Federal Home Loan Bank Of Boston 10-K Annual Report March 2020

BOSTON (February 20, 2020) - The Federal Home Loan Bank of Boston announced its preliminary, unaudited fourth quarter and annual financial results for

2019, reporting net income of $68.5 million for the quarter and $190.7 million for the year. The Bank expects to file its annual report on Form 10-K for the year ending December 31, 2019, 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 5.46 percent, the approximate daily average three-month LIBOR yield for the fourth quarter of 2019 plus 350 basis points. The dividend, based on average stock outstanding for the fourth quarter of 2019, will be paid on March 3, 2020. The board expects to follow this formula for declaring cash dividends through 2020, though a quarterly loss or a significant, adverse event or trend could cause a dividend to be suspended or reduced.

“The Bank delivered on its mission again in 2019. We earned $190.7 million of income, and the balance sheet remained strong with retained earnings growing to $1.46 billion,” said President and Chief Executive Officer Edward A. Hjerpe III. “We provided liquidity and funding to our members, delivered an attractive dividend, set aside $21.3 million for the 2020 Affordable Housing Program, and expanded programs to boost local small businesses, job creation, homeownership, and the production and preservation of affordable housing throughout New England.”

Fourth Quarter 2019 Operating Highlights

Net income for the quarter ending December 31, 2019, was $68.5 million, compared with net income of $43.7 million for the same period in 2018. The increase in net income for the quarter was primarily due to litigation settlement income of $29.4 million and gains on sales of securities of $12.0 million, offset by a $7.7 million decrease in net interest income after provision for credit losses, and a loss on early extinguishment of debt of $5.2 million. These results led to a $7.6 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, 2019, was $68.3 million, compared with $76.0 million for the same period in 2018. The $7.7 million decrease in net interest income after provision for credit losses was mainly a result of a $7.8 billion decrease in average advances, a $643.3 million decrease in average capital stock and lower interest rates. These decreases were partially offset by a $4.1 million increase in prepayment fee income, as well as lower premium amortization on U.S. Agency mortgage-backed securities resulting from an increase in mortgage rates during the fourth quarter of 2019, compared to a decrease during the same quarter a year ago.

December 31, 2019 Balance-Sheet Highlights

Total assets decreased $7.9 billion, or 12.5 percent, to $55.7 billion at December 31, 2019, down from $63.6 billion at year-end 2018. During the year ended December 31, 2019, advances decreased $8.6 billion, or 19.9 percent, to

The following information was filed by Federal Home Loan Bank Of Boston on Thursday, February 20, 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-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

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Material Contracts, Statements, Certifications & more

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

Exhibit 4.2: Description Of Capital Stock

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: 0001331463-20-000050
Submitted to the SEC: Fri Mar 20 2020 3:12:01 PM EST
Accepted by the SEC: Fri Mar 20 2020
Period: Tuesday, December 31, 2019
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 Tuesday, December 31, 2019

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