February 28, 2015 10:26 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

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 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.

Federal Home Loan Bank of Pittsburgh Declares Quarterly Dividend and Special Dividend, Payable on February 20, 2015 and February 23, 2015 Respectively

Federal Home Loan Bank of Pittsburgh Board of Directors declared a quarterly dividend of 4.00% annualized. In addition, the Board declared a special dividend of 2.50%, payable to each stockholder based on their average stock for the full year. This dividend will be calculated on average capital stock held during the period October 1 to December 31, 2014, and will be credited to demand deposit account (DDA) February 20, 2015. This special dividend will be calculated on average capital stock during the period January 1 to December 31, 2014, and credited to DDA on February 23, 2015.

Federal Home Loan Bank of Pittsburgh, Q4 2014 Earnings Call, Feb 25, 2015

Federal Home Loan Bank of Pittsburgh, Q4 2014 Earnings Call, Feb 25, 2015

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