President’s Report
November 19, 2020
Dividend Announcement 3Q20
The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020
I am pleased to announce that, on November 19, 2020, our Board of Directors approved a dividend for the third quarter of 2020 of 5.10% (annualized). The dollar amount of the dividend will be approximately $79.3 million. The cash dividend will be distributed on November 20, 2020.
While our third quarter performance was strong, the ongoing pandemic continues to create substantial uncertainty about future economic activity, the global and national economies and our operating environment. At the FHLBNY, we have kept our focus on our mission, and we are proud to remain a stable and reliable partner for our members as we work together to support the communities we all serve.
The health and economic crises resulting from COVID-19 are unpredictable and may affect the environment in which the FHLBNY operates. The low interest rate environment, as well as changes to market and business conditions, may negatively impact the FHLBNY’s financial performance and level of dividends. The FHLBNY will continue to assess the potential effects of changes in the environment on its financial performance and dividend strategy.
We filed our Form 10-Q for the third quarter of 2020 with the U.S. Securities and Exchange Commission on November 12, 2020.
Sincerely,
José R. González
President and Chief Executive Officer
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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 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.
Prior releases can be found on the SEC's EDGAR System.
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