Federally Chartered Corporation | 35-6001443 | |||||||
(State or other jurisdiction of incorporation) | (IRS employer identification number) | |||||||
8250 Woodfield Crossing Blvd. Indianapolis, IN | 46240 | |||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
None | None | None |
☐ | Large accelerated filer | ☐ | Accelerated filer | ☐ | Emerging growth company | ||||||||||||
x | Non-accelerated Filer | ☐ | Smaller reporting company |
Shares outstanding as of | |||||
Class A Stock, par value $100 | — | ||||
Class B Stock, par value $100 |
Table of Contents | Page | |||||||
Number | ||||||||
Special Note Regarding Forward-Looking Statements | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | FINANCIAL STATEMENTS (unaudited) | |||||||
Statements of Condition as of | ||||||||
Statements of Income for the Three | ||||||||
Statements of Comprehensive Income for the Three | ||||||||
Statements of Capital for the Three | ||||||||
Statements of Cash Flows for the | ||||||||
Notes to Financial Statements: | ||||||||
Note 1 - Summary of Significant Accounting Policies | ||||||||
Note 2 - Recently Adopted and Issued Accounting Guidance | ||||||||
Note 3 - Investments | ||||||||
Note 4 - Advances | ||||||||
Note 5 - Mortgage Loans Held for Portfolio | ||||||||
Note 6 - Derivatives and Hedging Activities | ||||||||
Note 7 - Consolidated Obligations | ||||||||
Note 8 - Affordable Housing Program | ||||||||
Note 9 - Capital | ||||||||
Note 10 - Accumulated Other Comprehensive Income | ||||||||
Note 11 - Segment Information | ||||||||
Note 12 - Estimated Fair Values | ||||||||
Note 13 - Commitments and Contingencies | ||||||||
Note 14 - Related Party and Other Transactions | ||||||||
Defined Terms | ||||||||
Item 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||
Presentation | ||||||||
Executive Summary | ||||||||
Results of Operations and Changes in Financial Condition | ||||||||
Operating Segments | ||||||||
Analysis of Financial Condition | ||||||||
Liquidity | ||||||||
Capital Resources | ||||||||
Critical Accounting Estimates | ||||||||
Recent Accounting and Regulatory Developments | ||||||||
Risk Management | ||||||||
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||||||
Item 4. | CONTROLS AND PROCEDURES | |||||||
PART II. | OTHER INFORMATION | |||||||
Item 1. | LEGAL PROCEEDINGS | |||||||
Item 1A. | RISK FACTORS | |||||||
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |||||||
Item 3. | DEFAULTS UPON SENIOR SECURITIES | |||||||
Item 4. | MINE SAFETY DISCLOSURES | |||||||
Item 5. | OTHER INFORMATION | |||||||
Item 6. | EXHIBITS |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 59,596 | $ | 867,880 | Cash and due from banks | $ | 62,685 | $ | 21,161 | ||||||||||||
Interest-bearing deposits (Note 3) | Interest-bearing deposits (Note 3) | 325,041 | 100,041 | Interest-bearing deposits (Note 3) | 580,868 | 856,060 | ||||||||||||||||
Securities purchased under agreements to resell (Note 3) | Securities purchased under agreements to resell (Note 3) | 4,500,000 | 3,500,000 | Securities purchased under agreements to resell (Note 3) | 5,625,000 | 4,550,000 | ||||||||||||||||
Federal funds sold (Note 3) | Federal funds sold (Note 3) | 2,496,000 | 2,580,000 | Federal funds sold (Note 3) | 2,713,000 | 3,148,000 | ||||||||||||||||
Trading securities (Note 3) | Trading securities (Note 3) | 4,039,407 | 3,946,799 | Trading securities (Note 3) | 394,500 | 2,230,248 | ||||||||||||||||
Available-for-sale securities (Note 3) (amortized cost of $10,164,321 and $9,007,993) | 10,196,572 | 9,159,935 | ||||||||||||||||||||
Held-to-maturity securities (Note 3) (estimated fair values of $3,821,942 and $4,322,157) | 3,877,299 | 4,313,773 | ||||||||||||||||||||
Available-for-sale securities (Note 3) (amortized cost of $13,373,082 and $12,189,776) | Available-for-sale securities (Note 3) (amortized cost of $13,373,082 and $12,189,776) | 13,315,166 | 12,179,837 | |||||||||||||||||||
Held-to-maturity securities (Note 3) (estimated fair values of $4,494,347 and $4,156,218) | Held-to-maturity securities (Note 3) (estimated fair values of $4,494,347 and $4,156,218) | 4,563,538 | 4,240,201 | |||||||||||||||||||
Advances (Note 4) | Advances (Note 4) | 30,507,462 | 27,497,835 | Advances (Note 4) | 36,950,032 | 36,682,459 | ||||||||||||||||
Mortgage loans held for portfolio, net (Note 5) | Mortgage loans held for portfolio, net (Note 5) | 7,729,642 | 7,616,134 | Mortgage loans held for portfolio, net (Note 5) | 7,732,298 | 7,686,455 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 96,937 | 80,758 | Accrued interest receivable | 155,856 | 152,867 | ||||||||||||||||
Derivative assets, net (Note 6) | Derivative assets, net (Note 6) | 325,848 | 220,202 | Derivative assets, net (Note 6) | 490,129 | 434,421 | ||||||||||||||||
Other assets | Other assets | 112,459 | 121,246 | Other assets | 106,564 | 102,071 | ||||||||||||||||
Total assets | Total assets | $ | 64,266,263 | $ | 60,004,603 | Total assets | $ | 72,689,636 | $ | 72,283,780 | ||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Deposits | Deposits | $ | 907,525 | $ | 1,366,397 | Deposits | $ | 582,078 | $ | 595,907 | ||||||||||||
Consolidated obligations (Note 7): | Consolidated obligations (Note 7): | Consolidated obligations (Note 7): | ||||||||||||||||||||
Discount notes | Discount notes | 19,587,260 | 12,116,358 | Discount notes | 23,171,249 | 27,387,492 | ||||||||||||||||
Bonds | Bonds | 39,462,365 | 42,361,572 | Bonds | 43,706,985 | 39,882,454 | ||||||||||||||||
Total consolidated obligations, net | Total consolidated obligations, net | 59,049,625 | 54,477,930 | Total consolidated obligations, net | 66,878,234 | 67,269,946 | ||||||||||||||||
Loans from other FHLBanks | Loans from other FHLBanks | 500,000 | — | |||||||||||||||||||
Accrued interest payable | Accrued interest payable | 124,999 | 88,068 | Accrued interest payable | 217,382 | 162,584 | ||||||||||||||||
Affordable Housing Program payable (Note 8) | Affordable Housing Program payable (Note 8) | 28,953 | 31,049 | Affordable Housing Program payable (Note 8) | 46,615 | 38,170 | ||||||||||||||||
Derivative liabilities, net (Note 6) | Derivative liabilities, net (Note 6) | 13,569 | 12,185 | Derivative liabilities, net (Note 6) | 18,413 | 19,209 | ||||||||||||||||
Mandatorily redeemable capital stock (Note 9) | Mandatorily redeemable capital stock (Note 9) | 45,583 | 50,422 | Mandatorily redeemable capital stock (Note 9) | 372,487 | 372,503 | ||||||||||||||||
Other liabilities | Other liabilities | 619,298 | 422,221 | Other liabilities | 503,584 | 441,763 | ||||||||||||||||
Total liabilities | Total liabilities | 60,789,552 | 56,448,272 | Total liabilities | 69,118,793 | 68,900,082 | ||||||||||||||||
Commitments and contingencies (Note 13) | Commitments and contingencies (Note 13) | 0 | 0 | Commitments and contingencies (Note 13) | ||||||||||||||||||
Capital (Note 9): | Capital (Note 9): | Capital (Note 9): | ||||||||||||||||||||
Capital stock (putable at par value of $100 per share): | Capital stock (putable at par value of $100 per share): | Capital stock (putable at par value of $100 per share): | ||||||||||||||||||||
Class B issued and outstanding shares: 22,508,342 and 22,462,009 | 2,250,835 | 2,246,201 | ||||||||||||||||||||
Class B issued and outstanding shares: 22,921,913 and 21,231,253 | Class B issued and outstanding shares: 22,921,913 and 21,231,253 | 2,292,192 | 2,123,125 | |||||||||||||||||||
Retained earnings: | Retained earnings: | Retained earnings: | ||||||||||||||||||||
Unrestricted | Unrestricted | 912,329 | 889,869 | Unrestricted | 1,011,191 | 963,812 | ||||||||||||||||
Restricted | Restricted | 299,391 | 287,203 | Restricted | 340,888 | 322,552 | ||||||||||||||||
Total retained earnings | Total retained earnings | 1,211,720 | 1,177,072 | Total retained earnings | 1,352,079 | 1,286,364 | ||||||||||||||||
Total accumulated other comprehensive income (Note 10) | 14,156 | 133,058 | ||||||||||||||||||||
Total accumulated other comprehensive income (loss) (Note 10) | Total accumulated other comprehensive income (loss) (Note 10) | (73,428) | (25,791) | |||||||||||||||||||
Total capital | Total capital | 3,476,711 | 3,556,331 | Total capital | 3,570,843 | 3,383,698 | ||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 64,266,263 | $ | 60,004,603 | Total liabilities and capital | $ | 72,689,636 | $ | 72,283,780 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest Income: | Interest Income: | Interest Income: | ||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | $ | 67,562 | $ | 28,175 | $ | 102,603 | $ | 64,284 | Advances | $ | 434,229 | $ | 35,041 | ||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 2,623 | 121 | 2,913 | 277 | Interest-bearing deposits | 26,253 | 290 | ||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 6,066 | 215 | 6,971 | 652 | Securities purchased under agreements to resell | 31,950 | 905 | ||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 7,682 | 651 | 8,524 | 1,454 | Federal funds sold | 45,487 | 842 | ||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 8,347 | 14,421 | 13,792 | 30,591 | Trading securities | 3,077 | 5,445 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | Available-for-sale securities | 38,563 | 21,184 | 61,008 | 51,020 | Available-for-sale securities | 171,719 | 22,445 | ||||||||||||||||||||||||||||||||||||||
Held-to-maturity securities | Held-to-maturity securities | 9,033 | 7,809 | 16,544 | 17,673 | Held-to-maturity securities | 48,425 | 7,511 | ||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio | Mortgage loans held for portfolio | 51,467 | 40,119 | 99,268 | 80,401 | Mortgage loans held for portfolio | 57,755 | 47,801 | ||||||||||||||||||||||||||||||||||||||
Other interest income | 22 | — | 22 | — | ||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 191,365 | 112,695 | 311,645 | 246,352 | Total interest income | 818,895 | 120,280 | ||||||||||||||||||||||||||||||||||||||
Interest Expense: | Interest Expense: | Interest Expense: | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligation discount notes | Consolidated obligation discount notes | 26,535 | 1,733 | 30,188 | 5,932 | Consolidated obligation discount notes | 256,776 | 3,653 | ||||||||||||||||||||||||||||||||||||||
Consolidated obligation bonds | Consolidated obligation bonds | 99,192 | 52,674 | 150,891 | 106,470 | Consolidated obligation bonds | 446,674 | 51,699 | ||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,547 | 43 | 1,646 | 80 | Deposits | 7,618 | 99 | ||||||||||||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | Mandatorily redeemable capital stock | 269 | 929 | 514 | 2,033 | Mandatorily redeemable capital stock | 4,110 | 245 | ||||||||||||||||||||||||||||||||||||||
Other interest expense | Other interest expense | 68 | — | |||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 127,543 | 55,379 | 183,239 | 114,515 | Total interest expense | 715,246 | 55,696 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 63,822 | 57,316 | 128,406 | 131,837 | Net interest income | 103,649 | 64,584 | ||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | (38) | (44) | (60) | 44 | Provision for (reversal of) credit losses | 2 | (22) | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 63,860 | 57,360 | 128,466 | 131,793 | Net interest income after provision for credit losses | 103,647 | 64,606 | ||||||||||||||||||||||||||||||||||||||
Other Income: | Other Income: | Other Income: | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities | Net gains (losses) on trading securities | (14,220) | (13,731) | (38,415) | (27,359) | Net gains (losses) on trading securities | 8,314 | (24,195) | ||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | Net gains (losses) on derivatives | 17,203 | 186 | 37,197 | (652) | Net gains (losses) on derivatives | (1,363) | 19,994 | ||||||||||||||||||||||||||||||||||||||
Net gains on extinguishment of debt | Net gains on extinguishment of debt | 19,846 | — | |||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (4,681) | 3,775 | (7,882) | 5,265 | Other, net | 3,350 | (3,201) | ||||||||||||||||||||||||||||||||||||||
Total other income (loss) | Total other income (loss) | (1,698) | (9,770) | (9,100) | (22,746) | Total other income (loss) | 30,147 | (7,402) | ||||||||||||||||||||||||||||||||||||||
Other Expenses: | Other Expenses: | Other Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 13,411 | 14,092 | 26,367 | 29,850 | Compensation and benefits | 16,835 | 12,956 | ||||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 7,756 | 7,417 | 14,850 | 14,688 | Other operating expenses | 7,400 | 7,094 | ||||||||||||||||||||||||||||||||||||||
Federal Housing Finance Agency | Federal Housing Finance Agency | 1,801 | 1,474 | 3,717 | 2,947 | Federal Housing Finance Agency | 1,711 | 1,916 | ||||||||||||||||||||||||||||||||||||||
Office of Finance | Office of Finance | 1,081 | 1,228 | 2,498 | 3,225 | Office of Finance | 1,073 | 1,417 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 2,154 | 4,226 | 4,165 | 5,857 | Other | 4,451 | 2,011 | ||||||||||||||||||||||||||||||||||||||
Total other expenses | Total other expenses | 26,203 | 28,437 | 51,597 | 56,567 | Total other expenses | 31,470 | 25,394 | ||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 35,959 | 19,153 | 67,769 | 52,480 | Income before assessments | 102,324 | 31,810 | ||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | Affordable Housing Program assessments | 3,623 | 2,008 | 6,828 | 5,451 | Affordable Housing Program assessments | 10,643 | 3,205 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,336 | $ | 17,145 | $ | 60,941 | $ | 47,029 | Net income | $ | 91,681 | $ | 28,605 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,336 | $ | 17,145 | $ | 60,941 | $ | 47,029 | Net income | $ | 91,681 | $ | 28,605 | ||||||||||||||||||||||||||||||||
Other Comprehensive Income: | Other Comprehensive Income: | Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale securities | Net change in unrealized gains (losses) on available-for-sale securities | (45,228) | 4,502 | (119,691) | 78,031 | Net change in unrealized gains (losses) on available-for-sale securities | (47,977) | (74,463) | ||||||||||||||||||||||||||||||||||||||
Pension benefits, net | Pension benefits, net | 329 | 8,995 | 789 | 9,991 | Pension benefits, net | 340 | 460 | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (44,899) | 13,497 | (118,902) | 88,022 | Total other comprehensive income (loss) | (47,637) | (74,003) | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $ | (12,563) | $ | 30,642 | $ | (57,961) | $ | 135,051 | Total comprehensive income (loss) | $ | 44,044 | $ | (45,398) |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Capital | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 21,215 | $ | 2,121,541 | $ | 899,750 | $ | 292,924 | $ | 1,192,674 | $ | 59,055 | $ | 3,373,270 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 25,869 | 6,467 | 32,336 | (44,899) | (12,563) | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | 1,293 | 129,294 | 129,294 | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.47% annualized) | (13,290) | — | (13,290) | (13,290) | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 22,508 | $ | 2,250,835 | $ | 912,329 | $ | 299,391 | $ | 1,211,720 | $ | 14,156 | $ | 3,476,711 | |||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 22,142 | $ | 2,214,192 | $ | 878,854 | $ | 274,403 | $ | 1,153,257 | $ | 179,927 | $ | 3,547,376 | |||||||||||||||||||||||||||||||
Total comprehensive income | 13,716 | 3,429 | 17,145 | 13,497 | 30,642 | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | 200 | 20,005 | 20,005 | |||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | (3) | (281) | (281) | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.57% annualized) | (13,989) | — | (13,989) | (13,989) | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 22,339 | $ | 2,233,916 | $ | 878,581 | $ | 277,832 | $ | 1,156,413 | $ | 193,424 | $ | 3,583,753 |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Capital | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 21,231 | $ | 2,123,125 | $ | 963,812 | $ | 322,552 | $ | 1,286,364 | $ | (25,791) | $ | 3,383,698 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 73,345 | 18,336 | 91,681 | (47,637) | 44,044 | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | 1,691 | 169,080 | 169,080 | |||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | — | (13) | (13) | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (4.41% annualized) | (25,966) | — | (25,966) | (25,966) | ||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 22,922 | $ | 2,292,192 | $ | 1,011,191 | $ | 340,888 | $ | 1,352,079 | $ | (73,428) | $ | 3,570,843 | |||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 22,462 | $ | 2,246,201 | $ | 889,869 | $ | 287,203 | $ | 1,177,072 | $ | 133,058 | $ | 3,556,331 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 22,884 | 5,721 | 28,605 | (74,003) | (45,398) | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | 372 | 37,225 | 37,225 | |||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | (1,619) | (161,885) | (161,885) | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.31% annualized) | (13,003) | — | (13,003) | (13,003) | ||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 21,215 | $ | 2,121,541 | $ | 899,750 | $ | 292,924 | $ | 1,192,674 | $ | 59,055 | $ | 3,373,270 |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Capital | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 22,462 | $ | 2,246,201 | $ | 889,869 | $ | 287,203 | $ | 1,177,072 | $ | 133,058 | $ | 3,556,331 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 48,753 | 12,188 | 60,941 | (118,902) | (57,961) | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | 1,665 | 166,519 | 166,519 | |||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | (1,619) | (161,885) | (161,885) | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.39% annualized) | (26,293) | — | (26,293) | (26,293) | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 22,508 | $ | 2,250,835 | $ | 912,329 | $ | 299,391 | $ | 1,211,720 | $ | 14,156 | $ | 3,476,711 | |||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 22,076 | $ | 2,207,570 | $ | 868,904 | $ | 268,426 | $ | 1,137,330 | $ | 105,402 | $ | 3,450,302 | |||||||||||||||||||||||||||||||
Total comprehensive income | 37,623 | 9,406 | 47,029 | 88,022 | 135,051 | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | 266 | 26,627 | 26,627 | |||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | (3) | (281) | (281) | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.53% annualized) | (27,946) | — | (27,946) | (27,946) | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 22,339 | $ | 2,233,916 | $ | 878,581 | $ | 277,832 | $ | 1,156,413 | $ | 193,424 | $ | 3,583,753 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Operating Activities: | Operating Activities: | Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 60,941 | $ | 47,029 | Net income | $ | 91,681 | $ | 28,605 | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Amortization and depreciation | Amortization and depreciation | 50,152 | 42,309 | Amortization and depreciation | 34,639 | 22,324 | ||||||||||||||||
