Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Federal Home Loan Bank of Cincinnati | ||
Entity Central Index Key | 1,326,771 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,340,502 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Statements of Condition
Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 10,136 | $ 3,109,970 | |
Interest-bearing deposits | 99 | 119 | |
Securities purchased under agreements to resell | 10,531,979 | 3,343,000 | |
Federal funds sold | 10,845,000 | 6,600,000 | |
Investment securities: | |||
Trading securities | 1,159 | 1,341 | |
Available-for-sale securities | 700,081 | 1,349,977 | |
Held-to-maturity securities (includes $0 and $0 pledged as collateral in 2015 and 2014, respectively, that may be repledged) | [1] | 15,278,206 | 14,712,271 |
Total investment securities | 15,979,446 | 16,063,589 | |
Advances (includes $15,057 and $15,042 at fair value under fair value option in 2015 and 2014, respectively) | 73,292,172 | 70,405,616 | |
Mortgage loans held for portfolio: | |||
Mortgage loans held for portfolio | 7,981,293 | 6,989,602 | |
Less: allowance for credit losses on mortgage loans | 1,686 | 4,919 | |
Mortgage loans held for portfolio, net | 7,979,607 | 6,984,683 | |
Accrued interest receivable | 94,855 | 81,384 | |
Premises, software, and equipment, net | 10,436 | 11,282 | |
Derivative assets | 26,996 | 14,699 | |
Other assets | 26,055 | 26,077 | |
TOTAL ASSETS | 118,796,781 | 106,640,419 | |
LIABILITIES | |||
Deposits | 804,342 | 729,936 | |
Consolidated Obligations, net: | |||
Discount Notes | 77,199,208 | 41,232,127 | |
Bonds (includes $2,214,590 and $4,209,640 at fair value under fair value option in 2015 and 2014, respectively) | 35,104,764 | 59,216,557 | |
Total Consolidated Obligations, net | 112,303,972 | 100,448,684 | |
Mandatorily redeemable capital stock | 37,895 | 62,963 | |
Accrued interest payable | 118,823 | 114,781 | |
Affordable Housing Program payable | 107,352 | 98,103 | |
Derivative liabilities | 31,087 | 63,767 | |
Other Liabilities | 212,254 | 183,177 | |
Total liabilities | $ 113,615,725 | $ 101,701,411 | |
Commitments and contingencies | |||
CAPITAL | |||
Capital stock Class B putable ($100 par value); issued and outstanding shares: 44,288 shares in 2015 and 42,665 shares in 2014 | $ 4,428,756 | $ 4,266,543 | |
Retained earnings: | |||
Unrestricted | 556,139 | 529,367 | |
Restricted | 209,438 | 159,694 | |
Total retained earnings | 765,577 | 689,061 | |
Accumulated other comprehensive loss | (13,277) | (16,596) | |
Total capital | 5,181,056 | 4,939,008 | |
TOTAL LIABILITIES AND CAPITAL | $ 118,796,781 | $ 106,640,419 | |
[1] | Fair values: $15,229,965 and $14,794,326 at December 31, 2015 and 2014, respectively. |
Statements of Condition (Parent
Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Held-to-maturity Securities Pledged as Collateral | $ 0 | $ 0 | |||
Advances, Fair Value Disclosure | [1] | $ 15,057 | $ 15,042 | ||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 | |||
Common Stock, Shares, Issued | 44,288 | 42,665 | |||
Common Stock, Shares, Outstanding | 44,288 | 42,665 | |||
Held-to-maturity Securities, Fair Value | $ 15,229,965 | $ 14,794,326 | |||
Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | 2,214,590 | 4,209,640 | |||
Fair Value | |||||
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |||
Fair Value | Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | $ 35,317,688 | [2] | $ 59,496,247 | [3] | |
[1] | At December 31, 2015 and 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[2] | Includes (in thousands) $2,214,590 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2015. | ||||
[3] | Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014. |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME: | |||
Advances | $ 366,651 | $ 314,800 | $ 305,658 |
Prepayment fees on Advances, net | 2,723 | 3,624 | 2,473 |
Interest-bearing deposits | 88 | 85 | 185 |
Securities purchased under agreements to resell | 2,147 | 1,261 | 1,872 |
Federal funds sold | 12,106 | 5,426 | 6,232 |
Investment securities: | |||
Trading securities | 22 | 25 | 31 |
Available-for-sale securities | 2,198 | 3,204 | 1,827 |
Held-to-maturity securities | 325,449 | 343,042 | 313,181 |
Total investment securities | 327,669 | 346,271 | 315,039 |
Mortgage loans held for portfolio | 245,876 | 236,882 | 268,691 |
Loans to other FHLBanks | 0 | 0 | 5 |
Total interest income | 957,260 | 908,349 | 900,155 |
Consolidated Obligations: | |||
Consolidated Obligations - Discount Notes | 65,217 | 27,439 | 36,686 |
Consolidated Obligations - Bonds | 566,970 | 559,480 | 529,788 |
Total Consolidated Obligations | 632,187 | 586,919 | 566,474 |
Deposits | 360 | 264 | 326 |
Loans from other FHLBanks | 0 | 0 | 5 |
Mandatorily redeemable capital stock | 2,432 | 4,190 | 5,506 |
Total interest expense | 634,979 | 591,373 | 572,311 |
NET INTEREST INCOME | 322,281 | 316,976 | 327,844 |
Reversal for credit losses | 0 | (500) | (7,450) |
NET INTEREST INCOME AFTER REVERSAL FOR CREDIT LOSSES | 322,281 | 317,476 | 335,294 |
NON-INTEREST INCOME: | |||
Net losses on trading securities | (18) | (9) | (19) |
Net gains on financial instruments held under fair value option | 1,057 | 2,174 | 330 |
Net gains on derivatives and hedging activities | 13,037 | 6,627 | 7,903 |
Standby Letters of Credit fees | 13,098 | 10,767 | 8,066 |
Other, net | 2,720 | 3,071 | 3,511 |
Total non-interest income | 29,894 | 22,630 | 19,791 |
NON-INTEREST EXPENSE: | |||
Compensation and benefits | 39,766 | 36,777 | 33,992 |
Other operating expenses | 21,728 | 17,454 | 17,493 |
Finance Agency | 6,793 | 7,084 | 5,203 |
Office of Finance | 4,698 | 4,374 | 4,535 |
Other | 2,566 | 2,559 | 3,164 |
Total non-interest expense | 75,551 | 68,248 | 64,387 |
INCOME BEFORE ASSESSMENTS | 276,624 | 271,858 | 290,698 |
Affordable Housing Program Assessments | 27,906 | 27,605 | 29,620 |
NET INCOME | $ 248,718 | $ 244,253 | $ 261,078 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 248,718 | $ 244,253 | $ 261,078 |
Other comprehensive income adjustments: | |||
Net unrealized gains (losses) on available-for-sale securities | 105 | 97 | (121) |
Pension and postretirement benefits | 3,214 | (7,651) | 2,813 |
Total other comprehensive income adjustments | 3,319 | (7,554) | 2,692 |
Comprehensive income | $ 252,037 | $ 236,699 | $ 263,770 |
Statement of Equity
Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings, Unrestricted [Member] | Retained Earnings, Restricted [Member] | Retained Earnings, Total [Member] | Accumulated Other Comprehensive Loss [Member] |
Shares, Issued beginning balance at Dec. 31, 2012 | 40,106 | |||||
Beginning balance at Dec. 31, 2012 | $ 4,536,769 | $ 4,010,622 | $ 479,253 | $ 58,628 | $ 537,881 | $ (11,734) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Proceeds from sale of capital stock, shares | 7,208 | |||||
Proceeds from sale of capital stock, par value | 720,820 | $ 720,820 | ||||
Net shares reclassified to mandatorily redeemable capital stock, shares | (334) | |||||
Net shares reclassified to mandatorily redeemable capital stock, par value | (33,457) | $ (33,457) | ||||
Comprehensive Income | 263,770 | 208,863 | 52,215 | 261,078 | 2,692 | |
Cash dividends on capital stock | (177,795) | (177,795) | (177,795) | |||
Shares, Issued ending balance at Dec. 31, 2013 | 46,980 | |||||
Ending balance at Dec. 31, 2013 | 5,310,107 | $ 4,697,985 | 510,321 | 110,843 | 621,164 | (9,042) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Proceeds from sale of capital stock, shares | 835 | |||||
Proceeds from sale of capital stock, par value | 83,543 | $ 83,543 | ||||
Repurchase of capital stock, shares | (4,979) | |||||
Repurchase of capital stock, par value | (497,875) | $ (497,875) | ||||
Net shares reclassified to mandatorily redeemable capital stock, shares | (171) | |||||
Net shares reclassified to mandatorily redeemable capital stock, par value | (17,110) | $ (17,110) | ||||
Comprehensive Income | 236,699 | 195,402 | 48,851 | 244,253 | (7,554) | |
Cash dividends on capital stock | (176,356) | (176,356) | (176,356) | |||
Shares, Issued ending balance at Dec. 31, 2014 | 42,665 | |||||
Ending balance at Dec. 31, 2014 | 4,939,008 | $ 4,266,543 | 529,367 | 159,694 | 689,061 | (16,596) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Proceeds from sale of capital stock, shares | 1,912 | |||||
Proceeds from sale of capital stock, par value | 191,132 | $ 191,132 | ||||
Net shares reclassified to mandatorily redeemable capital stock, shares | (289) | |||||
Net shares reclassified to mandatorily redeemable capital stock, par value | (28,919) | $ (28,919) | ||||
Comprehensive Income | 252,037 | 198,974 | 49,744 | 248,718 | 3,319 | |
Cash dividends on capital stock | (172,202) | (172,202) | (172,202) | |||
Shares, Issued ending balance at Dec. 31, 2015 | 44,288 | |||||
Ending balance at Dec. 31, 2015 | $ 5,181,056 | $ 4,428,756 | $ 556,139 | $ 209,438 | $ 765,577 | $ (13,277) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income | $ 248,718 | $ 244,253 | $ 261,078 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 41,511 | 8,188 | (512) |
Net change in derivative and hedging activities | 12,651 | 16,224 | 35,607 |
Net change in fair value adjustments on trading securities | 18 | 9 | 19 |
Net change in fair value adjustments on financial instruments held under fair value option | (1,057) | (2,174) | (330) |
Other adjustments | (11) | (393) | (7,464) |
Net change in: | |||
Accrued interest receivable | (13,473) | 3,746 | (1,216) |
Other assets | (1,120) | (739) | (3,244) |
Accrued interest payable | 4,694 | (3,177) | 10,829 |
Other liabilities | 41,036 | 19,252 | 25,470 |
Total adjustments | 84,249 | 40,936 | 59,159 |
Net cash provided by operating activities | 332,967 | 285,189 | 320,237 |
Net change in: | |||
Interest-bearing deposits | 12,092 | 30,579 | 119,127 |
Securities purchased under agreements to resell | (7,188,979) | (993,000) | 1,450,000 |
Federal funds sold | (4,245,000) | (4,860,000) | 1,610,000 |
Premises, software, and equipment | (1,834) | (686) | (7,203) |
Trading securities: | |||
Proceeds from maturities of long-term | 164 | 228 | 325 |
Available-for-sale securities: | |||
Net decrease (increase) in short-term | 650,000 | 835,000 | (2,185,000) |
Held-to-maturity securities: | |||
Net (increase) decrease in short-term | (6,585) | 1,386 | (1,247) |
Proceeds from maturities of long-term | 2,611,029 | 2,093,933 | 2,686,432 |
Purchases of long-term | (3,172,521) | (719,833) | (5,977,152) |
Advances: | |||
Proceeds | 930,146,812 | 1,120,239,271 | 697,384,820 |
Made | (933,090,216) | (1,125,441,755) | (708,852,213) |
Mortgage loans held for portfolio: | |||
Principal collected | 1,383,198 | 1,070,820 | 1,890,141 |
Purchases | (2,414,064) | (1,260,888) | (1,203,883) |
Net cash used in investing activities | (15,315,904) | (9,004,945) | (13,085,853) |
FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposits and pass-through reserves | 74,725 | (200,660) | (260,961) |
Net payments on derivative contracts with financing elements | (28,458) | (31,195) | (42,054) |
Net proceeds from issuance of Consolidated Obligations: | |||
Discount Notes | 305,975,240 | 270,415,559 | 165,083,112 |
Bonds | 19,042,816 | 41,461,146 | 34,035,263 |
Payments for maturing and retiring Consolidated Obligations: | |||
Discount Notes | (270,027,809) | (267,394,419) | (157,714,961) |
Bonds | (43,118,354) | (40,358,950) | (20,166,866) |
Proceeds from issuance of capital stock | 191,132 | 83,543 | 720,820 |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (53,987) | (70,000) | (128,432) |
Payments for repurchase of capital stock | 0 | (497,875) | 0 |
Cash dividends paid | (172,202) | (176,356) | (177,795) |
Net cash provided by financing activities | 11,883,103 | 3,230,793 | 21,348,126 |
Net (decrease) increase in cash and cash equivalents | (3,099,834) | (5,488,963) | 8,582,510 |
Cash and cash equivalents at beginning of the period | 3,109,970 | 8,598,933 | 16,423 |
Cash and cash equivalents at end of the period | 10,136 | 3,109,970 | 8,598,933 |
Supplemental Disclosures: | |||
Interest paid | 642,179 | 621,865 | 584,640 |
Affordable Housing Program payments, net | $ 18,657 | $ 23,291 | $ 18,503 |
Background Information
Background Information | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Background Information The Federal Home Loan Bank of Cincinnati (the FHLB), a federally chartered corporation, is one of 11 District Federal Home Loan Banks (FHLBanks). The FHLBanks serve the public by enhancing the availability of credit for residential mortgages and targeted community development. The FHLB provides a readily available, competitively-priced source of funds to its member institutions. The FHLB is a cooperative whose member institutions own nearly all of the capital stock of the FHLB and may receive dividends on their investment to the extent declared by the FHLB's Board of Directors. Former members own the remaining capital stock to support business transactions still carried on the FHLB's Statements of Condition. Regulated financial depositories and insurance companies engaged in residential housing finance may apply for membership. Housing associates, including state and local housing authorities, may also borrow from the FHLB; while eligible to borrow, housing authorities are not members of the FHLB and, therefore, are not allowed to hold capital stock. A housing authority is eligible to utilize the Advance programs of the FHLB if it meets applicable statutory requirements. It must be a U.S. Department of Housing and Urban Development approved mortgagee and must also meet applicable mortgage lending, financial condition, as well as charter, inspection and supervision requirements. All members must purchase stock in the FHLB. Members must own capital stock in the FHLB based on the amount of their total assets. Each member also may be required to purchase activity-based capital stock as it engages in certain business activities with the FHLB. As a result of these requirements, the FHLB conducts business with stockholders in the normal course of business. For financial statement purposes, the FHLB defines related parties as those members with more than 10 percent of the voting interests of the FHLB's outstanding capital stock. See Note 22 for more information relating to transactions with stockholders. The Federal Housing Finance Agency (Finance Agency) is the independent Federal regulator of the FHLBanks, Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae). The Finance Agency's stated mission is to ensure that the housing government-sponsored enterprises (GSEs) operate in a safe and sound manner so that they serve as a reliable source of liquidity and funding for housing finance and community investment. Each FHLBank operates as a separate entity with its own management, employees, and board of directors. The FHLB does not have any special purpose entities or any other type of off-balance sheet conduits. The Office of Finance is a joint office of the FHLBanks established to facilitate the issuance and servicing of the debt instruments of the FHLBanks, known as Consolidated Obligations, and to prepare combined quarterly and annual financial reports of all FHLBanks. As provided by the Federal Home Loan Bank Act of 1932, as amended (the FHLBank Act), or by Finance Agency regulation, the FHLBanks' Consolidated Obligations are backed only by the financial resources of the FHLBanks and are the primary source of funds for the FHLBanks. Deposits, other borrowings, and capital stock issued to members provide other funds. The FHLB primarily uses its funds to provide Advances to members and to purchase loans from members through its Mortgage Purchase Program (MPP). The FHLB also provides member institutions with correspondent services, such as wire transfer, security safekeeping, and settlement services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Basis of Presentation. The FHLB's accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (GAAP). Cash Flows. In the Statements of Cash Flows, the FHLB considers non-interest bearing cash and due from banks as cash and cash equivalents. Federal funds sold are not treated as cash equivalents for purposes of the Statements of Cash Flows, but are instead treated as short-term investments and are reflected in the investing activities section of the Statements of Cash Flows. Subsequent Events. The FHLB has evaluated subsequent events for potential recognition or disclosure through the issuance of these financial statements and believes there have been no material subsequent events requiring additional disclosure or recognition in these financial statements. Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make subjective assumptions and estimates. These assumptions and estimates affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ from these estimates. Fair Values. Some of the FHLB's financial instruments lack an available trading market with prices characterized as those 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. Therefore, the FHLB uses pricing services and/or internal models employing significant estimates and present value calculations when disclosing fair values. See Note 19 for more information. Interest Bearing Deposits, Securities Purchased Under Agreements to Resell, and Federal Funds Sold. These investments provide short-term liquidity and are carried at cost. Interest bearing deposits include certificates of deposits (CDs) not meeting the definition of an investment security. The FHLB treats securities purchased under agreements to resell as short-term collateralized loans, which are classified as assets on the Statements of Condition. Securities purchased under agreements to resell are held in safekeeping in the name of the FHLB by third-party custodians approved by the FHLB. If the market value of the underlying securities decrease below the market value required as collateral, the counterparty has the option to (1) place an equivalent amount of additional securities in safekeeping in the name of the FHLB or (2) remit an equivalent amount of cash. Federal funds sold consist of short-term, unsecured loans generally transacted with counterparties that are considered by the FHLB to be of investment quality. Investment Securities. The FHLB classifies investment securities as trading, available-for-sale and held-to-maturity at the date of acquisition. Purchases and sales of securities are recorded on a trade date basis. Trading. Securities classified as trading are acquired for liquidity purposes and asset/liability management and carried at fair value. The FHLB records changes in the fair value of these securities through other income as a net gain or loss on trading securities. However, the FHLB does not participate in speculative trading practices and holds these investments indefinitely as management periodically evaluates its liquidity needs. Available-for-Sale. Securities that are not classified as held-to-maturity or trading are classified as available-for-sale and are carried at fair value. The change in fair value of available-for-sale securities is recorded in other comprehensive income as a net unrealized gain or loss on available-for-sale securities. Held-to-Maturity. Securities that the FHLB has both the ability and intent to hold to maturity are classified as held-to-maturity and are carried at amortized cost, representing the amount at which an investment is acquired adjusted for periodic principal repayments, amortization of premiums and accretion of discounts. Certain changes in circumstances may cause the FHLB to change its intent to hold a security to maturity without calling into question its intent to hold other debt securities to maturity in the future. Thus, the sale or transfer of a held-to-maturity security due to certain changes in circumstances, such as evidence of significant deterioration in the issuer's creditworthiness or changes in regulatory requirements, is not considered to be inconsistent with its original classification. Other events that are isolated, nonrecurring, and unusual for the FHLB that could not have been reasonably anticipated may cause the FHLB to sell or transfer a held-to-maturity security without necessarily calling into question its intent to hold other debt securities to maturity. In addition, sales of held-to-maturity debt securities that meet either of the following two conditions may be considered as maturities for purposes of the classification of securities: (1) the sale occurs near enough to the security's maturity date (or call date if exercise of the call is probable) that interest rate risk is substantially eliminated as a pricing factor and changes in market interest rates would not have a significant effect on the security's fair value, or (2) the sale of the security occurs after the FHLB has already collected a substantial portion (at least 85 percent) of the principal outstanding at acquisition due either to prepayments on the security or to scheduled payments on the security payable in equal installments (both principal and interest) over its term. Premiums and Discounts. The FHLB amortizes purchased premiums and accretes purchased discounts on mortgage-backed securities and other investment categories with a term of greater than one year using the retrospective level-yield method (retrospective method). The retrospective method requires that the FHLB estimate prepayments over the estimated life of the securities and make a retrospective adjustment of the effective yield each time that the FHLB changes the estimated life and/or prepayments as if the new estimate had been known since the original acquisition date of the securities. The FHLB uses nationally recognized third-party prepayment models to project estimated cash flows. Due to their short term nature, the FHLB amortizes premiums and accretes discounts on other investment categories with a term of one year or less using a straight-line methodology based on the contractual maturity of the securities. Analyses of the straight-line compared to the level-yield methodology have been performed by the FHLB and it has determined that the impact of the difference on the financial statements for each period reported, taken individually and as a whole, is not material. Gains and Losses on Sales. The FHLB computes gains and losses on sales of investment securities using the specific identification method and includes these gains and losses in other income. Investment Securities - Other-than-Temporary Impairment. The FHLB evaluates its individual available-for-sale and held-to-maturity securities in an unrealized loss position for other-than-temporary impairment on a quarterly basis. A security is considered impaired when its fair value is less than its amortized cost. The FHLB considers an other-than-temporary impairment to have occurred under any of the following circumstances: ▪ if the FHLB has an intent to sell the impaired debt security; ▪ if, based on available evidence, the FHLB believes it is more likely than not that it will be required to sell the impaired debt security before the recovery of its amortized cost basis; or ▪ if the FHLB does not expect to recover the entire amortized cost basis of the debt security. Recognition of Other-than-Temporary Impairment. If either of the first two conditions above is met, the FHLB recognizes an other-than-temporary impairment charge in earnings equal to the entire difference between the security's amortized cost basis and its fair value as of the Statement of Condition date. For securities in an unrealized loss position that do not meet either of these conditions, the entire loss position, or total other-than-temporary impairment, is evaluated to determine the extent and amount of credit loss. Advances. The FHLB reports Advances (loans to members, former members or housing associates) either at amortized cost or at fair value when the fair value option is elected. Advances carried at amortized cost are reported net of premiums, discounts (including discounts on Advances related to the Affordable Housing Program (AHP), as discussed below), unearned commitment fees and hedging adjustments. The FHLB amortizes the premiums and accretes the discounts on Advances to interest income using a level-yield methodology. The FHLB records interest on Advances to income as earned. For Advances carried at fair value, interest income is recognized based on the contractual interest rate. Advance Modifications. In cases in which the FHLB funds a new Advance concurrent with or within a short period of time before or after the prepayment of an existing Advance, the FHLB evaluates whether the new Advance meets the accounting criteria to qualify as a modification of an existing Advance or whether it constitutes a new Advance. The FHLB compares the present value of cash flows on the new Advance to the present value of cash flows remaining on the existing Advance. If there is at least a 10 percent difference in the cash flows, or if the FHLB concludes the differences between the Advances are more than minor based on qualitative factors, the Advance is accounted for as a new Advance. In all other instances, the new Advance is accounted for as a modification. Prepayment Fees. The FHLB charges a borrower a prepayment fee when the borrower prepays certain Advances before the original maturity. The FHLB records prepayment fees, net of basis adjustments related to hedging activities included in the carrying value of the Advances, as “Prepayment fees on Advances, net” in the interest income section of the Statements of Income. If a new Advance qualifies as a modification of the existing Advance, the net prepayment fee on the prepaid Advance is deferred, recorded in the basis of the modified Advance, and amortized/accreted using a level-yield methodology over the life of the modified Advance to Advance interest income. For prepaid Advances that are hedged and meet the hedge accounting requirements, the FHLB terminates the hedging relationship upon prepayment and records the associated fair value gains and losses, adjusted for the prepayment fees, in interest income. If the new Advance qualifies as a modification of the original hedged Advance, the fair value gains or losses of the Advance and the prepayment fees are included in the basis of the modified Advance, and gains or losses and prepayment fees are amortized in interest income over the life of the modified Advance using a level-yield methodology. If the modified Advance also is hedged and the hedge meets the hedging criteria, the modified Advance is marked to fair value after the modification, and subsequent fair value changes are recorded in other income. If a new Advance does not qualify as a modification of an existing Advance, the existing Advance is treated as an Advance termination with subsequent funding of a new Advance and the existing fees, net of related hedging adjustments, are recorded in interest income as “Prepayment fees on Advances, net.” The FHLB defers commitment fees for Advances and amortizes them to interest income using a level-yield methodology. Refundable fees are deferred until the commitment expires or until the Advance is made. The FHLB records commitment fees for Standby Letters of Credit as a deferred credit when it receives the fees and accretes them using a straight-line methodology over the term of the Standby Letter of Credit. Based upon past experience, the FHLB's management believes that the likelihood of Standby Letters of Credit being drawn upon is remote. Mortgage Loans Held for Portfolio. The FHLB classifies mortgage loans as held for portfolio and, accordingly, reports them at their principal amount outstanding net of unamortized premiums and discounts and mark-to-market basis adjustments on loans initially classified as mortgage loan commitments. The FHLB has the intent and ability to hold these mortgage loans to maturity. Premiums and Discounts. The FHLB defers and amortizes premiums and accretes discounts paid to and received by the FHLB's participating members (Participating Financial Institutions, or PFIs) and mark-to-market basis adjustments, as interest income using the retrospective method. The FHLB aggregates the mortgage loans by similar characteristics (type, maturity, note rate and acquisition date) in determining prepayment estimates for the retrospective method. Other Fees. The FHLB may receive non-origination fees, called pair-off fees. Pair-off fees represent a make-whole provision and are assessed when a member fails to deliver the quantity of loans committed to in a Mandatory Delivery Contract. Pair-off fees are recorded in other income. A Mandatory Delivery Contract is a legal commitment the FHLB makes to purchase, and a PFI makes to deliver, a specified dollar amount of mortgage loans, with a forward settlement date, at a specified range of mortgage note rates and prices. Allowance for Credit Losses. An allowance for credit losses is separately established for each identified portfolio segment, if it is probable that a loss triggering event has occurred in the FHLB's portfolio as of the Statements of Condition date and the amount of loss can be reasonably estimated. To the extent necessary, an allowance for credit losses for off-balance sheet credit exposures is recorded as a liability. See Note 10 for details on each allowance methodology. Portfolio Segments. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology for determining its allowance for credit losses. The FHLB has developed and documented a systematic methodology for determining an allowance for credit losses, where applicable, for (1) Advances, letters of credit and other extensions of credit to members, collectively referred to as “credit products”; (2) Federal Housing Administration (FHA) mortgage loans held for portfolio; and (3) conventional mortgage loans held for portfolio. Classes of Financing Receivables. Classes of financing receivables generally are a disaggregation of a portfolio segment to the extent needed to understand the exposure to credit risk arising from these financing receivables. The FHLB determined that no further disaggregation of the portfolio segments identified above is needed as the credit risk arising from these financing receivables is assessed and measured by the FHLB at the portfolio segment level. Impairment Methodology. A loan is considered impaired when, based on current information and events, it is probable that the FHLB will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans that are on non-accrual status and that are considered collateral-dependent are measured for impairment based on the fair value of the underlying property (net of estimated selling costs) and the amount of applicable credit enhancements. Loans are considered collateral-dependent if repayment is expected to be provided solely by the sale of the underlying property, that is, there is no other available and reliable source of repayment. Collateral-dependent loans are impaired if the fair value of the underlying collateral is insufficient to recover the unpaid principal balance on the loan. Interest income on impaired loans is recognized in the same manner as non-accrual loans noted below. Non-accrual Loans. The FHLB places a conventional mortgage loan on non-accrual status if it is determined that either (1) the collection of interest or principal is doubtful (e.g., when a related allowance for credit losses is recorded on a loan considered to be a troubled debt restructuring as a result of the individual evaluation for impairment), or (2) interest or principal is past due for 90 days or more, except when the loan is well-secured and in the process of collection (e.g., through credit enhancements and with monthly settlements on a schedule/scheduled basis). Loans with settlements on a schedule/scheduled basis means the FHLB receives monthly principal and interest payments from the servicer regardless of whether the mortgagee is making payments to the servicer. Loans with monthly settlement on an actual/actual basis are considered well-secured; however, servicers of actual/actual loan types contractually do not advance principal and interest regardless of borrower creditworthiness. As a result, these loans are placed on non-accrual status once they become 90 days delinquent. For those mortgage loans placed on non-accrual status, accrued but uncollected interest is reversed against interest income. The FHLB records cash payments received on non-accrual loans first as interest income and then as a reduction of principal as specified in the contractual agreement, unless the collection of the remaining principal amount due is considered doubtful. If the collection of the remaining principal amount due is considered doubtful, cash payments received are applied first solely to principal until the remaining principal amount due is expected to be collected and then as a recovery of any charge-off, if applicable, followed by recording interest income. A loan on non-accrual status may be restored to accrual status when (1) none of its contractual principal and interest is due and unpaid, and the FHLB expects repayment of the remaining contractual interest and principal, or (2) it otherwise becomes well secured and in the process of collection. Charge-off Policy. A charge-off is recorded if it is estimated that the recorded investment in a loan will not be recovered. The FHLB evaluates whether to record a charge-off on a conventional mortgage loan upon the occurrence of a confirming event. Confirming events include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. As a result of adopting the Finance Agency's Advisory Bulletin 2012-02, the FHLB charges off the portion of outstanding conventional mortgage loan balances in excess of fair value of the underlying property, less cost to sell and adjusted for any available credit enhancements, for loans that are 180 days or more delinquent and/or certain loans that the borrower has filed for bankruptcy. Premises, Software and Equipment, Net. The FHLB records premises, software and equipment at cost less accumulated depreciation and amortization. The FHLB's accumulated depreciation and amortization related to these items was $20,867,000 and $18,556,000 at December 31, 2015 and 2014 . The FHLB computes depreciation on a straight-line methodology over the estimated useful lives of assets ranging from three to ten years. The FHLB amortizes leasehold improvements on a straight-line basis over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The FHLB capitalizes improvements and major renewals but expenses ordinary maintenance and repairs when incurred. Depreciation and amortization expense for premises, software and equipment was $2,691,000 , $3,108,000 , and $2,549,000 for the years ended December 31, 2015 , 2014 , and 2013 . The FHLB includes gains and losses on disposal of premises, software and equipment in other income. The net realized gain (loss) on disposal of premises, software and equipment was $11,000 , $(106,000) , and $13,000 for the years ended December 31, 2015 , 2014 , and 2013 . The cost of computer software developed or obtained for internal use is capitalized and amortized over future periods. As of December 31, 2015 and 2014 , the FHLB had $5,887,000 and $6,659,000 in unamortized computer software costs. Amortization of computer software costs charged to expense was $1,965,000 , $2,433,000 , and $1,814,000 for the years ended December 31, 2015 , 2014 , and 2013 . Derivatives. All derivatives are recognized on the Statements of Condition at their fair values and are reported as either derivative assets or derivative liabilities, net of cash collateral and accrued interest from counterparties. The fair values of derivatives are netted by counterparty when the netting requirements have been met. If these netted amounts are positive, they are classified as an asset and, if negative, they are classified as a liability. Cash flows associated with derivatives are reflected as cash flows from operating activities in the Statement of Cash Flows unless the derivative meets the criteria to be a financing derivative. Derivative Designations. Each derivative is designated as one of the following: 1. a qualifying hedge of the fair value of a recognized asset or liability or an unrecognized firm commitment (a "fair value" hedge); or 2. a non-qualifying hedge (“economic hedge”) for asset/liability management purposes. Accounting for Fair Value Hedges. If hedging relationships meet certain criteria including, but not limited to, formal documentation of the hedging relationship and an expectation to be highly effective, they are eligible for fair value hedge accounting and the offsetting changes in fair value of the hedged items attributable to the hedged risk may be recorded in earnings. The application of hedge accounting generally requires the FHLB to evaluate the effectiveness of the hedging relationships at inception and on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently. This is known as the “long-haul” method of accounting. Transactions that meet more stringent criteria qualify for the “shortcut” method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative. The FHLB discontinued use of the shortcut method effective July 1, 2009 for all new hedging relationships. Derivatives are typically executed at the same time as the hedged Advances or Consolidated Obligations, and the FHLB designates the hedged item in a qualifying hedge relationship as of the trade date. In many hedging relationships, the FHLB may designate the hedging relationship upon its commitment to disburse an Advance or trade a Consolidated Obligation in which settlement occurs within the shortest period of time possible for the type of instrument based on market settlement conventions. The FHLB records the changes in fair value of the derivative and the hedged item beginning on the trade date. Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in other income as “Net gains on derivatives and hedging activities.” Accounting for Economic Hedges. An economic hedge is defined as a derivative hedging specific or non-specific underlying assets, liabilities, or firm commitments that does not qualify, or was not designated, for hedge accounting, but is an acceptable hedging strategy under the FHLB's risk management program. These economic hedging strategies also comply with Finance Agency regulatory requirements prohibiting speculative hedge transactions. An economic hedge by definition introduces the potential for earnings variability caused by the changes in fair value of the derivatives that are recorded in the FHLB's income but that are not offset by corresponding changes in the value of the economically hedged assets, liabilities, or firm commitments. As a result, the FHLB recognizes only the change in fair value of these derivatives in other income as “Net gains on derivatives and hedging activities” with no offsetting fair value adjustments for the assets, liabilities, or firm commitments. The difference between accruals of interest receivables and payables on derivatives that are designated as fair value hedge relationships is recognized as adjustments to the interest income or expense of the designated hedged item. The differentials between accruals of interest receivables and payables on economic hedges are recognized in other income as “Net gains on derivatives and hedging activities.” Embedded Derivatives. The FHLB may issue debt, make Advances, or purchase financial instruments in which a derivative instrument is “embedded.” Upon execution of these transactions, the FHLB assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the Advance, debt, or purchased financial instrument (the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When the FHLB determines that (1) the embedded derivative has economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as a stand-alone derivative instrument pursuant to an economic hedge. However, the entire contract is carried at fair value and no portion of the contract is designated as a hedging instrument if the entire contract (the host contract and the embedded derivative) is to be measured at fair value, with changes in fair value reported in current-period earnings (such as an investment security classified as “trading” as well as hybrid financial instruments that are selected for the fair value option), or if the FHLB cannot reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract. Discontinuance of Hedge Accounting. The FHLB discontinues hedge accounting prospectively when: (1) it determines that the derivative is no longer effective in offsetting changes in the fair value of a hedged item attributable to the hedged risk; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; or (3) management determines that designating the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued because the FHLB determines that the derivative no longer qualifies as an effective fair value hedge of an existing hedged item, the FHLB continues to carry the derivative on the Statements of Condition at its fair value, ceases to adjust the hedged asset or liability for changes in fair value, and amortizes the cumulative basis adjustment on the hedged item into earnings over the remaining life of the hedged item using a level-yield methodology. Consolidated Obligations. Consolidated Obligations are recorded at amortized cost unless the FHLB has elected the fair value option, in which case the Consolidated Obligations are carried at fair value. Concessions. Dealers receive concessions in connection with the issuance of certain Consolidated Obligations. The Office of Finance prorates the amount of the concession to the FHLB based upon the percentage of the debt issued that is assumed by the FHLB. Concessions paid on Consolidated Obligations designated under the fair value option are expensed as incurred in other non-interest expense. Concessions paid on Consolidated Obligation Bonds not designated under the fair value option are deferred and amortized, using a level-yield methodology, over the terms to maturity or the expected lives of the Consolidated Obligation Bonds. Unamortized concessions are included in “Other assets,” and the amortization of those concessions is included in Consolidated Obligation Bond interest expense. The FHLB charges to expense as incurred the concessions applicable to Consolidated Obligation Discount Notes because of the short maturities of these Notes. Analyses of expensing concessions as incurred compared to a level-yield methodology have been performed by the FHLB, and it has determined that the impact of the difference on the financial statements for each period reported, taken individually and as a whole, is not material. Discounts and Premiums. The FHLB accretes the discounts and amortizes the premiums on Consolidated Obligation Bonds to interest expense using a level-yield methodology over the terms to maturity or estimated lives of the corresponding Consolidated Obligation Bonds. Due to their short-term nature, the FHLB expenses the discounts on Consolidated Obligation Discount Notes using a straight-line methodology over the term of the Notes. Analyses of a straight-line compared to a level-yield methodology have been performed by the FHLB, and the FHLB has determined that the impact of the difference on the financial statements for each period reported, taken individually and as a whole, is not material. Mandatorily Redeemable Capital Stock. The FHLB reclassifies stock subject to redemption from equity to liability upon expiration of the “grace period” after a member provides written notice of redemption, gives notice of intent to withdraw from membership, or attains nonmember status by merger or acquisition, charter termination, or involuntary termination from membership, because the member shares then meet the definition of a mandatorily redeemable financial instrument. Shares meeting this definition are reclassified to a liability at fair value. Dividends declared on shares classified as a liability are accrued at the expected dividend rate and reflected as interest expense in the Statements of Income. The repurchase or redemption of mandatorily redeemable capital stock is reflected as a cash outflow in the financing activities section of the Statements of Cash Flows. If a member cancels its written notice of redemption or notice of withdrawal, the FHLB reclassifies the mandatorily redeemable capital stock from a liability to equity. After the reclassification, dividends on the capital stock are no longer classified as interest expense. Employee Benefit Plans. The FHLB records the periodic benefit cost associated with its employee retirement plans and its contributions associated with its defined contribution plans as compensation and benefits expense in the Statements of Income. Restricted Retained Earnings. In 2011, the FHLBanks entered into a Joint Capital Enhancement Agreement, as amended (Capital Agreement). Under the Capital Agreement, beginning in the third quarter of 2011, the FHLB contributes 20 percent of its quarterly net income to a separate restricted retained earnings account until the account balance equals at least one percent of the FHLB's average balance of outstanding Consolidated Obligations for the previous quarter. These restricted retained earnings are not available to pay dividends and are presented separately on the Statements of Condition. Finance Agency Expenses. The FHLB funds its proportionate share of the costs of operating the Finance Agency. The portion of the Finance Agency's expenses and working capital fund paid by each FHLBank has been allocated based on each FHLBank's pro rata share of total annual assessments (which are based on the ratio between each FHLBank's minimum required regulatory capital and the aggregate minimum required regulatory capital of every FHLBank). Office of Finance Expenses. The FHLB is assessed for its proportionate share of the costs of operating the Office of Finance. Each FHLBank's proportionate share of Office of Finance operating and capital expenditures is calculated using a formula that is based upon the following components: (1) two-thirds based upon each FHLBank's share of total Consolidated Obligations outstanding and (2) one-third based upon an equal pro rata allocation. Voluntary Housing Programs. The FHLB classifies amounts awarded under its voluntary housing programs as other expenses. Affordable Housing Program (AHP). The FHLBank Act requires each FHLBank to establish and fund an AHP. The FHLB charges the required funding for AHP to earnings and establishes a liability. The AHP funds provide subsidies to members to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. The FHLB issues AHP Advances at interest rates below the customa |
Recently Issued Accounting Stan
Recently Issued Accounting Standards and Interpretations | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards and Interpretations [Text Block] | Recently Issued Accounting Standards and Interpretations Leases. On February 25, 2016, the Financial Accounting Standards Board (FASB) issued guidance which requires recognition of lease assets and lease liabilities on the Statement of Condition and disclosure of key information about leasing arrangements. In particular, this guidance requires a lessee, of operating or finance leases, to recognize on the Statement of Condition a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. However, for leases with a term of 12 month or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The guidance becomes effective for the FHLB for the interim and annual periods beginning after December 15, 2018, and early application is permitted. The guidance requires lessors and lessees to recognize and measure leases at the beginning of the earliest period presented in the financial statements using a modified retrospective approach. The FHLB is in the process of evaluating this guidance, and its effect on the FHLB's financial condition, results of operations, and cash flows has not yet been determined. Recognition and Measurement of Financial Assets and Financial Liabilities. On January 5, 2016, the FASB issued amended guidance on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance includes, but is not limited to, the following: ▪ Requires equity investments (with certain exceptions) to be measured at fair value with changes in fair value recognized in net income. ▪ Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected the fair value option. ▪ Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. ▪ Eliminates the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet. The guidance becomes effective for the FHLB for the interim and annual periods beginning after December 15, 2017, and early adoption is only permitted for certain provision. The amendments, in general, should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the period of adoption. The FHLB is in the process of evaluating this guidance and its effect on the FHLB's financial condition, results of operations, and cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. On April 15, 2015, the FASB issued amendments to clarify the accounting for cloud computing arrangements. The amendments provide guidance to customers on determining whether a cloud computing arrangement includes a software license. If the arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not contain a software license, the customer should account for the arrangement as a service contract. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2016, and was adopted prospectively. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, and cash flows. Simplifying the Presentation of Debt Issuance Costs. On April 7, 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the Statement of Condition as a direct deduction from the carrying amount of the liability, consistent with the presentation of debt discounts. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2016, and was adopted retrospectively. The adoption of this guidance resulted in a reclassification of debt issuance costs from other assets to Consolidated Obligations for each applicable prior period. The adoption of this guidance had no material effect on the FHLB's financial condition. |
Cash and Due from Banks (Notes)
Cash and Due from Banks (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Cash and Due from Banks Compensating Balances. The FHLB maintains collected cash balances with commercial banks in return for certain services. These agreements contain no legal restrictions on the withdrawal of funds. The average collected cash balances for the years ended December 31, 2015 and 2014 were approximately $63,000 and $77,000 . Pass-through Deposit Reserves. The FHLB acts as a pass-through correspondent for member institutions required to deposit reserves with the Federal Reserve Banks. The amount shown as “Cash and due from banks” includes pass-through reserves deposited with Federal Reserve Banks of approximately $238,000 and $298,000 as of December 31, 2015 and 2014 . |
Trading Securities
Trading Securities | 12 Months Ended |
Dec. 31, 2015 | |
Trading Securities [Abstract] | |
Trading Securities [Text Block] | Trading Securities Table 4.1 - Trading Securities by Major Security Types (in thousands) Fair Value December 31, 2015 December 31, 2014 Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (1) $ 1,159 $ 1,341 Total $ 1,159 $ 1,341 (1) Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities. Table 4.2 - Net Losses on Trading Securities (in thousands) For the Years Ended December 31, 2015 2014 2013 Net losses on trading securities held at period end $ (18 ) $ (9 ) $ (19 ) Net losses on trading securities $ (18 ) $ (9 ) $ (19 ) |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2015 | |
Available-for-sale Securities [Abstract] | |
Available for sale Securities [Text Block] | Available-for-Sale Securities Table 5.1 - Available-for-Sale Securities by Major Security Types (in thousands) December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 700,000 $ 81 $ — $ 700,081 Total $ 700,000 $ 81 $ — $ 700,081 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 1,350,001 $ 3 $ (27 ) $ 1,349,977 Total $ 1,350,001 $ 3 $ (27 ) $ 1,349,977 All securities outstanding with gross unrealized losses at December 31, 2014 were in a continuous unrealized loss position for less than 12 months. Table 5.2 - Available-for-Sale Securities by Contractual Maturity (in thousands) December 31, 2015 December 31, 2014 Year of Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 700,000 $ 700,081 $ 1,350,001 $ 1,349,977 Table 5.3 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands) December 31, 2015 December 31, 2014 Amortized cost of available-for-sale securities: Fixed-rate $ 700,000 $ 1,350,001 Realized Gains and Losses. The FHLB had no sales of securities out of its available-for-sale portfolio for the years ended December 31, 2015 , 2014 or 2013. |
Held-to-Maturity Securities
Held-to-Maturity Securities | 12 Months Ended |
Dec. 31, 2015 | |
Held-to-maturity Securities, Unclassified [Abstract] | |
Held to Maturity Securities [Text Block] | Held-to-Maturity Securities Table 6.1 - Held-to-Maturity Securities by Major Security Types (in thousands) December 31, 2015 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-mortgage-backed securities: Government-sponsored enterprises (GSE) (2) $ 32,683 $ — $ — $ 32,683 Total non-mortgage-backed securities 32,683 — — 32,683 Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (3) 3,894,432 3,629 (25,292 ) 3,872,769 GSE single-family mortgage-backed securities (4) 10,891,089 122,044 (148,589 ) 10,864,544 GSE multi-family mortgage-backed securities (4) 460,002 — (33 ) 459,969 Total mortgage-backed securities 15,245,523 125,673 (173,914 ) 15,197,282 Total $ 15,278,206 $ 125,673 $ (173,914 ) $ 15,229,965 December 31, 2014 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-mortgage-backed securities: GSE (2) $ 26,099 $ — $ — $ 26,099 Total non-mortgage-backed securities 26,099 — — 26,099 Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (3) 2,038,960 10,021 (1,017 ) 2,047,964 GSE single-family mortgage-backed securities (4) 12,647,212 191,870 (118,819 ) 12,720,263 Total mortgage-backed securities 14,686,172 201,891 (119,836 ) 14,768,227 Total $ 14,712,271 $ 201,891 $ (119,836 ) $ 14,794,326 (1) Carrying value equals amortized cost. (2) Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. (3) Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government. (4) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. Table 6.2 - Net Purchased Premiums (Discounts) Included in the Amortized Cost of Mortgage-backed Securities Classified as Held-to-Maturity (in thousands) December 31, 2015 December 31, 2014 Premiums $ 84,450 $ 24,473 Discounts (40,667 ) (51,357 ) Net purchased premiums (discounts) $ 43,783 $ (26,884 ) Table 6.3 summarizes the held-to-maturity securities with unrealized losses, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 6.3 - Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands) December 31, 2015 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (1) $ 2,574,649 $ (25,292 ) $ — $ — $ 2,574,649 $ (25,292 ) GSE single-family mortgage-backed securities (2) 4,332,237 (74,068 ) 2,065,926 (74,521 ) 6,398,163 (148,589 ) GSE multi-family mortgage-backed securities (2) 459,969 (33 ) — — 459,969 (33 ) Total $ 7,366,855 $ (99,393 ) $ 2,065,926 $ (74,521 ) $ 9,432,781 $ (173,914 ) December 31, 2014 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (1) $ — $ — $ 197,625 $ (1,017 ) $ 197,625 $ (1,017 ) GSE single-family mortgage-backed securities (2) 631,907 (1,348 ) 5,555,049 (117,471 ) 6,186,956 (118,819 ) Total $ 631,907 $ (1,348 ) $ 5,752,674 $ (118,488 ) $ 6,384,581 $ (119,836 ) (1) Consists of Ginnie Mae mortgage-backed securities. (2) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. Table 6.4 - Held-to-Maturity Securities by Contractual Maturity (in thousands) December 31, 2015 December 31, 2014 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-mortgage-backed securities: Due in 1 year or less $ 32,683 $ 32,683 $ 26,099 $ 26,099 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-mortgage-backed securities 32,683 32,683 26,099 26,099 Mortgage-backed securities (2) 15,245,523 15,197,282 14,686,172 14,768,227 Total $ 15,278,206 $ 15,229,965 $ 14,712,271 $ 14,794,326 (1) Carrying value equals amortized cost. (2) Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 6.5 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) December 31, 2015 December 31, 2014 Amortized cost of non-mortgage-backed securities: Fixed-rate $ 32,683 $ 26,099 Total amortized cost of non-mortgage-backed securities 32,683 26,099 Amortized cost of mortgage-backed securities: Fixed-rate 12,664,603 12,091,591 Variable-rate 2,580,920 2,594,581 Total amortized cost of mortgage-backed securities 15,245,523 14,686,172 Total $ 15,278,206 $ 14,712,271 Realized Gains and Losses. From time to time the FHLB may sell securities out of its held-to-maturity portfolio. These securities, generally, have less than 15 percent of the acquired principal outstanding at the time of the sale. These sales are considered maturities for the purposes of security classification. For the years ended December 31, 2015 , 2014 , or 2013, the FHLB did not sell any held-to-maturity securities. |
Other-Than-Temporary Impairment
Other-Than-Temporary Impairment Analysis | 12 Months Ended |
Dec. 31, 2015 | |
Other than Temporary Impairment Losses, Investments [Abstract] | |
Other than Temporary Impairment Analysis [Text Block] | Other-Than-Temporary Impairment Analysis The FHLB evaluates any of its individual available-for-sale and held-to-maturity investment securities holdings in an unrealized loss position for other-than-temporary impairment on a quarterly basis. For its Other U.S. obligations and GSE investments (mortgage-backed securities and non-mortgage-backed securities), the FHLB has determined that the strength of the issuers' guarantees through direct obligations or support from the U.S. government is sufficient to protect the FHLB from losses based on current expectations. As a result, the FHLB determined that, as of December 31, 2015 , all of the gross unrealized losses on these investments were temporary as the declines in market value of these securities were not attributable to credit quality. Furthermore, the FHLB does not intend to sell the investments, and it is not more likely than not that the FHLB will be required to sell the investments before recovery of their amortized cost bases. As a result, the FHLB did not consider any of these investments to be other-than-temporarily impaired at December 31, 2015 . The FHLB did not consider any of its investments to be other-than-temporarily impaired at December 31, 2014 . |
Advances
Advances | 12 Months Ended |
Dec. 31, 2015 | |
Advances [Abstract] | |
Advances [Text Block] | Advances The FHLB offers a wide range of fixed- and variable-rate Advance products with different maturities, interest rates, payment characteristics and optionality. Fixed-rate Advances generally have maturities ranging from one day to 30 years. Variable-rate advances generally have maturities ranging from less than 30 days to 10 years, where the interest rates reset periodically at a fixed spread to the London Interbank Offered Rate (LIBOR) or other specified index. The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules. Table 8.1 - Advance Redemption Terms (dollars in thousands) December 31, 2015 December 31, 2014 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 27,177,311 0.57 % $ 14,139,630 0.40 % Due after 1 year through 2 years 12,360,345 0.79 14,810,847 0.54 Due after 2 years through 3 years 15,839,007 0.77 12,829,760 0.69 Due after 3 years through 4 years 11,107,509 0.78 14,222,722 0.60 Due after 4 years through 5 years 3,391,892 1.06 10,724,619 0.54 Thereafter 3,366,205 1.69 3,570,929 1.51 Total par value 73,242,269 0.75 70,298,507 0.60 Commitment fees (629 ) (699 ) Discount on AHP Advances (9,396 ) (12,110 ) Premiums 2,744 3,058 Discounts (8,386 ) (12,572 ) Hedging adjustments 65,513 129,390 Fair value option valuation adjustments and accrued interest 57 42 Total $ 73,292,172 $ 70,405,616 The FHLB offers certain fixed and variable-rate Advances to members that may be prepaid on specified dates (call dates) without incurring prepayment or termination fees (callable Advances). If the call option is exercised, replacement funding may be available. At December 31, 2015 and 2014, the FHLB had callable Advances (in thousands) of $14,095,712 and $15,098,357 . Other Advances may only be prepaid subject to a prepayment fee paid to the FHLB that makes the FHLB financially indifferent to the prepayment of the Advance. Table 8.2 - Advances by Year of Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date December 31, 2015 December 31, 2014 Due in 1 year or less $ 33,384,838 $ 23,003,946 Due after 1 year through 2 years 11,289,035 12,159,384 Due after 2 years through 3 years 13,959,002 9,659,975 Due after 3 years through 4 years 10,356,770 12,295,893 Due after 4 years through 5 years 2,747,419 9,970,280 Thereafter 1,505,205 3,209,029 Total par value $ 73,242,269 $ 70,298,507 The FHLB also offers putable Advances. With a putable Advance, the FHLB effectively purchases put options from the member that allows the FHLB to terminate the Advance at predetermined dates. The FHLB normally would exercise its put option when interest rates increase relative to contractual rates. At December 31, 2015 and 2014, the FHLB had putable Advances, excluding those where the related put options have expired, totaling (in thousands) $1,046,400 and $1,617,400 . Table 8.3 - Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances (in thousands) Year of Contractual Maturity or Next Put/Convert Date December 31, 2015 December 31, 2014 Due in 1 year or less $ 28,111,211 $ 15,753,030 Due after 1 year through 2 years 11,895,945 14,663,847 Due after 2 years through 3 years 15,549,007 12,115,860 Due after 3 years through 4 years 11,098,009 13,649,722 Due after 4 years through 5 years 3,391,892 10,715,119 Thereafter 3,196,205 3,400,929 Total par value $ 73,242,269 $ 70,298,507 Table 8.4 - Advances by Interest Rate Payment Terms (in thousands) December 31, 2015 December 31, 2014 Fixed-rate (1) Due in one year or less $ 15,599,101 $ 8,638,946 Due after one year 9,713,857 9,306,104 Total fixed-rate (1) 25,312,958 17,945,050 Variable-rate (1) Due in one year or less 11,578,210 5,500,684 Due after one year 36,351,101 46,852,773 Total variable-rate (1) 47,929,311 52,353,457 Total par value $ 73,242,269 $ 70,298,507 (1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. Credit Risk Exposure. The FHLB's potential credit risk from Advances is concentrated in commercial banks and insurance companies. The FHLB's Advances outstanding that were greater than or equal to $1.0 billion per borrower were $ 57.4 billion ( 78.4 percent ) and $ 56.6 billion ( 80.5 percent ) at December 31, 2015 and 2014, respectively. These Advances were made to 8 and 6 borrowers (members and former members) at December 31, 2015 and 2014. See Note 10 for information related to the FHLB's credit risk on Advances and allowance methodology for credit losses. Table 8.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions) December 31, 2015 December 31, 2014 Principal % of Total Par Value of Advances Principal % of Total Par Value of Advances JPMorgan Chase Bank, N.A. $ 35,350 48 % JPMorgan Chase Bank, N.A. $ 41,300 59 % U.S. Bank, N.A. 10,086 14 U.S. Bank, N.A. 8,338 12 Total $ 45,436 62 % Total $ 49,638 71 % |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans Held for Portfolio [Text Block] | Mortgage Loans Held for Portfolio Total mortgage loans held for portfolio represent residential mortgage loans under the MPP that the FHLB's members originate, credit enhance, and then sell to the FHLB. The FHLB does not service any of these loans. The FHLB plans to retain its existing portfolio of mortgage loans. Table 9.1 - Mortgage Loans Held for Portfolio (in thousands) December 31, 2015 December 31, 2014 Unpaid principal balance: Fixed rate medium-term single-family mortgage loans (1) $ 1,478,780 $ 1,393,525 Fixed rate long-term single-family mortgage loans 6,278,904 5,402,479 Total unpaid principal balance 7,757,684 6,796,004 Premiums 205,600 179,540 Discounts (1,989 ) (2,460 ) Hedging basis adjustments (2) 19,998 16,518 Total mortgage loans held for portfolio $ 7,981,293 $ 6,989,602 (1) Medium-term is defined as a term of 15 years or less. (2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. Table 9.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands) December 31, 2015 December 31, 2014 Unpaid principal balance: Conventional mortgage loans $ 7,277,584 $ 6,203,318 FHA mortgage loans 480,100 592,686 Total unpaid principal balance $ 7,757,684 $ 6,796,004 For information related to the FHLB's credit risk on mortgage loans and allowance for credit losses, see Note 10 . Table 9.3 - Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions) December 31, 2015 December 31, 2014 Principal % of Total Principal % of Total Union Savings Bank $ 2,242 29 % Union Savings Bank $ 1,593 23 % PNC Bank, N.A. (1) 839 11 PNC Bank, N.A. (1) 1,074 16 Guardian Savings Bank FSB 633 8 Guardian Savings Bank FSB 406 6 (1) Former member. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Credit Losses The FHLB has established an allowance methodology for each of the FHLB's portfolio segments: credit products (Advances, Letters of Credit and other extensions of credit to members); FHA mortgage loans held for portfolio; and conventional mortgage loans held for portfolio. Credit products The FHLB manages its credit exposure to credit products through an integrated approach that includes establishing a credit limit for each borrower, includes an ongoing review of each borrower's financial condition and is coupled with collateral and lending policies to limit risk of loss while balancing borrowers' needs for a reliable source of funding. In addition, the FHLB lends to eligible borrowers in accordance with federal statutes, including the FHLBank Act and Finance Agency regulations, which require the FHLB to obtain sufficient collateral to fully secure credit products. The estimated value of the collateral required to secure each member's credit products is calculated by applying collateral discounts, or haircuts, to the value of the collateral. The FHLB accepts certain investment securities, residential mortgage loans, deposits and other real estate related assets as collateral. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business, agriculture loans and community development loans. The FHLB's capital stock owned by its member borrowers is also pledged as collateral. Collateral arrangements and a member’s borrowing capacity vary based on the financial condition and performance of the institution, the types of collateral pledged and the overall quality of those assets. The FHLB can also require additional or substitute collateral to protect its security interest. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from credit products. Members experiencing financial difficulties are subject to FHLB-performed “stress tests” of the impact of poorly performing assets on the member’s capital and loss reserve positions. Depending on the results of these tests and the level of overcollateralization, a member may be allowed to maintain pledged loan assets in its custody, may be required to deliver those loans into the custody of the FHLB or its agent, and/or may be required to provide details on these loans to facilitate an estimate of their fair value. The FHLB perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the FHLB by a member priority over the claims or rights of any other party except for claims or rights of a third party that would be entitled to priority under otherwise applicable law and that are held by a bona fide purchaser for value or by a secured party holding a prior perfected security interest. Using a risk-based approach, the FHLB considers the payment status, collateralization levels, and borrower's financial condition to be indicators of credit quality for its credit products. At December 31, 2015 and 2014, the FHLB had rights to collateral on a member-by-member basis with an estimated value in excess of its outstanding extensions of credit. The FHLB evaluates and makes changes to its collateral guidelines, as necessary, based on current market conditions. At December 31, 2015 and 2014, the FHLB did not have any Advances that were past due, in non-accrual status or impaired. In addition, there were no troubled debt restructurings related to credit products of the FHLB during 2015 or 2014 . The FHLB has not experienced any credit losses on Advances since it was founded in 1932. Based upon the collateral held as security, its credit extension and collateral policies and the repayment history on credit products, the FHLB did not record any credit losses on credit products as of December 31, 2015 or 2014. Accordingly, the FHLB did not record any allowance for credit losses on Advances. At December 31, 2015 and 2014, the FHLB did not record any liability to reflect an allowance for credit losses for off-balance sheet credit exposures. See Note 20 for additional information on the FHLB's off-balance sheet credit exposure. Mortgage Loans Held for Portfolio - FHA The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. The FHLB expects to recover any losses from such loans from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status. Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP) The FHLB determines the allowance for conventional loans through analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors. Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The FHLB performs the credit risk analysis of all conventional mortgage loans at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a member in which the member agrees to make a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates, based on historical experience, how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses. Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. The FHLB removes specifically identified loans evaluated for impairment from the collectively evaluated mortgage loan population. Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above. Rollforward of Allowance for Credit Losses on Mortgage Loans. The following tables present a rollforward of the allowance for credit losses on conventional mortgage loans as well as the recorded investment in mortgage loans by impairment methodology. The recorded investment in a loan is the unpaid principal balance of the loan adjusted for accrued interest, unamortized premiums or discounts, hedging basis adjustments and direct write-downs. The recorded investment is not net of any allowance. Table 10.1 - Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands) For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 4,919 $ 7,233 $ 17,907 Net charge offs (3,233 ) (1,814 ) (3,224 ) Reversal for credit losses — (500 ) (7,450 ) Balance, end of period $ 1,686 $ 4,919 $ 7,233 Table 10.2 - Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands) December 31, 2015 December 31, 2014 Allowance for credit losses, end of period: Collectively evaluated for impairment $ 1,686 $ 4,766 Individually evaluated for impairment — 153 Total allowances for credit losses $ 1,686 $ 4,919 Recorded investment, end of period: Collectively evaluated for impairment $ 7,510,089 $ 6,402,994 Individually evaluated for impairment 9,385 8,639 Total recorded investment $ 7,519,474 $ 6,411,633 Credit Enhancements. The conventional mortgage loans under the MPP are supported by some combination of credit enhancements (primary mortgage insurance (PMI), supplemental mortgage insurance (SMI) and the Lender Risk Account (LRA), including pooled LRA for those members participating in an aggregated MPP pool). The amount of credit enhancements needed to protect the FHLB against credit losses is determined through use of a third-party default model. These credit enhancements apply after a homeowner's equity is exhausted. Beginning in February 2011, the FHLB discontinued the use of SMI for all new loan purchases and replaced it with expanded use of the LRA. The LRA is funded by the FHLB as a portion of the purchase proceeds to cover expected losses. The LRA is recorded in other liabilities in the Statements of Condition. Excess funds over required balances are distributed to the member in accordance with a step-down schedule that is established upon execution of a Master Commitment Contract, subject to performance of the related loan pool. The LRA established for a pool of loans is limited to only covering losses of that specific pool of loans. Table 10.3 - Changes in the LRA (in thousands) For the Years Ended December 31, 2015 2014 2013 LRA at beginning of year $ 129,213 $ 115,236 $ 102,680 Additions 33,100 18,947 18,331 Claims (1,747 ) (2,075 ) (4,118 ) Scheduled distributions (2,556 ) (2,895 ) (1,657 ) LRA at end of period $ 158,010 $ 129,213 $ 115,236 Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, non-accrual loans, and loans in process of foreclosure. The table below summarizes the FHLB's key credit quality indicators for mortgage loans. Table 10.4 - Recorded Investment in Delinquent Mortgage Loans (dollars in thousands) December 31, 2015 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 42,606 $ 31,846 $ 74,452 Past due 60-89 days delinquent 10,125 9,887 20,012 Past due 90 days or more delinquent 30,575 17,426 48,001 Total past due 83,306 59,159 142,465 Total current mortgage loans 7,436,168 429,551 7,865,719 Total mortgage loans $ 7,519,474 $ 488,710 $ 8,008,184 Other delinquency statistics: In process of foreclosure, included above (1) $ 23,171 $ 7,043 $ 30,214 Serious delinquency rate (2) 0.42 % 3.63 % 0.62 % Past due 90 days or more still accruing interest (3) $ 25,016 $ 17,426 $ 42,442 Loans on non-accrual status, included above $ 6,753 $ — $ 6,753 December 31, 2014 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 49,053 $ 42,744 $ 91,797 Past due 60-89 days delinquent 13,597 12,881 26,478 Past due 90 days or more delinquent 42,991 25,045 68,036 Total past due 105,641 80,670 186,311 Total current mortgage loans 6,305,992 522,042 6,828,034 Total mortgage loans $ 6,411,633 $ 602,712 $ 7,014,345 Other delinquency statistics: In process of foreclosure, included above (1) $ 34,854 $ 11,687 $ 46,541 Serious delinquency rate (2) 0.68 % 4.27 % 0.99 % Past due 90 days or more still accruing interest (3) $ 41,857 $ 25,045 $ 66,902 Loans on non-accrual status, included above $ 3,574 $ — $ 3,574 (1) Includes loans where the decision of foreclosure or a 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. (2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount. (3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. The FHLB did not have any real estate owned at December 31, 2015 or 2014 . Individually Evaluated Impaired Loans. Table 10.5 presents the recorded investment, unpaid principal balance, and related allowance associated with loans individually evaluated for investment. Table 10.5 - Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands) December 31, 2015 December 31, 2014 Conventional MPP loans Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance $ 9,385 $ 9,187 $ — $ 5,297 $ 5,165 $ — With an allowance — — — 3,342 3,293 153 Total $ 9,385 $ 9,187 $ — $ 8,639 $ 8,458 $ 153 Table 10.6 - Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands) For the Years Ended December 31, 2015 2014 2013 Individually impaired loans Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Conventional MPP Loans $ 8,433 $ 438 $ 8,029 $ 417 $ 6,615 $ 348 Troubled Debt Restructurings . A troubled debt restructuring is considered to have occurred when a concession is granted to a borrower for economic or legal reasons related to the borrower's financial difficulties and that concession would not have been considered otherwise. The FHLB's troubled debt restructurings primarily involve loans where an agreement permits the recapitalization of past due amounts up to the original loan amount and certain loans discharged in Chapter 7 bankruptcy. The FHLB had 60 and 53 modified loans considered troubled debt restructurings at December 31, 2015 and 2014 , respectively. A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls as of the reporting date. The FHLB's recorded investment in modified loans considered troubled debt restructurings was (in thousands) $9,385 and $8,639 at December 31, 2015 and 2014 , respectively. The amount of troubled debt restructurings is not considered material to the FHLB's financial condition, results of operations, or cash flows. