Federal Home Loan Bank Of Topeka 10-Q Quarterly Report May 2022

April 28, 2022 - FHLBank Topeka (FHLBank) is reporting net income of $50.4 million computed in accordance with U.S. generally accepted accounting principles (GAAP) for the quarter ended March 31, 2022 compared to $43.9 million for the quarter ended March 31, 2021. The $6.5 million increase in net income for the quarter ended March 31, 2022 was the result of an increase in net interest income, partially offset by unrealized net losses on trading securities and economic derivatives (i.e., derivatives not qualifying for hedge accounting) and other expenses.

FHLBank expects to file its Form 10-Q for the quarter ended March 31, 2022 with the Securities and Exchange Commission (SEC) on or about May 10, 2022.

Operating Highlights

•Net interest income/margin: Net interest income increased $11.7 million to $85.1 million for the quarter ended March 31, 2022 compared to $73.4 million for the quarter ended March 31, 2021. Net interest margin increased 7 basis points for the current quarter, from 0.59 percent for the quarter ended March 31, 2021 to 0.66 percent for the quarter ended March 31, 2022. 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 interest income for the quarter ended March 31, 2022 compared to the prior year period.

•Total assets: Total assets increased from $48.0 billion as of December 31, 2021 to $50.7 billion as of March 31, 2022, driven largely by the $2.0 billion increase in advances between periods.

•Advances: Advances increased from $23.5 billion at December 31, 2021 to $25.5 billion at March 31, 2022. The average balance of advances increased $4.6 billion, or 19.5 percent, for the three months ended March 31, 2022 when compared to the prior year period.

•Mortgage loans: Mortgage loans decreased slightly from year end, from $8.1 billion as of December 31, 2021 to $8.0 billion as of March 31, 2022, representing 15.8 percent of total assets as of March 31, 2022, compared to 16.9 percent as of December 31, 2021. The average balance of mortgage loans decreased $0.8 billion, or 9.3 percent, for the three months ended March 31, 2022 when compared to the prior year period.

•Performance ratios: Return on average equity (ROE) increased to 6.98 percent for the quarter ended March 31, 2022 compared to 6.55 percent for the prior year quarter due primarily to the increase in net income for the current quarter.

•Dividends: The Class A Common Stock dividend rate of 0.25 percent per annum and the Class B Common Stock dividend rate of 5.75 percent per annum combined for a weighted average dividend rate for the quarter ended March 31, 2022 of 4.88 percent, compared to a weighted average dividend rate of 4.15 percent for the same period in 2021.

Financial Highlights

Attached are highlights of FHLBank’s financial position as of March 31, 2022 and December 31, 2021 and results of operations for the quarterly periods ended March 31, 2022 and 2021.

The following information was filed by Federal Home Loan Bank Of Topeka on Thursday, April 28, 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-Q Quarterly 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-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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

CIK: 1325878
Form Type: 10-Q Quarterly Report
Accession Number: 0001325878-22-000095
Submitted to the SEC: Tue May 10 2022 2:57:35 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Topeka (1325878) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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