# EDGAR Filing Document

**Accession Number:** 0001325814
**File Stem:** 0001628280-26-027062
**Filing Date:** 2026-4
**Character Count:** 16014
**Document Hash:** 3a4775005f5dd4f5e341a79b8bf5e5d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-027062.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001628280-26-027062

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260424

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Des Moines
- **CENTRAL INDEX KEY:** 0001325814
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 426000149
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51999
- **FILM NUMBER:** 26891329

**BUSINESS ADDRESS:**
- **STREET 1:** 909 LOCUST STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309
- **BUSINESS PHONE:** 515-412-2100

**MAIL ADDRESS:**
- **STREET 1:** 909 LOCUST STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309

?xml version='1.0' encoding='ASCII'? fhlbdm-20260424

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 <br> Date of Report (Date of Earliest Event Reported): April 24, 2026

Federal Home Loan Bank of Des Moines

__________________________________________

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| Federally Chartered Corporation of the United States | 000-51999 | 42-6000149 |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| 909 Locust Street | |
| Des Moines, Iowa | 50309 |
| (Address of principal executive offices) | (Zip Code) |

---

 <br> Registrant's telephone number, including area code: 515-412-2100

 Not Applicable <br> Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br>   

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if they registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02 Results of Operations and Financial Condition.**

On April 24, 2026, the Federal Home Loan Bank of Des Moines (the "Bank") issued a news release to report its financial results for the first quarter ended March 31, 2026, and to declare a first quarter 2026 cash dividend for both average activity-based capital stock and average membership capital stock outstanding during the quarter. The annualized dividend rate approved was 9.75 percent for activity-based capital stock and 6.00 percent for membership capital stock, unchanged from the prior quarter. A copy of the news release is attached as Exhibit 99.1 to this report.

**Item 7.01 Regulation FD Disclosure.** 

The information set forth under Item 2.02 is also furnished pursuant to this Item 7.01. The information contained in the attachments is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

Exhibit Number 99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[News Release, dated April 24, 2026, issued by the Bank](q126ex991earningsreleasean.htm)</u>

Exhibit Number 104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the inline XBRL document)&nbsp;&nbsp;&nbsp;&nbsp;

**SIGNATURE**

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Federal Home Loan Bank of Des Moines | Federal Home Loan Bank of Des Moines |
| *April 24, 2026* | By: | */s/ James G. Livingston* |
|  |  | Name: James G. Livingston |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| Federal Home Loan Bank of Des Moines | ![fhlbdmlogo1a01a01a37.jpg](fhlbdmlogo1a01a01a37.jpg) |
| news release | ![fhlbdmlogo1a01a01a37.jpg](fhlbdmlogo1a01a01a37.jpg) |
| | ![fhlbdmlogo1a01a01a37.jpg](fhlbdmlogo1a01a01a37.jpg) |
| **FOR IMMEDIATE RELEASE** | ![fhlbdmlogo1a01a01a37.jpg](fhlbdmlogo1a01a01a37.jpg) |
| Date: April 24, 2026  | |
| Contact: Amber Pringnitz | |
| 515.412.2306 | |
| apringnitz@fhlbdm.com | |

---

**Federal Home Loan Bank of Des Moines Announces**

**First Quarter 2026 Financial Results, Declares Dividend**

**First Quarter 2026 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $236 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affordable Housing Program (AHP) assessments of $26 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voluntary housing and community contributions of $25 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advances totaled $127.0 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage loans held for portfolio, net totaled $14.9 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of credit totaled $18.6 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retained earnings totaled $3.9 billion

"The Bank's earnings remained strong during the first quarter of 2026 as a result of members' continued usage of the Bank's core liquidity products," said Kris Williams, president and chief executive officer. "We continue to leverage our earnings to benefit our members and their communities by paying a stable dividend and contributing to our affordable housing and community investment initiatives."

**Dividend**

The Board of Directors approved a first quarter 2026 dividend to be paid at an annualized rate of 9.75% on average activity-based stock and 6.00% on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $167 million on May 12, 2026.

**Liquidity Mission**

The Bank provides liquidity to its members to support the housing, business, and economic development needs of their communities. Members pledge mortgage loans and other collateral to access the Bank's core liquidity products of advances, letters of credit, and mortgage loans held for portfolio under the Mortgage Partnership Finance<sup>®</sup> Program. During the three months ended March 31, 2026, advance balances averaged $127.9 billion, letters of credit averaged $18.3 billion, mortgage loan balances averaged $14.7 billion, and the Bank held an average of $31.2 billion of short-term assets as a ready source of liquidity for its members.