Changes in net derivative and hedging activities | Changes in net derivative and hedging activities | 751,617 | 28,776 | Changes in net derivative and hedging activities | (256,942) | 460,458 | ||||||||||||||||
Net (gains) on extinguishment of debt | Net (gains) on extinguishment of debt | (19,846) | — | |||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | (60) | 44 | Provision for (reversal of) credit losses | 2 | (22) | ||||||||||||||||
Net losses on trading securities | 38,415 | 27,359 | ||||||||||||||||||||
Net (gains) losses on trading securities | Net (gains) losses on trading securities | (8,314) | 24,195 | |||||||||||||||||||
Other adjustments | Other adjustments | 71 | — | |||||||||||||||||||
Changes in: | Changes in: | Changes in: | ||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | (17,495) | 11,601 | Accrued interest receivable | (3,443) | 171 | ||||||||||||||||
Other assets | Other assets | 5,955 | (12,783) | Other assets | (6,430) | (3,125) | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 37,075 | 8,349 | Accrued interest payable | 54,877 | 833 | ||||||||||||||||
Other liabilities | Other liabilities | 8,559 | 1,182 | Other liabilities | 17,603 | 25,795 | ||||||||||||||||
Total adjustments, net | Total adjustments, net | 874,218 | 106,837 | Total adjustments, net | (187,783) | 530,629 | ||||||||||||||||
Net cash provided by operating activities | 935,159 | 153,866 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | (96,102) | 559,234 | |||||||||||||||||||
Investing Activities: | Investing Activities: | Investing Activities: | ||||||||||||||||||||
Net change in: | Net change in: | Net change in: | ||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | (1,219,223) | 452,160 | Interest-bearing deposits | 342,487 | (636,378) | ||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | (1,000,000) | (500,000) | Securities purchased under agreements to resell | (1,075,000) | (4,100,000) | ||||||||||||||||
Federal funds sold | Federal funds sold | 84,000 | (1,590,000) | Federal funds sold | 435,000 | 940,000 | ||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||
Proceeds from maturities | Proceeds from maturities | 1,600,000 | 850,000 | Proceeds from maturities | 1,350,000 | 1,100,000 | ||||||||||||||||
Proceeds from sales | Proceeds from sales | 200,000 | 50,006 | Proceeds from sales | 494,063 | — | ||||||||||||||||
Purchases | Purchases | (1,930,219) | (1,649,933) | Purchases | — | (1,930,219) | ||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||
Proceeds from maturities and paydowns | Proceeds from maturities and paydowns | 503,910 | 643,500 | Proceeds from maturities and paydowns | 78,980 | 366,760 | ||||||||||||||||
Purchases | Purchases | (2,362,677) | (60,290) | Purchases | (966,760) | (1,654,878) | ||||||||||||||||
Held-to-maturity securities: | Held-to-maturity securities: | Held-to-maturity securities: | ||||||||||||||||||||
Proceeds from maturities and paydowns | Proceeds from maturities and paydowns | 630,398 | 538,805 | Proceeds from maturities and paydowns | 79,707 | 312,678 | ||||||||||||||||
Proceeds from sales | Proceeds from sales | 9,769 | — | |||||||||||||||||||
Purchases | Purchases | (51,312) | (584,749) | Purchases | (365,143) | (51,312) | ||||||||||||||||
Advances: | Advances: | Advances: | ||||||||||||||||||||
Principal repayments | Principal repayments | 71,353,438 | 139,543,669 | Principal repayments | 94,663,252 | 24,653,003 | ||||||||||||||||
Disbursements to members | Disbursements to members | (74,888,350) | (136,081,315) | Disbursements to members | (94,691,618) | (24,118,758) | ||||||||||||||||
Mortgage loans held for portfolio: | Mortgage loans held for portfolio: | Mortgage loans held for portfolio: | ||||||||||||||||||||
Principal collections | Principal collections | 600,449 | 1,776,690 | Principal collections | 151,096 | 340,010 | ||||||||||||||||
Purchases from members | Purchases from members | (771,838) | (1,145,532) | Purchases from members | (196,239) | (460,320) | ||||||||||||||||
Purchases of premises, software, and equipment | Purchases of premises, software, and equipment | (1,989) | (2,520) | Purchases of premises, software, and equipment | (576) | (571) | ||||||||||||||||
Loans to other Federal Home Loan Banks: | Loans to other Federal Home Loan Banks: | Loans to other Federal Home Loan Banks: | ||||||||||||||||||||
Principal repayments | Principal repayments | 520,000 | 20,000 | Principal repayments | — | 10,000 | ||||||||||||||||
Disbursements | Disbursements | (520,000) | (20,000) | Disbursements | — | (10,000) | ||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (7,253,413) | 2,240,491 | Net cash provided by (used in) investing activities | 309,018 | (5,239,985) | ||||||||||||||||
(continued) |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Financing Activities: | Financing Activities: | Financing Activities: | ||||||||||||||||||||
Net change in deposits | Net change in deposits | (320,726) | 222,576 | Net change in deposits | (39,660) | (47,339) | ||||||||||||||||
Net proceeds (payments) on derivative contracts with financing elements | Net proceeds (payments) on derivative contracts with financing elements | (1,118) | (7,551) | Net proceeds (payments) on derivative contracts with financing elements | 1,997 | (776) | ||||||||||||||||
Net proceeds from issuance of consolidated obligations: | Net proceeds from issuance of consolidated obligations: | Net proceeds from issuance of consolidated obligations: | ||||||||||||||||||||
Discount notes | Discount notes | 369,385,849 | 85,205,681 | Discount notes | 121,635,570 | 111,826,875 | ||||||||||||||||
Bonds | Bonds | 10,677,690 | 22,129,860 | Bonds | 7,961,817 | 7,327,205 | ||||||||||||||||
Payments for matured and retired consolidated obligations: | Payments for matured and retired consolidated obligations: | Payments for matured and retired consolidated obligations: | ||||||||||||||||||||
Discount notes | Discount notes | (361,928,027) | (87,373,330) | Discount notes | (125,876,733) | (105,771,958) | ||||||||||||||||
Bonds | Bonds | (12,277,200) | (23,000,650) | Bonds | (4,497,468) | (9,152,800) | ||||||||||||||||
Loans from other Federal Home Loan Banks: | Loans from other Federal Home Loan Banks: | |||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | 500,000 | — | |||||||||||||||||||
Proceeds from issuance of capital stock | Proceeds from issuance of capital stock | 166,519 | 26,627 | Proceeds from issuance of capital stock | 169,080 | 37,225 | ||||||||||||||||
Payments for redemption/repurchase of capital stock | Payments for redemption/repurchase of capital stock | (161,885) | — | Payments for redemption/repurchase of capital stock | — | (161,885) | ||||||||||||||||
Payments for redemption/repurchase of mandatorily redeemable capital stock | Payments for redemption/repurchase of mandatorily redeemable capital stock | (4,839) | (18,156) | Payments for redemption/repurchase of mandatorily redeemable capital stock | (29) | (4,831) | ||||||||||||||||
Dividend payments on capital stock | Dividend payments on capital stock | (26,293) | (27,946) | Dividend payments on capital stock | (25,966) | (13,003) | ||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | 5,509,970 | (2,842,889) | Net cash provided by (used in) financing activities | (171,392) | 4,038,713 | ||||||||||||||||
Net increase (decrease) in cash and due from banks | Net increase (decrease) in cash and due from banks | (808,284) | (448,532) | Net increase (decrease) in cash and due from banks | 41,524 | (642,038) | ||||||||||||||||
Cash and due from banks at beginning of period | Cash and due from banks at beginning of period | 867,880 | 1,811,544 | Cash and due from banks at beginning of period | 21,161 | 867,880 | ||||||||||||||||
Cash and due from banks at end of period | Cash and due from banks at end of period | $ | 59,596 | $ | 1,363,012 | Cash and due from banks at end of period | $ | 62,685 | $ | 225,842 | ||||||||||||
Supplemental Disclosures: | Supplemental Disclosures: | Supplemental Disclosures: | ||||||||||||||||||||
Cash activities: | Cash activities: | Cash activities: | ||||||||||||||||||||
Interest payments | Interest payments | $ | 99,903 | $ | 139,245 | Interest payments | $ | 614,841 | $ | 56,957 | ||||||||||||
Affordable Housing Program payments | Affordable Housing Program payments | 8,924 | 9,088 | Affordable Housing Program payments | 2,198 | 2,317 | ||||||||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||||||||
Purchases of investment securities, traded but not yet settled | Purchases of investment securities, traded but not yet settled | 220,413 | — | Purchases of investment securities, traded but not yet settled | 120,995 | — | ||||||||||||||||
Capitalized interest on certain held-to-maturity securities | 855 | 313 | ||||||||||||||||||||
Par value of shares reclassified to mandatorily redeemable capital stock, net | — | 281 |
Security Type | Security Type | June 30, 2022 | December 31, 2021 | Security Type | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 4,039,407 | $ | 3,946,799 | U.S. Treasury obligations | $ | 394,500 | $ | 2,230,248 | ||||||||||||||||||
Total trading securities at estimated fair value | Total trading securities at estimated fair value | $ | 4,039,407 | $ | 3,946,799 | Total trading securities at estimated fair value | $ | 394,500 | $ | 2,230,248 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities held at period end | Net gains (losses) on trading securities held at period end | $ | (13,740) | $ | (12,637) | $ | (34,831) | $ | (23,275) | Net gains (losses) on trading securities held at period end | $ | 2,310 | $ | (22,549) | ||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities that matured/sold during the period | Net gains (losses) on trading securities that matured/sold during the period | (480) | (1,094) | (3,584) | (4,084) | Net gains (losses) on trading securities that matured/sold during the period | 6,004 | (1,646) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities | Net gains (losses) on trading securities | $ | (14,220) | $ | (13,731) | $ | (38,415) | $ | (27,359) | Net gains (losses) on trading securities | $ | 8,314 | $ | (24,195) |
Gross | Gross | March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 2,110,103 | $ | — | $ | (4,225) | $ | 2,105,878 | U.S. Treasury obligations | $ | 5,076,339 | $ | 5,332 | $ | (1,495) | $ | 5,080,176 | ||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 2,061,550 | 24,514 | (1) | 2,086,063 | GSE and TVA debentures | 1,859,469 | 15,655 | (775) | 1,874,349 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 5,992,668 | 35,467 | (23,504) | 6,004,631 | GSE multifamily MBS | 6,437,274 | 9,791 | (86,424) | 6,360,641 | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 10,164,321 | $ | 59,981 | $ | (27,730) | $ | 10,196,572 | Total AFS securities | $ | 13,373,082 | $ | 30,778 | $ | (88,694) | $ | 13,315,166 | ||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 4,207,974 | $ | 3,502 | $ | (1,802) | $ | 4,209,674 | |||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | $ | 2,651,571 | $ | 45,557 | $ | (12) | $ | 2,697,116 | GSE and TVA debentures | 1,882,802 | 20,144 | (243) | 1,902,703 | ||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,356,422 | 109,956 | (3,559) | 6,462,819 | GSE multifamily MBS | 6,099,000 | 20,064 | (51,604) | 6,067,460 | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 9,007,993 | $ | 155,513 | $ | (3,571) | $ | 9,159,935 | Total AFS securities | $ | 12,189,776 | $ | 43,710 | $ | (53,649) | $ | 12,179,837 |
Less than 12 months | 12 months or More | Total | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Less than 12 months | 12 months or More | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 2,105,878 | $ | (4,225) | $ | — | $ | — | $ | 2,105,878 | $ | (4,225) | U.S. Treasury obligations | $ | 1,647,496 | $ | (1,495) | $ | — | $ | — | $ | 1,647,496 | $ | (1,495) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 15,000 | (1) | — | — | 15,000 | (1) | GSE and TVA debentures | 106,143 | (775) | — | — | 106,143 | (775) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 2,496,226 | (21,280) | 105,536 | (2,224) | 2,601,762 | (23,504) | GSE multifamily MBS | 3,733,291 | (56,013) | 983,968 | (30,411) | 4,717,259 | (86,424) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired AFS securities | Total impaired AFS securities | $ | 4,617,104 | $ | (25,506) | $ | 105,536 | $ | (2,224) | $ | 4,722,640 | $ | (27,730) | Total impaired AFS securities | $ | 5,486,930 | $ | (58,283) | $ | 983,968 | $ | (30,411) | $ | 6,470,898 | $ | (88,694) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or More | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 1,836,099 | $ | (1,802) | $ | — | $ | — | $ | 1,836,099 | $ | (1,802) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | $ | 250,145 | $ | (12) | $ | — | $ | — | $ | 250,145 | $ | (12) | GSE and TVA debentures | 75,024 | (243) | — | — | 75,024 | (243) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 384,015 | (3,559) | — | — | 384,015 | (3,559) | GSE multifamily MBS | 3,484,309 | (41,046) | 301,339 | (10,558) | 3,785,648 | (51,604) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired AFS securities | Total impaired AFS securities | $ | 634,160 | $ | (3,571) | $ | — | $ | — | $ | 634,160 | $ | (3,571) | Total impaired AFS securities | $ | 5,395,432 | $ | (43,091) | $ | 301,339 | $ | (10,558) | $ | 5,696,771 | $ | (53,649) |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Year of Contractual Maturity | Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Non-MBS: | Non-MBS: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 250,957 | $ | 251,579 | $ | 581,801 | $ | 582,240 | Due in 1 year or less | $ | 82,198 | $ | 82,252 | $ | 131,329 | $ | 131,517 | ||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 1,566,089 | 1,586,412 | 1,494,109 | 1,523,600 | Due after 1 through 5 years | 1,597,074 | 1,612,179 | 1,575,581 | 1,594,583 | ||||||||||||||||||||||||||||||||||||||||||
Due after 5 through 10 years | Due after 5 through 10 years | 2,354,607 | 2,353,950 | 575,661 | 591,276 | Due after 5 through 10 years | 5,256,536 | 5,260,094 | 4,383,866 | 4,386,277 | ||||||||||||||||||||||||||||||||||||||||||
Total non-MBS | Total non-MBS | 4,171,653 | 4,191,941 | 2,651,571 | 2,697,116 | Total non-MBS | 6,935,808 | 6,954,525 | 6,090,776 | 6,112,377 | ||||||||||||||||||||||||||||||||||||||||||
Total MBS | Total MBS | 5,992,668 | 6,004,631 | 6,356,422 | 6,462,819 | Total MBS | 6,437,274 | 6,360,641 | 6,099,000 | 6,067,460 | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 10,164,321 | $ | 10,196,572 | $ | 9,007,993 | $ | 9,159,935 | Total AFS securities | $ | 13,373,082 | $ | 13,315,166 | $ | 12,189,776 | $ | 12,179,837 |
Gross | Gross | March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized | Unrecognized | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Holding | Holding | Estimated | Unrecognized | Unrecognized | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Holding | Holding | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
MBS: | MBS: | MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed single-family | Other U.S. obligations - guaranteed single-family | $ | 2,521,513 | $ | 152 | $ | (35,792) | $ | 2,485,873 | Other U.S. obligations - guaranteed single-family | $ | 3,331,837 | $ | 3,380 | $ | (36,571) | $ | 3,298,646 | ||||||||||||||||||||||||||||||||||
GSE single-family | GSE single-family | 722,385 | 1,697 | (20,401) | 703,681 | GSE single-family | 604,554 | 494 | (33,786) | 571,262 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily | GSE multifamily | 633,401 | 5 | (1,018) | 632,388 | GSE multifamily | 627,147 | — | (2,708) | 624,439 | ||||||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | $ | 3,877,299 | $ | 1,854 | $ | (57,211) | $ | 3,821,942 | Total HTM securities | $ | 4,563,538 | $ | 3,874 | $ | (73,065) | $ | 4,494,347 | ||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized | Unrecognized | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Holding | Holding | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
MBS: | MBS: | MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed single-family | Other U.S. obligations - guaranteed single-family | $ | 2,626,143 | $ | 7,384 | $ | (9,238) | $ | 2,624,289 | Other U.S. obligations - guaranteed single-family | $ | 2,991,702 | $ | 2,128 | $ | (43,106) | $ | 2,950,724 | ||||||||||||||||||||||||||||||||||
GSE single-family | GSE single-family | 815,924 | 14,424 | (4,773) | 825,575 | GSE single-family | 619,910 | 518 | (39,634) | 580,794 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily | GSE multifamily | 871,706 | 779 | (192) | 872,293 | GSE multifamily | 628,589 | — | (3,889) | 624,700 | ||||||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | $ | 4,313,773 | $ | 22,587 | $ | (14,203) | $ | 4,322,157 | Total HTM securities | $ | 4,240,201 | $ | 2,646 | $ | (86,629) | $ | 4,156,218 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Term | Redemption Term | Amount | WAIR % | Amount | WAIR % | Redemption Term | Amount | WAIR % | Amount | WAIR % | ||||||||||||||||||||||||||||||||||||||||||
Overdrawn demand and overnight deposit accounts | Overdrawn demand and overnight deposit accounts | $ | 98,456 | 3.90 | $ | — | — | Overdrawn demand and overnight deposit accounts | $ | — | — | $ | 430 | 6.74 | ||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 13,371,345 | 1.44 | 7,863,703 | 0.59 | Due in 1 year or less | 13,196,336 | 4.29 | 14,517,059 | 3.77 | ||||||||||||||||||||||||||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 3,736,129 | 2.21 | 2,684,996 | 2.02 | Due after 1 through 2 years | 2,745,610 | 2.71 | 2,726,023 | 2.82 | ||||||||||||||||||||||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 2,384,761 | 1.70 | 3,536,759 | 1.35 | Due after 2 through 3 years | 3,566,744 | 3.08 | 3,316,683 | 2.73 | ||||||||||||||||||||||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 2,563,139 | 1.82 | 2,931,260 | 1.29 | Due after 3 through 4 years | 1,948,310 | 3.21 | 2,045,370 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 1,822,975 | 1.79 | 1,908,432 | 1.34 | Due after 4 through 5 years | 4,717,072 | 4.11 | 3,938,017 | 3.96 | ||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 6,867,716 | 1.52 | 8,384,458 | 0.82 | Thereafter | 11,145,792 | 3.08 | 10,747,880 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||
