Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Entity Tax Identification Number | 56-6000442 | ||
Entity File Number | 000-51845 | ||
City Area Code | 404 | ||
Entity Address, Address Line One | 1475 Peachtree Street, NE | ||
Local Phone Number | 888-8000 | ||
Entity Address, City or Town | Atlanta | ||
Entity Registrant Name | FEDERAL HOME LOAN BANK OF ATLANTA | ||
Entity Central Index Key | 0001331465 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 56,846,339 | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Voluntary Filing Status | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 0 | ||
Common Stock, Value, Outstanding | $ 3,442,243,700 | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Incorporation, State or Country Code | X1 | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30309 | ||
Entity Interactive Data Current | Yes |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 238 |
Statements of Condition
Statements of Condition - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 141 | $ 879 | |
Interest-bearing deposits (including deposits with other FHLBanks of $3 as of December 31, 2022 and 2021) | 1,277 | 688 | |
Securities purchased under agreements to resell | 6,250 | 7,000 | |
Federal funds sold | 8,036 | 6,420 | |
Investment securities: | |||
Available-for-sale securities (amortized cost of $2,747 and $2,648 as of December 31, 2022 and 2021, respectively) | 2,713 | 2,639 | |
Held-to-maturity securities (fair value of $22,140 and $15,099 as of December 31, 2022 and 2021, respectively) | 22,626 | 15,074 | |
Total investment securities | 25,339 | 17,713 | |
Advances | [1] | 109,595 | 45,415 |
Mortgage loans held for portfolio, net | 120 | 149 | |
Accrued interest receivable | 477 | 57 | |
Derivative Asset | 279 | 331 | |
Other assets, net | 108 | 94 | |
Total assets | 151,622 | 78,746 | |
Liabilities | |||
Interest-bearing deposits | 1,821 | 2,054 | |
Consolidated obligations, net: | |||
Discount notes | 39,781 | 25,506 | |
Bonds | 101,729 | 46,186 | |
Total consolidated obligations, net | 141,510 | 71,692 | |
Mandatorily redeemable capital stock | 0 | 1 | |
Accrued interest payable | 481 | 72 | |
Affordable Housing Program payable | 59 | 61 | |
Derivative liabilities | 25 | 22 | |
Other liabilities | 80 | 249 | |
Total liabilities | 143,976 | 74,151 | |
Commitments and contingencies (Note 15) | |||
Capital | |||
Total capital stock Class B putable | 5,397 | 2,383 | |
Retained earnings: | |||
Restricted | 651 | 615 | |
Unrestricted | 1,632 | 1,613 | |
Total retained earnings | 2,283 | 2,228 | |
Accumulated other comprehensive loss | (34) | (16) | |
Total capital | 7,646 | 4,595 | |
Total liabilities and capital | 151,622 | 78,746 | |
Subclass B1 [Member] | |||
Capital | |||
Total capital stock Class B putable | 711 | 715 | |
Subclass B2 [Member] | |||
Capital | |||
Total capital stock Class B putable | 4,676 | 1,668 | |
Subclass B3 | |||
Capital | |||
Total capital stock Class B putable | $ 10 | $ 0 | |
[1]Carrying amounts exclude accrued interest receivable of $418 and $50 as of December 31, 2022 and 2021, respectively. |
Statements of Condition (Parent
Statements of Condition (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits with other FHLBanks | $ 3 | $ 3 |
Available-for-sale, amortized cost | 2,747 | 2,648 |
Held-to-Maturity, Fair Value | $ 22,140 | $ 15,099 |
Capital stock Class B putable par value (per share) | $ 100 | $ 100 |
Subclass B1 [Member] | ||
Capital stock, shares issued | 7,113,946 | 7,143,718 |
Capital stock, shares outstanding | 7,113,946 | 7,143,718 |
Subclass B2 [Member] | ||
Capital stock, shares issued | 46,760,652 | 16,681,827 |
Capital stock, shares outstanding | 46,760,652 | 16,681,827 |
Statements of Income
Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | |||
Advances | $ 1,748 | $ 306 | $ 870 |
Interest-bearing deposits | 62 | 2 | 17 |
Securities purchased under agreements to resell | 143 | 2 | 32 |
Federal funds sold | 173 | 8 | 48 |
Trading securities | 0 | 1 | 10 |
Available-for-sale securities | 26 | 2 | 3 |
Held-to-maturity securities | 351 | 118 | 284 |
Mortgage loans | 7 | 9 | 13 |
Loans to other FHLBanks | 1 | 0 | 0 |
Total interest income | 2,511 | 448 | 1,277 |
Interest expense | |||
Consolidated obligation discount notes | 805 | 12 | 357 |
Consolidated obligation bonds | 1,345 | 155 | 582 |
Interest-bearing deposits | 34 | 0 | 5 |
Total interest expense | 2,184 | 167 | 944 |
Net interest income | 327 | 281 | 333 |
Reversal of provision for credit losses | 0 | (1) | 0 |
Net interest income after reversal of provision for credit losses | 327 | 282 | 333 |
Noninterest income (loss) | |||
Net (losses) gains on investment securities | 0 | (1) | 89 |
Net gains (losses) on derivatives | 2 | 1 | (6) |
Standby letters of credit fees | 8 | 11 | 19 |
Gain on litigation settlements, net | 4 | 0 | 0 |
Other | 2 | 4 | 11 |
Total noninterest income | 16 | 15 | 113 |
Noninterest expense | |||
Compensation and benefits | 65 | 80 | 102 |
Other operating expenses | 47 | 38 | 36 |
Finance Agency | 10 | 10 | 10 |
Office of Finance | 8 | 7 | 7 |
Affordable Housing Program non-statutory contribution | 5 | 0 | 0 |
Other | 3 | 14 | 8 |
Total noninterest expense | 138 | 149 | 163 |
Income before assessment | 205 | 148 | 283 |
Affordable Housing Program assessment | 21 | 15 | 28 |
Net income | $ 184 | $ 133 | $ 255 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 184 | $ 133 | $ 255 |
Other comprehensive loss: | |||
Net unrealized losses on available-for-sale securities | (25) | (9) | 0 |
Reclassification of unrealized gains related to the sale of available-for-sale securities | 0 | 0 | (41) |
Pension and postretirement benefits | 7 | 9 | 3 |
Total other comprehensive loss | (18) | 0 | (38) |
Total comprehensive income | $ 166 | $ 133 | $ 217 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Class B Putable [Member] | Retained Earnings [Member] | Retained Earnings, Restricted [Member] | Retained Earnings, Unrestricted [Member] | Accumulated Other Comprehensive Loss [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) | 51 | |||||
Issuance of capital stock | 5,078 | $ 5,078 | ||||
Repurchase/redemption of capital stock (shares) | (70) | |||||
Repurchase/redemption of capital stock | (6,966) | $ (6,966) | ||||
Net shares reclassified to mandatorily redeemable capital stock (shares) | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | (22) | $ (22) | ||||
Comprehensive income (loss) | 217 | 255 | 51 | 204 | (38) | |
Partial recovery of prior capital distribution to Financing Corporation | 29 | 29 | 29 | |||
Cash dividends on capital stock | (239) | (239) | (239) | |||
Ending balance (shares) at Dec. 31, 2020 | 31 | |||||
Ending 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) | 13 | |||||
Issuance of capital stock | 1,325 | $ 1,325 | ||||
Repurchase/redemption of capital stock (shares) | (20) | |||||
Repurchase/redemption of capital stock | (1,993) | $ (1,993) | ||||
Net shares reclassified to mandatorily redeemable capital stock (shares) | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | (27) | $ (27) | ||||
Comprehensive income (loss) | 133 | 133 | 27 | 106 | 0 | |
Partial recovery of prior capital distribution to Financing Corporation | 0 | |||||
Cash dividends on capital stock | (103) | (103) | 0 | (103) | ||
Ending balance (shares) at Dec. 31, 2021 | 24 | |||||
Ending balance at Dec. 31, 2021 | 4,595 | $ 2,383 | 2,228 | 615 | 1,613 | (16) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 94 | |||||
Issuance of capital stock | 9,420 | $ 9,420 | ||||
Repurchase/redemption of capital stock (shares) | (64) | |||||
Repurchase/redemption of capital stock | (6,367) | $ (6,367) | ||||
Net shares reclassified to mandatorily redeemable capital stock (shares) | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | (39) | $ (39) | ||||
Comprehensive income (loss) | 166 | 184 | 36 | 148 | (18) | |
Partial recovery of prior capital distribution to Financing Corporation | 0 | |||||
Cash dividends on capital stock | (129) | (129) | 0 | (129) | ||
Ending balance (shares) at Dec. 31, 2022 | 54 | |||||
Ending balance at Dec. 31, 2022 | $ 7,646 | $ 5,397 | $ 2,283 | $ 651 | $ 1,632 | $ (34) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net income | $ 184 | $ 133 | $ 255 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization (accretion) | 266 | 4 | (118) |
Reversal of provision for credit losses | 0 | (1) | 0 |
Net change in derivative and hedging activities | 1,066 | 673 | (482) |
Net change in fair value adjustment on trading securities | 0 | 1 | (4) |
Available-for-Sale Securities, Gross Realized Gains | 0 | 0 | (82) |
Net realized gains from sale of available -for-sale securities | 0 | 0 | (3) |
Net change in: | |||
Accrued interest receivable | (429) | 31 | 171 |
Other assets | (5) | 50 | 83 |
Affordable Housing Program payable | (3) | (23) | (8) |
Accrued interest payable | 409 | 27 | (166) |
Other liabilities | (1) | (50) | (87) |
Total adjustments | 1,303 | 712 | (696) |
Net cash provided (used in) by operating activities | 1,487 | 845 | (441) |
Investing activities | |||
Interest-bearing deposits | (2,533) | 1,074 | 1,831 |
Securities purchased under agreements to resell | 750 | 2,500 | (700) |
Federal funds sold | (1,616) | (3,150) | 6,556 |
Trading securities: | |||
Proceeds from sale | 0 | 61 | 0 |
Proceeds from principal collected | 0 | 1,500 | 0 |
Available-for-sale securities [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | 0 | 0 | 726 |
Payments to Acquire Debt Securities, Available-for-sale | (98) | (2,647) | 0 |
Held-to-maturity securities: | |||
Proceeds from Sale of Held-to-maturity Securities | 0 | 0 | 195 |
Proceeds from principal collected | 3,431 | 6,038 | 11,583 |
Purchases of long-term | (11,150) | (556) | (6,280) |
Advances: | |||
Proceeds from principal collected | 315,836 | 87,878 | 241,287 |
Originated | (381,299) | (82,129) | (195,421) |
Mortgage loans: | |||
Proceeds from principal collected | 29 | 70 | 78 |
Proceeds from sale of foreclosed assets | 0 | 0 | 1 |
Purchases of premises, equipment, and software | (14) | (5) | (7) |
Net cash (used in) provided by investing activities | (76,664) | 10,634 | 59,849 |
Financing activities | |||
Net change in interest-bearing deposits | (233) | 56 | 480 |
Net payments on derivatives containing a financing element | (4) | (6) | (5) |
Proceeds from issuance of consolidated obligations: | |||
Discount notes | 785,489 | 594,148 | 387,299 |
Bonds | 90,873 | 40,803 | 70,127 |
Payments for debt issuance costs | (6) | (2) | (8) |
Payments for maturing and retiring consolidated obligations: | |||
Discount notes | (771,446) | (594,018) | (413,915) |
Bonds | (33,118) | (53,689) | (99,271) |
Proceeds from issuance of capital stock | 9,420 | 1,325 | 5,078 |
Payments for repurchase/redemption of capital stock | (6,367) | (1,993) | (6,966) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (40) | (26) | (23) |
Partial recovery of prior capital distribution to Financing Corporation | 0 | 0 | 29 |
Cash dividends paid | (129) | (103) | (239) |
Net cash provided by (used in) financing activities | 74,439 | (13,505) | (57,414) |
Net (decrease) increase in cash and due from banks | (738) | (2,026) | 1,994 |
Cash and due from banks at beginning of the year | 879 | 2,905 | 911 |
Cash and due from banks at end of the year | 141 | 879 | 2,905 |
Cash paid for: | |||
Interest | 1,516 | 146 | 1,233 |
Affordable Housing Program assessments, net | 28 | 36 | 35 |
Noncash investing and financing activities: | |||
Net shares reclassified to mandatorily redeemable capital stock | 39 | 27 | 22 |
Held-to-maturity securities acquired with accrued liabilities | $ 0 | $ 162 | $ 0 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations The Federal Home Loan Bank of Atlanta (Bank) is a federally chartered corporation and is one of 11 district Federal Home Loan Banks (FHLBanks). Each FHLBank operates as a separate entity within a defined geographic district and has its own management, employees, and board of directors. The Bank’s defined geographic district includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. The FHLBanks are government-sponsored enterprises (GSEs) that were organized under the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), to serve the public by enhancing the availability of credit for residential mortgages and targeted community developments. The primary function of the Bank is to provide readily available, competitively priced funding to its member institutions. 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 are entitled to receive dividends on their capital stock, to the extent declared by the Bank’s board of directors. Federally-insured depository institutions, insurance companies, privately-insured state-chartered credit unions, and community development financial institutions that are located in the Bank’s defined geographic district and engaged in residential housing finance are eligible to apply for membership. All members must purchase and hold capital stock of the Bank. A member’s stock requirement is based on the amount of its total assets, as well as the amount of certain of its business activities with the Bank. Housing associates (including state and local housing authorities) that meet certain statutory criteria may also borrow from the Bank. While they are eligible to borrow, housing associates are not members of the Bank and are not allowed to hold capital stock. The Bank does not sponsor any special purpose entities or any other types of off-balance sheet conduits. The Federal Housing Finance Agency (Finance Agency), an independent agency in the executive branch of the U.S. government, supervises and regulates the FHLBanks and is responsible for ensuring that the FHLBanks (1) operate in a safe and sound manner, including that they maintain adequate capital and internal controls; (2) foster liquid, efficient, competitive, and resilient national housing finance markets through their operations and activities; (3) comply with applicable laws and regulations; and (4) carry out their housing finance mission through authorized activities that are consistent with the public interest. The Finance Agency also establishes policies and regulations covering the operations of the FHLBanks. The Federal Home Loan Banks Office of Finance (Office of Finance), a joint office of the FHLBanks, facilitates the issuance and servicing of the FHLBanks’ debt instruments, known as consolidated obligations, and prepares the combined quarterly and annual financial reports of the FHLBanks. As provided by the FHLBank Act and applicable regulations, the Bank’s consolidated obligations are backed only by the financial resources of the FHLBanks. Consolidated obligations are the primary source of funds for the Bank in addition to deposits, other borrowings, and capital stock issued to members. The Bank primarily uses these funds to provide advances to members. The Bank also provides members and non-members with correspondent banking services, such as safekeeping, wire transfer, and cash management services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) requires the Bank’s management to make subjective assumptions and estimates, which are based upon the information then available to the Bank and are inherently uncertain and subject to change. These assumptions and estimates may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ significantly from these estimates. Estimated Fair Values. The estimated fair value amounts, recorded on the Statements of Condition and in the note disclosures for the periods presented, have been determined by the Bank using available market and other pertinent information and reflect the Bank’s best judgment of appropriate valuation methods. Although the Bank uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any valuation technique. Therefore, these fair values may not be indicative of the amounts that would have been realized in market transactions at the reporting dates. Financial Instruments Meeting Netting Requirements. The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting agreements or by operation of law. The Bank has elected to offset its derivative asset and liability positions, as well as cash collateral received or pledged, when it has the legal right of offset under these master agreements. The Bank does not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time when this collateral is received or pledged. There may be a delay for excess collateral to be returned. For derivative instruments, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset based on the terms of the individual master agreement between the Bank and its derivative counterparty. Additional information regarding these agreements is provided in Note 13—Derivatives and Hedging Activities . 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. Interest-bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold. Interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold provide short-term liquidity and are carried at amortized cost. Interest on interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold is accrued as earned and recorded in interest income on the Statements of Income. Accrued interest receivable is recorded separately on the Statements of Condition. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a nationally recognized statistical rating organization (NRSRO) including the following: Standard and Poor’s (S&P), Moody’s Investors Service (Moody’s), and Fitch Ratings. All of these investments were with counterparties rated investment grade as of December 31, 2022 and 2021. These investments are evaluated quarterly for expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The Bank uses the collateral maintenance provision practical expedient to evaluate potential credit losses related to securities purchased under agreements to resell. Consequently, a credit loss would be recognized if there is a collateral shortfall which the Bank does not believe the counterparty will replenish in accordance with its contractual terms. The credit loss would be limited to the difference between the fair value of the collateral and the investment’s amortized cost. Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of December 31, 2022 and 2021. The carrying value of securities purchased under agreements excludes accrued interest receivable that was not material as of December 31, 2022 and 2021. Federal funds sold are unsecured loans that are generally transacted on an overnight term. All investments in interest-bearing deposits and federal funds sold were repaid or expected to be repaid according to the contractual terms as of December 31, 2022 and 2021. No allowance for credit losses was recorded for these assets as of December 31, 2022 and 2021. The carrying values of interest-bearing deposits and federal funds sold excludes accrued interest receivable that was not material as of December 31, 2022 and 2021. Investments in Debt Securities. The Banks classifies investment securities as trading, available-for-sale, or held-to-maturity at the date of acquisition. Purchases and sales of securities are recorded on a trade date basis. The Bank classifies certain investments in debt securities acquired for purposes of liquidity and asset-liability management as trading investments and carries these securities at their estimated fair value. The Bank does not participate in speculative trading practices in these investments and generally holds them until maturity, except to the extent management deems necessary to manage the Bank’s liquidity position. The Bank records changes in the fair value of these investments in noninterest income (loss) as “Net (losses) gains on investment securities” on the Statements of Income, along with gains and losses on sales of investment securities using the specific identification method. The Bank does not have any investment securities classified as trading as of December 31, 2022 and 2021. The Bank classifies certain securities that are not held-to-maturity or trading as available-for-sale and carries these securities at their estimated fair value. The Bank records changes in the fair value of these investments in other comprehensive income (loss). For available-for-sale securities in hedging relationships that qualify as fair value hedges, the Bank records the portion of the change in the fair value of the investment related to the risk being hedged in interest income on available-for-sale securities together with the related change in fair value of the derivative, and records the remainder of the change in the fair value of the investment in other comprehensive income (loss) as net unrealized losses on available-for-sale securities. For investments in debt securities classified as available-for-sale, the Bank evaluates an individual security for impairment on a quarterly basis by comparing the security’s fair value to its amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. Impairment exists when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, the Bank considers whether there would be a shortfall in receiving all cash flows contractually due. When a shortfall is considered possible, the Bank compares the present value of cash flows to be collected from the security with the amortized cost basis of the security. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The allowance is limited by the amount of the unrealized loss. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. If management intends to sell an impaired security classified as available-for-sale, or more likely than not will be required to sell the security before expected recovery of its amortized cost basis, any allowance for credit losses is written off and the amortized cost basis is written down to the security’s fair value at the reporting date with any incremental impairment reported in earnings. If management does not intend to sell an impaired security classified as available-for-sale and it is not more likely than not that management will be required to sell the debt security, then the credit portion of the difference is recognized as an allowance for credit losses and any remaining difference between the security’s fair value and amortized cost is recorded as net unrealized gains (losses) on available-for-sale securities within other comprehensive income (loss). For improvements in impaired available-for-sale securities with an allowance for credit losses, the allowance for credit losses associated with recoveries may be derecognized up to its full amount. The Bank has not established an allowance for credit losses on its available-for-sale securities as of December 31, 2022 and 2021 because the securities carry an explicit government guarantee such that the Bank considers the risk of nonpayment to be zero. Investments in debt securities that the Bank has both the ability and intent to hold to maturity are classified as held-to-maturity and carried at amortized cost, which is original cost net of periodic principal repayments and amortization of premiums and accretion of discounts. Accrued interest receivable is recorded separately on the Statements of Condition. Amortization of premiums and accretion of discounts are computed using the contractual level-yield method (contractual interest method), adjusted for actual prepayments. The contractual interest method recognizes the income effects of premiums and discounts over the contractual life of the securities based on the actual behavior of the underlying assets, including adjustments for actual prepayment activities, and reflects the contractual terms of the securities without regard to changes in estimated prepayments based on assumptions about future borrower behavior. Held-to-maturity securities are evaluated quarterly for expected credit losses on a pool basis unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. The Bank’s held-to-maturity securities consist of GSE debt obligations, state or local housing agency debt obligations, and MBS issued by the Government National Mortgage Association (Ginnie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae) that are backed by single-family or multifamily mortgage loans. The Bank only purchase securities considered investment quality. All of these investments were rated double-A, or above, by a NRSRO as of December 31, 2022 and 2021, based on the lowest long-term credit rating for each security. The Bank has not established an allowance for credit loss on any of its held-to-maturity securities as of December 31, 2022 and 2021, because the securities: (1) were all highly-rated and/or had short remaining terms to maturity, (2) had not experienced, nor did the Bank expect, any payment default on the instruments, and (3) in the case of U.S. obligations, they carry an explicit U.S. government guarantee such that the Bank considers the risk of nonpayment to be zero, and (4) in the case of GSE securities, they are purchased under the assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. Advances. The Bank reports advances (secured loans to members, former members, or housing associates) at amortized cost. Amortized cost is original cost net of periodic principal repayments and amortization of premiums and accretion of discounts (including discounts related to the Affordable Housing Program (AHP) and Economic Development and Growth Enhancement Program (EDGE)), net deferred fees or costs, and fair value hedge adjustments. The Bank accretes the discounts on advances and amortizes the recognized unearned commitment fees and hedging adjustments to interest income using the contractual interest method. The Bank records interest on advances to interest income as earned. Accrued interest receivable is recorded separately on the Statements of Condition. Advances are evaluated quarterly for expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The Bank manages its credit exposure to advances through an integrated approach that includes (1) establishing a credit limit for each borrower; (2) an ongoing review of each borrower’s financial condition; and (3) collateral and lending policies to limit risk of loss, while balancing each borrower’s needs for a reliable source of funding. In addition, the Bank lends to financial institutions within its district and housing associates in accordance with federal statutes and Finance Agency regulations. Specifically, the Bank complies with the FHLBank Act, which requires the Bank to obtain sufficient collateral to fully secure advances. The estimated fair value of the collateral required to secure each borrower’s advances is calculated by applying discounts to the fair value or unpaid principal balance of the collateral, as applicable. The Bank accepts certain investment securities, residential mortgage loans, deposits, and other real estate related assets as collateral. The Bank’s capital stock owned by its member borrower is also pledged as additional collateral. Collateral arrangements may vary depending upon borrower credit quality, financial condition and performance, borrowing capacity, and the Bank’s overall credit exposure to the borrower. The Bank can call for additional or substitute collateral to protect its security interest. The Bank believes that these policies effectively manage credit risk from advances. Based upon the financial condition of the borrower, the Bank either allows a borrower to retain physical possession of the collateral pledged to it or requires the borrower to specifically assign the collateral to or place the collateral in physical possession of the Bank or its safekeeping agent. The Bank requires its borrowers to execute an advances and security agreement that establishes the Bank’s security interest in all collateral pledged by the borrower to the Bank. The Bank perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the Bank by a borrower priority over the claims or rights of any other party (including any receiver, conservator, trustee, or similar party having rights of a lien creditor), except for claims or rights of a third party that (1) would be entitled to priority under otherwise applicable law, and (2) is an actual bona fide purchaser for value or is an actual secured party whose security interest is perfected in accordance with state law. Using a risk-based approach and taking into consideration each borrower’s financial strength, the Bank considers the types and amounts of pledged collateral to be the primary indicator of credit quality on its advances. The Bank had rights to collateral on a borrower-by-borrower basis with an estimated value equal to or greater than its outstanding extensions of credit as of December 31, 2022 and 2021. The Bank continues to evaluate and make changes to its collateral policies, as necessary, based on current market conditions. No advance was past due, on nonaccrual status, or considered impaired as of December 31, 2022 and 2021. In addition, there were no troubled debt restructurings (TDRs) related to advances as of December 31, 2022 and 2021. Based upon the collateral held as security, the Bank’s collateral policies, credit analysis, and the repayment history on advances, the Bank did not expect any credit losses on advances as of December 31, 2022 and 2021. Accordingly, the Bank has not recorded any allowance for credit losses on advances as of December 31, 2022 and 2021. Prepayment Fees . The Bank charges a borrower a prepayment fee when the borrower prepays certain advances before the original maturity date. The Bank records prepayment fees, net of basis adjustments related to hedging activities included in the carrying value of the advance as part of the advances line item in the interest income section of the Statements of Income. In cases in which there is a prepayment of an existing advance and a contemporaneous funding of a new advance, the Bank evaluates whether the new advance meets the accounting criteria to qualify as a modification of an existing advance or whether it constitutes a new advance. If the new advance qualifies as a modification of the existing advance, the hedging basis adjustments and the net prepayment fee on the prepaid advance are recorded in the carrying value of the modified advance and amortized over the life of the modified advance using the contractual interest method. This amortization is recorded in advance interest income. If the Bank determines that the transaction does not qualify as a modification of an existing advance, it is treated as an advance termination with subsequent funding of a new advance, and the Bank records the net fees as prepayment fees on advances, which is included in the advances line item in the interest income section of the Statements of Income. Mortgage Loans Held for Portfolio. The Bank classifies mortgage loans that it has the intent and ability to hold for the foreseeable future, or until maturity or payoff, as held for portfolio. These mortgage loans are reported at amortized cost, which is original cost, net of periodic principal repayments and amortization of premiums and accretion of discounts, fair value hedge adjustments on loans initially classified as mortgage loan commitments, and direct write-downs. Accrued interest receivable is recorded separately on the Statements of Condition. The Bank performs at least quarterly an assessment of its mortgage loans held for portfolio to estimate expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The Bank defers and amortizes premiums and accretes discounts (1) paid to and received by the participating financial institutions (PFIs), and (2) mark-to-market basis adjustments on loans initially classified as mortgage loan commitments, as interest income using the contractual interest method. A mortgage loan is considered past due when the principal or interest payment is not received in accordance with the contractual terms of the loan. The Bank places a conventional mortgage loan on nonaccrual status if it is determined that either (1) the collection of interest or principal is doubtful or (2) interest or principal is past due for 90 days or more, except when the loan is well-secured (e.g. through credit enhancement) and in the process of collection. When a mortgage loan is placed on nonaccrual status, accrued but uncollected interest is reversed against interest income. The Bank records cash payments received on nonaccrual loans as interest income and as a reduction of principal as specified in the contractual agreement. A loan on nonaccrual status may be restored to accrual status when (1) none of its contractual principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual interest and principal, or (2) it otherwise becomes well secured and in the process of collection. A government-guaranteed or -insured loan is not placed on nonaccrual status when the collection of the contractual principal or interest is 90 days or more past due because of (1) the U.S. government guarantee or insurance on the loan, and (2) the contractual obligation of the loan servicer to repurchase the loan when certain criteria are met. A mortgage loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the mortgage loan agreement. Interest income is recognized in the same manner as nonaccrual loans. Finance Agency regulations require that mortgage loans held in the Bank’s portfolios be credit enhanced. For conventional mortgage loans, PFIs retain a portion of the credit risk on the loans they sell to the Bank by providing credit enhancement either through a direct liability to pay credit losses up to a specified amount or through a contractual obligation to provide supplemental mortgage insurance. PFIs are paid a credit enhancement fee (CE Fee) for assuming credit risk, and in some instances, all or a portion of the CE Fee may be performance based. CE Fees are paid monthly based on the remaining unpaid principal balance of the loans in a master commitment. CE Fees are recorded as an offset to mortgage loan interest income. To the extent that the Bank experiences losses in a master commitment, it may be able to recapture CE Fees paid to the PFI to offset these losses. At least quarterly, the Bank performs an assessment of its mortgage loans held for portfolio to estimate expected credit losses. The Bank measures expected credit losses on mortgage loans on a collective basis, pooling loans with similar risk characteristics. If a mortgage loan no longer shares risk characteristics with other loans, it is removed from the pool and evaluated for expected credit losses on an individual basis. When developing the allowance for credit losses, the Bank measures the estimated loss over the remaining life of a mortgage loan, which also considers how the Bank’s credit enhancements mitigate credit losses. If a loan was purchased at a discount, the discount does not offset the allowance for credit losses. The allowance excludes uncollectible accrued interest receivable, as the Bank writes off accrued interest receivable by reversing interest income if a mortgage loan is placed on nonaccrual status. The Bank invested in government-guaranteed or -insured fixed-rate mortgage loans secured by one-to-four family residential properties. Government-guaranteed or -insured mortgage loans are mortgage loans guaranteed or insured by the Department of Veterans Affairs or the Federal Housing Administration. The servicer provides and maintains insurance or a guarantee from the applicable government agency. The servicer is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable insurance or guarantee with respect to defaulted government-guaranteed or -insured mortgage loans. Any losses incurred on these loans that are not recovered from the issuer or the guarantor are absorbed by the servicers. Therefore, the Bank only has credit risk for these loans if the servicer fails to pay for losses not covered by insurance or guarantees, but in such instance, the Bank would have recourse against the servicer for such failure. Based on the Bank’s assessment of its servicers and the collateral backing these loans, the Bank did not establish an allowance for credit losses for its government-guaranteed or -insured mortgage loan portfolio as of December 31, 2022 and 2021. Modified loans that are considered a TDR are evaluated individually for impairment. All other conventional residential mortgage loans are evaluated collectively for impairment. The allowance for conventional residential mortgage loans is determined by an analysis (performed at least quarterly) that includes segregating the portfolio into various aging groups. For loans that are 60 days or less past due, the Bank calculates a loss severity, default rate, and the expected loss based on individual loan characteristics. For