Federal Home Loan Bank of New York

11/05/2026 | Press release | Distributed by Public on 11/05/2026 14:08

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Statements contained in this Quarterly Report on Form 10-Q, including statements describing the objectives, projections, estimates, or
predictions of the Federal Home Loan Bank of New York ("we," "us," "our," "the Bank," or the "FHLBNY") may be "forward-
looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These statements may use forward-looking terminology, such as "anticipates," "believes," "could," "estimates," "may,"
"should," "will," or other variations on these terms or their negatives. The Bank cautions that, by their nature, forward-looking
statements are subject to a number of risks or uncertainties, including the Risk Factors set forth in Part 1, Item 1A of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 20, 2026 (the "2025 Annual
Report"), and the risks set forth below, and that actual results could differ materially from those expressed or implied in these
forward-looking statements. As a result, you are cautioned not to place undue reliance on such statements. These forward-looking
statements speak only as of the date they were made, and the Bank does not undertake to update any forward-looking statement
herein. Forward-looking statements include, among others, the following:
•the Bank's projections regarding income, retained earnings, dividend payouts, and the repurchase of excess capital stock;
•the Bank's statements related to gains and losses on derivatives, future credit and impairment charges, and future
classification of securities;
•the Bank's expectations relating to future balance sheet growth;
•the Bank's targets under the Bank's retained earnings plan;
•the Bank's expectations regarding the size of its mortgage loan portfolio, particularly as compared to prior periods;
•the Bank's statements related to reform legislation or executive actions, including, without limitation, housing or
government-sponsored enterprise legislation or executive orders; and
•executive, legislative, regulatory and judicial events and actions or other developments that affect the Bank, its members,
counterparties, or investors in the Consolidated obligations of the Federal Home Loan Banks (FHLBanks), such as any
government-sponsored enterprise (GSE) reforms, any changes resulting from the Finance Agency's review and analysis of
the FHLBank System, including recommendations published in response to the executive orders concerning housing
affordability, changes in the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), changes in applicable
sections of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, or changes in other statutes or
regulations applicable to the FHLBanks.
Actual results may differ from forward-looking statements for many reasons, including, but not limited to, the risk factors set forth in
Part I, Item 1A - Risk Factors of our 2025 Annual Report and the risks set forth below:
•changes in economic and market conditions, including the evolving risks relating to the March 2023 U.S. banking sector
liquidity crisis;
•changes in demand for Bank advances and other products resulting from changes in members' and FDIC deposit flows and
members' credit demands or otherwise;
•an increase in advance prepayments as a result of changes in interest rates (including negative interest rates) or other
factors;
•the volatility of market prices, rates, and indices that could affect the value of collateral held by the Bank as security for
obligations of Bank members and counterparties to interest rate exchange agreements and similar agreements;
•political events, including legislative developments and executive orders that affect the Bank, its members, counterparties,
and/or investors in the Consolidated obligations (COs) of the FHLBanks;
•competitive forces including, without limitation, other sources of funding available to Bank members, other entities
borrowing funds in the capital markets, and the ability to attract and retain skilled employees;
•the pace of technological change and the ability of the Bank to develop and support technology and information systems,
including the cybersecurity, sufficient to manage the risks of the Bank's business effectively;
•changes in investor demand for COs and/or the terms of interest rate exchange agreements and similar agreements;
•timing and volume of market activity;
•ability to introduce new or adequately adapt current Bank products and services and successfully manage the risks
associated with those products and services, including new types of collateral used to secure advances;
•risk of loss arising from litigation filed against one or more of the FHLBanks;
•realization of losses arising from the Bank's joint and several liability on COs;
•risk of loss due to fluctuations in the housing market;
•inflation or deflation;
•issues and events within the FHLBank System and in the political arena that may lead to legislative, regulatory, judicial, or
other developments or executive orders that may affect the marketability of the COs, the Bank's financial obligations with
respect to COs, and the Bank's ability to access the capital markets;
•the availability of derivative financial instruments of the types and in the quantities needed for risk management purposes
from acceptable counterparties;
•significant business disruptions resulting from natural or other disasters (including, but not limited to, health emergencies
such as pandemics or epidemics), acts of war (including, but not limited to, the war between Ukraine and Russia or the
conflicts in the Middle East), cyberattacks or terrorism;
•the effect of new accounting standards, including the development of supporting systems;
•membership changes, including changes resulting from mergers or changes in the principal place of business of Bank
members;
•the soundness of other financial institutions, including Bank members, nonmember borrowers, other counterparties, and the
other FHLBanks; and
•the willingness of the Bank's members to do business with the Bank whether or not the Bank is paying dividends or
repurchasing excess capital stock.
Risks and other factors could cause actual results of the Bank to differ materially from those implied by any forward-looking
statements. These risk factors are not exhaustive. The Bank operates in changing economic, legislative and regulatory environments,
and new risk factors will emerge from time to time. Management cannot predict such new risk factors nor can it assess the impact, if
any, of such new risk factors on the business of the Bank or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those implied by any forward-looking statements.
Organization of Management's Discussion and Analysis (MD&A).
This MD&A is designed to provide information that will assist the readers in better understanding the FHLBNY's financial
statements, the changes in key items in the Bank's financial statements from period to period and the primary factors driving those
changes as well as how accounting principles affect the FHLBNY's financial statements. The MD&A is organized as follows:
Page
Financial Condition
Advances
Investments
Mortgage Loans Held-for-Portfolio, Net
Debt Financing Activity and Consolidated Obligations
Stockholders' Capital
Derivative Instruments and Hedging Activities
Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt
Results of Operations
Net Income
Net Interest Income, Interest Rate Margin and Interest Rate Spread
Interest Income
Interest Expense
Operating Expenses, Compensation and Benefits, and Other Expenses
Legislative and Regulatory Developments
MD&A TABLE & FIGURE REFERENCE
Table(s) & Figure(s)
Description
Page
Selected Financial Data
1.1
Financial Condition
2.1 - 2.8
Advances
3.1 - 3.8
Investments
4.1 - 4.2
Mortgage Loans
5.1 - 5.11
Consolidated Obligations
6.1 - 6.3
Capital
7.1
Derivatives
8.1 - 8.3
Liquidity
9.1 - 9.12
Results of Operations
This overview of management's discussion and analysis highlights selected information and may not contain all of the information
that is important to readers of this Form 10-Q. For a more complete understanding of events, trends and uncertainties, as well as the
liquidity, capital, credit and market risks, and critical accounting estimates, affecting the Federal Home Loan Bank of New York
(FHLBNY or Bank), this Form 10-Q should be read in its entirety and in conjunction with the Bank's most recent 2025 Form 10-K
filed on March 20, 2026.
Selected Financial Data.
Statements of Condition
(dollars in millions)
September
30, 2026
June 30,
2026
March 31,
2026
December
31, 2025
September
30, 2025
Investments (a)
$65,150
$66,911
$62,892
$60,787
$55,882
Advances
119,669
127,296
110,240
92,307
96,219
Mortgage loans held-for-portfolio, net (b)
2,918
2,761
2,689
2,644
2,560
Total assets
188,655
197,874
176,665
156,545
155,434
Deposits and borrowings
1,966
2,726
1,924
3,090
2,924
Consolidated obligations, net
Bonds
104,967
87,696
66,280
68,467
82,326
Discount notes
71,261
96,790
98,719
76,020
60,973
Total Consolidated obligations
176,228
184,486
164,999
144,487
143,299
Mandatorily redeemable capital stock
AHP liability
Capital
Capital stock
6,725
7,044
6,228
5,411
5,582
Retained earnings
Unrestricted
1,336
1,320
1,306
1,286
1,292
Restricted
1,422
1,390
1,359
1,329
1,303
Total retained earnings
2,758
2,710
2,665
2,615
2,595
Accumulated other comprehensive income (loss)
(103)
(20)
(33)
(11)
(48)
Total capital
9,380
9,734
8,860
8,015
8,129
Equity to asset ratio (c)(j)
4.97
%
4.92
%
5.02
%
5.12
%
5.23
%
Statements of Condition
Three months ended
Nine months ended
Averages (See note below; dollars in millions)
September
30, 2026
June 30,
2026
March 31,
2026
December
31, 2025
September
30, 2025
September
30, 2026
September
30, 2025
Investments (a)
$68,544
$64,567
$60,683
$56,290
$58,281
$64,627
$57,325
Advances
124,732
117,915
102,680
91,750
100,672
115,190
103,448
Mortgage loans held-for-portfolio, net
2,850
2,718
2,670
2,603
2,506
2,747
2,429
Total assets
197,092
186,202
166,912
151,569
162,466
183,512
164,328
Interest-bearing deposits and other
borrowings
2,133
2,307
2,456
2,867
2,801
2,297
2,690
Consolidated obligations, net
Bonds
101,156
70,336
65,328
71,240
87,988
79,071
90,051
Discount notes
82,855
103,079
89,105
68,380
61,900
91,657
61,723
Total Consolidated obligations
184,011
173,415
154,433
139,620
149,888
170,728
151,774
Mandatorily redeemable capital stock
AHP liability
Capital
Capital stock
6,932
6,612
5,877
5,381
5,779
6,477
5,903
Retained earnings
Unrestricted
1,347
1,336
1,313
1,316
1,305
1,332
1,304
Restricted
1,401
1,371
1,340
1,313
1,282
1,371
1,251
Total retained earnings
2,748
2,707
2,653
2,629
2,587
2,703
2,555
Accumulated other comprehensive income
(loss)
(30)
(22)
(28)
(83)
(16)
(83)
Total capital
9,650
9,297
8,533
7,982
8,283
9,164
8,375
Note - Average balance calculation. For most components of the average balances, a daily weighted average balance is calculated
for the period. When daily weighted average balance information is not available, a simple monthly average balance is calculated.
Operating Results and Other Data
Three months ended
Nine months ended
(dollars in millions, except earnings and
dividends per share, and headcount)
September 30,
2026
June 30,
2026
March 31,
2026
December
31, 2025
September
30, 2025
September
30, 2026
September
30, 2025
Net income
$158
$153
$154
$131
$159
$465
$468
Net interest income (d)
Dividends paid in cash (e)
AHP expense
Return on average equity (f)(g)(j)
6.48
%
6.62
%
7.31
%
6.53
%
7.65
%
6.78
%
7.48
%
Return on average assets (g)(j)
0.32
%
0.33
%
0.37
%
0.34
%
0.39
%
0.34
%
0.38
%
Other non-interest income
(loss)
Operating expenses (h)
Voluntary Contributions
Other expenses (k)
Total Operating and Other
expenses
Operating expenses ratio (g)(i)(j)
0.10
%
0.12
%
0.13
%
0.17
%
0.13
%
0.12
%
0.13
%
Earnings per share
$2.26
$2.30
$2.62
$2.45
$2.77
$7.18
$7.94
Dividends per share
$1.67
$1.84
$1.92
$1.92
$1.90
$5.43
$6.07
Headcount (Full/part time)
(a)Investments include trading securities, available-for-sale securities, held-to-maturity securities, grantor trusts owned by the
FHLBNY, securities purchased under agreements to resell, federal funds, loans to other FHLBanks, and other interest-bearing
deposits.
(b)Allowances for credit losses were $4.9 million, $4.3 million, $3.9 million, $3.7 million, and $3.5 million for the periods ended
September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
(c)Equity to asset ratio is Capital stock plus Retained earnings and Accumulated other comprehensive income (loss) as a percentage
of Total assets.
(d)Net interest income is before the provision for credit losses on mortgage loans.
(e)Excludes dividends accrued to non-members classified as interest expense under the accounting standards for certain financial
instruments with characteristics of both liabilities and equity.
(f)Return on average equity is net income as a percentage of average Capital Stock plus average retained earnings and average
Accumulated other comprehensive income (loss).
(g)Annualized.
(h)Operating expenses include Compensation and Benefits.
(i)Operating expenses as a percentage of Total average assets.
(j)All percentage calculations are performed using amounts in thousands and may not agree if calculations are performed using
amounts in millions.
(k)Other expenses include Finance Agency and Office of Finance expenses.
