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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
 
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
 
OR
 
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
 
Commission File Number 000-52004
 
FEDERAL HOME LOAN BANK OF TOPEKA
(Exact name of registrant as specified in its charter)
 
Federally chartered corporation of the United States
48-0561319
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
500 SW Wanamaker Road,
 Topeka, KS
66606
(Address of principal executive offices)(Zip Code)
 
Registrant’s telephone number, including area code: 785.233.0507

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange
on which registered
NoneN/AN/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes   No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)   Yes    No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes   No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 Shares outstanding as of
July 29, 2022
Class A Stock, par value $100 per share2,538,998
Class B Stock, par value $100 per share16,527,211




.FEDERAL HOME LOAN BANK OF TOPEKA
TABLE OF CONTENTS
   
PART I 
Item 1. 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
Item 3.
Item 4.
Part II 
Item 1.
Item 1A. 
Item 2. 
Item 3. 
Item 4. 
Item 5. 
Item 6. 

2


Important Notice about Information in this Quarterly Report

In this quarterly report, unless the context suggests otherwise, references to “FHLBank,” “FHLBank Topeka,” “we,” “us” and “our” mean Federal Home Loan Bank of Topeka, and “FHLBanks” mean all Federal Home Loan Banks, including FHLBank Topeka.

The information contained in this quarterly report is accurate only as of the date of this quarterly report and as of the dates specified herein.

The product and service names used in this quarterly report are the property of FHLBank, and in some cases, other FHLBanks. Where the context suggests otherwise, the products, services and company names mentioned in this quarterly report are the property of their respective owners.

Special Cautionary Notice Regarding Forward-looking Statements

The information in this Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements describing the objectives, projections, estimates or future predictions of FHLBank’s operations. These statements may be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “is likely,” “could,” “estimate,” “expect,” “will,” “intend,” “probable,” “project,” “should,” or their negatives or other variations of these terms. FHLBank cautions that by their nature forward-looking statements involve risks or uncertainties and that actual results may differ materially from those expressed in any forward-looking statements as a result of such risks and uncertainties, including but not limited to:
Changes in the general economy and capital markets, the rate of inflation, employment rates, housing market activity and pricing, the size and volatility of the residential mortgage market, geopolitical events, and global economic uncertainty;
The ongoing and evolving impact of the coronavirus (COVID-19) pandemic and its variants or other pandemics on our members, our business, the economy and capital markets;
Governmental actions, including legislative, regulatory, judicial or other developments that affect FHLBank; its members, counterparties or investors; housing government-sponsored enterprises (GSE); or the FHLBank System in general;
External events, such as economic, financial, or political disruptions, and/or wars and natural disasters, including disasters caused by climate change, which could damage our facilities or the facilities of our members, damage or destroy collateral pledged to secure advances, or mortgage-related assets, which could increase our risk exposure or loss experience;
Effects of derivative accounting treatment and other accounting rule requirements, or changes in such requirements;
Competitive forces, including competition for loan demand, purchases of mortgage loans and access to funding;
The ability of FHLBank to introduce new products and services to meet market demand and to manage successfully the risks associated with all products and services;
Changes in demand for FHLBank products and services or consolidated obligations of the FHLBank System;
Membership changes, including changes resulting from member failures or mergers, changes due to member eligibility, or changes in the principal place of business of members;
Changes in the U.S. government’s long-term debt rating and the long-term credit rating of the senior unsecured debt issues of the FHLBank System;
Soundness of other financial institutions, including FHLBank members, non-member borrowers, counterparties, and the other FHLBanks;
The ability of each of the other FHLBanks to repay the principal and interest on consolidated obligations for which it is the primary obligor and with respect to which FHLBank has joint and several liability;
The volume and quality of eligible mortgage loans originated and sold by participating members to FHLBank through its various mortgage finance products (Mortgage Partnership Finance® (MPF®) Program). “Mortgage Partnership Finance,” “MPF,” “MPF Xtra,” and “MPF Direct” are registered trademarks of FHLBank Chicago;
Changes in the fair value and economic value of, impairments of, and risks associated with, FHLBank’s investments in mortgage loans and mortgage-backed securities (MBS) or other assets and related credit enhancement protections;
Changes in the value or liquidity of collateral underlying advances to FHLBank members or non-member borrowers or collateral pledged by reverse repurchase and derivative counterparties;
Volatility of market prices, changes in interest rates and indices and the timing and volume of market activity, including the effects of these factors on amortization/accretion;
Gains/losses on derivatives or on trading investments and the ability to enter into effective derivative instruments on acceptable terms;
The upcoming discontinuance of the London Interbank Offered Rate (LIBOR) and the related effect on FHLBank's LIBOR-based investments, contracts, and the collateral underlying advances to our members;
Changes in FHLBank’s capital structure;
FHLBank's ability to declare dividends or to pay dividends at rates consistent with past practices;
4


