August 23, 2014 2:11 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 Operating Officer
Age: 49
Managing Director
Age: 54
Chief Strategy Officer
Age: 59
Chief Risk Officer
Age: 52
Compensation as of Fiscal Year 2014.

Federal Home Loan Bank of Pittsburgh Key Developments

Federal Home Loan Bank of Pittsburgh Declares Dividend, Payable on July 30, 2014

The board of directors of Federal Home Loan Bank of Pittsburgh declared a dividend equal to an annual yield of 4.00%. The dividend will be calculated on stockholders' average balances during the period April 1, 2014, to June 30, 2014, and credited to stockholders' accounts on July 30, 2014.

The Federal Home Loan Bank of Pittsburgh Announces Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2014

The Federal Home Loan Bank of Pittsburgh announced unaudited financial results for the second quarter and six months ended June 30, 2014. The bank's net income for the second quarter of 2014 was $44.6 million, compared to $32.0 million for the second quarter of 2013. This $12.6 million increase was driven primarily by higher net interest income and net gains on trading securities, partially offset by net losses on derivatives and hedging activities. Net interest income was $65.8 million for the second quarter of 2014, an increase of $23.7 million from $42.1 million in the second quarter of 2013, primarily due to lower interest expense on consolidated obligation bonds, higher interest income on advances and investment securities, partially offset by lower interest income on mortgage loans held for portfolio. Income before assessments was $49.6 million against $35.7 million for the same period in the last year. For the six months ended June 30, 2014, net income was $124.5 million, compared to $60.6 million for the same prior-year period, an increase of $63.9 million. The increase was primarily due to higher 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. Net interest income was $128.1 million for the first six months of 2014, an increase of $40.6 million compared to $87.5 million in the prior-year period, primarily due to lower expense on consolidated obligation bonds and increased interest income related to advances, partially offset by lower interest income on mortgage loans held for portfolio. Income before assessments was $138.4 million against $67.5 million for the same period in the last year.

Federal Home Loan Bank of Pittsburgh, Q2 2014 Earnings Call, Aug 01, 2014

Federal Home Loan Bank of Pittsburgh, Q2 2014 Earnings Call, Aug 01, 2014

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