Financial Condition
Table 1.1 Statements of Condition - Period-Over-Period Comparison
(Dollars in thousands)
September 30, 2026
December 31, 2025
Net change in dollar
amount
Net change in
percentage
Assets
Cash and due from banks
$76,249
$38,192
$38,057
99.65
%
Interest-bearing deposits
3,730,000
2,960,000
770,000
26.01
Securities purchased under agreements to resell
12,955,000
15,950,000
(2,995,000)
(18.78)
Federal funds sold
13,825,000
11,550,000
2,275,000
19.70
Trading securities
9,459,131
7,387,187
2,071,944
28.05
Equity Investments
105,049
103,707
1,342
1.29
Available-for-sale securities
12,799,752
12,345,845
453,907
3.68
Held-to-maturity securities
12,276,399
10,490,167
1,786,232
17.03
Advances
119,668,944
92,306,684
27,362,260
29.64
Mortgage loans held-for-portfolio
2,918,011
2,644,449
273,562
10.34
Accrued interest receivable
662,461
523,973
138,488
26.43
Premises, software, and equipment
77,444
84,524
(7,080)
(8.38)
Operating lease right-of-use assets
40,207
44,289
(4,082)
(9.22)
Finance lease right-of-use assets
1,178
1,532
(354)
(23.11)
Derivative assets
52,312
99,548
(47,236)
(47.45)
Other assets
7,578
14,896
(7,318)
(49.13)
Total assets
$188,654,715
$156,544,993
$32,109,722
20.51
%
Liabilities
Deposits
Interest-bearing demand
$1,944,840
$3,071,958
$(1,127,118)
(36.69)
%
Non-interest-bearing demand
21,109
18,003
3,106
17.25
Total deposits
1,965,949
3,089,961
(1,124,012)
(36.38)
Consolidated obligations
Bonds
104,967,394
68,466,741
36,500,653
53.31
Discount notes
71,261,091
76,019,517
(4,758,426)
(6.26)
Total Consolidated obligations
176,228,485
144,486,258
31,742,227
21.97
Mandatorily redeemable capital stock
7,676
7,585
1.20
Accrued interest payable
597,939
470,265
127,674
27.15
Affordable Housing Program
256,047
247,824
8,223
3.32
Derivative liabilities
4,199
4,097
2.49
Other liabilities
162,935
167,633
(4,698)
(2.80)
Operating lease liabilities
49,901
54,696
(4,795)
(8.77)
Finance lease liabilities
1,222
1,571
(349)
(22.22)
Total liabilities
179,274,353
148,529,890
30,744,463
20.70
Capital
9,380,362
8,015,103
1,365,259
17.03
Total liabilities and capital
$188,654,715
$156,544,993
$32,109,722
20.51
%
Balance Sheet overview September 30, 2026 and December 31, 2025
Total assets - Total assets increased to $188.6 billion at September 30, 2026, from $156.5 billion at December 31, 2025, an increase
of $32.1 billion, or 20.5%. Total assets increased primarily due to a $27.4 billion increase in advances, a $2.3 billion increase in
federal funds sold, and a $2.1 billion increase in trading securities, partially offset by a $3.0 billion decrease in securities purchased
under agreements to resell.
Advances - Par balances increased at September 30, 2026 to $120.5 billion, compared to $92.5 billion at December 31, 2025. Short-
term fixed-rate advances increased by 28.0% to $21.7 billion at September 30, 2026, up from $17.0 billion at December 31, 2025.
ARC advances, which are adjustable-rate borrowings, increased by 68.3% to $39.2 billion at September 30, 2026, compared to $23.3
billion at December 31, 2025. The increase in advances was driven primarily by increased activity from one large bank, two insurance
companies, and one regional bank member. Growth reflected higher advance utilization as members bolstered short-term liquidity
positions ahead of quarter-end and managed deposit outflows.
Long-term investment debt securities - Long-term investment debt securities are designated as available-for-sale or held-to-
maturity. Our investment profile primarily consists of GSE and Agency-issued (GSE-issued) securities.
The AFS portfolio increased by $0.5 billion, or 3.7% for the nine months ended September 30, 2026. We acquired $1.6 billion (par) of
fixed-rate GSE-issued MBS in the first three quarters of 2026 of which $1.0 billion (par) was acquired in the third quarter of 2026.
The HTM portfolio increased by $1.8 billion, or 17.0% for the nine months ended September 30, 2026. We acquired $3.1 billion (par)
of floating-rate GSE-issued MBS in the first three quarters of 2026 of which $0.6 billion (par) was acquired in the third quarter of
2026. We acquired $0.2 billion (par) of fixed-rate GSE-issued MBS in the third quarter of 2026.
Trading securities (liquidity portfolio) - The objective of the trading portfolio is to help meet short-term contingency liquidity needs.
During the current year period, we continued to invest in highly liquid U.S. Treasury securities. Trading investments are carried at fair
value, with changes recorded through earnings.
Trading securities increased by $2.1 billion, or 28.1% for the nine months ended September 30, 2026.
We will periodically evaluate our liquidity needs and may add to or dispose of these liquidity investments as deemed prudent based on
liquidity and market conditions. The Finance Agency prohibits speculative trading practices but allows permitted securities to be
deemed held for liquidity if invested in a trading portfolio.
Mortgage loans held-for-portfolio - Mortgage loans are investments in Mortgage Partnership Finance Program and Mortgage Asset
Program. In the third quarter of 2026, the Bank began purchasing participations in MPF loans with the FHLBank of Chicago. As of
September 30, 2026 the Bank had $0.6 million of funded loans under this program. Unpaid principal balance of MPF loans stood at
$1.3 billion at September 30, 2026, a decrease of $101.8 million from the balance at December 31, 2025. Loans are primarily fixed-
rate, single-family mortgages acquired through the MPF Program. Unpaid principal balance of MAP loans stood at $1.5 billion at
September 30, 2026, an increase of $368.7 million from the balance at December 31, 2025. Paydowns for the total portfolio for the
nine months ended September 30, 2026 were $208.3 million compared to $149.1 million for the same period in 2025. Acquisitions for
the nine months ended September 30, 2026 were $490.1 million compared to $367.0 million for the same period in 2025.
Total liabilities - Total liabilities increased to $179.3 billion at September 30, 2026, from $148.5 billion at December 31, 2025, an
increase of $30.7 billion, or 20.7%. Total liabilities increased primarily due to a $31.7 billion, or 22.0%, increase in Consolidated
obligations as a result of increased funding and liquidity needs during the period.
Capital ratios - Our capital position remains strong. Actual risk-based capital was $9.5 billion and $8.0 billion for the periods ending
September 30, 2026 and December 31, 2025, respectively. Required risk-based capital was $1.3 billion at September 30, 2026 and
$1.1 billion at December 31, 2025. To support $188.7 billion of total assets at September 30, 2026, the minimum required total capital
was $7.5 billion or 4.0% of assets. Our actual regulatory risk-based capital was $9.5 billion, exceeding required total capital by $2.0
billion. These ratios have remained consistently above the required regulatory ratios through all periods in this report. For more
information, see financial statements,Note 14. Capital Stock and Mandatorily Redeemable Capital Stock.
Leverage - On September 30, 2026, balance sheet leverage (based on U.S. GAAP) was 20.1 times shareholders' equity, compared to
19.5 times at December 31, 2025. Balance sheet leverage has generally remained steady over the last several years, although from time
to time we have maintained excess liquidity in highly liquid investments, or cash balances at the Federal Reserve Bank of New York
(FRBNY) to meet unexpected member demand for funds. Increases or decreases in investments have a direct impact on leverage, but
generally growth in or shrinkage of advances does not significantly impact balance sheet leverage under existing capital stock
management practices. Members are required to purchase activity-based capital stock to support their borrowings from us, and when
activity-based capital stock is in excess of the amount that is required to support advance borrowings, we redeem the excess capital
stock immediately. Therefore, stockholders' capital increases and decreases with members' advance borrowings, and the capital to
asset ratio remains relatively unchanged.
Liquidity - Our liquidity position remains strong, and in compliance with all regulatory requirements, and we do not foresee any
changes to that position. In addition to the liquidity trading portfolio discussed previously, liquid assets at September 30, 2026
included $18.0 million as demand cash balances at the FRBNY, $26.8 billion in short-term and overnight investments in the federal
funds and resale agreements, $10.6 billion of high credit quality GSE-issued available-for-sale securities that are investment grade and
readily marketable and $540.8 million of available-for-sale U.S. Treasury securities.
We also have other regulatory liquidity measures in place, including deposit liquidity and operational liquidity, and other liquidity
buffers.
For more information about our liquidity measures, see section Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt,
and Table 8.1 through Table 8.3 in this MD&A.
Advances
Carrying values of advances outstanding were $119.7 billion at September 30, 2026 and $92.3 billion at December 31, 2025. Carrying
values included cumulative hedging basis adjustment losses of $0.8 billion at September 30, 2026 and $0.1 billion at December 31,
2025.
Table 2.1 Advance Trends
Advances - Product Types
The following table summarizes par values of advances by product type (dollars in thousands):
Table 2.2 Advances by Product Type
September 30, 2026
December 31, 2025
Amounts
Percentage
of Total
Amounts
Percentage
of Total
Adjustable Rate Credit - ARCs
$39,247,000
32.58
%
$23,317,000
25.22
%
Fixed Rate Advances
53,976,698
44.81
46,988,911
50.81
Short-Term Advances
21,748,553
18.05
16,984,886
18.37
Mortgage Matched Advances
269,206
0.22
319,608
0.35
Overnight & Line of Credit (OLOC) Advances
3,638,564
3.02
3,036,265
3.28
All other categories
1,589,265
1.32
1,819,734
1.97
Total par value
120,469,286
100.00
%
92,466,404
100.00
%
Advance discounts
(12,508)
(10,491)
Hedge valuation basis adjustments
(787,834)
(149,229)
Total
$119,668,944
$92,306,684
Member Pledged Collateral
The following table summarizes pledged collateral (in thousands):
Table 2.3 Collateral Supporting Indebtedness to Members
Indebtedness
Collateral (a)
Advances (b)
Other
Obligations (c)
Total
Indebtedness
Loans (d)
Securities and
Deposits (d)
Total (d)
September 30, 2026
$120,469,286
$26,743,284
$147,212,570
$378,803,162
$74,193,426
$452,996,588
December 31, 2025
$92,466,404
$24,190,019
$116,656,423
$379,482,484
$66,900,291
$446,382,775
(a)The level of over-collateralization is on an aggregate basis and may not necessarily be indicative of a similar level of over-
collateralization on an individual member basis. At a minimum, each member pledged sufficient collateral to adequately secure
the member's outstanding obligation with the FHLBNY. In addition, most members maintain an excess amount of pledged
collateral with the FHLBNY to secure future liquidity needs.
(b)Par value.
(c)Standby financial letters of credit, derivatives, and members' credit enhancement guarantee amount.
(d)Estimated market value.
The following table shows the breakdown of collateral pledged by members between those in the physical possession of the FHLBNY
or its safekeeping agent, and those that were specifically listed (in thousands):
Table 2.4 Location of Collateral Held
Estimated Market Values
Collateral in
Physical Possession
Collateral
Specifically Listed
Total Collateral
Received
September 30, 2026
$74,745,175
$378,251,413
$452,996,588
December 31, 2025
$68,180,070
$378,202,705
$446,382,775
Advances - Interest Rate Terms
The following table summarizes interest-rate payment terms for advances (dollars in thousands):
Table 2.5 Advances by Interest-Rate Payment Terms
September 30, 2026
December 31, 2025
Amounts
Percentage
of Total
Amounts
Percentage
of Total
Fixed-rate (a)
$80,273,849
66.63
%
$68,426,404
74.00
%
Variable-rate (b)
40,195,000
33.37
24,040,000
26.00
Overdrawn demand deposit accounts
-
-
-
Total par value
120,469,286
100.00
%
92,466,404
100.00
%
Advance discounts
(12,508)
(10,491)
Hedge valuation basis adjustments
(787,834)
(149,229)
Total
$119,668,944
$92,306,684
(a)Fixed-rate borrowings remained the largest category of advances borrowed by members and includes long-term and short-term
fixed-rate advances. Long-term advances remain a small segment of the portfolio at September 30, 2026, with only 1.4% of
advances in the remaining maturity bucket of greater than 5 years (2.1% at December 31, 2025). For more information, see
financial statements Note 9. Advances.
(b)Variable-rate advances are ARC advances indexed to SOFR-OIS, Federal Funds-OIS or other benchmark indices. The
FHLBNY's larger members are generally borrowers of variable-rate advances.
