# EDGAR Filing Document

**Accession Number:** 0001325878
**File Stem:** 0001325878-25-000157
**Filing Date:** 2025-7
**Character Count:** 28985
**Document Hash:** de4c706bd3263b8aa2d80030ebfaea5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001325878-25-000157.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001325878-25-000157

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Topeka
- **CENTRAL INDEX KEY:** 0001325878
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 480561319
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52004
- **FILM NUMBER:** 251145668

**BUSINESS ADDRESS:**
- **STREET 1:** 500 SW WANAMAKER ROAD
- **STREET 2:** PO BOX 176
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66601-0176
- **BUSINESS PHONE:** 785 233 0507

**MAIL ADDRESS:**
- **STREET 1:** 500 SW WANAMAKER ROAD
- **STREET 2:** PO BOX 176
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66601-0176

?xml version='1.0' encoding='ASCII'? fhlbt-20250724

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 24, 2025

**FEDERAL HOME LOAN BANK OF TOPEKA** 

__________________________________________

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Federally chartered corporation of the United States** | **000-52004** | **48-0561319** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |
| **500 SW Wanamaker Road**<br>**Topeka, KS** | | **66606** |
| (Address of principal executive offices) | | (Zip Code) |

---

Registrant's telephone number, including area code: **785.233.0507**

Not Applicable

___________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange<br>on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. **☐**

------

**Item 2.02 Results of Operations and Financial Condition.** 

On July 24, 2025, the Federal Home Loan Bank of Topeka ("FHLBank") distributed a message to its members announcing FHLBank's 2025 second quarter operating results. The message included information as to how FHLBank management evaluated FHLBank's performance for the quarter ended June 30, 2025. A copy of the message is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.** 

The information provided in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

The information in this Current Report on Form 8-K and information contained in Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933 if such subsequent filing specifically references this Current Report on Form 8-K. In addition, the furnishing of information in this Current Report on Form 8-K is not intended to, and does not, constitute a determination or admission by FHLBank that the information is material or complete.

The information contained in this announcement 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 on 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 or deflation, employment rates, housing market activity and pricing, the size and volatility of the residential mortgage market, geopolitical events, and global economic uncertainty; governmental actions, including legislative, regulatory, judicial or other developments that affect FHLBank, our members, counterparties or investors, housing government-sponsored enterprises, or the FHLBank System in general; external events, such as economic, financial, or political disruptions, and/or wars, pandemics, 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 mortgages held for portfolio, 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; changes in the fair value and economic value of, impairment of, and risks associated with FHLBank's investments in mortgage loans and mortgage-backed securities or other assets and the related credit enhancement protections; changes in the value or liquidity of collateral underlying advances to FHLBank members or nonmember 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; changes in FHLBank's capital structure; FHLBank's ability to declare dividends or to pay dividends at rates consistent with past practices; 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 and retain skilled individuals, including qualified executive officers. Additional risks that might cause FHLBank's results to differ from these forward-looking statements are provided in detail in FHLBank's filings with the SEC, which are available at www.sec.gov.

All forward-looking statements contained in this announcement 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 announcement.

------

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits

---

| | |
|:---|:---|
| <u>[99.1](ex06302025991fhlbt8k.htm)</u> | Message to FHLBank members dated July 24, 2025, announcing FHLBank's 2025 second quarter operating results. |
| &nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document.) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | Federal Home Loan Bank of Topeka |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 24, 2025 | By: /s/ Philip D. Bacchus |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | Philip D. Bacchus |
|  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FHLBANK TOPEKA ANNOUNCES 2025 SECOND QUARTER RESULTS**

**July 24, 2025** - Federal Home Loan Bank of Topeka (FHLBank) is reporting net income of $94.8 million for the quarter ended June 30, 2025 compared to $108.2 million for the quarter ended June 30, 2024. For the six months ended June 30, 2025, FHLBank is reporting net income of $194.1 million compared to $222.3 million for the same period in the prior year. The decrease in net income for the current quarterly and year-to-date periods was primarily driven by fair value fluctuations on economic hedges caused by changes in interest rates between periods and an increase in expenses primarily due to voluntary contributions to housing and community investment programs. All measures are calculated in accordance with U.S. generally accepted accounting principles (GAAP).

