SEATTLE – The Federal Home Loan of Seattle reported strong earnings for its first quarter. The Seattle Bank reported net income of $10.6 million for the quarter, up 32% from the same period last year. The Seattle Bank attributed the strong earnings to an increase in net interest income from its core advance business and its reinvestment of proceeds from maturing low-yield investments into higher yielding securities. The Bank had been on a strict supervisory agreement with federal regulators until the fourth quarter last year because of troubles in its secondary mortgage market program, which it shed under the supervisory agreement.
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