# EDGAR Filing Document

**Accession Number:** 0001330399
**File Stem:** 0001193125-23-052391
**Filing Date:** 2023-2
**Character Count:** 15628
**Document Hash:** 2a75bba1db57bf700efbb89a65e987d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052391.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052391

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Pittsburgh
- **CENTRAL INDEX KEY:** 0001330399
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51395
- **FILM NUMBER:** 23678556

**BUSINESS ADDRESS:**
- **STREET 1:** 601 GRANT STREET
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15219
- **BUSINESS PHONE:** 412-288-3400

**MAIL ADDRESS:**
- **STREET 1:** 601 GRANT STREET
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15219

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 28, 2023

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## Federal Home Loan Bank of Pittsburgh

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Federally Chartered Corporation** | **000-51395** | **25-6001324** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **601 Grant Street, Pittsburgh,**<br> **Pennsylvania** | **15219** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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

#### Not Applicable

#### (Former name or former address, if changed since last report)

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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))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **—** | **—** | **—** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 2.02 Results of Operations and Financial Condition.
On February 28, 2023, the Federal Home Loan Bank of Pittsburgh (the "Bank") is holding a conference call for members to discuss its financial results for the quarter and twelve months ended December 31, 2022. A financial slide presentation, including unaudited preliminary financial information for the quarter and twelve months ended December 31, 2022, is being presented during the call and will be provided on the Bank's website in advance. 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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u>

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [February 28, 2023 Member Conference Call Slide Presentation](d454386dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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#### 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.

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| | | |
|:---|:---|:---|
|  | Federal Home Loan Bank of Pittsburgh | Federal Home Loan Bank of Pittsburgh |
| February 28, 2023 | By: | */s/ Edward V. Weller* |
|  |  | Name: Edward V. Weller |
|  |  | Title: Chief Accounting Officer |

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## Exhibit 99.1

![Slide 1](g454386ex99_1s1g1.jpg)

Member Conference Call: Fourth Quarter and Year-end 2022 Feb. 28, 2023 Exhibit 99.1

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![Slide 2](g454386ex99_1s2g1.jpg)

Agenda State of FHLBank Pittsburgh Winthrop Watson, President and CEO Financial Review Ted Weller, Chief Accounting Officer Performance Highlights and Outlook; Important Dates David Paulson, Chief Operating Officer Closing Remarks and Member Questions Winthrop Watson

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![Slide 3](g454386ex99_1s3g1.jpg)

Cautionary Statement Regarding Forward-Looking Information Statements contained in this document, including statements describing the objectives, projections, estimates, or predictions of the future of the Federal Home Loan Bank of Pittsburgh (FHLBank), 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. FHLBank 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, including, but not limited to, the discontinuance of the London Interbank Offered Rate (LIBOR) and the related effect on FHLBank's LIBOR-based financial products, investments and contracts; the occurrence of man-made or natural disasters, endemics, global pandemics, conflicts or terrorist attacks or other geopolitical events; political, legislative, regulatory, litigation, or judicial events or actions, including those relating to environmental, social and governance matters; risks related to mortgage-backed securities (MBS); changes in the assumptions used to estimate credit losses; changes in FHLBank's capital structure; changes in FHLBank's capital requirements; changes in expectations regarding FHLBank's payment of dividends; membership changes; changes in the demand by FHLBank members for FHLBank advances; an increase in advances' prepayments; competitive forces, including the availability of other sources of funding for FHLBank members; changes in investor demand for consolidated obligations and/or the terms of interest rate exchange agreements and similar agreements; changes in the Federal Home Loan Bank (FHLBank) System's debt rating or FHLBank's rating; the ability of FHLBank 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 FHLBank has joint and several liability; applicable FHLBank policy requirements for retained earnings and the ratio of the market value of equity to par value of capital stock; FHLBank's ability to maintain adequate capital levels (including meeting applicable regulatory capital requirements); business and capital plan adjustments and amendments; technology and cyber-security risks; and timing and volume of market activity. This presentation is not intended as a full business or financial review and should be viewed in the context of all other information, including, but not limited to, additional risk factors, made available by FHLBank in its filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and FHLBank has no obligation, and does not undertake publicly, to update, revise or correct any forward-looking statement for any reason.

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![Slide 4](g454386ex99_1s4g1.jpg)

State of FHLBank Pittsburgh The Pittsburgh cooperative is strong Throughout 2022, member demand for advances continued to increase

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![Slide 5](g454386ex99_1s5g1.jpg)

State of FHLBank Pittsburgh Dividend increased from prior quarter: 7.95% annualized on activity stock 4.00% annualized on membership stock Community product awards totaled $33.6 million Board update The Federal Housing Finance Agency (FHFA), continues their comprehensive review of the FHLBank System: Stakeholder feedback has been garnered through: Listening sessions Regional roundtable discussions Written submissions Thank you to our stakeholders who have already participated Negative tangible capital

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![Slide 6](g454386ex99_1s6g1.jpg)

Financial Review

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![Slide 7](g454386ex99_1s7g1.jpg)