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities Nature of Business Activity The FHLB is exposed to interest rate risk primarily from the effect of interest rate changes on its interest-earning assets and on the interest-bearing liabilities that finance these assets. The goal of the FHLB's interest-rate risk management strategy is not to eliminate interest-rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the FHLB has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. In addition, the FHLB monitors the risk to its interest income, net interest margin and average maturity of interest-earning assets and interest-bearing liabilities. The FHLB transacts its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute Consolidated Obligations. Derivative transactions may be either executed with a counterparty (uncleared derivatives) or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization (cleared derivatives). Once a derivative transaction has been accepted for clearing by a Derivative Clearing Organization (Clearinghouse), the derivative transaction is novated and the executing counterparty is replaced with the Clearinghouse. The FHLB is not a derivative dealer and does not trade derivatives for short-term profit. Consistent with Finance Agency regulations, the FHLB enters into derivatives to manage the interest rate risk exposures inherent in otherwise unhedged assets and funding positions, to achieve the FHLB's risk management objectives and to act as an intermediary between its members and counterparties. The use of derivatives is an integral part of the FHLB's financial management strategy. However, Finance Agency regulations and the FHLB's financial management policy prohibit trading in, or the speculative use of, derivative instruments and limit credit risk arising from them. The most common ways in which the FHLB uses derivatives are to: ▪ reduce the interest rate sensitivity and repricing gaps of assets and liabilities; ▪ manage embedded options in assets and liabilities; ▪ reduce funding costs by combining a derivative with a Consolidated Obligation Bond, as the cost of a combined funding structure can be lower than the cost of a comparable Consolidated Obligation Bond; ▪ preserve a favorable interest rate spread between the yield of an asset (e.g., an Advance) and the cost of the related liability (e.g., the Consolidated Obligation Bond used to fund the Advance); without the use of derivatives, this interest rate spread could be reduced or eliminated when a change in the interest rate on the Advance does not match a change in the interest rate on the Bond; and ▪ protect the value of existing asset or liability positions. Types of Derivatives The FHLB may enter into interest rate swaps (including callable and putable swaps), swaptions, interest rate cap and floor agreements, calls, puts, futures, and forward contracts to manage its exposure to changes in interest rates. Interest rate swaps - An interest rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be paid and the manner in which the cash flows will be calculated. One of the simplest forms of an interest rate swap involves the promise by one party to pay cash flows equivalent to the interest on a notional principal amount at a predetermined fixed rate for a given period of time. In return for this promise, this party receives cash flows equivalent to the interest on the same notional principal amount at a variable-rate index for the same period of time. The variable-rate transacted by the FHLB in its derivatives is LIBOR. Swaptions - A swaption is an option on a swap that gives the buyer the right to enter into a specified interest rate swap at a certain time in the future. The FHLB may enter into both payer swaptions and receiver swaptions. A payer swaption is the option to make fixed interest payments at a later date and a receiver swaption is the option to receive fixed interest payments at a later date. Forwards Contracts - The FHLB may use forward contracts in order to hedge interest-rate risk. For example, certain mortgage purchase commitments entered into by the FHLB are considered derivatives. The FHLB may hedge these commitments by selling to-be-announced (TBA) mortgage-backed securities for forward settlement. A TBA represents a forward contract for the sale of mortgage-backed securities at a future agreed upon date for an established price. Application of Derivatives The FHLB may use certain derivatives as fair value hedges of associated financial instruments. However, because the FHLB uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives, it may enter into derivatives that do not necessarily qualify for hedge accounting (economic hedges). The FHLB re-evaluates its hedging strategies from time to time and may change the hedging techniques it uses or adopt new strategies. Types of Hedged Items The FHLB documents at inception all relationships between derivatives designated as hedging instruments and the hedged items, its risk management objectives and strategies for undertaking various hedge transactions, and its method of assessing effectiveness. This process includes linking all derivatives that are designated as fair value hedges to assets and liabilities on the Statements of Condition. The FHLB also formally assesses (both at the hedge's inception and at least quarterly) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of the hedged items and whether those derivatives may be expected to remain effective in future periods. The FHLB currently uses regression analyses to assess the effectiveness of its hedges. The types of assets and liabilities currently hedged with derivatives are: Investments - The interest rate and prepayment risks associated with the FHLB's investment securities are managed through a combination of debt issuance and, possibly, derivatives. The FHLB may manage the prepayment and interest rate risks by funding investment securities with Consolidated Obligations that have call features or by hedging the prepayment risk with caps or floors, callable swaps or swaptions. The FHLB may also purchase swaptions to minimize the prepayment risk embedded in certain investments. Although these derivatives are valid economic hedges against the prepayment risk of the investments, they are not specifically linked to individual investments and therefore do not receive fair value hedge accounting. These derivatives are marked-to-market through earnings. Advances - The FHLB offers a wide array of Advance structures to meet members' funding needs. These Advances may have maturities up to 30 years with variable or fixed rates and may include early termination features or options. The repricing characteristics and optionality embedded in certain Advances may create interest-rate risk. The FHLB may use derivatives to manage the repricing and/or option characteristics of Advances in order to more closely match the characteristics of the FHLB's funding liabilities. In general, whenever a member executes a fixed-rate Advance or a variable-rate Advance with embedded options, the FHLB will simultaneously execute a derivative with terms that offset the terms and embedded options, if any, in the Advance. For example, the FHLB may hedge a fixed-rate Advance with an interest rate swap where the FHLB pays a fixed-rate coupon and receives a floating-rate coupon, effectively converting the fixed-rate Advance to a floating-rate Advance. These types of hedges are typically treated as fair value hedges. When issuing a putable Advance, the FHLB effectively purchases a put option from the member that allows the FHLB to put or extinguish the fixed-rate Advance, which the FHLB normally would exercise when interest rates increase. The FHLB may hedge these Advances by entering into a cancelable derivative. Mortgage Loans - The FHLB invests in fixed-rate mortgage loans. The prepayment options embedded in these mortgage loans can result in extensions or contractions in the expected repayment of these investments, depending on changes in estimated prepayment speeds. The FHLB may manage the interest rate and prepayment risks associated with mortgages through a combination of debt issuance and derivatives. The FHLB issues both callable and noncallable debt and prepayment linked Consolidated Obligations to achieve cash flow patterns and liability durations similar to those expected on the mortgage loans. The FHLB may purchase swaptions to minimize the prepayment risk embedded in mortgage loans. Although these derivatives are valid economic hedges against the prepayment risk of the loans, they are not specifically linked to individual loans and therefore do not receive fair value hedge accounting. These derivatives are marked-to-market through earnings. Consolidated Obligations - The FHLB enters into derivatives to hedge the interest rate risk associated with its specific debt issuances. The FHLB manages the risk arising from changing market prices and volatility of a Consolidated Obligation by matching the cash inflow on a derivative with the cash outflow on the Consolidated Obligation. For example, fixed-rate Consolidated Obligations are issued and the FHLB may simultaneously enter into a matching interest rate swap in which the counterparty pays fixed cash flows to the FHLB designed to mirror in timing and amount the cash outflows the FHLB pays on the Consolidated Obligation. The FHLB pays a variable cash flow that closely matches the interest payments it receives on short-term or variable-rate Advances, typically 3-month LIBOR. These transactions are treated as fair value hedges. This strategy of issuing Bonds while simultaneously entering into derivatives enables the FHLB to offer a wider range of attractively priced Advances to its members and may allow the FHLB to reduce its funding costs. The continued attractiveness of such debt depends on yield relationships between the Bond and the derivative markets. If conditions in these markets change, the FHLB may alter the types or terms of the Bonds that it issues. By acting in both the capital and the swap markets, the FHLB may raise funds at lower costs than through the issuance of simple fixed- or variable-rate Consolidated Obligations in the capital markets alone. Firm Commitments - Certain mortgage purchase commitments are considered derivatives. The FHLB may hedge these commitments by selling TBA mortgage-backed securities for forward settlement. The mortgage purchase commitment and the TBA used in the firm commitment hedging strategy (economic hedge) are recorded as a derivative asset or derivative liability at fair value, with changes in fair value recognized in the current period earnings. When the mortgage purchase commitment derivative settles, the current market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. Financial Statement Effect and Additional Financial Information The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. The notional amount reflects the FHLB's involvement in the various classes of financial instruments and represents neither the actual amounts exchanged nor the overall exposure of the FHLB to credit and market risk; the overall risk is much smaller. The risks of derivatives only can be measured meaningfully on a portfolio basis that takes into account the derivatives, the items being hedged and any offsets between the derivatives and the items being hedged. Table 11.1 summarizes the fair value of derivative instruments, including the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. Table 11.1 - Fair Value of Derivative Instruments (in thousands) December 31, 2015 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 5,548,351 $ 12,205 $ 77,950 Derivatives not designated as hedging instruments: Interest rate swaps 2,719,000 1,051 4,029 Interest rate swaptions 281,000 683 — Forward rate agreements 462,000 1,680 69 Mortgage delivery commitments 449,856 342 1,650 Total derivatives not designated as hedging instruments 3,911,856 3,756 5,748 Total derivatives before netting and collateral adjustments $ 9,460,207 15,961 83,698 Netting adjustments and cash collateral (1) 11,035 (52,611 ) Total derivative assets and total derivative liabilities $ 26,996 $ 31,087 December 31, 2014 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 4,301,547 $ 19,826 $ 138,150 Derivatives not designated as hedging instruments: Interest rate swaps 4,635,000 900 6,559 Forward rate agreements 439,000 6 4,924 Mortgage delivery commitments 451,292 3,799 1 Total derivatives not designated as hedging instruments 5,525,292 4,705 11,484 Total derivatives before netting and collateral adjustments $ 9,826,839 24,531 149,634 Netting adjustments and cash collateral (1) (9,832 ) (85,867 ) Total derivative assets and total derivative liabilities $ 14,699 $ 63,767 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $66,685 and $78,755 at December 31, 2015 and 2014 . Cash collateral received and related accrued interest was (in thousands) $3,039 and $2,720 at December 31, 2015 and 2014 . Table 11.2 presents the components of net gains on derivatives and hedging activities as presented in the Statements of Income. Table 11.2 - Net Gains on Derivatives and Hedging Activities (in thousands) For the Years Ended December 31, 2015 2014 2013 Derivatives and hedged items in fair value hedging relationships: Interest rate swaps $ 2,762 $ 5,127 $ 10,837 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 2,515 628 7,456 Interest rate swaptions (274 ) — — Forward rate agreements (1,090 ) (15,465 ) (845 ) Net interest settlements 6,623 706 328 Mortgage delivery commitments 2,501 15,631 (9,873 ) Total net gains (losses) related to derivatives not designated as hedging instruments 10,275 1,500 (2,934 ) Net gains on derivatives and hedging activities $ 13,037 $ 6,627 $ 7,903 Table 11.3 presents by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLB's net interest income. Table 11.3 - Effect of Fair Value Hedge-Related Derivative Instruments (in thousands) For the Years Ended December 31, 2015 Gain/(Loss) on Derivative Gain/(Loss) on Hedged Item Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income (1) Hedged Item Type: Advances $ 62,657 $ (60,453 ) $ 2,204 $ (83,571 ) Consolidated Bonds (10,930 ) 11,488 558 19,787 Total $ 51,727 $ (48,965 ) $ 2,762 $ (63,784 ) 2014 Hedged Item Type: Advances $ 76,295 $ (71,315 ) $ 4,980 $ (91,232 ) Consolidated Bonds (15,633 ) 15,780 147 18,298 Total $ 60,662 $ (55,535 ) $ 5,127 $ (72,934 ) 2013 Hedged Item Type: Advances $ 156,025 $ (145,843 ) $ 10,182 $ (106,452 ) Consolidated Bonds (26,341 ) 26,996 655 27,038 Total $ 129,684 $ (118,847 ) $ 10,837 $ (79,414 ) (1) The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(3,424) , $(3,310) , and $(3,022) of (amortization)/accretion related to fair value hedging activities for the years ended December 31, 2015 , 2014 , and 2013 . Credit Risk on Derivatives The FHLB is subject to credit risk due to the risk of non-performance by counterparties to its derivative transactions and manages credit risk through credit analysis, collateral requirements and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in these contracts to mitigate the risk. The FHLB requires collateral agreements with collateral delivery thresholds on the majority of its uncleared derivatives. For cleared derivatives, the Clearinghouse is the FHLB's counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin and the clearing agent in turn notifies the FHLB. The requirement that the FHLB post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the FHLB to credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral for changes in the value of cleared derivatives is posted daily through a clearing agent. The FHLB 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 bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the FHLB's clearing agent, or both. Based on this analysis, the FHLB presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. Certain of the FHLB's uncleared derivative contracts contain provisions that require the FHLB to post additional collateral with its counterparties if there is deterioration in the FHLB's credit ratings. The aggregate fair value of all uncleared derivatives with credit-risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest) at December 31, 2015 was (in thousands) $64,235 , for which the FHLB had posted collateral with a fair value of (in thousands) $34,867 in the normal course of business. If one of the FHLB's credit ratings had been lowered to the next lower rating that would have triggered additional collateral to be delivered, the FHLB would have been required to deliver up to an additional (in thousands) $5,588 of collateral at fair value to its derivatives counterparties at December 31, 2015 . 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. At December 31, 2015 , the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations. Offsetting of Derivative Assets and Derivative Liabilities The FHLB presents derivative instruments, related cash collateral, including initial and variation margin, received or pledged, and associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. Table 11.4 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. At December 31, 2015 and 2014 , the FHLB did not receive or pledge any non-cash collateral. Any overcollateralization under an individual clearing agent and/or counterparty level is not included in the determination of the net unsecured amount. Table 11.4 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands) December 31, 2015 December 31, 2014 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivative instruments meeting netting requirements: Gross recognized amount: Uncleared derivatives $ 8,046 $ 70,178 $ 19,585 $ 141,352 Cleared derivatives 5,893 11,801 1,141 3,357 Total gross recognized amount 13,939 81,979 20,726 144,709 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (7,844 ) (40,810 ) (19,544 ) (82,510 ) Cleared derivatives 18,879 (11,801 ) 9,712 (3,357 ) Total gross amounts of netting adjustments and cash collateral 11,035 (52,611 ) (9,832 ) (85,867 ) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 202 29,368 41 58,842 Cleared derivatives 24,772 — 10,853 — Total net amounts after netting adjustments and cash collateral 24,974 29,368 10,894 58,842 Derivative instruments not meeting netting requirements (1) : Uncleared derivatives 2,022 1,719 3,805 4,925 Total derivative instruments not meeting netting requirements (1) 2,022 1,719 3,805 4,925 Total derivative assets and total derivative liabilities: Uncleared derivatives 2,224 31,087 3,846 63,767 Cleared derivatives 24,772 — 10,853 — Total derivative assets and total derivative liabilities $ 26,996 $ 31,087 $ 14,699 $ 63,767 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposit [Text Block] | Deposits The FHLB offers demand and overnight deposits to members and qualifying nonmembers. In addition, the FHLB offers short-term interest bearing deposit programs to members, and in certain cases, qualifying nonmembers. A member that services mortgage loans may deposit funds collected in connection with the mortgage loans at the FHLB, pending disbursement of such funds to the owners of the mortgage loans. The FHLB classifies these items as other interest bearing deposits. Certain financial institutions have agreed to maintain compensating balances in consideration for correspondent and other non-credit services. These balances are included in interest bearing deposits on the accompanying financial statements. The compensating balances required to be held by the FHLB averaged (in thousands) $3,171,708 and $3,597,698 during 2015 and 2014 . Deposits classified as demand, overnight, and other pay interest based on a daily interest rate. Term deposits pay interest based on a fixed rate determined at the issuance of the deposit. The average interest rates paid on interest bearing deposits was 0.04 percent, 0.03 percent, and 0.03 percent during 2015 , 2014 , and 2013 . Non-interest bearing deposits represent funds for which the FHLB acts as a pass-through correspondent for member institutions required to deposit reserves with the Federal Reserve Banks. Table 12.1- Deposits (in thousands) December 31, 2015 December 31, 2014 Interest bearing: Demand and overnight $ 646,902 $ 624,446 Term 151,825 99,600 Other 5,377 5,592 Total interest bearing 804,104 729,638 Non-interest bearing: Other 238 298 Total non-interest bearing 238 298 Total deposits $ 804,342 $ 729,936 The aggregate amount of time deposits with a denomination of $250 thousand or more was (in thousands) $151,775 and $99,550 as of December 31, 2015 and 2014 , respectively. |
Consolidated Obligations
Consolidated Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations [Text Block] | Consolidated Obligations Consolidated Obligations consist of Consolidated Bonds and Discount Notes. The FHLBanks issue Consolidated Obligations through the Office of Finance as their agent. In connection with each debt issuance, each FHLBank specifies the amount of debt it wants issued on its behalf. The Office of Finance tracks the amount of debt issued on behalf of each FHLBank. In addition, the FHLBank records as a liability its specific portion of Consolidated Obligations for which it is the primary obligor. The Finance Agency and the U.S. Secretary of the Treasury oversee the issuance of FHLBank debt through the Office of Finance. Consolidated Bonds are issued primarily to raise intermediate- and long-term funds for the FHLBanks and are not subject to any statutory or regulatory limits on maturity. Consolidated Discount Notes are issued primarily to raise short-term funds and have original maturities up to one year. These notes generally sell at less than their face amount and are redeemed at par value when they mature. Although the FHLB is primarily liable for its portion of Consolidated Obligations, the FHLB is also jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all Consolidated Obligations of each of the other FHLBanks. The Finance Agency, at its discretion, may require any FHLBank to make principal or interest payments due on any Consolidated Obligation whether or not the Consolidated Obligation represents a primary liability of such FHLBank. Although an FHLBank has never paid the principal or interest payments due on a Consolidated Obligation on behalf of another FHLBank, if that event should occur, Finance Agency regulations provide that the paying FHLBank is entitled to reimbursement from the non-complying FHLBank for those payments and other associated costs, including interest to be determined by the Finance Agency. If, however, the Finance Agency determines that the non-complying FHLBank is unable to satisfy its repayment obligations, the Finance Agency may allocate the outstanding liabilities of the non-complying FHLBank among the remaining FHLBanks on a pro rata basis in proportion to each FHLBank's participation in all Consolidated Obligations outstanding or in any other manner it may determine to ensure that the FHLBanks operate in a safe and sound manner. The par values of the 11 FHLBanks' outstanding Consolidated Obligations were approximately $905.2 billion and $847.2 billion at December 31, 2015 and 2014 . Regulations require the FHLB to maintain unpledged qualifying assets equal to its participation in the Consolidated Obligations outstanding. Qualifying assets are defined as cash; secured Advances; obligations of or fully guaranteed by the United States; obligations, participations, or other instruments of or issued by Fannie Mae or Ginnie Mae; mortgages, obligations, or other securities which are or ever have been sold by Freddie Mac under the FHLBank Act; and such securities as fiduciary and trust funds may invest in under the laws of the state in which the FHLB is located. Any assets subject to a lien or pledge for the benefit of holders of any issue of Consolidated Obligations are treated as if they were free from lien or pledge for purposes of compliance with these regulations. Table 13.1 - Consolidated Discount Notes Outstanding (dollars in thousands) Book Value Par Value Weighted Average Interest Rate (1) December 31, 2015 $ 77,199,208 $ 77,225,334 0.24 % December 31, 2014 $ 41,232,127 $ 41,238,122 0.09 % (1) Represents an implied rate without consideration of concessions. Table 13.2 - Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands) December 31, 2015 December 31, 2014 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 9,808,000 0.91 % $ 32,477,000 0.24 % Due after 1 year through 2 years 5,143,750 1.42 6,918,000 1.19 Due after 2 years through 3 years 4,814,000 1.64 4,594,000 1.56 Due after 3 years through 4 years 4,090,000 1.89 4,245,000 1.79 Due after 4 years through 5 years 3,041,000 2.09 2,647,000 2.08 Thereafter 8,139,000 2.80 8,217,000 2.79 Index amortizing notes 943 5.25 25,297 5.07 Total par value 35,036,693 1.74 59,123,297 1.00 Premiums 90,189 103,477 Discounts (24,525 ) (25,161 ) Hedging adjustments 3,817 15,304 Fair value option valuation adjustment and accrued interest (1,410 ) (360 ) Total $ 35,104,764 $ 59,216,557 Consolidated Obligations outstanding were issued with either fixed-rate coupon payment terms or variable-rate coupon payment terms that may use a variety of indices for interest rate resets, including LIBOR. To meet the expected specific needs of certain investors in Consolidated Obligations, both fixed-rate Bonds and variable-rate Bonds may contain features that result in complex coupon payment terms and call options. When these Consolidated Obligations are issued, the FHLB may enter into derivatives containing features that offset the terms and embedded options, if any, of the Consolidated Obligations. Table 13.3 - Consolidated Bonds Outstanding by Call Features (in thousands) December 31, 2015 December 31, 2014 Par value of Consolidated Bonds: Non-callable $ 28,235,693 $ 49,976,297 Callable 6,801,000 9,147,000 Total par value $ 35,036,693 $ 59,123,297 Table 13.4 - Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date December 31, 2015 December 31, 2014 Due in 1 year or less $ 16,339,000 $ 40,774,000 Due after 1 year through 2 years 4,881,750 5,413,000 Due after 2 years through 3 years 3,499,000 3,317,000 Due after 3 years through 4 years 3,020,000 2,685,000 Due after 4 years through 5 years 2,383,000 1,992,000 Thereafter 4,913,000 4,917,000 Index amortizing notes 943 25,297 Total par value $ 35,036,693 $ 59,123,297 Consolidated Bonds, beyond having fixed-rate or variable-rate interest-rate payment terms, may also have a step-up interest-rate payment type. Step-up bonds pay interest at increasing fixed rates for specified intervals over the life of the Consolidated Bond. These Consolidated Bonds generally contain provisions enabling the FHLB to call the Consolidated Bonds at its option on the step-up dates. Table 13.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands) December 31, 2015 December 31, 2014 Par value of Consolidated Bonds: Fixed-rate $ 30,806,693 $ 31,363,297 Variable-rate 4,065,000 27,610,000 Step-up 165,000 150,000 Total par value $ 35,036,693 $ 59,123,297 Concessions on Consolidated Obligations. Unamortized concessions included in other assets were (in thousands) $13,042 and $14,184 at December 31, 2015 and 2014 . The amortization of these concessions is included in Consolidated Obligation interest expense and totaled (in thousands) $13,280 , $7,380 , and $7,026 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Affordable Housing Program (AHP
Affordable Housing Program (AHP) | 12 Months Ended |
Dec. 31, 2015 | |
Affordable Housing Program (AHP) [Abstract] | |
Affordable Housing Program (AHP) [Text Block] | Affordable Housing Program (AHP) The FHLBank Act requires each FHLBank to establish an AHP. Each FHLBank provides subsidies in the form of direct grants and below-market interest rate Advances to members who use the funds to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Annually, the FHLBanks must set aside for the AHP the greater of $100 million or 10 percent of net earnings. For purposes of the AHP calculation, net earnings is defined as net income before assessments, plus interest expense related to mandatorily redeemable capital stock. The FHLB accrues AHP expense monthly based on its net earnings. The FHLB reduces the AHP liability as members use subsidies. If the FHLB experienced a net loss during a quarter, but still had net earnings for the year, the FHLB's obligation to the AHP would be calculated based on the FHLB's year-to-date net earnings. If the FHLB had net earnings in subsequent quarters, it would be required to contribute additional amounts to meet its calculated annual obligation. If the FHLB experienced a net loss for a full year, the FHLB would have no obligation to the AHP for the year, because each FHLB's required annual AHP contribution is limited to its annual net earnings. If the aggregate 10 percent calculation described above was less than $100 million for the FHLBanks, each FHLBank would be required to contribute a pro rata amount sufficient to assure that the aggregate contributions of the FHLBanks equaled $100 million . The pro ration would be made on the basis of an FHLBank's income in relation to the income of all FHLBanks for the previous year. There was no shortfall, as described above, in 2015 , 2014 , or 2013 . If an FHLBank finds that its required AHP obligations are contributing to its financial instability, it may apply to the Finance Agency for a temporary suspension of its contributions. The FHLB has never made such an application. The FHLB had outstanding principal in AHP-related Advances (in thousands) of $85,145 and $102,465 at December 31, 2015 and 2014 . Table 14.1 - Analysis of AHP Liability (in thousands) 2015 2014 Balance at beginning of year $ 98,103 $ 93,789 Assessments (current year additions) 27,906 27,605 Subsidy uses, net (18,657 ) (23,291 ) Balance at end of year $ 107,352 $ 98,103 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2015 | |
Capital [Abstract] | |
Capital [Text Block] | Capital The FHLB is subject to three capital requirements under its Capital Plan and the Finance Agency rules and regulations. Regulatory capital does not include accumulated other comprehensive income, but does include mandatorily redeemable capital stock. 1. Risk-based capital. The FHLB must maintain at all times permanent capital, defined as Class B stock and retained earnings, in an amount at least equal to the sum of its credit risk, market risk, and operations risk capital requirements, all of which are calculated in accordance with the rules and regulations of the Finance Agency. 2. Total regulatory capital. The FHLB is required to maintain at all times a total regulatory capital-to-assets ratio of at least four percent. Total regulatory capital is the sum of permanent capital, Class A stock, any general loss allowance, if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the Finance Agency as available to absorb losses. 3. Leverage capital. The FHLB is required to maintain at all times a leverage capital-to-assets ratio of at least five percent. Leverage capital is defined as the sum of permanent capital weighted 1.5 times and all other capital without a weighting factor. The Finance Agency may require the FHLB to maintain greater permanent capital than is required based on Finance Agency rules and regulations. At December 31, 2015 and 2014 , the FHLB was in compliance with each of these capital requirements. Table 15.1 - Capital Requirements (dollars in thousands) December 31, 2015 December 31, 2014 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 630,604 $ 5,232,228 $ 481,835 $ 5,018,567 Capital-to-assets ratio (regulatory) 4.00 % 4.40 % 4.00 % 4.71 % Regulatory capital $ 4,751,871 $ 5,232,228 $ 4,265,617 $ 5,018,567 Leverage capital-to-assets ratio (regulatory) 5.00 % 6.61 % 5.00 % 7.06 % Leverage capital $ 5,939,839 $ 7,848,342 $ 5,332,021 $ 7,527,851 The FHLB currently offers only Class B stock, which is issued and redeemed at a par value of $100 per share. Class B stock may be issued to meet membership and activity stock purchase requirements, to pay dividends, and to pay interest on mandatorily redeemable capital stock. Membership stock is required to become a member of and maintain membership in the FHLB. The membership stock requirement is based upon a percentage of the member's total assets, currently determined within a declining range from 0.12 percent to 0.03 percent of each member's total assets, with a current minimum of $1 thousand and a current maximum of $25 million for each member. In addition to membership stock, a member may be required to hold activity stock to capitalize its Mission Asset Activity with the FHLB. Mission Asset Activity includes Advances, certain funds and rate Advance commitments, and MPP activity that occurred after implementation of the Capital Plan on December 30, 2002. Members must maintain an activity stock balance at least equal to the minimum activity allocation percentage, which currently is zero percent for the MPP and two percent for all other Mission Asset Activity. If a member owns more than the maximum activity allocation percentage, which currently is four percent of all Mission Asset Activity, the additional stock is that member's excess stock. The FHLB's unrestricted excess stock is defined as total Class B stock minus membership stock, activity stock calculated at the maximum allocation percentage, shares reserved for exclusive use after a stock dividend, and shares subject to redemption and withdrawal notices. The FHLB's excess stock may normally be used by members to support a portion of their activity stock requirement as long as those members maintain at least their minimum activity stock allocation percentage. A member may request redemption of all or part of its Class B stock or may withdraw from membership by giving five years' advance written notice. When the FHLB repurchases capital stock, it must first repurchase shares for which a redemption or withdrawal notice's five -year redemption period or withdrawal period has expired. Since its Capital Plan was implemented, the FHLB has repurchased, at its discretion, all member shares subject to outstanding redemption notices prior to the expiration of the five -year redemption period. The Gramm-Leach-Bliley Act of 1999 (GLB Act) made membership in the FHLBanks voluntary for all members. Any member that has withdrawn from membership may not be readmitted to membership in any FHLBank until five years from the divestiture date for all capital stock that was held as a condition of membership, unless the institution has canceled its notice of withdrawal prior to the divestiture date. This restriction does not apply if the member is transferring its membership from one FHLBank to another on an uninterrupted basis. In accordance with the FHLBank Act, each class of FHLB stock is considered putable by the member and the FHLB may repurchase, in its sole discretion, any member's stock investments that exceed the required minimum amount. However, there are significant statutory and regulatory restrictions on the obligation to redeem, or right to repurchase, the outstanding stock. As a result, whether or not a member may have its capital stock in the FHLB repurchased (at the FHLB's discretion at any time before the end of the redemption period) or redeemed (at a member's request, completed at the end of a redemption period) will depend on whether the FHLB is in compliance with those restrictions. The FHLB's retained earnings are owned proportionately by the current holders of Class B stock. The holders' interest in the retained earnings is realized at the time the FHLB periodically declares dividends or at such time as the FHLB is liquidated. The FHLB's Board of Directors may declare and pay dividends in either cash or capital stock, assuming the FHLB is in compliance with Finance Agency rules and regulations. Restricted Retained Earnings. The Joint Capital Enhancement Agreement (Capital Agreement) is intended to enhance the capital position of each FHLBank. The Capital Agreement provides that each FHLBank contributes 20 percent of its net income each quarter to a separate restricted retained earnings account until the balance of that account equals at least one percent of that FHLBank's average balance of outstanding Consolidated Obligations for the previous quarter. These restricted retained earnings are not available to pay dividends but are available to absorb unexpected losses, if any, that the FHLBank may experience. At December 31, 2015 and 2014 the FHLB had (in thousands) $209,438 and $ 159,694 in restricted retained earnings. Mandatorily Redeemable Capital Stock. The FHLB is a cooperative whose members and former members own all of the FHLB's capital stock. Member shares cannot be purchased or sold except between the FHLB and its members at its $100 per share par value, as mandated by the FHLB's Capital Plan. The FHLB reclassifies stock subject to redemption from equity to liability upon expiration of the “grace period” after a member submits a written redemption request or withdrawal notice, or when the member attains nonmember status by merger or acquisition, relocation, charter termination, or involuntary termination of membership. A member may cancel or revoke its written redemption request or its withdrawal notice prior to the end of the five -year redemption period. Under the FHLB's Capital Plan, there is a five calendar day “grace period” for revocation of a redemption request and a 30 calendar day “grace period” for revocation of a withdrawal notice during which the member may cancel the redemption request or withdrawal notice without a penalty or fee. The cancellation fee after the “grace period” is currently two percent of the requested amount in the first year and increases one percent a year until it reaches a maximum of six percent in the fifth year. The cancellation fee can be waived by the FHLB's Board of Directors for a bona fide business purpose. Stock subject to a redemption or withdrawal notice that is within the “grace period” continues to be considered equity because there is no penalty or fee to retract these notices. Expiration of the “grace period” triggers the reclassification from equity to a liability (mandatorily redeemable capital stock) at fair value because after the “grace period” the penalty to retract these notices is considered substantive. If a member cancels its written notice of redemption or notice of withdrawal, the FHLB will reclassify mandatorily redeemable capital stock from a liability to equity. Dividends related to capital stock classified as a liability are accrued at the expected dividend rate and reported as interest expense in the Statements of Income. For the years ended December 31, 2015 , 2014 , and 2013 dividends on mandatorily redeemable capital stock in the amount (in thousands) of $2,432 , $4,190 and $5,506 were recorded as interest expense. Table 15.2 - Mandatorily Redeemable Capital Stock Roll Forward (in thousands) 2015 2014 2013 Balance, beginning of year $ 62,963 $ 115,853 $ 210,828 Capital stock subject to mandatory redemption reclassified from equity 28,919 17,110 33,457 Redemption (or other reduction) of mandatorily redeemable capital stock (53,987 ) (70,000 ) (128,432 ) Balance, end of year $ 37,895 $ 62,963 $ 115,853 The number of stockholders holding the mandatorily redeemable capital stock was 15 , 11 and 11 at December 31, 2015 , 2014 , and 2013 . As of December 31, 2015 there was one member that had requested redemptions of capital stock whose stock had not been reclassified as mandatorily redeemable capital stock because the “grace periods” had not yet expired on these requests. Table 15.3 shows the amount of mandatorily redeemable capital stock by contractual year of redemption. The year of redemption in the table is the end of the five-year redemption period. Consistent with the Capital Plan currently in effect, the FHLB is not required to redeem membership stock until five years after either (i) the membership is terminated or (ii) the FHLB receives notice of withdrawal. The FHLB is not required to redeem activity-based stock until the later of the expiration of the notice of redemption or until the activity to which the capital stock relates no longer remains outstanding. If activity-based stock becomes excess stock as a result of an activity no longer remaining outstanding, the FHLB may repurchase such shares, in its sole discretion, subject to the statutory and regulatory restrictions on capital stock redemption. The GLB Act states that an FHLBank may repurchase, in its sole discretion, any member's stock investments that exceed the required minimum amount. Table 15.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands) Contractual Year of Redemption December 31, 2015 December 31, 2014 Year 1 $ — $ 130 Year 2 — — Year 3 41 — Year 4 2,265 55 Year 5 2,876 2,278 Past contractual redemption date due to remaining activity (1) 32,713 60,500 Total $ 37,895 $ 62,963 (1) Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. Excess Capital Stock. Finance Agency regulations limit the ability of an FHLBank to create member excess stock under certain circumstances. The FHLB may not pay dividends in the form of capital stock or issue new excess stock to members if its excess stock exceeds one percent of its total assets or if the issuance of excess stock would cause the FHLB's excess stock to exceed one percent of its total assets. At December 31, 2015 , the FHLB had excess capital stock outstanding totaling less than one percent of its total assets. At December 31, 2015 , the FHLB was in compliance with the Finance Agency's excess stock rules. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income [Text Block] | Accumulated Other Comprehensive (Loss) Income The following tables summarize the changes in accumulated other comprehensive (loss) income for the years ended December 31, 2015 , 2014 , and 2013. Table 16.1 - Accumulated Other Comprehensive (Loss) Income (in thousands) Net unrealized (losses) gains on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive (loss) income BALANCE, DECEMBER 31, 2012 $ — $ (11,734 ) $ (11,734 ) Other comprehensive income before reclassification: Net unrealized loss (121 ) — (121 ) Net actuarial gains — 803 803 Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 2,010 2,010 Net current period other comprehensive (loss) income (121 ) 2,813 2,692 BALANCE, DECEMBER 31, 2013 (121 ) (8,921 ) (9,042 ) Other comprehensive income before reclassification: Net unrealized gains 97 — 97 Net actuarial loss — (9,496 ) (9,496 ) Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 1,845 1,845 Net current period other comprehensive income (loss) 97 (7,651 ) (7,554 ) BALANCE, DECEMBER 31, 2014 (24 ) (16,572 ) (16,596 ) Other comprehensive income before reclassification: Net unrealized gains 105 — 105 Net actuarial gains — 598 598 Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 2,616 2,616 Net current period other comprehensive income 105 3,214 3,319 BALANCE, DECEMBER 31, 2015 $ 81 $ (13,358 ) $ (13,277 ) |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Postretirement Benefit Plans Qualified Defined Benefit Multi-employer Plan. The FHLB participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra Defined Benefit Plan), a tax-qualified defined benefit pension plan. The Pentegra Defined Benefit Plan is treated as a multi-employer plan for accounting purposes, but operates as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. As a result, certain multi-employer plan disclosures, including the certified zone status, are not applicable to the Pentegra Defined Benefit Plan. Under the Pentegra Defined Benefit Plan, contributions made by one participating employer may be used to provide benefits to employees of other participating employers because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer. Also, in the event a participating employer is unable to meet its contribution requirements, the required contributions for the other participating employers could increase proportionately. The Pentegra Defined Benefit Plan covers substantially all officers and employees of the FHLB who meet certain eligibility requirements. The Pentegra Defined Benefit Plan operates on a plan year from July 1 through June 30. The Pentegra Defined Benefit Plan files one Form 5500 on behalf of all employers who participate in the plan. The Employer Identification Number is 13-5645888 and the three-digit plan number is 333 . There are no collective bargaining agreements in place at the FHLB. The Pentegra Defined Benefit Plan's annual valuation process includes calculating the plan's funded status and separately calculating the funded status of each participating employer. The funded status is defined as the market value of assets divided by the funding target (100 percent of the present value of all benefit liabilities accrued at that date). As permitted by ERISA, the Pentegra Defined Benefit Plan accepts contributions for the prior plan year up to eight and a half months after the end of the prior plan year. As a result, the market value of assets at the valuation date (July 1) will increase by any subsequent contributions designated for the immediately preceding plan year ended June 30. The most recent Form 5500 available for the Pentegra Defined Benefit Plan is for the year ended June 30, 2014. The FHLB did not contribute more than five percent of the total contributions to the Pentegra Defined Benefit Plan for the plan year ended June 30, 2014 and 2013. Table 17.1 - Pentegra Defined Benefit Plan Net Pension Cost and Funded Status (dollars in thousands) 2015 2014 2013 Net pension cost charged to compensation and benefit expense for the year ended December 31 $ 6,348 $ 6,041 $ 5,516 Pentegra Defined Benefit Plan funded status as of July 1 106.89 % (a) 111.44 % (b) 101.31 % FHLB's funded status as of July 1 124.97 % 128.27 % 107.36 % (a) The Pentegra Defined Benefit Plan's funded status as of July 1, 2015 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2015 through March 15, 2016. Contributions made on or before March 15, 2016, and designated for the plan year ended June 30, 2015, will be included in the final valuation as of July 1, 2015. The final funded status as of July 1, 2015 will not be available until the Form 5500 for the plan year July 1, 2015 through June 30, 2016 is filed (this Form 5500 is due to be filed no later than April 2017). (b) The Pentegra Defined Benefit Plan's funded status as of July 1, 2014 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2014 through March 15, 2015. Contributions made on or before March 15, 2015, and designated for the plan year ended June 30, 2014, will be included in the final valuation as of July 1, 2014. The final funded status as of July 1, 2014 will not be available until the Form 5500 for the plan year July 1, 2014 through June 30, 2015 is filed (this Form 5500 is due to be filed no later than April 2016). Qualified Defined Contribution Plan. The FHLB also participates in the Pentegra Defined Contribution Plan for Financial Institutions, a tax-qualified, defined contribution pension plan. The FHLB contributes a percentage of the participants' compensation by making a matching contribution equal to a percentage of voluntary employee contributions, subject to certain limitations. The FHLB contributed $ 992,000 , $ 943,000 , and $ 875,000 in the years ended December 31, 2015 , 2014 , and 2013 , respectively. Nonqualified Supplemental Defined Benefit Retirement Plan . The FHLB maintains a nonqualified, unfunded defined benefit plan. The plan ensures that participants receive the full amount of benefits to which they would have been entitled under the qualified defined benefit plan in the absence of limits on benefit levels imposed by the IRS. There are no funded plan assets. The FHLB has established a grantor trust, which is included in held-to-maturity securities on the Statements of Condition, to meet future benefit obligations and current payments to beneficiaries. Postretirement Benefits Plan . The FHLB also sponsors a postretirement benefits plan that includes health care and life insurance benefits for eligible retirees. Future retirees are eligible for the postretirement benefits plan if they were hired prior to August 1, 1990, are age 55 or older, and their age plus years of continuous service at retirement are greater than or equal to 80. Spouses are covered subject to required contributions. There are no funded plan assets that have been designated to provide postretirement benefits. Table 17.2 presents the obligations and funding status of the FHLB's nonqualified supplemental defined benefit retirement plan and postretirement benefits plan. The benefit obligation represents projected benefit obligation for the nonqualified supplemental defined benefit retirement plan and accumulated postretirement benefit obligation for the postretirement benefits plan. Table 17.2 - Benefit Obligation, Fair Value of Plan Assets and Funded Status (in thousands) Defined Benefit Retirement Plan Postretirement Benefits Plan Change in benefit obligation: 2015 2014 2015 2014 Benefit obligation at beginning of year $ 33,860 $ 26,511 $ 5,197 $ 3,957 Service cost 668 524 74 53 Interest cost 1,222 1,234 203 190 Actuarial (gain) loss (413 ) 8,335 (185 ) 1,161 Benefits paid (2,797 ) (2,744 ) (173 ) (164 ) Benefit obligation at end of year 32,540 33,860 5,116 5,197 Change in plan assets: Fair value of plan assets at beginning of year — — — — Employer contribution 2,797 2,744 173 164 Benefits paid (2,797 ) (2,744 ) (173 ) (164 ) Fair value of plan assets at end of year — — — — Funded status at end of year $ (32,540 ) $ (33,860 ) $ (5,116 ) $ (5,197 ) Amounts recognized in “Other liabilities” on the Statements of Condition for the FHLB's nonqualified supplemental defined benefit plan and postretirement benefits plan as of December 31, 2015 and 2014 were (in thousands) $37,656 and $39,057 . Table 17.3 - Amounts Recognized in Accumulated Other Comprehensive Income (in thousands) Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2015 2014 Net actuarial loss $ 12,447 $ 15,409 $ 911 $ 1,163 Table 17.4 - Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (in thousands) For the Years Ended December 31, Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2013 2015 2014 2013 Net Periodic Benefit Cost Service cost $ 668 $ 524 $ 494 $ 74 $ 53 $ 58 Interest cost 1,222 1,234 986 203 190 199 Amortization of net loss 2,549 1,845 1,948 67 — 62 Net periodic benefit cost $ 4,439 $ 3,603 $ 3,428 $ 344 $ 243 $ 319 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Net (gain) loss (413 ) 8,335 215 (185 ) 1,161 (1,018 ) Amortization of net loss (2,549 ) (1,845 ) (1,948 ) (67 ) — (62 ) Total recognized in other comprehensive income (2,962 ) 6,490 (1,733 ) (252 ) 1,161 (1,080 ) Total recognized in net periodic benefit cost and other comprehensive income $ 1,477 $ 10,093 $ 1,695 $ 92 $ 1,404 $ (761 ) Table 17.5 presents the estimated net actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year. Table 17.5 - Amortization for Next Fiscal Year (in thousands) Defined Benefit Retirement Plan Postretirement Benefits Plan Net actuarial loss $ 1,839 $ 46 Table 17.6 presents the key assumptions used for the actuarial calculations to determine benefit obligations for the nonqualified supplemental defined benefit retirement plan and postretirement benefits plan. Table 17.6 - Benefit Obligation Key Assumptions Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2015 2014 Discount rate 4.02 % 3.67 % 4.33 % 3.96 % Salary increases 4.50 % 4.50 % N/A N/A Table 17.7 presents the key assumptions used for the actuarial calculations to determine net periodic benefit cost for the FHLB's defined benefit retirement plans and postretirement benefit plans. Table 17.7 - Net Periodic Benefit Cost Key Assumptions Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2013 2015 2014 2013 Discount rate 3.67 % 4.32 % 3.26 % 3.96 % 4.88 % 4.16 % Salary increases 4.50 % 4.50 % 4.50 % N/A N/A N/A Table 17.8 - Postretirement Benefits Plan Assumed Health Care Cost Trend Rates 2015 2014 Assumed for next year 8.00 % 8.50 % Ultimate rate 5.50 % 5.25 % Year that ultimate rate is reached 2020 2024 The effect of a percentage point increase in the assumed health care trend rates would be an increase in net periodic postretirement benefit expense of $63,000 and in accumulated postretirement benefit obligation (APBO) of $1,022,000 . The effect of a percentage point decrease in the assumed health care trend rates would be a decrease in net periodic postretirement benefit expense of $49,000 and in APBO of $805,000 . The discount rates for the disclosures as of December 31, 2015 were determined by using a discounted cash flow approach, which incorporates the timing of each expected future benefit payment. Estimated future benefit payments are based on each plan's census data, benefit formulas and provisions, and valuation assumptions reflecting the probability of decrement and survival. The present value of the future benefit payments is determined by using weighted average duration based interest rate yields from a variety of highly rated relevant corporate bond indices as of December 31, 2015 , and solving for the single discount rate that produces the same present value. Table 17.9 presents the estimated future benefits payments reflecting expected future services for the years ended after December 31, 2015 . Table 17.9 - Estimated Future Benefit Payments (in thousands) Years Defined Benefit Retirement Plan Postretirement Benefit Plan 2016 $ 3,006 $ 161 2017 2,227 161 2018 2,197 176 2019 2,278 172 2020 1,902 184 2021 - 2025 8,547 1,179 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | Segment Information The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders. The FHLB, as an interest rate spread manager, considers a segment's net interest income, net interest rate spread and, ultimately, net income as the key factors in allocating resources. Resource allocation decisions are made by considering these profitability measures in the context of the historical, current and expected risk profile of each segment and the entire balance sheet, as well as current incremental profitability measures relative to the incremental market risk profile. Overall financial performance and risk management are dynamically managed primarily at the level of, and within the context of, the entire balance sheet rather than at the level of individual business segments or product lines. Also, the FHLB hedges specific asset purchases and specific subportfolios in the context of the entire mortgage asset portfolio and the entire balance sheet. Under this holistic approach, the market risk/return profile of each business segment does not correspond, in general, to the performance that each segment would generate if it were completely managed on a separate basis, and it is not possible to accurately determine what the performance would be if the two business segments were managed on a stand-alone basis. Further, because financial and risk management is a dynamic process, the performance of a segment over a single identified period may not reflect the long-term expected or actual future trends for the segment. The Traditional Member Finance segment includes products such as Advances and investments and the borrowing costs related to those assets. The FHLB assigns its investments to this segment primarily because they historically have been used to provide liquidity for Advances and to support the level and volatility of earnings from Advances. All interest rate swaps and a portion of swaptions, including their market value adjustments, are allocated to the Traditional Member Finance segment. The FHLB executed all of its interest rate swaps in its management of market risk for the Traditional Member Finance segment. The FHLB enters into swaptions to minimize the prepayment risk in its overall mortgage asset portfolio. Income from the MPP is derived primarily from the difference, or spread, between the yield on mortgage loans and the borrowing cost of Consolidated Obligations outstanding allocated to this segment at the time debt is issued. MPP income also includes the gains (losses) on derivatives associated with the MPP segment, comprising all mortgage delivery commitments and forward rate agreements and a portion of swaptions. Both segments also earn income from investment of interest-free capital. Capital is allocated proportionate to each segment's average assets based on the total balance sheet's average capital-to-assets ratio. Expenses are allocated based on cost accounting techniques that include direct usage, time allocations and square footage of space used. AHP assessments are calculated using the current assessment rates based on the income before assessments for each segment. The following tables set forth the FHLB's financial performance by operating segment for the years ended December 31. Table 18.1 - Financial Performance by Operating Segment (in thousands) For the Years Ended December 31, Traditional Member Finance MPP Total 2015 Net interest income after reversal for credit losses $ 250,076 $ 72,205 $ 322,281 Non-interest income 28,586 1,308 29,894 Non-interest expense 64,925 10,626 75,551 Income before assessments 213,737 62,887 276,624 Affordable Housing Program assessments 21,618 6,288 27,906 Net income $ 192,119 $ 56,599 $ 248,718 Average assets $ 97,932,122 $ 7,637,197 $ 105,569,319 Total assets $ 110,789,438 $ 8,007,343 $ 118,796,781 2014 Net interest income $ 237,828 $ 79,148 $ 316,976 Reversal for credit losses — (500 ) (500 ) Net interest income after reversal for credit losses 237,828 79,648 317,476 Non-interest income 22,460 170 22,630 Non-interest expense 58,876 9,372 68,248 Income before assessments 201,412 70,446 271,858 Affordable Housing Program assessments 20,560 7,045 27,605 Net income $ 180,852 $ 63,401 $ 244,253 Average assets $ 94,333,213 $ 6,824,283 $ 101,157,496 Total assets $ 99,629,924 $ 7,010,495 $ 106,640,419 2013 Net interest income $ 229,559 $ 98,285 $ 327,844 Reversal for credit losses — (7,450 ) (7,450 ) Net interest income after reversal for credit losses 229,559 105,735 335,294 Non-interest income (loss) 30,505 (10,714 ) 19,791 Non-interest expense 55,459 8,928 64,387 Income before assessments 204,605 86,093 290,698 Affordable Housing Program assessments 21,011 8,609 29,620 Net income $ 183,594 $ 77,484 $ 261,078 Average assets $ 86,609,248 $ 7,081,377 $ 93,690,625 Total assets $ 96,336,915 $ 6,843,787 $ 103,180,702 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Disclosures The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. Fair Value Hierarchy . The FHLB records trading securities, available-for-sale securities, derivative assets, derivative liabilities, certain Advances and certain Consolidated Obligation Bonds at fair value on a recurring basis, and on occasion, certain mortgage loans held for portfolio on a nonrecurring basis. GAAP establishes a fair value hierarchy and requires an entity 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 measurement is determined. This overall level is an indication of how market observable the fair value measurement is. An entity must disclose the level within the fair value hierarchy in which the measurements are classified. 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 an active market that the reporting entity can access on the measurement date. 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 or liabilities in active markets; (2) quoted prices for identical or similar assets or 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. The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. The FHLB did not have any transfers of assets or liabilities recorded at fair value on a recurring basis during the years ended December 31, 2015 or 2014 . Table 19.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. These values do not represent an estimate of the overall market value of the FHLB as a going concern, which would take into account future business opportunities and the net profitability of assets versus liabilities. Table 19.1 - Fair Value Summary (in thousands) December 31, 2015 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 10,136 $ 10,136 $ 10,136 $ — $ — $ — Interest-bearing deposits 99 99 — 99 — — Securities purchased under agreements to resell 10,531,979 10,531,979 — 10,531,979 — — Federal funds sold 10,845,000 10,845,000 — 10,845,000 — — Trading securities 1,159 1,159 — 1,159 — — Available-for-sale securities 700,081 700,081 — 700,081 — — Held-to-maturity securities 15,278,206 15,229,965 — 15,229,965 — — Advances (2) 73,292,172 73,089,912 — 73,089,912 — — Mortgage loans held for portfolio, net 7,979,607 8,106,224 — 8,075,390 30,834 — Accrued interest receivable 94,855 94,855 — 94,855 — — Derivative assets 26,996 26,996 — 15,961 — 11,035 Liabilities: Deposits 804,342 804,140 — 804,140 — — Consolidated Obligations: Discount Notes 77,199,208 77,183,854 — 77,183,854 — — Bonds (3) 35,104,764 35,317,688 — 35,317,688 — — Mandatorily redeemable capital stock 37,895 37,895 37,895 — — — Accrued interest payable 118,823 118,823 — 118,823 — — Derivative liabilities 31,087 31,087 — 83,698 — (52,611 ) Other: Standby bond purchase agreements — 698 — 698 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) Includes (in thousands) $15,057 of Advances recorded under the fair value option at December 31, 2015 . (3) Includes (in thousands) $2,214,590 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2015 . December 31, 2014 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 3,109,970 $ 3,109,970 $ 3,109,970 $ — $ — $ — Interest-bearing deposits 119 119 — 119 — — Securities purchased under agreements to resell 3,343,000 3,343,002 — 3,343,002 — — Federal funds sold 6,600,000 6,600,000 — 6,600,000 — — Trading securities 1,341 1,341 — 1,341 — — Available-for-sale securities 1,349,977 1,349,977 — 1,349,977 — — Held-to-maturity securities 14,712,271 14,794,326 — 14,794,326 — — Advances (2) 70,405,616 70,279,438 — 70,279,438 — — Mortgage loans held for portfolio, net 6,984,683 7,219,198 — 7,178,047 41,151 — Accrued interest receivable 81,384 81,384 — 81,384 — — Derivative assets 14,699 14,699 — 24,531 — (9,832 ) Liabilities: Deposits 729,936 729,782 — 729,782 — — Consolidated Obligations: Discount Notes 41,232,127 41,224,739 — 41,224,739 — — Bonds (3) 59,216,557 59,496,247 — 59,496,247 — — Mandatorily redeemable capital stock 62,963 62,963 62,963 — — — Accrued interest payable 114,781 114,781 — 114,781 — — Derivative liabilities 63,767 63,767 — 149,634 — (85,867 ) Other: Standby bond purchase agreements — 1,381 — 1,381 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014 . (3) Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014 . Summary of Valuation Methodologies and Primary Inputs . Cash and due from banks: The fair value equals the carrying value. Interest-bearing deposits: The fair value is determined based on each security's quoted prices, excluding accrued interest, as of the last business day of the period. Securities purchased under agreements to resell: The fair value of overnight securities purchased under agreements to resell approximates the carrying value. The fair value of term securities purchased under agreements to resell is determined by calculating the present value of the future cash flows and reducing the amount for accrued interest receivable. The discount rates used in these calculations are the rates for securities with similar terms. Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. Federal funds sold: The fair value of overnight Federal funds sold approximates the carrying value. The fair value of term Federal funds sold is determined by calculating the present value of the expected future cash flows. The discount rates used in these calculations are the rates for Federal funds with similar terms, as approximated by adding an estimated current spread to the LIBOR Swap Curve for Federal funds with similar terms. The fair value excludes accrued interest. Trading securities: The FHLB's trading portfolio generally consists of mortgage-backed securities issued by Ginnie Mae. Quoted market prices in active markets are not available for these securities. To value mortgage-backed security holdings, the FHLB obtains prices from four designated third-party pricing vendors, when available. The pricing vendors use various proprietary models to price mortgage-backed securities. The inputs to those models are derived from various sources including, but not limited to: benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers and other market-related data. Because many mortgage-backed securities do not trade on a daily basis, the pricing vendors use available information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to determine the prices for individual securities. Each pricing vendor has an established challenge process in place for all mortgage-backed security valuations, which facilitates resolution of potentially erroneous prices identified by the FHLB. The FHLB has conducted reviews of the pricing methods employed by the third-party vendors, to confirm and further augment its understanding of the vendors' pricing processes, methodologies and control procedures for specific instruments. The FHLB's valuation technique first requires the establishment of a “median” price for each security. If four prices are received, the average of the middle two prices is the median price; if three prices are received, the middle price is the median price; if two prices are received, the average of the two prices is the median price; and if one price is received, it is the median price (and also the final price) subject to validation of outliers. All prices that are within a specified tolerance threshold of the median price are included in the “cluster” of prices that are averaged to compute a “default” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, non-binding dealer estimates, and/or use of an internal model that is deemed most appropriate) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price rather than the default price. Alternatively, if the analysis confirms that an outlier is in fact not representative of fair value and the default price is the best estimate, then the default price is used as the final price. In all cases, the final price is used to determine the fair value of the security. If all prices received for a security are outside the tolerance threshold level of the median price, then there is no default price, and the final price is determined by an evaluation of all outlier prices as described above. Four vendor prices were received for most of the FHLB's mortgage-backed security holdings and the final prices for those securities were computed by averaging the prices received. Based on the FHLB's review of the pricing methods and controls employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices, the FHLB believes its final prices result in reasonable estimates of fair value and further that the fair value measurements are classified appropriately in the fair value hierarchy. Available-for-sale securities: The FHLB's available-for-sale portfolio generally consists of certificates of deposit. Quoted market prices in active markets are not available for these securities. Therefore, the fair value is determined based on each security's indicative fair value obtained from a third-party vendor. The FHLB performs several validation steps in order to verify the accuracy and reasonableness of these fair values. These steps may include, but are not limited to, a detailed review of instruments with significant periodic price changes and a derived fair value from an option-adjusted discounted cash flow methodology using market-observed inputs for the interest rate environment and similar instruments. Held-to-maturity securities: The FHLB's held-to-maturity portfolio generally consists of discount notes issued by Freddie Mac and/or Fannie Mae (non-mortgage-backed securities), and mortgage-backed securities. Quoted market prices are not available for these securities. The fair value for each individual mortgage-backed security is determined by using the third-party vendor approach described above. In general, in order to determine the fair value of its non-mortgage backed securities, the FHLB can use either (a) an income approach based on a market-observable interest rate curve that may be adjusted for a spread, or (b) prices received from third-party pricing vendors. The income approach uses indicative fair values derived from a discounted cash flow methodology. The FHLB believes that both methodologies result in fair values that are reasonable and similar in all material respects based on the nature of the financial instruments being measured. For its discount notes issued by Freddie Mac, and/or Fannie Mae, the FHLB determines the fair value using the income approach. The market-observable interest rate curve used by the FHLB includes the U.S. Government Agency Fair Value Curve. Advances: The FHLB determines the fair values of Advances by calculating the present value of expected future cash flows from the Advances excluding accrued interest. The discount rates used in these calculations are the replacement rates for Advances with similar terms, as approximated either by adding an estimated current spread to the LIBOR Swap Curve or by using current indicative market yields, as indicated by the FHLB's pricing methodologies for Advances with similar current terms. Advance pricing is determined based on the FHLB's rates on Consolidated Obligations. In accordance with Finance Agency regulations, Advances with a maturity and repricing period greater than six months require a prepayment fee sufficient to make the FHLB financially indifferent to the borrower's decision to prepay the Advances. Therefore, the fair value of Advances does not assume prepayment risk. For swapped option-based Advances, the fair value is determined (independently of the related derivative) by the discounted cash flow methodology based on the LIBOR Swap Curve and forward rates at period end adjusted for the estimated current spread on new swapped Advances to the swap curve. For swapped Advances with a conversion option, the conversion option is valued by taking into account the LIBOR Swap Curve and forward rates at period end and the market's expectations of future interest rate volatility implied from current market prices of similar options. Mortgage loans held for portfolio, net: The fair values of performing mortgage loans are determined based on quoted market prices offered to approved members as indicated by the FHLB's MPP pricing methodologies for mortgage loans with similar current terms excluding accrued interest. The quoted prices offered to members are based on Fannie Mae price indications on to-be-announced (TBA) mortgage-backed securities and FHA price indications on government-guaranteed loans. The FHLB then adjusts these indicative prices to account for particular features of the FHLB's MPP that differ from the Fannie Mae and FHA securities. These features include, but may not be limited to, the MPP's credit enhancements, and marketing adjustments that reflect the FHLB's cooperative business model and preferences for particular kinds of loans and mortgage note rates. These quoted prices, however, can change rapidly based upon market conditions and are highly dependent upon the underlying prepayment assumptions. In order to determine the fair values, the loan amounts are also reduced for the FHLB's estimate of expected net credit losses. The fair value of conventional mortgage loans 90 days or more delinquent are based on the estimated values of the underlying collateral or the present value of future cash flows and as such are classified as Level 3 in the fair value hierarchy. Impaired mortgage loans held for portfolio: The estimated fair values of impaired mortgage loans held for portfolio on a non-recurring basis are based on property values obtained from a third-party pricing vendor. Accrued interest receivable and payable: The fair value approximates the carrying value. Derivative assets/liabilities: The FHLB's derivative assets/liabilities generally consist of interest rate swaps, interest rate swaptions, TBA mortgage-backed securities (forward rate agreements), and mortgage delivery commitments. The FHLB's interest rate related derivatives (swaps and swaptions) are traded in the over-the-counter market. Therefore, the FHLB determines the fair value of each individual instrument using market value models that use readily observable market inputs as their basis (inputs that are actively quoted and can be validated to external sources). The FHLB uses a mid-market pricing convention as a practical expedient for fair value measurements within a bid-ask spread. These models reflect the contractual terms, including the period to maturity, as well as the significant inputs noted below. The fair value determination uses the standard valuation technique of discounted cash flow analysis. The FHLB performs several validation steps to verify the reasonableness of the fair value output generated by the primary market value model. In addition to an annual model validation, the FHLB prepares a monthly reconciliation of the model's fair values to estimates of fair values provided by the derivative counterparties. The FHLB believes these processes provide a reasonable basis for it to place continued reliance on the derivative fair values generated by the model. The fair value of TBA mortgage-backed securities is based on independent indicative and/or quoted prices generated by market transactions involving comparable instruments. The FHLB determines the fair value of mortgage delivery commitments using market prices from the TBA/mortgage-backed security market or TBA/Ginnie Mae market and adjustments noted below. The FHLB's discounted cash flow analysis uses market-observable inputs. Inputs, by class of derivative, are as follows: Interest rate swaps and interest rate swaptions: ▪ Discount rate assumption. Overnight Index Swap Curve; ▪ Forward interest rate assumption. LIBOR Swap Curve; and ▪ Volatility assumption. Market-based expectations of future interest rate volatility implied from current market prices for similar options. TBA mortgage-backed securities: ▪ Market-based prices by coupon class and expected term until settlement. Mortgage delivery commitments: ▪ TBA securities prices. Market-based prices by coupon class and expected term until settlement, adjusted to reflect the contractual terms of the mortgage delivery commitments, similar to the mortgage loans held for portfolio process. The adjustments to the market prices are market observable, or can be corroborated with observable market data. The FHLB is subject to credit risk due to the risk of nonperformance by counterparties to its derivative transactions. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in these contracts to mitigate the risk. In addition, the FHLB requires collateral agreements with collateral delivery thresholds on its uncleared derivatives. The FHLB has evaluated the potential for the fair value of the instruments to be impacted by counterparty credit risk and has determined that no adjustments were significant or necessary to the overall fair value measurements. The fair values of the FHLB's derivatives include accrued interest receivable/payable and related cash collateral remitted to/received from counterparties. The estimated fair values of the accrued interest receivable/payable and cash collateral approximate their carrying values due to their short-term nature. Derivatives are presented on a net basis by counterparty when it has met the netting requirements. If these netted amounts are positive, they are classified as an asset and if negative, they are classified as a liability. Deposits: The FHLB determines the fair values of FHLB deposits with fixed rates by calculating the present value of expected future cash flows from the deposits and reducing this amount for accrued interest payable. The discount rates used in these calculations are the cost of deposits with similar terms. Consolidated Obligations: The FHLB determines the fair values of Discount Notes by calculating the present value of expected future cash flows from the Discount Notes excluding accrued interest. The discount rates used in these calculations are current replacement rates for Discount Notes with similar current terms, as approximated by adding an estimated current spread to the LIBOR Swap Curve. Each month's cash flow is discounted at that month's replacement rate. The FHLB determines the fair values of non-option-based Consolidated Obligation Bonds by calculating the present value of scheduled future cash flows from the bonds excluding accrued interest. Inputs used to determine fair value of these Consolidated Obligation Bonds are the discount rates, which are estimated current market yields, as indicated by the Office of Finance, for bonds with similar current terms. The FHLB determines the fair values of option-based Consolidated Obligation Bonds based on pricing received from designated third-party pricing vendors. The pricing vendors used apply various proprietary models to price Consolidated Obligation Bonds. The inputs to those models are derived from various sources including, but not limited to, benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many Consolidated Obligation Bonds do not trade on a daily basis, the pricing vendors use available information, as applicable, such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to determine the prices for individual Consolidated Obligation Bonds. Each pricing vendor has an established challenge process in place for all valuations, which facilitates resolution of potentially erroneous prices identified by the FHLB. When pricing vendors are used, the FHLB's valuation technique first requires the establishment of a “median” price for each Consolidated Obligation Bond. If four prices are received, the average of the middle two prices is the median price; if three prices are received, the middle price is the median price; if two prices are received, the average of the two prices is the median price; and if one price is received, it is the median price (and also the final price) subject to validation of outliers. All prices that are within a specified tolerance threshold of the median price are included in the “cluster” of prices that are averaged to compute a “default” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, non-binding dealer estimates, and/or use of an internal model that is deemed most appropriate) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price rather than the default price. Alternatively, if the analysis confirms that an outlier is in fact not representative of fair value and the default price is the best estimate, then the default price is used as the final price. In all cases, the final price is used to determine the fair value of the security. If all prices received for a Consolidated Obligation Bond are outside the tolerance threshold level of the median price, then there is no default price, and the final price is determined by an evaluation of all outlier prices as described above. Four vendor prices were received for the FHLB's Consolidated Obligation Bonds and the final prices for those bonds were computed by averaging the prices received. Based on the FHLB's review of the pricing methods and controls employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices, the FHLB believes its final prices result in reasonable estimates of fair value and that the fair value measurements are classified appropriately in the fair value hierarchy. The FHLB has conducted reviews of its pricing vendors to confirm and further augment its understanding of the vendors' pricing processes, methodologies and control procedures for Consolidated Obligation Bonds. Adjustments may be necessary to reflect the 11 FHLBanks' credit quality when valuing Consolidated Obligation Bonds measured at fair value. Due to the joint and several liability for Consolidated Obligations, the FHLB monitors its own creditworthiness and the creditworthiness of the other FHLBanks to determine whether any credit adjustments are necessary in its fair value measurement of Consolidated Obligation Bonds. No adjustments were considered necessary at December 31, 2015 or 2014 . Mandatorily redeemable capital stock: The fair value of capital stock subject to mandatory redemption is par value for the dates presented, as indicated by member contemporaneous purchases and sales at par value. FHLB stock can only be acquired by members at par value and redeemed at par value. FHLB stock is not traded and no market mechanism exists for the exchange of stock outside the cooperative structure. Commitments: The fair values of standby bond purchase agreements are based on the present value of the estimated fees taking into account the remaining terms of the agreements. Subjectivity of estimates . Estimates of the fair values of financial assets and liabilities using the methods described above and other methods are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows, prepayment speeds, interest rate volatility, distributions of future interest rates used to value options, and discount rates that appropriately reflect market and credit risks. The judgments also include the parameters, methods, and assumptions used in models to value the options. The use of different assumptions could have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near term changes. Fair Value Measurements . Table 19.2 presents the fair value of financial assets and liabilities that are recorded on a recurring or nonrecurring basis at December 31, 2015 or 2014 , by level within the fair value hierarchy. The FHLB records nonrecurring fair value adjustments to reflect partial write-downs on certain mortgage loans. Table 19.2 - Fair Value Measurements (in thousands) Fair Value Measurements at December 31, 2015 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: Other U.S. obligation single-family mortgage-backed securities $ 1,159 $ — $ 1,159 $ — $ — Available-for-sale securities: Certificates of deposit 700,081 — 700,081 — — Advances 15,057 — 15,057 — — Derivative assets: Interest rate related 24,974 — 13,939 — 11,035 Forward rate agreements 1,680 — 1,680 — — Mortgage delivery commitments 342 — 342 — — Total derivative assets 26,996 — 15,961 — 11,035 Total assets at fair value $ 743,293 $ — $ 732,258 $ — $ 11,035 Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 2,214,590 $ — $ 2,214,590 $ — $ — Derivative liabilities: Interest rate related 29,368 — 81,979 — (52,611 ) Forward rate agreement 69 — 69 — — Mortgage delivery commitments 1,650 — 1,650 — — Total derivative liabilities 31,087 — 83,698 — (52,611 ) Total liabilities at fair value $ 2,245,677 $ — $ 2,298,288 $ — $ (52,611 ) Nonrecurring fair value measurements - Assets (2) Mortgage loans held for portfolio $ 6,270 $ — $ — $ 6,270 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2015 . Fair Value Measurements at December 31, 2014 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: Other U.S. obligation single-family mortgage-backed securities $ 1,341 $ — $ 1,341 $ — $ — Available-for-sale securities: Certificates of deposit 1,349,977 — 1,349,977 — — Advances 15,042 — 15,042 — — Derivative assets: Interest rate related 10,894 — 20,726 — (9,832 ) Forward rate agreements 6 — 6 — — Mortgage delivery commitments 3,799 — 3,799 — — Total derivative assets 14,699 — 24,531 — (9,832 ) Total assets at fair value $ 1,381,059 $ — $ 1,390,891 $ — $ (9,832 ) Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 4,209,640 $ — $ 4,209,640 $ — $ — Derivative liabilities: Interest rate related 58,842 — 144,709 — (85,867 ) Forward rate agreements 4,924 — 4,924 — — Mortgage delivery commitments 1 — 1 — — Total derivative liabilities 63,767 — 149,634 — (85,867 ) Total liabilities at fair value $ 4,273,407 $ — $ 4,359,274 $ — $ (85,867 ) (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. Fair Value Option . The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires a company to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities and commitments, with the changes in fair value recognized in net income. If elected, interest income and interest expense on Advances and Consolidated Bonds carried at fair value are recognized based solely on the contractual amount of interest due or unpaid. Any transaction fees or costs are immediately recognized into other non-interest income or other non-interest expense. The FHLB has elected the fair value option for certain financial instruments that either do not qualify for hedge accounting or may be at risk for not meeting hedge effectiveness requirements. These fair value elections were made primarily in an effort to mitigate the potential income statement volatility that can arise from economic hedging relationships in which the carrying value of the hedged item is not adjusted for changes in fair value. Table 19.3 – Changes in Fair Values for Items Measured at Fair Value Pursuant to the Election of the Fair Value Option (in thousands) For the Years Ended December 31, 2015 2014 2013 Advances Consolidated Bonds Advances Consolidated Bonds Advances Consolidated Bonds Interest income (expense) $ 255 $ (13,201 ) $ 82 $ (5,899 ) $ — $ (4,914 ) Net gains on changes in fair value under fair value option 15 1,042 20 2,154 — 330 Total changes in fair value included in current period earnings $ 270 $ (12,159 ) $ 102 $ (3,745 ) $ — $ (4,584 ) For instruments recorded under the fair value option, the related contractual interest income and contractual interest expense are recorded as part of net interest income on the Statements of Income. The remaining changes in fair value for instruments in which the fair value option has been elected are recorded as “Net gains on financial instruments held under fair value option” in the Statements of Income. The FHLB has determined that no adjustments to the fair values of its instruments recorded under the fair value option for instrument-specific credit risk were necessary as of December 31, 2015 or 2014 . The following table reflects t |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies As previously described, Consolidated Obligations are backed only by the financial resources of the FHLBanks. The joint and several liability Finance Agency regulation authorizes the Finance Agency to require any FHLBank to repay all or a portion of the principal and interest on Consolidated Obligations for which another FHLBank is the primary obligor. No FHLBank has ever been asked or required to repay the principal or interest on any Consolidated Obligation on behalf of another FHLBank, and as of December 31, 2015 , and through the filing date of this report, the FHLB does not believe that it is probable that it will be asked to do so. The FHLB determined that it was not necessary to recognize a liability for the fair values of its joint and several obligation related to other FHLBanks' Consolidated Obligations at December 31, 2015 or 2014 . The joint and several obligations are mandated by Finance Agency regulations and are not the result of arms-length transactions among the FHLBanks. The FHLBanks have no control over the amount of the guaranty or the determination of how each FHLBank would perform under the joint and several obligation. Table 20.1 - Off-Balance Sheet Commitments (in thousands) December 31, 2015 December 31, 2014 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Standby Letters of Credit outstanding $ 19,417,093 $ 137,995 $ 19,555,088 $ 17,233,206 $ 546,385 $ 17,779,591 Commitments for standby bond purchases 85,865 36,510 122,375 37,490 149,705 187,195 Commitments to purchase mortgage loans 449,856 — 449,856 451,292 — 451,292 Unsettled Consolidated Bonds, at par (1)(2) 60,000 — 60,000 17,000 — 17,000 Unsettled Consolidated Discount Notes, at par (1) — — — 5,000 — 5,000 (1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. (2) Of the total unsettled Consolidated Bonds, $0 and $17,000 (in thousands) were hedged with associated interest rate swaps at December 31, 2015 and 2014 , respectively. Standby Letters of Credit. A Standby Letter of Credit is a financing arrangement between the FHLB and its member. Standby Letters of Credit are executed for members for a fee. If the FHLB is required to make payment for a beneficiary's draw, the payment amount is converted into a collateralized Advance to the member. These Standby Letters of Credit have original expiration periods of up to 19 years, currently expiring no later than 2024. Unearned fees and the value of guarantees related to Standby Letters of Credit are recorded in other liabilities and amounted to (in thousands) $4,666 and $4,441 at December 31, 2015 and 2014 . The FHLB monitors the creditworthiness of its members that have Standby Letters of Credit. In addition, Standby Letters of Credit are fully collateralized at the time of issuance. As a result, the FHLB has deemed it unnecessary to record any additional liability on these commitments. Standby Bond Purchase Agreements. The FHLB has executed standby bond purchase agreements with one state housing authority whereby the FHLB, for a fee, agrees as a liquidity provider if required, to purchase and hold the authority's bonds until the designated marketing agent can find a suitable investor or the housing authority repurchases the bonds according to a schedule established by the standby agreement. Each standby agreement dictates the specific terms that would require the FHLB to purchase the bonds. The bond purchase commitments entered into by the FHLB have original expiration periods up to 5 years, currently no later than 2020 , although some are renewable at the option of the FHLB. During 2015 and 2014 , the FHLB was not required to purchase any bonds under these agreements. Commitments to Purchase Mortgage Loans. The FHLB enters into commitments that unconditionally obligate the FHLB to purchase mortgage loans. Commitments are generally for periods not to exceed 90 days. The delivery commitments are recorded as derivatives at their fair values. Pledged Collateral. The FHLB may pledge securities, as collateral, related to derivatives. See Note 11 - Derivatives and Hedging Activities for additional information about the FHLB's pledged collateral and other credit-risk-related contingent features. Lease Commitments. The FHLB charged to operating expenses net rental and related costs of approximately $1,966,000 , $1,816,000 , and $1,713,000 for the years ending December 31, 2015 , 2014 , and 2013 . Table 20.2 - Future Minimum Rentals for Operating Leases (in thousands) Year Premises Equipment Total 2016 $ 768 $ 146 $ 914 2017 771 143 914 2018 791 72 863 2019 796 — 796 2020 812 — 812 Thereafter 5,053 — 5,053 Total $ 8,991 $ 361 $ 9,352 Lease agreements for FHLB premises generally provide for increases in the basic rentals resulting from increases in property taxes and maintenance expenses. Such increases are not expected to have a material effect on the FHLB. Legal Proceedings . From time to time, the FHLB is subject to legal proceedings arising in the normal course of business. In March 2010, the FHLB was advised by representatives of the Lehman Brothers Holdings, Inc. bankruptcy estate that they believed that the FHLB had been unjustly enriched in connection with the close out of its interest rate swap transactions with Lehman at the time of the Lehman bankruptcy in 2008 and that the bankruptcy estate was entitled to the $ 43 million difference between the settlement amount the FHLB paid Lehman in connection with the close-out transactions and the market value payment the FHLB received when replacing the swaps with other counterparties. In May 2010, the FHLB received a Derivatives Alternative Dispute Resolution notice from the Lehman bankruptcy estate with a settlement demand of $ 65.8 million , plus interest accruing primarily at LIBOR plus 14.5 percent since the bankruptcy filing, based on their view of how the settlement amount should have been calculated. In accordance with the Alternative Dispute Resolution Order of the Bankruptcy Court administering the Lehman estate, senior management of the FHLB participated in a non-binding mediation in New York in August 2010, and counsel for the FHLB continued discussions with the court-appointed mediator for several weeks thereafter. The mediation concluded in October 2010 without a settlement of the claims asserted by the Lehman bankruptcy estate. In April 2013, Lehman Brothers Special Financing Inc., through Lehman Brothers Holdings Inc. and the Plan Administrator under the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors, filed an adversary complaint in the United States Bankruptcy Court for the Southern District of New York against the FHLB seeking (a) a declaratory judgment on the interpretation of certain provisions and the calculation of amounts due under the agreement governing the 2008 swap transactions described above, and (b) additional amounts alleged as due as part of the termination of such transactions. The FHLB believes that it correctly calculated, and fully satisfied its obligation to Lehman in September 2008, and the FHLB intends to vigorously defend itself. The FHLB also is subject to other legal proceedings arising in the normal course of business. The FHLB would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the FHLB's financial condition or results of operations. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 12 Months Ended |
Dec. 31, 2015 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions with Other FHLBanks [Text Block] | Transactions with Other FHLBanks The FHLB notes all transactions with other FHLBanks on the face of its financial statements. Occasionally, the FHLB loans short-term funds to and borrows short-term funds from other FHLBanks. These loans and borrowings are transacted at then current market rates when traded. There were no such loans or borrowings outstanding at December 31, 2015 , 2014 , or 2013 . The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the for the years ended December 31 . Table 21.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands) Average Daily Balances for the Years Ended December 31, 2015 2014 2013 Loans to other FHLBanks $ — $ 438 $ 3,740 Borrowings from other FHLBanks 68 68 4,110 In addition, the FHLB may, from time to time, assume the outstanding primary liability for Consolidated Obligations of another FHLBank (at then current market rates on the day when the transfer is traded) rather than issuing new debt for which the FHLB is the primary obligor. The FHLB then becomes the primary obligor on the transferred debt. There are no formal arrangements governing the transfer of Consolidated Obligations between the FHLBanks, and these transfers are not investments of one FHLBank in another FHLBank. Transferring debt at current market rates enables the FHLBank System to satisfy the debt issuance needs of individual FHLBanks without incurring the additional selling expenses (concession fees) associated with new debt. It also provides the transferring FHLBanks with outlets for extinguishing debt structures no longer required for their balance sheet management strategies. There were no Consolidated Obligations transferred to the FHLB during the years ended December 31, 2015 , 2014 , or 2013 . The FHLB had no Consolidated Obligations transferred to other FHLBanks during these periods. |
Transactions with Stockholders
Transactions with Stockholders | 12 Months Ended |
Dec. 31, 2015 | |
Transactions with Stockholders [Abstract] | |
Transactions with Stockholders [Text Block] | Transactions with Stockholders As a cooperative, the FHLB's capital stock is owned by its members, by former members that retain the stock as provided in the FHLB's Capital Plan and by nonmember institutions that have acquired members and must retain the stock to support Advances or other activities with the FHLB. All Advances are issued to members and all mortgage loans held for portfolio are purchased from members. The FHLB also maintains demand deposit accounts for members, primarily to facilitate settlement activities that are directly related to Advances and mortgage loan purchases. Additionally, the FHLB may enter into interest rate swaps with its stockholders. The FHLB may not invest in any equity securities issued by its stockholders and it has not purchased any mortgage-backed securities securitized by, or other direct long-term investments in, its stockholders. For financial statement purposes, the FHLB defines related parties as those members with more than 10 percent of the voting interests of the FHLB capital stock outstanding. Federal legislation prescribes the voting rights of members in the election of both member and independent directors. For member directorships, the Finance Agency designates the number of member directorships in a given year and an eligible voting member may vote only for candidates seeking election in its respective state. For independent directorships, the FHLB's Board of Directors nominates candidates to be placed on the ballot in an at-large election. For both member and independent directorship elections, a member is entitled to vote one share of required capital stock, subject to a statutory limitation, for each applicable directorship. Under this limitation, the total number of votes that a member may cast is limited to the average number of shares of the FHLB's capital stock that were required to be held by all members in that state as of the record date for voting. Nonmember stockholders are not eligible to vote in director elections. Due to the abovementioned statutory limitation, no member owned more than 10 percent of the voting interests of the FHLB at December 31, 2015 or 2014 . All transactions with stockholders are entered into in the ordinary course of business. Finance Agency regulations require the FHLB to offer the same pricing for Advances and other services to all members regardless of asset or transaction size, charter type, or geographic location. However, the FHLB may, in pricing its Advances, distinguish among members based upon its assessment of the credit and other risks to the FHLB of lending to any particular member or upon other reasonable criteria that may be applied equally to all members. The FHLB's policies and procedures require that such standards and criteria be applied consistently and without discrimination to all members applying for Advances. Transactions with Directors' Financial Institutions. In the ordinary course of its business, the FHLB may provide products and services to members whose officers or directors serve as directors of the FHLB (Directors' Financial Institutions). Finance Agency regulations require that transactions with Directors' Financial Institutions be made on the same terms as those with any other member. The following table reflects balances with Directors' Financial Institutions for the items indicated below. The FHLB had no mortgage-backed securities or derivatives transactions with Directors' Financial Institutions at December 31, 2015 or 2014 . Table 22.1 - Transactions with Directors' Financial Institutions (dollars in millions) December 31, 2015 December 31, 2014 Balance % of Total (1) Balance % of Total (1) Advances $ 3,867 5.3 % $ 2,929 4.2 % MPP 186 2.4 154 2.3 Regulatory capital stock 236 5.3 225 5.2 (1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. Concentrations. The following table shows regulatory capital stock balances, outstanding Advance principal balances, and unpaid principal balances of mortgage loans held for portfolio at the dates indicated to stockholders holding five percent or more of regulatory capital stock and include any known affiliates that are members of the FHLB. Table 22.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions) Regulatory Capital Stock Advance MPP Unpaid December 31, 2015 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,533 34 % $ 35,350 $ — U.S. Bank, N.A. 475 11 10,086 33 Fifth Third Bank 248 6 20 3 Regulatory Capital Stock Advance MPP Unpaid December 31, 2014 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,533 35 % $ 41,300 $ — U.S. Bank, N.A. 475 11 8,338 38 Fifth Third Bank 248 6 24 3 Nonmember Affiliates. The FHLB has relationships with three nonmember affiliates, the Kentucky Housing Corporation, the Ohio Housing Finance Agency and the Tennessee Housing Development Agency. The FHLB had no investments in or borrowings to any of these nonmember affiliates at December 31, 2015 or 2014 . The FHLB has executed standby bond purchase agreements with one state housing authority whereby the FHLB, for a fee, agrees as a liquidity provider if required, to purchase and hold the authority's 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. For the years ended December 31, 2015 and 2014 , the FHLB was not required to purchase any bonds under these agreements. |
Recently Issued Accounting St31
Recently Issued Accounting Standards and Interpretations Recently Issued Accounting Standards and Interpretations (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The FHLB's accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (GAAP). |
Cash and Cash Equivalents, Policy [Policy Text Block] | In the Statements of Cash Flows, the FHLB considers non-interest bearing cash and due from banks as cash and cash equivalents. Federal funds sold are not treated as cash equivalents for purposes of the Statements of Cash Flows, but are instead treated as short-term investments and are reflected in the investing activities section of the Statements of Cash Flows. |
Subsequent Events, Policy [Policy Text Block] | The FHLB has evaluated subsequent events for potential recognition or disclosure through the issuance of these financial statements and believes there have been no material subsequent events requiring additional disclosure or recognition in these financial statements. |
Use of Estimates, Policy [Policy Text Block] | The preparation of financial statements in accordance with GAAP requires management to make subjective assumptions and estimates. These assumptions and estimates affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ from these estimates. |
Fair Value Measurement, Policy [Policy Text Block] | Some of the FHLB's financial instruments lack an available trading market with prices characterized as those 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. Therefore, the FHLB uses pricing services and/or internal models employing significant estimates and present value calculations when disclosing fair values. |
Interest Bearing Deposits, Securities Purchased Under Agreements To Resell And Federal Funds Sold [Policy Text Block] | These investments provide short-term liquidity and are carried at cost. Interest bearing deposits include certificates of deposits (CDs) not meeting the definition of an investment security. The FHLB treats securities purchased under agreements to resell as short-term collateralized loans, which are classified as assets on the Statements of Condition. Securities purchased under agreements to resell are held in safekeeping in the name of the FHLB by third-party custodians approved by the FHLB. If the market value of the underlying securities decrease below the market value required as collateral, the counterparty has the option to (1) place an equivalent amount of additional securities in safekeeping in the name of the FHLB or (2) remit an equivalent amount of cash. Federal funds sold consist of short-term, unsecured loans generally transacted with counterparties that are considered by the FHLB to be of investment quality. |
Marketable Securities, Trading Securities, Policy [Policy Text Block] | Securities classified as trading are acquired for liquidity purposes and asset/liability management and carried at fair value. The FHLB records changes in the fair value of these securities through other income as a net gain or loss on trading securities. However, the FHLB does not participate in speculative trading practices and holds these investments indefinitely as management periodically evaluates its liquidity needs. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Securities that are not classified as held-to-maturity or trading are classified as available-for-sale and are carried at fair value. The change in fair value of available-for-sale securities is recorded in other comprehensive income as a net unrealized gain or loss on available-for-sale securities. |
Marketable Securities, Held-to-maturity Securities, Policy [Policy Text Block] | Securities that the FHLB has both the ability and intent to hold to maturity are classified as held-to-maturity and are carried at amortized cost, representing the amount at which an investment is acquired adjusted for periodic principal repayments, amortization of premiums and accretion of discounts. |
Investment, Policy [Policy Text Block] | Premiums and Discounts. The FHLB amortizes purchased premiums and accretes purchased discounts on mortgage-backed securities and other investment categories with a term of greater than one year using the retrospective level-yield method (retrospective method). The retrospective method requires that the FHLB estimate prepayments over the estimated life of the securities and make a retrospective adjustment of the effective yield each time that the FHLB changes the estimated life and/or prepayments as if the new estimate had been known since the original acquisition date of the securities. The FHLB uses nationally recognized third-party prepayment models to project estimated cash flows. Due to their short term nature, the FHLB amortizes premiums and accretes discounts on other investment categories with a term of one year or less using a straight-line methodology based on the contractual maturity of the securities. Analyses of the straight-line compared to the level-yield methodology have been performed by the FHLB and it has determined that the impact of the difference on the financial statements for each period reported, taken individually and as a whole, is not material. Gains and Losses on Sales. The FHLB computes gains and losses on sales of investment securities using the specific identification method and includes these gains and losses in other income. |
Federal Home Loan Bank Advances, Policy [Policy Text Block] | The FHLB reports Advances (loans to members, former members or housing associates) either at amortized cost or at fair value when the fair value option is elected. Advances carried at amortized cost are reported net of premiums, discounts (including discounts on Advances related to the Affordable Housing Program (AHP), as discussed below), unearned commitment fees and hedging adjustments. The FHLB amortizes the premiums and accretes the discounts on Advances to interest income using a level-yield methodology. The FHLB records interest on Advances to income as earned. For Advances carried at fair value, interest income is recognized based on the contractual interest rate. Advance Modifications. In cases in which the FHLB funds a new Advance concurrent with or within a short period of time before or after the prepayment of an existing Advance, the FHLB evaluates whether the new Advance meets the accounting criteria to qualify as a modification of an existing Advance or whether it constitutes a new Advance. The FHLB compares the present value of cash flows on the new Advance to the present value of cash flows remaining on the existing Advance. If there is at least a 10 percent difference in the cash flows, or if the FHLB concludes the differences between the Advances are more than minor based on qualitative factors, the Advance is accounted for as a new Advance. In all other instances, the new Advance is accounted for as a modification. Prepayment Fees. The FHLB charges a borrower a prepayment fee when the borrower prepays certain Advances before the original maturity. The FHLB records prepayment fees, net of basis adjustments related to hedging activities included in the carrying value of the Advances, as “Prepayment fees on Advances, net” in the interest income section of the Statements of Income. If a new Advance qualifies as a modification of the existing Advance, the net prepayment fee on the prepaid Advance is deferred, recorded in the basis of the modified Advance, and amortized/accreted using a level-yield methodology over the life of the modified Advance to Advance interest income. For prepaid Advances that are hedged and meet the hedge accounting requirements, the FHLB terminates the hedging relationship upon prepayment and records the associated fair value gains and losses, adjusted for the prepayment fees, in interest income. If the new Advance qualifies as a modification of the original hedged Advance, the fair value gains or losses of the Advance and the prepayment fees are included in the basis of the modified Advance, and gains or losses and prepayment fees are amortized in interest income over the life of the modified Advance using a level-yield methodology. If the modified Advance also is hedged and the hedge meets the hedging criteria, the modified Advance is marked to fair value after the modification, and subsequent fair value changes are recorded in other income. If a new Advance does not qualify as a modification of an existing Advance, the existing Advance is treated as an Advance termination with subsequent funding of a new Advance and the existing fees, net of related hedging adjustments, are recorded in interest income as “Prepayment fees on Advances, net.” The FHLB defers commitment fees for Advances and amortizes them to interest income using a level-yield methodology. Refundable fees are deferred until the commitment expires or until the Advance is made. The FHLB records commitment fees for Standby Letters of Credit as a deferred credit when it receives the fees and accretes them using a straight-line methodology over the term of the Standby Letter of Credit. Based upon past experience, the FHLB's management believes that the likelihood of Standby Letters of Credit being drawn upon is remote. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | The FHLB classifies mortgage loans as held for portfolio and, accordingly, reports them at their principal amount outstanding net of unamortized premiums and discounts and mark-to-market basis adjustments on loans initially classified as mortgage loan commitments. The FHLB has the intent and ability to hold these mortgage loans to maturity. |
Loans and Leases Receivable, Origination Fees, Discounts or Premiums, and Direct Costs to Acquire Loans Policy [Policy Text Block] | The FHLB defers and amortizes premiums and accretes discounts paid to and received by the FHLB's participating members (Participating Financial Institutions, or PFIs) and mark-to-market basis adjustments, as interest income using the retrospective method. The FHLB aggregates the mortgage loans by similar characteristics (type, maturity, note rate and acquisition date) in determining prepayment estimates for the retrospective method. Other Fees. The FHLB may receive non-origination fees, called pair-off fees. Pair-off fees represent a make-whole provision and are assessed when a member fails to deliver the quantity of loans committed to in a Mandatory Delivery Contract. Pair-off fees are recorded in other income. A Mandatory Delivery Contract is a legal commitment the FHLB makes to purchase, and a PFI makes to deliver, a specified dollar amount of mortgage loans, with a forward settlement date, at a specified range of mortgage note rates and prices. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | An allowance for credit losses is separately established for each identified portfolio segment, if it is probable that a loss triggering event has occurred in the FHLB's portfolio as of the Statements of Condition date and the amount of loss can be reasonably estimated. To the extent necessary, an allowance for credit losses for off-balance sheet credit exposures is recorded as a liability. See Note 10 for details on each allowance methodology. Portfolio Segments. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology for determining its allowance for credit losses. The FHLB has developed and documented a systematic methodology for determining an allowance for credit losses, where applicable, for (1) Advances, letters of credit and other extensions of credit to members, collectively referred to as “credit products”; (2) Federal Housing Administration (FHA) mortgage loans held for portfolio; and (3) conventional mortgage loans held for portfolio. Classes of Financing Receivables. Classes of financing receivables generally are a disaggregation of a portfolio segment to the extent needed to understand the exposure to credit risk arising from these financing receivables. The FHLB determined that no further disaggregation of the portfolio segments identified above is needed as the credit risk arising from these financing receivables is assessed and measured by the FHLB at the portfolio segment level. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] | Loans that are on non-accrual status and that are considered collateral-dependent are measured for impairment based on the fair value of the underlying property (net of estimated selling costs) and the amount of applicable credit enhancements. Loans are considered collateral-dependent if repayment is expected to be provided solely by the sale of the underlying property, that is, there is no other available and reliable source of repayment. Collateral-dependent loans are impaired if the fair value of the underlying collateral is insufficient to recover the unpaid principal balance on the loan. Interest income on impaired loans is recognized in the same manner as non-accrual loans noted below. Non-accrual Loans. The FHLB places a conventional mortgage loan on non-accrual status if it is determined that either (1) the collection of interest or principal is doubtful (e.g., when a related allowance for credit losses is recorded on a loan considered to be a troubled debt restructuring as a result of the individual evaluation for impairment), or (2) interest or principal is past due for 90 days or more, except when the loan is well-secured and in the process of collection (e.g., through credit enhancements and with monthly settlements on a schedule/scheduled basis). Loans with settlements on a schedule/scheduled basis means the FHLB receives monthly principal and interest payments from the servicer regardless of whether the mortgagee is making payments to the servicer. Loans with monthly settlement on an actual/actual basis are considered well-secured; however, servicers of actual/actual loan types contractually do not advance principal and interest regardless of borrower creditworthiness. As a result, these loans are placed on non-accrual status once they become 90 days delinquent. For those mortgage loans placed on non-accrual status, accrued but uncollected interest is reversed against interest income. The FHLB records cash payments received on non-accrual loans first as interest income and then as a reduction of principal as specified in the contractual agreement, unless the collection of the remaining principal amount due is considered doubtful. If the collection of the remaining principal amount due is considered doubtful, cash payments received are applied first solely to principal until the remaining principal amount due is expected to be collected and then as a recovery of any charge-off, if applicable, followed by recording interest income. A loan on non-accrual status may be restored to accrual status when (1) none of its contractual principal and interest is due and unpaid, and the FHLB expects repayment of the remaining contractual interest and principal, or (2) it otherwise becomes well secured and in the process of collection. |
Property, Plant and Equipment, Policy [Policy Text Block] | The FHLB records premises, software and equipment at cost less accumulated depreciation and amortization. The FHLB's accumulated depreciation and amortization related to these items was $20,867,000 and $18,556,000 at December 31, 2015 and 2014 . The FHLB computes depreciation on a straight-line methodology over the estimated useful lives of assets ranging from three to ten years. The FHLB amortizes leasehold improvements on a straight-line basis over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The FHLB capitalizes improvements and major renewals but expenses ordinary maintenance and repairs when incurred. |
Internal Use Software, Policy [Policy Text Block] | The cost of computer software developed or obtained for internal use is capitalized and amortized over future periods. |
Derivatives, Embedded Derivatives [Policy Text Block] | The FHLB may issue debt, make Advances, or purchase financial instruments in which a derivative instrument is “embedded.” Upon execution of these transactions, the FHLB assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the Advance, debt, or purchased financial instrument (the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When the FHLB determines that (1) the embedded derivative has economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as a stand-alone derivative instrument pursuant to an economic hedge. However, the entire contract is carried at fair value and no portion of the contract is designated as a hedging instrument if the entire contract (the host contract and the embedded derivative) is to be measured at fair value, with changes in fair value reported in current-period earnings (such as an investment security classified as “trading” as well as hybrid financial instruments that are selected for the fair value option), or if the FHLB cannot reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract. |
Derivatives, Hedge Discontinuances [Policy Text Block] | The FHLB discontinues hedge accounting prospectively when: (1) it determines that the derivative is no longer effective in offsetting changes in the fair value of a hedged item attributable to the hedged risk; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; or (3) management determines that designating the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued because the FHLB determines that the derivative no longer qualifies as an effective fair value hedge of an existing hedged item, the FHLB continues to carry the derivative on the Statements of Condition at its fair value, ceases to adjust the hedged asset or liability for changes in fair value, and amortizes the cumulative basis adjustment on the hedged item into earnings over the remaining life of the hedged item using a level-yield methodology. |