The following table summarizes Redemption Term of advances (dollars in thousands):
Table 2.6 Advances by Redemption Term
September 30, 2026
December 31, 2025
Change
Redemption Term (dollars in thousands)
Amount
Percentage
Amount
Percentage
Amount
Percentage
Fixed-rate
Due in 1 year or less
$56,801,625
47.15
%
$44,984,380
48.65
%
$11,817,245
26.27
%
Due after 1 year through 3 years
13,197,365
10.95
14,772,665
15.98
(1,575,300)
(10.66)
Due after 3 years through 5 years
8,539,895
7.09
6,131,164
6.63
2,408,731
39.29
Due after 5 years through 15 years
594,258
0.49
687,087
0.74
(92,829)
(13.51)
Total principal amount
79,133,143
65.68
66,575,296
72.00
12,557,847
18.86
Fixed-rate, putable
Due in 1 year or less
102,000
0.08
111,000
0.12
(9,000)
(8.11)
Due after 1 year through 3 years
392,000
0.33
427,500
0.46
(35,500)
(8.30)
Due after 3 years through 5 years
332,000
0.28
703,500
0.76
(371,500)
(52.81)
Due after 5 years through 15 years
45,500
0.04
289,500
0.31
(244,000)
(84.28)
Total principal amount
871,500
0.73
1,531,500
1.65
(660,000)
(43.10)
Variable-rate
Due in 1 year or less
12,610,000
10.47
19,862,000
21.48
(7,252,000)
(36.51)
Due after 1 year through 3 years
2,260,000
1.88
2,053,000
2.22
207,000
10.08
Due after 3 years through 5 years
1,325,000
1.10
1,125,000
1.22
200,000
17.78
Due after 5 years through 15 years
1,000,000
0.83
1,000,000
1.08
-
-
Total principal amount
17,195,000
14.28
24,040,000
26.00
(6,845,000)
(28.47)
Variable-rate, callable or prepayable
Due in 1 year or less
-
-
-
-
-
-
Due after 1 year through 3 years
23,000,000
19.09
-
-
23,000,000
NM
Due after 3 years through 5 years
-
-
-
-
-
-
Due after 5 years through 15 years
-
-
-
-
-
-
Total principal amount
23,000,000
19.09
-
-
23,000,000
NM
Other (a)
Due in 1 year or less
77,462
0.06
76,228
0.08
1,234
1.62
Due after 1 year through 3 years
182,959
0.15
208,261
0.23
(25,302)
(12.15)
Due after 3 years through 5 years
6,942
0.01
33,116
0.04
(26,174)
(79.04)
Due after 5 years through 15 years
1,843
-
2,003
-
(160)
(7.99)
Total principal amount
269,206
0.22
319,608
0.35
(50,402)
(15.77)
Overdrawn and overnight deposit
accounts
-
-
-
NM
Total principal amount advances
120,469,286
100.00
%
92,466,404
100.00
%
28,002,882
30.28
%
Other adjustments, net (b)
(800,342)
(159,720)
(640,622)
Total advances
$119,668,944
$92,306,684
$27,362,260
NM - Not meaningful.
(a)Includes hybrid, fixed-rate amortizing/mortgage matched, convertible, callable or prepayable, and other advances.
(b)Consists of hedging valuation basis adjustments and unamortized premiums, discounts, and commitment fees.
Hedge volume - We hedge advances under the hedge accounting provisions when they qualify under those standards and as
economic hedges when hedge effectiveness accounting provisions cannot be established.
The following table summarizes advances hedged under ASC 815 qualifying hedge by type of structure (in thousands):
Table 2.7 Hedged Advances by Type
Par Amount
September 30, 2026
December 31, 2025
Qualifying hedges
Fixed-rate bullets
$66,846,807
$57,231,100
Fixed-rate putable
871,500
1,531,500
Fixed-rate with embedded cap
80,000
80,000
Total qualifying hedges
$67,798,307
$58,842,600
Aggregate par amount of advances hedged
$67,798,307
$59,309,100
Fair value basis (hedging adjustments)
$(787,834)
$(149,229)
Putable and Callable Advances - The following table summarizes par amounts of advances that were still putable or callable, with
one or more pre-determined option exercise dates remaining (in thousands):
Table 2.8 Putable and Callable Advances
Advances
Par Amount
September 30, 2026
December 31, 2025
Putable
$871,500
$1,531,500
Callable
$23,000,000
$-
No-longer putable/callable
$377,000
$221,000
Investments
The following table summarizes changes in investments by categories: Interest-bearing deposits, Money market investments, Trading
securities, Equity investments in Grantor trusts, Available-for-sale securities, and Held-to-maturity securities (Carrying values, dollars
in thousands):
Table 3.1 Investments by Categories
September 30,
2026
December 31,
2025
Dollar
Variance
Percentage
Variance
State and local housing finance agency obligations, net (a)
Available-for-sale securities, at fair value
$1,667,158
$1,664,523
$2,635
0.16
%
Held-to-maturity securities, at carrying value, net
172,059
151,604
20,455
13.49
Total HFA securities
1,839,217
1,816,127
23,090
1.27
U.S. Treasury notes, available-for-sale at fair value
540,802
560,272
(19,470)
(3.48)
Trading securities (b)
9,459,131
7,387,187
2,071,944
28.05
Mortgage-backed securities
Available-for-sale securities, at fair value
10,591,792
10,121,050
470,742
4.65
Held-to-maturity securities, at carrying value, net
12,104,340
10,338,563
1,765,777
17.08
Total MBS securities
22,696,132
20,459,613
2,236,519
10.93
Equity investments in Grantor trusts
105,049
103,707
1,342
1.29
Interest-bearing deposits
3,730,000
2,960,000
770,000
26.01
Securities purchased under agreements to resell
12,955,000
15,950,000
(2,995,000)
(18.78)
Federal funds sold
13,825,000
11,550,000
2,275,000
19.70
Total Investments
$65,150,331
$60,786,906
$4,363,425
7.18
%
(a)We acquired $25.0 million of HTM State and local housing finance agency bonds for the nine months ended September 30, 2026.
Paydowns from the HTM portfolio were $4.5 million and paydowns from the AFS portfolio were $1.0 million for the same period.
(b)We acquired $5.5 billion and sold $2.4 billion par of U.S. Treasury securities in the nine months ended September 30, 2026.
The following table summarizes our investment debt securities issuer concentration (dollars in thousands):
Table 3.2 Investment Debt Securities Issuer Concentration
September 30, 2026
December 31, 2025
Long Term Investment (a)
Carrying (b)
Value
Fair value
Carrying value
as a Percentage
of Capital
Carrying (b)
Value
Fair Value
Carrying value
as a Percentage
of Capital
MBS
Fannie Mae
$2,825,741
$2,780,479
30.12
%
$2,107,351
$2,106,342
26.29
%
Freddie Mac
19,865,982
19,642,038
211.78
18,347,280
18,247,320
228.91
Ginnie Mae
4,408
4,408
0.05
4,982
4,982
0.06
Non-MBS, net (c)
2,380,020
2,375,349
25.37
2,376,399
2,371,581
29.65
Total Investment Debt Securities
$25,076,151
$24,802,274
267.32
%
$22,836,012
$22,730,225
284.91
%
Categorized as:
Available-for-Sale Securities
$12,799,752
$12,799,752
$12,345,845
$12,345,845
Held-to-Maturity Securities,
net
$12,276,399
$12,002,522
$10,490,167
$10,384,380
(a)Excludes Trading portfolio.
(b)Carrying values include fair values for AFS securities.
(c)
Non-MBS - Includes Housing finance agency bonds and U.S. Government securities.
The following tables summarize external rating information of the held-to-maturity portfolio (carrying values in thousands):
Table 3.3 External Rating of the Held-to-Maturity Portfolio
September 30, 2026
AAA-rated
AA-rated
A-rated
BBB-rated
Below Investment
Grade
Total
Mortgage-backed securities
$-
$12,104,340
$-
$-
$-
$12,104,340
State and local housing finance agency
obligations
-
172,059
-
-
-
172,059
Total Long-term securities
$-
$12,276,399
$-
$-
$-
$12,276,399
December 31, 2025
AAA-rated
AA-rated
A-rated
BBB-rated
Below Investment
Grade
Total
Mortgage-backed securities
$-
$10,338,563
$-
$-
$-
$10,338,563
State and local housing finance agency
obligations
-
151,604
-
-
-
151,604
Total Long-term securities
$-
$10,490,167
$-
$-
$-
$10,490,167
The following tables summarize external rating information of the AFS portfolio (the carrying values of AFS investments are at fair
values; in thousands):
Table 3.4 External Rating of the Available-for-Sale Portfolio
September 30, 2026
AAA-rated
AA-rated
A-rated
BBB-rated
Below Investment
Grade
Total
Mortgage-backed securities
$-
$10,591,792
$-
$-
$-
$10,591,792
Housing and U.S. Obligations
154,005
2,053,955
-
-
-
2,207,960
Total Long-term securities
$154,005
$12,645,747
$-
$-
$-
$12,799,752
December 31, 2025
AAA-rated
AA-rated
A-rated
BBB-rated
Below Investment
Grade
Total
Mortgage-backed securities
$-
$10,121,050
$-
$-
$-
$10,121,050
Housing and U.S. Obligations
154,129
2,070,666
-
-
-
2,224,795
Total Long-term securities
$154,129
$12,191,716
$-
$-
$-
$12,345,845
Weighted average rates - Mortgage-backed securities (HTM and AFS) - The following table summarizes weighted average rates
(yields) and amortized cost by contractual maturities (dollars in thousands):
Table 3.5 Mortgage-Backed Securities Weighted Average Rates by Contractual Maturities
September 30, 2026
December 31, 2025
Amortized
Cost
Weighted
Average Rate (a)
Amortized
Cost
Weighted
Average Rate (a)
Mortgage-backed securities
Due in one year or less
$1,428,185
3.33
%
$1,407,215
3.04
%
Due after one year through five years
6,943,112
3.05
6,914,188
3.21
Due after five years through ten years
9,010,542
3.94
8,230,958
3.69
Due after ten years
5,439,280
4.39
3,940,067
4.43
Total Mortgage-backed securities
$22,821,119
3.74
%
$20,492,428
3.62
%
(a)Average yields are derived by dividing interest income by the average amortized cost balances of the related maturity bucket.
A significant portion of the MBS portfolio consists of floating-rate securities and the weighted average rates will change in tandem
with changes in the SOFR-OIS.
Fair Value Hedges of Fixed-rate Available-for-sale Mortgage-backed Securities
The Bank has adopted the partial-term hedging guidance within ASC 815, Derivatives and Hedging. This guidance allows the hedging
of only the benchmark interest rate component, rather than the entire coupon, for fixed-rate instruments in a fair value hedge. The
Bank has applied this guidance to hedge designated available-for-sale fixed-rate CMBS. The following table summarizes key data (in
thousands):
Table 3.6 Fair Value Hedges of Fixed-Rate Prepayable CMBS
Fair Value Hedges of Fixed-Rate Prepayable CMBS
September 30, 2026
December 31, 2025
Current face value of hedged CMBS
$10,345,003
$8,800,492
Partial-term hedge face value of hedged CMBS
$9,440,000
$7,985,000
Cumulative basis adjustment gains (losses) (a)
$(820,769)
$(363,915)
Interest rate swap contracts (par)
$9,440,000
$7,985,000
(a)Cumulative basis adjustment gains (losses) at September 30, 2026 and December 31, 2025 included immaterial balances of
unamortized basis as a result of de-designation hedges.
Short-term investments
The following table summarizes par value, amortized cost and the carrying value (fair value) of the trading portfolio (in thousands):
Table 3.7 Trading Securities
Trading Securities
September 30, 2026
December 31, 2025
Par value
$9,670,925
$7,550,925
Amortized cost
$9,646,801
$7,483,249
Carrying/Fair value
$9,459,131
$7,387,187
The following table summarizes economic hedges of fixed-rate trading securities held for liquidity (in thousands):
Table 3.8 Economic Hedges of Fixed-rate Liquidity Trading Securities
Economic Hedges of Fixed-Rate
Trading Securities
September 30, 2026
December 31, 2025
Par/Face amounts of portfolio of U.S. Treasury fixed-rate securities (a)
$9,670,925
$7,550,925
Par amounts of interest rate swaps
$9,640,208
$7,523,057
(a)Balances represent outstanding amounts of U.S. Treasury securities.