FHLBank expects to file its Form 10-Q for the quarter ended June 30, 2025 with the Securities and Exchange Commission (SEC) on or about August 7, 2025.

**Operating Highlights**

**• Total assets:** Total assets were $80.0 billion as of June 30, 2025, an increase of $4.1 billion, or 5.4 percent, from $75.9 billion as of December 31, 2024. The increase in total assets was primarily driven by a $3.3 billion increase in advances and a $0.8 billion increase in long-term investments. The average balance of interest-earning assets increased $3.8 billion for the quarter ended June 30, 2025 compared to the quarter ended December 31, 2024. The average balance of interest-earning assets increased $3.7 billion between the quarter ended June 30, 2025 and the quarter ended June 30, 2024, driven by a $1.9 billion increase in the average balance of advances, a $1.3 billion increase in the average balance of short- and long-term investments, and a $0.5 billion increase in the average balance of mortgage loans.

**• Primary Mission Assets:** Advances to members and housing associates and mortgage loans purchased from members are Primary Mission Assets because they are fundamental to the business and mission of FHLBank. The Primary Mission Asset ratio, as defined by the Federal Housing Finance Agency under its core mission achievement guidance, is calculated as year-to-date averages of advances and mortgage loans to consolidated obligations (less certain U.S. Treasury securities). As of June 30, 2025, our Primary Mission Asset ratio was 78 percent, which was unchanged from December 31, 2024.

**• Advances**: Advances were $45.0 billion at June 30, 2025, an increase of $3.3 billion, or 8.1 percent, compared to $41.7 billion at December 31, 2024 primarily as a result of increased utilization among large members. Advances represented 56.3 percent of total assets as of June 30, 2025, compared to 54.9 percent as of December 31, 2024. The average balance of advances increased $1.9 billion, or 4.3 percent, to $47.2 billion for the quarter ended June 30, 2025 compared to $45.3 billion for the quarter ended June 30, 2024. During the first half of 2025, the majority of the advance portfolio growth was in adjustable rate advances.

**• Mortgage loans:** Mortgage loans were $9.2 billion at June 30, 2025, an increase of $0.3 billion, or 2.6 percent, compared to $8.9 billion at December 31, 2024. Mortgage loans represented 11.5 percent of total assets at June 30, 2025, compared to 11.8 percent at December 31, 2024. The average balance of mortgage loans increased $0.5 billion, or 5.8 percent, for the three months ended June 30, 2025 when compared to the three months ended June 30, 2024. Originations at interest rates higher than the weighted average rate of the existing portfolio continue to have a positive impact on interest income.

**• Net interest income/margin:** Net interest income was $139.5 million for the quarter ended June 30, 2025, an increase of $1.5 million, or 1.1 percent, compared to $138.0 million for the quarter ended June 30, 2024. The increase in net interest income was due to an increase in interest-earning assets. Net interest margin decreased three basis points, from 0.72 percent for the quarter ended June 30, 2024 to 0.69 percent for the quarter ended June 30, 2025. Net interest spread increased three basis points to 0.44 percent for the quarter ended June 30, 2025 compared to 0.41 percent for the quarter ended June 30, 2024. The decrease in net interest margin was due to an increase in the average balance of lower-spread assets.

**• Performance ratios:** Return on average equity decreased to 9.0 percent for the quarter ended June 30, 2025 compared to 10.8 percent for the quarter ended June 30, 2024. The decrease was due to the decrease in net income combined with an increase in capital stock.

**• Dividends:** The Class A Common Stock dividend rate of 4.25 percent per annum and the Class B Common Stock dividend rate of 9.25 percent per annum combined for a weighted average dividend rate for the quarter ended June 30, 2025 of 8.6 percent.

