FHLBank Topeka Files Third Quarter 10-Q with SEC
November 13, 2008 - FHLBank Topeka (FHLBank) filed its Form 10-Q for the third quarter and nine months ended September 30, 2008, with the Securities and Exchange Commission (SEC) today.
President’s Comments
“FHLBank Topeka continues a record of financial strength during the third quarter of 2008 despite the extraordinary events occurring in our economy,” says Andrew Jetter, president and CEO of FHLBank Topeka. "Our liquidity position remained strong throughout the quarter, and our ability to access funds from the capital markets was more than sufficient to meet operational needs and record growth in member advances. We are pleased to be able to continue to fulfill our mission of providing liquidity to our members."
Asset and Advance Growth
FHLBank Topeka total assets increased during the first nine months of 2008 by 16.1 percent to $64.2 billion at September 30, 2008, from $55.3 billion at December 31, 2007. Total advances increased 16.8 percent from $32.1 billion at December 31, 2007, to $37.4 billion as of September 30, 2008.
Capital Stock and Retained Earnings
FHLBank Topeka’s capital stock was $2.4 billion on September 30, 2008, an increase of 13.2 percent from year-end 2007. Dividend rates paid for the end of third quarter 2008 were 1.75 percent and 4.75 percent per annum for Class A Common Stock and Class B Common Stock, respectively. Retained earnings grew 11.1 percent from year end to $232 million on September 30, 2008.
Return on Equity and Overnight Federal Funds Effective Rate
FHLBank Topeka’s return on equity was 3.27 percent for the third quarter 2008 compared to 7.34 percent for the third quarter 2007. The average overnight Federal Funds effective rate for third quarter 2008 was 1.96 percent compared to 5.09 percent for third quarter 2007.
FHLBank Topeka’s Form 10-Q, with complete September 30, 2008, financial statements and management’s discussion and analysis of FHLBank’s financial condition and results of operation, is available on the SEC’s Web site and is linked at the right.
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 the FHLBank's operations. These statements may be identified by the use of forward-looking terminology such as anticipates, believes, could, estimate, may, should and will, or other variations on these terms. The FHLBank's actual results may differ materially from those expressed in any forward-looking statements as a result of many factors and uncertainties including, but not limited to: the effects of SFAS 133 accounting treatment and other accounting rule requirements, changes in the regulatory requirements of the Federal Housing Finance Agency, the FHLBank's ability to pay dividends out of retained earnings, changes in interest rates, changes in projected business volumes, the FHLBank's cost of funding, changes in the FHLBank's membership profile, the withdrawal of one or more large members, shifts in demand for FHLBank products, and general economic conditions.
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