Attached files
| file | filename |
|---|---|
| 8-K - LIVE FILING - Federal Home Loan Bank of Pittsburgh | htm_53146.htm |
| EX-99.1 - EX-99.1 - Federal Home Loan Bank of Pittsburgh | exhibit1.htm |
From the President
February 18, 2016
TO: All Members
| SUBJECT: Full Year and Fourth Quarter 2015 Financial Results and Dividend Payments |
I am pleased to share our year-end and fourth quarter 2015 earnings release. By nearly any measure, 2015 was an exceptional year for the Bank:
Net income of $256.5 million, highest in the Bank’s 83-year history
Advances at $74.5 billion, our highest reported advance balance
Letters of credit (LCs) at $20.2 billion, our highest year-end LC balance
Affordable Housing Program awards of $23.8 million, our largest funding round
Retained earnings at $881.2 million, our highest ever
It is most gratifying to note that our 2015 performance was driven primarily by member activity, reflecting the relevance of the co-op to you.
Dividend Payments
Based on fourth quarter performance, the Board of Directors declared quarterly declared dividends of 5.0 percent annualized on activity stock and 3.0 percent annualized on membership stock. Dividends will be calculated on your average capital stock held during the period Oct. 1 to Dec. 31, 2015, and will be credited to your Demand Deposit Account (DDA) tomorrow, Feb. 19.
As a reminder, our quarterly conference call is scheduled for Tuesday, Feb. 23, at 9 a.m. If you have yet to register, you may do so by clicking here.
Sincerely,
Winthrop Watson
President and Chief Executive Officer