8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2022

Federal Home Loan Bank of New York

(Exact name of Registrant as Specified in Its Charter)

Federally Chartered Corporation	000-51397	13-6400946
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

101 Park Avenue, 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 (see General Instructions A.2. below):

☐	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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Item 8.01 Other Events.

On October 27, 2022, the Federal Home Loan Bank of New York ("FHLBNY") filed a Current Report on Form 8-K noting that the FHLBNY  had issued a Press Release regarding, among other information, unaudited financial results for the quarter ended September 30, 2022. Due to an inadvertent error, the copy of the FHLBNY’s Press Release attached to the Form 8-K filing as Exhibit 99.1 contained incorrect information in the “Mortgage-backed securities” line of the “Selected Balance Sheet Items (dollars in millions)” table.  The purpose of this Form 8-K/A filing is to include a correct version of the Press Release.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	FHLBNY Press Release, dated October 27, 2022, regarding the quarter ended September 30, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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 thereunto duly authorized.

	Federal Home Loan Bank of New York
Date: October 28, 2022	By:	/s/ Kevin M. Neylan
		Name: Kevin M. Neylan
		Title: Senior Vice President and Chief Financial Officer

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EX-99.1

EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE October 27, 2022 CONTACT: Brian Finnegan (212) 441-6877

FEDERAL HOME LOAN BANK OF NEW YORK

ANNOUNCES THIRD QUARTER 2022 OPERATING HIGHLIGHTS

New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended September 30, 2022.   

“At the recent Listening Sessions for the Federal Housing Finance Agency’s FHLBank System at 100: Focusing on the Future initiative, members from across the System and the FHLBNY spoke of the critical nature of Home Loan Bank liquidity and the importance of the reliability of our cooperatives,” said José R. González, president and CEO of the FHLBNY. “As our members have increasingly looked to the FHLBNY as a trusted and stable funding partner amid the volatility in the markets, our results for the third quarter reflect that we have consistently answered the call.”

Highlights from the third quarter of 2022 include:

· Net income for the quarter was $129.5 million, an increase of $63.7 million, or 96.8%, from net income of $65.8 million for the third quarter of 2021. Net interest income for the quarter was $168.8 million, an increase of $39.0 million, or 30.0%, from $129.8 million in the third quarter last year. The increase in Net interest income was driven primarily by the impact of higher market interest rates and larger earning asset balances; average advances balances were $11.2 billion higher than the prior year period. Non-interest income increased by $32.6 million compared with the third quarter of 2021, driven primarily by an increase in fair value of derivatives and instruments held under the fair value option. These gains were largely offset by declines in fair value of U.S. Treasury securities held for liquidity purposes as interest rates increased.

· Return on average equity (“ROE”) for the quarter was 7.39% (annualized), compared to ROE of 3.95% for the third quarter of 2021.

· As of September 30, 2022, total assets were $130.1 billion, an increase of $24.7 billion, or 23.4%, from total assets of $105.4 billion at December 31, 2021. As of September 30, 2022, advances were $91.9 billion, an increase of $20.3 billion, or 28.4%, from $71.5 billion at December 31, 2021. The increase in advances balances is a result of the current economic environment, as members experience heightened deposit volatility and strong loan growth, and are enhancing liquidity positions.

· As of September 30, 2022, total capital was $7.2 billion, an increase of $0.8 billion from total capital of $6.4 billion at December 31, 2021. The FHLBNY’s retained earnings increased during the quarter by $97.6 million to $2.0 billion as of September 30, 2022, of which $1.1 billion was unrestricted retained earnings and $0.9 billion was restricted retained earnings. At September 30, 2022, the FHLBNY met its regulatory capital ratios and liquidity requirements.

· The FHLBNY allocated $14.4 million from its third quarter 2022 earnings for its Affordable Housing Program.

The FHLBNY currently expects to file its Form 10-Q for the third quarter of 2022 with the U.S. Securities and Exchange Commission by November 10, 2022.

Selected Balance Sheet Items (dollars in millions)
	September 30,			December 31,
	2022			2021			Change
Advances	$	91,871		$	71,536		$	20,335
Mortgage loans held for portfolio		2,136			2,320			(184	)
Mortgage-backed securities		15,086			14,693			393
Liquidity assets		19,078			14,948			4,130
Total assets		130,130			105,358			24,772
Consolidated obligations		121,204			97,026			24,178
Capital stock		5,331			4,501			830
Unrestricted retained earnings		1,149			1,104			45
Restricted retained earnings		880			827			53
Accumulated other comprehensive income		(177	)		14			(191	)
Total capital	$	7,183		$	6,446		$	737
Capital-to-assets ratio (GAAP)		5.52	%		6.12	%
Capital-to-assets ratio (Regulatory)		5.66	%		6.11	%

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Operating Results (dollars in millions)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022			2021			Change		2022			2021			Change
Total interest income	$	806.3		$	227.4		$	578.9	$	1,415.0		$	757.2		$	657.8
Total interest expense		637.8			99.2			538.6		977.7			327.3			650.4
Net interest income		168.5			128.2			40.3		437.4			429.9			7.5
Provision (Reversal) for credit losses		(0.3	)		(1.6	)		1.3		(0.4	)		(4.6	)		4.2
Net interest income after provision for credit loss		168.8			129.8			39.0		437.8			434.5			3.3
Non-interest income (loss)		24.0			(8.6	)		32.6		(4.2	)		(50.9	)		46.7
Non-interest expense		48.9			48.1			0.8		141.4			147.3			(5.9	)
Affordable Housing Program
assessments		14.4			7.3			7.1		29.3			23.6			5.7
Net income	$	129.5		$	65.8		$	63.7	$	262.9		$	212.7		$	50.2
Return on average equity		7.39	%		3.95	%				5.31	%		4.07	%
Return on average assets		0.40	%		0.23	%				0.30	%		0.23	%
Net interest margin		0.52	%		0.45	%				0.50	%		0.46	%

Federal Home Loan Bank of New York

The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks.  As of September 30, 2022, the FHLBNY serves 311 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.  The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.

# # #

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.

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Cover	Oct. 27, 2022
Cover [Abstract]
Entity Registrant Name	Federal Home Loan Bank of New York
Entity Central Index Key	0001329842
Document Type	8-K/A
Amendment Flag	false
Entity Emerging Growth Company	false
Document Period End Date	Oct. 27, 2022
Entity File Number	000-51397
Entity Tax Identification Number	13-6400946
Entity Address Address Line 1	101 Park Avenue
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10178-0599
City Area Code	212
Local Phone Number	441-6616
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false