loans that are more than 60 days past due, the allowance is determined using an automated valuation model. Modified loans that are considered a TDR are individually evaluated for impairment when determining the related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls (i.e., loss severity rate) incurred as of the reporting date, as well as the economic loss attributable to delaying the original contractual principal and interest due dates. A charge-off is recorded if it is estimated that the amortized cost and any applicable accrued interest in the loan will not be recovered. The Bank evaluates whether to record a charge-off on a conventional residential mortgage loan upon the occurrence of a confirming event. Once a loan is 180 days delinquent, the Bank classifies as a loss and charges off the portion of outstanding conventional residential mortgage loan balances in excess of the fair value of the underlying property, less costs to sell and adjusted for any available credit enhancements. Real estate owned (REO) includes assets that have been received in satisfaction of debt through foreclosures. REO is initially recorded at fair value, less estimated selling costs and is subsequently carried at the lower of that amount or current fair value, less estimated selling costs. The Bank recognizes a charge-off to the allowance for credit losses if the fair value of the REO, less estimated selling costs is less than the recorded investment in the loan at the date of transfer from loans to REO. Any subsequent realized gains, realized or unrealized losses, and carrying costs are included in noninterest income (loss) on the Statements of Income. REO is recorded in “Other assets” on the Statements of Condition and was not material as of December 31, 2022 and 2021. Derivatives and Hedging Activities. All derivatives are recognized on the Statements of Condition at their fair values and are reported as either derivative assets or derivative liabilities, net of cash collateral and accrued interest received from or pledged to clearing agents and/or counterparties. The fair values of derivatives are netted by the clearing agent and/or counterparty when the netting requirements have been met. If these netted amounts are positive, they are classified as an asset and, if negative, they are classified as a liability. Cash flows associated with a derivative are reflected as cash flows from operating activities on the Statements of Cash Flows unless the derivative meets the criteria to be a financing derivative. Derivatives not used for intermediary purposes are designated as either (1) a hedge of the fair value of (a) a recognized asset or liability or (b) an unrecognized firm commitment (a fair-value hedge); or (2) a non-qualifying hedge of an asset or liability for asset-liability management purposes. Changes in the fair value of a derivative that are effective as, and that are designated and qualify as, a fair-value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect losses or gains on firm commitments), are recorded in net interest income in the same line as the earnings effect of the hedged item. A non-qualifying hedge is a derivative hedging specific or non-specific underlying assets, liabilities, or firm commitments that is an acceptable hedging strategy under the Bank’s risk management program and Finance Agency regulatory requirements, but it does not qualify or was not designated for fair value or cash flow hedge accounting. A non-qualifying hedge introduces the potential for earnings variability because only the change in fair value of the derivative is recorded and is not offset by corresponding changes in the fair value of the non-qualifying hedged asset, liability, or firm commitment, unless such asset, liability, or firm commitment is required to be accounted for at fair value through earnings. Both the net interest on the derivative and the fair value adjustments of a non-qualifying hedge are recorded in noninterest income (loss) as “Net gains (losses) on derivatives” on the Statements of Income. The derivatives used in intermediary activities do not qualify for hedge accounting treatment and are separately marked-to-market through earnings. These amounts are recorded in noninterest income (loss) as “Net gains (losses) on derivatives” on the Statements of Income. The net result of the accounting for these derivatives does not significantly impact the Bank’s results of operations. The net settlement of interest receivables and payables related to derivatives designated as fair-value hedges are recognized as adjustments to the interest income or interest expense of the designated hedged item. The net settlement of interest receivables and payables related to intermediated derivatives for members and other non-qualifying hedges are recognized in noninterest income (loss) as “Net gains (losses) on derivatives” on the Statements of Income. The Bank discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer expected to be highly effective in offsetting changes in the fair value of a hedged risk, including hedged items such as firm commitments; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) a hedged firm commitment no longer meets the definition of a firm commitment; or (4) the bank determines that designating the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued due to the Bank’s determination that a derivative no longer qualifies as an effective fair-value hedge of an existing hedged item, or when the bank decides to cease the specific hedging activity, the Bank will either (1) terminate the derivative, or (2) continue to carry the derivative on the Statements of Condition at its fair value, cease to adjust the hedged asset or liability for changes in fair value, and amortize the cumulative basis adjustment on the hedged item into earnings over the remaining life of the hedged item using the level-yield method. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the Statements of Condition, recognizing changes in the fair value of the derivative in current-period earnings. The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument may be “embedded.” Upon execution of these transactions, the Bank assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the advance, debt, or purchased financial instruments (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as a stand-alone derivative instrument pursuant to a non-qualifying hedge. However, if the entire contract (the host contract and the embedded derivative) is to be measured at fair value, with changes in fair value reported in current-period earnings (e.g., an investment security classified as “trading”), or if the Bank could not identify and measure reliably |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Guidance | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued And Adopted Accounting Guidance | Recently Issued and Adopted Accounting Guidance The following table provides a summary of the Financial Accounting Standards Board’s recently issued accounting guidance not yet adopted by the Bank. Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended (ASU 2020-04) This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. March 12, 2020 through December 31, 2024 The Bank began applying certain of the amendments related to contract modifications and hedging relationships beginning in the third quarter of 2022. The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations. Fair Value Hedging - Portfolio Layer Method (ASU 2022-01) This guidance expands the current single-layer hedging method to allow multiple hedged layers of a single closed portfolio. January 1, 2023 The adoption of this guidance did not have an impact on the Bank's financial condition or results of operations. Troubled Debt Restructurings and Vintage Disclosures This guidance eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit loss methodology while enhancing disclosure requirement for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. January 1, 2023 The adoption of this guidance did not have a material impact on the Bank's financial condition or results of operations. |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Cash and Due from BanksThe Bank maintains a collected cash balance with a commercial bank, which is a member, in return for certain services, and the average collected cash balance was $8 for the years ended December 31, 2022 and 2021. There are no legal restrictions regarding the withdrawal of these funds. |
Investments Debt Securities
Investments Debt Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt Securities | Investments in Debt Securities Available-for-sale Securities Major Security Type. The following table presents information on U.S. Treasury obligations that are classified as available-for-sale. Amortized Cost (1) Gross Gross Estimated As of December 31, 2022 $ 2,747 $ 1 $ (35) $ 2,713 As of December 31, 2021 $ 2,648 $ — $ (9) $ 2,639 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable that was $10 and not material as of December 31, 2022 and 2021, respectively. The following table presents U.S. Treasury obligations that are classified as available-for-sale securities 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 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross As of December 31, 2022 $ — $ — $ 1,564 $ (35) $ 1,564 $ (35) As of December 31, 2021 $ 1,589 $ (9) $ — $ — $ 1,589 $ (9) The following table presents the amortized cost and estimated fair value of available-for-sale securities by contractual maturity. As of December 31, 2022 2021 Amortized Cost (1) Estimated Fair Value Amortized Cost (1) Estimated Fair Value Due in one year or less $ 2,649 $ 2,615 $ — $ — Due after one year through five years 98 98 2,648 2,639 Total $ 2,747 $ 2,713 $ 2,648 $ 2,639 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable that was $10 and not material as of December 31, 2022 and 2021, respectively. Interest-rate Payment Terms. The following table presents interest-rate payment terms for investment securities classified as available-for-sale securities. As of December 31, 2022 2021 Fixed-rate $ 1,697 $ 1,598 Variable-rate 1,050 1,050 Total amortized cost $ 2,747 $ 2,648 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable that was $10 and not material as of December 31, 2022 and 2021, respectively. During 2020, the Bank sold all of its available-for-sale private-label mortgage-backed securities (MBS). Proceeds from the sale of the available-for-sale private-label MBS totaled $726 which resulted in a net realized gain of $82 determined by the specific identification method. There were no sales during 2022 and 2021. Held-to-maturity Securities Major Security Types. The following table presents held-to-maturity securities. As of December 31, 2022 2021 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 1,550 2 (34) 1,518 1,450 6 (6) 1,450 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 257 2 (23) 236 221 — (3) 218 Government-sponsored enterprises residential 5,504 1 (166) 5,339 4,927 43 (9) 4,961 Government-sponsored enterprises commercial 15,314 — (268) 15,046 8,475 19 (25) 8,469 Total $ 22,626 $ 5 $ (491) $ 22,140 $ 15,074 $ 68 $ (43) $ 15,099 ____________ (1) Excludes accrued interest receivable of $46 and $6 as of December 31, 2022 and 2021, respectively. Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. 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 December 31, 2022 2021 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 75 $ 75 $ 435 $ 435 Due after one year through five years 1,416 1,384 856 853 Due after five years through 10 years 60 60 100 101 Due after 10 years — — 60 62 Total non-mortgage-backed securities 1,551 1,519 1,451 1,451 Mortgage-backed securities 21,075 20,621 13,623 13,648 Total $ 22,626 $ 22,140 $ 15,074 $ 15,099 ____________ (1) Excludes accrued interest receivable of $46 and $6 as of December 31, 2022 and 2021, respectively. Interest-rate Payment Terms. The following table presents interest-rate payment terms for investment securities classified as held-to-maturity. As of December 31, 2022 2021 Non-mortgage-backed securities: Fixed-rate $ 551 $ 551 Variable-rate 1,000 900 Total non-mortgage-backed securities 1,551 1,451 Mortgage-backed securities: Fixed-rate 1,881 1,888 Variable-rate 19,194 11,735 Total mortgage-backed securities 21,075 13,623 Total amortized cost (1) $ 22,626 $ 15,074 ____________ (1) Excludes accrued interest receivable of $46 and $6 as of December 31, 2022 and 2021, respectively. During 2020, for strategic, economic and operational reasons, the Bank sold all of its held-to-maturity private-label MBS. The amortized cost of the held-to-maturity private-label MBS sold was $192. Proceeds from the sale of the held-to-maturity private-label MBS totaled $195, which resulted in a net realized gain of $3 determined by the specific identification method. For each of the held-to-maturity securities which were sold, the Bank had previously collected at least 85 percent of the principal outstanding at the time of acquisition due to prepayments or scheduled prepayments over the term of the security. As such, the sales were considered maturities for purposes of security classification. There were no sales of held-to-maturity securities during 2022 and 2021. For information related to the Bank’s credit risk on investments in debt securities and allowance for credit losses, see Note 2—Summary of Significant Accounting Policies . |
Advances
Advances | 12 Months Ended |
Dec. 31, 2022 | |
Advances [Abstract] | |
Advances | Advances The Bank offers a wide range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics, and optionality. Fixed-rate advances generally have maturities ranging from one day to 30 years. Variable-rate advances generally have maturities ranging from less than 30 days to 20 years, where the interest rates reset periodically at a fixed spread to Secured Overnight Financing Rate (SOFR) or other specified indices. Redemption Terms. The following table presents the Bank’s advances outstanding by redemption terms. As of December 31, 2022 2021 Due in one year or less $ 78,134 $ 21,819 Due after one year through two years 12,981 3,247 Due after two years through three years 7,982 2,236 Due after three years through four years 4,033 3,145 Due after four years through five years 2,427 3,047 Due after five years 4,752 11,433 Total par value 110,309 44,927 Deferred prepayment fees 3 (70) Discounts (2) (3) Hedging adjustments (715) 561 Total (1) $ 109,595 $ 45,415 ___________ (1) Carrying amounts exclude accrued interest receivable of $418 and $50 as of December 31, 2022 and 2021, respectively. The Bank offers callable advances to members that may be prepaid on prescribed dates (call dates) without incurring prepayment or termination fees. The Bank also offers prepayable advances, which are variable-rate advances that may be contractually prepaid by the borrower on specified dates without incurring prepayment or termination fees. Other advances may be prepaid only by paying a fee to the Bank, so the Bank is financially indifferent to the prepayment of the advance. The Bank had callable and prepayable advances outstanding of $14,442 and $1,755 as of December 31, 2022 and 2021, respectively. The following table presents advances by year of contractual maturity or next call date for callable advances. As of December 31, 2022 2021 Due or callable in one year or less $ 88,759 $ 23,564 Due or callable after one year through two years 10,521 2,927 Due or callable after two years through three years 2,962 1,976 Due or callable after three years through four years 1,163 3,125 Due or callable after four years through five years 2,277 2,177 Due or callable after five years 4,627 11,158 Total par value $ 110,309 $ 44,927 Convertible advances offered by the Bank allow the Bank to convert the fixed-rate advance to a variable-rate advance at the current market rate on certain specified dates. The Bank had convertible advances outstanding of $1,266 and $5,307 as of December 31, 2022 and 2021, respectively. The following table presents advances by year of contractual maturity or, for convertible advances, next conversion date. As of December 31, 2022 2021 Due or convertible in one year or less $ 79,317 $ 27,082 Due or convertible after one year through two years 12,994 3,271 Due or convertible after two years through three years 8,033 2,215 Due or convertible after three years through four years 4,012 3,137 Due or convertible after four years through five years 2,110 2,976 Due or convertible after five years 3,843 6,246 Total par value $ 110,309 $ 44,927 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of December 31, 2022 2021 Fixed-rate: Due in one year or less $ 36,379 $ 14,715 Due after one year 13,786 20,391 Total fixed-rate 50,165 35,106 Variable-rate: Due in one year or less 41,755 7,104 Due after one year 18,389 2,717 Total variable-rate 60,144 9,821 Total par value $ 110,309 $ 44,927 Advance Concentrations. The Bank’s advances are concentrated in commercial banks, credit unions, savings institutions, and insurance companies, and further is concentrated in certain larger borrowing relationships. The concentration of the Bank’s advances to its 10 largest borrowers was $75,475, or 68.4 percent of total advances, and $32,076, or 71.4 percent of total advances, as of December 31, 2022 and 2021, respectively. For information related to the Bank’s credit risk on advances and allowance for credit losses, see Note 2—Summary of Significant Accounting Policies . |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio | Mortgage Loans Held for PortfolioThe Bank purchased fixed-rate residential mortgage loans directly from PFIs, who service and credit enhance the residential mortgage loans that they sold to the Bank. The Bank ceased purchasing these loans directly from PFIs in 2008. The Bank may also acquire fixed-rate residential mortgage loans through participation in eligible mortgage loans purchased from other FHLBanks. The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase. As of December 31, 2022 2021 Medium-term (15 years or less) $ 1 $ 2 Long-term (greater than 15 years) 119 148 Total unpaid principal balance 120 150 Discounts — (1) Total mortgage loans held for portfolio (1) 120 149 Allowance for credit losses on mortgage loans — — Mortgage loans held for portfolio, net $ 120 $ 149 ____________ (1) Excludes accrued interest receivable of $1 as of December 31, 2022 and 2021. The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type. As of December 31, 2022 2021 Conventional mortgage loans $ 109 $ 137 Government-guaranteed or insured mortgage loans 11 13 Total unpaid principal balance $ 120 $ 150 The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans, which is not material for the periods presented. For the Years Ended December 31, 2022 2021 2020 Balance, beginning of year $ — $ 1 $ 1 Reversal of provision for credit losses — (1) — Balance, end of year $ — $ — $ 1 Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor borrower performance. Other delinquency statistics include, nonaccrual 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 December 31, 2022 (2) As of December 31,2021 (3) 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 4 7 Total past due mortgage loans 7 10 Current mortgage loans 102 126 Total conventional mortgage loans $ 109 $ 136 ____________ (1) Amortized cost excludes accrued interest receivable of $1 as of December 31, 2022 and 2021. (2) Represents conventional mortgage loans originated prior to 2018. (3) Represents conventional mortgage loans originated prior to 2017. The following tables present the other delinquency statistics for all mortgage loans. As of December 31, 2022 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) 4.01 % 6.84 % 4.26 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 4 $ — $ 4 As of December 31, 2021 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at recorded investment: In process of foreclosure (1) $ — $ — $ — Seriously delinquent rate (2) 4.70 % 6.26 % 4.83 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 6 $ — $ 6 ____________ (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) As of December 31, 2022 and 2021, none of conventional mortgage loans on nonaccrual status had an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral, including any credit enhancements, was greater than the amortized cost of the loans. A TDR is considered to have occurred when a concession that would not have been considered otherwise is granted to a borrower for economic or legal reasons related to the borrower’s financial difficulties. The Bank has granted a concession when it does not expect to collect all amounts due under the original contract as a result of the restructuring. A conventional residential mortgage loan in which the borrower filed for Chapter 7 bankruptcy and the bankruptcy court discharged the borrower’s obligation to the Bank is also considered a TDR. The amount of TDRs was not material as of December 31, 2022 and 2021. |
