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August 28, 2015 2:41 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: 60
Chief Financial Officer and Head of Capital Markets Department
Age: 50
Chief Operating Officer
Age: 50
Managing Director, General Counsel and Corporate Secretary
Age: 55
Chief Strategy Officer
Age: 60
Compensation as of Fiscal Year 2015.

Federal Home Loan Bank of Pittsburgh Key Developments

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

Federal Home Loan Bank of Pittsburgh announced that the board of directors declared a dividend on subclass B2 (activity) stock equal to an annual yield of 5.0% and a dividend on subclass B1 (membership) stock equal to an annual yield of 3.0%. These dividends will be calculated on stockholders average balances during the period April 1, 2015, to June 30, 2015, and credited to stockholders accounts on July 30, 2015.

The Federal Home Loan Bank of Pittsburgh Announces Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2015

The Federal Home Loan Bank of Pittsburgh announced unaudited financial results for the second quarter and six months ended June 30, 2015. The Bank's net income totaled $80.6 million for the second quarter of 2015, an increase of $36.0 million compared to $44.6 million for the second quarter of 2014. This increase was driven primarily by higher net gains on derivatives and hedging activities and higher net interest income, partially offset by net losses on trading securities. Net interest income in the second quarter of 2015 was $81.1 million compared to $65.8 million in the second quarter of 2014, an increase of $15.3 million. This increase in net interest income was primarily due to increased interest income on advances driven by higher average advance volumes, partially offset by decreased interest income on mortgage loans held for portfolio. Income before assessments was $89.6 million against $49.6 million for the same period in the last year. For the six months ended June 30, 2015, net income was $151.7 million, compared to $124.5 million for the same prior-year period, an increase of $27.2 million. The increase was primarily due to net gains on derivatives and hedging activities and higher net interest income, partially offset by lower gains on litigation settlements (net of legal fees and expenses) and net losses on trading securities. Net interest income for the six months ended June 30, 2015 was $156.6 million compared to $128.1 million in the same prior-year period, an increase of $28.5 million. This increase was primarily due to increased interest income on advances driven by higher average advance volumes, partially offset by decreased interest income on mortgage loans held for portfolio and decreased prepayment fees. Income before assessments was $168.6 million against $138.4 million for the same period in the last year.

Federal Home Loan Bank of Pittsburgh, Q2 2015 Earnings Call, Aug 05, 2015

Federal Home Loan Bank of Pittsburgh, Q2 2015 Earnings Call, Aug 05, 2015

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