# EDGAR Filing Document

**Accession Number:** 0001331754
**File Stem:** 0001331754-25-000155
**Filing Date:** 2025-7
**Character Count:** 23345
**Document Hash:** df2566bfd2c0937e19f34973d60590f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001331754-25-000155.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001331754-25-000155

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250729

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Indianapolis
- **CENTRAL INDEX KEY:** 0001331754
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 356001443
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51404
- **FILM NUMBER:** 251158379

**BUSINESS ADDRESS:**
- **STREET 1:** 8250 WOODFIELD CROSSING BOULEVARD
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46240
- **BUSINESS PHONE:** 317-465-0200

**MAIL ADDRESS:**
- **STREET 1:** 8250 WOODFIELD CROSSING BOULEVARD
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46240

?xml version='1.0' encoding='ASCII'? fhlbi-20250729

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

______________________________

**FORM 8-K** 

______________________________

**CURRENT REPORT**

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

**Date of report (Date of earliest event reported): July 29, 2025**

______________________________

**FEDERAL HOME LOAN BANK OF INDIANAPOLIS**

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 **______________________________**

---

| | | |
|:---|:---|:---|
| **Federally Chartered<br>Corporation of the** | **000-51404** | **35-6001443** |
| **United States** | **000-51404** | **35-6001443** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**8250 Woodfield Crossing Blvd.**

**Indianapolis IN 46240**

(Address of Principal Executive Offices, including Zip Code)

**(317) 465-0200**

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(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 (see General Instruction A.2 below):

□ Written communications pursuant to Rule 425 under the Securities Act

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

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> <u>None</u> <u>None</u> <u>None</u>

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 the 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. □

------

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

On July 29, 2025, the Federal Home Loan Bank of Indianapolis (the Bank) issued a news release announcing dividends declared and financial results for the quarter ended June 30, 2025. A copy of the news release is included as Exhibit 99.1 to this report.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K 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.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speak only as of the date of the news release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are based on the current beliefs and expectations of Bank management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are subject to significant risks and uncertainties.

Actual results may differ from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the Bank's Annual Report on Form 10-K for the year ended December 31, 2024, which has been filed with the Securities and Exchange Commission and is available at www.sec.gov. The Bank does not undertake any obligation to update any forward-looking statements.

**Item 9.01. Financial Statements and Exhibits** 

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[News Release of Federal Home Loan Bank of Indianapolis, dated July 29, 2025](earningsreleaseex991-2q2025.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 29, 2025

---

| | |
|:---|:---|
| **FEDERAL HOME LOAN BANK OF INDIANAPOLIS** | **FEDERAL HOME LOAN BANK OF INDIANAPOLIS** |
| By: | /s/STEPHANIE L. LESNET |
|  | Stephanie L. Lesnet |
|  | Senior Vice President - Chief Accounting Officer |

---

## Exhibit 99.1

Exhibit 99.1

![logoa11a.jpg](logoa11a.jpg)

**NEWS RELEASE**

FOR IMMEDIATE RELEASE <br> July 29, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Federal Home Loan Bank of Indianapolis Announces Second Quarter 2025 Dividends, Reports Earnings**

INDIANAPOLIS — Today the Board of Directors of the Federal Home Loan Bank of Indianapolis ("FHLBank Indianapolis" or "Bank") declared its second quarter 2025 dividends on Class B-2 activity-based capital stock and Class B-1 non-activity-based stock at annualized rates of 9.50% and 4.50%, respectively. The higher dividend rate on activity-based stock reflects the Board's discretion under the Bank's capital plan to reward members that use FHLBank Indianapolis in support of their liquidity needs.

The dividends will be paid in cash on July 30, 2025.

"Driven by record activity for advances and our Mortgage Purchase Program, we are pleased to announce another strong quarterly dividend for our members," President and CEO Cindy Konich said. "In addition, these results will power continued elevated support of housing and community and economic development across our district, something we like to call our 'Community Dividend.'"

