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SOURCE Federal Home Loan Bank of New York
NEW YORK, Feb. 14, 2014 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") is pleased to announce that, on February 14, 2014, its Board of Directors ("Board") approved a dividend for the fourth quarter of 2013 of 4.00% (annualized), and a supplemental dividend for the quarter of 0.75% (annualized), for a total dividend for the fourth quarter of 2013 of 4.75% (annualized). The dollar amount of the fourth quarter of 2013 dividend will be approximately $65.6 million. The cash dividend will be distributed to member financial institutions on February 18, 2014.
"The Federal Home Loan Bank of New York proudly remains a reliable partner for our members," said Alfred A. DelliBovi, president and CEO of the FHLBNY. "The Home Loan Bank provided a steady dividend of four percent in each of the first three quarters of 2013, and our strong performance closing out the year has allowed our Board to supplement our fourth quarter dividend, and increase the dividend payout to 4.75 percent for the quarter."
The dividend reflects the FHLBNY's low-risk profile and conservative business strategy, and is also reflective of the continuation of a low interest rate environment. The total 2013 dividend payout represents approximately 87.6 percent of available GAAP net income for the year ended December 31, 2013 (after setting aside restricted retained earnings). After payment of the fourth quarter of 2013 dividend, the FHLBNY's level of unrestricted retained earnings will be approximately $775.8 million as of December 31, 2013. At December 31, 2013, the FHLBNY's level of restricted retained earnings was $157.1 million. The FHLBNY will continue to maintain total retained earnings at calibrated levels to help ensure future regulatory compliance and provide additional protection for the capital investment of its stockholders.
The FHLBNY will publish its 2013 audited financial results in its Form 10-K filing with the U.S. Securities and Exchange Commission, which is expected to be filed by March 21, 2014.
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves over 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America's homebuyers.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
CONTACT: Eric Amig
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