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Financial Highlights

This financial data should be read in conjunction with the Bank's 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2018.

Selected Balance Sheet Items at Yearend

(In millions)                                    

 20172016201520142013
Total Assets $123,385  $91,941 $85,698 $75,807

$85,774

Advances 77,382  49,845 50,919  38,986

44,395

Mortgage Loans Held for Portfolio, Net 2,076 826 655  708

905

Investments1 43,570  40,986 32,275  31,949

35,260

Consolidated Obligations:2          
Bonds 85,063  50,224 51,827  47,045

53,207

Discount Notes 30,440  33,506 27,647  21,811

24,194

Mandatorily Redeemable Capital Stock 309  457 488  719

2,071

Capital Stock — Class B — Putable 3,243  2,370 2,253  3,278

3,460

Unrestricted Retained Earnings 2,670  888 610  294

317

Restricted Retained Earnings 575  2,168 2,018  2,065

2,077

Accumulated Other Comprehensive Income/(Loss) 318  111 15  56

(145)

Total Capital 6,806  5,537 4,896  5,693

5,709

Selected Operating Results for the Year

(In millions) 

 20172016201520142013
Net Interest Income $567 $471 $477

$539

$482

Provision for/(Reversal of) Credit Losses on Mortgage Loans 1 (1)
Other Income/(Loss) 78 485 388 (154)

5

Other Expense 224 158 148 144

128

Assessments 45 86 78 36

52

Net Income/(Loss) $376 $712 $638 $205 $308

Selected Other Data for the Year                

 20172016201520142013
Net Interest Margin3 0.55% 0.52%  0.57% 0.64%

0.56%

Operating Expenses as a Percent of Average Assets 0.14 0.16  0.16  0.16

0.13

Return on Average Assets 0.36 0.77  0.76  0.24

0.35

Return on Average Equity 6.21 13.63  11.68  3.58

5.36

Annualized Dividend Rate 7.50 12.33  12.39  7.02

3.99

Dividend Payout Ratio4 49.59 39.98  57.81  117.29

52.29

Average Equity to Average Assets Ratio 5.82 5.68  6.52  6.75

6.55

Selected Other Data at Yearend

 20172016201520142013
Regulatory Capital Ratio5  5.51% 6.40%  6.26%  8.38%

9.24%

Duration Gap (in months) 1 1  1  —

1

  1. Investments consist of interest-bearing deposits, securities purchased under agreements to resell, Federal funds sold, trading securities, available-for-sale securities, and held-to-maturity securities.
  2. As provided by the Federal Home Loan Bank Act of 1932, as amended, or regulations governing the operations of the FHLBanks, all of the FHLBanks have joint and several liability for FHLBank consolidated obligations, which are backed only by the financial resources of the FHLBanks. The joint and several liability regulation authorizes the Federal Housing Finance Agency to require any FHLBank to repay all or a portion of the principal or interest on consolidated obligations for which another FHLBank is the primary obligor. The Bank has never been asked or required to repay the principal or interest on any consolidated obligation on behalf of another FHLBank, and as of December 31, 2017, and through March 9, 2018, the filing date of the Bank's 2017 Annual Report on Form 10-K, does not believe that it is probable that it will be asked to do so. The par value of the outstanding consolidated obligations of all FHLBanks at the dates indicated was as follows:
    Yearend20172016201520142013
    Par Value
    (In millions)
    $1,034,260 $989,311  $905,202 $847,175

    $766,837

  3. Net interest margin is net interest income divided by average interest-earning assets.
  4. This ratio is calculated as dividends per share divided by net income per share.
  5. This ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B capital stock, and mandatorily redeemable capital stock (which is classified as a liability), but excludes accumulated other comprehensive income.