FHLBanks' 2Q Earnings Reported

The 12 Federal Home Loan Banks posted $648 million in total earnings for the second quarter, up 136% from the level recorded a year ago, according to a report by the FHLBanks' Office of Finance.The preliminary unaudited results show that the FHLBanks have $1 trillion in combined assets, and advances to member banks and thrifts totaled $638 billion as of June 30. Since year-end 2005, advances have increased by 3%. In the first quarter, the FHLBanks reported $620 billion in earnings. The Office of Finance has not issued an audited combined financial report for the FHLBanks since the second quarter of 2004. However, the OF noted that all 12 FHLBanks have registered their stock with the Securities and Exchange Commission. "It is expected that the increased transparency of SEC registration will ultimately benefit members, investors, and the FHLBank System itself," the Office of Finance said. The agency can be found online at http://www.fhlb-of.com.