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 24, 2025

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.)
301 Grant Street, Suite 2000	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 24, 2025, 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, 2025 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.

The declaration of a dividend is not a guarantee or a commitment by the Bank regarding the payment of any future dividends or the level of future dividend rates. 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 “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “likely,” 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, investments and contracts, the occurrence of man-made or natural disasters, endemics, global pandemics, climate change, conflicts or terrorist attacks or other geopolitical events; political events, including 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 Securities and Exchange Commission, which are available at https://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 or revise 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 24, 2025, 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 24, 2025	By:	/s/ Edward V. Weller
		Edward V. Weller
		Chief Financial 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 2025 Operating Highlights

PITTSBURGH, April 24, 2025 – The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today unaudited financial results for the first quarter of 2025.

Financial Highlights:

▪Net income of $120.1 million

▪Net interest income of $172.2 million

▪Declared a dividend on activity stock at 9.0% annualized

▪Declared a dividend on membership stock at 4.6% annualized

Credit Products Highlights:

▪Advances at $59.8 billion

▪Mortgage loans held for portfolio, net at $4.9 billion

▪Standby letters of credit at $29.8 billion

Community Investment Products Highlights:

▪Statutory Affordable Housing Program (AHP) assessment of $13.4 million for use in 2026

▪Voluntary contributions of $6.3 million to community investment products and a supplemental voluntary contribution to AHP of $0.7 million

Statements of Income

FHLBank’s net income totaled $120.1 million for the first quarter of 2025, compared to $154.0 million for the first quarter of 2024. The $33.9 million decrease in net income was driven primarily by the following:

▪Net interest income was $172.2 million for the first quarter of 2025, a decrease of $23.5 million from $195.7 million during the same prior-year period.

–Interest income was $1,198.0 million for the first quarter of 2025, compared to $1,539.1 million in the same prior-year period. This decrease was driven by lower short-term interest rates and lower average advances.

–Interest expense was $1,025.8 million for the first quarter of 2025, compared to $1,343.4 million in the same prior-year period. This decrease was the result of lower short-term interest rates and lower average consolidated obligations.

▪Noninterest income was $0.0 million for the first quarter of 2025, compared to $14.9 million in the same prior-year period. This $14.9 million decrease was due primarily to valuation changes in FHLBank’s derivative and trading securities portfolios resulting from interest rate volatility.

▪Other expense was $30.9 million for the first quarter of 2025, relatively flat compared to $31.1 million in the same prior-year period.

▪Voluntary contributions to community investment products were $7.0 million for both the first quarter of 2025 and the same prior-year period.

▪Statutory AHP assessments were $13.4 million as a result of first quarter 2025 earnings, compared to

$17.2 million in the same prior-year period.

Statements of Condition

At March 31, 2025, total assets were $95.7 billion, compared with $106.9 billion at December 31, 2024. The decrease was primarily due to a decline in advances, which totaled $59.8 billion at March 31, 2025, compared to $69.9 billion at year-end 2024. Advance demand continues to be driven by members’ liquidity management practices, which are influenced by their loan demand, deposit balances and investment activities. Although advance levels decreased, it is not uncommon for FHLBank to experience fluctuations in the overall advance portfolio driven by changes in member needs.

Total capital at March 31, 2025, was $5.3 billion, compared to $5.6 billion at December 31, 2024, including retained earnings of $2.1 billion as of both dates. At March 31, 2025, FHLBank remained in compliance with all regulatory capital requirements.

Quarterly Dividends

The Board of Directors declared a dividend on subclass B1 (membership) stock equal to an annual yield of 4.6% and a dividend on subclass B2 (activity) stock equal to an annual yield of 9.0%. These dividends will be calculated on stockholders’ average balances during the period January 1, 2025, to March 31, 2025, and be credited to stockholders’ accounts on April 25, 2025.

Looking forward, market, geopolitical, and business conditions can impact FHLBank's overall performance, as well as the levels of future dividends. FHLBank’s intent is to continue to provide meaningful shareholder return; future dividend rates may not correspond directly with the pace or direction of interest rate changes.

Detailed financial information regarding first quarter 2025 results will be available in FHLBank's Quarterly Report on Form 10-Q, which FHLBank anticipates filing no later than May 13, 2025.

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 FHLBank’s 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 investments and contracts; the occurrence of man-made or natural disasters, endemics, global pandemics, climate change, conflicts or terrorist attacks, or other geopolitical events; political events, including legislative, regulatory, litigation, or judicial events or actions, including those relating to environmental, social, and governance matters; risks related to mortgage-backed securities; 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; disruptions in the capital markets; 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 Federal Home Loan Banks 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 cybersecurity 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 Securities and Exchange Commission, 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 or revise any forward-looking statement for any reason.

Unaudited Condensed Statements of Condition and Income

(in millions)

Condensed Statement of Condition	March 31, 2025		December 31, 2024
ASSETS:
Cash and due from banks	$	26.9	$	17.3
Investments	30,147.8		31,282.4
Advances	59,799.7		69,873.2
Mortgage loans held for portfolio, net	4,905.8		4,816.5
All other assets	833.8		937.3
Total assets	$	95,714.0	$	106,926.7
LIABILITIES:
Consolidated obligations	$	88,940.2	$	99,650.3
All other liabilities	1,461.2		1,642.3
Total liabilities	90,401.4		101,292.6
CAPITAL:
Capital stock	$	3,170.0	$	3,561.7
Retained earnings	2,142.4		2,102.9
Accumulated other comprehensive income (loss)	0.2		(30.5)
Total capital	5,312.6		5,634.1
Total liabilities and capital	$	95,714.0	$	106,926.7

	For the three months ended March 31,
Condensed Statement of Income	2025		2024
Total interest income	$	1,198.0	$	1,539.1
Total interest expense	1,025.8		1,343.4
Net interest income	172.2		195.7
Provision for credit losses	0.8		1.3
Gains (losses) on investments	2.4		(1.1)
Gains (losses) on derivatives and hedging	(11.9)		5.8
Other income	9.5		10.2
Other expense	30.9		31.1
Voluntary contributions	7.0		7.0
Income before assessments	133.5		171.2
AHP assessment	13.4		17.2
Net income	$	120.1	$	154.0

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XML

Cover	Apr. 24, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 24, 2025
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	301 Grant Street, Suite 2000
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