Consolidated Obligations
Consolidated Obligations | 12 Months Ended |
Dec. 31, 2022 | |
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 FHLBanks and are backed only by the financial resources of the FHLBanks. The Bank is primarily liable for its portion of consolidated obligations (i.e., those issued on its behalf) and also is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all consolidated obligations of each of the FHLBanks. The Finance Agency, at its discretion, may require any FHLBank to make principal or interest payments due on any consolidated obligation, whether or not the consolidated obligation represents a primary liability of such FHLBank. Although it has never occurred, to the extent that an FHLBank makes any payment on a consolidated obligation on behalf of another FHLBank that is primarily liable for such consolidated obligation, Finance Agency regulations provide that the paying FHLBank is entitled to reimbursement from the noncomplying FHLBank for any payments made on its behalf and any other associated costs (including interest to be determined by the Finance Agency). However, if the Finance Agency determines that the noncomplying FHLBank is unable to satisfy its repayment obligations, the Finance Agency may allocate the outstanding liabilities of the noncomplying FHLBank among the remaining FHLBanks on a pro rata basis in proportion to each FHLBank’s participation in all consolidated obligations outstanding. The Finance Agency reserves the right to allocate the outstanding liabilities for the consolidated obligations among the FHLBanks in any other manner it may determine to ensure that the FHLBanks operate in a safe and sound manner. The par value of the FHLBanks’ outstanding consolidated obligations, including consolidated obligations issued by the Bank, was $1,181,743 and $652,862 as of December 31, 2022 and 2021, respectively. Regulations require each FHLBank to maintain, in the aggregate, unpledged qualifying assets equal to that FHLBank’s consolidated obligations outstanding. Qualifying assets are defined as cash; secured advances; obligations of or fully guaranteed by the United States; mortgages guaranteed or insured by the U.S. or its agencies; participations, mortgages, or other securities of or issued by certain government-sponsored enterprises; and such securities as fiduciary and trust funds may invest in under the laws of the state in which the FHLBank is located. The Bank held unpledged qualifying assets of $151,236 and $78,321 as of December 31, 2022 and 2021, respectively, compared to a book value of $141,510 and $71,692 in consolidated obligations as of December 31, 2022 and 2021, respectively. General Terms. Consolidated obligations are issued with either fixed- or variable-rate coupon payment terms and may use a variety of indices for interest-rate resets including the SOFR and others. To meet the expected specific needs of certain investors in consolidated obligations, both fixed- and variable-rate consolidated obligation bonds may contain certain features, which may result in complex coupon payment terms and call options. When such consolidated obligations are issued, the Bank generally enters into derivatives containing offsetting features that, in effect, convert the terms of the consolidated obligation bond to those of a simple variable-rate consolidated obligation bond. These consolidated obligations, beyond having fixed-rate or simple variable-rate coupon payment terms, may also have the following broad term regarding either principal repayment or coupon payment terms: Optional Principal Redemption Consolidated Obligation Bonds (callable bonds) that the Bank may redeem in whole or in part at its discretion on predetermined call dates according to the terms of the consolidated obligation bond offerings. With respect to interest payments, consolidated obligation bonds may have the following term in addition to fixed-rate and simple variable-rate payment terms: Step-up/down Consolidated Obligation Bonds have coupons at fixed rates for specified intervals over the lives of the consolidated obligation bonds. At the end of each specified interval, the coupon rate increases (or decreases) or steps up (or steps down). These consolidated obligation bond issues generally contain call provisions enabling the bonds to be called at the Bank’s discretion. Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type. As of December 31, 2022 2021 Simple variable-rate $ 51,525 $ 16,400 Fixed-rate 46,561 27,751 Step up/down 6,115 2,295 Total par value $ 104,201 $ 46,446 Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity. As of December 31, 2022 2021 Amount Weighted- Amount Weighted- Due in one year or less $ 62,408 4.13 $ 16,640 0.16 Due after one year through two years 14,210 1.43 2,110 0.55 Due after two years through three years 9,986 1.96 10,700 0.81 Due after three years through four years 8,701 1.20 4,720 0.67 Due after four years through five years 6,135 2.61 7,829 0.94 Due after five years 2,761 2.37 4,447 1.76 Total par value 104,201 3.17 46,446 0.67 Premiums 8 10 Discounts (13) (17) Hedging adjustments (2,467) (253) Total $ 101,729 $ 46,186 The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of December 31, 2022 2021 Noncallable $ 62,050 $ 22,053 Callable 42,151 24,393 Total par value $ 104,201 $ 46,446 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 December 31, 2022 2021 Due or callable in one year or less $ 98,320 $ 40,712 Due or callable after one year through two years 2,610 1,778 Due or callable after two years through three years 1,330 1,674 Due or callable after three years through four years 587 1,090 Due or callable after four years through five years 133 3 Due or callable after five years 1,221 1,189 Total par value $ 104,201 $ 46,446 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 December 31, 2022 $ 39,781 $ 40,005 4.00 As of December 31, 2021 $ 25,506 $ 25,507 0.04 |
Afforable Housing Program
Afforable Housing Program | 12 Months Ended |
Dec. 31, 2022 | |
Assessments [Abstract] | |
Affordable Housing Program | Affordable Housing Program Affordable Housing Program . Annually, each FHLBank must set aside 10 percent of its income subject to assessment for the AHP, or such additional prorated sums as may be required so that the aggregate annual contribution of the FHLBanks is not less than $100. For purposes of the AHP calculation, each FHLBank’s income subject to assessment is defined as the individual FHLBank’s net income before assessments, plus interest expense related to mandatorily redeemable capital stock. The Bank accrues this expense monthly based on its income subject to assessment. The Bank reduces the AHP liability as members use subsidies. If the Bank experienced a net loss during a quarter but had income subject to assessment in subsequent quarters, it would be required to contribute additional amounts to meet its calculated annual obligation based on the Bank’s year-to-date income subject to assessment. If the Bank experienced a net loss for a full year, the Bank would have no obligation to the AHP for the year since each FHLBank’s required annual AHP contribution is limited to its annual income subject to assessment. If the aggregate of 10 percent of income subject to assessment for all FHLBanks was less than $100, each FHLBank would be required to contribute additional amounts so that the aggregate contribution of the FHLBanks equals the required $100. Each FHLBanks’ prorated contribution would be determined based on its income in relation to the income of all FHLBanks for the previous year. There was no shortfall in the years ended December 31, 2022, 2021, or 2020. If an FHLBank finds that its required contributions are contributing to the financial instability of that FHLBank, it may apply to the Finance Agency for a temporary suspension of its contributions. No FHLBank made such an application in the years ended December 31, 2022, 2021, or 2020. The Bank had outstanding principal in AHP-related advances of $10 and $12 as of December 31, 2022 and 2021, respectively. The following table presents a rollforward of the Bank’s AHP liability. For the Years Ended December 31, 2022 2021 2020 Balance, beginning of year $ 61 $ 82 $ 89 AHP assessment 21 15 28 AHP non-statutory contribution 5 — — Subsidy usage, net (28) (36) (35) Balance, end of year $ 59 $ 61 $ 82 |
Capital and Mandatorily Redeema
Capital and Mandatorily Redeemable Capital Stock | 12 Months Ended |
Dec. 31, 2022 | |
Banking Regulation, Total Capital [Abstract] | |
Capital and Mandatorily Redeemable Capital Stock | Capital Capital. The Bank is subject to the following three regulatory capital requirements under its capital plan, the FHLBank Act, and Finance Agency regulations. Risk-Based Capital . The Bank must maintain, at all times, permanent capital in an amount at least equal to the sum of its credit risk capital requirement, its market risk capital requirement, and its operational risk capital requirement, calculated in accordance with the rules and regulations of the Finance Agency. Permanent capital is defined by the FHLBank Act and regulations as the sum of retained earnings and the amounts paid-in for Class B stock. Only permanent capital satisfies the risk-based capital requirement. The Finance Agency may require the Bank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined. Total Regulatory Capital . The FHLBank Act requires the Bank to maintain total regulatory capital in an amount equal to at least four percent of total assets at all times. Total regulatory capital is defined as the sum of permanent capital, the amounts paid-in for Class A stock (if any), the amount of the Bank’s general allowance for losses (if any), and the amount of any other instruments identified in the capital plan and approved by the Finance Agency. The Bank has not issued any Class A stock, has no general allowance for losses, and has no other instruments identified in the capital plan and approved by the Finance Agency; therefore, the Bank’s total regulatory capital is equal to its permanent capital as of December 31, 2022 and 2021. Total regulatory capital does not include accumulated other comprehensive income (loss) but does include mandatorily redeemable capital stock. Leverage Capital . The FHLBank Act requires the Bank to maintain leverage capital in an amount equal to at least five percent of total assets at all times. Leverage capital is defined as the sum of permanent capital weighted 1.5 times and all other components of total capital. Although mandatorily redeemable capital stock is not included in capital for financial reporting purposes, such outstanding stock is considered capital for determining compliance with these regulatory capital requirements. The following table presents the Bank’s compliance with the Finance Agency’s regulatory capital rules and requirements. As of December 31, 2022 2021 Required Actual Required Actual Risk-based capital $ 801 $ 7,680 $ 814 $ 4,612 Total regulatory capital ratio 4.00 % 5.07 % 4.00 % 5.86 % Total regulatory capital $ 6,065 $ 7,680 $ 3,150 $ 4,612 Leverage capital ratio 5.00 % 7.60 % 5.00 % 8.79 % Leverage capital $ 7,581 $ 11,520 $ 3,937 $ 6,918 The Bank’s Capital Plan provides for three subclasses of Class B stock, as follows: • shares of subclass B1 capital stock are issued to meet the membership stock requirement under the capital plan; • shares of subclass B2 capital stock are issued to meet the advances activity-based stock requirement under the capital plan; and • shares of subclass B3 capital stock are issued to meet the standby letters of credit activity-based stock requirement under the capital plan. Each subclass of Class B stock is issued, redeemed, and repurchased at a par value of $100 per share. Member shares cannot be purchased or sold except between the Bank and its members at $100 per share par value. The minimum stock requirement for each member is the sum of the membership stock requirement and the activity-based stock requirements. The capital plan permits the Bank’s board of directors to set the membership and activity-based stock requirements within a range as set forth in the capital plan. Activity-based stock held by a member is that amount of subclass B2 or B3 capital stock that the member is required to own for as long as certain transactions between the Bank and the member remain outstanding. The manner in which the activity-based stock requirement is determined under the capital plan is set forth below. Subclass B1 capital stock. As of December 31, 2022, the membership stock requirement was an amount of subclass B1 capital stock equal to 0.05 percent (five basis points) of the member’s total assets as of December 31, 2021, subject to a cap of $15. The membership stock requirement is recalculated using the member’s total assets as of the preceding calendar year-end at least annually by March 31. Subclass B2 capital stock. The Bank’s board of directors approved an adjustment to the activity-based stock requirement from 3.75 percent to 4.25 percent of the member’s outstanding par value of advances. This change became effective as of December 5, 2022. As of December 31, 2022, the advances activity-based stock requirement was an amount of subclass B2 capital stock equal to the sum of the following: • 4.25 percent of the member’s outstanding par value of advances; and • 8.00 percent of any outstanding targeted debt or equity investments (such as multifamily residential mortgage loan assets) sold by the member to the Bank on or after December 17, 2004, although none of these investments were outstanding as of December 31, 2022. The advances activity-based stock requirement also may include a percentage of any outstanding balance of acquired member assets (such as residential mortgage loan assets) although this percentage was set at zero as of December 31, 2022 and 2021. Subclass B3 capital stock . As of December 31, 2022, the standby letters of credit activity-based requirement was an amount equal to 0.10 percent (10 basis points) of members’ outstanding standby letters of credit. As of December 31, 2021, the standby letters of credit activity-based stock requirement was not yet in effect. The FHLBank Act and Finance Agency regulations require that the minimum stock requirement for members must be sufficient to enable the Bank to meet its minimum regulatory capital requirement. Therefore, from time to time, the Bank’s board of directors may adjust the membership stock requirement and the activity-based stock requirement within specified ranges set forth in the capital plan. Any adjustment outside the ranges would require an amendment to the capital plan and Finance Agency approval. Each member is required to comply promptly with any adjustment to the minimum stock requirement. The FHLBank Act provides that the Bank may repurchase, at its sole discretion, any member’s capital stock investment that exceeds the required minimum amount (excess capital stock). Under certain circumstances, Finance Agency regulations limit the ability of the Bank to create member excess stock. The Bank may not pay dividends in the form of capital stock or issue excess capital stock to any member if the Bank’s excess capital stock exceeds one percent of its total assets or if the issuance of excess capital stock would cause the Bank’s excess capital stock to exceed one percent of its total assets. As of December 31, 2022 and 2021, the Bank’s excess capital stock did not exceed one percent of its total assets. A member may redeem its excess Class B capital stock at par value payable in cash five years after providing written notice to the Bank. The Bank, at its option, may repurchase a member’s excess capital stock before expiration of the five-year notice period. The Bank’s authority to redeem or repurchase capital stock is subject to a number of limitations. Under Finance Agency regulations, the Bank’s board of directors may, but is not required to, declare and pay non-cumulative dividends in cash or capital stock from unrestricted retained earnings and current earnings. All shares of capital stock share in any dividend without preference. Dividends are computed on the average daily balance of capital stock outstanding during the relevant time period. The Bank may not pay a dividend if the Bank is not in compliance with any of its regulatory capital requirements or if a payment would cause the Bank to fail to meet any of its regulatory capital requirements. 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 2022, 2021, and 2020. 2022 2021 2020 Amount Annualized Rate (%) Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 22 3.70 $ 30 3.72 $ 76 5.93 Second quarter 23 3.74 27 3.69 70 5.53 Third quarter 33 4.11 23 3.67 58 4.35 Fourth quarter 51 5.30 23 3.70 35 4.00 Total $ 129 4.34 $ 103 3.70 $ 239 5.03 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
