![]() Member Audio/Web Conference February 25, 2015 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/ 2014 2013 (Under) Net interest income 283.1 $ 195.1 $ 88.0 $ Provision (benefit) for credit losses (4.1) (1.8) (2.3) Gains on litigation settlements, net 70.9 1.5 69.4 All other income 4.7 46.0 (41.3) Other expenses 78.6 80.0 (1.4) Income before assessment 284.2 164.4 119.8 AHP 28.4 16.6 11.8 Net income 255.8 $ 147.8 $ 108.0 $ Net interest margin (bps) 40 32 8 Earned dividend spread 8.66% 5.13% 3.53% Year Ended December 31, Financial Highlights – Statement of Income (in millions) 3 |
![]() Quarterly Net Income 4Qtr 14 3Qtr 14 2Qtr 14 1Qtr 14 4Qtr 13 Net income 64.3 $ 67.0 $ 44.6 $ 79.9 $ 43.7 $ Derivative and hedging activity (19.0) $ 0.2 $ (9.5) $ (9.2) $ 16.1 $ Net gains (losses) on trading securities 5.9 (0.1) 6.8 9.8 (5.1) Gains on litigation settlements, net 20.2 14.1 - 36.6 - (in millions) 4 |
![]() Financial Highlights – Selected Balance Sheet 2014 2013 Amount Average: Total assets 71,763 $ 61,156 $ 10,607 $ 17 % Advances 50,377 39,353 11,024 28 Total investments 17,386 17,767 (381) (2) 2014 2013 Amount Spot: Advances 63,408 $ 50,248 $ 13,160 $ 26 % Capital stock 3,041 2,962 79 3 Retained earnings 838 686 152 22 Percent Over/(Under) Over/(Under) Percent Year Ended December 31, As of December 31, (in millions) (in millions) 5 |
![]() (in millions) 2014 2013 Permanent capital 3,879 $ 3,648 $ Excess permanent capital over RBC requirement 3,032 $ 2,595 $ Capital ratio (4% minimum) 4.5% 5.2% Leverage ratio (5% minimum) 6.8% 7.7% Market value/capital stock (MV/CS) 135.3% 128.0% As of December 31, Capital Requirements 6 |
![]() Member Audio/Web Conference February 25, 2015 |
![]() Financial Performance |
![]() Changes to Capital Structure |
![]() Member Audio/Web Conference February 25, 2015 |