Debt, Policy [Policy Text Block] | Consolidated Obligations are recorded at amortized cost unless the FHLB has elected the fair value option, in which case the Consolidated Obligations are carried at fair value. Concessions. Dealers receive concessions in connection with the issuance of certain Consolidated Obligations. The Office of Finance prorates the amount of the concession to the FHLB based upon the percentage of the debt issued that is assumed by the FHLB. Concessions paid on Consolidated Obligations designated under the fair value option are expensed as incurred in other non-interest expense. Concessions paid on Consolidated Obligation Bonds not designated under the fair value option are deferred and amortized, using a level-yield methodology, over the terms to maturity or the expected lives of the Consolidated Obligation Bonds. Unamortized concessions are included in “Other assets,” and the amortization of those concessions is included in Consolidated Obligation Bond interest expense. The FHLB charges to expense as incurred the concessions applicable to Consolidated Obligation Discount Notes because of the short maturities of these Notes. Analyses of expensing concessions as incurred compared to a level-yield methodology have been performed by the FHLB, and it has determined that the impact of the difference on the financial statements for each period reported, taken individually and as a whole, is not material. Discounts and Premiums. The FHLB accretes the discounts and amortizes the premiums on Consolidated Obligation Bonds to interest expense using a level-yield methodology over the terms to maturity or estimated lives of the corresponding Consolidated Obligation Bonds. Due to their short-term nature, the FHLB expenses the discounts on Consolidated Obligation Discount Notes using a straight-line methodology over the term of the Notes. Analyses of a straight-line compared to a level-yield methodology have been performed by the FHLB, and the FHLB has determined that the impact of the difference on the financial statements for each period reported, taken individually and as a whole, is not material. |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] | The FHLB reclassifies stock subject to redemption from equity to liability upon expiration of the “grace period” after a member provides written notice of redemption, gives notice of intent to withdraw from membership, or attains nonmember status by merger or acquisition, charter termination, or involuntary termination from membership, because the member shares then meet the definition of a mandatorily redeemable financial instrument. Shares meeting this definition are reclassified to a liability at fair value. Dividends declared on shares classified as a liability are accrued at the expected dividend rate and reflected as interest expense in the Statements of Income. The repurchase or redemption of mandatorily redeemable capital stock is reflected as a cash outflow in the financing activities section of the Statements of Cash Flows. If a member cancels its written notice of redemption or notice of withdrawal, the FHLB reclassifies the mandatorily redeemable capital stock from a liability to equity. After the reclassification, dividends on the capital stock are no longer classified as interest expense. |
Regulator Expenses Cost Assessed On Federal Home Loan Bank, Policy [Policy Text Block] | The FHLB funds its proportionate share of the costs of operating the Finance Agency. The portion of the Finance Agency's expenses and working capital fund paid by each FHLBank has been allocated based on each FHLBank's pro rata share of total annual assessments (which are based on the ratio between each FHLBank's minimum required regulatory capital and the aggregate minimum required regulatory capital of every FHLBank). |
Office Of Finance Cost Assessed On Federal Home Loan Bank, Policy [Policy Text Block] | The FHLB is assessed for its proportionate share of the costs of operating the Office of Finance. Each FHLBank's proportionate share of Office of Finance operating and capital expenditures is calculated using a formula that is based upon the following components: (1) two-thirds based upon each FHLBank's share of total Consolidated Obligations outstanding and (2) one-third based upon an equal pro rata allocation. |
Federal Home Loan Bank Assessments, Policy [Policy Text Block] | The FHLBank Act requires each FHLBank to establish and fund an AHP. The FHLB charges the required funding for AHP to earnings and establishes a liability. The AHP funds provide subsidies to members to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. The FHLB issues AHP Advances at interest rates below the customary interest rate for non-subsidized Advances. When the FHLB makes an AHP Advance, the present value of the variation in the cash flow caused by the difference in the interest rate between the AHP Advance rate and the FHLB's related cost of funds for comparable maturity funding is charged against the AHP liability and recorded as a discount on the AHP Advance. As an alternative, the FHLB also has the authority to make the AHP subsidy available to members as a grant. The discount on AHP Advances is accreted to interest income on Advances using a level-yield methodology over the life of the Advance. |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Nonperforming Loans Policy [Policy Text Block] | Mortgage Loans Held for Portfolio - FHA The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. The FHLB expects to recover any losses from such loans from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status. Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP) The FHLB determines the allowance for conventional loans through analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors. Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The FHLB performs the credit risk analysis of all conventional mortgage loans at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a member in which the member agrees to make a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates, based on historical experience, how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses. Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. The FHLB removes specifically identified loans evaluated for impairment from the collectively evaluated mortgage loan population. Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls as of the reporting date. |
Derivatives, Policy [Policy Text Block] | Types of Derivatives The FHLB may enter into interest rate swaps (including callable and putable swaps), swaptions, interest rate cap and floor agreements, calls, puts, futures, and forward contracts to manage its exposure to changes in interest rates. Interest rate swaps - An interest rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be paid and the manner in which the cash flows will be calculated. One of the simplest forms of an interest rate swap involves the promise by one party to pay cash flows equivalent to the interest on a notional principal amount at a predetermined fixed rate for a given period of time. In return for this promise, this party receives cash flows equivalent to the interest on the same notional principal amount at a variable-rate index for the same period of time. The variable-rate transacted by the FHLB in its derivatives is LIBOR. Swaptions - A swaption is an option on a swap that gives the buyer the right to enter into a specified interest rate swap at a certain time in the future. The FHLB may enter into both payer swaptions and receiver swaptions. A payer swaption is the option to make fixed interest payments at a later date and a receiver swaption is the option to receive fixed interest payments at a later date. Forwards Contracts - The FHLB may use forward contracts in order to hedge interest-rate risk. For example, certain mortgage purchase commitments entered into by the FHLB are considered derivatives. The FHLB may hedge these commitments by selling to-be-announced (TBA) mortgage-backed securities for forward settlement. A TBA represents a forward contract for the sale of mortgage-backed securities at a future agreed upon date for an established price. Application of Derivatives The FHLB may use certain derivatives as fair value hedges of associated financial instruments. However, because the FHLB uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives, it may enter into derivatives that do not necessarily qualify for hedge accounting (economic hedges). The FHLB re-evaluates its hedging strategies from time to time and may change the hedging techniques it uses or adopt new strategies. |
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | The FHLB documents at inception all relationships between derivatives designated as hedging instruments and the hedged items, its risk management objectives and strategies for undertaking various hedge transactions, and its method of assessing effectiveness. This process includes linking all derivatives that are designated as fair value hedges to assets and liabilities on the Statements of Condition. |
Derivatives, Methods of Accounting, Hedge Effectiveness [Policy Text Block] | The FHLB also formally assesses (both at the hedge's inception and at least quarterly) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of the hedged items and whether those derivatives may be expected to remain effective in future periods. The FHLB currently uses regression analyses to assess the effectiveness of its hedges. |
Segment Reporting, Policy [Policy Text Block] | The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders. The FHLB, as an interest rate spread manager, considers a segment's net interest income, net interest rate spread and, ultimately, net income as the key factors in allocating resources. Resource allocation decisions are made by considering these profitability measures in the context of the historical, current and expected risk profile of each segment and the entire balance sheet, as well as current incremental profitability measures relative to the incremental market risk profile. Overall financial performance and risk management are dynamically managed primarily at the level of, and within the context of, the entire balance sheet rather than at the level of individual business segments or product lines. Also, the FHLB hedges specific asset purchases and specific subportfolios in the context of the entire mortgage asset portfolio and the entire balance sheet. Under this holistic approach, the market risk/return profile of each business segment does not correspond, in general, to the performance that each segment would generate if it were completely managed on a separate basis, and it is not possible to accurately determine what the performance would be if the two business segments were managed on a stand-alone basis. Further, because financial and risk management is a dynamic process, the performance of a segment over a single identified period may not reflect the long-term expected or actual future trends for the segment. The Traditional Member Finance segment includes products such as Advances and investments and the borrowing costs related to those assets. The FHLB assigns its investments to this segment primarily because they historically have been used to provide liquidity for Advances and to support the level and volatility of earnings from Advances. All interest rate swaps and a portion of swaptions, including their market value adjustments, are allocated to the Traditional Member Finance segment. The FHLB executed all of its interest rate swaps in its management of market risk for the Traditional Member Finance segment. The FHLB enters into swaptions to minimize the prepayment risk in its overall mortgage asset portfolio. Income from the MPP is derived primarily from the difference, or spread, between the yield on mortgage loans and the borrowing cost of Consolidated Obligations outstanding allocated to this segment at the time debt is issued. MPP income also includes the gains (losses) on derivatives associated with the MPP segment, comprising all mortgage delivery commitments and forward rate agreements and a portion of swaptions. Both segments also earn income from investment of interest-free capital. Capital is allocated proportionate to each segment's average assets based on the total balance sheet's average capital-to-assets ratio. Expenses are allocated based on cost accounting techniques that include direct usage, time allocations and square footage of space used. AHP assessments are calculated using the current assessment rates based on the income before assessments for each segment. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. |
Fair Value Transfer, Policy [Policy Text Block] | The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. |
Trading Securities (Tables)
Trading Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Trading Securities (and Certain Trading Assets) [Table Text Block] | Trading Securities by Major Security Types (in thousands) Fair Value December 31, 2015 December 31, 2014 Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (1) $ 1,159 $ 1,341 Total $ 1,159 $ 1,341 (1) Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities. |
Trading Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Gain (Loss) on Investments [Table Text Block] | Net Losses on Trading Securities (in thousands) For the Years Ended December 31, 2015 2014 2013 Net losses on trading securities held at period end $ (18 ) $ (9 ) $ (19 ) Net losses on trading securities $ (18 ) $ (9 ) $ (19 ) |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities by Major Security Types (in thousands) December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 700,000 $ 81 $ — $ 700,081 Total $ 700,000 $ 81 $ — $ 700,081 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 1,350,001 $ 3 $ (27 ) $ 1,349,977 Total $ 1,350,001 $ 3 $ (27 ) $ 1,349,977 |
Available-for-sale Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available-for-Sale Securities by Contractual Maturity (in thousands) December 31, 2015 December 31, 2014 Year of Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 700,000 $ 700,081 $ 1,350,001 $ 1,349,977 |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | Interest Rate Payment Terms of Available-for-Sale Securities (in thousands) December 31, 2015 December 31, 2014 Amortized cost of available-for-sale securities: Fixed-rate $ 700,000 $ 1,350,001 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity Securities [Table Text Block] | Held-to-Maturity Securities by Major Security Types (in thousands) December 31, 2015 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-mortgage-backed securities: Government-sponsored enterprises (GSE) (2) $ 32,683 $ — $ — $ 32,683 Total non-mortgage-backed securities 32,683 — — 32,683 Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (3) 3,894,432 3,629 (25,292 ) 3,872,769 GSE single-family mortgage-backed securities (4) 10,891,089 122,044 (148,589 ) 10,864,544 GSE multi-family mortgage-backed securities (4) 460,002 — (33 ) 459,969 Total mortgage-backed securities 15,245,523 125,673 (173,914 ) 15,197,282 Total $ 15,278,206 $ 125,673 $ (173,914 ) $ 15,229,965 December 31, 2014 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-mortgage-backed securities: GSE (2) $ 26,099 $ — $ — $ 26,099 Total non-mortgage-backed securities 26,099 — — 26,099 Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (3) 2,038,960 10,021 (1,017 ) 2,047,964 GSE single-family mortgage-backed securities (4) 12,647,212 191,870 (118,819 ) 12,720,263 Total mortgage-backed securities 14,686,172 201,891 (119,836 ) 14,768,227 Total $ 14,712,271 $ 201,891 $ (119,836 ) $ 14,794,326 (1) Carrying value equals amortized cost. (2) Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. (3) Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government. (4) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. |
Held-to-maturity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Premiums (Discounts) Included in Amortized Cost of Securities [Table Text Block] | Net Purchased Premiums (Discounts) Included in the Amortized Cost of Mortgage-backed Securities Classified as Held-to-Maturity (in thousands) December 31, 2015 December 31, 2014 Premiums $ 84,450 $ 24,473 Discounts (40,667 ) (51,357 ) Net purchased premiums (discounts) $ 43,783 $ (26,884 ) |
Schedule of Unrealized Loss on Investments [Table Text Block] | Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands) December 31, 2015 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (1) $ 2,574,649 $ (25,292 ) $ — $ — $ 2,574,649 $ (25,292 ) GSE single-family mortgage-backed securities (2) 4,332,237 (74,068 ) 2,065,926 (74,521 ) 6,398,163 (148,589 ) GSE multi-family mortgage-backed securities (2) 459,969 (33 ) — — 459,969 (33 ) Total $ 7,366,855 $ (99,393 ) $ 2,065,926 $ (74,521 ) $ 9,432,781 $ (173,914 ) December 31, 2014 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities: Other U.S. obligation single-family mortgage-backed securities (1) $ — $ — $ 197,625 $ (1,017 ) $ 197,625 $ (1,017 ) GSE single-family mortgage-backed securities (2) 631,907 (1,348 ) 5,555,049 (117,471 ) 6,186,956 (118,819 ) Total $ 631,907 $ (1,348 ) $ 5,752,674 $ (118,488 ) $ 6,384,581 $ (119,836 ) (1) Consists of Ginnie Mae mortgage-backed securities. (2) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-Maturity Securities by Contractual Maturity (in thousands) December 31, 2015 December 31, 2014 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-mortgage-backed securities: Due in 1 year or less $ 32,683 $ 32,683 $ 26,099 $ 26,099 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-mortgage-backed securities 32,683 32,683 26,099 26,099 Mortgage-backed securities (2) 15,245,523 15,197,282 14,686,172 14,768,227 Total $ 15,278,206 $ 15,229,965 $ 14,712,271 $ 14,794,326 (1) Carrying value equals amortized cost. (2) Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) December 31, 2015 December 31, 2014 Amortized cost of non-mortgage-backed securities: Fixed-rate $ 32,683 $ 26,099 Total amortized cost of non-mortgage-backed securities 32,683 26,099 Amortized cost of mortgage-backed securities: Fixed-rate 12,664,603 12,091,591 Variable-rate 2,580,920 2,594,581 Total amortized cost of mortgage-backed securities 15,245,523 14,686,172 Total $ 15,278,206 $ 14,712,271 |
Advances Advances (Tables)
Advances Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Advances [Abstract] | |
Schedule Of Federal Home Loan Bank Advances By Year Of Contractual Maturity [Table Text Block] | Advance Redemption Terms (dollars in thousands) December 31, 2015 December 31, 2014 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 27,177,311 0.57 % $ 14,139,630 0.40 % Due after 1 year through 2 years 12,360,345 0.79 14,810,847 0.54 Due after 2 years through 3 years 15,839,007 0.77 12,829,760 0.69 Due after 3 years through 4 years 11,107,509 0.78 14,222,722 0.60 Due after 4 years through 5 years 3,391,892 1.06 10,724,619 0.54 Thereafter 3,366,205 1.69 3,570,929 1.51 Total par value 73,242,269 0.75 70,298,507 0.60 Commitment fees (629 ) (699 ) Discount on AHP Advances (9,396 ) (12,110 ) Premiums 2,744 3,058 Discounts (8,386 ) (12,572 ) Hedging adjustments 65,513 129,390 Fair value option valuation adjustments and accrued interest 57 42 Total $ 73,292,172 $ 70,405,616 Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions) December 31, 2015 December 31, 2014 Principal % of Total Par Value of Advances Principal % of Total Par Value of Advances JPMorgan Chase Bank, N.A. $ 35,350 48 % JPMorgan Chase Bank, N.A. $ 41,300 59 % U.S. Bank, N.A. 10,086 14 U.S. Bank, N.A. 8,338 12 Total $ 45,436 62 % Total $ 49,638 71 % Advances by Year of Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date December 31, 2015 December 31, 2014 Due in 1 year or less $ 33,384,838 $ 23,003,946 Due after 1 year through 2 years 11,289,035 12,159,384 Due after 2 years through 3 years 13,959,002 9,659,975 Due after 3 years through 4 years 10,356,770 12,295,893 Due after 4 years through 5 years 2,747,419 9,970,280 Thereafter 1,505,205 3,209,029 Total par value $ 73,242,269 $ 70,298,507 Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances (in thousands) Year of Contractual Maturity or Next Put/Convert Date December 31, 2015 December 31, 2014 Due in 1 year or less $ 28,111,211 $ 15,753,030 Due after 1 year through 2 years 11,895,945 14,663,847 Due after 2 years through 3 years 15,549,007 12,115,860 Due after 3 years through 4 years 11,098,009 13,649,722 Due after 4 years through 5 years 3,391,892 10,715,119 Thereafter 3,196,205 3,400,929 Total par value $ 73,242,269 $ 70,298,507 Advances by Interest Rate Payment Terms (in thousands) December 31, 2015 December 31, 2014 Fixed-rate (1) Due in one year or less $ 15,599,101 $ 8,638,946 Due after one year 9,713,857 9,306,104 Total fixed-rate (1) 25,312,958 17,945,050 Variable-rate (1) Due in one year or less 11,578,210 5,500,684 Due after one year 36,351,101 46,852,773 Total variable-rate (1) 47,929,311 52,353,457 Total par value $ 73,242,269 $ 70,298,507 (1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. |
Mortgage Loans Held for Portf36
Mortgage Loans Held for Portfolio (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans Held for Portfolio [Table Text Block] | Mortgage Loans Held for Portfolio (in thousands) December 31, 2015 December 31, 2014 Unpaid principal balance: Fixed rate medium-term single-family mortgage loans (1) $ 1,478,780 $ 1,393,525 Fixed rate long-term single-family mortgage loans 6,278,904 5,402,479 Total unpaid principal balance 7,757,684 6,796,004 Premiums 205,600 179,540 Discounts (1,989 ) (2,460 ) Hedging basis adjustments (2) 19,998 16,518 Total mortgage loans held for portfolio $ 7,981,293 $ 6,989,602 (1) Medium-term is defined as a term of 15 years or less. (2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands) December 31, 2015 December 31, 2014 Unpaid principal balance: Conventional mortgage loans $ 7,277,584 $ 6,203,318 FHA mortgage loans 480,100 592,686 Total unpaid principal balance $ 7,757,684 $ 6,796,004 |
Members Selling Five Percent or more of Total Unpaid Principal [Table Text Block] | Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions) December 31, 2015 December 31, 2014 Principal % of Total Principal % of Total Union Savings Bank $ 2,242 29 % Union Savings Bank $ 1,593 23 % PNC Bank, N.A. (1) 839 11 PNC Bank, N.A. (1) 1,074 16 Guardian Savings Bank FSB 633 8 Guardian Savings Bank FSB 406 6 (1) Former member. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands) For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 4,919 $ 7,233 $ 17,907 Net charge offs (3,233 ) (1,814 ) (3,224 ) Reversal for credit losses — (500 ) (7,450 ) Balance, end of period $ 1,686 $ 4,919 $ 7,233 |
Allowance for Credit Losses and Recorded Investment by Impairment Methodology [Table Text Block] | Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands) December 31, 2015 December 31, 2014 Allowance for credit losses, end of period: Collectively evaluated for impairment $ 1,686 $ 4,766 Individually evaluated for impairment — 153 Total allowances for credit losses $ 1,686 $ 4,919 Recorded investment, end of period: Collectively evaluated for impairment $ 7,510,089 $ 6,402,994 Individually evaluated for impairment 9,385 8,639 Total recorded investment $ 7,519,474 $ 6,411,633 |
Changes in LRA [Table Text Block] | Changes in the LRA (in thousands) For the Years Ended December 31, 2015 2014 2013 LRA at beginning of year $ 129,213 $ 115,236 $ 102,680 Additions 33,100 18,947 18,331 Claims (1,747 ) (2,075 ) (4,118 ) Scheduled distributions (2,556 ) (2,895 ) (1,657 ) LRA at end of period $ 158,010 $ 129,213 $ 115,236 |
Past Due Financing Receivables [Table Text Block] | Recorded Investment in Delinquent Mortgage Loans (dollars in thousands) December 31, 2015 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 42,606 $ 31,846 $ 74,452 Past due 60-89 days delinquent 10,125 9,887 20,012 Past due 90 days or more delinquent 30,575 17,426 48,001 Total past due 83,306 59,159 142,465 Total current mortgage loans 7,436,168 429,551 7,865,719 Total mortgage loans $ 7,519,474 $ 488,710 $ 8,008,184 Other delinquency statistics: In process of foreclosure, included above (1) $ 23,171 $ 7,043 $ 30,214 Serious delinquency rate (2) 0.42 % 3.63 % 0.62 % Past due 90 days or more still accruing interest (3) $ 25,016 $ 17,426 $ 42,442 Loans on non-accrual status, included above $ 6,753 $ — $ 6,753 December 31, 2014 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 49,053 $ 42,744 $ 91,797 Past due 60-89 days delinquent 13,597 12,881 26,478 Past due 90 days or more delinquent 42,991 25,045 68,036 Total past due 105,641 80,670 186,311 Total current mortgage loans 6,305,992 522,042 6,828,034 Total mortgage loans $ 6,411,633 $ 602,712 $ 7,014,345 Other delinquency statistics: In process of foreclosure, included above (1) $ 34,854 $ 11,687 $ 46,541 Serious delinquency rate (2) 0.68 % 4.27 % 0.99 % Past due 90 days or more still accruing interest (3) $ 41,857 $ 25,045 $ 66,902 Loans on non-accrual status, included above $ 3,574 $ — $ 3,574 (1) Includes loans where the decision of foreclosure or a 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. (2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount. (3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. |
Individually Evaluated Impaired Loan Statistics by Product Class Level [Table Text Block] | Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands) December 31, 2015 December 31, 2014 Conventional MPP loans Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance $ 9,385 $ 9,187 $ — $ 5,297 $ 5,165 $ — With an allowance — — — 3,342 3,293 153 Total $ 9,385 $ 9,187 $ — $ 8,639 $ 8,458 $ 153 |
Impaired Financing Receivables [Table Text Block] | Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands) For the Years Ended December 31, 2015 2014 2013 Individually impaired loans Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Conventional MPP Loans $ 8,433 $ 438 $ 8,029 $ 417 $ 6,615 $ 348 |
Derivatives and Hedging Activ38
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments (in thousands) December 31, 2015 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 5,548,351 $ 12,205 $ 77,950 Derivatives not designated as hedging instruments: Interest rate swaps 2,719,000 1,051 4,029 Interest rate swaptions 281,000 683 — Forward rate agreements 462,000 1,680 69 Mortgage delivery commitments 449,856 342 1,650 Total derivatives not designated as hedging instruments 3,911,856 3,756 5,748 Total derivatives before netting and collateral adjustments $ 9,460,207 15,961 83,698 Netting adjustments and cash collateral (1) 11,035 (52,611 ) Total derivative assets and total derivative liabilities $ 26,996 $ 31,087 December 31, 2014 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 4,301,547 $ 19,826 $ 138,150 Derivatives not designated as hedging instruments: Interest rate swaps 4,635,000 900 6,559 Forward rate agreements 439,000 6 4,924 Mortgage delivery commitments 451,292 3,799 1 Total derivatives not designated as hedging instruments 5,525,292 4,705 11,484 Total derivatives before netting and collateral adjustments $ 9,826,839 24,531 149,634 Netting adjustments and cash collateral (1) (9,832 ) (85,867 ) Total derivative assets and total derivative liabilities $ 14,699 $ 63,767 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $66,685 and $78,755 at December 31, 2015 and 2014 . Cash collateral received and related accrued interest was (in thousands) $3,039 and $2,720 at December 31, 2015 and 2014 . |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Net Gains on Derivatives and Hedging Activities (in thousands) For the Years Ended December 31, 2015 2014 2013 Derivatives and hedged items in fair value hedging relationships: Interest rate swaps $ 2,762 $ 5,127 $ 10,837 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 2,515 628 7,456 Interest rate swaptions (274 ) — — Forward rate agreements (1,090 ) (15,465 ) (845 ) Net interest settlements 6,623 706 328 Mortgage delivery commitments 2,501 15,631 (9,873 ) Total net gains (losses) related to derivatives not designated as hedging instruments 10,275 1,500 (2,934 ) Net gains on derivatives and hedging activities $ 13,037 $ 6,627 $ 7,903 |
Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Effect of Fair Value Hedge-Related Derivative Instruments (in thousands) For the Years Ended December 31, 2015 Gain/(Loss) on Derivative Gain/(Loss) on Hedged Item Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income (1) Hedged Item Type: Advances $ 62,657 $ (60,453 ) $ 2,204 $ (83,571 ) Consolidated Bonds (10,930 ) 11,488 558 19,787 Total $ 51,727 $ (48,965 ) $ 2,762 $ (63,784 ) 2014 Hedged Item Type: Advances $ 76,295 $ (71,315 ) $ 4,980 $ (91,232 ) Consolidated Bonds (15,633 ) 15,780 147 18,298 Total $ 60,662 $ (55,535 ) $ 5,127 $ (72,934 ) 2013 Hedged Item Type: Advances $ 156,025 $ (145,843 ) $ 10,182 $ (106,452 ) Consolidated Bonds (26,341 ) 26,996 655 27,038 Total $ 129,684 $ (118,847 ) $ 10,837 $ (79,414 ) (1) The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(3,424) , $(3,310) , and $(3,022) of (amortization)/accretion related to fair value hedging activities for the years ended December 31, 2015 , 2014 , and 2013 . |
Offsetting Assets and Liabilities [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) December 31, 2015 December 31, 2014 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivative instruments meeting netting requirements: Gross recognized amount: Uncleared derivatives $ 8,046 $ 70,178 $ 19,585 $ 141,352 Cleared derivatives 5,893 11,801 1,141 3,357 Total gross recognized amount 13,939 81,979 20,726 144,709 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (7,844 ) (40,810 ) (19,544 ) (82,510 ) Cleared derivatives 18,879 (11,801 ) 9,712 (3,357 ) Total gross amounts of netting adjustments and cash collateral 11,035 (52,611 ) (9,832 ) (85,867 ) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 202 29,368 41 58,842 Cleared derivatives 24,772 — 10,853 — Total net amounts after netting adjustments and cash collateral 24,974 29,368 10,894 58,842 Derivative instruments not meeting netting requirements (1) : Uncleared derivatives 2,022 1,719 3,805 4,925 Total derivative instruments not meeting netting requirements (1) 2,022 1,719 3,805 4,925 Total derivative assets and total derivative liabilities: Uncleared derivatives 2,224 31,087 3,846 63,767 Cleared derivatives 24,772 — 10,853 — Total derivative assets and total derivative liabilities $ 26,996 $ 31,087 $ 14,699 $ 63,767 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities by Component [Table Text Block] | Deposits (in thousands) December 31, 2015 December 31, 2014 Interest bearing: Demand and overnight $ 646,902 $ 624,446 Term 151,825 99,600 Other 5,377 5,592 Total interest bearing 804,104 729,638 Non-interest bearing: Other 238 298 Total non-interest bearing 238 298 Total deposits $ 804,342 $ 729,936 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Consolidated Discount Notes Outstanding (dollars in thousands) Book Value Par Value Weighted Average Interest Rate (1) December 31, 2015 $ 77,199,208 $ 77,225,334 0.24 % December 31, 2014 $ 41,232,127 $ 41,238,122 0.09 % (1) Represents an implied rate without consideration of concessions. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands) December 31, 2015 December 31, 2014 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 9,808,000 0.91 % $ 32,477,000 0.24 % Due after 1 year through 2 years 5,143,750 1.42 6,918,000 1.19 Due after 2 years through 3 years 4,814,000 1.64 4,594,000 1.56 Due after 3 years through 4 years 4,090,000 1.89 4,245,000 1.79 Due after 4 years through 5 years 3,041,000 2.09 2,647,000 2.08 Thereafter 8,139,000 2.80 8,217,000 2.79 Index amortizing notes 943 5.25 25,297 5.07 Total par value 35,036,693 1.74 59,123,297 1.00 Premiums 90,189 103,477 Discounts (24,525 ) (25,161 ) Hedging adjustments 3,817 15,304 Fair value option valuation adjustment and accrued interest (1,410 ) (360 ) Total $ 35,104,764 $ 59,216,557 |
Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block] | Consolidated Bonds Outstanding by Call Features (in thousands) December 31, 2015 December 31, 2014 Par value of Consolidated Bonds: Non-callable $ 28,235,693 $ 49,976,297 Callable 6,801,000 9,147,000 Total par value $ 35,036,693 $ 59,123,297 |
Schedule Of Maturities of Consolidated Obligation Bonds By Contractual Or Next Call Date [Table Text Block] | Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date December 31, 2015 December 31, 2014 Due in 1 year or less $ 16,339,000 $ 40,774,000 Due after 1 year through 2 years 4,881,750 5,413,000 Due after 2 years through 3 years 3,499,000 3,317,000 Due after 3 years through 4 years 3,020,000 2,685,000 Due after 4 years through 5 years 2,383,000 1,992,000 Thereafter 4,913,000 4,917,000 Index amortizing notes 943 25,297 Total par value $ 35,036,693 $ 59,123,297 |
Schedule Of Consolidated Obligation Bonds By Interest Rate Payment Terms [Table Text Block] | Consolidated Bonds by Interest-rate Payment Type (in thousands) December 31, 2015 December 31, 2014 Par value of Consolidated Bonds: Fixed-rate $ 30,806,693 $ 31,363,297 Variable-rate 4,065,000 27,610,000 Step-up 165,000 150,000 Total par value $ 35,036,693 $ 59,123,297 |
Affordable Housing Program (A41
Affordable Housing Program (AHP) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Affordable Housing Program (AHP) [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | Analysis of AHP Liability (in thousands) 2015 2014 Balance at beginning of year $ 98,103 $ 93,789 Assessments (current year additions) 27,906 27,605 Subsidy uses, net (18,657 ) (23,291 ) Balance at end of year $ 107,352 $ 98,103 |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Capital Requirements (dollars in thousands) December 31, 2015 December 31, 2014 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 630,604 $ 5,232,228 $ 481,835 $ 5,018,567 Capital-to-assets ratio (regulatory) 4.00 % 4.40 % 4.00 % 4.71 % Regulatory capital $ 4,751,871 $ 5,232,228 $ 4,265,617 $ 5,018,567 Leverage capital-to-assets ratio (regulatory) 5.00 % 6.61 % 5.00 % 7.06 % Leverage capital $ 5,939,839 $ 7,848,342 $ 5,332,021 $ 7,527,851 |
Schedule of Mandatorily Redeemable Capital Stock [Table Text Block] | Mandatorily Redeemable Capital Stock Roll Forward (in thousands) 2015 2014 2013 Balance, beginning of year $ 62,963 $ 115,853 $ 210,828 Capital stock subject to mandatory redemption reclassified from equity 28,919 17,110 33,457 Redemption (or other reduction) of mandatorily redeemable capital stock (53,987 ) (70,000 ) (128,432 ) Balance, end of year $ 37,895 $ 62,963 $ 115,853 |
Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block] | Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands) Contractual Year of Redemption December 31, 2015 December 31, 2014 Year 1 $ — $ 130 Year 2 — — Year 3 41 — Year 4 2,265 55 Year 5 2,876 2,278 Past contractual redemption date due to remaining activity (1) 32,713 60,500 Total $ 37,895 $ 62,963 (1) Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive (Loss) Income (in thousands) Net unrealized (losses) gains on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive (loss) income BALANCE, DECEMBER 31, 2012 $ — $ (11,734 ) $ (11,734 ) Other comprehensive income before reclassification: Net unrealized loss (121 ) — (121 ) Net actuarial gains — 803 803 Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 2,010 2,010 Net current period other comprehensive (loss) income (121 ) 2,813 2,692 BALANCE, DECEMBER 31, 2013 (121 ) (8,921 ) (9,042 ) Other comprehensive income before reclassification: Net unrealized gains 97 — 97 Net actuarial loss — (9,496 ) (9,496 ) Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 1,845 1,845 Net current period other comprehensive income (loss) 97 (7,651 ) (7,554 ) BALANCE, DECEMBER 31, 2014 (24 ) (16,572 ) (16,596 ) Other comprehensive income before reclassification: Net unrealized gains 105 — 105 Net actuarial gains — 598 598 Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 2,616 2,616 Net current period other comprehensive income 105 3,214 3,319 BALANCE, DECEMBER 31, 2015 $ 81 $ (13,358 ) $ (13,277 ) |
Pension and Postretirement Be44
Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Funded Status [Table Text Block] | Pentegra Defined Benefit Plan Net Pension Cost and Funded Status (dollars in thousands) 2015 2014 2013 Net pension cost charged to compensation and benefit expense for the year ended December 31 $ 6,348 $ 6,041 $ 5,516 Pentegra Defined Benefit Plan funded status as of July 1 106.89 % (a) 111.44 % (b) 101.31 % FHLB's funded status as of July 1 124.97 % 128.27 % 107.36 % (a) The Pentegra Defined Benefit Plan's funded status as of July 1, 2015 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2015 through March 15, 2016. Contributions made on or before March 15, 2016, and designated for the plan year ended June 30, 2015, will be included in the final valuation as of July 1, 2015. The final funded status as of July 1, 2015 will not be available until the Form 5500 for the plan year July 1, 2015 through June 30, 2016 is filed (this Form 5500 is due to be filed no later than April 2017). (b) The Pentegra Defined Benefit Plan's funded status as of July 1, 2014 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2014 through March 15, 2015. Contributions made on or before March 15, 2015, and designated for the plan year ended June 30, 2014, will be included in the final valuation as of July 1, 2014. The final funded status as of July 1, 2014 will not be available until the Form 5500 for the plan year July 1, 2014 through June 30, 2015 is filed (this Form 5500 is due to be filed no later than April 2016). |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Benefit Obligation, Fair Value of Plan Assets and Funded Status (in thousands) Defined Benefit Retirement Plan Postretirement Benefits Plan Change in benefit obligation: 2015 2014 2015 2014 Benefit obligation at beginning of year $ 33,860 $ 26,511 $ 5,197 $ 3,957 Service cost 668 524 74 53 Interest cost 1,222 1,234 203 190 Actuarial (gain) loss (413 ) 8,335 (185 ) 1,161 Benefits paid (2,797 ) (2,744 ) (173 ) (164 ) Benefit obligation at end of year 32,540 33,860 5,116 5,197 Change in plan assets: Fair value of plan assets at beginning of year — — — — Employer contribution 2,797 2,744 173 164 Benefits paid (2,797 ) (2,744 ) (173 ) (164 ) Fair value of plan assets at end of year — — — — Funded status at end of year $ (32,540 ) $ (33,860 ) $ (5,116 ) $ (5,197 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts Recognized in Accumulated Other Comprehensive Income (in thousands) Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2015 2014 Net actuarial loss $ 12,447 $ 15,409 $ 911 $ 1,163 |
Schedule of Net Benefit Costs [Table Text Block] | Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (in thousands) For the Years Ended December 31, Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2013 2015 2014 2013 Net Periodic Benefit Cost Service cost $ 668 $ 524 $ 494 $ 74 $ 53 $ 58 Interest cost 1,222 1,234 986 203 190 199 Amortization of net loss 2,549 1,845 1,948 67 — 62 Net periodic benefit cost $ 4,439 $ 3,603 $ 3,428 $ 344 $ 243 $ 319 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Net (gain) loss (413 ) 8,335 215 (185 ) 1,161 (1,018 ) Amortization of net loss (2,549 ) (1,845 ) (1,948 ) (67 ) — (62 ) Total recognized in other comprehensive income (2,962 ) 6,490 (1,733 ) (252 ) 1,161 (1,080 ) Total recognized in net periodic benefit cost and other comprehensive income $ 1,477 $ 10,093 $ 1,695 $ 92 $ 1,404 $ (761 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amortization for Next Fiscal Year (in thousands) Defined Benefit Retirement Plan Postretirement Benefits Plan Net actuarial loss $ 1,839 $ 46 |