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 Noncredit Portion Pension and 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 Actuarial loss — — (2) (2) Reclassification from accumulated other comprehensive income to net income: Net unrealized gains on available-for-sale securities (82) — — (82) Amortization of pension and postretirement (1) — — 5 5 Net current period other comprehensive (loss) income — (41) 3 (38) Balance, December 31, 2020 — — (16) (16) Other comprehensive income before reclassifications: Net unrealized gains on available-for-sale securities (9) — — (9) Actuarial loss — — (3) (3) Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — — 12 12 Net current period other comprehensive (loss) income (9) — 9 — Balance, December 31, 2021 (9) — (7) (16) Other comprehensive income before reclassifications: Net unrealized losses on available-for-sale securities (25) — — (25) Actuarial gain — — 6 6 Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — — 1 1 Net current period other comprehensive (loss) income (25) — 7 (18) Balance, December 31, 2022 $ (34) $ — $ — $ (34) ____________ (1) Included in Noninterest expense - Other on the Statements of Income. |
Pension and Post Retirement Ben
Pension and Post Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Post Retirement Benefit Plans | Pension and Postretirement Benefit Plans The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra Plan), a tax-qualified defined-benefit pension plan. The Pentegra Plan is treated as a multiemployer plan for accounting purposes but operates as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. As a result, certain multiemployer plan disclosures are not applicable to the Pentegra Plan. Under the Pentegra Plan, contributions made by a participating employer may be used to provide benefits to employees of other participating employers because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer. Also, in the event a participating employer is unable to meet its contribution requirements, the required contributions for the other participating employers could increase proportionately. The Pentegra Plan covers substantially all officers and employees of the Bank hired before March 1, 2011. The Pentegra Plan operates on a fiscal year from July 1 through June 30. The Pentegra Plan files one Form 5500 on behalf of all employers who participate in the plan. The Employer Identification Number is 13-5645888, and the three-digit plan number is 333. There are no collective bargaining agreements in place at the Bank. The Pentegra Plan’s annual valuation process includes separately calculating the plan’s funded status and the funded status of each participating employer. The funded status is defined as the fair value of assets divided by the funding target (100 percent of the present value of all benefit liabilities accrued at that date). As permitted by ERISA, the Pentegra Plan accepts contributions for the prior plan year up to eight and a half months after the asset valuation date. As a result, the fair value of assets at the valuation date (July 1) will increase by any subsequent contributions designated for the immediately preceding plan year ended June 30. The most recent Form 5500 available for the Pentegra Plan is for the year ended June 30, 2021. The contributions made by the Bank during 2022 were not more than five percent of the total contributions for the Pentegra Plan year ended June 30, 2021, and contributions made during 2021 were not more than five percent of the total contributions for the Pentegra Plan year ended June 30, 2020. The following table presents information on the net pension costs and funded status of the Pentegra Plan. 2022 2021 2020 Net pension cost charged to compensation and benefit expense for the year ended December 31 $ 5 $ 7 $ 31 Pentegra Plan funded status as of July 1 (1) 118.87 % 130.59 % 108.50 % Bank’s funded status as of July 1 145.40 % 157.71 % 130.19 % ____________ (1) The Pentegra Plan’s funded status as of July 1 is preliminary and may increase because the plan’s participants are permitted to make contributions through March 15 of the following year (i.e. through March 15, 2023 for the plan year ended June 30, 2022 and through March 15, 2022 for the plan year ended June 30, 2021). Contributions made before the March 15th deadline may be credited to the plan for the plan year ended June 30 of the previous year and included in the final valuation as of July 1 of the year the plan ended. The final funded status as of July 1 will not be available until the Form 5500 for the plan year July 1 through June 30 is filed. Form 5500 is due to be filed no later than April 2024 for the plan year July 1, 2022 through June 30, 2023 and April 2023 for the plan year July 1, 2021 through June 30, 2022. Form 5500 was filed in April 2022 for the plan year July 1, 2020 through June 30, 2021. The Bank also participates in a qualified defined contribution plan. The Bank’s contribution to this plan is equal to a percentage of voluntary contributions, subject to certain limitations, plus contributions for all employees hired on or after March 1, 2011. The Bank contributed $3 to this plan during each of the years ended December 31, 2022, 2021, and 2020. The Bank offers a supplemental nonqualified defined contribution retirement plan to eligible executives. The Bank’s contribution to this plan is equal to a percentage of voluntary contributions. The Bank contributions to this plan were not material during each of the years ended December 31, 2022, 2021, and 2020. In addition, the Bank maintains a nonqualified deferred compensation plan, available to Bank directors and officers at the senior vice president level and above, which is, in substance, an unfunded supplemental savings plan. The plan’s liability consists of the accumulated compensation deferrals and accrued earnings on those deferrals. The Bank’s minimum obligation from this plan was $4 and $6 as of December 31, 2022 and 2021, respectively. Operating expense includes deferred compensation and accrued earnings that were not material for each of the years ended December 31, 2022, 2021, and 2020. The Bank offers a supplemental nonqualified defined benefit pension plan to eligible executives and a postretirement health benefit plan to eligible retirees. There are no funded plan assets that have been designated to provide supplemental retirement plan or postretirement health benefits. Amounts recognized in other liabilities (funded status) on the Statements of Condition for the Bank’s supplemental defined benefit pension plan and postretirement health benefit plan was $24 and $30 as of December 31, 2022 and 2021, respectively. The net periodic benefit costs recognized in “Compensation and benefits” on the Statements of Income for the Bank’s supplemental defined benefit pension plan and postretirement health benefit plan were not material for the years ended December 31, 2022, 2021 and 2020. The amount recognized in other comprehensive income (loss) related to pension and postretirement benefit plans on the Statements of Comprehensive Income for the Bank’s supplemental defined benefit pension plan and postretirement health benefit plan was income of $7, $9, and $3 for the years ended December 31, 2022, 2021, and 2020, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
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. Finance Agency regulations and the Bank’s risk management policy prohibit the trading or speculative use of these derivative instruments and limit credit risk arising from these instruments. The use of derivatives is an integral part of the Bank’s financial management strategy. The most common ways in which the Bank uses derivatives are to: • preserve a favorable interest-rate spread between the yield of an asset (e.g., an advance) and the cost of the related liability (e.g., the consolidated obligation bond used to fund the advance) by converting both fixed-rate instruments to a variable rate using interest-rate swaps; • reduce funding costs by combining a derivative with a consolidated obligation because the cost of a combined funding structure can be lower than the cost of a comparable consolidated obligation bond; • reduce the interest-rate sensitivity and repricing gaps of assets and liabilities; • mitigate the adverse earnings effects from the shortening or lengthening of certain assets (e.g., mortgage assets) and liabilities; • protect the value of existing asset or liability positions; • manage embedded options in assets and liabilities; and • achieve overall asset/liability management objectives. Application of Derivatives General. The Bank designates derivative instruments in the following three ways: (1) as a fair value hedge of an underlying financial instrument or a firm commitment; (2) as an intermediary transaction; or (3) as a non-qualifying hedge for purposes of asset or liability management. The Bank reevaluates its hedging strategies from time to time and may change the hedging techniques it uses or adopt new strategies. The Bank transacts most of its derivatives with counterparties that are 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. The Bank uses derivatives when they are considered to be the most cost-effective alternative to achieve the Bank’s long-term financial and risk management objectives. Accordingly, the Bank may enter into derivatives that do not qualify for hedge accounting (non-qualifying hedges). Types of Derivatives The Bank may use the following types of derivatives to reduce funding costs and to manage its exposure to interest-rate risks inherent in the normal course of business. Interest-Rate Swaps. An interest-rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be exchanged and the manner in which the cash flows will be calculated. One of the simplest forms of an interest-rate swap involves the promise by one party to pay cash flows equivalent to the interest on a notional principal amount at a predetermined fixed rate for a given period of time. In return for this promise, this party receives cash flows equivalent to the interest on the same notional principal amount at a variable rate for the same period of time. The variable rate received or paid by the Bank in most derivative transaction agreements is SOFR or the overnight indexed swap rate. Swaptions. A swaption is an option on a swap that gives the buyer the right to enter into a specified interest-rate swap at a certain time in the future. When used as a hedge, a swaption can protect the Bank against future interest rate changes when it is planning to lend or borrow funds in the future. The Bank may enter into both payer swaptions and receiver swaptions. A payer swaption is the option to make fixed interest payments at a later date, and a receiver swaption is the option to receive fixed interest payments at a later date. Interest-Rate Cap and Floor Agreements. In an interest-rate cap agreement, a cash flow is generated if the price or rate of an underlying variable rises above a certain threshold (or cap) price. In an interest-rate floor agreement, a cash flow is generated if the price or rate of an underlying variable falls below a certain threshold (or floor) price. Caps may be used in conjunction with liabilities, and floors may be used in conjunction with assets. Caps and floors are designed to protect against the interest rate on a variable-rate asset or liability rising above or falling below a certain level. Types of Hedged Items At inception, the Bank documents all relationships between derivatives designated as hedging instruments and hedged items, its risk management objectives and strategies for undertaking various hedge transactions, and its method of assessing effectiveness. This process includes linking all derivatives that are designated as fair value hedges to (1) assets and liabilities on the Statements of Condition; or (2) firm commitments. The Bank also formally assesses (both at the hedge’s inception and at least quarterly on an ongoing basis) whether the derivatives that it uses in hedging relationships have been effective in offsetting changes in the fair value of hedged items attributable to the hedged risk and whether those derivatives may be expected to remain effective in future periods. The Bank uses regression analyses to assess the effectiveness of its hedges. Investments . Investment securities may be classified as trading, available-for-sale, or held-to-maturity. The interest-rate and prepayment risk associated with these investment securities are managed through a combination of debt issuance and derivatives. The Bank may manage the prepayment and interest-rate risks by funding investment securities with consolidated obligations that have call features, by hedging the prepayment risk with caps or floors, or by adjusting the duration of the securities by using derivatives to modify the cash flows of the securities. Derivatives held by the Bank that are associated with trading and held-to-maturity securities are designated as a non-qualifying hedge and derivatives held by the Bank associated with available-for-sale securities may qualify as either a fair value hedge or a cash flow hedge, or may be designated as a non-qualifying hedge. Advances . The Bank offers a variety of advance structures to meet members’ funding needs. These advances may have maturities of up to 30 years with variable or fixed rates and may include early termination features or options. The Bank may use derivatives to adjust the repricing and/or options characteristics of advances in order to more closely match the characteristics of the Bank’s funding liabilities. In general, whenever a member executes a fixed- or a variable-rate advance with embedded options, the Bank simultaneously will execute a derivative with terms that offset the terms and embedded options in the advance. For example, the Bank may hedge a fixed-rate advance with an interest-rate swap in which the Bank pays a fixed-rate coupon and receives a variable-rate coupon, effectively converting the fixed-rate advance to a variable-rate advance. This type of hedge is typically treated as a fair-value hedge. Mortgage Assets. The Bank has invested in mortgage assets. The prepayment options embedded in mortgage assets may shorten or lengthen the expected repayment of these investments, depending on changes in estimated prepayment speeds. The Bank manages the interest-rate and prepayment risk associated with mortgages through a combination of debt issuance and derivatives. The Bank issues both callable and non-callable debt to achieve cash flow patterns and liability durations similar to those expected on the mortgage loans. The Bank may use derivatives to match the expected prepayment characteristics of the mortgages. Options (interest-rate caps, interest-rate floors and/or options) also may be used to hedge prepayment risk on the mortgages. Many options are not identified to specific mortgages and therefore, do not receive fair-value or cash-flow hedge accounting treatment. The Bank also may purchase interest-rate caps and floors, swaptions, callable swaps, calls, and puts to minimize the prepayment risk embedded in the mortgage loans. Although these derivatives are valid non-qualifying hedges against the prepayment risk of the loans, they do not receive either fair-value or cash-flow hedge accounting. These derivatives are marked-to-market through earnings. Consolidated Obligations . While consolidated obligations are the joint and several obligations of the FHLBanks, each FHLBank has consolidated obligations for which it is the primary obligor. The Bank enters into derivatives to hedge the interest-rate risk associated with its specific debt issuances in conjunction with the associated interest-rate risk on advances. The Bank manages the risk arising from changing market prices and volatility of a consolidated obligation by matching the cash inflow on the derivative with the cash outflow on the consolidated obligation. For instance, in a typical transaction, fixed-rate consolidated obligations are issued for the Bank, and the Bank simultaneously enters into a matching derivative in which the counterparty pays fixed cash flows to the Bank designed to mirror cash outflows that the Bank pays on the consolidated obligation in timing and amount. The Bank pays a variable cash flow that closely matches the interest payments it receives on short-term or variable-rate advances. These transactions are typically treated as fair-value hedges. This intermediation between the capital and swap markets permits the Bank to raise funds at lower costs than otherwise would be available through the issuance of simple fixed-rate consolidated obligations in the capital markets. Firm Commitments . Certain mortgage loan purchase commitments are considered derivatives. Mortgage purchase commitments are recorded on the balance sheet at fair value, with changes in fair value recognized in current-period earnings. When the mortgage purchase commitment derivative settles, the current fair value of the commitment is included with the basis of the mortgage loan and amortized accordingly. The Bank also may enter into a fair value hedge of a firm commitment for a forward starting advance through the use of an interest-rate swap. In this case, the swap functions as the hedging instrument for both the firm commitment and the subsequent advance. The basis movement associated with the firm commitment is recorded as a basis adjustment of the advance at the time the commitment is terminated and the advance is issued. The basis adjustment is then amortized into interest income over the life of the advance using the level-yield method. 