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NEWS RELEASE
                                                                                                                                                                                                                                
FOR IMMEDIATE RELEASE
 
 
Contact: Carrie O'Connor
October 25, 2018
 
 
Senior Director of Communications
 
 
 
coconnor@fhlbi.com | 317.465.0469
                        
Federal Home Loan Bank of Indianapolis Declares Dividends, Reports Earnings

Indianapolis, IN…Today the Board of Directors of the Federal Home Loan Bank of Indianapolis ("FHLBank Indianapolis" or "Bank") declared its third quarter 2018 dividends on Class B-1 and Class B-2 capital stock at annualized rates of 4.50% and 3.60%, respectively. The dividends will be paid in cash on October 26, 2018.

Earnings Highlights

Net income for the third quarter of 2018 was $39 million, a decrease of $2 million compared to the same quarter in the prior year, primarily due to higher net losses on derivatives and hedging activities and, to a lesser extent, higher operating expenses, partially offset by higher net interest income. Net interest income1 after provision for credit losses was $73 million, an increase of $4 million compared to the same quarter in the prior year, primarily as a result of an increase in the average balance of assets.

Net income for the nine months ended September 30, 2018 was $156 million, an increase of $46 million compared to the same period in the prior year, primarily due to a net realized gain on the sale of all of the Bank's private-label mortgage-backed securities ("PLMBS"), higher net interest income and lower net losses on derivatives and hedging activities, partially offset by higher operating expenses. Net interest income after provision for credit losses was $213 million, an increase of $21 million compared to the same period in the prior year, primarily as a result of an increase in the average balance of assets.

Affordable Housing Program Allocation2

As a direct result of the earnings for the nine months ended September 30, 2018, FHLBank Indianapolis allocated $18 million to its Affordable Housing Program ("AHP"), which provides grant funding to support housing for low- and moderate-income families in Michigan and Indiana. Full year 2018 AHP allocations will be available to the Bank's members in 2019 to help address their communities' affordable housing needs, including construction, rehabilitation, accessibility improvements and homebuyer down-payment assistance.

1 
FHLBank Indianapolis earns interest income on advances to and mortgage loans purchased from its Michigan and Indiana member financial institutions, as well as on long- and short-term investments. Net interest income is primarily determined by the spread between the interest earned on those assets and the interest cost of funding with consolidated obligations.
2 
Each year FHLBanks allocate to the AHP 10% of earnings, which is defined as income before assessments, plus interest expense on mandatorily redeemable capital stock.

1

The following information was filed by Federal Home Loan Bank Of Indianapolis on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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