# EDGAR Filing Document

**Accession Number:** 0001329842
**File Stem:** 0001654954-23-001950
**Filing Date:** 2023-2
**Character Count:** 14240
**Document Hash:** 929f1ad585ef30511334b8261b1f70e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-001950.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001654954-23-001950

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230222

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of New York
- **CENTRAL INDEX KEY:** 0001329842
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **IRS NUMBER:** 136400946
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51397
- **FILM NUMBER:** 23651963

**BUSINESS ADDRESS:**
- **STREET 1:** 101 PARK AVENUE, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10178
- **BUSINESS PHONE:** 212-681-6000

**MAIL ADDRESS:**
- **STREET 1:** 101 PARK AVENUE, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10178

?xml version="1.0" encoding="utf-8"?fhlbny_8k.htm

**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 22, 2023** 

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| |
|:---|
| **Federal Home Loan Bank of New York**  |
| **(Exact name of Registrant as Specified in Its Charter)**  |

---

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| | | |
|:---|:---|:---|
| **Federally Chartered Corporation** | **000-51397** | **13-6400946** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission** <br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **101 Park Avenue,**<br>**New York, New York** | **10178-0599** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (212) 441-6616** 

**<u>Not Applicable</u>**

**(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 (see General Instructions A.2. below):

☐ 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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |

---

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. ☐

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

**Item 8.01 Other Events.**

On February 22, 2023, the Federal Home Loan Bank of New York ("FHLBNY") issued a Press Release regarding among other information, unaudited financial results for the quarter ended December 31, 2022. A copy of the FHLBNY's Press Release is attached hereto as Exhibit 99.1.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| [99.1](fhlbny_ex991.htm) | [FHLBNY Press Release, dated February 22, 2023, regarding the quarter ended December 31, 2022.](fhlbny_ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Federal Home Loan Bank of New York | Federal Home Loan Bank of New York |
| Date: February 22, 2023 | By: | /s/ Kevin M. Neylan  |
|  |  | **Name:** Kevin M. Neylan  |
|  |  | **Title:** Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![](fhlbny_ex991img4.jpg)

FOR IMMEDIATE RELEASE February 22, 2023 CONTACT: Brian Finnegan (212) 441-6877

**FEDERAL HOME LOAN BANK OF NEW YORK ANNOUNCES** 

**FULL-YEAR AND FOURTH QUARTER 2022 OPERATING HIGHLIGHTS**

New York, New York — The Federal Home Loan Bank of New York ("FHLBNY") today released its unaudited financial highlights for the quarter and year ended December 31, 2022.

The FHLBNY's net income for 2022 was $417.4 million, an increase of $151.9 million, or 57.2%, from net income of $265.5 million for 2021. Net interest income for the year was $633.7 million, an increase of $93.1 million, or 17.2%, from $540.6 million for 2021. The increase in Net interest income was driven by higher market interest rates and larger earning asset balances. Interest rate increases by the Federal Reserve during the year drove a significant rise in market interest rates. Yield on assets, a measure of earnings from capital, increased to 2.25% for 2022 from 0.81% in 2021. Other income increased by $76.5 million, to $29.0 million in 2022, mainly due to net unrealized gains on trading securities held for liquidity purposes, derivatives and hedges and instruments held under the Fair Value Option. The FHLBNY's return on average equity ("ROE") for 2022 was 6.12%, compared to ROE of 3.89% for 2021.

As of December 31, 2022, total assets were $157.4 billion, an increase of $52.0 billion, or 49.3%, from total assets of $105.4 billion as of December 31, 2021. As of December 31, 2022, advances were $115.3 billion, an increase of $43.8 billion, or 61.2%, from $71.5 billion as of December 31, 2021. Average advances balances, at par, were $83.6 billion in 2022, $3.7 billion or 4.6% higher than the average advances balance level of $80.0 billion in 2021. The increase in advances balances is a result of the current economic environment, as members experienced heightened deposit volatility and strong loan growth, and enhanced on-balance sheet liquidity positions due to declines in investment portfolio values and uncertainty in the economic environment.

In the fourth quarter of 2022, the FHLBNY earned $154.5 million in net income, an increase of $101.7 million, or 192.6%, from net income of $52.8 million for the fourth quarter of 2021. Net interest income for the quarter was $196.4 million, an increase of $85.7 million, or 77.4%, from $110.7 million in the fourth quarter last year. Similar to the full year's results, the increase in Net interest income was driven by higher market interest rates and larger earning asset balances. Yield on assets increased to 3.83% for the fourth quarter of 2022, from 0.79% for the fourth quarter 2021. Average advances balances, at par, were $99.3 billion for the fourth quarter of 2022, $29.5 billion or 42.2% higher than the average advances balance level of $69.8 billion for the fourth quarter of 2021. Elevated advance demand persisted in the fourth quarter of 2022, driven by the same factors as for the full year. Other income increased by $29.7 million, to $33.2 million in the fourth quarter of 2022 from $3.5 million in the fourth quarter last year, primarily due to net unrealized gains on trading securities held for liquidity purposes, derivatives and hedges and instruments held under the Fair Value Option. The FHLBNY's ROE for the fourth quarter of 2022 was 8.25% (annualized), compared to ROE of 3.28% for the fourth quarter of 2021.

