8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 2, 2014

Federal Home Loan Bank of Pittsburgh

(Exact name of registrant as specified in its charter)

Federally Chartered Corporation	000-51395	25-6001324
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
601 Grant Street, Pittsburgh, Pennsylvania		15219
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 412-288-3400

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2014, the Federal Home Loan Bank of Pittsburgh (the “Bank”) is holding a member audio/web conference to discuss its first quarter 2014 financial results. A financial slide presentation, including unaudited preliminary financial information for the quarter ended March 31, 2014, is being presented during the conference. A copy of this slide presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K. A transcript of the call will be posted to the Bank’s public website (www.fhlb-pgh.com) and remain posted for 45 days.

Item 7.01 Regulation FD Disclosure.

The information provided in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

The information being furnished in Items 2.02 and 7.01 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 FHLBank Pittsburgh May 2, 2014 Member Audio/Web Conference Slide Presentation

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Pittsburgh
May 2, 2014	By:	/s/ Edward V. Weller
	Name:	Edward V. Weller
	Title:	Chief Accounting Officer

3

Exhibit Index

Exhibit No.	Description
99.1	FHLBank Pittsburgh May 2, 2014 Member Audio/Web Conference Slide Presentation

4

EX-99.1

Member Audio/Web

Conference

May 2, 2014

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

62.3

$   

45.4

$   

16.9

$   

Provision (benefit) for credit losses

(3.9)

(0.1)

(3.8)

Gain on litigation settlements, net

36.6

-

36.6

Other income

5.1

3.7

1.4

Other expenses

19.1

17.4

1.7

Income before assessment

88.8

31.8

57.0

AHP

8.9

3.2

5.7

Net income

79.9

$   

28.6

$   

51.3

$   

Net interest margin (bps)

37

31

6

Earned dividend spread

10.90%

3.89%

7.01%

Three months ended March 31

Financial Highlights –

Statement of Income

(in millions)

3

,

Quarterly Net Income

1Qtr 14

4Qtr 13

3Qtr 13

2Qtr 13

1Qtr 13

Net income

79.9

$   

43.7

$   

43.5

$   

32.0

$   

28.6

$   

Derivative and hedging activity

(9.2)

$    

16.1

$   

5.4

$     

7.1

$     

1.6

$     

Net gains (losses) on trading

securities

9.8

(5.1)

0.2

0.1

0.2

Gain on litigation

settlements, net

36.6

-

-

1.5

-

Net gains on early

extinguishment of debt

-

-

9.6

-

-

(in millions)

4

Quarterly Advance Trend

5

Financial Highlights –

Selected Balance Sheet

2014

2013

Amount

Average:

Total assets

68,085

$  

59,297

$  

8,788

$   

15

%

Advances

47,320

36,380

10,940

30

Total investments

16,939

18,718

(1,779)

(10)

March 31,

Dec 31,

2014

2013

Amount

Spot:

Advances

46,064

$  

50,248

$  

(4,184)

$  

(8)

%

PLMBS (par)

2,102

2,210

(108)

(5)

Capital stock

2,681

2,962

(281)

(9)

Retained earnings

749

686

63

9

Percent

Over/(Under)

Over/(Under)

Percent

Three months ended March 31,

(in millions)

(in millions)

6

(in millions)

March 31,

Dec 31,

2014

2013

Permanent capital

3,432

$  

3,648

$  

Excess permanent capital

over RBC requirement

2,447

$  

2,595

$  

Capital ratio (4% minimum)

5.3%

5.2%

Leverage ratio (5% minimum)

8.0%

7.7%

Market value/capital stock (MV/CS)

135.7%

128.0%

Capital Requirements

7

Member Audio/Web

Conference

May 2, 2014