Total advances, par value | Total advances, par value | 30,844,521 | 1.63 | 27,309,608 | 1.03 | Total advances, par value | 37,319,864 | 3.62 | 37,291,462 | 3.26 | ||||||||||||||||||||||||||||||||||||||||||
Fair-value hedging basis adjustments, net | Fair-value hedging basis adjustments, net | (344,955) | 179,115 | Fair-value hedging basis adjustments, net | (376,110) | (615,859) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 7,896 | 9,112 | Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 6,278 | 6,856 | ||||||||||||||||||||||||||||||||||||||||||||||
Total advances (1) | Total advances (1) | $ | 30,507,462 | $ | 27,497,835 | Total advances (1) | $ | 36,950,032 | $ | 36,682,459 |
Earlier of Redemption or Next Call Date | Earlier of Redemption or Next Put Date | Earlier of Redemption or Next Call Date | Earlier of Redemption or Next Put Date | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Term | Term | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Overdrawn demand and overnight deposit accounts | Overdrawn demand and overnight deposit accounts | $ | 98,456 | $ | — | $ | 98,456 | $ | — | Overdrawn demand and overnight deposit accounts | $ | — | $ | 430 | $ | — | $ | 430 | ||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 18,134,158 | 12,547,866 | 16,934,750 | 13,452,703 | Due in 1 year or less | 17,956,110 | 19,337,582 | 18,682,616 | 20,226,164 | ||||||||||||||||||||||||||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 2,494,629 | 2,578,396 | 4,138,129 | 3,090,101 | Due after 1 through 2 years | 2,473,110 | 2,299,023 | 3,287,510 | 3,207,023 | ||||||||||||||||||||||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 2,011,211 | 2,127,759 | 2,770,661 | 3,636,259 | Due after 2 through 3 years | 2,531,594 | 2,385,483 | 4,466,744 | 4,082,583 | ||||||||||||||||||||||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 1,579,789 | 1,997,060 | 2,563,139 | 3,007,160 | Due after 3 through 4 years | 1,488,635 | 1,592,245 | 1,948,310 | 2,045,370 | ||||||||||||||||||||||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 1,460,800 | 1,530,307 | 1,509,875 | 1,485,332 | Due after 4 through 5 years | 3,528,972 | 2,773,917 | 4,887,172 | 4,173,117 | ||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 5,065,478 | 6,528,220 | 2,829,511 | 2,638,053 | Thereafter | 9,341,443 | 8,902,782 | 4,047,512 | 3,556,775 | ||||||||||||||||||||||||||||||||||||||||||
Total advances, par value | Total advances, par value | $ | 30,844,521 | $ | 27,309,608 | $ | 30,844,521 | $ | 27,309,608 | Total advances, par value | $ | 37,319,864 | $ | 37,291,462 | $ | 37,319,864 | $ | 37,291,462 |
Term | Term | June 30, 2022 | December 31, 2021 | Term | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Fixed-rate long-term mortgages | Fixed-rate long-term mortgages | $ | 6,633,317 | $ | 6,417,543 | Fixed-rate long-term mortgages | $ | 6,754,163 | $ | 6,676,752 | ||||||||||||||||||
Fixed-rate medium-term (1) mortgages | Fixed-rate medium-term (1) mortgages | 931,310 | 1,016,851 | Fixed-rate medium-term (1) mortgages | 826,756 | 856,446 | ||||||||||||||||||||||
Total mortgage loans held for portfolio, UPB | Total mortgage loans held for portfolio, UPB | 7,564,627 | 7,434,394 | Total mortgage loans held for portfolio, UPB | 7,580,919 | 7,533,198 | ||||||||||||||||||||||
Unamortized premiums | Unamortized premiums | 175,372 | 181,172 | Unamortized premiums | 167,519 | 168,593 | ||||||||||||||||||||||
Unamortized discounts | Unamortized discounts | (5,687) | (2,389) | Unamortized discounts | (10,542) | (9,466) | ||||||||||||||||||||||
Hedging basis adjustments, net | Hedging basis adjustments, net | (4,470) | 3,157 | Hedging basis adjustments, net | (5,398) | (5,670) | ||||||||||||||||||||||
Total mortgage loans held for portfolio | Total mortgage loans held for portfolio | 7,729,842 | 7,616,334 | Total mortgage loans held for portfolio | 7,732,498 | 7,686,655 | ||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (200) | (200) | Allowance for credit losses | (200) | (200) | ||||||||||||||||||||||
Total mortgage loans held for portfolio, net (2) | Total mortgage loans held for portfolio, net (2) | $ | 7,729,642 | $ | 7,616,134 | Total mortgage loans held for portfolio, net (2) | $ | 7,732,298 | $ | 7,686,455 |
Type | Type | June 30, 2022 | December 31, 2021 | Type | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Conventional | Conventional | $ | 7,404,571 | $ | 7,254,056 | Conventional | $ | 7,434,313 | $ | 7,383,168 | ||||||||||||||||||
Government-guaranteed or -insured | Government-guaranteed or -insured | 160,056 | 180,338 | Government-guaranteed or -insured | 146,606 | 150,030 | ||||||||||||||||||||||
Total mortgage loans held for portfolio, UPB | Total mortgage loans held for portfolio, UPB | $ | 7,564,627 | $ | 7,434,394 | Total mortgage loans held for portfolio, UPB | $ | 7,580,919 | $ | 7,533,198 |
Origination Year | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Payment Status as of June 30, 2022 | Prior to 2018 | 2018 to 2022 | Total | |||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||
Payment Status | Payment Status | Prior to 2019 | 2019 to 2023 | Total | ||||||||||||||||||||||||||||||||||||
Past due: | Past due: | Past due: | ||||||||||||||||||||||||||||||||||||||
30-59 days | 30-59 days | $ | 17,062 | $ | 9,822 | $ | 26,884 | 30-59 days | $ | 20,408 | $ | 14,486 | $ | 34,894 | ||||||||||||||||||||||||||
60-89 days | 60-89 days | 2,628 | 1,055 | 3,683 | 60-89 days | 3,846 | 1,560 | 5,406 | ||||||||||||||||||||||||||||||||
90 days or more | 90 days or more | 14,450 | 1,630 | 16,080 | 90 days or more | 8,436 | 1,112 | 9,548 | ||||||||||||||||||||||||||||||||
Total past due | Total past due | 34,140 | 12,507 | 46,647 | Total past due | 32,690 | 17,158 | 49,848 | ||||||||||||||||||||||||||||||||
Total current | Total current | 2,613,182 | 4,908,165 | 7,521,347 | Total current | 2,625,560 | 4,908,899 | 7,534,459 | ||||||||||||||||||||||||||||||||
Total conventional mortgage loans, amortized cost | Total conventional mortgage loans, amortized cost | $ | 2,647,322 | $ | 4,920,672 | $ | 7,567,994 | Total conventional mortgage loans, amortized cost | $ | 2,658,250 | $ | 4,926,057 | $ | 7,584,307 |
Origination Year | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Payment Status as of December 31, 2021 | Prior to 2017 | 2017 to 2021 | Total | |||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||
Payment Status | Payment Status | Prior to 2018 | 2018 to 2022 | Total | ||||||||||||||||||||||||||||||||||||
Past due: | Past due: | Past due: | ||||||||||||||||||||||||||||||||||||||
30-59 days | 30-59 days | $ | 16,968 | $ | 12,662 | $ | 29,630 | 30-59 days | $ | 17,892 | $ | 13,041 | $ | 30,933 | ||||||||||||||||||||||||||
60-89 days | 60-89 days | 4,175 | 1,767 | 5,942 | 60-89 days | 4,537 | 1,992 | 6,529 | ||||||||||||||||||||||||||||||||
90 days or more | 90 days or more | 18,599 | 11,206 | 29,805 | 90 days or more | 9,498 | 2,979 | 12,477 | ||||||||||||||||||||||||||||||||
Total past due | Total past due | 39,742 | 25,635 | 65,377 | Total past due | 31,927 | 18,012 | 49,939 | ||||||||||||||||||||||||||||||||
Total current | Total current | 2,447,420 | 4,921,101 | 7,368,521 | Total current | 2,422,623 | 5,062,416 | 7,485,039 | ||||||||||||||||||||||||||||||||
Total conventional mortgage loans, amortized cost | Total conventional mortgage loans, amortized cost | $ | 2,487,162 | $ | 4,946,736 | $ | 7,433,898 | Total conventional mortgage loans, amortized cost | $ | 2,454,550 | $ | 5,080,428 | $ | 7,534,978 |
Other Delinquency Statistics as of June 30, 2022 | Conventional | Government | Total | |||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Other Delinquency Statistics | Other Delinquency Statistics | Conventional | Government | Total | ||||||||||||||||||||||||||||||||||||
In process of foreclosure (1) | In process of foreclosure (1) | $ | 3,368 | $ | — | $ | 3,368 | In process of foreclosure (1) | $ | 1,855 | $ | — | $ | 1,855 | ||||||||||||||||||||||||||
Serious delinquency rate (2) | Serious delinquency rate (2) | 0.21 | % | 1.05 | % | 0.23 | % | Serious delinquency rate (2) | 0.13 | % | 0.92 | % | 0.14 | % | ||||||||||||||||||||||||||
Past due 90 days or more still accruing interest (3) | Past due 90 days or more still accruing interest (3) | $ | 11,298 | $ | 1,483 | $ | 12,781 | Past due 90 days or more still accruing interest (3) | $ | 5,855 | $ | 1,291 | $ | 7,146 | ||||||||||||||||||||||||||
On non-accrual status (4) | On non-accrual status (4) | $ | 10,788 | $ | — | $ | 10,788 | On non-accrual status (4) | $ | 8,730 | $ | — | $ | 8,730 | ||||||||||||||||||||||||||
Other Delinquency Statistics as of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Other Delinquency Statistics | Other Delinquency Statistics | Conventional | Government | Total | ||||||||||||||||||||||||||||||||||||
In process of foreclosure (1) | In process of foreclosure (1) | $ | 1,999 | $ | — | $ | 1,999 | In process of foreclosure (1) | $ | 1,655 | $ | — | $ | 1,655 | ||||||||||||||||||||||||||
Serious delinquency rate (2) | Serious delinquency rate (2) | 0.40 | % | 0.86 | % | 0.41 | % | Serious delinquency rate (2) | 0.16 | % | 1.07 | % | 0.18 | % | ||||||||||||||||||||||||||
Past due 90 days or more still accruing interest (3) | Past due 90 days or more still accruing interest (3) | $ | 15,725 | $ | 1,364 | $ | 17,089 | Past due 90 days or more still accruing interest (3) | $ | 6,283 | $ | 1,552 | $ | 7,835 | ||||||||||||||||||||||||||
On non-accrual status (4) | On non-accrual status (4) | $ | 23,487 | $ | — | $ | 23,487 | On non-accrual status (4) | $ | 10,984 | $ | — | $ | 10,984 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Rollforward of Allowance | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Balance, beginning of period | $ | 200 | $ | 350 | $ | 200 | $ | 350 | ||||||||||||||||||
Charge-offs (1) | 7 | — | 7 | (92) | ||||||||||||||||||||||
Recoveries | 31 | 19 | 53 | 23 | ||||||||||||||||||||||
Provision for (reversal of) credit losses | (38) | (44) | (60) | 44 | ||||||||||||||||||||||
Balance, end of period | $ | 200 | $ | 325 | $ | 200 | $ | 325 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Rollforward of Allowance | 2023 | 2022 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 200 | $ | 200 | ||||||||||||||||||||||
(Charge-offs), net of recoveries | (2) | 22 | ||||||||||||||||||||||||
Provision for (reversal of) credit losses | 2 | (22) | ||||||||||||||||||||||||
Balance, end of period | $ | 200 | $ | 200 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional | Derivative | Derivative | Notional | Derivative | Derivative | Notional | Derivative | Derivative | Notional | Derivative | Derivative | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | Amount | Assets | Liabilities | Amount | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps | Interest-rate swaps | $ | 55,010,636 | $ | 493,855 | $ | 1,555,740 | $ | 46,395,451 | $ | 105,446 | $ | 413,324 | Interest-rate swaps | $ | 71,220,100 | $ | 702,118 | $ | 1,863,911 | $ | 66,103,220 | $ | 919,089 | $ | 2,178,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges: | Economic hedges: | Economic hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps | Interest-rate swaps | 9,270,000 | 1,987 | 1,363 | 8,595,000 | 357 | 148 | Interest-rate swaps | 3,600,000 | 45 | 258 | 6,200,000 | 599 | 525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate caps/floors | Interest-rate caps/floors | 611,000 | 1,208 | — | 625,500 | 1,077 | — | Interest-rate caps/floors | 811,000 | 1,675 | — | 611,000 | 1,310 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate forwards | Interest-rate forwards | 32,200 | 352 | 66 | 98,200 | 1 | 199 | Interest-rate forwards | 57,300 | 15 | 572 | 30,200 | 131 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 31,325 | 108 | 45 | 96,424 | 45 | 105 | MDCs | 57,356 | 290 | 22 | 30,855 | 50 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | 9,944,525 | 3,655 | 1,474 | 9,415,124 | 1,480 | 452 | Total derivatives not designated as hedging instruments | 4,525,656 | 2,025 | 852 | 6,872,055 | 2,090 | 627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives before adjustments | Total derivatives before adjustments | $ | 64,955,161 | 497,510 | 1,557,214 | $ | 55,810,575 | 106,926 | 413,776 | Total derivatives before adjustments | $ | 75,745,756 | 704,143 | 1,864,763 | $ | 72,975,275 | 921,179 | 2,179,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netting adjustments and cash collateral (1) | Netting adjustments and cash collateral (1) | (171,662) | (1,543,645) | 113,276 | (401,591) | Netting adjustments and cash collateral (1) | (214,014) | (1,846,350) | (486,758) | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives, net, at estimated fair value | Total derivatives, net, at estimated fair value | $ | 325,848 | $ | 13,569 | $ | 220,202 | $ | 12,185 | Total derivatives, net, at estimated fair value | $ | 490,129 | $ | 18,413 | $ | 434,421 | $ | 19,209 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Derivative instruments meeting netting requirements: | ||||||||||||||||||||||||||
Gross recognized amount | ||||||||||||||||||||||||||
Uncleared | $ | 702,432 | $ | 1,826,580 | $ | 892,313 | $ | 2,178,098 | ||||||||||||||||||
Cleared | 1,406 | 37,589 | 28,685 | 1,324 | ||||||||||||||||||||||
Total gross recognized amount | 703,838 | 1,864,169 | 920,998 | 2,179,422 | ||||||||||||||||||||||
Gross amounts of netting adjustments and cash collateral | ||||||||||||||||||||||||||
Uncleared | (694,907) | (1,808,761) | (884,451) | (2,158,991) | ||||||||||||||||||||||
Cleared | 480,893 | (37,589) | 397,693 | (1,324) | ||||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | (214,014) | (1,846,350) | (486,758) | (2,160,315) | ||||||||||||||||||||||
Net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||||
Uncleared | 7,525 | 17,819 | 7,862 | 19,107 | ||||||||||||||||||||||
Cleared | 482,299 | — | 426,378 | — | ||||||||||||||||||||||
Total net amounts after netting adjustments and cash collateral | 489,824 | 17,819 | 434,240 | 19,107 | ||||||||||||||||||||||
Derivative instruments not meeting netting requirements (1) | 305 | 594 | 181 | 102 | ||||||||||||||||||||||
Total derivatives, net, at estimated fair value | $ | 490,129 | $ | 18,413 | $ | 434,421 | $ | 19,209 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Derivative instruments meeting netting requirements: | ||||||||||||||||||||||||||
Gross recognized amount | ||||||||||||||||||||||||||
Uncleared | $ | 493,033 | $ | 1,482,271 | $ | 105,667 | $ | 411,886 | ||||||||||||||||||
Cleared | 4,017 | 74,832 | 1,213 | 1,586 | ||||||||||||||||||||||
Total gross recognized amount | 497,050 | 1,557,103 | 106,880 | 413,472 | ||||||||||||||||||||||
Gross amounts of netting adjustments and cash collateral | ||||||||||||||||||||||||||
Uncleared | (408,142) | (1,468,813) | (105,417) | (400,005) | ||||||||||||||||||||||
Cleared | 236,480 | (74,832) | 218,693 | (1,586) | ||||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | (171,662) | (1,543,645) | 113,276 | (401,591) | ||||||||||||||||||||||
Net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||||
Uncleared | 84,891 | 13,458 | 250 | 11,881 | ||||||||||||||||||||||
Cleared | 240,497 | — | 219,906 | — | ||||||||||||||||||||||
Total net amounts after netting adjustments and cash collateral | 325,388 | 13,458 | 220,156 | 11,881 | ||||||||||||||||||||||
Derivative instruments not meeting netting requirements (1) | 460 | 111 | 46 | 304 | ||||||||||||||||||||||
Total derivatives, net, at estimated fair value | $ | 325,848 | $ | 13,569 | $ | 220,202 | $ | 12,185 |
Three Months Ended June 30, 2022 | Advances | AFS Securities | CO Bonds | Total | ||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | $ | (18,870) | $ | (11,663) | $ | 31,275 | $ | 742 | ||||||||||||||||||
Net gains (losses) on derivatives (2) | 141,937 | 106,280 | (390,352) | (142,135) | ||||||||||||||||||||||
Net gains (losses) on hedged items (3) | (147,671) | (122,790) | 387,546 | 117,085 | ||||||||||||||||||||||
Net impact on net interest income | $ | (24,604) | $ | (28,173) | $ | 28,469 | $ | (24,308) | ||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | $ | 67,562 | $ | 38,563 | $ | (99,192) | $ | 6,933 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | Net interest settlements on derivatives (1) | $ | (46,173) | $ | (28,327) | $ | 22,011 | $ | (52,489) | Net interest settlements on derivatives (1) | $ | 117,894 | $ | 97,272 | $ | (207,053) | $ | 8,113 | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | Net gains (losses) on derivatives (2) | (12,098) | (87,731) | 37,082 | (62,747) | Net gains (losses) on derivatives (2) | (183,311) | (89,198) | 384,376 | 111,867 | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | Net gains (losses) on hedged items (3) | 10,494 | 81,883 | (39,194) | 53,183 | Net gains (losses) on hedged items (3) | 176,507 | 67,230 | (384,670) | (140,933) | ||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | Net impact on net interest income | $ | (47,777) | $ | (34,175) | $ | 19,899 | $ | (62,053) | Net impact on net interest income | $ | 111,090 | $ | 75,304 | $ | (207,347) | $ | (20,953) | ||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | Total interest income (expense) recorded in the Statement of Income (4) | $ | 28,175 | $ | 21,184 | $ | (52,674) | $ | (3,315) | Total interest income (expense) recorded in the Statement of Income (4) | $ | 434,229 | $ | 171,719 | $ | (446,674) | $ | 159,274 |
Six Months Ended June 30, 2022 | Advances | AFS Securities | CO Bonds | Total | ||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | $ | (59,024) | $ | (34,128) | $ | 82,664 | $ | (10,488) | ||||||||||||||||||
Net gains (losses) on derivatives (2) | 498,571 | 284,010 | (1,290,066) | (507,485) | ||||||||||||||||||||||
Net gains (losses) on hedged items (3) | (500,575) | (314,279) | 1,282,605 | 467,751 | ||||||||||||||||||||||
