Company Quick10K Filing
Federal Home Loan Bank of Indianapolis
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 2020-06-22
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8-K 2019-12-27
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8-K 2019-10-30
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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 6. Exhibits
EX-31.1 ex311march312020.htm
EX-31.2 ex312march312020.htm
EX-31.3 ex313march312020.htm
EX-32 ex32sec1350march312020.htm

Federal Home Loan Bank of Indianapolis Earnings 2020-03-31

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 March 31, 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):
o  Large accelerated filer
o  Accelerated filer
o  Emerging growth company
x Non-accelerated Filer
o  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 April 30, 2020
Class B Stock, par value $10024,795,645  





Table of ContentsPage
Number
Special Note Regarding Forward-Looking Statements
PART I.FINANCIAL INFORMATION 
Item 1.FINANCIAL STATEMENTS (unaudited) 
 
Statements of Condition as of March 31, 2020 and December 31, 2019
 
Statements of Income for the Three Months Ended March 31, 2020 and 2019
Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019
 
Statements of Capital for the Three Months Ended March 31, 2019 and 2020
 
Statements of Cash Flows for the Three Months Ended March 31, 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 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; and
competitive forces, including, without limitation, other sources of funding available to our members;
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.
 
3


PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Federal Home Loan Bank of Indianapolis
Statements of Condition
(Unaudited, $ amounts in thousands, except par value)
 March 31, 2020December 31, 2019
Assets:
Cash and due from banks$4,685,426  $220,294  
Interest-bearing deposits (Note 3)
85  809,141  
Securities purchased under agreements to resell (Note 3)
3,400,000  1,500,000  
Federal funds sold (Note 3)
  2,550,000  
Trading securities (Note 3)
5,831,089  5,016,649  
Available-for-sale securities, amortized cost of $9,920,371 and $8,394,665 (Note 3)
9,861,353  8,484,478  
Held-to-maturity securities, net (estimated fair values of $4,780,664 and $5,216,206) (Note 3)
4,794,773  5,216,401  
Advances (Note 4)
38,926,612  32,480,108  
Mortgage loans held for portfolio, net (Note 5)
10,649,223  10,815,037  
Accrued interest receivable130,259  131,822  
Premises, software, and equipment, net35,636  36,549  
Derivative assets, net (Note 6)
306,882  208,008  
Other assets44,503  42,288  
Total assets$78,665,841  $67,510,775  
Liabilities:
 
Deposits$2,821,496  $960,304  
Consolidated obligations (Note 7):
 
Discount notes29,652,551  17,676,793  
Bonds42,079,465  44,715,224  
Total consolidated obligations, net71,732,016  62,392,017  
Accrued interest payable136,470  178,981  
Affordable Housing Program payable (Note 8)
39,423  38,084  
Derivative liabilities, net (Note 6)
14,277  3,206  
Mandatorily redeemable capital stock (Note 9)
323,125  322,902  
Other liabilities457,656  458,521  
Total liabilities75,524,463  64,354,015  
Commitments and contingencies (Note 13)
Capital (Note 9):
 
Capital stock (putable at par value of $100 per share):
Class B-1 issued and outstanding shares: 20,979,193 and 19,737,727, respectively
2,097,919  1,973,773  
Class B-2 issued and outstanding shares: 3,028 and 3,028, respectively
303  303  
     Total capital stock2,098,222  1,974,076  
Retained earnings:
Unrestricted867,141  864,454  
Restricted256,763  250,854  
Total retained earnings1,123,904  1,115,308  
Total accumulated other comprehensive income (loss) (Note 10)
(80,748) 67,376  
Total capital3,141,378  3,156,760  
Total liabilities and capital$78,665,841  $67,510,775  

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

4


Federal Home Loan Bank of Indianapolis
Statements of Income
(Unaudited, $ amounts in thousands)
Three Months Ended March 31,
 20202019
Interest Income:
Advances$169,625  $211,754  
Interest-bearing deposits4,718  4,266  
Securities purchased under agreements to resell9,833  19,814  
Federal funds sold9,290  20,381  
Trading securities23,796  2,801  
Available-for-sale securities36,803  49,481  
Held-to-maturity securities29,133  40,884  
Mortgage loans held for portfolio82,021  96,253  
Total interest income365,219  445,634  
Interest Expense:
Consolidated obligation discount notes72,514  119,374  
Consolidated obligation bonds223,852  263,009  
Deposits2,735  2,994  
Mandatorily redeemable capital stock2,967  2,718  
Total interest expense302,068  388,095  
Net interest income63,151  57,539  
Provision for (reversal of) credit losses(3) 54  
Net interest income after provision for credit losses63,154  57,485  
Other Income:
Net gains on trading securities49,833  4,071  
Net losses on derivatives and hedging activities(50,950) (3,422) 
Service fees160  193  
Standby letters of credit fees156  159  
Other, net(3,578) 2,015  
Total other income (loss)(4,379) 3,016  
Other Expenses:
Compensation and benefits14,385  14,133  
Other operating expenses7,309  5,974  
Federal Housing Finance Agency1,168  996  
Office of Finance1,274  1,136  
Other1,480  1,088  
Total other expenses25,616  23,327  
Income before assessments33,159  37,174  
Affordable Housing Program assessments3,613  3,989  
Net income$29,546  $33,185  

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

5


Federal Home Loan Bank of Indianapolis
Statements of Comprehensive Income
(Unaudited, $ amounts in thousands)
Three Months Ended March 31,
 20202019
Net income$29,546  $33,185  
Other Comprehensive Income:
Net change in unrealized gains (losses) on available-for-sale securities(148,831) 26,905  
Pension benefits, net707  347  
Total other comprehensive income (loss)(148,124) 27,252  
Total comprehensive income (loss)$(118,578) $60,437  

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

6


Federal Home Loan Bank of Indianapolis
Statements of Capital
Three Months Ended March 31, 2019 and 2020
(Unaudited, $ amounts and shares in thousands)

Capital StockRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total
Capital
SharesPar ValueUnrestrictedRestrictedTotal
Balance, December 31, 201819,310  $1,930,952  $855,311  $222,499  $1,077,810  $41,687  $3,050,449  
Total comprehensive income26,548  6,637  33,185  27,252  60,437  
Proceeds from issuance of capital stock564  56,487  56,487  
Shares reclassified to mandatorily redeemable capital stock, net(21) (2,109) (2,109) 
Cash dividends on capital stock
(5.50% annualized)
(26,545) —  (26,545) (26,545) 
Balance, March 31, 201919,853  $1,985,330  $855,314  $229,136  $1,084,450  $68,939  $3,138,719  
Balance, December 31, 201919,741  $1,974,076  $864,454  $250,854  $1,115,308  $67,376  $3,156,760  
Total comprehensive income (loss)23,637  5,909  29,546  (148,124) (118,578) 
Proceeds from issuance of capital stock1,243  124,378  124,378  
Shares reclassified to mandatorily redeemable capital stock, net(2) (232) (232) 
Cash dividends on capital stock
(4.25% annualized)
(20,950) —  (20,950) (20,950) 
Balance, March 31, 202020,982  $2,098,222  $867,141  $256,763  $1,123,904  $(80,748) $