Federal Home Loan Bank Of Pittsburgh (1330399) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Federal Home Loan Bank Of Pittsburgh

CIK: 1330399

Slide 1

Member Conference Call: First Quarter 2022 May 3, 2022 Exhibit 99.1

Slide 2

Agenda State of FHLBank Pittsburgh Winthrop Watson, President and CEO Financial Review Ted Weller, Chief Accounting Officer Performance Highlights and Outlook; Important Dates 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 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, including those relating to environmental, social and governance matters; 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.

Slide 4

State of FHLBank Pittsburgh Solid financial performance – the organization is strong Dividend consistent with Q4 2021: 5.25% annualized on activity stock 1.25% annualized on membership stock Market liquidity continues to impact members’ need for advances Deposit balances at our member institutions remain elevated Advance balances remained low; slight increase during Q1 Maintain a significant level of retained earnings Continued assessment of market and business conditions on FHLBank’s financial performance Remain focused on our operations and serving our membership

Slide 5

System and Pittsburgh Advance Balance Trends Following a decline in advances beginning in Q2 2020 due to government actions and pandemic responses, balances have begun to increase

Slide 6

Financial Review

Slide 7

Financial Highlights – Statement of Income (in millions)

Slide 8

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

Slide 9

Capital Requirements (in millions)

Slide 10

Performance Highlights and Outlook; Important Dates

Slide 11

Q1 2022 Business Highlights Advance balances closed at $16.3 billion Letter of credit (LC) balances nearly consistent at $18.8 billion Mortgage Partnership Finance® (MPF®) Program portfolio totaled $4.7 billion; Q1 fundings of $223.5 million Set aside $2.1 million for the Affordable Housing Program (AHP) "Mortgage Partnership Finance“ and "MPF" are registered trademarks of the Federal Home Loan Bank of Chicago.

Slide 12

Credit Product Trends Advances Letters of Credit MPF Program

Slide 13

Looking Forward Operating environment may be impacted by business drivers: Members’ advance demand Projected increasing short-term interest rates Mortgage-backed security and MPF Program purchases and paydowns Disciplined expense management over time Future dividends are subject to market conditions and FHLBank's results of operations: Increases in fed funds rates should have a favorable impact on FHLBank earnings FHLBank’s Board will consider the level of earnings in its second quarter dividend determination (July) We will communicate regarding dividend expectations 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. Any expected increase in dividends is not a guarantee or commitment regarding the payment or level of dividends.

Slide 14

Historical Dividend Rate and Spread to Fed Funds Dividend represents the weighted-average yield for membership and activity stock dividends

Slide 15

Important Dates/Events Member engagement Just concluded our biennial member satisfaction survey Diversity, equity and inclusion focus groups throughout 2022 We look forward to supporting our trade associations and strategic partners Member reporting: May 16: Q1 2022 Qualifying Collateral Report (QCR) due Community investment products round openings: March 14: First Front Door, $6.5 million June 15: Banking On Business (BOB), $6 million, $2 million of which has been set aside for Banking On Business Inclusion and Equity fund (BOBIE) June 28: AHP funding round, $7 million1 June 28: Voluntary housing grant initiative, which is for 2022 only, $10 million 1Additional funding returned from prior projects will be added to the AHP pool throughout the year

Slide 16

Member Questions

Slide 17

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, May 3, 2022 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 2022 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 Cash Flows (Parenthetical)
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 (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 (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)
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)
CIK: 1330399
Form Type: 10-Q Quarterly Report
Accession Number: 0001330399-22-000016
Submitted to the SEC: Tue May 10 2022 11:39:39 AM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:

Bookmark the Permalink: