Federal Home Loan Bank Of Indianapolis 8-k (events Or Changes Between Quarterly Reports) 2009-02-24
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 24, 2009
FEDERAL HOME LOAN BANK OF INDIANAPOLIS (EXAC T NAME O F REGIS TRANT AS S PEC IFIED IN ITS C HARTER)
Federally Chartered Corporation
000-51404
35-6001443
(State or oth e r jurisdiction of in corporation )
(C om m ission File Nu m be r)
(IRS Em ploye r Ide n tification No.)
8250 Woodfield Crossing Blvd. Indianapolis IN 46240 (Addre ss of Principal Exe cu tive O ffice s, inclu ding Zip C ode )
(317) 465-0200 (Re gistran t’s Te le ph on e Nu m be r, Inclu ding Are a C ode )
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): ®
Written communications pursuant to Rule 425 under the Securities Act
®
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
®
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
®
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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Item 2.02.
Results of Operations and Financial Condition
On February 24, 2009, the Federal Home Loan Bank of Indianapolis issued a press release announcing financial results for the year ended December 31, 2008. A copy of the press release is included as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01.
Financial Statements and Exhibits
Press Release, dated February 24, 2009, issued by the Federal Home Loan Bank of Indianapolis. 2
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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 24, 2009 FEDERAL HOME LOAN BANK OF INDIANAPOLIS By: /s/ MILTON J. MILLER II Milton J. Miller II President – Chief Executive Officer By: /s/ PAUL J. WEAVER Paul J. Weaver Senior Vice President – Chief Accounting Officer 3
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EXHIBIT INDEX Exh ibit Nu m be r
De scription
99.1
Press Release of Federal Home Loan Bank of Indianapolis, dated February 24, 2009 4 Exhibit 99.1
LOGO
FOR IMMEDIATE RELEASE February 24, 2009
Contact:
Barbara K. Hembree 317.465.0445 [email protected]
Federal Home Loan Bank of Indianapolis Announces 2008 Fourth Quarter Financial Results Indianapolis, IN—On February 24, 2009, the Federal Home Loan Bank of Indianapolis (FHLBI) released its unaudited financial results for the quarter ended December 31, 2008. Net income increased to $45.3 million for the fourth quarter of 2008, compared to $37.9 million for the fourth quarter of 2007. Net income increased to $184.5 million for the year ended December 31, 2008, compared to $122.1 million for the year ended December 31, 2007. This record annual net income was primarily due to growth in assets combined with lower funding costs and wider spreads on our invested assets. Retained earnings increased to $282.7 million at December 31, 2008, compared to $202.1 million at December 31, 2007, an increase of 39.9%. Accumulated other comprehensive income declined by $65.4 million for a balance of ($71.4) million at December 31, 2008. This decline was due to the change in fair value attributable to hedging ineffectiveness on our available-for sale securities. As of December 31, 2008, the FHLBI met all regulatory capital requirements, including our risk-based capital requirement. Total assets were $56.9 billion at December 31, 2008, an increase of $0.8 billion or 1.4%, compared to $56.1 billion at December 31, 2007. The FHLBI increased its advances outstanding, at par, to its borrowers by $3.6 billion or 13.5% during 2008, for a balance of $30.0 billion at December 31, 2008. These increases were primarily the result of recent market conditions as the FHLBI responded to its members’ increased need for liquidity. Other principal assets include mortgage-backed securities (MBS) and asset-backed securities (ABS), Mortgage Purchase Program (MPP), and short-term investments. The FHLBI held $4.5 billion in private-label MBS and ABS at December 31, 2008, with gross unrealized losses of $760 million. The unrealized losses on our investments in private-label MBS and ABS were caused by continued general market deterioration for private-label MBS and ABS. This deterioration resulted from decreased credit performance of mortgage loans and declining housing prices, compounded by the effect of forced portfolio liquidations by certain large investors. We have performed an other-than-temporary-impairment analysis, and we do not consider these investments to be other-than-temporarily impaired at December 31, 2008. Agency MBS outstanding were $2.2 billion; agency debentures outstanding were $1.8 billion; MPP outstanding balance was $8.8 billion; and short-term investments totaled $7.2 billion at December 31, 2008. As previously announced, the board of directors of the FHLBI declared dividends on B-1 and B-2 stock at annualized rates of 4.00% and 3.20%, respectively. These dividends, which totaled $23.6 million, were paid in cash on February 20, 2009. All amounts referenced as of and for the quarter and year ended December 31, 2008, are unaudited. Audited financials will be provided on Form 10-K, which the FHLBI intends to file with the Securities and Exchange Commission in March. 1
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Safe Harbor Statement This document contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance, which are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations. Actual results or performance may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents filed by us with the SEC, specifically reports on Form 10-K and Form 10-Q which include factors that could cause actual results to differ from forward-looking statements. These reports are available at www.sec.gov. ### Building Partnerships, Serving Communities 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 financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks headquartered in Indiana and Michigan. For more information about the FHLBI and its Affordable Housing Program, visit www.fhlbi.com. 2
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 24, 2009
FEDERAL HOME LOAN BANK OF INDIANAPOLIS (EXAC T NAME O F REGIS TRANT AS S PEC IFIED IN ITS C HARTER)
Federally Chartered Corporation
000-51404
35-6001443
(State or oth e r jurisdiction of in corporation )
(C om m ission File Nu m be r)
(IRS Em ploye r Ide n tification No.)
