INDIANAPOLIS, April 28, 2011 (GLOBE NEWSWIRE) -- On April 27, 2011, the Board of Directors of the Federal Home Loan Bank of Indianapolis ("FHLBI") declared dividends on Class B-1 and Class B-2 stock at annualized rates of 2.50% and 2.00%, respectively. These dividends will be paid in cash on April 29, 2011.
Net Income was $19.9 million for the first quarter of 2011, a decrease of $12.4 million or 38% compared to the first quarter of 2010. The decrease was primarily due to higher other-than-temporary impairment ("OTTI") credit-related losses on our private-label mortgage-backed securities recognized in Other Income (Loss) that totaled $18.4 million for the first quarter of 2011, compared to $6.1 million for the same period in 2010. Of the credit-related losses, $17.7 million and $5.8 million, respectively, were previously recorded in and reclassified from Accumulated Other Comprehensive Income (Loss) ("AOCI"). Net Interest Income decreased by $2.4 million or 4% for the quarter, after provision for credit losses.
Total Assets were $43.9 billion at March 31, 2011, a decrease of $1.0 billion or 2% compared to December 31, 2010. Advances outstanding totaled $17.7 billion, a decrease of 3% compared to December 31, 2010, primarily due to repayments and our members' reduced need for additional liquidity in the current economic environment. Investments totaled $19.3 billion, a decrease of 3% compared to December 31, 2010, primarily due to a reduction in short-term investments. Mortgage Loans Held for Portfolio totaled $6.5 billion, a decrease of 4% compared to December 31, 2010. Although we purchased 120% more mortgage loans in the first quarter of 2011 than in the first quarter of 2010, the increase in purchases of $98.5 million was not large enough to fully offset repayments.
Total Capital (GAAP) was $2.0 billion at March 31, 2011, an increase of $43.7 million or 2% compared to December 31, 2010. The increase was primarily due to increases of $9.3 million in Retained Earnings and $25.6 million in AOCI related to OTTI.
Total Regulatory Capital remained at $2.7 billion at March 31, 2011, which exceeds all applicable regulatory capital requirements.
All amounts referenced above and in the following table are unaudited. More detailed information about our financial results for the quarter ended March 31, 2011, will be included in our Quarterly Report on Form 10-Q, which we intend to file in mid-May.
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The Federal Home Loan Bank of Indianapolis (FHLBI) is one of 12 regional banks that make up the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. The FHLBI is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks. For more information about the FHLBI, visit .
CONTACT: Federal Home Loan Bank of Indianapolis Barbara K. Hembree, Vice President Communications/Media Relations 317.465.0445 bhembree@fhlbi.com