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Federal Home Loan Bank Of Topeka (1325878) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

1325878 Quarterly Reports

Federal Home Loan Bank Of Topeka

CIK: 1325878
Exhibit 99.1

FHLBANK TOPEKA ANNOUNCES 2022 SECOND QUARTER RESULTS

July 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 June 30, 2022 compared to $33.0 million for the quarter ended June 30, 2021. For the six months ended June 30, 2022, FHLBank is reporting net income of $100.8 million compared to $76.9 million for the same period in the prior year. The $17.4 million increase in net income for the quarter ended June 30, 2022 was primarily the result of an increase in net interest income. The $23.9 million increase in net income for the current six month period was primarily a result of an increase in net interest income, partially offset by an increase in other expenses.

Net interest income increased $16.0 million for the quarter, from $67.2 million for the quarter ended June 30, 2021 to $83.2 million for the quarter ended June 30, 2022. Net interest income increased $27.7 million for the current year-to-date period, from $140.6 million for the six months ended June 30, 2021 to $168.3 million for the six months ended June 30, 2022. The increase for both the quarter and year-to-date periods was due largely to an increase in the average yield and balance of advances, partially offset by an increase in the cost of debt.

FHLBank expects to file its Form 10-Q for the quarter ended June 30, 2022 with the Securities and Exchange Commission (SEC) on or about August 11, 2022.

Operating Highlights
Net interest income/margin: Net interest income increased $16.0 million to $83.2 million for the quarter ended June 30, 2022 compared to $67.2 million for the quarter ended June 30, 2021. Net interest margin increased 4 basis points for the current quarter, from 0.55 percent for the quarter ended June 30, 2021 to 0.59 percent for the quarter ended June 30, 2022. This improvement reflects the increase in advance interest income, the positive impact of fair value hedging, and the decrease in premium amortization on mortgage loans and mortgage-backed securities for the quarter ended June 30, 2022 compared to the prior year period, all of which were partially offset by an increase in the cost of debt. The increase in interest income on advances was driven by higher average balances and yields. Prepayments continued to slow on mortgage-related assets, which increased interest income due to less premium amortization between periods. The increase in the cost of debt reflects the increase in market interest rates.
Total assets: Total assets increased from $48.0 billion as of December 31, 2021 to $57.5 billion as of June 30, 2022, predominantly driven by the $6.0 billion increase in advances between periods and a $2.9 billion increase in overnight investments.
Advances: Advances increased from $23.5 billion at December 31, 2021 to $29.5 billion at June 30, 2022. The average balance of advances increased $8.0 billion, or 35.7 percent, for the three months ended June 30, 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 June 30, 2022, representing 14.0 percent of total assets as of June 30, 2022, compared to 16.9 percent as of December 31, 2021. The average balance of mortgage loans decreased $0.4 billion, or 5.1 percent, for the three months ended June 30, 2022 when compared to the prior year period.
Performance ratios: Return on average equity (ROE) increased to 6.60 percent for the quarter ended June 30, 2022 compared to 4.83 percent for the prior year quarter due to the increase in net income for the current quarter, partially offset by the increase in average capital.
Dividends: The Class A Common Stock dividend rate of 1.00 percent per annum and the Class B Common Stock dividend rate of 6.50 percent per annum combined for a weighted average dividend rate for the quarter ended June 30, 2022 of 5.63 percent, compared to a weighted average dividend rate of 4.06 percent for the same period in 2021.

Housing and Community Development Programs
FHLBank sets aside a portion of its profits for grants that support affordable housing. These funds assist members in providing financing for owner-occupied and rental housing affordable to very low-, low-, and moderate-income households. For the first half of 2022, $11.2 million of Affordable Housing Program (AHP) funding has been set aside for members for the 2023 program. Since the inception of the AHP in 1990, FHLBank has awarded over $336.7 million in subsidies towards the creation, rehabilitation, or purchase of more than 60,000 units of affordable housing.

Financial Highlights
Attached are highlights of FHLBank’s financial position as of June 30, 2022 and December 31, 2021 and results of operations for the quarterly and year-to-date periods ended June 30, 2022 and 2021.



The following information was filed by Federal Home Loan Bank Of Topeka on Thursday, July 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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Inside this 10-Q Quarterly Report

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
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)
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 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 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 (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 (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)
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)

Material Contracts, Statements, Certifications & more

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: 0001325878-22-000164
Submitted to the SEC: Thu Aug 11 2022 1:44:40 PM EST
Accepted by the SEC: Thu Aug 11 2022
Period: Thursday, June 30, 2022
Industry: Federal And Federally Sponsored Credit Agencies

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