Advance balances declined 45 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 below pre-pandemic levels due to increased liquidity in the financial markets and increased deposit levels at member institutions. Additionally, Advance prepayment fees declined since members prepaid fewer Advances in 2021 than in the prior year.
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 25 percent.
Additionally, 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 2021. The FHLB uses swaptions to hedge market risk exposure associated with holding fixed-rate mortgage assets and may sell them to offset the risk incurred due to changes in interest rates.
Despite the lower Advance balances and profitability in 2021, demand for Advances and profitability could improve as one or more of the following occur: reductions in government liquidity programs, changes in the Federal Reserve monetary policy, or a rise in interest rates.

Three-Months Comparison: For the three months ended December 31, 2021, net income was $17 million and return on average equity (ROE) was 1.81 percent. This compares to net income of $40 million and ROE of 3.93 percent for the same period of 2020. The decline in profitability was primarily due to unrealized gains on derivatives and instruments held at fair value in the fourth quarter
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The following information was filed by Federal Home Loan Bank Of Cincinnati on Tuesday, February 22, 2022 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

Audit Information
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 Due From Banks 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)
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)
Fair Value Disclosures Narrative (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 In A 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 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 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: 0001326771-22-000036
Submitted to the SEC: Thu Mar 17 2022 1:35:30 PM EST
Accepted by the SEC: Thu Mar 17 2022
Period: Friday, December 31, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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