Company Quick10K Filing
Federal Home Loan Bank of Indianapolis
10-Q 2020-09-30 Filed 2020-11-10
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-03-10
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-12
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-20
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-10
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-18
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-11
10-Q 2010-03-31 Filed 2010-05-12
10-K 2009-12-31 Filed 2010-03-19
8-K 2021-02-23
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8-K 2020-12-30
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8-K 2019-12-27
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8-K 2018-01-08
8-K 2018-01-03

FHLBI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Recently Adopted and Issued Accounting Guidance
Note 3 - Investments
Note 4 - Advances
Note 5 - Mortgage Loans Held for Portfolio
Note 6 - Derivatives and Hedging Activities
Note 7 - Consolidated Obligations
Note 8 - Affordable Housing Program
Note 9 - Capital
Note 10 - Accumulated Other Comprehensive Income
Note 11 - Segment Information
Note 12 - Estimated Fair Values
Note 13 - Commitments and Contingencies
Note 14 - Related Party and Other Transactions
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex311september302020.htm
EX-31.2 ex312september302020.htm
EX-31.3 ex313september302020.htm
EX-32 ex32sec1350september30.htm

Federal Home Loan Bank of Indianapolis Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:  000-51404
FEDERAL HOME LOAN BANK OF INDIANAPOLIS
(Exact name of registrant as specified in its charter)

Federally Chartered Corporation35-6001443
(State or other jurisdiction of incorporation)(IRS employer identification number)
 8250 Woodfield Crossing Blvd. Indianapolis, IN
46240
(Address of principal executive offices)(Zip code)
(317) 465-0200
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days.
x  Yes            o  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x   Yes            o  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Emerging growth company
x 
 Non-accelerated Filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
  Yes            x  No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
 Shares outstanding
as of October 31, 2020
Class B Stock, par value $10024,861,251 




Table of ContentsPage
Number
Special Note Regarding Forward-Looking Statements
PART I.FINANCIAL INFORMATION 
Item 1.FINANCIAL STATEMENTS (unaudited) 
 
Statements of Condition as of September 30, 2020 and December 31, 2019
 
Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019
Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019
 
Statements of Capital for the Three and Nine Months Ended September 30, 2020 and 2019
 
Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
 Notes to Financial Statements: 
 Note 1 - Summary of Significant Accounting Policies
 Note 2 - Recently Adopted and Issued Accounting Guidance
 Note 3 - Investments
 Note 4 - Advances
 Note 5 - Mortgage Loans Held for Portfolio
 Note 6 - Derivatives and Hedging Activities
 Note 7 - Consolidated Obligations
Note 8 - Affordable Housing Program
 Note 9 - Capital
Note 10 - Accumulated Other Comprehensive Income
 Note 11 - Segment Information
 Note 12 - Estimated Fair Values
 Note 13 - Commitments and Contingencies
 Note 14 - Related Party and Other Transactions
Defined Terms
Item 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 
Presentation
 Executive Summary
 Selected Financial Data
 Results of Operations and Changes in Financial Condition
 Operating Segments
 Analysis of Financial Condition
 Liquidity and Capital Resources
 Off-Balance Sheet Arrangements
 Critical Accounting Policies and Estimates
 Recent Accounting and Regulatory Developments
 Risk Management
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 4.CONTROLS AND PROCEDURES
PART II.OTHER INFORMATION 
Item 1.LEGAL PROCEEDINGS
Item 1A.RISK FACTORS
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item 3.DEFAULTS UPON SENIOR SECURITIES
Item 4.MINE SAFETY DISCLOSURES
Item 5.OTHER INFORMATION
Item 6.EXHIBITS




As used in this Form 10-Q, unless the context otherwise requires, the terms "we," "us," "our," and the "Bank" refer to the Federal Home Loan Bank of Indianapolis or its management. We use acronyms and terms throughout that are defined herein or in the Defined Terms in Part I Item 1.