Schedule of Assumptions Used [Table Text Block] | Benefit Obligation Key Assumptions Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2015 2014 Discount rate 4.02 % 3.67 % 4.33 % 3.96 % Salary increases 4.50 % 4.50 % N/A N/A Net Periodic Benefit Cost Key Assumptions Defined Benefit Retirement Plan Postretirement Benefits Plan 2015 2014 2013 2015 2014 2013 Discount rate 3.67 % 4.32 % 3.26 % 3.96 % 4.88 % 4.16 % Salary increases 4.50 % 4.50 % 4.50 % N/A N/A N/A |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Postretirement Benefits Plan Assumed Health Care Cost Trend Rates 2015 2014 Assumed for next year 8.00 % 8.50 % Ultimate rate 5.50 % 5.25 % Year that ultimate rate is reached 2020 2024 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments (in thousands) Years Defined Benefit Retirement Plan Postretirement Benefit Plan 2016 $ 3,006 $ 161 2017 2,227 161 2018 2,197 176 2019 2,278 172 2020 1,902 184 2021 - 2025 8,547 1,179 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Performance by Operating Segment (in thousands) For the Years Ended December 31, Traditional Member Finance MPP Total 2015 Net interest income after reversal for credit losses $ 250,076 $ 72,205 $ 322,281 Non-interest income 28,586 1,308 29,894 Non-interest expense 64,925 10,626 75,551 Income before assessments 213,737 62,887 276,624 Affordable Housing Program assessments 21,618 6,288 27,906 Net income $ 192,119 $ 56,599 $ 248,718 Average assets $ 97,932,122 $ 7,637,197 $ 105,569,319 Total assets $ 110,789,438 $ 8,007,343 $ 118,796,781 2014 Net interest income $ 237,828 $ 79,148 $ 316,976 Reversal for credit losses — (500 ) (500 ) Net interest income after reversal for credit losses 237,828 79,648 317,476 Non-interest income 22,460 170 22,630 Non-interest expense 58,876 9,372 68,248 Income before assessments 201,412 70,446 271,858 Affordable Housing Program assessments 20,560 7,045 27,605 Net income $ 180,852 $ 63,401 $ 244,253 Average assets $ 94,333,213 $ 6,824,283 $ 101,157,496 Total assets $ 99,629,924 $ 7,010,495 $ 106,640,419 2013 Net interest income $ 229,559 $ 98,285 $ 327,844 Reversal for credit losses — (7,450 ) (7,450 ) Net interest income after reversal for credit losses 229,559 105,735 335,294 Non-interest income (loss) 30,505 (10,714 ) 19,791 Non-interest expense 55,459 8,928 64,387 Income before assessments 204,605 86,093 290,698 Affordable Housing Program assessments 21,011 8,609 29,620 Net income $ 183,594 $ 77,484 $ 261,078 Average assets $ 86,609,248 $ 7,081,377 $ 93,690,625 Total assets $ 96,336,915 $ 6,843,787 $ 103,180,702 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Summary (in thousands) December 31, 2015 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 10,136 $ 10,136 $ 10,136 $ — $ — $ — Interest-bearing deposits 99 99 — 99 — — Securities purchased under agreements to resell 10,531,979 10,531,979 — 10,531,979 — — Federal funds sold 10,845,000 10,845,000 — 10,845,000 — — Trading securities 1,159 1,159 — 1,159 — — Available-for-sale securities 700,081 700,081 — 700,081 — — Held-to-maturity securities 15,278,206 15,229,965 — 15,229,965 — — Advances (2) 73,292,172 73,089,912 — 73,089,912 — — Mortgage loans held for portfolio, net 7,979,607 8,106,224 — 8,075,390 30,834 — Accrued interest receivable 94,855 94,855 — 94,855 — — Derivative assets 26,996 26,996 — 15,961 — 11,035 Liabilities: Deposits 804,342 804,140 — 804,140 — — Consolidated Obligations: Discount Notes 77,199,208 77,183,854 — 77,183,854 — — Bonds (3) 35,104,764 35,317,688 — 35,317,688 — — Mandatorily redeemable capital stock 37,895 37,895 37,895 — — — Accrued interest payable 118,823 118,823 — 118,823 — — Derivative liabilities 31,087 31,087 — 83,698 — (52,611 ) Other: Standby bond purchase agreements — 698 — 698 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) Includes (in thousands) $15,057 of Advances recorded under the fair value option at December 31, 2015 . (3) Includes (in thousands) $2,214,590 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2015 . December 31, 2014 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 3,109,970 $ 3,109,970 $ 3,109,970 $ — $ — $ — Interest-bearing deposits 119 119 — 119 — — Securities purchased under agreements to resell 3,343,000 3,343,002 — 3,343,002 — — Federal funds sold 6,600,000 6,600,000 — 6,600,000 — — Trading securities 1,341 1,341 — 1,341 — — Available-for-sale securities 1,349,977 1,349,977 — 1,349,977 — — Held-to-maturity securities 14,712,271 14,794,326 — 14,794,326 — — Advances (2) 70,405,616 70,279,438 — 70,279,438 — — Mortgage loans held for portfolio, net 6,984,683 7,219,198 — 7,178,047 41,151 — Accrued interest receivable 81,384 81,384 — 81,384 — — Derivative assets 14,699 14,699 — 24,531 — (9,832 ) Liabilities: Deposits 729,936 729,782 — 729,782 — — Consolidated Obligations: Discount Notes 41,232,127 41,224,739 — 41,224,739 — — Bonds (3) 59,216,557 59,496,247 — 59,496,247 — — Mandatorily redeemable capital stock 62,963 62,963 62,963 — — — Accrued interest payable 114,781 114,781 — 114,781 — — Derivative liabilities 63,767 63,767 — 149,634 — (85,867 ) Other: Standby bond purchase agreements — 1,381 — 1,381 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014 . (3) Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014 . |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements (in thousands) Fair Value Measurements at December 31, 2015 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: Other U.S. obligation single-family mortgage-backed securities $ 1,159 $ — $ 1,159 $ — $ — Available-for-sale securities: Certificates of deposit 700,081 — 700,081 — — Advances 15,057 — 15,057 — — Derivative assets: Interest rate related 24,974 — 13,939 — 11,035 Forward rate agreements 1,680 — 1,680 — — Mortgage delivery commitments 342 — 342 — — Total derivative assets 26,996 — 15,961 — 11,035 Total assets at fair value $ 743,293 $ — $ 732,258 $ — $ 11,035 Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 2,214,590 $ — $ 2,214,590 $ — $ — Derivative liabilities: Interest rate related 29,368 — 81,979 — (52,611 ) Forward rate agreement 69 — 69 — — Mortgage delivery commitments 1,650 — 1,650 — — Total derivative liabilities 31,087 — 83,698 — (52,611 ) Total liabilities at fair value $ 2,245,677 $ — $ 2,298,288 $ — $ (52,611 ) Nonrecurring fair value measurements - Assets (2) Mortgage loans held for portfolio $ 6,270 $ — $ — $ 6,270 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2015 . Fair Value Measurements at December 31, 2014 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: Other U.S. obligation single-family mortgage-backed securities $ 1,341 $ — $ 1,341 $ — $ — Available-for-sale securities: Certificates of deposit 1,349,977 — 1,349,977 — — Advances 15,042 — 15,042 — — Derivative assets: Interest rate related 10,894 — 20,726 — (9,832 ) Forward rate agreements 6 — 6 — — Mortgage delivery commitments 3,799 — 3,799 — — Total derivative assets 14,699 — 24,531 — (9,832 ) Total assets at fair value $ 1,381,059 $ — $ 1,390,891 $ — $ (9,832 ) Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 4,209,640 $ — $ 4,209,640 $ — $ — Derivative liabilities: Interest rate related 58,842 — 144,709 — (85,867 ) Forward rate agreements 4,924 — 4,924 — — Mortgage delivery commitments 1 — 1 — — Total derivative liabilities 63,767 — 149,634 — (85,867 ) Total liabilities at fair value $ 4,273,407 $ — $ 4,359,274 $ — $ (85,867 ) (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. |
Fair Value, Option, Quantitative Disclosures, Change in Fair Value Included in Earnings [Table Text Block] | Changes in Fair Values for Items Measured at Fair Value Pursuant to the Election of the Fair Value Option (in thousands) For the Years Ended December 31, 2015 2014 2013 Advances Consolidated Bonds Advances Consolidated Bonds Advances Consolidated Bonds Interest income (expense) $ 255 $ (13,201 ) $ 82 $ (5,899 ) $ — $ (4,914 ) Net gains on changes in fair value under fair value option 15 1,042 20 2,154 — 330 Total changes in fair value included in current period earnings $ 270 $ (12,159 ) $ 102 $ (3,745 ) $ — $ (4,584 ) |
Fair Value Option, Quantitative Disclosure, Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding [Table Text Block] | Aggregate Unpaid Balance and Aggregate Fair Value (in thousands) December 31, 2015 December 31, 2014 Aggregate Unpaid Principal Balance Aggregate Fair Value Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance Aggregate Unpaid Principal Balance Aggregate Fair Value Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance Advances (1) $ 15,000 $ 15,057 $ 57 $ 15,000 $ 15,042 $ 42 Consolidated Bonds 2,216,000 2,214,590 (1,410 ) 4,210,000 4,209,640 (360 ) (1) At December 31, 2015 and 2014 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments [Table Text Block] | Off-Balance Sheet Commitments (in thousands) December 31, 2015 December 31, 2014 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Standby Letters of Credit outstanding $ 19,417,093 $ 137,995 $ 19,555,088 $ 17,233,206 $ 546,385 $ 17,779,591 Commitments for standby bond purchases 85,865 36,510 122,375 37,490 149,705 187,195 Commitments to purchase mortgage loans 449,856 — 449,856 451,292 — 451,292 Unsettled Consolidated Bonds, at par (1)(2) 60,000 — 60,000 17,000 — 17,000 Unsettled Consolidated Discount Notes, at par (1) — — — 5,000 — 5,000 (1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. (2) Of the total unsettled Consolidated Bonds, $0 and $17,000 (in thousands) were hedged with associated interest rate swaps at December 31, 2015 and 2014 , respectively. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future Minimum Rentals for Operating Leases (in thousands) Year Premises Equipment Total 2016 $ 768 $ 146 $ 914 2017 771 143 914 2018 791 72 863 2019 796 — 796 2020 812 — 812 Thereafter 5,053 — 5,053 Total $ 8,991 $ 361 $ 9,352 |
Transactions with Other FHLBa48
Transactions with Other FHLBanks (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other FHLBanks [Member] | |
Schedule of Other Transactions [Line Items] | |
Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block] | Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands) Average Daily Balances for the Years Ended December 31, 2015 2014 2013 Loans to other FHLBanks $ — $ 438 $ 3,740 Borrowings from other FHLBanks 68 68 4,110 |
Transactions with Stockholders
Transactions with Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Other Transactions [Line Items] | |
Schedule of Transactions with Members and Former Members [Table Text Block] | Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions) Regulatory Capital Stock Advance MPP Unpaid December 31, 2015 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,533 34 % $ 35,350 $ — U.S. Bank, N.A. 475 11 10,086 33 Fifth Third Bank 248 6 20 3 Regulatory Capital Stock Advance MPP Unpaid December 31, 2014 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,533 35 % $ 41,300 $ — U.S. Bank, N.A. 475 11 8,338 38 Fifth Third Bank 248 6 24 3 |
Director [Member] | |
Schedule of Other Transactions [Line Items] | |
Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block] | Transactions with Directors' Financial Institutions (dollars in millions) December 31, 2015 December 31, 2014 Balance % of Total (1) Balance % of Total (1) Advances $ 3,867 5.3 % $ 2,929 4.2 % MPP 186 2.4 154 2.3 Regulatory capital stock 236 5.3 225 5.2 (1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Background Information (Details
Background Information (Details) | Dec. 31, 2015Banks |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies Details 1 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 20,867,000 | $ 18,556,000 | |
Depreciation, Depletion and Amortization | 2,691,000 | 3,108,000 | $ 2,549,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 11,000 | (106,000) | 13,000 |
Capitalized Computer Software, Net | 5,887,000 | 6,659,000 | |
Capitalized Computer Software, Amortization | $ 1,965,000 | $ 2,433,000 | $ 1,814,000 |
Cash and Due from Banks (Detail
Cash and Due from Banks (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | ||
Average Collected Cash Balances with Commercial Banks, Federal Home Loan Bank | $ 63,000 | $ 77,000 |
Cash Pass-through Reserve, Federal Home Loan Bank | $ 238,000 | $ 298,000 |
Trading Securities (Trading Sec
Trading Securities (Trading Securities by Major Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | $ 1,159 | $ 1,341 | |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | [1] | $ 1,159 | $ 1,341 |
[1] | Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities. |
Trading Securities (Net (Losses
Trading Securities (Net (Losses) Gains on Trading Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trading Securities [Abstract] | |||
Net losses on trading securities held at period end | $ (18) | $ (9) | $ (19) |
Net losses on trading securities | $ (18) | $ (9) | $ (19) |
Available-for-Sale Securities55
Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 700,000 | $ 1,350,001 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 81 | 3 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (27) |
Available-for-sale securities | 700,081 | 1,349,977 |
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis | 700,000 | 1,350,001 |
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 700,081 | 1,349,977 |
Fixed-rate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 700,000 | 1,350,001 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 700,000 | 1,350,001 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 81 | 3 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (27) |
Available-for-sale securities | $ 700,081 | $ 1,349,977 |
Held-to-Maturity Securities (Ma
Held-to-Maturity Securities (Major Security Types) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | $ 15,278,206 | $ 14,712,271 |
Held-to-maturity Securities | [3] | 15,278,206 | 14,712,271 |
Held-to-maturity Securities, Unrecognized Holding Gain | 125,673 | 201,891 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (173,914) | (119,836) | |
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[4] | 32,683 | 26,099 |
Held-to-maturity Securities | [4] | 32,683 | 26,099 |
Held-to-maturity Securities, Unrecognized Holding Gain | [4] | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | [4] | 0 | 0 |
Held-to-maturity Securities, Fair Value | [4] | 32,683 | 26,099 |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 32,683 | 26,099 |
Held-to-maturity Securities | 32,683 | 26,099 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 32,683 | 26,099 | |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[5] | 3,894,432 | 2,038,960 |
Held-to-maturity Securities | [5] | 3,894,432 | 2,038,960 |
Held-to-maturity Securities, Unrecognized Holding Gain | [5] | 3,629 | 10,021 |
Held-to-maturity Securities, Unrecognized Holding Loss | [5] | (25,292) | (1,017) |
Held-to-maturity Securities, Fair Value | [5] | 3,872,769 | 2,047,964 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2],[6] | 15,245,523 | 14,686,172 |
Held-to-maturity Securities | [6] | 15,245,523 | 14,686,172 |
Held-to-maturity Securities, Unrecognized Holding Gain | 125,673 | 201,891 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (173,914) | (119,836) | |
Held-to-maturity Securities, Fair Value | [6] | 15,197,282 | 14,768,227 |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[7] | 10,891,089 | 12,647,212 |
Held-to-maturity Securities | [7] | 10,891,089 | 12,647,212 |
Held-to-maturity Securities, Unrecognized Holding Gain | [7] | 122,044 | 191,870 |
Held-to-maturity Securities, Unrecognized Holding Loss | [7] | (148,589) | (118,819) |
Held-to-maturity Securities, Fair Value | [7] | 10,864,544 | 12,720,263 |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[7] | 460,002 | |
Held-to-maturity Securities | [7] | 460,002 | $ 0 |
Held-to-maturity Securities, Unrecognized Holding Gain | [7] | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | [7] | (33) | |
Held-to-maturity Securities, Fair Value | [7] | $ 459,969 | |
[1] | Carrying value equals amortized cost. | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Fair values: $15,229,965 and $14,794,326 at December 31, 2015 and 2014, respectively. | ||
[4] | Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. | ||
[5] | Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government. | ||
[6] | Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. | ||
[7] | Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. |
Held-to-Maturity Securities (Ne
Held-to-Maturity Securities (Net Premuims) (Details) - Collateralized Mortgage Backed Securities [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held To Maturity Securities, Premiums | $ 84,450 | $ 24,473 |
Held-to-maturity Securities, Discounts | (40,667) | (51,357) |
Held-to-maturity Securities, Premiums (Discounts), Net | $ 43,783 | $ (26,884) |
Held-to-Maturity Securities (Co
Held-to-Maturity Securities (Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 7,366,855 | $ 631,907 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (99,393) | (1,348) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,065,926 | 5,752,674 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (74,521) | (118,488) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 9,432,781 | 6,384,581 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (173,914) | (119,836) | |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | 2,574,649 | 0 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | [1] | (25,292) | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 0 | 197,625 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | 0 | (1,017) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | [1] | 2,574,649 | 197,625 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | (25,292) | (1,017) |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [2] | 4,332,237 | 631,907 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | [2] | (74,068) | (1,348) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [2] | 2,065,926 | 5,555,049 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [2] | (74,521) | (117,471) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | [2] | 6,398,163 | 6,186,956 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | [2] | (148,589) | $ (118,819) |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [2] | 459,969 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | [2] | (33) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [2] | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [2] | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | [2] | 459,969 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | [2] | $ (33) | |
[1] | Consists of Ginnie Mae mortgage-backed securities. | ||
[2] | Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government. |
Held-to-Maturity Securities (59
Held-to-Maturity Securities (Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | [1] | $ 15,278,206 | $ 14,712,271 |
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [2],[3] | 15,278,206 | 14,712,271 |
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Debt Maturities, within One Year Amortized Cost | [3] | 32,683 | 26,099 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 32,683 | 26,099 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value | 32,683 | 26,099 | |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years Amortized Cost | [3] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years Amortized Cost | [3] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, After Ten Years Amortized Cost | [3] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value | 0 | 0 | |
Held-to-maturity Securities | 32,683 | 26,099 | |
Held-to-maturity Securities, Fair Value | 32,683 | 26,099 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [2],[3] | 32,683 | 26,099 |
Held-to-maturity Securities, Fair Value | 32,683 | 26,099 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | [4] | 15,245,523 | 14,686,172 |
Held-to-maturity Securities, Fair Value | [4] | 15,197,282 | 14,768,227 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [2],[3],[4] | 15,245,523 | 14,686,172 |
Held-to-maturity Securities, Fair Value | [4] | $ 15,197,282 | $ 14,768,227 |
[1] | Fair values: $15,229,965 and $14,794,326 at December 31, 2015 and 2014, respectively. | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Carrying value equals amortized cost. | ||
[4] | Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Held-to-Maturity Securities (In
Held-to-Maturity Securities (Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | $ 15,278,206 | $ 14,712,271 |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 32,683 | 26,099 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2],[3] | 15,245,523 | 14,686,172 |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 32,683 | 26,099 | |
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 12,664,603 | 12,091,591 | |
Variable-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 2,580,920 | $ 2,594,581 | |
[1] | Carrying value equals amortized cost. | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Advances (Narrative) (Details)
Advances (Narrative) (Details) $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 73,242,269 | $ 70,298,507 |
Federal Home Loan Bank, Advances, Outstanding, Greater than One Billion Dollars Per Borrower, Amount | $ 57,400,000 | $ 56,600,000 |
Federal Home Loan Bank, Advances, Outstanding, Greater than One Billion Dollars Per Borrower, Percent | 78.40% | 80.50% |
Federal Home Loan Bank, Advances, Outstanding, Greater than One Billion Dollars Per Borrower, Number of Borrowers | 8 | 6 |
Federal Home Loan Bank, Advances, Callable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 14,095,712 | $ 15,098,357 |
Federal Home Loan Bank, Advances, Putable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 1,046,400 | $ 1,617,400 |
Advances (Advance Redemption Te
Advances (Advance Redemption Terms) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Advances [Abstract] | |||
Due in 1 year or less | $ 27,177,311 | $ 14,139,630 | |
Due after 1 year through 2 years | 12,360,345 | 14,810,847 | |
Due after 2 years through 3 years | 15,839,007 | 12,829,760 | |
Due after 3 years through 4 years | 11,107,509 | 14,222,722 | |
Due after 4 years through 5 years | 3,391,892 | 10,724,619 | |
Thereafter | 3,366,205 | 3,570,929 | |
Federal Home Loan Bank, Advances, Par Value, Total | 73,242,269 | 70,298,507 | |
Commitment Fees on Advances | (629) | (699) | |
Discount on Affordable Housing Program Advances | (9,396) | (12,110) | |
Federal Home Loan Bank Advances, Premium | 2,744 | 3,058 | |
Federal Home Loan Bank Advances, Discount | (8,386) | (12,572) | |
Hedging adjustments | 65,513 | 129,390 | |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | [1] | 57 | 42 |
Advances | $ 73,292,172 | $ 70,405,616 | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date | 0.57% | 0.40% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date | 0.79% | 0.54% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date | 0.77% | 0.69% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date | 0.78% | 0.60% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date | 1.06% | 0.54% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date | 1.69% | 1.51% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date | 0.75% | 0.60% | |
[1] | At December 31, 2015 and 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Advances (Year of Contractual M
Advances (Year of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Advances [Abstract] | ||
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months | $ 33,384,838 | $ 23,003,946 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two | 11,289,035 | 12,159,384 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three | 13,959,002 | 9,659,975 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four | 10,356,770 | 12,295,893 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five | 2,747,419 | 9,970,280 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five | 1,505,205 | 3,209,029 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 73,242,269 | $ 70,298,507 |
Advances (Advances by Year of C
Advances (Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Advances [Abstract] | ||
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date | $ 28,111,211 | $ 15,753,030 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date | 11,895,945 | 14,663,847 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date | 15,549,007 | 12,115,860 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date | 11,098,009 | 13,649,722 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date | 3,391,892 | 10,715,119 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date | 3,196,205 | 3,400,929 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 73,242,269 | $ 70,298,507 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Advances [Abstract] | |||
Federal Home Loan Bank, Advances, Fixed Rate, under One Year | [1] | $ 15,599,101 | $ 8,638,946 |
Federal Home Loan Bank, Advances, Fixed Rate, after One Year | [1] | 9,713,857 | 9,306,104 |
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate | [1] | 25,312,958 | 17,945,050 |
Federal Home Loan Bank, Advances, Floating Rate, under One Year | [1] | 11,578,210 | 5,500,684 |
Federal Home Loan Bank, Advances, Floating Rate, after One Year | [1] | 36,351,101 | 46,852,773 |
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate | [1] | 47,929,311 | 52,353,457 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 73,242,269 | $ 70,298,507 | |
[1] | Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. |
Advances (Borrowers Holding Fiv
Advances (Borrowers Holding Five Percent or more of Total Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 73,242,269 | $ 70,298,507 |
Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 45,436,000 | $ 49,638,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 62.00% | 71.00% |
JPMorgan Chase Bank National Association [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 35,350,000 | $ 41,300,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 48.00% | 59.00% |
U.S. Bank, N.A. [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 10,086,000 | $ 8,338,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 14.00% | 12.00% |
Mortgage Loans Held for Portf67
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | $ 7,757,684 | $ 6,796,004 | |
Loans and Leases Receivable, Unamortized Premiums | 205,600 | 179,540 | |
Loans and Leases Receivable, Unamortized Discounts | (1,989) | (2,460) | |
Loans and Leases Receivable, Hedging Basis Adjustment | [1] | 19,998 | 16,518 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 7,981,293 | 6,989,602 | |
Fixed rates medium-term single-family mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | [2] | 1,478,780 | 1,393,525 |
Fixed rates Long-term single-family mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | 6,278,904 | 5,402,479 | |
Conventional Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | 7,277,584 | 6,203,318 | |
Federal Housing Administration Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | $ 480,100 | $ 592,686 | |
[1] | Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. | ||
[2] | Medium-term is defined as a term of 15 years or less. |
Mortgage Loans Held for Portf68
Mortgage Loans Held for Portfolio (Details 2) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Union Savings Bank [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 2,242 | $ 1,593 | |
Percent of Total | 29.00% | 23.00% | |
PNC Bank, N.A. [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | [1] | $ 839 | $ 1,074 |
Percent of Total | [1] | 11.00% | 16.00% |
Guardian Saving Bank FSB [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 633 | $ 406 | |
Percent of Total | 8.00% | 6.00% | |
[1] | Former member. |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 4,919 | $ 4,919 | $ 1,686 | $ 4,919 | |
Total recorded investment | 8,008,184 | 7,014,345 | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, beginning of period | 4,919 | ||||
Provision for Loan Losses Expensed | 0 | (500) | $ (7,450) | ||
Balance, end of period | 1,686 | 4,919 | |||
Conventional Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,686 | 4,766 | |||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 153 | |||
Loans and Leases Receivable, Allowance | 4,919 | 7,233 | 17,907 | 1,686 | 4,919 |
Recorded Investment, Collectively Evaluated for Impairment | 7,510,089 | 6,402,994 | |||
Recorded Investment, Individually Evaluated for Impairment | 9,385 | 8,639 | |||
Total recorded investment | $ 7,519,474 | $ 6,411,633 | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, beginning of period | 4,919 | 7,233 | 17,907 | ||
Allowance for Loan and Lease Losses Write-offs, Net | (3,233) | (1,814) | (3,224) | ||
Provision for Loan Losses Expensed | 0 | (500) | (7,450) | ||
Balance, end of period | $ 1,686 | $ 4,919 | $ 7,233 |
Allowance for Credit Losses Rol
Allowance for Credit Losses Rollforward of LRA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Lender Risk Account Balance [Roll Forward] | |||
Lender Risk Account, Beginning Balance | $ 129,213 | $ 115,236 | $ 102,680 |
Lender Risk Account, Additions | 33,100 | 18,947 | 18,331 |
Lender Risk Account, Claims | (1,747) | (2,075) | (4,118) |
Lender Risk Account, Distributions | (2,556) | (2,895) | (1,657) |
Lender Risk Account, Ending Balance | $ 158,010 | $ 129,213 | $ 115,236 |
Allowance for Credit Losses Sch
Allowance for Credit Losses Schedule of Loans Outstanding and Past Due (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 142,465 | $ 186,311 | |
Financing Receivable, Recorded Investment, Current | 7,865,719 | 6,828,034 | |
Total recorded investment | 8,008,184 | 7,014,345 | |
Mortgage Loans In Process Of Foreclosure | [1] | $ 30,214 | $ 46,541 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.62% | 0.99% |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | [3] | $ 42,442 | $ 66,902 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,753 | 3,574 | |
Financing Receivable, Modifications, Recorded Investment | 9,385 | 8,639 | |
Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 83,306 | 105,641 | |
Financing Receivable, Recorded Investment, Current | 7,436,168 | 6,305,992 | |
Total recorded investment | 7,519,474 | 6,411,633 | |
Mortgage Loans In Process Of Foreclosure | [1] | $ 23,171 | $ 34,854 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.42% | 0.68% |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | [3] | $ 25,016 | $ 41,857 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,753 | 3,574 | |
Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 59,159 | 80,670 | |
Financing Receivable, Recorded Investment, Current | 429,551 | 522,042 | |
Total recorded investment | 488,710 | 602,712 | |
Mortgage Loans In Process Of Foreclosure | [1] | $ 7,043 | $ 11,687 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 3.63% | 4.27% |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | [3] | $ 17,426 | $ 25,045 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | |
Past due 30-59 days delinquent | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 74,452 | 91,797 | |
Past due 30-59 days delinquent | Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 42,606 | 49,053 | |
Past due 30-59 days delinquent | Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 31,846 | 42,744 | |
Past due 60-89 days delinquent | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 20,012 | 26,478 | |
Past due 60-89 days delinquent | Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 10,125 | 13,597 | |
Past due 60-89 days delinquent | Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 9,887 | 12,881 | |
Past due 90 days or more delinquent | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 48,001 | 68,036 | |
Past due 90 days or more delinquent | Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 30,575 | 42,991 | |
Past due 90 days or more delinquent | Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 17,426 | $ 25,045 | |
[1] | Includes loans where the decision of foreclosure or a 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. | ||
[2] | Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount. | ||
[3] | Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. |
Allowance for Credit Losses Ind
Allowance for Credit Losses Individually Evaluated Impaired Loans (Details) - Conventional Loan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 9,385 | $ 5,297 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,187 | 5,165 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 3,342 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 3,293 | |
Impaired Financing Receivable, Related Allowance | 0 | 153 | |
Impaired Financing Receivable, Recorded Investment | 9,385 | 8,639 | |
Impaired Financing Receivable, Unpaid Principal Balance | 9,187 | 8,458 | |
Impaired Financing Receivable, Average Recorded Investment | 8,433 | 8,029 | $ 6,615 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 438 | $ 417 | $ 348 |
Derivatives and Hedging Activ73
Derivatives and Hedging Activities Narrative (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 64,235 |
Collateral Already Posted, Aggregate Fair Value | 34,867 |
Additional Collateral, Aggregate Fair Value | $ 5,588 |
Derivatives and Hedging Activ74
Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | $ 9,460,207 | $ 9,826,839 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 15,961 | 24,531 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 83,698 | 149,634 | |
Derivative Asset, Netting Adjustments And Cash Collateral | [1],[2] | 11,035 | |
Derivative Asset, Netting Adjustments And Cash Collateral | [1],[2] | (9,832) | |
Derivative Liability, Netting Adjustments And Cash Collateral | [1],[2] | (52,611) | (85,867) |
Derivative assets | 26,996 | 14,699 | |
Derivative liabilities | 31,087 | 63,767 | |
Derivative, Collateral, Cash Received And Related Accrued Interest | 66,685 | 78,755 | |
Derivative, Collateral, Cash Posted And Related Accrued interest | 3,039 | 2,720 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | 5,548,351 | 4,301,547 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 12,205 | 19,826 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 77,950 | 138,150 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | 3,911,856 | 5,525,292 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 3,756 | 4,705 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 5,748 | 11,484 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | 2,719,000 | 4,635,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,051 | 900 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,029 | 6,559 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | 281,000 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 683 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | ||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgages [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | 449,856 | 451,292 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 342 | 3,799 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,650 | 1 | |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivatives | 462,000 | 439,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,680 | 6 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 69 | $ 4,924 | |
[1] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $66,685 and $78,755 at December 31, 2015 and 2014. Cash collateral received and related accrued interest was (in thousands) $3,039 and $2,720 at December 31, 2015 and 2014. | ||
[2] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. |
Derivatives and Hedging Activ75
Derivatives and Hedging Activities Derivatives in Statement of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 2,762 | $ 5,127 | $ 10,837 |
Gain (Loss) on Derivatives not designated as hedging instruments | 10,275 | 1,500 | (2,934) |
Net gains (losses) on derivatives and hedging activities | 13,037 | 6,627 | 7,903 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 2,762 | 5,127 | 10,837 |
Gain (Loss) on Derivatives not designated as hedging instruments | 2,515 | 628 | 7,456 |
Interest Rate Swaption [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (274) | 0 | 0 |
Forward Contracts [Member] | Mortgages [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 2,501 | 15,631 | (9,873) |
Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (1,090) | (15,465) | (845) |
Net Interest Settlements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | $ 6,623 | $ 706 | $ 328 |
Derivatives and Hedging Activ76
Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivative | $ 51,727 | $ 60,662 | $ 129,684 | |
Gain (Loss) on Hedged Item | (48,965) | (55,535) | (118,847) | |
Net Fair Value Hedge Ineffectiveness | 2,762 | 5,127 | 10,837 | |
Effect of Derivatives on Net Interest Income | [1] | (63,784) | (72,934) | (79,414) |
Amortization and Accretion of Hedged Items | (3,424) | (3,310) | (3,022) | |
Advances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivative | 62,657 | 76,295 | 156,025 | |
Gain (Loss) on Hedged Item | (60,453) | (71,315) | (145,843) | |
Net Fair Value Hedge Ineffectiveness | 2,204 | 4,980 | 10,182 | |
Effect of Derivatives on Net Interest Income | [1] | (83,571) | (91,232) | (106,452) |
Consolidated Obligation Bonds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivative | (10,930) | (15,633) | (26,341) | |
Gain (Loss) on Hedged Item | 11,488 | 15,780 | 26,996 | |
Net Fair Value Hedge Ineffectiveness | 558 | 147 | 655 | |
Effect of Derivatives on Net Interest Income | [1] | $ 19,787 | $ 18,298 | $ 27,038 |
[1] | The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(3,424), $(3,310), and $(3,022) of (amortization)/accretion related to fair value hedging activities for the years ended December 31, 2015, 2014, and 2013. |
Derivatives and Hedging Activ77
Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Offsetting Assets [Line Items] | |||
Derivative Asset, Total Gross Amount | $ 13,939 | $ 20,726 | |
Derivative Liability, Total Gross Amount | 81,979 | 144,709 | |
Derivative Asset, Netting Adjustments And Cash Collateral | [1],[2] | (9,832) | |
Derivative Asset, Netting Adjustments And Cash Collateral | [1],[2] | 11,035 | |
Derivative Liability, Netting Adjustments And Cash Collateral | [1],[2] | (52,611) | (85,867) |
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 24,974 | 10,894 | |
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment | 29,368 | 58,842 | |
Derivative Asset, Not Subject to Master Netting Arrangement | [3] | 2,022 | 3,805 |
Derivative Liability, Not Subject to Master Netting Arrangement | [3] | 1,719 | 4,925 |
Derivative assets | 26,996 | 14,699 | |
Derivative liabilities | 31,087 | 63,767 | |
Uncleared derivatives | |||
Offsetting Assets [Line Items] | |||
Derivative Asset, Total Gross Amount | 8,046 | 19,585 | |
Derivative Liability, Total Gross Amount | 70,178 | 141,352 | |
Derivative Asset, Netting Adjustments And Cash Collateral | (7,844) | (19,544) | |
Derivative Liability, Netting Adjustments And Cash Collateral | (40,810) | (82,510) | |
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 202 | 41 | |
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment | 29,368 | 58,842 | |
Derivative Asset, Not Subject to Master Netting Arrangement | [3] | 2,022 | 3,805 |
Derivative Liability, Not Subject to Master Netting Arrangement | [3] | 1,719 | 4,925 |
Derivative assets | 2,224 | 3,846 | |
Derivative liabilities | 31,087 | 63,767 | |
Cleared derivatives | |||
Offsetting Assets [Line Items] | |||
Derivative Asset, Total Gross Amount | 5,893 | 1,141 | |
Derivative Liability, Total Gross Amount | 11,801 | 3,357 | |
Derivative Asset, Netting Adjustments And Cash Collateral | 18,879 | 9,712 | |
Derivative Liability, Netting Adjustments And Cash Collateral | (11,801) | (3,357) | |
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 24,772 | 10,853 | |
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment | 0 | 0 | |
Derivative assets | 24,772 | 10,853 | |
Derivative liabilities | $ 0 | $ 0 | |