Mortgage Loans Held-for-Portfolio, Net
Mortgage loans are carried in the Statements of Condition at amortized cost, less allowance for credit losses. The outstanding unpaid
principal balance was $2.9 billion at September 30, 2026, an increase of $266.9 million (net of acquisitions and paydowns) from the
balance at December 31, 2025. Mortgage loan balances increased due to an increase in acquisitions. During 2026, the Bank purchased
$490.1 million of mortgage loans from members and paydowns were $208.3 million. Serious delinquencies at September 30, 2026
were slightly lower than December 31, 2025. Allowance for credit losses were $4.9 million at September 30, 2026 compared to $3.7
million at December 31, 2025.
Loan and PFI Concentration - Loan concentration was in New York State, as many of the largest PFIs are located in New York. The
tables below summarize concentrations - Geographic and PFI.
Table 4.1 Geographic Concentration of Mortgage Loans
September 30, 2026
December 31, 2025
Number of
loans
Amounts
outstanding
Number of
loans
Amounts
outstanding
New York State
71.9
%
67.2
%
69.2
%
62.3
%
New Jersey State
18.1
%
21.5
%
20.3
%
25.4
%
Table 4.2 Top Five Participating Financial Institutions - Concentration (par value, dollars in thousands):
September 30, 2026
Mortgage Loans
Percent of Total
Mortgage Loans
The Lyons National Bank
$305,046
10.64
%
OceanFirst Bank
246,829
8.61
FourLeaf Federal Credit Union
242,104
8.45
Teachers Federal Credit Union
163,948
5.72
Manasquan Bank
123,578
4.31
All Others
1,784,508
62.27
Total
$2,866,013
100.00
%
December 31, 2025
Mortgage Loans
Percent of Total
Mortgage Loans
OceanFirst Bank
$276,575
10.64
%
The Lyons National Bank
205,238
7.90
Teachers Federal Credit Union
160,259
6.17
Manasquan Bank
125,701
4.84
FourLeaf Federal Credit Union
119,448
4.60
All Others
1,711,936
65.85
Total
$2,599,157
100.00
%
Debt Financing Activity and Consolidated Obligations
Our primary source of funds continues to be the issuance of Consolidated obligation bonds and discount notes. In aggregate, carrying
balances of CO bonds and CO discount notes were $176.2 billion and $144.5 billion at September 30, 2026 and December 31, 2025,
respectively. The carrying value of Consolidated obligation bonds was $105.0 billion (par, $105.2 billion) at September 30, 2026,
compared to $68.5 billion (par, $68.4 billion) at December 31, 2025. The carrying value of Consolidated obligation discount notes
outstanding was $71.3 billion at September 30, 2026 and $76.0 billion at December 31, 2025.
Debt Ratings - A FHLBank's ability to access the capital markets to issue debt, as well as our cost of funds, is dependent on credit
ratings from Nationally Recognized Statistical Rating Organizations. Consolidated obligations of FHLBanks are rated Aa1/P-1 by
Moody's Ratings (Moody's), and AA+/A-1+ by S&P.
Joint and Several Liability - Although we are primarily liable for our portion of Consolidated obligations (i.e. those issued on our
behalf), we are also jointly and severally liable with the other FHLBanks for the payment of principal and interest on the Consolidated
obligations of all the FHLBanks. For more information, see financial statements, Note 19. Commitments and Contingencies.
Consolidated obligation bonds
The following table summarizes types of Consolidated obligation bonds (CO Bonds) issued and outstanding (dollars in thousands):
Table 5.1 CO Bonds by Type
September 30, 2026
December 31, 2025
Amount
Percentage
of Total
Amount
Percentage
of Total
Fixed-rate, non-callable
$15,086,395
14.34
%
$22,142,355
32.37
%
Fixed-rate, callable
15,017,800
14.28
15,927,800
23.28
Step Up, callable
455,000
0.43
1,132,000
1.65
Step Down, callable
52,000
0.05
52,000
0.08
Floating rate, callable
2,120,000
2.02
25,000
0.04
Single-index floating rate
72,447,400
68.88
29,129,500
42.58
Total par value
$105,178,595
100.00
%
$68,408,655
100.00
%
Bond premiums
32,371
42,461
Bond discounts
(19,353)
(18,008)
Hedge valuation basis adjustments (a)
(310,447)
(51,438)
Hedge basis adjustments on de-designated hedges
86,533
92,610
FVO - valuation adjustments and accrued interest
(305)
(7,539)
Total Consolidated obligation bonds
$104,967,394
$68,466,741
.
(a)Hedging valuation basis adjustments - The application of ASC 815 accounting methodology resulted in the recognition of net
cumulative hedge valuation basis gains of $0.3 billion at September 30, 2026 and $0.1 billion at December 31, 2025. Generally,
hedge valuation basis gains and losses are unrealized and are expected to reverse to zero if the CO bonds are held to maturity or
are called on the early option exercise dates.
Fair value basis and valuation adjustments - Key determinants are factors such as run-offs and new transactions designated under
an ASC 815 hedge or elected under the FVO, the forward swap curve, the volatility of the swap rates, and the remaining duration to
maturity. For CO bonds elected under the FVO, the changes in the spread between the swap rate and the Consolidated obligation
debt yields, and changes in interest payable, which is also a component of the entire fair value of FVO CO bonds.
The following table provides information on CO bonds in an ASC 815 qualifying hedge relationship (in thousands):
Table 5.2 CO Bonds Hedged under Qualifying Fair Value Hedges
Consolidated Obligation Bonds
Par Amount
September 30, 2026
December 31, 2025
Qualifying hedges
Fixed-rate bullet bonds
$8,908,910
$14,739,580
Fixed-rate callable bonds
13,223,800
15,509,800
Total qualifying fair value hedges
$22,132,710
$30,249,380
The following table provides information on CO bonds elected under the fair value option (in thousands):
Table 5.3 CO Bonds Elected under the Fair Value Option (FVO)
Consolidated Obligation Bonds
Par Amount
September 30, 2026
December 31, 2025
Bonds designated under FVO
$124,565
$564,405
The following table provides information on CO bonds in an economic hedge relationship (in thousands):
Table 5.4 Economic Hedges of CO Bonds (data in table excludes CO bonds elected under the FVO)
Consolidated Obligation Bonds
Par Amount
September 30, 2026
December 31, 2025
Bonds designated as economically hedged
Floating-rate bonds
$20,000
$-
Fixed-rate bonds
$385,000
$200,000
CO Bonds - Maturity or Next Call Date
Callable bonds contain an exercise date or a series of exercise dates that may result in a shorter redemption period. The following table
summarizes par amounts of Consolidated bonds outstanding by years to maturity or next call date (dollars in thousands):
Table 5.5 CO Bonds - Maturity or Next Call Date
September 30, 2026
December 31, 2025
Amount
Percentage of
Total
Amount
Percentage of
Total
Year of maturity or next call date (a)
Due or callable in one year or less
$72,162,045
68.61
%
$49,083,920
71.75
%
Due or callable after one year through two years
23,746,390
22.58
12,350,470
18.05
Due or callable after two years through three years
5,746,265
5.46
3,870,565
5.66
Due or callable after three years through four years
1,132,495
1.08
1,115,850
1.63
Due or callable after four years through five years
571,400
0.54
292,450
0.43
Thereafter
1,820,000
1.73
1,695,400
2.48
Total par value
$105,178,595
100.00
%
$68,408,655
100.00
%
(a)Contrasting Consolidated obligation bonds by contractual maturity dates (see financial statements,Note 12. Consolidated
obligations - Redemption Terms of Consolidated obligation Bonds) with potential call dates (as reported in table above)
illustrates the impact of hedging on the effective duration of the bond. With a callable bond, we have purchased the option to
terminate debt at agreed upon dates from investors. The call options are exercisable as either a one-time option or quarterly. Our
current practice is to exercise our option to call a bond when the swap counterparty exercises its option to call the cancellable
swap hedging the callable bond. Thus, issuance of a callable bond with an associated callable swap significantly alters the
contractual maturity characteristics of the original bond and introduces the possibility of an exercise call date that is significantly
shorter than the contractual maturity.
The following table summarizes callable bonds versus non-callable CO bonds outstanding (par amounts, in thousands):
Table 5.6 Outstanding Callable CO Bonds versus Non-callable CO bonds
September 30, 2026
December 31, 2025
Callable
$17,644,800
$17,136,800
Non-Callable
$87,533,795
$51,271,855
CO Discount Notes
The following table summarizes CO discount notes issued and outstanding (dollars in thousands):
Table 5.7 Discount Notes Outstanding
September 30, 2026
December 31, 2025
Par value
$71,736,487
$76,476,004
Amortized cost
$71,295,789
$76,011,550
Hedge value basis adjustments (a)
(34,113)
(7,377)
Hedge basis adjustments on de-designated hedges
(585)
(107)
FVO - valuation adjustments and remaining accretion
-
15,451
Total Consolidated obligation discount notes
$71,261,091
$76,019,517
Weighted average interest rate
3.76
%
3.76
%
(a)Notional amounts of $52.9 billion and $69.8 billion were hedged under ASC 815 qualifying fair value hedges at September 30,
2026 and December 31, 2025, respectively.
The following table summarizes fair value hedges of discount notes (in thousands):
Table 5.8 Fair Value Hedges of Discount Notes
Consolidated Obligation Discount Notes
Principal Amount
September 30, 2026
December 31, 2025
Discount notes hedged under qualifying hedge
$52,936,683
$69,840,769
The following table summarizes economic hedges of discount notes (in thousands):
Table 5.9 Economic Hedges of Discount Notes
Consolidated Obligation Discount Notes
Par Amount
September 30, 2026
December 31, 2025
Discount notes designated as economic hedges
$4,381,544
$1,581,960
The following table summarizes discount notes elected and outstanding under the FVO (in thousands):
Table 5.10 Discount Notes under the Fair Value Option (FVO)
Consolidated Obligation Discount Notes
Par Amount
September 30, 2026
December 31, 2025
Discount notes designated under FVO (a)
$-
$562,507
(a)No discount notes elected under the FVO were outstanding at September 30, 2026.
The following table summarizes cash flow hedges of discount notes (in thousands):
Table 5.11 Cash Flow Hedges of Discount Notes
Consolidated Obligation Discount Notes
Principal Amount
September 30, 2026
December 31, 2025
Discount notes hedged under qualifying hedge (a)
$1,072,000
$1,367,000
(a)Amounts represent discounts notes issued in cash flow "rollover" hedge strategies that hedged the variability of 91-day discount
notes issued in sequence. The maximum length of time over which we are hedging this exposure is 6 years. In this strategy, the
discount note expense, which resets every 91 days, is synthetically converted to fixed cash flows over the hedge periods, thereby
achieving hedge objectives. For more information, see financial statements, Cash flow hedge gains and losses in Note 17.
Derivatives and Hedging Activities.
Stockholders' Capital
The following table summarizes the components of Stockholders' capital (in thousands):
Table 6.1 Stockholders' Capital
September 30, 2026
December 31, 2025
Capital Stock (a)
$6,725,683
$5,411,075
Unrestricted retained earnings (b)
1,336,228
1,286,417
Restricted retained earnings (c)
1,421,689
1,328,728
Accumulated other comprehensive income (loss)
(103,238)
(11,117)
Total Capital
$9,380,362
$8,015,103
(a)Stockholders' Capital - Capital stock increased in line with the increase in advances borrowed. When an advance matures or is
prepaid, the excess capital stock is repurchased by the FHLBNY. When an advance is borrowed or a member joins the FHLBNY's
membership, the member is required to purchase capital stock.
(b)Unrestricted retained earnings - Net income is added to this balance. Dividends are paid out of this balance. Funds are
transferred to Restricted retained earnings balances as mandated by the FHLBank Joint Capital Enhancement Agreement
(Capital Agreement).
(c)Restricted retained earnings - Restricted retained earnings balance at September 30, 2026 has grown to $1.4 billion from the
time the provisions were implemented in 2011 when the FHLBanks, including the FHLBNY, agreed to set up a restricted retained
earnings account. The FHLBNY will allocate at least 20% of its net income to the FHLBNY's Restricted retained earnings
account until the balance of the account equals at least 1% of FHLBNY's average balance of outstanding Consolidated
obligations for the current calendar quarter. By way of reference, the Restricted retained earnings target calculated at
September 30, 2026 was $1.8 billion based on the FHLBNY's average Consolidated obligations outstanding during the current
calendar quarter, as compared to actual Restricted retained earnings of $1.4 billion at September 30, 2026. Also see Note 14.
