20 20 ANNUAL
REPORT

Your
Trusted
Partner

NAVIGATING A YEAR OF CHANGE

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Pic of ANDREW S. HOWELL
ANDREW S. HOWELL
President and CEO
Pic of DONALD J. MULLINEAUX
DONALD J. MULLINEAUX
Chair, Board of Directors

A Message for our Members

We are pleased to report that in 2020 the Federal Home Loan Bank of Cincinnati (FHLB) effectively navigated a challenging year, expanding and contracting to meet the funding needs of members. The Bank continued to serve as your trusted partner by providing reliable products and services, support through the pandemic, and education and information.

Our mission is to provide member stockholders with financial services and a competitive return on their capital investment so that they can facilitate housing finance and community investment while achieving their goals for asset-liability management.

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Sincerely,

Signature of ANDREW S. HOWELL
ANDREW S. HOWELL
President and CEO
Signature of DONALD J. MULLINEAUX
DONALD J. MULLINEAUX
Chair, Board of Directors

SEE THE REPORT

Click image above to read our online 2020 Annual Report.
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Financial Highlights

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$65,296

TOTAL ASSETS

in millions

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$42,917

AVERAGE ADVANCES

in millions

CashHand Icon
$276

NET INCOME

in millions

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2.23%

WEIGHTED AVERAGE DIVIDEND RATE

Your Trusted Partner

Performance

The FHLB posted earnings of $276 million in 2020, the same as 2019. Return on equity (ROE) averaged 5.78 percent, compared to 5.65 percent a year earlier. ROE in 2020 was 527 basis points above the average 3-month LIBOR and the Federal funds effective rate; this spread is a key benchmark for assessing the competitiveness of the return on members' capital investment.

NET INCOME

in millions of dollars

$350 $300 $250 $200 $150 $100 $50 $0 2016 2017 2018 2019 2020

WHERE OUR EARNINGS GO

for 2020, in millions of dollars

AHP DIVIDENDS RETAINED EARNINGS $31 $84 $193

LETTERS OF CREDIT BALANCES

year-end, in billions of dollars

$30 $25 $20 $15 $10 $5 $0 2016 2017 2018 2019 2020

TOTAL GAAP CAPITAL

year-end, in billions of dollars

$6 $5 $4 $3 $2 $1 $0 2016 2017 2018 2019 2020

MORTGAGES HELD IN PORTFOLIO

year-end, in billions of dollars

$11 $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 2016 2017 2018 2019 2020

ADVANCE BALANCES

average, in billions of dollars

$70 $60 $50 $40 $30 $20 $10 $0 2016 2017 2018 2019 2020

Housing & Community Investment (HCI)

In 2020, the FHLB provided affordable housing assistance to many Fifth District members and their communities.

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$256.1 in millions

TOTAL HOUSING FUNDS AWARDED OR DISBURSED IN 2020

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251

MEMBERS PARTICIPATING IN HCI PROGRAMS

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4,894

AFFORDABLE HOUSING UNITS SUPPORTED

Member-stockholders

KENTUCKY Icon
165

KENTUCKY
MEMBERS

OHIO Icon
301

OHIO
MEMBERS

TENNESSEE Icon
162

TENNESSEE
MEMBERS

2020 Board of Directors

  • Pic of J. Lynn Anderson

    J. Lynn Anderson

    Retired Banking and Insurance Executive, Nationwide and Board Member, National Church Residences,
    Columbus, Ohio

  • Pic of Grady P. Appleton

    Grady P. Appleton

    Retired President & CEO,
    East Akron Neighborhood Development Corp.,
    Akron, Ohio

  • Pic of April Miller Boise

    April Miller Boise

    Executive Vice President and General Counsel,
    Eaton Corp.,
    Cleveland, Ohio

  • Pic of Brady T. Burt

    Brady T. Burt

    SVP and Chief Financial Officer,
    Park National Bank,
    Newark, Ohio

  • Pic of Greg W. Caudill

    Greg W. Caudill

    Director,
    Farmers National Bank,
    Danville, Ky.

  • Pic of Leslie D. Dunn

    Leslie D. Dunn

    Retired Partner,
    Jones Day,
    Cleveland, Ohio

  • Pic of James A. England

    James A. England

    (FHLB Vice Chair)
    Chairman,
    Decatur County Bank,
    Decaturville, Tenn.

  • Pic of Robert T. Lameier

    Robert T. Lameier

    President and CEO,
    Miami Savings Bank
    Miamitown, Ohio

  • Pic of Donald J. Mullineaux

    Donald J. Mullineaux

    (FHLB Chair)
    Emeritus duPont Endowed Chair in Banking and Financial Services,
    University of Kentucky,
    Lexington, Ky.