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 December 31, 2022 2021 Notional Derivative Assets Derivative Liabilities Notional Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 77,673 $ 44 $ 2,506 $ 46,340 $ 2 $ 453 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 63 3 1 64 1 1 Interest-rate caps or floors 4,000 — — 4,000 1 1 Total derivatives not designated as hedging instruments 4,063 3 1 4,064 2 2 Total derivatives before netting and collateral adjustments $ 81,736 47 2,507 $ 50,404 4 455 Netting adjustments and cash collateral (2) 232 (2,482) 327 (433) Derivative assets and derivative liabilities $ 279 $ 25 $ 331 $ 22 ___________ (1) Includes variation margin for daily settled contracts of negative $739 and positive $300 as of December 31, 2022 and 2021, 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 $2,714 and $759 as of December 31, 2022 and 2021, respectively. The Bank did not receive any cash collateral, including accrued interest, as of December 31, 2022 and 2021. The following tables present the net (losses) gains on fair value hedging relationships. For the Year Ended December 31, 2022 Interest Income (Expense) Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 1,748 $ (1,345) $ (805) Changes in fair value: Hedged items (1,105) 2,226 10 Derivatives 1,318 (2,222) (9) Net changes in fair value 213 4 1 Net interest settlements on derivatives (1) (2) (17) (187) — Amortization/accretion of active hedging relationships (185) (12) (32) Other 4 — — Total net interest income effect from fair value hedging relationships $ 15 $ (195) $ (31) ____________ (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 Year Ended December 31, 2021 Advances Consolidated Obligation Bonds Total interest income (expense) recorded in the Statements of Income $ 306 $ (155) Changes in fair value: Hedged items (2) $ (905) $ 309 Derivatives 1,030 (317) Net changes in fair value 125 (8) Net interest settlements on derivatives (1) (2) (331) 113 Amortization/accretion of active hedging relationships (99) — Other (19) — Total net interest income effect from fair value hedging relationships $ (324) $ 105 ____________ (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 Year Ended December 31, 2020 Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 870 $ (582) $ (357) Changes in fair value: Hedged items (2) $ 922 $ (18) $ — Derivatives (886) 20 — Net changes in fair value 36 2 — Net interest settlements on derivatives (1) (2) $ (341) $ 41 $ 39 Amortization/accretion of active hedging relationships (56) (2) — Other (4) — — Total net interest income effect from fair value hedging relationships $ (365) $ 41 $ 39 ____________ (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 tables present the total basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of December 31, 2022 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 Advances $ 18,533 $ (711) $ (4) $ (715) Available-for-sale Securities 100 — — — Consolidated obligations: Bonds 48,521 (2,461) (6) (2,467) Discount notes 11,475 (10) — (10) ____________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. As of December 31, 2021 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 Advances $ 21,293 $ 492 $ 69 $ 561 Consolidated obligation Bonds 25,256 (252) (1) (253) ____________ (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 Years Ended December 31, 2022 2021 2020 Derivatives not designated as hedging instruments: Interest-rate swaps $ — $ 1 $ (4) Net interest settlements 2 — (2) Net gains (losses) on derivatives $ 2 $ 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 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. 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 December 31, 2022 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 21 $ 2,496 $ 4 $ 451 Cleared derivatives 26 11 — 4 Total gross recognized amount 47 2,507 4 455 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (19) (2,471) (3) (429) Cleared derivatives 251 (11) 330 (4) Total gross amounts of netting adjustments and cash collateral: 232 (2,482) 327 (433) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 2 25 1 22 Cleared derivatives 277 — 330 — Total net amounts after netting adjustments and cash collateral 279 25 331 22 Non-cash collateral received or pledged not offset- cannot be sold or repledged: Uncleared derivatives — — — — Cleared derivatives — — — — Total cannot be sold or repledged — — — — Net unsecured amounts: Uncleared derivatives 2 25 1 22 Cleared derivatives 277 — 330 — Total net unsecured amount (1) $ 279 $ 25 $ 331 $ 22 ___ ____________ (1) The Bank’s net credit exposure was not material as of December 31, 2022 and 2021, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position. _________ (1) T |
Estimated Fair Values
Estimated Fair Values | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values | Estimated Fair Values The Bank records available-for-sale 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 market observability of the fair value measurement for the asset or liability 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 December 31, 2022 and 2021. 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 December 31, 2022 and 2021. Level 3 - unobservable inputs for the asset or liability. Valuations are derived from techniques that use significant assumptions not observable in the market, which include pricing models, discounted cash flow models, or similar techniques. The Bank did not carry any financial assets or liabilities, measured on a recurring basis, at fair value Level 3 as of December 31, 2022 and 2021. 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. Described below are the Bank’s fair value measurement methodologies applied 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 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 conducts periodic 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 (or some other price identified in the analysis) 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 December 31, 2022 and 2021. 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 SOFR swap curve for the discounting of cleared derivatives and the Overnight Index Swap 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 December 31, 2022 and 2021. 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 need to take into account future business opportunities and the net profitability of assets versus liabilities. As of December 31, 2022 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 141 $ 141 $ 141 $ — $ — Interest-bearing deposits 1,277 1,277 — 1,277 — Securities purchased under agreements to resell 6,250 6,250 — 6,250 — Federal funds sold 8,036 8,036 — 8,036 — Available-for-sale securities (1) 2,713 2,713 — 2,713 — Held-to-maturity securities 22,626 22,140 — 22,140 — Advances 109,595 109,424 — 109,424 — Mortgage loans held for portfolio, net 120 115 — 115 — Accrued interest receivable 477 477 — 477 — Derivative assets (1) 279 279 — 47 232 Grantor trust assets (included in Other assets) (1) 29 29 29 — — Liabilities: Interest-bearing deposits 1,821 1,821 — 1,821 — Consolidated obligations, net: Discount notes 39,781 39,776 — 39,776 — Bonds 101,729 101,240 — 101,240 — Accrued interest payable 481 481 — 481 — Derivative liabilities (1) 25 25 — 2,507 (2,482) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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. As of December 31, 2021 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 879 $ 879 $ 879 $ — $ — Interest-bearing deposits 688 688 — 688 — Securities purchased under agreements to resell 7,000 7,000 — 7,000 — Federal funds sold 6,420 6,420 — 6,420 — Available-for-sale securities (1) 2,639 2,639 — 2,639 — Held-to-maturity securities 15,074 15,099 — 15,099 — Advances 45,415 45,635 — 45,635 — Mortgage loans held for portfolio, net 149 161 — 161 — Accrued interest receivable 57 57 — 57 — Derivative assets (1) 331 331 — 4 327 Grantor trust assets (included in Other assets) (1) 35 35 35 — — Liabilities: Interest-bearing deposits 2,054 2,054 — 2,054 — Consolidated obligations, net: Discount notes 25,506 25,506 — 25,506 — Bonds 46,186 46,338 — 46,338 — Mandatorily redeemable capital stock 1 1 1 — — Accrued interest payable 72 72 — 72 — Derivative liabilities (1) 22 22 — 455 (433) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 $1,037,537 and $580,909 as of December 31, 2022 and 2021, 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 December 31, 2022 and 2021. Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks’ consolidated obligations as of December 31, 2022 and 2021. The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of December 31, 2022 2021 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 3,103 $ 5,943 $ 9,046 $ 3,757 $ 3,914 $ 7,671 Commitments to fund additional advances 318 — 318 96 38 134 Unsettled consolidated obligation bonds, at par (2) 5,277 — 5,277 80 — 80 ____________ (1) “Expire Within One Year” includes 22 standby letters of credit for a total of $49 and 19 standby letters of credit for a total of $15 as of December 31, 2022 and 2021, 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 Bank issues standby letters of credit on behalf of its members to support certain obligations of the members to third-party beneficiaries. Standby letters of credit may be offered to assist members and non-member housing associates in facilitating residential housing finance, community lending, and asset-liability management, and to provide liquidity. In particular, members often use standby letters of credit as collateral for deposits from federal and state government agencies. Standby letters of credit are executed for members for a fee. If the Bank is required to make a payment for a beneficiary's draw, the member either reimburses the Bank for the amount drawn or, subject to the Bank's discretion, the amount drawn may be converted into a collateralized advance to the member and will require a corresponding activity-based capital stock purchase. However, standby letters of credit usually expire without being drawn upon. 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 $22 and $16 as of December 31, 2022 and 2021, respectively. The Bank’s operating expenses include net rental costs of $1 for each of the years ended December 31, 2022, 2021, and 2020. Lease agreements for Bank premises generally provide for increases in the basic rentals resulting from increases in property taxes and maintenance expenses. Such increases are not expected to have a material effect on the Bank’s results of operations. 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 | 12 Months Ended |
Dec. 31, 2022 | |
Transactions With Shareholders [Abstract] | |
TransactionsWithShareholders | 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 as declared by the Bank’s board of directors. All advances are issued to members and eligible housing associates under the 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 December 31, 2022 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 Truist Bank $ 1,277 23.67 $ 29,702 26.93 $ — — As of December 31, 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 12.49 $ 7,506 16.71 $ — 0.02 TIAA, FSB 277 11.61 6,946 15.46 1 0.05 |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions With Other FHLBanks | Transactions with Other FHLBanks The Bank’s activities with other FHLBanks are summarized below. Loans to and Borrowings from Other FHLBanks. Occasionally, the Bank loans short-term funds to or borrows short-term funds from the other FHLBanks. There were no outstanding loans to or borrowings from the other FHLBanks as of December 31, 2022 and 2021. Interest income on loans to and interest expense on borrowings from the other FHLBanks were not material during each of the years ended December 31, 2022, 2021, and 2020. The following table presents the cash flow activities for loans to and borrowings from other FHLBanks. For the Years Ended December 31, 2022 2021 2020 Investing activities: Loans to other FHLBanks $ (4,300) $ (780) $ (500) Principal collected on loans to other FHLBanks 4,300 780 500 Net change in loans to other FHLBanks $ — $ — $ — Financing activities: Proceeds from short-term borrowings from other FHLBanks $ 4,080 $ 25 $ — Payments of short-term borrowings from other FHLBanks (4,080) (25) — Net change in borrowings from other FHLBanks $ — $ — $ — Mortgage Loan Purchases of Participation Interests from Other FHLBanks . In December 2016, the Bank agreed to purchase a 90 percent participating interest in a $100 master commitment of certain newly acquired mortgage loans from the FHLBank Indianapolis. The Bank’s outstanding balance related to these mortgage loans was $22 and $25 as of December 31, 2022 and 2021, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsOn January 26, 2023, the Bank’s board of directors approved a fourth quarter 2022 cash dividend at an annualized rate of 6.37 percent. The Bank paid the fourth quarter 2022 dividend on February 2, 2023 in the amount of $78. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) requires the Bank’s management to make subjective assumptions and estimates, which are based upon the information then available to the Bank and are inherently uncertain and subject to change. These assumptions and estimates may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ significantly from these estimates. |
Estimated Fair Values | Estimated Fair Values. The estimated fair value amounts, recorded on the Statements of Condition and in the note disclosures for the periods presented, have been determined by the Bank using available market and other pertinent information and reflect the Bank’s best judgment of appropriate valuation methods. Although the Bank uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any valuation technique. Therefore, these fair values may not be indicative of the amounts that would have been realized in market transactions at the reporting dates. |
Financial Instruments Meeting Netting Requirements | Financial Instruments Meeting Netting Requirements. The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting agreements or by operation of law. The Bank has elected to offset its derivative asset and liability positions, as well as cash collateral received or The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time when this collateral is received or pledged. There may be a delay for excess collateral to be returned. For derivative instruments, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset based on the terms of the individual master agreement between the Bank and its derivative counterparty. Additional information regarding these agreements is provided in Note 13—Derivatives and Hedging Activities |
Investments | Interest-bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold. Interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold provide short-term liquidity and are carried at amortized cost. Interest on interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold is accrued as earned and recorded in interest income on the Statements of Income. Accrued interest receivable is recorded separately on the Statements of Condition. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a nationally recognized statistical rating organization (NRSRO) including the following: Standard and Poor’s (S&P), Moody’s Investors Service (Moody’s), and Fitch Ratings. All of these investments were with counterparties rated investment grade as of December 31, 2022 and 2021. These investments are evaluated quarterly for expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The Bank uses the collateral maintenance provision practical expedient to evaluate potential credit losses related to securities purchased under agreements to resell. Consequently, a credit loss would be recognized if there is a collateral shortfall which the Bank does not believe the counterparty will replenish in accordance with its contractual terms. The credit loss would be limited to the difference between the fair value of the collateral and the investment’s amortized cost. Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of December 31, 2022 and 2021. The carrying value of securities purchased under agreements excludes accrued interest receivable that was not material as of December 31, 2022 and 2021. Federal funds sold are unsecured loans that are generally transacted on an overnight term. All investments in interest-bearing deposits and federal funds sold were repaid or expected to be repaid according to the contractual terms as of December 31, 2022 and 2021. No allowance for credit losses was recorded for these assets as of December 31, 2022 and 2021. The carrying values of interest-bearing deposits and federal funds sold excludes accrued interest receivable that was not material as of December 31, 2022 and 2021. Investments in Debt Securities. The Banks classifies investment securities as trading, available-for-sale, or held-to-maturity at the date of acquisition. Purchases and sales of securities are recorded on a trade date basis. The Bank classifies certain investments in debt securities acquired for purposes of liquidity and asset-liability management as trading investments and carries these securities at their estimated fair value. The Bank does not participate in speculative trading practices in these investments and generally holds them until maturity, except to the extent management deems necessary to manage the Bank’s liquidity position. The Bank records changes in the fair value of these investments in noninterest income (loss) as “Net (losses) gains on investment securities” on the Statements of Income, along with gains and losses on sales of investment securities using the specific identification method. The Bank does not have any investment securities classified as trading as of December 31, 2022 and 2021. The Bank classifies certain securities that are not held-to-maturity or trading as available-for-sale and carries these securities at their estimated fair value. The Bank records changes in the fair value of these investments in other comprehensive income (loss). For available-for-sale securities in hedging relationships that qualify as fair value hedges, the Bank records the portion of the change in the fair value of the investment related to the risk being hedged in interest income on available-for-sale securities together with the related change in fair value of the derivative, and records the remainder of the change in the fair value of the investment in other comprehensive income (loss) as net unrealized losses on available-for-sale securities. For investments in debt securities classified as available-for-sale, the Bank evaluates an individual security for impairment on a quarterly basis by comparing the security’s fair value to its amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. Impairment exists when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, the Bank considers whether there would be a shortfall in receiving all cash flows contractually due. When a shortfall is considered possible, the Bank compares the present value of cash flows to be collected from the security with the amortized cost basis of the security. