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FHLB Des Moines Reports First Quarter 2012 Preliminary Unaudited Financial Results

18.05.12

DES MOINES, Iowa, Apr 27, 2012 (GlobeNewswire via COMTEX) -- The Federal Home Loan Bank of Des Moines (the Bank) today released preliminary unaudited financial highlights for the first quarter ended March 31, 2012. The Bank expects to file its First Quarter 2012 Form 10-Q with the Securities and Exchange Commission (SEC) on or about May 11, 2012.

Operating Results

For the three months ended March 31, 2012, the Bank recorded net income of $45.2 million compared to $26.0 million for the same period in 2011. The Bank's net income was primarily impacted by net interest income, losses on debt extinguishments, and gains on derivative and hedging activities.

The Bank's net interest income totaled $69.9 million for the first three months of 2012 compared with $62.1 million for the same period last year. The increase was primarily driven by improved funding costs and advance prepayment fee income, partially offset by a decline in investment interest income. During the three months ended March 31, 2012, the Bank's interest expense on consolidated obligations decreased $39.9 million when compared to the same period in 2011. The decrease was due to a decline in consolidated obligation bond volumes and the low interest rate environment. In addition, the Bank called certain higher-costing debt in order to reduce its future interest costs and reposition its balance sheet. These improved funding costs were partially offset by a decline in the Bank's investment interest income, which declined $33.5 million when compared to the same period in 2011 primarily due to principal paydowns on mortgage-backed securities (MBS).

Source: MarketWatch (press release)

First Victoria National Bank and FHLB Dallas Award $245K in Grant Funds to ...

18.05.12

VICTORIA, Texas -- First Victoria National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) collaborated to award the city of Victoria a $245,000 Affordable Housing Program (AHP) grant to assist 35 low-income elderly and special needs homeowners with necessary home repairs and modifications through the city's Home Accessibility Program.

The city's Home Accessibility Program helps qualified homeowners remain in their homes who otherwise might have to move due to restricted access caused by disability or lack of maintenance, thus creating both health and safety hazards. The program includes foundation, flooring, sheetrock, plumbing, electrical, and roof replacement and repair, along with handicap accessibility modifications such as converting bathtubs into showers, widening doorways, lowering countertops, and constructing ramp ways.

"First Victoria National Bank has been an incredibly supportive partner and resource for the city

Source: Citybizlist (press release)