2012 Member News

Seattle Bank Files 2011 Annual Report on Form 10-K with SEC

March 23, 2012

Dear Seattle Bank Members,

The Federal Home Loan Bank of Seattle (Seattle Bank) has filed its 2011 Annual Report on Form 10-K with the Securities and Exchange Commission (SEC), reporting audited financial results for the year ended December 31, 2011. The Seattle Bank reported $84.0 million of net income for 2011, compared to $20.5 million in 2010. The bank attributes the increase in its net income primarily to a $73.9 million gain from the sale of $1.3 billion of mortgage loans and to lower credit-related charges on private-label mortgage-backed securities (MBS) determined to be other-than-temporarily impaired.

As a result of its 2011 income, the Seattle Bank will contribute $9.3 million to its 2012 Affordable Housing Program (AHP) to support the acquisition, development, and rehabilitation of affordable rental and owner-occupied housing for low- and moderate-income households.

You can access our 2011 Annual Report on Form 10-K, on the Financial Highlights page of our website. Please contact your Seattle Bank Relationship Manager with any questions you have regarding our 2011 results.

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