Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-51399 | |
Entity Registrant Name | FEDERAL HOME LOAN BANK OF CINCINNATI | |
Entity Tax Identification Number | 31-6000228 | |
Entity Address, Address Line One | 600 Atrium Two, P.O. Box 598, | |
Entity Address, City or Town | Cincinnati, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45201-0598 | |
City Area Code | 513 | |
Local Phone Number | 852-7500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,608,735 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001326771 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | X1 |
Statements of Condition
Statements of Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Cash and due from banks | $ 3,923,890 | $ 20,608 | |
Interest-bearing deposits | 780,081 | 550,160 | |
Securities purchased under agreements to resell | 183,504 | 2,348,584 | |
Federal funds sold | 0 | 4,833,000 | |
Investment securities: | |||
Trading securities | 11,988,073 | 11,615,693 | |
Available-for-sale securities | 142,074 | 1,542,185 | |
Held-to-maturity securities (includes $0 and $0 pledged as collateral at March 31, 2020 and December 31 2019, respectively, that may be repledged) (a) | [1] | 12,570,626 | 13,499,319 |
Total investment securities | 24,700,773 | 26,657,197 | |
Advances (includes $5,385 and $5,238 at fair value under fair value option at March 31, 2020 and December 31 2019, respectively) | [2] | 80,424,950 | 47,369,573 |
Mortgage loans held for portfolio, net of allowance for credit losses of $297 and $711 at March 31, 2020 and December 31 2019, respectively | 11,923,078 | 11,235,353 | |
Accrued interest receivable | 197,718 | 182,252 | |
Derivative assets | 352,410 | 267,165 | |
Other assets | 23,440 | 27,667 | |
TOTAL ASSETS | 122,509,844 | 93,491,559 | |
LIABILITIES | |||
Deposits | 1,185,476 | 951,296 | |
Consolidated Obligations: | |||
Discount Notes (includes $9,319,663 and $12,386,974 at fair value under fair value option at March 31, 2020 and December 31 2019, respectively) | 79,659,562 | 49,084,219 | |
Bonds (includes $4,359,486 and $4,757,177 at fair value under fair value option at March 31, 2020 and December 31 2019, respectively) | 34,668,308 | 38,439,724 | |
Total Consolidated Obligations | 114,327,870 | 87,523,943 | |
Mandatorily redeemable capital stock | 571,546 | 21,669 | |
Accrued interest payable | 98,157 | 126,091 | |
Affordable Housing Program payable | 118,120 | 115,295 | |
Derivative liabilities | 22,691 | 1,310 | |
Other liabilities | 310,713 | 307,499 | |
Total liabilities | 116,634,573 | 89,047,103 | |
Commitments and contingencies | |||
CAPITAL | |||
Capital stock Class B putable ($100 par value); issued and outstanding shares: 47,394 shares at March 31, 2020 and 33,664 shares at December 31, 2019 | 4,739,413 | 3,366,428 | |
Retained earnings: | |||
Unrestricted | 690,615 | 648,374 | |
Restricted | 461,979 | 446,048 | |
Total retained earnings | 1,152,594 | 1,094,422 | |
Accumulated other comprehensive loss | (16,736) | (16,394) | |
Total capital | 5,875,271 | 4,444,456 | |
TOTAL LIABILITIES AND CAPITAL | $ 122,509,844 | $ 93,491,559 | |
[1] | Fair values: $12,685,449 and $13,501,207 at March 31, 2020 and December 31, 2019 , respectively. | ||
[2] | Carrying values exclude accrued interest receivable of (in thousands) $66,712 and $60,682 as of March 31, 2020 and December 31, 2019 . |
Statements of Condition (Parent
Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |||
Debt Securities, Held-to-maturity, Restricted | $ 0 | $ 0 | |||
Advances, Fair Value Disclosure | [1] | 5,385 | 5,238 | ||
Allowance for credit losses on mortgage loans | $ 297 | $ 711 | |||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 | |||
Common Stock, Shares, Issued | 47,394 | 33,664 | |||
Common Stock, Shares, Outstanding | 47,394 | 33,664 | |||
Debt Securities, Held-to-maturity, Fair Value | $ 12,685,449 | $ 13,501,207 | |||
Debt Securities, Held-to-maturity, Restricted [Extensible List] | us-gaap:CollateralPledgedMember | ||||
Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | $ 4,359,486 | 4,757,177 | |||
Discount Notes [Member] | |||||
Consolidated Obligations, Discount Notes | 9,319,663 | 12,386,974 | |||
Estimate of Fair Value Measurement [Member] | |||||
Debt Securities, Held-to-maturity, Fair Value | 12,685,449 | 13,501,207 | |||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | 35,497,338 | [2] | 38,832,230 | [3] | |
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | |||||
Consolidated Obligations, Discount Notes | $ 79,719,001 | [4] | $ 49,086,723 | [5] | |
[1] | At March 31, 2020 and December 31, 2019 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[2] | Includes (in thousands) $4,359,486 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2020 . | ||||
[3] | Includes (in thousands) $4,757,177 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2019 . | ||||
[4] | Includes (in thousands) $9,319,663 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2020 . | ||||
[5] | Includes (in thousands) $12,386,974 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2019 . |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST INCOME: | ||
Advances | $ 172,167 | $ 402,777 |
Prepayment fees on Advances, net | 4,274 | 15 |
Interest-bearing deposits | 3,350 | 1,544 |
Securities purchased under agreements to resell | 10,154 | 18,825 |
Federal funds sold | 28,526 | 63,829 |
Investment securities: | ||
Trading securities | 67,904 | 5,171 |
Available-for-sale securities | 3,396 | 13,559 |
Held-to-maturity securities | 68,304 | 106,473 |
Total investment securities | 139,604 | 125,203 |
Mortgage loans held for portfolio | 89,257 | 88,665 |
Loans to other FHLBanks | 60 | 20 |
Total interest income | 447,392 | 700,878 |
Consolidated Obligations: | ||
Discount Notes | 176,124 | 311,710 |
Bonds | 185,987 | 262,863 |
Total Consolidated Obligations | 362,111 | 574,573 |
Deposits | 2,976 | 3,698 |
Mandatorily redeemable capital stock | 190 | 349 |
Total interest expense | 365,277 | 578,620 |
NET INTEREST INCOME | 82,115 | 122,258 |
NON-INTEREST INCOME (LOSS): | ||
Net gains (losses) on investment securities | 372,406 | 22,126 |
Net gains (losses) on financial instruments held under fair value option | (50,830) | (17,181) |
Net gains (losses) on derivatives and hedging activities | (293,966) | (25,959) |
Other, net | 3,079 | 2,615 |
Total non-interest income (loss) | 30,689 | (18,399) |
NON-INTEREST EXPENSE: | ||
Compensation and benefits | 13,340 | 12,659 |
Other operating expenses | 6,103 | 5,477 |
Finance Agency | 1,628 | 1,696 |
Office of Finance | 1,258 | 1,366 |
Other | 1,951 | 1,225 |
Total non-interest expense | 24,280 | 22,423 |
INCOME BEFORE ASSESSMENTS | 88,524 | 81,436 |
Affordable Housing Program assessments | 8,871 | 8,179 |
NET INCOME | $ 79,653 | $ 73,257 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 79,653 | $ 73,257 |
Other comprehensive income adjustments: | ||
Net unrealized gains (losses) on available-for-sale securities | (905) | 187 |
Pension and postretirement benefits | 563 | 401 |
Total other comprehensive income (loss) adjustments | (342) | 588 |
Comprehensive income | $ 79,311 | $ 73,845 |
Statements of Capital
Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 4,444,456 | $ 5,330,216 | |
Comprehensive Income | 79,311 | 73,845 | |
Proceeds from sale of capital stock, par value | 2,072,862 | 228,106 | |
Repurchase of capital stock, value | (150,000) | (488,544) | |
Net shares reclassified to mandatorily redeemable capital stock, par value | (549,877) | (1,040) | |
Cash dividends on capital stock | (21,847) | (65,473) | |
Ending balance | $ 5,875,271 | $ 5,077,110 | |
Capital Stock Class B - Putable [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares, Issued beginning balance | 33,664 | 43,205 | |
Proceeds from sale of capital stock, shares | 20,729 | 2,281 | |
Repurchase of capital stock, shares | (1,500) | (4,886) | |
Net shares reclassified to mandatorily redeemable capital stock, shares | (5,499) | (10) | |
Shares, Issued ending balance | 47,394 | 40,590 | |
Beginning balance | $ 3,366,428 | $ 4,320,459 | |
Proceeds from sale of capital stock, par value | 2,072,862 | 228,106 | |
Repurchase of capital stock, value | (150,000) | (488,544) | |
Net shares reclassified to mandatorily redeemable capital stock, par value | (549,877) | (1,040) | |
Ending balance | 4,739,413 | 4,058,981 | |
Retained Earnings, Unrestricted [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 648,374 | 631,971 | |
Comprehensive Income | 63,722 | 58,605 | |
Cash dividends on capital stock | (21,847) | (65,473) | |
Ending balance | 690,615 | 625,103 | |
Retained Earnings, Restricted [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 446,048 | 390,829 | |
Comprehensive Income | 15,931 | 14,652 | |
Ending balance | 461,979 | 405,481 | |
Retained Earnings, Total [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1,094,422 | 1,022,800 | |
Comprehensive Income | 79,653 | 73,257 | |
Cash dividends on capital stock | (21,847) | (65,473) | |
Ending balance | 1,152,594 | 1,030,584 | |
Accumulated Other Comprehensive Loss [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (16,394) | (13,043) | |
Comprehensive Income | (342) | 588 | |
Ending balance | $ (16,736) | $ (12,455) | |
Accounting Standards Update 2016-13 [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Adjustment for cumulative effect of accounting change | $ 366 | ||
Accounting Standards Update 2016-13 [Member] | Retained Earnings, Unrestricted [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Adjustment for cumulative effect of accounting change | 366 | ||
Accounting Standards Update 2016-13 [Member] | Retained Earnings, Restricted [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Adjustment for cumulative effect of accounting change | 0 | ||
Accounting Standards Update 2016-13 [Member] | Retained Earnings, Total [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Adjustment for cumulative effect of accounting change | $ 366 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING ACTIVITIES: | ||
Net income | $ 79,653 | $ 73,257 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 29,025 | 37,144 |
Net change in derivative and hedging activities | (204,187) | (58,808) |
Net change in fair value adjustments on trading securities | (372,406) | (22,126) |
Net change in fair value adjustments on financial instruments held under fair value option | 50,830 | 17,181 |
Other adjustments | 177 | 177 |
Net change in: | ||
Accrued interest receivable | (15,359) | (61,925) |
Other assets | 3,741 | 4,977 |
Accrued interest payable | (28,574) | 13,051 |
Other liabilities | 6,632 | (2,705) |
Total adjustments | (530,121) | (73,034) |
Net cash provided by (used in) operating activities | (450,468) | 223 |
Net change in: | ||
Interest-bearing deposits | (496,833) | (473,043) |
Securities purchased under agreements to resell | 2,165,080 | 1,573,412 |
Federal funds sold | 4,833,000 | (1,027,000) |
Premises, software, and equipment | (263) | (455) |
Trading securities: | ||
Proceeds from maturities | 27 | 31 |
Purchases | 0 | (4,738,086) |
Available-for-sale securities: | ||
Proceeds from maturities | 1,810,000 | 2,350,000 |
Purchases | (400,000) | (1,026,000) |
Held-to-maturity securities: | ||
Proceeds from maturities | 958,486 | 538,649 |
Purchases | (34,234) | (622,454) |
Advances: | ||
Repaid | 256,213,831 | 410,450,110 |
Originated | (288,877,977) | (410,455,274) |
Mortgage loans held for portfolio: | ||
Principal collected | 539,328 | 226,964 |
Purchases | (1,231,879) | (249,754) |
Net cash provided by (used in) investing activities | (24,521,434) | (3,452,900) |
FINANCING ACTIVITIES: | ||
Net change in deposits and pass-through reserves | 233,060 | 102,205 |
Net proceeds (payments) on derivative contracts with financing elements | (303) | (92) |
Net proceeds from issuance of Consolidated Obligations: | ||
Discount Notes | 150,972,042 | 125,632,457 |
Bonds | 9,381,318 | 11,340,789 |
Payments for maturing and retiring Consolidated Obligations: | ||
Discount Notes | (120,420,948) | (128,399,569) |
Bonds | (13,191,000) | (4,885,800) |
Proceeds from issuance of capital stock | 2,072,862 | 228,106 |
Payments for repurchase of capital stock | (150,000) | (488,544) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | 0 | (754) |
Cash dividends paid | (21,847) | (65,473) |
Net cash provided by (used in) financing activities | 28,875,184 | 3,463,325 |
Net increase (decrease) in cash and due from banks | 3,903,282 | 10,648 |
Cash and due from banks at beginning of the period | 20,608 | 10,037 |
Cash and due from banks at end of the period | 3,923,890 | 20,685 |
Supplemental Disclosures: | ||
Interest paid | 388,791 | 535,427 |
Affordable Housing Program payments, net | $ 6,046 | $ 3,266 |
Background Information
Background Information | 3 Months Ended |
Mar. 31, 2020 | |
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 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | Summary of Significant Accounting Policies Basis of Presentation The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates. These assumptions and estimates affect the reported amount 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. The interim financial statements presented are unaudited, but they include all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations, and cash flows for such periods. These financial statements do not include all disclosures associated with annual financial statements and accordingly should be read in conjunction with the audited financial statements and notes included in the FHLB's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (SEC). Results for the three months ended March 31, 2020 are not necessarily indicative of operating results for the full year. The FHLB presents certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when it has a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these instruments, the FHLB has elected to offset its asset and liability positions, as well as cash collateral received or pledged, when it has met the netting requirements. The FHLB did not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time this collateral is received or pledged. Likewise, there may be a delay for excess collateral to be returned. For derivative instruments that meet the requirements for netting, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset. Additional information regarding these agreements is provided in Note 6. Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. For more information about the FHLB's investments in securities purchased under agreements to resell, see “Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies” in the FHLB's 2019 Annual Report on Form 10-K. The FHLB did not hold any equity securities as of March 31, 2020 and December 31, 2019 . Reclassifications Certain amounts in the 2019 financial statements have been reclassified to conform to the presentation as of March 31, 2020 . Specifically, certain cash flow amounts in the prior period Statement of Cash Flows have been reclassified to reflect short-term investment securities purchases and proceeds on a gross, rather than net, basis. 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. Significant Accounting Policies Beginning January 1, 2020, the FHLB adopted new accounting guidance related to the measurement of credit losses on financial instruments, which requires a financial asset or group of financial assets measured at amortized cost to be presented at the net amount expected to be collected. The new guidance also requires credit losses relating to these financial instruments and available-for-sale securities to be recorded through the allowance for credit losses. Key changes from prior accounting guidance are detailed below. Consistent with the modified retrospective method of adoption, the prior period has not been revised to conform to the new basis of accounting. See “Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies” in the FHLB's 2019 Annual Report on Form 10-K for information on the prior accounting treatment. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold. These investments provide short-term liquidity and are carried at amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. These investments are evaluated quarterly for expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The FHLB applies the collateral maintenance provision practical expedient when evaluating securities purchased under agreements to resell for credit losses. Consequently, a credit loss would be recognized if there is a collateral shortfall which the FHLB does not believe the counterparty will replenish in accordance with its contractual terms. The credit loss would be limited to the difference between the fair value of the collateral and the investment’s amortized cost. See Note 3 - Investments for details on the allowance methodologies relating to these investments. Investment Securities. Available for Sale. For securities classified as available-for-sale, the FHLB evaluates an individual security for impairment on a quarterly basis by comparing the security’s fair value to its amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. Impairment exists when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, the FHLB considers whether there would be a shortfall in receiving all cash flows contractually due. When a shortfall is considered possible, the FHLB compares the present value of cash flows to be collected from the security with the amortized cost basis of the security. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The allowance is limited by the amount of the unrealized loss. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. If management intends to sell an impaired security classified as available-for-sale, or more likely than not will be required to sell the security before expected recovery of its amortized cost basis, any allowance for credit losses is written off and the amortized cost basis is written down to the security’s fair value at the reporting date with any incremental impairment reported in earnings as net gains (losses) on investment securities. If management does not intend to sell an impaired security classified as available-for-sale and it is not more likely than not that management will be required to sell the debt security, then the credit portion of the difference is recognized as an allowance for credit losses and any remaining difference between the security’s fair value and amortized cost is recorded to net unrealized gains (losses) on available-for-sale securities within other comprehensive income (loss). Prior to January 1, 2020, credit losses were recorded as a direct write-down of the available-for-sale security carrying value. As of December 31, 2019, the FHLB had not recorded any direct write-downs to the carrying value of its 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, which is original cost net of periodic principal repayments and amortization of premiums and accretion of discounts. Accrued interest receivable is recorded separately on the Statements of Condition. Held-to-maturity securities are evaluated quarterly for expected credit losses on a pool basis unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. An allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. Prior to January 1, 2020, credit losses were recorded as a direct write-down of the held-to-maturity security carrying value. As of December 31, 2019, the FHLB had not recorded any direct write-downs to the carrying value of its held-to-maturity securities. See Note 3 - Investments for details on the allowance methodologies relating to available-for-sale and held-to-maturity securities. Advances. Advances (loans to members, former members, or housing associates) are carried at amortized cost, or at fair value, when the fair value option has been elected. Advances recorded at amortized cost are carried at original cost net of periodic principal repayments and amortization of premiums and accretion of discounts (including discounts related to the Affordable Housing Program), unearned commitment fees, and fair value hedge adjustments. Accrued interest receivable is recorded separately on the Statements of Condition. The Advances carried at amortized cost are evaluated quarterly for expected credit losses. If deemed necessary, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. See Note 4 - Advances for details on the allowance methodology relating to Advances. Mortgage Loans Held for Portfolio. Mortgage loans held for portfolio are recorded at amortized cost, which is original cost, net of periodic principal repayments and amortization of premiums and accretion of discounts, hedging basis adjustments on loans initially classified as mortgage loan commitments, and direct write-downs. The FHLB has the intent and ability to hold these mortgage loans to maturity. Accrued interest receivable is recorded separately on the Statements of Condition. The FHLB performs a quarterly assessment of its mortgage loans held for portfolio to estimate expected credit losses. An allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses The FHLB measures expected credit losses on mortgage loans on a collective basis, pooling loans with similar risk characteristics. If a mortgage loan no longer shares risk characteristics with other loans, it is removed from the pool and evaluated for expected credit losses on an individual basis. When developing the allowance for credit losses, the FHLB measures the expected loss over the estimated remaining life of a mortgage loan, which also considers how the FHLB’s credit enhancements mitigate credit losses. If a loan is purchased at a discount, the discount does not offset the allowance for credit losses. The FHLB’s measurement of expected credit losses takes into consideration any accrued interest that may be lost as a result of a default. The FHLB does not purchase mortgage loans with credit deterioration present at the time of purchase. The FHLB includes estimates of expected recoveries within the allowance for credit losses. See Note 5 - Mortgage Loans for details on the allowance methodologies relating to mortgage loans. Off-Balance Sheet Credit Exposures. The FHLB evaluates its off-balance sheet credit exposures on a quarterly basis for expected credit losses. If deemed necessary, an allowance for expected credit losses on these off-balance sheet exposures is recorded in other liabilities with a corresponding adjustment to the provision (reversal) for credit losses. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards and Interpretations | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards and Interpretations [Text Block] | Recently Issued Accounting Standards and Interpretations Facilitation of the Effects of Reference Rate Reform on Financial Reporting. On March 12, 2020, the Financial Accounting Standards Board (FASB) issued temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately for the FHLB, and the amendments may be applied prospectively through December 31, 2022. The FHLB is in the process of evaluating the guidance, and its effect on the FHLB's financial condition, results of operations and cash flows has not yet been determined. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. On August 29, 2018, the FASB issued amended guidance that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2020. The guidance did not have a material impact on the FHLB’s financial condition, results of operations, and cash flows. Changes to the Disclosure Requirements for Defined Benefit Plans. On August 28, 2018, the FASB issued amended guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans to improve disclosure effectiveness. This guidance becomes effective for annual periods ending after December 15, 2020 (December 31, 2020 for the FHLB) and will be applied retrospectively for all comparative periods presented. Early adoption is permitted. The FHLB will adopt this guidance for the year ended December 31, 2020. The adoption of this guidance will affect the FHLB's disclosures, but will not have any effect on the FHLB's financial condition, results of operations, or cash flows. Changes to the Disclosure Requirements for Fair Value Measurement. On August 28, 2018, the FASB issued amended guidance that modifies the disclosure requirements for fair value measurements to improve disclosure effectiveness. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2020. The adoption of this guidance affected the FHLB's disclosures, but did not have any effect on the FHLB's financial condition, results of operations, or cash flows. Measurement of Credit Losses on Financial Instruments. On June 16, 2016, the FASB issued amended guidance for the accounting of credit losses on financial instruments. The amendments require entities to immediately record the full amount of expected credit losses in their loan portfolios. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The guidance also requires, among other things, credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses and expanded disclosure requirements. The guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2020. The guidance was applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance was effective. The adoption of this guidance did not result in an allowance for credit losses for certain financial instruments including Advances, U.S. obligation/GSE investments, securities purchased under agreement to resell and other short-term investments given the specific terms, issuer guarantees, and/or collateralized/secured nature of the instruments. For mortgage loans held for portfolio, the adoption of this guidance did not have a material impact on the FHLB's financial condition, results of operations, or cash flows. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The FHLB makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold and may make other investments in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold The FHLB invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide short-term liquidity. These investments are transacted with counterparties that have received a credit rating of single-A or greater by a nationally recognized statistical rating organization (NRSRO). The FHLB’s internal ratings of these counterparties may differ from those issued by an NRSRO. Federal funds sold are unsecured loans that are generally transacted on an overnight term. FHFA regulations include a limit on the amount of unsecured credit the FHLB may extend to a counterparty. At March 31, 2020 and December 31, 2019 , all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to the contractual terms. No allowance for credit losses was recorded for these assets at March 31, 2020 and December 31, 2019 . Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable of (in thousands) $599 and $0 as of March 31, 2020 , and $1,162 and $210 as of December 31, 2019 . Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with counterparties, the FHLB determined that no allowance for credit losses was needed for its securities purchased under agreements to resell at March 31, 2020 and December 31, 2019 . The carrying value of securities purchased under agreements to resell excludes accrued interest receivable of (in thousands) $474 and $3,503 as of March 31, 2020 and December 31, 2019 . Debt Securities The FHLB invests in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. The FHLB is prohibited by Finance Agency regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality, other than certain investments targeted at low-income persons or communities and instruments that experienced credit deterioration after their purchase by the FHLB. Trading Securities Table 3.1 - Trading Securities by Major Security Types (in thousands) Fair Value March 31, 2020 December 31, 2019 Non-mortgage-backed securities (non-MBS): U.S. Treasury obligations $ 9,860,650 $ 9,626,964 GSE obligations 2,126,978 1,988,259 Total non-MBS 11,987,628 11,615,223 Mortgage-backed securities (MBS): U.S. obligation single-family MBS 445 470 Total $ 11,988,073 $ 11,615,693 Table 3.2 - Net Gains (Losses) on Trading Securities (in thousands) Three Months Ended March 31, 2020 2019 Net gains (losses) on trading securities held at period end $ 372,406 $ 22,126 Net gains (losses) on trading securities $ 372,406 $ 22,126 Available-for-Sale Securities Table 3.3 - Available-for-Sale Securities by Major Security Types (in thousands) March 31, 2020 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value GSE obligations $ 142,609 $ 409 $ (944 ) $ 142,074 Total $ 142,609 $ 409 $ (944 ) $ 142,074 December 31, 2019 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 1,410,000 $ 111 $ — $ 1,410,111 GSE obligations 131,815 601 (342 ) 132,074 Total $ 1,541,815 $ 712 $ (342 ) $ 1,542,185 (1) Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $493 and $5,149 at March 31, 2020 and December 31, 2019 . Table 3.4 summarizes the available-for-sale 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 3.4 - Available-for-Sale Securities in a Continuous Unrealized Loss Position (in thousands) March 31, 2020 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses GSE obligations $ 55,707 $ (604 ) $ 16,358 $ (340 ) $ 72,065 $ (944 ) Total $ 55,707 $ (604 ) $ 16,358 $ (340 ) $ 72,065 $ (944 ) December 31, 2019 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses GSE obligations $ 17,071 $ (126 ) $ 21,574 $ (216 ) $ 38,645 $ (342 ) Total $ 17,071 $ (126 ) $ 21,574 $ (216 ) $ 38,645 $ (342 ) Table 3.5 - Available-for-Sale Securities by Contractual Maturity (in thousands) March 31, 2020 December 31, 2019 Year of Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ — $ — $ 1,410,000 $ 1,410,111 Due after 1 year through 5 years — — — — Due after 5 years through 10 years 128,773 128,074 119,771 119,870 Due after 10 years 13,836 14,000 12,044 12,204 Total $ 142,609 $ 142,074 $ 1,541,815 $ 1,542,185 Table 3.6 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands) March 31, 2020 December 31, 2019 Amortized cost of available-for-sale securities: Fixed-rate $ 142,609 $ 1,541,815 The FHLB had no sales of securities out of its available-for-sale portfolio for the three months ended March 31, 2020 or 2019 . Held-to-Maturity Securities Table 3.7 - Held-to-Maturity Securities by Major Security Types (in thousands) March 31, 2020 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 34,345 $ 144 $ — $ 34,489 Total non-MBS 34,345 144 — 34,489 MBS: U.S. obligation single-family MBS 1,493,694 57,446 (373 ) 1,550,767 GSE single-family MBS 4,232,995 116,453 (2,558 ) 4,346,890 GSE multi-family MBS 6,809,592 28 (56,317 ) 6,753,303 Total MBS 12,536,281 173,927 (59,248 ) 12,650,960 Total $ 12,570,626 $ 174,071 $ (59,248 ) $ 12,685,449 December 31, 2019 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 35,171 $ 5 $ — $ 35,176 Total non-MBS 35,171 5 — 35,176 MBS: U.S. obligation single-family MBS 1,670,783 13,499 (239 ) 1,684,043 GSE single-family MBS 4,500,471 40,386 (24,072 ) 4,516,785 GSE multi-family MBS 7,292,894 54 (27,745 ) 7,265,203 Total MBS 13,464,148 53,939 (52,056 ) 13,466,031 Total $ 13,499,319 $ 53,944 $ (52,056 ) $ 13,501,207 (1) Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $18,169 and $20,365 as of March 31, 2020 and December 31, 2019 . Table 3.8 - Net Purchased Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands) March 31, 2020 December 31, 2019 Premiums $ 24,532 $ 32,071 Discounts (10,898 ) (13,996 ) Net purchased premiums $ 13,634 $ 18,075 Table 3.9 - Held-to-Maturity Securities by Contractual Maturity (in thousands) March 31, 2020 December 31, 2019 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-MBS: Due in 1 year or less $ 34,345 $ 34,489 $ 35,171 $ 35,176 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-MBS 34,345 34,489 35,171 35,176 MBS (2) 12,536,281 12,650,960 13,464,148 13,466,031 Total $ 12,570,626 $ 12,685,449 $ 13,499,319 $ 13,501,207 (1) Carrying value equals amortized cost. (2) MBS 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 3.10 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) March 31, 2020 December 31, 2019 Amortized cost of non-MBS: Fixed-rate $ 34,345 $ 35,171 Total amortized cost of non-MBS 34,345 35,171 Amortized cost of MBS: Fixed-rate 5,135,315 5,438,532 Variable-rate 7,400,966 8,025,616 Total amortized cost of MBS 12,536,281 13,464,148 Total $ 12,570,626 $ 13,499,319 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 three months ended March 31, 2020 and 2019 , the FHLB did no t sell any held-to-maturity securities. Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities The FHLB evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. The FHLB adopted new accounting guidance for the measurement of credit losses on financial instruments on January 1, 2020. See Note 1 - Summary of Significant Accounting Policies for additional information. See Note 1 - Summary of Significant Accounting Policies in the FHLB’s 2019 Annual Report on Form 10-K for information on the prior methodology for evaluating credit losses. As of December 31, 2019 , the FHLB did not record any credit losses for its available-for-sale or held-to-maturity securities. The FHLB’s available-for-sale and held-to-maturity securities are certificates of deposit, U.S. Treasury obligations, GSE obligations, and MBS issued by Fannie Mae, Freddie Mac, Ginnie Mae and the National Credit Union Administration (NCUA) that are backed by single-family or multi-family mortgage loans. The FHLB only purchases securities considered investment quality. At March 31, 2020 , all available-for-sale and held-to-maturity securities were rated single-A, or above, by an NRSRO, based on the lowest long-term credit rating for each security used by the FHLB. The FHLB’s internal ratings of these securities may differ from those obtained from an NRSRO. The FHLB evaluates individual available-for-sale securities for impairment by comparing the security’s fair value to its amortized cost. Impairment may exist when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). At March 31, 2020 , certain available-for-sale securities were in an unrealized loss position. These losses are considered temporary as the FHLB expects to recover the entire amortized cost basis on these available-for-sale investment securities and does not intend to sell these securities nor considers it more likely than not that it will be required to sell these securities before its anticipated recovery of each security's remaining amortized cost basis. Further, the FHLB has not experienced any payment defaults on the instruments. In addition, (in thousands) $142,074 of these securities carry a government guarantee. As a result, no allowance for credit losses was recorded on these available-for-sale securities at March 31, 2020 . The FHLB evaluates its held-to-maturity securities for impairment on a collective, or pooled basis, unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. As of March 31, 2020 , the FHLB had no |
Advances
Advances | 3 Months Ended |
Mar. 31, 2020 | |
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. The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules. Table 4.1 - Advances by Redemption Term (dollars in thousands) March 31, 2020 December 31, 2019 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 43,900,826 0.79 % $ 32,342,198 1.78 % Due after 1 year through 2 years 20,964,575 1.48 4,477,497 2.19 Due after 2 years through 3 years 4,293,578 1.76 1,996,647 2.30 Due after 3 years through 4 years 2,258,670 2.38 1,408,948 2.50 Due after 4 years through 5 years 1,445,267 1.77 1,765,323 2.08 Thereafter 7,065,586 1.86 5,273,531 2.35 Total principal amount 79,928,502 1.18 47,264,144 1.94 Commitment fees (230 ) (281 ) Discount on Affordable Housing Program (AHP) Advances (2,875 ) (3,148 ) Premiums 1,147 1,221 Discounts (2,539 ) (2,530 ) Hedging adjustments 500,560 109,929 Fair value option valuation adjustments and accrued interest 385 238 Total (1) $ 80,424,950 $ 47,369,573 (1) Carrying values exclude accrued interest receivable of (in thousands) $66,712 and $60,682 as of March 31, 2020 and December 31, 2019 . 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 to members. 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 4.2 - Advances by Redemption Term or Next Call Date (in thousands) Redemption Term or Next Call Date March 31, 2020 December 31, 2019 Due in 1 year or less $ 67,120,907 $ 35,366,608 Due after 1 year through 2 years 3,576,815 4,982,222 Due after 2 years through 3 years 1,501,086 1,724,647 Due after 3 years through 4 years 2,231,336 1,381,718 Due after 4 years through 5 years 1,432,772 1,535,418 Thereafter 4,065,586 2,273,531 Total principal amount $ 79,928,502 $ 47,264,144 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. Table 4.3 - Advances by Redemption Term or Next Put Date for Putable Advances (in thousands) Redemption Term or Next Put Date March 31, 2020 December 31, 2019 Due in 1 year or less $ 46,537,576 $ 33,451,448 Due after 1 year through 2 years 21,272,075 4,777,497 Due after 2 years through 3 years 4,411,578 2,129,647 Due after 3 years through 4 years 1,888,670 1,238,948 Due after 4 years through 5 years 1,476,017 1,611,073 Thereafter 4,342,586 4,055,531 Total principal amount $ 79,928,502 $ 47,264,144 Table 4.4 - Advances by Interest Rate Payment Terms (in thousands) March 31, 2020 December 31, 2019 Total fixed-rate (1) $ 48,793,003 $ 36,113,108 Total variable-rate (1) 31,135,499 11,151,036 Total principal amount $ 79,928,502 $ 47,264,144 (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 and Security Terms The FHLB's Advances are made to member financial institutions. The FHLB manages its credit exposure to Advances through an integrated approach that includes establishing a credit limit for each borrower and ongoing review of each borrower's financial condition, 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 law and Finance Agency regulations, which require the FHLB to obtain sufficient collateral to fully secure credit products. Collateral eligible to secure new or renewed Advances includes: ▪ one-to-four family and multi-family mortgage loans (delinquent for no more than 90 days) and securities representing such mortgages; ▪ loans and securities issued, insured, or guaranteed by the U.S. government or any U.S. government agency (for example, mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae); ▪ cash or deposits in the FHLB; ▪ certain other collateral that is real estate-related, provided that the collateral has a readily ascertainable value and that the FHLB can perfect a security interest in it; and ▪ certain qualifying securities representing undivided equity interests in eligible Advance collateral. Residential mortgage loans are the principal form of collateral for Advances. 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. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business and agribusiness 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. The FHLB also has policies and procedures for validating the reasonableness of its collateral valuations and makes changes to its collateral guidelines, as necessary, based on current market conditions. In addition, collateral verifications and on-site reviews are performed by the FHLB based on the risk profile of the borrower. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from Advances. 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 over-collateralization, 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, or may be required to provide details on those 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 otherwise be entitled to priority under 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 March 31, 2020 and December 31, 2019 , the FHLB did no t have any Advances that were past due, in non-accrual status or considered impaired. In addition, there were no troubled debt restructurings related to Advances of the FHLB during the three months ended March 31, 2020 or 2019 . At March 31, 2020 and December 31, 2019 , the FHLB had rights to collateral on a member-by-member basis with an estimated value in excess of its outstanding extensions of credit. Based upon the collateral held as security, its credit extension and collateral policies and the repayment history on Advances, the FHLB did not expect any credit losses on Advances as of March 31, 2020 and therefore, no allowance for credit losses on Advances was recorded. For the same reasons, the FHLB did no t record any allowance for credit losses on Advances at December 31, 2019 . Table 4.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions) March 31, 2020 December 31, 2019 Principal % of Total Principal Amount of Advances Principal % of Total Principal Amount of Advances U.S. Bank, N.A. $ 24,374 30 % U.S. Bank, N.A. $ 13,874 29 % JPMorgan Chase Bank, N.A. 15,000 19 JPMorgan Chase Bank, N.A. 4,500 10 Third Federal Savings and Loan Association 4,077 5 Third Federal Savings and Loan Association 3,883 8 Total $ 43,451 54 % Total $ 22,257 47 % |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | Mortgage Loans Total mortgage loans held for portfolio represent residential mortgage loans under the Mortgage Purchase Program (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 5.1 - Mortgage Loans Held for Portfolio (in thousands) March 31, 2020 December 31, 2019 Fixed rate medium-term single-family mortgage loans (1) $ 743,427 $ 773,575 Fixed rate long-term single-family mortgage loans 10,900,312 10,207,367 Total unpaid principal balance 11,643,739 10,980,942 Premiums 257,731 241,356 Discounts (2,062 ) (2,166 ) Hedging basis adjustments (2) 23,967 15,932 Total mortgage loans held for portfolio (3) 11,923,375 11,236,064 Allowance for credit losses on mortgage loans (297 ) (711 ) Mortgage loans held for portfolio, net $ 11,923,078 $ 11,235,353 (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. (3) Excludes accrued interest receivable of (in thousands) $38,473 and $36,739 at March 31, 2020 and December 31, 2019 . Table 5.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands) March 31, 2020 December 31, 2019 Conventional mortgage loans $ 11,423,290 $ 10,750,526 FHA mortgage loans 220,449 230,416 Total unpaid principal balance $ 11,643,739 $ 10,980,942 Table 5.3 - 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) March 31, 2020 December 31, 2019 Principal % of Total Principal % of Total Union Savings Bank $ 3,911 34 % Union Savings Bank $ 3,574 33 % Guardian Savings Bank FSB 1,068 9 Guardian Savings Bank FSB 1,004 9 FirstBank 804 7 FirstBank 714 7 The Huntington National Bank 624 5 Credit Risk Exposure The FHLB manages credit risk exposure for conventional mortgage loans primarily though conservative underwriting and purchasing loans with characteristics consistent with favorable expected credit performance and by applying various credit enhancements. 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). 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 upfront as a portion of the purchase proceeds. The LRA is recorded in other liabilities in the Statement of Condition. Excess funds from the LRA are released to the member in accordance with the terms of the Master Commitment Contract, which is typically after five years, 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. Because the FHA makes an explicit guarantee on FHA mortgage loans, the FHLB does not require any credit enhancements on these loans beyond primary mortgage insurance. Table 5.4 - Changes in the LRA (in thousands) Three Months Ended March 31, 2020 LRA at beginning of year $ 233,476 Additions 13,776 Claims (41 ) Scheduled distributions (4,377 ) LRA at end of period $ 242,834 Payment Status of Mortgage Loans. The key credit quality indicator for conventional mortgage loans is payment status, which allows the FHLB to monitor the migration of past due loans. Past due loans are those where the borrower has failed to make timely payments of principal and/or interest in accordance with the terms of the loan. Other delinquency statistics include loans in process of foreclosure, serious delinquency rates, loans past due 90 days or more and still accruing interest, and non-accrual loans. Tables 5.5 and 5.6 present the payment status of conventional mortgage loans and other delinquency statistics. Table 5.5 - Credit Quality Indicator of Conventional Mortgage Loans (dollars in thousands) March 31, 2020 Origination Year Payment status, at amortized cost (1) : Prior to 2016 2016 to March 31, 2020 Total Past due 30-59 days $ 20,153 $ 13,860 $ 34,013 Past due 60-89 days 4,154 470 4,624 Past due 90 days or more 9,802 1,630 11,432 Total past due mortgage loans 34,109 15,960 50,069 Current mortgage loans 3,592,598 8,058,309 11,650,907 Total conventional mortgage loans $ 3,626,707 $ 8,074,269 $ 11,700,976 December 31, 2019 Payment status, at recorded investment (1) : Conventional Loans Past due 30-59 days $ 35,416 Past due 60-89 days 5,572 Past due 90 days or more 12,421 Total past due mortgage loans 53,409 Current mortgage loans 10,985,818 Total conventional mortgage loans $ 11,039,227 (1) The recorded investment at December 31, 2019 includes accrued interest receivable whereas the amortized cost at March 31, 2020 excludes accrued interest receivable. Table 5.6 - Other Delinquency Statistics (dollars in thousands) March 31, 2020 Amortized Cost: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 7,156 $ 2,768 $ 9,924 Serious delinquency rate (2) 0.10 % 2.18 % 0.14 % Past due 90 days or more still accruing interest (3) $ 10,657 $ 4,743 $ 15,400 Loans on non-accrual status $ 2,168 $ — $ 2,168 December 31, 2019 Recorded Investment: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 8,311 $ 2,515 $ 10,826 Serious delinquency rate (2) 0.11 % 2.49 % 0.16 % Past due 90 days or more still accruing interest (3) $ 11,935 $ 5,805 $ 17,740 Loans on non-accrual status $ 1,902 $ — $ 1,902 (1) Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. (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. (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 no t have any real estate owned at March 31, 2020 or December 31, 2019 . Evaluation of Current Expected Credit Losses See Note 10 - Allowance for Credit Losses in the FHLB's 2019 Annual Report on Form 10-K, for information on the prior methodology for evaluating credit losses. Mortgage Loans - 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 record 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 - Conventional MPP. Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are removed from the collective evaluation and evaluated for expected credit losses on an individual basis. For loans with similar risk characteristics, the FHLB determines the allowance for credit losses through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The FHLB uses a model that employs a variety of methods, such as projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior experience. The FHLB’s calculation of expected credit losses includes a forecast of home prices over the entire contractual terms of its conventional loans rather than a reversion to historical home price trends after an initial forecast period. The FHLB also incorporates associated credit enhancements to determine estimated expected credit losses. If a loan is required to be evaluated on an individual basis, the FHLB estimates the present value of expected cash flows, the loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. Certain conventional loans may be evaluated for credit losses by using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent if repayment is expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default. The FHLB may estimate the fair value of this collateral by either applying an appropriate loss severity rate, using third-party estimates, or using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The FHLB will either reserve for these estimated losses or record a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. 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, which is intended to cover other expected losses that may not otherwise be captured in the methodology described above. Allowance for Credit Losses on Conventional Mortgage Loans. The FHLB established an allowance for credit losses on its conventional mortgage loans held for portfolio. The following table presents a rollforward of the allowance for credit losses on conventional mortgage loans. Table 5.7 - Allowance for Credit Losses on Conventional Mortgage Loans (in thousands) Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 711 $ 840 Adjustment for cumulative effect of accounting changes (366 ) — Net charge offs (48 ) (61 ) Balance, end of period $ 297 $ 779 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
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 uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives. See Note 11 - Derivatives and Hedging Activities in the FHLB's 2019 Annual Report on Form 10-K for additional information on the FHLB's derivative transactions. 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 executed either 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 executing counterparty is replaced with the Clearinghouse. The FHLB is not a derivative dealer and does not trade derivatives for short-term profit. 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 counterparties, the types of derivatives, the items being hedged and any offsets between the derivatives and the items being hedged. Table 6.1 summarizes the notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include 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 6.1 - Fair Value of Derivative Instruments (in thousands) March 31, 2020 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 11,947,085 $ 5,467 $ 231,639 Derivatives not designated as hedging instruments: Interest rate swaps 24,987,214 8,062 10,291 Interest rate swaptions 2,901,000 5,945 — Forward rate agreements 1,392,000 1,558 15,964 Mortgage delivery commitments 764,574 10,972 823 Total derivatives not designated as hedging instruments 30,044,788 26,537 27,078 Total derivatives before adjustments $ 41,991,873 32,004 258,717 Netting adjustments and cash collateral (1) 320,406 (236,026 ) Total derivative assets and total derivative liabilities $ 352,410 $ 22,691 December 31, 2019 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 9,310,089 $ 7,227 $ 53,641 Derivatives not designated as hedging instruments: Interest rate swaps 28,501,469 9,685 363 Interest rate swaptions 6,000,000 12,464 — Forward rate agreements 849,000 21 782 Mortgage delivery commitments 936,269 2,798 64 Total derivatives not designated as hedging instruments 36,286,738 24,968 1,209 Total derivatives before adjustments $ 45,596,827 32,195 54,850 Netting adjustments and cash collateral (1) 234,970 (53,540 ) Total derivative assets and total derivative liabilities $ 267,165 $ 1,310 (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) $559,952 and $293,148 at March 31, 2020 and December 31, 2019 . Cash collateral received and related accrued interest was (in thousands) $3,520 and $4,638 at March 31, 2020 and December 31, 2019 . Table 6.2 presents the impact of qualifying fair value hedging relationships on net interest income as well as the total interest income (expense) by product. Table 6.2 - Impact of Fair Value Hedging Relationships on Net Interest Income (in thousands) Three Months Ended March 31, 2020 Advances Available-for-sale Securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 172,167 $ 3,396 $ (185,987 ) Impact of Fair Value Hedging Relationships on the Statements of Income (1) Interest income/expense: Net interest settlements $ (1,714 ) $ (274 ) $ 384 Gain (loss) on derivatives (404,311 ) (11,183 ) 2,523 Gain (loss) on hedged items 390,464 10,795 (2,546 ) Effect on net interest income $ (15,561 ) $ (662 ) $ 361 Three Months Ended March 31, 2019 Advances Available-for-sale securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 402,777 $ 13,559 $ (262,863 ) Impact of Fair Value Hedging Relationships on the Statements of Income (1) Interest income/expense: Net interest settlements $ 13,676 $ (15 ) $ 195 Gain (loss) on derivatives (52,594 ) (2,228 ) 1,042 Gain (loss) on hedged items 51,621 2,212 (1,161 ) Effect on net interest income $ 12,703 $ (31 ) $ 76 (1) Includes interest rate swaps. Table 6.3 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. Table 6.3 - Cumulative Basis Adjustments for Fair Value Hedges (in thousands) March 31, 2020 Hedged Item Amortized Cost of Hedged Asset/ Liability (1) Basis Adjustment for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Cumulative Amount of Fair Value Hedging Basis Adjustments Advances $ 12,277,322 $ 499,638 $ 922 $ 500,560 Available-for-sale securities 142,609 18,110 — 18,110 Consolidated Bonds 122,021 3,254 — 3,254 December 31, 2019 Hedged Item Amortized Cost of Hedged Asset/ Liability (1) Basis Adjustment for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Cumulative Amount of Fair Value Hedging Basis Adjustments Advances $ 9,160,841 $ 109,078 $ 851 $ 109,929 Available-for-sale securities 131,814 7,314 — 7,314 Consolidated Bonds 210,696 708 — 708 (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. Table 6.4 presents net gains (losses) recorded in non-interest income (loss) on derivatives not designated as hedging instruments. Table 6.4 - Net Gains (Losses) Recorded in Non-interest Income (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended March 31, 2020 2019 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ (367,001 ) $ (6,530 ) Interest rate swaptions 92,077 (12,476 ) Forward rate agreements (25,884 ) (2,167 ) Net interest settlements (11,282 ) (8,167 ) Mortgage delivery commitments 17,094 3,356 Total net gains (losses) related to derivatives not designated as hedging instruments (294,996 ) (25,984 ) Price alignment amount (1) 1,030 25 Net gains (losses) on derivatives and hedging activities $ (293,966 ) $ (25,959 ) (1) This amount is for derivatives for which variation margin is characterized as a daily settled contract. 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 on its uncleared derivatives with the collateral delivery threshold set to zero. 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 FHLB utilizes two Clearinghouses for all cleared derivative transactions, LCH Ltd. and CME Clearing. At both Clearinghouses, variation margin is characterized as daily settlement payments, while initial margin is considered to be collateral. 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/payments for changes in the value of cleared derivatives is posted daily through a clearing agent. 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 March 31, 2020 , 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 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. The FHLB has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions, and it expects that the exercise of those offsetting rights by a non-defaulting party under these transactions would 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. Table 6.5 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral. At March 31, 2020 and December 31, 2019 , the FHLB did not receive or pledge any non-cash collateral. Any over-collateralization under an individual clearing agent and/or counterparty level is not included in the determination of the net unsecured amount. Table 6.5 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2020 Derivative Instruments Meeting Netting Requirements Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 7,148 $ (7,100 ) $ 12,530 $ 12,578 Cleared 12,326 327,506 — 339,832 Total $ 352,410 Derivative Liabilities: Uncleared $ 235,907 $ (230,003 ) $ 16,787 $ 22,691 Cleared 6,023 (6,023 ) — — Total $ 22,691 December 31, 2019 Derivative Instruments Meeting Netting Requirements Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 16,637 $ (13,903 ) $ 2,819 $ 5,553 Cleared 12,739 248,873 — 261,612 Total $ 267,165 Derivative Liabilities: Uncleared $ 53,533 $ (53,069 ) $ 846 $ 1,310 Cleared 471 (471 ) — — Total $ 1,310 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposit [Text Block] | Deposits Table 7.1 - Deposits (in thousands) March 31, 2020 December 31, 2019 Interest-bearing: Demand and overnight $ 1,126,033 $ 906,028 Term 49,800 27,850 Other 9,643 7,179 Total interest-bearing 1,185,476 941,057 Non-interest bearing: Other — 10,239 Total non-interest bearing — 10,239 Total deposits $ 1,185,476 $ 951,296 |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations [Text Block] | Consolidated Obligations Table 8.1 - Consolidated Discount Notes Outstanding (dollars in thousands) Book Value Principal Amount Weighted Average Interest Rate (1) March 31, 2020 $ 79,659,562 $ 79,747,788 0.74 % December 31, 2019 $ 49,084,219 $ 49,176,985 1.56 % (1) Represents an implied rate without consideration of concessions. Table 8.2 - Consolidated Bonds Outstanding by Original Contractual Maturity (dollars in thousands) March 31, 2020 December 31, 2019 Year of Original Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 20,409,565 0.85 % $ 18,259,565 1.77 % Due after 1 year through 2 years 3,833,595 2.36 8,293,595 1.96 Due after 2 years through 3 years 2,743,830 2.43 3,024,885 2.41 Due after 3 years through 4 years 1,981,175 2.99 3,123,120 2.62 Due after 4 years through 5 years 1,248,405 2.74 1,540,405 2.73 Thereafter 4,359,000 2.83 4,139,000 2.97 Total principal amount 34,575,570 1.58 38,380,570 2.10 Premiums 58,791 64,604 Discounts (23,793 ) (24,335 ) Hedging adjustments 3,254 708 Fair value option valuation adjustment and accrued interest 54,486 18,177 Total $ 34,668,308 $ 38,439,724 Table 8.3 - Consolidated Bonds Outstanding by Call Features (in thousands) March 31, 2020 December 31, 2019 Principal Amount of Consolidated Bonds: Non-callable $ 31,297,570 $ 32,953,570 Callable 3,278,000 5,427,000 Total principal amount $ 34,575,570 $ 38,380,570 Table 8.4 - Consolidated Bonds Outstanding by Original Contractual Maturity or Next Call Date (in thousands) Year of Original Contractual Maturity or Next Call Date March 31, 2020 December 31, 2019 Due in 1 year or less $ 22,390,565 $ 22,631,565 Due after 1 year through 2 years 4,055,595 7,130,595 Due after 2 years through 3 years 2,713,830 2,662,885 Due after 3 years through 4 years 1,962,175 2,343,120 Due after 4 years through 5 years 1,160,405 1,253,405 Thereafter 2,293,000 2,359,000 Total principal amount $ 34,575,570 $ 38,380,570 Table 8.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands) March 31, 2020 December 31, 2019 Principal Amount of Consolidated Bonds: Fixed-rate $ 22,752,570 $ 27,368,570 Variable-rate 11,823,000 11,012,000 Total principal amount $ 34,575,570 $ 38,380,570 |
Affordable Housing Program (AHP
Affordable Housing Program (AHP) | 3 Months Ended |
Mar. 31, 2020 | |
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 AHP 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. Each FHLBank is required to contribute to its AHP the greater of 10 percent of its previous year's income subject to assessment, or the prorated sum required to ensure the aggregate contribution by the FHLBanks is no less than $ 100 million for each year. For purposes of the AHP calculation, income subject to assessment 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 income subject to assessment. The FHLB reduces the AHP liability as members use subsidies. Table 9.1 - Analysis of AHP Liability (in thousands) Balance at December 31, 2019 $ 115,295 Assessments (current year additions) 8,871 Subsidy uses, net (6,046 ) Balance at March 31, 2020 $ 118,120 |
Capital
Capital | 3 Months Ended |
Mar. 31, 2020 | |
Capital [Abstract] | |
Capital [Text Block] | Capital Table 10.1 - Capital Requirements (dollars in thousands) March 31, 2020 December 31, 2019 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 570,582 $ 6,463,553 $ 820,635 $ 4,482,519 Capital-to-assets ratio (regulatory) 4.00 % 5.28 % 4.00 % 4.79 % Regulatory capital $ 4,900,394 $ 6,463,553 $ 3,739,662 $ 4,482,519 Leverage capital-to-assets ratio (regulatory) 5.00 % 7.91 % 5.00 % 7.19 % Leverage capital $ 6,125,492 $ 9,695,330 $ 4,674,578 $ 6,723,779 Restricted Retained Earnings. At March 31, 2020 and December 31, 2019 the FHLB had (in thousands) $461,979 and $ 446,048 in restricted retained earnings. These restricted retained earnings are not available to pay dividends but are available to absorb unexpected losses, if any, that an FHLBank may experience. Table 10.2 - Mandatorily Redeemable Capital Stock Rollforward (in thousands) Balance, December 31, 2019 $ 21,669 Capital stock subject to mandatory redemption reclassified from equity 550,000 Capital stock previously subject to mandatory redemption reclassified to capital (123 ) Balance, March 31, 2020 $ 571,546 Table 10.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands) Contractual Year of Redemption March 31, 2020 December 31, 2019 Year 1 $ 224 $ 371 Year 2 337 298 Year 3 1,142 1,129 Year 4 2,903 2,955 Year 5 551,808 1,931 Thereafter (1) 650 650 Past contractual redemption date due to remaining activity (2) 14,482 14,335 Total $ 571,546 $ 21,669 (1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 19, 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination. (2) 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 Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income [Text Block] | Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019 . Table 11.1 - Accumulated Other Comprehensive Income (Loss) (in thousands) Net unrealized gains (losses) on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) BALANCE, DECEMBER 31, 2018 $ (110 ) $ (12,933 ) $ (13,043 ) Other comprehensive income before reclassification: Net unrealized gains (losses) 187 — 187 Reclassifications from other comprehensive income (loss) to net income: Amortization - pension and postretirement benefits — 401 401 Net current period other comprehensive income (loss) 187 401 588 BALANCE, MARCH 31, 2019 $ 77 $ (12,532 ) $ (12,455 ) BALANCE, DECEMBER 31, 2019 $ 370 $ (16,764 ) $ (16,394 ) Other comprehensive income before reclassification: Net unrealized gains (losses) (905 ) — (905 ) Reclassifications from other comprehensive income (loss) to net income: Amortization - pension and postretirement benefits — 563 563 Net current period other comprehensive income (loss) (905 ) 563 (342 ) BALANCE, MARCH 31, 2020 $ (535 ) $ (16,201 ) $ (16,736 ) |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [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. 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 all officers and employees of the FHLB who meet certain eligibility requirements. Contributions to the Pentegra Defined Benefit Plan charged to compensation and benefit expense were $1,518,000 and $1,968,000 in the three months ended March 31, 2020 and 2019 , respectively. Qualified Defined Contribution Plan. The FHLB also participates in the Pentegra Defined Contribution Plan for Financial Institutions, a tax-qualified, defined contribution 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 IRS limitations. The FHLB contributed $538,000 and $497,000 in the three months ended March 31, 2020 and 2019 , respectively. Nonqualified Supplemental Defined Benefit Retirement Plan (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 12.1 - Net Periodic Benefit Cost (in thousands) Three Months Ended March 31, Defined Benefit Retirement Plan Postretirement Benefits Plan 2020 2019 2020 2019 Net Periodic Benefit Cost Service cost $ 275 $ 217 $ 2 $ 4 Interest cost 331 383 36 45 Amortization of net loss 563 401 — — Net periodic benefit cost $ 1,169 $ 1,001 $ 38 $ 49 For the Defined Benefit Retirement Plan and the Postretirement Benefits Plan, the related service cost is recorded as part of Non-Interest Expense - Compensation and Benefits on the Statements of Income. The non-service related components of interest cost and amortization of net loss are recorded as Non-Interest Expense - Other in the Statements of Income. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
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. Table 13.1 - Financial Performance by Operating Segment (in thousands) Three Months Ended March 31, Traditional Member Finance MPP Total 2020 Net interest income $ 64,649 $ 17,466 $ 82,115 Non-interest income (loss) (23,580 ) 54,269 30,689 Non-interest expense 21,107 3,173 24,280 Income before assessments 19,962 68,562 88,524 Affordable Housing Program assessments 2,015 6,856 8,871 Net income $ 17,947 $ 61,706 $ 79,653 2019 Net interest income $ 90,395 $ 31,863 $ 122,258 Non-interest income (loss) (11,955 ) (6,444 ) (18,399 ) Non-interest expense 19,390 3,033 22,423 Income before assessments 59,050 22,386 81,436 Affordable Housing Program assessments 5,940 2,239 8,179 Net income $ 53,110 $ 20,147 $ 73,257 Table 13.2 - Asset Balances by Operating Segment (in thousands) Assets Traditional Member MPP Total March 31, 2020 $ 110,547,932 $ 11,961,912 $ 122,509,844 December 31, 2019 81,064,206 12,427,353 93,491,559 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