**<u>Earnings Highlights</u>**

Net income, for the three months ended June 30, 2025, was $90 million, a net increase of $1 million compared to the corresponding period in the prior year.

Net income, for the six months ended June 30, 2025, was $164 million, a net decrease of $20 million compared to the corresponding period in the prior year. The decrease was primarily due to net unrealized losses on qualifying fair-value and economic hedging relationships<sup>1</sup>, a substantial increase in voluntary contributions to affordable housing and community investment programs, and lower earnings on the portion of the Bank's assets funded by its capital<sup>2</sup>, partially offset by higher interest spreads on interest-earning assets, net of interest-bearing liabilities.

<sup>1</sup> The Bank's net gains (losses) on derivatives fluctuate due to volatility in the overall interest-rate environment as the Bank hedges asset or liability risk exposures. In general, the Bank holds derivatives and associated hedged items to the maturity, call, or put date. Therefore, due to timing, nearly all of the cumulative net gains and losses for these financial instruments will generally reverse over the remaining contractual terms of the hedged item. However, there may be instances when the Bank terminates these instruments prior to the maturity, call or put date, which may result in a realized gain or loss.

<sup>2</sup> FHLBank Indianapolis earns interest income on advances to and mortgage loans purchased from its Michigan and Indiana member financial institutions, as well as on long- and short-term investments. Net interest income is primarily determined by the size of the Bank's balance sheet and the spread between the interest earned on its assets and the interest cost of funding with consolidated obligations. Because of the Bank's inherent relatively low interest-rate spread, it has historically derived a significant portion of its net interest income from deploying its interest-free capital in floating-rate assets.

------

Exhibit 99.1

*Affordable Housing Program Allocation* 

The Bank's Affordable Housing Program ("AHP") provides grant funding to support housing for low- and moderate-income families in communities served by its Michigan and Indiana members. For the six months ended June 30, 2025, AHP assessments<sup>3</sup> totaled $19 million. Such required allocations will be available to the Bank's members in 2026 to help address their communities' affordable housing needs, including construction, rehabilitation, accessibility improvements and homebuyer down-payment assistance.

In addition, as part of the Bank's commitment to further support its AHP and additional affordable housing and community investment programs, the Bank voluntarily contributed additional funding, in the six months ended June 30, 2025, totaling $17 million, all of which has been recognized and reported in other expenses.

The Bank's combined required and voluntary allocations recognized, in the six months ended June 30, 2025, totaled $36 million, an increase of $8 million compared to the corresponding period in the prior year.

*Condensed Statements of Income*

The following table presents unaudited condensed statements of income ($ amounts in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income <sup>(a)</sup> | $987 | $1034 | $1927 | $2050 |
| Interest expense <sup>(a)</sup> | 859 | 909 | 1674 | 1796 |
| Provision for credit losses |  |  |  |  |
| Net interest income after provision for credit losses | 128 | 125 | 253 | 254 |
| Other income <sup>(b)</sup> | 9 | 6 | 9 | 16 |
| Other expenses <sup>(c)</sup> | 37 | 32 | 79 | 65 |
| AHP assessments | 10 | 10 | 19 | 21 |
| Net income | $90 | $89 | $164 | $184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes hedging gains (losses) and net interest settlements on fair-value hedge relationships. The Bank uses derivatives, specifically interest-rate swaps, to hedge the risk of changes in the fair value of certain of its advances, available-for-sale securities and consolidated obligations. These derivatives are designated as fair-value hedges and, therefore, changes in the estimated fair value of the derivative, and changes in the fair value of the hedged item that are attributable to the hedged risk, are recorded in net interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes impact of purchase discount (premium) recorded through mark-to-market gains (losses) on trading securities and net interest &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;settlements on derivatives hedging trading securities, while generally offsetting interest income on trading securities is included in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes voluntary contributions to the Bank's AHP and other affordable housing and community investment programs.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Each year, Federal Home Loan Banks are required to allocate to the AHP 10% of earnings, defined for this purpose as income before assessments plus interest expense on mandatorily redeemable capital stock.