Net impact on net interest income | $ | (61,028) | $ | (64,397) | $ | 75,203 | $ | (50,222) | ||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | $ | 102,603 | $ | 61,008 | $ | (150,891) | $ | 12,720 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | Net interest settlements on derivatives (1) | $ | (91,892) | $ | (60,780) | $ | 34,237 | $ | (118,435) | Net interest settlements on derivatives (1) | $ | (40,154) | $ | (22,465) | $ | 51,389 | $ | (11,230) | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | Net gains (losses) on derivatives (2) | 234,784 | 234,210 | (81,111) | 387,883 | Net gains (losses) on derivatives (2) | 356,634 | 177,730 | (899,714) | (365,350) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | Net gains (losses) on hedged items (3) | (233,031) | (234,631) | 84,221 | (383,441) | Net gains (losses) on hedged items (3) | (352,904) | (191,489) | 895,059 | 350,666 | ||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | Net impact on net interest income | $ | (90,139) | $ | (61,201) | $ | 37,347 | $ | (113,993) | Net impact on net interest income | $ | (36,424) | $ | (36,224) | $ | 46,734 | $ | (25,914) | ||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | Total interest income (expense) recorded in the Statement of Income (4) | $ | 64,284 | $ | 51,020 | $ | (106,470) | $ | 8,834 | Total interest income (expense) recorded in the Statement of Income (4) | $ | 35,041 | $ | 22,445 | $ | (51,699) | $ | 5,787 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Hedge | Type of Hedge | 2022 | 2021 | 2022 | 2021 | Type of Hedge | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives not designated as hedging instruments: | Net gains (losses) on derivatives not designated as hedging instruments: | Net gains (losses) on derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges: | Economic hedges: | Economic hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps | Interest-rate swaps | $ | 16,413 | $ | 4,083 | $ | 38,463 | $ | 8,194 | Interest-rate swaps | $ | (10,074) | $ | 22,050 | ||||||||||||||||||||||||||||||||||||||
Interest-rate caps/floors | Interest-rate caps/floors | (42) | (528) | 131 | (396) | Interest-rate caps/floors | (945) | 173 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-rate forwards | Interest-rate forwards | 1,768 | (1,344) | 7,026 | 2,812 | Interest-rate forwards | (665) | 5,258 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements (1) | Net interest settlements (1) | 881 | (3,285) | (1,137) | (8,238) | Net interest settlements (1) | 9,817 | (2,018) | ||||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | (1,817) | 1,260 | (7,286) | (3,024) | MDCs | 504 | (5,469) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives in other income | Net gains (losses) on derivatives in other income | $ | 17,203 | $ | 186 | $ | 37,197 | $ | (652) | Net gains (losses) on derivatives in other income | $ | (1,363) | $ | 19,994 |
June 30, 2022 | Advances | AFS Securities | CO Bonds | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost of hedged items (1) | Amortized cost of hedged items (1) | $ | 16,303,974 | $ | 10,164,322 | $ | 26,730,944 | Amortized cost of hedged items (1) | $ | 21,675,645 | $ | 13,373,082 | $ | 32,794,852 | ||||||||||||||||||||||||||||||||||||||
Cumulative basis adjustments included in amortized cost: | Cumulative basis adjustments included in amortized cost: | Cumulative basis adjustments included in amortized cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||
For active fair-value hedging relationships (2) | For active fair-value hedging relationships (2) | $ | (345,091) | $ | (934,237) | $ | (1,530,303) | For active fair-value hedging relationships (2) | $ | (376,110) | $ | (1,115,657) | $ | (1,733,061) | ||||||||||||||||||||||||||||||||||||||
For discontinued fair-value hedging relationships | For discontinued fair-value hedging relationships | 136 | 357,242 | — | For discontinued fair-value hedging relationships | — | 299,966 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total cumulative fair-value hedging basis adjustments on hedged items | Total cumulative fair-value hedging basis adjustments on hedged items | $ | (344,955) | $ | (576,995) | $ | (1,530,303) | Total cumulative fair-value hedging basis adjustments on hedged items | $ | (376,110) | $ | (815,691) | $ | (1,733,061) |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | ||||||||||||||||||||||||||||||||||||||
Amortized cost of hedged items (1) | Amortized cost of hedged items (1) | $ | 17,374,515 | $ | 9,007,993 | $ | 20,902,714 | Amortized cost of hedged items (1) | $ | 20,766,832 | $ | 12,189,776 | $ | 28,717,246 | ||||||||||||||||||||||||||
Cumulative basis adjustments included in amortized cost: | Cumulative basis adjustments included in amortized cost: | Cumulative basis adjustments included in amortized cost: | ||||||||||||||||||||||||||||||||||||||
For active fair-value hedging relationships (2) | For active fair-value hedging relationships (2) | $ | 178,543 | $ | (184,724) | $ | (247,699) | For active fair-value hedging relationships (2) | $ | (615,898) | $ | (1,417,774) | $ | (2,147,802) | ||||||||||||||||||||||||||
For discontinued fair-value hedging relationships | For discontinued fair-value hedging relationships | 572 | 390,923 | — | For discontinued fair-value hedging relationships | 39 | 317,888 | — | ||||||||||||||||||||||||||||||||
Total cumulative fair-value hedging basis adjustments on hedged items | Total cumulative fair-value hedging basis adjustments on hedged items | $ | 179,115 | $ | 206,199 | $ | (247,699) | Total cumulative fair-value hedging basis adjustments on hedged items | $ | (615,859) | $ | (1,099,886) | $ | (2,147,802) |
Discount Notes | Discount Notes | June 30, 2022 | December 31, 2021 | Discount Notes | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Book value | Book value | $ | 19,587,260 | $ | 12,116,358 | Book value | $ | 23,171,249 | $ | 27,387,492 | ||||||||||||||||||
Par value | Par value | 19,617,332 | 12,117,846 | Par value | 23,281,697 | 27,533,665 | ||||||||||||||||||||||
Weighted average effective interest rate | Weighted average effective interest rate | 1.17 | % | 0.05 | % | Weighted average effective interest rate | 4.71 | % | 4.16 | % |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Year of Contractual Maturity | Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | ||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 8,949,535 | 1.52 | $ | 14,357,350 | 0.29 | Due in 1 year or less | $ | 12,141,375 | 4.02 | $ | 10,016,310 | 3.05 | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 3,556,625 | 1.49 | 2,965,510 | 1.02 | Due after 1 through 2 years | 12,654,350 | 1.91 | 8,014,590 | 1.48 | ||||||||||||||||||||||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 9,827,090 | 1.09 | 5,797,550 | 0.76 | Due after 2 through 3 years | 5,468,640 | 1.30 | 6,278,940 | 1.37 | ||||||||||||||||||||||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 4,878,500 | 1.26 | 3,947,300 | 0.83 | Due after 3 through 4 years | 5,752,320 | 1.50 | 7,130,600 | 1.25 | ||||||||||||||||||||||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 5,039,820 | 1.36 | 6,587,600 | 1.14 | Due after 4 through 5 years | 1,612,320 | 2.10 | 2,312,540 | 1.76 | ||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 8,698,820 | 2.20 | 8,894,940 | 2.09 | Thereafter | 7,787,140 | 2.47 | 8,249,080 | 2.35 | ||||||||||||||||||||||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | 40,950,390 | 1.51 | 42,550,250 | 0.96 | Total CO bonds, par value | 45,416,145 | 2.45 | 42,002,060 | 1.99 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized premiums | Unamortized premiums | 60,418 | 77,035 | Unamortized premiums | 41,593 | 45,535 | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discounts | Unamortized discounts | (10,819) | (11,268) | Unamortized discounts | (10,326) | (10,165) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized concessions | Unamortized concessions | (7,321) | (6,746) | Unamortized concessions | (7,366) | (7,174) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair-value hedging basis adjustments, net | Fair-value hedging basis adjustments, net | (1,530,303) | (247,699) | Fair-value hedging basis adjustments, net | (1,733,061) | (2,147,802) | ||||||||||||||||||||||||||||||||||||||||||||||
Total CO bonds | Total CO bonds | $ | 39,462,365 | $ | 42,361,572 | Total CO bonds | $ | 43,706,985 | $ | 39,882,454 |
Redemption Feature | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||
Call Feature | Call Feature | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Non-callable / non-putable | Non-callable / non-putable | $ | 11,740,890 | $ | 20,346,750 | Non-callable / non-putable | $ | 13,426,145 | $ | 11,979,560 | ||||||||||||||||||
Callable | Callable | 29,209,500 | 22,203,500 | Callable | 31,990,000 | 30,022,500 | ||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | $ | 40,950,390 | $ | 42,550,250 | Total CO bonds, par value | $ | 45,416,145 | $ | 42,002,060 |
Year of Contractual Maturity or Next Call Date | Year of Contractual Maturity or Next Call Date | June 30, 2022 | December 31, 2021 | Year of Contractual Maturity or Next Call Date | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 35,829,035 | $ | 36,028,850 | Due in 1 year or less | $ | 39,346,875 | $ | 37,066,810 | ||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 1,374,625 | 3,122,510 | Due after 1 through 2 years | 2,589,350 | 1,444,590 | ||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 997,090 | 586,550 | Due after 2 through 3 years | 965,640 | 770,940 | ||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 745,500 | 577,300 | Due after 3 through 4 years | 620,820 | 804,100 | ||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 248,320 | 415,100 | Due after 4 through 5 years | 318,320 | 268,540 | ||||||||||||||||||||||
Thereafter | Thereafter | 1,755,820 | 1,819,940 | Thereafter | 1,575,140 | 1,647,080 | ||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | $ | 40,950,390 | $ | 42,550,250 | Total CO bonds, par value | $ | 45,416,145 | $ | 42,002,060 |
Interest-Rate Payment Type | Interest-Rate Payment Type | June 30, 2022 | December 31, 2021 | Interest-Rate Payment Type | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Fixed-rate | Fixed-rate | $ | 34,548,390 | $ | 36,717,750 | Fixed-rate | $ | 40,853,645 | $ | 36,957,560 | ||||||||||||||||||
Step-up | Step-up | 2,233,500 | 898,500 | Step-up | 1,668,500 | 2,268,500 | ||||||||||||||||||||||
Simple variable-rate | Simple variable-rate | 4,168,500 | 4,934,000 | Simple variable-rate | 2,894,000 | 2,776,000 | ||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | $ | 40,950,390 | $ | 42,550,250 | Total CO bonds, par value | $ | 45,416,145 | $ | 42,002,060 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
AHP Activity | AHP Activity | 2022 | 2021 | 2022 | 2021 | AHP Activity | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Liability at beginning of period | Liability at beginning of period | $ | 31,937 | $ | 35,690 | $ | 31,049 | $ | 34,402 | Liability at beginning of period | $ | 38,170 | $ | 31,049 | ||||||||||||||||||||||||||||||||||||||
Assessment (expense) | Assessment (expense) | 3,623 | 2,008 | 6,828 | 5,451 | Assessment (expense) | 10,643 | 3,205 | ||||||||||||||||||||||||||||||||||||||||||||
Subsidy usage, net (1) | Subsidy usage, net (1) | (6,607) | (6,933) | (8,924) | (9,088) | Subsidy usage, net (1) | (2,198) | (2,317) | ||||||||||||||||||||||||||||||||||||||||||||
Liability at end of period | Liability at end of period | $ | 28,953 | $ | 30,765 | $ | 28,953 | $ | 30,765 | Liability at end of period | $ | 46,615 | $ | 31,937 |
Capital Stock Outstanding | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||
Capital Stock Sub-Series | Capital Stock Sub-Series | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Class B-1 | Class B-1 | $ | 765,075 | $ | 931,517 | Class B-1 | $ | 636,571 | $ | 535,345 | ||||||||||||||||||
Class B-2 | Class B-2 | 1,485,760 | 1,314,684 | Class B-2 | 1,655,621 | 1,587,780 | ||||||||||||||||||||||
Total Class B | Total Class B | $ | 2,250,835 | $ | 2,246,201 | Total Class B | $ | 2,292,192 | $ | 2,123,125 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS Activity | MRCS Activity | 2022 | 2021 | 2022 | 2021 | MRCS Activity | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Liability at beginning of period | Liability at beginning of period | $ | 45,591 | $ | 232,695 | $ | 50,422 | $ | 250,768 | Liability at beginning of period | $ | 372,503 | $ | 50,422 | ||||||||||||||||||||||||||||||||||||||
Reclassification from capital stock | Reclassification from capital stock | — | 281 | — | 281 | Reclassification from capital stock | 13 | — | ||||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases | Redemptions/repurchases | (8) | (83) | (4,839) | (18,156) | Redemptions/repurchases | (29) | (4,831) | ||||||||||||||||||||||||||||||||||||||||||||
Liability at end of period | Liability at end of period | $ | 45,583 | $ | 232,893 | $ | 45,583 | $ | 232,893 | Liability at end of period | $ | 372,487 | $ | 45,591 |
MRCS Contractual Year of Redemption | MRCS Contractual Year of Redemption | June 30, 2022 | December 31, 2021 | MRCS Contractual Year of Redemption | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Past contractual redemption date (1) | Past contractual redemption date (1) | $ | 560 | $ | 577 | Past contractual redemption date (1) | $ | 469 | $ | 498 | ||||||||||||||||||
Year 1 (2) | Year 1 (2) | 12,298 | 11,835 | Year 1 (2) | 10,916 | 10,048 | ||||||||||||||||||||||
Year 2 | Year 2 | 868 | 471 | Year 2 | 9,004 | 9,872 | ||||||||||||||||||||||
Year 3 | Year 3 | 12,124 | 9,873 | Year 3 | 19,179 | 19,179 | ||||||||||||||||||||||
Year 4 | Year 4 | 16,059 | 23,218 | Year 4 | 3,674 | 3,674 | ||||||||||||||||||||||
Year 5 | Year 5 | 3,674 | 4,448 | Year 5 | 329,245 | 329,232 | ||||||||||||||||||||||
Total MRCS | Total MRCS | $ | 45,583 | $ | 50,422 | Total MRCS | $ | 372,487 | $ | 372,503 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS Distributions | MRCS Distributions | 2022 | 2021 | 2022 | 2021 | MRCS Distributions | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Recorded as interest expense | Recorded as interest expense | $ | 269 | $ | 929 | $ | 514 | $ | 2,033 | Recorded as interest expense | $ | 4,110 | $ | 245 | ||||||||||||||||||||||||||||||||||||||
Recorded as distributions from retained earnings | Recorded as distributions from retained earnings | — | 1 | — | 84 | Recorded as distributions from retained earnings | 706 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 269 | $ | 930 | $ | 514 | $ | 2,117 | Total | $ | 4,816 | $ | 245 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | Regulatory Capital Requirements | Required | Actual | Required | Actual | Regulatory Capital Requirements | Required | Actual | Required | Actual | ||||||||||||||||||||||||||||||||||||||||||
Risk-based capital | Risk-based capital | $ | 1,217,930 | $ | 3,508,138 | $ | 1,091,337 | $ | 3,473,695 | Risk-based capital | $ | 588,979 | $ | 4,016,758 | $ | 489,240 | $ | 3,781,992 | ||||||||||||||||||||||||||||||||||
Total regulatory capital | Total regulatory capital | $ | 2,570,651 | $ | 3,508,138 | $ | 2,400,184 | $ | 3,473,695 | Total regulatory capital | $ | 2,907,585 | $ | 4,016,758 | $ | 2,891,351 | $ | 3,781,992 | ||||||||||||||||||||||||||||||||||
Total regulatory capital-to-assets ratio | Total regulatory capital-to-assets ratio | 4.00% | 5.46% | 4.00% | 5.79% | Total regulatory capital-to-assets ratio | 4.00% | 5.53% | 4.00% | 5.23% | ||||||||||||||||||||||||||||||||||||||||||
Leverage capital | Leverage capital | $ | 3,213,313 | $ | 5,262,207 | $ | 3,000,230 | $ | 5,210,543 | Leverage capital | $ | 3,634,482 | $ | 6,025,137 | $ | 3,614,189 | $ | 5,672,988 | ||||||||||||||||||||||||||||||||||
Leverage ratio | Leverage ratio | 5.00% | 8.19% | 5.00% | 8.69% | Leverage ratio | 5.00% | 8.29% | 5.00% | 7.85% |
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI | |||||||||||||||||
Balance, March 31, 2022 | $ | 77,479 | $ | (18,424) | $ | 59,055 | ||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | (45,228) | — | (45,228) | |||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | — | 329 | 329 | |||||||||||||||||
Total other comprehensive income (loss) | (45,228) | 329 | (44,899) | |||||||||||||||||
Balance, June 30, 2022 | $ | 32,251 | $ | (18,095) | $ | 14,156 | ||||||||||||||
Balance, March 31, 2021 | $ | 210,450 | $ | (30,523) | $ | 179,927 | ||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains | 4,502 | — | 4,502 | |||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | — | 8,995 | 8,995 | |||||||||||||||||
Total other comprehensive income | 4,502 | 8,995 | 13,497 | |||||||||||||||||
Balance, June 30, 2021 | $ | 214,952 | $ | (21,528) | $ | 193,424 |
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI | |||||||||||||||||
Balance, December 31, 2021 | $ | 151,942 | $ | (18,884) | $ | 133,058 | ||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | (119,691) | — | (119,691) | |||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | — | 789 | 789 | |||||||||||||||||
Total other comprehensive income (loss) | (119,691) | 789 | (118,902) | |||||||||||||||||
Balance, June 30, 2022 | $ | 32,251 | $ | (18,095) | $ | 14,156 | ||||||||||||||
Balance, December 31, 2020 | $ | 136,921 | $ | (31,519) | $ | 105,402 | ||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains | 78,031 | — | 78,031 | |||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | — | 9,991 | 9,991 | |||||||||||||||||
Total other comprehensive income | 78,031 | 9,991 | 88,022 | |||||||||||||||||
Balance, June 30, 2021 | $ | 214,952 | $ | (21,528) | $ | 193,424 |
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI | |||||||||||||||||
Balance, December 31, 2022 | $ | (9,939) | $ | (15,852) | $ | (25,791) | ||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | (47,977) | — | (47,977) | |||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | — | 340 | 340 | |||||||||||||||||
Total other comprehensive income (loss) | (47,977) | 340 | (47,637) | |||||||||||||||||
Balance, March 31, 2023 | $ | (57,916) | $ | (15,512) | $ | (73,428) | ||||||||||||||
Balance, December 31, 2021 | $ | 151,942 | $ | (18,884) | $ | 133,058 | ||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | (74,463) | — | (74,463) | |||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | — | 460 | 460 | |||||||||||||||||
Total other comprehensive income (loss) | (74,463) | 460 | (74,003) | |||||||||||||||||
