Member Audio/Web Conference August 1, 2017 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 |
Financial Highlights – Statement of Income (in millions) 3 Over/ 2017 2016 (Under) Net interest income 218.7 $ 175.0 $ 43.7 $ Provision (benefit) for credit losses (0.1) 0.4 (0.5) Realized gains from sales of AFS securities - 12.7 (12.7) All other income (loss) 19.7 (10.5) 30.2 Other expenses 44.2 39.6 4.6 Income before assessment 194.3 137.2 57.1 Affordable Housing Program (AHP) assessment 19.5 13.7 5.8 Net income 174.8 $ 123.5 $ 51.3 $ Net interest margin (bps) 46 39 7 Six months ended June 30, |
Financial Highlights – Selected Balance Sheet 2017 2016 Amount Average: Total assets 96,721 $ 91,650 $ 5,071 $ 6 % Advances 73,472 68,029 5,443 8 Total investments 18,482 19,132 (650) (3) June 30, Dec 31, 2017 2016 Amount Spot: Advances 74,080 $ 76,809 $ (2,729) $ (4) % Capital stock 3,733 3,755 (22) (1) Retained earnings 1,077 986 91 9 Percent Over/(Under) Over/(Under) Percent Six months ended June 30, (in millions) (in millions) 4 |
(in millions) June 30, Dec 31, 2017 2016 Permanent capital 4,815 $ 4,747 $ Excess permanent capital over RBC requirement 3,865 $ 3,839 $ Regulatory capital ratio (4% minimum) 4.8% 4.7% Leverage ratio (5% minimum) 7.2% 7.0% Market value/capital stock (MV/CS) 133.4% 128.9% Capital Requirements |
Member Audio/Web Conference August 1, 2017 |