"At the Federal Home Loan Bank of New York, our mission is to provide our members with reliable liquidity in support of housing and local community development," said José R. González, president and CEO of the FHLBNY. "FHLBNY credit products enhance the financial strength of these local lenders, providing them with a reliable source of liquidity to meet the needs of their communities and support their balance sheet management in all operating environments. Throughout 2022, as members throughout our District and across the System increasingly looked to their Home Loan Bank for on-demand funding access, we were proud to execute on our liquidity mission."

As of December 31, 2022, total capital was $8.3 billion, an increase of $1.9 billion from total capital of $6.4 billion at December 31, 2021, driven mainly by Capital Stock. Capital Stock amounts of the FHLBNY increase or decrease in alignment with changes in advances balances. The FHLBNY's retained earnings increased during 2022 by $165.0 million to $2.1 billion as of December 31, 2022, of which approximately $1.2 billion is unrestricted retained earnings and $0.9 billion is restricted retained earnings. At December 31, 2022, the FHLBNY met its regulatory capital ratios and liquidity requirements.

The FHLBNY allocated $46.5 million from its 2022 earnings for its Affordable Housing Program, an annual grant program that supports the creation and preservation of affordable housing initiatives.

The FHLBNY will publish its 2022 audited financial results in its Form 10-K filing with the U.S. Securities and Exchange Commission, which is expected to be filed on or about March 17, 2023.

**Selected Balance Sheet Items Table**

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| | | | |
|:---|:---|:---|:---|
| **Selected Balance Sheet Items (dollars in millions)** |  |  |  |
|  | **December 31,** | **December 31,** |  |
|  | **2022** | **2021** | **Change** |
| Advances | $115293 | $71536 | $43757 |
| Mortgage loans held for portfolio | 2107 | 2320 | (213) |
| Mortgage-backed securities | 15157 | 14693 | 464 |
| Liquidity assets | 22606 | 14948 | 7658 |
| Total assets | 157391 | 105358 | 52033 |
| Consolidated obligations | 147291 | 97026 | 50265 |
| Capital stock | 6387 | 4501 | 1886 |
| Unrestricted retained earnings | 1185 | 1104 | 81 |
| Restricted retained earnings | 911 | 827 | 84 |
| Accumulated other comprehensive income | (136) | 14 | (150) |
| Total capital | $8347 | $6446 | $1901 |
| Capital-to-assets ratio (GAAP) | 5.30% | 6.12% |  |
| Capital-to-assets ratio (Regulatory)  | 5.39% | 6.11% |  |

---

**Operating Results Table**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operating Results (dollars in millions)** | **Operating Results (dollars in millions)** |  |  |  |  |  |
|  | **Quarter Ended** <br> **December 31,** | **Quarter Ended** <br> **December 31,** |  | **Year Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** |  |
|  | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
| Total interest income | $1343.2 | $208.4 | $1134.8 | $2758.2 | $965.6 | $1792.6 |
| Total interest expense | 1146.8 | 97.7 | 1049.1 | 2124.5 | 425.0 | 1699.5 |
| Net interest income | 196.4 | 110.7 | 85.7 | 633.7 | 540.6 | 93.1 |
| Provision (Reversal) for credit losses | 0.2 | (0.9) | 1.1 | (0.2) | (5.5) | 5.3 |
| Net interest income after provision for credit loss | 196.2 | 111.6 | 84.6 | 633.9 | 546.1 | 87.8 |
| Non-interest income (loss) | 33.2 | 3.5 | 29.7 | 29.1 | (47.4) | 76.5 |
| Non-interest expense | 57.7 | 56.4 | 1.3 | 199.1 | 203.7 | (4.6) |
| Affordable Housing Program assessments | 17.2 | 5.9 | 11.3 | 46.5 | 29.5 | 17.0 |
| Net income | $154.5 | $52.8 | $101.7 | $417.4 | $265.5 | $151.9 |
| Return on average equity | 8.25% | 3.28% |  | 6.12% | 3.89% |  |
| Return on average assets | 0.44% | 0.20% |  | 0.34% | 0.22% |  |
| Net interest margin | 0.56% | 0.42% |  | 0.52% | 0.45% |  |

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**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 11 regional, stockholder-owned banks. As of December 31, 2022, the FHLBNY serves 335 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks 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, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as 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. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.