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May 04, 2015 4:46 AM ET

Diversified Financial Services

Company Overview of Federal Home Loan Bank of Des Moines

Company Overview

Federal Home Loan Bank of Des Moines, a member-owned cooperative, provides financial services to its members and eligible housing associates in Iowa, Minnesota, Missouri, North Dakota, and South Dakota. It offers overnight, fixed rate and variable rate, callable, putable, and community investment advances, as well as advances for mortgage lending, housing and other community lending, and general asset-liability management. The company also provides collateralized loans for secured small business, small agri-business, or small farms; and standby letters of credit to facilitate business transactions with third parties, as well as invests in mortgage loans through the Mortgage Partnership Finan...

Skywalk Level

Suite 200

801 Walnut Street

Des Moines, IA 50309

United States

Founded in 1932

219 Employees

Phone:

515-281-1000

Fax:

515-699-1293

Key Executives for Federal Home Loan Bank of Des Moines

Chief Executive Officer and President
Age: 64
Chief Financial Officer and Executive Vice President
Age: 62
Chief Business Technology Officer and Senior Vice President
Age: 50
Chief Risk Officer and Executive Vice President
Age: 54
Chief Business Officer and Executive Vice President
Age: 48
Compensation as of Fiscal Year 2014.

Federal Home Loan Bank of Des Moines Key Developments

Federal Home Loan Bank of Des Moines Reports Preliminary Unaudited Financial Results for the First Quarter Ended March 31, 2015

Federal Home Loan Bank of Des Moines reported preliminary unaudited financial results for the first quarter ended March 31, 2015. For the three months ended March 31, 2015, the bank recorded net income of $34.6 million compared to $37.0 million for the same period in 2014. The Bank's net income was primarily driven by net interest income, other (loss) income, and other expense. The bank's net interest income totaled $68.5 million for the three months ended March 31, 2015 compared to $52.4 million for the same period last year. The increase was primarily due to an increase in interest income resulting from higher average advance and mortgage-backed security volumes. Return on average equity was 3.30% against 4.37% a year ago. Return on average assets was 0.14% against 0.21% a year ago.

Federal Home Loan Bank of Des Moines Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Approves Fourth Quarter Dividend, Payable on February 23, 2015

Federal Home Loan Bank of Des Moines announced unaudited earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net interest income of $74.0 million against $58.4 million a year ago. Net interest income after reversal for credit losses was $74.7 million against $64.3 million a year ago. Net income was $30.4 million against $36.7 million a year ago. Return on average equity was 2.80% against 4.27% a year ago. Return on average assets was 0.12% against 0.20% a year ago. For the year, the company reported net interest income of $250.7 million against $213.1 million a year ago. Net interest income after reversal for credit losses was $253.1 million against $219.0 million a year ago. Net income was $121.0 million against $109.8 million a year ago. Return on average equity was 3.17% against 3.68% a year ago. Return on average assets was 0.14% against 0.20% a year ago. The bank's net interest income increase was primarily due to an increase in interest income resulting from higher advance and mortgage-backed security (MBS) volumes. On February 17, 2015, the bank's board of directors approved a fourth quarter 2014 dividend for both average activity-based capital stock and average membership capital stock outstanding during the quarter. The dividend approved for activity-based capital stock was at an annualized rate of 3.50%. The dividend approved for membership capital stock was at an annualized rate of 0.50%. This is the eleventh consecutive quarter the board has declared these dividend rates on capital stock. The effective combined annualized dividend rate for the Bank on both subclasses of capital stock outstanding was 2.94 percent; however, the effective combined dividend rate on the total capital stock held by each member will depend on their level of activity with the Bank during the fourth quarter. These dividend payments will total $25.6 million, which represents 84% of net income for the fourth quarter, and are expected to be paid on February 23, 2015.

Federal Home Loan Bank of Des Moines, Q4 2014 Earnings Call, Mar 30, 2015

Federal Home Loan Bank of Des Moines, Q4 2014 Earnings Call, Mar 30, 2015

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