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The bank a net loss of $1.5 millionn for the first quarter of a decreaseof 101.3 percent, from net incomew of $116.6 million in the firs t quarter of 2008. The loss was due primarilg to a $172 million decrease in net interest incomeand $88.9i million in net impairment offset by a $101.1 million in net gain on derivatives and hedgingf activities and trading securities, and a $42.5r million decrease in total assessments. As of March 31, the bank had $189.43 billion in total assets -- a decrease of $19.1 billion, or 9.17 from Dec. 31, 2008. This decrease was due mostly toa $17.u8 billion, or 10.7 percent, decrease in advances during the firsf quarter.
"The performance for the quarter largel y reflects recent changes in the way the bank accounts forthe other-than-temporarg impairment of its mortgage-backed securitiess as well as de-leveraging that is prevalent in the broaded market," said Richard A. Dorfman, presidentr and CEO, in an earnings statement. "The bank remains a solidc and stable funding source for member and while we continuer to take measures to protect capitalk inthe short-term, the Bank also is focuser on taking steps that, in the we believe will allow us to return to offerinhg a competitive return on members' investment in the
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