First Citizens Community Bank Receives FHLBank Pittsburgh's 2025 Annual Member Award
This award is presented to member financial institutions that have demonstrated an outstanding commitment to community development. Awardees have also demonstrated exemplary efforts and effective use of FHLBank's community products. This award is FHLBank's highest organizational honor and is presented annually to select FHLBank members in recognition of their commitment to community revitalization. This year's other winner is Citizens Bank of West Virginia.
For more than 150 years, FCCB, headquartered in Mansfield, Pennsylvania, has been building relationships and making a difference in their communities. In recent years, they have furthered their reach with the use of FHLBank community programs, including Banking On Business, which focuses on economic development, and First Front Door and Home4Good, which both focus on affordable housing. FCCB's work to help house and benefit local people and families by deploying FHLBank programs was a key factor in their being named a 2025 Pillars of the Community Award winner.
Click here to learn more about FCCB, the 2025 Pillars of the Community Award recognition, and some of their incredible community work.
About First Citizens Community Bank
Based in Mansfield, Pennsylvania, FCCB operates 39 community offices strategically positioned across Pennsylvania, New York, Delaware, and New Jersey. Whether you're striving for financial milestones or seeking support for your endeavors, they're ready for you. Contact FCCB at (800) 326-9486, explore myfccb.com, or engage with them on Facebook and LinkedIn to discover a different banking experience.
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.
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Business Wire
24-07-2025
- Business Wire
FHLBank Pittsburgh Announces Second Quarter 2025 Operating Highlights
PITTSBURGH--(BUSINESS WIRE)--The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today unaudited financial results for the second quarter and six months ended June 30, 2025. Financial Highlights: Second quarter net income of $111.7 million Second quarter net interest income of $167.8 million Declared a second quarter dividend on activity stock at 9.50% annualized Declared a second quarter dividend on membership stock at 4.85% annualized Credit Product Balances: Advances at $52.5 billion Mortgage loans held for portfolio, net at $5.1 billion Standby letters of credit at $28.1 billion Community Product Assessment and Contributions: Statutory Affordable Housing Program (AHP) second quarter assessment of $12.5 million for use in 2026 Second quarter voluntary contributions of $10.5 million to community investment products and a supplemental voluntary contribution to AHP of $1.3 million Statements of Income FHLBank's net income totaled $111.7 million for the second quarter of 2025, compared to $149.2 million for the second quarter of 2024. The $37.5 million decrease in net income was driven primarily by the following: Net interest income was $167.8 million for the second quarter of 2025, a decrease of $29.3 million from $197.1 million during the same prior-year period. Interest income was $1,115.8 million for the second quarter of 2025, compared to $1,516.1 million in the same prior-year period. This decrease was driven by lower short-term interest rates and lower average advances. Interest expense was $948.0 million for the second quarter of 2025, compared to $1,319.0 million in the same prior-year period. This decrease was the result of lower short-term interest rates and lower average consolidated obligations. Noninterest income (loss) was $1.5 million for the second quarter of 2025, compared to $10.5 million in the same prior-year period. This $9.0 million decrease was due primarily to valuation changes in FHLBank's derivative and trading securities portfolios resulting from interest rate volatility. Other expense was $32.6 million for the second quarter of 2025, compared to $30.9 million in the same prior-year period, an increase of $1.7 million. This increase was primarily driven by higher compensation and benefits, including higher non-qualified benefit plan expense. Voluntary contributions to community investment products were $11.8 million, including a supplemental voluntary contribution to AHP of $1.3 million, for the second quarter of 2025, an increase of $1.6 million compared to $10.2 million in the same prior-year period. FHLBank will continue to make voluntary contributions of at least 5% of the prior year's pre-assessment net income to voluntary community investment products, a commitment target of $35.3 million. In addition, FHLBank will continue to make a supplemental voluntary contribution to AHP to increase the pool of available AHP funds to the amount that would have been statutorily required, absent FHLBank's voluntary contributions. Statutory AHP assessments were $12.5 million as a result of second quarter 2025 earnings, compared to $16.6 million in the same prior-year period. FHLBank's net income totaled $231.8 million for the six months ended June 30, 2025, compared to $303.2 million for the same prior-year period. The $71.4 million decrease in net income was driven primarily by the following: Net interest income was $340.0 million for the six months ended June 30, 2025, a decrease of $52.8 million from $392.8 million during the same prior-year period. Interest income was $2,313.9 million for the six months ended June 30, 2025, compared to $3,055.2 million in the same prior-year period. This decrease was driven by lower short-term interest rates and lower average advances. Interest expense was $1,973.9 million for the six months ended June 30, 2025, compared to $2,662.4 million in the same prior-year period. This decrease was the result of lower short-term interest rates and lower average consolidated obligations. Noninterest income was $1.4 million for the six months ended June 30, 2025, compared to $25.4 million in the same prior-year period. This $24.0 million decrease was due primarily to valuation changes in FHLBank's derivative and trading securities portfolios resulting from interest rate volatility. Other expense was $63.5 million for the six months ended June 30, 2025, compared to $62.1 million in the same prior-year period, an increase of $1.4 million. This increase was primarily driven by higher compensation and benefits, including non-qualified benefit plan expense. Voluntary contributions to community investment products were $18.8 million, including a supplemental voluntary contribution