Federal Home Loan Bank Of Boston 10-K Annual Report March 2023

BOSTON (February 24, 2023) - The Federal Home Loan Bank of Boston announced its preliminary, unaudited fourth quarter and annual financial results for 2022, reporting net income of $55.4 million for the quarter and $184.2 million for the year. The Bank expects to file its annual report on Form 10-K for the year ending December 31, 2022, with the U.S. Securities and Exchange Commission next month.

The Bank's board of directors has declared a dividend equal to an annual yield of 6.67%, the daily average of the Secured Overnight Financing Rate for the fourth quarter of 2022 plus 300 basis points. The dividend, based on average stock outstanding for the fourth quarter of 2022, will be paid on March 2, 2023. As always, dividends remain at the discretion of the board.

"The Bank’s strong financial performance in 2022 was driven in part by growth in our advances activity and higher market interest rates," said FHLBank Boston President and CEO Timothy J. Barrett. "We continue to provide value to all our members so they can meet the unique needs of the communities they serve. We are pleased to set aside $26 million for our Affordable Housing Program and once again make critical contributions to support homeownership through our Housing Our Workforce program while also promoting job creation and preservation through our Jobs for New England program."

Fourth Quarter 2022 Operating Highlights

The Bank’s overall results of operations are influenced by the economy, financial markets and, in particular, by members' demand for advances. During the fourth quarter of 2022, the Federal Open Market Committee (FOMC) raised the target range for the federal funds rate to between 425 and 450 basis points and anticipates that ongoing increases in the target range will be appropriate given elevated, but decelerating, rates of inflation. Long-term interest rates were relatively stable while short- and intermediate-term rates rose, resulting in an inverted yield curve during the quarter reflecting concerns over a potential economic downturn. Additionally, the Bank experienced a continuing increase in demand for advances from our members during the quarter ended December 31, 2022.

Net income for the quarter ending December 31, 2022, was $55.4 million, compared with net income of $25.9 million for the same period in 2021. The increase in net income for the quarter was primarily due to an increase of $14.4 million in net interest income after provision for credit losses, an improvement of $6.2 million in net gains and losses on trading securities, and a $5.3 million decrease in losses on early extinguishment of debt.

Net interest income after provision for credit losses for the three months ended December 31, 2022, was $70.8 million, compared with $56.4 million for the same period in 2021. The $14.4 million increase in net interest income after provision for credit losses was driven by growth in our advances and investments portfolios, growth in capital, as well as an increase in yields in the quarter ended December 31, 2022 resulting from higher market interest rates. These favorable impacts were partially offset by a decrease of $16.7 million of prepayment fee income(1) and an increase of $13.9 million of net unrealized losses on fair value hedges. Net interest spread was 0.19% for the quarter

The following information was filed by Federal Home Loan Bank Of Boston on Friday, February 24, 2023 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 10.3 3: 2020 Cao Incentive Compensation Plan

Exhibit 10.3 4: 2021 Cao Incentive Compensation Plan

Exhibit 10.3 5: 2022 Cao Incentive Compensation Plan

Exhibit 10.4 2: Addendum To Mpf Consolidated Interbank Agreement

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: 0001331463-23-000054
Submitted to the SEC: Fri Mar 17 2023 2:23:38 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, December 31, 2022
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 Saturday, December 31, 2022

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