Federally Chartered Corporation | 000-51395 | 25-6001324 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
601 Grant Street, Pittsburgh, Pennsylvania | 15219 | ||
(Address of principal executive offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
— | — | — |
Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
Federal Home Loan Bank of Pittsburgh | ||
Date: April 29, 2020 | By: | /s/ Edward V. Weller |
Edward V. Weller | ||
Chief Accounting Officer |
• | Total assets at $115.7 billion, the highest ever |
• | Net income of $35.9 million |
• | Net interest income of $95.7 million |
• | Advances at $78.1 billion |
• | Letters of credit at $17.4 billion |
• | Retained earnings at $1.3 billion |
• | Net interest income was $95.7 million for the first quarter of 2020, a decline of $34.2 million from $129.9 million during the same period in 2019. |
– | Interest income was $465.9 million for the first quarter of 2020, compared to $729.5 million for the first quarter of 2019. This decrease was largely the result of lower average interest-earning asset balances as well as lower yields, driven by lower short-term interest rates. |
– | Interest expense was $370.2 million for the first quarter of 2020, compared to $599.6 million in the same prior-year period. This decrease was primarily the result of lower average consolidated obligations balances as well as lower rates paid, driven by lower short-term interest rates. |
• | Other noninterest income was a loss of $31.3 million in the first quarter of 2020, compared to a gain of $4.1 million in the same prior-year period. This $35.4 million decrease was driven primarily by net losses on derivatives and hedging activities, partially offset by net gains on investment securities. |
Condensed Statement of Condition | March 31, 2020 | December 31, 2019 | ||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 3,946.6 | $ | 21.5 | ||||
Investments | 27,900.6 | 24,572.0 | ||||||
Advances | 78,092.9 | 65,610.1 | ||||||
Mortgage loans held for portfolio, net | 5,237.6 | 5,114.6 | ||||||
All other assets | 480.5 | 405.9 | ||||||
Total assets | $ | 115,658.2 | $ | 95,724.1 | ||||
LIABILITIES: | ||||||||
Consolidated obligations | $ | 109,015.8 | $ | 89,949.2 | ||||
All other liabilities | 1,681.9 | 1,302.1 | ||||||
Total liabilities | 110,697.7 | 91,251.3 | ||||||
CAPITAL: | ||||||||
Capital stock | $ | 3,629.9 | $ | 3,055.0 | ||||
Retained earnings | 1,305.9 | 1,326.0 | ||||||
Accumulated other comprehensive income | 24.7 | 91.8 | ||||||
Total capital | 4,960.5 | 4,472.8 | ||||||
Total liabilities and capital | $ | 115,658.2 | $ | 95,724.1 |
For the three months ended March 31, | ||||||
Condensed Statement of Income | 2020 | 2019 | ||||
Total interest income | $ | 465.9 | $ | 729.5 | ||
Total interest expense | 370.2 | 599.6 | ||||
Net interest income | 95.7 | 129.9 | ||||
Provision for credit losses | 3.4 | 0.4 | ||||
Gains (losses) on investments | 62.5 | 10.1 | ||||
Gains (losses) on derivatives and hedging | (97.4 | ) | (13.0 | ) | ||
All other income | 3.6 | 7.0 | ||||
All other expense | 20.4 | 24.6 | ||||
Income before assessments | 40.6 | 109.0 | ||||
AHP assessment | 4.7 | 11.0 | ||||
Net income | $ | 35.9 | $ | 98.0 |
• | Net income of $35.9 million |
• | Advances at $78.1 billion |
• | Retained earnings at $1.3 billion |
• | 6.25 percent annualized on activity stock |
• | 3.00 percent annualized on membership stock |
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