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Federal Home Loan Bank of Topeka

One of 11 FHLBanks, FHLBank Topeka is a federally chartered corporation organized on October 13, 1932 under the authority of the Federal Home Loan Bank Act of 1932, as amended (Bank Act). Our primary business is making collateralized loans, purchasing mortgages, and providing other banking services to member institutions (members) and certain qualifying non-members (housing associates). We are a cooperative owned by our members and are generally limited to providing products and services only to those members. Each FHLBank operates as a separate corporate entity with its own management, employees, and board of directors. Section 1433 of the Bank Act provides that we and the other FHLBanks are exempt from federal, state, and local taxation, except for real property taxes. We do not have any wholly- or partially-owned subsidiaries and do not have an equity position in any partnerships, corporations, or off-balance sheet special purpose entities.

Calendar

11 Aug 21
18 Oct 21
31 Dec 21
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Jun 21 Mar 21 Dec 20 Sep 20
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Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Financial report summary

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Management Discussion
  • 1    Includes trading securities, available-for-sale securities, held-to-maturity securities, interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold.
  • Net income increased $12.8 million, or 62.8 percent, to $33.0 million for the three months ended June 30, 2021 compared to $20.2 million for the three months ended June 30, 2020. For the six months ended June 30, 2021, net income increased $44.8 million, or 139.7 percent, to $76.9 million compared to $32.1 million for the six months ended June 30, 2020. The $12.8 million increase for the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020 was primarily attributed to an increase in net interest income of $10.5 million. The $44.8 million increase for the six months ended June 30, 2021 was primarily attributed to an increase in net interest income of $28.8 million and a net increase of $15.3 million related to fair value fluctuations on economic derivatives (i.e., derivatives not qualifying for hedge accounting) and trading securities, as discussed in greater detail below. The positive net impact of fair value fluctuations on economic derivatives and trading activities during the current period was relative to the large net losses that occurred during the first quarter of 2020 due to the market disruption caused by the COVID-19 pandemic. Other expenses declined by $4.5 million and $5.2 million for the current three- and six-month periods compared to the prior year due mainly to the subsidy recorded for the below-market interest rates on COVID-19 Relief Advances in the prior year periods. For detailed discussion relating to the fluctuations in net gains (losses) on derivatives and net gains (losses) on trading securities, see "Net Gains (Losses) on Derivatives" and "Net Gains (Losses) On Trading Securities" under this Item 2.
  • Net Interest Income: Net interest income increased $10.5 million for the quarter, from $56.7 million for the three months ended June 30, 2020 to $67.2 million for the three months ended June 30, 2021. Net interest income increased $28.8 million for the current year-to-date period, from $111.8 million for the six months ended June 30, 2020 to $140.6 million for six months ended June 30, 2021. The increase for both the quarter and year-to-date periods was the result of a significant decrease in the cost of debt between periods. Interest income for both periods was reduced by the decline in the average balance and average rate across most asset categories, most notably advances and mortgage loans, and the change in net interest settlements on fair value hedges. However, the reduction in interest income was more than offset by the significant decrease in our cost of debt.
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