Balance, March 31, 2022 | $ | 77,479 | $ | (18,424) | $ | 59,055 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 50,671 | $ | 13,151 | $ | 63,822 | $ | 53,952 | $ | 3,364 | $ | 57,316 | Net interest income | $ | 90,669 | $ | 12,980 | $ | 103,649 | $ | 52,674 | $ | 11,910 | $ | 64,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | (38) | (38) | — | (44) | (44) | Provision for (reversal of) credit losses | — | 2 | 2 | — | (22) | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | (1,732) | 34 | (1,698) | (9,734) | (36) | (9,770) | Other income (loss) | 30,251 | (104) | 30,147 | (7,210) | (192) | (7,402) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 22,436 | 3,767 | 26,203 | 24,221 | 4,216 | 28,437 | Other expenses | 27,417 | 4,053 | 31,470 | 21,766 | 3,628 | 25,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before assessments | 26,503 | 9,456 | 35,959 | 19,997 | (844) | 19,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments (credits) | 2,677 | 946 | 3,623 | 2,093 | (85) | 2,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 23,826 | $ | 8,510 | $ | 32,336 | $ | 17,904 | $ | (759) | $ | 17,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 103,361 | $ | 25,045 | $ | 128,406 | $ | 128,137 | $ | 3,700 | $ | 131,837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | — | (60) | (60) | — | 44 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | (8,942) | (158) | (9,100) | (22,611) | (135) | (22,746) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 44,202 | 7,395 | 51,597 | 48,339 | 8,228 | 56,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before assessments | 50,217 | 17,552 | 67,769 | 57,187 | (4,707) | 52,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments (credits) | 5,073 | 1,755 | 6,828 | 5,922 | (471) | 5,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 45,144 | $ | 15,797 | $ | 60,941 | $ | 51,265 | $ | (4,236) | $ | 47,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 93,503 | 8,821 | 102,324 | 23,698 | 8,112 | 31,810 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | Affordable Housing Program assessments | 9,761 | 882 | 10,643 | 2,394 | 811 | 3,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 83,742 | $ | 7,939 | $ | 91,681 | $ | 21,304 | $ | 7,301 | $ | 28,605 |
By Date | Traditional | Mortgage Loans | Total | |||||||||||||||||
June 30, 2022 | $ | 56,536,621 | $ | 7,729,642 | $ | 64,266,263 | ||||||||||||||
December 31, 2021 | 52,388,469 | 7,616,134 | 60,004,603 |
Date | Traditional | Mortgage Loans | Total | |||||||||||||||||
March 31, 2023 | $ | 64,957,338 | $ | 7,732,298 | $ | 72,689,636 | ||||||||||||||
December 31, 2022 | 64,597,325 | 7,686,455 | 72,283,780 |
June 30, 2022 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Netting | Carrying | Netting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 59,596 | $ | 59,596 | $ | 59,596 | $ | — | $ | — | $ | — | Cash and due from banks | $ | 62,685 | $ | 62,685 | $ | 62,685 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 325,041 | 325,041 | 325,000 | 41 | — | — | Interest-bearing deposits | 580,868 | 580,868 | 580,826 | 42 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 4,500,000 | 4,500,000 | — | 4,500,000 | — | — | Securities purchased under agreements to resell | 5,625,000 | 5,625,000 | — | 5,625,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 2,496,000 | 2,496,000 | — | 2,496,000 | — | — | Federal funds sold | 2,713,000 | 2,713,000 | — | 2,713,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 4,039,407 | 4,039,407 | — | 4,039,407 | — | — | Trading securities | 394,500 | 394,500 | — | 394,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities | AFS securities | 10,196,572 | 10,196,572 | — | 10,196,572 | — | — | AFS securities | 13,315,166 | 13,315,166 | — | 13,315,166 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HTM securities | HTM securities | 3,877,299 | 3,821,942 | — | 3,821,942 | — | — | HTM securities | 4,563,538 | 4,494,347 | — | 4,494,347 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | 30,507,462 | 30,354,762 | — | 30,354,762 | — | — | Advances | 36,950,032 | 36,734,025 | — | 36,734,025 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,729,642 | 7,213,065 | — | 7,199,864 | 13,201 | — | Mortgage loans held for portfolio, net | 7,732,298 | 7,020,316 | — | 7,014,330 | 5,986 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 96,937 | 96,937 | — | 96,937 | — | — | Accrued interest receivable | 155,856 | 155,856 | — | 155,856 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets, net | Derivative assets, net | 325,848 | 325,848 | — | 497,510 | — | (171,662) | Derivative assets, net | 490,129 | 490,129 | — | 704,143 | — | (214,014) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grantor trust assets (2) | Grantor trust assets (2) | 52,400 | 52,400 | 52,400 | — | — | — | Grantor trust assets (2) | 55,357 | 55,357 | 55,357 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 907,525 | 907,525 | — | 907,525 | — | — | Deposits | 582,078 | 582,075 | — | 582,075 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations: | Consolidated obligations: | Consolidated obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | 19,587,260 | 19,579,547 | — | 19,579,547 | — | — | Discount notes | 23,171,249 | 23,177,238 | — | 23,177,238 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | Bonds | 39,462,365 | 38,768,013 | — | 38,768,013 | — | — | Bonds | 43,706,985 | 42,703,533 | — | 42,703,533 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans from other FHLBanks | Loans from other FHLBanks | 500,000 | 500,000 | — | 500,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 124,999 | 124,999 | — | 124,999 | — | — | Accrued interest payable | 217,382 | 217,382 | — | 217,382 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities, net | Derivative liabilities, net | 13,569 | 13,569 | — | 1,557,214 | — | (1,543,645) | Derivative liabilities, net | 18,413 | 18,413 | — | 1,864,763 | — | (1,846,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS | MRCS | 45,583 | 45,583 | 45,583 | — | — | — | MRCS | 372,487 | 372,487 | 372,487 | — | — | — |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Netting | Carrying | Netting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 867,880 | $ | 867,880 | $ | 867,880 | $ | — | $ | — | $ | — | Cash and due from banks | $ | 21,161 | $ | 21,161 | $ | 21,161 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 100,041 | 100,041 | 100,000 | 41 | — | — | Interest-bearing deposits | 856,060 | 856,060 | 856,019 | 41 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 3,500,000 | 3,500,000 | — | 3,500,000 | — | — | Securities purchased under agreements to resell | 4,550,000 | 4,550,000 | — | 4,550,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 2,580,000 | 2,580,000 | — | 2,580,000 | — | — | Federal funds sold | 3,148,000 | 3,148,000 | — | 3,148,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 3,946,799 | 3,946,799 | — | 3,946,799 | — | — | Trading securities | 2,230,248 | 2,230,248 | — | 2,230,248 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities | AFS securities | 9,159,935 | 9,159,935 | — | 9,159,935 | — | — | AFS securities | 12,179,837 | 12,179,837 | — | 12,179,837 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HTM securities | HTM securities | 4,313,773 | 4,322,157 | — | 4,322,157 | — | — | HTM securities | 4,240,201 | 4,156,218 | — | 4,156,218 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | 27,497,835 | 27,462,295 | — | 27,462,295 | — | — | Advances | 36,682,459 | 36,468,949 | — | 36,468,949 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,616,134 | 7,810,378 | — | 7,787,334 | 23,044 | — | Mortgage loans held for portfolio, net | 7,686,455 | 6,867,904 | — | 6,859,956 | 7,948 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 80,758 | 80,758 | — | 80,758 | — | — | Accrued interest receivable | 152,867 | 152,867 | — | 152,867 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets, net | Derivative assets, net | 220,202 | 220,202 | — | 106,926 | — | 113,276 | Derivative assets, net | 434,421 | 434,421 | — | 921,179 | — | (486,758) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grantor trust assets (2) | Grantor trust assets (2) | 62,640 | 62,640 | 62,640 | — | — | — | Grantor trust assets (2) | 53,166 | 53,166 | 53,166 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,366,397 | 1,366,397 | — | 1,366,397 | — | — | Deposits | 595,907 | 595,907 | — | 595,907 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations: | Consolidated obligations: | Consolidated obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | 12,116,358 | 12,115,318 | — | 12,115,318 | — | — | Discount notes | 27,387,492 | 27,387,547 | — | 27,387,547 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | Bonds | 42,361,572 | 42,643,536 | — | 42,643,536 | — | — | Bonds | 39,882,454 | 38,690,400 | — | 38,690,400 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 88,068 | 88,068 | — | 88,068 | — | — | Accrued interest payable | 162,584 | 162,584 | — | 162,584 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities, net | Derivative liabilities, net | 12,185 | 12,185 | — | 413,776 | — | (401,591) | Derivative liabilities, net | 19,209 | 19,209 | — | 2,179,524 | — | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS | MRCS | 50,422 | 50,422 | 50,422 | — | — | — | MRCS | 372,503 | 372,503 | 372,503 | — | — | — |
Netting | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 4,039,407 | $ | — | $ | 4,039,407 | $ | — | $ | — | U.S. Treasury obligations | $ | 394,500 | $ | — | $ | 394,500 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 4,039,407 | — | 4,039,407 | — | — | Total trading securities | 394,500 | — | 394,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | AFS securities: | AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 2,105,878 | — | 2,105,878 | — | — | U.S. Treasury obligations | 5,080,176 | — | 5,080,176 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 2,086,063 | — | 2,086,063 | — | — | GSE and TVA debentures | 1,874,349 | — | 1,874,349 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,004,631 | — | 6,004,631 | — | — | GSE multifamily MBS | 6,360,641 | — | 6,360,641 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | 10,196,572 | — | 10,196,572 | — | — | Total AFS securities | 13,315,166 | — | 13,315,166 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate related | Interest-rate related | 325,740 | — | 497,402 | — | (171,662) | Interest-rate related | 489,839 | — | 703,853 | — | (214,014) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 108 | — | 108 | — | — | MDCs | 290 | — | 290 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets, net | Total derivative assets, net | 325,848 | — | 497,510 | — | (171,662) | Total derivative assets, net | 490,129 | — | 704,143 | — | (214,014) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | Other assets: | Other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grantor trust assets | Grantor trust assets | 52,400 | 52,400 | — | — | — | Grantor trust assets | 55,357 | 55,357 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at recurring estimated fair value | Total assets at recurring estimated fair value | $ | 14,614,227 | $ | 52,400 | $ | 14,733,489 | $ | — | $ | (171,662) | Total assets at recurring estimated fair value | $ | 14,255,152 | $ | 55,357 | $ | 14,413,809 | $ | — | $ | (214,014) | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate related | Interest-rate related | $ | 13,524 | $ | — | $ | 1,557,169 | $ | — | $ | (1,543,645) | Interest-rate related | $ | 18,391 | $ | — | $ | 1,864,741 | $ | — | $ | (1,846,350) | ||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 45 | — | 45 | — | — | MDCs | 22 | — | 22 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities, net | Total derivative liabilities, net | 13,569 | — | 1,557,214 | — | (1,543,645) | Total derivative liabilities, net | 18,413 | — | 1,864,763 | — | (1,846,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at recurring estimated fair value | Total liabilities at recurring estimated fair value | $ | 13,569 | $ | — | $ | 1,557,214 | $ | — | $ | (1,543,645) | Total liabilities at recurring estimated fair value | $ | 18,413 | $ | — | $ | 1,864,763 | $ | — | $ | (1,846,350) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio (2) | $ | 970 | $ | — | $ | — | $ | 970 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at non-recurring estimated fair value | $ | 970 | $ | — | $ | — | $ | 970 | $ | — |
Netting | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 3,946,799 | $ | — | $ | 3,946,799 | $ | — | $ | — | U.S. Treasury obligations | $ | 2,230,248 | $ | — | $ | 2,230,248 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 3,946,799 | — | 3,946,799 | — | — | Total trading securities | 2,230,248 | — | 2,230,248 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | AFS securities: | AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 4,209,674 | — | 4,209,674 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 2,697,116 | — | 2,697,116 | — | — | GSE and TVA debentures | 1,902,703 | — | 1,902,703 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE MBS | GSE MBS | 6,462,819 | — | 6,462,819 | — | — | GSE MBS | 6,067,460 | — | 6,067,460 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | 9,159,935 | — | 9,159,935 | — | — | Total AFS securities | 12,179,837 | — | 12,179,837 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate related | Interest-rate related | 220,157 | — | 106,881 | — | 113,276 | Interest-rate related | 434,371 | — | 921,129 | — | (486,758) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 45 | — | 45 | — | — | MDCs | 50 | — | 50 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets, net | Total derivative assets, net | 220,202 | — | 106,926 | — | 113,276 | Total derivative assets, net | 434,421 | — | 921,179 | — | (486,758) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | Other assets: | Other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grantor trust assets | Grantor trust assets | 62,640 | 62,640 | — | — | — | Grantor trust assets | 53,166 | 53,166 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at recurring estimated fair value | Total assets at recurring estimated fair value | $ | 13,389,576 | $ | 62,640 | $ | 13,213,660 | $ | — | $ | 113,276 | Total assets at recurring estimated fair value | $ | 14,897,672 | $ | 53,166 | $ | 15,331,264 | $ | — | $ | (486,758) | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate related | Interest-rate related | $ | 12,080 | $ | — | $ | 413,671 | $ | — | $ | (401,591) | Interest-rate related | $ | 19,107 | $ | — | $ | 2,179,422 | $ | — | $ | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 105 | — | 105 | — | — | MDCs | 102 | — | 102 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities, net | Total derivative liabilities, net | 12,185 | — | 413,776 | — | (401,591) | Total derivative liabilities, net | 19,209 | — | 2,179,524 | — | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at recurring estimated fair value | Total liabilities at recurring estimated fair value | $ | 12,185 | $ | — | $ | 413,776 | $ | — | $ | (401,591) | Total liabilities at recurring estimated fair value | $ | 19,209 | $ | — | $ | 2,179,524 | $ | — | $ | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio (2) | $ | 1,141 | $ | — | $ | — | $ | 1,141 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at non-recurring estimated fair value | $ | 1,141 | $ | — | $ | — | $ | 1,141 | $ | — |
June 30, 2022 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Type of Commitment | Type of Commitment | Expire within one year | Expire after one year | Total | Type of Commitment | Expire within one year | Expire after one year | Total | ||||||||||||||||||||||||||||||||
Standby letters of credit outstanding | Standby letters of credit outstanding | $ | 48,363 | $ | 616,213 | $ | 664,576 | Standby letters of credit outstanding | $ | 63,768 | $ | 346,670 | $ | 410,438 | ||||||||||||||||||||||||||
Unused lines of credit (1) | Unused lines of credit (1) | 906,668 | — | 906,668 | Unused lines of credit (1) | 1,063,716 | — | 1,063,716 | ||||||||||||||||||||||||||||||||
Commitments to fund additional advances (2) | Commitments to fund additional advances (2) | 68,000 | — | 68,000 | Commitments to fund additional advances (2) | 295,263 | 4,087 | 299,350 | ||||||||||||||||||||||||||||||||
Commitments to fund or purchase mortgage loans, net (3) | Commitments to fund or purchase mortgage loans, net (3) | 31,325 | — | 31,325 | Commitments to fund or purchase mortgage loans, net (3) | 57,356 | — | 57,356 | ||||||||||||||||||||||||||||||||
Unsettled CO bonds, at par | 43,800 | — | 43,800 | |||||||||||||||||||||||||||||||||||||
Unsettled discount notes, at par | Unsettled discount notes, at par | 424,000 | — | 424,000 | Unsettled discount notes, at par | 872 | — | 872 |
Transactions with Directors' Financial Institutions | Transactions with Directors' Financial Institutions | Three Months Ended June 30, | Six Months Ended June 30, | Transactions with Directors' Financial Institutions | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Net capital stock issuances (redemptions and repurchases) | Net capital stock issuances (redemptions and repurchases) | $ | 3,437 | $ | — | $ | (46,983) | $ | — | Net capital stock issuances (redemptions and repurchases) | $ | 2,403 | $ | (50,420) | ||||||||||||||||||||||||||||||||||||||
Net advances (repayments) | Net advances (repayments) | 3,034,988 | (993,987) | 1,234,703 | (2,043,264) | Net advances (repayments) | (51,294) | (1,800,285) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan purchases | Mortgage loan purchases | 4,025 | 16,745 | 12,747 | 29,622 | Mortgage loan purchases | 3,123 | 8,722 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances with Directors' Financial Institutions | Balances with Directors' Financial Institutions | Par value | % of Total | Par value | % of Total | Balances with Directors' Financial Institutions | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | $ | 381,061 | 17 | % | $ | 440,949 | 19 | % | Capital stock | $ | 53,919 | 2 | % | $ | 49,869 | 2 | % | ||||||||||||||||||||||||||||||||||
Advances | Advances | 4,695,040 | 16 | % | 3,854,856 | 14 | % | Advances | 809,184 | 2 | % | 886,191 | 2 | % |
Average for Three Months Ended | Six-Month Average | Period End | Average for Three Months Ended | Period End | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | December 31, | March 31, | March 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Funds Effective | Federal Funds Effective | 0.76 | % | 0.07 | % | 0.44 | % | 0.07 | % | 1.58 | % | 0.07 | % | Federal Funds Effective | 4.52 | % | 0.12 | % | 4.83 | % | 4.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SOFR | SOFR | 0.71 | % | 0.02 | % | 0.40 | % | 0.03 | % | 1.50 | % | 0.05 | % | SOFR | 4.50 | % | 0.09 | % | 4.87 | % | 4.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overnight LIBOR | Overnight LIBOR | 0.77 | % | 0.07 | % | 0.44 | % | 0.07 | % | 1.58 | % | 0.06 | % | Overnight LIBOR | 4.50 | % | 0.12 | % | 4.80 | % | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-week OIS | 0.84 | % | 0.07 | % | 0.49 | % | 0.07 | % | 1.59 | % | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-week Overnight-Indexed Swap | 1-week Overnight-Indexed Swap | 4.55 | % | 0.15 | % | 4.82 | % | 4.34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3-month LIBOR | 3-month LIBOR | 1.54 | % | 0.16 | % | 1.02 | % | 0.18 | % | 2.29 | % | 0.21 | % | 3-month LIBOR | 4.92 | % | 0.53 | % | 5.19 | % | 4.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
