Processed and formatted by SEC Watch - Visit SECWatch.

com

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): February 24, 2009

FEDERAL HOME LOAN BANK OF INDIANAPOLIS

(EXAC T NAME O F REGIS TRANT AS S PEC IFIED IN ITS C HARTER)

Federally Chartered Corporation 000-51404 35-6001443

(State or oth e r jurisdiction (C om m ission File Nu m be r) (IRS Em ploye r
of in corporation ) Ide n tification No.)

8250 Woodfield Crossing Blvd.

Indianapolis IN 46240
(Addre ss of Principal Exe cu tive O ffice s, inclu ding Zip C ode )

(317) 465-0200
(Re gistran t’s Te le ph on e Nu m be r, Inclu ding Are a C ode )

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

 Processed and formatted by SEC Watch - Visit SECWatch.com

Item 2.02. Results of Operations and Financial Condition

On February 24, 2009, the Federal Home Loan Bank of Indianapolis issued a press release announcing financial results for the year ended
December 31, 2008. A copy of the press 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.

Item 9.01. Financial Statements and Exhibits

Press Release, dated February 24, 2009, issued by the Federal Home Loan Bank of Indianapolis.

2
 Processed and formatted by SEC Watch - Visit SECWatch.com

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: February 24, 2009

FEDERAL HOME LOAN BANK OF INDIANAPOLIS

By: /s/ MILTON J. MILLER II

Milton J. Miller II
President – Chief Executive Officer

By: /s/ PAUL J. WEAVER

Paul J. Weaver
Senior Vice President – Chief Accounting Officer

3
 Processed and formatted by SEC Watch - Visit SECWatch.com

EXHIBIT INDEX

Exh ibit
Nu m be r De scription
99.1 Press Release of Federal Home Loan Bank of Indianapolis, dated February 24, 2009

4
Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE Contact: Barbara K. Hembree

February 24, 2009 317.465.0445
bhembree@fhlbi.com

Federal Home Loan Bank of Indianapolis Announces

2008 Fourth Quarter Financial Results

Indianapolis, IN—On February 24, 2009, the Federal Home Loan Bank of Indianapolis (FHLBI) released its unaudited financial results for the
quarter ended December 31, 2008. Net income increased to $45.3 million for the fourth quarter of 2008, compared to $37.9 million for the fourth
quarter of 2007. Net income increased to $184.5 million for the year ended December 31, 2008, compared to $122.1 million for the year ended
December 31, 2007. This record annual net income was primarily due to growth in assets combined with lower funding costs and wider spreads
on our invested assets. Retained earnings increased to $282.7 million at December 31, 2008, compared to $202.1 million at December 31, 2007, an
increase of 39.9%. Accumulated other comprehensive income declined by $65.4 million for a balance of ($71.4) million at December 31, 2008.
This decline was due to the change in fair value attributable to hedging ineffectiveness on our available-for sale securities. As of December 31,
2008, the FHLBI met all regulatory capital requirements, including our risk-based capital requirement.

Total assets were $56.9 billion at December 31, 2008, an increase of $0.8 billion or 1.4%, compared to $56.1 billion at December 31, 2007. The
FHLBI increased its advances outstanding, at par, to its borrowers by $3.6 billion or 13.5% during 2008, for a balance of $30.0 billion at
December 31, 2008. These increases were primarily the result of recent market conditions as the FHLBI responded to its members’ increased
need for liquidity.

Other principal assets include mortgage-backed securities (MBS) and asset-backed securities (ABS), Mortgage Purchase Program (MPP), and
short-term investments. The FHLBI held $4.5 billion in private-label MBS and ABS at December 31, 2008, with gross unrealized losses of $760
million. The unrealized losses on our investments in private-label MBS and ABS were caused by continued general market deterioration for
private-label MBS and ABS. This deterioration resulted from decreased credit performance of mortgage loans and declining housing prices,
compounded by the effect of forced portfolio liquidations by certain large investors. We have performed an other-than-temporary-impairment
analysis, and we do not consider these investments to be other-than-temporarily impaired at December 31, 2008. Agency MBS outstanding
were $2.2 billion; agency debentures outstanding were $1.8 billion; MPP outstanding balance was $8.8 billion; and short-term investments
totaled $7.2 billion at December 31, 2008.

As previously announced, the board of directors of the FHLBI declared dividends on B-1 and B-2 stock at annualized rates of 4.00% and
3.20%, respectively. These dividends, which totaled $23.6 million, were paid in cash on February 20, 2009.

All amounts referenced as of and for the quarter and year ended December 31, 2008, are unaudited. Audited financials will be provided on
Form 10-K, which the FHLBI intends to file with the Securities and Exchange Commission in March.

1
 Processed and formatted by SEC Watch - Visit SECWatch.com

Safe Harbor Statement

This document contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance, which are
not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations. Actual
results or performance may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents
filed by us with the 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 www.sec.gov.

###

Building Partnerships, Serving Communities

The Federal Home Loan Bank of Indianapolis (FHLBI) is one of 12 regional banks that make up the Federal Home Loan Bank System.
FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial
institutions. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. The FHLBI is owned by its
financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks headquartered in
Indiana and Michigan. For more information about the FHLBI and its Affordable Housing Program, visit www.fhlbi.com.