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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31,June 30, 2014

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-51397

Federal Home Loan Bank of New York

(Exact name of registrant as specified in its charter)

(212) 681-6000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)  Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes o No x

The number of shares outstanding of the issuer’s common stock as of April 30,July 31, 2014 was 54,729,755.58,727,760.

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Federal Home Loan Bank of New York

Statements of Condition — Unaudited (in thousands, except par value(In Thousands, Except Par Value of capital stock)Capital Stock)

As of March 31,June 30, 2014 and December 31, 2013

The accompanying notes are an integral part of these financial statements.

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Federal Home Loan Bank of New York

Statements of Capital - Unaudited (in(In thousands, except per share data)Except Per Share Data)

For the three months ended March 31,Six Months Ended June 30, 2014 and 2013

(a)    Putable stock

The accompanying notes are an integral part of these financial statements.

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Federal Home Loan Bank of New York

Statements of Cash Flows — Unaudited (in thousands)(In Thousands)

For the three months ended March 31,Six Months Ended June 30, 2014 and 2013

(a)         For information about bonds transferred (to)/from FHLBanks and other related party transactions, see Note 18. Related Party Transactions.

(b)         Does not include payments to holders of mandatorily redeemable capital stock. Such payments are reported as interest expense.

(c)          AHP payments = (beginning accrual - ending accrual) + AHP assessment for the period; payments represent funds released to the Affordable Housing Program.

The accompanying notes are an integral part of these financial statements.

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Background

The Federal Home Loan Bank of New York (“FHLBNY” or “the Bank”) is a federally chartered corporation, and is one of twelve district Federal Home Loan Banks (“FHLBanks”).  The FHLBanks are U.S. government-sponsored enterprises (“GSEs”), organized under the authority of the Federal Home Loan Bank Act of 1932, as amended (“FHLBank Act”).  Each FHLBank is a cooperative owned by member institutions located within a defined geographic district.  The FHLBNY’s defined geographic district is New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.

Tax Status.  The FHLBanks, including the FHLBNY, are exempt from ordinary federal, state, and local taxation except for real property taxes.

Assessments.  Affordable Housing Program (“AHP”) Assessments — Each FHLBank, including the FHLBNY, provides subsidies in the form of direct grants and below-market interest rate advances to members, who use the funds to assist in the purchase, construction or rehabilitation of housing for very low-, low- and moderate-income households.  Annually, the 12 FHLBanks must set aside the greater of $100 million or 10% of their regulatory defined net income for the Affordable Housing Program.

Note   1.Significant Accounting Policies and Estimates.

Basis of Presentation

The preparation of financial statements is in accordance with generally accepted accounting principles in the U.S. and with instructions provided by the Securities and Exchange Commission.  The preparation requires management to make a number of judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities (if applicable), and the reported amounts of income and expense during the reported periods.  Although management believes these judgments, estimates and assumptions to be appropriate, actual results may differ.  The information contained in these financial statements is unaudited.  In the opinion of management, normal recurring adjustments necessary for a fair presentation of the interim period results have been made.  These unaudited financial statements should be read in conjunction with the FHLBNY’s audited financial statements for the year ended December 31, 2013 included in Form 10-K filed on March 24, 2014.

Significant Accounting Policies and Estimates

The FHLBNY has identified certain accounting policies that it believes are significant because they require management to make subjective judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or by using different assumptions.  These policies include estimating the allowance for credit losses on the advance and mortgage loan portfolios, evaluating the impairment of the Bank’s securities portfolios, and estimating fair values of certain assets and liabilities.  There have been no significant changes to accounting policies from those identified in Note 1. Significant Accounting Policies and Estimates in Notes to the Financial Statements in the Bank’s most recent Form 10-K filed on March 24, 2014, which contains a summary of the Bank’s significant accounting policies and estimates.

Recently Adopted Significant Accounting Policies

Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention.  On April 9, 2012, the Federal Housing Finance Agency (“FHFA”), the FHLBank’s regulator, issued Advisory Bulletin 2012-02 (“Advisory Bulletin”) that establishes adverse classification, identification of Special Mention assets and off-balance sheet credit exposures.  The guidance is expected to be applied prospectively, and was effective at issuance.prospectively.  The FHFA issued additional guidance that extended the effective date of classification aspects of this Advisory Bulletin to January 1, 2014.  Adoption in the first quarter of 2014 had no impact on of the results of operations, financial condition and cash flows.

The Advisory Bulletin also prescribes the timing of asset charge-offs if an asset is at 180 days or more past due, subject to certain conditions.  That guidance is not effective until January 1, 2015 and is further discussed in Note 2.  Recently issued Accounting Standards and Interpretations.

Joint and Several Liability Arrangements.  In February 2013, the FASBFinancial Accounting Standards Board (“FASB”) issued Accounting Standards Update ASU No. 2013-04, Liabilities (Topic 405):  Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.  This guidance requires an entity to measure these obligations as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors.  In addition, this guidance requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations.  This guidance became effective for interim and annual periods beginning on January 1, 2014 and is to be applied retrospectively for obligations with joint and several liabilities existing at January 1, 2014.  The guidance had no effect on the FHLBNY’s financial condition, results of operations or cash flows.

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