Federal Home Loan Bank Of Topeka 10K Annual Reports & 10Q SEC Filings

February 22, 2022 - FHLBank Topeka (FHLBank) is reporting net income of $46.3 million computed in accordance with U.S. generally accepted accounting principles (GAAP) for the quarter ended December 31, 2021 compared to $46.0 million for the quarter ended December 31, 2020. FHLBank is reporting net income of $160.6 million for the year ended December 31, 2021 compared to $118.1 million for the year ended December 31, 2020. The small increase in net income for the quarter ended December 31, 2021 was the result of an increase in net interest income that was almost entirely offset by unrealized net losses on trading securities and economic derivatives (i.e., derivatives not qualifying for hedge accounting) and other expenses. The increase in net income for the year ended December 31, 2021 was primarily attributed to an increase in net interest income.

Net interest income increased $8.3 million, or 11.2 percent, for the quarter, from $74.5 million for the quarter ended December 31, 2020 to $82.8 million for the quarter ended December 31, 2021. Net interest income increased $45.6 million, or 18.2 percent, for the current twelve-month period, from $251.0 million for the year ended December 31, 2020 to $296.6 million for the year ended December 31, 2021. The increase for both periods was primarily a result of a decrease in FHLBank's cost of debt between periods, driven by the repricing of liabilities funding short-term investments and fixed-rate mortgage assets.

FHLBank expects to file its Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission (SEC) on or about March 21, 2022.

Operating Highlights

•Net interest income/margin: Net interest income of $82.8 million for the quarter ended December 31, 2021 increased $8.3 million compared to the same period in 2020. Net interest margin increased 13 basis points for the current quarter, from 0.55 percent for the quarter ended December 31, 2020 to 0.68 percent for the quarter ended December 31, 2021. This improvement reflects the decrease in the cost of debt, the decrease in premium amortization on mortgage loans and mortgage-backed securities, and the increase in advance and investment prepayment/yield maintenance fees for the quarter ended December 31, 2021 compared to the prior year period.

•Total assets: Total assets decreased from $52.6 billion as of December 31, 2020 to $48.0 billion as of December 31, 2021, driven largely by the decrease in the short-term liquidity portfolio between those periods.

•Advances: Advances increased from $21.2 billion at December 31, 2020 to $23.5 billion at December 31, 2021. The average balance of advances declined $0.2 billion, or 1.0 percent, for the three months ended December 31, 2021 when compared to the prior year period.

•Mortgage loans: Mortgage loans decreased by $1.1 billion from $9.2 billion as of December 31, 2020 to $8.1 billion as of December 31, 2021, representing 16.9 percent of total assets as of December 31, 2021, compared to 17.5 percent as of December 31, 2020. The average balance of mortgage loans decreased $1.4 billion, or 14.5 percent, for the three months ended December 31, 2021 when compared to the prior year period as prepayments outpaced acquisitions during 2021.

•Performance ratios: Return on average equity (ROE) held steady, at 6.77 percent for the quarter ended December 31, 2021 compared to 6.75 percent for the prior year quarter, as net income and average capital were comparable for both periods.

•Dividends: The Class A Common Stock dividend rate of 0.25 percent per annum and the Class B Common Stock dividend rate of 6.75 percent per annum combined for a weighted average dividend rate for the quarter ended December 31, 2021 of 5.62 percent per annum, compared to a weighted average dividend rate of 4.09 percent for the same period in 2020. The Class B Common Stock dividend rate for the fourth quarter of 2021 consisted of a base dividend rate of 5.75 percent and a special dividend rate of 1.00 percent in recognition of the improvement in 2021 financial performance, especially in the fourth quarter.

Financial Highlights

Attached are highlights of FHLBank’s financial position as of December 31, 2021 and 2020 and results of operations for the quarterly and annual periods ended December 31, 2021 and 2020.

The following information was filed by Federal Home Loan Bank Of Topeka on Tuesday, February 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Topeka provided additional information to their SEC Filing as exhibits

Exhibit 10.23: Material Contract

Exhibit 10.24: Material Contract

Exhibit 10.25: Material Contract

Exhibit 10.26: Material Contract

Exhibit 14.1: Code Of Ethics

Exhibit 24.1: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

Exhibit 99.2: Additional Exhibits

CIK: 1325878
Form Type: 10-K Annual Report
Accession Number: 0001325878-22-000058
Submitted to the SEC: Mon Mar 21 2022 2:25:22 PM EST
Accepted by the SEC: Mon Mar 21 2022
Period: Friday, December 31, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Topeka (1325878) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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