------

Exhibit 99.1

**<u>Balance Sheet Highlights</u>**

Total assets, at June 30, 2025, were $91.0 billion, a net increase of $6.5 billion, or 8%, from December 31, 2024, primarily due to an increase in liquidity investments, advances and mortgage loans.

*Advances* <sup>4</sup>

The carrying value of advances outstanding, at June 30, 2025, totaled $41.3 billion, a net increase of $1.5 billion, or 4%, from December 31, 2024. The par value of advances outstanding increased by 3% to $41.3 billion, which included a net increase in short-term advances of 4% and a net increase in long-term advances of 2%. At June 30, 2025, based on contractual maturities, long-term advances composed 62% of advances outstanding, while short-term advances composed 38%.

The par value of advances outstanding to depository institutions — comprising commercial banks, savings institutions and credit unions — decreased by 1%, while advances outstanding to insurance companies increased by 10%. As a percent of total advances outstanding at par value at June 30, 2025, advances to commercial banks and savings institutions were 50% and advances to credit unions were 13%, resulting in total advances to depository institutions of 63%, while advances to insurance companies were 37%.

In general, advances fluctuate in accordance with members' funding needs, primarily determined by their deposit levels, mortgage pipelines, loan growth, investment opportunities, available collateral, other balance sheet strategies, and the cost of alternative funding options.

*Mortgage Loans Held for Portfolio* <sup>5</sup>

Mortgage loans held for portfolio, at June 30, 2025, totaled $12.0 billion, a net increase of $1.2 billion, or 11%, from December 31, 2024, as the Bank's purchases from its members exceeded principal repayments by borrowers. Purchases of mortgage loans from members, for the six months ended June 30, 2025, totaled $1.8 billion.

In general, the Bank's volume of mortgage loans purchased is affected by several factors, including interest rates, competition, the general level of housing and refinancing activity in the United States, consumer product preferences, the Bank's balance sheet capacity and risk appetite, and regulatory considerations.

*Liquidity Investments* <sup>6</sup> Liquidity investments, at June 30, 2025, totaled $16.3 billion, a net increase of $3.4 billion, or 26%, from December 31, 2024. The Bank's liquidity remained well above regulatory requirements and continues to enable the Bank to be a reliable liquidity provider to its members.

Cash and short-term investments increased by $3.3 billion, or 28%, to $15.2 billion. The portion of U.S. Treasury obligations classified as trading securities increased by $9 million, or 1%, to $1.1 billion. As a result of this activity, cash and short-term investments represented 93% of the total liquidity investments at June 30, 2025, while U.S. Treasury obligations represented 7%.

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;Advances are secured loans that the Bank provides to its member institutions. Advances with a remaining term to maturity of less than one year are considered short-term while those with a remaining term to maturity of greater than one year are considered long-term.

<sup>5</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Bank purchases mortgage loans from its members to support its housing mission, provide an additional source of liquidity to its members, and diversify its investments.

<sup>6</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Bank's liquidity investments consist of cash, interest-bearing deposits, securities purchased under agreements to resell, federal funds sold and U.S. Treasury obligations.

------

Exhibit 99.1

The total outstanding balance and composition of the Bank's liquidity investments are influenced by its liquidity needs, regulatory requirements, actual and anticipated member advance activity, market conditions, and the availability of short-term investments at attractive interest rates, relative to the cost of funds.

*Other Investment Securities*

Other investment securities, which consist substantially of mortgage-backed securities and U.S. Treasury obligations classified as held-to-maturity or available-for-sale, at June 30, 2025, totaled $20.6 billion, a net increase of $418 million, or 2%, from December 31, 2024.

*Consolidated Obligations* <sup>7</sup> FHLBank Indianapolis' consolidated obligations outstanding, at June 30, 2025, totaled $83.9 billion, a net increase of $5.8 billion, or 7%, from December 31, 2024, which reflected increased funding needs associated with the net increase in the Bank's total assets.

