The effective combined annualized dividend rate for the FHLB Des Moines on both subclasses of capital stock outstanding was 2.59 percent; however, the effective combined dividend rate on the total stock held by each member will depend on its level of activity with the Bank during the first quarter.

These dividends will total $12.9 million, which represents 47 percent of net income for the first quarter, and are expected to be paid on May 15, 2013. Average three-month LIBOR and average Federal funds rates for the first quarter 2013 were 0.29 percent and 0.14 percent, respectively.

The Bank also filed its First Quarter 2013 Form 10-Q with the Securities and Exchange Commission (SEC) on May 10, 2013. An overview of the Bank's financial results for the first quarter was provided in a Form 8-K earnings release filed with the SEC on April 29, 2013. Additional financial information is provided in the Bank's First Quarter 2013 Form 10-Q available at www.fhlbdm.com or www.sec.gov.

• Letter to our Members
• Financial Summary
• Video messages from President and CEO Dick Swanson and 2012 Board Chairman Mick Guttau
• Affordable housing highlights from Advisory Council Chair Warren Hanson
• Interactive charts featuring district and state information

View the report!

Further details regarding any necessary adjustments are addressed in the Frequently Asked Questions section below.

Frequently Asked Questions

•  Where do I find the capital stock requirement?

The Membership Stock calculation will appear on each member’s Annual Calculation of Minimum Capital Stock Requirement statement. On Tuesday, April 9, 2013, the statement will be available in the Statements section of eAdvantage.

• What verification is required and who should I notify if it is not correct?

Please verify the voting state listed for your institution on your Annual Calculation of Minimum Capital Stock Requirement statement. If the information is not correct or you have any questions, please email our Accounting Department at CapitalStock@fhlbdm.com or contact Terri Goetsch at 800.544.3452, ext. 1424 on or before April 17, 2013.

• What if my institution is required to purchase additional Membership Stock?

If additional Membership Stock must be purchased, the amount will be charged to your principal demand deposit account on Wednesday, April 24, 2013 after the close of business. Please ensure that sufficient funds are available no later than 4:30 PM on that day.

• Can my institution use excess Activity Stock to satisfy any additional Membership Stock requirements?

Activity and Membership Stock represent separate subclasses of Bank stock and are not convertible. However, your institution may use any proceeds from the excess Activity Stock repurchases to purchase additional Membership Stock.

• What if my institution has excess Membership Stock?

If your institution has any excess Membership Stock, the Bank will repurchase and deposit the excess funds in your principal demand deposit account after the close of business on Wednesday, April 24, 2013.
 

Half of the funds will go to Neighborhood Housing Services, which plans to provide up to $10,000 in home repairs in the Urban Neighborhood Initiative target area in Kansas City over the coming months. The group will rehab 30 homes – replacing roofs, updating plumbing, installing energy efficient windows and improving electrical systems. To apply for housing aid, prospective homeowners need to meet income qualifications. Households of one to two must earn no more than $35,600, and households of three or more must have household income less than $40,940. Neighborhood Housing Services (NHS) has received two AHP grants to assist with home rehab. Mark Stalsworth, president and CEO commented on this year’s funding, "NHS is very grateful for the opportunity to use these funds to continue to help homeowners that are not able to afford to pay for basic repairs. Programs like this speak to our mission, and help leverage resources that are increasingly scarce as federal funding is reduced."

U.S. Bank sponsored the NHS grant. “As a member of FHLB Des Moines and a provider of pre-development financing to NHS, U.S. Bank saw an opportunity to provide additional support for the rehabilitation which benefits low to moderate income households in Kansas City, Missouri. We are excited to partner with these organizations and this wonderful community,” said Sarah Kavanagh, assistant vice president of the Community Affairs Division, U.S. Bank

The other half of the funds will go to improving the Kansas City Rescue Mission Men’s Center. The Men’s Center provides housing and supportive services to 100 men daily. The facility, built in the early 1900's and purchased by KCRM in 1991, is need of a new roof, entrance and community room as well as wall repairs and restroom upgrades. "We are excited and delighted to be awarded this AHP grant by the Des Moines Home Loan Bank, and we're truly grateful to Bill Dana and Central Bank of Kansas City for sponsoring us,” said Joe Colaizzi, executive director, Kansas City Rescue Mission. “With the help of these two organizations, Kansas City Rescue Mission can ensure life-changing services for homeless men in a sturdy, functional building for years to come!”

Central Bank of Kansas City sponsored the grant. “For over 60 years Central Bank has been serving the urban community in Kansas City. We are proud to partner with the Federal Home Loan Bank of Des Moines to support the Kansas City Rescue Mission in their dedication in providing shelter and supportive services for the homeless in Kansas City,” said Bill Dana, president and CEO, Central Bank of Kansas City

During a celebration at the Men’s Center, Congressman Cleaver said, “Housing is one of the most critical issues we face in working to move forward and assist those who have fallen on hard times. When private businesses partner with the public sector to step up and lend a hand, there is no limit to what we can accomplish together. I commend the Federal Home Loan Bank of Des Moines, and all of those involved, for their generosity and concern for Missouri’s Fifth District.”

