DES MOINES, Iowa, April 25, 2024 (GLOBE NEWSWIRE) -- First Quarter 2024 Highlights Net income of $274 million Affordable Housing Program (AHP) assessments of $30 million Member Impact Fund disbursements of $20 million Advances totaled $111.0 billion Mortgage loans held for portfolio, net totaled $10.4 billion Letters of credit totaled $15.6 billion Retained earnings totaled $3.3 billion Dividend The Board of Directors approved a first quarter 2024 dividend to be paid at an annualized rate of 9.25 percent on average activity-based stock, an increase of 0.25 percent from the prior quarter, and 6.00 percent on average membership stock, an increase of 2.45 percent from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $147 million on May 13, 2024. Affordable Housing and Community Impact The Bank's housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities. The success of the cooperative means more funding is allocated to support members in these community-building initiatives, as 10 percent of the Bank's earnings are allocated to funding affordable housing initiatives in the Bank's district. During the first quarter of 2024, the Bank accrued AHP assessments of $30 million and disbursed $8 million of AHP funds through its housing grants and/or down payment assistance programs as a part of its ongoing mission to support members' affordable housing and community development needs. In addition, the Bank awarded $20 million through a matching program with our members to hundreds of non-profit and government agencies through the Member Impact Fund, a discretionary non-AHP program, during the first quarter of 2024. Financial Results Discussion Net Income - For the three months ended March 31, 2024, the Bank recorded net income of $274 million compared to $191 million for the same period in 2023. Net Interest Income - For the three months ended March 31, 2024, the Bank recorded net interest income of $349 million, an increase of $67 million when compared to the same period in 2023. The increase was driven primarily by higher short-term interest rates and average balances, which improved earnings on invested capital. In addition, net interest income increased due to higher asset liability spreads resulting from an increase in longer-term advances and higher yielding mortgage-backed security (MBS) purchases. Other Income (Loss) - For the three months ended March 31, 2024, the Bank recorded other income (loss) of $4 million, an increase of $19 million when compared to the same period in 2023. The change was primarily driven by changes in fair value on the Bank's trading securities, fair value option instruments, and economic derivatives. Assets - The Bank's total assets decreased to $176.3 billion at March 31, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances, partially offset by an increase in investments. Advances decreased $11.6 billion due mainly to a decline in borrowings by large depository institution members. Investments increased $3.2 billion primarily due to an increase in short-term investments, mainly securities purchased under agreements to resell and federal funds sold, as well as the purchase of agency MBS. Capital - Total capital decreased to $9.7 billion at March 31, 2024 from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.     Federal Home Loan Bank of Des Moines Financial Highlights(preliminary and unaudited)Dollars in millions           March 31,       December 31,   Selected Balance Sheet Items   2024       2023   Investments $ 53,018     $ 49,828   Advances   110,976       122,530   Mortgage loans held for portfolio, net