The Federal Home Loan Bank of New York posted an increase in fourth-quarter profit, citing higher levels of member prepayment.
Net income rose 119% to $168.4 million, compared to a year earlier, according to a Tuesday news release. The FHLB of New York's return on average equity rose to 10.67% from 4.7%.
"As the regulatory and competitive environment changed throughout 2015, we began to see members restructuring their balance sheets, thereby creating more prepayment activity in advances," Jose Gonzalez, chief executive, said in the release.
Total assets fell 7.2% to $123.2 billion, a result in a decrease in advances during the quarter. Advances fell 5% to $93.9 billion.
The FHLB of New York's full financial details for the quarter will be disclosed in its annual report, which will be filed on March 21.
