The Federal Home Loan Bank of Pittsburgh lost $23.6 million during the first quarter, while the Federal Home Loan Bank of Topeka earned $60.9 million.
The two banks were the last to file their first-quarter reporters, which were due last month, as they sifted through the impact of other-than-temporary impairment charges on their private-label mortgage-backed securities portfolios.
The Pittsburgh bank took a $30.5 million OTTI charge against its income and set aside $35.3 million as a reserve against its exposure to Lehman Brothers. The bank's advances fell 15.9% from a quarter earlier, to $52.3 billion.
The Topeka bank took more than $1 billion of OTTI charges, but most of the charges were run against other comprehensive income, which does not impact net income.
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Corrected June 15, 2009 at 7:49PM: An earlier version of this story overstated the other-than-temporary impairment charges recorded by the Federal Home Loan Bank of Topeka. It recorded $1 million.