Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Federal Home Loan Bank of Pittsburgh | d921430d8k.htm |
 Member Audio/Web
Conference
May 6, 2015
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/
2015
2014
(Under)
Net interest income
75.5
$
62.3
$
13.2
$
Provision (benefit) for credit losses
(0.5)
(3.9)
3.4
Gains on litigation settlements, net
15.3
36.6
(21.3)
All other income
5.7
5.1
0.6
Other expenses
18.0
19.1
(1.1)
Income before assessment
79.0
88.8
(9.8)
AHP
7.9
8.9
(1.0)
Net income
71.1
$
79.9
$
(8.8)
$
Net interest margin (bps)
37
37
-
Three months ended March 31,
Financial Highlights –
Statement of Income
(in millions)
3 |
 Quarterly Net Income
1Qtr 15
4Qtr 14
3Qtr 14
2Qtr 14
1Qtr 14
Net income
71.1
$
64.3
$
67.0
$
44.6
$
79.9
$
Derivative and hedging activity
(7.6)
$
(19.0)
$
0.2
$
(9.5)
$
(9.2)
$
Net gains (losses) on trading
securities
6.8
5.9
(0.1)
6.8
9.8
Gains on litigation
settlements, net
15.3
20.2
14.1
-
36.6
(in millions)
4 |
 Financial Highlights –
Selected Balance Sheet
2015
2014
Amount
Average:
Total assets
83,790
$
68,085
$
15,705
$
23
%
Advances
59,884
47,320
12,564
27
Total investments
19,063
16,939
2,124
13
March 31,
Dec 31,
2015
2014
Amount
Spot:
Advances
62,346
$
63,408
$
(1,062)
$
(2)
%
Capital stock
3,064
3,041
23
1
Retained earnings
809
838
(29)
(3)
Percent
Over/(Under)
Over/(Under)
Percent
Three months ended March 31,
(in millions)
(in millions)
5 |
 (in millions)
March 31,
Dec 31,
2015
2014
Permanent capital
3,873
$
3,879
$
Excess permanent capital
over RBC requirement
3,048
$
3,032
$
Capital ratio (4% minimum)
4.4%
4.5%
Leverage ratio (5% minimum)
6.6%
6.8%
Market value/capital stock (MV/CS)
134.2%
135.3%
Capital Requirements
6 |
 Member Audio/Web
Conference
May 6, 2015 |