8250 Woodfield Crossing Blvd. Indianapolis IN 46240 (Addre ss of Principal Exe cu tive O ffice s, inclu ding Zip C ode )
(317) 465-0200 (Re gistran t’s Te le ph on e Nu m be r, Inclu ding Are a C ode )
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): ®
Written communications pursuant to Rule 425 under the Securities Act
®
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
®
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
®
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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Item 2.02.
Results of Operations and Financial Condition
On February 24, 2009, the Federal Home Loan Bank of Indianapolis issued a press release announcing financial results for the year ended December 31, 2008. A copy of the press release is included as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01.
Financial Statements and Exhibits
Press Release, dated February 24, 2009, issued by the Federal Home Loan Bank of Indianapolis. 2
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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 24, 2009 FEDERAL HOME LOAN BANK OF INDIANAPOLIS By: /s/ MILTON J. MILLER II Milton J. Miller II President – Chief Executive Officer By: /s/ PAUL J. WEAVER Paul J. Weaver Senior Vice President – Chief Accounting Officer 3
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EXHIBIT INDEX Exh ibit Nu m be r
De scription
99.1
Press Release of Federal Home Loan Bank of Indianapolis, dated February 24, 2009 4 Exhibit 99.1
LOGO
FOR IMMEDIATE RELEASE February 24, 2009
Contact:
Barbara K. Hembree 317.465.0445 [email protected]
Federal Home Loan Bank of Indianapolis Announces 2008 Fourth Quarter Financial Results Indianapolis, IN—On February 24, 2009, the Federal Home Loan Bank of Indianapolis (FHLBI) released its unaudited financial results for the quarter ended December 31, 2008. Net income increased to $45.3 million for the fourth quarter of 2008, compared to $37.9 million for the fourth quarter of 2007. Net income increased to $184.5 million for the year ended December 31, 2008, compared to $122.1 million for the year ended December 31, 2007. This record annual net income was primarily due to growth in assets combined with lower funding costs and wider spreads on our invested assets. Retained earnings increased to $282.7 million at December 31, 2008, compared to $202.1 million at December 31, 2007, an increase of 39.9%. Accumulated other comprehensive income declined by $65.4 million for a balance of ($71.4) million at December 31, 2008. This decline was due to the change in fair value attributable to hedging ineffectiveness on our available-for sale securities. As of December 31, 2008, the FHLBI met all regulatory capital requirements, including our risk-based capital requirement. Total assets were $56.9 billion at December 31, 2008, an increase of $0.8 billion or 1.4%, compared to $56.1 billion at December 31, 2007. The FHLBI increased its advances outstanding, at par, to its borrowers by $3.6 billion or 13.5% during 2008, for a balance of $30.0 billion at December 31, 2008. These increases were primarily the result of recent market conditions as the FHLBI responded to its members’ increased need for liquidity. Other principal assets include mortgage-backed securities (MBS) and asset-backed securities (ABS), Mortgage Purchase Program (MPP), and short-term investments. The FHLBI held $4.5 billion in private-label MBS and ABS at December 31, 2008, with gross unrealized losses of $760 million. The unrealized losses on our investments in private-label MBS and ABS were caused by continued general market deterioration for private-label MBS and ABS. This deterioration resulted from decreased credit performance of mortgage loans and declining housing prices, compounded by the effect of forced portfolio liquidations by certain large investors. We have performed an other-than-temporary-impairment analysis, and we do not consider these investments to be other-than-temporarily impaired at December 31, 2008. Agency MBS outstanding were $2.2 billion; agency debentures outstanding were $1.8 billion; MPP outstanding balance was $8.8 billion; and short-term investments totaled $7.2 billion at December 31, 2008. As previously announced, the board of directors of the FHLBI declared dividends on B-1 and B-2 stock at annualized rates of 4.00% and 3.20%, respectively. These dividends, which totaled $23.6 million, were paid in cash on February 20, 2009. All amounts referenced as of and for the quarter and year ended December 31, 2008, are unaudited. Audited financials will be provided on Form 10-K, which the FHLBI intends to file with the Securities and Exchange Commission in March. 1
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Safe Harbor Statement This document contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance, which are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations. Actual results or performance may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents filed by us with the SEC, specifically reports on Form 10-K and Form 10-Q which include factors that could cause actual results to differ from forward-looking statements. These reports are available at www.sec.gov. ### Building Partnerships, Serving Communities 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 financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks headquartered in Indiana and Michigan. For more information about the FHLBI and its Affordable Housing Program, visit www.fhlbi.com. 2
