Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-52004 | |
Entity Registrant Name | FEDERAL HOME LOAN BANK OF TOPEKA | |
Entity Tax Identification Number | 48-0561319 | |
Entity Address, Address Line One | 500 SW Wanamaker Road | |
Entity Address, City or Town | Topeka | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66606 | |
City Area Code | 785 | |
Local Phone Number | 233.0507 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001325878 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | X1 | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,034,474 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,882,376 |
Statements Of Condition
Statements Of Condition - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and due from banks | $ 65,136 | $ 4,570,415 | |
Interest-bearing deposits | 558,784 | 760,297 | |
Securities purchased under agreements to resell (Note 9) | 1,700,000 | 2,600,000 | |
Federal funds sold | 3,905,000 | 1,780,000 | |
Investment securities: | |||
Trading securities (Note 3) | 3,266,965 | 2,623,376 | |
Available-for-sale securities, amortized cost of $6,289,277 and $6,696,114 (Note 3) | 6,363,707 | 6,741,310 | |
Held-to-maturity securities, fair value of $2,571,789 and $2,750,116 (Note 3) | 2,567,175 | 2,746,992 | |
Total investment securities | 12,197,847 | 12,111,678 | |
Advances (Note 4) | 21,068,366 | 21,226,823 | |
Mortgage loans held for portfolio, net of allowance for credit losses of $4,956 and $5,177 (Note 6) | 8,667,085 | 9,205,207 | |
Accrued interest receivable | 93,123 | 97,718 | |
Derivative assets, net (Notes 6, 9) | 157,952 | 148,868 | |
Other assets | 87,135 | 90,706 | |
TOTAL ASSETS | 48,500,428 | 52,591,712 | |
LIABILITIES | |||
Deposits (Note 7) | 1,262,945 | 1,229,361 | |
Consolidated obligations, net: | |||
Discount notes (Note 8) | 10,072,689 | 10,882,417 | |
Bonds (Note 8) | 34,314,007 | 37,648,077 | |
Total consolidated obligations, net | 44,386,696 | 48,530,494 | |
Mandatorily redeemable capital stock (Note 10) | 1,585 | 1,624 | |
Accrued interest payable | 45,254 | 45,575 | |
Affordable Housing Program payable | 42,884 | 41,129 | |
Derivative liabilities, net (Notes 6, 9) | 3,006 | 4,404 | |
Other liabilities | 67,005 | 71,358 | |
TOTAL LIABILITIES | 45,809,375 | 49,923,945 | |
Commitments and contingencies (Note 13) | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 10) | [1] | 1,540,365 | 1,574,004 |
Retained earnings: | |||
Unrestricted | 812,169 | 793,331 | |
Restricted | 266,905 | 258,124 | |
Total retained earnings | 1,079,074 | 1,051,455 | |
Accumulated other comprehensive income (loss) (Note 11) | 71,614 | 42,308 | |
TOTAL CAPITAL | 2,691,053 | 2,667,767 | |
TOTAL LIABILITIES AND CAPITAL | 48,500,428 | 52,591,712 | |
Class A [Member] | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 10) | [1] | 376,196 | 412,225 |
Class B [Member] | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 10) | [1] | $ 1,164,169 | $ 1,161,779 |
[1] | Putable |
Statements Of Condition (Parent
Statements Of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Allowance for credit losses on mortgage loans | $ 4,956 | $ 5,177 | |
Investment securities: | |||
Available-for-sale, amortized cost | 6,289,277 | 6,696,114 | |
Held-to-maturity, Fair Value | $ 2,571,789 | $ 2,750,116 | |
Capital stock outstanding - putable: | |||
Common Stock, par value per share | $ 100 | ||
Class A [Member] | |||
Capital stock outstanding - putable: | |||
Common Stock, par value per share | [1] | $ 100 | $ 100 |
Common Stock, Shares, Issued | [1] | 3,762 | 4,122 |
Common Stock, Shares Outstanding | [1] | 3,762 | 4,122 |
Class B [Member] | |||
Capital stock outstanding - putable: | |||
Common Stock, par value per share | [1] | $ 100 | $ 100 |
Common Stock, Shares, Issued | [1] | 11,642 | 11,618 |
Common Stock, Shares Outstanding | [1] | 11,642 | 11,618 |
[1] | Putable |
Statements Of Income
Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME: | ||
Interest-bearing deposits | $ 269 | $ 4,705 |
Securities purchased under agreements to resell | 489 | 14,590 |
Federal funds sold | 520 | 3,488 |
Trading securities | 16,385 | 20,189 |
Available-for-sale securities | 11,477 | 24,294 |
Held-to-maturity securities | 3,938 | 17,068 |
Advances | 35,443 | 130,887 |
Mortgage loans held for portfolio | 53,478 | 85,106 |
Other | 257 | 354 |
Total interest income | 122,256 | 300,681 |
INTEREST EXPENSE: | ||
Deposits | 108 | 1,554 |
Consolidated obligations: | ||
Discount notes | 1,998 | 92,951 |
Bonds | 46,515 | 150,742 |
Mandatorily redeemable capital stock | 9 | 24 |
Other | 257 | 324 |
Total interest expense | 48,887 | 245,595 |
NET INTEREST INCOME | 73,369 | 55,086 |
Provision (reversal) for credit losses on mortgage loans | (14) | (736) |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION (REVERSAL) | 73,383 | 55,822 |
OTHER INCOME (LOSS): | ||
Net gains (losses) on trading securities | (26,747) | 94,389 |
Net gains (losses) on sale of available-for-sale securities | 0 | 1,523 |
Net gains (losses) on derivatives | 17,581 | (122,252) |
Standby bond purchase agreement commitment fees | 621 | 565 |
Letters of credit fees | 1,683 | 1,403 |
Other | 970 | 1,143 |
Total other income (loss) | (5,892) | (23,229) |
OTHER EXPENSES: | ||
Compensation and benefits | 10,293 | 10,461 |
Other operating | 4,278 | 4,680 |
Federal Housing Finance Agency | 1,110 | 1,023 |
Office of Finance | 1,171 | 1,007 |
Mortgage loans transaction service fees | 1,656 | 2,017 |
Other | 197 | 255 |
Total other expenses | 18,705 | 19,443 |
INCOME BEFORE ASSESSMENTS | 48,786 | 13,150 |
Affordable Housing Program | 4,880 | 1,318 |
NET INCOME | $ 43,906 | $ 11,832 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 43,906 | $ 11,832 |
Other comprehensive income (loss): | ||
Net unrealized gains (losses) on available-for-sale securities | 29,234 | (94,131) |
Defined benefit pension plan | 72 | 26 |
Total other comprehensive income (loss) | 29,306 | (94,105) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 73,212 | $ (82,273) |
Statements Of Capital
Statements Of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | $ 2,667,767 | $ 2,791,051 | |
Comprehensive income | 73,212 | (82,273) | |
Proceeds from issuance of capital stock | 461,927 | 254,751 | |
Repurchase/redemption of capital stock | (153,546) | (38,437) | |
Net reclassification of shares to mandatorily redeemable capital stock | (358,243) | (205,310) | |
Net transfer of shares between Class A and Class B | 0 | 0 | |
Dividends on capital stock | |||
Cash payment | (64) | (70) | |
Stock issued | 0 | 0 | |
Balance at the end of the period | $ 2,691,053 | $ 2,713,589 | |
Capital Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares, beginning balance | [1] | 15,740 | 17,664 |
Balance at the beginning of the period | [1] | $ 1,574,004 | $ 1,766,456 |
Proceeds from issuance of capital stock, shares | [1] | 4,619 | 2,547 |
Proceeds from issuance of capital stock | [1] | $ 461,927 | $ 254,751 |
Repurchase/redemption of capital stock, shares | [1] | (1,535) | (384) |
Repurchase/redemption of capital stock | [1] | $ (153,546) | $ (38,437) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (3,582) | (2,052) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (358,243) | $ (205,310) |
Net transfer of shares between Class A and Class B, shares | [1] | 0 | 0 |
Net transfer of shares between Class A and Class B | [1] | $ 0 | $ 0 |
Dividends on capital stock | |||
Stock issued, shares | [1] | 162 | 248 |
Stock issued | [1] | $ 16,223 | $ 24,836 |
Shares, ending balance | [1] | 15,404 | 18,023 |
Balance at the end of the period | [1] | $ 1,540,365 | $ 1,802,296 |
Total Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | 1,051,455 | 999,809 | |
Comprehensive income | 43,906 | 11,832 | |
Dividends on capital stock | |||
Cash payment | (64) | (70) | |
Stock issued | (16,223) | (24,836) | |
Balance at the end of the period | 1,079,074 | 980,612 | |
Unrestricted Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | 793,331 | 765,295 | |
Comprehensive income | 35,125 | 9,465 | |
Dividends on capital stock | |||
Cash payment | (64) | (70) | |
Stock issued | (16,223) | (24,836) | |
Balance at the end of the period | 812,169 | 743,731 | |
Restricted Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | 258,124 | 234,514 | |
Comprehensive income | 8,781 | 2,367 | |
Dividends on capital stock | |||
Balance at the end of the period | 266,905 | 236,881 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | 42,308 | 24,786 | |
Comprehensive income | 29,306 | (94,105) | |
Dividends on capital stock | |||
Balance at the end of the period | $ 71,614 | (69,319) | |
Adjustment for cumulative effect of accounting change , Period of Adoption [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | (6,123) | ||
Adjustment for cumulative effect of accounting change , Period of Adoption [Member] | Total Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | (6,123) | ||
Adjustment for cumulative effect of accounting change , Period of Adoption [Member] | Unrestricted Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | (6,123) | ||
Adjustment for cumulative effect of accounting change , Period of Adoption [Member] | Restricted Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period | $ 0 | ||
Class A [Member] | Capital Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares, beginning balance | [1] | 4,122 | 4,476 |
Balance at the beginning of the period | [1] | $ 412,225 | $ 447,610 |
Proceeds from issuance of capital stock, shares | [1] | 5 | 0 |
Proceeds from issuance of capital stock | [1] | $ 500 | $ 47 |
Repurchase/redemption of capital stock, shares | [1] | (1,331) | 0 |
Repurchase/redemption of capital stock | [1] | $ (133,115) | $ 0 |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (3,156) | (1,925) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (315,648) | $ (192,560) |
Net transfer of shares between Class A and Class B, shares | [1] | 4,122 | 1,933 |
Net transfer of shares between Class A and Class B | [1] | $ 412,234 | $ 193,307 |
Dividends on capital stock | |||
Shares, ending balance | [1] | 3,762 | 4,484 |
Balance at the end of the period | [1] | $ 376,196 | $ 448,404 |
Common Stock, Dividend Rate, Percentage | 0.30% | 2.30% | |
Class B [Member] | Capital Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares, beginning balance | [1] | 11,618 | 13,188 |
Balance at the beginning of the period | [1] | $ 1,161,779 | $ 1,318,846 |
Proceeds from issuance of capital stock, shares | [1] | 4,614 | 2,547 |
Proceeds from issuance of capital stock | [1] | $ 461,427 | $ 254,704 |
Repurchase/redemption of capital stock, shares | [1] | (204) | (384) |
Repurchase/redemption of capital stock | [1] | $ (20,431) | $ (38,437) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (426) | (127) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (42,595) | $ (12,750) |
Net transfer of shares between Class A and Class B, shares | [1] | (4,122) | (1,933) |
Net transfer of shares between Class A and Class B | [1] | $ (412,234) | $ (193,307) |
Dividends on capital stock | |||
Stock issued, shares | [1] | 162 | 248 |
Stock issued | [1] | $ 16,223 | $ 24,836 |
Shares, ending balance | [1] | 11,642 | 13,539 |
Balance at the end of the period | [1] | $ 1,164,169 | $ 1,353,892 |
Common Stock, Dividend Rate, Percentage | 5.20% | 7.20% | |
[1] | Putable |
Statements Of Capital (Parenthe
Statements Of Capital (Parenthetical) - Capital Stock [Member] | 3 Months Ended | |
Mar. 31, 2021Rate | Mar. 31, 2020Rate | |
Class A [Member] | ||
Stock dividend rate percentage | 0.30% | 2.30% |
Class B [Member] | ||
Stock dividend rate percentage | 5.20% | 7.20% |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 43,906 | $ 11,832 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Premiums and discounts on consolidated obligations, net | (4,487) | 8,290 |
Concessions on consolidated obligations | 2,220 | 6,688 |
Premiums and discounts on investments, net | 4,713 | 5,312 |
Premiums, discounts and commitment fees on advances, net | (1,264) | (334) |
Premiums, discounts and deferred loan costs on mortgage loans, net | 16,696 | 9,088 |
Fair value adjustments on hedged assets or liabilities | 720 | 1,240 |
Premises, software and equipment | 823 | 822 |
Other | 72 | 26 |
Provision (reversal) for credit losses on mortgage loans | (14) | (736) |
Non-cash interest on mandatorily redeemable capital stock | 8 | 24 |
Net realized (gains) losses on sale of available-for-sale securities | 0 | (1,523) |
Other adjustments, net | (100) | (20) |
Net (gains) losses on trading securities | 26,747 | (94,389) |
Net change in derivatives and hedging activities | 160,428 | (288,814) |
(Increase) decrease in accrued interest receivable | 4,782 | 237 |
Change in net accrued interest included in derivative assets | (6,129) | 7,760 |
(Increase) decrease in other assets | 968 | 1,885 |
Increase (decrease) in accrued interest payable | (496) | (29,957) |
Change in net accrued interest included in derivative liabilities | (2,340) | (549) |
Increase (decrease) in Affordable Housing Program liability | 1,755 | 260 |
Increase (decrease) in other liabilities | (4,263) | (6,121) |
Total adjustments | 200,839 | (380,811) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 244,745 | (368,979) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net (increase) decrease in interest-bearing deposits | 299,341 | (582,401) |
Net (increase) decrease in securities purchased under resale agreements | 900,000 | 2,050,000 |
Net (increase) decrease in Federal funds sold | (2,125,000) | (805,000) |
Proceeds from sale of trading securities | 0 | 275,186 |
Proceeds from maturities of and principal repayments on trading securities | 4,665 | 53,774 |
Purchases of trading securities | (675,000) | (600,000) |
Proceeds from sale of available-for-sale securities | 0 | 289,045 |
Proceeds from maturities of and principal repayments on available-for-sale securities | 503,950 | 44,055 |
Purchases of available-for-sale securities | (249,922) | (430,610) |
Proceeds from maturities of and principal repayments on held-to-maturity securities | 181,169 | 228,033 |
Advances repaid | 134,393,793 | 43,164,893 |
Advances originated | (134,365,546) | (44,344,471) |
Principal collected on mortgage loans | 1,060,598 | 502,097 |
Purchases of mortgage loans | (542,022) | (901,214) |
Proceeds from sale of foreclosed assets | 47 | 281 |
Other investing activities | 870 | 813 |
Purchases of premises, software and equipment | (278) | (329) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (613,335) | (1,055,848) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 33,284 | 185,357 |
Net proceeds from issuance of consolidated obligations: | ||
Discount notes | 53,566,824 | 124,347,336 |
Bonds | 9,331,771 | 12,649,550 |
Payments for maturing and retired consolidated obligations: | ||
Discount notes | (54,376,409) | (126,259,921) |
Bonds | (12,635,100) | (10,974,650) |
Proceeds from financing derivatives | 0 | 3,470 |
Net interest payments received (paid) for financing derivatives | (7,086) | (2,696) |
Proceeds from issuance of capital stock | 461,927 | 254,751 |
Payments for repurchase/redemption of capital stock | (153,546) | (38,437) |
Payments for repurchase of mandatorily redeemable capital stock | (358,290) | (205,359) |
Cash dividends paid | (64) | (70) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (4,136,689) | (40,669) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (4,505,279) | (1,465,496) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 4,570,415 | 1,917,166 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 65,136 | 451,670 |
Supplemental disclosures: | ||
Interest paid | 53,406 | 261,222 |
Affordable Housing Program payments | 3,135 | 1,064 |
Net transfers of mortgage loans to other assets | $ 183 | $ 309 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION Basis of Presentation: The accompanying interim financial statements of FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of FHLBank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. FHLBank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2020. The interim financial statements presented herein should be read in conjunction with FHLBank’s audited financial statements and notes thereto, which are included in FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 18, 2021 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K. Use of Estimates : The preparation of financial statements under GAAP requires management to make estimates and assumptions as of the date of the financial statements in determining the reported amounts of assets, liabilities and estimated fair values and in determining the disclosure of any contingent assets or liabilities. Estimates and assumptions by management also affect the reported amounts of income and expense during the reporting period. The most significant of these estimates include the fair value of trading and available-for-sale securities and the fair value of derivatives. Many of the estimates and assumptions, including those used in financial models, are based on financial market conditions as of the date of the financial statements. Because of the volatility of the financial markets, as well as other factors that affect management estimates, actual results may vary from these estimates. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles | RECENTLY ISSUED ACCOUNTING STANDARDS AND INTERPRETATIONS AND CHANGES IN AND ADOPTIONS OF ACCOUNTING PRINCIPLES Reference Rate Reform (Accounting Standards Update (ASU) 2021-01). In January 2021, the Financial Accounting Standards Board (FASB) issued an amendment that refines the scope of Accounting Standards Codification (ASC) 848 and clarifies the guidance issued to facilitate the effects of reference rate reform on financial reporting. The amendment permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements and calculating price alignment interest in connection with reference rate reform activities. During the fourth quarter of 2020, FHLBank elected applicable optional expedients specific to discounting transition on a retrospective basis. As a result of electing this expedient, discounting transition did not have a material effect on FHLBank's financial condition, results of operations, or cash flows. This guidance was effective immediately for FHLBank and was applied consistently with the optional expedient guidance under ASU 2020-04, described below. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04) . In March 2020, the FASB issued temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include: (1) contract modifications; (2) hedging relationships; and (3) sale or transfer of debt securities classified as held-to-maturity. During the second quarter of 2021, FHLBank adopted a provision of ASU 2020-04 which allows a one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity that reference a rate affected by reference rate reform and that were classified as held-to-maturity before January 1, 2020. See Note 15 - Subsequent Events for additional information related to this transfer. This guidance was effective immediately for FHLBank, and the amendments may be applied prospectively through December 31, 2022. FHLBank is in the process of evaluating the guidance and the other optional expedients, and the effect on FHLBank's financial condition, results of operations and cash flows has not yet been determined. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENTS FHLBank's investment portfolio consists of interest-bearing deposits, securities purchased under agreements to resell, Federal funds sold, and debt securities. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold: FHLBank invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide short-term liquidity. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a Nationally Recognized Statistical Ratings Organization (NRSRO). These may differ from internal ratings of the investments, if applicable. As of March 31, 2021, approximately 28 percent of these overnight investments were with counterparties not rated by an NRSRO. All transactions with unrated counterparties are secured transactions. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Federal Housing Finance Agency (FHFA) regulations include a limit on the amount of unsecured credit FHLBank may extend to a counterparty. As of March 31, 2021 and December 31, 2020, all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to the contractual terms. No allowance for credit losses was recorded for these assets as of March 31, 2021 and December 31, 2020. Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable of $60,000 and $5,000, respectively, as of March 31, 2021, and $80,000 and $3,000, respectively, as of December 31, 2020. Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). Based upon the collateral held as security and collateral maintenance provisions with its counterparties, FHLBank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of March 31, 2021 and December 31, 2020. The carrying value of securities purchased under agreements excludes accrued interest receivable of $3,000 and $6,000 as of March 31, 2021 and December 31, 2020, respectively. Debt Securities: FHLBank invests in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. FHLBank is prohibited by FHFA regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality, other than certain investments targeted at low-income persons or communities and instruments that experienced credit deterioration after their purchase by FHLBank. FHLBank's debt securities include the following major security types, which are based on the issuer and the risk characteristics of the security: ▪ U.S. Treasury obligations - sovereign debt of the United States; ▪ GSE debentures - debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Farm Credit Bank and Federal Agricultural Mortgage Corporation. GSE securities are not guaranteed by the U.S. government; ▪ State or local housing agency obligations - municipal bonds issued by housing finance agencies; ▪ U.S. obligation MBS - single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government; and ▪ GSE MBS - single-family and multifamily MBS issued by Fannie Mae and Federal Home Loan Mortgage Corporation (Freddie Mac). Trading Securities: Trading securities by major security type as of March 31, 2021 and December 31, 2020 are summarized in Table 3.1 (in thousands): Table 3.1 Fair Value 03/31/2021 12/31/2020 Non-mortgage-backed securities: Certificates of deposit $ 675,031 $ — U.S. Treasury obligations 1,290,894 1,298,518 GSE debentures 426,878 431,875 Non-mortgage-backed securities 2,392,803 1,730,393 Mortgage-backed securities: GSE MBS 874,162 892,983 Mortgage-backed securities 874,162 892,983 TOTAL $ 3,266,965 $ 2,623,376 Net gains (losses) on trading securities during the three months ended March 31, 2021 and 2020 are shown in Table 3.2 (in thousands): Table 3.2 Three Months Ended 03/31/2021 03/31/2020 Net gains (losses) on trading securities held as of March 31, 2021 $ (26,747) $ 91,805 Net gains (losses) on trading securities sold or matured prior to March 31, 2021 — 2,584 NET GAINS (LOSSES) ON TRADING SECURITIES $ (26,747) $ 94,389 Available-for-sale Securities: Available-for-sale securities by major security type as of March 31, 2021 are summarized in Table 3.3 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $22,737,000 as of March 31, 2021. Table 3.3 03/31/2021 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 3,272,761 $ 4,611 $ (25) $ 3,277,347 Non-mortgage-backed securities 3,272,761 4,611 (25) 3,277,347 Mortgage-backed securities: GSE MBS 3,016,516 71,355 (1,511) 3,086,360 Mortgage-backed securities 3,016,516 71,355 (1,511) 3,086,360 TOTAL $ 6,289,277 $ 75,966 $ (1,536) $ 6,363,707 Available-for-sale securities by major security type as of December 31, 2020 are summarized in Table 3.4 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $26,977,000 as of December 31, 2020. Table 3.4 12/31/2020 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 3,541,411 $ 4,931 $ (17) $ 3,546,325 Non-mortgage-backed securities 3,541,411 4,931 (17) 3,546,325 Mortgage-backed securities: GSE MBS 3,154,703 44,724 (4,442) 3,194,985 Mortgage-backed securities 3,154,703 44,724 (4,442) 3,194,985 TOTAL $ 6,696,114 $ 49,655 $ (4,459) $ 6,741,310 Table 3.5 summarizes the available-for-sale securities with unrealized losses as of March 31, 2021 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.5 03/31/2021 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities: U.S. Treasury obligations $ 249,854 $ (25) $ — $ — $ 249,854 $ (25) Non-mortgage-backed securities 249,854 (25) — — 249,854 (25) Mortgage-backed securities: GSE MBS — — 95,853 (1,511) 95,853 (1,511) Mortgage-backed securities — — 95,853 (1,511) 95,853 (1,511) TOTAL $ 249,854 $ (25) $ 95,853 $ (1,511) $ 345,707 $ (1,536) Table 3.6 summarizes the available-for-sale securities with unrealized losses as of December 31, 2020 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.6 12/31/2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities: U.S. Treasury obligations $ 250,436 $ (17) $ — $ — $ 250,436 $ (17) Non-mortgage-backed securities 250,436 (17) — — 250,436 (17) Mortgage-backed securities: GSE MBS — — 363,724 (4,442) 363,724 (4,442) Mortgage-backed securities — — 363,724 (4,442) 363,724 (4,442) TOTAL $ 250,436 $ (17) $ 363,724 $ (4,442) $ 614,160 $ (4,459) The amortized cost and fair values of available-for-sale securities by contractual maturity as of March 31, 2021 and December 31, 2020 are shown in Table 3.7 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.7 03/31/2021 12/31/2020 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ 1,463,607 $ 1,464,439 $ 1,767,608 $ 1,768,588 Due after one year through five years 1,809,154 1,812,908 1,773,803 1,777,737 Due after five years through ten years — — — — Due after ten years — — — — Non-mortgage-backed securities 3,272,761 3,277,347 3,541,411 3,546,325 Mortgage-backed securities 3,016,516 3,086,360 3,154,703 3,194,985 TOTAL $ 6,289,277 $ 6,363,707 $ 6,696,114 $ 6,741,310 Net gains (losses) realized on the sale of available-for-sale securities are recorded in other income (loss) on the Statements of Income. Table 3.8 presents details of the sales for the three months ended March 31, 2020 (in thousands). There were no sales of available-for-sale securities during the three months ended March 31, 2021. Table 3.8 Three Months Ended 03/31/2020 Proceeds from sale of available-for-sale securities $ 289,045 Gross gains on sale of available-for-sale securities $ 1,526 Gross losses on sale of available-for-sale securities (3) NET GAINS (LOSSES) ON SALE OF AVAILABLE-FOR-SALE SECURITIES $ 1,523 Held-to-maturity Securities: Held-to-maturity securities by major security type as of March 31, 2021 are summarized in Table 3.9 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $867,000 as of March 31, 2021. Table 3.9 03/31/2021 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 78,960 $ — $ (2,970) $ 75,990 Non-mortgage-backed securities 78,960 — (2,970) 75,990 Mortgage-backed securities: U.S. obligation MBS 65,469 178 (46) 65,601 GSE MBS 2,422,746 10,639 (3,187) 2,430,198 Mortgage-backed securities 2,488,215 10,817 (3,233) 2,495,799 TOTAL $ 2,567,175 $ 10,817 $ (6,203) $ 2,571,789 Held-to-maturity securities by major security type as of December 31, 2020 are summarized in Table 3.10 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $930,000 as of December 31, 2020. Table 3.10 12/31/2020 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 78,960 $ — $ (3,290) $ 75,670 Non-mortgage-backed securities 78,960 — (3,290) 75,670 Mortgage-backed securities: U.S. obligation MBS 70,814 135 (59) 70,890 GSE MBS 2,597,218 10,208 (3,870) 2,603,556 Mortgage-backed securities 2,668,032 10,343 (3,929) 2,674,446 TOTAL $ 2,746,992 $ 10,343 $ (7,219) $ 2,750,116 The amortized cost and fair values of held-to-maturity securities by contractual maturity as of March 31, 2021 and December 31, 2020 are shown in Table 3.11 (in thousands). Expected maturities of certain securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.11 03/31/2021 12/31/2020 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ — $ — $ — $ — Due after one year through five years — — — — Due after five years through ten years 48,960 47,357 48,960 47,280 Due after ten years 30,000 28,633 30,000 28,390 Non-mortgage-backed securities 78,960 75,990 78,960 75,670 Mortgage-backed securities 2,488,215 2,495,799 2,668,032 2,674,446 TOTAL $ 2,567,175 $ 2,571,789 $ 2,746,992 $ 2,750,116 Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities: FHLBank evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. As of March 31, 2021 and December 31, 2020, FHLBank did not recognize a provision for credit losses associated with available-for-sale investments or held-to-maturity investments. Although certain available-for-sale securities were in an unrealized loss position, these losses are considered temporary as FHLBank expects to recover the entire amortized cost basis on these available-for-sale investment securities. FHLBank neither intends to sell these securities nor considers it more likely than not that it will be required to sell these securities before its anticipated recovery of each security's remaining amortized cost basis. Further, FHLBank has not experienced any payment defaults on the instruments, and all of these securities carry an implicit or explicit government guarantee. FHLBank's held-to-maturity securities: (1) were all highly-rated and/or had short remaining terms to maturity; (2) had not experienced, nor did FHLBank expect, any payment default on the instruments; and (3) in the case of U.S. obligations or GSE debentures, carry an implicit or explicit government guarantee such that FHLBank considers the risk of nonpayment to be zero. |
Advances
Advances | 3 Months Ended |
Mar. 31, 2021 | |
Advances [Abstract] | |
Advances | ADVANCES General Terms: FHLBank offers a wide range of fixed and variable rate advance products with different maturities, interest rates, payment characteristics and optionality. As of March 31, 2021 and December 31, 2020, FHLBank had advances outstanding at interest rates ranging from 0.11 percent to 7.20 percent. Table 4.1 presents advances summarized by redemption term as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands). Carrying amounts exclude accrued interest receivable of $14,046,000 and $15,588,000 as of March 31, 2021 and December 31, 2020, respectively. Table 4.1 03/31/2021 12/31/2020 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 12,249,076 0.39 % $ 12,540,970 0.45 % Due after one year through two years 1,765,249 0.99 1,591,133 1.20 Due after two years through three years 1,375,162 1.61 1,268,307 1.73 Due after three years through four years 1,564,619 1.37 1,305,047 1.47 Due after four years through five years 816,388 1.57 1,033,221 1.40 Thereafter 3,177,500 1.84 3,233,763 1.90 Total par value 20,947,994 0.86 % 20,972,441 0.92 % Discounts (20,559) (18,071) Hedging adjustments 140,931 272,453 TOTAL $ 21,068,366 $ 21,226,823 FHLBank’s outstanding advances include advances that contain call options that may be exercised with or without prepayment fees at the borrower’s discretion on specific dates (call dates) before the stated advance maturities (callable advances). In exchange for receiving the right to call the advance on a predetermined call schedule, the borrower may pay a higher fixed rate for the advance relative to an equivalent maturity, non-callable, fixed rate advance. The borrower normally exercises its call options on these advances when interest rates decline (fixed rate advances) or spreads change (adjustable rate advances). Convertible advances allow FHLBank to convert an advance from one interest payment term structure to another. When issuing convertible advances, FHLBank purchases put options from a member that allow FHLBank to convert the fixed rate advance to a variable rate advance at the current market rate or another structure after an agreed-upon lockout period. A convertible advance carries a lower interest rate than a comparable-maturity fixed rate advance without the conversion feature. In October 2020, FHLBank placed a moratorium on the issuance of convertible advances; however, $1,596,200,000 remain outstanding. Table 4.2 presents advances summarized by redemption term or next call date (for callable advances) and by redemption term or next conversion date (for convertible advances) as of March 31, 2021 and December 31, 2020 (in thousands): Table 4.2 Redemption Term Redemption Term Redemption Term 03/31/2021 12/31/2020 03/31/2021 12/31/2020 Due in one year or less $ 13,800,371 $ 14,271,213 $ 13,218,626 $ 13,563,370 Due after one year through two years 1,372,487 1,161,239 2,106,749 1,861,133 Due after two years through three years 1,085,493 981,503 1,516,912 1,489,057 Due after three years through four years 984,915 773,881 1,660,019 1,400,447 Due after four years through five years 767,083 796,495 792,038 1,008,871 Thereafter 2,937,645 2,988,110 1,653,650 1,649,563 TOTAL PAR VALUE $ 20,947,994 $ 20,972,441 $ 20,947,994 $ 20,972,441 Interest Rate Payment Terms : Table 4.3 details additional interest rate payment terms for advances as of March 31, 2021 and December 31, 2020 (in thousands): Table 4.3 Redemption Term 03/31/2021 12/31/2020 Fixed rate: Due in one year or less $ 10,489,576 $ 9,838,379 Due after one year 6,972,406 6,663,459 Total fixed rate 17,461,982 16,501,838 Variable rate: Due in one year or less 1,759,500 2,702,591 Due after one year 1,726,512 1,768,012 Total variable rate 3,486,012 4,470,603 TOTAL PAR VALUE $ 20,947,994 $ 20,972,441 Credit Risk Exposure and Security Terms: FHLBank manages its credit exposure to advances through an integrated approach that includes establishing a credit limit for each borrower. This approach includes an ongoing review of each borrower's financial condition, in conjunction with FHLBank's collateral and lending policies to limit risk of loss, while balancing borrowers' needs for a reliable source of funding. Using a risk-based approach and taking into consideration each borrower's financial strength, FHLBank considers the types and level of collateral to be the primary indicator of credit quality on advances. As of March 31, 2021 and December 31, 2020, FHLBank had rights to collateral on a borrower-by-borrower basis with an estimated value greater than its outstanding advances. FHLBank continues to evaluate and make changes to its collateral guidelines, as necessary, based on current market conditions. As of March 31, 2021 and December 31, 2020, no advances were past due, on non-accrual status, or considered impaired. In addition, there were no troubled debt restructurings related to advances during the three months ended March 31, 2021 and 2020. Based on the collateral held as security, FHLBank's credit extension and collateral policies, and repayment history on advances, no losses are expected on advances as of March 31, 2021 and December 31, 2020, and therefore no allowance for credit losses on advances was recorded. |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Mortgage Loans | MORTGAGE LOANS Mortgage loans held for portfolio consist of loans obtained through the MPF Program and are either conventional mortgage loans or government-guaranteed or -insured mortgage loans. Under the MPF Program, FHLBank purchases single-family mortgage loans that are originated or acquired by Participating Financial Institutions (PFI). These mortgage loans are credit-enhanced by PFIs or are guaranteed or insured by Federal agencies. Mortgage Loans Held for Portfolio: Table 5.1 presents information as of March 31, 2021 and December 31, 2020 on mortgage loans held for portfolio (in thousands). Mortgage loans held for portfolio excludes accrued interest receivable of $40,935,000 and $44,101,000 as of March 31, 2021 and December 31, 2020, respectively. Table 5.1 03/31/2021 12/31/2020 Real estate: Fixed rate, medium-term 1 , single-family mortgages $ 1,406,731 $ 1,419,725 Fixed rate, long-term, single-family mortgages 7,153,375 7,666,912 Total unpaid principal balance 8,560,106 9,086,637 Premiums 118,967 128,231 Discounts (1,732) (1,865) Deferred loan costs, net 110 123 Other deferred fees (23) (25) Hedging adjustments (5,387) (2,717) Total before allowance for credit losses on mortgage loans 8,672,041 9,210,384 Allowance for credit losses on mortgage loans (4,956) (5,177) MORTGAGE LOANS HELD FOR PORTFOLIO, NET $ 8,667,085 $ 9,205,207 1 Medium-term defined as a term of 15 years or less at origination. Table 5.2 presents information as of March 31, 2021 and December 31, 2020 on the outstanding unpaid principal balance of mortgage loans held for portfolio (in thousands): Table 5.2 03/31/2021 12/31/2020 Conventional loans $ 8,073,627 $ 8,563,349 Government-guaranteed or -insured loans 486,479 523,288 TOTAL UNPAID PRINCIPAL BALANCE $ 8,560,106 $ 9,086,637 Payment Status of Mortgage Loans: Payment status is the key credit quality indicator for conventional mortgage loans and allows FHLBank to monitor the migration of past due loans. Past due loans are those where the borrower has failed to make timely payments of principal and/or interest in accordance with the terms of the loan. Other delinquency statistics include non-accrual loans and loans in process of foreclosure. Table 5.3 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of March 31, 2021 (dollar amounts in thousands): Table 5.3 03/31/2021 Conventional Loans Government Total Origination Year Subtotal Prior to 2017 2017 2018 2019 2020 2021 Amortized Cost: 1 Past due 30-59 days delinquent $ 24,607 $ 8,129 $ 7,877 $ 17,709 $ 6,009 $ — $ 64,331 $ 12,015 $ 76,346 Past due 60-89 days delinquent 6,009 2,795 1,482 6,060 1,461 — 17,807 4,957 22,764 Past due 90 days or more delinquent 23,859 11,871 18,052 32,652 5,634 — 92,068 22,770 114,838 Total past due 54,475 22,795 27,411 56,421 13,104 — 174,206 39,742 213,948 Total current loans 2,287,398 584,051 552,163 1,905,897 2,169,241 505,950 8,004,700 453,393 8,458,093 Total mortgage loans $ 2,341,873 $ 606,846 $ 579,574 $ 1,962,318 $ 2,182,345 $ 505,950 $ 8,178,906 $ 493,135 $ 8,672,041 Other delinquency statistics: In process of foreclosure 2 $ 1,733 $ 1,106 $ 2,839 Serious delinquency rate 3 1.1 % 4.6 % 1.3 % Past due 90 days or more and still accruing interest $ — $ 22,770 $ 22,770 Loans on non-accrual status 4,5 $ 102,771 $ — $ 102,771 1 Excludes accrued interest receivable. 2 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 3 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. 4 Loans on non-accrual status include $1,264,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. 5 Includes $66,992,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. Table 5.4 presents the payment status based on recorded investment as well as other delinquency statistics for FHLBank’s mortgage loans as of December 31, 2020 (dollar amounts in thousands): Table 5.4 12/31/2020 Conventional Loans Government Total Origination Year Subtotal Prior to 2016 2016 2017 2018 2019 2020 Amortized Cost: 1 Past due 30-59 days delinquent $ 16,546 $ 3,932 $ 7,879 $ 6,695 $ 11,904 $ 3,712 $ 50,668 $ 10,485 $ 61,153 Past due 60-89 days delinquent 7,680 1,064 2,354 2,805 4,438 1,278 19,619 4,895 24,514 Past due 90 days or more delinquent 20,518 3,868 13,325 20,969 43,268 5,839 107,787 22,691 130,478 Total past due 44,744 8,864 23,558 30,469 59,610 10,829 178,074 38,071 216,145 Total current loans 1,942,655 632,604 677,871 665,791 2,303,031 2,279,995 8,501,947 492,292 8,994,239 Total mortgage loans $ 1,987,399 $ 641,468 $ 701,429 $ 696,260 $ 2,362,641 $ 2,290,824 $ 8,680,021 $ 530,363 $ 9,210,384 Other delinquency statistics: In process of foreclosure 2 $ 1,785 $ 1,563 $ 3,348 Serious delinquency rate 3 1.3 % 4.3 % 1.4 % Past due 90 days or more and still accruing interest $ — $ 22,691 $ 22,691 Loans on non-accrual status 4,5 $ 117,584 $ — $ 117,584 1 Excludes accrued interest receivable. 2 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 3 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. 4 Loans on non-accrual status include $1,311,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. 5 Includes $69,192,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. Allowance for Credit Losses: Conventional Mortgage Loans: Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. FHLBank determines its allowances for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. FHLBank uses a model that discounts projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior experience. FHLBank also incorporates associated credit enhancements, as available, to determine its estimate of expected credit losses. Certain conventional loans may be evaluated for credit losses using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent if repayment is expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default. FHLBank may estimate the fair value of this collateral by applying an appropriate loss severity rate or using third party estimates or property valuation model(s). The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. FHLBank records a direct charge-off of the loan balance if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. FHLBank established an allowance for credit losses on its conventional mortgage loans held for portfolio. Table 5.5 presents a roll-forward of the allowance for credit losses on mortgage loans for the three months ended March 31, 2021 and 2020. Table 5.5 Three Months Ended Conventional Loans 03/31/2021 03/31/2020 Balance, beginning of the period $ 5,177 $ 985 Adjustment for cumulative effect of accounting change — 6,123 Net (charge-offs) recoveries (207) 96 Provision (reversal) for credit losses (14) (736) Balance, end of the period $ 4,956 $ 6,468 |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives And Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Table 6.1 presents outstanding notional amounts and fair values of the derivatives outstanding by type of derivative and by hedge designation as of March 31, 2021 and December 31, 2020 (in thousands). Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. Table 6.1 03/31/2021 12/31/2020 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps $ 17,054,390 $ 18,578 $ 173,294 $ 15,862,207 $ 18,427 $ 261,431 Total derivatives designated as hedging relationships 17,054,390 18,578 173,294 15,862,207 18,427 261,431 Derivatives not designated as hedging instruments: Interest rate swaps 2,472,926 528 47,453 2,476,659 107 68,210 Interest rate caps/floors 602,500 301 — 602,500 141 — Mortgage delivery commitments 191,878 42 996 133,456 654 4 Total derivatives not designated as hedging instruments 3,267,304 871 48,449 3,212,615 902 68,214 TOTAL $ 20,321,694 19,449 221,743 $ 19,074,822 19,329 329,645 Netting adjustments and cash collateral 1 138,503 (218,737) 129,539 (325,241) DERIVATIVE ASSETS AND LIABILITIES $ 157,952 $ 3,006 $ 148,868 $ 4,404 1 Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. Gains (losses) on fair value hedges include unrealized changes in fair value as well as net interest settlements. For the three months ended March 31, 2021 and 2020, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.2 (in thousands): Table 6.2 Three Months Ended 03/31/2021 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 35,443 $ 11,477 $ 1,998 $ 46,515 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 116,674 $ 124,675 $ 13 $ (21,293) Hedged items 2 (131,314) (148,040) (4) 28,620 NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ (14,640) $ (23,365) $ 9 $ 7,327 Three Months Ended 03/31/2020 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 130,887 $ 24,294 $ 92,951 $ 150,742 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ (260,132) $ (360,283) $ 18,523 $ 45,446 Hedged items 2 256,842 344,143 (15,690) (39,825) NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ (3,290) $ (16,140) $ 2,833 $ 5,621 1 Includes net interest settlements in interest income/expense. 2 Includes amortization/accretion on closed fair value relationships in interest income. Table 6.3 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items as of March 31, 2021 and December 31, 2020 (in thousands): Table 6.3 03/31/2021 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 6,001,677 $ 127,575 $ 13,356 $ 140,931 Available-for-sale securities 6,289,277 172,023 — 172,023 Consolidated obligation discount notes (174,957) 28 — 28 Consolidated obligation bonds (4,970,261) (6,034) — (6,034) 12/31/2020 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 5,895,962 $ 261,304 $ 11,149 $ 272,453 Available-for-sale securities 6,696,114 320,063 — 320,063 Consolidated discount notes (174,855) 33 — 33 Consolidated obligation bonds (3,791,848) (34,654) — (34,654) 1 Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded). 2 Included in amortized cost of the hedged asset/liability. Table 6.4 provides information regarding net gains (losses) on derivatives recorded in non-interest income (in thousands). Table 6.4 Three Months Ended 03/31/2021 03/31/2020 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ 34,451 $ (111,715) Interest rate caps/floors 160 145 Net interest settlements (12,841) (5,154) Mortgage delivery commitments (4,189) (5,528) NET GAINS (LOSSES) ON DERIVATIVES $ 17,581 $ (122,252) Based on credit analyses and collateral requirements, FHLBank management does not anticipate any credit losses on its derivative agreements. There was no credit risk applicable to a single counterparty as of March 31, 2021. The maximum credit risk applicable to a single counterparty was $247,000 as of December 31, 2020. For uncleared derivative transactions, FHLBank has entered into bilateral security agreements with its counterparties with bilateral-collateral-exchange provisions that require all credit exposures be collateralized, subject to minimum transfer amounts. FHLBank utilizes two Derivative Clearing Organizations (Clearinghouse) for all cleared derivative transactions, LCH Limited and CME Clearing. At both Clearinghouses, initial margin is considered cash collateral. For cleared derivatives, the Clearinghouse determines initial margin requirements and generally, credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including but not limited to credit rating downgrades. FHLBank was not required to post additional initial margin by its clearing agents as of March 31, 2021 and December 31, 2020. FHLBank’s net exposure on derivative agreements is presented in Note 9. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | DEPOSITS FHLBank offers demand, overnight and short-term deposit programs to its members and to other qualifying non-members. A member that services mortgage loans may also deposit funds collected in connection with the mortgage loans, pending disbursement of these funds to the owners of the mortgage loans. FHLBank classifies these funds as other deposits. Deposits classified as demand and overnight pay interest based on a daily interest rate. Term deposits pay interest based on a fixed rate determined at the issuance of the deposit. Table 7.1 details the types of deposits held by FHLBank as of March 31, 2021 and December 31, 2020 (in thousands): Table 7.1 03/31/2021 12/31/2020 Interest-bearing: Demand $ 319,073 $ 308,604 Overnight 692,700 660,400 Term 2,750 2,750 Total interest-bearing 1,014,523 971,754 Non-interest-bearing: Other 248,422 257,607 Total non-interest-bearing 248,422 257,607 TOTAL DEPOSITS $ 1,262,945 $ 1,229,361 |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations | CONSOLIDATED OBLIGATIONS Consolidated Obligation Bonds: Table 8.1 presents FHLBank’s participation in consolidated obligation bonds outstanding as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands): Table 8.1 03/31/2021 12/31/2020 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 23,759,950 0.26 % $ 27,921,650 0.31 % Due after one year through two years 1,406,700 1.62 1,267,800 1.45 Due after two years through three years 948,900 1.52 1,216,600 1.91 Due after three years through four years 992,200 1.44 831,700 1.58 Due after four years through five years 1,575,000 0.77 836,100 1.22 Thereafter 5,607,550 1.53 5,518,800 1.60 Total par value 34,290,300 0.62 % 37,592,650 0.63 % Premiums 34,198 38,219 Discounts (3,111) (3,303) Concession fees (13,414) (14,143) Hedging adjustments 6,034 34,654 TOTAL $ 34,314,007 $ 37,648,077 FHLBank issues optional principal redemption bonds (callable bonds) that may be redeemed in whole or in part at the discretion of FHLBank on predetermined call dates in accordance with terms of bond offerings. FHLBank’s participation in consolidated obligation bonds outstanding as of March 31, 2021 and December 31, 2020 includes callable bonds totaling $7,894,000,000 and $6,878,000,000, respectively. FHLBank uses the unswapped callable bonds for financing its callable fixed rate advances (Note 4), MBS (Note 3) and mortgage loans (Note 5). Contemporaneous with a portion of its fixed rate callable bond issuances, FHLBank also enters into interest rate swap agreements (in which FHLBank generally pays a variable rate and receives a fixed rate) with call features that mirror the options in the callable bonds (a sold callable swap). The combined sold callable swap and callable debt transaction allows FHLBank to obtain attractively priced variable rate financing. Table 8.2 summarizes FHLBank’s participation in consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of March 31, 2021 and December 31, 2020 (in thousands): Table 8.2 Year of Maturity or Next Call Date 03/31/2021 12/31/2020 Due in one year or less $ 31,153,950 $ 34,299,650 Due after one year through two years 1,263,700 1,142,800 Due after two years through three years 656,400 815,100 Due after three years through four years 460,200 399,700 Due after four years through five years 299,000 391,100 Thereafter 457,050 544,300 TOTAL PAR VALUE $ 34,290,300 $ 37,592,650 In addition to having fixed rate or simple variable rate coupon payment terms, consolidated obligation bonds may also have the following broad terms, regarding the coupon payment: ▪ Range bonds that have coupon rates at fixed or variable rates and pay the fixed or variable rate as long as the index rate is within the established range, but generally pay zero percent or a minimal interest rate if the specified index rate is outside the established range; ▪ Conversion bonds that have coupon rates that convert from fixed to variable, or variable to fixed, rates or from one index to another, on predetermined dates according to the terms of the bond offerings; and ▪ Step bonds that have coupon rates at fixed or variable rates for specified intervals over the lives of the bonds. At the end of each specified interval, the coupon rate or variable rate spread increases (decreases) or steps up (steps down). These bond issues generally contain call provisions enabling the bonds to be called at FHLBank’s discretion on the step dates. Table 8.3 summarizes interest rate payment terms for consolidated obligation bonds as of March 31, 2021 and December 31, 2020 (in thousands): Table 8.3 03/31/2021 12/31/2020 Simple variable rate $ 19,375,000 $ 23,752,000 Fixed rate 14,495,300 13,840,650 Step 420,000 — TOTAL PAR VALUE $ 34,290,300 $ 37,592,650 Consolidated Discount Notes: Table 8.4 summarizes FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 8.4 Book Value Par Value Weighted Average Interest Rate 1 March 31, 2021 $ 10,072,689 $ 10,073,500 0.05 % December 31, 2020 $ 10,882,417 $ 10,883,608 0.08 % 1 Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subject
Assets and Liabilities Subject to Offsetting | 3 Months Ended |
Mar. 31, 2021 | |
Offsetting [Abstract] | |
Assets and Liabilities Subject to Offsetting | ASSETS AND LIABILITIES SUBJECT TO OFFSETTING FHLBank presents certain financial instruments, including derivatives, repurchase agreements and securities purchased under agreements to resell, on a net basis by clearing agent by Clearinghouse, or by counterparty, when it has met the netting requirements. For these financial instruments, FHLBank has elected to offset its asset and liability positions, as well as cash collateral received or pledged, including associated accrued interest. FHLBank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or clearing agent, or both. Based on this analysis, FHLBank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. Tables 9.1 and 9.2 present the fair value of financial assets, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of March 31, 2021 and December 31, 2020 (in thousands): Table 9.1 03/31/2021 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 15,209 $ (10,288) $ 4,921 $ (42) $ 4,879 Cleared derivatives 4,240 148,791 153,031 — 153,031 Total derivative assets 19,449 138,503 157,952 (42) 157,910 Securities purchased under agreements to resell 1,700,000 — 1,700,000 (1,700,000) — TOTAL $ 1,719,449 $ 138,503 $ 1,857,952 $ (1,700,042) $ 157,910 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.2 12/31/2020 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 18,819 $ (18,031) $ 788 $ (654) $ 134 Cleared derivatives 510 147,570 148,080 — 148,080 Total derivative assets 19,329 129,539 148,868 (654) 148,214 Securities purchased under agreements to resell 2,600,000 — 2,600,000 (2,600,000) — TOTAL $ 2,619,329 $ 129,539 $ 2,748,868 $ (2,600,654) $ 148,214 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Tables 9.3 and 9.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of March 31, 2021 and December 31, 2020 (in thousands): Table 9.3 03/31/2021 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 221,472 $ (218,466) $ 3,006 $ (996) $ 2,010 Cleared derivatives 271 (271) — — — Total derivative liabilities 221,743 (218,737) 3,006 (996) 2,010 TOTAL $ 221,743 $ (218,737) $ 3,006 $ (996) $ 2,010 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.4 12/31/2020 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 324,491 $ (320,087) $ 4,404 $ (4) $ 4,400 Cleared derivatives 5,154 (5,154) — — — Total derivative liabilities 329,645 (325,241) 4,404 (4) 4,400 TOTAL $ 329,645 $ (325,241) $ 4,404 $ (4) $ 4,400 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital
Capital | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital | CAPITAL Capital Requirements: FHLBank is subject to three capital requirements under the provisions of the Gramm-Leach-Bliley Act (GLB Act) and the FHFA's capital structure regulation. Regulatory capital does not include AOCI but does include mandatorily redeemable capital stock. • Risk-based capital. FHLBank must maintain at all times permanent capital in an amount at least equal to the sum of its credit risk, market risk and operations risk capital requirements. The risk-based capital requirements are all calculated in accordance with the rules and regulations of the FHFA. Only permanent capital, defined as Class B Common Stock and retained earnings, can be used by FHLBank to satisfy its risk-based capital requirement. The FHFA may require FHLBank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined, but the FHFA has not placed any such requirement on FHLBank to date. • Total regulatory capital. The GLB Act requires FHLBank to maintain at all times at least a 4.0 percent total capital-to-asset ratio. Total regulatory capital is defined as the sum of permanent capital, Class A Common Stock, any general loss allowance, if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the FHFA as available to absorb losses. • Leverage capital. FHLBank is required to maintain at all times a leverage capital-to-assets ratio of at least 5.0 percent, with the leverage capital ratio defined as the sum of permanent capital weighted 1.5 times and non-permanent capital (currently only Class A Common Stock) weighted 1.0 times, divided by total assets. Table 10.1 illustrates that FHLBank was in compliance with its regulatory capital requirements as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands): Table 10.1 03/31/2021 12/31/2020 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 349,751 $ 2,243,877 $ 192,927 $ 2,213,868 Total regulatory capital-to-asset ratio 4.0 % 5.4 % 4.0 % 5.0 % Total regulatory capital $ 1,940,017 $ 2,621,024 $ 2,103,668 $ 2,627,083 Leverage capital ratio 5.0 % 7.7 % 5.0 % 7.1 % Leverage capital $ 2,425,021 $ 3,742,963 $ 2,629,586 $ 3,734,017 Capital Stock: FHLBank offers two classes of stock, Class A Common Stock and Class B Common Stock. Each member is required to hold capital stock to become and remain a member of FHLBank (Asset-based Stock Purchase Requirement; Class A Common Stock) and enter into specified activities with FHLBank including, but not limited to, access to FHLBank’s credit products and selling Acquired Member Assets (AMA) to FHLBank (Activity-based Stock Purchase Requirement; Class A Common Stock to the extent of a member’s Asset-based Stock Purchase Requirement, then Class B Common Stock for the remainder). The amount of Class A Common Stock a member must acquire and maintain is the Asset-based Stock Purchase Requirement, which is currently equal to 0.1 percent of a member’s total assets as of December 31 of the preceding calendar year, with a minimum requirement of $1,000, and a maximum requirement of $500,000. The amount of Class B Common Stock a member must acquire and maintain is the Activity-based Stock Purchase Requirement, which is currently equal to 4.5 percent of the principal amount of advances outstanding to the member plus 3.0 percent of the principal amount of AMA outstanding for the member, limited to a maximum of 3.0 percent of the member's total assets at the end of the prior calendar year, less the member’s Asset-based Stock Purchase Requirement. As of December 31, 2020, there was no Activity-based Stock Purchase Requirement for letters of credit. However, the Letter of Credit Activity-based Stock Purchase Requirement increased to 0.25 percent from the previous requirement of zero percent, effective January 22, 2021. The change in the Activity-based Stock Purchase Requirements did not change for former members with outstanding business transactions. Mandatorily Redeemable Capital Stock: FHLBank is a cooperative whose members own most of FHLBank’s capital stock. Former members (including certain non-members that own FHLBank capital stock as a result of merger or acquisition, relocation, charter termination, or involuntary termination of an FHLBank member) own the remaining capital stock to support business transactions still carried on FHLBank's Statements of Condition. Shares cannot be purchased or sold except between FHLBank and its members at a price equal to the $100 per share par value. If a member cancels its written notice of redemption or notice of withdrawal, FHLBank will reclassify mandatorily redeemable capital stock from a liability to equity. After the reclassification, dividends on the capital stock would no longer be classified as interest expense. Table 10.2 presents a roll-forward of mandatorily redeemable capital stock for the three months ended March 31, 2021 and 2020 (in thousands): Table 10.2 Three Months Ended 03/31/2021 03/31/2020 Balance, beginning of period $ 1,624 $ 2,415 Capital stock subject to mandatory redemption reclassified from equity during the period 358,243 305,957 Capital stock redemption cancellations reclassified to equity during the period — (100,647) Redemption or repurchase of mandatorily redeemable capital stock during the period (358,290) (205,359) Stock dividend classified as mandatorily redeemable capital stock during the period 8 24 Balance, end of period $ 1,585 $ 2,390 Excess Capital Stock: Excess capital stock is defined as the amount of stock held by a member (or former member) in excess of that institution’s minimum stock purchase requirement. FHFA rules limit the ability of FHLBank to create excess member stock under certain circumstances. For example, FHLBank may not pay dividends in the form of capital stock or issue new excess stock to members if FHLBank’s excess stock exceeds one percent of its total assets or if the issuance of excess stock would cause FHLBank’s excess stock to exceed one percent of its total assets. As of March 31, 2021, FHLBank’s excess stock was less than one percent of total assets. Capital Classification Determination: The FHFA determines each FHLBank’s capital classification on at least a quarterly basis. If an FHLBank is determined to be other than adequately capitalized, that FHLBank becomes subject to additional supervisory authority by the FHFA. Before implementing a reclassification, the Director of the FHFA is required to provide an FHLBank with written notice of the proposed action and an opportunity to submit a response. As of the most recent review by the FHFA, FHLBank Topeka was classified as adequately capitalized. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME Table 11.1 summarizes the changes in AOCI for the three months ended March 31, 2021 and 2020 (in thousands): Table 11.1 Three Months Ended Net Unrealized Gains (Losses) on Available-for-sale Securities Defined Benefit Pension Plan Total AOCI Balance at December 31, 2019 $ 26,788 $ (2,002) $ 24,786 Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (92,608) (92,608) Reclassifications from other comprehensive income (loss) to net income: Realized net (gains) losses included in net income 1 (1,523) (1,523) Amortization of net losses - defined benefit pension plan 2 26 26 Net current period other comprehensive income (loss) (94,131) 26 (94,105) Balance at March 31, 2020 $ (67,343) $ (1,976) $ (69,319) Balance at December 31, 2020 $ 45,196 $ (2,888) $ 42,308 Other comprehensive income (loss) before reclassification: Unrealized gains (losses) 29,234 29,234 Reclassifications from other comprehensive income (loss) to net income: Amortization of net losses - defined benefit pension plan 2 72 72 Net current period other comprehensive income (loss) 29,234 72 29,306 Balance at March 31, 2021 $ 74,430 $ (2,816) $ 71,614 1 Recorded in “Net gains (losses) on sale of available-for-sale securities” non-interest income on the Statements of Income. Amount represents a credit (increase to other income (loss)). 2 Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values
Fair Values | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Values | FAIR VALUES The fair value amounts recorded on the Statements of Condition and presented in the note disclosures have been determined by FHLBank using available market and other pertinent information and reflect FHLBank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Although FHLBank uses its best judgment in estimating the fair value of its financial instruments, there are inherent limitations in any valuation technique. Therefore, the fair values may not be indicative of the amounts that would have been realized in market transactions as of March 31, 2021 and December 31, 2020. Additionally, these values do not represent an estimate of the overall market value of FHLBank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. Subjectivity of Estimates: Estimates of the fair value of advances with options, mortgage instruments, derivatives with embedded options and consolidated obligation bonds with options are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows, prepayment speed assumptions, expected interest rate volatility, methods to determine possible distributions of future interest rates used to value options, and the selection of discount rates that appropriately reflect market and credit risks. The use of different assumptions could have a material effect on the fair value estimates. Fair Value Hierarchy: The fair value hierarchy requires FHLBank to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of the market observability of the fair value measurement for the asset or liability. FHLBank must disclose the level within the fair value hierarchy in which the measurements are classified for all assets and liabilities. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: • Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that FHLBank can access on the measurement date. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 Inputs – Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets and liabilities in active markets; (2) quoted prices for similar assets and liabilities in markets that are not active; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Unobservable inputs for the asset or liability. FHLBank reviews its fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. There were no transfers of assets or liabilities between fair value levels during the three months ended March 31, 2021 and 2020. Tables 12.1 and 12.2 present the carrying value, fair value and fair value hierarchy of financial assets and liabilities as of March 31, 2021 and December 31, 2020. FHLBank records trading securities, available-for-sale securities, derivative assets, and derivative liabilities at fair value on a recurring basis, and on occasion certain mortgage loans held for portfolio and certain other assets at fair value on a nonrecurring basis. FHLBank measures all other financial assets and liabilities at amortized cost. Further details about the financial assets and liabilities held at fair value on either a recurring or non-recurring basis are presented in Tables 12.3 and 12.4. The carrying value, fair value and fair value hierarchy of FHLBank’s financial assets and liabilities as of March 31, 2021 and December 31, 2020 are summarized in Tables 12.1 and 12.2 (in thousands): Table 12.1 03/31/2021 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 65,136 $ 65,136 $ 65,136 $ — $ — $ — Interest-bearing deposits 558,784 558,784 — 558,784 — — Securities purchased under agreements to resell 1,700,000 1,700,000 — 1,700,000 — — Federal funds sold 3,905,000 3,905,000 — 3,905,000 — — Trading securities 3,266,965 3,266,965 — 3,266,965 — — Available-for-sale securities 6,363,707 6,363,707 — 6,363,707 — — Held-to-maturity securities 2,567,175 2,571,789 — 2,495,799 75,990 — Advances 21,068,366 21,179,090 — 21,179,090 — — Mortgage loans held for portfolio, net of allowance 8,667,085 8,806,362 — 8,792,449 13,913 — Accrued interest receivable 93,123 93,123 — 93,123 — — Derivative assets 157,952 157,952 — 19,449 — 138,503 Liabilities: Deposits 1,262,945 1,262,945 — 1,262,945 — — Consolidated obligation discount notes 10,072,689 10,072,023 — 10,072,023 — — Consolidated obligation bonds 34,314,007 34,264,800 — 34,264,800 — — Mandatorily redeemable capital stock 1,585 1,585 1,585 — — — Accrued interest payable 45,254 45,254 — 45,254 — — Derivative liabilities 3,006 3,006 — 221,743 — (218,737) Other Asset (Liability): Industrial revenue bonds 35,000 36,534 — 36,534 — — Financing obligation payable (35,000) (36,534) — (36,534) — — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. Table 12.2 12/31/2020 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 4,570,415 $ 4,570,415 $ 4,570,415 $ — $ — $ — Interest-bearing deposits 760,297 760,297 — 760,297 — — Securities purchased under agreements to resell 2,600,000 2,600,000 — 2,600,000 — — Federal funds sold 1,780,000 1,780,000 — 1,780,000 — — Trading securities 2,623,376 2,623,376 — 2,623,376 — — Available-for-sale securities 6,741,310 6,741,310 — 6,741,310 — — Held-to-maturity securities 2,746,992 2,750,116 — 2,674,446 75,670 — Advances 21,226,823 21,360,450 — 21,360,450 — — Mortgage loans held for portfolio, net of allowance 9,205,207 9,454,112 — 9,441,474 12,638 — Accrued interest receivable 97,718 97,718 — 97,718 — — Derivative assets 148,868 148,868 — 19,329 — 129,539 Liabilities: Deposits 1,229,361 1,229,361 — 1,229,361 — — Consolidated obligation discount notes 10,882,417 10,882,601 — 10,882,601 — — Consolidated obligation bonds 37,648,077 37,835,135 — 37,835,135 — — Mandatorily redeemable capital stock 1,624 1,624 1,624 — — — Accrued interest payable 45,575 45,575 — 45,575 — — Derivative liabilities 4,404 4,404 — 329,645 — (325,241) Other Asset (Liability): Industrial revenue bonds 35,000 37,978 — 37,978 — — Financing obligation payable (35,000) (37,978) — (37,978) — — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. Fair Value Measurements: Tables 12.3 and 12.4 present, for each hierarchy level, FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended March 31, 2021 and December 31, 2020 (in thousands). Table 12.3 03/31/2021 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: Certificates of deposit $ 675,031 $ — $ 675,031 $ — $ — U.S. Treasury obligations 1,290,894 — 1,290,894 — — GSE debentures 426,878 — 426,878 — — GSE MBS 874,162 — 874,162 — — Total trading securities 3,266,965 — 3,266,965 — — Available-for-sale securities: U.S. Treasury obligations 3,277,347 — 3,277,347 — — GSE MBS 3,086,360 — 3,086,360 — — Total available-for-sale securities 6,363,707 — 6,363,707 — — Derivative assets: Interest-rate related 157,910 — 19,407 — 138,503 Mortgage delivery commitments 42 — 42 — — Total derivative assets 157,952 — 19,449 — 138,503 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 9,788,624 $ — $ 9,650,121 $ — $ 138,503 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 2,010 $ — $ 220,747 $ — $ (218,737) Mortgage delivery commitments 996 — 996 — — Total derivative liabilities 3,006 — 221,743 — (218,737) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 3,006 $ — $ 221,743 $ — $ (218,737) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 13,951 $ — $ — $ 13,951 $ — Real estate owned 215 — — 215 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 14,166 $ — $ — $ 14,166 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the three months ended March 31, 2021 and still outstanding as of March 31, 2021. Table 12.4 12/31/2020 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: U.S. Treasury obligations $ 1,298,518 $ — $ 1,298,518 $ — $ — GSE debentures 431,875 — 431,875 — — GSE MBS 892,983 — 892,983 — — Total trading securities 2,623,376 — 2,623,376 — — Available-for-sale securities: U.S. Treasury obligations 3,546,325 — 3,546,325 — — GSE MBS 3,194,985 — 3,194,985 — — Total available-for-sale securities 6,741,310 — 6,741,310 — — Derivative assets: Interest-rate related 148,214 — 18,675 — 129,539 Mortgage delivery commitments 654 — 654 — — Total derivative assets 148,868 — 19,329 — 129,539 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 9,513,554 $ — $ 9,384,015 $ — $ 129,539 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 4,400 $ — $ 329,641 $ — $ (325,241) Mortgage delivery commitments 4 — 4 — — Total derivative liabilities 4,404 — 329,645 — (325,241) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 4,404 $ — $ 329,645 $ — $ (325,241) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 12,668 $ — $ — $ 12,668 $ — Real estate owned 405 — — 405 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 13,073 $ — $ — $ 13,073 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the year ended December 31, 2020 and still outstanding as of December 31, 2020. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Joint and Several Liability: As provided in the Federal Home Loan Bank Act of 1932, as amended (Bank Act) or in FHFA regulations, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. The par amounts for which FHLBank Topeka is jointly and severally liable were approximately $652,020,742,000 and $698,296,045,000 as of March 31, 2021 and December 31, 2020, respectively. Off-balance Sheet Commitments: As of March 31, 2021 and December 31, 2020, off-balance sheet commitments are presented in Table 13.1 (in thousands): Table 13.1 03/31/2021 12/31/2020 Notional Amount Expire Expire Total Expire Expire Total Standby letters of credit outstanding $ 5,202,777 $ 692 $ 5,203,469 $ 5,436,165 $ 4,251 $ 5,440,416 Advance commitments outstanding 18,632 16,901 35,533 19,693 21,001 40,694 Principal commitments for standby bond purchase agreements 304,055 434,415 738,470 380,615 317,710 698,325 Commitments to fund or purchase mortgage loans 191,878 — 191,878 133,456 — 133,456 Commitments to issue consolidated bonds, at par 215,000 — 215,000 4,000 — 4,000 Commitments to Extend Credit: FHLBank issues standby letters of credit on behalf of its members to support certain obligations of the members to third-party beneficiaries. These standby letters of credit are subject to the same collateralization and borrowing limits that are applicable to advances and are fully collateralized at the time of issuance with assets allowed by FHLBank’s Member Products Policy (MPP). Standby letters of credit may be offered to assist members in facilitating residential housing finance, community lending, and asset-liability management, and to provide liquidity. In particular, members often use standby letters of credit as collateral for deposits from federal and state government agencies. Standby letters of credit are executed for members for a fee. If FHLBank is required to make payment for a beneficiary's draw, the member either reimburses FHLBank for the amount drawn or, subject to FHLBank's discretion, the amount drawn may be converted into a collateralized advance to the member. However, standby letters of credit usually expire without being drawn upon. Outstanding standby letters of credit have original or extended expiration periods of up to 6 years. FHLBank's current outstanding standby letters of credit expire no later than 2023. Unearned fees as well as the value of the guarantees related to standby letters of credit are recorded in other liabilities and amounted to $1,328,000 and $1,554,000 as of March 31, 2021 and December 31, 2020, respectively. Advance commitments legally bind and unconditionally obligate FHLBank for additional advances up to 24 months in the future. Based upon management’s credit analysis of members and collateral requirements under the MPP, FHLBank does not expect to incur any credit losses on the outstanding letters of credit or advance commitments. Standby Bond-Purchase Agreements: FHLBank has entered into standby bond purchase agreements with state housing authorities whereby FHLBank, for a fee, agrees to purchase and hold the authorities’ bonds until the designated marketing agent can find a suitable investor or the housing authority repurchases the bond according to a schedule established by the standby agreement. Each standby agreement dictates the specific terms that would require FHLBank to purchase the bond and typically allows FHLBank to terminate the agreement upon the occurrence of a default event of the issuer. The bond purchase commitments entered into by FHLBank expire no later than 2024, though some are renewable at the option of FHLBank. As of March 31, 2021 and December 31, 2020, the total commitments for bond purchases included agreements with two in-district state housing authorities. FHLBank was required to purchase $122,390,000 in bonds under these agreements during the three months ended March 31, 2020. These bonds were classified as available-for-sale securities, and were acquired at par and sold at par within the same month. FHLBank was not required to purchase any bonds under any agreements during the three months ended March 31, 2021. Commitments to Purchase Mortgage Loans: These commitments that unconditionally obligate FHLBank to purchase mortgage loans from participating FHLBank Topeka members in the MPF Program are generally for periods not to exceed 60 calendar days. Certain commitments are recorded as derivatives at their fair values on the Statements of Condition. FHLBank recorded mortgage delivery commitment net derivative asset (liability) balances of $(954,000) and $650,000 as of March 31, 2021 and December 31, 2020, respectively. Commitments to Issue Consolidated Obligations: FHLBank enters into commitments to issue consolidated obligation bonds and discount notes outstanding in the normal course of its business. Most settle within the shortest period possible and are considered regular way trades; however, certain commitments are recorded as derivatives at their fair values on the Statements of Condition. |
Transactions With Stockholders
Transactions With Stockholders | 3 Months Ended |
Mar. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Transactions With Stockholders | TRANSACTIONS WITH STOCKHOLDERS FHLBank is a cooperative whose members own most of the capital stock of FHLBank and generally receive dividends on their investments. In addition, certain former members that still have outstanding transactions are also required to maintain their investments in FHLBank capital stock until the transactions mature or are paid off. Nearly all outstanding advances are with current members, and the majority of outstanding mortgage loans held for portfolio were purchased from current or former members. FHLBank also maintains demand deposit accounts for members primarily to facilitate settlement activities that are directly related to advances and mortgage loan purchases. Transactions with members are entered into in the ordinary course of business. In instances where members also have officers or directors who are directors of FHLBank, transactions with those members are subject to the same eligibility and credit criteria, as well as the same terms and conditions, as other transactions with members. For financial reporting and disclosure purposes, FHLBank defines related parties as FHLBank directors’ financial institutions and members with capital stock investments in excess of 10 percent of FHLBank’s total regulatory capital stock outstanding, which includes mandatorily redeemable capital stock. Activity with Members that Exceed a 10 Percent Ownership in FHLBank Regulatory Capital Stock: Tables 14.1 and 14.2 present information on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands). None of the officers or directors of this member currently serve on FHLBank’s board of directors. Table 14.1 03/31/2021 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock MidFirst Bank OK $ 500 0.1 % $ 355,456 30.5 % $ 355,956 23.1 % TOTAL $ 500 0.1 % $ 355,456 30.5 % $ 355,956 23.1 % Table 14.2 12/31/2020 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock MidFirst Bank OK $ 825 0.2 % $ 339,524 29.2 % $ 340,349 21.6 % TOTAL $ 825 0.2 % $ 339,524 29.2 % $ 340,349 21.6 % Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2021 and December 31, 2020 are summarized in Table 14.3 (dollar amounts in thousands). Table 14.3 03/31/2021 12/31/2020 03/31/2021 12/31/2020 Member Name Outstanding Advances Percent of Total Outstanding Advances Percent of Total Outstanding Deposits Percent of Total Outstanding Deposits Percent of Total MidFirst Bank $ 7,800,000 37.2 % $ 7,460,000 35.6 % $ 599 — % $ 713 0.1 % TOTAL $ 7,800,000 37.2 % $ 7,460,000 35.6 % $ 599 — % $ 713 0.1 % MidFirst Bank did not sell any mortgage loans into the MPF Program during the three months ended March 31, 2021 and 2020. Transactions with FHLBank Directors’ Financial Institutions: Table 14.4 presents information as of March 31, 2021 and December 31, 2020 for members that had an officer or director serving on FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 14.4 03/31/2021 12/31/2020 Outstanding Amount Percent of Total Outstanding Amount Percent of Total Advances $ 155,063 0.7 % $ 161,021 0.8 % Deposits $ 33,172 2.6 % $ 25,459 2.1 % Class A Common Stock $ 8,624 2.3 % $ 10,298 2.5 % Class B Common Stock 19,236 1.7 21,200 1.8 TOTAL CAPITAL STOCK $ 27,860 1.8 % $ 31,498 2.0 % Table 14.5 presents mortgage loans acquired during the three months ended March 31, 2021 and 2020 for members that had an officer or director serving on FHLBank’s board of directors in 2021 or 2020 (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Table 14.5 Three Months Ended 03/31/2021 03/31/2020 Amount Percent of Total Amount Percent of Total Mortgage loans acquired $ 8,083 1.5 % $ 46,109 5.2 % |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSDuring the second quarter of 2021, FHLBank adopted a provision of ASU 2020-04 which allows a one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity that reference a rate affected by reference rate reform and that were classified as held-to-maturity before January 1, 2020. Upon adopting the provision, FHLBank transferred held-to-maturity securities with an amortized cost of $2,019,635,000 to available-for-sale and recorded unrealized gains of $4,059,000 in other comprehensive income. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation: The accompanying interim financial statements of FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of FHLBank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. FHLBank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2020. The interim financial statements presented herein should be read in conjunction with FHLBank’s audited financial statements and notes thereto, which are included in FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 18, 2021 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K. |
Use Of Estimates, Policy | Use of Estimates : The preparation of financial statements under GAAP requires management to make estimates and assumptions as of the date of the financial statements in determining the reported amounts of assets, liabilities and estimated fair values and in determining the disclosure of any contingent assets or liabilities. Estimates and assumptions by management also affect the reported amounts of income and expense during the reporting period. The most significant of these estimates include the fair value of trading and available-for-sale securities and the fair value of derivatives. Many of the estimates and assumptions, including those used in financial models, are based on financial market conditions as of the date of the financial statements. Because of the volatility of the financial markets, as well as other factors that affect management estimates, actual results may vary from these estimates. |
New Accounting Pronouncements, Policy | Reference Rate Reform (Accounting Standards Update (ASU) 2021-01). In January 2021, the Financial Accounting Standards Board (FASB) issued an amendment that refines the scope of Accounting Standards Codification (ASC) 848 and clarifies the guidance issued to facilitate the effects of reference rate reform on financial reporting. The amendment permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements and calculating price alignment interest in connection with reference rate reform activities. During the fourth quarter of 2020, FHLBank elected applicable optional expedients specific to discounting transition on a retrospective basis. As a result of electing this expedient, discounting transition did not have a material effect on FHLBank's financial condition, results of operations, or cash flows. This guidance was effective immediately for FHLBank and was applied consistently with the optional expedient guidance under ASU 2020-04, described below. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04) . In March 2020, the FASB issued temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include: (1) contract modifications; (2) hedging relationships; and (3) sale or transfer of debt securities classified as held-to-maturity. During the second quarter of 2021, FHLBank adopted a provision of ASU 2020-04 which allows a one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity that reference a rate affected by reference rate reform and that were classified as held-to-maturity before January 1, 2020. See Note 15 - Subsequent Events for additional information related to this transfer. This guidance was effective immediately for FHLBank, and the amendments may be applied prospectively through December 31, 2022. FHLBank is in the process of evaluating the guidance and the other optional expedients, and the effect on FHLBank's financial condition, results of operations and cash flows has not yet been determined. |
Credit Loss, Financial Instrument, Policy | Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold: FHLBank invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide short-term liquidity. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a Nationally Recognized Statistical Ratings Organization (NRSRO). These may differ from internal ratings of the investments, if applicable. As of March 31, 2021, approximately 28 percent of these overnight investments were with counterparties not rated by an NRSRO. All transactions with unrated counterparties are secured transactions. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Federal Housing Finance Agency (FHFA) regulations include a limit on the amount of unsecured credit FHLBank may extend to a counterparty. As of March 31, 2021 and December 31, 2020, all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to the contractual terms. No allowance for credit losses was recorded for these assets as of March 31, 2021 and December 31, 2020. Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable of $60,000 and $5,000, respectively, as of March 31, 2021, and $80,000 and $3,000, respectively, as of December 31, 2020. Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). Based upon the collateral held as security and collateral maintenance provisions with its counterparties, FHLBank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of March 31, 2021 and December 31, 2020. The carrying value of securities purchased under agreements excludes accrued interest receivable of $3,000 and $6,000 as of March 31, 2021 and December 31, 2020, respectively. Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities: FHLBank evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. As of March 31, 2021 and December 31, 2020, FHLBank did not recognize a provision for credit losses associated with available-for-sale investments or held-to-maturity investments. Although certain available-for-sale securities were in an unrealized loss position, these losses are considered temporary as FHLBank expects to recover the entire amortized cost basis on these available-for-sale investment securities. FHLBank neither intends to sell these securities nor considers it more likely than not that it will be required to sell these securities before its anticipated recovery of each security's remaining amortized cost basis. Further, FHLBank has not experienced any payment defaults on the instruments, and all of these securities carry an implicit or explicit government guarantee. FHLBank's held-to-maturity securities: (1) were all highly-rated and/or had short remaining terms to maturity; (2) had not experienced, nor did FHLBank expect, any payment default on the instruments; and (3) in the case of U.S. obligations or GSE debentures, carry an implicit or explicit government guarantee such that FHLBank considers the risk of nonpayment to be zero. Allowance for Credit Losses: Conventional Mortgage Loans: Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. FHLBank determines its allowances for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. FHLBank uses a model that discounts projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior experience. FHLBank also incorporates associated credit enhancements, as available, to determine its estimate of expected credit losses. Certain conventional loans may be evaluated for credit losses using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent if repayment is expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default. FHLBank may estimate the fair value of this collateral by applying an appropriate loss severity rate or using third party estimates or property valuation model(s). The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. FHLBank records a direct charge-off of the loan balance if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Nonperforming Loans Policy | Conventional Mortgage Loans: Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. FHLBank determines its allowances for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. FHLBank uses a model that discounts projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior experience. FHLBank also incorporates associated credit enhancements, as available, to determine its estimate of expected credit losses. Certain conventional loans may be evaluated for credit losses using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent if repayment is expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default. FHLBank may estimate the fair value of this collateral by applying an appropriate loss severity rate or using third party estimates or property valuation model(s). The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. FHLBank records a direct charge-off of the loan balance if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. |
Derivatives, Offsetting Fair Value Amounts, Policy | FHLBank presents certain financial instruments, including derivatives, repurchase agreements and securities purchased under agreements to resell, on a net basis by clearing agent by Clearinghouse, or by counterparty, when it has met the netting requirements. For these financial instruments, FHLBank has elected to offset its asset and liability positions, as well as cash collateral received or pledged, including associated accrued interest. FHLBank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or clearing agent, or both. Based on this analysis, FHLBank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. |
Fair Value Transfer, Policy | FHLBank reviews its fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investment Holdings [Line Items] | |
Trading Securities by Major Security Type | Trading securities by major security type as of March 31, 2021 and December 31, 2020 are summarized in Table 3.1 (in thousands): Table 3.1 Fair Value 03/31/2021 12/31/2020 Non-mortgage-backed securities: Certificates of deposit $ 675,031 $ — U.S. Treasury obligations 1,290,894 1,298,518 GSE debentures 426,878 431,875 Non-mortgage-backed securities 2,392,803 1,730,393 Mortgage-backed securities: GSE MBS 874,162 892,983 Mortgage-backed securities 874,162 892,983 TOTAL $ 3,266,965 $ 2,623,376 |
Net Gains (Losses) on Trading Securities | Net gains (losses) on trading securities during the three months ended March 31, 2021 and 2020 are shown in Table 3.2 (in thousands): Table 3.2 Three Months Ended 03/31/2021 03/31/2020 Net gains (losses) on trading securities held as of March 31, 2021 $ (26,747) $ 91,805 Net gains (losses) on trading securities sold or matured prior to March 31, 2021 — 2,584 NET GAINS (LOSSES) ON TRADING SECURITIES $ (26,747) $ 94,389 |
Available-for-sale Securities by Major Security Type | Available-for-sale securities by major security type as of March 31, 2021 are summarized in Table 3.3 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $22,737,000 as of March 31, 2021. Table 3.3 03/31/2021 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 3,272,761 $ 4,611 $ (25) $ 3,277,347 Non-mortgage-backed securities 3,272,761 4,611 (25) 3,277,347 Mortgage-backed securities: GSE MBS 3,016,516 71,355 (1,511) 3,086,360 Mortgage-backed securities 3,016,516 71,355 (1,511) 3,086,360 TOTAL $ 6,289,277 $ 75,966 $ (1,536) $ 6,363,707 Available-for-sale securities by major security type as of December 31, 2020 are summarized in Table 3.4 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $26,977,000 as of December 31, 2020. Table 3.4 12/31/2020 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 3,541,411 $ 4,931 $ (17) $ 3,546,325 Non-mortgage-backed securities 3,541,411 4,931 (17) 3,546,325 Mortgage-backed securities: GSE MBS 3,154,703 44,724 (4,442) 3,194,985 Mortgage-backed securities 3,154,703 44,724 (4,442) 3,194,985 TOTAL $ 6,696,114 $ 49,655 $ (4,459) $ 6,741,310 |
Available-for-sale securities with unrealized losses, fair value | Table 3.5 summarizes the available-for-sale securities with unrealized losses as of March 31, 2021 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.5 03/31/2021 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities: U.S. Treasury obligations $ 249,854 $ (25) $ — $ — $ 249,854 $ (25) Non-mortgage-backed securities 249,854 (25) — — 249,854 (25) Mortgage-backed securities: GSE MBS — — 95,853 (1,511) 95,853 (1,511) Mortgage-backed securities — — 95,853 (1,511) 95,853 (1,511) TOTAL $ 249,854 $ (25) $ 95,853 $ (1,511) $ 345,707 $ (1,536) Table 3.6 summarizes the available-for-sale securities with unrealized losses as of December 31, 2020 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.6 12/31/2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities: U.S. Treasury obligations $ 250,436 $ (17) $ — $ — $ 250,436 $ (17) Non-mortgage-backed securities 250,436 (17) — — 250,436 (17) Mortgage-backed securities: GSE MBS — — 363,724 (4,442) 363,724 (4,442) Mortgage-backed securities — — 363,724 (4,442) 363,724 (4,442) TOTAL $ 250,436 $ (17) $ 363,724 $ (4,442) $ 614,160 $ (4,459) |
