Federal Home Loan Bank of Des Moines reports year-to-date results
Monday, July 29, 2013 2:01 PM
The Federal Home Loan Bank of Des Moines reported net income for the three- and six-month periods ending June 30 of $15.7 million and $43 million, compared with $18.2 million and $63.4 million for the same periods in 2012. Net interest income totaled $50.7 million and $104 million, down from $55 million and $124.9 million for the same periods last year. The decrease was primarily due to a decline in interest income from advances, investments, and mortgage loans resulting from the low interest rate environment and lower average volumes, the bank said in a news release. Other losses were recorded on trading securities, gains on derivatives and hedging activities and termination of debt.