Exhibit 99.1


FHLBANK TOPEKA ANNOUNCES 2020 FIRST QUARTER RESULTS, COVID-19 ASSISTANCE TO MEMBERS

April 29, 2020 - FHLBank Topeka (FHLBank) is reporting net income computed in accordance with U.S. generally accepted accounting principles (GAAP) of $11.8 million for the three months ended March 31, 2020, a decrease of $41.0 million compared to $52.8 million for the three months ended March 31, 2019. The decrease was largely due to unrealized net losses on trading securities and derivatives and, to a smaller degree, a decrease in net interest income. The temporary declines in the fair values of derivatives resulted from market volatility related to the COVID-19 pandemic, as spreads between investments and their associated swaps widened considerably, therefore impacting fair values at the end of the quarter, which are recorded in net interest income for qualifying hedges. Net interest settlements on interest rate swaps declined as interest rates declined, which impacted net interest income for qualifying hedges and other income for economic swaps. Net interest income was also impacted by the tightening of portfolio spreads on mortgage assets due to factors related to the decline in market interest rates, including accelerated amortization of mortgage loan premiums and concessions on called consolidation obligation bonds, offset somewhat by the lower cost of newly refinanced debt.

Adjusted income, a non-GAAP measure that excludes certain gains/losses and prepayment penalty income, decreased $10.2 million to $41.9 million for the quarter ended March 31, 2020 compared to $52.1 million for the prior year period primarily as a result of this spread tightening and the decline in net interest settlements on qualifying hedges. See further details below under Non-GAAP Measures, including a reconciliation of adjusted income.

True to its mission, FHLBank provides a reliable source of funding for members during times of economic stability and periods of crisis. While the nation has seen a fair number of market disruptions during FHLBank's long history, management believes the speed of the tightening of financial conditions during the onset of the COVID-19 pandemic is unprecedented. FHLBank has learned to be flexible, patient, and optimistic in these times. While FHLBank's income is lower than anticipated, a significant portion of the decline in net income in the first quarter of 2020 was the result of losses in fair values. Although market volatility cannot be predicted, the losses are expected to be reversed with market changes in the future. At no time in this pandemic has FHLBank's balance sheet liquidity or access to the debt markets caused FHLBank to be unable to meet the liquidity needs of members. FHLBank has continually operated without significant operational difficulties or disruptions during the COVID-19 pandemic, with most employees working remotely since mid-March. At this time, management cannot predict when FHLBank's full employee base will return to work in our offices or the potential impact of the COVID-19 pandemic to members, counterparties, vendors, and other third parties upon which FHLBank relies to conduct business. FHLBank management is grateful for the ability to continue serving the liquidity needs of its members, as they are often crucial pillars of their communities, especially in times of crisis.

Measures taken in March 2020 to assist FHLBank's members during the COVID-19 pandemic include steps related to collateral and the Mortgage Partnership Finance® (MPF) Program. For collateral, FHLBank offered increased flexibility through acceptance of various types of forbearance plans and loan modification agreements, including those with electronic signatures. For MPF customers, FHLBank waived delivery commitment extension fees through April 15, 2020 and eased certain underwriting, documentation and payment requirements for those impacted by the pandemic. Additional measures taken beginning in April 2020 include steps related to advances and collateral. Starting on April 22, 2020, FHLBank is offering $1.5 billion in zero-cost and $1.5 billion in low-rate funding to help members serve their customers affected by the pandemic. FHLBank worked with the Federal Reserve to allow members to pledge their newly created Paycheck Protection Program (PPP) loans to the Federal Reserve Bank of Kansas City. Additionally, FHLBank is taking steps to accept Small Business Administration PPP loans as collateral while limiting the reporting burden for members. FHLBank management continues to monitor the progress of the pandemic and is committed to assisting FHLBank members and their communities as impacts related to the pandemic continue to unfold.

FHLBank expects to file its Form 10-Q for the quarter ended March 31, 2020 with the Securities and Exchange Commission (SEC) on or about May 12, 2020.

Operating Highlights
Net interest income/margin: Net interest income of $55.1 million for the quarter ended March 31, 2020 decreased $7.9 million compared to the same period in 2019. Net interest margin of 36 basis points for the quarter ended March 31, 2020 decreased 12 basis points compared to the prior year period. The decrease in long-term market interest rates allowed FHLBank to replace approximately $4.0 billion of callable debt at a lower cost during the current quarter, which will provide a benefit in future periods.
Advances: The average balance of advances increased $1.2 billion, or 4.4 percent, for the current quarter compared to the prior year quarter.
Performance ratios: Return on average equity (ROE) decreased to 1.75 percent for the quarter ended March 31, 2020 compared to 8.77 percent for the prior year period due to the aforementioned market value declines and spread compression caused by the pandemic-related market volatility and Federal Reserve rate cuts, combined with an increase in average capital. Adjusted ROE (a non-GAAP measure) of 6.18 percent for the quarter ended March 31, 2020 compared to 8.66 percent in the prior year period similarly reflects the decrease in adjusted net income and increase in average capital.



The following information was filed by Federal Home Loan Bank Of Topeka on Wednesday, April 29, 2020 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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