Capital Stock and Mandatorily Redeemable Capital Stock.
The following table summarizes the components of AOCI (in thousands):
Table 6.2 Accumulated Other Comprehensive Income (Loss) (AOCI)
September 30, 2026
December 31, 2025
Accumulated other comprehensive income (loss)
Net market value unrealized gains (losses) on available-for-sale securities
$(958,197)
$(395,395)
Net Fair value hedging gains (losses) on available-for-sale securities
820,769
363,915
Net Cash flow hedging gains (losses)
43,196
29,734
Employee supplemental retirement plans
(9,006)
(9,371)
Total Accumulated other comprehensive income (loss)
$(103,238)
$(11,117)
The following table summarizes dividends paid and payout ratios:
Table 6.3 Dividends Paid and Payout Ratios
Nine months ended
September 30, 2026
September 30, 2025
Cash dividends paid per share
$5.43
$6.07
Dividends paid (a)(c)
$322,034
$369,004
Payout ratio (b)
69.28
%
78.77
%
(a)In thousands.
(b)Dividend paid during the period divided by net income for the period.
(c)Does not include dividends paid to non-members; for accounting purposes, such dividends are recorded as interest expense.
Derivative Instruments and Hedging Activities
The following tables summarize notional amounts and fair values for the FHLBNY's derivative exposures as represented by
derivatives in fair value gain positions (in thousands):
Table 7.1 Derivatives Counterparty Credit Ratings
September 30, 2026
Credit Rating
Notional Amount
Net Derivatives
Fair Value
Before
Collateral
Cash Collateral
Pledged To (From)
Counterparties (a)
Balance Sheet Net
Credit Exposure
Non-
Cash Collateral
Pledged To (From)
Counterparties (b)
Net Credit
Exposure to
Counterparties
Non-member counterparties
Asset positions with credit
exposure
Uncleared derivatives
Double A asset (c)
$203,000
$2,374
$(2,200)
$174
$-
$174
Single A asset (c)
7,742,300
43,605
(7,490)
36,115
(25,953)
10,162
Triple B asset (c)
2,650,000
6,016
(5,530)
-
Cleared derivatives assets (d)
150,798,560
14,743
-
14,743
816,426
831,169
161,393,860
66,738
(15,220)
51,518
790,473
841,991
Liability positions with credit
exposure
Uncleared derivatives
Single A liability (c)
4,454,000
(35,486)
36,280
-
Cleared derivatives liability (d)
420,157
-
-
-
22,859
22,859
4,874,157
(35,486)
36,280
22,859
23,653
Total derivative positions with
non-member counterparties to
which the Bank had credit
exposure
166,268,017
31,252
21,060
52,312
813,332
865,644
Delivery commitments
Derivative position with
delivery commitments
58,816
-
-
-
-
-
Total derivative position with
members
58,816
-
-
-
-
-
Total
$166,326,833
$31,252
$21,060
$52,312
$813,332
$865,644
Derivative positions without credit
exposure
$14,952,815
Total notional amount
$181,220,832
December 31, 2025
Credit Rating
Notional Amount
Net Derivatives
Fair Value
Before
Collateral
Cash Collateral
Pledged To (From)
Counterparties (a)
Balance Sheet Net
Credit Exposure
Non-
Cash Collateral
Pledged To (From)
Counterparties (b)
Net Credit
Exposure to
Counterparties
Non-member counterparties
Asset positions with credit
exposure
Uncleared derivatives
Single A asset (c)
$9,437,250
$53,873
$12,620
$66,493
$(55,758)
$10,735
Cleared derivatives assets (d)
159,123,222
31,982
-
31,982
813,135
845,117
168,560,472
85,855
12,620
98,475
757,377
855,852
Liability positions with credit
exposure
Uncleared derivatives
Single A liability (c)
4,530,550
(24,300)
25,300
1,000
-
1,000
Cleared derivatives liability (d)
414,657
-
-
-
32,443
32,443
4,945,207
(24,300)
25,300
1,000
32,443
33,443
Total derivative positions with
non-member counterparties to
which the Bank had credit
exposure
173,505,679
61,555
37,920
99,475
789,820
889,295
Delivery commitments
Derivative position with
delivery commitments
36,458
-
(73)
-
Total derivative position with
members
36,458
-
(73)
-
Total
$173,542,137
$61,628
$37,920
$99,548
$789,747
$889,295
Derivative positions without credit
exposure
$25,349,958
Total notional amount
$198,855,637
(a)When collateral is posted to counterparties in excess of fair value liabilities that are due to counterparties, the excess collateral is
classified as a component of derivative assets, as the excess represents a receivable and an exposure for the FHLBNY.
(b)Non-cash collateral securities. Non-cash collateral was not deducted from net derivative assets on the balance sheet as control
over the securities was not transferred.
(c)NRSRO Ratings.
(d)On cleared derivatives, we are required to pledge initial margin (considered as collateral) to Derivative Clearing Organizations
(DCOs) in cash or securities. We had pledged $839.3 million and $845.6 million in marketable securities as collateral at
September 30, 2026 and December 31, 2025, respectively. At September 30, 2026 and December 31, 2025, we did not pledge
cash as collateral.
Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt
Our liquidity position remains in compliance with all regulatory requirements and management does not foresee any changes to that
position.
Finance Agency Regulations - Liquidity
Regulatory requirements are specified in 12 CFR Parts 1239, 1270 and 1277 of the Finance Agency regulations and Advisory Bulletin
2018-07. Each FHLBank shall at all times have at least an amount of liquidity equal to the current deposits received from its members
that may be invested in: (1) Obligations of the United States; (2) Deposits in banks or trust companies; and (3) Advances with a
remaining maturity not to exceed five years that are made to members in conformity with Part 1266. We are required to hold positive
cash flow assuming no access to capital markets and assuming renewal of all maturing advances for a period of between ten to thirty
calendar days and to maintain liquidity limits to reduce the risks associated with a mismatch in asset and liability maturities, including
an undue reliance on short-term debt funding.
In addition, the Bank provides for Contingency Liquidity, which is defined as the sources of cash the Bank may use to meet its
operational requirements when its access to the capital markets is impeded. We met our Contingency Liquidity requirements during all
periods in this report. Liquidity in excess of requirements is summarized in the table titled Contingency Liquidity.
Liquidity Management
We actively manage our liquidity position to maintain stable, reliable, and cost-effective sources of funds while taking into account
market conditions, member demand and the maturity profile of our assets and liabilities. We recognize that managing liquidity is
critical to achieving our statutory mission of providing low-cost ready liquidity to our members. In managing liquidity risk, we are
required to maintain certain liquidity measures in accordance with the FHLBank Act, an Advisory Bulletin and policies developed by
management and approved by our Board of Directors. Our policies are designed to support the Bank's ability to provide prompt, on-
demand liquidity to our members without the immediate need to access the Consolidated obligation debt markets.
The applicable liquidity requirements are described in the next four sections.
Deposit Liquidity. We are required to invest an aggregate amount at least equal to the amount of current deposits received from
members in: (1) Obligations of the United States; (2) Deposits in banks or trust companies; or (3) Advances with a remaining maturity
not to exceed five years that are made to members in conformity with 12 CFR Part 1266. In addition to accepting deposits from our
members, we may accept deposits from other FHLBanks or from any other governmental instrumentality. We met these requirements
at all times. Quarterly average reserves and actual reserves are summarized below (in millions):
Table 8.1 Deposit Liquidity
For the Quarters Ended
Average Deposit
Reserve Required
Average Actual
Deposit Liquidity
Excess
September 30, 2026
$2,155
$123,219
$121,064
June 30, 2026
2,332
116,285
113,953
March 31, 2026
2,485
100,936
98,451
December 31, 2025
2,886
89,905
87,019
Operational Liquidity. We must be able to fund our activities as our balance sheet changes from day-to-day. We maintain the capacity
to fund balance sheet growth through regular money market and capital market funding and investment activities. We monitor our
operational liquidity needs by regularly comparing our demonstrated funding capacity with potential balance sheet growth. We take
such actions as may be necessary to maintain adequate sources of funding for such growth. Operational liquidity is measured daily.
We met these requirements at all times.
The following table summarizes excess operational liquidity (in millions):
Table 8.2 Operational Liquidity
For the Quarters Ended
Average Balance Sheet
Liquidity Requirement
Average Actual
Operational Liquidity
Excess
September 30, 2026
$29,724
$58,297
$28,573
June 30, 2026
30,260
53,517
23,257
March 31, 2026
24,495
50,476
25,981
December 31, 2025
24,437
48,370
23,933
Contingency Liquidity. The Bank holds "contingency liquidity" in an amount sufficient to meet our liquidity needs if we are unable to
access the Consolidated obligation debt markets for at least five business days. Contingency liquidity includes: (1) marketable assets
with a maturity of one year or less; (2) self-liquidating assets with a maturity of one year or less; (3) assets that are generally
acceptable as collateral in the repurchase market; and (4) irrevocable lines of credit from financial institutions receiving not less than
the second-highest credit rating from a NRSRO. We consistently exceed the minimum requirements for contingency liquidity.
Contingency liquidity is measured daily. We met these requirements at all times.
The following table summarizes excess contingency liquidity (in millions):
Table 8.3 Contingency Liquidity
For the Quarters Ended
Average Five Day
Requirement
Average Actual
Contingency Liquidity
Excess
September 30, 2026
$4,032
$57,403
$53,371
June 30, 2026
3,295
51,522
48,227
March 31, 2026
4,293
48,491
44,198
December 31, 2025
3,279
44,267
40,988
The Liquidity standards in our risk management policy address our day-to-day operational and contingency liquidity needs. These
standards enumerate the specific types of investments to be held to satisfy such liquidity needs and are outlined above. These
standards also establish the methodology to be used in determining our operational and contingency needs. We continually monitor
and project our cash needs, daily debt issuance capacity, and the amount and value of investments available for use in the market for
repurchase agreements. We use this information to determine our liquidity needs and to develop appropriate liquidity plans.
The Finance Agency's Liquidity Advisory Bulletin 2018-07 requires the Bank to maintain between 10 and 30 calendar days ("the
Range") of positive cash flow assuming all advances renew and to hold liquidity in a specified range of the notional of our outstanding
standby financial letters of credit. The FHFA has periodically issued non-public supervisory letters that establish base case guidance
within the Range. The Advisory Bulletin also provides guidance on maintaining appropriate funding gaps for three-month and one-
year maturity horizons. We remained in compliance with the funding gaps provision and all Liquidity regulations.
Other Liquidity Contingencies. As discussed more fully under the section Debt Financing Activity and Consolidated obligations, we
are primarily liable for Consolidated obligations issued on our behalf. We are also jointly and severally liable with the other
FHLBanks for the payment of principal and interest on the Consolidated obligations of all the FHLBanks. If the principal or interest
on any Consolidated obligation issued on our behalf is not paid in full when due, we may not pay dividends, redeem or repurchase
shares of stock of any member or non-member stockholder until the Finance Agency approves our Consolidated obligation payment
plan or other remedy and until we pay all the interest or principal currently due on all our Consolidated obligations. The Finance
Agency, at its discretion, may require any FHLBank to make principal or interest payments due on any Consolidated obligations.
Finance Agency regulations also state that the FHLBanks must maintain, free from any lien or pledge, the following types of assets in
an amount at least equal to the amount of Consolidated obligations outstanding: Cash; Obligations of, or fully guaranteed by, the
United States; Secured advances; Mortgages that have any guaranty, insurance, or commitment from the United States or any agency
of the United States; and investments described in section 16(a) of the FHLBank Act, including securities that a fiduciary or trust fund
may purchase under the laws of the state in which the FHLBank is located.
Results of Operations
The following section provides a comparative discussion of the FHLBNY's results of operations for the three and nine months ended
September 30, 2026 and 2025. For a discussion of the critical accounting estimates used by the FHLBNY that affect the results of
operations, see financial statements, Note 1. Summary of Significant Accounting Policies in the Bank's most recent 2025 Form 10-K
filed on March 20, 2026.
