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The Federal Home Loan Bank of Des Moines posted net income of $127.4 million for the year ended Dec. 31, 2008, compared with $101.4 million for 2007. The earnings increase was driven by higher net interest income during the first nine months of 2008 due in part to an increase in advances to its member banks, bank officials said. However, the bank’s fourth-quarter earnings of $2.3 million were significantly lower than the $29.2 million in the fourth quarter of 2007, due primarily to lower interest rates and market conditions.

Total capital was $3 billion at the end of 2008, a $100 million decrease from Dec. 31, 2007. The bank was in compliance with all capital requirements at year’s end, including its leverage and risk-based requirements.

One of the 12 banks in the Federal Home Loan Bank System, the cooperatively owned Des Moines-based bank provides advances to more than 1,200 member financial institutions in a five-state region that includes Iowa. Of the 11 federal home loan banks that have released 2008 financial results so far, six have reported a net loss for the fourth quarter of 2008.