8-K

 

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): April 28, 2011

Federal Home Loan Bank of New York
__________________________________________
(Exact name of registrant as specified in its charter)

Federally Chartered Corporation	000-51397	136400946
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
101 Park Avenue, Floor 5, New York, New York		10178-0599
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 212-441-6616

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))

Item 2.02 Results of Operations and Financial Condition.

Item 8.01 Other Events.

On April 28, 2011, the Federal Home Loan Bank of New York ("FHLBNY") issued a Press Release regarding among other information, unaudited financial results for the quarter ended March 31, 2011. A copy of the FHLBNY’s Press Release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 FHLBNY Press Release, dated April 28, 2011, regarding the quarter ended March 31, 2011.

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 New York
April 28, 2011	By:	/s/ Patrick A. Morgan
		Name: Patrick A. Morgan
		Title: Senior Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	99.1 FHLBNY Press Release, dated April 28, 2011, regarding the quarter ended March 31, 2011.

EX-99.1

FOR IMMEDIATE RELEASE
April 28, 2011 CONTACT: Eric Amig
(212) 441-6807
Brian Finnegan
(212) 441-6877

FEDERAL HOME LOAN BANK OF NEW YORK
ANNOUNCES FIRST QUARTER 2011 OPERATING HIGHLIGHTS

New York, NY — The Federal Home Loan Bank of New York (“Bank”) today released its unaudited financial highlights as of and for the quarter ended March 31, 2011.  

“Our solid and steady performance continued throughout the first quarter of 2011,” said Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “We are proud to be a reliable source of funding for our members and the communities they serve.”

Highlights from the first quarter of 2011 include:  

• Net income for the quarter was $71.0 million, and return on average equity (“ROE”) was 5.74 percent.  These figures compare to net income of $53.6 million and ROE of 3.99 percent for the first quarter of 2010.  First quarter net income benefited from member-initiated prepayments which generated $42.7 million in prepayment fees, and contributed $39.3 million in derivative and hedging gains from termination of hedges associated with the prepayments. In addition, two significant charges to net income were executed to benefit and protect future earnings. First, the Bank absorbed $51.7 million in charges when Bank management made tactical changes to its funding strategy and extinguished (or transferred) certain high-coupon debt to protect its future interest margin. Second, the Bank expensed $24.0 million to eliminate the funding shortfall in its defined benefit pension plan in order to help reduce the likelihood of higher expenses in future periods and to also avoid certain restrictions from being imposed on plan participants.

• As of March 31, 2011, total assets were $96.9 billion, a decrease of $3.3 billion, or 3.3 percent, from total assets of $100.2 billion as of December 31, 2010.  The decrease in total assets from year-end 2010 was primarily a result of a decline in advances of $5.7 billion, or 7.0 percent, from $81.2 billion as of December 31, 2010, to $75.5 billion as of March 31, 2011.  This decline in member demand for advances was driven by economic factors such as continued growth in members’ deposit bases and the continued availability of government funding and other liquidity options.

• As of March 31, 2011, total capital was $4.9 billion, a decrease of $201 million, or 3.9 percent, from $5.1 billion as of December 31, 2010. The lower capital level was largely due to the decline in the amount of capital stock held by Bank members – a decline in turn attributable to the reduction in the level of member advances. In addition, the Bank’s unrestricted retained earnings increased during the quarter by $4.6 million to $716.7 million as of March 31, 2011. At March 31, 2011, the Bank met its regulatory capital-to-assets ratios and liquidity requirements.

 

The Bank currently expects to submit its Form 10-Q for the first quarter of 2011 to the U.S. Securities and Exchange Commission on or about May 13, 2011.  

Federal Home Loan Bank of New York
The FHLBNY is a Congressionally-chartered wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLBNY currently serves financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to support the efforts of local members to make home mortgages to families of all income levels and provide credit to spur community growth.