Select Page

President’s Report

February 4, 2021

Report from the President
FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

At the FHLBNY, we foster a culture built on results, safety, caring and learning. This means that we are focused on the reliable delivery of services to our members, supported by our conservative, low-risk business approach. Our culture focuses on relationships and mutual trust to foster interconnectedness and collaboration while also supporting innovation, agility and flexibility.

Our collaborative culture helps drive innovation. As an example of this, in January, the FHLBNY unveiled a new offering to our membership: a Compounding SOFR-Linked Adjustable Rate Credit (ARC) Advance, an enhancement to the SOFR-Linked ARC Advance we originally launched in 2018. This product enhancement was developed in response to member demand, positioning our current offerings to align with developing industry needs. Through significant collaboration by a number of functions across our organization, we were quickly able to develop a product that not only expands and enhances our SOFR advance offerings, but also reflects our ability to meet challenges in an agile and collaborative manner. This is the type of challenge we welcome because it represents an opportunity for us to better serve our members and fulfill our mission.

NJBankers Economic Leadership Forum

On January 15, NJBankers held its 10th annual Economic Leadership Forum to highlight the challenges and opportunities facing New Jersey’s economy. This is an event that we look forward to every year, as it gives us an opportunity to connect with, and hear from, so many of our members and community partners. NJBankers shares the same commitment to New Jersey’s local lenders that we do, and we always appreciate the opportunity to participate in this great event. And while the pandemic necessitated that today’s event be held virtually, we still found opportunities to connect, creating a virtual “booth” to engage with our members during the day.

At the Forum, our Chief Business Officer, Adam Goldstein, led the panel discussion, “Culture Amid COVID: How the Crisis Revealed the Importance of Company Culture.” He was joined by Wendy Cama, a partner at Crowe LLP; Heather Hendry, the Information Security Officer at Peapack-Gladstone Bank; and Kevin Cummings, chairman and CEO of Investors Bank and a member of our Board of Directors.

Director Cummings noted that it is a company’s culture that creates the excitement and optimism its employees feel coming to work each day, and which can help a company make a difference for its people, its customers and the communities it serves. This has been the aim of our own culture management initiative at the FHLBNY, and it was terrific to hear the panel discuss their own culture initiatives, with the entire panel recognizing the value and importance of a strong company culture, especially amid a pandemic. As Adam stated, “in a time when so many of us are apart, a company’s culture can help keep its people together.”

We are thankful that NJBankers continued its tradition of holding this important annual event despite the ongoing challenges presented by the pandemic, virtually bringing together so many thought leaders to discuss a number of issues important to New Jersey’s local lenders – those institutions that will be vital to our region’s recovery. Stronger local lenders mean stronger communities, and a stronger FHLBNY.

FHLBNY Announces Community Investment Virtual Roadshows

Our housing mission is central to our culture, and we take great pride in our ability to partner with our members and housing organizations to drive affordable housing opportunities across our region. On January 19, our Community Investment team hosted a webinar to discuss key changes to our Affordable Housing Program (AHP) and the Homebuyer Dream Program® (HDP) and Community Lending Programs for 2021. These programs are at the heart of our housing mission, and are vital to so many members and community partners, as reflected in the more than 900 registrants for the session. We recorded the webinar (found here) to ensure all stakeholders have the opportunity to receive the information discussed. On February 3, we announced a series of virtual training sessions on the AHP and HDP beginning in late February 2021. Each virtual session is open to all members and housing partners, though we have grouped them by regions within our District to enhance the value of each session. For more information on these sessions, and to register for one, please visit our registration page. We look forward to discussing how our cooperative can assist you in financing your next housing initiative.

FHLBNY Welcomes New Directors

Our company culture starts at the very top, with an active, collegial and collaborative Board of Directors focused on our mission and the stability of our franchise. Later this month, our Board will hold its first set of meetings of 2021. This year, we welcome two new Directors: Danelle M. Barrett, a retired U.S. Navy Rear Admiral, who joins as an Independent Director; and Member Director Thomas J. Kemly, president and CEO of Columbia Bank, based in New Jersey. Last month, our management team held a New Director Orientation for Directors Barrett and Kemly to provide an overview of the reliable funding products and programs we offer our members, the support we provide to our communities, the dedicated team across the Bank that makes it all possible and the Board’s role in our cooperative. During this session, our team was excited to hear Director Kemly speak about his institution’s use of our Small Business Recovery Grant Program, which so many of our members have put to work in the communities they serve.

Our February meetings also mark the first without long-serving former Directors Joseph R. Ficalora, Jay M. Ford and C. Cathleen Raffaeli, who retired from our Board at year-end 2020. We thank Joe, Jay and Cathi for their many contributions to our cooperative over their nearly 40 years of combined service to our Board.

We look forward to the contributions that Directors Barrett and Kemly will make to our Board and our cooperative in their new roles, and our entire team looks forward to working together with our Board to help ensure the FHLBNY continues to serve as a stable source of liquidity and a reliable partner for our members and communities throughout 2021.

