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Federal Home Loan Bank Of Topeka (1325878) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Federal Home Loan Bank Of Topeka

CIK: 1325878


Exhibit 99.1
FHLBANK TOPEKA ANNOUNCES 2019 FIRST QUARTER RESULTS

April 29, 2019 - FHLBank Topeka (FHLBank) announces its 2019 first quarter operating results. FHLBank is reporting net income computed in accordance with U.S. generally accepted accounting principles (GAAP) of $52.8 million for the three months ended March 31, 2019 compared to $39.6 million for the three months ended March 31, 2018.

During the first quarter of 2019, FHLBank paid a dividend of 2.25 percent on the average outstanding shares of Class A Common Stock and 7.50 percent on the average outstanding shares of Class B Common Stock. Other operating highlights from the first quarter of 2019 are presented below. FHLBank expects to file its Form 10-Q for the quarter ended March 31, 2019 with the Securities and Exchange Commission (SEC) on or about May 9, 2019.

Operating Highlights
Net income for the three months ended March 31, 2019 increased $13.2 million, or 33.2 percent, compared to the same period in 2018, primarily due to a $20.5 million net increase in the fair value of trading securities and derivatives that are recorded in other income, offset by a $3.5 million decline in net interest income after provision for credit losses. The net increase in the fair value of trading securities and derivatives recorded in other income was primarily a result of the decline in end-of-quarter mortgage rates and swap rates from December 31, 2018 to March 31, 2019. Market rates associated with the mortgage investments declined more than the market rates associated with the interest rate swaps so the unrealized gain on the mortgage investments exceeded the corresponding unrealized loss in the fair value of the interest rate swaps.

Net interest income after provision for credit losses for the three months ended March 31, 2019 was $62.9 million compared to $66.4 million for the same period in the prior year. The $3.5 million decline resulted primarily from the impact of the adoption of a new hedge accounting standard on January 1, 2019 that requires gains and losses on designated fair value hedges to be presented in the income statement line item related to the hedged item, which is interest income/expense for FHLBank. The guidance was adopted prospectively, so the gains and losses on fair value hedges in the prior year are presented in other income, which creates a lack of comparability between periods. Fair value losses on designated fair value hedges recorded in net interest income for the three months ended March 31, 2019 were $4.1 million.

The remaining elements of net interest income were relatively steady for the three months ended March 31, 2019 compared to the prior year period, despite a decrease of $3.7 billion, or 6.5 percent, in the average balance of interest-earning assets. This decrease in average interest-earning assets included a $6.1 billion decline in the average balance of advances, partially offset by higher average levels of investment securities and continued strong growth in the average balances of mortgage loans. The decline in the average balance of advances resulted from the change in the relationship between certain short-term rates, as short-term advance rates became less attractive relative to the rate on excess reserves. The overall increase in the level of market interest rates between periods positively impacted net interest income by allowing many assets to effectively reprice upwards, either due to variable rate terms or an increase in derivative net interest settlements between periods. Continued increases in average short-term interest rates and marginally wider spreads on advances between periods caused net interest margin to increase by one basis point for the three months ended March 31, 2019 compared to the prior year period.

The increase in net income combined with a decrease in average capital resulted in an increase in return on average equity (ROE), from 6.10 percent for the three months ended March 31, 2018 to 8.77 percent for the three months ended March 31, 2019. The weighted average dividend rate for the three months ended March 31, 2019 was 6.56 percent, which represented a dividend payout ratio of 45.4 percent, compared to a weighted average dividend rate of 6.01 percent and a payout ratio of 65.1 percent for the same period in 2018.
 
Balance Sheet Highlights
Total assets increased $9.7 billion, or 20.4 percent, from December 31, 2018 to March 31, 2019 primarily due to increases in short- and long-term investments, with smaller increases in advances and mortgage loans. The majority of the increase and change in composition of investments was in response to changes to regulatory liquidity requirements effective March 31, 2019, including the purchase of $3.0 billion in U.S. Treasury obligations since the third quarter of 2018. Total capital increased $24.6 million, or 1.0 percent, between periods despite a decrease in capital stock, largely due to net income in excess of dividends paid and unrealized gains on available-for-sale securities.

Financial Highlights
Attached are highlights of FHLBank’s financial position as of March 31, 2019 and December 31, 2018 and highlights of the results of operations for the quarterly periods ended March 31, 2019 and 2018.




The following information was filed by Federal Home Loan Bank Of Topeka on Monday, April 29, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
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
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)
Allowance For Credit Losses
Allowance For Credit Losses (Narrative) (Details)
Allowance For Credit Losses (Recorded Investment By Impairment Method) (Details)
Allowance For Credit Losses (Recorded Investment In Delinquent Mortgage Loans) (Details)
Allowance For Credit Losses (Rollforward Of Allowance For Credit Losses On Mortgage Loans) (Details)
Allowance For Credit Losses (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)
Basis Of Presentation
Basis Of Presentation (Policies)
Capital
Capital (Mandatorily Redeemable Capital Stock By Contractual Year Of Redemption) (Details)
Capital (Mandatorily Redeemable Capital Stock Rollforward) (Details)
Capital (Narrative) (Details)
Capital (Regulatory Capital Requirements) (Details)
Capital (Tables)
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 Maturies) (Details)
Investment Securities (Available-For-Sale Securities In A Continuous Unrealized Loss Position) (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 (Held-To-Maturity Securities In A Continuous Unrealized Loss Position) (Details)
Investment Securities (Net Gains (Losses) On Trading Securities) (Details)
Investment Securities (Tables)
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 (Mortgage Loans Held For Portfolio By Collateral Or Guarantee Type) (Details)
Mortgage Loans (Mortgage Loans Held For Portfolio) (Details)
Mortgage Loans (Tables)
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles
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)

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

CIK: 1325878
Form Type: 10-Q Quarterly Report
Accession Number: 0001325878-19-000011
Submitted to the SEC: Thu May 09 2019 12:55:53 PM EST
Accepted by the SEC: Thu May 09 2019
Period: Sunday, March 31, 2019
Industry: Federal And Federally Sponsored Credit Agencies

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