Exhibit 99.1
Financial Highlights — Balance Sheet
(Dollars in millions) | June 30, 2009 | December 31, 2008 | $ Change | % Change | ||||||||||||
Advances | $ | 37,165 | $ | 41,897 | $ | (4,732 | ) | (11 | %) | |||||||
Mortgage loans, net | 8,120 | 10,685 | (2,565 | ) | (24 | %) | ||||||||||
Mortgage-backed securities | 8,981 | 9,307 | (326 | ) | (4 | %) | ||||||||||
Short-term investments | 5,029 | 3,812 | 1,217 | 32 | % | |||||||||||
Other investments | 7,566 | 2,252 | 5,314 | 236 | % | |||||||||||
Other assets | 171 | 176 | (5 | ) | (3 | %) | ||||||||||
Total Assets | $ | 67,032 | $ | 68,129 | $ | (1,097 | ) | (2 | %) | |||||||
Deposits | $ | 1,290 | $ | 1,496 | $ | (206 | ) | (14 | %) | |||||||
CO — Discount notes | 19,967 | 20,061 | (94 | ) | 0 | % | ||||||||||
CO — Bonds | 41,599 | 42,723 | (1,124 | ) | (3 | %) | ||||||||||
Other liabilities | 838 | 832 | 6 | 1 | % | |||||||||||
Total Liabilities | 63,694 | 65,112 | (1,418 | ) | (2 | %) | ||||||||||
Capital stock | 2,923 | 2,781 | 142 | 5 | % | |||||||||||
Retained earnings | 437 | 382 | 55 | 14 | % | |||||||||||
Accumulated other comprehensive income | (22 | ) | (146 | ) | 124 | (85 | %) | |||||||||
Total Capital | 3,338 | 3,017 | 321 | 11 | % | |||||||||||
Total Liabilities and Capital | $ | 67,032 | $ | 68,129 | $ | (1,097 | ) | (2 | %) | |||||||
Financial Highlights — QTD Income Statement
QTD | QTD | QTD | ||||||||||
(Dollars in thousands) | June 30, 2009 | March 31, 2009 | June 30, 2008 | |||||||||
Advances | $ | 179,420 | $ | 210,079 | $ | 331,415 | ||||||
Investments | 85,110 | 78,231 | 103,949 | |||||||||
Mortgage loans | 122,402 | 131,513 | 132,507 | |||||||||
Total Interest Income | 386,932 | 419,823 | 567,871 | |||||||||
Consolidated obligations | 323,207 | 409,598 | 488,346 | |||||||||
Deposits | 639 | 828 | 6,094 | |||||||||
Other interest expense | 32 | 71 | 429 | |||||||||
Total Interest Expense | 323,878 | 410,497 | 494,869 | |||||||||
Net Interest Income Before Provision | 63,054 | 9,326 | 73,002 | |||||||||
Loan Loss Provision | 250 | 0 | 0 | |||||||||
Net Interest Income After Provision | 62,804 | 9,326 | 73,002 | |||||||||
Net gain on trading securities | 33,660 | 20,092 | 0 | |||||||||
Net loss on financial instruments held at fair value | (10,586 | ) | (1,641 | ) | 0 | |||||||
Net gain on loans held for sale | 1,342 | 0 | 0 | |||||||||
Net realized loss from the sale of available-for-sale securities | (42,769 | ) | 0 | 0 | ||||||||
Net loss on derivatives and hedging activities | 103,851 | (7,435 | ) | 2,358 | ||||||||
Net (loss)gain on extinguishment of debt | (36,378 | ) | (15,980 | ) | 239 | |||||||
Other non-interest income | 2,112 | 1,464 | 1,257 | |||||||||
Total Non-Interest Income | 51,232 | (3,500 | ) | 3,854 | ||||||||
Operating expense & other non-interest expense | 11,646 | 10,636 | 10,574 | |||||||||
Finance Agency & Office of Finance | 1,151 | 1,100 | 1,004 | |||||||||
Total other expense | 12,797 | 11,736 | 11,578 | |||||||||
Income (Loss) Before Assessment | 101,239 | (5,910 | ) | 65,278 | ||||||||
Affordable Housing Program | 7,790 | 0 | 5,340 | |||||||||
REFCORP | 17,508 | 0 | 11,981 | |||||||||
Total Assessments | 25,298 | 0 | 17,321 | |||||||||
Net Income (Loss) | $ | 75,941 | $ | (5,910 | ) | $ | 47,957 | |||||
Financial Highlights — YTD Income Statement
YTD | YTD | |||||||
(Dollars in thousands) | June 30, 2009 | June 30, 2008 | ||||||
Advances | $ | 389,499 | $ | 719,360 | ||||
Investments | 163,341 | 208,499 | ||||||
Mortgage loans | 253,915 | 266,809 | ||||||
Total Interest Income | 806,755 | 1,194,668 | ||||||
Consolidated obligations | 732,805 | 1,039,289 | ||||||
