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FHLBank Pittsburgh Announces First Quarter Financial Results
PITTSBURGH–(BUSINESS WIRE)–The Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) today
announced unaudited financial results for the first quarter of 2019. The
Bank recorded net income of $98.0 million, and the Board of Directors
declared dividends of 7.75 percent annualized on activity stock and 4.50
percent annualized on membership stock. Dividends are payable to the
Bank’s stockholders on April 30, 2019.
“The momentum we generated throughout the course of 2018 continued into
the first quarter of 2019,” said Winthrop Watson, president and chief
executive officer. “The strength of our cooperative’s performance is a
reflection of the value we deliver to our members.”
Highlights for first quarter of 2019 include:
- Net income of $98.0 million
- Net interest income of $129.9 million
- Advances at $75.2 billion
- Letters of credit at $18.6 billion
- Retained earnings at $1.3 billion
Operating Results
The Bank’s net income totaled $98.0 million for the first quarter of
2019, compared to $78.9 million for the first quarter of 2018. This
$19.1 million increase was driven primarily by higher net interest
income.
Net interest income was $129.9 million for the first quarter of 2019,
compared to $109.6 million in the first quarter of 2018. Higher net
interest income was primarily due to an increase in average advance
balances and higher interest rates.
First quarter 2019 performance allowed the Bank to set aside $11.0
million for affordable housing programs.
Balance Sheet Highlights
At March 31, 2019, total assets were $101.8 billion, compared with
$107.5 billion at December 31, 2018. The decrease was primarily due to a
decline in advances, which totaled $75.2 billion at March 31, 2019,
compared to $82.5 billion at year-end 2018.
Total capital at March 31, 2019, was $5.2 billion, compared to $5.4
billion at December 31, 2018. Total retained earnings at March 31, 2019,
were $1.3 billion, relatively unchanged from year-end 2018. Total
retained earnings at March 31, 2019, included $371.5 million of
restricted retained earnings compared with $351.9 million of restricted
retained earnings at December 31, 2018. At March 31, 2019, FHLBank
Pittsburgh had total regulatory capital of $5.1 billion and remained in
compliance with all regulatory capital requirements.
The Board of Directors declared a dividend on subclass B2 (activity)
stock equal to an annual yield of 7.75 percent and a dividend on
subclass B1 (membership) stock equal to an annual yield of 4.50 percent.
These dividends will be calculated on stockholders’ average balances
during the period January 1, 2019, to March 31, 2019, and credited to
stockholders’ accounts on April 30, 2019.
Detailed financial information regarding first quarter 2019 results will
be available in FHLBank Pittsburgh’s Quarterly Report on Form 10-Q,
which the Bank anticipates filing on May 7, 2019.
About FHLBank Pittsburgh
As an intermediary between global capital markets and local lenders,
FHLBank Pittsburgh provides readily available liquidity, as well as
affordable housing and community development opportunities, to member
financial institutions of all sizes in Delaware, Pennsylvania and West
Virginia. The Bank is part of the Federal Home Loan Bank System, which
was established by Congress in 1932 and serves as a reliable source of
funds for housing, jobs and growth in all economic cycles.
This document contains “forward-looking statements” -that is, statements
related to future, not past, events. In this context, forward-looking
statements often address our 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.
Actual performance or events may differ materially from that expected or
implied in forward-looking statements because of many factors. Such
factors may include, but are not limited to, economic and market
conditions, 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 MBS;
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 advance 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 Federal Home Loan Bank (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 and cyber-security risks; and timing and volume of market
activity. These uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. FHLBank Pittsburgh does not undertake to update any
forward-looking statements made in this announcement.
Unaudited Condensed Statements of Condition and Income (in millions) |
|||||
Condensed Statement of Condition | March 31, 2019 | December 31, 2018 | |||
ASSETS: | |||||
Cash and due from banks | $79.9 | $71.3 | |||
Investments | 21,491.1 | 20,076.6 | |||
Advances | 75,233.0 | 82,475.5 | |||
Mortgage loans held for portfolio | 4,526.2 | 4,461.6 | |||
All other assets | 441.8 | 401.5 | |||
Total assets | $101,772.0 | $107,486.5 | |||
LIABILITIES: | |||||
Consolidated obligations, net | $95,360.1 | $101,195.2 | |||
All other liabilities | 1,253.3 | 915.0 | |||
Total liabilities | 96,613.4 | 102,110.2 | |||
CAPITAL: | |||||
Capital stock | 3,745.6 | 4,027.3 | |||
Retained earnings | 1,304.3 | 1,275.9 | |||
Accumulated other comprehensive income | 108.7 | 73.1 | |||
Total capital | 5,158.6 | 5,376.3 | |||
Total liabilities and capital | $101,772.0 | $107,486.5 | |||
For the three months ended |
||||||
Condensed Statement of Income | 2019 | 2018 | ||||
Total interest income | $729.5 | $455.9 | ||||
Total interest expense | 599.6 | 346.3 | ||||
Net interest income | 129.9 | 109.6 | ||||
Provision for credit losses | 0.4 | 2.4 | ||||
Gains (losses) on investments | 10.1 | (8.7 | ) | |||
Gains (losses) on derivatives and hedging | (13.0 | ) | 4.1 | |||
All other income | 7.0 | 6.3 | ||||
All other expense | 24.6 | 21.2 | ||||
Income before assessments | 109.0 | 87.7 | ||||
AHP assessment | 11.0 | 8.8 | ||||
Net income | $98.0 | $78.9 | ||||
Contacts
Richard J. Stimel, FHLBank Pittsburgh, 412-288-7351, [email protected]
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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