Net Gains (Losses) Realized on Sale of Available-For-Sale Securities | Table 3.8 presents details of the sales for the three months ended March 31, 2020 (in thousands). There were no sales of available-for-sale securities during the three months ended March 31, 2021. Table 3.8 Three Months Ended 03/31/2020 Proceeds from sale of available-for-sale securities $ 289,045 Gross gains on sale of available-for-sale securities $ 1,526 Gross losses on sale of available-for-sale securities (3) NET GAINS (LOSSES) ON SALE OF AVAILABLE-FOR-SALE SECURITIES $ 1,523 |
Held-To-Maturity Securities by Major Security Type | Held-to-maturity securities by major security type as of March 31, 2021 are summarized in Table 3.9 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $867,000 as of March 31, 2021. Table 3.9 03/31/2021 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 78,960 $ — $ (2,970) $ 75,990 Non-mortgage-backed securities 78,960 — (2,970) 75,990 Mortgage-backed securities: U.S. obligation MBS 65,469 178 (46) 65,601 GSE MBS 2,422,746 10,639 (3,187) 2,430,198 Mortgage-backed securities 2,488,215 10,817 (3,233) 2,495,799 TOTAL $ 2,567,175 $ 10,817 $ (6,203) $ 2,571,789 Held-to-maturity securities by major security type as of December 31, 2020 are summarized in Table 3.10 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $930,000 as of December 31, 2020. Table 3.10 12/31/2020 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 78,960 $ — $ (3,290) $ 75,670 Non-mortgage-backed securities 78,960 — (3,290) 75,670 Mortgage-backed securities: U.S. obligation MBS 70,814 135 (59) 70,890 GSE MBS 2,597,218 10,208 (3,870) 2,603,556 Mortgage-backed securities 2,668,032 10,343 (3,929) 2,674,446 TOTAL $ 2,746,992 $ 10,343 $ (7,219) $ 2,750,116 |
Available-for-sale Securities [Member] | |
Investment Holdings [Line Items] | |
Securities Classified By Contractual Maturity | The amortized cost and fair values of available-for-sale securities by contractual maturity as of March 31, 2021 and December 31, 2020 are shown in Table 3.7 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.7 03/31/2021 12/31/2020 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ 1,463,607 $ 1,464,439 $ 1,767,608 $ 1,768,588 Due after one year through five years 1,809,154 1,812,908 1,773,803 1,777,737 Due after five years through ten years — — — — Due after ten years — — — — Non-mortgage-backed securities 3,272,761 3,277,347 3,541,411 3,546,325 Mortgage-backed securities 3,016,516 3,086,360 3,154,703 3,194,985 TOTAL $ 6,289,277 $ 6,363,707 $ 6,696,114 $ 6,741,310 |
Held-to-maturity Securities [Member] | |
Investment Holdings [Line Items] | |
Securities Classified By Contractual Maturity | The amortized cost and fair values of held-to-maturity securities by contractual maturity as of March 31, 2021 and December 31, 2020 are shown in Table 3.11 (in thousands). Expected maturities of certain securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.11 03/31/2021 12/31/2020 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ — $ — $ — $ — Due after one year through five years — — — — Due after five years through ten years 48,960 47,357 48,960 47,280 Due after ten years 30,000 28,633 30,000 28,390 Non-mortgage-backed securities 78,960 75,990 78,960 75,670 Mortgage-backed securities 2,488,215 2,495,799 2,668,032 2,674,446 TOTAL $ 2,567,175 $ 2,571,789 $ 2,746,992 $ 2,750,116 |
Advances (Tables)
Advances (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Advances [Abstract] | |
Advances Table | Table 4.1 presents advances summarized by redemption term as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands). Carrying amounts exclude accrued interest receivable of $14,046,000 and $15,588,000 as of March 31, 2021 and December 31, 2020, respectively. Table 4.1 03/31/2021 12/31/2020 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 12,249,076 0.39 % $ 12,540,970 0.45 % Due after one year through two years 1,765,249 0.99 1,591,133 1.20 Due after two years through three years 1,375,162 1.61 1,268,307 1.73 Due after three years through four years 1,564,619 1.37 1,305,047 1.47 Due after four years through five years 816,388 1.57 1,033,221 1.40 Thereafter 3,177,500 1.84 3,233,763 1.90 Total par value 20,947,994 0.86 % 20,972,441 0.92 % Discounts (20,559) (18,071) Hedging adjustments 140,931 272,453 TOTAL $ 21,068,366 $ 21,226,823 Table 4.2 presents advances summarized by redemption term or next call date (for callable advances) and by redemption term or next conversion date (for convertible advances) as of March 31, 2021 and December 31, 2020 (in thousands): Table 4.2 Redemption Term Redemption Term Redemption Term 03/31/2021 12/31/2020 03/31/2021 12/31/2020 Due in one year or less $ 13,800,371 $ 14,271,213 $ 13,218,626 $ 13,563,370 Due after one year through two years 1,372,487 1,161,239 2,106,749 1,861,133 Due after two years through three years 1,085,493 981,503 1,516,912 1,489,057 Due after three years through four years 984,915 773,881 1,660,019 1,400,447 Due after four years through five years 767,083 796,495 792,038 1,008,871 Thereafter 2,937,645 2,988,110 1,653,650 1,649,563 TOTAL PAR VALUE $ 20,947,994 $ 20,972,441 $ 20,947,994 $ 20,972,441 Interest Rate Payment Terms : Table 4.3 details additional interest rate payment terms for advances as of March 31, 2021 and December 31, 2020 (in thousands): Table 4.3 Redemption Term 03/31/2021 12/31/2020 Fixed rate: Due in one year or less $ 10,489,576 $ 9,838,379 Due after one year 6,972,406 6,663,459 Total fixed rate 17,461,982 16,501,838 Variable rate: Due in one year or less 1,759,500 2,702,591 Due after one year 1,726,512 1,768,012 Total variable rate 3,486,012 4,470,603 TOTAL PAR VALUE $ 20,947,994 $ 20,972,441 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Mortgage Loans Held For Portfolio | Table 5.1 presents information as of March 31, 2021 and December 31, 2020 on mortgage loans held for portfolio (in thousands). Mortgage loans held for portfolio excludes accrued interest receivable of $40,935,000 and $44,101,000 as of March 31, 2021 and December 31, 2020, respectively. Table 5.1 03/31/2021 12/31/2020 Real estate: Fixed rate, medium-term 1 , single-family mortgages $ 1,406,731 $ 1,419,725 Fixed rate, long-term, single-family mortgages 7,153,375 7,666,912 Total unpaid principal balance 8,560,106 9,086,637 Premiums 118,967 128,231 Discounts (1,732) (1,865) Deferred loan costs, net 110 123 Other deferred fees (23) (25) Hedging adjustments (5,387) (2,717) Total before allowance for credit losses on mortgage loans 8,672,041 9,210,384 Allowance for credit losses on mortgage loans (4,956) (5,177) MORTGAGE LOANS HELD FOR PORTFOLIO, NET $ 8,667,085 $ 9,205,207 1 Medium-term defined as a term of 15 years or less at origination. Table 5.2 presents information as of March 31, 2021 and December 31, 2020 on the outstanding unpaid principal balance of mortgage loans held for portfolio (in thousands): Table 5.2 03/31/2021 12/31/2020 Conventional loans $ 8,073,627 $ 8,563,349 Government-guaranteed or -insured loans 486,479 523,288 TOTAL UNPAID PRINCIPAL BALANCE $ 8,560,106 $ 9,086,637 |
Financing Receivable Credit Quality Indicators | Table 5.3 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of March 31, 2021 (dollar amounts in thousands): Table 5.3 03/31/2021 Conventional Loans Government Total Origination Year Subtotal Prior to 2017 2017 2018 2019 2020 2021 Amortized Cost: 1 Past due 30-59 days delinquent $ 24,607 $ 8,129 $ 7,877 $ 17,709 $ 6,009 $ — $ 64,331 $ 12,015 $ 76,346 Past due 60-89 days delinquent 6,009 2,795 1,482 6,060 1,461 — 17,807 4,957 22,764 Past due 90 days or more delinquent 23,859 11,871 18,052 32,652 5,634 — 92,068 22,770 114,838 Total past due 54,475 22,795 27,411 56,421 13,104 — 174,206 39,742 213,948 Total current loans 2,287,398 584,051 552,163 1,905,897 2,169,241 505,950 8,004,700 453,393 8,458,093 Total mortgage loans $ 2,341,873 $ 606,846 $ 579,574 $ 1,962,318 $ 2,182,345 $ 505,950 $ 8,178,906 $ 493,135 $ 8,672,041 Other delinquency statistics: In process of foreclosure 2 $ 1,733 $ 1,106 $ 2,839 Serious delinquency rate 3 1.1 % 4.6 % 1.3 % Past due 90 days or more and still accruing interest $ — $ 22,770 $ 22,770 Loans on non-accrual status 4,5 $ 102,771 $ — $ 102,771 1 Excludes accrued interest receivable. 2 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 3 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. 4 Loans on non-accrual status include $1,264,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. 5 Includes $66,992,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. Table 5.4 presents the payment status based on recorded investment as well as other delinquency statistics for FHLBank’s mortgage loans as of December 31, 2020 (dollar amounts in thousands): Table 5.4 12/31/2020 Conventional Loans Government Total Origination Year Subtotal Prior to 2016 2016 2017 2018 2019 2020 Amortized Cost: 1 Past due 30-59 days delinquent $ 16,546 $ 3,932 $ 7,879 $ 6,695 $ 11,904 $ 3,712 $ 50,668 $ 10,485 $ 61,153 Past due 60-89 days delinquent 7,680 1,064 2,354 2,805 4,438 1,278 19,619 4,895 24,514 Past due 90 days or more delinquent 20,518 3,868 13,325 20,969 43,268 5,839 107,787 22,691 130,478 Total past due 44,744 8,864 23,558 30,469 59,610 10,829 178,074 38,071 216,145 Total current loans 1,942,655 632,604 677,871 665,791 2,303,031 2,279,995 8,501,947 492,292 8,994,239 Total mortgage loans $ 1,987,399 $ 641,468 $ 701,429 $ 696,260 $ 2,362,641 $ 2,290,824 $ 8,680,021 $ 530,363 $ 9,210,384 Other delinquency statistics: In process of foreclosure 2 $ 1,785 $ 1,563 $ 3,348 Serious delinquency rate 3 1.3 % 4.3 % 1.4 % Past due 90 days or more and still accruing interest $ — $ 22,691 $ 22,691 Loans on non-accrual status 4,5 $ 117,584 $ — $ 117,584 1 Excludes accrued interest receivable. 2 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 3 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. 4 Loans on non-accrual status include $1,311,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. 5 Includes $69,192,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. |
Financing Receivable, Past Due | Table 5.3 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of March 31, 2021 (dollar amounts in thousands): Table 5.3 03/31/2021 Conventional Loans Government Total Origination Year Subtotal Prior to 2017 2017 2018 2019 2020 2021 Amortized Cost: 1 Past due 30-59 days delinquent $ 24,607 $ 8,129 $ 7,877 $ 17,709 $ 6,009 $ — $ 64,331 $ 12,015 $ 76,346 Past due 60-89 days delinquent 6,009 2,795 1,482 6,060 1,461 — 17,807 4,957 22,764 Past due 90 days or more delinquent 23,859 11,871 18,052 32,652 5,634 — 92,068 22,770 114,838 Total past due 54,475 22,795 27,411 56,421 13,104 — 174,206 39,742 213,948 Total current loans 2,287,398 584,051 552,163 1,905,897 2,169,241 505,950 8,004,700 453,393 8,458,093 Total mortgage loans $ 2,341,873 $ 606,846 $ 579,574 $ 1,962,318 $ 2,182,345 $ 505,950 $ 8,178,906 $ 493,135 $ 8,672,041 Other delinquency statistics: In process of foreclosure 2 $ 1,733 $ 1,106 $ 2,839 Serious delinquency rate 3 1.1 % 4.6 % 1.3 % Past due 90 days or more and still accruing interest $ — $ 22,770 $ 22,770 Loans on non-accrual status 4,5 $ 102,771 $ — $ 102,771 1 Excludes accrued interest receivable. 2 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 3 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. 4 Loans on non-accrual status include $1,264,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. 5 Includes $66,992,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. Table 5.4 presents the payment status based on recorded investment as well as other delinquency statistics for FHLBank’s mortgage loans as of December 31, 2020 (dollar amounts in thousands): Table 5.4 12/31/2020 Conventional Loans Government Total Origination Year Subtotal Prior to 2016 2016 2017 2018 2019 2020 Amortized Cost: 1 Past due 30-59 days delinquent $ 16,546 $ 3,932 $ 7,879 $ 6,695 $ 11,904 $ 3,712 $ 50,668 $ 10,485 $ 61,153 Past due 60-89 days delinquent 7,680 1,064 2,354 2,805 4,438 1,278 19,619 4,895 24,514 Past due 90 days or more delinquent 20,518 3,868 13,325 20,969 43,268 5,839 107,787 22,691 130,478 Total past due 44,744 8,864 23,558 30,469 59,610 10,829 178,074 38,071 216,145 Total current loans 1,942,655 632,604 677,871 665,791 2,303,031 2,279,995 8,501,947 492,292 8,994,239 Total mortgage loans $ 1,987,399 $ 641,468 $ 701,429 $ 696,260 $ 2,362,641 $ 2,290,824 $ 8,680,021 $ 530,363 $ 9,210,384 Other delinquency statistics: In process of foreclosure 2 $ 1,785 $ 1,563 $ 3,348 Serious delinquency rate 3 1.3 % 4.3 % 1.4 % Past due 90 days or more and still accruing interest $ — $ 22,691 $ 22,691 Loans on non-accrual status 4,5 $ 117,584 $ — $ 117,584 1 Excludes accrued interest receivable. 2 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 3 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. 4 Loans on non-accrual status include $1,311,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. 5 Includes $69,192,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. |
Financing Receivable, Allowance for Credit Loss | Table 5.5 presents a roll-forward of the allowance for credit losses on mortgage loans for the three months ended March 31, 2021 and 2020. Table 5.5 Three Months Ended Conventional Loans 03/31/2021 03/31/2020 Balance, beginning of the period $ 5,177 $ 985 Adjustment for cumulative effect of accounting change — 6,123 Net (charge-offs) recoveries (207) 96 Provision (reversal) for credit losses (14) (736) Balance, end of the period $ 4,956 $ 6,468 |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Fair Value of Derivative Instruments | Table 6.1 presents outstanding notional amounts and fair values of the derivatives outstanding by type of derivative and by hedge designation as of March 31, 2021 and December 31, 2020 (in thousands). Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. Table 6.1 03/31/2021 12/31/2020 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps $ 17,054,390 $ 18,578 $ 173,294 $ 15,862,207 $ 18,427 $ 261,431 Total derivatives designated as hedging relationships 17,054,390 18,578 173,294 15,862,207 18,427 261,431 Derivatives not designated as hedging instruments: Interest rate swaps 2,472,926 528 47,453 2,476,659 107 68,210 Interest rate caps/floors 602,500 301 — 602,500 141 — Mortgage delivery commitments 191,878 42 996 133,456 654 4 Total derivatives not designated as hedging instruments 3,267,304 871 48,449 3,212,615 902 68,214 TOTAL $ 20,321,694 19,449 221,743 $ 19,074,822 19,329 329,645 Netting adjustments and cash collateral 1 138,503 (218,737) 129,539 (325,241) DERIVATIVE ASSETS AND LIABILITIES $ 157,952 $ 3,006 $ 148,868 $ 4,404 1 Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. |
Net Gains or Losses on Derivatives and Hedging Activities | For the three months ended March 31, 2021 and 2020, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.2 (in thousands): Table 6.2 Three Months Ended 03/31/2021 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 35,443 $ 11,477 $ 1,998 $ 46,515 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 116,674 $ 124,675 $ 13 $ (21,293) Hedged items 2 (131,314) (148,040) (4) 28,620 NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ (14,640) $ (23,365) $ 9 $ 7,327 Three Months Ended 03/31/2020 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 130,887 $ 24,294 $ 92,951 $ 150,742 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ (260,132) $ (360,283) $ 18,523 $ 45,446 Hedged items 2 256,842 344,143 (15,690) (39,825) NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ (3,290) $ (16,140) $ 2,833 $ 5,621 1 Includes net interest settlements in interest income/expense. 2 Includes amortization/accretion on closed fair value relationships in interest income. |
Cumulative Basis Adjustments for Fair Value Hedges | Table 6.3 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items as of March 31, 2021 and December 31, 2020 (in thousands): Table 6.3 03/31/2021 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 6,001,677 $ 127,575 $ 13,356 $ 140,931 Available-for-sale securities 6,289,277 172,023 — 172,023 Consolidated obligation discount notes (174,957) 28 — 28 Consolidated obligation bonds (4,970,261) (6,034) — (6,034) 12/31/2020 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 5,895,962 $ 261,304 $ 11,149 $ 272,453 Available-for-sale securities 6,696,114 320,063 — 320,063 Consolidated discount notes (174,855) 33 — 33 Consolidated obligation bonds (3,791,848) (34,654) — (34,654) 1 Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded). 2 Included in amortized cost of the hedged asset/liability. |
Net Gains or Losses on Derivatives Not Designated as Hedging Instruments | Table 6.4 provides information regarding net gains (losses) on derivatives recorded in non-interest income (in thousands). Table 6.4 Three Months Ended 03/31/2021 03/31/2020 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ 34,451 $ (111,715) Interest rate caps/floors 160 145 Net interest settlements (12,841) (5,154) Mortgage delivery commitments (4,189) (5,528) NET GAINS (LOSSES) ON DERIVATIVES $ 17,581 $ (122,252) |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Table 7.1 details the types of deposits held by FHLBank as of March 31, 2021 and December 31, 2020 (in thousands): Table 7.1 03/31/2021 12/31/2020 Interest-bearing: Demand $ 319,073 $ 308,604 Overnight 692,700 660,400 Term 2,750 2,750 Total interest-bearing 1,014,523 971,754 Non-interest-bearing: Other 248,422 257,607 Total non-interest-bearing 248,422 257,607 TOTAL DEPOSITS $ 1,262,945 $ 1,229,361 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Bonds Obligations Outstanding By Maturity | Table 8.1 presents FHLBank’s participation in consolidated obligation bonds outstanding as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands): Table 8.1 03/31/2021 12/31/2020 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 23,759,950 0.26 % $ 27,921,650 0.31 % Due after one year through two years 1,406,700 1.62 1,267,800 1.45 Due after two years through three years 948,900 1.52 1,216,600 1.91 Due after three years through four years 992,200 1.44 831,700 1.58 Due after four years through five years 1,575,000 0.77 836,100 1.22 Thereafter 5,607,550 1.53 5,518,800 1.60 Total par value 34,290,300 0.62 % 37,592,650 0.63 % Premiums 34,198 38,219 Discounts (3,111) (3,303) Concession fees (13,414) (14,143) Hedging adjustments 6,034 34,654 TOTAL $ 34,314,007 $ 37,648,077 Table 8.2 Year of Maturity or Next Call Date 03/31/2021 12/31/2020 Due in one year or less $ 31,153,950 $ 34,299,650 Due after one year through two years 1,263,700 1,142,800 Due after two years through three years 656,400 815,100 Due after three years through four years 460,200 399,700 Due after four years through five years 299,000 391,100 Thereafter 457,050 544,300 TOTAL PAR VALUE $ 34,290,300 $ 37,592,650 |
Consolidated Bonds by Interest-Rate Payment Type | Table 8.3 summarizes interest rate payment terms for consolidated obligation bonds as of March 31, 2021 and December 31, 2020 (in thousands): Table 8.3 03/31/2021 12/31/2020 Simple variable rate $ 19,375,000 $ 23,752,000 Fixed rate 14,495,300 13,840,650 Step 420,000 — TOTAL PAR VALUE $ 34,290,300 $ 37,592,650 |
Consolidated Discount Notes Outstanding | Table 8.4 summarizes FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 8.4 Book Value Par Value Weighted Average Interest Rate 1 March 31, 2021 $ 10,072,689 $ 10,073,500 0.05 % December 31, 2020 $ 10,882,417 $ 10,883,608 0.08 % 1 Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subjec_2
Assets and Liabilities Subject to Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets | Tables 9.1 and 9.2 present the fair value of financial assets, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of March 31, 2021 and December 31, 2020 (in thousands): Table 9.1 03/31/2021 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 15,209 $ (10,288) $ 4,921 $ (42) $ 4,879 Cleared derivatives 4,240 148,791 153,031 — 153,031 Total derivative assets 19,449 138,503 157,952 (42) 157,910 Securities purchased under agreements to resell 1,700,000 — 1,700,000 (1,700,000) — TOTAL $ 1,719,449 $ 138,503 $ 1,857,952 $ (1,700,042) $ 157,910 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.2 12/31/2020 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 18,819 $ (18,031) $ 788 $ (654) $ 134 Cleared derivatives 510 147,570 148,080 — 148,080 Total derivative assets 19,329 129,539 148,868 (654) 148,214 Securities purchased under agreements to resell 2,600,000 — 2,600,000 (2,600,000) — TOTAL $ 2,619,329 $ 129,539 $ 2,748,868 $ (2,600,654) $ 148,214 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Schedule of Offsetting Liabilities | Tables 9.3 and 9.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of March 31, 2021 and December 31, 2020 (in thousands): Table 9.3 03/31/2021 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 221,472 $ (218,466) $ 3,006 $ (996) $ 2,010 Cleared derivatives 271 (271) — — — Total derivative liabilities 221,743 (218,737) 3,006 (996) 2,010 TOTAL $ 221,743 $ (218,737) $ 3,006 $ (996) $ 2,010 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.4 12/31/2020 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 324,491 $ (320,087) $ 4,404 $ (4) $ 4,400 Cleared derivatives 5,154 (5,154) — — — Total derivative liabilities 329,645 (325,241) 4,404 (4) 4,400 TOTAL $ 329,645 $ (325,241) $ 4,404 $ (4) $ 4,400 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Regulatory Capital Requirements | Table 10.1 illustrates that FHLBank was in compliance with its regulatory capital requirements as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands): Table 10.1 03/31/2021 12/31/2020 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 349,751 $ 2,243,877 $ 192,927 $ 2,213,868 Total regulatory capital-to-asset ratio 4.0 % 5.4 % 4.0 % 5.0 % Total regulatory capital $ 1,940,017 $ 2,621,024 $ 2,103,668 $ 2,627,083 Leverage capital ratio 5.0 % 7.7 % 5.0 % 7.1 % Leverage capital $ 2,425,021 $ 3,742,963 $ 2,629,586 $ 3,734,017 |
Mandatorily Redeemable Capital Stock By Contractual Year Of Repurchase | Table 10.2 presents a roll-forward of mandatorily redeemable capital stock for the three months ended March 31, 2021 and 2020 (in thousands): Table 10.2 Three Months Ended 03/31/2021 03/31/2020 Balance, beginning of period $ 1,624 $ 2,415 Capital stock subject to mandatory redemption reclassified from equity during the period 358,243 305,957 Capital stock redemption cancellations reclassified to equity during the period — (100,647) Redemption or repurchase of mandatorily redeemable capital stock during the period (358,290) (205,359) Stock dividend classified as mandatorily redeemable capital stock during the period 8 24 Balance, end of period $ 1,585 $ 2,390 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income Or Loss | Table 11.1 summarizes the changes in AOCI for the three months ended March 31, 2021 and 2020 (in thousands): Table 11.1 Three Months Ended Net Unrealized Gains (Losses) on Available-for-sale Securities Defined Benefit Pension Plan Total AOCI Balance at December 31, 2019 $ 26,788 $ (2,002) $ 24,786 Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (92,608) (92,608) Reclassifications from other comprehensive income (loss) to net income: Realized net (gains) losses included in net income 1 (1,523) (1,523) Amortization of net losses - defined benefit pension plan 2 26 26 Net current period other comprehensive income (loss) (94,131) 26 (94,105) Balance at March 31, 2020 $ (67,343) $ (1,976) $ (69,319) Balance at December 31, 2020 $ 45,196 $ (2,888) $ 42,308 Other comprehensive income (loss) before reclassification: Unrealized gains (losses) 29,234 29,234 Reclassifications from other comprehensive income (loss) to net income: Amortization of net losses - defined benefit pension plan 2 72 72 Net current period other comprehensive income (loss) 29,234 72 29,306 Balance at March 31, 2021 $ 74,430 $ (2,816) $ 71,614 1 Recorded in “Net gains (losses) on sale of available-for-sale securities” non-interest income on the Statements of Income. Amount represents a credit (increase to other income (loss)). 2 Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values (Tables)
Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Summary | The carrying value, fair value and fair value hierarchy of FHLBank’s financial assets and liabilities as of March 31, 2021 and December 31, 2020 are summarized in Tables 12.1 and 12.2 (in thousands): Table 12.1 03/31/2021 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 65,136 $ 65,136 $ 65,136 $ — $ — $ — Interest-bearing deposits 558,784 558,784 — 558,784 — — Securities purchased under agreements to resell 1,700,000 1,700,000 — 1,700,000 — — Federal funds sold 3,905,000 3,905,000 — 3,905,000 — — Trading securities 3,266,965 3,266,965 — 3,266,965 — — Available-for-sale securities 6,363,707 6,363,707 — 6,363,707 — — Held-to-maturity securities 2,567,175 2,571,789 — 2,495,799 75,990 — Advances 21,068,366 21,179,090 — 21,179,090 — — Mortgage loans held for portfolio, net of allowance 8,667,085 8,806,362 — 8,792,449 13,913 — Accrued interest receivable 93,123 93,123 — 93,123 — — Derivative assets 157,952 157,952 — 19,449 — 138,503 Liabilities: Deposits 1,262,945 1,262,945 — 1,262,945 — — Consolidated obligation discount notes 10,072,689 10,072,023 — 10,072,023 — — Consolidated obligation bonds 34,314,007 34,264,800 — 34,264,800 — — Mandatorily redeemable capital stock 1,585 1,585 1,585 — — — Accrued interest payable 45,254 45,254 — 45,254 — — Derivative liabilities 3,006 3,006 — 221,743 — (218,737) Other Asset (Liability): Industrial revenue bonds 35,000 36,534 — 36,534 — — Financing obligation payable (35,000) (36,534) — (36,534) — — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. Table 12.2 12/31/2020 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 4,570,415 $ 4,570,415 $ 4,570,415 $ — $ — $ — Interest-bearing deposits 760,297 760,297 — 760,297 — — Securities purchased under agreements to resell 2,600,000 2,600,000 — 2,600,000 — — Federal funds sold 1,780,000 1,780,000 — 1,780,000 — — Trading securities 2,623,376 2,623,376 — 2,623,376 — — Available-for-sale securities 6,741,310 6,741,310 — 6,741,310 — — Held-to-maturity securities 2,746,992 2,750,116 — 2,674,446 75,670 — Advances 21,226,823 21,360,450 — 21,360,450 — — Mortgage loans held for portfolio, net of allowance 9,205,207 9,454,112 — 9,441,474 12,638 — Accrued interest receivable 97,718 97,718 — 97,718 — — Derivative assets 148,868 148,868 — 19,329 — 129,539 Liabilities: Deposits 1,229,361 1,229,361 — 1,229,361 — — Consolidated obligation discount notes 10,882,417 10,882,601 — 10,882,601 — — Consolidated obligation bonds 37,648,077 37,835,135 — 37,835,135 — — Mandatorily redeemable capital stock 1,624 1,624 1,624 — — — Accrued interest payable 45,575 45,575 — 45,575 — — Derivative liabilities 4,404 4,404 — 329,645 — (325,241) Other Asset (Liability): Industrial revenue bonds 35,000 37,978 — 37,978 — — Financing obligation payable (35,000) (37,978) — (37,978) — — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. |
Hierarchy Level for Financial Assets and Liabilities - Recurring and Nonrecurring | Tables 12.3 and 12.4 present, for each hierarchy level, FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended March 31, 2021 and December 31, 2020 (in thousands). Table 12.3 03/31/2021 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: Certificates of deposit $ 675,031 $ — $ 675,031 $ — $ — U.S. Treasury obligations 1,290,894 — 1,290,894 — — GSE debentures 426,878 — 426,878 — — GSE MBS 874,162 — 874,162 — — Total trading securities 3,266,965 — 3,266,965 — — Available-for-sale securities: U.S. Treasury obligations 3,277,347 — 3,277,347 — — GSE MBS 3,086,360 — 3,086,360 — — Total available-for-sale securities 6,363,707 — 6,363,707 — — Derivative assets: Interest-rate related 157,910 — 19,407 — 138,503 Mortgage delivery commitments 42 — 42 — — Total derivative assets 157,952 — 19,449 — 138,503 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 9,788,624 $ — $ 9,650,121 $ — $ 138,503 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 2,010 $ — $ 220,747 $ — $ (218,737) Mortgage delivery commitments 996 — 996 — — Total derivative liabilities 3,006 — 221,743 — (218,737) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 3,006 $ — $ 221,743 $ — $ (218,737) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 13,951 $ — $ — $ 13,951 $ — Real estate owned 215 — — 215 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 14,166 $ — $ — $ 14,166 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the three months ended March 31, 2021 and still outstanding as of March 31, 2021. Table 12.4 12/31/2020 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: U.S. Treasury obligations $ 1,298,518 $ — $ 1,298,518 $ — $ — GSE debentures 431,875 — 431,875 — — GSE MBS 892,983 — 892,983 — — Total trading securities 2,623,376 — 2,623,376 — — Available-for-sale securities: U.S. Treasury obligations 3,546,325 — 3,546,325 — — GSE MBS 3,194,985 — 3,194,985 — — Total available-for-sale securities 6,741,310 — 6,741,310 — — Derivative assets: Interest-rate related 148,214 — 18,675 — 129,539 Mortgage delivery commitments 654 — 654 — — Total derivative assets 148,868 — 19,329 — 129,539 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 9,513,554 $ — $ 9,384,015 $ — $ 129,539 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 4,400 $ — $ 329,641 $ — $ (325,241) Mortgage delivery commitments 4 — 4 — — Total derivative liabilities 4,404 — 329,645 — (325,241) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 4,404 $ — $ 329,645 $ — $ (325,241) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 12,668 $ — $ — $ 12,668 $ — Real estate owned 405 — — 405 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 13,073 $ — $ — $ 13,073 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the year ended December 31, 2020 and still outstanding as of December 31, 2020. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off Balance Sheet Commitments | As of March 31, 2021 and December 31, 2020, off-balance sheet commitments are presented in Table 13.1 (in thousands): Table 13.1 03/31/2021 12/31/2020 Notional Amount Expire Expire Total Expire Expire Total Standby letters of credit outstanding $ 5,202,777 $ 692 $ 5,203,469 $ 5,436,165 $ 4,251 $ 5,440,416 Advance commitments outstanding 18,632 16,901 35,533 19,693 21,001 40,694 Principal commitments for standby bond purchase agreements 304,055 434,415 738,470 380,615 317,710 698,325 Commitments to fund or purchase mortgage loans 191,878 — 191,878 133,456 — 133,456 Commitments to issue consolidated bonds, at par 215,000 — 215,000 4,000 — 4,000 |
Transactions With Stockholders
Transactions With Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions, by Balance Sheet Grouping | Tables 14.1 and 14.2 present information on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands). None of the officers or directors of this member currently serve on FHLBank’s board of directors. Table 14.1 03/31/2021 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock MidFirst Bank OK $ 500 0.1 % $ 355,456 30.5 % $ 355,956 23.1 % TOTAL $ 500 0.1 % $ 355,456 30.5 % $ 355,956 23.1 % Table 14.2 12/31/2020 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock MidFirst Bank OK $ 825 0.2 % $ 339,524 29.2 % $ 340,349 21.6 % TOTAL $ 825 0.2 % $ 339,524 29.2 % $ 340,349 21.6 % Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2021 and December 31, 2020 are summarized in Table 14.3 (dollar amounts in thousands). Table 14.3 03/31/2021 12/31/2020 03/31/2021 12/31/2020 Member Name Outstanding Advances Percent of Total Outstanding Advances Percent of Total Outstanding Deposits Percent of Total Outstanding Deposits Percent of Total MidFirst Bank $ 7,800,000 37.2 % $ 7,460,000 35.6 % $ 599 — % $ 713 0.1 % TOTAL $ 7,800,000 37.2 % $ 7,460,000 35.6 % $ 599 — % $ 713 0.1 % |
Related Party Transactions, by Balance Sheet Grouping - Directors' | Table 14.4 presents information as of March 31, 2021 and December 31, 2020 for members that had an officer or director serving on FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 14.4 03/31/2021 12/31/2020 Outstanding Amount Percent of Total Outstanding Amount Percent of Total Advances $ 155,063 0.7 % $ 161,021 0.8 % Deposits $ 33,172 2.6 % $ 25,459 2.1 % Class A Common Stock $ 8,624 2.3 % $ 10,298 2.5 % Class B Common Stock 19,236 1.7 21,200 1.8 TOTAL CAPITAL STOCK $ 27,860 1.8 % $ 31,498 2.0 % |
Schedule Of Related Party Transactions, Mortgage Loans Disclosure | Table 14.5 presents mortgage loans acquired during the three months ended March 31, 2021 and 2020 for members that had an officer or director serving on FHLBank’s board of directors in 2021 or 2020 (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Table 14.5 Three Months Ended 03/31/2021 03/31/2020 Amount Percent of Total Amount Percent of Total Mortgage loans acquired $ 8,083 1.5 % $ 46,109 5.2 % |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | ||
Interest-Bearing Deposits, Securities Purchased Under Agreements to Resell, and Federal Funds Sold, Percentage Unrated | 28.00% | |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | |
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Held-to-maturity, Credit Loss Expense (Reversal) | 0 | 0 |
Available-for-sale Securities [Member] | ||
Marketable Securities [Line Items] | ||
Provision for Other Credit Losses | 0 | 0 |
Interest-bearing Deposits and Federal Funds Sold [Member] | ||
Marketable Securities [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Interest-bearing Deposits [Member] | ||
Marketable Securities [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | 60 | 80 |
Federal Funds Sold [Member] | ||
Marketable Securities [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | 5 | 3 |
Securities Borrowed or Purchased under Agreements to Resell [Member] | ||
Marketable Securities [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 3 | $ 6 |
Investment Securities Investmen
Investment Securities Investment Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 3,266,965 | $ 2,623,376 |
Certificates of Deposit [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 675,031 | 0 |
U.S. Treasury obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,290,894 | 1,298,518 |
GSE Debenture [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 426,878 | 431,875 |
Non-mortgage-backed securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,392,803 | 1,730,393 |
GSE MBS [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 874,162 | 892,983 |
Mortgage-backed securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 874,162 | $ 892,983 |
Investment Securities (Net Gain
Investment Securities (Net Gains (Losses) on Trading Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net gains (losses) on trading securities held as of current period end | $ (26,747) | $ 91,805 |
Net gains (losses) on trading securities sold or matured prior to current period end | 0 | 2,584 |
NET GAINS (LOSSES) ON TRADING SECURITIES | $ (26,747) | $ 94,389 |
Investment Securities (Availabl
Investment Securities (Available-For-Sale Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 22,737 | $ 26,977 |
Debt Securities, Available-for-Sale, Excluded Accrued Interest from Amortized Cost [true false] | true | |
Amortized Cost | $ 6,289,277 | 6,696,114 |
Gross Unrecognized Gains | 75,966 | 49,655 |
Gross Unrecognized Losses | (1,536) | (4,459) |
Fair Value | 6,363,707 | 6,741,310 |
U.S. Treasury obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,272,761 | 3,541,411 |
Gross Unrecognized Gains | 4,611 | 4,931 |
Gross Unrecognized Losses | (25) | (17) |
Fair Value | 3,277,347 | 3,546,325 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,272,761 | 3,541,411 |
Gross Unrecognized Gains | 4,611 | 4,931 |
Gross Unrecognized Losses | (25) | (17) |
Fair Value | 3,277,347 | 3,546,325 |
GSE MBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,016,516 | 3,154,703 |
Gross Unrecognized Gains | 71,355 | 44,724 |
Gross Unrecognized Losses | (1,511) | (4,442) |
Fair Value | 3,086,360 | 3,194,985 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,016,516 | 3,154,703 |
Gross Unrecognized Gains | 71,355 | 44,724 |
Gross Unrecognized Losses | (1,511) | (4,442) |
Fair Value | $ 3,086,360 | $ 3,194,985 |
Investment Securities (Availa_2
Investment Securities (Available-for-sale securities with unrealized losses, fair value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | $ 249,854 | $ 250,436 |
Less than 12 Months, Unrealized Losses | (25) | (17) |
12 Months or More, Fair Value | 95,853 | 363,724 |
12 Months or More, Unrealized Losses | (1,511) | (4,442) |
TOTAL, Fair Value | 345,707 | 614,160 |
TOTAL, Unrealized Losses | (1,536) | (4,459) |
U.S. Treasury obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 249,854 | 250,436 |
Less than 12 Months, Unrealized Losses | (25) | (17) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
TOTAL, Fair Value | 249,854 | 250,436 |
TOTAL, Unrealized Losses | (25) | (17) |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 249,854 | 250,436 |
Less than 12 Months, Unrealized Losses | (25) | (17) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
TOTAL, Fair Value | 249,854 | 250,436 |
TOTAL, Unrealized Losses | (25) | (17) |
GSE MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 95,853 | 363,724 |
12 Months or More, Unrealized Losses | (1,511) | (4,442) |
TOTAL, Fair Value | 95,853 | 363,724 |
TOTAL, Unrealized Losses | (1,511) | (4,442) |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 95,853 | 363,724 |
12 Months or More, Unrealized Losses | (1,511) | (4,442) |
TOTAL, Fair Value | 95,853 | 363,724 |
TOTAL, Unrealized Losses | $ (1,511) | $ (4,442) |
Investment Securities (Availa_3
Investment Securities (Available-For-Sale Securities Classified By Contractual Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost | $ 6,289,277 | $ 6,696,114 |
Fair Value | 6,363,707 | 6,741,310 |
Non-mortgage-backed securities [Member] | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due in one year or less, Amortized Cost | 1,463,607 | 1,767,608 |
Due after one year through five years, Amortized Cost | 1,809,154 | 1,773,803 |
Due after five years through ten years, Amortized Cost | 0 | 0 |
Due after ten years, Amortized Cost | 0 | 0 |
Amortized Cost | 3,272,761 | 3,541,411 |
Due in one year or less, Fair Value | 1,464,439 | 1,768,588 |
Due after one year through five years, Fair Value | 1,812,908 | 1,777,737 |
Due after five years though ten years, Fair Value | 0 | 0 |
Due after ten years, Fair Value | 0 | 0 |
Fair Value | 3,277,347 | 3,546,325 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost | 3,016,516 | 3,154,703 |
Mortgage-backed securities, Amortized Cost | 3,016,516 | 3,154,703 |
Mortgage-backed securities, Fair Value | 3,086,360 | 3,194,985 |
Fair Value | $ 3,086,360 | $ 3,194,985 |
Investment Securities Investm_2
Investment Securities Investment Securities (Net Gains (Losses) Realized AFS Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 0 | $ 289,045 |
Gross gains on sale of available-for-sale securities | 1,526 | |
Gross losses on sale of available-for-sale securities | (3) | |
NET GAINS (LOSSES) ON SALE OF AVAILABLE-FOR-SALE SECURITIES | $ 0 | $ 1,523 |
Investment Securities (Held-To-
Investment Securities (Held-To-Maturity Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 867 | $ 930 |
Debt Securities, Held-to-Maturity, Excluded Accrued Interest [true false] | true | |
Amortized Cost | $ 2,567,175 | 2,746,992 |
Gross Unrecognized Gains | 10,817 | 10,343 |
Gross Unrecognized Losses | (6,203) | (7,219) |
Held-to-maturity, Fair Value | 2,571,789 | 2,750,116 |
State or local housing agency obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 78,960 | 78,960 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (2,970) | (3,290) |
Held-to-maturity, Fair Value | 75,990 | 75,670 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 78,960 | 78,960 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (2,970) | (3,290) |
Held-to-maturity, Fair Value | 75,990 | 75,670 |
U.S. obligation MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 65,469 | 70,814 |
Gross Unrecognized Gains | 178 | 135 |
Gross Unrecognized Losses | (46) | (59) |
Held-to-maturity, Fair Value | 65,601 | 70,890 |
GSE MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,422,746 | 2,597,218 |
Gross Unrecognized Gains | 10,639 | 10,208 |
Gross Unrecognized Losses | (3,187) | (3,870) |
Held-to-maturity, Fair Value | 2,430,198 | 2,603,556 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,488,215 | 2,668,032 |
Gross Unrecognized Gains | 10,817 | 10,343 |
Gross Unrecognized Losses | (3,233) | (3,929) |
Held-to-maturity, Fair Value | $ 2,495,799 | $ 2,674,446 |
Investment Securities (Held-T_2
Investment Securities (Held-To-Maturity Securities Classified By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Amortized Cost | $ 2,567,175 | $ 2,746,992 |
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Fair Value | 2,571,789 | 2,750,116 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Amortized Cost | 78,960 | 78,960 |
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Due in one year or less, Fair Value | 0 | 0 |
Due after one year through five years, Fair Value | 0 | 0 |
Due after five years through ten years, Fair Value | 47,357 | 47,280 |
Due after ten years, Fair Value | 28,633 | 28,390 |
Fair Value | 75,990 | 75,670 |
Non-mortgage-backed securities [Member] | Amortized Cost Before Allowance For Credit Losses And Non-Credit Other-Than-Temporary Impairment [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due after one year through five years, Amortized Cost | 0 | 0 |
Due after five years through ten years, Amortized Cost | 48,960 | 48,960 |
Due after ten years, Amortized Cost | 30,000 | 30,000 |
Mortgage-backed securities [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Amortized Cost | 2,488,215 | 2,668,032 |
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Fair Value | $ 2,495,799 | $ 2,674,446 |
Advances (Narrative) (Details)
Advances (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 20,947,994 | $ 20,972,441 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 0.11% | 0.11% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 7.20% | 7.20% |
Federal Home Loan Bank Advances Receivable [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Nonaccrual | $ 0 | $ 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Mortgage Loans, Troubled Debt Restructuring | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
FinancialAssetPastDue [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | 0 | $ 0 |
Federal Home Loan Bank, Advances, Convertible Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 1,596,200 |
Advances (Advances Redemption T
Advances (Advances Redemption Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amount | ||
Due in one year or less | $ 12,249,076 | $ 12,540,970 |
Due after one year through two years | 1,765,249 | 1,591,133 |
Due after two years through three years | 1,375,162 | 1,268,307 |
Due after three years through four years | 1,564,619 | 1,305,047 |
Due after four years through five years | 816,388 | 1,033,221 |
Thereafter | 3,177,500 | 3,233,763 |
TOTAL PAR VALUE | 20,947,994 | 20,972,441 |
Discounts | (20,559) | (18,071) |
Hedging adjustments | 140,931 | 272,453 |
TOTAL | $ 21,068,366 | $ 21,226,823 |
Weighted Average Interest Rate | ||
Due in one year or less | 0.39% | 0.45% |
Due after one year through two years | 0.99% | 1.20% |
Due after two years through three years | 1.61% | 1.73% |
Due after three years through four years | 1.37% | 1.47% |
Due after four years through five years | 1.57% | 1.40% |
Thereafter | 1.84% | 1.90% |
Total par value | 0.86% | 0.92% |
Federal Home Loan Bank Advances Receivable [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances, Accrued Interest, after Allowance for Credit Loss | $ 14,046 | $ 15,588 |
Advances (Advances by Year of R
Advances (Advances by Year of Redemption Term, Next Call Date, or Next Convert Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Redemption Term, Year of Redemption Term or Next Call Date | ||
Due in one year or less | $ 13,800,371 | $ 14,271,213 |
Due after one year through two years | 1,372,487 | 1,161,239 |
Due after two years through three years | 1,085,493 | 981,503 |
Due after three years through four years | 984,915 | 773,881 |
Due after four years through five years | 767,083 | 796,495 |
Thereafter | 2,937,645 | 2,988,110 |
TOTAL PAR VALUE | 20,947,994 | 20,972,441 |
Redemption Term, Year of Redemption Term or Next Conversion Date | ||
Due in one year or less | 13,218,626 | 13,563,370 |
Due after one year through two years | 2,106,749 | 1,861,133 |
Due after two years through three years | 1,516,912 | 1,489,057 |
Due after three years through four years | 1,660,019 | 1,400,447 |
Due after four years through five years | 792,038 | 1,008,871 |
Thereafter | 1,653,650 | 1,649,563 |
TOTAL PAR VALUE | $ 20,947,994 | $ 20,972,441 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fixed rate: | ||
Due in one year or less | $ 10,489,576 | $ 9,838,379 |
Due after one year | 6,972,406 | 6,663,459 |
Total fixed rate | 17,461,982 | 16,501,838 |
Variable rate: | ||
Due in one year or less | 1,759,500 | 2,702,591 |
Due after one year | 1,726,512 | 1,768,012 |
Total variable rate | 3,486,012 | 4,470,603 |
TOTAL PAR VALUE | $ 20,947,994 | $ 20,972,441 |
Mortgage Loans Mortgage Loans (
Mortgage Loans Mortgage Loans (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total unpaid principal balance | $ 8,560,106,000 | $ 9,086,637,000 | ||||
Mortgage Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans on non-accrual status | 102,771,000 | [1],[2] | 117,584,000 | [3],[4] | ||
Conventional Mortgage Loan [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans on non-accrual status | 102,771,000 | [1],[2] | 117,584,000 | [3],[4] | ||
Total unpaid principal balance | 8,073,627,000 | 8,563,349,000 | ||||
Financing Receivable, Allowance for Credit Loss | 4,956,000 | 5,177,000 | $ 6,468,000 | $ 985,000 | ||
US Government Agency Insured Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans on non-accrual status | 0 | |||||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 | ||||
[1] | Includes $66,992,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. | |||||
