8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2022

Federal Home Loan Bank of Pittsburgh

(Exact name of registrant as specified in its charter)

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,	PA	15219
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 412-288-3400

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
—	—	—

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition

On April 28, 2022, the Federal Home Loan Bank of Pittsburgh (the “Bank”) issued a press release to report the Bank’s financial results for the quarter ended March 31, 2022 and to announce the Board’s declaration of a dividend. Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the related press release.

Any anticipated future dividend rates are not a guarantee or a commitment by the Bank regarding the payment of any dividends or the level of dividends. Market conditions may be unpredictable and their impact on the Bank’s results of operations and financial condition, as well as any changes in applicable regulatory or other requirements, may affect the Bank’s ability to declare dividends or to pay dividends at such anticipated rates.

Item 7.01 Regulation FD Disclosure

The information set forth under Item 2.02 is also furnished pursuant to this Item 7.01. The information being furnished pursuant to Items 2.02 and 7.01 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Cautionary Statement Regarding Forward-Looking Statements

The attached earnings release and the information provided pursuant to Items 2.02, 7.01 and 9.01 contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements describing the objectives, projections, estimates, or predictions of the future of the Bank. 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. The Bank 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. These forward-looking statements involve risks and uncertainties including, but not limited to, the following: economic and market conditions; 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); 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; and changes in expectations regarding the Bank’s payment of dividends. Additional risks that might cause the Bank’s results to differ from these forward-looking statements are provided in detail in the Bank’s filings with the SEC, which are available at http://www.sec.gov. Forward-looking statements speak only as of the date made and the Bank has no obligation, and does not undertake publicly, to update, revise or correct any forward-looking statement for any reason.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1 is furnished herewith.

Exhibit No.	Description
99.1	Press release, dated April 28, 2022, issued by the Bank
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Pittsburgh
Date: April 28, 2022	By:	/s/ Edward V. Weller
		Edward V. Weller
		Chief Accounting Officer

EX-99.1

FOR IMMEDIATE RELEASE

Contact: Eric M. Slomer, FHLBank Pittsburgh, 412-288-7694, eric.slomer@fhlb-pgh.com

FHLBank Pittsburgh Announces First Quarter 2022 Financial Results

PITTSBURGH, April 28, 2022 – The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today unaudited financial results for first quarter of 2022. FHLBank recorded net income of $18.7 million for the first quarter, and the Board of Directors declared dividends of 5.25% annualized on activity stock and 1.25%annualized on membership stock. Dividends are payable to stockholders on April 29, 2022.

“The organization is strong, and during a continued period of market uncertainty has provided meaningful returns to our shareholders,” said Winthrop Watson, President and Chief Executive Officer. “Advance demand has also increased slightly during the quarter, and members have had sustained engagement with the Bank’s other credit and community products.”

Highlights for first quarter of 2022 include:

▪Net income of $18.7 million

▪Net interest income of $44.1 million

▪Advances at $16.3 billion

▪Mortgage loans held for portfolio, net at $4.7 billion

▪Letters of credit at $18.8 billion

▪Retained earnings at $1.4 billion

Operating Results

FHLBank’s net income totaled $18.7 million for the first quarter of 2022, compared to $38.1 million for the first quarter of 2021. First quarter 2022 performance allowed FHLBank to set aside $2.1 million for affordable housing programs. The $19.4 million decrease in net income was driven primarily by the following:

▪Net interest income was $44.1 million for the first quarter of 2022, a decline of $13.9 million from $58.0 million during the same prior-year period.

–Interest income was $94.4 million for first quarter of 2022, compared to $124.6 million in the same prior-year period. This decrease was the result of lower average advances. The increase in short term interest rates occurred late in the first quarter, which had minimal impact to FHLBank in the first quarter.

–Interest income also included net prepayment fees on advances of $0.6 million for the first quarter of 2022, compared to $7.8 million in the same prior-year period.

–Interest expense was $50.3 million for first quarter of 2022, compared to $66.6 million in the same prior-year period. This decrease was the result of lower average consolidated obligations.

▪Other noninterest income netted to zero for the first quarter of 2022 compared to $9.4 million in the same prior-year period. This $9.4 million decrease was due primarily to valuation changes in FHLBank's derivative and trading security portfolios as a result of market volatility.

