Federal Home Loan Bank Of Boston 10-K Annual Report March 2024

BOSTON (February 16, 2024) - The Federal Home Loan Bank of Boston announced its preliminary, unaudited fourth quarter and annual financial results for 2023, reporting net income of $51.5 million for the quarter and $257.3 million for the year. The Bank expects to file its annual report on Form 10-K for the year ending December 31, 2023, 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 8.40%, the daily average of the Secured Overnight Financing Rate for the fourth quarter of 2023 plus 300 basis points. The dividend, based on average stock outstanding for the fourth quarter of 2023, will be paid on March 4, 2024. As always, dividends remain at the discretion of the board.

“Stronger demand for advances and an increase in net interest income helped fuel FHLBank Boston’s solid financial performance in 2023. These results enabled FHLBank Boston to set aside more than $28 million for the Affordable Housing Program and another $14.9 million in voluntary contributions for housing and economic development programs that promote homeownership for lower- and moderate-income borrowers and job creation throughout New England for the year,” said President and CEO Timothy J. Barrett.

Fourth Quarter 2023 Operating Highlights

The Bank’s overall results of operations are influenced by the economy, interest rates and by members' demand for advances. During the fourth quarter of 2023, the Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate between 525 and 550 basis points. During the quarter, the yield curve became more inverted as long term interest rates fell significantly due to anticipation of an economic downturn and rate cuts by the Federal Reserve in 2024.

Net income for the quarter ending December 31, 2023, was $51.5 million, compared with net income of $55.4 million for the same period in 2022. The decrease in net income for the quarter was primarily due to an increase of certain noninterest expenses, including our Affordable Housing Program contributions, discretionary housing and community investment expenses, and operating expenses, which combined increased $13.1 million, partially offset by an increase of $8.8 million in net interest income after provision for credit losses.

Net interest income after provision for credit losses for the three months ended December 31, 2023, was $79.6 million, compared with $70.8 million for the same period in 2022. The $8.8 million increase in net interest income after provision for credit losses was driven by growth in our average advances and average investments portfolios, growth in capital, as well as an increase in yields in the quarter ended December 31, 2023, resulting from higher market interest rates. These favorable impacts were partially offset by a $9.0 million increase of net unrealized losses on fair value hedge ineffectiveness attributable to a larger decline in intermediate-term interest rates during the quarter compared to the same quarter one year ago.

The following information was filed by Federal Home Loan Bank Of Boston on Friday, February 16, 2024 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 provided additional information to their SEC Filing as exhibits

Exhibit 4.2: Description Of Capital Stock

Exhibit 10.10: Severance Policy

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: 0001331463-24-000054
Submitted to the SEC: Fri Mar 15 2024 1:43:54 PM EST
Accepted by the SEC: Fri Mar 15 2024
Period: Sunday, December 31, 2023
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:
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Federal Home Loan Bank Of Boston (1331463) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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