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May 05, 2015 4:35 PM ET

Thrifts and Mortgage Finance

Company Overview of Federal Home Loan Bank of Pittsburgh

Company Overview

Federal Home Loan Bank of Pittsburgh, a cooperative institution, provides credit for housing and community development primarily in Pennsylvania. It provides members with advances against the security of residential mortgages and other types of collateral. The company also purchases residential mortgage loans originated by or through eligible member institutions. The company also offers other types of credit and noncredit products and services, including letters of credit, interest rate exchange agreements, affordable housing grants, securities safekeeping, and deposit products and services to member institutions, as well as deposit products and services comprising demand, overnight, and ter...

601 Grant Street

Pittsburgh, PA 15219

United States

Founded in 1932

217 Employees

Phone:

412-288-3400

Key Executives for Federal Home Loan Bank of Pittsburgh

Chief Executive Officer and President
Age: 59
Chief Financial Officer and Head of Capital Markets Department
Age: 49
Chief Operating Officer
Age: 49
Managing Director, General Counsel and Corporate Secretary
Age: 54
Chief Strategy Officer
Age: 59
Compensation as of Fiscal Year 2014.

Federal Home Loan Bank of Pittsburgh Key Developments

Federal Home Loan Bank of Pittsburgh Declares Quarterly Dividend, Payable on April 30, 2015

The board of directors of Federal Home Loan Bank of Pittsburgh declared dividends of 5.0% annualized on activity stock and 3.0% annualized on membership stock. Dividends are payable to the Bank’s stockholders on April 30, 2015.

Federal Home Loan Bank of Pittsburgh Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015

Federal Home Loan Bank of Pittsburgh reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net income of $71.1 million on total interest income of $163.1 million and net interest income of $75.5 million against net income of $79.9 million on total interest income of $151.9 million and net interest income of $62.3 million a year ago. This decrease relates in large part to the settlement of claims against certain defendants arising from investments the Bank made in private-label mortgage-backed securities, net of legal fees and expenses.

Federal Home Loan Bank of Pittsburgh Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Federal Home Loan Bank of Pittsburgh reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's total interest income was $165.5 million compared to $60.1 million a year ago. Net interest income was $82.7 million compared to $67.7 million a year ago. Income before assessments was $71.4 million compared to $48.6 million a year ago. Net income was $64.3 million compared to $43.7 million a year ago. The increase was primarily driven by net interest income, gains on litigation settlements (net of legal fees and expenses), and net gains on trading securities, partially offset by net losses on derivatives and hedging activities. For the year, the company's total interest income was $626.1 million compared to $596.5 million a year ago. Net interest income was $283.1 million compared to $195.1 million a year ago, primarily due to lower interest expense on consolidated obligation bonds and higher interest income on advances and prepayment fees on advances. Income before assessments was $164.4 million compared to $144.2 million a year ago. Net income was $255.8 million compared to $147.8 million a year ago. The increase was primarily driven by net interest income, gains on litigation settlements (net of legal fees and expenses), and net gains on trading securities, partially offset by net losses on derivatives and hedging activities.

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