From GlobeNewswire:

In the fourth quarter of 2023, the Federal Home Loan Bank of Des Moines (the Bank) recorded a net income of $256 million, with Affordable Housing Program (AHP) assessments of $28 million and advances totaling $122.5 billion. The Bank also saw an increase in retained earnings to $3.1 billion and total assets rose to $184.4 billion by December 31, 2023.

The Bank reduced its membership stock requirement from 0.12 percent to 0.06 percent of a member’s total assets, effective December 15, 2023. At the same time, the Bank increased its activity stock requirement on advances from 4.00 percent to 4.50 percent.

The Board of Directors approved a fourth quarter 2023 dividend expected to be paid at an annualized rate of 9.00 percent on average activity-based stock and 3.55 percent on average membership stock, with a total payment of $136 million on February 23, 2024.

During the fourth quarter of 2023, the Bank distributed $14 million of AHP funds through its Competitive and Set-Aside down payment assistance programs. They also recorded various discretionary community and housing contributions, including a $25 million contribution to the Member Impact Fund and a $5 million voluntary AHP contribution.

In 2023, the Bank’s net interest income rose to $1.3 billion due to higher short-term interest rates and growth in advance and investment balances. They recorded a net income of $962 million in 2023 compared to $430 million in the prior year.

By December 31, 2023, the Bank’s total assets increased to $184.4 billion, up from $164.2 billion at December 31, 2022, driven primarily by an increase in advances and investments. Total capital also increased to $9.8 billion at December 31, 2023, from $8.8 billion at December 31, 2022, primarily due to an increase in advance balances and retained earnings.



Read more: Federal Home Loan Bank of Des Moines Announces 2023 Fourth