  • Pic of Alvin J. Nance

    Alvin J. Nance

    CEO,
    LHP Development LLC and LHP Management LLC,
    Knoxville, Tenn.

  • Pic of Michael P. Pell

    Michael P. Pell

    President and CEO,
    First State Bank,
    Winchester, Ohio

  • Pic of Kathleen A. Rogers

    Kathleen A. Rogers

    Executive Vice President,
    Director of Capital Stress Testing and Financial Systems of U.S. Bank N.A.,
    Cincinnati, Ohio

  • Pic of Charles J. Ruma

    Charles J. Ruma

    President,
    Davidson Phillips Inc.,
    Columbus, Ohio

  • Pic of David E. Sartore

    David E. Sartore

    Executive Vice President and CFO,
    Field & Main Bank,
    Henderson, Ky.

  • Pic of William S. Stuard Jr.

    William S. Stuard Jr.

    President and CEO,
    F&M Bank,
    Clarksville, Tenn.

  • Pic of Nancy E. Uridil

    Nancy E. Uridil

    Retired Global CPG Executive,
    Avon Lake, Ohio

  • Pic of James J. Vance

    James J. Vance

    Senior Vice President and Co-Chief Investment Officer,
    The Western & Southern Financial Group,
    Cincinnati, Ohio

  • Pic of Jonathan D. Welty

    Jonathan D. Welty

    President,
    Ohio Capital Finance Corp.,
    Columbus, Ohio

Senior Staff

  • Pic of Andrew S. Howell

    Andrew S. Howell

    President and Chief Executive Officer

  • Pic of Roger B. Batsel

    Roger B. Batsel

    Executive Vice President, Chief Operating Officer

  • Pic of R. Kyle Lawler

    R. Kyle Lawler

    Executive Vice President, Chief Business Officer

  • Pic of Stephen J. Sponaugle

    Stephen J. Sponaugle

    Executive Vice President, Chief Financial Officer

  • Pic of Damon v. Allen

    Damon v. Allen

    Senior Vice President, Community Investment Officer

  • Pic of J. Christopher Bates

    J. Christopher Bates

    Senior Vice President, Chief Accounting Officer

  • Pic of David C. Eastland

    David C. Eastland

    Senior Vice President, Chief Credit Officer

  • Pic of James C. Frondorf

    James C. Frondorf

    Senior Vice President, Assistant Chief Credit Officer

  • Pic of Tami L. Hendrickson

    Tami L. Hendrickson

    Senior Vice President,
    Treasurer

  • Pic of Bridget C. Hoffman

    Bridget C. Hoffman

    Senior Vice President, General Counsel

  • Pic of Amy L. Konow

    Amy L. Konow

    Senior Vice President, Chief Audit Executive

  • Pic of Daniel A. Tully

    Daniel A. Tully

    Senior Vice President, Chief Risk and Compliance Officer

2020 Advisory Council

  • Walter B. Crouch,

    President and CEO,
    Appalachia Service Project, Johnson City, Tenn.

  • Danny Herron (Chair),

    President and CEO,
    Habitat for Humanity of Greater Nashville, Nashville, Tenn.

  • Debbie Watts Robinson,

    Chief Executive Officer,
    Miami Valley Housing Opportunities, Dayton, Ohio

  • Stacey C. Epperson,

    President and CEO,
    Next Step Network Inc., Louisville, Ky.

  • Charles D. Hillman,

    President and CEO,
    Columbus Metropolitan Housing Authority, Columbus, Ohio

  • Samantha A. Shuler,

    Chief Executive Officer,
    Community Housing Network, Columbus, Ohio

  • Lori H. Flanery,

    Chief Executive Officer,
    New Directions Housing Corp., Louisville, Ky.

  • Kenneth "Jay" Kittenbrink,


    Affordable Real Estate Development Advisor,
    Episcopal Retirement Services Inc., Cincinnati, Ohio

  • Dwayne Spencer,

    President and CEO,
    Habitat for Humanity of Greater Memphis, Memphis, Tenn.

  • James E. Harbison,

    Executive Director,
    Metropolitan Development and Housing Agency, Nashville, Tenn.

  • Ralph M. Perrey,

    Executive Director,
    Tennessee Housing Development Agency, Nashville, Tenn.

  • Tammy K. Weidinger (Vice Chair),

    President and CEO,
    Brighton Center Inc., Newport, Ky.

  • Natalie H. Harris,

    Executive Director,
    The Coalition for the Homeless Inc., Louisville, Ky.