3-month U.S. Treasury yield | 3-month U.S. Treasury yield | 1.07 | % | 0.02 | % | 0.69 | % | 0.03 | % | 1.67 | % | 0.04 | % | 3-month U.S. Treasury yield | 4.71 | % | 0.29 | % | 4.75 | % | 4.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2-year U.S Treasury yield | 2-year U.S Treasury yield | 2.72 | % | 0.17 | % | 2.09 | % | 0.15 | % | 2.96 | % | 0.73 | % | 2-year U.S Treasury yield | 4.36 | % | 1.45 | % | 4.03 | % | 4.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-year U.S. Treasury yield | 10-year U.S. Treasury yield | 2.93 | % | 1.58 | % | 2.44 | % | 1.45 | % | 3.02 | % | 1.51 | % | 10-year U.S. Treasury yield | 3.65 | % | 1.95 | % | 3.47 | % | 3.88 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | Condensed Statements of Comprehensive Income | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 64 | $ | 57 | $ | 7 | 11 | % | $ | 128 | $ | 132 | $ | (4) | (3) | % | Net interest income | $ | 104 | $ | 65 | $ | 39 | 60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | — | — | — | — | — | Provision for (reversal of) credit losses | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 64 | 57 | 7 | 11 | % | 128 | 132 | (4) | (3) | % | Net interest income after provision for credit losses | 104 | 65 | 39 | 60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | (2) | (10) | 8 | (9) | (23) | 14 | Other income (loss) | 30 | (7) | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 26 | 28 | (2) | 51 | 57 | (6) | Other expenses | 31 | 26 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 36 | 19 | 17 | 88 | % | 68 | 52 | 16 | 29 | % | Income before assessments | 103 | 32 | 71 | 222 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AHP assessments | AHP assessments | 4 | 2 | 2 | 7 | 5 | 2 | AHP assessments | 11 | 3 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 32 | 17 | 15 | 89 | % | 61 | 47 | 14 | 30 | % | Net income | 92 | 29 | 63 | 220 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (45) | 13 | (58) | (119) | 88 | (207) | Total other comprehensive income (loss) | (47) | (74) | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $ | (13) | $ | 30 | $ | (43) | (141) | % | $ | (58) | $ | 135 | $ | (193) | (143) | % | Total comprehensive income (loss) | $ | 45 | $ | (45) | $ | 90 | 197 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | Ratios | 2022 | 2021 | 2022 | 2021 | Ratios | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 0.21 | % | 0.11 | % | 0.20 | % | 0.14 | % | Return on average assets | 0.53 | % | 0.20 | % | ||||||||||||||||||||||||||||||||||||||
Return on average equity | Return on average equity | 3.71 | % | 1.94 | % | 3.48 | % | 2.66 | % | Return on average equity | 10.86 | % | 3.26 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Reconciliation of Net Income | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
GAAP net income | $ | 32.3 | $ | 17.1 | $ | 60.9 | $ | 47.0 | ||||||||||||||||||
Adjustments to exclude: | ||||||||||||||||||||||||||
Fair-value hedging (gains) losses (1) | 6.8 | 5.6 | 4.8 | (13.0) | ||||||||||||||||||||||
Amortization/accretion of (gains) losses on ineffective and discontinued fair-value hedging relationships (2) | 17.3 | 7.5 | 34.1 | 12.9 | ||||||||||||||||||||||
Trading (gains) losses, net of economic hedging gains (losses) (3) | (0.8) | 10.1 | (0.7) | 19.1 | ||||||||||||||||||||||
Net unrealized (gains) losses on other economic hedges | (1.5) | 0.1 | 0.3 | 0.5 | ||||||||||||||||||||||
Interest expense on MRCS | 0.3 | 0.9 | 0.5 | 2.0 | ||||||||||||||||||||||
Total adjustments | 22.1 | 24.2 | 39.0 | 21.5 | ||||||||||||||||||||||
AHP assessments on adjustments | (2.2) | (2.3) | (3.8) | (1.9) | ||||||||||||||||||||||
Adjusted net income (non-GAAP measure) | $ | 52.2 | $ | 39.0 | $ | 96.1 | $ | 66.6 |
Condensed Statements of Condition | Condensed Statements of Condition | June 30, 2022 | December 31, 2021 | $ Change | % Change | Condensed Statements of Condition | March 31, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | $ | 30,507 | $ | 27,498 | $ | 3,009 | 11 | % | Advances | $ | 36,950 | $ | 36,683 | $ | 267 | 1 | % | ||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,730 | 7,616 | 114 | 1 | % | Mortgage loans held for portfolio, net | 7,732 | 7,687 | 45 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
Cash and short-term investments (1) | 7,381 | 7,048 | 333 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Investment securities and other assets (2) | 18,648 | 17,843 | 805 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Liquidity investments (1) | Liquidity investments (1) | 9,377 | 10,805 | (1,428) | (13) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other investment securities (2) | Other investment securities (2) | 17,879 | 16,420 | 1,459 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 752 | 689 | 63 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 64,266 | $ | 60,005 | $ | 4,261 | 7 | % | Total assets | $ | 72,690 | $ | 72,284 | $ | 406 | 1 | % | ||||||||||||||||||||||||||||||||||
Consolidated obligations | Consolidated obligations | $ | 59,050 | $ | 54,478 | $ | 4,572 | 8 | % | Consolidated obligations | $ | 66,878 | $ | 67,270 | $ | (392) | (1) | % | ||||||||||||||||||||||||||||||||||
MRCS | MRCS | 46 | 50 | (4) | (10) | % | MRCS | 372 | 373 | (1) | — | % | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 1,693 | 1,921 | (228) | (12) | % | Other liabilities | 1,869 | 1,257 | 612 | 49 | % | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 60,789 | 56,449 | 4,340 | 8 | % | Total liabilities | 69,119 | 68,900 | 219 | — | % | ||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | 2,251 | 2,246 | 5 | — | % | Capital stock | 2,292 | 2,123 | 169 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
Retained earnings (3) | Retained earnings (3) | 1,212 | 1,177 | 35 | 3 | % | Retained earnings (3) | 1,352 | 1,287 | 65 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
AOCI | AOCI | 14 | 133 | (119) | (89) | % | AOCI | (73) | (26) | (47) | (185) | % | ||||||||||||||||||||||||||||||||||||||||
Total capital | Total capital | 3,477 | 3,556 | (79) | (2) | % | Total capital | 3,571 | 3,384 | 187 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 64,266 | $ | 60,005 | $ | 4,261 | 7 | % | Total liabilities and capital | $ | 72,690 | $ | 72,284 | $ | 406 | 1 | % | ||||||||||||||||||||||||||||||||||
Total regulatory capital (4) | Total regulatory capital (4) | $ | 3,509 | $ | 3,473 | $ | 36 | 1 | % | Total regulatory capital (4) | $ | 4,016 | $ | 3,783 | $ | 233 | 6 | % |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | $ | 7,223 | $ | 14 | 0.76 | % | $ | 7,219 | $ | 1 | 0.05 | % | |||||||||||||||||||||||
Investment securities (3) | 18,060 | 56 | 1.24 | % | 19,607 | 43 | 0.89 | % | |||||||||||||||||||||||||||
Advances (4) | 27,455 | 68 | 0.99 | % | 29,010 | 28 | 0.39 | % | |||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) (5) | 7,736 | 51 | 2.67 | % | 7,875 | 40 | 2.04 | % | |||||||||||||||||||||||||||
Other assets (interest-earning) (6) | 1,458 | 3 | 0.73 | % | 731 | — | 0.07 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 61,932 | 192 | 1.24 | % | 64,442 | 112 | 0.70 | % | |||||||||||||||||||||||||||
Other assets (7) | (413) | 571 | |||||||||||||||||||||||||||||||||
Total assets | $ | 61,519 | $ | 65,013 | |||||||||||||||||||||||||||||||
Liabilities and Capital: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,215 | 2 | 0.51 | % | $ | 1,694 | — | 0.01 | % | |||||||||||||||||||||||||
Discount notes | 17,102 | 27 | 0.62 | % | 16,497 | 2 | 0.04 | % | |||||||||||||||||||||||||||
CO bonds (4) | 39,146 | 99 | 1.02 | % | 42,319 | 52 | 0.50 | % | |||||||||||||||||||||||||||
MRCS | 46 | — | 2.37 | % | 233 | 1 | 1.60 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 57,509 | 128 | 0.89 | % | 60,743 | 55 | 0.37 | % | |||||||||||||||||||||||||||
Other liabilities | 512 | 716 | |||||||||||||||||||||||||||||||||
Total capital | 3,498 | 3,554 | |||||||||||||||||||||||||||||||||
Total liabilities and capital | $ | 61,519 | $ | 65,013 | |||||||||||||||||||||||||||||||
Net interest income | $ | 64 | $ | 57 | |||||||||||||||||||||||||||||||
Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.35 | % | 0.33 | % | |||||||||||||||||||||||||||||||
Net interest margin (8) | 0.41 | % | 0.36 | % | |||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.06 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/Cost of Funds (1) (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | $ | 6,638 | $ | 15 | 0.47 | % | $ | 7,757 | $ | 2 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (3) | 17,826 | 92 | 1.03 | % | 19,817 | 99 | 1.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | $ | 2,826 | $ | 32 | 4.59 | % | $ | 3,161 | $ | 1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 4,052 | 45 | 4.55 | % | 2,885 | 1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MBS (3)(4) | MBS (3)(4) | 10,724 | 141 | 5.32 | % | 10,343 | 25 | 0.99 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investment securities (3)(4) | Other investment securities (3)(4) | 7,511 | 83 | 4.45 | % | 7,248 | 10 | 0.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances (4) | Advances (4) | 26,963 | 102 | 0.77 | % | 29,317 | 65 | 0.44 | % | Advances (4) | 36,630 | 434 | 4.81 | % | 26,464 | 35 | 0.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) (5) | Mortgage loans held for portfolio (4) (5) | 7,697 | 99 | 2.60 | % | 8,077 | 80 | 2.01 | % | Mortgage loans held for portfolio (4) (5) | 7,710 | 58 | 3.04 | % | 7,658 | 48 | 2.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (interest-earning) (6) | Other assets (interest-earning) (6) | 1,136 | 3 | 0.52 | % | 816 | — | 0.07 | % | Other assets (interest-earning) (6) | 2,388 | 26 | 4.46 | % | 810 | — | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 60,260 | 311 | 1.04 | % | 65,784 | 246 | 0.76 | % | Total interest-earning assets | 71,841 | 819 | 4.62 | % | 58,569 | 120 | 0.84 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (7) | Other assets (7) | (71) | 743 | Other assets (7) | (1,093) | 276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 60,189 | $ | 66,527 | Total assets | $ | 70,748 | $ | 58,845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Capital: | Liabilities and Capital: | Liabilities and Capital: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 1,281 | 1 | 0.26 | % | $ | 1,602 | — | 0.01 | % | Interest-bearing deposits | $ | 722 | 7 | 4.28 | % | $ | 1,347 | — | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | 14,978 | 30 | 0.41 | % | 17,629 | 6 | 0.07 | % | Discount notes | 23,328 | 257 | 4.46 | % | 12,830 | 4 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CO bonds (4) | CO bonds (4) | 39,785 | 151 | 0.76 | % | 42,770 | 106 | 0.50 | % | CO bonds (4) | 42,224 | 447 | 4.29 | % | 40,430 | 51 | 0.52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS | MRCS | 47 | 1 | 2.20 | % | 238 | 2 | 1.73 | % | MRCS | 372 | 4 | 4.47 | % | 48 | — | 2.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 6 | — | 4.87 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 56,091 | 183 | 0.66 | % | 62,239 | 114 | 0.37 | % | Total interest-bearing liabilities | 66,652 | 715 | 4.35 | % | 54,655 | 55 | 0.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 571 | 727 | Other liabilities | 673 | 633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | 3,527 | 3,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | 2,174 | 2,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other components of capital | All other components of capital | 1,249 | 1,371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 60,189 | $ | 66,527 | Total liabilities and capital | $ | 70,748 | $ | 58,845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 128 | $ | 132 | Net interest income | $ | 104 | $ | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net spread on interest-earning assets less interest-bearing liabilities (2) | Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.38 | % | 0.39 | % | Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.27 | % | 0.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (8) | Net interest margin (8) | 0.43 | % | 0.40 | % | Net interest margin (8) | 0.59 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | Average interest-earning assets to interest-bearing liabilities | 1.07 | 1.06 | Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.06 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Components | Components | 2022 | 2021 | 2022 | 2021 | Components | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on trading securities (1) | Net unrealized gains (losses) on trading securities (1) | $ | (11) | $ | (13) | $ | (18) | $ | (29) | Net unrealized gains (losses) on trading securities (1) | $ | 12 | $ | (7) | ||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on trading securities (2) | Net realized gains (losses) on trading securities (2) | (3) | (1) | (20) | 2 | Net realized gains (losses) on trading securities (2) | (4) | (17) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities | Net gains (losses) on trading securities | (14) | (14) | (38) | (27) | Net gains (losses) on trading securities | 8 | (24) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives hedging trading securities | Net gains (losses) on derivatives hedging trading securities | 17 | 3 | 41 | 8 | Net gains (losses) on derivatives hedging trading securities | (11) | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (3) | 1 | (3) | (1) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on other derivatives not designated as hedging instruments | Net gains (losses) on other derivatives not designated as hedging instruments | (1) | — | (3) | (1) | Net gains (losses) on other derivatives not designated as hedging instruments | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on economic derivatives (3) | Net interest settlements on economic derivatives (3) | 10 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | Net gains (losses) on derivatives | 17 | — | 37 | (1) | Net gains (losses) on derivatives | (1) | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investments indirectly funding certain employee benefit plans | (6) | 3 | (10) | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains on extinguishment of debt | Net gains on extinguishment of debt | 20 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investments indirectly funding the liabilities under the SERP | Change in fair value of investments indirectly funding the liabilities under the SERP | 2 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 1 | 1 | 2 | 1 | Other, net | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Total other income (loss) | Total other income (loss) | $ | (2) | $ | (10) | $ | (9) | $ | (23) | Total other income (loss) | $ | 30 | $ | (7) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Earnings Components of Trading Securities | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net interest income (1) | $ | 1 | $ | 14 | $ | 5 | $ | 28 | ||||||||||||||||||
Other income: | ||||||||||||||||||||||||||
Net unrealized gains (losses) | (11) | (13) | (18) | (29) | ||||||||||||||||||||||
Net realized gains (losses) | (3) | (1) | (20) | 2 | ||||||||||||||||||||||
Net interest settlements on derivatives | 2 | (2) | — | (8) | ||||||||||||||||||||||
Change in fair value of derivatives | 17 | 3 | 41 | 8 | ||||||||||||||||||||||
Other income (loss), net | 5 | (13) | 3 | (27) | ||||||||||||||||||||||
Net impact of trading securities on income before assessments | $ | 6 | $ | 1 | $ | 8 | $ | 1 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Components | Components | 2022 | 2021 | 2022 | 2021 | Components | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 13 | $ | 14 | $ | 26 | $ | 30 | Compensation and benefits | $ | 17 | $ | 13 | ||||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 8 | 7 | 15 | 15 | Other operating expenses | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Finance Agency and Office of Finance | Finance Agency and Office of Finance | 3 | 3 | 6 | 6 | Finance Agency and Office of Finance | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | 2 | 4 | 4 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Voluntary contributions to AHP and/or related programs | Voluntary contributions to AHP and/or related programs | 3 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | Total other expenses | $ | 26 | $ | 28 | $ | 51 | $ | 57 | Total other expenses | $ | 31 | $ | 26 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | Traditional | 2022 | 2021 | 2022 | 2021 | Traditional | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 51 | $ | 53 | $ | 103 | $ | 128 | Net interest income | $ | 91 | $ | 53 | ||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | — | — | — | Provision for (reversal of) credit losses | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | (2) | (10) | (9) | (23) | Other income (loss) | 30 | (7) | ||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 22 | 24 | 44 | 49 | Other expenses | 27 | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 27 | 19 | 50 | 56 | Income before assessments | 94 | 24 | ||||||||||||||||||||||||||||||||||||||||||||
AHP assessments | AHP assessments | 3 | 2 | 5 | 5 | AHP assessments | 10 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 24 | $ | 17 | $ | 45 | $ | 51 | Net income | $ | 84 | $ | 22 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Mortgage Loans | 2022 | 2021 | 2022 | 2021 | Mortgage Loans | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 13 | $ | 4 | $ | 25 | $ | 4 | Net interest income | $ | 13 | $ | 12 | ||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | — | — | — | Provision for (reversal of) credit losses | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | — | — | — | — | Other income (loss) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 4 | 4 | 7 | 8 | Other expenses | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before assessments | 9 | — | 18 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
AHP assessments (credits) | 1 | — | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 9 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
AHP assessments | AHP assessments | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 8 | $ | — | $ | 16 | $ | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 8 | $ | 7 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Major Asset Categories | Major Asset Categories | Carrying Value | % of Total | Carrying Value | % of Total | Major Asset Categories | Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | $ | 30,507 | 47 | % | $ | 27,498 | 46 | % | Advances | $ | 36,950 | 51 | % | $ | 36,683 | 51 | % | ||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,730 | 12 | % | 7,616 | 13 | % | Mortgage loans held for portfolio, net | 7,732 | 11 | % | 7,687 | 11 | % | ||||||||||||||||||||||||||||||||||||||