Net Income
Interest income from advances is the principal source of revenue. Other sources of revenue are interest income from investment debt
securities, liquidity trading securities, mortgage loans in the MPF and MAP portfolio, securities purchased under agreements to resell
and federal funds sold. Fair value gains and losses on liquidity trading securities and equity investments also impact net income. The
primary expense is interest paid on Consolidated obligation debt. Other expenses are primarily compensation and benefits, operating
expenses, our share of operating expenses of the Office of Finance and the FHFA, voluntary contributions, and affordable housing
program assessments on net income. Other significant factors affecting our net income include the volume and timing of investments
in mortgage-backed securities, prepayments of advances, charges due to debt repurchased, gains and losses from derivatives and
hedging activities, and earnings from investing our shareholders' capital.
Summarized below are the principal components of net income (in thousands):
Table 9.1 Principal Components of Net Income
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Total interest income
$1,963,831
$1,850,248
$5,397,598
$5,567,568
Total interest expense
1,749,306
1,638,275
4,752,502
4,926,065
Net interest income before provision for credit losses
214,525
211,973
645,096
641,503
Provision (Reversal) for credit losses
(288)
1,267
(148)
Net interest income after provision for credit losses
213,850
212,261
643,829
641,651
Total other income (loss)
27,389
31,948
74,479
72,030
Total other expenses
66,111
66,701
201,813
193,123
Income before assessments
175,128
177,508
516,495
520,558
Affordable Housing Program Assessments
17,525
17,767
51,689
52,097
Net income
$157,603
$159,741
$464,806
$468,461
Net Income - 2026 Third Quarter Compared to 2025 Third Quarter
Net income - For the FHLBNY, net income consists of net interest income, less the provision (or reversal) for credit losses, plus
other income (loss), less other expenses and assessments set aside for the FHLBNY's Affordable Housing Program. Net income for
the third quarter of 2026 was $157.6 million, a decrease of $2.1 million, or 1.3%, compared to the third quarter of 2025. The decrease
in net income was driven by changes in the components discussed below.
Net interest income - Net interest income before the provision for credit losses was $214.5 million, an increase of $2.6 million, or
1.2%, compared to the same period in 2025. Net interest spread was 24 basis points for the third quarter of 2026 compared to 30 basis
points in the prior-year period. For additional information, see Table 9.2 Net Interest Income and accompanying discussions in this
MD&A.
Other income (loss) - Other income (loss) was a gain of $27.4 million in the third quarter of 2026, compared to a gain of $31.9
million in the same period in 2025. The decrease in non-interest income was primarily due to market value decreases in mortgage
commitments and employee non-qualified retirement plan assets, particularly as yields increased through the quarter. These impacts
were partially offset by an increase in net unrealized fair value gains on derivatives and trading securities held for liquidity
management.
•Service fees and other totaled $6.5 million in the third quarter of 2026, compared to $5.3 million in the prior-year period.
Service fees and other primarily consist of fees earned from financial letters of credit.
•Financial instruments carried at fair values resulted in net valuation losses of $4.4 million in the third quarter of 2026,
compared to net valuation losses of $12.6 million in the same period in 2025. For additional information, see financial
statements, Fair Value Option Disclosures in Note 18. Fair Values of Financial Instruments. Also see Table 9.9 Other Income
(Loss) and accompanying discussions in this MD&A.
•Derivative activities generated net gains of $60.3 million in the third quarter of 2026, compared to net gains of $10.4 million
in the same period in 2025. For more information, see Table 9.11 Other Income (Loss) - Impact of Derivative Gains and
Losses and accompanying discussions in this MD&A.
•Securities gains (losses) reflected net fair value losses of $32.2 million in the third quarter of 2026, compared to net fair
value gains of $23.6 million in the prior-year period.
•Equity Investments held to fund obligations under a nonqualified pension plan generated net fair value losses of $2.8
million in the third quarter of 2026 compared to net gains of $5.3 million in the same period in 2025.
Other expenses were $66.1 million in the third quarter of 2026, compared to $66.7 million in the same period in 2025. Other
expenses primarily consist of operating expenses, compensation and benefits, our share of expenses of the Office of Finance and the
Federal Housing Finance Agency, and voluntary contributions.
•Operating expenses were $21.9 million in the third quarter of 2026, down from $22.9 million in the prior-year period. The
decrease in operating expenses was primarily attributable to fewer license fees.
•Compensation and benefits expense was $29.1 million in the third quarter of 2026, compared to $29.4 million in the same
period in 2025.
•Voluntary contributions were $7.7 million in the third quarter of 2026, compared to $6.3 million in the prior-year period.
These contributions supported various housing program initiatives, grants and charitable contributions. These voluntary
contributions are in excess of the Bank's AHP statutory requirement.
•Finance Agency and Office of Finance expenses allocated for our share of the costs to operate the Office of Finance and the
Federal Housing Finance Agency were $5.2 million in the third quarter of 2026, compared to $6.1 million in the third quarter
of 2025.
•Other expenses were $2.2 million in the third quarter of 2026, compared to $2.0 million in the same period in 2025.
Net Income - Year-to-Date Period Ended September 30, 2026, Compared to Year-to-Date Period Ended September 30, 2025
Net income - Net income for the current year was $464.8 million, a decrease of $3.7 million, or 0.8% compared to the same period
in 2025.
Net interest income - Net interest income before the provision for credit losses was $645.1 million, an increase of $3.6 million, or
0.6%, compared to the same period in 2025. Net interest spread decreased to 29 basis points for the current year-to-date period from
30 basis points in the prior-year period. For additional information, see Table 9.2 Net Interest Income and accompanying discussions
in this MD&A.
Other income (loss) - Other income (loss) in the year-to-date period was a gain of $74.5 million compared to a gain of $72.0 million
in the same period in the prior year.
•Service fees and other totaled $19.2 million in the current year, compared to $16.3 million in the prior-year period.
•Financial instruments carried at fair values resulted in net valuation losses of $7.0 million in the current year, compared to
net valuation losses of $40.8 million in the same period in 2025. For additional information, see financial statements, Fair
Value Option Disclosures in Note 18. Fair Values of Financial Instruments. Also see Table 9.9 Other Income (Loss) and
accompanying discussions in this MD&A.
•Derivative activities generated net gains of $149.5 million in the current year, compared to net losses of $27.6 million in the
same period in 2025. For more information, see Table 9.11 Other Income (Loss) - Impact of Derivative Gains and Losses
and accompanying discussions in this MD&A.
•Securities gains (losses) reflected net fair value losses of $91.9 million in the current year, compared to net fair value gains
of $113.3 million in the prior-year period.
•Equity Investments held to fund obligations under a nonqualified pension plan generated net fair value gains of $4.0 million
in the current year compared to net gains of $10.8 million in the same period in 2025.
•Litigation settlement reported gains of $0.8 million from LIBOR-based financial instrument antitrust litigation in the current
year compared to net gains of $7.0 thousand in the same period in 2025.
Other expenses were $201.8 million in the year-to-date period, compared to $193.1 million in the same period in the prior year.
•Operating expenses were $69.6 million in the year-to-date period, up from $66.0 million in the prior year period primarily
due to technology-related investments.
•Compensation and benefits were $91.8 million in the year-to-date period, up from $89.9 million in the prior year period.
•Voluntary contributions were $18.4 million in the year-to-date period, up from $13.6 million in the prior year period.
•Finance Agency and Office of Finance expense allocated for our share of the costs to operate the Office of Finance and the
Federal Housing Finance Agency were $15.5 million in the year-to-date period, compared to $17.5 million in the prior year
period.
•Other expenses were $6.5 million in the year-to-date period and $6.1 million in the prior year period. Other expenses
included non-service elements of Net periodic pension benefit costs, and derivative clearing fees.
Net Interest Income, Interest Rate Margin and Interest Rate Spread
Net interest income is our principal source of net income. It represents the difference between income on interest-earning assets and
expense on interest-bearing liabilities.
The following table summarizes net interest income (dollars in thousands):
Table 9.2 Net Interest Income
Three months ended September 30,
Nine months ended September 30,
2026
2025
Percentage
Change
2026
2025
Percentage
Change
Total interest income (a)
$1,963,831
$1,850,248
6.14
%
$5,397,598
$5,567,568
(3.05)
%
Total interest expense (a)
1,749,306
1,638,275
6.78
4,752,502
4,926,065
(3.52)
Net interest income before provision
for credit losses
$214,525
$211,973
1.20
%
$645,096
$641,503
0.56
%
(a)Total Interest Income and Total Interest Expense - See Tables 9.6 and 9.8 and accompanying discussions
Net interest income before the provision for credit losses was $214.5 million for the third quarter of 2026, an increase of $2.6 million,
or 1.2%, compared to the third quarter of 2025. The slight increase primarily reflected higher average interest-earning asset balances,
partially offset by lower market interest rates. Average interest-earning assets increased to $196.0 billion in the third quarter of 2026
from $161.5 billion in the prior-year period. The average yield on earning assets declined by 58 basis points year over year. The
decline in yields was driven primarily by advances, including overnight, short-term, and variable-rate advances that repriced to lower
rates.
Net interest spread was 24 basis points in the third quarter of 2026 and 30 basis points in the third quarter of 2025. Net interest margin,
which measures net interest income as a percentage of average interest-earning assets, was 43 basis points in the third quarter of 2026,
compared to 52 basis points in the prior-year period. Net spreads decreased in light of a lower growth rate in the investment portfolio
and increased term funding activity to manage the market and funding risk profiles of the balance sheet.
Average stockholders' capital, which generally provides a source of interest-free funding and is typically invested in short-term
interest-earning assets, was $9.7 billion in the third quarter of 2026, compared to $8.4 billion in the third quarter of 2025.
Stockholders' capital, including capital stock and retained earnings, contributed to net interest income by providing funding that does
not incur interest expense.
In the 2026 year-to-date period, Net interest spread was 29 basis points compared to 30 basis points in the same period in 2025. Net
interest margin in the 2026 year-to-date period was 47 basis points compared to 52 basis points in the same period in 2025.
Net interest settlements on derivatives designated as hedges of assets and liabilities under ASC 815 resulted in income of $30.0
million in the third quarter of 2026, compared to expense of $8.1 million in the third quarter of 2025. In the current year-to-date
period, we recorded income of $92.1 million, compared to income of $27.0 million in the prior-year period. Interest settlement income
is driven by the differential between the fixed rates on hedging swaps and the benchmark variable rates associated with the swaps'
floating legs. Changes in net interest settlement income during the period were consistent with movements in benchmark interest rates,
and the related hedging transactions continued to achieve their intended interest rate risk management objectives.
Impact of Qualifying Hedges on Net Interest Income
The following table summarizes the impact of net interest adjustments from qualifying hedge interest rate swaps (in thousands):
Table 9.3 Net Interest Adjustments from Qualifying Hedge Interest Rate Swaps
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Interest income
$1,919,975
$1,725,990
$5,241,923
$5,192,687
Fair value hedging effects
2,197
(138)
2,753
(2,779)
Amortization of basis adjustment
Interest rate swap accruals
51,757
131,820
175,485
408,289
Price alignment amount (a)
(10,131)
(7,463)
(22,665)
(30,710)
Reported interest income
1,963,831
1,850,248
5,397,598
5,567,568
Interest expense
1,730,551
1,507,729
4,686,706
4,577,821
Fair value hedging effects
6,689
(1,138)
7,207
(528)
Amortization of basis adjustment
(809)
(2,100)
(1,772)
Interest rate swap accruals
11,548
131,846
59,450
348,969
Price alignment amount (b)
1,239
1,575
Reported interest expense
1,749,306
1,638,275
4,752,502
4,926,065
Net interest income
$214,525
$211,973
$645,096
$641,503
Net interest adjustment - interest rate swaps
$25,101
$(6,288)
$89,879
$26,637
(a)Relates to derivatives for which variation margin payments are characterized as daily settled contracts. Price alignment amount
in Interest income for advances hedged were $4.7 million expense in the third quarter of 2026 and $3.2 million expense in the
same period in 2025. In the year-to-date period ended September 30, 2026 and 2025, Interest income for advances hedged were
$9.9 million expense and $14.9 million expense. Price alignment amount in Interest income for AFS debt securities hedged were
$5.4 million expense in the third quarter of 2026 and $4.3 million expense in the same period in 2025. In the year-to-date period
ended September 30, 2026 and 2025, Interest income for AFS debt securities hedged were $12.8 million expense and $15.8
million expense.
