President’s Report

January 16, 2018

A Strong Partner in the New Year

In 2017, the Federal Home Loan Bank of New York reached several significant milestones. In the spring, we moved into our new headquarters – an office space that fosters enhanced collaboration, communication and innovation and positions us to better serve our members. Over the summer, we reached a new all-time high for advances – reflective of our ability to meet increased member demand in the current operating environment.

In December we awarded our second-highest amount of Affordable Housing Program grant dollars – $36.9 million to help create or preserve nearly 2,900 affordable homes. And throughout the year, our performance remained strong, with our cooperative achieving near-record results for the year. In total, 2017 was an exemplary year for the FHLBNY.

But for all these milestones, no one event, action or achievement defined the year for our cooperative. Instead, 2017 was defined by the constant themes in all of these milestones: the stability and reliability of the FHLBNY. This is the hallmark of our cooperative. Our stability and reliability not only drove our performance in 2017, but positions us to continue to achieve success in 2018, together with our members.

The environment in which we operated in 2017 presented challenges, opportunities and uncertainties. And yet our cooperative and our members thrived. The year ahead will present its own challenges, but just as our members remain stable partners for your customers and communities, so too shall will remain your trusted partner. In the following pages, we offer strategies and suggestions for how you can best partner with the FHLBNY in the New Year to ensure that 2018 is another strong year for our membership. As we enter 2018, I am certain that our stable and trusted partnership will continue to benefit our institutions, our customers and the communities we all support. I thank you for your business, and look forward to building on our momentum in 2018.

Sincerely,

José R. González
President and Chief Executive Officer

Please read the Newsletter for the Fourth Quarter 2017

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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 of 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.