The Federal Home Loan Bank of Des Moines reported record advances and a double-digit rise in profits for the third quarter. The wholesale cooperative bank posted a net profit of $45.8 million, a 59 percent increase over the year-ago period.

For the nine months ended Sept. 30, net income increased by 73 percent, to $125.1 million, due primarily to increased interest income from advances to its member banks.

“Access to liquidity and funding have been crucial for our members during this period of volatile and deteriorating credit markets,” Richard Swanson, the bank’s president and CEO, said in a release. The bank’s advances as of Sept. 30 were secured by pledged collateral with a book value of $133.6 billion.

The gains were partially offset by losses on hedging derivatives, including a $4.9 million loss on $7.9 million it was owed by a subsidiary of Lehman Bros. Holdings Inc., which declared bankruptcy in September. The bank subsequently terminated its positions with Lehman and does not have any other derivatives contract outstanding with Lehman, officials said.

The Federal Home Loan Bank of Atlanta on Friday reported a third-quarter loss of $46.1 million, compared with earnings of $133.1 million a year before. The loss partly reflected a reserve for a credit loss owed by a unit of Lehman Bros. Holdings Inc. The bank also cited an $87.3 million write-down on mortgage-backed securities. The Federal Home Loan Bank of New York recorded a provision of $64.5 million for possible loan losses on derivative contracts with Lehman.