**Affordable Housing and Community Impact**

The Bank's housing and community development programs are central to its mission. The Bank contributes 10% of its net income each year to its AHP, a grant program that supports the creation, rehabilitation, or purchase of affordable housing. This program includes a competitive AHP and two down payment assistance products called Home$tart and the Native American Homeownership Initiative. During the three months ended March 31, 2026, the Bank accrued statutory AHP assessments of $26 million and voluntarily accrued $2 million, to be awarded through this program.

------

In addition to its AHP, the Bank offers its members voluntary programs to further its housing mission. During the three months ended March 31, 2026, the Bank recorded a total of $25 million in voluntary housing and community contributions, including the voluntary AHP contribution. Through its voluntary programs during the three months ended March 31, 2026, the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provided $39 million in 0% rate advances to members that originated or purchased mortgage loans from a Habitat for Humanity<sup>®</sup> affiliate or a non-depository community development financial institution and recorded $8 million in subsidy expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funded $19 million of home mortgages with an interest rate lower than the current market rate under the Mortgage Rate Relief program, which provided $2 million in grants for those seeking affordable homeownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recorded contributions of $13 million to its Member Impact Fund to match member donations to local housing and community development organizations.

**Financial Results Discussion**

***Net Income -*** For the three months ended March 31, 2026, the Bank recorded net income of $236 million compared to $205 million in the prior year.

***Net Interest Income -*** For the three months ended March 31, 2026, the Bank recorded net interest income of $325 million, an increase of $77 million when compared to the prior year. The increase during the three months ended March 31, 2026 was primarily due to advance, mortgage-backed security, and mortgage loan portfolio growth, along with changes in the interest rate environment, asset prepayment fee income, and the call of higher-costing consolidated obligation bonds.

***Other Income (Loss) -*** For the three months ended March 31, 2026, the Bank recorded other income of $11 million, a decrease of $30 million when compared to the prior year, primarily due to the net changes in fair value on the Bank's trading securities, fair value option instruments, and economic derivatives, including the related interest settlements.

***Other Expense -*** For the three months ended March 31, 2026, the Bank recorded other expense of $74 million, an increase of $13 million when compared to the prior year, primarily driven by an increase in voluntary housing and community contributions.

***Assets -*** The Bank's total assets increased to $202.2 billion at March 31, 2026, from $186.5 billion at December 31, 2025, driven primarily by an increase in advances. Advances increased $16.8 billion due mainly to an increase in borrowings by certain large depository institution and insurance company members.

***Capital -*** Total capital increased to $11.4 billion at March 31, 2026, from $10.5 billion at December 31, 2025, primarily due to an increase in activity-based capital stock resulting from an increase in advance balances.

------

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| | | |
|:---|:---|:---|
| **Federal Home Loan Bank of Des Moines**<br>**Financial Highlights** <br>**(preliminary and unaudited)**<br>***Dollars in millions*** | **Federal Home Loan Bank of Des Moines**<br>**Financial Highlights** <br>**(preliminary and unaudited)**<br>***Dollars in millions*** | **Federal Home Loan Bank of Des Moines**<br>**Financial Highlights** <br>**(preliminary and unaudited)**<br>***Dollars in millions*** |
| **Selected Balance Sheet Items** | **March 31,<br>2026** | **December 31,<br>2025** |
| Advances | $127032 | $110230 |
| Investments | 59599 | 61015 |
| Mortgage loans held for portfolio, net | 14910 | 14540 |
| Total assets | 202213 | 186499 |
| Consolidated obligations | 188059 | 173869 |
| Capital stock - Class B putable | 7286 | 6509 |
| Retained earnings | 3887 | 3797 |
| Total capital | 11384 | 10487 |
| Total regulatory capital<sup>1</sup> | 11245 | 10336 |
| Regulatory capital ratio<sup>1</sup> | 5.56% | 5.54% |

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1&nbsp;&nbsp;&nbsp;&nbsp;Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as regulatory capital as a percentage of period end assets.

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31,** | **March 31,** |
| **Operating Results** | **2026** | **2025** |
| Net interest income | $325 | $248 |
| Other income (loss) | 11 | 41 |
| Other expense | 74 | 61 |
| Affordable Housing Program assessments | 26 | 23 |
| Net income | $236 | $205 |
| **Performance Ratios** |  |  |
| Net interest spread | 0.43% | 0.32% |
| Net interest margin | 0.64 | 0.59 |
| Return on average equity (annualized) | 8.42 | 8.56 |
| Return on average assets (annualized) | 0.46 | 0.48 |

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The financial results reported in this earnings release for the first quarter of 2026 are preliminary until the Bank announces unaudited financial results in its First Quarter 2026 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at <u>www.fhlbdm.com</u> and <u>www.sec.gov</u>.

*The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by over 1,200 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.*

*Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank's operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the "Risk Factors" section of the Bank's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.*

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