[2] | Loans on non-accrual status include $1,264,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. | |||||
[3] | Includes $69,192,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. | |||||
[4] | Loans on non-accrual status include $1,311,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. |
Mortgage Loans (Mortgage Loans
Mortgage Loans (Mortgage Loans Held For Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 8,560,106 | $ 9,086,637 | |
Premiums | 118,967 | 128,231 | |
Discounts | (1,732) | (1,865) | |
Deferred loan costs, net | 110 | 123 | |
Other deferred fees | (23) | (25) | |
Hedging adjustments | (5,387) | (2,717) | |
Total before allowance for credit losses on mortgage loans | 8,672,041 | 9,210,384 | |
Allowance for credit losses on mortgage loans | (4,956) | (5,177) | |
MORTGAGE LOANS HELD FOR PORTFOLIO, NET | 8,667,085 | 9,205,207 | |
Mortgage Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 40,935 | 44,101 | |
Total before allowance for credit losses on mortgage loans | [1] | 8,672,041 | 9,210,384 |
Fixed rates, medium-term [Member] | Single-family mortgage [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | [2] | 1,406,731 | 1,419,725 |
Fixed rates, long-term [Member] | Single-family mortgage [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 7,153,375 | $ 7,666,912 | |
[1] | Excludes accrued interest receivable. | ||
[2] | Medium-term defined as a term of 15 years or less at origination. |
Mortgage Loans (Mortgage Loan_2
Mortgage Loans (Mortgage Loans Held For Portfolio by Collateral or Guarantee Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total unpaid principal balance | $ 8,560,106 | $ 9,086,637 |
Government Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total unpaid principal balance | 486,479 | 523,288 |
Conventional Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total unpaid principal balance | $ 8,073,627 | $ 8,563,349 |
Mortgage Loans Mortgage Loans_2
Mortgage Loans Mortgage Loans (Credit Quality Indicator for Conventional Mortgage Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | $ 8,672,041 | $ 9,210,384 | |||
Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 8,672,041 | 9,210,384 | ||
In process of foreclosure, included above | [2] | 2,839 | 3,348 | ||
Past due 90 days or more and still accruing interest | 22,770 | 22,691 | |||
Loans on non-accrual status | 102,771 | [3],[4] | 117,584 | [5],[6] | |
Mortgage Loans, Troubled Debt Restructuring | 1,264 | 1,311 | |||
Mortgage Loans [Member] | Total past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 213,948 | 216,145 | ||
Mortgage Loans [Member] | Total current loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 8,458,093 | 8,994,239 | ||
Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 2,341,873 | 1,987,399 | ||
Originated, Four Years before Current Year | [1] | 606,846 | 641,468 | ||
Originated, Three Years before Current Year | [1] | 579,574 | 701,429 | ||
Originated, Two Years before Current Year | [1] | 1,962,318 | 696,260 | ||
Originated, Fiscal Year before Current Year | [1] | 2,182,345 | 2,362,641 | ||
Originated, Current Year | [1] | 505,950 | 2,290,824 | ||
Total before allowance for credit losses on mortgage loans | [1] | 8,178,906 | 8,680,021 | ||
In process of foreclosure, included above | [2] | 1,733 | 1,785 | ||
Past due 90 days or more and still accruing interest | 0 | 0 | |||
Loans on non-accrual status | 102,771 | [3],[4] | 117,584 | [5],[6] | |
Financing Receivable, Nonaccrual, No Allowance | 66,992 | 69,192 | |||
Conventional Mortgage Loan [Member] | Total past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 54,475 | 44,744 | ||
Originated, Four Years before Current Year | [1] | 22,795 | 8,864 | ||
Originated, Three Years before Current Year | [1] | 27,411 | 23,558 | ||
Originated, Two Years before Current Year | [1] | 56,421 | 30,469 | ||
Originated, Fiscal Year before Current Year | [1] | 13,104 | 59,610 | ||
Originated, Current Year | [1] | 0 | 10,829 | ||
Total before allowance for credit losses on mortgage loans | [1] | 174,206 | 178,074 | ||
Conventional Mortgage Loan [Member] | Total current loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 2,287,398 | 1,942,655 | ||
Originated, Four Years before Current Year | [1] | 584,051 | 632,604 | ||
Originated, Three Years before Current Year | [1] | 552,163 | 677,871 | ||
Originated, Two Years before Current Year | [1] | 1,905,897 | 665,791 | ||
Originated, Fiscal Year before Current Year | [1] | 2,169,241 | 2,303,031 | ||
Originated, Current Year | [1] | 505,950 | 2,279,995 | ||
Total before allowance for credit losses on mortgage loans | [1] | 8,004,700 | 8,501,947 | ||
Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 493,135 | 530,363 | ||
In process of foreclosure, included above | [2] | 1,106 | 1,563 | ||
Past due 90 days or more and still accruing interest | 22,770 | 22,691 | |||
Loans on non-accrual status | 0 | [3],[4] | 0 | [5],[6] | |
Government Loans [Member] | Total past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 39,742 | 38,071 | ||
Government Loans [Member] | Total current loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 453,393 | 492,292 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 76,346 | 61,153 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 24,607 | 16,546 | ||
Originated, Four Years before Current Year | [1] | 8,129 | 3,932 | ||
Originated, Three Years before Current Year | [1] | 7,877 | 7,879 | ||
Originated, Two Years before Current Year | [1] | 17,709 | 6,695 | ||
Originated, Fiscal Year before Current Year | [1] | 6,009 | 11,904 | ||
Originated, Current Year | [1] | 0 | 3,712 | ||
Total before allowance for credit losses on mortgage loans | [1] | 64,331 | 50,668 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 12,015 | 10,485 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 22,764 | 24,514 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 6,009 | 7,680 | ||
Originated, Four Years before Current Year | [1] | 2,795 | 1,064 | ||
Originated, Three Years before Current Year | [1] | 1,482 | 2,354 | ||
Originated, Two Years before Current Year | [1] | 6,060 | 2,805 | ||
Originated, Fiscal Year before Current Year | [1] | 1,461 | 4,438 | ||
Originated, Current Year | [1] | 0 | 1,278 | ||
Total before allowance for credit losses on mortgage loans | [1] | 17,807 | 19,619 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 4,957 | 4,895 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 114,838 | $ 130,478 | ||
Serious delinquency rate | [7] | 1.30% | 1.40% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | $ 23,859 | $ 20,518 | ||
Originated, Four Years before Current Year | [1] | 11,871 | 3,868 | ||
Originated, Three Years before Current Year | [1] | 18,052 | 13,325 | ||
Originated, Two Years before Current Year | [1] | 32,652 | 20,969 | ||
Originated, Fiscal Year before Current Year | [1] | 5,634 | 43,268 | ||
Originated, Current Year | [1] | 0 | 5,839 | ||
Total before allowance for credit losses on mortgage loans | [1] | $ 92,068 | $ 107,787 | ||
Serious delinquency rate | [7] | 1.10% | 1.30% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 22,770 | $ 22,691 | ||
Serious delinquency rate | [7] | 4.60% | 4.30% | ||
[1] | Excludes accrued interest receivable. | ||||
[2] | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. | ||||
[3] | Includes $66,992,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. | ||||
[4] | Loans on non-accrual status include $1,264,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. | ||||
[5] | Includes $69,192,000 of conventional mortgage loans on non-accrual status that did not have an associated allowance for credit losses. | ||||
[6] | Loans on non-accrual status include $1,311,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. | ||||
[7] | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. |
Mortgage Loans (Rollforward of
Mortgage Loans (Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for credit losses: | ||
Provision (reversal) for credit losses | $ (14) | $ (736) |
Conventional Loans [Member] | ||
Allowance for credit losses: | ||
Balance, beginning of the period | 5,177 | 985 |
Adjustment for cumulative effect of accounting change | 0 | 6,123 |
Net (charge-offs) recoveries | (207) | 96 |
Provision (reversal) for credit losses | (14) | (736) |
Balance, end of the period | $ 4,956 | $ 6,468 |
Derivatives And Hedging Activ_3
Derivatives And Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Counterparty One [Member] | ||
Derivative [Line Items] | ||
Maximum credit risk applicable to a single counterparty (at period end) | $ 0 | $ 247 |
Derivatives And Hedging Activ_4
Derivatives And Hedging Activities (Fair Values of Derivatives Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 20,321,694 | $ 19,074,822 | |
TOTAL, Derivative Assets | 19,449 | 19,329 | |
TOTAL, Derivative Liabilities | 221,743 | 329,645 | |
Netting adjustments and cash collateral, Derivative Assets | [1],[2] | 138,503 | 129,539 |
Netting adjustments and cash collateral, Derivative Liabilities | [1],[2] | (218,737) | (325,241) |
DERIVATIVE ASSETS | 157,952 | 148,868 | |
DERIVATIVE LIABILITIES | 3,006 | 4,404 | |
Cash collateral posted | 357,240 | 455,080 | |
Cash collateral received | 0 | 300 | |
Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 17,054,390 | 15,862,207 | |
TOTAL, Derivative Assets | 18,578 | 18,427 | |
TOTAL, Derivative Liabilities | 173,294 | 261,431 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,267,304 | 3,212,615 | |
TOTAL, Derivative Assets | 871 | 902 | |
TOTAL, Derivative Liabilities | 48,449 | 68,214 | |
Interest rate swaps [Member] | Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 17,054,390 | 15,862,207 | |
TOTAL, Derivative Assets | 18,578 | 18,427 | |
TOTAL, Derivative Liabilities | 173,294 | 261,431 | |
Interest rate swaps [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 2,472,926 | 2,476,659 | |
TOTAL, Derivative Assets | 528 | 107 | |
TOTAL, Derivative Liabilities | 47,453 | 68,210 | |
Interest rate caps/floors [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 602,500 | 602,500 | |
TOTAL, Derivative Assets | 301 | 141 | |
TOTAL, Derivative Liabilities | 0 | 0 | |
Mortgage delivery commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage Receivable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 191,878 | 133,456 | |
TOTAL, Derivative Assets | 42 | 654 | |
TOTAL, Derivative Liabilities | $ 996 | $ 4 | |
[1] | Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. | ||
[2] | Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. |
Derivatives And Hedging Activ_5
Derivatives And Hedging Activities (Net Gains or Losses on Derivatives and Hedging Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total amounts presented in the Statements of Income, Advances | $ 35,443 | $ 130,887 | |
Total amounts presented in the Statements of Income, Available-for-sale Securities | 11,477 | 24,294 | |
Total amounts presented in the Statements of Income, Consolidated Obligations Discount Notes | 1,998 | 92,951 | |
Total amounts presented in the Statements of Income, Consolidated Obligations Bonds | 46,515 | 150,742 | |
Interest Rate Contract [Member] | Advances [Member] | Interest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives1 | [1] | 116,674 | (260,132) |
Hedged items2 | [2] | (131,314) | 256,842 |
NET GAINS (LOSSES) OF FAIR VALUE HEDGING RELATIONSHIPS (INTEREST INCOME/EXPENSE) | (14,640) | (3,290) | |
Interest Rate Contract [Member] | Available-for-sale Securities [Member] | Interest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives1 | [1] | 124,675 | (360,283) |
Hedged items2 | [2] | (148,040) | 344,143 |
NET GAINS (LOSSES) OF FAIR VALUE HEDGING RELATIONSHIPS (INTEREST INCOME/EXPENSE) | (23,365) | (16,140) | |
Interest Rate Contract [Member] | Consolidated Obligations Discount Notes [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives1 | [1] | 13 | 18,523 |
Hedged items2 | [2] | (4) | (15,690) |
NET GAINS (LOSSES) OF FAIR VALUE HEDGING RELATIONSHIPS (INTEREST INCOME/EXPENSE) | 9 | 2,833 | |
Interest Rate Contract [Member] | Consolidated Obligations Bonds [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives1 | [1] | (21,293) | 45,446 |
Hedged items2 | [2] | 28,620 | (39,825) |
NET GAINS (LOSSES) OF FAIR VALUE HEDGING RELATIONSHIPS (INTEREST INCOME/EXPENSE) | $ 7,327 | $ 5,621 | |
[1] | Includes net interest settlements in interest income/expense. | ||
[2] | Includes amortization/accretion on closed fair value relationships in interest income. |
Derivatives And Hedging Activ_6
Derivatives And Hedging Activities Derivatives And Hedging Activities (Cumulative Basis Adjustments for Fair Value Hedges) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Asset, Fair Value Hedge1 | [1] | $ 6,001,677 | $ 5,895,962 |
Asset, Basis Adjustments for Active Hedging Relationships2 | [2] | 127,575 | 261,304 |
Hedged Asset, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | 13,356 | 11,149 |
Hedged Asset, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | 140,931 | 272,453 |
Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Asset, Fair Value Hedge1 | [1] | 6,289,277 | 6,696,114 |
Asset, Basis Adjustments for Active Hedging Relationships2 | [2] | 172,023 | 320,063 |
Hedged Asset, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | 0 | 0 |
Hedged Asset, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | 172,023 | 320,063 |
Consolidated Obligation Discount Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Liability, Fair Value Hedge1 | [1] | (174,957) | (174,855) |
Liability, Basis Adjustments for Active Hedging Relationships2 | [2] | 28 | 33 |
Hedged Liability, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | 0 | 0 |
Hedged Liability, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | 28 | 33 |
Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Liability, Fair Value Hedge1 | [1] | (4,970,261) | (3,791,848) |
Liability, Basis Adjustments for Active Hedging Relationships2 | [2] | (6,034) | (34,654) |
Hedged Liability, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | 0 | 0 |
Hedged Liability, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | $ (6,034) | $ (34,654) |
[1] | Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded). | ||
[2] | Included in amortized cost of the hedged asset/liability. |
Derivatives And Hedging Activ_7
Derivatives And Hedging Activities (Net Gains Or Losses On Derivatives And Hedging Activities in Non-Interest Income) (Details) - Gain (Loss) on Derivative Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
NET GAINS (LOSSES) ON DERIVATIVES | $ 17,581 | $ (122,252) |
Interest rate swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
NET GAINS (LOSSES) ON DERIVATIVES | 34,451 | (111,715) |
Interest rate caps/floors [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
NET GAINS (LOSSES) ON DERIVATIVES | 160 | 145 |
Net Interest Settlements [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
NET GAINS (LOSSES) ON DERIVATIVES | (12,841) | (5,154) |
Mortgage delivery commitments [Member] | Mortgage Receivable [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
NET GAINS (LOSSES) ON DERIVATIVES | $ (4,189) | $ (5,528) |
Deposits (Types Of Deposits) (D
Deposits (Types Of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Interest-bearing: | ||
Demand | $ 319,073 | $ 308,604 |
Overnight | 692,700 | 660,400 |
Term Deposits | 2,750 | 2,750 |
Total interest-bearing | 1,014,523 | 971,754 |
Non-interest-bearing: | ||
Other | 248,422 | 257,607 |
Total non-interest-bearing | 248,422 | 257,607 |
TOTAL DEPOSITS | $ 1,262,945 | $ 1,229,361 |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Par value | $ 34,290,300 | $ 37,592,650 |
Federal Home Loan Bank, Consolidated Obligations, Callable Option [Member] | ||
Debt Instrument [Line Items] | ||
Par value | $ 7,894,000 | $ 6,878,000 |
Consolidated Obligations (Conso
Consolidated Obligations (Consolidated Bond Obligations Outstanding By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Due in one year or less | $ 23,759,950 | $ 27,921,650 |
Due in one year or less, Weighted Average Interest Rate | 0.26% | 0.31% |
Due after one year through two years | $ 1,406,700 | $ 1,267,800 |
Due after one year through two years, Weighted Average Interest Rate | 1.62% | 1.45% |
Due after two years through three years | $ 948,900 | $ 1,216,600 |
Due after two years through three years, Weighted Average Interest Rate | 1.52% | 1.91% |
Due after three years through four years | $ 992,200 | $ 831,700 |
Due after three years through four years, Weighted Average Interest Rate | 1.44% | 1.58% |
Due after four years through five years | $ 1,575,000 | $ 836,100 |
Due after four years through five years, Weighted Average Interest Rate | 0.77% | 1.22% |
Thereafter | $ 5,607,550 | $ 5,518,800 |
Thereafter, Weighted Average Interest Rate | 1.53% | 1.60% |
Total par value | $ 34,290,300 | $ 37,592,650 |
Total par value, Weighted Average Interest Rate | 0.62% | 0.63% |
Premium | $ 34,198 | $ 38,219 |
Discounts | (3,111) | (3,303) |
Concession fees | (13,414) | (14,143) |
Hedging adjustments | 6,034 | 34,654 |
TOTAL | $ 34,314,007 | $ 37,648,077 |
Consolidated Obligations (Con_2
Consolidated Obligations (Consolidated Bond Obligations By Contractual Maturity Or Next Call Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Due in one year or less | $ 23,759,950 | $ 27,921,650 |
Due after one year through two years | 1,406,700 | 1,267,800 |
Due after two years through three years | 948,900 | 1,216,600 |
Due after three years through four years | 992,200 | 831,700 |
Due after four years through five years | 1,575,000 | 836,100 |
Thereafter | 5,607,550 | 5,518,800 |
Total par value | 34,290,300 | 37,592,650 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 31,153,950 | 34,299,650 |
Due after one year through two years | 1,263,700 | 1,142,800 |
Due after two years through three years | 656,400 | 815,100 |
Due after three years through four years | 460,200 | 399,700 |
Due after four years through five years | 299,000 | 391,100 |
Thereafter | $ 457,050 | $ 544,300 |
Consolidated Obligations (Con_3
Consolidated Obligations (Consolidated Bonds By Interest-Rate Payment Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total par value | $ 34,290,300 | $ 37,592,650 |
Simple variable rate [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 19,375,000 | 23,752,000 |
Fixed rate [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 14,495,300 | 13,840,650 |
Step [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | $ 420,000 | $ 0 |
Consolidated Obligations (Con_4
Consolidated Obligations (Consolidated Discount Notes Outstanding) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | |||
Book Value | $ 10,072,689 | $ 10,882,417 | |
Consolidated Obligation Discount Notes [Member] | |||
Short-term Debt [Line Items] | |||
Par Value | $ 10,073,500 | $ 10,883,608 | |
Weighted Average Interest Rate | [1] | 0.05% | 0.08% |
[1] | Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subjec_3
Assets and Liabilities Subject to Offsetting Assets Subject to Offsetting (Schedule of Offsetting Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | $ 19,449 | $ 19,329 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | [1],[2] | 138,503 | 129,539 |
Total derivative assets | 157,952 | 148,868 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [3] | (42) | (654) |
Derivative assets, Net Amount | 157,910 | 148,214 | |
Securities purchased under agreements to resell, Gross Amounts of Recognized Assets | 1,700,000 | 2,600,000 | |
Securities purchased under agreements to resell, Gross Amounts Offset in the Statement of Condition | 0 | 0 | |
Securities purchased under agreements to resell, Net Amounts of Assets Presented in the Statement of Condition | 1,700,000 | 2,600,000 | |
Securities purchased under agreements to resell, Gross Amounts Not Offset in the Statement of Condition | [3] | (1,700,000) | (2,600,000) |
Securities purchased under agreements to resell, Net Amount | 0 | 0 | |
TOTAL, Gross Amounts of Recognized Assets | 1,719,449 | 2,619,329 | |
TOTAL, Gross Amounts Offset in the Statement of Condition | 138,503 | 129,539 | |
TOTAL, Net Amounts of Assets Presented in the Statement of Condition | 1,857,952 | 2,748,868 | |
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [3] | (1,700,042) | (2,600,654) |
TOTAL, Net Amount | 157,910 | 148,214 | |
Uncleared derivatives [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | 15,209 | 18,819 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | (10,288) | (18,031) | |
Total derivative assets | 4,921 | 788 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [3] | (42) | (654) |
Derivative assets, Net Amount | 4,879 | 134 | |
Cleared derivatives [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | 4,240 | 510 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | 148,791 | 147,570 | |
Total derivative assets | 153,031 | 148,080 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [3] | 0 | 0 |
Derivative assets, Net Amount | $ 153,031 | $ 148,080 | |
[1] | Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. | ||
[2] | Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. | ||
[3] | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Assets and Liabilities Subjec_4
Assets and Liabilities Subject to Offsetting Liabilities Subject to Offsetting (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | $ 221,743 | $ 329,645 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | [1],[2] | (218,737) | (325,241) |
Total derivative liabilities | 3,006 | 4,404 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [3] | (996) | (4) |
Derivative liabilities, Net Amount | 2,010 | 4,400 | |
TOTAL, Gross Amounts of Recognized Liabilities | 221,743 | 329,645 | |
TOTAL, Gross Amounts Offset in the Statement of Condition | (218,737) | (325,241) | |
TOTAL, Net Amounts of Liabilities Presented in the Statement of Condition | 3,006 | 4,404 | |
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [3] | (996) | (4) |
TOTAL, Net Amount | 2,010 | 4,400 | |
Uncleared derivatives [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 221,472 | 324,491 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (218,466) | (320,087) | |
Total derivative liabilities | 3,006 | 4,404 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [3] | (996) | (4) |
Derivative liabilities, Net Amount | 2,010 | 4,400 | |
Cleared derivatives [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 271 | 5,154 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (271) | (5,154) | |
Total derivative liabilities | 0 | 0 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [3] | 0 | 0 |
Derivative liabilities, Net Amount | $ 0 | $ 0 | |
[1] | Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. | ||
[2] | Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. | ||
[3] | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital (Narrative) (Details)
Capital (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)$ / sharesRate | Dec. 31, 2020$ / sharesRate | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Number of Finance Agency Regulatory Capital Requirements | 3 | ||
Total regulatory capital-to-asset ratio, required | Rate | 4.00% | 4.00% | |
