Financial Annual Report 2007

To Our Members An Extraordinar y Year It is remarkable how the events going on today are similar to the headlines that led to the creation of the Federal Home Loan Bank System. Coming full circle from the enactment of the Federal Home Loan Bank System to today’s economic climate clearly demonstrates that Iowa-born President Herber t Hoover knew that the Federal Home Loan Bank Act, signed on July 22, 1932, would stand the test of time and be relevant in all economic conditions. The creation of the Federal Home Loan Bank System was pivotal in shoring up the nation’s financial infrastructure for home lending and homeownership in 1932. In 2007, the Federal Home Loan Bank System was critical to easing the national credit crunch and essential to providing member financial institutions funding for housing finance and community lending. At FHLB Des Moines, our advance balances increased dramatically in light of the extraordinar y events af fecting the credit markets during the latter months of 2007. Advances grew 84.9 percent from December 31, 2006 to $40.4 billion at December 31, 2007. Net income was $101.4 million for 2007 compared with $89.4 million for 2006, an increase of 13.5 percent. Since the Home Loan Banks are required to set aside ten percent of their net income for affordable housing, FHLB Des Moines net income from 2007 and prior years, will provide approximately $16.0 million for our Af fordable Housing Program in 2008, and in turn will generate more affordable housing for individuals and families across our five-state district. Richard S. Swanson President & CEO Randy L. Newman Chairman We would like to express our special appreciation to Randy Newman for his nine years of service on the Board and especially for the four years he served as chairman with distinction. © Peter Aaron/Esto 7

Table of Contents Feed for the Digital Edition of Financial Annual Report 2007

Financial Annual Report 2007 Contents Introduction Letter To Our Members Financial Highlights Member Highlight: Chillicothe, MO Member Highlight: Bloomington, MN Statements of Condition Statements of Income Board of Directors

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