Federal Home Loan Bank Of Pittsburgh (1330399) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Federal Home Loan Bank Of Pittsburgh

CIK: 1330399

Slide 1

Member Conference Call: Third Quarter 2020 Nov. 3, 2020 Exhibit 99.1

Slide 2

Agenda State of FHLBank Pittsburgh Winthrop Watson, President and CEO Financial Review Ted Weller, Chief Accounting Officer Business Review David Paulson, Chief Operating Officer Closing Remarks and Member Questions Winthrop Watson

Slide 3

Cautionary Statement Regarding Forward-Looking Information Statements contained in this document, including statements describing the objectives, projections, estimates, or predictions of the future of the Federal Home Loan Bank of Pittsburgh (FHLBank), may be “forward-looking statements.” These statements may use forward-looking terms, such as “anticipates,” “believes,” “could,” “estimates,” “may,” “should,” “will,” or their negatives or other variations on these terms. FHLBank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the following: economic and market conditions, including, but not limited to real estate, credit and mortgage markets; volatility of market prices, rates, and indices related to financial instruments, including, but not limited to, the possible discontinuance of the London Interbank Offered Rate (LIBOR) and the related effect on FHLBank’s LIBOR-based financial products, investments and contracts; the occurrence of man-made or natural disasters, endemics, global pandemics, conflicts or terrorist attacks or other geopolitical events; political, legislative, regulatory, litigation, or judicial events or actions; risks related to mortgage-backed securities (MBS); changes in the assumptions used to estimate credit losses; changes in FHLBank’s capital structure; changes in FHLBank’s capital requirements; changes in expectations regarding FHLBank’s payment of dividends; membership changes; changes in the demand by FHLBank members for FHLBank advances; an increase in advances’ prepayments; competitive forces, including the availability of other sources of funding for FHLBank members; changes in investor demand for consolidated obligations and/or the terms of interest rate exchange agreements and similar agreements; changes in the Federal Home Loan Bank (FHLBank) System’s debt rating or FHLBank’s rating; the ability of FHLBank to introduce new products and services to meet market demand and to manage successfully the risks associated with new products and services; the ability of each of the other FHLBanks to repay the principal and interest on consolidated obligations for which it is the primary obligor and with respect to which FHLBank has joint and several liability; applicable FHLBank policy requirements for retained earnings and the ratio of the market value of equity to par value of capital stock; FHLBank’s ability to maintain adequate capital levels (including meeting applicable regulatory capital requirements); business and capital plan adjustments and amendments; technology and cyber-security risks; and timing and volume of market activity. This presentation is not intended as a full business or financial review and should be viewed in the context of all other information, including, but not limited to, additional risk factors, made available by FHLBank in its filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and FHLBank has no obligation, and does not undertake publicly, to update, revise or correct any forward-looking statement for any reason. Information on FHLBank’s website found at is not part of this presentation.

Slide 4

State of FHLBank Pittsburgh The Bank remains committed to: Safeguarding the health and safety of our team Serving our membership Further advance balance contraction impacted largely by: Increased deposits at member institutions Abundant market liquidity Advance portfolio volatility demonstrated the Bank’s ability to expand and contract with member liquidity needs The Bank had strong, yet lower, financial performance Dividend consistent with prior two quarters 6.25% annualized on activity stock 3.00% annualized on membership stock

Slide 5

Financial Review

Slide 6

Financial Highlights – Statement of Income (in millions)

Slide 7

Financial Highlights – Selected Balance Sheet (in millions) (in millions)

Slide 8

Capital Requirements

Slide 9

Business Review

Slide 10

Product Use Highlights Credit Products: Advance balances were $35.8 billion Letter of credit (LC) balances were $19.6 billion Mortgage Partnership Finance® (MPF®) Program portfolio totaled $5.0 billion; fundings of $1.0 billion YTD Community Investment Products: The 2020 AHP funding round has closed, funding recipients to be announced on Dec. 18 Community Lending Program (CLP) Paycheck Protection Program concluded “Mortgage Partnership Finance” and “MPF” are registered trademarks of the Federal Home Loan Bank of Chicago

Slide 11

Credit Product Trends Advances Letters of Credit MPF Program

Slide 12

Upcoming Term-Out Tuesdays began on Oct. 27 and will run through Dec. 1 Fixed-rate and SOFR-based adjustable-rate advances Discounted pricing for terms two years and greater Planned MPF Program special Letter of Credit Analytics

Slide 13

Dividend Payment and Outlook Third quarter dividend payment was the same as the prior two quarters Performance drivers that could impact 2021 Sustained low interest rates Further decrease of member advance volume Continued paydown of higher-yielding mortgage assets Increased operating expenses Q4 2020 dividend, which has historically been paid in February of the following year, will likely be lower, subject to market and business conditions The above reflects forward-looking information based on management’s expectations regarding economic and market conditions and FHLBank’s financial condition and operating results. Refer to Cautionary-Statement Regarding Forward-Looking Information on slide 3 of this presentation.

