Federal Home Loan Bank of Des Moines - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - March 18, 2010

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10-K - FORM 10-K - Federal Home Loan Bank of Des Moinesc97831e10vk.htm
EX-32.2 - EXHIBIT 32.2 - Federal Home Loan Bank of Des Moinesc97831exv32w2.htm
EX-31.1 - EXHIBIT 31.1 - Federal Home Loan Bank of Des Moinesc97831exv31w1.htm
EX-10.7 - EXHIBIT 10.7 - Federal Home Loan Bank of Des Moinesc97831exv10w7.htm
EX-31.2 - EXHIBIT 31.2 - Federal Home Loan Bank of Des Moinesc97831exv31w2.htm
EX-32.1 - EXHIBIT 32.1 - Federal Home Loan Bank of Des Moinesc97831exv32w1.htm
EX-10.5 - EXHIBIT 10.5 - Federal Home Loan Bank of Des Moinesc97831exv10w5.htm
Exhibit 12.1
Federal Home Loan Bank of Des Moines
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 Bank’s operating leases.

 

Federal Home Loan Bank of Des Moines Reports

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