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Financial Highlights
This financial data should be read in conjunction with the Bank's Form 10-K filed with the Securities and Exchange Commission on March 28, 2008.
(Dollars in millions)
Selected Balance Sheet Items at Yearend
| |
2007 |
2006 |
2005 |
2004 |
2003 |
| Total Assets |
$322,999 |
$244,915 |
$223,602 |
$184,982 |
$132,390 |
| Advances |
251,034 |
183,669 |
162,873 |
140,254 |
92,330 |
| Mortgage Loans |
4,132 |
4,630 |
5,214 |
6,035 |
6,445 |
| Interest-Bearing Deposits in Banks |
14,590 |
9,323 |
6,899 |
5,251 |
3,287 |
| Held-to-Maturity Securities |
38,585 |
30,348 |
29,691 |
23,839 |
18,263 |
| Federal Funds Sold |
11,680 |
15,443 |
16,997 |
8,461 |
5,434 |
| Consolidated Obligations: (1) |
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| Bonds |
225,328 |
199,300 |
182,625 |
148,109 |
92,751 |
| Discount Notes |
78,368 |
30,128 |
27,618 |
26,257 |
31,882 |
Capital Stock - Class B -
Putable (2) |
13,403 |
10,616 |
9,520 |
7,765 |
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| Capital Stock - Putable (2) |
- |
- |
- |
- |
5,739 |
| Total Capital |
13,627 |
10,754 |
9,648 |
7,900 |
5,846 |
Selected Operating Results for the Year
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2007 |
2006 |
2005 |
2004 |
2003 |
| Net Interest Income |
$931 |
$839 |
$683 |
$542 |
$445 |
| Other Income/(Loss) |
55 |
(10) |
(100) |
(76) |
55 |
| Other Expense |
98 |
90 |
81 |
68 |
60 |
| Assessments |
236 |
197 |
133 |
105 |
117 |
| Net Income |
652 |
$542 |
$369 |
$293 |
$323 |
Selected Other Data for the Year
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2007 |
2006 |
2005 |
2004 |
2003 |
| Net Interest Margin |
0.36% |
0.37% |
0.34% |
0.34% |
0.39% |
Operating Expenses as a
Percent of Average Assets |
0.03 |
0.03 |
0.04 |
0.04 |
0.05 |
| Return on Assets |
0.25 |
0.23 |
0.18 |
0.18 |
0.28 |
| Return on Equity |
5.80 |
5.40 |
4.22 |
4.23 |
5.90 |
| Dividend Rate |
5.20 |
5.41 |
4.44 |
4.07 |
4.29 |
Spread of Dividend Rate to
Dividend Benchmark (3) |
0.75 |
1.24 |
1.22 |
1.58 |
1.50 |
| Dividend Payout Ratio (4) |
87.14 |
97.70 |
102.36 |
93.01 |
71.09 |
Selected Other Data at Yearend
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2007 |
2006 |
2005 |
2004 |
2003 |
| Capital to Assets Ratio (5) |
4.29% |
4.44% |
4.34% |
4.30% |
4.42% |
| Duration Gap (in months) |
2 |
1 |
1 |
1 |
1 |
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As provided by the Federal Home Loan Bank Act of 1932, as amended, or Federal Housing Finance Board (Finance Board) regulation, all of the Federal Home Loan Banks (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 of the Finance Board authorizes the Finance Board 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. The par amount of the outstanding consolidated obligations of all 12 FHLBanks was as follows:
| Yearend |
Par amount |
| 2007 |
$1,189,706 |
| 2006 |
951,990 |
| 2005 |
937,460 |
| 2004 |
869,242 |
| 2003 |
759,529 |
- On April 1, 2004, the Bank exchanged its Capital Stock — Putable for Capital Stock — Class B — Putable.
- The dividend benchmark is calculated as the combined average of (i) the daily average of the overnight Federal funds effective rate and (ii) the four-year moving average of the U.S. Treasury note yield (calculated as the average of the three-year and five-year U.S. Treasury note yields).
- This ratio is calculated as dividends per share divided by net income per share. Dividends are based on earnings excluding the effects of Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities; SFAS No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities; and SFAS No. 155, Accounting for Certain Hybrid Financial Instruments, an amendment of FASB Statements No. 133 and 140 (together referred to as “SFAS 133”). As a result, the dividend payout ratio may vary from the ratio referenced in the Bank’s Retained Earnings and Dividend Policy depending on the effects of SFAS 133. This calculation has been modified for prior periods to exclude mandatorily redeemable capital stock (which is classified as a liability) and the dividends on that stock (which are classified as interest expense).
- This ratio is based on regulatory capital, which includes mandatorily redeemable capital stock (which is classified as a liability).
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Financial Highlights