INDIANAPOLIS – The Federal Home Loan Bank of Indianapolis reported the rising cost of funds cut its second quarter earnings by 11% to $26 million. The Indianapolis Bank said it earned higher interest on its holdings but continued to pay a higher rate to member banks and credit unions, pushing down earnings for the first six months of the year by 14%, to $52.6 million. The FHLB continues to hold almost $10 billion of mortgages in its secondary market program, called Mortgage Purchase Program, down only slightly from last year.
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