Federal Home Loan Bank of Des Moines recently reported its fourth-quarter and full-year results. For calendar year 2020, the bank’s net income was $362 million, compared with $384 million in 2019. Net interest income totaled $472 million in 2020, a decline of $104 million from 2019 that was primarily due to the lower interest rate environment and lower average advance balances. Those factors were partially offset by an increase in advance prepayment fee income of $66 million compared with the same period in 2019. Total assets decreased to $87.7 billion at Dec. 31, 2020, from $129.6 billion at Dec. 31, 2019, driven by a decrease in advances and investments. Advances at year-end 2020 decreased by $33.8 billion from advances at year-end 2019 due primarily to a decrease in borrowings of $25.5 billion by Wells Fargo Bank. FHLB Des Moines also experienced decreased demand for advances across the majority of its other institution types, driven primarily by increased liquidity in the financial markets and higher member deposit levels. The member-owned cooperative serves shareholder members in a region encompassing 13 states and three U.S. Pacific territories as a reliable provider of funding, liquidity and services to member institutions.