to AHP of $2.0 million, for the six months ended June 30, 2025, an increase of $1.7 million compared to $17.1 million in the same prior-year period. FHLBank will continue to make voluntary contributions of at least 5% of the prior year's pre-assessment net income to voluntary community investment products, a commitment target of $35.3 million. In addition, FHLBank will continue to make a supplemental voluntary contribution to AHP to increase the pool of available AHP funds to the amount that would have been statutorily required, absent FHLBank's voluntary contributions. Statutory AHP assessments were $25.8 million based on earnings for the six months ended June 30, 2025, compared to $33.8 million in the same prior-year period. Statements of Condition At June 30, 2025, total assets were $89.3 billion, compared with $106.9 billion at December 31, 2024. The decrease was primarily due to a decline in advances, which totaled $52.5 billion at June 30, 2025, compared to $69.9 billion at year-end 2024. Demand for advances continues to be driven by members' liquidity management practices, which are influenced by their loan demand, deposit balances and investment activities. Although advances decreased, it is not uncommon for fluctuations in advances to be driven by changes in member needs. Total capital at June 30, 2025, was $5.1 billion, compared to $5.6 billion at December 31, 2024, including retained earnings of $2.2 billion at June 30, 2025, compared to $2.1 billion at December 31, 2024. At June 30, 2025, 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 4.85% and a dividend on subclass B2 (activity) stock equal to an annual yield of 9.50%. These dividends will be calculated on stockholders' average balances during the period April 1, 2025, to June 30, 2025, and be credited to stockholders' accounts on July 25, 2025. Looking forward, market, geopolitical, and business conditions can impact FHLBank's overall performance, as well as the levels of future dividends. FHLBank's intent is to continue to provide meaningful shareholder return; future dividend rates may not correspond directly with the pace or direction of interest rate changes. Detailed financial information regarding second quarter and six months ended June 30, 2025, financial results will be available in FHLBank's Quarterly Report on Form 10-Q, which FHLBank anticipates filing no later than August 12, 2025. 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 This document contains 'forward-looking statements' - that is, statements related to future, not past, 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' or 'will.' 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 real estate, credit and mortgage markets; volatility of market prices, rates and indices related to financial instruments including but not limited to investments and contracts; the occurrence of man-made or natural disasters, endemics, global pandemics, climate change, conflicts or terrorist attacks, or other geopolitical events; political events, including 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 advance 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; disruptions in the capital markets; changes in the Federal Home Loan Bank 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 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; 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 cybersecurity risks; 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 Securities and Exchange Commission, which are available at 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. For the three months ended June 30, For the six months ended June 30, Condensed Statement of Income 2025 2024 2025 2024 Total interest income $ 1,115.8 $ 1,516.1 $ 2,313.9 $ 3,055.2 Total interest expense 948.0 1,319.0 1,973.9 2,662.4 Net interest income 167.8 197.1 340.0 392.8 Provision (reversal) for credit losses 0.7 0.7 1.5 2.0 Gains (losses) on investments 0.7 — 3.1 (1.0 ) Gains (losses) on derivatives and hedging (7.7 ) 1.5 (19.6 ) 7.3 Other income 8.5 9.0 17.9 19.1 Other expense 32.6 30.9 63.5 62.1 Voluntary contributions 11.8 10.2 18.8 17.1 Income before assessments 124.2 165.8 257.6 337.0 AHP assessment 12.5 16.6 25.8 33.8 Net income $ 111.7 $ 149.2 $ 231.8 $ 303.2 Expand
Entrepreneur
24-07-2025
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Eraaya Lifespaces Announces Exit from USD 120 Mn FCCB Program
The move follows a detailed assessment of the issuance, which was originally intended to fund the acquisition of Ebix Inc. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Eraaya Lifespaces Limited has announced that its Board of Directors has approved a strategic exit from its USD 120 million Foreign Currency Convertible Bonds (FCCBs) program. The move follows a detailed assessment of the issuance, which was originally intended to fund the acquisition of Ebix Inc. Although the acquisition was completed through alternative funding routes, the company reports that USD 40 million of the raised amount remains unjustifiably withheld by Elara Capital PLC and certain bondholders. This development, Eraaya stated, has obstructed the primary commercial intent behind the FCCB issuance and has made its continued operation legally untenable under the Indian Companies Act, 2013. In its official communication, the Board expressed concerns over the fragmented state of the bonds, which it believes threatens the company's governance and regulatory compliance. A significant point of contention is the role of Oyster Bay, an FCCB subscriber managed exclusively by Elara Capital, which also served as the issuance advisor. Eraaya cited this as a serious conflict of interest and a breach of fiduciary duty. Despite repeated appeals to release the withheld funds, Elara Capital and associated bondholders have reportedly failed to cooperate. The company also stated that it has faced coordinated attempts to destabilise operations through regulatory complaints, targeted media reports, and threats directed at its leadership. The advisory board of Eraaya, which includes respected figures such as former Enforcement Directorate official Karnal Singh, ex-SEBI Chairman G.N. Bajpai, and former Central Vigilance Commissioner T.M. Bhasin, has unanimously supported the decision to exit the program. Eraaya emphasised that no legitimate bondholder would face financial loss and that all resolutions would be executed transparently and in accordance with the law. The company also reserved the right to seek legal remedies for any damages resulting from the alleged misconduct linked to the FCCB issuance.