(b)Relates to derivatives for which variation margin payments are characterized as daily settled contracts. Price alignment amount
in Interest expense for Consolidated obligation bonds hedged were $0.2 million expense in the third quarter of 2026 and $0.8
million expense in the same period in 2025. In the year-to-date period ended September 30, 2026 and 2025, Interest expense for
Consolidated obligation bonds hedged were $1.6 million expense and $1.9 million expense. Price alignment amount in Interest
expense for Consolidated obligation discount notes hedged were $0.1 million income in the third quarter of 2026 and $0.2 million
income in the same period in 2025. In the year-to-date period ended September 30, 2026 and 2025, Interest expense for
Consolidated obligation discount notes hedged were $0.3 million income and $0.3 million income.
Spread and Yield Analysis - 2026 period compared to 2025
Table 9.4 Spread and Yield Analysis
Three months ended September 30,
2026
2025
(Dollars in thousands)
Average
Balance
Interest
Income/
Expense
Yield/Rate (a)
Average
Balance
Interest
Income/
Expense
Yield/Rate (a)
Earning Assets:
Advances
$124,732,010
$1,279,638
4.07
%
$100,672,414
$1,200,721
4.73
%
Interest bearing deposits and others
3,943,829
37,384
3.76
3,249,476
36,003
4.40
Securities purchased under agreements to resell
12,308,500
115,468
3.72
7,458,587
81,743
4.35
Federal funds sold
17,799,837
166,922
3.72
18,136,848
199,571
4.37
Investments
Trading securities
9,339,324
74,960
3.18
7,107,332
55,943
3.12
Mortgage-backed securities
Fixed
15,623,390
153,996
3.91
15,124,441
158,209
4.15
Floating
7,012,339
78,214
4.43
5,386,634
69,710
5.13
Available-for-sale Treasuries
555,985
5,403
3.86
224,274
2,185
3.87
State and local housing finance agency obligations
1,836,993
20,628
4.46
1,599,456
20,751
5.15
Mortgage loans held-for-portfolio
2,850,059
30,790
4.29
2,505,762
25,322
4.01
Loans to other FHLBanks
46,196
3.67
8,152
4.38
Total interest-earning assets
$196,048,462
$1,963,831
3.97
%
$161,473,376
$1,850,248
4.55
%
Funded By:
Consolidated obligation bonds
Fixed
$32,676,589
$294,461
3.58
%
$56,889,846
$591,019
4.12
%
Floating
68,479,087
655,633
3.80
31,098,072
350,708
4.47
Consolidated obligation discount notes
82,855,289
779,538
3.73
61,900,350
665,694
4.27
Interest-bearing deposits and other borrowings
2,162,782
19,556
3.59
2,893,781
30,686
4.21
Mandatorily redeemable capital stock
7,912
5.96
9,159
7.26
Total interest-bearing liabilities
186,181,659
1,749,306
3.73
%
152,791,208
1,638,275
4.25
%
Other non-interest-bearing funds
187,077
-
316,194
-
Capital
9,679,726
-
8,365,974
-
Total Funding
$196,048,462
$1,749,306
$161,473,376
$1,638,275
Net Interest Income/Spread
$214,525
0.24
%
$211,973
0.30
%
Net Interest Margin
(Net interest income/Earning Assets)
0.43
%
0.52
%
Nine months ended September 30,
2026
2025
(Dollars in thousands)
Average
Balance
Interest
Income/
Expense
Yield/Rate (a)
Average
Balance
Interest
Income/
Expense
Yield/Rate (a)
Earning Assets:
Advances
$115,189,574
$3,491,309
4.05
%
$103,447,536
$3,667,872
4.74
%
Interest bearing deposits and others
3,631,453
101,629
3.74
3,263,161
107,880
4.42
Securities purchased under agreements to resell
11,225,696
311,276
3.71
5,729,081
186,842
4.36
Federal funds sold
15,887,300
439,705
3.70
19,440,612
637,534
4.38
Investments
Trading securities
9,472,902
226,070
3.19
7,574,744
180,909
3.19
Mortgage-backed securities
Fixed
15,415,890
449,502
3.90
15,040,579
465,961
4.14
Floating
6,382,322
214,546
4.49
4,888,639
188,005
5.14
Available-for-sale Treasuries
556,651
16,021
3.85
75,579
2,185
3.87
State and local housing finance agency obligations
1,823,883
60,574
4.44
1,510,561
58,149
5.15
Mortgage loans held-for-portfolio
2,746,763
86,266
4.20
2,429,363
71,864
3.96
Loans to other FHLBanks
25,458
3.67
11,172
4.39
Total interest-earning assets
$182,357,892
$5,397,598
3.96
%
$163,411,027
$5,567,568
4.56
%
Funded By:
Consolidated obligation bonds
Fixed
$34,842,311
$923,156
3.54
%
$56,130,294
$1,722,336
4.10
%
Floating
44,228,789
1,248,480
3.77
33,920,703
1,132,996
4.47
Consolidated obligation discount notes
91,656,920
2,518,835
3.67
61,723,163
1,984,161
4.30
Interest-bearing deposits and other borrowings
2,321,911
61,640
3.55
2,739,514
86,158
4.20
Mandatorily redeemable capital stock
7,528
6.95
7,198
7.68
Total interest-bearing liabilities
173,057,459
4,752,502
3.67
%
154,520,872
$4,926,065
4.26
%
Other non-interest-bearing funds
120,142
-
432,193
-
Capital
9,180,291
-
8,457,962
-
Total Funding
$182,357,892
$4,752,502
$163,411,027
$4,926,065
Net Interest Income/Spread
$645,096
0.29
%
$641,503
0.30
%
Net Interest Margin
(Net interest income/Earning Assets)
0.47
%
0.52
%
(a) Reported yields with respect to advances and Consolidated obligations may not necessarily equal the coupons on the instruments
as derivatives are extensively used to change the yield and optionality characteristics of the underlying hedged items. When we issue
fixed-rate debt that is hedged with an interest rate swap, the hedge effectively converts the debt into a simple floating-rate bond.
Similarly, we make fixed-rate advances to members and hedge the advances with a pay-fixed and receive-variable interest rate swap
that effectively converts the fixed-rate asset to one that floats with the designated benchmark rate (Federal Funds-OIS or SOFR-OIS)
in the hedging relationship. Average balance sheet information is presented, as it is more representative of activity throughout the
periods presented. For most components of the average balances, a daily weighted average balance is calculated for the period. When
daily weighted average balance information is not available, a simple monthly average balance is calculated. Average yields are
derived by dividing income by the average balances of the related assets, and average costs are derived by dividing expenses by the
average balances of the related liabilities. Yields and spreads are annualized.
Rate and Volume Analysis - 2026 period compared to 2025
The Rate and Volume Analysis presents changes in interest income, interest expense and net interest income that are due to changes in
both interest rates and the volume of interest-earning assets and interest-bearing liabilities, and their impact on interest income and
interest expense. Changes in interest income and interest expense that are not identifiable as either volume-related or rate-related, but
rather attributable to both volume and rate changes, are allocated to the volume and rate categories based on the proportion of the
absolute value of the volume and the rate change (in thousands):
Table 9.5 Rate and Volume Analysis
For the three months ended
September 30, 2026 vs. September 30, 2025
Increase (Decrease)
Volume
Rate
Total
Interest Income
Advances
$261,643
$(182,726)
$78,917
Interest bearing deposits and others
7,030
(5,649)
1,381
Securities purchased under agreements to resell
46,885
(13,160)
33,725
Federal funds sold
(3,647)
(29,002)
(32,649)
Investments
Trading securities
17,895
1,122
19,017
Mortgage-backed securities
Fixed
5,109
(9,322)
(4,213)
Floating
19,045
(10,541)
8,504
Available-for-sale Treasuries
3,224
(6)
3,218
State and local housing finance agency obligations
2,864
(2,987)
(123)
Mortgage loans held-for-portfolio
3,639
1,829
5,468
Loans to other FHLBanks
(17)
Total interest income
364,042
(250,459)
113,583
Interest Expense
Consolidated obligation bonds
Fixed
(226,117)
(70,441)
(296,558)
Floating
365,001
(60,076)
304,925
Consolidated obligation discount notes
204,765
(90,921)
113,844
Deposits and borrowings
(7,028)
(4,102)
(11,130)
Mandatorily redeemable capital stock
(22)
(28)
(50)
Total interest expense
336,599
(225,568)
111,031
Changes in Net Interest Income
$27,443
$(24,891)
$2,552
For the nine months ended
September 30, 2026 vs. September 30, 2025
Increase (Decrease)
Volume
Rate
Total
Interest Income
Advances
$389,810
$(566,373)
$(176,563)
Interest bearing deposits and others
11,384
(17,635)
(6,251)
Securities purchased under agreements to resell
156,039
(31,605)
124,434
Federal funds sold
(106,717)
(91,112)
(197,829)
Investments
Trading securities
45,300
(139)
45,161
Mortgage-backed securities
Fixed
11,423
(27,882)
(16,459)
Floating
52,322
(25,781)
26,541
Available-for-sale Treasuries
13,846
(10)
13,836
State and local housing finance agency obligations
11,065
(8,640)
2,425
Mortgage loans held-for-portfolio
9,782
4,620
14,402
Loans to other FHLBanks
(68)
Total interest income
594,655
(764,625)
(169,970)
Interest Expense
Consolidated obligation bonds
Fixed
(587,638)
(211,542)
(799,180)
Floating
308,980
(193,496)
115,484
Consolidated obligation discount notes
854,775
(320,101)
534,674
Deposits and borrowings
(12,121)
(12,397)
(24,518)
Mandatorily redeemable capital stock
(41)
(23)
Total interest expense
564,014
(737,577)
(173,563)
Changes in Net Interest Income
$30,641
$(27,048)
$3,593
The principal categories of Interest Income are summarized below (dollars in thousands):
Table 9.6 Interest Income - Principal Sources
Three months ended September 30,
Nine months ended September 30,
2026
2025
Percentage
Change
2026
2025
Percentage
Change
Interest Income
Advances
$1,279,638
$1,200,721
6.57
%
$3,491,309
$3,667,872
(4.81)
%
Interest-bearing deposits
37,384
36,003
3.84
101,629
107,880
(5.79)
Securities purchased under agreements to
resell
115,468
81,743
41.26
311,276
186,842
66.60
Federal funds sold
166,922
199,571
(16.36)
439,705
637,534
(31.03)
Trading securities
74,960
55,943
33.99
226,070
180,909
24.96
Mortgage-backed securities
Fixed
153,996
158,209
(2.66)
449,502
465,961
(3.53)
Floating
78,214
69,710
12.20
214,546
188,005
14.12
Available-for-sale Treasuries
5,403
2,185
147.28
16,021
2,185
633.23
State and local housing finance agency
obligations
20,628
20,751
(0.59)
60,574
58,149
4.17
Mortgage loans held-for-portfolio
30,790
25,322
21.59
86,266
71,864
20.04
Loans to other FHLBanks
375.56
90.74
Total interest income
$1,963,831
$1,850,248
6.14
%
$5,397,598
$5,567,568
(3.05)
%
Interest Income
Interest income for the third quarter of 2026 was $2.0 billion, an increase of $113.6 million, or 6.1%, from the same period in 2025.
For context, interest expense increased by 6.8% over the same period.
The increase in interest income was primarily from higher average earning asset balances which increased income by $364.0 million,
partially offset by lower interest rates which reduced income by $250.5 million.
Aggregate yield on earning assets was 3.97% in the third quarter of 2026, compared to 4.55% in the third quarter of 2025. See Table
9.4, Spread and Yield Analysis, and Table 9.5, Rate and Volume Analysis, for additional information regarding the effects of changes
in interest rates and business volume.
Interest income in the 2026 year-to-date period was $5.4 billion, a decrease of $0.2 billion, or 3.1% compared to the same period in the
prior year. For context, interest expense decreased by 3.5% compared to the year-to-date period in the prior year. The decrease in
interest income was primarily attributable to lower interest rates, which reduced income by $0.8 billion, partially offset by a $0.6
billion increase resulting from higher average earning asset balances. Aggregate yield earned on earning assets in the 2026 year-to-
date period was 396 basis points, compared to 456 basis points in the same period in the prior year.
Advances - Interest income from advances increased by $78.9 million or 6.6% in the 2026 third quarter, compared to the same
period in the prior year. Average advances balances increased to $124.7 billion from $100.7 billion in the prior-year period. The
increase in interest income from advances was driven by higher average advances balances, increasing income by $261.6 million,
partially offset by lower market interest rates, which reduced income by $182.7 million. Lower market rates principally reduced
yields on overnight, short-term, and variable-rate advances as those instruments repriced to lower rates. As a result, the yield on
advances declined to 407 basis points in the third quarter of 2026 from 473 basis points in the third quarter of 2025.