Special Note Regarding Forward-Looking Statements
 
Statements in this Form 10-Q, including statements describing our objectives, projections, estimates or predictions, may be considered to be "forward-looking statements." These statements may use forward-looking terminology, such as "anticipates," "believes," "could," "estimates," "may," "should," "expects," "will," or their negatives or other variations on these terms. We caution that, by their nature, forward-looking statements involve risk or uncertainty and that actual results either could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the following:

economic and market conditions, including the timing and volume of market activity, inflation or deflation, changes in the value of global currencies, and changes in the financial condition of market participants;
volatility of market prices, interest rates, and indices or the availability of suitable interest rate indices, or other factors, resulting from the effects of, and changes in, various monetary or fiscal policies and regulations, including those determined by the FRB and the FDIC, or a decline in liquidity in the financial markets, that could affect the value of investments or collateral we hold as security for the obligations of our members and counterparties;
changes in demand for our advances and purchases of mortgage loans resulting from:
changes in our members' deposit flows and credit demands;
changes in products or services we are able to provide;
federal or state regulatory developments impacting suitability or eligibility of membership classes;
membership changes, including, but not limited to, mergers, acquisitions and consolidations of charters;
changes in the general level of housing activity in the United States and particularly our district states of Michigan and Indiana, the level of refinancing activity and consumer product preferences;
competitive forces, including, without limitation, other sources of funding available to our members; and
changes in the terms and conditions of ownership of our capital stock;
changes in mortgage asset prepayment patterns, delinquency rates and housing values or improper or inadequate mortgage originations and mortgage servicing;
ability to introduce and successfully manage new products and services, including new types of collateral securing advances;
political events, including federal government shutdowns, administrative, legislative, regulatory, or other developments, national or international health crises (such as the COVID-19 pandemic) and the responses of governments and financial markets to such crises, changes in international political structures and alliances, and judicial rulings that affect us, our status as a secured creditor, our members (or certain classes of members), prospective members, counterparties, GSEs generally, one or more of the FHLBanks and/or investors in the consolidated obligations of the FHLBanks;
ability to access the capital markets and raise capital market funding on acceptable terms;
changes in our credit ratings or the credit ratings of the other FHLBanks and the FHLBank System;
changes in the level of government guarantees provided to other United States and international financial institutions;
dealer commitment to supporting the issuance of our consolidated obligations;
ability of one or more of the FHLBanks to repay its portion of the consolidated obligations, or otherwise meet its financial obligations;
ability to attract and retain skilled personnel;
ability to develop, implement and support technology and information systems sufficient to manage our business effectively;
nonperformance of counterparties to uncleared and cleared derivative transactions;
changes in terms of derivative agreements and similar agreements;
loss arising from natural disasters, acts of war or acts of terrorism;
changes in or differing interpretations of accounting guidance; and
other risk factors identified in our filings with the SEC.

Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, additional disclosures may be made through reports filed with the SEC in the future, including our Forms 10-K, 10-Q and 8-K.
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Federal Home Loan Bank of Indianapolis
Statements of Condition
(Unaudited, $ amounts in thousands, except par value)
 September 30, 2020December 31, 2019
Assets:
Cash and due from banks$130,595 $220,294 
Interest-bearing deposits (Note 3)
56,028 809,141 
Securities purchased under agreements to resell (Note 3)
4,500,000 1,500,000 
Federal funds sold (Note 3)
952,000 2,550,000 
Trading securities (Note 3)
5,058,984 5,016,649 
Available-for-sale securities, amortized cost of $10,266,677 and $8,394,665 (Note 3)
10,363,969 8,484,478 
Held-to-maturity securities, net (estimated fair values of $4,296,287 and $5,216,206) (Note 3)
4,272,457 5,216,401 
Advances (Note 4)
31,264,246 32,480,108 
Mortgage loans held for portfolio, net (Note 5)
9,237,185 10,815,037 
Accrued interest receivable105,170 131,822 
Premises, software, and equipment, net35,126 36,549 
Derivative assets, net (Note 6)
319,838 208,008 
Other assets46,064 42,288 
Total assets$66,341,662 $67,510,775 
Liabilities:
 
Deposits$1,299,227 $960,304 
Consolidated obligations (Note 7):
 
Discount notes19,461,386 17,676,793 
Bonds41,148,153 44,715,224 
Total consolidated obligations, net60,609,539 62,392,017 
Accrued interest payable64,322 178,981 
Affordable Housing Program payable (Note 8)
34,581 38,084 
Derivative liabilities, net (Note 6)
6,991 3,206 
Mandatorily redeemable capital stock (Note 9)
262,454 322,902 
Other liabilities642,985 458,521 
Total liabilities62,920,099 64,354,015 
Commitments and contingencies (Note 13)
Capital (Note 9):
 
Capital stock (putable at par value of $100 per share):
Class B issued and outstanding shares: 22,236,699 and 19,740,755, respectively
2,223,670 1,974,076 
Retained earnings:
Unrestricted861,455 864,454 
Restricted262,390 250,854 
Total retained earnings1,123,845 1,115,308 
Total accumulated other comprehensive income (loss) (Note 10)
74,048 67,376 
Total capital3,421,563 3,156,760 
Total liabilities and capital$66,341,662 $67,510,775 

The accompanying notes are an integral part of these financial statements.

