FHLB Cincinnati Announces Third Quarter 2023 Results
For the third quarter, net income was $170 million and return on average equity (ROE) was 10.16 percent. This compares to net income of $91 million and ROE of 6.43 percent for the same period of 2022. For the first nine months of 2023, net income was $515 million and ROE was 9.73 percent, compared to net income of $148 million and ROE of 3.99 percent for the same period of 2022.
Total assets at September 30, 2023 were $118.6 billion, an increase of $10.0 billion (nine percent) from year-end 2022.
Mission Assets and Activities – comprising the major products we offer to members including Advances, Letters of Credit (off-balance sheet), and the Mortgage Purchase Program – were $122.8 billion at September 30, 2023, an increase of $7.0 billion (six percent) from year-end 2022. The growth in Mission Assets and Activities was driven by increases in Letters of Credit and Advance balances. Letters of Credit increased as members continue to use them primarily to secure higher levels of public unit deposits. The growth in Advances resulted from greater member demand as noted above. The FHLB's business model is designed to support significant changes in asset levels without having to undergo material changes in staffing, operations, risk practices, or general resource needs.