This financial data should be read in conjunction with the Bank's 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2019.
Selected Balance Sheet Items at Yearend
|Mortgage Loans Held for Portfolio, Net||3,066||2,076||826||655||708|
|Mandatorily Redeemable Capital Stock||227||309||457||488||719|
|Capital Stock — Class B — Putable||2,949||3,243||2,370||2,253||3,278|
|Unrestricted Retained Earnings||2,699||2,670||888||610||294|
|Restricted Retained Earnings||647||575||2,168||2,018||2,065|
|Accumulated Other Comprehensive Income/(Loss)||235||318||111||15||56|
Selected Operating Results for the Year
|Net Interest Income||$601||$567||$471||$477||
|Provision for/(Reversal of) Credit Losses on Mortgage Loans||—||—||—||1||—|
Selected Other Data for the Year
|Net Interest Margin3||0.55%||0.55%||0.52%||0.57%||0.64%|
|Operating Expenses as a Percent of Average Assets||0.13||0.14||0.16||0.16||0.16|
|Return on Average Assets||0.32||0.36||0.77||0.76||0.24|
|Return on Average Equity||5.42||6.21||13.63||11.68||3.58|
|Annualized Dividend Rate||8.51||7.50||12.33||12.39||7.02|
|Dividend Payout Ratio4||72.97||49.59||39.98||57.81||117.29|
|Average Equity to Average Assets Ratio||5.98||5.82||5.68||6.52||6.75|
Selected Other Data at Yearend
|Regulatory Capital Ratio5||5.97%||5.51%||6.40%||6.26%||8.38%|
|Duration Gap (in months)||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.
- 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, 2018, and through March 8, 2019, the filing date of the Bank's 2018 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:
Yearend 2018 2017 2016 2015 2014 Par Value
$1,031,617 $1,034,260 $989,311 $905,202 $847,175
- Net interest margin is net interest income divided by average interest-earning assets.
- This ratio is calculated as dividends per share divided by net income per share.
- 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.