The ability of FHLBank to keep pace with technological changes and the ability to develop and support technology and information systems, including the ability to manage cybersecurity risks and securely access the internet and internet-based systems and services, sufficient to effectively manage the risks of FHLBank’s business; and
The ability of FHLBank to attract, onboard and retain skilled individuals, including qualified executive officers.

Readers of this quarterly report should not rely solely on the forward-looking statements and should consider all risks and uncertainties addressed throughout this quarterly report, as well as those discussed under Item 1A – Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2021, incorporated by reference herein.

All forward-looking statements contained in this Form 10-Q are expressly qualified in their entirety by reference to this cautionary notice. The reader should not place undue reliance on such forward-looking statements, since the statements speak only as of the date that they are made and FHLBank has no obligation and does not undertake publicly to update, revise or correct any forward-looking statement for any reason to reflect events or circumstances after the date of this quarterly report.

PART I

Item 1: Financial Statements


5


Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA  
STATEMENTS OF CONDITION - Unaudited  
(In thousands, except par value)  
 06/30/202212/31/2021
ASSETS  
Cash and due from banks $31,350 $25,841 
Interest-bearing deposits 854,271 693,249 
Securities purchased under agreements to resell (Note 9)2,250,000 1,500,000 
Federal funds sold 5,360,000 3,360,000 
Investment securities:  
Trading securities (Note 3)2,360,237 2,339,955 
Available-for-sale securities, amortized cost of $8,164,934 and $7,644,496 (Note 3)
8,143,831 7,719,185 
Held-to-maturity securities, fair value of $399,737 and $450,771 (Note 3)
399,308 446,185 
Total investment securities10,903,376 10,505,325 
Advances (Note 4)29,522,840 23,484,288 
Mortgage loans held for portfolio, net of allowance for credit losses of $5,202 and $5,317 (Note 5)
8,018,930 8,135,046 
Overnight loans to other FHLBanks 200,000  
Accrued interest receivable96,425 78,032 
Derivative assets, net (Notes 6, 9)181,849 156,926 
Other assets 80,259 82,531 
TOTAL ASSETS$57,499,300 $48,021,238 
LIABILITIES  
Deposits (Note 7)$781,845 $946,207 
Consolidated obligations, net:  
Discount notes (Note 8)20,076,331 6,568,989 
Bonds (Note 8)32,928,146 37,630,609 
Total consolidated obligations, net53,004,477 44,199,598 
Overnight loans from other FHLBanks500,000  
Mandatorily redeemable capital stock (Note 10)537 582 
Accrued interest payable74,572 42,753 
Affordable Housing Program payable 45,801 42,224 
Derivative liabilities, net (Notes 6, 9)5,572 4,580 
Other liabilities 91,730 71,028 
TOTAL LIABILITIES54,504,534 45,306,972 
Commitments and contingencies (Note 13)
The accompanying notes are an integral part of these financial statements.
6


Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA  
STATEMENTS OF CONDITION - Unaudited  
(In thousands, except par value)  
 06/30/202212/31/2021
CAPITAL  
Capital stock outstanding - putable:  
Class A ($100 par value; 2,716 and 2,342 shares issued and outstanding) (Note 10)
$271,621 $234,190 
Class B ($100 par value; 15,494 and 12,651 shares issued and outstanding) (Note 10)
1,549,395 1,265,111 
Total capital stock1,821,016 1,499,301 
Retained earnings:  
Unrestricted886,710 852,408 
Restricted 310,393 290,242 
Total retained earnings1,197,103 1,142,650 
Accumulated other comprehensive income (loss) (Note 11)(23,353)72,315 
TOTAL CAPITAL2,994,766 2,714,266 
TOTAL LIABILITIES AND CAPITAL$57,499,300 $48,021,238 

The accompanying notes are an integral part of these financial statements.
7


Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF INCOME - Unaudited
(In thousands)
Three Months EndedSix Months Ended
06/30/202206/30/202106/30/202206/30/2021
INTEREST INCOME:
Interest-bearing deposits$2,367 $215 $2,743 $484 
Securities purchased under agreements to resell5,251 401 5,787 890 
Federal funds sold6,360 460 7,154 980 
Trading securities16,348 16,483 30,231 32,868 
Available-for-sale securities25,960 7,411 40,744 18,888 
Held-to-maturity securities1,450 1,847 2,503 5,785 
Advances77,874 30,309 115,755 65,752 
Mortgage loans held for portfolio56,383 51,443 110,937 104,921 
Other295 242 492 499 
Total interest income192,288 108,811 316,346 231,067 
INTEREST EXPENSE:
Deposits997 103 1,123 211 
Consolidated obligations:
Discount notes27,998 1,069 30,034 3,067 
Bonds79,776 40,151 116,332 86,666 
Mandatorily redeemable capital stock1 9 2 18 
Other290 249 554 506 
Total interest expense109,062 41,581 148,045 90,468 
NET INTEREST INCOME83,226 67,230 168,301 140,599 
Provision (reversal) for credit losses on mortgage loans(108)2,312 (415)2,298 
NET INTEREST INCOME AFTER LOAN LOSS PROVISION (REVERSAL)
83,334 64,918 168,716 138,301 
OTHER INCOME (LOSS):
Net gains (losses) on trading securities(23,339)(13,411)(82,827)(40,158)
Net gains (losses) on derivatives12,814 (15)59,377 17,566 
Standby bond purchase agreement commitment fees651 630 1,276 1,251 
Letters of credit fees1,551 1,588 3,121 3,271 
Other671 1,062 1,892 2,032 
Total other income (loss)(7,652)(10,146)(17,161)(16,038)
The accompanying notes are an integral part of these financial statements.
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FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF INCOME - Unaudited
(In thousands)
Three Months EndedSix Months Ended
06/30/202206/30/202106/30/202206/30/2021
OTHER EXPENSES:
Compensation and benefits$10,750 $9,458 $21,308 $19,751 
Other operating4,861 4,768 9,864 9,046 
Federal Housing Finance Agency1,327 1,109 2,740 2,219 
Office of Finance919 923 2,143 2,094 
Mortgage loans transaction service fees1,522 1,593 3,043 3,249 
Other346 294 505 491 
Total other expenses19,725 18,145 39,603 36,850 
INCOME BEFORE ASSESSMENTS55,957 36,627 111,952 85,413 
Affordable Housing Program5,596 3,663 11,196 8,543 
NET INCOME$50,361 $32,964 $100,756 $76,870 

The accompanying notes are an integral part of these financial statements.
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FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF COMPREHENSIVE INCOME - Unaudited
(In thousands)
Three Months EndedSix Months Ended
06/30/202206/30/202106/30/202206/30/2021
Net income$50,361 $32,964 $100,756 $76,870 
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale securities(54,565)21,852 (95,792)51,086 
Defined benefit pension plan62 78 124 150 
Total other comprehensive income (loss)(54,503)21,930 (95,668)51,236 
TOTAL COMPREHENSIVE INCOME (LOSS)$(4,142)$54,894 $5,088 $128,106 
 

