# EDGAR Filing Document

**Accession Number:** 0001326771
**File Stem:** 0001326771-26-000023
**Filing Date:** 2026-2
**Character Count:** 15910
**Document Hash:** 3b73885ea5b5efbe8d130ddf3977d973
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001326771-26-000023.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001326771-26-000023

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260219

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Cincinnati
- **CENTRAL INDEX KEY:** 0001326771
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 316000228
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51399
- **FILM NUMBER:** 26651744

**BUSINESS ADDRESS:**
- **STREET 1:** 221 E. 4TH STREET
- **STREET 2:** 600 ATRIUM TWO
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 513-852-7500

**MAIL ADDRESS:**
- **STREET 1:** 600 ATRIUM TWO
- **STREET 2:** P.O. BOX 598
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45201-0598

?xml version='1.0' encoding='ASCII'? fhlbcin-20260219

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 19, 2026

**Federal Home Loan Bank of Cincinnati** 

*(Exact name of registrant as specified in its charter)* 

---

| | | |
|:---|:---|:---|
| **Federally Chartered Corporation of the United States** | **000-51399** | **31-6000228** |
| *(State or other jurisdiction* <br>*of incorporation)* | *(Commission* <br>*File Number)* | *(I.R.S. Employer* <br>*Identification No.)* |
| **600 Atrium Two, P.O. Box 598,** <br>**Cincinnati, Ohio** |  | **45201-0598** |
| *(Address of principal executive offices)* |  | *(Zip Code)* |

---

Registrant's telephone number, including area code:

**(513) 852-7500**

**Not Applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**<u>[Top of the Form](#ia5fdcf7e1087470d94c1dcb650fa3b4a_1)</u>**

**Item 2.02 Results of Operations and Financial Condition.** 

On February 19, 2026, the Federal Home Loan Bank of Cincinnati issued a press release to report financial results for the year ended December 31, 2025. The text of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Current Report on Form 8-K and the Exhibit attached hereto is furnished pursuant to the rules and regulations of the Securities and Exchange Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.** 

<u>[99.1 Press release](q42025earningsreleaseex991.htm)</u> dated February 19, 2026.

------

**<u>Top of the Form</u>**

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Federal Home Loan Bank of Cincinnati | Federal Home Loan Bank of Cincinnati |
| *February 19, 2026* | *By:* | */s/ Stephen J. Sponaugle* |
|  |  | *Name: Stephen J. Sponaugle<br>Title: Executive Vice President - Chief Financial Officer* |

---

------

**<u>Top of the Form</u>**

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](q42025earningsreleaseex991.htm)</u> | <u>[Press release.](q42025earningsreleaseex991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;![fhlblogorgba03.jpg](fhlblogorgba03.jpg) | ![fhlbaddressa05.jpg](fhlbaddressa05.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Contact:** | **News Release** |
| &nbsp;&nbsp;&nbsp;&nbsp;Laura Gaffin, FHLB Cincinnati | **FOR IMMEDIATE RELEASE** |
| &nbsp;&nbsp;&nbsp;&nbsp;513.852.7086 (office) or 513.265.5431 (cell) | February 19, 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**FHLB CINCINNATI ANNOUNCES 2025 RESULTS**

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the year ended December 31, 2025.

**<u>Overview</u>**

Throughout 2025, the FHLB successfully delivered on its dual mission of providing ongoing access to liquidity funding for member financial institutions and continuing to support affordable housing and community investment. The FHLB also maintained strong profitability, which enabled it to pay a competitive return to stockholders, make meaningful contributions to affordable housing and strengthen capital by increasing retained earnings. Overall, the FHLB contributed $104 million to support affordable housing and community investment needs during 2025. Specifically, $64 million was allocated to the required Affordable Housing Program (AHP) and $40 million was provided through the FHLB's voluntary housing programs. The FHLB's voluntary programs recognize that funding in addition to the required 10 percent statutory AHP assessment is beneficial to affordable housing and community investment.

**<u>Operating Results</u>**

▪ Net income for 2025 was $575 million and return on average equity (ROE) was 8.45 percent, compared to net income of $608 million and ROE of 9.48 percent for 2024. For the fourth quarter of 2025, net income was $137 million and ROE was 8.11 percent. This compares to net income of $154 million and ROE of 9.53 percent for the same period of 2024.

***▪*** The decreases in net income in both periods of 2025 compared to the same periods of 2024 were primarily due to lower average interest rates, which decreased the earnings generated from investing the FHLB's capital in interest-earning assets, and lower spreads earned on mortgage loans held for portfolio. The factors decreasing net income were partially offset by the positive impact of higher average balances of interest-earning assets.

**<u>Financial Condition Highlights</u>**

▪ Total assets at December 31, 2025 were $129.4 billion, a decrease of $2.9 billion (two percent) from year-end 2024.

***▪*** Mission Assets and Activities – comprising the major products we offer to members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – were $125.3 billion at December 31, 2025, a decrease of $10.3 billion (eight percent) from year-end 2024. The decrease in Mission Assets and Activities from year-end 2024 was primarily driven by modest reductions in Advance borrowings from a few large-asset members. The FHLB's business model is

**Page 1 of 4**

------

designed to support significant changes in mission asset and activity levels without having to undergo material changes in staffing, operations, risk practices, or general resource needs.

▪ Total investments at December 31, 2025 were $50.1 billion, an increase of $4.9 billion (11 percent) from year-end 2024, which was primarily driven by an increase in liquidity investments. Total investments included $20.0 billion of mortgage-backed securities issued by Fannie Mae, Freddie Mac or Ginnie Mae and $30.1 billion of liquidity investments. Liquidity investments can vary significantly on a daily basis to support actual and anticipated borrowing needs of members and to meet all current and anticipated financial commitments.

