Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Federal Home Loan Bank of Pittsburgh | d682138d8k.htm |
 Member Audio/Web
Conference
February 25, 2014
Exhibit 99.1 |
 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.
Cautionary Statement Regarding Forward-
Looking Information
2 |
 Over/
2013
2012
(Under)
Net interest income
195.1
$
209.8
$
(14.7)
$
Provision (benefit) for credit losses
(1.8)
0.4
(2.2)
Net OTTI credit losses
(0.4)
(11.4)
11.0
All other income
47.9
18.5
29.4
Other expenses
80.0
72.3
7.7
Income before assessment
164.4
144.2
20.2
AHP
16.6
14.5
2.1
Net income
147.8
$
129.7
$
18.1
$
Net interest margin (bps)
32
37
(5)
Year Ended December 31,
Financial Highlights –
Statement of Income
(in millions)
3 |
 Quarterly Net Income
4Qtr 13
3Qtr 13
2Qtr 13
1Qtr 13
4Qtr 12
Net income
43.7
$
43.5
$
32.0
$
28.6
$
51.7
$
Net prepayment fees on
advances
0.2
$
-
$
0.4
$
1.7
$
17.5
$
Net OTTI credit losses
-
-
-
(0.4)
(0.4)
Derivative and hedging activity
16.1
5.4
7.1
1.6
8.1
Net gains (losses) on trading
securities
(5.0)
0.2
-
0.2
-
Net gains on early
extinguishment of debt
-
9.6
-
-
-
(in millions)
4 |
 Quarterly Advance Trend
5 |
 Financial Highlights –
Selected Balance Sheet
Year Ended December 31,
2013
2012
Amount
Average:
Total assets
61,156
$
57,516
$
3,640
$
6
%
Advances
39,353
33,488
5,865
18
Total investments
17,767
19,777
(2,010)
(10)
2013
2012
Amount
Spot:
Advances
50,248
$
40,498
$
9,750
$
24
%
PLMBS (par)
2,210
2,944
(734)
(25)
Retained earnings
686
559
127
23
Capital stock
2,962
2,816
146
5
Percent
Over/(Under)
Over/(Under)
Percent
As of December 31,
(in millions)
(in millions)
6 |
 (in millions)
2013
2012
Permanent capital
(1)
3,648
$
3,807
$
Excess permanent capital
over RBC requirement
2,595
$
2,777
$
Capital ratio (4% minimum)
5.2%
5.9%
Leverage ratio (5% minimum)
7.7%
8.8%
Market value/capital stock (MV/CS)
128.0%
115.1%
As of December 31,
Capital Requirements
(1)
Permanent capital includes excess capital stock of $27 million and $624 million at
December 31, 2013 and 2012, respectively.
7 |
 Member Audio/Web
Conference
February 25, 2014 |