Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FEDERAL HOME LOAN BANK OF ATLANTA | |
Entity Central Index Key | 0001331465 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,667,183 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity File Number | 000-51845 | |
Entity Incorporation, State or Country Code | X1 | |
Entity Address, Address Line One | 1475 Peachtree Street, NE | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30309 | |
City Area Code | 404 | |
Local Phone Number | 888-8000 | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 56-6000442 |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 2,079 | $ 2,905 | |
Interest-bearing deposits (including deposits with other FHLBanks of $3 and $5 as of September 30, 2021 and December 31, 2020, respectively) | 689 | 1,644 | |
Securities purchased under agreements to resell | 3,500 | 9,500 | |
Federal funds sold | 9,609 | 3,270 | |
Investment securities: | |||
Trading securities | 0 | 1,562 | |
Available-for-sale securities (amortized cost of $1,597 and $0 as of September 30, 2021 and December 31, 2020, respectively) | 1,597 | 0 | |
Held-to-maturity securities (fair value of $15,635 and $20,489 as of September 30, 2021 and December 31, 2020, respectively) | 15,584 | 20,404 | |
Total investment securities | 17,181 | 21,966 | |
Advances | [1] | 43,779 | 52,168 |
Mortgage loans held for portfolio, net | 162 | 218 | |
Accrued interest receivable | 65 | 88 | |
Derivative assets | 344 | 391 | |
Other assets, net | 100 | 145 | |
Total assets | 77,508 | 92,295 | |
Liabilities | |||
Interest-bearing deposits | 2,308 | 1,998 | |
Consolidated obligations, net: | |||
Discount notes | 22,796 | 25,385 | |
Bonds | 47,609 | 59,379 | |
Total consolidated obligations, net | 70,405 | 84,764 | |
Accrued interest payable | 59 | 45 | |
Affordable Housing Program payable | 68 | 82 | |
Derivative liabilities | 8 | 11 | |
Other liabilities | 90 | 135 | |
Total liabilities | 72,938 | 87,035 | |
Commitments and contingencies (Note 13) | |||
Capital | |||
Total capital stock Class B putable | 2,332 | 3,078 | |
Retained earnings: | |||
Restricted | 613 | 588 | |
Unrestricted | 1,631 | 1,610 | |
Total retained earnings | 2,244 | 2,198 | |
Accumulated other comprehensive loss | (6) | (16) | |
Total capital | 4,570 | 5,260 | |
Total liabilities and capital | 77,508 | 92,295 | |
Subclass B1 [Member] | |||
Capital | |||
Total capital stock Class B putable | 734 | 943 | |
Subclass B2 [Member] | |||
Capital | |||
Total capital stock Class B putable | $ 1,598 | $ 2,135 | |
[1] | Carrying amounts exclude accrued interest receivable of $57 and $77 as of September 30, 2021 and December 31, 2020, respectively. |
Statements of Condition (Unau_2
Statements of Condition (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Deposits with other FHLBanks | $ 3 | $ 5 |
Amortized cost of available-for-sale securities | 1,597 | 0 |
Held-to-maturity securities, fair value | $ 15,635 | $ 20,489 |
Capital stock Class B putable par value (per share) | $ 100 | $ 100 |
Subclass B1 [Member] | ||
Capital stock, shares issued | 7 | 10 |
Capital stock, shares outstanding | 7 | 10 |
Subclass B2 [Member] | ||
Capital stock, shares issued | 16 | 21 |
Capital stock, shares outstanding | 16 | 21 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Advances | $ 73 | $ 135 | $ 256 | $ 786 |
Interest-bearing deposits | 0 | 1 | 1 | 17 |
Securities purchased under agreements to resell | 0 | 2 | 2 | 30 |
Federal funds sold | 2 | 2 | 5 | 46 |
Interest Income, Debt Securities, Trading, Operating | 0 | 1 | 1 | 8 |
Interest Income, Debt Securities, Available-for-sale, Operating | 1 | 0 | 1 | 3 |
Held-to-maturity securities | 28 | 44 | 93 | 243 |
Mortgage loans | 3 | 3 | 8 | 10 |
Total interest income | 107 | 188 | 367 | 1,143 |
Interest expense | ||||
Discount notes | 2 | 40 | 9 | 344 |
Bonds | 41 | 59 | 121 | 530 |
Interest-bearing deposits | 0 | 0 | 0 | 5 |
Total interest expense | 43 | 99 | 130 | 879 |
Net interest income | 64 | 89 | 237 | 264 |
Noninterest income (loss) | ||||
Net (losses) gains on trading securities | 0 | 0 | (1) | 5 |
Net realized gains from sale of available-for-sale securities | 0 | 0 | 0 | 82 |
Net realized gains from sale of held-to-maturity securities | 0 | 0 | 0 | 3 |
Net gains (losses) on derivatives | 0 | 1 | 1 | (6) |
Standby letters of credit fees | 2 | 4 | 9 | 16 |
Other | 2 | 4 | 3 | 8 |
Total noninterest income | 4 | 9 | 12 | 108 |
Noninterest expense | ||||
Compensation and benefits | 19 | 21 | 58 | 81 |
Other operating expenses | 10 | 8 | 27 | 26 |
Federal Housing Finance Agency | 3 | 3 | 8 | 8 |
Office of Finance | 1 | 1 | 5 | 5 |
Other | 5 | 2 | 11 | 7 |
Total noninterest expense | 38 | 35 | 109 | 127 |
Income before assessment | 30 | 63 | 140 | 245 |
Affordable Housing Program assessment | 3 | 7 | 14 | 25 |
Net income | $ 27 | $ 56 | $ 126 | $ 220 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 27 | $ 56 | $ 126 | $ 220 |
Other comprehensive income (loss): | ||||
Reclassification of unrealized gains related to the sale of available-for-sale securities | 0 | 0 | 0 | (41) |
Pension and postretirement benefits | 6 | 1 | 10 | 2 |
Total other comprehensive income (loss) | 6 | 1 | 10 | (39) |
Total comprehensive income | $ 33 | $ 57 | $ 136 | $ 181 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Class B Putable [Member] | Retained Earnings | Retained Earnings, Restricted [Member] | Retained Earnings, Unrestricted [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance (shares) at Dec. 31, 2019 | 50 | |||||
Beginning balance at Dec. 31, 2019 | $ 7,163 | $ 4,988 | $ 2,153 | $ 537 | $ 1,616 | $ 22 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 48 | |||||
Issuance of capital stock | 4,868 | $ 4,868 | ||||
Repurchase/redemption of capital stock (shares) | (65) | |||||
Repurchase/redemption of capital stock | (6,493) | $ (6,493) | ||||
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Shares | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | (22) | $ (22) | ||||
Comprehensive income (loss) | 181 | 220 | 44 | 176 | (39) | |
Partial recovery of prior capital distribution to Financing Corporation | 29 | 29 | 29 | |||
Cash dividends on capital stock | (204) | (204) | 0 | (204) | ||
Ending balance (shares) at Sep. 30, 2020 | 33 | |||||
Ending balance at Sep. 30, 2020 | 5,522 | $ 3,341 | 2,198 | 581 | 1,617 | (17) |
Beginning balance (shares) at Jun. 30, 2020 | 37 | |||||
Beginning balance at Jun. 30, 2020 | 5,862 | $ 3,680 | 2,200 | 570 | 1,630 | (18) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 3 | |||||
Issuance of capital stock | 308 | $ 308 | ||||
Repurchase/redemption of capital stock (shares) | (7) | |||||
Repurchase/redemption of capital stock | (647) | $ (647) | ||||
Comprehensive income (loss) | 57 | 56 | 11 | 45 | 1 | |
Cash dividends on capital stock | (58) | (58) | 0 | (58) | ||
Ending balance (shares) at Sep. 30, 2020 | 33 | |||||
Ending balance at Sep. 30, 2020 | 5,522 | $ 3,341 | 2,198 | 581 | 1,617 | (17) |
Beginning balance (shares) at Dec. 31, 2020 | 31 | |||||
Beginning balance at Dec. 31, 2020 | 5,260 | $ 3,078 | 2,198 | 588 | 1,610 | (16) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 8 | |||||
Issuance of capital stock | 887 | $ 887 | ||||
Repurchase/redemption of capital stock (shares) | (16) | |||||
Repurchase/redemption of capital stock | (1,632) | $ (1,632) | ||||
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Shares | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | (1) | $ (1) | ||||
Comprehensive income (loss) | 136 | 126 | 25 | 101 | 10 | |
Partial recovery of prior capital distribution to Financing Corporation | 0 | |||||
Cash dividends on capital stock | (80) | (80) | 0 | (80) | ||
Ending balance (shares) at Sep. 30, 2021 | 23 | |||||
Ending balance at Sep. 30, 2021 | 4,570 | $ 2,332 | 2,244 | 613 | 1,631 | (6) |
Beginning balance (shares) at Jun. 30, 2021 | 24 | |||||
Beginning balance at Jun. 30, 2021 | 4,676 | $ 2,448 | 2,240 | 608 | 1,632 | (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 2 | |||||
Issuance of capital stock | 239 | $ 239 | ||||
Repurchase/redemption of capital stock (shares) | (3) | |||||
Repurchase/redemption of capital stock | (355) | $ (355) | ||||
Comprehensive income (loss) | 33 | 27 | 5 | 22 | 6 | |
Cash dividends on capital stock | (23) | (23) | 0 | (23) | ||
Ending balance (shares) at Sep. 30, 2021 | 23 | |||||
Ending balance at Sep. 30, 2021 | $ 4,570 | $ 2,332 | $ 2,244 | $ 613 | $ 1,631 | $ (6) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income | $ 126 | $ 220 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization (accretion) | 5 | (98) |
Net change in derivative and hedging activities | 495 | (689) |
Net (losses) gains on trading securities | (1) | 5 |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 726 |
Net realized gains from sale of held-to-maturity securities | 0 | (3) |
Net change in: | ||
Accrued interest receivable | 23 | 162 |
Other assets | 43 | 84 |
Affordable Housing Program payable | (15) | (4) |
Accrued interest payable | 14 | (151) |
Other liabilities | (45) | (77) |
Total adjustments | 521 | (863) |
Net cash provided by (used in) operating activities | 647 | (643) |
Investing activities | ||
Interest-bearing deposits | 1,185 | 1,971 |
Securities purchased under agreements to resell | 6,000 | (4,200) |
Federal funds sold | (6,339) | 1,261 |
Trading securities: | ||
Proceeds from sales | 61 | 0 |
Proceeds from Principal Collected | 1,500 | 0 |
Available-for-sale [Abstract] | ||
Purchases of long-term | (1,597) | 0 |
Held-to-maturity securities: | ||
Proceeds from principal collected | 4,812 | 7,710 |
Proceeds from Sales | 0 | 195 |
Purchases of long-term | 0 | (5,730) |
Advances: | ||
Proceeds from principal collected | 65,420 | 215,848 |
Made | (57,794) | (176,347) |
Mortgage loans: | ||
Proceeds from principal collected | 57 | 53 |
Proceeds from sale of foreclosed assets | 0 | 1 |
Purchase of premises, equipment, and software | (3) | (5) |
Net cash provided by investing activities | 13,302 | 41,483 |
Financing activities | ||
Net change in interest-bearing deposits | 312 | 450 |
Net payments on derivatives containing a financing element | (4) | (3) |
Proceeds from issuance of consolidated obligations: | ||
Discount notes | 427,310 | 270,257 |
Bonds | 34,315 | 59,849 |
Payments for debt issuance costs | (2) | (7) |
Payments for maturing and retiring consolidated obligations: | ||
Discount notes | (429,891) | (286,765) |
Bonds | (45,989) | (79,524) |
Proceeds from issuance of capital stock | 887 | 4,868 |
Payments for repurchase/redemption of capital stock | (1,632) | (6,493) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (1) | (22) |
Partial recovery of prior capital distribution to Financing Corporation | 0 | 29 |
Cash dividends paid | (80) | (204) |
Net cash used in financing activities | (14,775) | (37,565) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (826) | 3,275 |
Cash and due from banks at beginning of the period | 2,905 | 911 |
Cash and due from banks at end of the period | 2,079 | 4,186 |
Cash paid for: | ||
Interest | 122 | 1,129 |
Affordable Housing Program assessment, net | 28 | 28 |
Noncash investing and financing activities: | ||
Net shares reclassified to mandatorily redeemable capital stock | 1 | 22 |
Net realized gains from sale of available-for-sale securities | $ 0 | $ 82 |
Recently Issued But Not Yet Ado
Recently Issued But Not Yet Adopted Accounting Guidance | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
DescriptionOfNewAccountingPronouncementsNotYetAdopted | There are no recently issued but not yet adopted accounting standards which may have an impact on the Bank’s financial statements. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | Basis of Presentation The accompanying unaudited interim financial statements of the Federal Home Loan Bank of Atlanta (Bank) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and income and expenses during the reporting period. Actual results could be different from these estimates. The foregoing interim financial statements are unaudited; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods, have been included. The results of operations for interim periods are not necessarily indicative of results to be expected for the year ending 2021, or for other interim periods. The unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020, which are contained in the Bank’s 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 4, 2021 (Form 10-K). The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting arrangements or by operation of law. Additional information regarding derivative instruments is provided in Note 11 — Derivatives and Hedging Activities to the Bank’s interim financial statements. The Bank does not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. Based on the fair value of the related securities held as collateral, the securities purchased under agreements to resell were fully collateralized for the periods presented. All investments in interest-bearing deposits and federal funds sold were repaid or expected to be repaid according to the contractual terms as of September 30, 2021 and December 31, 2020. No allowance for credit losses was recorded for these assets as of September 30, 2021 and December 31, 2020. The carrying values of these assets excludes accrued interest receivable that was not material as of September 30, 2021 and December 31, 2020. Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of September 30, 2021 and December 31, 2020. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable that was not material as of September 30, 2021 and December 31, 2020. Refer to Note 2 — Summary of Significant Accounting Policies to the Bank’s 2020 audited financial statements for a description of all the Bank’s significant accounting policies. There have been no changes to these policies as of September 30, 2021. |
Trading Securities
Trading Securities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | |
Trading Securities | Trading Securities Major Security Types. The following table presents trading securities. As of September 30, 2021 As of December 31, 2020 U.S. Treasury obligations $ — $ 1,500 Government-sponsored enterprises debt obligations — 62 Total $ — $ 1,562 The following table presents net (losses) gains on trading securities. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 (1) 2021 2020 Net gains on trading securities held at period end $ — $ — $ — $ 5 Net losses on trading securities that were sold or matured during the period — — (1) — Net (losses) gains on trading securities $ — $ — $ (1) $ 5 |
Available-for-sale Securities
Available-for-sale Securities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities, Available-for-sale [Abstract] | |
Available for sale Disclosure | Available-for-sale Securities Major Security Type. The following table presents information on U.S. Treasury obligations that are classified as available-for-sale. The Bank did not have any securities classified as available-for-sale as of December 31, 2020. Amortized Cost (1) Gross Unrealized Gains (2) Gross Unrealized Losses (2) Estimated Fair Value As of September 30, 2021 $ 1,597 $ — $ — $ 1,597 ____________________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and excludes accrued interest receivable that was not material as of September 30, 2021. (2) Amounts are not material. The following table presents U.S. Treasury obligations that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 Months Estimated Gross Unrealized Losses (1) As of September 30, 2021 $ 1,098 $ — ____________________ (1) Amounts are not material. Redemption Terms: The following table presents the amortized cost and estimated fair value of available-for-sale securities by contractual maturity. As of September 30, 2021 Amortized Cost (1) Estimated Due after one year through five years $ 1,597 $ 1,597 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and excludes accrued interest receivable that was not material as of as of September 30, 2021. |
