The Federal Home Loan Bank of Boston has reported $22.9 million in net income for the first quarter, compared with a net loss of $83.4 million in the first quarter of 2009.

The $106.3 million increase was primarily due to a $104.1 million decrease in the credit-related, other-than-temporary impairment charges on certain private-label MBS; an $11 million increase in net interest income after provision for credit losses, partially offset by a $5.7 million increase in REFCorp assessments; and a $2.5 million increase in Affordable Housing Program contributions.

Total assets declined 1.5 percent to $61.6 billion in the first quarter, down from $62.5 billion at Dec. 31, 2009. The $918.3 million decrease was driven by a $2.4 billion decrease in advances, partially offset by a $1.4 billion increase in cash and investments, according to a statement.

Total mortgage loans purchased through the Mortgage Partnership Finance program decreased 3.2 percent to $3.4 billion at March 31, compared with $3.5 billion at the end of 2009, as origination volumes remained relatively low during the quarter.

"We are pleased to begin 2010 with a second consecutive quarter of modest positive net income. Though market uncertainties may continue to impact our investment portfolio, our core business remains strong as our balance sheet returns to pre-credit-crisis levels," said Bank President and Chief Executive Officer Edward A. Hjerpe III. "We remain committed to preserving capital, building retained earnings, and achieving consistent profitability so that we may return to paying dividends, repurchasing excess stock, and more fully funding the Affordable Housing Program."