PITTSBURGH, Penn. – The Federal Home Loan Bank of Pittsburgh reported last week that other-than-temporary impairment charges of $266 million taken on its private label mortgage backed securities forced it to take a $187.9 million loss for its fourth quarter.
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That caused fiscal year net income to plunge 91% to just $19.4 million, from $216.4 million for 2007.
The Pittsburgh Bank announced in December it was suspending both dividend payments and the repurchase of capital stock until such time as it becomes prudent to reinstate both. The Bank paid dividends in each of the quarters of 2008 out of the previous quarter's earnings.