▪ At December 31, 2025, GAAP capital was $6.5 billion, a decrease of three percent from year-end 2024. The GAAP and regulatory capital-to-assets ratios were 5.05 percent and 5.06 percent, respectively, at December 31, 2025. Both ratios exceeded the regulatory required minimum of four percent. Retained earnings were $2.0 billion at December 31, 2025, an increase of $0.2 billion (eight percent) from year-end 2024. The current amount of retained earnings exceeds the FHLB's minimum policy requirements in order to protect its capital stock against impairment risk and provide for dividend stability.

**<u>Dividend</u>**

▪ The FHLB paid its stockholders a cash dividend on December 18, 2025 at an 8.00 percent annualized rate, which was 4.01 percentage points above the fourth quarter average Secured Overnight Financing Rate. The annualized dividend rate for all of 2025 was 8.62 percent.

**<u>Housing and Community Investment</u>**

**▪** *Statutory Affordable Housing Program (AHP) Assessments.* The FHLB is required to annually set aside 10 percent of its profits to support affordable housing. These funds assist members in serving very low-, low-, and moderate-income households. The FHLB's net income for 2025 resulted in an accrual of $64 million to the AHP pool of funds, which will be awarded to members in 2026 through the AHP offerings. The AHP consists of a competitive program, which supports the creation and preservation of affordable housing, and a homeownership program called Welcome Home, which assists homebuyers with down payments and closing costs.

**▪** *Voluntary Housing Contributions.* In addition to the statutory AHP assessment, the Board of Directors may elect to make voluntary contributions to the AHP or other housing and community investment activities. In 2025, the FHLB made voluntary contributions of $36 million, representing five percent of 2024 earnings, to various voluntary housing and community investment programs. The FHLB also made a $4 million supplemental voluntary AHP contribution in 2025 to ensure the amount of total AHP contributions equals what it would have been absent any voluntary housing contributions, which reduce net income before assessments and statutory AHP assessments.

The FHLB expects to file its 2025 Form 10-K with the Securities and Exchange Commission on or about March 19, 2026.

**<u>About the FHLB</u>**

The FHLB is a AA+ rated wholesale cooperative bank owned by 599 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services (primarily Advances, which are a readily available, low-cost source of funds, purchases of

**Page 2 of 4**

------

certain mortgage loans from members, and issuance of Letters of Credit to members) and a competitive return through quarterly dividends on their capital investment in the FHLB. The FHLB funds these products and services by raising private-sector capital from member-stockholders and, with the other Federal Home Loan Banks (FHLBanks) in the FHLBank System, issuing high-quality debt in the global capital markets. The FHLB also funds community investment programs that help its members create affordable housing and promote community economic development.

*This news release may contain forward-looking statements that are subject to risks and uncertainties that could affect the FHLB's financial condition and results of operations. These include, but are not limited to: the effects of economic, financial, and market conditions; legislative or regulatory developments concerning the FHLBank System; financial pressures affecting other FHLBanks; pandemics; competitive forces; and other risks detailed from time to time in the FHLB's annual report on Form 10-K and other filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments could differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLB undertakes no obligation to update any such statements.*

**Page 3 of 4**

------

**Federal Home Loan Bank of Cincinnati**

**Financial Highlights (unaudited)**

Dollars in millions

**SELECTED BALANCE SHEET ITEMS**

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** | **Percent Change** <sup>(2)</sup> |
| Total assets | $129405 | $132328 | (2)% |
| Advances (principal) | 70104 | 79545 | (12) |
| Mortgage loans held for portfolio (principal) | 8490 | 7093 | 20 |
| Total investments | 50079 | 45139 | 11 |
| Consolidated Obligations | 120775 | 123327 | (2) |
| Mandatorily redeemable capital stock | 20 | 14 | 39 |
| Capital stock | 4539 | 4936 | (8) |
| Total retained earnings | 1995 | 1839 | 8 |
| Total capital | 6540 | 6737 | (3) |
| Regulatory capital <sup>(1)</sup> | 6554 | 6789 | (3) |
| Capital-to-assets ratio (GAAP) | 5.05% | 5.09% |  |
| Capital-to-assets ratio (Regulatory) <sup>(1)</sup> | 5.06 | 5.13 |  |

---

**OPERATING RESULTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **Percent Change** <sup>(2)</sup> | **Percent Change** <sup>(2)</sup> | **2025** | **2024** | **Percent Change** <sup>(2)</sup> | **Percent Change** <sup>(2)</sup> |
| Total interest income | $1439 | $1565 | (8) | % | $6164 | $6675 | (8) | % |
| Total interest expense | 1256 | 1376 | (9) |  | 5396 | 5875 | (8) |  |
| Net interest income | 183 | 189 | (3) |  | 768 | 800 | (4) |  |
| Non-interest income (loss) | 15 | 15 |  |  | 33 | 36 | (9) |  |
| Non-interest expense | 46 | 33 | 39 |  | 162 | 160 | 1 |  |
| Affordable Housing Program assessments | 15 | 17 | (11) |  | 64 | 68 | (5) |  |
| Net income | $137 | $154 | (11) |  | $575 | $608 | (5) |  |
| Return on average equity | 8.11% | 9.53% |  |  | 8.45% | 9.48% |  |  |
| Return on average assets | 0.41 | 0.48 |  |  | 0.42 | 0.49 |  |  |
| Annualized dividend rate | 8.00 | 9.00 |  |  | 8.62 | 9.00 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Regulatory capital includes capital stock, mandatorily redeemable capital stock (classified as a liability) and retained earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Amounts used to calculate the percent change column are based on dollars in thousands. Accordingly, recalculations based upon the disclosed amounts (millions) may not produce the same results.

###

**Page 4 of 4**

<br>