0001299933-14-001333.txt : 20140828 0001299933-14-001333.hdr.sgml : 20140828 20140828114407 ACCESSION NUMBER: 0001299933-14-001333 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140828 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140828 DATE AS OF CHANGE: 20140828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federal Home Loan Bank of New York CENTRAL INDEX KEY: 0001329842 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 136400946 STATE OF INCORPORATION: X1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51397 FILM NUMBER: 141070620 BUSINESS ADDRESS: STREET 1: 101 PARK AVENUE, 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10178 BUSINESS PHONE: 212-681-6000 MAIL ADDRESS: STREET 1: 101 PARK AVENUE, 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10178 8-K 1 htm_50400.htm LIVE FILING Federal Home Loan Bank of New York (Form: 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):   August 28, 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)
     
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 8.01 Other Events.

Each month the Chief Executive Officer of the Bank issues a ‘Report from the President’ (the "Report") to each shareholder. Such Reports may contain information that may be important to security holders. A copy of the Report to shareholders for the month of August 2014 issued on August 28, 2014 is attached hereto as Exhibit 99.1.







Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 FHLBNY President’s Report dated August 28, 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 28, 2014   By:   /s/ Kevin M. Neylan
       
        Name: Kevin M. Neylan
        Title: Senior Vice President and Chief Financial Officer

Exhibit Index


     
Exhibit No.   Description
 
99.1
  FHLBNY President's Report dated August 28, 2014.
EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

August 28, 2014

     
TO:  
All Stockholders
(Addressed Individually)
SUBJECT:  
Report from the President

At the Bank

FHLBNY: Leading a Stable System

On August 13th, the Office of Finance published the Federal Home Loan Bank System’s Combined Financial Report for the second quarter of 2014. I am pleased to report that the System is strong. The System’s results for the quarter were solid, with $514 million in System-wide net income and all 12 Home Loan Banks reporting positive earnings. More importantly, advances increased by 11 percent across the System, the fastest quarterly rate of growth in advances since the Financial Crisis. Your Home Loan Bank again led the way, as we were the largest Bank in terms of both advances – with $96.8 billion at quarter-end – and our advances-to-assets ratio, which stood at 76 percent. This focus on providing a reliable source of funding to our members continues, with average advances of $96.2 billion in July. We are a mission-focused advances bank, and we continue to lead a stable System.

FHLBNY Declares 4.05 Percent Dividend for 2Q14

Our members rely on our ability to provide daily access to liquidity, but this is not the only way we deliver value to our membership. On August 21st, we declared a dividend of 4.05 percent for the second quarter of 2014. Your Home Loan Bank has performed well through the first half of 2014, as reflected in our strong second quarter results and in our quarterly dividend. Of course, our dividend has reflected our strong performance for a long time. Earlier this month, Bank management conducted a review of Home Loan Bank dividends over the past decade. During the ten-year period from 2004 through 2013, your Home Loan Bank paid an average annual dividend of 4.92 percent, which was the highest average annual dividend rate among the 12 Home Loan Banks during this time period – exceeding others in the System by a range of approximately five basis points to 450 basis points. As the economy has continued to deal with the aftershocks of the Financial Crisis over the past five years, our dividend performance has been even stronger, exceeding others in the System by a range of approximately 45 basis points to 475 basis points. Providing a fair dividend is part of our focus on being a reliable partner for our members.

This weekend marks the unofficial end of summer, and when we all return to our offices on Tuesday, it will be with a focus on closing out the year well. I hope you all know that you have a partner in our Home Loan Bank which is dedicated to working with you to make sure that happens. I wish you and your families the very best this holiday weekend, and I look forward to continuing to work with you to successfully close out another year.

Sincerely,

José R. González
President and CEO

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.