Sincerely,

José R. González
President and Chief Executive Officer

# # #

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.



09/02/2024

pr090224

06/06/2024

Report from the President: National Homeownership Month, Local Support

05/16/2024

Dividend Announcement 1Q24: FHLBNY Declares a 9.50% Dividend for the First Quarter of 2024

05/09/2024

Report from the President: Navigating the Future

03/05/2024

Report from the President: A Critical, Stabilizing Role

02/15/2024

Dividend Announcement 4Q23: FHLBNY Declares a 9.75% Dividend for the Fourth Quarter of 2023

01/09/2024

Report from the President: Looking at the Year Ahead

12/07/2023

Report from the President: Focusing on the Future

11/15/2023

Dividend Announcement 3Q23: FHLBNY Declares a 9.50% Dividend for the Third Quarter of 2023

11/02/2023

Report from the President: FHLBNY Announces Third Quarter 2023 Operating Highlights

09/05/2023

Report from the President: A Vital Mission, A Proven Value

08/17/2023

FHLBNY Declares an 8.50% Dividend for the Second Quarter of 2023

08/03/2023

Report from the President: One Year Into a 100-Year Review

07/11/2023

July 2023 Report from the President

06/06/2023

Report from the President: FHLBNY Announces 0% Development Advance Program

05/16/2023

Dividend Announcement 1Q23: The FHLBNY Declares a 7.75% Dividend for the First Quarter of 2023

04/04/2023

Report from the President: A Stabilizing Role

03/01/2023

Report from the President: Growing Advances and a Growing Public Profile

02/15/2023

Dividend Announcement 4Q22: The FHLBNY Declares a 7.50% Dividend for the Foruth Quarter of 2022

02/06/2023

Report from the President: Liquidity is the Mission and the Means

01/09/2023

Report from the President: A Profound Importance

12/01/2022

Report from the President: Grateful For Our Role

11/17/2022

Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022

11/03/2022

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/07/2022

Report from the President: The System’s Stakeholders Speak

09/01/2022

Report from the President: The Voice of the Local Lender

08/18/2022

Dividend Announcement 2Q22: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2022

08/02/2022

Report from the President: Looking Ahead to 100 Years of the Federal Home Loan Banks

07/05/2022

Report from the President: Federal Home Loan Bank System Turns 90

06/02/2022

Report from the President: Approaching 90, the Power of Partnership Prevails

05/12/2022

Dividend Announcement 1Q22: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2022

04/05/2022

Report from the President: FHLBNY Files 2021 Form 10-K – Stability Throughout the Year

03/03/2022

Report from the President: Closing the Books on 2021

02/17/2022

Dividend Announcement 4Q21: The FHLBNY Declares a 4.36% Dividend for the Fourth Quarter of 2021

02/01/2022

Report from the President: Enhancing the Value of Membership

01/06/2022

Report from the President: A Strategic Focus on Stability and Service

12/07/2021

Report from the President: Together Again

11/18/2021

Dividend Announcement 3Q21: The FHLBNY Declares a 4.40% Dividend for the Third Quarter of 2021

11/02/2021

Report from the President: FHLBNY Announces 3Q21 Operating Highlights

10/04/2021

Report from the President: An Unwavering Focus on Our Members and Supporting Our Communities

09/01/2021

Report from the President: 25 Years of Creating Homeownership Opportunities

08/19/2021

Dividend Announcement 2Q21: The FHLBNY Declares a 4.60% Dividend for the Second Quarter of 2021

07/01/2021

Report from the President: FHLBNY Commences 2021 Director Election Process

06/07/2021

Report from the President: A Stable Partner for the Recovery Ahead

05/28/2021

Dividend Announcement 1Q21: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2021

04/05/2021

Report from the President: FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

03/02/2021

Report from the President: Meeting Member Needs

02/18/2021

Dividend Announcement 4Q20: The FHLBNY Declares a 5.00% Dividend for the Fourth Quarter of 2020

02/04/2021

Report from the President: FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

01/05/2021

Report from the President: A Proven Partnership to Help a Region Recover

12/02/2020

Report from the President: A Steady Foundation

11/19/2020

Dividend Announcement 3Q20: The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020

11/02/2020

Report from the President: FHLBNY Announces 3Q20 Operating Highlights

10/05/2020

Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

08/04/2020

Report from the President: FHLBNY Announces 2Q20 Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Dividend Announcement 4Q19: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the 3Q19

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants

09/05/2019

Report from the President: A Market Milestone

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

No post

Latest News

09/02/2024

pr090224

06/06/2024

Report from the President: National Homeownership Month, Local Support

06/03/2024

FHLBNY Affordable Housing Advisory Council Open Nomination Period – For 2025 Service

05/08/2024

FHLBNY Has Made $120 Million In Affordable Housing And Community Development Support Available Through First Four Months of 2024

04/25/2024

FHLBNY Announces First Quarter 2024 Operating Highlights