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The allowance is limited by the amount of the unrealized loss. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. If management intends to sell an impaired security classified as available-for-sale, or more likely than not will be required to sell the security before expected recovery of its amortized cost basis, any allowance for credit losses is written off and the amortized cost basis is written down to the security’s fair value at the reporting date with any incremental impairment reported in earnings. If management does not intend to sell an impaired security classified as available-for-sale and it is not more likely than not that management will be required to sell the debt security, then the credit portion of the difference is recognized as an allowance for credit losses and any remaining difference between the security’s fair value and amortized cost is recorded as net unrealized gains (losses) on available-for-sale securities within other comprehensive income (loss). For improvements in impaired available-for-sale securities with an allowance for credit losses, the allowance for credit losses associated with recoveries may be derecognized up to its full amount. The Bank has not established an allowance for credit losses on its available-for-sale securities as of December 31, 2022 and 2021 because the securities carry an explicit government guarantee such that the Bank considers the risk of nonpayment to be zero. Investments in debt securities that the Bank has both the ability and intent to hold to maturity are classified as held-to-maturity and carried at amortized cost, which is original cost net of periodic principal repayments and amortization of premiums and accretion of discounts. Accrued interest receivable is recorded separately on the Statements of Condition. Amortization of premiums and accretion of discounts are computed using the contractual level-yield method (contractual interest method), adjusted for actual prepayments. The contractual interest method recognizes the income effects of premiums and discounts over the contractual life of the securities based on the actual behavior of the underlying assets, including adjustments for actual prepayment activities, and reflects the contractual terms of the securities without regard to changes in estimated prepayments based on assumptions about future borrower behavior. Held-to-maturity securities are evaluated quarterly for expected credit losses on a pool basis unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. The Bank’s held-to-maturity securities consist of GSE debt obligations, state or local housing agency debt obligations, and MBS issued by the Government National Mortgage Association (Ginnie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae) that are backed by single-family or multifamily mortgage loans. The Bank only purchase securities considered investment quality. All of these investments were rated double-A, or above, by a NRSRO as of December 31, 2022 and 2021, based on the lowest long-term credit rating for each security. The Bank has not established an allowance for credit loss on any of its held-to-maturity securities as of December 31, 2022 and 2021, because the securities: (1) were all highly-rated and/or had short remaining terms to maturity, (2) had not experienced, nor did the Bank expect, any payment default on the instruments, and (3) in the case of U.S. obligations, they carry an explicit U.S. government guarantee such that the Bank considers the risk of nonpayment to be zero, and (4) in the case of GSE securities, they are purchased under the assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. |
Advances | Advances. The Bank reports advances (secured loans to members, former members, or housing associates) at amortized cost. Amortized cost is original cost net of periodic principal repayments and amortization of premiums and accretion of discounts (including discounts related to the Affordable Housing Program (AHP) and Economic Development and Growth Enhancement Program (EDGE)), net deferred fees or costs, and fair value hedge adjustments. The Bank accretes the discounts on advances and amortizes the recognized unearned commitment fees and hedging adjustments to interest income using the contractual interest method. The Bank records interest on advances to interest income as earned. Accrued interest receivable is recorded separately on the Statements of Condition. Advances are evaluated quarterly for expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The Bank manages its credit exposure to advances through an integrated approach that includes (1) establishing a credit limit for each borrower; (2) an ongoing review of each borrower’s financial condition; and (3) collateral and lending policies to limit risk of loss, while balancing each borrower’s needs for a reliable source of funding. In addition, the Bank lends to financial institutions within its district and housing associates in accordance with federal statutes and Finance Agency regulations. Specifically, the Bank complies with the FHLBank Act, which requires the Bank to obtain sufficient collateral to fully secure advances. The estimated fair value of the collateral required to secure each borrower’s advances is calculated by applying discounts to the fair value or unpaid principal balance of the collateral, as applicable. The Bank accepts certain investment securities, residential mortgage loans, deposits, and other real estate related assets as collateral. The Bank’s capital stock owned by its member borrower is also pledged as additional collateral. Collateral arrangements may vary depending upon borrower credit quality, financial condition and performance, borrowing capacity, and the Bank’s overall credit exposure to the borrower. The Bank can call for additional or substitute collateral to protect its security interest. The Bank believes that these policies effectively manage credit risk from advances. Based upon the financial condition of the borrower, the Bank either allows a borrower to retain physical possession of the collateral pledged to it or requires the borrower to specifically assign the collateral to or place the collateral in physical possession of the Bank or its safekeeping agent. The Bank requires its borrowers to execute an advances and security agreement that establishes the Bank’s security interest in all collateral pledged by the borrower to the Bank. The Bank perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the Bank by a borrower priority over the claims or rights of any other party (including any receiver, conservator, trustee, or similar party having rights of a lien creditor), except for claims or rights of a third party that (1) would be entitled to priority under otherwise applicable law, and (2) is an actual bona fide purchaser for value or is an actual secured party whose security interest is perfected in accordance with state law. Using a risk-based approach and taking into consideration each borrower’s financial strength, the Bank considers the types and amounts of pledged collateral to be the primary indicator of credit quality on its advances. The Bank had rights to collateral on a borrower-by-borrower basis with an estimated value equal to or greater than its outstanding extensions of credit as of December 31, 2022 and 2021. The Bank continues to evaluate and make changes to its collateral policies, as necessary, based on current market conditions. No advance was past due, on nonaccrual status, or considered impaired as of December 31, 2022 and 2021. In addition, there were no troubled debt restructurings (TDRs) related to advances as of December 31, 2022 and 2021. Based upon the collateral held as security, the Bank’s collateral policies, credit analysis, and the repayment history on advances, the Bank did not expect any credit losses on advances as of December 31, 2022 and 2021. Accordingly, the Bank has not recorded any allowance for credit losses on advances as of December 31, 2022 and 2021. Prepayment Fees . The Bank charges a borrower a prepayment fee when the borrower prepays certain advances before the original maturity date. The Bank records prepayment fees, net of basis adjustments related to hedging activities included in the carrying value of the advance as part of the advances line item in the interest income section of the Statements of Income. In cases in which there is a prepayment of an existing advance and a contemporaneous funding of a new advance, the Bank evaluates whether the new advance meets the accounting criteria to qualify as a modification of an existing advance or whether it constitutes a new advance. If the new advance qualifies as a modification of the existing advance, the hedging basis adjustments and the net prepayment fee on the prepaid advance are recorded in the carrying value of the modified advance and amortized over the life of the modified advance using the contractual interest method. This amortization is recorded in advance |
Mortgage Loans Held for Portfolio | Mortgage Loans Held for Portfolio. The Bank classifies mortgage loans that it has the intent and ability to hold for the foreseeable future, or until maturity or payoff, as held for portfolio. These mortgage loans are reported at amortized cost, which is original cost, net of periodic principal repayments and amortization of premiums and accretion of discounts, fair value hedge adjustments on loans initially classified as mortgage loan commitments, and direct write-downs. Accrued interest receivable is recorded separately on the Statements of Condition. The Bank performs at least quarterly an assessment of its mortgage loans held for portfolio to estimate expected credit losses. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The Bank defers and amortizes premiums and accretes discounts (1) paid to and received by the participating financial institutions (PFIs), and (2) mark-to-market basis adjustments on loans initially classified as mortgage loan commitments, as interest income using the contractual interest method. A mortgage loan is considered past due when the principal or interest payment is not received in accordance with the contractual terms of the loan. The Bank places a conventional mortgage loan on nonaccrual status if it is determined that either (1) the collection of interest or principal is doubtful or (2) interest or principal is past due for 90 days or more, except when the loan is well-secured (e.g. through credit enhancement) and in the process of collection. When a mortgage loan is placed on nonaccrual status, accrued but uncollected interest is reversed against interest income. The Bank records cash payments received on nonaccrual loans as interest income and as a reduction of principal as specified in the contractual agreement. A loan on nonaccrual status may be restored to accrual status when (1) none of its contractual principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual interest and principal, or (2) it otherwise becomes well secured and in the process of collection. A government-guaranteed or -insured loan is not placed on nonaccrual status when the collection of the contractual principal or interest is 90 days or more past due because of (1) the U.S. government guarantee or insurance on the loan, and (2) the contractual obligation of the loan servicer to repurchase the loan when certain criteria are met. A mortgage loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the mortgage loan agreement. Interest income is recognized in the same manner as nonaccrual loans. Finance Agency regulations require that mortgage loans held in the Bank’s portfolios be credit enhanced. For conventional mortgage loans, PFIs retain a portion of the credit risk on the loans they sell to the Bank by providing credit enhancement either through a direct liability to pay credit losses up to a specified amount or through a contractual obligation to provide supplemental mortgage insurance. PFIs are paid a credit enhancement fee (CE Fee) for assuming credit risk, and in some instances, all or a portion of the CE Fee may be performance based. CE Fees are paid monthly based on the remaining unpaid principal balance of the loans in a master commitment. CE Fees are recorded as an offset to mortgage loan interest income. To the extent that the Bank experiences losses in a master commitment, it may be able to recapture CE Fees paid to the PFI to offset these losses. At least quarterly, the Bank performs an assessment of its mortgage loans held for portfolio to estimate expected credit losses. The Bank measures expected credit losses on mortgage loans on a collective basis, pooling loans with similar risk characteristics. If a mortgage loan no longer shares risk characteristics with other loans, it is removed from the pool and evaluated for expected credit losses on an individual basis. When developing the allowance for credit losses, the Bank measures the estimated loss over the remaining life of a mortgage loan, which also considers how the Bank’s credit enhancements mitigate credit losses. If a loan was purchased at a discount, the discount does not offset the allowance for credit losses. The allowance excludes uncollectible accrued interest receivable, as the Bank writes off accrued interest receivable by reversing interest income if a mortgage loan is placed on nonaccrual status. The Bank invested in government-guaranteed or -insured fixed-rate mortgage loans secured by one-to-four family residential properties. Government-guaranteed or -insured mortgage loans are mortgage loans guaranteed or insured by the Department of Veterans Affairs or the Federal Housing Administration. The servicer provides and maintains insurance or a guarantee from the applicable government agency. The servicer is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable insurance or guarantee with respect to defaulted government-guaranteed or -insured mortgage loans. Any losses incurred on these loans that are not recovered from the issuer or the guarantor are absorbed by the servicers. Therefore, the Bank only has credit risk for these loans if the servicer fails to pay for losses not covered by insurance or guarantees, but in such instance, the Bank would have recourse against the servicer for such failure. Based on the Bank’s assessment of its servicers and the collateral backing these loans, the Bank did not establish an allowance for credit losses for its government-guaranteed or -insured mortgage loan portfolio as of December 31, 2022 and 2021. Modified loans that are considered a TDR are evaluated individually for impairment. All other conventional residential mortgage loans are evaluated collectively for impairment. The allowance for conventional residential mortgage loans is determined by an analysis (performed at least quarterly) that includes segregating the portfolio into various aging groups. For loans that are 60 days or less past due, the Bank calculates a loss severity, default rate, and the expected loss based on individual loan characteristics. For loans that are more than 60 days past due, the allowance is determined using an automated valuation model. Modified loans that are considered a TDR are individually evaluated for impairment when determining the related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls (i.e., loss severity rate) incurred as of the reporting date, as well as the economic loss attributable to delaying the original contractual principal and interest due dates. A charge-off is recorded if it is estimated that the amortized cost and any applicable accrued interest in the loan will not be recovered. The Bank evaluates whether to record a charge-off on a conventional residential mortgage loan upon the occurrence of a confirming event. Once a loan is 180 days delinquent, the Bank classifies as a loss and charges off the portion of outstanding conventional residential mortgage loan balances in excess of the fair value of the underlying property, less costs to sell and adjusted for any available credit enhancements. |
Real Estate Owned | Real estate owned (REO) includes assets that have been received in satisfaction of debt through foreclosures. REO is initially recorded at fair value, less estimated selling costs and is subsequently carried at the lower of that amount or current fair value, less estimated selling costs. The Bank recognizes a charge-off to the allowance for credit losses if the fair value of the REO, less estimated selling costs is less than the recorded investment in the loan at the date of transfer from loans to REO. Any subsequent realized gains, realized or unrealized losses, and carrying costs are included in noninterest income (loss) on the Statements of Income. REO is recorded in “Other assets” on the Statements of Condition and was not material as of December 31, 2022 and 2021. |