▪Other expense was $22.3 million for the first quarter of 2022 compared to $26.0 million in the same period in prior-year, a decrease of $3.7 million. FHLBank made a $2.8 million voluntary contribution to its defined benefit pension plan in the first quarter of 2021, but made no such contribution in the first quarter of 2022.

Balance Sheet Highlights

At March 31, 2022, total assets were $39.9 billion, compared with $37.7 billion at Dec. 31, 2021. The increase was primarily due to an increase in advances, which totaled $16.3 billion at March 31, 2022, compared to $14.1 billion at year-end 2021. Although advance levels remained low as a result of liquidity in the marketplace, there was an increase driven by member demand. It is not uncommon for the Bank to experience variances in the overall advance portfolio driven primarily by changes in member needs.

Total capital at March 31, 2022, was $2.8 billion, compared to $2.7 billion at Dec. 31, 2021. Retained earnings at March 31, 2022, was $1.4 billion, relatively unchanged from year-end 2021. Retained earnings at March 31, 2022, and Dec. 31, 2021, included $457.4 million of restricted retained earnings. At March 31, 2022, FHLBank had total regulatory capital of $2.7 billion and remained in compliance with all regulatory capital requirements.

The Board of Directors declared a dividend on subclass B2 (activity) stock equal to an annual yield of 5.25% and a dividend on subclass B1 (membership) stock equal to an annual yield of 1.25%. These dividends will be calculated on stockholders’ average balances during the period Jan. 1, 2022, to March 31, 2022, and credited to stockholders’ accounts on April 29, 2022.

The dividend rates demonstrate that FHLBank continues to return value to its members. We will continue to assess the potential impact of the market and business conditions on FHLBank's performance and future dividends. Those conditions can be unpredictable.

Detailed financial information regarding first quarter 2022 results will be available in FHLBank's Quarterly Report on Form 10-Q, which FHLBank anticipates filing no later than May 12, 2022.

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.

This document contains “forward-looking statements” - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain and involve risk.

Actual performance or events may differ materially from that expected or implied in forward-looking statements because of many factors. Such factors may include, but are not limited to, 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 advance 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 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 obligation 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. Additional risks that might cause FHLBank’s results to differ from these forward-looking statements are provided in detail in FHLBank’s filings with the SEC, which are available at www.sec.gov. 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.

“Mortgage Partnership Finance” is a registered trademark of the Federal Home Loan Bank of Chicago.

Unaudited Condensed Statements of Condition and Income

(in millions)

Condensed Statement of Condition	March 31, 2022		December 31, 2021
ASSETS:
Cash and due from banks	$	721.1	$	428.2
Investments	17,835.4		18,097.9
Advances	16,292.0		14,124.4
Mortgage loans held for portfolio, net	4,687.0		4,676.2
All other assets	385.8		324.6
Total assets	$	39,921.3	$	37,651.3
LIABILITIES:
Consolidated obligations	$	35,981.7	$	33,599.3
All other liabilities	1,183.0		1,316.3
Total liabilities	37,164.7		34,915.6
CAPITAL:
Capital stock	$	1,320.5	$	1,227.1
Retained earnings	1,405.2		1,398.4
Accumulated other comprehensive income	30.9		110.2
Total capital	2,756.6		2,735.7
Total liabilities and capital	$	39,921.3	$	37,651.3

	For the three months ended March 31,
Condensed Statement of Income	2022		2021
Total interest income	$	94.4	$	124.6
Total interest expense	50.3		66.6
Net interest income	44.1		58.0
Provision (reversal) for credit losses	1.0		(1.1)
Gains (losses) on investments	(13.5)		(10.9)
Gains (losses) on derivatives and hedging	7.5		13.7
All other income	6.0		6.6
All other expense	22.3		26.0
Income before assessments	20.8		42.5
AHP assessment	2.1		4.4
Net income	$	18.7	$	38.1

# # #

XML

Cover	Apr. 28, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 28, 2022
Entity Registrant Name	Federal Home Loan Bank of Pittsburgh
Entity File Number	000-51395
Entity Tax Identification Number	25-6001324
Entity Address, Address Line One	601 Grant Street
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	288-3400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001330399
Amendment Flag	false