Federal Home Loan Bank of Pittsburgh
03/12/2026 | Press release | Distributed by Public on 03/12/2026 11:47
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On March 6, 2026, the Federal Home Loan Bank of Pittsburgh (Bank) received the Federal Housing Finance Agency's (Finance Agency) non-objection to the Bank's 2026 Executive Officer Incentive Compensation Plan (2026 Plan) and 2026 performance goals and total weighting for each goal (2026 Goals and Weighting) for the Bank's Named Executive Officers (NEOs), as identified in the Bank's 2025 Form 10-K filed with the Securities and Exchange Commission (SEC) on March 4, 2026 (2025 Form 10-K). The Bank's Board of Directors (Board) previously approved the 2026 Plan and 2026 Goals and Weighting, subject to receipt of Finance Agency non-objection.
The 2026 Plan provides each NEO with an award opportunity based on achievement of the incentive goals described below under "2026 Goals and Weighting". The 2026 Plan establishes the following award opportunities, which vary based on each NEO's participant level and level of achievement, and are expressed in the following table as a percentage of base salary:
|
Participant Level |
Principal Position |
Threshold Incentive Award Opportunity |
Target Incentive Award Opportunity |
Maximum Incentive Award Opportunity |
|
Level A |
President and Chief Executive Officer |
60% |
80% |
100% |
|
Level B |
Chief Banking Officer |
55% |
70% |
85% |
|
Level C |
Chief Technology and Operations Officer* Chief Financial Officer |
50% |
65% |
80% |
|
Level D |
General Counsel, Corporate Secretary |
40% |
55% |
70% |
* Note that the Chief Technology and Operations Officer retired from the Bank, effective January 27, 2026, and is eligible for certain compensation and benefits as a Bank retiree.
Following December 31, 2026, the Board will evaluate performance against the incentive goals and determine the total incentive award (if any) based on that performance. Any total incentive award will be divided into two parts: (1) a current incentive award; and (2) a deferred incentive award, payable in installments. The following table illustrates how the 2026 current incentive awards and deferred incentive award installments would be paid under the 2026 Plan:
|
Payment |
Description |
Payment Year* |
|
Current Incentive Award |
50% of total award |
2027 |
|
Deferred Incentive Award installment |
Up to 33 1/3% of deferred incentive award |
2028 |
|
Deferred Incentive Award installment |
Up to 33 1/3% of deferred incentive award |
2029 |
|
Deferred Incentive Award installment |
Up to 33 1/3% of deferred incentive award |
2030 |
* Payment, if any, will be made no later than March 15 in the year indicated.
Payment of each deferred incentive award installment under the 2026 Plan is contingent on the Bank continuing to meet certain Bank performance criteria and the participant meeting his or her requirements of continued employment and satisfactory performance as set forth in the 2026 Plan.
2026 Goals and Weighting.The 2026 Goals and Weighting are as follows:
•
Optimize member use of core credit products and services by year-end. Core credit products and services include: advances, letters of credit, safekeeping, and Mortgage Partnership Finance®(MPF®) Program products (20% weighting);
•
Optimize member use of community products in 2026. Community products include the Affordable Housing Program (AHP)/Voluntary Housing Grant, Community Lending Program, Banking On Business, and First Front Door/First Front Door Keys (15% weighting);
•
Exceed the mortgage purchase housing goal requirement of 20% of mortgage purchases of loans made to low-income families and very low-income families or families in low-income areas (7.5% weighting);
•
Increase the number of AHP units awarded in the 2026 funding round. The goal defines affordable housing units as all AHP-eligible project/unit types including new construction, preservation, and rental and owner-occupied rehabilitation (7.5% weighting);
•
Profitability as measured by adjusted earnings relative to total Generally Accepted Accounting Principles capital in excess of full year average federal funds rate while remaining within identified risk parameters based on duration of equity and refunding risk operating targets (30% weighting); and
•
Technology and resiliency objectives as measured by three strategic milestones (20% weighting).
Adjusted earnings and other measures are as defined in the 2026 Plan.
"Mortgage Partnership Finance" and "MPF" are registered trademarks of the Federal Home Loan Bank of Chicago.
Clawback and Reduction of Awards. The 2026 Plan provides the Board with authority to adjust award amounts or reclaim award payments in certain circumstances and specifies that the Board will reduce the amount of any current incentive award and deferred incentive award installments if it determines that:
•
Operational errors or omissions result in material revisions to the financial results, information submitted to the Finance Agency, or data used to determine incentive award payment amounts;
•
The submission of information to the SEC, the Office of Finance, and/or the Finance Agency has not been provided in a timely manner; or
•
The Bank fails to make sufficient progress, as determined by the Finance Agency, in the timely remediation of examination, monitoring, and other supervisory findings and matters requiring executive management's attention.
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The foregoing description of the 2026 Plan is qualified in its entirety by reference to the copy of the 2026 Executive Officer Incentive Compensation Plan attached hereto as Exhibit 10.1 and incorporated herein by reference.
Federal Home Loan Bank of Pittsburgh published this content on March 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 12, 2026 at 17:47 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]