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. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. Fair Value Hierarchy . 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. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets 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. The FHLB did not have any transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2020 or 2019 . Table 14.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. The FHLB records trading securities, available-for-sale securities, derivative assets, derivative liabilities, certain Advances and certain Consolidated Obligations at fair value on a recurring basis. The FHLB records all other financial assets and liabilities at amortized cost. Refer to Table 14.2 for further details about the financial assets and liabilities held at fair value on a recurring basis. Table 14.1 - Fair Value Summary (in thousands) March 31, 2020 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 $ 3,923,890 $ 3,923,890 $ 3,923,890 $ — $ — $ — Interest-bearing deposits 780,081 780,081 — 780,081 — — Securities purchased under agreements to resell 183,504 183,506 — 183,506 — — Trading securities 11,988,073 11,988,073 — 11,988,073 — — Available-for-sale securities 142,074 142,074 — 142,074 — — Held-to-maturity securities 12,570,626 12,685,449 — 12,685,449 — — Advances (2) 80,424,950 80,413,947 — 80,413,947 — — Mortgage loans held for portfolio, net 11,923,078 12,369,024 — 12,357,555 11,469 — Accrued interest receivable 197,718 197,718 — 197,718 — — Derivative assets 352,410 352,410 — 32,004 — 320,406 Liabilities: Deposits 1,185,476 1,185,669 — 1,185,669 — — Consolidated Obligations: Discount Notes (3) 79,659,562 79,719,001 — 79,719,001 — — Bonds (4) 34,668,308 35,497,338 — 35,497,338 — — Mandatorily redeemable capital stock 571,546 571,546 571,546 — — — Accrued interest payable 98,157 98,157 — 98,157 — — Derivative liabilities 22,691 22,691 — 258,717 — (236,026 ) (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) $5,385 of Advances recorded under the fair value option at March 31, 2020 . (3) Includes (in thousands) $9,319,663 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2020 . (4) Includes (in thousands) $4,359,486 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2020 . December 31, 2019 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 $ 20,608 $ 20,608 $ 20,608 $ — $ — $ — Interest-bearing deposits 550,160 550,160 — 550,160 — — Securities purchased under agreements to resell 2,348,584 2,348,607 — 2,348,607 — — Federal funds sold 4,833,000 4,833,000 — 4,833,000 — — Trading securities 11,615,693 11,615,693 — 11,615,693 — — Available-for-sale securities 1,542,185 1,542,185 — 1,542,185 — — Held-to-maturity securities 13,499,319 13,501,207 — 13,501,207 — — Advances (2) 47,369,573 47,458,028 — 47,458,028 — — Mortgage loans held for portfolio, net 11,235,353 11,437,180 — 11,424,857 12,323 — Accrued interest receivable 182,252 182,252 — 182,252 — — Derivative assets 267,165 267,165 — 32,195 — 234,970 Liabilities: Deposits 951,296 951,343 — 951,343 — — Consolidated Obligations: Discount Notes (3) 49,084,219 49,086,723 — 49,086,723 — — Bonds (4) 38,439,724 38,832,230 — 38,832,230 — — Mandatorily redeemable capital stock 21,669 21,669 21,669 — — — Accrued interest payable 126,091 126,091 — 126,091 — — Derivative liabilities 1,310 1,310 — 54,850 — (53,540 ) (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) $5,238 of Advances recorded under the fair value option at December 31, 2019 . (3) Includes (in thousands) $12,386,974 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2019 . (4) Includes (in thousands) $4,757,177 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2019 . Summary of Valuation Methodologies and Primary Inputs . The valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statement of Condition are disclosed in Note 19 - Fair Value Disclosures in the FHLB's 2019 Annual Report on Form 10-K. There have been no significant changes in the valuation methodologies during 2020 . Fair Value Measurements . Table 14.2 presents the fair value of financial assets and liabilities that are recorded on a recurring basis at March 31, 2020 and December 31, 2019 , by level within the fair value hierarchy. Table 14.2 - Fair Value Measurements (in thousands) Fair Value Measurements at March 31, 2020 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 9,860,650 $ — $ 9,860,650 $ — $ — GSE obligations 2,126,978 — 2,126,978 — — U.S. obligation single-family MBS 445 — 445 — — Total trading securities 11,988,073 — 11,988,073 — — Available-for-sale securities: GSE obligations 142,074 — 142,074 — — Total available-for-sale securities 142,074 — 142,074 — — Advances 5,385 — 5,385 — — Derivative assets: Interest rate related 339,880 — 19,474 — 320,406 Forward rate agreements 1,558 — 1,558 — — Mortgage delivery commitments 10,972 — 10,972 — — Total derivative assets 352,410 — 32,004 — 320,406 Total assets at fair value $ 12,487,942 $ — $ 12,167,536 $ — $ 320,406 Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 9,319,663 $ — $ 9,319,663 $ — $ — Bonds 4,359,486 — 4,359,486 — — Total Consolidated Obligations 13,679,149 — 13,679,149 — — Derivative liabilities: Interest rate related 5,904 — 241,930 — (236,026 ) Forward rate agreements 15,964 — 15,964 — — Mortgage delivery commitments 823 — 823 — — Total derivative liabilities 22,691 — 258,717 — (236,026 ) Total liabilities at fair value $ 13,701,840 $ — $ 13,937,866 $ — $ (236,026 ) (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 Measurements at December 31, 2019 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 9,626,964 $ — $ 9,626,964 $ — $ — GSE obligations 1,988,259 — 1,988,259 — — U.S. obligation single-family MBS 470 — 470 — — Total trading securities 11,615,693 — 11,615,693 — — Available-for-sale securities: Certificates of deposit 1,410,111 — 1,410,111 — — GSE obligations 132,074 — 132,074 — — Total available-for-sale securities 1,542,185 — 1,542,185 — — Advances 5,238 — 5,238 — — Derivative assets: Interest rate related 264,346 — 29,376 — 234,970 Forward rate agreements 21 — 21 — — Mortgage delivery commitments 2,798 — 2,798 — — Total derivative assets 267,165 — 32,195 — 234,970 Total assets at fair value $ 13,430,281 $ — $ 13,195,311 $ — $ 234,970 Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 12,386,974 $ — $ 12,386,974 $ — $ — Bonds 4,757,177 — 4,757,177 — — Total Consolidated Obligations 17,144,151 — 17,144,151 — — Derivative liabilities: Interest rate related 464 — 54,004 — (53,540 ) Forward rate agreements 782 — 782 — — Mortgage delivery commitments 64 — 64 — — Total derivative liabilities 1,310 — 54,850 — (53,540 ) Total liabilities at fair value $ 17,145,461 $ — $ 17,199,001 $ — $ (53,540 ) (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 Obligations 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 14.3 presents net gains (losses) recognized in earnings related to financial assets and liabilities in which the fair value option was elected during the three months ended March 31, 2020 and 2019 . Table 14.3 – Fair Value Option - Financial Assets and Liabilities (in thousands) Three Months Ended March 31, Net Gains (Losses) from Changes in Fair Value Recognized in Earnings 2020 2019 Advances $ 147 $ 100 Consolidated Discount Notes (14,026 ) — Consolidated Bonds (36,951 ) (17,281 ) Total net gains (losses) $ (50,830 ) $ (17,181 ) 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 (losses) on financial instruments held under fair value option” in the Statements of Income, except for changes in fair value related to instrument specific credit risk, which are recorded in accumulated other comprehensive income in the Statement of Condition. The FHLB has determined that none of the remaining changes in fair value were related to instrument-specific credit risk for the three months ended March 31, 2020 or 2019 . In determining that there has been no change in instrument-specific credit risk period to period, the FHLB primarily considered the following factors: ▪ The FHLB is a federally chartered GSE, and as a result of this status, the FHLB’s Consolidated Obligations have historically received the same credit ratings as the government bond credit rating of the United States, even though they are not obligations of the United States and are not guaranteed by the United States. ▪ The FHLB is 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 following table reflects the difference between the aggregate unpaid principal balance outstanding and the aggregate fair value for Advances and Consolidated Obligations for which the fair value option has been elected. Table 14.4 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands) March 31, 2020 December 31, 2019 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) $ 5,000 $ 5,385 $ 385 $ 5,000 $ 5,238 $ 238 Consolidated Discount Notes 9,320,610 9,319,663 (947 ) 12,400,865 12,386,974 (13,891 ) Consolidated Bonds 4,305,000 4,359,486 54,486 4,739,000 4,757,177 18,177 (1) At March 31, 2020 and December 31, 2019 , 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 | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Table 15.1 - Off-Balance Sheet Commitments (in thousands) March 31, 2020 December 31, 2019 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Standby Letters of Credit (1) $ 14,690,822 $ 1,094,601 $ 15,785,423 $ 15,143,075 $ 1,062,105 $ 16,205,180 Commitments for standby bond purchases (1) 26,285 47,900 74,185 20,360 55,150 75,510 Commitments to purchase mortgage loans 764,574 — 764,574 936,269 — 936,269 Unsettled Consolidated Bonds, principal amount (2) 548,000 — 548,000 — — — Unsettled Consolidated Discount Notes, principal amount (2) 200,000 — 200,000 — — — (1) The FHLB has deemed it unnecessary to record any liability for credit losses on these agreements. (2) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. Legal Proceedings . From time to time, the FHLB is subject to 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 could be reasonably estimated. After consultation with legal counsel, management does not anticipate that ultimate liability, if any, arising out of any matters will have a material effect on the FHLB's financial condition or results of operations. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 or December 31, 2019 . The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the three months ended March 31, 2020 and 2019 . Table 16.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands) Average Daily Balances for the Three Months Ended March 31, 2020 2019 Loans to other FHLBanks $ 19,780 $ 3,333 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 were no Consolidated Obligations transferred to the FHLB during the three months ended March 31, 2020 , or 2019 . The FHLB had no |
Transactions with Stockholders
Transactions with Stockholders | 3 Months Ended |
Mar. 31, 2020 | |
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 MBS 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 statute 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 directors, the FHLB's Board of Directors nominates candidates to be placed on the ballot in an at-large election. For both Member and Independent director 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 these statutory limitations, no member owned more than 10 percent of the voting interests of the FHLB at March 31, 2020 or December 31, 2019 . 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 provides 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 MBS or derivatives transactions with Directors' Financial Institutions at March 31, 2020 or December 31, 2019 . Table 17.1 - Transactions with Directors' Financial Institutions (dollars in millions) March 31, 2020 December 31, 2019 Balance % of Total (1) Balance % of Total (1) Advances $ 27,833 34.8 % $ 3,428 7.3 % MPP 126 1.1 122 1.1 Regulatory capital stock 1,188 22.4 176 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 of stockholders holding five percent or more of regulatory capital stock and includes any known affiliates that are members of the FHLB. Table 17.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions) Regulatory Capital Stock Advance MPP Unpaid March 31, 2020 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,183 22 % $ 15,000 $ — U.S. Bank, N.A. 1,015 19 24,374 16 First Horizon Bank 562 11 3,900 — Regulatory Capital Stock Advance MPP Unpaid December 31, 2019 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 675 20 % $ 4,500 $ — U.S. Bank, N.A. 485 14 13,874 17 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 March 31, 2020 or December 31, 2019 . The FHLB has executed standby bond purchase agreements with the Ohio Housing Finance Agency 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. During the first three months of 2020 and 2019 , the FHLB was not required to purchase any bonds under these agreements. |
Recently Issued Accounting St_2
Recently Issued Accounting Standards and Interpretations (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Credit Loss, Financial Instrument [Policy Text Block] | Advances carried at amortized cost are evaluated quarterly for expected credit losses. If deemed necessary, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The FHLB evaluates its off-balance sheet credit exposures on a quarterly basis for expected credit losses. If deemed necessary, an allowance for expected credit losses on these off-balance sheet exposures is recorded in other liabilities with a corresponding adjustment to the provision (reversal) for credit losses. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold. These investments provide short-term liquidity and are carried at amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. These investments are evaluated quarterly for expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The FHLB applies the collateral maintenance provision practical expedient when evaluating securities purchased under agreements to resell for credit losses. Consequently, a credit loss would be recognized if there is a collateral shortfall which the FHLB does not believe the counterparty will replenish in accordance with its contractual terms. The credit loss would be limited to the difference between the fair value of the collateral and the investment’s amortized cost. Available for Sale. For securities classified as available-for-sale, the FHLB evaluates an individual security for impairment on a quarterly basis by comparing the security’s fair value to its amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. Impairment exists when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, the FHLB considers whether there would be a shortfall in receiving all cash flows contractually due. When a shortfall is considered possible, the FHLB compares the present value of cash flows to be collected from the security with the amortized cost basis of the security. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The allowance is limited by the amount of the unrealized loss. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. If management intends to sell an impaired security classified as available-for-sale, or more likely than not will be required to sell the security before expected recovery of its amortized cost basis, any allowance for credit losses is written off and the amortized cost basis is written down to the security’s fair value at the reporting date with any incremental impairment reported in earnings as net gains (losses) on investment securities. If management does not intend to sell an impaired security classified as available-for-sale and it is not more likely than not that management will be required to sell the debt security, then the credit portion of the difference is recognized as an allowance for credit losses and any remaining difference between the security’s fair value and amortized cost is recorded to net unrealized gains (losses) on available-for-sale securities within other comprehensive income (loss). The FHLB measures expected credit losses on mortgage loans on a collective basis, pooling loans with similar risk characteristics. If a mortgage loan no longer shares risk characteristics with other loans, it is removed from the pool and evaluated for expected credit losses on an individual basis. When developing the allowance for credit losses, the FHLB measures the expected loss over the estimated remaining life of a mortgage loan, which also considers how the FHLB’s credit enhancements mitigate credit losses. If a loan is purchased at a discount, the discount does not offset the allowance for credit losses. The FHLB’s measurement of expected credit losses takes into consideration any accrued interest that may be lost as a result of a default. |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Nonperforming Loans Policy [Policy Text Block] | Mortgage Loans - 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 record 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 - Conventional MPP. Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are removed from the collective evaluation and evaluated for expected credit losses on an individual basis. For loans with similar risk characteristics, the FHLB determines the allowance for credit losses through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The FHLB uses a model that employs a variety of methods, such as projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior experience. The FHLB’s calculation of expected credit losses includes a forecast of home prices over the entire contractual terms of its conventional loans rather than a reversion to historical home price trends after an initial forecast period. The FHLB also incorporates associated credit enhancements to determine estimated expected credit losses. If a loan is required to be evaluated on an individual basis, the FHLB estimates the present value of expected cash flows, the loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. Certain conventional loans may be evaluated for credit losses by using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent if repayment is expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default. The FHLB may estimate the fair value of this collateral by either applying an appropriate loss severity rate, using third-party estimates, or using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The FHLB will either reserve for these estimated losses or record a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. |
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. |
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. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Trading Securities by Major Security Types (in thousands) Fair Value March 31, 2020 December 31, 2019 Non-mortgage-backed securities (non-MBS): U.S. Treasury obligations $ 9,860,650 $ 9,626,964 GSE obligations 2,126,978 1,988,259 Total non-MBS 11,987,628 11,615,223 Mortgage-backed securities (MBS): U.S. obligation single-family MBS 445 470 Total $ 11,988,073 $ 11,615,693 |
Gain (Loss) on Securities [Table Text Block] | Net Gains (Losses) on Trading Securities (in thousands) Three Months Ended March 31, 2020 2019 Net gains (losses) on trading securities held at period end $ 372,406 $ 22,126 Net gains (losses) on trading securities $ 372,406 $ 22,126 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities by Major Security Types (in thousands) March 31, 2020 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value GSE obligations $ 142,609 $ 409 $ (944 ) $ 142,074 Total $ 142,609 $ 409 $ (944 ) $ 142,074 December 31, 2019 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 1,410,000 $ 111 $ — $ 1,410,111 GSE obligations 131,815 601 (342 ) 132,074 Total $ 1,541,815 $ 712 $ (342 ) $ 1,542,185 (1) Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $493 and $5,149 at March 31, 2020 and December 31, 2019 . |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Available-for-Sale Securities in a Continuous Unrealized Loss Position (in thousands) March 31, 2020 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses GSE obligations $ 55,707 $ (604 ) $ 16,358 $ (340 ) $ 72,065 $ (944 ) Total $ 55,707 $ (604 ) $ 16,358 $ (340 ) $ 72,065 $ (944 ) December 31, 2019 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses GSE obligations $ 17,071 $ (126 ) $ 21,574 $ (216 ) $ 38,645 $ (342 ) Total $ 17,071 $ (126 ) $ 21,574 $ (216 ) $ 38,645 $ (342 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-Maturity Securities by Contractual Maturity (in thousands) March 31, 2020 December 31, 2019 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-MBS: Due in 1 year or less $ 34,345 $ 34,489 $ 35,171 $ 35,176 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-MBS 34,345 34,489 35,171 35,176 MBS (2) 12,536,281 12,650,960 13,464,148 13,466,031 Total $ 12,570,626 $ 12,685,449 $ 13,499,319 $ 13,501,207 (1) Carrying value equals amortized cost. (2) MBS 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. March 31, 2020 December 31, 2019 Year of Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ — $ — $ 1,410,000 $ 1,410,111 Due after 1 year through 5 years — — — — Due after 5 years through 10 years 128,773 128,074 119,771 119,870 Due after 10 years 13,836 14,000 12,044 12,204 Total $ 142,609 $ 142,074 $ 1,541,815 $ 1,542,185 |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) March 31, 2020 December 31, 2019 Amortized cost of non-MBS: Fixed-rate $ 34,345 $ 35,171 Total amortized cost of non-MBS 34,345 35,171 Amortized cost of MBS: Fixed-rate 5,135,315 5,438,532 Variable-rate 7,400,966 8,025,616 Total amortized cost of MBS 12,536,281 13,464,148 Total $ 12,570,626 $ 13,499,319 March 31, 2020 December 31, 2019 Amortized cost of available-for-sale securities: Fixed-rate $ 142,609 $ 1,541,815 |
