FHLB Cincinnati Announces Second Quarter 2023 Results
The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the second quarter ended June 30, 2023.
The FHLB delivered on its dual mission of providing access to critical liquidity funding to member financial institutions and expanding support for affordable housing and community investment. The FHLB made contributions of more than $14 million to voluntary housing programs and $38 million to the required Affordable Housing Program set aside enabled by strong earnings in the first half of 2023.
For the second quarter, net income was $218 million and return on average equity (ROE) was 10.71 percent. This compares to net income of $41 million and ROE of 3.38 percent for the same period of 2022. For the first six months of 2023, net income was $345 million and ROE was 9.53 percent, compared to net income of $57 million and ROE of 2.48 percent for the same period of 2022.
Total assets at June 30, 2023 were $151.1 billion, an increase of $42.5 billion (39 percent) from year-end 2022.
Mission Assets and Activities – comprising major activities with members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – were $140.1 billion at June 30, 2023, an increase of $24.3 billion (21 percent) from year-end 2022. The growth in Mission Assets and Activities was driven by a $20.0 billion increase in Advance balances. The increase in Advances resulted primarily from member demand in response to the turmoil in the banking industry and financial markets.