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): | August 21, 2014 |
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) |
Registrants 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 8.01 Other Events.
On August 21, 2014, the Federal Home Loan Bank of New York ("FHLBNY") issued a President's Report ("Report") to FHLBNY members announcing a dividend declaration by the FHLBNY's Board of Directors for the quarter ended June 30, 2014. A copy of the Report is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 President’s Report regarding the dividend declaration by the Federal Home Loan Bank of New York’s Board of Directors for the quarter ending June 30, 2014, dated August 21, 2014.
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 | ||||
August 21, 2014 | By: |
/s/ Kevin M. Neylan
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Name: Kevin M. Neylan | ||||
Title: Senior Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
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99.1
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President’s Report regarding the dividend declaration by the Federal Home Loan Bank of New York’s Board of Directors for the quarter ending June 30, 2014, dated August 21, 2014. |
August 21, 2014
Presidents Report
FHLBNY Declares a 4.05% Dividend for the Second Quarter of 2014
I am pleased to announce that, on August 21, 2014, your Board of Directors approved a dividend for the second quarter of 2014 of 4.05% (annualized). The dollar amount of the second quarter of 2014 dividend will be approximately $55.7 million. The cash dividend will be distributed on August 22, 2014.
Your Home Loan Bank has performed well through the first half of 2014, as reflected in our strong second quarter results and now in our quarterly dividend. Whether by paying a steady dividend, providing daily access to advances or offering programs aimed at strengthening communities, we will continue to enhance the value you receive when you partner with the FHLBNY.
The dividend reflects the FHLBNYs low-risk profile and conservative business strategy, and is also reflective of the continuation of a low interest rate environment. The payout represents approximately 89.4 percent of available GAAP net income for the quarter (after setting aside restricted retained earnings); the remainder of net income will be put towards unrestricted retained earnings. After payment of the second quarter of 2014 dividend, the FHLBNYs level of unrestricted retained earnings will be approximately $789.4 million as of June 30, 2014. The FHLBNYs level of restricted retained earnings as of the same date was $187.6 million. We will continue to maintain total retained earnings at levels calibrated to ensure future regulatory compliance and provide additional protection for the capital investment of our stockholders.
We filed our Form 10-Q for the second quarter of 2014 with the U.S. Securities and Exchange Commission on August 8, 2014.
Sincerely,
José R. González
President and CEO
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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, 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.