*Capital* <sup>8</sup>

Total capital, at June 30, 2025, was $4.3 billion, a net increase of $80 million, or 2%, from December 31, 2024. The net increase resulted primarily from members' purchases of capital stock to support their advance activity and the growth in retained earnings, offset by the Bank's repurchases of capital stock in the first quarter.

The Bank's regulatory capital-to-assets ratio<sup>9</sup>, at June 30, 2025, was 5.11%, which exceeds all applicable regulatory capital requirements.

<sup>7</sup> &nbsp;&nbsp;&nbsp;&nbsp;The primary source of funds for FHLBank Indianapolis, and for the other FHLBanks, is the sale of FHLBanks' consolidated obligations in the capital markets. FHLBank Indianapolis is the primary obligor for the payment of the principal and interest on the consolidated obligations issued on its behalf; additionally, it is jointly and severally liable with each of the other FHLBanks for all of the FHLBanks' consolidated obligations outstanding.

<sup>8</sup> FHLBank Indianapolis is a cooperative whose member financial institutions and former members own all of its capital stock as a condition of membership and to support outstanding credit products.

<sup>9</sup> Total regulatory capital, which consists of capital stock, mandatorily redeemable capital stock and retained earnings, as a percentage of total assets.

------

Exhibit 99.1

*Condensed Statements of Condition*

The following table presents unaudited condensed statements of condition ($ amounts in millions):

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Advances | $41343 | $39833 |
| Mortgage loans held for portfolio, net | 12018 | 10796 |
| Liquidity investments | 16266 | 12911 |
| Other investment securities <sup>(a)</sup> | 20607 | 20189 |
| Other assets | 786 | 806 |
| Total assets | $91020 | $84535 |
| Consolidated obligations | $83899 | $78085 |
| MRCS | 292 | 363 |
| Other liabilities | 2514 | 1852 |
| Total liabilities | 86705 | 80300 |
| Capital stock <sup>(b)</sup> | 2612 | 2555 |
| Retained earnings <sup>(c)</sup> | 1746 | 1684 |
| Accumulated other comprehensive income (loss) | (43) | (4) |
| Total capital | 4315 | 4235 |
| Total liabilities and capital | $91020 | $84535 |
| Total regulatory capital <sup>(d)</sup> | $4650 | $4602 |
| Regulatory capital-to-assets ratio | 5.11% | 5.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes held-to-maturity and available-for-sale securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Putable by members at par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes restricted retained earnings, at June 30, 2025 and December 31, 2024, of $499 million and $466 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Consists of total capital less accumulated other comprehensive income plus mandatorily redeemable capital stock.

All amounts referenced above are unaudited. More detailed information about FHLBank Indianapolis' financial condition as of June 30, 2025, and its results for the three and six months then ended, will be included in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Bank's Quarterly Report on Form 10-Q.

------

Exhibit 99.1

**Safe Harbor Statement**

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 concerning plans, objectives, goals, strategies, future events and performance. Forward-looking statements can be identified by words such as "will," "believes," "may," "temporary," "estimates," and "expects" or the negative of these words or comparable terminology. Each forward-looking statement contained in this news release reflects FHLBank Indianapolis' current beliefs and expectations. Actual results or performance may differ materially from what is expressed in any forward-looking statements.

Any forward-looking statement contained in this news release speaks only as of the date on which it was made. FHLBank Indianapolis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are referred to the documents filed by the Bank with the U.S. Securities and Exchange Commission ("SEC"), specifically reports on Form 10-K and Form 10-Q, which include factors that could cause actual results to differ from forward-looking statements. These reports are available at <u>www.sec.gov</u>.

###

**Media Contact:** 

Scott Thien

Senior Corporate Communications Associate

317-902-3103

sthien@fhlbi.com

**Building Partnerships. Serving Communities.**

For more information about FHLBank Indianapolis, visit www.fhlbi.com. Also, follow the Bank on LinkedIn, as well as Instagram and X at @FHLBankIndy. Please note that content the Bank shares on its website and social media is not incorporated by reference into any of its filings with the SEC unless, and only to the extent that, a filing by the Bank with the SEC expressly provides to the contrary.

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