Debt Securities, Held-to-maturity [Table Text Block] | Held-to-Maturity Securities by Major Security Types (in thousands) March 31, 2020 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 34,345 $ 144 $ — $ 34,489 Total non-MBS 34,345 144 — 34,489 MBS: U.S. obligation single-family MBS 1,493,694 57,446 (373 ) 1,550,767 GSE single-family MBS 4,232,995 116,453 (2,558 ) 4,346,890 GSE multi-family MBS 6,809,592 28 (56,317 ) 6,753,303 Total MBS 12,536,281 173,927 (59,248 ) 12,650,960 Total $ 12,570,626 $ 174,071 $ (59,248 ) $ 12,685,449 December 31, 2019 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 35,171 $ 5 $ — $ 35,176 Total non-MBS 35,171 5 — 35,176 MBS: U.S. obligation single-family MBS 1,670,783 13,499 (239 ) 1,684,043 GSE single-family MBS 4,500,471 40,386 (24,072 ) 4,516,785 GSE multi-family MBS 7,292,894 54 (27,745 ) 7,265,203 Total MBS 13,464,148 53,939 (52,056 ) 13,466,031 Total $ 13,499,319 $ 53,944 $ (52,056 ) $ 13,501,207 (1) Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $18,169 and $20,365 as of March 31, 2020 and December 31, 2019 . |
Premiums (Discounts) Included in Amortized Cost of Securities [Table Text Block] | Net Purchased Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands) March 31, 2020 December 31, 2019 Premiums $ 24,532 $ 32,071 Discounts (10,898 ) (13,996 ) Net purchased premiums $ 13,634 $ 18,075 |
Advances Advances (Tables)
Advances Advances (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Advances [Abstract] | |
Schedule Of Federal Home Loan Bank Advances By Year Of Contractual Maturity [Table Text Block] | Advances by Interest Rate Payment Terms (in thousands) March 31, 2020 December 31, 2019 Total fixed-rate (1) $ 48,793,003 $ 36,113,108 Total variable-rate (1) 31,135,499 11,151,036 Total principal amount $ 79,928,502 $ 47,264,144 (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. March 31, 2020 December 31, 2019 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 43,900,826 0.79 % $ 32,342,198 1.78 % Due after 1 year through 2 years 20,964,575 1.48 4,477,497 2.19 Due after 2 years through 3 years 4,293,578 1.76 1,996,647 2.30 Due after 3 years through 4 years 2,258,670 2.38 1,408,948 2.50 Due after 4 years through 5 years 1,445,267 1.77 1,765,323 2.08 Thereafter 7,065,586 1.86 5,273,531 2.35 Total principal amount 79,928,502 1.18 47,264,144 1.94 Commitment fees (230 ) (281 ) Discount on Affordable Housing Program (AHP) Advances (2,875 ) (3,148 ) Premiums 1,147 1,221 Discounts (2,539 ) (2,530 ) Hedging adjustments 500,560 109,929 Fair value option valuation adjustments and accrued interest 385 238 Total (1) $ 80,424,950 $ 47,369,573 (1) Carrying values exclude accrued interest receivable of (in thousands) $66,712 and $60,682 as of March 31, 2020 and December 31, 2019 . Redemption Term or Next Put Date March 31, 2020 December 31, 2019 Due in 1 year or less $ 46,537,576 $ 33,451,448 Due after 1 year through 2 years 21,272,075 4,777,497 Due after 2 years through 3 years 4,411,578 2,129,647 Due after 3 years through 4 years 1,888,670 1,238,948 Due after 4 years through 5 years 1,476,017 1,611,073 Thereafter 4,342,586 4,055,531 Total principal amount $ 79,928,502 $ 47,264,144 March 31, 2020 December 31, 2019 Principal % of Total Principal Amount of Advances Principal % of Total Principal Amount of Advances U.S. Bank, N.A. $ 24,374 30 % U.S. Bank, N.A. $ 13,874 29 % JPMorgan Chase Bank, N.A. 15,000 19 JPMorgan Chase Bank, N.A. 4,500 10 Third Federal Savings and Loan Association 4,077 5 Third Federal Savings and Loan Association 3,883 8 Total $ 43,451 54 % Total $ 22,257 47 % Redemption Term or Next Call Date March 31, 2020 December 31, 2019 Due in 1 year or less $ 67,120,907 $ 35,366,608 Due after 1 year through 2 years 3,576,815 4,982,222 Due after 2 years through 3 years 1,501,086 1,724,647 Due after 3 years through 4 years 2,231,336 1,381,718 Due after 4 years through 5 years 1,432,772 1,535,418 Thereafter 4,065,586 2,273,531 Total principal amount $ 79,928,502 $ 47,264,144 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio [Table Text Block] | Mortgage Loans Held for Portfolio (in thousands) March 31, 2020 December 31, 2019 Fixed rate medium-term single-family mortgage loans (1) $ 743,427 $ 773,575 Fixed rate long-term single-family mortgage loans 10,900,312 10,207,367 Total unpaid principal balance 11,643,739 10,980,942 Premiums 257,731 241,356 Discounts (2,062 ) (2,166 ) Hedging basis adjustments (2) 23,967 15,932 Total mortgage loans held for portfolio (3) 11,923,375 11,236,064 Allowance for credit losses on mortgage loans (297 ) (711 ) Mortgage loans held for portfolio, net $ 11,923,078 $ 11,235,353 (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. (3) Excludes accrued interest receivable of (in thousands) $38,473 and $36,739 at March 31, 2020 and December 31, 2019 . March 31, 2020 December 31, 2019 Conventional mortgage loans $ 11,423,290 $ 10,750,526 FHA mortgage loans 220,449 230,416 Total unpaid principal balance $ 11,643,739 $ 10,980,942 |
Members Holding 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) March 31, 2020 December 31, 2019 Principal % of Total Principal % of Total Union Savings Bank $ 3,911 34 % Union Savings Bank $ 3,574 33 % Guardian Savings Bank FSB 1,068 9 Guardian Savings Bank FSB 1,004 9 FirstBank 804 7 FirstBank 714 7 The Huntington National Bank 624 5 |
Changes in LRA [Table Text Block] | Changes in the LRA (in thousands) Three Months Ended March 31, 2020 LRA at beginning of year $ 233,476 Additions 13,776 Claims (41 ) Scheduled distributions (4,377 ) LRA at end of period $ 242,834 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Quality Indicator of Conventional Mortgage Loans (dollars in thousands) March 31, 2020 Origination Year Payment status, at amortized cost (1) : Prior to 2016 2016 to March 31, 2020 Total Past due 30-59 days $ 20,153 $ 13,860 $ 34,013 Past due 60-89 days 4,154 470 4,624 Past due 90 days or more 9,802 1,630 11,432 Total past due mortgage loans 34,109 15,960 50,069 Current mortgage loans 3,592,598 8,058,309 11,650,907 Total conventional mortgage loans $ 3,626,707 $ 8,074,269 $ 11,700,976 December 31, 2019 Payment status, at recorded investment (1) : Conventional Loans Past due 30-59 days $ 35,416 Past due 60-89 days 5,572 Past due 90 days or more 12,421 Total past due mortgage loans 53,409 Current mortgage loans 10,985,818 Total conventional mortgage loans $ 11,039,227 (1) The recorded investment at December 31, 2019 includes accrued interest receivable whereas the amortized cost at March 31, 2020 excludes accrued interest receivable. |
Financing Receivable, Past Due [Table Text Block] | Other Delinquency Statistics (dollars in thousands) March 31, 2020 Amortized Cost: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 7,156 $ 2,768 $ 9,924 Serious delinquency rate (2) 0.10 % 2.18 % 0.14 % Past due 90 days or more still accruing interest (3) $ 10,657 $ 4,743 $ 15,400 Loans on non-accrual status $ 2,168 $ — $ 2,168 December 31, 2019 Recorded Investment: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 8,311 $ 2,515 $ 10,826 Serious delinquency rate (2) 0.11 % 2.49 % 0.16 % Past due 90 days or more still accruing interest (3) $ 11,935 $ 5,805 $ 17,740 Loans on non-accrual status $ 1,902 $ — $ 1,902 (1) Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. (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. (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. |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses on Conventional Mortgage Loans (in thousands) Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 711 $ 840 Adjustment for cumulative effect of accounting changes (366 ) — Net charge offs (48 ) (61 ) Balance, end of period $ 297 $ 779 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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) March 31, 2020 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 11,947,085 $ 5,467 $ 231,639 Derivatives not designated as hedging instruments: Interest rate swaps 24,987,214 8,062 10,291 Interest rate swaptions 2,901,000 5,945 — Forward rate agreements 1,392,000 1,558 15,964 Mortgage delivery commitments 764,574 10,972 823 Total derivatives not designated as hedging instruments 30,044,788 26,537 27,078 Total derivatives before adjustments $ 41,991,873 32,004 258,717 Netting adjustments and cash collateral (1) 320,406 (236,026 ) Total derivative assets and total derivative liabilities $ 352,410 $ 22,691 December 31, 2019 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 9,310,089 $ 7,227 $ 53,641 Derivatives not designated as hedging instruments: Interest rate swaps 28,501,469 9,685 363 Interest rate swaptions 6,000,000 12,464 — Forward rate agreements 849,000 21 782 Mortgage delivery commitments 936,269 2,798 64 Total derivatives not designated as hedging instruments 36,286,738 24,968 1,209 Total derivatives before adjustments $ 45,596,827 32,195 54,850 Netting adjustments and cash collateral (1) 234,970 (53,540 ) Total derivative assets and total derivative liabilities $ 267,165 $ 1,310 (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) $559,952 and $293,148 at March 31, 2020 and December 31, 2019 . Cash collateral received and related accrued interest was (in thousands) $3,520 and $4,638 at March 31, 2020 and December 31, 2019 . |
Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Cumulative Basis Adjustments for Fair Value Hedges (in thousands) March 31, 2020 Hedged Item Amortized Cost of Hedged Asset/ Liability (1) Basis Adjustment for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Cumulative Amount of Fair Value Hedging Basis Adjustments Advances $ 12,277,322 $ 499,638 $ 922 $ 500,560 Available-for-sale securities 142,609 18,110 — 18,110 Consolidated Bonds 122,021 3,254 — 3,254 December 31, 2019 Hedged Item Amortized Cost of Hedged Asset/ Liability (1) Basis Adjustment for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Cumulative Amount of Fair Value Hedging Basis Adjustments Advances $ 9,160,841 $ 109,078 $ 851 $ 109,929 Available-for-sale securities 131,814 7,314 — 7,314 Consolidated Bonds 210,696 708 — 708 (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Net Gains (Losses) Recorded in Non-interest Income (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended March 31, 2020 2019 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ (367,001 ) $ (6,530 ) Interest rate swaptions 92,077 (12,476 ) Forward rate agreements (25,884 ) (2,167 ) Net interest settlements (11,282 ) (8,167 ) Mortgage delivery commitments 17,094 3,356 Total net gains (losses) related to derivatives not designated as hedging instruments (294,996 ) (25,984 ) Price alignment amount (1) 1,030 25 Net gains (losses) on derivatives and hedging activities $ (293,966 ) $ (25,959 ) (1) This amount is for derivatives for which variation margin is characterized as a daily settled contract. Three Months Ended March 31, 2020 Advances Available-for-sale Securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 172,167 $ 3,396 $ (185,987 ) Impact of Fair Value Hedging Relationships on the Statements of Income (1) Interest income/expense: Net interest settlements $ (1,714 ) $ (274 ) $ 384 Gain (loss) on derivatives (404,311 ) (11,183 ) 2,523 Gain (loss) on hedged items 390,464 10,795 (2,546 ) Effect on net interest income $ (15,561 ) $ (662 ) $ 361 Three Months Ended March 31, 2019 Advances Available-for-sale securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 402,777 $ 13,559 $ (262,863 ) Impact of Fair Value Hedging Relationships on the Statements of Income (1) Interest income/expense: Net interest settlements $ 13,676 $ (15 ) $ 195 Gain (loss) on derivatives (52,594 ) (2,228 ) 1,042 Gain (loss) on hedged items 51,621 2,212 (1,161 ) Effect on net interest income $ 12,703 $ (31 ) $ 76 (1) Includes interest rate swaps. |
Offsetting Assets [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2020 Derivative Instruments Meeting Netting Requirements Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 7,148 $ (7,100 ) $ 12,530 $ 12,578 Cleared 12,326 327,506 — 339,832 Total $ 352,410 Derivative Liabilities: Uncleared $ 235,907 $ (230,003 ) $ 16,787 $ 22,691 Cleared 6,023 (6,023 ) — — Total $ 22,691 December 31, 2019 Derivative Instruments Meeting Netting Requirements Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 16,637 $ (13,903 ) $ 2,819 $ 5,553 Cleared 12,739 248,873 — 261,612 Total $ 267,165 Derivative Liabilities: Uncleared $ 53,533 $ (53,069 ) $ 846 $ 1,310 Cleared 471 (471 ) — — Total $ 1,310 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2020 Derivative Instruments Meeting Netting Requirements Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 7,148 $ (7,100 ) $ 12,530 $ 12,578 Cleared 12,326 327,506 — 339,832 Total $ 352,410 Derivative Liabilities: Uncleared $ 235,907 $ (230,003 ) $ 16,787 $ 22,691 Cleared 6,023 (6,023 ) — — Total $ 22,691 December 31, 2019 Derivative Instruments Meeting Netting Requirements Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 16,637 $ (13,903 ) $ 2,819 $ 5,553 Cleared 12,739 248,873 — 261,612 Total $ 267,165 Derivative Liabilities: Uncleared $ 53,533 $ (53,069 ) $ 846 $ 1,310 Cleared 471 (471 ) — — Total $ 1,310 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposit Liabilities, Type [Table Text Block] | Deposits (in thousands) March 31, 2020 December 31, 2019 Interest-bearing: Demand and overnight $ 1,126,033 $ 906,028 Term 49,800 27,850 Other 9,643 7,179 Total interest-bearing 1,185,476 941,057 Non-interest bearing: Other — 10,239 Total non-interest bearing — 10,239 Total deposits $ 1,185,476 $ 951,296 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Consolidated Discount Notes Outstanding (dollars in thousands) Book Value Principal Amount Weighted Average Interest Rate (1) March 31, 2020 $ 79,659,562 $ 79,747,788 0.74 % December 31, 2019 $ 49,084,219 $ 49,176,985 1.56 % (1) Represents an implied rate without consideration of concessions. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Consolidated Bonds Outstanding by Original Contractual Maturity (dollars in thousands) March 31, 2020 December 31, 2019 Year of Original Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 20,409,565 0.85 % $ 18,259,565 1.77 % Due after 1 year through 2 years 3,833,595 2.36 8,293,595 1.96 Due after 2 years through 3 years 2,743,830 2.43 3,024,885 2.41 Due after 3 years through 4 years 1,981,175 2.99 3,123,120 2.62 Due after 4 years through 5 years 1,248,405 2.74 1,540,405 2.73 Thereafter 4,359,000 2.83 4,139,000 2.97 Total principal amount 34,575,570 1.58 38,380,570 2.10 Premiums 58,791 64,604 Discounts (23,793 ) (24,335 ) Hedging adjustments 3,254 708 Fair value option valuation adjustment and accrued interest 54,486 18,177 Total $ 34,668,308 $ 38,439,724 Year of Original Contractual Maturity or Next Call Date March 31, 2020 December 31, 2019 Due in 1 year or less $ 22,390,565 $ 22,631,565 Due after 1 year through 2 years 4,055,595 7,130,595 Due after 2 years through 3 years 2,713,830 2,662,885 Due after 3 years through 4 years 1,962,175 2,343,120 Due after 4 years through 5 years 1,160,405 1,253,405 Thereafter 2,293,000 2,359,000 Total principal amount $ 34,575,570 $ 38,380,570 |
Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block] | Consolidated Bonds Outstanding by Call Features (in thousands) March 31, 2020 December 31, 2019 Principal Amount of Consolidated Bonds: Non-callable $ 31,297,570 $ 32,953,570 Callable 3,278,000 5,427,000 Total principal amount $ 34,575,570 $ 38,380,570 March 31, 2020 December 31, 2019 Principal Amount of Consolidated Bonds: Fixed-rate $ 22,752,570 $ 27,368,570 Variable-rate 11,823,000 11,012,000 Total principal amount $ 34,575,570 $ 38,380,570 |
Affordable Housing Program (A_2
Affordable Housing Program (AHP) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Affordable Housing Program (AHP) [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | Analysis of AHP Liability (in thousands) Balance at December 31, 2019 $ 115,295 Assessments (current year additions) 8,871 Subsidy uses, net (6,046 ) Balance at March 31, 2020 $ 118,120 |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Capital Requirements (dollars in thousands) March 31, 2020 December 31, 2019 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 570,582 $ 6,463,553 $ 820,635 $ 4,482,519 Capital-to-assets ratio (regulatory) 4.00 % 5.28 % 4.00 % 4.79 % Regulatory capital $ 4,900,394 $ 6,463,553 $ 3,739,662 $ 4,482,519 Leverage capital-to-assets ratio (regulatory) 5.00 % 7.91 % 5.00 % 7.19 % Leverage capital $ 6,125,492 $ 9,695,330 $ 4,674,578 $ 6,723,779 |
Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block] | Mandatorily Redeemable Capital Stock Rollforward (in thousands) Balance, December 31, 2019 $ 21,669 Capital stock subject to mandatory redemption reclassified from equity 550,000 Capital stock previously subject to mandatory redemption reclassified to capital (123 ) Balance, March 31, 2020 $ 571,546 Contractual Year of Redemption March 31, 2020 December 31, 2019 Year 1 $ 224 $ 371 Year 2 337 298 Year 3 1,142 1,129 Year 4 2,903 2,955 Year 5 551,808 1,931 Thereafter (1) 650 650 Past contractual redemption date due to remaining activity (2) 14,482 14,335 Total $ 571,546 $ 21,669 (1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 19, 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination. (2) 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 Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) (in thousands) Net unrealized gains (losses) on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) BALANCE, DECEMBER 31, 2018 $ (110 ) $ (12,933 ) $ (13,043 ) Other comprehensive income before reclassification: Net unrealized gains (losses) 187 — 187 Reclassifications from other comprehensive income (loss) to net income: Amortization - pension and postretirement benefits — 401 401 Net current period other comprehensive income (loss) 187 401 588 BALANCE, MARCH 31, 2019 $ 77 $ (12,532 ) $ (12,455 ) BALANCE, DECEMBER 31, 2019 $ 370 $ (16,764 ) $ (16,394 ) Other comprehensive income before reclassification: Net unrealized gains (losses) (905 ) — (905 ) Reclassifications from other comprehensive income (loss) to net income: Amortization - pension and postretirement benefits — 563 563 Net current period other comprehensive income (loss) (905 ) 563 (342 ) BALANCE, MARCH 31, 2020 $ (535 ) $ (16,201 ) $ (16,736 ) |
Pension and Postretirement Be_2
Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net Periodic Benefit Cost (in thousands) Three Months Ended March 31, Defined Benefit Retirement Plan Postretirement Benefits Plan 2020 2019 2020 2019 Net Periodic Benefit Cost Service cost $ 275 $ 217 $ 2 $ 4 Interest cost 331 383 36 45 Amortization of net loss 563 401 — — Net periodic benefit cost $ 1,169 $ 1,001 $ 38 $ 49 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Performance by Operating Segment (in thousands) Three Months Ended March 31, Traditional Member Finance MPP Total 2020 Net interest income $ 64,649 $ 17,466 $ 82,115 Non-interest income (loss) (23,580 ) 54,269 30,689 Non-interest expense 21,107 3,173 24,280 Income before assessments 19,962 68,562 88,524 Affordable Housing Program assessments 2,015 6,856 8,871 Net income $ 17,947 $ 61,706 $ 79,653 2019 Net interest income $ 90,395 $ 31,863 $ 122,258 Non-interest income (loss) (11,955 ) (6,444 ) (18,399 ) Non-interest expense 19,390 3,033 22,423 Income before assessments 59,050 22,386 81,436 Affordable Housing Program assessments 5,940 2,239 8,179 Net income $ 53,110 $ 20,147 $ 73,257 Assets Traditional Member MPP Total March 31, 2020 $ 110,547,932 $ 11,961,912 $ 122,509,844 December 31, 2019 81,064,206 12,427,353 93,491,559 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Summary (in thousands) March 31, 2020 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 $ 3,923,890 $ 3,923,890 $ 3,923,890 $ — $ — $ — Interest-bearing deposits 780,081 780,081 — 780,081 — — Securities purchased under agreements to resell 183,504 183,506 — 183,506 — — Trading securities 11,988,073 11,988,073 — 11,988,073 — — Available-for-sale securities 142,074 142,074 — 142,074 — — Held-to-maturity securities 12,570,626 12,685,449 — 12,685,449 — — Advances (2) 80,424,950 80,413,947 — 80,413,947 — — Mortgage loans held for portfolio, net 11,923,078 12,369,024 — 12,357,555 11,469 — Accrued interest receivable 197,718 197,718 — 197,718 — — Derivative assets 352,410 352,410 — 32,004 — 320,406 Liabilities: Deposits 1,185,476 1,185,669 — 1,185,669 — — Consolidated Obligations: Discount Notes (3) 79,659,562 79,719,001 — 79,719,001 — — Bonds (4) 34,668,308 35,497,338 — 35,497,338 — — Mandatorily redeemable capital stock 571,546 571,546 571,546 — — — Accrued interest payable 98,157 98,157 — 98,157 — — Derivative liabilities 22,691 22,691 — 258,717 — (236,026 ) (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) $5,385 of Advances recorded under the fair value option at March 31, 2020 . (3) Includes (in thousands) $9,319,663 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2020 . (4) Includes (in thousands) $4,359,486 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2020 . December 31, 2019 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 $ 20,608 $ 20,608 $ 20,608 $ — $ — $ — Interest-bearing deposits 550,160 550,160 — 550,160 — — Securities purchased under agreements to resell 2,348,584 2,348,607 — 2,348,607 — — Federal funds sold 4,833,000 4,833,000 — 4,833,000 — — Trading securities 11,615,693 11,615,693 — 11,615,693 — — Available-for-sale securities 1,542,185 1,542,185 — 1,542,185 — — Held-to-maturity securities 13,499,319 13,501,207 — 13,501,207 — — Advances (2) 47,369,573 47,458,028 — 47,458,028 — — Mortgage loans held for portfolio, net 11,235,353 11,437,180 — 11,424,857 12,323 — Accrued interest receivable 182,252 182,252 — 182,252 — — Derivative assets 267,165 267,165 — 32,195 — 234,970 Liabilities: Deposits 951,296 951,343 — 951,343 — — Consolidated Obligations: Discount Notes (3) 49,084,219 49,086,723 — 49,086,723 — — Bonds (4) 38,439,724 38,832,230 — 38,832,230 — — Mandatorily redeemable capital stock 21,669 21,669 21,669 — — — Accrued interest payable 126,091 126,091 — 126,091 — — Derivative liabilities 1,310 1,310 — 54,850 — (53,540 ) (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) $5,238 of Advances recorded under the fair value option at December 31, 2019 . (3) Includes (in thousands) $12,386,974 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2019 . (4) Includes (in thousands) $4,757,177 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2019 . |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements (in thousands) Fair Value Measurements at March 31, 2020 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 9,860,650 $ — $ 9,860,650 $ — $ — GSE obligations 2,126,978 — 2,126,978 — — U.S. obligation single-family MBS 445 — 445 — — Total trading securities 11,988,073 — 11,988,073 — — Available-for-sale securities: GSE obligations 142,074 — 142,074 — — Total available-for-sale securities 142,074 — 142,074 — — Advances 5,385 — 5,385 — — Derivative assets: Interest rate related 339,880 — 19,474 — 320,406 Forward rate agreements 1,558 — 1,558 — — Mortgage delivery commitments 10,972 — 10,972 — — Total derivative assets 352,410 — 32,004 — 320,406 Total assets at fair value $ 12,487,942 $ — $ 12,167,536 $ — $ 320,406 Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 9,319,663 $ — $ 9,319,663 $ — $ — Bonds 4,359,486 — 4,359,486 — — Total Consolidated Obligations 13,679,149 — 13,679,149 — — Derivative liabilities: Interest rate related 5,904 — 241,930 — (236,026 ) Forward rate agreements 15,964 — 15,964 — — Mortgage delivery commitments 823 — 823 — — Total derivative liabilities 22,691 — 258,717 — (236,026 ) Total liabilities at fair value $ 13,701,840 $ — $ 13,937,866 $ — $ (236,026 ) (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 Measurements at December 31, 2019 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 9,626,964 $ — $ 9,626,964 $ — $ — GSE obligations 1,988,259 — 1,988,259 — — U.S. obligation single-family MBS 470 — 470 — — Total trading securities 11,615,693 — 11,615,693 — — Available-for-sale securities: Certificates of deposit 1,410,111 — 1,410,111 — — GSE obligations 132,074 — 132,074 — — Total available-for-sale securities 1,542,185 — 1,542,185 — — Advances 5,238 — 5,238 — — Derivative assets: Interest rate related 264,346 — 29,376 — 234,970 Forward rate agreements 21 — 21 — — Mortgage delivery commitments 2,798 — 2,798 — — Total derivative assets 267,165 — 32,195 — 234,970 Total assets at fair value $ 13,430,281 $ — $ 13,195,311 $ — $ 234,970 Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 12,386,974 $ — $ 12,386,974 $ — $ — Bonds 4,757,177 — 4,757,177 — — Total Consolidated Obligations 17,144,151 — 17,144,151 — — Derivative liabilities: Interest rate related 464 — 54,004 — (53,540 ) Forward rate agreements 782 — 782 — — Mortgage delivery commitments 64 — 64 — — Total derivative liabilities 1,310 — 54,850 — (53,540 ) Total liabilities at fair value $ 17,145,461 $ — $ 17,199,001 $ — $ (53,540 ) (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, Disclosures [Table Text Block] | Fair Value Option - Financial Assets and Liabilities (in thousands) Three Months Ended March 31, Net Gains (Losses) from Changes in Fair Value Recognized in Earnings 2020 2019 Advances $ 147 $ 100 Consolidated Discount Notes (14,026 ) — Consolidated Bonds (36,951 ) (17,281 ) Total net gains (losses) $ (50,830 ) $ (17,181 ) March 31, 2020 December 31, 2019 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) $ 5,000 $ 5,385 $ 385 $ 5,000 $ 5,238 $ 238 Consolidated Discount Notes 9,320,610 9,319,663 (947 ) 12,400,865 12,386,974 (13,891 ) Consolidated Bonds 4,305,000 4,359,486 54,486 4,739,000 4,757,177 18,177 (1) At March 31, 2020 and December 31, 2019 , 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) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments [Table Text Block] | Off-Balance Sheet Commitments (in thousands) March 31, 2020 December 31, 2019 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Standby Letters of Credit (1) $ 14,690,822 $ 1,094,601 $ 15,785,423 $ 15,143,075 $ 1,062,105 $ 16,205,180 Commitments for standby bond purchases (1) 26,285 47,900 74,185 20,360 55,150 75,510 Commitments to purchase mortgage loans 764,574 — 764,574 936,269 — 936,269 Unsettled Consolidated Bonds, principal amount (2) 548,000 — 548,000 — — — Unsettled Consolidated Discount Notes, principal amount (2) 200,000 — 200,000 — — — (1) The FHLB has deemed it unnecessary to record any liability for credit losses on these agreements. (2) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. |
Transactions with Other FHLBa_2
Transactions with Other FHLBanks (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 Three Months Ended March 31, 2020 2019 Loans to other FHLBanks $ 19,780 $ 3,333 |
Transactions with Stockholders
Transactions with Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,183 22 % $ 15,000 $ — U.S. Bank, N.A. 1,015 19 24,374 16 First Horizon Bank 562 11 3,900 — Regulatory Capital Stock Advance MPP Unpaid December 31, 2019 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 675 20 % $ 4,500 $ — U.S. Bank, N.A. 485 14 13,874 17 |
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) March 31, 2020 December 31, 2019 Balance % of Total (1) Balance % of Total (1) Advances $ 27,833 34.8 % $ 3,428 7.3 % MPP 126 1.1 122 1.1 Regulatory capital stock 1,188 22.4 176 5.2 (1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Background Information (Details
Background Information (Details) | Mar. 31, 2020Banks |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Investments Narrative (Details)
Investments Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) | 0 | $ 0 | |
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 0 | $ 0 | |
Available-for-sale securities | 142,074,000 | 1,542,185,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Interest-bearing Deposits [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | 599,000 | 1,162,000 | |
Federal Funds Sold [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | 0 | 210,000 | |
Securities Borrowed or Purchased under Agreements to Resell [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | 474,000 | $ 3,503,000 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Available-for-sale securities | $ 142,074,000 |
Investments Trading Securities
Investments Trading Securities by Major Security Type (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 11,988,073 | $ 11,615,693 |
US Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 9,860,650 | 9,626,964 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,126,978 | 1,988,259 |
Other Than Mortgage Backed Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 11,987,628 | 11,615,223 |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 445 | $ 470 |
Investments Trading Securitie_2
Investments Trading Securities Net Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Trading, Unrealized Gain (Loss) | $ 372,406 | $ 22,126 |
Debt Securities, Trading, Gain (Loss) | $ 372,406 | $ 22,126 |
Investments AFS Securities by M
Investments AFS Securities by Major Security Type (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | [1] | $ 142,609 | $ 1,541,815 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 409 | 712 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (944) | (342) | |
Available-for-sale securities | 142,074 | 1,542,185 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 493 | 5,149 | |
Certificates of Deposit [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | [1] | 1,410,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 111 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | ||
Available-for-sale securities | 1,410,111 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | [1] | 142,609 | 131,815 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 409 | 601 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (944) | (342) | |
Available-for-sale securities | $ 142,074 | $ 132,074 | |
[1] | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $493 and $5,149 at March 31, 2020 and December 31, 2019 . |
Investments AFS Securities Cont
Investments AFS Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 55,707 | $ 17,071 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (604) | (126) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 16,358 | 21,574 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (340) | (216) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 72,065 | 38,645 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (944) | (342) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 55,707 | 17,071 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (604) | (126) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 16,358 | 21,574 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (340) | (216) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 72,065 | 38,645 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (944) | $ (342) |
Investments AFS Securities by C
Investments AFS Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 0 | $ 1,410,000 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 128,773 | 119,771 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 13,836 | 12,044 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 142,609 | 1,541,815 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 0 | 1,410,111 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 128,074 | 119,870 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 14,000 | 12,204 | |
Debt Securities, Available-for-sale | $ 142,074 | $ 1,542,185 | |
[1] | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $493 and $5,149 at March 31, 2020 and December 31, 2019 . |
Investments AFS Securities by I
Investments AFS Securities by Interest Rate Payment Terms (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | [1] | $ 142,609 | $ 1,541,815 |
Fixed-rate [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 142,609 | $ 1,541,815 | |
[1] | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $493 and $5,149 at March 31, 2020 and December 31, 2019 . |
Investments HTM Securities by M
Investments HTM Securities by Major Security Type (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | $ 12,570,626 | $ 13,499,319 |
Debt Securities, Held-to-maturity | [3] | 12,570,626 | 13,499,319 |
Held-to-maturity Securities, Unrecognized Holding Gain | 174,071 | 53,944 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (59,248) | (52,056) | |
Debt Securities, Held-to-maturity, Fair Value | 12,685,449 | 13,501,207 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 18,169 | 20,365 | |
US Treasury Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1] | 34,345 | 35,171 |
Debt Securities, Held-to-maturity | 34,345 | 35,171 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 144 | 5 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 34,489 | 35,176 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | 34,345 | 35,171 |
Debt Securities, Held-to-maturity | 34,345 | 35,171 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 144 | 5 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 34,489 | 35,176 | |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1] | 1,493,694 | 1,670,783 |
Debt Securities, Held-to-maturity | 1,493,694 | 1,670,783 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 57,446 | 13,499 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (373) | (239) | |
Debt Securities, Held-to-maturity, Fair Value | 1,550,767 | 1,684,043 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2],[4] | 12,536,281 | 13,464,148 |
Debt Securities, Held-to-maturity | [4] | 12,536,281 | 13,464,148 |
Held-to-maturity Securities, Unrecognized Holding Gain | 173,927 | 53,939 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (59,248) | (52,056) | |
Debt Securities, Held-to-maturity, Fair Value | [4] | 12,650,960 | 13,466,031 |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1] | 4,232,995 | 4,500,471 |
Debt Securities, Held-to-maturity | 4,232,995 | 4,500,471 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 116,453 | 40,386 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (2,558) | (24,072) | |
Debt Securities, Held-to-maturity, Fair Value | 4,346,890 | 4,516,785 | |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1] | 6,809,592 | 7,292,894 |
Debt Securities, Held-to-maturity | 6,809,592 | 7,292,894 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 28 | 54 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (56,317) | (27,745) | |
Debt Securities, Held-to-maturity, Fair Value | $ 6,753,303 | $ 7,265,203 | |
[1] | Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $18,169 and $20,365 as of March 31, 2020 and December 31, 2019 . | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Fair values: $12,685,449 and $13,501,207 at March 31, 2020 and December 31, 2019 , respectively. | ||
[4] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Investments HTM Securities Net
Investments HTM Securities Net Premuims (Discounts) (Details) - Collateralized Mortgage Backed Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held To Maturity Securities, Premiums | $ 24,532 | $ 32,071 |
Held-to-maturity Securities, Discounts | (10,898) | (13,996) |
Held-to-maturity Securities, Premiums (Discounts), Net | $ 13,634 | $ 18,075 |
Investments HTM Securitites by
Investments HTM Securitites by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | $ 12,570,626 | $ 13,499,319 |
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | 12,570,626 | 13,499,319 |
Debt Securities, Held-to-maturity | [3] | 12,570,626 | 13,499,319 |
Debt Securities, Held-to-maturity, Fair Value | 12,685,449 | 13,501,207 | |
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 | [2] | 34,345 | 35,171 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years Amortized Cost | [2] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years Amortized Cost | [2] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After Ten Years Amortized Cost | [2] | 0 | 0 |
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | 34,345 | 35,171 |
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | 34,345 | 35,171 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 34,345 | 35,171 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 0 | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 0 | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Amortized Cost | 0 | 0 | |
Debt Securities, Held-to-maturity | 34,345 | 35,171 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value | 34,489 | 35,176 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 0 | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 0 | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 34,489 | 35,176 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2],[4] | 12,536,281 | 13,464,148 |
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2],[4] | 12,536,281 | 13,464,148 |
Debt Securities, Held-to-maturity | [4] | 12,536,281 | 13,464,148 |
Debt Securities, Held-to-maturity, Fair Value | [4] | $ 12,650,960 | $ 13,466,031 |
[1] | Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $18,169 and $20,365 as of March 31, 2020 and December 31, 2019 . | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Fair values: $12,685,449 and $13,501,207 at March 31, 2020 and December 31, 2019 , respectively. | ||
[4] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Investments HTM Securities by I
Investments HTM Securities by Interest Rate Payment Terms (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | $ 12,570,626 | $ 13,499,319 |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2] | 34,345 | 35,171 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | [1],[2],[3] | 12,536,281 | 13,464,148 |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 34,345 | 35,171 | |
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 5,135,315 | 5,438,532 | |
Variable-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | $ 7,400,966 | $ 8,025,616 | |
[1] | Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $18,169 and $20,365 as of March 31, 2020 and December 31, 2019 . | ||
[2] | Carrying value equals amortized cost. | ||
[3] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Advances Narrative (Details)
Advances Narrative (Details) - Federal Home Loan Bank Advances Receivable [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Past Due | $ 0 | $ 0 |
Financing Receivable, Nonaccrual | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Advances (Advance Redemption Te
Advances (Advance Redemption Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank, Advances [Line Items] | |||
Due in 1 year or less | $ 43,900,826 | $ 32,342,198 | |
Due after 1 year through 2 years | 20,964,575 | 4,477,497 | |
Due after 2 years through 3 years | 4,293,578 | 1,996,647 | |
Due after 3 years through 4 years | 2,258,670 | 1,408,948 | |
Due after 4 years through 5 years | 1,445,267 | 1,765,323 | |
Thereafter | 7,065,586 | 5,273,531 | |
Federal Home Loan Bank, Advances, Par Value, Total | 79,928,502 | 47,264,144 | |
Commitment Fees on Advances | (230) | (281) | |
Discount on Affordable Housing Program Advances | (2,875) | (3,148) | |
Federal Home Loan Bank Advances, Premium | 1,147 | 1,221 | |
Federal Home Loan Bank Advances, Discount | (2,539) | (2,530) | |
Hedging adjustments | 500,560 | 109,929 | |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | [1] | 385 | 238 |
Advances | [2] | $ 80,424,950 | $ 47,369,573 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date | 0.79% | 1.78% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date | 1.48% | 2.19% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date | 1.76% | 2.30% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date | 2.38% | 2.50% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date | 1.77% | 2.08% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date | 1.86% | 2.35% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date | 1.18% | 1.94% | |
Federal Home Loan Bank Advances Receivable [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 66,712 | $ 60,682 | |
[1] | At March 31, 2020 and December 31, 2019 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||
[2] | Carrying values exclude accrued interest receivable of (in thousands) $66,712 and $60,682 as of March 31, 2020 and December 31, 2019 . |
Advances (Year of Contractual M
Advances (Year of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Advances [Abstract] | ||
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months | $ 67,120,907 | $ 35,366,608 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two | 3,576,815 | 4,982,222 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three | 1,501,086 | 1,724,647 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four | 2,231,336 | 1,381,718 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five | 1,432,772 | 1,535,418 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five | 4,065,586 | 2,273,531 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 79,928,502 | $ 47,264,144 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Advances [Abstract] | ||
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date | $ 46,537,576 | $ 33,451,448 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date | 21,272,075 | 4,777,497 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date | 4,411,578 | 2,129,647 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date | 1,888,670 | 1,238,948 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date | 1,476,017 | 1,611,073 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date | 4,342,586 | 4,055,531 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 79,928,502 | $ 47,264,144 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Advances [Abstract] | |||
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate | [1] | $ 48,793,003 | $ 36,113,108 |
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate | [1] | 31,135,499 | 11,151,036 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 79,928,502 | $ 47,264,144 | |
[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 | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 79,928,502 | $ 47,264,144 |
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 | $ 43,451,000 | $ 22,257,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 54.00% | 47.00% |