Cash and short-term investments | Cash and short-term investments | 7,381 | 12 | % | 7,048 | 12 | % | Cash and short-term investments | 8,982 | 12 | % | 8,575 | 12 | % | ||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 4,039 | 6 | % | 3,947 | 7 | % | Trading securities | 395 | 1 | % | 2,230 | 3 | % | ||||||||||||||||||||||||||||||||||||||
MBS | MBS | 10,925 | 15 | % | 10,307 | 14 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other investment securities | Other investment securities | 14,074 | 22 | % | 13,474 | 22 | % | Other investment securities | 6,954 | 9 | % | 6,113 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Other assets (1) | Other assets (1) | 535 | 1 | % | 422 | — | % | Other assets (1) | 752 | 1 | % | 689 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 64,266 | 100 | % | $ | 60,005 | 100 | % | Total assets | $ | 72,690 | 100 | % | $ | 72,284 | 100 | % |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrower Type | Borrower Type | Par Value | % of Total | Par Value | % of Total | Borrower Type | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Depository institutions: | Depository institutions: | Depository institutions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial banks and savings institutions | Commercial banks and savings institutions | $ | 14,055 | 46 | % | $ | 12,199 | 45 | % | Commercial banks and savings institutions | $ | 15,428 | 42 | % | $ | 13,920 | 37 | % | ||||||||||||||||||||||||||||||||||
Credit unions | Credit unions | 2,674 | 9 | % | 2,199 | 8 | % | Credit unions | 4,986 | 13 | % | 5,163 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Former members - depositories | 224 | — | % | 225 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Former members | Former members | 3,370 | 9 | % | 4,772 | 13 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total depository institutions | Total depository institutions | 16,953 | 55 | % | 14,623 | 54 | % | Total depository institutions | 23,784 | 64 | % | 23,855 | 64 | % | ||||||||||||||||||||||||||||||||||||||
Insurance companies: | Insurance companies: | Insurance companies: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Captive insurance companies (1) | 263 | 1 | % | 263 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Captive insurance company (1) | Captive insurance company (1) | 213 | 1 | % | 213 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other insurance companies | Other insurance companies | 13,624 | 44 | % | 12,419 | 45 | % | Other insurance companies | 13,317 | 35 | % | 13,217 | 35 | % | ||||||||||||||||||||||||||||||||||||||
Former members - other insurance companies | 5 | — | % | 5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Former members | Former members | 5 | — | % | 5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Total insurance companies | Total insurance companies | 13,892 | 45 | % | 12,687 | 46 | % | Total insurance companies | 13,535 | 36 | % | 13,435 | 36 | % | ||||||||||||||||||||||||||||||||||||||
CDFIs | CDFIs | — | — | % | — | — | % | CDFIs | 1 | — | % | 1 | — | % | ||||||||||||||||||||||||||||||||||||||
Total advances outstanding | Total advances outstanding | $ | 30,845 | 100 | % | $ | 27,310 | 100 | % | Total advances outstanding | $ | 37,320 | 100 | % | $ | 37,291 | 100 | % |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Product Type and Redemption Term | Product Type and Redemption Term | Par Value | % of Total | Par Value | % of Total | Product Type and Redemption Term | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Fixed-rate: | Fixed-rate: | Fixed-rate: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Without call or put options | Without call or put options | Without call or put options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 12,593 | 41 | % | $ | 7,670 | 29 | % | Due in 1 year or less | $ | 11,558 | 31 | % | $ | 13,592 | 36 | % | ||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 5,437 | 18 | % | 5,708 | 21 | % | Due after 1 through 5 years | 8,566 | 23 | % | 7,559 | 20 | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 978 | 3 | % | 752 | 3 | % | Due after 5 through 15 years | 2,229 | 6 | % | 1,696 | 5 | % | ||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 2 | — | % | 2 | — | % | Thereafter | 14 | — | % | 15 | — | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | 19,010 | 62 | % | 14,132 | 53 | % | Total | 22,367 | 60 | % | 22,862 | 61 | % | ||||||||||||||||||||||||||||||||||||||
Callable or prepayable | Callable or prepayable | Callable or prepayable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 2 | — | % | — | — | % | Due in 1 year or less | — | — | % | 2 | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | — | — | % | 2 | — | % | Due after 1 through 5 years | 50 | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 5 | — | % | 5 | — | % | Due after 5 through 15 years | 41 | — | % | 41 | — | % | ||||||||||||||||||||||||||||||||||||||
Thereafter | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 7 | — | % | 7 | — | % | Total | 91 | — | % | 43 | — | % | ||||||||||||||||||||||||||||||||||||||
Putable | Putable | Putable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 250 | 1 | % | — | — | % | Due in 1 year or less | 120 | — | % | 5 | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 1,883 | 6 | % | 2,289 | 8 | % | Due after 1 through 5 years | 1,251 | 4 | % | 1,296 | 4 | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 4,038 | 13 | % | 5,747 | 21 | % | Due after 5 through 15 years | 7,098 | 19 | % | 7,191 | 19 | % | ||||||||||||||||||||||||||||||||||||||
Thereafter | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,171 | 20 | % | 8,036 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | 50 | — | % | 50 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | 54 | — | % | 64 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | 32 | — | % | 24 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 16 | — | % | 3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 152 | — | % | 141 | — | % | Total | 8,469 | 23 | % | 8,492 | 23 | % | ||||||||||||||||||||||||||||||||||||||
Total fixed-rate | Total fixed-rate | 25,340 | 82 | % | 22,316 | 82 | % | Total fixed-rate | 30,927 | 83 | % | 31,397 | 84 | % | ||||||||||||||||||||||||||||||||||||||
Variable-rate: | Variable-rate: | Variable-rate: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Without call or put options | Without call or put options | Without call or put options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 256 | 1 | % | 18 | — | % | Due in 1 year or less | 451 | 1 | % | 515 | 2 | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 167 | 1 | % | 167 | 1 | % | Due after 1 through 5 years | 170 | — | % | 160 | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 423 | 2 | % | 185 | 1 | % | Total | 621 | 1 | % | 675 | 2 | % | ||||||||||||||||||||||||||||||||||||||
Callable or prepayable | Callable or prepayable | Callable or prepayable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 221 | 1 | % | 126 | — | % | Due in 1 year or less | 1,068 | 3 | % | 403 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 2,965 | 9 | % | 2,831 | 10 | % | Due after 1 through 5 years | 2,941 | 8 | % | 3,011 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 1,443 | 5 | % | 1,297 | 5 | % | Due after 5 through 15 years | 1,408 | 4 | % | 1,450 | 4 | % | ||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 355 | 1 | % | 555 | 2 | % | Thereafter | 355 | 1 | % | 355 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | 4,984 | 16 | % | 4,809 | 17 | % | Total | 5,772 | 16 | % | 5,219 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Total variable-rate | Total variable-rate | 5,407 | 18 | % | 4,994 | 18 | % | Total variable-rate | 6,393 | 17 | % | 5,894 | 16 | % | ||||||||||||||||||||||||||||||||||||||
Overdrawn demand and overnight deposit accounts | 98 | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total advances | Total advances | $ | 30,845 | 100 | % | $ | 27,310 | 100 | % | Total advances | $ | 37,320 | 100 | % | $ | 37,291 | 100 | % |
Variable Interest-Rate Index | March 31, 2023 | December 31, 2022 | ||||||||||||
SOFR | $ | 2,338 | $ | 2,401 | ||||||||||
FHLBanks cost of funds | 1,966 | 1,870 | ||||||||||||
LIBOR | 1,159 | 1,278 | ||||||||||||
Other | 930 | 345 | ||||||||||||
Total variable-rate advances, at par value | $ | 6,393 | $ | 5,894 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Mortgage Loans Activity | 2023 | 2022 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 7,533 | $ | 7,434 | ||||||||||||||||||||||
Purchases | 194 | 453 | ||||||||||||||||||||||||
Principal repayments | (146) | (361) | ||||||||||||||||||||||||
Balance, end of period | $ | 7,581 | $ | 7,526 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Components | Components | June 30, 2022 | December 31, 2021 | Change | Components | Carrying Value | % of Total | Carrying Value | % of Total | |||||||||||||||||||||||||||||||||||||
Cash and short-term investments: | Cash and short-term investments: | Cash and short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 60 | $ | 868 | $ | (808) | Cash and due from banks | $ | 63 | — | % | $ | 21 | — | % | ||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 325 | 100 | 225 | Interest-bearing deposits | 581 | 2 | % | 856 | 3 | % | |||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 4,500 | 3,500 | 1,000 | Securities purchased under agreements to resell | 5,625 | 21 | % | 4,550 | 17 | % | |||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 2,496 | 2,580 | (84) | Federal funds sold | 2,713 | 10 | % | 3,148 | 12 | % | |||||||||||||||||||||||||||||||||||
Total cash and short-term investments | Total cash and short-term investments | 7,381 | 7,048 | 333 | Total cash and short-term investments | 8,982 | 33 | % | 8,575 | 32 | % | |||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 4,039 | 3,947 | 92 | U.S. Treasury obligations | 395 | 1 | % | 2,230 | 8 | % | |||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 4,039 | 3,947 | 92 | Total trading securities | 395 | 1 | % | 2,230 | 8 | % | |||||||||||||||||||||||||||||||||||
Total liquidity investments | Total liquidity investments | 9,377 | 34 | % | 10,805 | 40 | % | |||||||||||||||||||||||||||||||||||||||
Other investment securities: | Other investment securities: | Other investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | AFS securities: | AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 2,106 | — | 2,106 | U.S. Treasury obligations | 5,080 | 19 | % | 4,210 | 16 | % | |||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 2,086 | 2,697 | (611) | GSE and TVA debentures | 1,874 | 7 | % | 1,903 | 7 | % | |||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,005 | 6,463 | (458) | GSE multifamily MBS | 6,361 | 23 | % | 6,067 | 22 | % | |||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | 10,197 | 9,160 | 1,037 | Total AFS securities | 13,315 | 49 | % | 12,180 | 45 | % | |||||||||||||||||||||||||||||||||||
HTM securities: | HTM securities: | HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations single-family MBS | Other U.S. obligations single-family MBS | 2,522 | 2,626 | (104) | Other U.S. obligations single-family MBS | 3,332 | 12 | % | 2,992 | 11 | % | |||||||||||||||||||||||||||||||||||
GSE single-family MBS | GSE single-family MBS | 722 | 816 | (94) | GSE single-family MBS | 605 | 2 | % | 620 | 2 | % | |||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 633 | 872 | (239) | GSE multifamily MBS | 627 | 3 | % | 628 | 2 | % | |||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | 3,877 | 4,314 | (437) | Total HTM securities | 4,564 | 17 | % | 4,240 | 15 | % | |||||||||||||||||||||||||||||||||||
Total investment securities | 18,113 | 17,421 | 692 | |||||||||||||||||||||||||||||||||||||||||||
Total other investment securities | Total other investment securities | 17,879 | 66 | % | 16,420 | 60 | % | |||||||||||||||||||||||||||||||||||||||
Total cash and investments, carrying value | Total cash and investments, carrying value | $ | 25,494 | $ | 24,469 | $ | 1,025 | Total cash and investments, carrying value | $ | 27,256 | 100 | % | $ | 27,225 | 100 | % |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Rate Payment Terms | Interest-Rate Payment Terms | Estimated Fair Value | % of Total | Estimated Fair Value | % of Total | Interest-Rate Payment Terms | Amortized Cost | % of Total | Amortized Cost | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Total fixed-rate trading securities | $ | 4,039 | 100 | % | $ | 3,947 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | % of Total | Amortized Cost | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
AFS Securities (1): | AFS Securities (1): | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-MBS fixed-rate | Total non-MBS fixed-rate | $ | 6,936 | 52 | % | $ | 6,091 | 50 | % | |||||||||||||||||||||||||||||||||||||||||||
Total MBS fixed-rate | Total MBS fixed-rate | 6,437 | 48 | % | 6,099 | 50 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 13,373 | 100 | % | $ | 12,190 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||
HTM Securities: | HTM Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total MBS fixed-rate | Total MBS fixed-rate | $ | 204 | 4 | % | $ | 204 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||
Total MBS variable-rate | Total MBS variable-rate | 4,360 | 96 | % | 4,036 | 95 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | $ | 4,564 | 100 | % | $ | 4,240 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||
AFS (1) and HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS and HTM securities: | AFS and HTM securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed-rate | Total fixed-rate | $ | 10,375 | 74 | % | $ | 9,226 | 69 | % | Total fixed-rate | $ | 13,577 | 76 | % | $ | 12,394 | 75 | % | ||||||||||||||||||||||||||||||||||
Total variable-rate | Total variable-rate | 3,667 | 26 | % | 4,096 | 31 | % | Total variable-rate | 4,360 | 24 | % | 4,036 | 25 | % | ||||||||||||||||||||||||||||||||||||||
Total AFS and HTM securities | Total AFS and HTM securities | $ | 14,042 | 100 | % | $ | 13,322 | 100 | % | Total AFS and HTM securities | $ | 17,937 | 100 | % | $ | 16,430 | 100 | % |
Variable Interest-Rate Index | March 31, 2023 | December 31, 2022 | ||||||||||||
SOFR | $ | 2,410 | $ | 1,994 | ||||||||||
LIBOR | 1,927 | 2,018 | ||||||||||||
Total variable-rate MBS, at principal amount | $ | 4,337 | $ | 4,012 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
By Term | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Term | Term | Par Value | % of Total | Par Value | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations due in 1 year or less: | Consolidated obligations due in 1 year or less: | Consolidated obligations due in 1 year or less: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | $ | 19,617 | 32 | % | $ | 12,118 | 22 | % | Discount notes | $ | 23,282 | 34 | % | $ | 27,534 | 40 | % | ||||||||||||||||||||||||||||||||||
CO bonds | CO bonds | 8,950 | 15 | % | 14,357 | 26 | % | CO bonds | 12,141 | 18 | % | 10,016 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Total due in 1 year or less | Total due in 1 year or less | 28,567 | 47 | % | 26,475 | 48 | % | Total due in 1 year or less | 35,423 | 52 | % | 37,550 | 54 | % | ||||||||||||||||||||||||||||||||||||||
Long-term CO bonds | Long-term CO bonds | 32,001 | 53 | % | 28,193 | 52 | % | Long-term CO bonds | 33,275 | 48 | % | 31,986 | 46 | % | ||||||||||||||||||||||||||||||||||||||
Total consolidated obligations | Total consolidated obligations | $ | 60,568 | 100 | % | $ | 54,668 | 100 | % | Total consolidated obligations | $ | 68,698 | 100 | % | $ | 69,536 | 100 | % |
Hedged Item | Hedged Item | June 30, 2022 | December 31, 2021 | Hedged Item | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Advances | Advances | $ | 21,037 | $ | 21,084 | Advances | $ | 23,416 | $ | 24,038 | ||||||||||||||||||
AFS securities | 15,570 | 13,356 | ||||||||||||||||||||||||||
Investments | Investments | 15,688 | 15,936 | |||||||||||||||||||||||||
Mortgage loans MDCs | Mortgage loans MDCs | 64 | 194 | Mortgage loans MDCs | 115 | 61 | ||||||||||||||||||||||
CO bonds | CO bonds | 28,284 | 21,177 | CO bonds | 34,527 | 30,940 | ||||||||||||||||||||||
Discount notes | Discount notes | 2,000 | 2,000 | |||||||||||||||||||||||||
Total notional outstanding | Total notional outstanding | $ | 64,955 | $ | 55,811 | Total notional outstanding | $ | 75,746 | $ | 72,975 |
Variable Interest-Rate Index | March 31, 2023 | December 31, 2022 | ||||||||||||
SOFR | $ | 55,785 | $ | 50,344 | ||||||||||
EFFR | 13,218 | 14,016 | ||||||||||||
LIBOR | 6,629 | 8,554 | ||||||||||||
Total variable rate, at notional | $ | 75,632 | $ | 72,914 |
June 30, 2022 | Advances | AFS Securities | CO Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative fair-value hedging basis adjustments on hedged items | Cumulative fair-value hedging basis adjustments on hedged items | $ | (345) | $ | (577) | $ | 1,530 | $ | 608 | Cumulative fair-value hedging basis adjustments on hedged items | $ | (376) | $ | (816) | $ | 1,733 | $ | 541 | ||||||||||||||||||||||||||||||||||
Estimated fair value of associated derivatives, net | Estimated fair value of associated derivatives, net | 344 | 869 | (1,539) | (326) | Estimated fair value of associated derivatives, net | 376 | 1,062 | (1,744) | (306) | ||||||||||||||||||||||||||||||||||||||||||
Net cumulative fair-value hedging basis adjustments | Net cumulative fair-value hedging basis adjustments | $ | (1) | $ | 292 | $ | (9) | $ | 282 | Net cumulative fair-value hedging basis adjustments | $ | — | $ | 246 | $ | (11) | $ | 235 |
Components | Components | June 30, 2022 | December 31, 2021 | Components | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Capital stock | Capital stock | 65 | % | 63 | % | Capital stock | 64 | % | 63 | % | ||||||||||||||||||
Retained earnings | Retained earnings | 35 | % | 33 | % | Retained earnings | 38 | % | 38 | % | ||||||||||||||||||
AOCI | AOCI | — | % | 4 | % | AOCI | (2) | % | (1) | % | ||||||||||||||||||
Total GAAP capital | Total GAAP capital | 100 | % | 100 | % | Total GAAP capital | 100 | % | 100 | % |
Reconciliation | Reconciliation | June 30, 2022 | December 31, 2021 | Reconciliation | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total GAAP capital | Total GAAP capital | $ | 3,477 | $ | 3,556 | Total GAAP capital | $ | 3,571 | $ | 3,384 | ||||||||||||||||||
Exclude: AOCI | Exclude: AOCI | (14) | (133) | Exclude: AOCI | 73 | 26 | ||||||||||||||||||||||
Add: MRCS | Add: MRCS | 46 | 50 | Add: MRCS | 372 | 373 | ||||||||||||||||||||||
Total regulatory capital | Total regulatory capital | $ | 3,509 | $ | 3,473 | Total regulatory capital | $ | 4,016 | $ | 3,783 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
