NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of New York ("FHLBNY") today released its unaudited financial highlights for the quarter ended March 31, 2024. "Throughout the first quarter of 2024, the Federal Home Loan Bank of New York successfully executed on our foundational liquidity mission, as reflected in our strong results for the period," said José R. González, president and CEO of the FHLBNY. "Our ability to serve as a stable source of funding for our members also supports our efforts to make a direct impact in the communities we serve, as we allocated $24.5 million from this quarter's earnings for our Affordable Housing Program." Highlights from the first quarter of 2024 include: Net income for the quarter was $220.5 million, an increase of $22.0 million, or 11.1%, from net income of $198.5 million for the first quarter of 2023. Net interest income for the quarter was $265.0 million, an increase of $35.3 million, or 15.4%, from net interest income of $229.7 million in the first quarter last year. This increase was driven by an increase of average interest earning assets from $163.8 billion in the prior year period to $169.4 billion for the first quarter of 2024, as well as an increase in yield on assets from 4.64% in the prior year period to 5.50% in first quarter of this year. Return on average equity ("ROE") for the quarter was 10.58% (annualized), compared to ROE of 9.61% for the first quarter of 2023, as a result of the increase in net income. As of March 31, 2024, total assets were $159.6 billion, an increase of $1.3 billion, or 0.8%, from total assets of $158.3 billion at December 31, 2023. As of March 31, 2024, advances (par amount) were $108.3 billion, a decrease of $1.5 billion, or 1.4%, from $109.8 billion at December 31, 2023. As of March 31, 2024, total capital was $8.3 billion, an increase of $0.1 billion from total capital of $8.2 billion at December 31, 2023. The FHLBNY's retained earnings were $2.4 billion as of March 31, 2024, an increase of $0.1 billion from December 31, 2023; $1.3 billion of the retained earnings were unrestricted retained earnings and $1.1 billion were restricted retained earnings. At March 31, 2024, the FHLBNY met all of its regulatory capital ratios. The FHLBNY allocated $24.5 million from its first quarter 2024 earnings for its Affordable Housing Program. The FHLBNY currently expects to file its Form 10-Q for the first quarter of 2024 with the U.S. Securities and Exchange Commission on or about May 9, 2024. Selected Balance Sheet Items (dollars in millions)             March 31,   December 31,         2024       2023     Change             Advances $ 107,164     $ 108,890     $ (1,726 ) Mortgage loans held for portfolio   2,191       2,180       11   Mortgage-backed securities   19,766       19,582       184   Liquidity assets   28,117       25,340       2,777   Total assets $ 159,630     $ 158,333     $ 1,297               Consolidated obligations $ 147,415