Held-to-maturity Securities
Held-to-maturity Securities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | |
Held to Maturity Securities Disclosure | Held-to-maturity Securities Major Security Types. The following table presents held-to-maturity securities. As of September 30, 2021 As of December 31, 2020 Amortized Cost (1) Gross Gross Estimated Amortized Cost (1) Gross Gross Estimated State or local housing agency debt obligations $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Government-sponsored enterprises debt obligations 1,585 6 (1) 1,590 2,245 6 — 2,251 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 246 1 (2) 245 295 2 — 297 Government-sponsored enterprises residential 5,390 50 (6) 5,434 7,283 62 (6) 7,339 Government-sponsored enterprises commercial 8,362 23 (20) 8,365 10,580 31 (10) 10,601 Total $ 15,584 $ 80 $ (29) $ 15,635 $ 20,404 $ 101 $ (16) $ 20,489 ____________ (1) Excludes accrued interest receivable of $7 and $9 as of September 30, 2021 and December 31, 2020, respectively. Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. Mortgage-backed securities (MBS) are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. As of September 30, 2021 As of December 31, 2020 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 520 $ 520 $ 245 $ 245 Due after one year through five years 806 806 1,740 1,742 Due after five years through 10 years 200 203 201 204 Due after 10 years 60 62 60 61 Total non-mortgage-backed securities 1,586 1,591 2,246 2,252 Mortgage-backed securities 13,998 14,044 18,158 18,237 Total $ 15,584 $ 15,635 $ 20,404 $ 20,489 ____________ (1) Excludes accrued interest receivable of $7 and $9 as of September 30, 2021 and December 31, 2020, respectively. |
Advances
Advances | 9 Months Ended |
Sep. 30, 2021 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Text Block] | Advances Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity. As of September 30, 2021 As of December 31, 2020 Due in one year or less $ 20,034 $ 23,326 Due after one year through two years 3,319 3,803 Due after two years through three years 2,131 3,347 Due after three years through four years 3,460 2,643 Due after four years through five years 3,314 3,657 Due after five years 10,790 13,867 Total par value 43,048 50,643 Deferred prepayment fees (77) (55) Discount on AHP (1) advances (2) (3) Discount on EDGE (2) advances (1) (1) Hedging adjustments 811 1,584 Total (3) $ 43,779 $ 52,168 ___________ (1) The Affordable Housing Program (2) The Economic Development and Growth Enhancement Program (3) Carrying amounts exclude accrued interest receivable of $57 and $77 as of September 30, 2021 and December 31, 2020, respectively. The following table presents advances by year of contractual maturity or, for convertible advances, next available conversion date. As of September 30, 2021 As of December 31, 2020 Due or convertible in one year or less $ 24,379 $ 28,258 Due or convertible after one year through two years 3,338 4,142 Due or convertible after two years through three years 2,110 3,321 Due or convertible after three years through four years 3,433 2,612 Due or convertible after four years through five years 3,259 3,620 Due or convertible after five years 6,529 8,690 Total par value $ 43,048 $ 50,643 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of September 30, 2021 As of December 31, 2020 Fixed-rate: Due in one year or less $ 14,560 $ 15,304 Due after one year 20,334 24,620 Total fixed-rate 34,894 39,924 Variable-rate: Due in one year or less 5,474 8,022 Due after one year 2,680 2,697 Total variable-rate 8,154 10,719 Total par value $ 43,048 $ 50,643 Advances concentrations. The Bank’s advances are concentrated in commercial banks, savings institutions, and credit unions and further is concentrated in certain larger borrowing relationships. The concentration of the Bank’s advances to its 10 largest borrowers was $30,688 and $36,259 as of September 30, 2021 and December 31, 2020, respectively. This concentration represented 71.3 percent and 71.6 percent of total advances outstanding as of September 30, 2021 and December 31, 2020, respectively. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio | Mortgage Loans Held for Portfolio The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase. As of September 30, 2021 As of December 31, 2020 Medium-term (15 years or less) $ 2 $ 3 Long-term (greater than 15 years) 160 216 Total unpaid principal balance 162 219 Premiums 1 1 Discounts — (1) Total mortgage loans held for portfolio (1) 163 219 Allowance for credit losses on mortgage loans (1) (1) Mortgage loans held for portfolio, net $ 162 $ 218 ____________ (1) Exclude accrued interest receivable of $1 as of September 30, 2021 and December 31, 2020. The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type. As of September 30, 2021 As of December 31, 2020 Conventional mortgage loans $ 148 $ 203 Government-guaranteed or insured mortgage loans 14 16 Total unpaid principal balance $ 162 $ 219 The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 1 $ 1 $ 1 $ 1 Provision for credit losses — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor the migration of past due loans. Other delinquency statistics include, non-accrual loans and loans in process of foreclosure. The following tables present the payment status for conventional mortgage loans. Loans are grouped by loans originated in the most recent five years and those loans originated prior to the most recent five-year period. As of September 30, 2021 Origination Year 2017 (2) Prior to 2017 Total Payment status, at amortized cost: (1) Past due 30-59 days $ — $ 2 $ 2 Past due 60-89 days — 1 1 Past due 90 days or more — 8 8 Total past due mortgage loans — 11 11 Current mortgage loans — 137 137 Total conventional mortgage loans $ — $ 148 $ 148 ____________ (1) Amortized cost excludes accrued interest receivable of $1 as of September 30, 2021. (2) Mortgage loans originated in 2017 had a current payment status and the amounts are not material. As of December 31, 2020 Origination Year 2017 and 2016 Prior to 2016 Total Payment status, at amortized cost: (1) Past due 30-59 days $ — $ 6 $ 6 Past due 60-89 days — 2 2 Past due 90 days or more 1 11 12 Total past due mortgage loans 1 19 20 Current mortgage loans 42 141 183 Total conventional mortgage loans $ 43 $ 160 $ 203 ____________ (1) Amortized cost excludes accrued interest receivable of $1 as of December 31, 2020. The following tables present the other delinquency statistics for all mortgage loans. As of September 30, 2021 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ 1 $ — $ 1 Seriously delinquent rate (2) 5.23 % 5.11 % 5.22 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 8 $ — $ 8 ____________ (1) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. (2) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (3) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (4) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of September 30, 2021, none of these conventional mortgage loans on non-accrual status had an associated allowance for credit losses. As of December 31, 2020 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ — $ — $ — Seriously delinquent rate (2) 6.03 % 8.10 % 6.18 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 12 $ — $ 12 ____________ (1) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. (2) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (3) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (4) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of December 31, 2020, none of these conventional mortgage loans on non-accrual status had an associated allowance for credit losses. Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides temporary relief from the accounting and reporting requirements for TDRs for certain loan modifications related to Coronavirus Disease 2019 (COVID-19). Specifically, the CARES Act provides that a qualifying financial institution may elect to suspend (1) the requirements under U.S. GAAP for certain loan modifications that would otherwise be categorized as a TDR, and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. Section 4013 of the CARES Act applies to any modification related to an economic hardship as a result of the COVID-19 pandemic, including an interest rate modification, a repayment plan, or any similar arrangement that defers or delays payment of principal or interest, that occurs during the period beginning on March 1, 2020 and ending on the earlier of December 31, 2020 or the date that is 60 days after the declaration of the national emergency related to the COVID-19 pandemic ends for a loan that was not more than 30 days past due as of December 31, 2019. On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law, extending the applicable period to the earlier of January 1, 2022, or 60 days following the termination of the national emergency declared on March 13, 2020. The Bank has elected to suspend TDR accounting for eligible modifications under Section 4013 of the CARES Act, such modifications were not material as of September 30, 2021. The Bank’s servicers may grant a forbearance period to borrowers who have requested forbearance based on COVID-19 related difficulties regardless of the status of the loan at the time of the request. The Bank continues to apply its accounting policy for past due loans and charge-offs to loans during the forbearance period unless there is a legal modification made to update the terms of the mortgage loan contract. The accrual status for loans under forbearance will be driven by the past due status of the loan. The following table presents payment status for conventional residential mortgage loans in a forbearance plan as a result of COVID-19. As of September 30, 2021 As of December 31, 2020 Past due 30-59 days $ — $ 1 Past due 60-89 days — 1 Past due 90 days or more (1) 3 9 Total past due mortgage loans 3 11 Current mortgage loans — 6 Total unpaid principal balance (2) $ 3 $ 17 ____________ (1) Represents mortgage loans on nonaccrual payment status. |
Consolidated Obligations
Consolidated Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations | Consolidated Obligations Consolidated obligations, consisting of consolidated obligation bonds and discount notes, are the joint and several obligations of the 11 Federal Home Loan Banks (FHLBanks) and are backed only by the financial resources of the FHLBanks. The Federal Home Loan Banks Office of Finance (Office of Finance) tracks the amount of debt issued on behalf of each FHLBank. In addition, the Bank separately tracks its specific portion of consolidated obligations for which it is the primary obligor and records it as a liability. Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type. As of September 30, 2021 As of December 31, 2020 Simple variable-rate $ 23,188 $ 52,935 Fixed-rate 22,866 6,322 Step up/down 1,602 75 Total par value $ 47,656 $ 59,332 Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity. As of September 30, 2021 As of December 31, 2020 Amount Weighted- Amount Weighted- Due in one year or less $ 20,082 0.21 $ 43,788 0.24 Due after one year through two years 5,421 0.24 11,205 0.25 Due after two years through three years 6,183 0.88 340 2.05 Due after three years through four years 5,557 0.66 1,719 2.33 Due after four years through five years 6,029 0.86 1,090 0.50 Due after five years 4,384 1.76 1,190 3.76 Total par value 47,656 0.58 59,332 0.40 Premiums 10 11 Discounts (17) (20) Hedging adjustments (40) 56 Total $ 47,609 $ 59,379 The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of September 30, 2021 As of December 31, 2020 Noncallable $ 29,495 $ 59,247 Callable 18,161 85 Total par value $ 47,656 $ 59,332 The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date. As of September 30, 2021 As of December 31, 2020 Due or callable in one year or less $ 38,098 $ 43,873 Due or callable after one year through two years 5,541 11,205 Due or callable after two years through three years 1,493 315 Due or callable after three years through four years 1,332 1,659 Due or callable after four years through five years 3 1,090 Due or callable after five years 1,189 1,190 Total par value $ 47,656 $ 59,332 Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds and have original contractual maturities of up to one year. These consolidated obligation discount notes are issued at less than their face amounts and redeemed at par value when they mature. The following table presents the Bank’s participation in consolidated obligation discount notes. Book Value Par Value Weighted-average As of September 30, 2021 $ 22,796 $ 22,797 0.04 As of December 31, 2020 $ 25,385 $ 25,389 0.11 |
Capital and Mandatorily Redeema
Capital and Mandatorily Redeemable Capital Stock | 9 Months Ended |
Sep. 30, 2021 | |
Banking Regulation, Total Capital [Abstract] | |
Capital and Mandatorily Redeemable Capital Stock | Capital Capital. The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (Finance Agency) regulatory capital rules and requirements. As of September 30, 2021 As of December 31, 2020 Required Actual Required Actual Risk-based capital $ 701 $ 4,576 $ 1,496 $ 5,276 Total regulatory capital ratio 4.00 % 5.90 % 4.00 % 5.72 % Total regulatory capital (1) $ 3,100 $ 4,576 $ 3,692 $ 5,276 Leverage capital ratio 5.00 % 8.86 % 5.00 % 8.58 % Leverage capital $ 3,875 $ 6,864 $ 4,615 $ 7,914 ____________ (1) Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2021 and 2020. 2021 2020 Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 30 3.72 $ 76 5.93 Second quarter 27 3.69 70 5.53 Third quarter 23 3.67 58 4.35 Total $ 80 3.70 $ 204 5.26 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The following table presents the components comprising accumulated other comprehensive loss. Net Unrealized Gains (Losses) on Available-for-sale Securities Pension and Total Accumulated Balance, June 30, 2020 $ — $ (18) $ (18) Reclassification from accumulated other comprehensive income to net income: Amortization of pension and postretirement (1) — 1 1 Net current period other comprehensive income — 1 1 Balance, September 30, 2020 $ — $ (17) $ (17) Balance, June 30, 2021 $ — $ (12) $ (12) Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — 6 6 Net current period other comprehensive income — 6 6 Balance, September 30, 2021 $ — $ (6) $ (6) ____________ (1) Included in Noninterest expense - Other on the Statements of Income. Net Unrealized Gains (Losses) on Available-for-sale Securities Net Noncredit Portion of Other-than-temporary Impairment Losses on Available-for-sale Securities Pension and Postretirement Benefits Total Accumulated Balance, December 31, 2019 $ — $ 41 $ (19) $ 22 Other comprehensive income before reclassifications: Adoption of ASU 2016-13 as amended 41 (41) — — Net unrealized gains on available-for-sale securities 41 — — 41 Reclassification from accumulated other comprehensive income to net income: — Net realized gains from sale of available-for-sale securities (82) — — (82) Amortization of pension and postretirement (1) — — 2 2 Net current period other comprehensive (loss) income — (41) 2 (39) Balance, September 30, 2020 $ — $ — $ (17) $ (17) Balance, December 31, 2020 $ — $ — $ (16) $ (16) Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — — 10 10 Net current period other comprehensive income — — 10 10 Balance, September 30, 2021 $ — $ — $ (6) $ (6) ____________ (1) Included in Noninterest expense - Other on the Statements of Income. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Nature of Business Activity The Bank is exposed to interest-rate risk primarily from the effect of interest-rate changes on its interest-earning assets and on its interest-bearing liabilities that finance these assets. To mitigate the risk of loss, the Bank has established policies and procedures, which include guidelines on the amount of exposure to interest-rate changes that it is willing to accept. In addition, the Bank monitors the risk to its interest income, net interest margin, and average maturity of its interest-earning assets and funding sources. The goal of the Bank’s interest-rate risk management strategies is not to eliminate interest-rate risk, but to manage it within appropriate limits. The Bank enters into derivatives to manage the interest-rate risk exposure that is inherent in its otherwise unhedged assets and funding sources, to achieve the Bank’s risk management objectives, and to act as an intermediary between its members and counterparties. The Bank transacts most of 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. The Bank’s over-the-counter derivatives transactions may either be (1) uncleared derivatives, which are executed bilaterally with a counterparty; or (2) cleared derivatives, which are cleared through a Futures Commission Merchant (clearing agent) with a Derivatives Clearing Organization (Clearinghouse). Once a derivatives transaction has been accepted for clearing by a Clearinghouse, the derivatives transaction is novated, and the executing counterparty is replaced with the Clearinghouse as the counterparty. The Bank is not a derivatives dealer and does not trade derivatives for short-term profit. For additional information on the Bank’s derivatives and hedging activities, see Note 15—Derivatives and Hedging Activities to the 2020 audited financial statements contained in the Bank’s Form 10-K. Financial Statement Effect and Additional Financial Information Derivative Notional Amounts. The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor the overall exposure of the Bank to credit and market risk; the overall risk is much smaller. The risks of derivatives 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. The following table presents the notional amount, 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. As of September 30, 2021 As of December 31, 2020 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 41,756 $ 10 $ 322 $ 28,001 $ 5 $ 502 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 69 1 1 121 1 1 Interest-rate caps or floors 4,000 — — 7,000 1 1 Total derivatives not designated as hedging instruments 4,069 1 1 7,121 2 2 Total derivatives before netting and collateral adjustments $ 45,825 11 323 $ 35,122 7 504 Netting adjustments and cash collateral (2) 333 (315) 384 (493) Derivative assets and derivative liabilities $ 344 $ 8 $ 391 $ 11 ___________ (1) Includes variation margin for daily settled contracts of $492 and $1,065 as of September 30, 2021 and December 31, 2020, respectively. (2) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest was $648 and $878 as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received, including accrued interest, was $1 and $0 as of September 30, 2021 and December 31, 2020, respectively. The following tables present the net gains (losses) on fair value hedging relationships. For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 Interest Income (Expense) Interest Income (Expense) Advances Consolidated Obligation Bonds Advances Consolidated Obligation Bonds Total interest income (expense) recorded in the Statements of Income $ 73 $ (41) $ 256 $ (121) Changes in fair value: Hedged items $ (164) $ 25 $ (679) $ 96 Derivatives 191 (30) 787 (100) Net changes in fair value 27 (5) 108 (4) Net interest settlements on derivatives (1) (2) (81) 34 (263) 71 Amortization/accretion of active hedging relationships (18) — (83) — Other (4) — (11) — Total net interest income effect from fair value hedging relationships $ (76) $ 29 $ (249) $ 67 ____________ (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) Excludes the interest income/expense of the respective hedged items. For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Interest Income (Expense) Interest Income (Expense) Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 135 $ (59) $ (40) $ 786 $ (530) $ (344) Changes in fair value: Hedged items $ (202) $ 17 $ 1 $ 1,173 $ (28) $ — Derivatives 219 (16) (2) (1,164) 30 — Net changes in fair value 17 1 (1) 9 2 — Net interest settlements on derivatives (1) (2) (109) 15 — (238) 34 38 Amortization/accretion of active hedging relationships (15) — — (39) (2) — Other (1) — — (1) — — Total net interest income effect from fair value hedging relationships $ (108) $ 16 $ (1) $ (269) $ 34 $ 38 ____________ (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) Excludes the interest income/expense of the respective hedged items. The following table presents the total basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of September 30, 2021 As of December 31, 2020 Line Item in Statement of Conditions of Hedged Item Amortized Cost of Hedged Asset or Liability (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost Total Amount of Fair Value Hedging Basis Adjustments Amortized Cost of Hedged Asset or Liability (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost Total Amount of Fair Value Hedging Basis Adjustments Advances $ 21,189 $ 736 $ 75 $ 811 $ 25,380 $ 1,529 $ 55 $ 1,584 Consolidated obligations: Bonds 19,382 (40) — (40) 1,555 56 — 56 Discount notes — — — — 1,122 — — — ___________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. The following table presents net gains (losses) on derivatives recorded in noninterest income on the Statements of Income. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Derivatives not designated as hedging instruments: Interest-rate swaps $ — $ 1 $ 1 $ (5) Net interest settlements — — — (1) Net gains (losses) on derivatives $ — $ 1 $ 1 $ (6) Managing Credit Risk on Derivatives The Bank is subject to credit risk to its derivative transactions due to the risk of nonperformance by counterparties and manages this risk through credit analysis, collateral requirements, and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission (CFTC) 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 such contracts to mitigate the risk. The Bank requires collateral agreements with collateral delivery thresholds on all uncleared derivatives. Additionally, collateral related to derivatives with member institutions includes collateral assigned to the Bank, as evidenced by a written security agreement, and held by the member institution for the benefit of the Bank. Certain of the Bank’s uncleared derivative instruments contain provisions that require the Bank to post additional collateral with its counterparties if there is deterioration in the Bank’s credit rating. If the Bank’s credit rating is lowered by a Nationally Recognized Statistical Rating Organization (NRSRO), the Bank may be required to deliver additional collateral on uncleared derivative instruments in net liability positions. The aggregate fair value of all uncleared derivative instruments with credit-risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest) as of September 30, 2021 was $6, for which the Bank was not required to post collateral as of September 30, 2021. If the Bank’s credit ratings had been lowered from its current rating to the next lower rating, the Bank would have been required to deliver $1 of collateral at fair value to its uncleared derivative counterparties as of September 30, 2021. For cleared derivatives, the Clearinghouse is the Bank’s counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin, and the clearing agent notifies the Bank. The Bank utilizes two Clearinghouses for all cleared derivative transactions, CME Clearing and LCH Ltd. At both Clearinghouses, variation margin is characterized as daily settlement payments, and initial margin is considered cash collateral. Because the Bank is required to post initial and variation margin through the clearing agent to the Clearinghouse, it exposes the Bank to institutional 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 is posted daily through a clearing agent for changes in the fair value of cleared derivatives. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the Bank’s clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. The Bank presents derivative instruments and the related cash collateral that is received or pledged, plus the associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. The following table presents the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. As of September 30, 2021 As of December 31, 2020 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 10 $ 314 $ 6 $ 493 Cleared derivatives 1 9 1 11 Total gross recognized amount 11 323 7 504 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (6) (306) (2) (482) Cleared derivatives 339 (9) 386 (11) Total gross amounts of netting adjustments and cash collateral 333 (315) 384 (493) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 4 8 4 11 Cleared derivatives 340 — 387 — Total net amounts after netting adjustments and cash collateral 344 8 391 11 Non-cash collateral received or pledged not offset-cannot be sold or repledged: (1) Uncleared derivatives 1 — 1 — Cleared derivatives — — — — Total cannot be sold or repledged (1) 1 — 1 — Net unsecured amounts: (1) Uncleared derivatives 3 8 3 11 Cleared derivatives 340 — 387 — Total net unsecured amount (1) $ 343 $ 8 $ 390 $ 11 ____________ (1) The Bank had net credit exposure of $2 and $3 as of September 30, 2021 and December 31, 2020, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position. |
Estimated Fair Values
Estimated Fair Values | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values | Estimated Fair ValuesThe Bank records trading securities, derivative assets and liabilities, and grantor trust assets (publicly-traded mutual funds) at estimated fair value on a recurring basis. Fair value is defined under GAAP 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. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. In general, the transaction price will equal the exit price and therefore, represents the fair value of the asset or liability at initial recognition. In determining whether a transaction price represents the fair value of the asset or liability at initial recognition, each reporting entity is required to consider factors specific to the transaction, the asset or liability, the principal or most advantageous market for the asset or liability, and market participants with whom the entity would transact in the market. A fair value hierarchy is used to prioritize the inputs of valuation techniques used to measure fair value. The inputs are evaluated, and an overall level for the fair value measurement is determined. This overall level is an indication of how market-observable the fair value measurement is and defines the level of disclosure. In order to determine the fair value or the exit price, entities must determine the unit of account, highest and best use, principal market, and market participants. These determinations allow the reporting entity to define the inputs for fair value and level of hierarchy. Outlined below is the application of the “fair value hierarchy” to the Bank’s financial assets and liabilities that are carried at fair value or disclosed in the notes to the financial statements. Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. 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. The Bank carried grantor trust assets at fair value hierarchy Level 1 as of September 30, 2021 and December 31, 2020. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. The Bank carried available-for-sale securities and derivatives at fair value hierarchy Level 2 as of September 30, 2021. The Bank carried trading securities and derivatives at fair value hierarchy Level 2 as of December 31, 2020. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are supported by limited market activity and reflect the entity’s own assumptions. The Bank did not carry any financial assets or liabilities, measured on a recurring basis, at fair value Level 3 as of September 30, 2021 and December 31, 2020. The Bank utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. For financial instruments carried at fair value, the Bank reviews the fair value hierarchy classification of financial assets and liabilities on a quarterly basis. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities within the fair value hierarchy. There were no such transfers during the periods presented. Estimated Fair Value Measurements on a Recurring Basis. The following tables present, for each fair value hierarchy level, the Bank’s financial assets and liabilities that are measured at fair value on a recurring basis on its Statements of Condition. As of September 30, 2021 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Total Assets: Available-for-sale securities - U.S. Treasury obligations $ — $ 1,597 $ — $ 1,597 Derivative assets - Interest-rate related — 11 333 344 Grantor trust (included in Other assets) 40 — — 40 Total assets at fair value $ 40 $ 1,608 $ 333 $ 1,981 Liabilities: Derivative liabilities - Interest-rate related $ — $ 323 $ (315) $ 8 ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. As of December 31, 2020 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Total Assets: Trading securities: U.S. Treasury obligations $ — $ 1,500 $ — $ 1,500 Government-sponsored enterprises debt obligations — 62 — 62 Total trading securities — 1,562 — 1,562 Derivative assets - Interest-rate related — 7 384 391 Grantor trust (included in Other assets) 74 — — 74 Total assets at fair value $ 74 $ 1,569 $ 384 $ 2,027 Liabilities: Derivative liabilities - Interest-rate related $ — $ 504 $ (493) $ 11 ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Described below are the Bank’s fair value measurement methodologies for financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition and categorized within Level 2 of the fair value hierarchy. Investment securities . The Bank obtains prices from multiple designated third-party pricing vendors, when available, to estimate the fair value of its investment securities. The pricing vendors use various proprietary models to price investment securities. The inputs to those models are derived from various sources including, but not limited to, the following: benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many investment securities do not trade on a daily basis, the pricing vendors use available information as applicable, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing to determine the prices for individual securities. Each pricing vendor has an established challenge process in place for all investment securities valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. The Bank periodically conducts reviews of its pricing vendors to confirm and further augment its understanding of the vendors’ pricing processes, methodologies, and control procedures for U.S. agency MBS. The Bank’s valuation technique for estimating the fair value of its investment securities first requires the establishment of a “median” price for each security. All prices that are within a specified tolerance threshold of the median price are included in the “cluster” of prices that are averaged to compute a “resultant” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, and/or non-binding dealer estimates) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price rather than the resultant price. Alternatively, if the analysis does not provide evidence that an outlier is more representative of the fair value, and the resultant price is the best estimate, then the resultant price is used as the final price. In all cases, the final price is used to determine the fair value of the security. If all prices received for a security are outside the tolerance threshold level of the median price, then there is no resultant price, and the final price is determined by an evaluation of all outlier