The Federal Home Loan Bank of Des Moines recorded $649 million in net income in 2016, compared to $131 million in 2015, according to preliminary unaudited financial results released on Tuesday. The bank's net income in 2016 was significantly impacted by $376 million of net gains on litigation settlements on private-label mortgage-backed securities. The bank acquired the rights to the private-label MBS litigation interests as a result of its merger with the Federal Home Loan Bank of Seattle in mid-2015. Advances made by FHLB of Des Moines totaled $131.6 billion as of Dec. 31, and total net interest income totaled $449 million for2016, an improvement from 2015 that reflected in average advances and investments. As a result of the Bank's 2016 earnings, it accrued $75 million for use in its Affordable Housing Program, in comparison to $15 million accrued in 2015. The larger accrual for 2016 means the bank is positioned to meet more of the district's affordable housing needs, FHLB of Des Moines President and CEO Michael Wilson said in a release