Exhibit 99.1


FHLBANK TOPEKA ANNOUNCES 2020 SECOND QUARTER RESULTS

July 29, 2020 - FHLBank Topeka (FHLBank) is reporting net income computed in accordance with U.S. generally accepted accounting principles (GAAP) of $20.2 million for the three months ended June 30, 2020 compared to $31.7 million for the three months ended June 30, 2019. For the six months ended June 30, 2020, FHLBank is reporting net income of $32.1 million compared to $84.5 million for the six months ended June 30, 2019. The decrease for both the three- and six-month periods was largely due to net losses on derivatives and hedging activities and trading securities due to the continued market disruption caused by the COVID-19 pandemic, although some stabilization was observed during the second quarter of 2020 as the financial markets began a modest and uneven recovery. Net interest income increased $7.5 million for the quarter, from $49.2 million for the three months ended June 30, 2019 to $56.7 million for the three months ended June 30, 2020. Net interest income remained relatively flat for the comparative six-month periods, from $112.2 million for the six months ended June 30, 2019 to $111.8 million for the six months ended June 30, 2020. The change in net interest income for both periods is attributed primarily to the decrease in the cost of debt and continued growth in the mortgage loan portfolio. FHLBank's cost of debt decreased as a result of unswapped callable debt refinanced in the current and prior periods combined with a decline in the cost of discount notes, floating rate debt, and net interest settlements as market interest rates declined, partially offset by accelerated concession amortization on the called debt. Prepayments on mortgage-related assets and the associated premium amortization remained elevated, but the increase in premium amortization was largely offset by the reduction in debt cost from approximately $9 billion in unswapped consolidated obligation bonds called and then re-issued at a lower cost during the first half of 2020.

True to its mission, FHLBank continues to serve as a reliable source of funding for members both during times of economic stability and in periods of crisis. While the nation has seen a number of market disruptions during FHLBank's long history, management believes the speed of the tightening and deterioration of market and economic conditions during the onset of the COVID-19 pandemic is unprecedented. Credit and market conditions began to modestly improve in the second quarter of 2020 as a result of economic stimulus, business resumption, and the initial flattening of the curve of new infection. However, resurgence of virus infections and some rollbacks of business resumptions in early July combined with disparate industry impacts are expected to inhibit economic recovery during the second half of 2020. FHLBank's balance sheet adjusted more readily to economic conditions in the second quarter of 2020, which resulted in an improvement in net interest spreads compared to the first quarter of 2020, but a significant portion of the decline in net income in the first half of 2020 remained the result of net losses on derivatives and hedging activities incurred during the first quarter of 2020. While market volatility cannot be predicted, these losses are expected to be reversed with market changes in the future although the timing of those reversals is uncertain. At no time during this pandemic has FHLBank's balance sheet liquidity or access to the debt markets prevented FHLBank from meeting the liquidity needs of its members. FHLBank has continually conducted business without significant operational difficulties or disruptions during the COVID-19 pandemic, with most employees working remotely since mid-March. At this time, management anticipates FHLBank will begin to bring employees back to work in our offices in phases beginning in late summer 2020 but is prepared to continue remote operations if infection trends continue to rise.

During the second quarter of 2020, FHLBank provided $0.6 billion of zero-cost funding and $0.5 billion of low-cost funding to help members serve their customers affected by the COVID-19 pandemic. In March 2020, FHLBank also began accepting collateral modified by forbearance plans and loan modification agreements, including those with electronic signatures. FHLBank worked with the Federal Reserve to allow members to pledge their newly issued Paycheck Protection Program (PPP) loans to the Federal Reserve Bank of Kansas City. Additionally, FHLBank began accepting Small Business Administration PPP loans as collateral while limiting the reporting burden for members. For Mortgage Partnership Finance (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. For mortgage loans in the MPF Program, FHLBank offered payment forbearance and temporary loan modification programs for borrowers impacted by the pandemic. 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 June 30, 2020 with the Securities and Exchange Commission (SEC) on or about August 11, 2020.

Operating Highlights
Net interest income/margin: Net interest income of $56.7 million for the quarter ended June 30, 2020 increased $7.5 million compared to the same period in 2019. Net interest margin of 39 basis points for the quarter ended June 30, 2020 increased 4 basis points compared to the prior year period. The decrease in long-term market interest rates allowed FHLBank to replace approximately $9 billion of callable debt at a lower cost during the first half of 2020, which will continue to provide additional benefit in the form of lower rates for future periods as the acceleration of the related concessions rolls off.
Total assets: Total assets declined from $63.3 billion as of December 31, 2019 to $53.5 billion as of June 30, 2020, driven mostly by the $8.7 billion decline in advances between periods.



The following information was filed by Federal Home Loan Bank Of Topeka on Wednesday, July 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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