Financials & Capital

Self-Capitalizing Cooperative Structure

FHLBank Pittsburgh is a cooperative in which customers purchase stock to become members and to support their activity with us.

Our capital structure is built on four principles:
  1. Provide liquidity on demand
  2. Preserve the par value of capital stock
  3. Optimize returns within FHLBank’s risk appetite
  4. Reward users of the cooperative
View Our Performance:
  • Financial Highlights
  • Earnings Releases
  • Quarterly Member Call Presentations
  • Quarterly Member Call Transcripts
Access Our Reporting:
  • Annual Filings
  • Quarterly Filings
  • Selected 8-K Filings
  • Stress Test Results
Capital Structure
Learn about our Capital Structure.

Users of the cooperative derive the most value from their membership.

Learn more

Capital Structure

FHLBank Pittsburgh’s capital structure primarily consists of retained earnings and member-contributed capital stock. FHLBank capitalizes itself with membership stock and activity stock. Membership stock is required as a condition of membership whether a member has any activity with FHLBank or not. Activity stock is purchased by members to support their activity with FHLBank. As our current practice is to repurchase excess capital stock from members regularly, the level of activity stock members hold fluctuates as their activity level changes. Scalability – the ability to grow and shrink with business needs – helps us to optimize financial returns in all business cycles.

Capital Plan

In 2014, FHLBank Pittsburgh’s amended Capital Plan became effective, creating two subclasses of capital stock to facilitate different dividends between the subclasses, widening the requirement ranges for activity stock and reducing the membership stock requirement.
View Current Capital Plan >

Dividend Philosophy

Because product usage is the main driver of FHLBank Pittsburgh’s earnings and financial success, we believe users of the cooperative should be rewarded with higher dividends than non-users.

Dividend History

Beginning in 2015, the Board of Directors differentiated the dividends on activity stock and membership stock.
View Dividend History >

Credit Ratings

The FHLBank System and FHLBank Pittsburgh have been assigned Aaa/Negative Outlook and AA+/Stable Outlook credit ratings by Moody’s and S&P, respectively. These ratings were reviewed on Jan. 24, 2024 (Moody’s) and July 31, 2023 (S&P).*
*The credit ratings shown above are the respective opinions of each rating agency as of the date referenced. FHLBank Pittsburgh does not warrant the accuracy, timeliness, adequacy or fitness for any particular purpose of such ratings.

Interested in FHLBank System Information?

 For FHLBank System reporting, visit the FHLBanks Office of Finance website.

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