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Federal Home Loan Bank of Indianapolis
Statements of Income
(Unaudited, $ amounts in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Interest Income:
Advances$45,084 $207,226 $291,030 $641,126 
Interest-bearing deposits364 6,923 5,396 16,610 
Securities purchased under agreements to resell820 24,212 10,879 69,872 
Federal funds sold542 10,163 10,155 50,678 
Trading securities22,335 18,441 71,651 31,896 
Available-for-sale securities22,539 48,360 72,682 154,627 
Held-to-maturity securities11,201 36,388 60,147 116,245 
Mortgage loans held for portfolio48,268 87,741 189,496 277,440 
Total interest income151,153 439,454 711,436 1,358,494 
Interest Expense:
Consolidated obligation discount notes10,967 110,286 111,056 368,799 
Consolidated obligation bonds77,398 271,639 398,449 803,497 
Deposits32 3,655 2,821 10,170 
Mandatorily redeemable capital stock2,037 3,514 7,777 8,585 
Other interest expense 36  36 
Total interest expense90,434 389,130 520,103 1,191,087 
Net interest income60,719 50,324 191,333 167,407 
Provision for (reversal of) credit losses124 (180)172 (166)
Net interest income after provision for credit losses60,595 50,504 191,161 167,573 
Other Income:
Net realized gains from sale of available-for-sale securities504  504  
Net gains (losses) on trading securities(19,331)5,601 1,975 26,257 
Net losses on derivatives and hedging activities(297)(3,612)(52,124)(21,399)
Service fees128 186 425 581 
Standby letters of credit fees188 201 506 503 
Other, net1,931 410 1,911 3,328 
Total other income (loss)(16,877)2,786 (46,803)9,270 
Other Expenses:
Compensation and benefits14,519 12,698 44,156 40,255 
Other operating expenses7,847 7,925 22,881 21,045 
Federal Housing Finance Agency1,181 1,012 3,516 3,009 
Office of Finance1,293 1,370 3,604 3,515 
Other2,053 1,154 5,244 3,526 
Total other expenses26,893 24,159 79,401 71,350 
Income before assessments16,825 29,131 64,957 105,493 
Affordable Housing Program assessments1,886 3,265 7,273 11,408 
Net income$14,939 $25,866 $57,684 $94,085 

The accompanying notes are an integral part of these financial statements.

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Federal Home Loan Bank of Indianapolis
Statements of Comprehensive Income
(Unaudited, $ amounts in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income$14,939 $25,866 $57,684 $94,085 
Other Comprehensive Income:
Net change in unrealized gains (losses) on available-for-sale securities77,290 (2,139)7,479 16,842 
Pension benefits, net867 486 (807)(2,882)
Total other comprehensive income (loss)78,157 (1,653)6,672 13,960 
Total comprehensive income$93,096 $24,213 $64,356 $108,045 

The accompanying notes are an integral part of these financial statements.

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Federal Home Loan Bank of Indianapolis
Statements of Capital
Three Months Ended September 30, 2020 and 2019
(Unaudited, $ amounts and shares in thousands)
Capital StockRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total
Capital
SharesPar ValueUnrestrictedRestrictedTotal
Balance, June 30, 202021,943 $2,194,319 $868,328 $259,403 $1,127,731 $(4,109)$3,317,941 
Total comprehensive income11,952 2,987 14,939 78,157 93,096 
Proceeds from issuance of capital stock305 30,432 30,432 
Redemption/repurchase of capital stock(6)(585)(585)
Shares reclassified to mandatorily redeemable capital stock, net(5)(496)(496)
Cash dividends on capital stock
(3.50% annualized)
(18,825)— (18,825)(18,825)
Balance, September 30, 202022,237 $2,223,670 $861,455 $262,390 $1,123,845 $74,048 $3,421,563 
Balance, June 30, 201920,485 $2,048,523 $856,911 $236,142 $1,093,053 $57,300 $3,198,876 
Total comprehensive income20,692 5,174 25,866 (1,653)24,213 
Proceeds from issuance of capital stock398 39,796 39,796 
Shares reclassified to mandatorily redeemable capital stock, net(1,489)(148,870)(148,870)
Cash dividends on capital stock
(5.50% annualized)
(28,339)— (28,339)(28,339)
Balance, September 30, 201919,394 $1,939,449 $849,264 $241,316