------

**Exhibit 99.1**

**Housing and Community Development Programs**

FHLBank's housing and community development programs are central to its mission to make a difference by providing reliable liquidity and funding to help its members build strong communities. The success of the FHLBank cooperative means more funding is allocated to support members in these community-building initiatives. FHLBank is subject to a regulatory assessment that commits 10 percent of its net income before assessments to funding affordable housing initiatives in FHLBank's district. In 2025, the $48.1 million regulatory assessment from the prior year will be contributed to FHLBank's Affordable Housing Program (AHP). FHLBank has voluntarily committed an additional $26.5 million, or five percent of its 2024 net income before assessments and voluntary contributions, to support Homeownership Possibilities Expanded, Native American Housing Initiatives, Lending Enhancement Advance Program, Mortgage Rate Reduction Program, Community Assistance Recovery Effort, and the FHLBank Topeka Affordable Housing Institute at Metropolitan State University of Denver. In partnership with our members, FHLBank will support and sustain affordable housing and community lending through programs designed to address housing challenges within the unique footprint of the Tenth District through the commitment or distribution of $74.6 million.

**Financial Highlights**

Attached are highlights of FHLBank's financial position as of June 30, 2025 and December 31, 2024, and results of operations for the quarterly periods ended June 30, 2025 and 2024.

*The information contained in this announcement 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 on 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 or deflation, employment rates, housing market activity and pricing, the size and volatility of the residential mortgage market, geopolitical events, and global economic uncertainty; governmental actions, including legislative, regulatory, judicial or other developments that affect FHLBank, our members, counterparties or investors, housing government-sponsored enterprises, or the FHLBank System in general; external events, such as economic, financial, or political disruptions, and/or wars, pandemics, 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 mortgages held for portfolio, 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; changes in the fair value and economic value of, impairment of, and risks associated with FHLBank's investments in mortgage loans and mortgage-backed securities or other assets and the related credit enhancement protections; changes in the value or liquidity of collateral underlying advances to FHLBank members or nonmember 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; changes in FHLBank's capital structure; FHLBank's ability to declare dividends or to pay dividends at rates consistent with past practices; 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 and retain skilled individuals, including qualified executive officers. Additional risks that might cause FHLBank's results to differ from these forward-looking statements are provided in detail in FHLBank's filings with the SEC, which are available at www.sec.gov.*

*All forward-looking statements contained in this announcement 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 announcement.*

------

**Exhibit 99.1**

FHLBANK TOPEKA

Financial Highlights (unaudited)

*<u>Selected Financial Data (dollar amounts in thousands)</u>:*

---

| | | |
|:---|:---|:---|
| | **06/30/2025** | **12/31/2024** |
| **Financial Position** | | |
| Investments<sup>1</sup> | $25069797 | $24584831 |
| Advances | 45040514 | 41652081 |
| Mortgage loans held for portfolio, net | 9180578 | 8949433 |
| *Total assets* | 80012268 | 75900980 |
| Deposits | 1035255 | 989021 |
| Consolidated obligations, net | 74262535 | 70281553 |
| *Total liabilities* | 75917039 | 71801251 |
| Total capital stock | 2587064 | 2631605 |
| Retained earnings | 1689316 | 1608086 |
| *Total capital* | 4095229 | 4099729 |
| Regulatory capital<sup>2</sup> | 4282461 | 4242916 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **06/30/2025** | **06/30/2024** | **06/30/2025** | **06/30/2024** |
| **Results of Operations** | | | | |
| Interest income | 940436 | 1052221 | 1832553 | 2049513 |
| Interest expense | 800920 | 914263 | 1560310 | 1775414 |
| Net interest income before loan loss provision (reversal) | 139516 | 137958 | 272243 | 274099 |
| Provision (reversal) for credit losses on mortgage loans | 752 | (863) | 860 | (1063) |
| Net gains (losses) on trading securities | 1828 | 3938 | 4367 | 5729 |
| Net gains (losses) on derivatives | (2506) | 1678 | (5024) | 10206 |
| Other income | 3494 | 3645 | 6993 | 7242 |
| Other expenses | 36220 | 27895 | 62028 | 51318 |
| Income before assessments | 105360 | 120187 | 215691 | 247021 |
| AHP assessments | 10543 | 12024 | 21582 | 24708 |
| Net income | 94817 | 108163 | 194109 | 222313 |
| Weighted average dividend rate<sup>3</sup> | 8.59% | 8.79% | 8.70% | 8.78% |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Investments include held-to-maturity securities, available-for-sale securities, trading securities, interest-bearing deposits, Federal funds sold and securities purchased under agreements to resell.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory capital is defined as the sum of FHLBank's permanent capital, plus the amounts paid in by its stockholders for Class A Common Stock; any general loss allowance, if consistent with GAAP and not established for specific assets; and other amounts from sources determined by the Federal Housing Finance Agency as available to absorb losses. Permanent capital is defined as the amount paid in for Class B Common Stock plus the amount of FHLBank's retained earnings, as determined in accordance with GAAP. Regulatory capital includes all capital stock subject to mandatory redemption that has been reclassified to a liability.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Weighted average dividend rates are dividends paid in cash and stock on both classes of stock divided by the average capital stock eligible for dividends.