The grants are a portion of $55.3 million FHLB Des Moines has granted to Missouri’s affordable housing developments. The funds, part of the Bank’s Affordable Housing Program, will be used to improve and create 551 homes across the state. “This program was created to stabilize housing stock, in turn stabilizing communities,” said John Robinson, director, FHLB Des Moines. “Bringing homes back to life will encourage other people and businesses to invest in Kansas City.”

The program is funded from earnings of the Federal Home Loan Bank of Des Moines, a member-owned cooperative serving a five-state district that includes Missouri. Each year, the Bank sets aside 10 percent of its net income to fund projects that improve or create affordable housing. During the most recent grant round, the Bank awarded a total of $10.2 million in grants through its member institutions across its district.

Nearly $300,000 will go to the City of Sioux Fall’s Department of Community Development, which plans to provide up to $7,500 in home repairs to eligible families across the city. The City will rehab 50 homes – replacing roofs, updating plumbing, installing energy efficient windows and improving electrical systems. To apply for housing aid, prospective homeowners need to meet income qualifications. Darrin Smith, director of Community Development for the City of Sioux Falls commented on this year’s funding, “This grant, the largest non-government grant received in the history of the department, will help us continue our good work of strengthening and stabilizing neighborhoods, and improving the quality of life in Sioux Falls. We are extremely grateful to the Federal Home Loan Bank and The First National Bank in Sioux Falls for their support of our programs.” This is the City’s first Affordable Housing Program grant.

The First National Bank in Sioux Falls supported the grant. “As a long-time FHLB Des Moines member, The First National Bank in Sioux Falls is proud to work with our partners, the Federal Home Loan Bank of Des Moines and the City of Sioux Falls, to bring FHLB Des Moines Affordable Housing Program grant assistance to our Sioux Falls community,” said William L Baker, president & CEO, The First National Bank in Sioux Falls.

The remaining grants will improve living conditions for families with children, disabled persons, Native Americans and elderly individuals. Just as importantly, these investments are providing construction jobs and help local supply stores looking to sell their products. The following organizations received funding through AHP and hope to assist 267 people with home improvements this year.

Western Resources for the dis-ABLED Independence
BankWest, Inc. supported the grant the will provide WRDI with $250,000 to provide 25 disabled homeowners with funds to make accessibility modifications and renovations. The organization has seen a growing number of requests for services as other funding sources become unavailable.

Homes Are Possible, Inc.
A $300,000 grant sponsored by Dacotah Bank will provide vital repairs to homes that are over 50 years old, making them safer and more affordable. Repairs include major work on roofs, plumbing and electrical systems and HVAC equipment.

Oglala Sioux Lakota Housing
Dacotah Bank supported the second AHP grant received by Oglala Sioux Lakota Housing. It will be used to improve seven homes for elderly residents on the Pine Ridge Reservation.

Sisseton Wahpeton Housing Authority
Another grant sponsored by Dacotah Bank will put $300,000 to work on the Lake Traverse Native American Reservation. Thirty homeowners, all tribal members, will receive assistance in either making structural repairs or improving accessibility.

GROW South Dakota
GROW South Dakota and Peoples State Bank received two grants totaling nearly $540,000 that will fund two programs designed to strengthen low-income households by improving energy efficiency. Projects include replacing siding or shingles improving mechanical systems or structural repairs

NeighborWorks Dakota Home Resources
Sentinel Federal Credit Union supported a $120,000 grant that will partially fund an owner occupied rehab project in western South Dakota. NeighborWorks Dakota Home Resources has seen a cut in funding over the last year, but an increase in client needs – especially those living in manufactured housing. The grant will help fill a gap in funding.

The grants are a portion of $31.2 million FHLB Des Moines has granted to South Dakota’s affordable housing developments. The funds will be used to improve and create 4,637 homes across the state. “As the economy impacts South Dakota families, home maintenance is one of the first expenses to fall by the wayside. The Affordable Housing Program grants will help stabilize housing stock, in turn stabilizing communities,” said Van Fishback, director, FHLB Des Moines.

The program is funded from earnings of the Federal Home Loan Bank of Des Moines, a member-owned cooperative serving a five-state district that includes South Dakota. Each year, the Bank sets aside 10 percent of its net income to fund projects that improve or create affordable housing. During the most recent grant round, the Bank awarded a total of $10.2 million in grants through its member institutions across its district.

If you have questions or need assistance contact Community Investment or call 800.544.3452, ext.1173. Please see the AHP Applications and Resources page for information about the 2013 program.

Other News ... Register Today – March Member Relations Conference Call
Register today and join the Bank’s Executive Team on the Member Relations Conference call. The members-only teleconference call will be held on Thursday, March 28, 2013 from 3:00 PM – 4:00 PM (Central Time). If you any questions you want to make sure are discussed, email them to Madge Cremer or submit them during the registration.