Federal Home Loan Bank Of Indianapolis 10-Q Quarterly Report Wed Nov 10 2021

Indianapolis, IN…Today the Board of Directors of the Federal Home Loan Bank of Indianapolis ("FHLBank Indianapolis" or "Bank") declared its third quarter 2021 dividends on Class B-2 activity-based capital stock and Class B-1 non-activity-based stock at annualized rates of 3.25% and 1.00%, respectively. The higher dividend rate on activity-based stock reflects the Board's discretion under our capital plan to reward members that use FHLBank Indianapolis in support of their liquidity needs.

The dividends will be paid in cash on October 29, 2021.

Earnings Highlights

Net income for the third quarter of 2021 was $19.9 million, an increase of $5.0 million compared to the corresponding quarter in the prior year. The increase was primarily due to lower but still accelerated amortization of purchase premium resulting from lower but still elevated prepayments on mortgage loans, partially offset by lower net interest income resulting from the decline in average asset balances.

Net income for the nine months ended September 30, 2021 was $67.0 million, an increase of $9.3 million compared to the corresponding period in the prior year. The increase was primarily due to net hedging gains on qualifying fair-value hedging relationships1 and lower but still accelerated amortization of purchase premium, substantially offset by lower earnings on the portion of the Bank's assets funded by its capital2 and lower net interest income resulting from narrower interest spreads and the decline in average asset balances.

Hedging gains (losses) on qualifying fair-value hedging relationships are reported in net interest income3. As a result, net interest income for the three and nine months ended September 30, 2021 included net hedging losses of $2.8 million and gains of $10.2 million, respectively, compared to net hedging losses for the three and nine months ended September 30, 2020 of $2.4 million and $24.6 million, respectively. In general, the Bank holds the derivatives and associated hedged items to the maturity, call, or put date. As a result, we expect that nearly all of the gains and losses on these financial instruments will reverse over the remaining contractual terms of the hedged items.

1 The Bank uses interest-rate swaps to hedge the risk of changes in the fair value of certain of its advances, available-for-sale securities and consolidated obligations. These derivatives are designated as fair-value hedges. Changes in the estimated fair value of the derivative and, to the extent these relationships qualify for hedge accounting, changes in the fair value of the hedged item that are attributable to the hedged risk are recorded in earnings.

2 Because of the Bank's inherent relatively low net interest-rate spread, it has historically derived a substantial portion of its net interest income from deploying its interest-free capital in floating-rate assets.

3 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.

The following information was filed by Federal Home Loan Bank Of Indianapolis on Thursday, October 28, 2021 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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Federal Home Loan Bank Of Indianapolis's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Indianapolis provided additional information to their SEC Filing as exhibits

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

CIK: 1331754
Form Type: 10-Q Quarterly Report
Accession Number: 0001331754-21-000221
Submitted to the SEC: Wed Nov 10 2021 12:33:16 PM EST
Accepted by the SEC: Wed Nov 10 2021
Period: Thursday, September 30, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Indianapolis (1331754) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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