Federal Home Loan Bank Of Pittsburgh (1330399) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

Federal Home Loan Bank Of Pittsburgh

CIK: 1330399

Slide 1

Member Conference Call: Third Quarter 2022 Nov. 1, 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 The Pittsburgh cooperative is strong Member demand for advances has continued to increase Dividend increased from prior quarter: 7.25% annualized on activity stock 3.25% annualized on membership stock In July, the FHLBank System celebrated its 90th anniversary

Slide 5

System and Pittsburgh Advance Balance Trends Member advance demand and balances continued to increase in Q3

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

Slide 10

Performance Highlights and Outlook; Important Dates

Slide 11

Q3 2022 Business Highlights Advance balances increased to $58.4 billion Letter of credit (LC) balances increased to $23.3 billion Mortgage Partnership Finance® (MPF®) Program portfolio totaled $4.6 billion; YTD fundings of $449.9 million $14.6 million set aside for AHP during 2022 "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 Short-term interest rates Mortgage-backed security and MPF Program purchases and paydowns Disciplined expense management over time FHLBank anticipates that the 4Q22 dividend, paid in early 2023, will likely be higher given current business and market conditions FHLBank management and the Board are evaluating the 2023 dividend approach We will continue to use this forum to communicate 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 Community investment product availability: Affordable Housing Program (AHP) awards to be announced in mid-Dec. Banking On Business (BOB) program closed on Aug. 24 Community Lending Program (CLP) funds remain available Home4Good (H4G) co-applicant process closed on Oct. 28 Director election closes on Nov. 9, 5 p.m. EST Member education webinar series: Oct. 26: Commercial Real Estate Nov. 16: Diversity, Equity and Inclusion Dec. 7:Deposit and Liquidity Management Jan. 25: Cybersecurity in the Financial Services Feb. 22: Environmental, Social and Governance Reporting

Slide 16

FHLBank System at 100: Focusing on the Future Our regulator, the Federal Housing Finance Agency (FHFA), announced a comprehensive review of the FHLBank System The FHLBank System welcomes the review During this process, the System has emphasized the importance of our ability to provide on-demand liquidity, in any economic environment, in addition to our: Cooperative structure and regional nature Conservative risk-management profile Mission to support affordable housing, mortgage finance and community development Initial listening sessions Sept. 29, 30 and Oct. 4; written submissions were due on Oct. 31 Invitation-only regional roundtables start Nov. 2, and additional listening sessions will also be announced Thank you to our stakeholders who have already participated

Slide 17

Member Questions

Slide 18

Contact Us Business Development Managers Jeff Acquafondata (MPF Program) Fred Bañuelos (Community Investment) Fred Duncan Megan Krider (Community Investment) 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 1, 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.

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Definitive Proxy Statement (Form DEF 14A)
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Federal Home Loan Bank Of Pittsburgh's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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


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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)
Investments, Gain Loss On Sales Of Afs (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: 0001330399-22-000029
Submitted to the SEC: Tue Nov 08 2022 9:44:55 AM EST
Accepted by the SEC: Tue Nov 08 2022
Period: Friday, September 30, 2022
Industry: Federal And Federally Sponsored Credit Agencies

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