Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Federal Home Loan Bank of Pittsburgh | d619422d8k.htm |
 Member Audio/Web
Conference
November 1, 2013
Exhibit 99.1 |
 Cautionary Statement Regarding Forward-
Looking Information
2
Statements contained in these slides, including statements describing the objectives, projections,
estimates, or predictions of the future of the Bank, 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. The Federal Home Loan
Bank of Pittsburgh (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 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; political, legislative, regulatory, litigation, or
judicial events or actions; changes in assumptions used in the quarterly Other-Than-Temporary Impairment (OTTI)
process; risks related to mortgage-backed securities; changes in the assumptions used in the
allowance for credit losses; changes in the Bank’s capital structure; changes in the
Bank’s capital requirements; membership changes; changes in the demand by Bank members for
Bank advances; an increase in advances’ prepayments; competitive forces, including the availability of other sources of
funding for Bank members; changes in investor demand for consolidated obligations and/or the terms of
interest rate exchange agreements and similar agreements; changes in the FHLBank System’s
debt rating or the Bank’s rating; the ability of the Bank 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 the Bank
has joint and several liability; applicable Bank policy requirements for retained earnings and
the ratio of the market value of equity to par value of capital stock; the Bank’s ability to maintain adequate capital levels
(including meeting applicable regulatory capital requirements); business and capital plan adjustments
and amendments; technology risks; and timing and volume of market activity. We do not undertake
to update any forward-looking information. Some of the data set forth herein is unaudited. |
 Over/
2013
2012
(Under)
Net interest income
135.0
$
142.1
$
(7.1)
$
Provision (benefit) for credit losses
(2.0)
-
(2.0)
Net OTTI credit losses
(0.4)
(11.0)
10.6
All other income
32.9
8.3
24.6
Other expenses
53.7
52.7
1.0
Income before assessments
115.8
86.7
29.1
AHP
11.7
8.7
3.0
Net income
104.1
$
78.0
$
26.1
$
Net interest margin (bps)
30
34
(4)
Nine months ended Sept 30,
Financial
Highlights
–
Statement
of
Income
(in millions)
3 |
 Quarterly Net Income
3Qtr 13
2Qtr 13
1Qtr 13
4Qtr 12
3Qtr 12
Net income
43.5
$
32.0
$
28.6
$
51.7
$
33.0
$
Net prepayment fees on
advances
-
$
0.4
$
1.7
$
17.5
$
2.2
$
Net OTTI credit losses
-
-
(0.4)
(0.4)
(0.2)
Derivative and hedging activity
5.4
7.1
1.6
8.1
3.5
Net gains on early
extinguishment of debt
9.6
-
-
-
-
(in millions)
4 |
 Quarterly Advance Trend
5 |
 Financial Highlights –
Selected Balance Sheet
2013
2012
Amount
Average:
Total assets
59,926
$
56,899
$
3,027
$
5
%
Advances
38,028
32,802
5,226
16
Total investments
17,815
19,810
(1,995)
(10)
Sept 30,
Dec 31,
2013
2012
Amount
Spot:
Advances
39,506
$
40,498
$
(992)
$
(2)
%
PLMBS (par)
2,351
2,944
(593)
(20)
Retained earnings
652
559
93
17
Percent
Over/(Under)
Over/(Under)
Percent
Nine months ended Sept 30,
(in millions)
(in millions)
6 |
 (in millions)
Sept 30,
Dec 31,
2013
2012
Permanent capital
(1)
3,140
$
3,807
$
Excess permanent capital
over RBC requirement
2,079
$
2,777
$
Capital ratio (4% minimum)
5.1%
5.9%
Leverage ratio (5% minimum)
7.7%
8.8%
Market value/capital stock (MV/CS)
126.6%
115.1%
Capital Requirements
(1)
Permanent capital includes excess capital stock of $68 million at September 30,
2013 and $624 million at December 31, 2012
7 |
 Member Audio/Web
Conference
November 1, 2013 |