FHLB Cincinnati Announces First Quarter 2024 Results
The Federal Home Loan Bank of Cincinnati today released unaudited financial results for the first quarter ended March 31, 2024.
For the first quarter, net income was $146 million and return on average equity (ROE) was 9.30 percent. This compares to net income of $127 million and ROE of 8.03 percent for the same period of 2023.
Total assets at March 31, 2024 were $118.6 billion, a decrease of $5.4 billion (four percent) from year-end 2023.
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 $130.0 billion at March 31, 2024, an increase of $2.2 billion (two percent) from year-end 2023. The growth in Mission Assets and Activities was driven primarily by increases in Letters of Credit. Letters of Credit increased as members continue to use them primarily to secure higher levels of public unit deposits. 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.