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 | $ 24,374,000 | $ 13,874,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 30.00% | 29.00% |
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 | $ 15,000,000 | $ 4,500,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 19.00% | 10.00% |
Third Federal Savings and Loan 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 | $ 4,077,000 | $ 3,883,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 5.00% | 8.00% |
Mortgage Loans Narrative (Detai
Mortgage Loans Narrative (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 |
Mortgage Loans Mortgage Loans H
Mortgage Loans Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans and Leases Receivable, before Fees, Gross | $ 11,643,739 | $ 10,980,942 | |||
Loans and Leases Receivable, Unamortized Premiums | 257,731 | 241,356 | |||
Loans and Leases Receivable, Unamortized Discounts | (2,062) | (2,166) | |||
Loans and Leases Receivable, Hedging Basis Adjustment | [1] | 23,967 | 15,932 | ||
Loans and Leases Receivable, Net of Deferred Income | [2] | 11,923,375 | 11,236,064 | ||
Loans and Leases Receivable, Allowance | (297) | (711) | |||
Loans and Leases Receivable, Net Amount | 11,923,078 | 11,235,353 | |||
Conventional Mortgage Loan [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans and Leases Receivable, before Fees, Gross | 11,423,290 | 10,750,526 | |||
Loans and Leases Receivable, Net of Deferred Income | [3] | 11,700,976 | |||
Loans and Leases Receivable, Allowance | (297) | (711) | $ (779) | $ (840) | |
Federal Housing Administration Loan [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans and Leases Receivable, before Fees, Gross | 220,449 | 230,416 | |||
Mortgage Purchase Program [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 38,473 | 36,739 | |||
Single Family [Member] | Loans Receivable With Fixed Rates Of Interest Medium Term [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans and Leases Receivable, before Fees, Gross | [4] | 743,427 | 773,575 | ||
Single Family [Member] | Loans Receivable With Fixed Rates Of Interest Long Term [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans and Leases Receivable, before Fees, Gross | $ 10,900,312 | $ 10,207,367 | |||
[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] | Excludes accrued interest receivable of (in thousands) $38,473 and $36,739 at March 31, 2020 and December 31, 2019 . | ||||
[3] | The recorded investment at December 31, 2019 includes accrued interest receivable whereas the amortized cost at March 31, 2020 excludes accrued interest receivable. | ||||
[4] | Medium-term is defined as a term of 15 years or less. |
Mortgage Loans Members with Fiv
Mortgage Loans Members with Five Percent or More of Mortgage Loans (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Union Savings Bank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 3,911 | $ 3,574 |
Percent of Total | 34.00% | 33.00% |
Guardian Saving Bank FSB [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 1,068 | $ 1,004 |
Percent of Total | 9.00% | 9.00% |
FirstBank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 804 | $ 714 |
Percent of Total | 7.00% | 7.00% |
The Huntington National Bank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 624 | |
Percent of Total | 5.00% |
Mortgage Loans Mortgage Loans R
Mortgage Loans Mortgage Loans Rollforward of LRA (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Receivables [Abstract] | |
Lender Risk Account, Beginning Balance | $ 233,476 |
Lender Risk Account, Additions | 13,776 |
Lender Risk Account, Claims | (41) |
Lender Risk Account, Distributions | (4,377) |
Lender Risk Account, Ending Balance | $ 242,834 |
Mortgage Loans Mortgage Loans P
Mortgage Loans Mortgage Loans Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | [1] | $ 11,923,375 | $ 11,236,064 |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 3,626,707 | |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | [2] | 8,074,269 | |
Loans and Leases Receivable, Net of Deferred Income | [2] | 11,700,976 | |
Financing Receivable, Past Due | [2] | 53,409 | |
Financing Receivable, Not Past Due | [2] | 10,985,818 | |
Total recorded investment | [2] | 11,039,227 | |
Conventional Mortgage Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 34,109 | |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | [2] | 15,960 | |
Loans and Leases Receivable, Net of Deferred Income | [2] | 50,069 | |
Conventional Mortgage Loan [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 3,592,598 | |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | [2] | 8,058,309 | |
Loans and Leases Receivable, Net of Deferred Income | [2] | 11,650,907 | |
Conventional Mortgage Loan [Member] | Past due 30-59 days delinquent | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 20,153 | |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | [2] | 13,860 | |
Loans and Leases Receivable, Net of Deferred Income | [2] | 34,013 | |
Financing Receivable, Past Due | [2] | 35,416 | |
Conventional Mortgage Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 4,154 | |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | [2] | 470 | |
Loans and Leases Receivable, Net of Deferred Income | [2] | 4,624 | |
Financing Receivable, Past Due | [2] | 5,572 | |
Conventional Mortgage Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 9,802 | |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | [2] | 1,630 | |
Loans and Leases Receivable, Net of Deferred Income | [2] | $ 11,432 | |
Financing Receivable, Past Due | [2] | $ 12,421 | |
[1] | Excludes accrued interest receivable of (in thousands) $38,473 and $36,739 at March 31, 2020 and December 31, 2019 . | ||
[2] | The recorded investment at December 31, 2019 includes accrued interest receivable whereas the amortized cost at March 31, 2020 excludes accrued interest receivable. |
Mortgage Loans Mortgage Loans O
Mortgage Loans Mortgage Loans Other Delinquency Status (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 9,924 | $ 10,826 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.14% | 0.16% |
Mortgage Purchase Program [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | [3] | $ 15,400 | $ 17,740 |
Financing Receivable, Nonaccrual | 2,168 | 1,902 | |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 7,156 | $ 8,311 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.10% | 0.11% |
Conventional Mortgage Loan [Member] | Mortgage Purchase Program [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | [3] | $ 10,657 | $ 11,935 |
Financing Receivable, Nonaccrual | 2,168 | 1,902 | |
Federal Housing Administration Loan [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 2,768 | $ 2,515 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 2.18% | 2.49% |
Federal Housing Administration Loan [Member] | Mortgage Purchase Program [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | [3] | $ 4,743 | $ 5,805 |
Financing Receivable, Nonaccrual | $ 0 | $ 0 | |
[1] | Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. | ||
[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. | ||
[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. |
Mortgage Loans Mortgage Loans A
Mortgage Loans Mortgage Loans Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance, beginning of period | $ 711 | |
Balance, end of period | 297 | |
Conventional Mortgage Loan [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance, beginning of period | 711 | $ 840 |
Financing Receivable, Change in Method, Credit Loss Expense (Reversal) | (366) | 0 |
Allowance for Loan and Lease Losses Write-offs, Net | (48) | (61) |
Balance, end of period | $ 297 | $ 779 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | $ 41,991,873 | $ 45,596,827 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 32,004 | 32,195 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 258,717 | 54,850 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | 320,406 | [1] | 234,970 | [3] |
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (236,026) | [1] | (53,540) | [3] |
Derivative assets | 352,410 | 267,165 | |||
Derivative liabilities | 22,691 | 1,310 | |||
Derivative, Collateral, Cash Posted And Related Accrued Interest | 559,952 | 293,148 | |||
Derivative, Collateral, Cash Received And Related Accrued Interest | 3,520 | 4,638 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 11,947,085 | 9,310,089 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5,467 | 7,227 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 231,639 | 53,641 | |||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 24,987,214 | 28,501,469 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 8,062 | 9,685 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 10,291 | 363 | |||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 2,901,000 | 6,000,000 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5,945 | 12,464 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 1,392,000 | 849,000 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,558 | 21 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 15,964 | 782 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 30,044,788 | 36,286,738 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 26,537 | 24,968 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 27,078 | 1,209 | |||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 764,574 | 936,269 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 10,972 | 2,798 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 823 | $ 64 | |||
[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] | 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) $559,952 and $293,148 at March 31, 2020 and December 31, 2019 . Cash collateral received and related accrued interest was (in thousands) $3,520 and $4,638 at March 31, 2020 and December 31, 2019 . | ||||
[3] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Income, Federal Home Loan Bank Advances | $ 172,167 | $ 402,777 | |
Interest Income, Debt Securities, Available-for-sale, Operating | 3,396 | 13,559 | |
Interest Expense, Consolidated Bonds | (185,987) | (262,863) | |
Interest Income [Member] | Advances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Interest Settlements On Fair Value Hedges | [1] | (1,714) | 13,676 |
Gain (Loss) on Derivative | [1] | (404,311) | (52,594) |
Gain (Loss) on Hedged Item | [1] | 390,464 | 51,621 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | [1] | (15,561) | 12,703 |
Interest Income [Member] | Available-for-sale Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Interest Settlements On Fair Value Hedges | [1] | (274) | (15) |
Gain (Loss) on Derivative | [1] | (11,183) | (2,228) |
Gain (Loss) on Hedged Item | [1] | 10,795 | 2,212 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | [1] | (662) | (31) |
Interest Expense [Member] | Consolidated Obligation Bonds [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Interest Settlements On Fair Value Hedges | [1] | 384 | 195 |
Gain (Loss) on Derivative | [1] | 2,523 | 1,042 |
Gain (Loss) on Hedged Item | [1] | (2,546) | (1,161) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | [1] | $ 361 | $ 76 |
[1] | Includes interest rate swaps. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Derivative Fair Value Hedges (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Asset, Fair Value Hedge | [1] | $ 12,277,322 | $ 9,160,841 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 499,638 | 109,078 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 922 | 851 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 500,560 | 109,929 | |
Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Asset, Fair Value Hedge | [1] | 142,609 | 131,814 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 18,110 | 7,314 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 18,110 | 7,314 | |
Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Liability, Fair Value Hedge | [1] | 122,021 | 210,696 |
Hedged Liability, Active Fair Value Hedge, Cumulative Increase (Decrease) | 3,254 | 708 | |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 3,254 | $ 708 | |
[1] | Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivatives in Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | $ (293,966) | $ (25,959) | |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (367,001) | (6,530) | |
Interest Rate Swaption [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 92,077 | (12,476) | |
Forward Contracts [Member] | Mortgage Receivable [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 17,094 | 3,356 | |
Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (25,884) | (2,167) | |
Net Interest Settlements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (11,282) | (8,167) | |
Derivatives Not Designated As Hedging Before Price Alignment [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (294,996) | (25,984) | |
Price Alignment Amount [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | [1] | $ 1,030 | $ 25 |
[1] | This amount is for derivatives for which variation margin is characterized as a daily settled contract. |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | $ 320,406 | [1] | $ 234,970 | [3] |
Derivative assets | 352,410 | 267,165 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (236,026) | [1] | (53,540) | [3] |
Derivative liabilities | 22,691 | 1,310 | |||
Uncleared derivatives | |||||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Total Gross Amount | 7,148 | 16,637 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | (7,100) | (13,903) | |||
Derivative Asset, Not Subject to Master Netting Arrangement | [4] | 12,530 | 2,819 | ||
Derivative assets | 12,578 | 5,553 | |||
Derivative Liability, Total Gross Amount | 235,907 | 53,533 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | (230,003) | (53,069) | |||
Derivative Liability, Not Subject to Master Netting Arrangement | [4] | 16,787 | 846 | ||
Derivative liabilities | 22,691 | 1,310 | |||
Cleared derivatives | |||||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Total Gross Amount | 12,326 | 12,739 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | 327,506 | 248,873 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | [4] | 0 | 0 | ||
Derivative assets | 339,832 | 261,612 | |||
Derivative Liability, Total Gross Amount | 6,023 | 471 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | (6,023) | (471) | |||
Derivative Liability, Not Subject to Master Netting Arrangement | [4] | 0 | 0 | ||
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 counterparty. | ||||
[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) $559,952 and $293,148 at March 31, 2020 and December 31, 2019 . Cash collateral received and related accrued interest was (in thousands) $3,520 and $4,638 at March 31, 2020 and December 31, 2019 . | ||||
[3] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[4] | Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits Deposits (Details)
Deposits Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Interest bearing, demand and overnight | $ 1,126,033 | $ 906,028 |
Interest bearing, term | 49,800 | 27,850 |
Interest bearing, other | 9,643 | 7,179 |
Total interest-bearing | 1,185,476 | 941,057 |
Non-interest bearing, other | 0 | 10,239 |
Total non-interest bearing | 0 | 10,239 |
Total deposits | $ 1,185,476 | $ 951,296 |
Consolidated Obligations Discou
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | $ 79,659,562 | $ 49,084,219 | |
Discount Notes [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 79,747,788 | $ 49,176,985 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | [1] | 0.74% | 1.56% |
[1] | Represents an implied rate without consideration of concessions. |
Consolidated Obligations Bonds
Consolidated Obligations Bonds by Original Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 34,668,308 | $ 38,439,724 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 20,409,565 | 18,259,565 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 3,833,595 | 8,293,595 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,743,830 | 3,024,885 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,981,175 | 3,123,120 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,248,405 | 1,540,405 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 4,359,000 | 4,139,000 |
Long-term Debt, Gross | 34,575,570 | 38,380,570 |
Debt Instrument, Unamortized Premium | 58,791 | 64,604 |
Debt Instrument, Unamortized Discount | (23,793) | (24,335) |
Debt Valuation Adjustment for Hedging Activities | 3,254 | 708 |
Fair Value, Option, Aggregate Differences, Consolidated Obligation Bonds | 54,486 | 18,177 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 34,668,308 | $ 38,439,724 |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 0.85% | 1.77% |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 2.36% | 1.96% |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 2.43% | 2.41% |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 2.99% | 2.62% |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 2.74% | 2.73% |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 2.83% | 2.97% |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.58% | 2.10% |
Consolidated Obligations Bond_2
Consolidated Obligations Bonds by Call Feature (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 34,575,570 | $ 38,380,570 |
Noncallable or Nonputable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 31,297,570 | 32,953,570 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,278,000 | $ 5,427,000 |
Consolidated Obligations Bond_3
Consolidated Obligations Bonds by Contractual Maturity or Next Call Date (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 20,409,565 | $ 18,259,565 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 3,833,595 | 8,293,595 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,743,830 | 3,024,885 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,981,175 | 3,123,120 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,248,405 | 1,540,405 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 4,359,000 | 4,139,000 |
Long-term Debt, Gross | 34,575,570 | 38,380,570 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 22,390,565 | 22,631,565 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 4,055,595 | 7,130,595 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,713,830 | 2,662,885 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,962,175 | 2,343,120 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,160,405 | 1,253,405 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 2,293,000 | $ 2,359,000 |
Consolidated Obligations Bond_4
Consolidated Obligations Bonds by Interest-Rate Type (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 34,575,570 | $ 38,380,570 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 22,752,570 | 27,368,570 |
Adjustable Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 11,823,000 | $ 11,012,000 |
Affordable Housing Program (A_3
Affordable Housing Program (AHP) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Affordable Housing Program [Roll Forward] | ||
AHP Obligation, Beginning Balance | $ 115,295 | |
AHP, Expense (Current Year Additions) | 8,871 | $ 8,179 |
AHP, Subsidy Uses, Net | (6,046) | $ (3,266) |
AHP Obligation, Ending Balance | $ 118,120 |
Capital Narrative (Details)
Capital Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Capital [Abstract] | ||
Retained Earnings, Appropriated | $ 461,979 | $ 446,048 |
Capital (Details)
Capital (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Capital [Abstract] | ||
Risk Based Capital Required | $ 570,582 | $ 820,635 |
Risk Based Capital Actual | $ 6,463,553 | $ 4,482,519 |
Regulatory Capital Ratio, Actual | 5.28% | 4.79% |
Regulatory Capital, Required | $ 4,900,394 | $ 3,739,662 |
Regulatory Capital, Actual | $ 6,463,553 | $ 4,482,519 |
Leverage Ratio, Actual | 7.91% | 7.19% |
Leverage Capital, Required | $ 6,125,492 | $ 4,674,578 |
Leverage Capital, Actual | $ 9,695,330 | $ 6,723,779 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Mandatorily Redeemable Capital Stock [Roll Forward] | |
Balance at beginning period | $ 21,669 |
Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | 550,000 |
Capital stock previously subject to mandatory redemption reclassified to capital | (123) |
Balance at end of period | $ 571,546 |
Capital (Mandatorily Redeemab_2
Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Capital [Abstract] | |||
Due in 1 year or less | $ 224 | $ 371 | |
Due after 1 year through 2 years | 337 | 298 | |
Due after 2 years through 3 years | 1,142 | 1,129 | |
Due after 3 years through 4 years | 2,903 | 2,955 | |
Due after 4 years through 5 years | 551,808 | 1,931 | |
Financial Instruments Subject to Mandatory Redemption, Redeemable After Year Five | [1] | 650 | 650 |
Past contractual redemption date due to remaining activity | [2] | 14,482 | 14,335 |
Total par value | $ 571,546 | $ 21,669 | |
[1] | Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 19, 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination. | ||
[2] | 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 Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 4,444,456 | $ 5,330,216 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | (905) | 187 |
Total other comprehensive income (loss) adjustments | (342) | 588 |
Ending balance | 5,875,271 | 5,077,110 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 370 | (110) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | (905) | 187 |
Amortization - Pension and postretirement benefits | 0 | 0 |
Total other comprehensive income (loss) adjustments | (905) | 187 |
