UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 22, 2012
FEDERAL HOME LOAN BANK OF BOSTON
(Exact name of registrant as specified in its charter)
|
| | | | |
| | | | | |
| Federally chartered corporation | | 000-51402 | | 04-6002575 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
800 Boylston Street
Boston, MA 02199
(Address of principal executive offices, including zip code)
(617) 292-9600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| |
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
| |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On February 22, 2012, the Federal Home Loan Bank of Boston (the “Bank”) issued a press release announcing its preliminary, unaudited results for the quarter and the year ended December 31, 2011, the declaration of a dividend, and a partial repurchase of excess stock in the targeted amount of $250 million. The Bank's board of directors declared a cash dividend equal to an annual yield of 0.49 percent, the approximate daily average three-month LIBOR for the fourth quarter of 2011. The dividend, based on average capital stock outstanding during the fourth quarter of 2011, will be paid on March 2, 2012. The press release is attached as Exhibit 99.1 to this report.
Item 7.01. Regulation FD Disclosure.
On February 22, 2012, the Bank sent its shareholders a letter announcing a partial repurchase of excess stock in the targeted amount of $250 million. Excess stock is the amount of Bank capital stock held in excess of the owner's total stock investment requirement under the Bank's capital plan. The letter provides further detail on the partial repurchase and is attached as Exhibit 99.2 to this report.
The information set forth in Item 2.02 is also furnished under this Item 7.01. The information being furnished pursuant to Items 2.02 and 7.01 of this report and contained in Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
This report, including Exhibits 99.1 and 99.2, uses forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on the Bank's expectations as of the date hereof. Discussions of the possibility of future declarations of dividends and earnings are based on expectations for net interest spread and net interest margin of such forward-looking statements. The words “preliminary,” “expects,” “will,” “believes,” “intends,” and similar statements and their plural and negative forms are used in this notification to identify some, but not all, of such forward-looking statements. The Bank cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to, the application of accounting standards relating to, among other things, the amortization of discounts and premiums on financial assets, financial liabilities, and certain fair value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values of financial instruments, including investment securities and derivatives; and other-than-temporary impairment of investment securities, in addition to instability in the credit and debt markets, economic conditions (including effects on, among other things, mortgage-backed securities), changes in interest rates, and prepayment speeds on mortgage assets. Accordingly, the Bank cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular objective, projection, estimate or prediction is realized, and you are cautioned not to place undue reliance on such statements. The Bank does not undertake to update any forward-looking statement herein or that may be made from time to time on behalf of the Bank.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number
99.1 Press release issued by the Bank on February 22, 2012.
99.2 Letter sent to Bank shareholders, dated February 22, 2012.
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | | |
| Date: | February 22, 2012 | | Federal Home Loan Bank of Boston |
| | | | By:/s/ Frank Nitkiewicz |
| | | | Frank Nitkiewicz |
| | | | Executive Vice President and Chief Financial Officer |