By Type of Member Institution | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Type of Member | Type of Member | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock: | Capital Stock: | Capital Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depository institutions: | Depository institutions: | Depository institutions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial banks and savings institutions | Commercial banks and savings institutions | $ | 1,110 | 48 | % | $ | 1,126 | 49 | % | Commercial banks and savings institutions | $ | 1,029 | 38 | % | $ | 889 | 36 | % | ||||||||||||||||||||||||||||||||||
Credit unions | Credit unions | 332 | 15 | % | 309 | 13 | % | Credit unions | 422 | 16 | % | 409 | 16 | % | ||||||||||||||||||||||||||||||||||||||
Total depository institutions | Total depository institutions | 1,442 | 63 | % | 1,435 | 62 | % | Total depository institutions | 1,451 | 54 | % | 1,298 | 52 | % | ||||||||||||||||||||||||||||||||||||||
Insurance companies | Insurance companies | 809 | 35 | % | 811 | 35 | % | Insurance companies | 841 | 32 | % | 825 | 33 | % | ||||||||||||||||||||||||||||||||||||||
CDFIs | CDFIs | — | — | % | — | — | % | CDFIs | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Total capital stock, putable at par value | Total capital stock, putable at par value | 2,251 | 98 | % | 2,246 | 97 | % | Total capital stock, putable at par value | 2,292 | 86 | % | 2,123 | 85 | % | ||||||||||||||||||||||||||||||||||||||
MRCS: | MRCS: | MRCS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Captive insurance companies (1) | 12 | 1 | % | 12 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Captive insurance company (1) | Captive insurance company (1) | 10 | — | % | 10 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Other former members | Other former members | 34 | 1 | % | 38 | 2 | % | Other former members | 362 | 14 | % | 363 | 15 | % | ||||||||||||||||||||||||||||||||||||||
Total MRCS | Total MRCS | 46 | 2 | % | 50 | 3 | % | Total MRCS | 372 | 14 | % | 373 | 15 | % | ||||||||||||||||||||||||||||||||||||||
Total regulatory capital stock | Total regulatory capital stock | $ | 2,297 | 100 | % | $ | 2,296 | 100 | % | Total regulatory capital stock | $ | 2,664 | 100 | % | $ | 2,496 | 100 | % |
Components | Components | June 30, 2022 | December 31, 2021 | Components | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Required capital stock: | Required capital stock: | |||||||||||||||||||||||||||
Member capital stock | Member capital stock | $ | 1,745 | $ | 1,678 | |||||||||||||||||||||||
MRCS | MRCS | 162 | 225 | |||||||||||||||||||||||||
Total required capital stock | Total required capital stock | 1,907 | 1,903 | |||||||||||||||||||||||||
Excess capital stock: | Excess capital stock: | |||||||||||||||||||||||||||
Member capital stock not subject to outstanding redemption requests | Member capital stock not subject to outstanding redemption requests | $ | 636 | $ | 798 | Member capital stock not subject to outstanding redemption requests | 547 | 445 | ||||||||||||||||||||
Member capital stock subject to outstanding redemption requests | Member capital stock subject to outstanding redemption requests | — | 14 | Member capital stock subject to outstanding redemption requests | — | — | ||||||||||||||||||||||
MRCS | MRCS | 23 | 28 | MRCS | 210 | 148 | ||||||||||||||||||||||
Total excess capital stock | Total excess capital stock | $ | 659 | $ | 840 | Total excess capital stock | 757 | 593 | ||||||||||||||||||||
Total regulatory capital stock | Total regulatory capital stock | $ | 2,664 | $ | 2,496 | |||||||||||||||||||||||
Excess stock as a percentage of regulatory capital stock | Excess stock as a percentage of regulatory capital stock | 29 | % | 37 | % | Excess stock as a percentage of regulatory capital stock | 28 | % | 24 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average dividend rate (1) | Weighted-average dividend rate (1) | 2.47 | % | 2.57 | % | 2.39 | % | 2.53 | % | Weighted-average dividend rate (1) | 4.84 | % | 2.31 | % | ||||||||||||||||||||||||||||||||||||||
Dividend payout ratio (2) | Dividend payout ratio (2) | 41.10 | % | 81.59 | % | 43.15 | % | 59.42 | % | Dividend payout ratio (2) | 27.55 | % | 45.46 | % |
Risk-Based Capital Components | Risk-Based Capital Components | June 30, 2022 | December 31, 2021 | Risk-Based Capital Components | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Credit risk | Credit risk | $ | 160 | $ | 155 | Credit risk | $ | 192 | $ | 203 | ||||||||||||||||||
Market risk | Market risk | 777 | 684 | Market risk | 261 | 173 | ||||||||||||||||||||||
Operational risk | Operational risk | 281 | 252 | Operational risk | 136 | 113 | ||||||||||||||||||||||
Total risk-based capital requirement | Total risk-based capital requirement | $ | 1,218 | $ | 1,091 | Total risk-based capital requirement | $ | 589 | $ | 489 | ||||||||||||||||||
Permanent capital | Permanent capital | $ | 3,509 | $ | 3,473 | Permanent capital | $ | 4,017 | $ | 3,782 | ||||||||||||||||||
Permanent capital as a percentage of required risk-based capital | Permanent capital as a percentage of required risk-based capital | 682 | % | 773 | % |
Director Composition | June 30, 2022 | January 1, 2023 | ||||||||||||
Member directors: | ||||||||||||||
Indiana | 5 | 5 | ||||||||||||
Michigan | 4 | 3 | ||||||||||||
Total member directors | 9 | 8 | ||||||||||||
Independent directors | 8 | 7 | ||||||||||||
Total directors | 17 | 15 |
June 30, 2022 | AA | A | Total | |||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Country | Country | AA | A | Total | ||||||||||||||||||||||||||||||||||||
Domestic | Domestic | $ | — | $ | 910 | $ | 910 | Domestic | $ | — | $ | 581 | $ | 581 | ||||||||||||||||||||||||||
Australia | Australia | 1,110 | — | 1,110 | Australia | 1,275 | — | 1,275 | ||||||||||||||||||||||||||||||||
Canada | Canada | — | 801 | 801 | Canada | — | 1,088 | 1,088 | ||||||||||||||||||||||||||||||||
Netherlands | Netherlands | — | 350 | 350 | ||||||||||||||||||||||||||||||||||||
Total unsecured credit exposure | Total unsecured credit exposure | $ | 1,110 | $ | 1,711 | $ | 2,821 | Total unsecured credit exposure | $ | 1,275 | $ | 2,019 | $ | 3,294 |
June 30, 2022 | AA | A | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | AA | A | Unrated (1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments: | Short-term investments: | Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | — | $ | 325 | $ | 325 | Interest-bearing deposits | $ | — | $ | 581 | $ | — | $ | 581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 4,500 | — | 4,500 | Securities purchased under agreements to resell | 500 | 4,750 | 375 | 5,625 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 1,110 | 1,386 | 2,496 | Federal funds sold | 1,275 | 1,438 | — | 2,713 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term investments | Total short-term investments | 5,610 | 1,711 | 7,321 | Total short-term investments | 1,775 | 6,769 | 375 | 8,919 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 4,039 | — | 4,039 | U.S. Treasury obligations | 395 | — | — | 395 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 4,039 | — | 4,039 | Total trading securities | 395 | — | — | 395 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investment securities: | Other investment securities: | Other investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 2,106 | — | 2,106 | U.S. Treasury obligations | 5,080 | — | 5,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 2,086 | — | 2,086 | GSE and TVA debentures | 1,874 | — | — | 1,874 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE MBS | GSE MBS | 7,360 | — | 7,360 | GSE MBS | 7,593 | — | — | 7,593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | Other U.S. obligations - guaranteed RMBS | 2,522 | — | 2,522 | Other U.S. obligations - guaranteed RMBS | 3,332 | — | — | 3,332 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investment securities | Total other investment securities | 14,074 | — | 14,074 | Total other investment securities | 17,879 | — | — | 17,879 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments, carrying value | Total investments, carrying value | $ | 23,723 | $ | 1,711 | $ | 25,434 | Total investments, carrying value | $ | 20,049 | $ | 6,769 | $ | 375 | $ | 27,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | Percentage of total | 93 | % | 7 | % | 100 | % | Percentage of total | 74 | % | 25 | % | 1 | % | 100 | % |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
LRA Activity | Original | Advantage | Total | Original | Advantage | Total | ||||||||||||||||||||||||||||||||
Liability, beginning of period | $ | 4 | $ | 232 | $ | 236 | $ | 4 | $ | 227 | $ | 231 | ||||||||||||||||||||||||||
Additions | — | 4 | 4 | — | 9 | 9 | ||||||||||||||||||||||||||||||||
Claims paid | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Distributions to PFIs | (2) | (3) | (5) | (2) | (3) | (5) | ||||||||||||||||||||||||||||||||
Liability, end of period | $ | 2 | $ | 233 | $ | 235 | $ | 2 | $ | 233 | $ | 235 |
LRA Activity | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liability, beginning of period | $ | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additions | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Claims paid | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Participating Financial Institutions | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Liability, end of period | $ | 236 |
June 30, 2022 | Notional Amount | Net Estimated Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty and Credit Rating | Counterparty and Credit Rating | Notional Amount | Net Estimated Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure | |||||||||||||||||||||||||||||||||||||||||||||||
Non-member counterparties: | Non-member counterparties: | Non-member counterparties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset positions with credit exposure | Asset positions with credit exposure | Asset positions with credit exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared derivatives - A | Uncleared derivatives - A | $ | 89 | $ | 1 | $ | — | $ | 1 | Uncleared derivatives - A | $ | 192 | $ | 8 | $ | (8) | $ | — | ||||||||||||||||||||||||||||||||||
Liability positions with credit exposure | Liability positions with credit exposure | Liability positions with credit exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared derivatives - A | Uncleared derivatives - A | 31,712 | (1,012) | 1,088 | 76 | Uncleared derivatives - A | 14,554 | (402) | 409 | 7 | ||||||||||||||||||||||||||||||||||||||||||
Uncleared derivatives - BBB | 2,801 | (102) | 111 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cleared derivatives (1) | Cleared derivatives (1) | 26,918 | (71) | 311 | 240 | Cleared derivatives (1) | 29,727 | (36) | 519 | 483 | ||||||||||||||||||||||||||||||||||||||||||
Total derivative positions with credit exposure to non-member counterparties | Total derivative positions with credit exposure to non-member counterparties | 61,520 | (1,184) | 1,510 | 326 | Total derivative positions with credit exposure to non-member counterparties | 44,473 | (430) | 920 | 490 | ||||||||||||||||||||||||||||||||||||||||||
Total derivative positions with credit exposure to member institutions (2) | Total derivative positions with credit exposure to member institutions (2) | 19 | — | — | — | Total derivative positions with credit exposure to member institutions (2) | 48 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Subtotal - derivative positions with credit exposure | Subtotal - derivative positions with credit exposure | 61,539 | $ | (1,184) | $ | 1,510 | $ | 326 | Subtotal - derivative positions with credit exposure | 44,521 | $ | (430) | $ | 920 | $ | 490 | ||||||||||||||||||||||||||||||||||||
Derivative positions without credit exposure | Derivative positions without credit exposure | 3,416 | Derivative positions without credit exposure | 31,225 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative positions | Total derivative positions | $ | 64,955 | Total derivative positions | $ | 75,746 |
June 30, 2022 | Down 200 (1) | Down 100 (1) | Base | Up 100 | Up 200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Metric | Key Metric | Down 200 | Down 100 | Base | Up 100 | Up 200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MVE | MVE | $ | 3,375 | $ | 3,352 | $ | 3,311 | $ | 3,275 | $ | 3,249 | MVE | $ | 3,625 | $ | 3,639 | $ | 3,646 | $ | 3,654 | $ | 3,655 | ||||||||||||||||||||||||||||||||||||||||||
Percent change in MVE from base | Percent change in MVE from base | 1.9 | % | 1.2 | % | — | % | (1.1) | % | (1.9) | % | Percent change in MVE from base | (0.6) | % | (0.2) | % | — | % | 0.2 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||
MVE/book value of equity | MVE/book value of equity | 95.8 | % | 95.2 | % | 94.0 | % | 93.0 | % | 92.2 | % | MVE/book value of equity | 91.9 | % | 92.3 | % | 92.5 | % | 92.7 | % | 92.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Duration of equity | Duration of equity | 0.3 | 1.0 | 1.2 | 1.0 | 0.7 | Duration of equity | (0.6) | (0.2) | (0.2) | (0.2) | 0.1 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
MVE | $ | 3,599 | $ | 3,485 | $ | 3,530 | $ | 3,556 | $ | 3,543 | ||||||||||||||||||||||
Percent change in MVE from base | 2.0 | % | (1.3) | % | — | % | 0.7 | % | 0.4 | % | ||||||||||||||||||||||
MVE/book value of equity | 99.8 | % | 96.6 | % | 97.9 | % | 98.6 | % | 98.2 | % | ||||||||||||||||||||||
Duration of equity | 0.9 | 1.7 | (1.3) | (0.1) | 0.6 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Key Metric | Down 200 | Down 100 | Base | Up 100 | Up 200 | |||||||||||||||||||||||||||
MVE | $ | 3,416 | $ | 3,431 | $ | 3,437 | $ | 3,441 | $ | 3,439 | ||||||||||||||||||||||
Percent change in MVE from base | (0.6) | % | (0.2) | % | — | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||
MVE/book value of equity | 90.9 | % | 91.4 | % | 91.5 | % | 91.6 | % | 91.6 | % | ||||||||||||||||||||||
Duration of equity | (0.6) | (0.3) | (0.1) | (0.1) | 0.2 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIBOR-Indexed Financial Instruments | LIBOR-Indexed Financial Instruments | Year of Maturity | LIBOR-Indexed Financial Instruments | Through June 30, 2023 | Thereafter | Total | % of Total Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | 2022 | Through June 30, 2023 | Thereafter | Total | % of Total Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances, par value (1) | Advances, par value (1) | $ | 24 | $ | 48 | $ | 2,240 | $ | 2,312 | 7 | % | Advances, par value (1) | $ | 34 | $ | 1,125 | $ | 1,159 | 3 | % | ||||||||||||||||||||||||||||||||||||||
MBS, par value (2) | MBS, par value (2) | — | — | 2,306 | 2,306 | 22 | % | MBS, par value (2) | — | 1,927 | 1,927 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 24 | $ | 48 | $ | 4,546 | $ | 4,618 | Total | $ | 34 | $ | 3,052 | $ | 3,086 | ||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps - receive leg, notional (2): | Interest-rate swaps - receive leg, notional (2): | Interest-rate swaps - receive leg, notional (2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleared | Cleared | $ | 648 | $ | 760 | $ | 2,196 | $ | 3,604 | 13 | % | Cleared | $ | 379 | $ | 2,187 | $ | 2,566 | 9 | % | ||||||||||||||||||||||||||||||||||||||
Uncleared | Uncleared | 105 | 314 | 3,308 | 3,727 | 10 | % | Uncleared | 54 | 2,248 | 2,302 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 753 | $ | 1,074 | $ | 5,504 | $ | 7,331 | Total | $ | 433 | $ | 4,435 | $ | 4,868 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps - pay leg, notional (2): | Interest-rate swaps - pay leg, notional (2): | Interest-rate swaps - pay leg, notional (2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleared | Cleared | $ | 2,230 | $ | 2,200 | $ | 300 | $ | 4,730 | 18 | % | Cleared | $ | 850 | $ | 300 | $ | 1,150 | 4 | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,230 | $ | 2,200 | $ | 300 | $ | 4,730 | Total | $ | 850 | $ | 300 | $ | 1,150 | ||||||||||||||||||||||||||||||||||||||||||
Other derivatives, notional: | Other derivatives, notional: | Other derivatives, notional: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate caps held (2) | Interest-rate caps held (2) | $ | — | $ | — | $ | 611 | $ | 611 | 100 | % | Interest-rate caps held (2) | $ | — | $ | 611 | $ | 611 | 75 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIBOR-Indexed Financial Instruments | LIBOR-Indexed Financial Instruments | Through June 30, 2023 | Thereafter | Total | % of Total Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances, par value (1) | Advances, par value (1) | $ | 134 | $ | 48 | $ | 2,259 | $ | 2,441 | 9 | % | Advances, par value (1) | $ | 48 | $ | 1,230 | $ | 1,278 | 3 | % | ||||||||||||||||||||||||||||||||||||||
MBS, par value (2) | MBS, par value (2) | — | — | 2,669 | 2,669 | 25 | % | MBS, par value (2) | — | 2,018 | 2,018 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 134 | $ | 48 | $ | 4,928 | $ | 5,110 | Total | $ | 48 | $ | 3,248 | $ | 3,296 | ||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps - receive leg, notional (2): | Interest-rate swaps - receive leg, notional (2): | Interest-rate swaps - receive leg, notional (2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleared | Cleared | $ | 1,366 | $ | 767 | $ | 2,336 | $ | 4,469 | 20 | % | Cleared | $ | 760 | $ | 2,188 | $ | 2,948 | 10 | % | ||||||||||||||||||||||||||||||||||||||
Uncleared | Uncleared | 320 | 314 | 6,176 | 6,810 | 21 | % | Uncleared | 64 | 2,431 | 2,495 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,686 | $ | 1,081 | $ | 8,512 | $ | 11,279 | Total | $ | 824 | $ | 4,619 | $ | 5,443 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps - pay leg, notional (2): | Interest-rate swaps - pay leg, notional (2): | Interest-rate swaps - pay leg, notional (2): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleared | Cleared | $ | 3,134 | $ | 1,150 | $ | — | $ | 4,284 | 19 | % | Cleared | $ | 2,200 | $ | 300 | $ | 2,500 | 9 | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,134 | $ | 1,150 | $ | — | $ | 4,284 | Total | $ | 2,200 | $ | 300 | $ | 2,500 | ||||||||||||||||||||||||||||||||||||||||||
Other derivatives, notional: | Other derivatives, notional: | Other derivatives, notional: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate caps held (2) | Interest-rate caps held (2) | $ | 15 | $ | — | $ | 611 | $ | 626 | 100 | % | Interest-rate caps held (2) | $ | — | $ | 611 | $ | 611 | 100 | % |
Exhibit Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL) |
FEDERAL HOME LOAN BANK OF INDIANAPOLIS | ||||||||
By: | /s/ K. LOWELL SHORT, JR. | |||||||
Name: | K. Lowell Short, Jr. | |||||||
Title: | Senior Vice President - Chief Accounting Officer |