Federal Home Loan Bank Of Boston 10-K Annual Report March 2019

BOSTON (February 21, 2019) - The Federal Home Loan Bank of Boston announced its preliminary, unaudited fourth quarter and annual financial results for

2018, reporting net income of $43.7 million for the quarter and $216.8 million for the year. The Bank expects to file its annual report on Form 10-K for the year ending December 31, 2018, with the U.S. Securities and Exchange Commission next month.

The Bank's board of directors also declared a dividend equal to an annual yield of 6.17 percent, the approximate daily average three-month LIBOR yield for the fourth quarter of 2018 plus 350 basis points. The dividend, based on average stock outstanding for the fourth quarter of 2018, will be paid on March 4, 2019. The board expects to follow this formula for declaring cash dividends through 2019, though a quarterly loss or a significant, adverse event or trend could cause a dividend to be suspended or reduced.

“The Bank’s strong performance in 2018, including annual increases of 13 percent in net interest income and 14 percent in total net income, was driven by higher interest rates and growth in core mission assets including advances and mortgage loans,” said FHLBank Boston President and CEO Edward A. Hjerpe III. “For the year, we provided our members with a 5.56 percent average annual dividend, increased retained earnings to $1.4 billion, and set aside $24.3 million for our 2019 Affordable Housing Program.”

Hjerpe added, “We allocated $10 million in subsidies per year as part of our Jobs for New England (JNE) and Helping to House New England (HHNE) programs from 2016 through 2018, resulting in $141 million in advances. I am pleased that the impact of JNE and HHNE exceeded the Bank’s expectations and that our board of directors has expanded both programs and extended them for three additional years, for a total new commitment of $45 million in subsidies through 2021.”

Fourth Quarter 2018 Operating Highlights

Net income for the quarter ending December 31, 2018, was $43.7 million, compared with net income of $67.8 million for the same period in 2017. The decline in net income for the quarter was primarily due to a $20.8 million decrease in litigation settlement income, and a $3.5 million decrease in net interest income after provision for credit losses. These results led to a $4.9 millioncontribution to the Bank's Affordable Housing Program for the quarter.

Net interest income after provision for credit losses for the quarter ending December 31, 2018, was $76.0 million, compared with $79.5 million for the same period in 2017. The $3.5 million decrease was mainly a result of a drop in longer-term yields that increased mortgage prepayment expectations and caused higher premium amortization on U.S. Agency mortgage-backed securities. This decrease was partially offset by an increase in net interest income resulting from higher short-term interest rates, higher average earning assets, and a $659,000 increase of accretion of significant improvement in projected cash flows⁽¹⁾

The following information was filed by Federal Home Loan Bank Of Boston on Thursday, February 21, 2019 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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Federal Home Loan Bank Of Boston's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.5: Executive Change In Control Severance Plan

Exhibit 10.13: Severance Policy

Exhibit 10.3.4: 2019 Executive Incentive Plan

Exhibit 31.1: Certification 302 Ceo

Exhibit 31.2: Certification 302 Cfo

Exhibit 32.1: Certification 906 Ceo

Exhibit 32.2: Certification 906 Cfo

CIK: 1331463
Form Type: 10-K Annual Report
Accession Number: 0001331463-19-000048
Submitted to the SEC: Fri Mar 22 2019 3:26:24 PM EST
Accepted by the SEC: Fri Mar 22 2019
Period: Monday, December 31, 2018
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:
SEC.gov

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Federal Home Loan Bank Of Boston (1331463) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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