Attached files
file | filename |
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10-K - FORM 10-K - Federal Home Loan Bank of Des Moines | c97831e10vk.htm |
EX-32.2 - EXHIBIT 32.2 - Federal Home Loan Bank of Des Moines | c97831exv32w2.htm |
EX-31.1 - EXHIBIT 31.1 - Federal Home Loan Bank of Des Moines | c97831exv31w1.htm |
EX-10.7 - EXHIBIT 10.7 - Federal Home Loan Bank of Des Moines | c97831exv10w7.htm |
EX-31.2 - EXHIBIT 31.2 - Federal Home Loan Bank of Des Moines | c97831exv31w2.htm |
EX-32.1 - EXHIBIT 32.1 - Federal Home Loan Bank of Des Moines | c97831exv32w1.htm |
EX-10.5 - EXHIBIT 10.5 - Federal Home Loan Bank of Des Moines | c97831exv10w5.htm |
Exhibit 12.1
Federal Home Loan Bank of Des Moines
Computation of Earnings to Fixed Charges
(numbers in thousands)
Computation of Earnings to Fixed Charges
(numbers in thousands)
For Years Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings: |
||||||||||||||||||||
Income before assessments |
$ | 198,685 | $ | 173,354 | $ | 138,951 | $ | 121,969 | $ | 301,427 | ||||||||||
Fixed charges |
1,236,655 | 2,123,241 | 2,290,122 | 2,057,440 | 1,584,715 | |||||||||||||||
Total earnings |
1,435,340 | 2,296,595 | 2,429,073 | 2,179,409 | 1,886,142 | |||||||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense: |
||||||||||||||||||||
Interest expense on consolidated obligations |
1,233,529 | 2,097,627 | 2,210,267 | 1,990,300 | 1,538,462 | |||||||||||||||
Interest expense on deposits |
2,389 | 22,181 | 51,363 | 35,173 | 24,338 | |||||||||||||||
Interest expense on borrowings from other FHLBanks |
21 | 26 | 119 | 147 | 132 | |||||||||||||||
Interest expense on securities sold under agreement to repurchase |
| 1,961 | 25,045 | 28,462 | 19,393 | |||||||||||||||
Interest expense on mandatorily redeemable capital stock |
283 | 1,028 | 2,902 | 2,972 | 2,029 | |||||||||||||||
Interest expense on other |
| | | 31 | 4 | |||||||||||||||
Total interest expense |
1,236,222 | 2,122,823 | 2,289,696 | 2,057,085 | 1,584,358 | |||||||||||||||
Estimated component of net rental expense |
||||||||||||||||||||
Rent expense |
1,300 | 1,254 | 1,279 | 1,064 | 1,070 | |||||||||||||||
Factor (1/3) (1) |
33.33 | % | 33.33 | % | 33.33 | % | 33.33 | % | 33.33 | % | ||||||||||
Estimated component of net rental expense |
433 | 418 | 426 | 355 | 357 | |||||||||||||||
Total fixed charges |
1,236,655 | 2,123,241 | 2,290,122 | 2,057,440 | 1,584,715 | |||||||||||||||
Ratio of earnings to fixed charges |
1.16 | 1.08 | 1.06 | 1.06 | 1.19 |
(1) | Represents one-third of rental expense related to the Banks operating leases. |