prices as described above. Multiple third-party vendor prices were received for a majority of the Bank’s investment securities holdings, and the final prices for those securities were computed by averaging the prices received as of September 30, 2021 and December 31, 2020. Based on the Bank’s review of the pricing methods and controls employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices (or the Bank’s additional analysis in those instances in which there were outliers or significant yield variances), the Bank believes that its final prices are representative of the prices that would have been received if the assets had been sold at the measurement date (i.e., exit prices) and further, that the fair value measurements are classified appropriately in the fair value hierarchy. Derivative assets and liabilities. The Bank calculates the fair values of interest-rate related derivatives using a discounted cash flow analysis which utilizes market-observable inputs. The significant assumptions used in this model are based on management’s best estimate of discount rates, market indices, and market volatility. The inputs for interest-rate related derivatives uses the Secured Overnight Financing Rate (SOFR) swap curve for the discounting of cleared derivatives and the Overnight Index Swap (OIS) curve for the discounting of collateralized derivatives. Derivative instruments are transacted primarily in the institutional dealer market and priced with observable market assumptions at a mid-market valuation point. The Bank does not provide a credit valuation adjustment based on aggregate exposure by derivative counterparty when measuring the fair value of its derivatives. This is because the collateral provisions pertaining to the Bank’s derivatives should obviate the need to provide such a credit valuation adjustment. The fair values of the Bank’s derivatives take into consideration the effects of legally enforceable master netting agreements, where applicable, that allow the Bank to settle positive and negative positions and offset cash collateral with the same counterparty on a net basis. The following estimated fair value amounts have been determined by the Bank using available market information and the Bank’s best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of September 30, 2021 and December 31, 2020. Although the Bank uses its best judgment in estimating the fair values of these financial instruments, there are inherent limitations in any estimation technique or valuation methodology. For example, because an active secondary market does not exist for a portion of the Bank’s financial instruments, in certain cases, fair values are not subject to precise quantification or verification and may change as economic and market factors and evaluation of those factors change. Therefore, these estimated fair values are not necessarily indicative of the amounts that would be realized in current market transactions although they do reflect the Bank’s judgment of how a market participant would estimate the fair value. The fair value tables presented below do not represent an estimate of the overall fair value of the Bank as a going concern, which would take into account future business opportunities and the net profitability of assets versus liabilities. The following tables present the carrying values and estimated fair values of the Bank’s financial instruments. As of September 30, 2021 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 2,079 $ 2,079 $ 2,079 $ — $ — Interest-bearing deposits 689 689 — 689 — Securities purchased under agreements to resell 3,500 3,500 — 3,500 — Federal funds sold 9,609 9,609 — 9,609 — Available-for-sale securities 1,597 1,597 — 1,597 — Held-to-maturity securities 15,584 15,635 — 15,635 — Advances 43,779 44,113 — 44,113 — Mortgage loans held for portfolio, net 162 175 — 175 — Accrued interest receivable 65 65 — 65 — Derivative assets 344 344 — 11 333 Grantor trust assets (included in Other assets) 40 40 40 — — Liabilities: Interest-bearing deposits 2,308 2,308 — 2,308 — Consolidated obligations, net: Discount notes 22,796 22,796 — 22,796 — Bonds 47,609 47,828 — 47,828 — Accrued interest payable 59 59 — 59 — Derivative liabilities 8 8 — 323 (315) ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. As of December 31, 2020 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 2,905 $ 2,905 $ 2,905 $ — $ — Interest-bearing deposits 1,644 1,644 — 1,644 — Securities purchased under agreements to resell 9,500 9,500 — 9,500 — Federal funds sold 3,270 3,270 — 3,270 — Trading securities 1,562 1,562 — 1,562 — Held-to-maturity securities 20,404 20,489 — 20,489 — Advances 52,168 52,610 — 52,610 — Mortgage loans held for portfolio, net 218 234 — 234 — Accrued interest receivable 88 88 — 88 — Derivative assets 391 391 — 7 384 Grantor trust assets (included in Other assets) 74 74 74 — — Liabilities: Interest-bearing deposits 1,998 1,998 — 1,998 — Consolidated obligations, net: Discount notes 25,385 25,387 — 25,387 — Bonds 59,379 59,835 — 59,835 — Accrued interest payable 45 45 — 45 — Derivative liabilities 11 11 — 504 (493) ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Consolidated obligations are backed only by the financial resources of the FHLBanks. At any time, the Finance Agency may require any FHLBank to make principal or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that obligation. No FHLBank has ever had to assume or pay the consolidated obligation of another FHLBank. The par value of the other FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was $570,985 and $662,051 as of September 30, 2021 and December 31, 2020, respectively, exclusive of the Bank’s own outstanding consolidated obligations. None of the other FHLBanks defaulted on their consolidated obligations, the Finance Agency was not required to allocate any obligation among the FHLBanks, and no amount of the joint and several obligation was fixed as of September 30, 2021 and December 31, 2020. Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks’ consolidated obligations as of September 30, 2021 and December 31, 2020. The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of September 30, 2021 As of December 31, 2020 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 6,371 $ 3,588 $ 9,959 $ 9,287 $ 6,754 $ 16,041 Commitments to fund additional advances 106 28 134 10 107 117 Unsettled consolidated obligation bonds, at par (2) 1,248 — 1,248 1 — 1 ____________ (1) “Expire Within One Year” includes 18 standby letters of credit for a total of $15 and 15 standby letters of credit for a total of $19 as of September 30, 2021 and December 31, 2020, respectively, which have no stated maturity date and are subject to renewal on an annual basis. (2) Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations. The carrying value of the guarantees related to standby letters of credit is recorded in “Other liabilities” on the Statements of Condition and amounted to $15 and $30 as of September 30, 2021 and December 31, 2020, respectively. Based on the Bank’s credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on the Statement of Condition for these commitments as of September 30, 2021 and December 31, 2020. The Bank is subject to legal proceedings arising in the normal course of business. After consultation with legal counsel, management does not anticipate, as of the date of the financial statements, that the ultimate liability, if any, arising out of these matters will have a material effect on the Bank’s financial condition or results of operations. |
Transactions With Shareholders
Transactions With Shareholders | 9 Months Ended |
Sep. 30, 2021 | |
Transactions With Shareholders [Abstract] | |
Transactions With Shareholders | Transactions with Shareholders The Bank is a cooperative whose member institutions own substantially all of the capital stock of the Bank. Former members and certain non-members, which own the Bank’s capital stock as a result of a merger or acquisition of a member of the Bank, own the remaining capital stock to support business transactions still carried on the Bank’s Statements of Condition. All holders of the Bank’s capital stock receive dividends on their investments, to the extent declared by the Bank’s board of directors. All advances are issued to members and eligible housing associates under the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), and mortgage loans held for portfolio were purchased from members. The Bank also maintains demand deposit accounts primarily to facilitate settlement activities that are related directly to advances and mortgage loans purchased. Transactions with any member that has an officer or director who is also a director of the Bank are subject to the same Bank policies as transactions with other members. Related Parties. In accordance with GAAP, financial statements are required to disclose material related-party transactions other than compensation arrangements, expense allowances, or other similar items that occur in the ordinary course of business. Under GAAP, related parties include owners of more than 10 percent of the voting interests of the Bank. Due to limits on member voting rights under the FHLBank Act and Finance Agency regulations, no member owned more than 10 percent of the total voting interests. Therefore, the Bank had no such related party transactions required to be disclosed for the periods presented. Shareholder Concentrations. The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding. As of September 30, 2021 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits Bank of America, National Association $ 298 12.76 $ 7,507 17.44 $ — — TIAA, FSB 256 10.98 6,396 14.86 1 0.05 As of December 31, 2020 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits TIAA, FSB $ 337 10.94 $ 7,571 14.95 $ 1 0.07 Bank of America, National Association 334 10.85 7,507 14.82 — 0.01 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsOn October 28, 2021, the Bank's board of directors approved a cash dividend for the third quarter of 2021. The Bank paid the third quarter 2021 dividend on November 2, 2021 in the amount of $23. |
Trading Securities (Tables)
Trading Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Trading Securities | |
Schedule of Net Losses on Trading Securities | The following table presents net (losses) gains on trading securities. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 (1) 2021 2020 Net gains on trading securities held at period end $ — $ — $ — $ 5 Net losses on trading securities that were sold or matured during the period — — (1) — Net (losses) gains on trading securities $ — $ — $ (1) $ 5 |
Debt Securities [Member] | |
Schedule of Trading Securities | |
Schedule of Major Trading Securities | Major Security Types. The following table presents trading securities. As of September 30, 2021 As of December 31, 2020 U.S. Treasury obligations $ — $ 1,500 Government-sponsored enterprises debt obligations — 62 Total $ — $ 1,562 |
Available-for-sale Securities (
Available-for-sale Securities (Tables) | 9 Months Ended | |
Sep. 30, 2021 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Schedule of Available-for-sale Securities Reconciliation | Major Security Type. The following table presents information on U.S. Treasury obligations that are classified as available-for-sale. The Bank did not have any securities classified as available-for-sale as of December 31, 2020. Amortized Cost (1) Gross Unrealized Gains (2) Gross Unrealized Losses (2) Estimated Fair Value As of September 30, 2021 $ 1,597 $ — $ — $ 1,597 ____________________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and excludes accrued interest receivable that was not material as of September 30, 2021. (2) Amounts are not material. | [1] |
Schedule of Unrealized Loss on Investments | The following table presents U.S. Treasury obligations that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 Months Estimated Gross Unrealized Losses (1) As of September 30, 2021 $ 1,098 $ — ____________________ (1) Amounts are not material. | |
Investments Classified by Contractual Maturity Date | Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. Mortgage-backed securities (MBS) are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. As of September 30, 2021 As of December 31, 2020 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 520 $ 520 $ 245 $ 245 Due after one year through five years 806 806 1,740 1,742 Due after five years through 10 years 200 203 201 204 Due after 10 years 60 62 60 61 Total non-mortgage-backed securities 1,586 1,591 2,246 2,252 Mortgage-backed securities 13,998 14,044 18,158 18,237 Total $ 15,584 $ 15,635 $ 20,404 $ 20,489 ____________ (1) Excludes accrued interest receivable of $7 and $9 as of September 30, 2021 and December 31, 2020, respectively. | |
Available-for-Sale ClassifiedByContractualMaturityDateTableTextBlock | Redemption Terms: The following table presents the amortized cost and estimated fair value of available-for-sale securities by contractual maturity. As of September 30, 2021 Amortized Cost (1) Estimated Due after one year through five years $ 1,597 $ 1,597 ____________ | [1] |
[1] | (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and excludes accrued interest receivable that was not material as of September 30, 2021 |
Held-to-maturity Securities (Ta
Held-to-maturity Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Debt Securities, Held-to-maturity [Table Text Block] | Major Security Types. The following table presents held-to-maturity securities. As of September 30, 2021 As of December 31, 2020 Amortized Cost (1) Gross Gross Estimated Amortized Cost (1) Gross Gross Estimated State or local housing agency debt obligations $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Government-sponsored enterprises debt obligations 1,585 6 (1) 1,590 2,245 6 — 2,251 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 246 1 (2) 245 295 2 — 297 Government-sponsored enterprises residential 5,390 50 (6) 5,434 7,283 62 (6) 7,339 Government-sponsored enterprises commercial 8,362 23 (20) 8,365 10,580 31 (10) 10,601 Total $ 15,584 $ 80 $ (29) $ 15,635 $ 20,404 $ 101 $ (16) $ 20,489 ____________ (1) Excludes accrued interest receivable of $7 and $9 as of September 30, 2021 and December 31, 2020, respectively. |
Investments Classified by Contractual Maturity Date | Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. Mortgage-backed securities (MBS) are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. As of September 30, 2021 As of December 31, 2020 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 520 $ 520 $ 245 $ 245 Due after one year through five years 806 806 1,740 1,742 Due after five years through 10 years 200 203 201 204 Due after 10 years 60 62 60 61 Total non-mortgage-backed securities 1,586 1,591 2,246 2,252 Mortgage-backed securities 13,998 14,044 18,158 18,237 Total $ 15,584 $ 15,635 $ 20,404 $ 20,489 ____________ (1) Excludes accrued interest receivable of $7 and $9 as of September 30, 2021 and December 31, 2020, respectively. |
Advances (Tables)