Financial Highlights – Statement of Income (in millions)

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![Slide 8](g454386ex99_1s8g1.jpg)

Financial Highlights – Selected Balance Sheet (in millions) (in millions)

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![Slide 9](g454386ex99_1s9g1.jpg)

Capital Requirements

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![Slide 10](g454386ex99_1s10g1.jpg)

Performance Highlights and Outlook; Important Dates

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![Slide 11](g454386ex99_1s11g1.jpg)

2022 Business Highlights Advance balances closed at $69.2 billion Letter of credit (LC) balances at $22.1 billion Mortgage Partnership Finance® (MPF®) Program portfolio totaled $4.5 billion; YTD fundings of $553.0 million Nearly $34 million awarded for 2022 community products "Mortgage Partnership Finance" and "MPF" are registered trademarks of the Federal Home Loan Bank of Chicago.

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![Slide 12](g454386ex99_1s12g1.jpg)

Credit Product Trends Advances Letters of Credit MPF Program

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![Slide 13](g454386ex99_1s13g1.jpg)

2022 Community Product Impact FHLBank offers a number of products, both mandatory and voluntary, to support its public policy mission of making funds available for housing and economic development in its communities These initiatives include mandatory AHP, loan products, and discretionary grants and contributions. Through these programs, FHLBank awarded $33.6 million1 during 2022. Affordable Housing Program $8.9 million2 awarded $55.4 million requested Voluntary Housing Grant Initiative $10.1 million granted Banking On Business $6.5 million2 committed including BOBIE Committed in 10 weeks Blueprint Communities® $100,000 granted Supported six communities in West Virginia Community Lending Program $2.6 billion pool of advances at the Bank's cost of funds First Front Door $6.5 million2 awarded Committed in eight weeks Home4Good $1.5 million granted State HFAs3 granted $2.0 million for a total of $3.5 million 1Excludes HFA contributions to Home4Good and does not include awards under the Community Lending Program. 2Includes fallout from current and prior rounds. 3FHLBank offers Home4Good in partnership with three state Housing Finance Agencies (HFAs): the Delaware State Housing Authority, the Pennsylvania Housing Finance Agency and the West Virginia Housing Development Fund. "Blueprint Communities" is a registered service mark of the Federal Home Loan Bank of Pittsburgh.

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![Slide 14](g454386ex99_1s14g1.jpg)

Looking Forward Operating environment may be impacted by business drivers: Members' advance demand Short-term interest rates Mortgage-backed security and MPF Program purchases and paydowns Disciplined expense management over time FHLBank management and the Board continue to evaluate the 2023 dividend approach: Future dividends will be subject to market conditions and the FHLBank's results of operations Our intent is to continue to provide meaningful shareholder return; future dividend rates may not correspond directly with the pace of interest rate changes We will continue to use this forum to communicate dividend expectations The above reflects forward-looking information based on management's expectations regarding economic and market conditions, and FHLBank's financial condition and operating results. Refer to Cautionary Statement Regarding Forward-Looking Information on slide 3 of this presentation. Any expected increase in dividends is not a guarantee or commitment regarding the payment or level of dividends.

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![Slide 15](g454386ex99_1s15g1.jpg)

Historical Dividend Rate and Spread to Fed Funds Dividend represents the weighted-average yield for membership and activity stock dividends.

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![Slide 16](g454386ex99_1s16g1.jpg)

Important Dates/Events Community investment product availability: March 15 - First Front Door (FFD) April 12 - Banking On Business (BOB) and Banking On Business Inclusion and Equity (BOBIE) fund June 28 - Affordable Housing Program (AHP) June 28 - Voluntary housing grant initiative TBD - Home4Good (H4G) Member reporting: March 15 - Annual minimum stock certification begins April 3 - Community Support Statement submission to the FHFA begins May 15 - 1Q 2023 Qualifying Collateral Report (QCR) due Member appreciation events: June 5 - Laurel Valley Golf Club June 26 - Philadelphia Country Club

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![Slide 17](g454386ex99_1s17g1.jpg)

Member Questions

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![Slide 18](g454386ex99_1s18g1.jpg)

Contact Us Business Development Managers Jeff Acquafondata (MPF Program) jeffa@fhlb-pgh.com Fred Bañuelos (Community Investment) fred.banuelos@fhlb-pgh.com Fred Duncan fred.duncan@fhlb-pgh.com Megan Krider (Community Investment) megan.krider@fhlb-pgh.com Bill McGettigan william.mcgettigan@fhlb-pgh.com Vince Moye vincent.moye@fhlb-pgh.com Tom Westerlund tom.westerlund@fhlb-pgh.com Leadership Winthrop Watson winthrop.watson@fhlb-pgh.com Dave Paulson david.paulson@fhlb-pgh.com Mark Evanco mark.evanco@fhlb-pgh.com www.fhlb-pgh.com @FHLBankPgh FHLBank Pittsburgh Member Services (8 a.m. to 5 p.m., Monday through Friday) 800-288-3400, option 2 or member.services@fhlb-pgh.com