Yahoo
11-07-2025
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FHLBank San Francisco Awards $5.1 Million in Grants for Affordable Housing in Nevada
Grants from the Nevada Targeted Fund will add over 270 units of affordable housing in the Silver State SAN FRANCISCO, July 10, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $5.1 million in affordable housing grants awarded to Nevada-based affordable housing developers through its Affordable Housing Program (AHP) Nevada Targeted Fund. The grants are being awarded to five projects in Nevada that will collectively create over 270 units of new affordable housing throughout the state. 'The shortage of affordable housing is one of the most pressing challenges our country faces, and the need is especially acute in Nevada,' said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. 'As one of the nation's least densely populated states, Nevada is home to a wide range of communities — urban, rural, and tribal — all experiencing significant housing challenges. We're proud to support five impactful projects across the state that will help address this crisis and expand access to affordable housing.' This year marks the third year of the Nevada Targeted Fund, which was developed in collaboration with U.S. Senator Catherine Cortez Masto of Nevada to innovate meaningful solutions to encourage and fund needed affordable housing projects. To address the dire need in Nevada, FHLBank San Francisco launched the Nevada Targeted Fund, the first state-targeted fund in the FHLBank System, to specifically fund affordable housing projects in Nevada. According to the National Low Income Housing Coalition, the supply of affordable and available rental homes in Nevada is 17 for every 100 extremely low-income renter households. Nevada is the state with the most extremely low-income households in the nation, earning between 0% to 30% of area median income who are severely cost burdened, meaning the household spends more than 50% of its income on housing costs, including utilities. 'I appreciate that the Federal Home Loan Bank of San Francisco continues to support the Nevada Targeted Fund,' said Senator Cortez Masto. 'I'm proud of the partnership that we have built with the Bank to address housing needs in the Silver State, and I will continue to seek opportunities for the FHLBank to use its resources to meet more of our housing and community development needs.' AHP General Fund and Nevada Targeted Fund grants help finance the development, preservation, or purchase of affordable multifamily and single-family housing for people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse. Grants are delivered through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition. The 2025 AHP Nevada Targeted Fund grants will fund the following five new construction projects across Nevada: Reno: Truckee Meadows Housing Solutions' Gen Den Intergenerational Housing will create an intergenerational community with 10 new units, in collaboration with FHLBank San Francisco member Clearinghouse CDFI. North Las Vegas: Foresight Housing Partners' PuraVida Senior Living will construct 74 new affordable apartment units that prioritize accessibility and ADA compliance for very-low-income seniors, in collaboration with FHLBank San Francisco member Town and Country Bank. Las Vegas: Nevada H.A.N.D., Inc.'s Southern Pines Apartments will create 48 new units of housing for families and individuals with on-site social services and recreational programs, in collaboration with FHLBank San Francisco member Wells Fargo National Bank West. Las Vegas: Walter Hoving Home, Inc.'s Las Vegas Expansion project will create a new residential recovery facility for women and families, in collaboration with FHLBank San Francisco member City National Bank. Las Vegas: Blind Center of Nevada's Visions Park will provide new critical housing for the blind and visually impaired, in collaboration with FHLBank San Francisco member Western Alliance Bank. 'At Western Alliance Bank, we are honored to play a role in increasing affordable housing options for people in communities across our national footprint,' said Aidan Tracey, assistant vice president of portfolio management for Western Alliance Bank's Affordable Housing Investments Group. 'Visions Park is an exciting opportunity to create and sustain innovative supportive housing for people who are visually impaired. We are pleased that we could work with the Federal Home Loan Bank of San Francisco and support the Blind Center of Nevada in bringing this project to life to make Las Vegas a better place to live for those with vision loss.' In 2025, FHLBank San Francisco awarded nearly $50 million in AHP grants, including funding from its 2025 AHP General Fund for projects in California and Arizona, and from its 2025 Nevada Targeted Fund for projects in Nevada. Since 1990, FHLBank San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units. Collectively, the FHLBanks are one of the largest sources of private sector grants for affordable housing in the country, providing approximately $8.3 billion in grant funding for affordable housing and helping more than one million households purchase or preserve a home since 1990. Providing resources for affordable housing is central to FHLBank San Francisco's mission, with at least 10% of the Bank's net income from the prior year committed to fund affordable housing and related community investment programs. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank's website. The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions —propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient. Contact: Tom in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