Advances (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances | Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity. As of September 30, 2021 As of December 31, 2020 Due in one year or less $ 20,034 $ 23,326 Due after one year through two years 3,319 3,803 Due after two years through three years 2,131 3,347 Due after three years through four years 3,460 2,643 Due after four years through five years 3,314 3,657 Due after five years 10,790 13,867 Total par value 43,048 50,643 Deferred prepayment fees (77) (55) Discount on AHP (1) advances (2) (3) Discount on EDGE (2) advances (1) (1) Hedging adjustments 811 1,584 Total (3) $ 43,779 $ 52,168 ___________ (1) The Affordable Housing Program (2) The Economic Development and Growth Enhancement Program (3) Carrying amounts exclude accrued interest receivable of $57 and $77 as of September 30, 2021 and December 31, 2020, respectively. The following table presents advances by year of contractual maturity or, for convertible advances, next available conversion date. As of September 30, 2021 As of December 31, 2020 Due or convertible in one year or less $ 24,379 $ 28,258 Due or convertible after one year through two years 3,338 4,142 Due or convertible after two years through three years 2,110 3,321 Due or convertible after three years through four years 3,433 2,612 Due or convertible after four years through five years 3,259 3,620 Due or convertible after five years 6,529 8,690 Total par value $ 43,048 $ 50,643 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of September 30, 2021 As of December 31, 2020 Fixed-rate: Due in one year or less $ 14,560 $ 15,304 Due after one year 20,334 24,620 Total fixed-rate 34,894 39,924 Variable-rate: Due in one year or less 5,474 8,022 Due after one year 2,680 2,697 Total variable-rate 8,154 10,719 Total par value $ 43,048 $ 50,643 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio | The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase. As of September 30, 2021 As of December 31, 2020 Medium-term (15 years or less) $ 2 $ 3 Long-term (greater than 15 years) 160 216 Total unpaid principal balance 162 219 Premiums 1 1 Discounts — (1) Total mortgage loans held for portfolio (1) 163 219 Allowance for credit losses on mortgage loans (1) (1) Mortgage loans held for portfolio, net $ 162 $ 218 ____________ (1) Exclude accrued interest receivable of $1 as of September 30, 2021 and December 31, 2020. The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type. As of September 30, 2021 As of December 31, 2020 Conventional mortgage loans $ 148 $ 203 Government-guaranteed or insured mortgage loans 14 16 Total unpaid principal balance $ 162 $ 219 |
Allowance for Credit Losses on Financing Receivables | The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 1 $ 1 $ 1 $ 1 Provision for credit losses — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 |
Past Due Financing Receivables | Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor the migration of past due loans. Other delinquency statistics include, non-accrual loans and loans in process of foreclosure. The following tables present the payment status for conventional mortgage loans. Loans are grouped by loans originated in the most recent five years and those loans originated prior to the most recent five-year period. As of September 30, 2021 Origination Year 2017 (2) Prior to 2017 Total Payment status, at amortized cost: (1) Past due 30-59 days $ — $ 2 $ 2 Past due 60-89 days — 1 1 Past due 90 days or more — 8 8 Total past due mortgage loans — 11 11 Current mortgage loans — 137 137 Total conventional mortgage loans $ — $ 148 $ 148 ____________ (1) Amortized cost excludes accrued interest receivable of $1 as of September 30, 2021. (2) Mortgage loans originated in 2017 had a current payment status and the amounts are not material. As of December 31, 2020 Origination Year 2017 and 2016 Prior to 2016 Total Payment status, at amortized cost: (1) Past due 30-59 days $ — $ 6 $ 6 Past due 60-89 days — 2 2 Past due 90 days or more 1 11 12 Total past due mortgage loans 1 19 20 Current mortgage loans 42 141 183 Total conventional mortgage loans $ 43 $ 160 $ 203 ____________ (1) Amortized cost excludes accrued interest receivable of $1 as of December 31, 2020. The following tables present the other delinquency statistics for all mortgage loans. As of September 30, 2021 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ 1 $ — $ 1 Seriously delinquent rate (2) 5.23 % 5.11 % 5.22 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 8 $ — $ 8 ____________ (1) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. (2) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (3) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (4) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of September 30, 2021, none of these conventional mortgage loans on non-accrual status had an associated allowance for credit losses. As of December 31, 2020 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ — $ — $ — Seriously delinquent rate (2) 6.03 % 8.10 % 6.18 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 12 $ — $ 12 ____________ (1) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. (2) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (3) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. |
Past Due Financing Receivables COVID-19 | The following table presents payment status for conventional residential mortgage loans in a forbearance plan as a result of COVID-19. As of September 30, 2021 As of December 31, 2020 Past due 30-59 days $ — $ 1 Past due 60-89 days — 1 Past due 90 days or more (1) 3 9 Total past due mortgage loans 3 11 Current mortgage loans — 6 Total unpaid principal balance (2) $ 3 $ 17 ____________ (1) Represents mortgage loans on nonaccrual payment status. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Obligation Bonds by Interest-Rate Payment | Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type. As of September 30, 2021 As of December 31, 2020 Simple variable-rate $ 23,188 $ 52,935 Fixed-rate 22,866 6,322 Step up/down 1,602 75 Total par value $ 47,656 $ 59,332 |
Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity. As of September 30, 2021 As of December 31, 2020 Amount Weighted- Amount Weighted- Due in one year or less $ 20,082 0.21 $ 43,788 0.24 Due after one year through two years 5,421 0.24 11,205 0.25 Due after two years through three years 6,183 0.88 340 2.05 Due after three years through four years 5,557 0.66 1,719 2.33 Due after four years through five years 6,029 0.86 1,090 0.50 Due after five years 4,384 1.76 1,190 3.76 Total par value 47,656 0.58 59,332 0.40 Premiums 10 11 Discounts (17) (20) Hedging adjustments (40) 56 Total $ 47,609 $ 59,379 |
Callable and Noncallable Consolidated Obligations Bonds Outstanding | The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of September 30, 2021 As of December 31, 2020 Noncallable $ 29,495 $ 59,247 Callable 18,161 85 Total par value $ 47,656 $ 59,332 |
Summary of Callable Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date. As of September 30, 2021 As of December 31, 2020 Due or callable in one year or less $ 38,098 $ 43,873 Due or callable after one year through two years 5,541 11,205 Due or callable after two years through three years 1,493 315 Due or callable after three years through four years 1,332 1,659 Due or callable after four years through five years 3 1,090 Due or callable after five years 1,189 1,190 Total par value $ 47,656 $ 59,332 |
Consolidated Obligation Discount Notes | The following table presents the Bank’s participation in consolidated obligation discount notes. Book Value Par Value Weighted-average As of September 30, 2021 $ 22,796 $ 22,797 0.04 As of December 31, 2020 $ 25,385 $ 25,389 0.11 |
Capital and Mandatorily Redee_2
Capital and Mandatorily Redeemable Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Compliance With Regulatory Capital Requirements | Capital. The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (Finance Agency) regulatory capital rules and requirements. As of September 30, 2021 As of December 31, 2020 Required Actual Required Actual Risk-based capital $ 701 $ 4,576 $ 1,496 $ 5,276 Total regulatory capital ratio 4.00 % 5.90 % 4.00 % 5.72 % Total regulatory capital (1) $ 3,100 $ 4,576 $ 3,692 $ 5,276 Leverage capital ratio 5.00 % 8.86 % 5.00 % 8.58 % Leverage capital $ 3,875 $ 6,864 $ 4,615 $ 7,914 ____________ (1) Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. |
Schedule of declared quarterly cash dividends [Table Text Block] | The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2021 and 2020. 2021 2020 Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 30 3.72 $ 76 5.93 Second quarter 27 3.69 70 5.53 Third quarter 23 3.67 58 4.35 Total $ 80 3.70 $ 204 5.26 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components Comprising Accumulated Other Comprehensive Income | The following table presents the components comprising accumulated other comprehensive loss. Net Unrealized Gains (Losses) on Available-for-sale Securities Pension and Total Accumulated Balance, June 30, 2020 $ — $ (18) $ (18) Reclassification from accumulated other comprehensive income to net income: Amortization of pension and postretirement (1) — 1 1 Net current period other comprehensive income — 1 1 Balance, September 30, 2020 $ — $ (17) $ (17) Balance, June 30, 2021 $ — $ (12) $ (12) Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — 6 6 Net current period other comprehensive income — 6 6 Balance, September 30, 2021 $ — $ (6) $ (6) ____________ (1) Included in Noninterest expense - Other on the Statements of Income. Net Unrealized Gains (Losses) on Available-for-sale Securities Net Noncredit Portion of Other-than-temporary Impairment Losses on Available-for-sale Securities Pension and Postretirement Benefits Total Accumulated Balance, December 31, 2019 $ — $ 41 $ (19) $ 22 Other comprehensive income before reclassifications: Adoption of ASU 2016-13 as amended 41 (41) — — Net unrealized gains on available-for-sale securities 41 — — 41 Reclassification from accumulated other comprehensive income to net income: — Net realized gains from sale of available-for-sale securities (82) — — (82) Amortization of pension and postretirement (1) — — 2 2 Net current period other comprehensive (loss) income — (41) 2 (39) Balance, September 30, 2020 $ — $ — $ (17) $ (17) Balance, December 31, 2020 $ — $ — $ (16) $ (16) Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — — 10 10 Net current period other comprehensive income — — 10 10 Balance, September 30, 2021 $ — $ — $ (6) $ (6) ____________ (1) Included in Noninterest expense - Other on the Statements of Income. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following table presents the notional amount, 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. As of September 30, 2021 As of December 31, 2020 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 41,756 $ 10 $ 322 $ 28,001 $ 5 $ 502 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 69 1 1 121 1 1 Interest-rate caps or floors 4,000 — — 7,000 1 1 Total derivatives not designated as hedging instruments 4,069 1 1 7,121 2 2 Total derivatives before netting and collateral adjustments $ 45,825 11 323 $ 35,122 7 504 Netting adjustments and cash collateral (2) 333 (315) 384 (493) Derivative assets and derivative liabilities $ 344 $ 8 $ 391 $ 11 ___________ (1) Includes variation margin for daily settled contracts of $492 and $1,065 as of September 30, 2021 and December 31, 2020, respectively. (2) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest was $648 and $878 as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received, including accrued interest, was $1 and $0 as of September 30, 2021 and December 31, 2020, respectively. |
Net Gains (Losses) on Fair Value Hedging Relationships | The following tables present the net gains (losses) on fair value hedging relationships. For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021 Interest Income (Expense) Interest Income (Expense) Advances Consolidated Obligation Bonds Advances Consolidated Obligation Bonds Total interest income (expense) recorded in the Statements of Income $ 73 $ (41) $ 256 $ (121) Changes in fair value: Hedged items $ (164) $ 25 $ (679) $ 96 Derivatives 191 (30) 787 (100) Net changes in fair value 27 (5) 108 (4) Net interest settlements on derivatives (1) (2) (81) 34 (263) 71 Amortization/accretion of active hedging relationships (18) — (83) — Other (4) — (11) — Total net interest income effect from fair value hedging relationships $ (76) $ 29 $ (249) $ 67 ____________ (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) Excludes the interest income/expense of the respective hedged items. For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Interest Income (Expense) Interest Income (Expense) Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 135 $ (59) $ (40) $ 786 $ (530) $ (344) Changes in fair value: Hedged items $ (202) $ 17 $ 1 $ 1,173 $ (28) $ — Derivatives 219 (16) (2) (1,164) 30 — Net changes in fair value 17 1 (1) 9 2 — Net interest settlements on derivatives (1) (2) (109) 15 — (238) 34 38 Amortization/accretion of active hedging relationships (15) — — (39) (2) — Other (1) — — (1) — — Total net interest income effect from fair value hedging relationships $ (108) $ 16 $ (1) $ (269) $ 34 $ 38 ____________ (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. |
Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the total basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of September 30, 2021 As of December 31, 2020 Line Item in Statement of Conditions of Hedged Item Amortized Cost of Hedged Asset or Liability (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost Total Amount of Fair Value Hedging Basis Adjustments Amortized Cost of Hedged Asset or Liability (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost Total Amount of Fair Value Hedging Basis Adjustments Advances $ 21,189 $ 736 $ 75 $ 811 $ 25,380 $ 1,529 $ 55 $ 1,584 Consolidated obligations: Bonds 19,382 (40) — (40) 1,555 56 — 56 Discount notes — — — — 1,122 — — — ___________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table presents net gains (losses) on derivatives recorded in noninterest income on the Statements of Income. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Derivatives not designated as hedging instruments: Interest-rate swaps $ — $ 1 $ 1 $ (5) Net interest settlements — — — (1) Net gains (losses) on derivatives $ — $ 1 $ 1 $ (6) |
Offsetting Assets [Table Text Block] | The following table presents the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. As of September 30, 2021 As of December 31, 2020 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 10 $ 314 $ 6 $ 493 Cleared derivatives 1 9 1 11 Total gross recognized amount 11 323 7 504 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (6) (306) (2) (482) Cleared derivatives 339 (9) 386 (11) Total gross amounts of netting adjustments and cash collateral 333 (315) 384 (493) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 4 8 4 11 Cleared derivatives 340 — 387 — Total net amounts after netting adjustments and cash collateral 344 8 391 11 Non-cash collateral received or pledged not offset-cannot be sold or repledged: (1) Uncleared derivatives 1 — 1 — Cleared derivatives — — — — Total cannot be sold or repledged (1) 1 — 1 — Net unsecured amounts: (1) Uncleared derivatives 3 8 3 11 Cleared derivatives 340 — 387 — Total net unsecured amount (1) $ 343 $ 8 $ 390 $ 11 ____________ (1) The Bank had net credit exposure of $2 and $3 as of September 30, 2021 and December 31, 2020, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position. |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Estimated Fair Value Measurements on a Recurring Basis. The following tables present, for each fair value hierarchy level, the Bank’s financial assets and liabilities that are measured at fair value on a recurring basis on its Statements of Condition. As of September 30, 2021 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Total Assets: Available-for-sale securities - U.S. Treasury obligations $ — $ 1,597 $ — $ 1,597 Derivative assets - Interest-rate related — 11 333 344 Grantor trust (included in Other assets) 40 — — 40 Total assets at fair value $ 40 $ 1,608 $ 333 $ 1,981 Liabilities: Derivative liabilities - Interest-rate related $ — $ 323 $ (315) $ 8 ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. As of December 31, 2020 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Total Assets: Trading securities: U.S. Treasury obligations $ — $ 1,500 $ — $ 1,500 Government-sponsored enterprises debt obligations — 62 — 62 Total trading securities — 1,562 — 1,562 Derivative assets - Interest-rate related — 7 384 391 Grantor trust (included in Other assets) 74 — — 74 Total assets at fair value $ 74 $ 1,569 $ 384 $ 2,027 Liabilities: Derivative liabilities - Interest-rate related $ — $ 504 $ (493) $ 11 ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | |
Carrying Values and Estimated Fair Values | As of December 31, 2020 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 2,905 $ 2,905 $ 2,905 $ — $ — Interest-bearing deposits 1,644 1,644 — 1,644 — Securities purchased under agreements to resell 9,500 9,500 — 9,500 — Federal funds sold 3,270 3,270 — 3,270 — Trading securities 1,562 1,562 — 1,562 — Held-to-maturity securities 20,404 20,489 — 20,489 — Advances 52,168 52,610 — 52,610 — Mortgage loans held for portfolio, net 218 234 — 234 — Accrued interest receivable 88 88 — 88 — Derivative assets 391 391 — 7 384 Grantor trust assets (included in Other assets) 74 74 74 — — Liabilities: Interest-bearing deposits 1,998 1,998 — 1,998 — Consolidated obligations, net: Discount notes 25,385 25,387 — 25,387 — Bonds 59,379 59,835 — 59,835 — Accrued interest payable 45 45 — 45 — Derivative liabilities 11 11 — 504 (493) ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | The following tables present the carrying values and estimated fair values of the Bank’s financial instruments. As of September 30, 2021 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 2,079 $ 2,079 $ 2,079 $ — $ — Interest-bearing deposits 689 689 — 689 — Securities purchased under agreements to resell 3,500 3,500 — 3,500 — Federal funds sold 9,609 9,609 — 9,609 — Available-for-sale securities 1,597 1,597 — 1,597 — Held-to-maturity securities 15,584 15,635 — 15,635 — Advances 43,779 44,113 — 44,113 — Mortgage loans held for portfolio, net 162 175 — 175 — Accrued interest receivable 65 65 — 65 — Derivative assets 344 344 — 11 333 Grantor trust assets (included in Other assets) 40 40 40 — — Liabilities: Interest-bearing deposits 2,308 2,308 — 2,308 — Consolidated obligations, net: Discount notes 22,796 22,796 — 22,796 — Bonds 47,609 47,828 — 47,828 — Accrued interest payable 59 59 — 59 — Derivative liabilities 8 8 — 323 (315) ____________ (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off Balance Sheet Commitments [Table Text Block] | The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of September 30, 2021 As of December 31, 2020 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 6,371 $ 3,588 $ 9,959 $ 9,287 $ 6,754 $ 16,041 Commitments to fund additional advances 106 28 134 10 107 117 Unsettled consolidated obligation bonds, at par (2) 1,248 — 1,248 1 — 1 ____________ (1) “Expire Within One Year” includes 18 standby letters of credit for a total of $15 and 15 standby letters of credit for a total of $19 as of September 30, 2021 and December 31, 2020, respectively, which have no stated maturity date and are subject to renewal on an annual basis. |
Transactions With Shareholders
Transactions With Shareholders (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Transactions With Shareholders [Abstract] | |
Schedule of Transactions with Shareholders [Table Text Block] | Shareholder Concentrations. The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding. As of September 30, 2021 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits Bank of America, National Association $ 298 12.76 $ 7,507 17.44 $ — — TIAA, FSB 256 10.98 6,396 14.86 1 0.05 As of December 31, 2020 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits TIAA, FSB $ 337 10.94 $ 7,571 14.95 $ 1 0.07 Bank of America, National Association 334 10.85 7,507 14.82 — 0.01 |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Federal Funds Sold [Domain] | ||
Measurement of Credit Losses on Financial Instruments | ||
Allowance for Credit Loss | $ 0 | $ 0 |
Accrued Interest Receivable | 0 | 0 |
Interest-bearing Deposits | ||
Measurement of Credit Losses on Financial Instruments | ||
Allowance for Credit Loss | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Securities Purchased under agreements to resell [Domain] | ||
Measurement of Credit Losses on Financial Instruments | ||
Allowance for Credit Loss | 0 | 0 |
Accrued Interest Receivable | $ 0 | $ 0 |
Trading Securities (Trading Sec
Trading Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Trading Securities | ||
Trading Securities | $ 0 | $ 1,562 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities | ||
Trading Securities | 0 | 1,500 |
Government-Sponsored Enterprises Debt Obligations [Member] | ||
Schedule of Trading Securities | ||
Trading Securities | $ 0 | $ 62 |
Trading Securities (Net Gains o
Trading Securities (Net Gains on Trading Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | ||||
Net losses on trading securities that were sold or matured during the period. | $ 0 | $ 0 | $ (1) | |
Net (losses) gains on trading securities | 0 | 0 | (1) | $ 5 |
Net gains on trading securities held at period end. | $ 0 | $ 0 | $ 0 | $ 5 |
Available -for-sale Securities
Available -for-sale Securities (Available-for-sale by Major Security Type) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | $ 1,597 | $ 0 |
Available-for-sale Securities, Accrued Interest Receivable | 0 | |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost of available-for-sale securities | 1,597 | |
Gross unrealized gains on available-for-sale securities | 0 | |
Gross unrealized loss on available-for-sale securities | 0 | |
Available-for-sale Securities | 1,597 | |
Due after one through five years, Fair Value | 1,597 | |
Due after one year through five years, Amortized Cost | $ 1,597 |
Available-for-sale Securities_2
Available-for-sale Securities (Redemption Terms) (Details) - US Treasury Securities [Member] $ in Millions | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due after one year through five years, Amortized Cost | $ 1,597 |
Due after one through five years, Fair Value | $ 1,597 |
Available-for-sale Securities,
Available-for-sale Securities, Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Abstract] | |
Available-for-sale Securities, Allowance for Credit Losses | $ 0 |
Available-for-sale Securities, Accrued Interest Receivable | $ 0 |
Available-for-sale Securities_3
Available-for-sale Securities (Summary of Available-for-sale Securities in a Continuous Unrealized Loss Position) (Details) - US Treasury Securities [Member] $ in Millions | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,098) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 |
Held-to-maturity Securities (He
Held-to-maturity Securities (Held-to-maturity by Major Security Type) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost of held-to-maturity securities | $ 15,584 | $ 20,404 | |
Held-to-maturity securities, Gross Unrealized Gains | 80 | 101 | |
Held-to-maturity securities, Gross Unrealized Loss | (29) | (16) | |
Held-to-maturity securities, fair value | 15,635 | 20,489 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 15,584 | 20,404 |
Held-to-maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to -maturity Securities accrued interest receivable | 7 | 9 | |
State or local housing agency debt obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 | |
Held-to-maturity securities, Gross Unrealized Loss | 0 | 0 | |
Held-to-maturity securities, fair value | 1 | 1 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 1 | 1 | |
Government-Sponsored Enterprises Debt Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Gross Unrealized Gains | 6 | 6 | |
Held-to-maturity securities, Gross Unrealized Loss | (1) | 0 | |
Held-to-maturity securities, fair value | 1,590 | 2,251 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 1,585 | 2,245 | |
Residential [Member] | U.S. agency obligations-guaranteed residential | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Gross Unrealized Gains | 1 | 2 | |
Held-to-maturity securities, Gross Unrealized Loss | (2) | 0 | |
Held-to-maturity securities, fair value | 245 | 297 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 246 | 295 | |
Residential [Member] | Government-sponsored enterprises | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Gross Unrealized Gains | 50 | 62 | |
Held-to-maturity securities, Gross Unrealized Loss | (6) | (6) | |
Held-to-maturity securities, fair value | 5,434 | 7,339 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 5,390 | 7,283 | |
Commercial [Member] | Government-sponsored enterprises | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Gross Unrealized Gains | 23 | 31 | |
Held-to-maturity securities, Gross Unrealized Loss | (20) | (10) | |
Held-to-maturity securities, fair value | 8,365 | 10,601 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | $ 8,362 | $ 10,580 | |
[1] | Excludes accrued interest receivable of $7 and $9 as of September 30, 2021 and December 31, 2020, respectively. |
Held-to-maturity Securities (Re
Held-to-maturity Securities (Redemption Terms) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 15,584 | $ 20,404 |
Estimated fair value of held-to-maturity securities | 15,635 | 20,489 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to -maturity Securities accrued interest receivable | 7 | 9 |
Non Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities due in one year or less | 245 | |
Amortized cost of held-to-maturity securities due after one year through five years | 806 | 1,740 |
Amortized cost of held-to-maturity securities due after five years through ten years | 200 | 201 |
Due after 10 years | 60 | 60 |
Amortized cost of held-to-maturity securities | 1,586 | 2,246 |
Estimated fair value of held-to-maturity securities due in one year or less | 520 | 245 |
Estimated fair value of held-to-maturity securities due after one year through five years | 806 | 1,742 |
Estimated fair value of held-to-maturity securities due after five years through ten years | 203 | 204 |
Due after 10 years | 62 | 61 |
Estimated fair value of held-to-maturity securities | 1,591 | 2,252 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 520 | |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 13,998 | 18,158 |
Estimated fair value of held-to-maturity securities | $ 14,044 | $ 18,237 |
Held-to-maturity Securities Nar
Held-to-maturity Securities Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank. Held-to-maturity, Allowance for Credit Losses on Held-to-maturity Securities | $ 0 | $ 0 |
Advances Advances (Redemption T
Advances Advances (Redemption Terms) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Advances [Abstract] | |||
Due in one year or less | $ 20,034 | $ 23,326 | |
Due after one year through two years | 3,319 | 3,803 | |
Due after two years through three years | 2,131 | 3,347 | |
Due after three years through four years | 3,460 | 2,643 | |
Due after four years through five years | 3,314 | 3,657 | |
Due after five years | 10,790 | 13,867 | |
Federal Home Loan Bank, Advances, Par Value, Total | 43,048 | 50,643 | |
Deferred Prepayment Fees on Advances | (77) | (55) | |
Discount on AHP advances | [1] | (2) | (3) |
Discount on EDGE advances | [2] | (1) | (1) |
Hedging adjustments | 811 | 1,584 | |
Total Federal Home Loan Bank Advances | [3] | 43,779 | 52,168 |
Accrued Interest Receivable, Advances Disclosure | $ 57 | $ 77 | |
[1] | The Affordable Housing Program | ||
[2] | The Economic Development and Growth Enhancement Program | ||
[3] | Carrying amounts exclude accrued interest receivable of $57 and $77 as of September 30, 2021 and December 31, 2020, respectively. |
Advances (Advances by Year of C
Advances (Advances by Year of Contractual Maturity for Convertible Advances) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Advances [Abstract] | ||
Due or convertible in one year or less | $ 24,379 | $ 28,258 |
Due or convertible after one year through two years | 3,338 | 4,142 |
Due or convertible after two years through three years | 2,110 | 3,321 |
Due or convertible after three years through four years | 3,433 | 2,612 |
Due or convertible after four years through five years | 3,259 | 3,620 |
Due or convertible after five years | 6,529 | 8,690 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 43,048 | $ 50,643 |
Advances (Interest-rate Payment
Advances (Interest-rate Payment Terms) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Advances [Abstract] | ||
Fixed-rate, due in one year or less | $ 14,560 | $ 15,304 |
Fixed-rate, due after one year | 20,334 | 24,620 |
Total fixed-rate | 34,894 | 39,924 |
Variable-rate, due in one year or less | 5,474 | 8,022 |
Variable-rate, due after one year | 2,680 | 2,697 |
Total variable-rate | 8,154 | 10,719 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 43,048 | $ 50,643 |
Advances (Credit Risk Narrative
Advances (Credit Risk Narrative) (Details Textual) $ in Millions | Sep. 30, 2021USD ($)Institutions | Dec. 31, 2020USD ($)Institutions |
Advances [Abstract] | ||
Number of Top Advances Borrowers | Institutions | 10 | 10 |
Advances to Ten Largest Borrowers | $ 30,688 | $ 36,259 |
Advances Ten Largest Borrowers Percent of Total | 71.30% | 71.60% |
Allowance for credit losses on advances | $ 0 | $ 0 |
Advances past due | $ 0 | $ 0 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance | $ 162 | $ 219 | ||
Premiums | 1 | 1 | ||
Discounts | 0 | (1) | ||
Total mortgage loans held for portfolio | [1] | 163 | 219 | |
Allowance for credit losses on mortgage loans | (1) | (1) | $ (1) | |
Mortgage loans held for portfolio, net | 162 | 218 | ||
Accrued Interest on Mortgage Loans | 1 | 1 | ||
Fixed-rate medium-term residential mortgage loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance | $ 2 | $ 3 | ||
Mortgage Loans on Real Estate, Original Contractual Terms | 15 years | 15 years | ||
Fixed-rate long-term residential mortgage loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance | $ 160 | $ 216 | ||
Conventional Mortgage Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance | 148 | 203 | ||
Government-guaranteed or insured mortgage loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance | $ 14 | $ 16 | ||
[1] | Exclude accrued interest receivable of $1 as of September 30, 2021 and December 31, 2020. |
Mortgage Loans Held for Portf_4
Mortgage Loans Held for Portfolio Roll-forward of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance, beginning of period | $ 1 | |||
Balance, end of period | $ 1 | $ 1 | 1 | $ 1 |
Residential Portfolio Segment [Member] | Conventional Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance, beginning of period | 1 | 1 | 1 | 1 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Balance, end of period | $ 1 | $ 1 | $ 1 | $ 1 |
Mortgage Loans Held for Portf_5
Mortgage Loans Held for Portfolio Credit Quality Indicators (Details) - Residential Portfolio Segment [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Accrued Interest Receivable on Conventional Mortgage Loans | $ 1 | $ 1 | |||
In process of foreclosure at amortized cost | [1] | $ 1 | $ 0 | ||
Seriously delinquent rate at amortized cost | [2] | 5.22% | 6.18% | ||
Past due 90 days or more and still accruing interest at amortized cost | [3] | $ 1 | $ 1 | ||
Loans on nonaccrual status at amortized cost | 8 | [4] | 12 | [5] | |
Government-guaranteed or insured mortgage loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
In process of foreclosure at amortized cost | [1] | $ 0 | $ 0 | ||
Seriously delinquent rate at amortized cost | [2] | 5.11% | 8.10% | ||
Past due 90 days or more and still accruing interest at amortized cost | [3] | $ 1 | $ 1 | ||
Loans on nonaccrual status at amortized cost | 0 | [4] | 0 | [5] | |
Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Past Due Mortgage Loans at Amortized Cost Originated Four Years before Latest Fiscal Year | 0 | ||||
Total Current Mortgage Loans at Amortized Cost Originated Four Years before Latest Fiscal Year | 0 | ||||
Total Mortgage Loans at Amortized Cost Originated Four Years before Latest Fiscal Year | [6] | 0 | |||
