The Federal Home Loan Bank of Des Moines today released preliminary unaudited financial highlights for the quarter ended March 31. The bank recorded net income of $45.2 million, compared with $26 million for the same period in 2011.

Net income was primarily affected by net interest income, losses on debt extinguishments and gains on derivative and hedging activities. During the quarter, the bank recorded net gains of $21 million on its derivative and hedging activities, compared with net gains of $2 million in the same period of 2011.

Part of the 12-bank Federal Home Loan Bank system, the Des Moines bank has more than 1,200 members in a five-state region that includes Iowa. 

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