On a year-to-date basis, interest income from advances decreased by $0.2 billion or 4.8%. Average advance balances increased to
$115.2 billion from $103.4 billion; however, the aggregate yield on advances declined to 405 basis points from 474 basis points, more
than offsetting the benefit of higher volumes.
Table 9.7 Advance Prepayment Fees (in thousands)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Gross amount of prepayment fees received from advance borrowers
$428
$145
$2,358
$996
Gross amount of prepayment credits paid to advance borrowers
-
-
-
(186)
Hedging fair value adjustments
(31)
-
(564)
Other (a)
-
4,770
4,643
Total advance prepayment fees, net
$397
$594
$6,564
$5,763
(a) Recognition of deferred prepayment fees.
The principal categories of Interest expense are summarized below (dollars in thousands):
Table 9.8 Interest Expense - Principal Categories
Three months ended September 30,
Nine months ended September 30,
2026
2025
Percentage
Change
2026
2025
Percentage
Change
Interest Expense
Consolidated obligations bonds
Fixed
$294,461
$591,019
(50.18)
%
$923,156
$1,722,336
(46.40)
%
Floating
655,633
350,708
86.95
1,248,480
1,132,996
10.19
Consolidated obligations discount notes
779,538
665,694
17.10
2,518,835
1,984,161
26.95
Deposits
19,262
29,623
(34.98)
60,919
84,439
(27.85)
Mandatorily redeemable capital stock
(29.76)
(5.56)
Cash collateral held and other borrowings
1,063
(74.88)
1,707
(59.34)
Securities sold under agreement to repurchase
-
NM
125.00
Total interest expense
$1,749,306
$1,638,275
6.78
%
$4,752,502
$4,926,065
(3.52)
%
NM - Not meaningful.
Interest Expense
Interest expense for the third quarter of 2026 was $1.7 billion, an increase of 6.8% from the same period in 2025. The increase was
primarily driven by higher average balances in short-term Consolidated obligations, partially offset by lower market interest rates. For
context, interest income increased 6.1% over the same period in 2025.
Lower interest rates reduced funding costs by $225.6 million, while higher funding volumes increased funding costs by $336.6 million
compared to the third quarter of 2025. The aggregate cost of funds declined to 373 basis points in the third quarter of 2026 from 425
basis points in the prior-year period.
Our funding mix changed during the third quarter of 2026 compared to the same period in 2025, reflecting increased reliance on
floating-rate CO bonds and CO discount notes and a reduced proportion of fixed-rate CO bonds. CO discount notes funded 42.3% of
average earning assets in the third quarter of 2026, compared to 38.3% in the third quarter of 2025. Floating-rate CO bonds funded
34.9% of average earning assets, compared to 19.3% in the third quarter of 2025 while fixed-rate CO bonds funded 16.7% of average
earning assets in the third quarter of 2026, down from 35.2% in the prior-year period.
Interest expense was $4.8 billion for the 2026 current year, a decrease of $0.2 billion, or 3.5%, compared to the same period in 2025.
The decline in interest expense reflected lower funding costs and changes in the Bank's funding mix. For context, interest income
decreased by $0.2 billion, or 3.1%, during the same period, as lower market interest rates reduced asset yields.
Fixed-rate CO bonds funded 19.1% of average earning assets in the 2026 current year, compared to 34.3% in the prior-year period.
Floating-rate CO bonds funded 24.3% of average earning assets, compared to 20.8% during the same period in 2025. The reduction in
the proportion of earning assets funded through CO bonds versus discount notes reflects changes in the Bank's funding composition
during the period.
Analysis of Non-Interest Income (Loss) - 2026 Third quarter Compared to 2025 Third quarter
The principal components of Non-interest income (loss) are summarized below (in thousands):
Table 9.9 Other Income (Loss)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Other income (loss)
Service fees and other (a)
$6,457
$5,325
$19,215
$16,345
Instruments held under the fair value option gains (losses)
(4,361)
(12,592)
(7,026)
(40,753)
Derivative gains (losses)
60,293
10,380
149,457
(27,605)
Securities gains (losses)
(32,170)
23,561
(91,871)
113,252
Equity investments gains (losses)
(2,830)
5,267
3,954
10,784
Litigation settlement
-
Gains (losses) from extinguishment of debt
-
-
(1)
-
Total other income (loss)
$27,389
$31,948
$74,479
$72,030
(a)Service fees and other, net - Service fees are from providing correspondent banking services to members, primarily fees earned
on standby financial letters of credit. Letters of credit are generally issued on behalf of members to units of state and local
governments to collateralize their deposits at member banks. Fee income earned on financial letters of credit were $5.6 million in
the third quarter of the current year, compared to $4.5 million in the same period in the prior year. On a year-to-date basis
through September 30, 2026, Service fees earned on financial letters of credit were $16.8 million in the current year, compared to
$13.8 million in the same period in the prior year. Immaterial amounts of fees paid, and other expenses were included in reported
revenues.
The following table summarizes unrealized and realized gains (losses) in the trading portfolio (in thousands):
Table 9.10 Net Gains (Losses) on Trading Securities Recorded in the Statements of Income
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
Net unrealized gains (losses) on trading securities held at period-end
$(32,396)
$23,643
$(91,607)
$116,141
Net gains (losses) on trading securities sold/matured during the period
(735)
(264)
(3,542)
Net gains (losses) on trading securities
$(32,170)
$22,908
$(91,871)
$112,599
We have invested in short- and medium-term fixed-rate U.S. Treasury securities. FHFA regulations prohibit trading in or the
speculative use of financial instruments. The securities are held to satisfy liquidity requirements. Fluctuations in valuations are a factor
of market demand and market yields of fixed-rate U.S. Treasury securities. Securities classified as trading are carried at fair values.
Changes in unrealized fair values and realized gains (losses) are recorded in the Statements of Income as Other income. Par amounts
of securities outstanding was $9.7 billion at September 30, 2026 and $7.6 billion at December 31, 2025.
Other income (loss) - Derivatives and Hedging Activities - 2026 Third quarter Compared to 2025 Third quarter
For derivatives that are not designated in qualifying hedge relationship (i.e., in an economic hedge), the derivatives are considered as a
"standalone" instrument and fair value changes are recorded in Other income (loss), without the offset of valuation of a hedged item.
Gains and losses recorded in Other income (loss) on standalone derivatives include net interest accruals.
The following table presents fair value changes of derivatives in economic hedges (i.e. not in an ASC 815 qualifying hedge) in Other
income (loss):
Table 9.11 Other Income (Loss) - Impact of Derivative Gains and Losses (in thousands)
Impact on Other Income (Loss)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
Derivatives not designated as hedging instruments
Interest rate swaps (a)
$43,370
$(18,884)
$100,449
$(114,100)
Caps or floors
2,615
1,108
3,154
Mortgage delivery commitments
(3,824)
(4,001)
Swaps economically hedging instruments designated under FVO (b)
3,150
12,356
7,288
40,845
Accrued interest on derivatives in economic hedging relationships (c)
16,385
16,303
46,354
46,906
Net gains (losses) related to derivatives not designated as hedging
instruments
61,696
11,349
153,244
(24,613)
Price alignment amount (d)
(1,403)
(969)
(3,787)
(2,992)
Net gains (losses) on derivatives and hedging activities
$60,293
$10,380
$149,457
$(27,605)
(a)Represents fair value changes recorded in Other income, primarily interest rate swaps in economic hedges of U.S. Treasury fixed-
rate securities recorded fair value gains of $35.5 million in the third quarter of 2026, compared to fair value losses of $19.1
million in the third quarter of 2025. In the year-to-date period in the current year, fair value gains of $94.7 million were recorded
compared to fair value losses of $114.4 million in the prior year period. The swaps are structured to mitigate the volatility of
price changes of the liquidity portfolio of fixed-rate U.S. Treasury notes.
(b)Represents fair value changes recorded in Other income on interest rate swaps hedging CO debt elected under the FVO.
(c)Represents impact to Other income due to net interest settlements on standalone swap contracts. Net interest settlements are the
interest accruals on swaps primarily in economic hedges of U.S. Treasury securities, debt and advances, and economic hedges of
instruments elected under the FVO.
(d)Relates to derivatives for which variation margin payments are characterized as daily settled contracts.
Derivative gains and losses in the table above include both realized and unrealized fair value net gains and losses. It also includes
swap interest settlements on derivatives designated as standalone hedging instruments.
Operating Expenses, Compensation and Benefits, and Other Expenses - 2026 Period Compared to 2025 Period
The following table sets forth the major categories of operating expenses (dollars in thousands):
Table 9.12 Operating Expenses, and Compensation and Benefits
Three months ended September 30,
2026
Percentage
of Total
2025
Percentage
of Total
Operating Expenses (a)
Compensation & Benefits
$29,102
44.02
%
$29,404
44.08
%
Occupancy
3,067
4.64
2,960
4.44
Depreciation
4,643
7.02
4,249
6.37
Contractual and Computer Service Agreements
11,412
17.26
12,446
18.66
Other Operating Expenses (b)
2,746
4.16
3,250
4.87
Total Operating Expenses
50,970
77.10
52,309
78.42
Voluntary Contributions
7,684
11.62
6,306
9.46
Finance Agency and Office of Finance (c)
5,236
7.92
6,083
9.12
Other Expenses (d)
2,221
3.36
2,003
3.00
Total Operating Expenses and Others
$66,111
100.00
%
$66,701
100.00
%
Nine months ended September 30,
2026
Percentage
of Total
2025
Percentage
of Total
Operating Expenses (a)
Compensation & Benefits
$91,779
45.48
%
$89,872
46.54
%
Occupancy
9,332
4.62
9,195
4.76
Depreciation
14,198
7.04
12,322
6.38
Contractual and Computer Service Agreement
37,170
18.42
35,549
18.41
Other Operating Expenses (b)
8,897
4.41
8,973
4.64
Total Operating Expenses
161,376
79.97
155,911
80.73
Voluntary Contributions
18,426
9.13
13,624
7.06
Finance Agency and Office of Finance (c)
15,477
7.66
17,515
9.07
Other Expenses (d)
6,534
3.24
6,073
3.14
Total Operating Expenses and Others
$201,813
100.00
%
$193,123
100.00
%
(a)Operating expenses included the administrative and overhead costs of operating the FHLBNY, as well as the operating costs of
providing advances and managing collateral associated with the advances, managing the investment portfolios, and providing
correspondent banking services to members.
(b)The category "Other Operating Expenses" included temporary workers, contractual services, professional and legal fees, audit
fees, director fees and expenses, insurance, and telecommunications.
(c)We are assessed for our share of the operating expenses for the Finance Agency and the Office of Finance. The FHLBanks and
two other GSEs share the entire cost of the Finance Agency. Expenses are allocated by the Finance Agency and the Office of
Finance.
(d)The category "Other Expense" included non-service elements of net periodic pension benefit costs, MPF transaction fees and
derivative clearing fees.
Legislative and Regulatory Developments
The Bank is subject to various legal and regulatory requirements and priorities. Certain actions, regulatory priorities, and areas of
focus of the current administration have changed and continue to change the regulatory environment. These changes have affected,
and likely will continue to affect, certain aspects of the Bank's business operations, and could affect the financial condition, results of
operations, and reputation of the Bank. Additionally, the Bank is subject to extensive regulation and supervision, including ongoing
monitoring and targeted examinations by our regulator, which could affect our business operations and financial results.
Considering the changes in the regulatory environment, there is uncertainty with respect to the ultimate result of future regulatory
actions and their ultimate impact on the housing market, the Bank and the FHLBank System. The Bank continues to monitor these
actions as they evolve and to evaluate their potential impact on the Bank. For a discussion of related risks, please refer to Item 1A Risk
Factors in the Bank's 2025 Form 10-K. (See also Management's Discussion and Analysis of Financial Condition and Results of
Operations - Legislative and Regulatory Developments in the Bank's 2025 Form 10-K and in the Bank's quarterly reports on Form 10-
Q filed with the SEC for the periods ended March 30, 2026 and June 30, 2026 for a description of certain legislative and regulatory
developments that occurred prior to the publication of those reports that have affected or may affect certain aspects of the Bank's
business operations, and could affect the financial condition, results of operations, and reputation of the Bank.)
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