Deposits | 1,468 | 14,897 | ||||||
Other interest expense | 103 | 2,783 | ||||||
Total Interest Expense | 734,376 | 1,056,969 | ||||||
Net Interest Income Before Provision | 72,379 | 137,699 | ||||||
Loan Loss Provision | 250 | 0 | ||||||
Net Interest Income After Provision | 72,129 | 137,699 | ||||||
Net gain on trading securities | 53,752 | 0 | ||||||
Net loss on financial instruments held at fair value | (12,227 | ) | 0 | |||||
Net gain on loans held for sale | 1,342 | 0 | ||||||
Net realized loss from the sale of available-for-sale securities | (42,769 | ) | 0 | |||||
Net loss on derivatives and hedging activities | 96,416 | (10,372 | ) | |||||
Net (loss)gain on extinguishment of debt | (52,357 | ) | 239 | |||||
Other non-interest income | 3,576 | 2,411 | ||||||
Total Non-Interest Income | 47,733 | (7,722 | ) | |||||
Operating expense & other non-interest expense | 22,281 | 20,155 | ||||||
Finance Agency & Office of Finance | 2,252 | 1,860 | ||||||
Total other expense | 24,533 | 22,015 | ||||||
Income (Loss) Before Assessment | 95,329 | 107,962 | ||||||
Affordable Housing Program | 7,790 | 8,840 | ||||||
REFCORP | 17,508 | 19,813 | ||||||
Total Assessments | 25,298 | 28,653 | ||||||
Net Income (Loss) | $ | 70,031 | $ | 79,309 | ||||
Financial Highlights — Ratios
QTD | QTD | YTD | YTD | |||||||||||||
June 30, 2009 | June 30, 2008 | June 30, 2009 | June 30, 2008 | |||||||||||||
Net interest spread | 0.24 | % | 0.26 | % | 0.07 | % | 0.23 | % | ||||||||
Net interest margin | 0.35 | % | 0.42 | % | 0.20 | % | 0.42 | % | ||||||||
Operating expense to average assets | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||||||
Return on average assets | 0.42 | % | 0.27 | % | 0.19 | % | 0.24 | % | ||||||||
Return on average capital stock | 10.49 | % | 6.37 | % | 4.92 | % | 5.59 | % |
Financial Highlights — Core Earnings
QTD | QTD | YTD | YTD | |||||||||||||
(In Thousands) | March 31, 2009 | June 30, 2009 | June 30, 2009 | June 30, 2008 | ||||||||||||
Core Net Interest Income | $ | 19,008 | $ | 65,604 | $ | 84,612 | $ | 148,136 | ||||||||
BA Adjustment — Early Extinguishment of Debt | 7,720 | (2,028 | ) | 5,692 | 0 | |||||||||||
BA Adjustment — Called Bonds | (17,402 | ) | (523 | ) | (17,925 | ) | (10,437 | ) | ||||||||
Net Interest Income | $ | 9,326 | $ | 63,054 | $ | 72,379 | $ | 137,699 | ||||||||
Core Earnings — Pre-Assessment | $ | 8,736 | $ | 54,669 | $ | 63,405 | $ | 128,532 | ||||||||
Adjustments* | ||||||||||||||||
Net Gain (Loss) on Derivatives and Hedging Activities | (7,435 | ) | 103,851 | 96,416 | (10,372 | ) | ||||||||||
Net Gain (Loss) on Financial Instruments Held at Fair Value | (1,641 | ) | (10,586 | ) | (12,227 | ) | 0 | |||||||||
Called Bonds — BA Adjustment | (17,402 | ) | (523 | ) | (17,925 | ) | (10,437 | ) | ||||||||
Early Extinguishment of Debt — BA Adjustment | 7,720 | (2,028 | ) | 5,692 | 0 | |||||||||||
Loss on Early Extinguishment of Debt | (15,980 | ) | (36,377 | ) | (52,357 | ) | 239 | |||||||||
Gain on Trading Securities (TLGP) | 20,092 | 33,660 | 53,752 | 0 | ||||||||||||
Gain (Loss) from Sale of AFS Securities | 0 | (42,769 | ) | (42,769 | ) | 0 | ||||||||||
Net Gain (Loss) on Loans Held for Sale | 0 | 1,342 | 1,342 | 0 | ||||||||||||
Adjustments* | (14,646 | ) | 46,570 | 31,924 | (20,570 | ) | ||||||||||
Net Income (Loss) — Pre-Assessment | (5,910 | ) | 101,239 | 95,329 | 107,962 | |||||||||||
Assessments — AHP & REFCORP | 0 | (25,298 | ) | (25,298 | ) | (28,653 | ) | |||||||||
Net Income (Loss) | $ | (5,910 | ) | $ | 75,941 | $ | 70,031 | $ | 79,309 | |||||||
* - Adjustments represent items that introduce significant income statement volatility or non-routine items. |