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FEDERAL HOME LOAN BANK OF PITTSBURGH REPORTS INCOME AND INCREASES IN LOAN DEMAND

 PITTSBURGH, Aug. 10 /PRNewswire/ -- James D. Roy, president of the Federal Home Loan Bank of Pittsburgh, today reported second quarter net income of $14.2 million, an increase of $2.3 million from the first quarter.
 Return on equity was 9.74 percent. The bank paid an annualized dividend rate of 8 percent for the quarter.
 The bank improved its financial performance during the quarter due to strong loan demand and a higher net interest margin. Prepayment fees and gains on the sale of securities also contributed to the second quarter results.
 "The second quarter demonstrates the solid financial performance of the Federal Home Loan Bank," said Roy. "Loan demand increased despite a continued weak housing market and high customer liquidity."
 Loan demand was strong in the quarter as customers took the opportunity to lock in current low interest rates. Advances grew 72 percent over the second quarter of 1992, and $1.9 billion during the first half of 1993.
 The Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The bank's economical funding, operating and advisory services are available to commercial banks, savings institutions, insurance companies and credit unions. The Pittsburgh Bank serves financial institution customers in Delaware, Pennsylvania and West Virginia. The bank had assets of more than $10 billion at June 30, 1993.
 /delval/
 -0- 8/10/93
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/


CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania, West Virginia, Delaware IN: FIN SU: ERN

KC-JG -- PG004 -- 1086 08/10/93 09:43 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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