------

**Exhibit 99.1**

*<u>Average Balances and Yields (dollar amounts in thousands)</u>:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **06/30/2025** | **06/30/2025** | **06/30/2024** | **06/30/2024** | **06/30/2025** | **06/30/2025** | **06/30/2024** | **06/30/2024** |
| | **Average<br>Balance** | **Yield** | **Average<br>Balance** | **Yield** | **Average<br>Balance** | **Yield** | **Average<br>Balance** | **Yield** |
| Interest-earning assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments<sup>1,2,3</sup> | $24887316 | 4.90% | $23584862 | 5.78% | $24746438 | 4.85% | $23284145 | 5.79% |
| &nbsp;&nbsp;Advances<sup>2,3</sup> | 47245357 | 4.66 | 45303516 | 5.63 | 45722627 | 4.66 | 43827139 | 5.63 |
| &nbsp;&nbsp;Mortgage loans<sup>4,5</sup> | 9114911 | 4.01 | 8611177 | 3.66 | 9048965 | 4.00 | 8504308 | 3.61 |
| &nbsp;&nbsp;&nbsp;Other interest-earning assets | 35000 | 2.01 | 35220 | 2.03 | 36380 | 2.11 | 35220 | 2.03 |
| Total earning assets | $81282584 | 4.64% | $77534775 | 5.46% | $79554410 | 4.64% | $75650812 | 5.45% |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $891450 | 4.09% | $793332 | 5.14% | $879696 | 4.10% | $777366 | 5.14% |
| &nbsp;&nbsp;Consolidated obligations<sup>2,6</sup> | 75552805 | 4.25 | 72018001 | 5.05 | 73913559 | 4.21 | 70209343 | 5.03 |
| &nbsp;&nbsp;&nbsp;Other borrowings | 45063 | 3.38 | 43629 | 3.17 | 45405 | 3.42 | 43897 | 3.13 |
| Total interest-bearing liabilities | $76489318 | 4.20% | $72854962 | 5.05% | $74838660 | 4.20% | $71030606 | 5.03% |
| Net interest spread<sup>7</sup> |  | 0.44% |  | 0.41% |  | 0.44% |  | 0.42% |
| Net interest margin<sup>7</sup> |  | 0.69% |  | 0.72% |  | 0.69% |  | 0.73% |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Investments include held-to-maturity securities, available-for-sale securities, trading securities, interest-bearing deposits, Federal funds sold and securities purchased under agreements to resell.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest income includes prepayment/yield maintenance fees.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Credit enhancement fee payments are netted against interest earnings on the mortgage loans.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans average balances include outstanding principal for non-performing conventional loans. However, these loans no longer accrue interest.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated obligations are bonds and discount notes that FHLBank is primarily liable to repay.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;Net interest spread is the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. Net interest margin is defined as net interest income as a percentage of average earning assets.

<br>