Leverage capital ratio, required | Rate | 5.00% | 5.00% | |
Leverage capital, permanent capital weight | 1.5 | ||
Common Stock, par value per share | $ / shares | $ 100 | ||
Excess Stock (less than) | Rate | 1.00% | ||
Class A [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Leverage capital, non-permanent capital weight | 1 | ||
Asset Based Stock Purchase Requirement Percentage | 0.10% | ||
Common Stock, par value per share | $ / shares | [1] | $ 100 | $ 100 |
Class B [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Activity Based Capital Stock Required By Members As Percent Of Advances Outstanding | 4.50% | ||
Activity Based Capital Stock Required By Members As Percent Of Acquired Member Assets Outstanding | 3.00% | ||
Activity Based Capital Stock Required By Members As Percent Of Outstanding Balance of Acquired Member Assets, Limit | 3.00% | ||
Activity Based Capital Stock Required By Members As Percent Of Letter of Credit Principal | 0.25% | 0.00% | |
Common Stock, par value per share | $ / shares | [1] | $ 100 | $ 100 |
Maximum [Member] | Class A [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Asset Based Stock Purchase Requirement Value | $ | $ 500 | ||
Minimum [Member] | Class A [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Asset Based Stock Purchase Requirement Value | $ | $ 1 | ||
[1] | Putable |
Capital (Regulatory Capital Req
Capital (Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Regulatory capital requirements: | ||
Risk-based capital, Required | $ 349,751 | $ 192,927 |
Risk-based capital, Actual | $ 2,243,877 | $ 2,213,868 |
Total regulatory capital-to-asset ratio, Required | 4.00% | 4.00% |
Total regulatory capital-to-asset ratio, Actual | 5.40% | 5.00% |
Total regulatory capital, Required | $ 1,940,017 | $ 2,103,668 |
Total regulatory capital, Actual | $ 2,621,024 | $ 2,627,083 |
Leverage capital ratio, Required | 5.00% | 5.00% |
Leverage capital ratio, Actual | 7.70% | 7.10% |
Leverage capital, Required | $ 2,425,021 | $ 2,629,586 |
Leverage capital, Actual | $ 3,742,963 | $ 3,734,017 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mandatorily Redeemable Capital Stock [Roll Forward] | ||
Balance, beginning of period | $ 1,624 | $ 2,415 |
Capital stock subject to mandatory redemption reclassified from equity during the period | 358,243 | 305,957 |
Capital stock redemption cancellations reclassified to equity during the period | 0 | (100,647) |
Redemption or repurchase of mandatorily redeemable capital stock during the period | (358,290) | (205,359) |
Stock dividend classified as mandatorily redeemable capital stock during the period | 8 | 24 |
Balance, end of period | $ 1,585 | $ 2,390 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Or Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | $ 2,667,767 | $ 2,791,051 | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Total other comprehensive income (loss) | 29,306 | (94,105) | |
Balance at the end of the period | 2,691,053 | 2,713,589 | |
Net Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | 45,196 | 26,788 | |
Other comprehensive income (loss) before reclassification: | |||
Unrealized gains (losses) | 29,234 | (92,608) | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Realized net (gains) losses included in net income1 | [1] | (1,523) | |
Total other comprehensive income (loss) | 29,234 | (94,131) | |
Balance at the end of the period | 74,430 | (67,343) | |
Defined Benefit Pension Plan [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | (2,888) | (2,002) | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Amortization of net losses - defined benefit pension plan2 | [2] | 72 | 26 |
Total other comprehensive income (loss) | 72 | 26 | |
Balance at the end of the period | (2,816) | (1,976) | |
Total AOCI [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | 42,308 | 24,786 | |
Other comprehensive income (loss) before reclassification: | |||
Unrealized gains (losses) | 29,234 | (92,608) | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Realized net (gains) losses included in net income1 | [1] | (1,523) | |
Amortization of net losses - defined benefit pension plan2 | [2] | 72 | 26 |
Total other comprehensive income (loss) | 29,306 | (94,105) | |
Balance at the end of the period | $ 71,614 | $ (69,319) | |
[1] | Recorded in “Net gains (losses) on sale of available-for-sale securities” non-interest income on the Statements of Income. Amount represents a credit (increase to other income (loss)). | ||
[2] | Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values (Fair Value Summary
Fair Values (Fair Value Summary) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||
Cash and due from banks | $ 65,136 | $ 4,570,415 | |
Trading securities | 3,266,965 | 2,623,376 | |
Available-for-sale securities | 6,363,707 | 6,741,310 | |
Held-to-maturity securities, Carrying Value | 2,567,175 | 2,746,992 | |
Held-to-maturity securities | 2,571,789 | 2,750,116 | |
Accrued interest receivable | 93,123 | 97,718 | |
Derivative assets | 157,952 | 148,868 | |
Netting adjustments and cash collateral, Derivative Assets | [1],[2] | 138,503 | 129,539 |
Liabilities: | |||
Accrued interest payable | 45,254 | 45,575 | |
Derivative liabilities | 3,006 | 4,404 | |
Netting adjustments and cash collateral, Derivative Liabilities | [1],[2] | (218,737) | (325,241) |
Carrying Value [Member] | |||
Assets: | |||
Cash and due from banks | 65,136 | 4,570,415 | |
Interest-bearing deposits | 558,784 | 760,297 | |
Securities purchased under agreements to resell | 1,700,000 | 2,600,000 | |
Federal funds sold | 3,905,000 | 1,780,000 | |
Trading securities | 3,266,965 | 2,623,376 | |
Available-for-sale securities | 6,363,707 | 6,741,310 | |
Held-to-maturity securities, Carrying Value | 2,567,175 | 2,746,992 | |
Advances | 21,068,366 | 21,226,823 | |
Mortgage loans held for portfolio, net of allowance | 8,667,085 | 9,205,207 | |
Accrued interest receivable | 93,123 | 97,718 | |
Derivative assets | 157,952 | 148,868 | |
Liabilities: | |||
Deposits | 1,262,945 | 1,229,361 | |
Mandatorily redeemable capital stock | 1,585 | 1,624 | |
Accrued interest payable | 45,254 | 45,575 | |
Derivative liabilities | 3,006 | 4,404 | |
Carrying Value [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 35,000 | 35,000 | |
Carrying Value [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | (35,000) | (35,000) | |
Carrying Value [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 10,072,689 | 10,882,417 | |
Carrying Value [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 34,314,007 | 37,648,077 | |
Fair Value [Member] | |||
Assets: | |||
Cash and due from banks | 65,136 | 4,570,415 | |
Interest-bearing deposits | 558,784 | 760,297 | |
Securities purchased under agreements to resell | 1,700,000 | 2,600,000 | |
Federal funds sold | 3,905,000 | 1,780,000 | |
Trading securities | 3,266,965 | 2,623,376 | |
Available-for-sale securities | 6,363,707 | 6,741,310 | |
Held-to-maturity securities | 2,571,789 | 2,750,116 | |
Advances | 21,179,090 | 21,360,450 | |
Mortgage loans held for portfolio, net of allowance | 8,806,362 | 9,454,112 | |
Accrued interest receivable | 93,123 | 97,718 | |
Derivative assets | 157,952 | 148,868 | |
Liabilities: | |||
Deposits | 1,262,945 | 1,229,361 | |
Mandatorily redeemable capital stock | 1,585 | 1,624 | |
Accrued interest payable | 45,254 | 45,575 | |
Derivative liabilities | 3,006 | 4,404 | |
Fair Value [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 36,534 | 37,978 | |
Fair Value [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | (36,534) | (37,978) | |
Fair Value [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 10,072,023 | 10,882,601 | |
Fair Value [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 34,264,800 | 37,835,135 | |
Level 1 [Member] | |||
Assets: | |||
Cash and due from banks | 65,136 | 4,570,415 | |
Interest-bearing deposits | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Held-to-maturity securities | 0 | 0 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net of allowance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Liabilities: | |||
Deposits | 0 | 0 | |
Mandatorily redeemable capital stock | 1,585 | 1,624 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 1 [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 0 | 0 | |
Level 1 [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | 0 | 0 | |
Level 1 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 0 | 0 | |
Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 0 | 0 | |
Level 2 [Member] | |||
Assets: | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits | 558,784 | 760,297 | |
Securities purchased under agreements to resell | 1,700,000 | 2,600,000 | |
Federal funds sold | 3,905,000 | 1,780,000 | |
Trading securities | 3,266,965 | 2,623,376 | |
Available-for-sale securities | 6,363,707 | 6,741,310 | |
Held-to-maturity securities | 2,495,799 | 2,674,446 | |
Advances | 21,179,090 | 21,360,450 | |
Mortgage loans held for portfolio, net of allowance | 8,792,449 | 9,441,474 | |
Accrued interest receivable | 93,123 | 97,718 | |
Derivative assets | 19,449 | 19,329 | |
Liabilities: | |||
Deposits | 1,262,945 | 1,229,361 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 45,254 | 45,575 | |
Derivative liabilities | 221,743 | 329,645 | |
Level 2 [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 36,534 | 37,978 | |
Level 2 [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | (36,534) | (37,978) | |
Level 2 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 10,072,023 | 10,882,601 | |
Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 34,264,800 | 37,835,135 | |
Level 3 [Member] | |||
Assets: | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Held-to-maturity securities | 75,990 | 75,670 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net of allowance | 13,913 | 12,638 | |
Accrued interest receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Liabilities: | |||
Deposits | 0 | 0 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 3 [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 0 | 0 | |
Level 3 [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | 0 | 0 | |
Level 3 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 0 | 0 | |
Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | $ 0 | $ 0 | |
[1] | Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. | ||
[2] | Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. |
Fair Values (Hierarchy Level fo
Fair Values (Hierarchy Level for Financial Assets And Liabilities - Recurring And Nonrecurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 3,266,965 | $ 2,623,376 | |||
Available-for-sale securities | 6,363,707 | 6,741,310 | |||
Total derivative assets | 157,952 | 148,868 | |||
Netting adjustments and cash collateral, Derivative Assets | [1],[2] | 138,503 | 129,539 | ||
Total derivative liabilities | 3,006 | 4,404 | |||
Netting adjustments and cash collateral, Derivative Liabilities | [1],[2] | (218,737) | (325,241) | ||
Held-to-maturity securities | 2,571,789 | 2,750,116 | |||
Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 675,031 | 0 | |||
U.S. Treasury obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,290,894 | 1,298,518 | |||
Available-for-sale securities | 3,277,347 | 3,546,325 | |||
GSE Debenture [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 426,878 | 431,875 | |||
U.S. obligation MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Held-to-maturity securities | 65,601 | 70,890 | |||
GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 874,162 | 892,983 | |||
Available-for-sale securities | 3,086,360 | 3,194,985 | |||
Held-to-maturity securities | 2,430,198 | 2,603,556 | |||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 3,266,965 | 2,623,376 | |||
Available-for-sale securities | 6,363,707 | 6,741,310 | |||
Total derivative assets | 19,449 | 19,329 | |||
Total derivative liabilities | 221,743 | 329,645 | |||
Held-to-maturity securities | 2,495,799 | 2,674,446 | |||
Mortgage loans held for portfolio | 8,792,449 | 9,441,474 | |||
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Total derivative assets | 0 | 0 | |||
Total derivative liabilities | 0 | 0 | |||
Held-to-maturity securities | 75,990 | 75,670 | |||
Mortgage loans held for portfolio | 13,913 | 12,638 | |||
Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 3,266,965 | 2,623,376 | |||
Available-for-sale securities | 6,363,707 | 6,741,310 | |||
Total derivative assets | 157,952 | 148,868 | |||
Total derivative liabilities | 3,006 | 4,404 | |||
Held-to-maturity securities | 2,571,789 | 2,750,116 | |||
Mortgage loans held for portfolio | 8,806,362 | 9,454,112 | |||
Recurring fair value measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Netting adjustments and cash collateral, Derivative Assets | [2] | 138,503 | 129,539 | ||
Netting adjustments and cash collateral, Derivative Liabilities | [2] | (218,737) | (325,241) | ||
Recurring fair value measurements [Member] | Interest-rate related [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Netting adjustments and cash collateral, Derivative Assets | [2] | 138,503 | 129,539 | ||
Netting adjustments and cash collateral, Derivative Liabilities | [2] | (218,737) | (325,241) | ||
Recurring fair value measurements [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 3,266,965 | 2,623,376 | |||
Available-for-sale securities | 6,363,707 | 6,741,310 | |||
Total derivative assets | 19,449 | 19,329 | |||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 9,650,121 | 9,384,015 | |||
Total derivative liabilities | 221,743 | 329,645 | |||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 221,743 | 329,645 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | Interest-rate related [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 19,407 | 18,675 | |||
Total derivative liabilities | 220,747 | 329,641 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 675,031 | ||||
Recurring fair value measurements [Member] | Level 2 [Member] | U.S. Treasury obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,290,894 | 1,298,518 | |||
Available-for-sale securities | 3,277,347 | 3,546,325 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE Debenture [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 426,878 | 431,875 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 874,162 | 892,983 | |||
Available-for-sale securities | 3,086,360 | 3,194,985 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | Mortgage Receivable [Member] | Mortgage delivery commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 42 | 654 | |||
Total derivative liabilities | 996 | 4 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 3,266,965 | 2,623,376 | |||
Available-for-sale securities | 6,363,707 | 6,741,310 | |||
Total derivative assets | 157,952 | 148,868 | |||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 9,788,624 | 9,513,554 | |||
Total derivative liabilities | 3,006 | 4,404 | |||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 3,006 | 4,404 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | Interest-rate related [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 157,910 | 148,214 | |||
Total derivative liabilities | 2,010 | 4,400 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 675,031 | ||||
Recurring fair value measurements [Member] | Fair Value [Member] | U.S. Treasury obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,290,894 | 1,298,518 | |||
Available-for-sale securities | 3,277,347 | 3,546,325 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE Debenture [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 426,878 | 431,875 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 874,162 | 892,983 | |||
Available-for-sale securities | 3,086,360 | 3,194,985 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | Mortgage Receivable [Member] | Mortgage delivery commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 42 | 654 | |||
Total derivative liabilities | 996 | 4 | |||
Nonrecurring fair value measurements - Assets: [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 14,166 | [3] | 13,073 | [4] | |
Mortgage loans held for portfolio | 13,951 | [3] | 12,668 | [4] | |
Real estate owned | 215 | [3] | 405 | [4] | |
Nonrecurring fair value measurements - Assets: [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 14,166 | [3] | 13,073 | [4] | |
Mortgage loans held for portfolio | 13,951 | [3] | 12,668 | [4] | |
Real estate owned | $ 215 | [3] | $ 405 | [4] | |
[1] | Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,240,000 and $455,080,000 as of March 31, 2021 and December 31, 2020, respectively. Cash collateral received was $0 and $300,000 as of March 31, 2021 and December 31, 2020, respectively. | ||||
[2] | Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. | ||||
[3] | Includes assets adjusted to fair value during the three months ended March 31, 2021 and still outstanding as of March 31, 2021. | ||||
[4] | Includes assets adjusted to fair value during the year ended December 31, 2020 and still outstanding as of December 31, 2020. |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Off-balance Sheet Commitments: | |||
Obligation with Joint and Several Liability Arrangement, Description | As provided in the Federal Home Loan Bank Act of 1932, as amended (Bank Act) or in FHFA regulations, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. | ||
Obligation with joint and several liability arrangement, off balance sheet amount | $ 652,020,742 | $ 698,296,045 | |
Carrying value included in other liabilities | $ 67,005 | $ 71,358 | |
Number of in-district state housing authorities with standby bond purchase agreements | 2 | 2 | |
Stand by Bond Purchase Agreements, Aquired And Sold At Par, During the Period | $ 122,390 | ||
Mortgage Delivery Commitments Derivative Asset (Liability) | $ (954) | $ 650 | |
Other assets | 87,135 | 90,706 | |
Standby Letters of Credit Outstanding [Member] | |||
Off-balance Sheet Commitments: | |||
Carrying value included in other liabilities | $ 1,328 | $ 1,554 | |
Commitment Expiration Year (no later than) | 2023 | ||
Term (up to) | 6 | ||
Forward Settling Advance Commitments [Member] | |||
Off-balance Sheet Commitments: | |||
Term (up to) | 24 | ||
Commitments for standby bond purchases [Member] | |||
Off-balance Sheet Commitments: | |||
Commitment Expiration Year (no later than) | 2024 | ||
Mortgage Receivable [Member] | Commitments to fund or purchase mortgage loans [Member] | |||
Off-balance Sheet Commitments: | |||
Term (up to) | 60 |
Commitments And Contingencies_3
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Standby letters of credit outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | $ 5,202,777 | $ 5,436,165 |
Expire After One Year | 692 | 4,251 |
Total | 5,203,469 | 5,440,416 |
Advance commitments outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 18,632 | 19,693 |
Expire After One Year | 16,901 | 21,001 |
Total | 35,533 | 40,694 |
Principal commitments for standby bond purchase agreements [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 304,055 | 380,615 |
Expire After One Year | 434,415 | 317,710 |
Total | 738,470 | 698,325 |
Commitments to issue consolidated bonds, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 215,000 | 4,000 |
Expire After One Year | 0 | 0 |
Total | 215,000 | 4,000 |
Mortgage Receivable [Member] | Commitments to fund or purchase mortgage loans [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 191,878 | 133,456 |
Expire After One Year | 0 | 0 |
Total | $ 191,878 | $ 133,456 |
Transactions With Stockholder_2
Transactions With Stockholders (Related Party Transactions, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Outstanding Advances | $ 21,068,366 | $ 21,226,823 |
Outstanding Deposits | 1,262,945 | 1,229,361 |
Ten Percent Owner [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 355,956 | $ 340,349 |
Regulatory Capital Stock, Percent Of Total | 23.10% | 21.60% |
Outstanding Advances | $ 7,800,000 | $ 7,460,000 |
Outstanding Advances, Percent of Total | 37.20% | 35.60% |
Outstanding Deposits | $ 599 | $ 713 |
Outstanding Deposits, Percent of Total | 0.00% | 0.10% |
Ten Percent Owner [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 500 | $ 825 |
Regulatory Capital Stock, Percent Of Total | 0.10% | 0.20% |
Ten Percent Owner [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 355,456 | $ 339,524 |
Regulatory Capital Stock, Percent Of Total | 30.50% | 29.20% |
MidFirst Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 355,956 | $ 340,349 |
Regulatory Capital Stock, Percent Of Total | 23.10% | 21.60% |
Outstanding Advances | $ 7,800,000 | $ 7,460,000 |
Outstanding Advances, Percent of Total | 37.20% | 35.60% |
Outstanding Deposits | $ 599 | $ 713 |
Outstanding Deposits, Percent of Total | 0.00% | 0.10% |
MidFirst Bank [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 500 | $ 825 |
Regulatory Capital Stock, Percent Of Total | 0.10% | 0.20% |
MidFirst Bank [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 355,456 | $ 339,524 |
Regulatory Capital Stock, Percent Of Total | 30.50% | 29.20% |
Transactions With Stockholder_3
Transactions With Stockholders (Related Party Transactions, by Balance Sheet Grouping-Directors) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Advances, Outstanding Amount | $ 21,068,366 | $ 21,226,823 |
Deposits, Outstanding Amount | 1,262,945 | 1,229,361 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 27,860 | $ 31,498 |
TOTAL CAPITAL STOCK, Percent Of Total | 1.80% | 2.00% |
Advances, Outstanding Amount | $ 155,063 | $ 161,021 |
Advances, Percent of Total | 0.70% | 0.80% |
Deposits, Outstanding Amount | $ 33,172 | $ 25,459 |
Deposits, Percent of Total | 2.60% | 2.10% |
Director [Member] | Class A [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 8,624 | $ 10,298 |
TOTAL CAPITAL STOCK, Percent Of Total | 2.30% | 2.50% |
Director [Member] | Class B [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 19,236 | $ 21,200 |
TOTAL CAPITAL STOCK, Percent Of Total | 1.70% | 1.80% |
Transactions With Stockholder_4
Transactions With Stockholders (Schedule Of Related Party Transactions, Mortgage Loans Disclosure) (Details) - Director [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Mortgage loans acquired | $ 8,083 | $ 46,109 |
Mortgage loans acquired, Percent of Total | 1.50% | 5.20% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Subsequent Event [Line Items] | |
ASU 2020-04 one-time election, transfer certain held-to-maturity debt securities to available-for-sale | During the second quarter of 2021, FHLBank adopted a provision of ASU 2020-04 which allows a one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity that reference a rate affected by reference rate reform and that were classified as held-to-maturity before January 1, 2020. Upon adopting the provision, FHLBank transferred held-to-maturity securities with an amortized cost of $2,019,635,000 to available-for-sale and recorded unrealized gains of $4,059,000 in other comprehensive income. |
Debt Securities, Held-to-maturity, Transfer to Available for Sale, Amount | $ 2,019,635 |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Unrealized Gain (Loss) | $ 4,059 |