PITTSBURGH--(BUSINESS WIRE)--July 24, 2025-- 

The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today unaudited financial results for the second quarter and six months ended June 30, 2025.

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This table presents the annualized dividend rate paid over eight quarters, including the dividend to be paid July 25, 2025; these dividends are based on stockholders' average balances for the previous quarter.

Financial Highlights:

   -- 
 Second quarter net income of $111.7 million 
 
 
   -- 
 Second quarter net interest income of $167.8 million 
 
 
   -- 
 Declared a second quarter dividend on activity stock at 9.50% 
      annualized 
 
 
   -- 
 Declared a second quarter dividend on membership stock at 4.85% 
      annualized 
 

Credit Product Balances:

   -- 
 Advances at $52.5 billion 
 
 
   -- 
 Mortgage loans held for portfolio, net at $5.1 billion 
 
 
   -- 
 Standby letters of credit at $28.1 billion 
 

Community Product Assessment and Contributions:

   -- 
 Statutory Affordable Housing Program $(AHP)$ second quarter assessment of 
      $12.5 million for use in 2026 
 
 
   -- 
 Second quarter voluntary contributions of $10.5 million to community 
      investment products and a supplemental voluntary contribution to AHP of 
      $1.3 million 
 

Statements of Income

FHLBank's net income totaled $111.7 million for the second quarter of 2025, compared to $149.2 million for the second quarter of 2024. The $37.5 million decrease in net income was driven primarily by the following:

   -- 
 Net interest income was $167.8 million for the second quarter of 2025, 
      a decrease of $29.3 million from $197.1 million during the same 
      prior-year period. 
 
          -- 
 Interest income was $1,115.8 million for the second quarter of 
             2025, compared to $1,516.1 million in the same prior-year period. 
             This decrease was driven by lower short-term interest rates and 
             lower average advances. 
 
 
          -- 
 Interest expense was $948.0 million for the second quarter of 
             2025, compared to $1,319.0 million in the same prior-year period. 
             This decrease was the result of lower short-term interest rates 
             and lower average consolidated obligations. 
 
 
 
 
   -- 
 Noninterest income (loss) was $1.5 million for the second quarter of 
      2025, compared to $10.5 million in the same prior-year period. This $9.0 
      million decrease was due primarily to valuation changes in FHLBank's 
      derivative and trading securities portfolios resulting from interest rate 
      volatility. 
 
 
   -- 
 Other expense was $32.6 million for the second quarter of 2025, 
      compared to $30.9 million in the same prior-year period, an increase of 
      $1.7 million. This increase was primarily driven by higher compensation 
      and benefits, including higher non-qualified benefit plan expense. 
 
 
   -- 
 Voluntary contributions to community investment products were $11.8 
      million, including a supplemental voluntary contribution to AHP of $1.3 
      million, for the second quarter of 2025, an increase of $1.6 million 
      compared to $10.2 million in the same prior-year period. FHLBank will 
      continue to make voluntary contributions of at least 5% of the prior 
      year's pre-assessment net income to voluntary community investment 
      products, a commitment target of $35.3 million. In addition, FHLBank will 
      continue to make a supplemental voluntary contribution to AHP to increase 
      the pool of available AHP funds to the amount that would have been 
      statutorily required, absent FHLBank's voluntary contributions. 
 
 
   -- 
 Statutory AHP assessments were $12.5 million as a result of second 
      quarter 2025 earnings, compared to $16.6 million in the same prior-year 
      period. 
 

FHLBank's net income totaled $231.8 million for the six months ended June 30, 2025, compared to $303.2 million for the same prior-year period. The $71.4 million decrease in net income was driven primarily by the following:

   -- 
 Net interest income was $340.0 million for the six months ended June 
      30, 2025, a decrease of $52.8 million from $392.8 million during the same 
      prior-year period. 
 
          -- 
 Interest income was $2,313.9 million for the six months ended 
             June 30, 2025, compared to $3,055.2 million in the same prior-year 
             period. This decrease was driven by lower short-term interest 
             rates and lower average advances. 
 
 
          -- 
 Interest expense was $1,973.9 million for the six months ended 
             June 30, 2025, compared to $2,662.4 million in the same prior-year 
             period. This decrease was the result of lower short-term interest 
             rates and lower average consolidated obligations. 
 
 
 
 
   -- 
 Noninterest income was $1.4 million for the six months ended June 30, 
      2025, compared to $25.4 million in the same prior-year period. This $24.0 
      million decrease was due primarily to valuation changes in FHLBank's 
      derivative and trading securities portfolios resulting from interest rate 
      volatility. 
 
 
   -- 
 Other expense was $63.5 million for the six months ended June 30, 2025, 
      compared to $62.1 million in the same prior-year period, an increase of 
      $1.4 million. This increase was primarily driven by higher compensation 
      and benefits, including non-qualified benefit plan expense. 
 
 
   -- 
 Voluntary contributions to community investment products were $18.8 
      million, including a supplemental voluntary contribution to AHP of $2.0 
      million, for the six months ended June 30, 2025, an increase of $1.7 
      million compared to $17.1 million in the same prior-year period. FHLBank 
      will continue to make voluntary contributions of at least 5% of the prior 
      year's pre-assessment net income to voluntary community investment 
      products, a commitment target of $35.3 million. In addition, FHLBank will 
      continue to make a supplemental voluntary contribution to AHP to increase 
      the pool of available AHP funds to the amount that would have been 
      statutorily required, absent FHLBank's voluntary contributions. 
 
 
   -- 
 Statutory AHP assessments were $25.8 million based on earnings for the 
      six months ended June 30, 2025, compared to $33.8 million in the same 
      prior-year period. 
 

Statements of Condition

At June 30, 2025, total assets were $89.3 billion, compared with $106.9 billion at December 31, 2024. The decrease was primarily due to a decline in advances, which totaled $52.5 billion at June 30, 2025, compared to $69.9 billion at year-end 2024. Demand for advances continues to be driven by members' liquidity management practices, which are influenced by their loan demand, deposit balances and investment activities. Although advances decreased, it is not uncommon for fluctuations in advances to be driven by changes in member needs.

Total capital at June 30, 2025, was $5.1 billion, compared to $5.6 billion at December 31, 2024, including retained earnings of $2.2 billion at June 30, 2025, compared to $2.1 billion at December 31, 2024. At June 30, 2025, FHLBank remained in compliance with all regulatory capital requirements.

Quarterly Dividends

The Board of Directors declared a dividend on subclass B1 (membership) stock equal to an annual yield of 4.85% and a dividend on subclass B2 (activity) stock equal to an annual yield of 9.50%. These dividends will be calculated on stockholders' average balances during the period April 1, 2025, to June 30, 2025, and be credited to stockholders' accounts on July 25, 2025.

Looking forward, market, geopolitical, and business conditions can impact FHLBank's overall performance, as well as the levels of future dividends. FHLBank's intent is to continue to provide meaningful shareholder return; future dividend rates may not correspond directly with the pace or direction of interest rate changes.

Detailed financial information regarding second quarter and six months ended June 30, 2025, financial results will be available in FHLBank's Quarterly Report on Form 10-Q, which FHLBank anticipates filing no later than August 12, 2025.

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.

This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address FHLBank's expected future business and financial performance, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain and involve risk.

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