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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

Federal Home Loan Bank Of Topeka

CIK: 1325878
Exhibit 99.1

FHLBANK TOPEKA ANNOUNCES 2021 FOURTH QUARTER AND ANNUAL RESULTS

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

Audit Information
Cover Page
Statements Of Capital
Statements Of Capital (Parenthetical)
Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Condition (Parenthetical)
Statements Of Income
Accounting Policies (Policies)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Or Loss) (Details)
Accumulated Other Comprehensive Income (Tables)
Advances
Advances (Advances By Interest Rate Payment Terms) (Details)
Advances (Advances By Year Of Redemption Term, Next Call Date, Or Next Convert Date) (Details)
Advances (Advances Redemption Terms) (Details)
Advances (Narrative) (Details)
Advances (Tables)
Affordable Housing Program
Affordable Housing Program (Analysis Of Ahp Liability) (Details)
Affordable Housing Program (Narrative) (Details)
Affordable Housing Program (Tables)
Assets And Liabilities Subject To Offsetting
Assets And Liabilities Subject To Offsetting (Tables)
Assets And Liabilities Subject To Offsetting Assets Subject To Offsetting (Schedule Of Offsetting Assets) (Details)
Assets And Liabilities Subject To Offsetting Liabilities Subject To Offsetting (Schedule Of Offsetting Liabilities) (Details)
Background (Details)
Background (Notes)
Capital
Capital (Mandatorily Redeemable Capital Stock Rollforward) (Details)
Capital (Narrative) (Details)
Capital (Regulatory Capital Requirements) (Details)
Capital (Tables)
Cash And Due From Banks
Cash And Due From Banks (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Consolidated Bond Obligations By Contractual Maturity Or Next Call Date) (Details)
Consolidated Obligations (Consolidated Bond Obligations Outstanding By Contractual Maturity) (Details)
Consolidated Obligations (Consolidated Bonds By Interest-Rate Payment Type) (Details)
Consolidated Obligations (Consolidated Discount Notes Outstanding) (Details)
Consolidated Obligations (Narrative) (Details)
Consolidated Obligations (Tables)
Deposits
Deposits (Tables)
Deposits (Types Of Deposits) (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Fair Values Of Derivatives Instruments) (Details)
Derivatives And Hedging Activities (Narrative) (Details)
Derivatives And Hedging Activities (Net Gains Or Losses On Derivatives And Hedging Activities In Non-Interest Income) (Details)
Derivatives And Hedging Activities (Net Gains Or Losses On Derivatives And Hedging Activities) (Details)
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities Derivatives And Hedging Activities (Cumulative Basis Adjustments For Fair Value Hedges) (Details)
Fair Values
Fair Values (Fair Value Summary) (Details)
Fair Values (Hierarchy Level For Financial Assets And Liabilities - Recurring And Nonrecurring) (Details)
Fair Values (Tables)
Investment Securities
Investment Securities (Available-For-Sale Securities By Major Security Type) (Details)
Investment Securities (Available-For-Sale Securities Classified By Contractual Maturities) (Details)
Investment Securities (Available-For-Sale Securities With Unrealized Losses, Fair Value) (Details)
Investment Securities (Held-To-Maturity Securities By Major Security Type) (Details)
Investment Securities (Held-To-Maturity Securities Classified By Contractual Maturity) (Details)
Investment Securities (Narrative) (Details)
Investment Securities (Net Gains (Losses) On Trading Securities) (Details)
Investment Securities (Tables)
Investment Securities Investment Securities (Net Gains (Losses) Realized Afs Securities) (Details)
Investment Securities Investment Securities (Proceeds From Sale And Gains And Losses On Htm Securities) (Details)
Investment Securities Investment Securities (Trading Securities By Major Security Type) (Details)
Mortgage Loans
Mortgage Loans (Credit Enhancement Fees Paid) (Details)
Mortgage Loans (Mortgage Loans Held For Portfolio By Collateral Or Guarantee Type) (Details)
Mortgage Loans (Mortgage Loans Held For Portfolio) (Details)
Mortgage Loans (Rollforward Of Allowance For Credit Losses On Conventional Mortgage Loans) (Details)
Mortgage Loans (Tables)
Mortgage Loans Mortgage Loans (Credit Quality Indicator For Conventional Mortgage Loans) (Details)
Mortgage Loans Mortgage Loans (Narrative) (Details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (Benefit Obligation Fair Value And Funded Status) (Details)
Pension And Other Postretirement Benefit Plans (Benefit Obligation Key Assumptions) (Details)
Pension And Other Postretirement Benefit Plans (Components Of The Net Periodic Pension Cost For The Defined Benefit Portion) (Details)
Pension And Other Postretirement Benefit Plans (Estimate Future Payments) (Details)
Pension And Other Postretirement Benefit Plans (Narrative) (Details)
Pension And Other Postretirement Benefit Plans (Pentegra Db Plan Net Pension Cost And Funded Status) (Details)
Pension And Other Postretirement Benefit Plans (Tables)
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies(Narrative) (Details)
Transactions With Other Fhlbanks
Transactions With Other Fhlbanks (Details)
Transactions With Other Fhlbanks (Tables)
Transactions With Stockholders
Transactions With Stockholders (Related Party Transactions, By Balance Sheet Grouping) (Details)
Transactions With Stockholders (Related Party Transactions, By Balance Sheet Grouping-Directors) (Details)
Transactions With Stockholders (Schedule Of Related Party Transactions, Mortgage Loans Disclosure) (Details)
Transactions With Stockholders (Tables)
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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