PITTSBURGH--(BUSINESS WIRE)--Oct 22, 2026--
The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today unaudited financial results for the third quarter and nine months ended September 30, 2026.
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Financial Highlights:
Credit Product Balances:
Community Product Assessment and Contributions:
Statements of Income
FHLBank’s net income totaled $134.7 million for the third quarter of 2026, compared to $97.1 million for the same prior-year period. The $37.6 million increase in net income was driven primarily by the following:
FHLBank’s net income totaled $326.4 million for the nine months ended September 30, 2026, relatively flat compared to $328.9 million for the same prior-year period, driven primarily by the following:
Statements of Condition
At September 30, 2026, total assets were $126.0 billion, compared with $73.3 billion at December 31, 2025. The increase was primarily due to an increase in advances, which totaled $87.0 billion at September 30, 2026, compared to $36.8 billion at year-end 2025. Demand for advances continues to fluctuate based on members’ liquidity management practices, which are influenced by their loan demand, deposit balances and investment activities.
Total capital at September 30, 2026, was $6.7 billion, compared to $4.6 billion at December 31, 2025, including retained earnings of $2.4 billion at September 30, 2026, compared to $2.2 billion at December 31, 2025. At September 30, 2026, FHLBank remained in compliance with all regulatory capital requirements.
Quarterly Dividends
The Board of Directors declared a dividend on subclass B1 (membership) stock equal to an annual yield of 5.75% and a dividend on subclass B2 (activity) stock equal to an annual yield of 9.75%. Dividends paid will be calculated on stockholders’ average balances during the period July 1, 2026, to September 30, 2026, and be credited to stockholders’ accounts on October 23, 2026.
The table presents the annualized dividend rate paid over eight quarters, including the dividend to be paid October 23, 2026; these dividends are based on stockholders’ average balances for the previous quarter.
Detailed financial information about the third quarter and nine months ended September 30, 2026, financial results will be available in FHLBank’s Quarterly Report on Form 10-Q, which FHLBank anticipates filing no later than November 11, 2026 .
About FHLBank Pittsburgh
FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.
This document contains “forward-looking statements” - that is, statements related to future, not past or current, events. In this context, forward-looking statements often address FHLBank’s expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “will” or similar expressions. Forward-looking statements by their nature address matters that are, to different degrees, uncertain and involve risk.
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, including, but not limited to, conditions in real estate, credit and mortgage markets; volatility of market prices, rates and indices related to financial instruments; natural or man-made disasters, pandemics, climate change, conflicts or terrorist attacks or other geopolitical events; political uncertainties related to global trade policies, supply chain disruptions and tariff tensions; executive, legislative, regulatory, and judicial events and actions that affect FHLBank, its members, counterparties, other Federal Home Loan Banks or investors in Federal Home Loan Bank debt; risks related to FHLBank’s investments, including investments in mortgage-backed securities; changes in the assumptions used to estimate credit losses; changes in FHLBank’s: credit rating, capital structure, capital requirements, membership composition, membership’s demand for advances and other products, and competitive environment; changes in expectations regarding FHLBank’s payment of dividends; increases or decreases in advance prepayments; changes in investor demand for Federal Home Loan Bank debt or in the ratings of Federal Home Loan Bank System debt; changes in FHLBank’s ability to introduce new products and services to meet market demand and to manage successfully the risks associated with new products and services; FHLBank’s ability to enter into financial instruments to meet its investment, balance sheet and risk management goals; disruptions in the capital markets; the ability of each of the other Federal Home Loan Banks 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; technology and cybersecurity risks (including cybersecurity risk driven by artificial intelligence); and timing and volume of market activity. Additional risks that might cause FHLBank’s results to differ from these forward-looking statements are provided in detail in FHLBank’s filings with the SEC, which are available at www.sec.gov. Forward-looking statements speak only as of the date made, and FHLBank has no obligation, and does not undertake publicly, to update or revise any forward-looking statement for any reason.
The table presents the annualized dividend rate paid over eight quarters, including the dividend to be paid October 23, 2026; these dividends are based on stockholders’ average balances for the previous quarter. Note: “Fed funds rate” refers to the average effective federal funds rate during the period in which the dividend rates were calculated.
TOLEDO, Ohio (AP) — U.S. House Democratic leader Hakeem Jeffries listened from the front row at the old Ohio church as the Sunday congregation heard of scripture’s guidance for calming a gathering storm.
“Wind, hush!” the speaker advised, describing the power to bring about change.
Jeffries nodded along, the words resonating beyond the church’s soaring brick walls, days out from the midterm elections that will determine control of Congress for the remainder of President Donald Trump’s term in the White House.
“We’re on the verge of taking back control of the House,” Jeffries told The Associated Press in an interview afterward.
“When this storm has passed, and it will, those of us who have served in the Congress during this time will be part of bringing about a better chapter in the United States of America,” he said. “That’s the mission. And failure is not an option."
Jeffries is on track to become House speaker, if Democrats sweep to power and elect him to the job, one of the most powerful positions in the U.S., second in line to the presidency. He has been campaigning across the country in more than 50 cities for House Democrats as they try to oust Republicans and win back majority control.
He would make history as the first Black American to hold the gavel.
The New York City-born Jeffries is a new generation of leadership at the Capitol, known for his deliberative, calm-is-a-choice style of governing. He would be the first Democratic speaker since Nancy Pelosi of California.
