PITTSBURGH -- The Federal Home Loan Bank of Pittsburgh reported second-quarter net income of $14.2 million, more than a sixfold increase from the $2.3 million in earnings in the first quarter. The bank, which earned a 9.74% return on equity, paid an annualized dividend rate of 8% in the quarter to its thrift and bank members.

The Pittsburgh home loan bank said its financial performance improved during the quarter because of strong loan demand in spite of a weak housing market and a higher net interest margin. Prepayment fees and gains on the sale of securities also contributed to the second-quarter results.

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