EX-12.1 13 j1417801exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
 

Exhibit 12.1

CONFIDENTIAL TREATMENT REQUESTED BY THE FEDERAL HOME LOAN BANK OF PITTSBURGH

RATIO OF EARNINGS TO FIXED CHARGES

          The table below presents the FHLBank’s ratio of earnings to fixed charges by dividing the FHLBank’s earnings by fixed charges. For this purpose, “earnings” is the sum of income before assessments and fixed charges less cumulative effect of change in accounting principle. “Fixed charges” consist of total interest expense on all indebtedness related to continuing operations (including bonds, notes, member deposits, fed funds purchased, reverse repos, and dividends relating to mandatory redemption of stock). The ratios are based solely on historical information and no pro forma adjustments have been made.

                                         
    Years Ended December 31,  
(in thousands)   2004     2003     2002     2001     2000  
Fixed Charges
                                        
Interest Expense
     1,078,117       890,712       1,059,020       1,753,837       2,819,254  
 
                              
 
                                        
Total Fixed Charges
     1,078,117       890,712       1,059,020       1,753,837       2,819,254  
 
                              
 
                                        
Earnings
                                        
Income before Assessments
     128,686       37,710       65,402       138,541       235,805  
Cumulative effect of change in accounting principle
     (8,413 )     —       —       8,962       —  
Add: fixed charges
     1,078,117       890,712       1,059,020       1,753,837       2,819,254  
 
                              
 
                                        
Total Earnings
     1,198,390       928,422       1,124,422       1,901,340       3,055,059  
 
                                        
Ratio of earnings to fixed charges
     1.1x       1.0x       1.1x       1.1x       1.1x  
 
                              

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