The Federal Home Loan Bank of Des Moines had net income of $27.3 million in quarter ended March 31, compared with $45.2 million for the same period last year. According to a news release, the bank's net income was primarily driven by net interest income, losses on the extinguishment of debt, and gains on derivatives and hedging activities. Interest income totaled $53.3 million in the quarter, compared with $69.9 million during the same period last year. The decrease was primarily due to lower advance prepayment fee income, which totaled $1.8 million compared with $16.9 million for the same period last year. The bank expects to file its first-quarter financials with the U.S. Securities and Exchange Commission on or about May 10.