The Federal Home Loan Bank of
Des Moines had net income of $27.3 million in quarter ended March 31, compared
with $45.2 million for the same period last year. According to a news release,
the bank's net income was primarily driven by net interest income, losses on
the extinguishment of debt, and gains on derivatives and hedging activities.
Interest income totaled $53.3 million in the quarter, compared with $69.9
million during the same period last year. The decrease was primarily due to
lower advance prepayment fee income, which totaled $1.8 million compared with
$16.9 million for the same period last year. The bank expects to file its
first-quarter financials with the U.S. Securities and Exchange Commission on or
about May 10.