Business Excellence Awards
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BOSTON – The Federal Home Loan Bank of Boston last week announced a profit of $212.3 million for fiscal 2013, the highest annual income in the bank’s history.
The record earnings were due in part to $53.3 million in litigation settlements related to certain investments in private-label mortgage-backed securities. It represents an increase of $5.2 million compared with 2012 net income.
The bank also announced a net income of $85.3 million for the fourth quarter of fiscal 2013.
Based on the income results, the bank expects to allocate $24.2 million to fund the 2014 Affordable Housing Program, which addresses, in partnership with member institutions, affordable housing needs in communities across New England. A portion of the bank’s net earnings funds the program, which awards grants and low-interest advances, or loans, through member institutions. •