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.

Seattle Bank Relationship Managers
John Biestman   206.340.2473
Debra Davis 206.340.8663
Brett Manning 206.340.2472
Jim Mochizuki 206.340.2345
Glen Simecek 206.340.2443
Mike Terry 206.340.2484
Chris Thomas 206.340.2370