NEW YORK, Nov. 21, 2013 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") is pleased to announce that, on November 21, 2013, its Board of Directors ("Board") approved a dividend rate for the third quarter of 2013 of 4.00% (annualized). The dollar amount of the third quarter of 2013 dividend will be approximately $53.9 million. The cash dividend will be distributed to member financial institutions on November 22, 2013.
"The consistency of our dividend is reflective of the stability of the relationship the Home Loan Bank has with our membership," said Alfred A. DelliBovi, president and CEO of the FHLBNY. "We are proud to be a reliable partner to our members, and remain a key part of their strategy to meet the needs of the communities they serve across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands."
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 payout represents approximately 110 percent of available GAAP net income for the quarter (after setting aside restricted retained earnings). After payment of the third quarter of 2013 dividend, the FHLBNY's level of unrestricted retained earnings will be approximately $770.0 million as of September 30, 2013. At September 30, 2013, the FHLBNY's level of restricted retained earnings was $139.5 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 filed its Form 10-Q for the third quarter of 2013 with the U.S. Securities and Exchange Commission on Friday, November 8, 2013.
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
SOURCE Federal Home Loan Bank of New York