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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

Federal Home Loan Bank Of Indianapolis

CIK: 1331754

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NEWS RELEASE
FOR IMMEDIATE RELEASEContact: Carrie O'Connor
October 28, 2021
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 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.
1

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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Statements Of Capital (Unaudited)
Statements Of Capital (Unaudited) (Parenthetical)
Statements Of Cash Flows (Unaudited)
Statements Of Comprehensive Income (Unaudited)
Statements Of Condition (Unaudited)
Statements Of Condition (Unaudited) (Parenthetical)
Statements Of Income (Unaudited)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Advances
Advances (Tables)
Advances - Advances By Year Of Contractual Maturity (Details)
Advances - Advances Outstanding Earlier Of Contractual Maturity Or Next Call Date And Year Of Contractual Maturity Or Next Put Date (Details)
Advances - Narrative (Details)
Affordable Housing Program
Affordable Housing Program (Details)
Affordable Housing Program (Tables)
Capital
Capital (Details)
Capital (Tables)
Capital - Class B Shares (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Details)
Consolidated Obligations (Tables)
Consolidated Obligations Interest-Rate Payment Terms (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Narrative (Details)
Derivatives And Hedging Activities Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivatives And Hedging Activities Derivative Notional Amounts (Details)
Derivatives And Hedging Activities Derivatives Reported In Other Income (Loss) (Details)
Derivatives And Hedging Activities Net Gains (Losses) On Fair Value Hedging Relationships (Details)
Derivatives And Hedging Activities Offsetting Of Derivative Instruments (Details)
Estimated Fair Values
Estimated Fair Values (Tables)
Estimated Fair Values - Carrying Value And Fair Value Of Financial Instruments (Details)
Estimated Fair Values - Recurring And Non-Recurring Basis (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Short-Term Investments (Details)
Investments Afs Securities - Major Security Types (Details)
Investments Afs Securities - Narrative (Details)
Investments Afs Securities - Redemption Terms (Details)
Investments Afs Securities - Unrealized Loss Positions (Details)
Investments Htm Securities - Major Security Types (Details)
Investments Trading Securities (Details)
Mortgage Loans Held For Portfolio
Mortgage Loans Held For Portfolio (Tables)
Mortgage Loans Held For Portfolio - Credit Enhancements (Details)
Mortgage Loans Held For Portfolio - Credit Quality Indicators (Details)
Mortgage Loans Held For Portfolio - Credit Waterfall (Details)
Mortgage Loans Held For Portfolio - Rollforward (Details)
Mortgage Loans Held For Portfolio Mortgage Loans (Details)
Recently Adopted And Issued Accounting Guidance
Related Party And Other Transactions
Related Party And Other Transactions (Details)
Related Party And Other Transactions (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
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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