Slide 14

Dividend Rate and Spread to Fed Funds

Slide 15

Closing Remarks and Member Questions

Slide 16

Closing Remarks Our highest priorities: Safeguarding the health and safety of our staff Remaining a reliable and readily available liquidity provider Supporting the communities that our members serve Maintaining an open dialogue with our members, particularly as it relates to credit management

Slide 17

Member Questions

Slide 18

Contact Us Business Development Managers Jeff Acquafondata (MPF Program) Fred Bañuelos (Community Investment) Fred Duncan Bill McGettigan Vince Moye Tom Westerlund Leadership Winthrop Watson Dave Paulson Mark Evanco @FHLBankPgh FHLBank Pittsburgh Member Services (8 a.m. to 5 p.m., Monday through Friday) 800-288-3400, option 2 or

The following information was filed by Federal Home Loan Bank Of Pittsburgh on Tuesday, November 3, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Federal Home Loan Bank Of Pittsburgh's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Federal Home Loan Bank Of Pittsburgh.


Assess how Federal Home Loan Bank Of Pittsburgh's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Federal Home Loan Bank Of Pittsburgh's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Statement Of Condition (Parenthetical)
Statements Of Cash Flows
Statements Of Changes In Capital
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Income
Accounting Adjustments, Changes In Accounting Principle And Recently Issued Accounting Standards And Interpretations
Advances (Advances By Year Of Contractual Maturity Or Next Call Date Or Next Convertible Date) (Details)
Advances (Details)
Advances (Interest Rate Payment Terms) (Details)
Advances (Portfolio By Year Of Contractual Maturity) (Details)
Advances (Tables)
Background Information
Background Information (Details)
Capital (Accumulated Other Comprehensive Income (Loss)) (Details)
Capital (Capital Requirements) (Details)
Capital (Dividends And Retained Earnings) (Details)
Capital (Mandatorily Redeemable Capital Stock By Contractual Year Of Redemption) (Details)
Capital (Mandatorily Redeemable Capital Stock) (Details)
Capital (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Consolidated Obligation Bonds By Earlier Of Contractual Maturity Or Next Call Date) (Details)
Consolidated Obligations (Consolidated Obligation Bonds Noncallable And Callable) (Details)
Consolidated Obligations (Consolidated Obligation Discount Notes) (Details)
Consolidated Obligations (Contractual Maturity Terms) (Details)
Consolidated Obligations (Tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Derivatives In Statement Of Condition) (Details)
Derivatives And Hedging Activities (Derivatives In Statement Of Income And Impact On Interest) (Details)
Derivatives And Hedging Activities (Derivatives In Statement Of Income) (Details)
Derivatives And Hedging Activities (Narrative) (Details)
Derivatives And Hedging Activities (Offsetting Assets) (Details)
Derivatives And Hedging Activities (Offsetting Liabilities) (Details)
Derivatives And Hedging Activities (Tables)
Estimated Fair Values
Estimated Fair Values (Carrying Value And Fair Value Of Financial Instruments) (Details)
Estimated Fair Values (Fair Value Measured On Recurring And Nonrecurring Basis) (Details)
Estimated Fair Values (Level 3 Reconciliation) (Details)
Estimated Fair Values (Tables)
Fair Value Measures And Disclosures (Details)
Investments (Tables)
Investments Afs - Allowance Rollforward Table (Details)
Investments Afs - Contractual Maturities Table (Details)
Investments Afs - Interest Rate Payment Terms Table (Details)
Investments Afs - Schedule Of Reconciliation Table (Details)
Investments Afs - Unrealized Loss Position Table (Details)
Investments Htm - Contractual Maturity Table (Details)
Investments Htm - Interest Rate Payment Terms (Details)
Investments Htm - Securities By Major Security Type Table (Details)
Investments Narrative (Details)
Mortgage Loans Held For Portfolio
Mortgage Loans Held For Portfolio (Collateral Or Guarantee Type) (Details)
Mortgage Loans Held For Portfolio (Details)
Mortgage Loans Held For Portfolio (Tables)
Mortgage Loans Held For Portfolio Credit Quality Indicators (Details)
Mortgage Loans Held For Portfolio Mpf -Allowance Roll Forward Table (Details)
Mortgage Loans Held For Portfolio Narrative (Details)
Mortgage Loans Held For Portfolio Other Delinquency Statistics Table (Details)
Schedule Of Long-Term Debt By Call Feature (Details)
Significant Accounting Policies (Policies)
Trading Securities (Details)
Trading Securities (Net Gains (Losses) On Trading Securities) (Details)
Transactions With Related Parties
Transactions With Related Parties (By Balance Sheet Grouping) (Details)
Transactions With Related Parties (Statement Of Income Effects) (Details)
Transactions With Related Parties (Tables)
Transactions With Related Parties (Transactions With Other Fhlbanks) (Details)

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Pittsburgh provided additional information to their SEC Filing as exhibits

CIK: 1330399
Form Type: 10-Q Quarterly Report
Accession Number: 0001330399-20-000033
Submitted to the SEC: Tue Nov 10 2020 1:33:19 PM EST
Accepted by the SEC: Tue Nov 10 2020
Period: Wednesday, September 30, 2020
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:

Bookmark the Permalink: