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 FHLB 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.
Earnings held at $276 million in 2020, consistent with 2019 performance. While earnings remained steady, the pandemic provided unique challenges. Advance balances grew dramatically at its outset and fell towards the end of the year as our members found themselves flush with liquidity due to government action in response to COVID-19. Additional details about our 2020 performance are available in the Performance section beginning on page 9.
Our Housing and Community Investment (HCI) programs provided a multitude of opportunities for members to help their communities flourish. Earnings in 2019 resulted in a $31 million set-aside for our Affordable Housing Program (AHP) in 2020. Through our competitive AHP, $28.4 million was awarded in 2020 through 27 members to help create 2,356 units of affordable housing in the Fifth District and elsewhere.
As a liquidity provider, especially in times of economic stress, the FHLB's credit window remained open and active during the COVID-19 pandemic. Additionally we looked for other ways to support members including expanded collateral eligibility to accept SBA Paycheck Protection Program (PPP) loans, collateral eligibility on certain loans in forbearance, and borrower and loss mitigation relief in the Mortgage Purchase Program.
Our HCI group also created a new program, RISE, which offered up to $2.0 billion in Advances with terms of six months at zero percent interest to members to support COVID-19 related issues.
For 2021, members re-elected three incumbent directors and elected a new Independent Director. In Ohio, incumbent Member Directors Brady T. Burt, SVP and Chief Financial Officer, Park National Bank, and James J. Vance, SVP and Co-Chief Investment Officer, Western & Southern Financial Group, were re-elected.
Re-elected as Independent Director was J. Lynn Anderson, Retired Banking and Insurance Executive, Nationwide and Board Member, National Church Residences. Lynn was also elected to serve as Chair of the Board and was designated as a Public Interest Director. She has served on the Board since 2012 and as Chair of the Audit Committee from 2016-2020. Newly elected as Independent Director was Kristin H. Darby, Chief Information Officer, Envision Healthcare.
We bid farewell to Leslie D. Dunn and Alvin J. Nance, both term-limited. Long-tenured directors, Leslie and Alvin brought critical legal and housing expertise, respectively, to the Board and will be sorely missed for their engagement, insights and continued commitment to the success of the Bank. We're grateful for their service and friendship and wish them both the best.
FHLB Cincinnati also saw changes in senior management. Amy L. Konow was hired to lead the FHLB audit function as Senior Vice President, Chief Audit Executive. David C. Eastland, Senior Vice President, Chief Credit Officer, will retire in June 2021, after 21 years of service. He will be succeeded by James C. Frondorf, Senior Vice President, Assistant Chief Credit Officer. Jim joined the Bank in 2001.
In a year unlike any other, we were proud to be ready to serve when our members needed us. Your trust in our ability to help you weather any financial uncertainty as the pandemic began is a testament to the reliable, steady partnership we have provided for more than 80 years. As Your Trusted Partner, we will continue our efforts to maintain that trust and position the FHLB to always be here to serve your needs. We are grateful for your support and we look forward to serving as your Federal Home Loan Bank.
Sincerely,
Donald J. Mullineaux
Chair, Board of Directors
Andrew S. Howell
President and CEO