[1] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $66,685 and $78,755 at December 31, 2015 and 2014. Cash collateral received and related accrued interest was (in thousands) $3,039 and $2,720 at December 31, 2015 and 2014. | ||
[2] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||
[3] | Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits Deposits (Details)
Deposits Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits [Abstract] | |||
Average Deposits Compensating Balance Amount | $ 3,171,708 | $ 3,597,698 | |
Weighted Average Rate Interest Bearing Deposits | 0.04% | 0.03% | 0.03% |
Interest bearing, demand and overnight | $ 646,902 | $ 624,446 | |
Interest bearing, term | 151,825 | 99,600 | |
Interest bearing, other | 5,377 | 5,592 | |
Total interest-bearing | 804,104 | 729,638 | |
Non-interest bearing, other | 238 | 298 | |
Total non-interest bearing | 238 | 298 | |
Total deposits | 804,342 | 729,936 | |
Time Deposits, $250,000 or More, Domestic | $ 151,775 | $ 99,550 |
Consolidated Obligations (Detai
Consolidated Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Discount Notes | $ 77,199,208 | $ 41,232,127 | ||
Consolidated Obligations Bonds Total | 35,104,764 | 59,216,557 | ||
Unamortized Concessions Included in Other Assets | 13,042 | 14,184 | ||
Amortization of Concessions Included in Consolidated Obligations Interest Expense During Period | 13,280 | 7,380 | $ 7,026 | |
Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Maturities, Repayments of Principal in Twelve Months | $ 9,808,000 | $ 32,477,000 | ||
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 0.91% | 0.24% | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | $ 5,143,750 | $ 6,918,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 1.42% | 1.19% | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | $ 4,814,000 | $ 4,594,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 1.64% | 1.56% | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | $ 4,090,000 | $ 4,245,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 1.89% | 1.79% | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | $ 3,041,000 | $ 2,647,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 2.09% | 2.08% | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 8,139,000 | $ 8,217,000 | ||
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 2.80% | 2.79% | ||
Index amortizing notes | $ 943 | $ 25,297 | ||
Index amortizing notes, Weighted average interest rate | 5.25% | 5.07% | ||
Debt, Gross | $ 35,036,693 | $ 59,123,297 | ||
Long-term Debt, Weighted Average Interest Rate | 1.74% | 1.00% | ||
Debt Instrument, Unamortized Premium | $ 90,189 | $ 103,477 | ||
Debt Instrument, Unamortized Discount | (24,525) | (25,161) | ||
Debt Valuation Adjustment for Hedging Activities | 3,817 | 15,304 | ||
Fair value option valuation adjustment and accrued interest | (1,410) | (360) | ||
Consolidated Obligations Bonds Total | 35,104,764 | 59,216,557 | ||
Non Callable [Member] | Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Gross | 28,235,693 | 49,976,297 | ||
Callable [Member] | Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Gross | 6,801,000 | 9,147,000 | ||
Earlier of Contractual Maturity or Next Call Date [Member] | Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Maturities, Repayments of Principal in Twelve Months | 16,339,000 | 40,774,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 4,881,750 | 5,413,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 3,499,000 | 3,317,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 3,020,000 | 2,685,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 2,383,000 | 1,992,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 4,913,000 | 4,917,000 | ||
Index amortizing notes | 943 | 25,297 | ||
Discount Notes [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt Instrument, Face Amount | $ 77,225,334 | $ 41,238,122 | ||
Short-term Debt, Weighted Average Interest Rate | [1] | 0.24% | 0.09% | |
Fixed-rate [Member] | Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Gross | $ 30,806,693 | $ 31,363,297 | ||
Variable-rate [Member] | Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Gross | 4,065,000 | 27,610,000 | ||
Step-up [Member] | Consolidated Obligation Bonds [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Debt, Gross | 165,000 | 150,000 | ||
Consolidated Obligations [Member] | ||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 905,200,000 | $ 847,200,000 | ||
[1] | Represents an implied rate without consideration of concessions. |
Affordable Housing Program (A80
Affordable Housing Program (AHP) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Affordable Housing Program (AHP) [Abstract] | |||
Affordable Housing Program, Contribution Requirement, Amount | $ 100,000 | ||
Affordable Housing Program, Contribution Requirement, Percentage | 10.00% | ||
Federal Home Loan Bank, Advances, Affordable Housing Program, Principal Outstanding | $ 85,145 | $ 102,465 | |
Affordable Housing Program [Roll Forward] | |||
AHP Obligation, Beginning Balance | 98,103 | 93,789 | |
AHP, Expense (Current Year Additions) | 27,906 | 27,605 | $ 29,620 |
AHP, Subsidy Uses, Net | (18,657) | (23,291) | (18,503) |
AHP Obligation, Ending Balance | $ 107,352 | $ 98,103 | $ 93,789 |
Capital (Details)
Capital (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital [Line Items] | |||
Risk Based Capital Required | $ 630,604,000 | $ 481,835,000 | |
Risk Based Capital Actual | $ 5,232,228,000 | $ 5,018,567,000 | |
Regulatory Capital Ratio, Actual | 4.40% | 4.71% | |
Regulatory Capital, Required | $ 4,751,871,000 | $ 4,265,617,000 | |
Regulatory Capital, Actual | $ 5,232,228,000 | $ 5,018,567,000 | |
Leverage Ratio, Actual | 6.61% | 7.06% | |
Leverage Capital, Required | $ 5,939,839,000 | $ 5,332,021,000 | |
Leverage Capital, Actual | $ 7,848,342,000 | $ 7,527,851,000 | |
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 | |
Retained Earnings, Appropriated | $ 209,438,000 | $ 159,694,000 | |
Mandatorily redeemable capital stock | 2,432,000 | $ 4,190,000 | $ 5,506,000 |
Minimum [Member] | |||
Capital [Line Items] | |||
Membership Stock Requirement, Amount | 1,000 | ||
Maximum [Member] | |||
Capital [Line Items] | |||
Membership Stock Requirement, Amount | $ 25,000,000 | ||
Common Class B [Member] | |||
Capital [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 100 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)stockholders | Dec. 31, 2014USD ($)stockholders | Dec. 31, 2013USD ($)stockholders | |
Mandatorily Redeemable Capital Stock [Roll Forward] | |||
Balance at beginning period | $ 62,963 | $ 115,853 | $ 210,828 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | 28,919 | 17,110 | 33,457 |
Repayments of Mandatory Redeemable Capital Securities | (53,987) | (70,000) | (128,432) |
Balance at end of period | $ 37,895 | $ 62,963 | $ 115,853 |
Financial Instruments Subject to Mandatory Redemption, Number of Stockholders | stockholders | 15 | 11 | 11 |
Capital (Mandatorily Redeemab83
Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capital [Abstract] | |||||
Due in 1 year or less | $ 0 | $ 130 | |||
Due after 1 year through 2 years | 0 | 0 | |||
Due after 2 years through 3 years | 41 | 0 | |||
Due after 3 years through 4 years | 2,265 | 55 | |||
Due after 4 years through 5 years | 2,876 | 2,278 | |||
Past contractual redemption date due to remaining activity | [1] | 32,713 | 60,500 | ||
Total par value | $ 37,895 | $ 62,963 | $ 115,853 | $ 210,828 | |
[1] | Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi84
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning of period | $ (16,596) | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 105 | $ 97 | $ (121) |
Total other comprehensive income adjustments | 3,319 | (7,554) | 2,692 |
Accumulated other comprehensive loss, end of period | (13,277) | (16,596) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning of period | (24) | (121) | 0 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 105 | 97 | (121) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | 0 | 0 |
Amortization - Pension and postretirement benefits | 0 | 0 | 0 |
Total other comprehensive income adjustments | 105 | 97 | (121) |
Accumulated other comprehensive loss, end of period | 81 | (24) | (121) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning of period | (16,572) | (8,921) | (11,734) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 598 | (9,496) | 803 |
Amortization - Pension and postretirement benefits | 2,616 | 1,845 | 2,010 |
Total other comprehensive income adjustments | 3,214 | (7,651) | 2,813 |
Accumulated other comprehensive loss, end of period | (13,358) | (16,572) | (8,921) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning of period | (16,596) | (9,042) | (11,734) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 105 | 97 | (121) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 598 | (9,496) | 803 |
Amortization - Pension and postretirement benefits | 2,616 | 1,845 | 2,010 |
Total other comprehensive income adjustments | 3,319 | (7,554) | 2,692 |
Accumulated other comprehensive loss, end of period | $ (13,277) | $ (16,596) | $ (9,042) |
Pension and Postretirement Be85
Pension and Postretirement Benefit Plans Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pentegra Defined Contribution Plan [Member] | |||
Employee Retirement Plans Line Items [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 992,000 | $ 943,000 | $ 875,000 |
Pension and Postretirement Be86
Pension and Postretirement Benefit Plans Pentegra Defined Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2015 | Jul. 01, 2014 | Jul. 01, 2013 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Multiemployer Plan Number | 333 | |||||||
Pentegra Defined Benefit Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Multiemployer Plan, Period Contributions | $ 6,348 | $ 6,041 | $ 5,516 | |||||
Pentegra Defined Benefit Plan Funded Status | 106.89% | [1] | 111.44% | [2] | 101.31% | |||
FHLBank's Funded Status | 124.97% | 128.27% | 107.36% | |||||
Multiemployer Plans, Pension [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Entity Tax Identification Number | 135,645,888 | |||||||
[1] | The Pentegra Defined Benefit Plan's funded status as of July 1, 2015 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2015 through March 15, 2016. Contributions made on or before March 15, 2016, and designated for the plan year ended June 30, 2015, will be included in the final valuation as of July 1, 2015. The final funded status as of July 1, 2015 will not be available until the Form 5500 for the plan year July 1, 2015 through June 30, 2016 is filed (this Form 5500 is due to be filed no later than April 2017). | |||||||
[2] | The Pentegra Defined Benefit Plan's funded status as of July 1, 2014 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2014 through March 15, 2015. Contributions made on or before March 15, 2015, and designated for the plan year ended June 30, 2014, will be included in the final valuation as of July 1, 2014. The final funded status as of July 1, 2014 will not be available until the Form 5500 for the plan year July 1, 2014 through June 30, 2015 is filed (this Form 5500 is due to be filed no later than April 2016). |
Pension and Postretirement Be87
Pension and Postretirement Benefit Plans Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 37,656 | $ 39,057 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 33,860 | 26,511 | |
Defined Benefit Plan, Service Cost | 668 | 524 | $ 494 |
Defined Benefit Plan, Interest Cost | 1,222 | 1,234 | 986 |
Defined Benefit Plan, Actuarial (Gain) Loss | (413) | 8,335 | 215 |
Defined Benefit Plan, Benefits Paid | (2,797) | (2,744) | |
Defined Benefit Plan, Benefit Obligation | 32,540 | 33,860 | 26,511 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Contributions by Employer | 2,797 | 2,744 | |
Defined Benefit Plan, Benefits Paid | (2,797) | (2,744) | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | (32,540) | (33,860) | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 5,197 | 3,957 | |
Defined Benefit Plan, Service Cost | 74 | 53 | 58 |
Defined Benefit Plan, Interest Cost | 203 | 190 | 199 |
Defined Benefit Plan, Actuarial (Gain) Loss | (185) | 1,161 | (1,018) |
Defined Benefit Plan, Benefits Paid | (173) | (164) | |
Defined Benefit Plan, Benefit Obligation | 5,116 | 5,197 | 3,957 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Contributions by Employer | 173 | 164 | |
Defined Benefit Plan, Benefits Paid | (173) | (164) | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan | $ (5,116) | $ (5,197) |
Pension and Postretirement Be88
Pension and Postretirement Benefit Plans Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 12,447 | $ 15,409 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 911 | $ 1,163 |
Pension and Postretirement Be89
Pension and Postretirement Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | $ (3,214) | $ 7,651 | $ (2,813) |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 668 | 524 | 494 |
Defined Benefit Plan, Interest Cost | 1,222 | 1,234 | 986 |
Defined Benefit Plan, Amortization of Gains (Losses) | (2,549) | (1,845) | (1,948) |
Defined Benefit Plan, Net Periodic Benefit Cost | 4,439 | 3,603 | 3,428 |
Defined Benefit Plan, Actuarial (Gain) Loss | (413) | 8,335 | 215 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | (2,962) | 6,490 | (1,733) |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | 1,477 | 10,093 | 1,695 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 74 | 53 | 58 |
Defined Benefit Plan, Interest Cost | 203 | 190 | 199 |
Defined Benefit Plan, Amortization of Gains (Losses) | (67) | 0 | (62) |
Defined Benefit Plan, Net Periodic Benefit Cost | 344 | 243 | 319 |
Defined Benefit Plan, Actuarial (Gain) Loss | (185) | 1,161 | (1,018) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | (252) | 1,161 | (1,080) |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | $ 92 | $ 1,404 | $ (761) |
Pension and Postretirement Be90
Pension and Postretirement Benefit Plans Amortization for next Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of (Gain) Loss | $ 1,839 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of (Gain) Loss | $ 46 |
Pension and Postretirement Be91
Pension and Postretirement Benefit Plans Benefit Obligation Key Assumptions (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.02% | 3.67% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.50% | 4.50% |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.33% | 3.96% |
Pension and Postretirement Be92
Pension and Postretirement Benefit Plans Net Periodic Benefit Cost Key Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.67% | 4.32% | 3.26% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.50% | 4.50% | 4.50% |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.96% | 4.88% | 4.16% |
Pension and Postretirement Be93
Pension and Postretirement Benefit Plans Postretirement Benefit Plan Assumptions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 63,000 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 1,022,000 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 49,000 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ 805,000 | |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% | 8.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.50% | 5.25% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,020 | 2,024 |
Pension and Postretirement Be94
Pension and Postretirement Benefit Plans Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 3,006 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 2,227 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 2,197 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,278 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,902 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 8,547 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 161 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 161 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 176 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 172 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 184 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 1,179 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Institutions | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | Institutions | 2 | ||
Net interest income | $ 322,281 | $ 316,976 | $ 327,844 |
Provision for Loan Losses Expensed | 0 | (500) | (7,450) |
Interest Income (Expense), after Provision for Loan Loss | 322,281 | 317,476 | 335,294 |
Non-interest income (loss) | 29,894 | 22,630 | 19,791 |
Non-interest expense | 75,551 | 68,248 | 64,387 |
Income before assessments | 276,624 | 271,858 | 290,698 |
Affordable Housing Program Assessments | 27,906 | 27,605 | 29,620 |
Net income | 248,718 | 244,253 | 261,078 |
Average assets | 105,569,319 | 101,157,496 | 93,690,625 |
Total assets | 118,796,781 | 106,640,419 | 103,180,702 |
Traditional Member Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 237,828 | 229,559 | |
Provision for Loan Losses Expensed | 0 | 0 | |
Interest Income (Expense), after Provision for Loan Loss | 250,076 | 237,828 | 229,559 |
Non-interest income (loss) | 28,586 | 22,460 | 30,505 |
Non-interest expense | 64,925 | 58,876 | 55,459 |
Income before assessments | 213,737 | 201,412 | 204,605 |
Affordable Housing Program Assessments | 21,618 | 20,560 | 21,011 |
Net income | 192,119 | 180,852 | 183,594 |
Average assets | 97,932,122 | 94,333,213 | 86,609,248 |
Total assets | 110,789,438 | 99,629,924 | 96,336,915 |
Mortgage Purchase Program [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 79,148 | 98,285 | |
Provision for Loan Losses Expensed | (500) | (7,450) | |
Interest Income (Expense), after Provision for Loan Loss | 72,205 | 79,648 | 105,735 |
Non-interest income (loss) | 1,308 | 170 | (10,714) |
Non-interest expense | 10,626 | 9,372 | 8,928 |
Income before assessments | 62,887 | 70,446 | 86,093 |
Affordable Housing Program Assessments | 6,288 | 7,045 | 8,609 |
Net income | 56,599 | 63,401 | 77,484 |
Average assets | 7,637,197 | 6,824,283 | 7,081,377 |
Total assets | $ 8,007,343 | $ 7,010,495 | $ 6,843,787 |
Fair Value Disclosures Fair V96
Fair Value Disclosures Fair Value Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Assets | |||||||
Cash and Due from Banks | $ 10,136 | $ 3,109,970 | |||||
Trading securities | 1,159 | 1,341 | |||||
Available-for-sale securities | 700,081 | 1,349,977 | |||||
Held-to-maturity Securities | [1] | 15,278,206 | 14,712,271 | ||||
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |||||
Accrued interest receivable | 94,855 | 81,384 | |||||
Derivative assets | 26,996 | 14,699 | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2],[3] | 11,035 | |||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [2],[3] | (9,832) | |||||
Advances, Fair Value Disclosure | [4] | 15,057 | 15,042 | ||||
Liabilities | |||||||
Mandatorily redeemable capital stock | 37,895 | 62,963 | $ 115,853 | $ 210,828 | |||
Accrued Interest Payable, Fair Value Disclosure | 118,823 | 114,781 | |||||
Derivative liabilities | 31,087 | 63,767 | |||||
Derivative Liability, Netting Adjustments And Cash Collateral | [2],[3] | (52,611) | (85,867) | ||||
Consolidated Obligation Bonds [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Bonds | 2,214,590 | 4,209,640 | |||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Assets | |||||||
Cash and Due from Banks | 10,136 | 3,109,970 | |||||
Interest-bearing deposits | 0 | 0 | |||||
Securities purchased under resale agreements | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading securities | 0 | 0 | |||||
Available-for-sale securities | 0 | 0 | |||||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||||
Advances | 0 | [5] | 0 | [6] | |||
Mortgage loans held for portfolio, net | 0 | 0 | |||||
Accrued interest receivable | 0 | 0 | |||||
Derivative assets | 0 | 0 | |||||
Liabilities | |||||||
Deposits | 0 | 0 | |||||
Mandatorily redeemable capital stock | 37,895 | 62,963 | |||||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||||
Derivative liabilities | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Financial Standby Letter of Credit [Member] | |||||||
Other [Abstract] | |||||||
Commitments, Fair Value Disclosure | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Bonds | 0 | [7] | 0 | [8] | |||
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Assets | |||||||
Cash and Due from Banks | 0 | 0 | |||||
Interest-bearing deposits | 99 | 119 | |||||
Securities purchased under resale agreements | 10,531,979 | 3,343,002 | |||||
Federal funds sold | 10,845,000 | 6,600,000 | |||||
Trading securities | 1,159 | 1,341 | |||||
Available-for-sale securities | 700,081 | 1,349,977 | |||||
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |||||
Advances | 73,089,912 | [5] | 70,279,438 | [6] | |||
Mortgage loans held for portfolio, net | 8,075,390 | 7,178,047 | |||||
Accrued interest receivable | 94,855 | 81,384 | |||||
Derivative assets | 15,961 | 24,531 | |||||
Liabilities | |||||||
Deposits | 804,140 | 729,782 | |||||
Mandatorily redeemable capital stock | 0 | 0 | |||||
Accrued Interest Payable, Fair Value Disclosure | 118,823 | 114,781 | |||||
Derivative liabilities | 83,698 | 149,634 | |||||
Fair Value, Inputs, Level 2 [Member] | Financial Standby Letter of Credit [Member] | |||||||
Other [Abstract] | |||||||
Commitments, Fair Value Disclosure | 698 | 1,381 | |||||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Bonds | 35,317,688 | [7] | 59,496,247 | [8] | |||
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Discount Notes | 77,183,854 | 41,224,739 | |||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Assets | |||||||
Cash and Due from Banks | 0 | 0 | |||||
Interest-bearing deposits | 0 | 0 | |||||
Securities purchased under resale agreements | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading securities | 0 | 0 | |||||
Available-for-sale securities | 0 | 0 | |||||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||||
Advances | 0 | [5] | 0 | [6] | |||
Mortgage loans held for portfolio, net | 30,834 | 41,151 | |||||
Accrued interest receivable | 0 | 0 | |||||
Derivative assets | 0 | 0 | |||||
Liabilities | |||||||
Deposits | 0 | 0 | |||||
Mandatorily redeemable capital stock | 0 | 0 | |||||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||||
Derivative liabilities | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Financial Standby Letter of Credit [Member] | |||||||
Other [Abstract] | |||||||
Commitments, Fair Value Disclosure | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Bonds | 0 | [7] | 0 | [8] | |||
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||||
Carrying Value | |||||||
Assets | |||||||
Cash and Due from Banks | 10,136 | 3,109,970 | |||||
Interest-bearing deposits | 99 | 119 | |||||
Securities purchased under resale agreements | 10,531,979 | 3,343,000 | |||||
Federal funds sold | 10,845,000 | 6,600,000 | |||||
Trading securities | 1,159 | 1,341 | |||||
Available-for-sale securities | 700,081 | 1,349,977 | |||||
Held-to-maturity Securities | 15,278,206 | 14,712,271 | |||||
Advances | 73,292,172 | [5] | 70,405,616 | [6] | |||
Mortgage loans held for portfolio, net | 7,979,607 | 6,984,683 | |||||
Accrued interest receivable | 94,855 | 81,384 | |||||
Derivative assets | 26,996 | 14,699 | |||||
Liabilities | |||||||
Deposits | 804,342 | 729,936 | |||||
Mandatorily redeemable capital stock | 37,895 | 62,963 | |||||
Accrued Interest Payable, Fair Value Disclosure | 118,823 | 114,781 | |||||
Derivative liabilities | 31,087 | 63,767 | |||||
Carrying Value | Financial Standby Letter of Credit [Member] | |||||||
Other [Abstract] | |||||||
Commitments, Fair Value Disclosure | 0 | 0 | |||||
Carrying Value | Consolidated Obligation Bonds [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Bonds | 35,104,764 | [7] | 59,216,557 | [8] | |||
Carrying Value | Discount Notes [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Discount Notes | 77,199,208 | 41,232,127 | |||||
Fair Value | |||||||
Assets | |||||||
Cash and Due from Banks | 10,136 | 3,109,970 | |||||
Interest-bearing deposits | 99 | 119 | |||||
Securities purchased under resale agreements | 10,531,979 | 3,343,002 | |||||
Federal funds sold | 10,845,000 | 6,600,000 | |||||
Trading securities | 1,159 | 1,341 | |||||
Available-for-sale securities | 700,081 | 1,349,977 | |||||
Held-to-maturity Securities, Fair Value | 15,229,965 | 14,794,326 | |||||
Advances | 73,089,912 | [5] | 70,279,438 | [6] | |||
Mortgage loans held for portfolio, net | 8,106,224 | 7,219,198 | |||||
Accrued interest receivable | 94,855 | 81,384 | |||||
Derivative assets | 26,996 | 14,699 | |||||
Liabilities | |||||||
Deposits | 804,140 | 729,782 | |||||
Mandatorily redeemable capital stock | 37,895 | 62,963 | |||||
Accrued Interest Payable, Fair Value Disclosure | 118,823 | 114,781 | |||||
Derivative liabilities | 31,087 | 63,767 | |||||
Fair Value | Financial Standby Letter of Credit [Member] | |||||||
Other [Abstract] | |||||||
Commitments, Fair Value Disclosure | 698 | 1,381 | |||||
Fair Value | Consolidated Obligation Bonds [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Bonds | 35,317,688 | [7] | 59,496,247 | [8] | |||
Fair Value | Discount Notes [Member] | |||||||
Liabilities | |||||||
Consolidated Obligations, Discount Notes | $ 77,183,854 | $ 41,224,739 | |||||
[1] | Fair values: $15,229,965 and $14,794,326 at December 31, 2015 and 2014, respectively. | ||||||
[2] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $66,685 and $78,755 at December 31, 2015 and 2014. Cash collateral received and related accrued interest was (in thousands) $3,039 and $2,720 at December 31, 2015 and 2014. | ||||||
[3] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||||
[4] | At December 31, 2015 and 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||||
[5] | Includes (in thousands) $15,057 of Advances recorded under the fair value option at December 31, 2015. | ||||||
[6] | Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014. | ||||||
[7] | Includes (in thousands) $2,214,590 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2015. | ||||||
[8] | Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014. |
Fair Value Disclosures Fair V97
Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 1,159 | $ 1,341 | |||
Available-for-sale securities | 700,081 | 1,349,977 | |||
Advances, Fair Value Disclosure | [1] | 15,057 | 15,042 | ||
Derivative assets | 26,996 | 14,699 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [2],[3] | 11,035 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [2],[3] | (9,832) | |||
Derivative liabilities | 31,087 | 63,767 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [2],[3] | (52,611) | (85,867) | ||
Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 2,214,590 | 4,209,640 | |||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [4] | 1,159 | 1,341 | ||
Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 700,081 | 1,349,977 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 15,057 | 15,042 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [5] | 11,035 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [5] | (9,832) | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [5] | (52,611) | (85,867) | ||
Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 2,214,590 | 4,209,640 | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | [5] | 11,035 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [5] | (9,832) | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [5] | (52,611) | (85,867) | ||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Mortgage loans held for portfolio, net | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | [6] | 0 | [7] | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assests at fair value | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | [8] | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,159 | 1,341 | |||
Available-for-sale securities | 700,081 | 1,349,977 | |||
Derivative assets | 15,961 | 24,531 | |||
Derivative liabilities | 83,698 | 149,634 | |||
Mortgage loans held for portfolio, net | 8,075,390 | 7,178,047 | |||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 35,317,688 | [6] | 59,496,247 | [7] | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 15,057 | 15,042 | |||
Derivative assets | 15,961 | 24,531 | |||
Total assests at fair value | 732,258 | 1,390,891 | |||
Derivative liabilities | 83,698 | 149,634 | |||
Total liabilities at fair value | 2,298,288 | 4,359,274 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 2,214,590 | 4,209,640 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 13,939 | 20,726 | |||
Derivative liabilities | 81,979 | 144,709 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 342 | 3,799 | |||
Derivative liabilities | 1,650 | 1 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 1,680 | 6 | |||
Derivative liabilities | 69 | 4,924 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,159 | 1,341 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 700,081 | 1,349,977 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | [8] | 0 | |||
Fair Value, Inputs, 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 | |||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Mortgage loans held for portfolio, net | 30,834 | 41,151 | |||
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | [6] | 0 | [7] | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assests at fair value | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | [8] | 6,270 | |||
Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,159 | 1,341 | |||
Available-for-sale securities | 700,081 | 1,349,977 | |||
Derivative assets | 26,996 | 14,699 | |||
Derivative liabilities | 31,087 | 63,767 | |||
Mortgage loans held for portfolio, net | 8,106,224 | 7,219,198 | |||
Fair Value | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 35,317,688 | [6] | 59,496,247 | [7] | |
Fair Value | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 26,996 | 14,699 | |||
Total assests at fair value | 743,293 | 1,381,059 | |||
Derivative liabilities | 31,087 | 63,767 | |||
Total liabilities at fair value | 2,245,677 | 4,273,407 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 24,974 | 10,894 | |||
Derivative liabilities | 29,368 | 58,842 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 342 | 3,799 | |||
Derivative liabilities | 1,650 | 1 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 1,680 | 6 | |||
Derivative liabilities | 69 | 4,924 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,159 | 1,341 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 700,081 | $ 1,349,977 | |||
Fair Value | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | [8] | $ 6,270 | |||
[1] | At December 31, 2015 and 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[2] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $66,685 and $78,755 at December 31, 2015 and 2014. Cash collateral received and related accrued interest was (in thousands) $3,039 and $2,720 at December 31, 2015 and 2014. | ||||
[3] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[4] | Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities. | ||||
[5] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[6] | Includes (in thousands) $2,214,590 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2015. | ||||
[7] | Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014. | ||||
[8] | The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2015. |
Fair Value Disclosures Fair V98
Fair Value Disclosures Fair Value Impact on Financial Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Income | $ 957,260 | $ 908,349 | $ 900,155 |
Interest Expense | (634,979) | (591,373) | (572,311) |
Net gains (losses) on instruments held under the fair value option | 1,057 | 2,174 | 330 |
Advances [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Income | 255 | 82 | 0 |
Net gains (losses) on instruments held under the fair value option | 15 | 20 | 0 |
Fair Value Option, Total Change in Fair Value Included in Earnings | 270 | 102 | 0 |
Consolidated Obligation Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Expense | (13,201) | (5,899) | (4,914) |
Net gains (losses) on instruments held under the fair value option | 1,042 | 2,154 | 330 |
Fair Value Option, Total Change in Fair Value Included in Earnings | $ (12,159) | $ (3,745) | $ (4,584) |
Fair Value Disclosures Fair V99
Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option, Principal Balance, Assets | [1] | $ 15,000 | $ 15,000 |
Advances, Fair Value Disclosure | [1] | 15,057 | 15,042 |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | [1] | 57 | 42 |
Consolidated Obligation Bonds [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Aggregate Unpaid Principal Balance | 2,216,000 | 4,210,000 | |
Aggregate Fair Value | 2,214,590 | 4,209,640 | |
Fair value option valuation adjustment and accrued interest | $ (1,410) | $ (360) | |
[1] | At December 31, 2015 and 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Other Liabilities | $ 212,254 | $ 183,177 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other Liabilities | $ 4,666 | $ 4,441 |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Standby Letters Of Credit Original Terms | 19 years |
Commitments and Contingencie101
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | $ 19,417,093 | $ 17,233,206 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 137,995 | 546,385 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 19,555,088 | 17,779,591 | |
Financial Standby Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 85,865 | 37,490 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 36,510 | 149,705 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 122,375 | 187,195 | |
Forward Contracts [Member] | Mortgages [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 449,856 | 451,292 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 449,856 | 451,292 | |
Consolidated Obligation Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1],[2] | 60,000 | 17,000 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [1],[2] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [1],[2] | 60,000 | 17,000 |
Consolidated Obligation Bonds [Member] | Interest Rate Swap [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 0 | 17,000 | |
Discount Notes [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 0 | 5,000 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [1] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [1] | $ 0 | $ 5,000 |
[1] | Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. | ||
[2] | Of the total unsettled Consolidated Bonds, $0 and $17,000 (in thousands) were hedged with associated interest rate swaps at December 31, 2015 and 2014, respectively. |
Commitments and Contingencies L
Commitments and Contingencies Lease Schedule (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 1,966,000 | $ 1,816,000 | $ 1,713,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 914,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 914,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 863,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 796,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 812,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 5,053,000 | ||
Operating Leases, Future Minimum Payments Due | 9,352,000 | ||
Building [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 768,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 771,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 791,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 796,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 812,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 5,053,000 | ||
Operating Leases, Future Minimum Payments Due | 8,991,000 | ||
Technology Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 146,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 143,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 72,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | ||
Operating Leases, Future Minimum Payments Due | $ 361,000 |
Commitments and Contingencie103
Commitments and Contingencies Legal Proceedings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2008 | May. 01, 2010 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated Unjust Gain to the Bank on Lehman Swaps Automatically Terminated and Related to Lehmans 2008 Bankruptcy | $ 43 | |
Loss Contingency, Damages Sought Through Derivative Alternative Dispute Resolution Notice From Lehman Bankruptcy Estate, Value | $ 65.8 | |
Percent Over LIBOR That Settlement Demand Sought by Lehman Bankruptcy Estate is Accruing Interest | 14.50% |
Transactions with Other FHLB104
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Other Transactions [Line Items] | |||
Proceeds from Bonds Transferred from Other Federal Home Loan Banks | $ 0 | $ 0 | $ 0 |
Payments for Bonds Transferred to Other Federal Home Loan Banks | 0 | 0 | 0 |
Other FHLBanks [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Loans Receivable, Average Outstanding Amount | 0 | 438 | 3,740 |
Other FHLBanks [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Short-term Debt, Average Outstanding Amount | $ 68 | $ 68 | $ 4,110 |
Transactions with Stockholde105
Transactions with Stockholders (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Other Transactions [Line Items] | |||
Advances | $ 73,242,269 | $ 70,298,507 | |
Loans And Leases Receivable, Unpaid Principal Balance | 7,757,684 | 6,796,004 | |
Director [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Advances | $ 3,867,000 | $ 2,929,000 | |
Federal Home Loan Bank Advances, Percent of Principal | [1] | 5.30% | 4.20% |
Loans And Leases Receivable, Unpaid Principal Balance | $ 186,000 | $ 154,000 | |
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total | [1] | 2.40% | 2.30% |
Regulatory Capital Stock, Value | $ 236,000 | $ 225,000 | |
Regulatory Capital Stock, Percent of Total | [1] | 5.30% | 5.20% |
[1] | Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Transactions with Stockholde106
Transactions with Stockholders (Concentrations) (Details) $ in Thousands | Dec. 31, 2015USD ($)Banks | Dec. 31, 2014USD ($) |
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 73,242,269 | $ 70,298,507 |
JPMorgan Chase Bank National Association [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 1,533,000 | $ 1,533,000 |
Concentration Risk, Percentage | 34.00% | 35.00% |
JPMorgan Chase Bank National Association [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 35,350,000 | $ 41,300,000 |
JPMorgan Chase Bank National Association [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 0 | 0 |
U.S. Bank, N.A. [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 475,000 | $ 475,000 |
Concentration Risk, Percentage | 11.00% | 11.00% |
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 10,086,000 | $ 8,338,000 |
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 33,000 | 38,000 |
Fifth Third Bank [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 248,000 | $ 248,000 |
Concentration Risk, Percentage | 6.00% | 6.00% |
Fifth Third Bank [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 20,000 | $ 24,000 |
Fifth Third Bank [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | $ 3,000 | $ 3,000 |
Kentucky Housing Corporation, Ohio Housing Finance Agency, Tennessee Housing Development Agency [Member] | ||
Concentration Risk [Line Items] | ||
Number of Relationships With Non Member Affiliates | Banks | 3 |