Ending balance | (535) | 77 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (16,764) | (12,933) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 0 | 0 |
Amortization - Pension and postretirement benefits | 563 | 401 |
Total other comprehensive income (loss) adjustments | 563 | 401 |
Ending balance | (16,201) | (12,532) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (16,394) | (13,043) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | (905) | 187 |
Amortization - Pension and postretirement benefits | 563 | 401 |
Total other comprehensive income (loss) adjustments | (342) | 588 |
Ending balance | $ (16,736) | $ (12,455) |
Pension and Postretirement Be_3
Pension and Postretirement Benefit Plans Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Cost | $ 538,000 | $ 497,000 |
Pentegra Defined Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1,518,000 | $ 1,968,000 |
Pension and Postretirement Be_4
Pension and Postretirement Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible List] | us-gaap:OtherNoninterestExpense | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible List] | us-gaap:OtherNoninterestExpense | |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 275 | $ 217 |
Defined Benefit Plan, Interest Cost | 331 | 383 |
Defined Benefit Plan, Amortization of Gain (Loss) | 563 | 401 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,169 | 1,001 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 2 | 4 |
Defined Benefit Plan, Interest Cost | 36 | 45 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 38 | $ 49 |
Segment Information Financial P
Segment Information Financial Performance (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)Segment | Mar. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Operating Segments | Segment | 2 | |
Net interest income | $ 82,115 | $ 122,258 |
Non-interest income (loss) | 30,689 | (18,399) |
Non-interest expense | 24,280 | 22,423 |
Income before assessments | 88,524 | 81,436 |
Affordable Housing Program assessments | 8,871 | 8,179 |
Net income | 79,653 | 73,257 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 64,649 | 90,395 |
Non-interest income (loss) | (23,580) | (11,955) |
Non-interest expense | 21,107 | 19,390 |
Income before assessments | 19,962 | 59,050 |
Affordable Housing Program assessments | 2,015 | 5,940 |
Net income | 17,947 | 53,110 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 17,466 | 31,863 |
Non-interest income (loss) | 54,269 | (6,444) |
Non-interest expense | 3,173 | 3,033 |
Income before assessments | 68,562 | 22,386 |
Affordable Housing Program assessments | 6,856 | 2,239 |
Net income | $ 61,706 | $ 20,147 |
Segment Information Asset Balan
Segment Information Asset Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 122,509,844 | $ 93,491,559 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 110,547,932 | 81,064,206 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 11,961,912 | $ 12,427,353 |
Fair Value Disclosures Fair V_2
Fair Value Disclosures Fair Value Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |||
Assets | |||||
Cash and Due from Banks | $ 3,923,890 | $ 20,608 | |||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Debt Securities, Held-to-maturity | [1] | 12,570,626 | 13,499,319 | ||
Debt Securities, Held-to-maturity, Fair Value | 12,685,449 | 13,501,207 | |||
Accrued interest receivable | 197,718 | 182,252 | |||
Derivative assets | 352,410 | 267,165 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [3] | 320,406 | [2] | 234,970 | [4] |
Advances, Fair Value Disclosure | [5] | 5,385 | 5,238 | ||
Liabilities | |||||
Mandatorily redeemable capital stock | 571,546 | 21,669 | |||
Accrued Interest Payable, Fair Value Disclosure | 98,157 | 126,091 | |||
Derivative liabilities | 22,691 | 1,310 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [3] | (236,026) | [2] | (53,540) | [4] |
Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 4,359,486 | 4,757,177 | |||
Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 9,319,663 | 12,386,974 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 3,923,890 | 20,608 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under resale agreements | 0 | 0 | |||
Federal funds sold | 0 | ||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |||
Advances | 0 | [6] | 0 | [7] | |
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 | 571,546 | 21,669 | |||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 0 | [8] | 0 | [9] | |
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 0 | [10] | 0 | [11] | |
Fair Value, Inputs, Level 2 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 0 | 0 | |||
Interest-bearing deposits | 780,081 | 550,160 | |||
Securities purchased under resale agreements | 183,506 | 2,348,607 | |||
Federal funds sold | 4,833,000 | ||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Debt Securities, Held-to-maturity, Fair Value | 12,685,449 | 13,501,207 | |||
Advances | 80,413,947 | [6] | 47,458,028 | [7] | |
Mortgage loans held for portfolio, net | 12,357,555 | 11,424,857 | |||
Accrued interest receivable | 197,718 | 182,252 | |||
Derivative assets | 32,004 | 32,195 | |||
Liabilities | |||||
Deposits | 1,185,669 | 951,343 | |||
Mandatorily redeemable capital stock | 0 | 0 | |||
Accrued Interest Payable, Fair Value Disclosure | 98,157 | 126,091 | |||
Derivative liabilities | 258,717 | 54,850 | |||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 35,497,338 | [8] | 38,832,230 | [9] | |
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 79,719,001 | [10] | 49,086,723 | [11] | |
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 | ||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |||
Advances | 0 | [6] | 0 | [7] | |
Mortgage loans held for portfolio, net | 11,469 | 12,323 | |||
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] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 0 | [8] | 0 | [9] | |
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 0 | [10] | 0 | [11] | |
Carrying Value | |||||
Assets | |||||
Cash and Due from Banks | 3,923,890 | 20,608 | |||
Interest-bearing deposits | 780,081 | 550,160 | |||
Securities purchased under resale agreements | 183,504 | 2,348,584 | |||
Federal funds sold | 4,833,000 | ||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Debt Securities, Held-to-maturity | 12,570,626 | 13,499,319 | |||
Advances | 80,424,950 | [6] | 47,369,573 | [7] | |
Mortgage loans held for portfolio, net | 11,923,078 | 11,235,353 | |||
Accrued interest receivable | 197,718 | 182,252 | |||
Derivative assets | 352,410 | 267,165 | |||
Liabilities | |||||
Deposits | 1,185,476 | 951,296 | |||
Mandatorily redeemable capital stock | 571,546 | 21,669 | |||
Accrued Interest Payable, Fair Value Disclosure | 98,157 | 126,091 | |||
Derivative liabilities | 22,691 | 1,310 | |||
Carrying Value | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 34,668,308 | [8] | 38,439,724 | [9] | |
Carrying Value | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 79,659,562 | [10] | 49,084,219 | [11] | |
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Cash and Due from Banks | 3,923,890 | 20,608 | |||
Interest-bearing deposits | 780,081 | 550,160 | |||
Securities purchased under resale agreements | 183,506 | 2,348,607 | |||
Federal funds sold | 4,833,000 | ||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Debt Securities, Held-to-maturity, Fair Value | 12,685,449 | 13,501,207 | |||
Advances | 80,413,947 | [6] | 47,458,028 | [7] | |
Mortgage loans held for portfolio, net | 12,369,024 | 11,437,180 | |||
Accrued interest receivable | 197,718 | 182,252 | |||
Derivative assets | 352,410 | 267,165 | |||
Liabilities | |||||
Deposits | 1,185,669 | 951,343 | |||
Mandatorily redeemable capital stock | 571,546 | 21,669 | |||
Accrued Interest Payable, Fair Value Disclosure | 98,157 | 126,091 | |||
Derivative liabilities | 22,691 | 1,310 | |||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 35,497,338 | [8] | 38,832,230 | [9] | |
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | $ 79,719,001 | [10] | $ 49,086,723 | [11] | |
[1] | Fair values: $12,685,449 and $13,501,207 at March 31, 2020 and December 31, 2019 , 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 counterparty. | ||||
[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 clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $559,952 and $293,148 at March 31, 2020 and December 31, 2019 . Cash collateral received and related accrued interest was (in thousands) $3,520 and $4,638 at March 31, 2020 and December 31, 2019 . | ||||
[4] | 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. | ||||
[5] | At March 31, 2020 and December 31, 2019 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[6] | Includes (in thousands) $5,385 of Advances recorded under the fair value option at March 31, 2020 . | ||||
[7] | Includes (in thousands) $5,238 of Advances recorded under the fair value option at December 31, 2019 . | ||||
[8] | Includes (in thousands) $4,359,486 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2020 . | ||||
[9] | Includes (in thousands) $4,757,177 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2019 . | ||||
[10] | Includes (in thousands) $9,319,663 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2020 . | ||||
[11] | Includes (in thousands) $12,386,974 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2019 . |
Fair Value Disclosures Fair V_3
Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 11,988,073 | $ 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Advances, Fair Value Disclosure | [1] | 5,385 | 5,238 | ||
Derivative assets | 352,410 | 267,165 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [3] | 320,406 | [2] | 234,970 | [4] |
Derivative liabilities | 22,691 | 1,310 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [3] | (236,026) | [2] | (53,540) | [4] |
Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 4,359,486 | 4,757,177 | |||
Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 9,319,663 | 12,386,974 | |||
US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 9,860,650 | 9,626,964 | |||
US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,126,978 | 1,988,259 | |||
Available-for-sale securities | 142,074 | 132,074 | |||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 445 | 470 | |||
Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 1,410,111 | ||||
Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 5,385 | 5,238 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | 320,406 | [5] | 234,970 | [6] | |
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 13,679,149 | 17,144,151 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | (236,026) | [5] | (53,540) | [6] | |
Fair Value, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 4,359,486 | 4,757,177 | |||
Fair Value, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 9,319,663 | 12,386,974 | |||
Fair Value, 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 | 320,406 | [5] | 234,970 | [6] | |
Derivative Liability, Netting Adjustments And Cash Collateral | (236,026) | [5] | (53,540) | [6] | |
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 | |||
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 | [7] | 0 | [8] | |
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | [9] | 0 | [10] | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assests at fair value | 0 | 0 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [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, 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, Recurring [Member] | US Treasury Securities [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, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Derivative assets | 32,004 | 32,195 | |||
Derivative liabilities | 258,717 | 54,850 | |||
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 | 35,497,338 | [7] | 38,832,230 | [8] | |
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 79,719,001 | [9] | 49,086,723 | [10] | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Advances, Fair Value Disclosure | 5,385 | 5,238 | |||
Derivative assets | 32,004 | 32,195 | |||
Total assests at fair value | 12,167,536 | 13,195,311 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 13,679,149 | 17,144,151 | |||
Derivative liabilities | 258,717 | 54,850 | |||
Total liabilities at fair value | 13,937,866 | 17,199,001 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 4,359,486 | 4,757,177 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 9,319,663 | 12,386,974 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 19,474 | 29,376 | |||
Derivative liabilities | 241,930 | 54,004 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 10,972 | 2,798 | |||
Derivative liabilities | 823 | 64 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, 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 | 1,558 | 21 | |||
Derivative liabilities | 15,964 | 782 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 9,860,650 | 9,626,964 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,126,978 | 1,988,259 | |||
Available-for-sale securities | 142,074 | 132,074 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, 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 | 445 | 470 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 1,410,111 | ||||
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 | |||
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 | [7] | 0 | [8] | |
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | [9] | 0 | [10] | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assests at fair value | 0 | 0 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [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, 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, Recurring [Member] | US Treasury Securities [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, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 0 | ||||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Derivative assets | 352,410 | 267,165 | |||
Derivative liabilities | 22,691 | 1,310 | |||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 35,497,338 | [7] | 38,832,230 | [8] | |
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 79,719,001 | [9] | 49,086,723 | [10] | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 11,988,073 | 11,615,693 | |||
Available-for-sale securities | 142,074 | 1,542,185 | |||
Derivative assets | 352,410 | 267,165 | |||
Total assests at fair value | 12,487,942 | 13,430,281 | |||
Derivative liabilities | 22,691 | 1,310 | |||
Total liabilities at fair value | 13,701,840 | 17,145,461 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 339,880 | 264,346 | |||
Derivative liabilities | 5,904 | 464 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 10,972 | 2,798 | |||
Derivative liabilities | 823 | 64 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, 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 | 1,558 | 21 | |||
Derivative liabilities | 15,964 | 782 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 9,860,650 | 9,626,964 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,126,978 | 1,988,259 | |||
Available-for-sale securities | 142,074 | 132,074 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, 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 | $ 445 | 470 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | $ 1,410,111 | ||||
[1] | At March 31, 2020 and December 31, 2019 , 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 counterparty. | ||||
[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 clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $559,952 and $293,148 at March 31, 2020 and December 31, 2019 . Cash collateral received and related accrued interest was (in thousands) $3,520 and $4,638 at March 31, 2020 and December 31, 2019 . | ||||
[4] | 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. | ||||
[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] | 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. | ||||
[7] | Includes (in thousands) $4,359,486 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2020 . | ||||
[8] | Includes (in thousands) $4,757,177 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2019 . | ||||
[9] | Includes (in thousands) $9,319,663 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2020 . | ||||
[10] | Includes (in thousands) $12,386,974 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2019 . |
Fair Value Disclosures Fair V_4
Fair Value Disclosures Fair Value Impact on Financial Performance (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (50,830,000) | $ (17,181,000) |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax | 0 | |
Advances [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 147,000 | 100,000 |
Discount Notes [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (14,026,000) | 0 |
Consolidated Obligation Bonds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (36,951,000) | $ (17,281,000) |
Fair Value Disclosures Fair V_5
Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Federal Home Loan Bank, Advances, Par Value | [1] | $ 5,000 | $ 5,000 |
Advances, Fair Value Disclosure | [1] | 5,385 | 5,238 |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | [1] | 385 | 238 |
Consolidated Obligation Bonds [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option, Principle Balance, Consolidated Obligation Bonds | 4,305,000 | 4,739,000 | |
Consolidated Obligations, Bonds, Fair Value | 4,359,486 | 4,757,177 | |
Fair Value Option, Aggregate Differences, Consolidated Obligations Bonds | 54,486 | 18,177 | |
Discount Notes [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option, Principal Balance, Consolidated Obligation Discount Notes | 9,320,610 | 12,400,865 | |
Consolidated Obligations, Discount Notes, Fair Value | 9,319,663 | 12,386,974 | |
Fair Value Option, Aggregate Differences, Consolidated Obligation Discount Notes | $ (947) | $ (13,891) | |
[1] | At March 31, 2020 and December 31, 2019 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | $ 14,690,822 | $ 15,143,075 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [1] | 1,094,601 | 1,062,105 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [1] | 15,785,423 | 16,205,180 |
Financial Standby Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 26,285 | 20,360 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [1] | 47,900 | 55,150 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [1] | 74,185 | 75,510 |
Forward Contracts [Member] | Mortgage Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 764,574 | 936,269 | |
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 | 764,574 | 936,269 | |
Consolidated Obligation Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 548,000 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [2] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [2] | 548,000 | 0 |
Discount Notes [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 200,000 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [2] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [2] | $ 200,000 | $ 0 |
[1] | The FHLB has deemed it unnecessary to record any liability for credit losses on these agreements. | ||
[2] | Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. |
Transactions with Other FHLBa_3
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Other Transactions [Line Items] | ||
Par Amount of Bonds Transferred from Other Federal Home Loan Banks | $ 0 | $ 0 |
Payments for Bonds Transferred to Other Federal Home Loan Banks | 0 | 0 |
Other FHLBanks [Member] | ||
Schedule of Other Transactions [Line Items] | ||
Loans Receivable, Average Outstanding Amount | $ 19,780 | $ 3,333 |
Transactions with Stockholder_2
Transactions with Stockholders (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Transactions [Line Items] | |||
Advances | $ 79,928,502 | $ 47,264,144 | |
Loans and Leases Receivable, before Fees, Gross | 11,643,739 | 10,980,942 | |
Director [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Advances | $ 27,833,000 | $ 3,428,000 | |
Federal Home Loan Bank Advances, Percent of Principal | [1] | 34.80% | 7.30% |
Loans and Leases Receivable, before Fees, Gross | $ 126,000 | $ 122,000 | |
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total | [1] | 1.10% | 1.10% |
Regulatory Capital Stock, Value | $ 1,188,000 | $ 176,000 | |
Regulatory Capital Stock, Percent of Total | [1] | 22.40% | 5.20% |
[1] | Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Transactions with Stockholder_3
Transactions with Stockholders (Concentrations) (Details) $ in Thousands | Mar. 31, 2020USD ($)Banks | Dec. 31, 2019USD ($) |
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 79,928,502 | $ 47,264,144 |
JPMorgan Chase Bank National Association [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 1,183,000 | $ 675,000 |
Concentration Risk, Percentage | 22.00% | 20.00% |
JPMorgan Chase Bank National Association [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 15,000,000 | $ 4,500,000 |
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 | $ 1,015,000 | $ 485,000 |
Concentration Risk, Percentage | 19.00% | 14.00% |
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 24,374,000 | $ 13,874,000 |
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 16,000 | $ 17,000 |
First Horizon Bank [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 562,000 | |
Concentration Risk, Percentage | 11.00% | |
First Horizon Bank [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 3,900,000 | |
First Horizon Bank [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | $ 0 | |
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 |