Democrats are preparing a 100-day agenda focused on lowering the cost of living and conducting oversight of Trump’s Republican administration, as Jeffries puts it, to “hold the crooks accountable.”
“What we’ve seen is he is quietly effective,” said Rep. Brad Schneider of Illinois, outgoing chairman of their party’s centrist New Democrat Coalition. “Rather than chasing rabbits, what Leader Jeffries has kept the caucus doing is focused on accomplishment, success and a plan for our future.”
First elected in 2012, Jeffries is sandwiched between the Pelosi-era elders who have held great sway in Congress and liberal millennial New York Rep. Alexandria Ocasio-Cortez's generation, bridging the two.
A corporate lawyer, he grew up the son of a counselor and a social worker, steeped in Brooklyn's Cornerstone Baptist Church. He earned a political science degree at the State University of New York at Binghamton and a master's in public policy at Georgetown and graduated magna cum laude at New York University School of Law.
At 29, he made his first run for office, an insurgent himself, eager to oust a longtime New York state Assembly member. He failed, twice. Eventually he won a statehouse seat. He ran for Congress, mounting a challenge to a 30-year incumbent who stepped aside.
Since then Jeffries has been on a steady rise, representing parts of the district once held by trailblazing Rep. Shirley Chisholm.
“Faith and the community were always a central part of my journey," he said.
He said that's the case for many of his generation, “who grew up in the midst, you know, of some challenging times — the crack cocaine epidemic, a lot of community violence. A lot of people’s lives were prematurely lost.”
“It leads to a desire to want to improve the quality of life for hardworking people, who could have fled difficult circumstances but remained in the community, worked hard to turn things around,” he said.
At the Toledo church, the area's long-serving Democratic Rep. Marcy Kaptur told the congregation that when she first ran for office, Chisholm was the only member of Congress to campaign for her. Now another from Brooklyn is ready to lead.
“This man wants to do something for the people of this country,” she said.
Jeffries never bought into the theory that voters gave Republicans a mandate in 2024 with control of the White House and Congress, leaving Speaker Mike Johnson of Louisiana with one of the smallest majorities in modern times.
He set about to win power back for Democrats.
Democrats used the tools available to force votes that GOP leadership tried to avoid — on releasing the Jeffrey Epstein files and halting the Iran war.
They voted against the GOP’s big tax breaks and spending cuts bill, Jeffries delivering an eight-hour speech spotlighting cuts to Medicaid healthcare and the Supplemental Nutrition Assistance Program, known as SNAP.
At times, it seemed Jeffries, not Johnson, was in charge — including when Democrats shut down the government because Republicans refused to fund tax credits for the Affordable Care Act that millions of people relied on to buy health insurance.
Jeffries often sprinkles old-school hip hop lyrics into his speeches, and he said the music has been a soundtrack to life, as songs are for any generation.
“‘Sky’s the Limit’ is one of my favorite songs from The Notorious B.I.G.," he said, “because it really did track a journey from negativity to positivity and overcoming life’s adversity.”
Jeffries will be tested almost immediately if Democrats take control. The House speaker is elected when the new Congress convenes Jan. 3.
He is facing a new generation of upstarts, including a handful of candidates backed by the Democratic Socialists of America.
Rep. Greg Casar, D-Texas, the chairman of the Congressional Progressive Caucus, said Democrats are often a “party of nervous lawyers” at a time when voters are demanding change.
“To his credit,” he said about Jeffries, “in these key moments and opportunities where we've been able to take action, we’ve surprised people.”
Jeffries is described as a listener, who often jots down what colleagues say in meetings, a bottom-up style of leadership that works to build consensus. He said he has spoken to all the incoming Democrats. "Everybody’s got to chart their own path,” he said.
“On the other side of this election, I think what will unite House Democrats is the fact that we know things are broken in this country,” he said. "We've got to do something transformational about the affordability crisis.”
After the service, members of the congregation gathered in the church basement for a luncheon honoring the bishop's anniversary years of service, with steaming trays of chicken, greens, sweet potatoes and desserts.
Church member Lorna McKinstry, 74, a retired police dispatcher, said she was hopeful the country could begin to end its divisions.
“I want us to be a United States of America,” she said.
Jeffries visited over lunch before pushing on to the next stops, driven by a sense of purpose that the country can do better.
Those in Congress “have a responsibility to stop the madness from continuing to hurt everyday Americans," he said, "and chart a more hopeful path toward making this country the best version of herself.”
In this photo taken with a smartphone, House Democratic Leader Hakeem Jeffries, standing with Rep. Marcy Kaptur, D-Ohio, join a church luncheon after Sunday services at the Worship Center of Toledo on Oct. 18, 2026, in Toledo, Ohio. (AP Photo/Lisa Mascaro)
In this photo taken with a smartphone, House Democratic Leader Hakeem Jeffries, with Rep. Marcy Kaptur, D-Ohio, talk with people at the Friendship Baptist Church, on Oct. 18, 2026, in Toledo, Ohio. (AP Photo/Lisa Mascaro)
In this photo taken with a smartphone, Lorna McKinstry, a member of the Worship Center of Toledo, helps during a luncheon on Oct. 18, 2026, in Toledo, Ohio. (AP Photo/Lisa Mascaro)
In this photo taken with a smartphone, House Democratic Leader Hakeem Jeffries, standing with Rep. Marcy Kaptur, D-Ohio, listens from the pew at the Worship Center of Toledo on Oct. 18, 2026, in Toledo, Ohio. (AP Photo/Lisa Mascaro)