Total Past Due Mortgage Loans at Amortized Cost Originated Five or More Years before Latest Fiscal Year | 11 | 19 | |||
Total Current Mortgage Loans at Amortized Cost Originated Five or More Years before Latest Fiscal Year | 137 | 141 | |||
Total Amortized Cost Originated Five or More Years before Latest Fiscal Year | 148 | 160 | |||
Total past due mortgage loans at amortized cost | 11 | 20 | |||
Total Current Mortgage Loans at Amortized Cost | 137 | 183 | |||
Total Mortgage Loans at Amortized Cost | 148 | [7] | 203 | [8] | |
Total Past Due Mortgage Loans at Amortized Cost Originated Three And Four Years Before Latest Fiscal Year | 1 | ||||
Total Current Mortgage Loans at Amortized Cost Originated Three and Four Years before Latest Fiscal Year | 42 | ||||
Total Amortized Cost Originated Three and Four Years before Latest Fiscal Year | 43 | ||||
In process of foreclosure at amortized cost | [1] | $ 1 | $ 0 | ||
Seriously delinquent rate at amortized cost | [2] | 5.23% | 6.03% | ||
Past due 90 days or more and still accruing interest at amortized cost | [3] | $ 0 | $ 0 | ||
Loans on nonaccrual status at amortized cost | 8 | [4] | 12 | [5] | |
Loans on nonaccrual status at amortized cost with an associated allowance for credit losses | 0 | 0 | |||
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Past Due Mortgage Loans Originated Four Years before Latest Fiscal Year | 0 | ||||
Past Due Mortgage Loans Originated Five or More Years before Latest Fiscal Year | 2 | 6 | |||
Total past due mortgage loans at amortized cost | 2 | 6 | |||
Mortgage Loans at Amortized Cost Originated Three and Four Years Before Latest Fiscal Year | 0 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Past Due Mortgage Loans Originated Four Years before Latest Fiscal Year | 0 | ||||
Past Due Mortgage Loans Originated Five or More Years before Latest Fiscal Year | 1 | 2 | |||
Total past due mortgage loans at amortized cost | 1 | 2 | |||
Mortgage Loans at Amortized Cost Originated Three and Four Years Before Latest Fiscal Year | 0 | ||||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Past Due Mortgage Loans Originated Four Years before Latest Fiscal Year | 0 | ||||
Past Due Mortgage Loans Originated Five or More Years before Latest Fiscal Year | 8 | 11 | |||
Total past due mortgage loans at amortized cost | $ 8 | 12 | |||
Mortgage Loans at Amortized Cost Originated Three and Four Years Before Latest Fiscal Year | $ 1 | ||||
[1] | Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. | ||||
[2] | Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. | ||||
[3] | Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs | ||||
[4] | Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of September 30, 2021, none of these conventional mortgage loans on non-accrual status had an associated allowance for credit losses. | ||||
[5] | Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of December 31, 2020, none of these conventional mortgage loans on non-accrual status had an associated allowance for credit losses. | ||||
[6] | Mortgage loans originated in 2017 had a current payment status and the amounts are not material. | ||||
[7] | Amortized cost excludes accrued interest receivable of $1 as of September 30, 2021. | ||||
[8] | Amortized cost excludes accrued interest receivable of $1 as of December 31, 2020. |
Mortgage Loans Held for Portf_6
Mortgage Loans Held for Portfolio Forbearance COVID-19 (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of conventional mortgage loans in a forbearance plan due to COVID-19, 30 to 59 days past due | $ 0 | $ 1 | |
Unpaid principal balance of conventional mortgage loans in a forbearance plan due to COVID-19, 60 to 89 days past due | 0 | 1 | |
Unpaid principal balance of conventional mortgage loans in a forbearance plan due to COVID-19, 90 days or more past due and nonaccrual | [1] | 3 | 9 |
Unpaid Principal Balance of Conventional Mortgage Loans in A Forbearance Plan Due to COVID-19, Past Due | 3 | 11 | |
Unpaid principal balance of conventional mortgage loans in a forbearance plan due to COVID-19, current payment status | 0 | 6 | |
Conventional mortgage loans in a forbearance plan due to COVID-19, Unpaid principal balance | [2] | $ 3 | $ 17 |
Ratio of conventional mortgage loans in a forbearance plan due to COVID-19 to total mortgage loans outstanding | 1.60% | 7.60% | |
[1] | Represents mortgage loans on nonaccrual payment status. | ||
[2] | Represents 1.60 percent and 7.60 percent of the Bank’s mortgage loans held for portfolio as of September 30, 2021 and December 31, 2020, respectively. |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021bank | |
Debt Disclosure [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Maximum contractual maturity period of discount notes (up to one year) | 1 year |
Consolidated Obligations (Inter
Consolidated Obligations (Interest-rate Payment Terms) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 47,656 | $ 59,332 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 22,866 | 6,322 |
Step up/down [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 1,602 | 75 |
Simple variable-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 23,188 | $ 52,935 |
Consolidated Obligations (Redem
Consolidated Obligations (Redemption Terms) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 47,609 | $ 59,379 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 20,082 | 43,788 |
Bonds, Due after one year through two years | 5,421 | 11,205 |
Bonds, Due after two years through three years | 6,183 | 340 |
Bonds, Due after three years through four years | 5,557 | 1,719 |
Bonds, Due after four years through five years | 6,029 | 1,090 |
Bonds, Due after five years | 4,384 | 1,190 |
Bonds par value | 47,656 | 59,332 |
Premiums | 10 | 11 |
Discounts | (17) | (20) |
Hedging adjustments | (40) | 56 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 47,609 | $ 59,379 |
Bonds, Due in one year or less, weighted average interest rate | 0.21% | 0.24% |
Bonds, Due after one year through two years, weighted average interest rate | 0.24% | 0.25% |
Bonds, Due after two years through three years, weighted average interest rate | 0.88% | 2.05% |
Bonds, Due after three years through four years, weighted average interest rate | 0.66% | 2.33% |
Bonds, Due after four years through five years, weighted average interest rate | 0.86% | 0.50% |
Bonds, Due after five years, weighted average interest rate | 1.76% | 3.76% |
Total, weighted average interest rate | 0.58% | 0.40% |
Consolidated Obligations (Bonds
Consolidated Obligations (Bonds by Callable Feature) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 47,656 | $ 59,332 |
Noncallable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 29,495 | 59,247 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 18,161 | $ 85 |
Consolidated Obligations (Bon_2
Consolidated Obligations (Bonds by Maturity or Call Date) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | $ 20,082 | $ 43,788 |
Bonds, Due after one year through two years | 5,421 | 11,205 |
Bonds, Due after two years through three years | 6,183 | 340 |
Bonds, Due after three years through four years | 5,557 | 1,719 |
Bonds, Due after four years through five years | 6,029 | 1,090 |
Bonds, Due after five years | 4,384 | 1,190 |
Bonds par value | 47,656 | 59,332 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 38,098 | 43,873 |
Bonds, Due after one year through two years | 5,541 | 11,205 |
Bonds, Due after two years through three years | 1,493 | 315 |
Bonds, Due after three years through four years | 1,332 | 1,659 |
Bonds, Due after four years through five years | 3 | 1,090 |
Bonds, Due after five years | $ 1,189 | $ 1,190 |
Consolidated Obligations (Disco
Consolidated Obligations (Discount Notes) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Discount notes | $ 22,796 | $ 25,385 |
Discount Notes | ||
Short-term Debt [Line Items] | ||
Discount notes | 22,796 | 25,385 |
Discount notes par value | $ 22,797 | $ 25,389 |
Discount notes weighted average interest rate | 0.04% | 0.11% |
Capital and Mandatorily Redee_3
Capital and Mandatorily Redeemable Capital Stock (Regulatory Capital Rules and Requirements) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Banking Regulation, Total Capital [Abstract] | |||
Risk-based capital, Required | $ 701 | $ 1,496 | |
Risk-based capital, Actual | $ 4,576 | $ 5,276 | |
Total regulatory capital ratio, Required | 4.00% | 4.00% | |
Total regulatory capital ratio, Actual | 5.90% | 5.72% | |
Total regulatory capital, Required | [1] | $ 3,100 | $ 3,692 |
Total regulatory capital, Actual | [1] | $ 4,576 | $ 5,276 |
Leverage capital ratio, Required | 5.00% | 5.00% | |
Leverage capital ratio, Actual | 8.86% | 8.58% | |
Leverage capital, Required | $ 3,875 | $ 4,615 | |
Leverage capital, Actual | $ 6,864 | $ 7,914 | |
[1] | Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. |
Capital and Mandatorily Redee_4
Capital and Mandatorily Redeemable Capital Stock Schedule of Declared and Paid Quarterly Dividends (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends, Common Stock, Cash | $ 23 | $ 27 | $ 30 | $ 58 | $ 70 | $ 76 | $ 80 | $ 204 |
Common Stock Dividend-Annualized Rate | 3.67% | 3.69% | 3.72% | 4.35% | 5.53% | 5.93% | 3.70% | 5.26% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | $ (16) | ||||
Amortization of pension and posttretirement | $ 6 | $ 1 | 10 | $ 2 | |
Total other comprehensive income (loss) | 6 | 1 | 10 | (39) | |
Accumulated Other Comprehensive Income (Loss), End of period | (6) | (6) | |||
Net Unrealized Gains (Losses) on Available-for-sale Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 0 | 0 | 0 | 0 | |
Adoption of ASU 2016-13 as amended | 41 | ||||
Net unrealized gains on available-for-sale securities | 41 | ||||
Noncredit other-than-temporary impairment losses | (82) | ||||
Amortization of pension and posttretirement | 0 | ||||
Total other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss), End of period | 0 | 0 | 0 | 0 | |
Pension and Postretirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | (12) | (18) | (16) | (19) | |
Noncredit other-than-temporary impairment losses | 0 | ||||
Amortization of pension and posttretirement | 6 | 1 | 10 | 2 | [1] |
Total other comprehensive income (loss) | 6 | 1 | 10 | 2 | |
Accumulated Other Comprehensive Income (Loss), End of period | (6) | (17) | (6) | (17) | |
Total Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | (12) | (18) | (16) | 22 | |
Adoption of ASU 2016-13 as amended | 0 | ||||
Net unrealized gains on available-for-sale securities | 41 | ||||
Noncredit other-than-temporary impairment losses | (82) | ||||
Amortization of pension and posttretirement | 6 | 1 | 10 | 2 | [1] |
Total other comprehensive income (loss) | 6 | 1 | 10 | (39) | |
Accumulated Other Comprehensive Income (Loss), End of period | (6) | (17) | (6) | (17) | |
Available-for-sale Securities [Member] | Net Noncredit Portion of Other-than-Temporary Impairment Losses on Available-for-sale securities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 0 | 41 | |||
Adoption of ASU 2016-13 as amended | (41) | ||||
Net unrealized gains on available-for-sale securities | 0 | ||||
Noncredit other-than-temporary impairment losses | 0 | ||||
Amortization of pension and posttretirement | 0 | 0 | |||
Total other comprehensive income (loss) | 0 | (41) | |||
Accumulated Other Comprehensive Income (Loss), End of period | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Included in Noninterest expense - Other on the Statements of Income |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 45,825 | $ 35,122 | |
Variation Margin for Daily Settled Contracts, Net | 492 | 1,065 | |
Cash collateral posted | 648 | 878 | |
Cash collateral received | 1 | 0 | |
Derivative Assets | 11 | 7 | |
Derivative Liabilities | 323 | 504 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 333 | 384 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (315) | (493) |
Derivative assets | 344 | 391 | |
Derivative liabilities | 8 | 11 | |
Designated as Hedging Instrument [Member] | Interest-rate swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [3] | 41,756 | 28,001 |
Derivative Assets | [3] | 10 | 5 |
Derivative Liabilities | [3] | 322 | 502 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,069 | 7,121 | |
Derivative Assets | 1 | 2 | |
Derivative Liabilities | 1 | 2 | |
Not Designated as Hedging Instrument [Member] | Interest-rate swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [3] | 69 | 121 |
Derivative Assets | [3] | 1 | 1 |
Derivative Liabilities | [3] | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Interest rate caps or floors [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,000 | 7,000 | |
Derivative Assets | 0 | 1 | |
Derivative Liabilities | $ 0 | $ 1 | |
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | ||
[2] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest was $648 and $878 as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received, including accrued interest, was $1 and $0 as of September 30, 2021 and December 31, 2020, respectively. | ||
[3] | Includes variation margin for daily settled contracts of $492 and $1,065 as of September 30, 2021 and December 31, 2020, respectively. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Net Gains (Losses) on Fair Value Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Interest Income, Advances | $ 73 | $ 135 | $ 256 | $ 786 | ||
Interest Expense, Other Long-term Debt | (41) | (59) | (121) | (530) | ||
Interest Expense, Consolidated Obligation Discount notes | (2) | (40) | (9) | (344) | ||
Interest Income [Member] | Advances [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Hedged Items | (164) | (202) | (679) | 1,173 | ||
Derivatives | 191 | 219 | 787 | (1,164) | ||
Net changes in fair value | 27 | 17 | 108 | 9 | ||
Net interest settlements on derivatives | (81) | (109) | (263) | [1],[2] | (238) | [1],[2] |
Amortization Accretion of Active Hedging Relationships | (18) | (15) | (83) | (39) | ||
Total net interest (expense) income effect from fair value hedging relationships | (76) | (108) | (249) | (269) | ||
Interest Expense [Member] | Bonds | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Hedged Items | 25 | 17 | 96 | (28) | ||
Derivatives | (30) | (16) | (100) | 30 | ||
Net changes in fair value | (5) | 1 | (4) | 2 | ||
Net interest settlements on derivatives | 34 | 15 | 71 | [1],[2] | 34 | [1],[2] |
Amortization Accretion of Active Hedging Relationships | 0 | 0 | 0 | (2) | ||
Total net interest (expense) income effect from fair value hedging relationships | $ 29 | 16 | $ 67 | 34 | ||
Interest Expense [Member] | Discount Notes | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Hedged Items | 1 | 0 | ||||
Derivatives | (2) | 0 | ||||
Net changes in fair value | (1) | 0 | ||||
Net interest settlements on derivatives | 0 | 38 | ||||
Amortization Accretion of Active Hedging Relationships | 0 | 0 | ||||
Total net interest (expense) income effect from fair value hedging relationships | $ (1) | $ 38 | ||||
[1] | Excludes the interest income/expense of the respective hedged items. | |||||
[2] | Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Total Basis Adjustments for Fair Value Hedges) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Advances [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Asset | [1] | $ 21,189 | $ 25,380 |
Basis Adjustments for Active Hedging Relationships Included in Amortized Cost | 736 | 1,529 | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | 75 | 55 | |
Total Amount of Fair Value Hedging Basis Adjustments | 811 | 1,584 | |
Discount Notes | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Liability | [1] | 0 | 1,122 |
Basis Adjustments for Active Hedging Relationships included in Amortized Cost) | 0 | 0 | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | 0 | 0 | |