The accompanying notes are an integral part of these financial statements.
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FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CAPITAL - Unaudited
(In thousands)
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at March 31, 20213,762 $376,196 11,642 $1,164,169 15,404 $1,540,365 $812,169 $266,905 $1,079,074 $71,614 $2,691,053 
Comprehensive income26,371 6,593 32,964 21,930 54,894 
Proceeds from issuance of capital stock30 2,971 3,553 355,262 3,583 358,233 358,233 
Repurchase/redemption of capital stock(2,207)(220,659)(111)(11,076)(2,318)(231,735)(231,735)
Net reclassification of shares to mandatorily redeemable capital stock
(1,504)(150,322)(755)(75,487)(2,259)(225,809)(225,809)
Net transfer of shares between Class A and Class B
3,198 319,699 (3,198)(319,699)   
Dividends on capital stock (Class A - 0.3%, Class B - 5.3%):
Cash payment(65)(65)(65)
Stock issued157 15,682 157 15,682 (15,682)(15,682) 
Balance at June 30, 20213,279 $327,885 11,288 $1,128,851 14,567 $1,456,736 $822,793 $273,498 $1,096,291 $93,544 $2,646,571 
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at March 31, 20222,202 $220,222 13,539 $1,353,935 15,741 $1,574,157 $872,252 $300,321 $1,172,573 $31,150 $2,777,880 
Comprehensive income40,289 10,072 50,361 (54,503)(4,142)
Proceeds from issuance of capital stock20 2,019 9,144 914,414 9,164 916,433 916,433 
Repurchase/redemption of capital stock(3,297)(329,700)(703)(70,329)(4,000)(400,029)(400,029)
Net reclassification of shares to mandatorily redeemable capital stock
(2,024)(202,423)(928)(92,893)(2,952)(295,316)(295,316)
Net transfer of shares between Class A and Class B
5,815 581,503 (5,815)(581,503)   
Dividends on capital stock (Class A - 1.0%, Class B - 6.5%):
 
Cash payment(60)(60)(60)
Stock issued257 25,771 257 25,771 (25,771)(25,771) 
Balance at June 30, 20222,716$271,621 15,494$1,549,395 18,210$1,821,016 $886,710 $310,393 $1,197,103 $(23,353)$2,994,766 
                   
1    Putable
The accompanying notes are an integral part of these financial statements.
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FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CAPITAL - Unaudited
(In thousands)
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at December 31, 20204,122 $412,225 11,618 $1,161,779 15,740 $1,574,004 $793,331 $258,124 $1,051,455 $42,308 $2,667,767 
Comprehensive income61,496 15,374 76,870 51,236 128,106 
Proceeds from issuance of capital stock35 3,471 8,167 816,689 8,202 820,160 820,160 
Repurchase/redemption of capital stock(3,538)(353,774)(315)(31,507)(3,853)(385,281)(385,281)
Net reclassification of shares to mandatorily redeemable capital stock
(4,660)(465,970)(1,181)(118,082)(5,841)(584,052)(584,052)
Net transfer of shares between Class A and Class B
7,320 731,933 (7,320)(731,933)   
Dividends on capital stock (Class A - 0.3%, Class B - 5.3%):
Cash payment(129)(129)(129)
Stock issued319 31,905 319 31,905 (31,905)(31,905) 
Balance at June 30, 20213,279 $327,885 11,288 $1,128,851 14,567 $1,456,736 $822,793 $273,498 $1,096,291 $93,544 $2,646,571 
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at December 31, 20212,342 $234,190 12,651 $1,265,111 14,993 $1,499,301 $852,408 $290,242 $1,142,650 $72,315 $2,714,266 
Comprehensive income80,605 20,151 100,756 (95,668)5,088 
Proceeds from issuance of capital stock20 2,019 15,531 1,553,123 15,551 1,555,142 1,555,142 
Repurchase/redemption of capital stock(6,904)(690,404)(1,308)(130,849)(