Total Amount of Fair Value Hedging Basis Adjustments | 0 | 0 | |
Bonds | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Liability | [1] | 19,382 | 1,555 |
Basis Adjustments for Active Hedging Relationships included in Amortized Cost) | (40) | 56 | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | 0 | 0 | |
Total Amount of Fair Value Hedging Basis Adjustments | $ (40) | $ 56 | |
[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 (Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest-rate swaps | $ 0 | $ 1 | $ 1 | $ (6) |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 1 | 1 | (6) |
Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest-rate swaps [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest-rate swaps | 0 | 1 | 1 | (5) |
Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Net Interest Settlements [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest-rate swaps | $ 0 | $ 0 | $ 0 | $ (1) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | $ 11 | $ 7 | |
Derivative Liability | 323 | 504 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 333 | 384 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (315) | (493) |
Derivative assets | 344 | 391 | |
Derivative liabilities | 8 | 11 | |
Derivative, Collateral, Obligation to Return Securities | [3] | 1 | 1 |
Derivative, Collateral, Right to Reclaim Securities | [3] | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 343 | 390 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | 8 | 11 |
Credit Risk Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Credit Derivative Exposure Net | 2 | 3 | |
Uncleared derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 10 | 6 | |
Derivative Liability | 314 | 493 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (6) | (2) | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (306) | (482) | |
Derivative assets | 4 | 4 | |
Derivative liabilities | 8 | 11 | |
Derivative, Collateral, Obligation to Return Securities | [3] | 1 | 1 |
Derivative, Collateral, Right to Reclaim Securities | [3] | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 3 | 3 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | 8 | 11 |
Cleared derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1 | 1 | |
Derivative Liability | 9 | 11 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 339 | 386 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (9) | (11) | |
Derivative assets | 340 | 387 | |
Derivative liabilities | 0 | 0 | |
Derivative, Collateral, Obligation to Return Securities | [3] | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | [3] | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 340 | 387 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | $ 0 | $ 0 |
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | ||
[2] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest was $648 and $878 as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received, including accrued interest, was $1 and $0 as of September 30, 2021 and December 31, 2020, respectively. | ||
[3] | The Bank had net credit exposure of $2 and $3 as of September 30, 2021 and December 31, 2020, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position. |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 6 |
Additional Collateral, Aggregate Fair Value | 1 |
Collateral already posted, aggregate fair value | $ 0 |
Estimated Fair Values (Estimate
Estimated Fair Values (Estimated Fair Value Measurements on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets: | |||
Trading Securities | $ 0 | $ 1,562 | |
Available-for-sale Securities | 1,597 | 0 | |
Derivative assets | 344 | 391 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 333 | 384 |
Liabilities: | |||
Derivative liabilities | 8 | 11 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (315) | (493) |
US Treasury Securities [Member] | |||
Assets: | |||
Trading Securities | 0 | 1,500 | |
Available-for-sale Securities | 1,597 | ||
Government-Sponsored Enterprises Debt Obligations [Member] | |||
Assets: | |||
Trading Securities | 0 | 62 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Available-for-sale Securities | 0 | ||
Derivative assets | 0 | 0 | |
Grantor trust assets (included in Other assets) | 40 | 74 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Trading Securities | 1,562 | ||
Available-for-sale Securities | 1,597 | ||
Derivative assets | 11 | 7 | |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 323 | 504 | |
Fair Value, Recurring [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Available-for-sale Securities | 0 | ||
Derivative, Collateral, Right to Reclaim Cash | [1] | 333 | 384 |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Available-for-sale Securities | 0 | ||
Fair Value, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Grantor trust assets (included in Other assets) | 40 | 74 | |
Total recurring assets at fair value | 40 | 74 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Available-for-sale Securities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Trading Securities | 1,562 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | |
Total recurring assets at fair value | 1,608 | 1,569 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | |||
Assets: | |||
Trading Securities | 1,500 | ||
Available-for-sale Securities | 1,597 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | |||
Assets: | |||
Trading Securities | 62 | ||
Interest-rate swaps [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 333 | 384 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (315) | (493) | |
Interest-rate swaps [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Interest-rate swaps [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Derivative assets | 11 | 7 | |
Liabilities: | |||
Derivative liabilities | 323 | 504 | |
Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Trading Securities | 1,562 | ||
Available-for-sale Securities | 1,597 | ||
Derivative assets | 344 | 391 | |
Grantor trust assets (included in Other assets) | 40 | 74 | |
Liabilities: | |||
Derivative liabilities | 8 | 11 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Trading Securities | 1,562 | ||
Grantor trust assets (included in Other assets) | 40 | 74 | |
Total recurring assets at fair value | 1,981 | 2,027 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Assets: | |||
Trading Securities | 1,500 | ||
Available-for-sale Securities | 1,597 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | |||
Assets: | |||
Trading Securities | 62 | ||
Estimate of Fair Value Measurement [Member] | Interest-rate swaps [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Derivative assets | 344 | 391 | |
Liabilities: | |||
Derivative liabilities | $ 8 | $ 11 | |
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | ||
[2] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest was $648 and $878 as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received, including accrued interest, was $1 and $0 as of September 30, 2021 and December 31, 2020, respectively. |
Estimated Fair Values (Fair Val
Estimated Fair Values (Fair Value Summary) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets: | |||
Cash and Due from Banks | $ 2,079 | $ 2,905 | |
Trading Securities | 0 | 1,562 | |
Available-for-sale Securities | 1,597 | 0 | |
Held-to-maturity securities | 15,584 | 20,404 | |
Held-to-maturity securities, fair value | 15,635 | 20,489 | |
Interest Receivable | 65 | 88 | |
Derivative assets | 344 | 391 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 333 | 384 |
Liabilities: | |||
Interest Payable | 59 | 45 | |
Derivative liabilities | 8 | 11 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (315) | (493) |
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Cash and Due from Banks | 2,079 | 2,905 | |
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading Securities | 0 | ||
Available-for-sale Securities | 0 | ||
Held-to-maturity securities, fair value | 0 | 0 | |
Advances | 0 | ||
Mortgage loans held for portfolio, net | 0 | 0 | |
Loan to another FHLBank | 0 | ||
Interest Receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Grantor trust assets (included in Other assets) | 40 | 74 | |
Liabilities: | |||
Interest-bearing deposits | 0 | 0 | |
Interest Payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Cash and Due from Banks | 0 | 0 | |
Interest-bearing Deposits, Fair Value Disclosure | 689 | 1,644 | |
Securities purchased under agreements to resell | 3,500 | 9,500 | |
Federal funds sold | 9,609 | 3,270 | |
Trading Securities | 1,562 | ||
Available-for-sale Securities | 1,597 | ||
Held-to-maturity securities, fair value | 15,635 | 20,489 | |
Advances | 52,610 | ||
Mortgage loans held for portfolio, net | 44,113 | 234 | |
Loan to another FHLBank | 175 | ||
Accrued Interest Receivable, Fair Value Disclosure | 65 | 88 | |
Derivative assets | 11 | 7 | |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Liabilities: | |||
Interest-bearing deposits | 2,308 | 1,998 | |
Interest Payable | 59 | 45 | |
Derivative liabilities | 323 | 504 | |
Carrying Value [Member] | |||
Assets: | |||
Cash and Due from Banks | 2,079 | 2,905 | |
Interest-bearing Deposits, Fair Value Disclosure | 689 | 1,644 | |
Securities purchased under agreements to resell | 3,500 | 9,500 | |
Federal funds sold | 9,609 | 3,270 | |
Trading Securities | 1,562 | ||
Available-for-sale Securities | 1,597 | ||
Held-to-maturity securities | 15,584 | 20,404 | |
Advances | 52,168 | ||
Mortgage loans held for portfolio, net | 43,779 | 218 | |
Loan to another FHLBank | 162 | ||
Interest Receivable | 65 | 88 | |
Derivative assets | 344 | 391 | |
Grantor trust assets (included in Other assets) | 40 | 74 | |
Liabilities: | |||
Interest-bearing deposits | 2,308 | 1,998 | |
Interest Payable | 59 | 45 | |
Derivative liabilities | 8 | 11 | |
Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Cash and Due from Banks | 2,079 | 2,905 | |
Interest-bearing Deposits, Fair Value Disclosure | 689 | 1,644 | |
Securities purchased under agreements to resell | 3,500 | 9,500 | |
Federal funds sold | 9,609 | 3,270 | |
Trading Securities | 1,562 | ||
Available-for-sale Securities | 1,597 | ||
Held-to-maturity securities, fair value | 15,635 | 20,489 | |
Advances | 44,113 | 52,610 | |
Mortgage loans held for portfolio, net | 175 | 234 | |
Accrued Interest Receivable, Fair Value Disclosure | 65 | 88 | |
Derivative assets | 344 | 391 | |
Grantor trust assets (included in Other assets) | 40 | 74 | |
Liabilities: | |||
Interest-bearing deposits | 2,308 | 1,998 | |
Accrued Interest Payable, Fair Value Disclosure | 59 | 45 | |
Derivative liabilities | 8 | 11 | |
Discount Notes | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities: | |||
Discount notes | 0 | 0 | |
Discount Notes | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities: | |||
Discount notes | 22,796 | 25,387 | |
Discount Notes | Carrying Value [Member] | |||
Liabilities: | |||
Discount notes | 22,796 | 25,385 | |
Discount Notes | Estimate of Fair Value Measurement [Member] | |||
Liabilities: | |||
Discount notes | 22,796 | 25,387 | |
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities: | |||
Bonds | 0 | 0 | |
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities: | |||
Bonds | 47,828 | 59,835 | |
Consolidated Obligation Bonds [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Bonds | 47,609 | 59,379 | |
Consolidated Obligation Bonds [Member] | Estimate of Fair Value Measurement [Member] | |||
Liabilities: | |||
Bonds | 47,828 | 59,835 | |
Fair Value, Recurring [Member] | |||
Assets: | |||
Securities purchased under agreements to resell | 0 | 0 | |
Trading Securities | 0 | ||
Available-for-sale Securities | 0 | ||
Held-to-maturity securities, fair value | 0 | 0 | |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Grantor trust assets (included in Other assets) | 40 | 74 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Trading Securities | 1,562 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Trading Securities | 1,562 | ||
Grantor trust assets (included in Other assets) | 40 | 74 | |
Interest rate swap [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 333 | 384 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (315) | (493) | |
Interest rate swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Interest rate swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Derivative assets | 11 | 7 | |
Liabilities: | |||
Derivative liabilities | 323 | 504 | |
Interest rate swap [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Derivative assets | 344 | 391 | |
Liabilities: | |||
Derivative liabilities | $ 8 | $ 11 | |
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | ||
[2] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest was $648 and $878 as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received, including accrued interest, was $1 and $0 as of September 30, 2021 and December 31, 2020, respectively. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 2021USD ($)letter_of_credit | Dec. 31, 2020USD ($)letter_of_credit | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Number Of Outstanding Standby Letters Of Credit Renewable Annually | letter_of_credit | 18 | 15 | |
Standby Letters Of Credit Issued Renewable Annually | $ 15 | $ 19 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 6,371 | 9,287 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 3,588 | 6,754 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 9,959 | 16,041 | |
Commitments to Fund Additional Advances [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 106 | 10 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 28 | 107 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 134 | 117 | |
Unsettled Consolidated Obligation Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 1,248 | 1 |
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 | $ 1,248 | $ 1 | |
[1] | “Expire Within One Year” includes 18 standby letters of credit for a total of $15 and 15 standby letters of credit for a total of $19 as of September 30, 2021 and December 31, 2020, respectively, which have no stated maturity date and are subject to renewal on an annual basis. | ||
[2] | Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations. |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
The FHLBank's outstanding consolidated obligations for which the Bank is jointly and severally liable | $ 570,985 | $ 662,051 |
Other liabilities | 90 | 135 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other liabilities | $ 15 | $ 30 |
Transactions With Shareholder_2
Transactions With Shareholders (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Minimum | |||
Definition of related party, minimum percent | 10.00% | ||
Definition of shareholder concentration, percentage | 10.00% | ||
Regulatory Capital Stock Outstanding | [1] | $ 4,576 | $ 5,276 |
Federal Home Loan Bank, Advances, Par Value | 43,048 | 50,643 | |
TIAA, FSB | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 256 | $ 337 | |
Percent of Total Regulatory Capital Stock Outstanding | 10.98% | 10.94% | |
Federal Home Loan Bank, Advances, Par Value | $ 6,396 | $ 7,571 | |
Percent of Total Par Value Advances | 14.86% | 14.95% | |
Percent of Total Interest-bearing Deposits | 0.05% | 0.07% | |
Interest-bearing Deposits | $ 1 | $ 1 | |
Bank of America [Member] | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 298 | $ 334 | |
Percent of Total Regulatory Capital Stock Outstanding | 12.76% | 10.85% | |
Federal Home Loan Bank, Advances, Par Value | $ 7,507 | $ 7,507 | |
Percent of Total Par Value Advances | 17.44% | 14.82% | |
Percent of Total Interest-bearing Deposits | 0.00% | 0.01% | |
Interest-bearing Deposits | $ 0 | $ 0 | |
[1] | Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. |
Subsequent (Details)
Subsequent (Details) $ in Millions | Nov. 02, 2021USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Payments of Dividends | $ 23 |