Derivatives | Derivatives and Hedging Activities. All derivatives are recognized on the Statements of Condition at their fair values and are reported as either derivative assets or derivative liabilities, net of cash collateral and accrued interest received from or pledged to clearing agents and/or counterparties. The fair values of derivatives are netted by the clearing agent and/or counterparty when the netting requirements have been met. If these netted amounts are positive, they are classified as an asset and, if negative, they are classified as a liability. Cash flows associated with a derivative are reflected as cash flows from operating activities on the Statements of Cash Flows unless the derivative meets the criteria to be a financing derivative. Derivatives not used for intermediary purposes are designated as either (1) a hedge of the fair value of (a) a recognized asset or liability or (b) an unrecognized firm commitment (a fair-value hedge); or (2) a non-qualifying hedge of an asset or liability for asset-liability management purposes. Changes in the fair value of a derivative that are effective as, and that are designated and qualify as, a fair-value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect losses or gains on firm commitments), are recorded in net interest income in the same line as the earnings effect of the hedged item. A non-qualifying hedge is a derivative hedging specific or non-specific underlying assets, liabilities, or firm commitments that is an acceptable hedging strategy under the Bank’s risk management program and Finance Agency regulatory requirements, but it does not qualify or was not designated for fair value or cash flow hedge accounting. A non-qualifying hedge introduces the potential for earnings variability because only the change in fair value of the derivative is recorded and is not offset by corresponding changes in the fair value of the non-qualifying hedged asset, liability, or firm commitment, unless such asset, liability, or firm commitment is required to be accounted for at fair value through earnings. Both the net interest on the derivative and the fair value adjustments of a non-qualifying hedge are recorded in noninterest income (loss) as “Net gains (losses) on derivatives” on the Statements of Income. The derivatives used in intermediary activities do not qualify for hedge accounting treatment and are separately marked-to-market through earnings. These amounts are recorded in noninterest income (loss) as “Net gains (losses) on derivatives” on the Statements of Income. The net result of the accounting for these derivatives does not significantly impact the Bank’s results of operations. The net settlement of interest receivables and payables related to derivatives designated as fair-value hedges are recognized as adjustments to the interest income or interest expense of the designated hedged item. The net settlement of interest receivables and payables related to intermediated derivatives for members and other non-qualifying hedges are recognized in noninterest income (loss) as “Net gains (losses) on derivatives” on the Statements of Income. The Bank discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer expected to be highly effective in offsetting changes in the fair value of a hedged risk, including hedged items such as firm commitments; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) a hedged firm commitment no longer meets the definition of a firm commitment; or (4) the bank determines that designating the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued due to the Bank’s determination that a derivative no longer qualifies as an effective fair-value hedge of an existing hedged item, or when the bank decides to cease the specific hedging activity, the Bank will either (1) terminate the derivative, or (2) continue to carry the derivative on the Statements of Condition at its fair value, cease to adjust the hedged asset or liability for changes in fair value, and amortize the cumulative basis adjustment on the hedged item into earnings over the remaining life of the hedged item using the level-yield method. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the Statements of Condition, recognizing changes in the fair value of the derivative in current-period earnings. |
Embedded Derivatives | The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument may be “embedded.” Upon execution of these transactions, the Bank assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the advance, debt, or purchased financial instruments (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as a stand-alone derivative instrument pursuant to a non-qualifying hedge. However, if the entire contract (the host contract and the embedded derivative) is to be measured at fair value, with changes in fair value reported in current-period earnings (e.g., an investment security classified as “trading”), or if the Bank could not identify and measure reliably the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the Statements of Condition at fair value, and no portion of the contract could be designated as a hedging instrument. |
Premises and Equipment | Premises, Equipment, and Software. Premises, equipment, and the cost of purchased software and certain costs incurred in developing computer software for internal use are recorded in “Other assets” on the Statements of Condition. The Bank records these items at cost, less accumulated depreciation or amortization. The Bank computes depreciation and amortization using the straight-line method over the estimated useful lives of assets. The estimated useful lives in years are generally as follows: automobiles and computer hardware—three; capitalized computer software cost—three; office equipment—eight; office furniture and building improvements—10; and building—40. The Bank amortizes leasehold improvements using the straight-line method over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Bank capitalizes improvements and expenses ordinary maintenance and repairs when incurred. Premises, equipment, and capital computer software cost and related depreciation and amortization expense were not material to the Bank’s financial condition and results of operations for the reported periods. |
Deposits | Deposits. The Bank offers demand and overnight deposits for members and qualifying non-members. A member that services mortgage loans may deposit funds in the Bank that were collected in connection with the mortgage loans, pending disbursement of such funds to the owners of the mortgage loans. The Bank records these items in “Interest-bearing deposits” on the Statements of Condition. The Bank pays interest on demand and overnight deposits based on a daily interest rate. |
Consolidated Obligations | Consolidated Obligations. The Bank records consolidated obligations at amortized cost. Additionally, the Bank pays concessions to dealers in connection with the issuance of certain consolidated obligations. The Office of Finance prorates the concessions to the Bank based upon the percentage of the debt issued that is assumed by the Bank. The Bank records concessions paid on consolidated obligations as a direct deduction from their carrying amounts, consistent with the presentation of discounts on consolidated obligations. The Bank accretes discounts and amortizes premiums, as well as concessions and hedging basis adjustments on consolidated obligations, to interest expense using the contractual interest method over the contractual term of the corresponding consolidated obligation. |
Mandatorily Redeemable Capital Stock | Mandatorily Redeemable Capital Stock. The Bank reclassifies stock that is subject to redemption from capital to a liability after a member submits a written redemption request, gives notice of intent to withdraw from membership, or attains non-member status through a merger or acquisition, charter termination, or involuntary termination from membership since the member’s shares will then meet the definition of a mandatorily redeemable financial instrument. Member shares meeting this definition are reclassified to a liability at fair value. Dividends declared on shares classified as a liability are accrued at the expected dividend rate and recorded as interest expense on the Statements of Income. The repurchase or redemption of these mandatorily redeemable financial instruments is recorded as cash outflows in the financing activities section of the Statements of Cash Flows. If a member cancels its written notice of redemption or notice of withdrawal, the Bank will reclassify mandatorily redeemable capital stock from a liability to capital. After the reclassification, dividends on the capital stock no longer will be classified as interest expense. Off-Balance Sheet Credit Exposures. The Bank evaluates its off-balance sheet credit exposure on a quarterly basis for expected credit losses. If deemed necessary, an allowance for expected credit losses on these off-balance sheet exposures is recorded in other liabilities with a corresponding credit loss expense (or reversal of credit loss expense). The Bank monitors the creditworthiness of its standby letters of credit based on an evaluation of the member. In addition, standby letters of credit are fully collateralized from the time of issuance. The Bank has established parameters for the measurement, review, classification, and monitoring of credit risk related to these standby letters of credit that result in an internal credit rating, which focuses primarily on an institution’s overall financial health and takes into account the quality of assets, earnings, and capital position. In general, borrowers categorized into the highest risk rating category have more restrictions on the types of collateral that they may use to secure standby letters of credit, may be required to maintain higher collateral maintenance levels and deliver loan collateral, and may face more stringent collateral reporting requirements. Based on the Bank’s credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on the Statements of Condition for these commitments as of December 31, 2022 or 2021. |
Restricted Retained Earnings | Restricted Retained Earnings. The Joint Capital Enhancement Agreement, as amended (Capital Agreement), provides that each FHLBank will, on a quarterly basis, allocate |
Finance Agency and Office of Finance Expenses | Finance Agency and Office of Finance Expenses. The Finance Agency allocates the FHLBanks’ portion of its expenses and working capital fund among the FHLBanks based on the ratio between each FHLBank’s minimum required regulatory capital and the aggregate minimum required regulatory capital of every FHLBank. Each FHLBank’s proportionate share of the Office of Finance’s operating and capital expenditures is calculated using a formula that is (1) two-thirds based upon each FHLBank’s share of total consolidated obligations outstanding, and (2) one-third based upon an equal pro rata allocation. |
Affordable Housing Program | Affordable Housing Program. The FHLBank Act requires each FHLBank to establish and fund an AHP that provides subsidies to members to assist in the purchase, construction, or rehabilitation of housing for very low and low-to-moderate-income households. The Bank charges the required funding for AHP against earnings and establishes a corresponding liability. The Bank issues AHP advances at interest rates below the customary interest rate for non-subsidized advances. A discount on the AHP advance and charge against the AHP liability is recorded for the present value of the variation in the cash flow caused by the difference in the interest rate between the AHP advance rate and the Bank’s related cost of funds for comparable maturity funding. As an alternative, the Bank has the authority to make the AHP subsidy available to members as a grant. The discount on AHP advances is accreted to interest income on advances using the contractual interest method over the life of the advance. |
Investments Debt Securities (Ta
Investments Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Holdings [Line Items] | |
Available-for-Sale Classified by Contractual maturity date table text block | The following table presents the amortized cost and estimated fair value of available-for-sale securities by contractual maturity. As of December 31, 2022 2021 Amortized Cost (1) Estimated Fair Value Amortized Cost (1) Estimated Fair Value Due in one year or less $ 2,649 $ 2,615 $ — $ — Due after one year through five years 98 98 2,648 2,639 Total $ 2,747 $ 2,713 $ 2,648 $ 2,639 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable that was $10 and not material as of December 31, 2022 and 2021, respectively. |
Schedule of Interest Rate Payment Terms For Investments | Interest-rate Payment Terms. The following table presents interest-rate payment terms for investment securities classified as available-for-sale securities. As of December 31, 2022 2021 Fixed-rate $ 1,697 $ 1,598 Variable-rate 1,050 1,050 Total amortized cost $ 2,747 $ 2,648 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable that was $10 and not material as of December 31, 2022 and 2021, respectively. |
Available-for-sale Securities [Member] | |
Investment Holdings [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Major Security Type. The following table presents information on U.S. Treasury obligations that are classified as available-for-sale. Amortized Cost (1) Gross Gross Estimated As of December 31, 2022 $ 2,747 $ 1 $ (35) $ 2,713 As of December 31, 2021 $ 2,648 $ — $ (9) $ 2,639 ____________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable that was $10 and not material as of December 31, 2022 and 2021, respectively. |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | The following table presents U.S. Treasury obligations that are classified as available-for-sale securities 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 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross As of December 31, 2022 $ — $ — $ 1,564 $ (35) $ 1,564 $ (35) As of December 31, 2021 $ 1,589 $ (9) $ — $ — $ 1,589 $ (9) |
Held-to-maturity Securities [Member] | |
Investment Holdings [Line Items] | |
Schedule of Interest Rate Payment Terms For Investments | Interest-rate Payment Terms. The following table presents interest-rate payment terms for investment securities classified as held-to-maturity. As of December 31, 2022 2021 Non-mortgage-backed securities: Fixed-rate $ 551 $ 551 Variable-rate 1,000 900 Total non-mortgage-backed securities 1,551 1,451 Mortgage-backed securities: Fixed-rate 1,881 1,888 Variable-rate 19,194 11,735 Total mortgage-backed securities 21,075 13,623 Total amortized cost (1) $ 22,626 $ 15,074 ____________ |
Debt Securities, Held-to-maturity [Table Text Block] | Major Security Types. The following table presents held-to-maturity securities. As of December 31, 2022 2021 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 1,550 2 (34) 1,518 1,450 6 (6) 1,450 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 257 2 (23) 236 221 — (3) 218 Government-sponsored enterprises residential 5,504 1 (166) 5,339 4,927 43 (9) 4,961 Government-sponsored enterprises commercial 15,314 — (268) 15,046 8,475 19 (25) 8,469 Total $ 22,626 $ 5 $ (491) $ 22,140 $ 15,074 $ 68 $ (43) $ 15,099 ____________ (1) Excludes accrued interest receivable of $46 and $6 as of December 31, 2022 and 2021, 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. 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 December 31, 2022 2021 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 75 $ 75 $ 435 $ 435 Due after one year through five years 1,416 1,384 856 853 Due after five years through 10 years 60 60 100 101 Due after 10 years — — 60 62 Total non-mortgage-backed securities 1,551 1,519 1,451 1,451 Mortgage-backed securities 21,075 20,621 13,623 13,648 Total $ 22,626 $ 22,140 $ 15,074 $ 15,099 ____________ (1) Excludes accrued interest receivable of $46 and $6 as of December 31, 2022 and 2021, respectively. |
Advances (Tables)
Advances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances | Redemption Terms. The following table presents the Bank’s advances outstanding by redemption terms. As of December 31, 2022 2021 Due in one year or less $ 78,134 $ 21,819 Due after one year through two years 12,981 3,247 Due after two years through three years 7,982 2,236 Due after three years through four years 4,033 3,145 Due after four years through five years 2,427 3,047 Due after five years 4,752 11,433 Total par value 110,309 44,927 Deferred prepayment fees 3 (70) Discounts (2) (3) Hedging adjustments (715) 561 Total (1) $ 109,595 $ 45,415 ___________ (1) Carrying amounts exclude accrued interest receivable of $418 and $50 as of December 31, 2022 and 2021, respectively. The Bank offers callable advances to members that may be prepaid on prescribed dates (call dates) without incurring prepayment or termination fees. The Bank also offers prepayable advances, which are variable-rate advances that may be contractually prepaid by the borrower on specified dates without incurring prepayment or termination fees. Other advances may be prepaid only by paying a fee to the Bank, so the Bank is financially indifferent to the prepayment of the advance. The Bank had callable and prepayable advances outstanding of $14,442 and $1,755 as of December 31, 2022 and 2021, respectively. The following table presents advances by year of contractual maturity or next call date for callable advances. As of December 31, 2022 2021 Due or callable in one year or less $ 88,759 $ 23,564 Due or callable after one year through two years 10,521 2,927 Due or callable after two years through three years 2,962 1,976 Due or callable after three years through four years 1,163 3,125 Due or callable after four years through five years 2,277 2,177 Due or callable after five years 4,627 11,158 Total par value $ 110,309 $ 44,927 Convertible advances offered by the Bank allow the Bank to convert the fixed-rate advance to a variable-rate advance at the current market rate on certain specified dates. The Bank had convertible advances outstanding of $1,266 and $5,307 as of December 31, 2022 and 2021, respectively. The following table presents advances by year of contractual maturity or, for convertible advances, next conversion date. As of December 31, 2022 2021 Due or convertible in one year or less $ 79,317 $ 27,082 Due or convertible after one year through two years 12,994 3,271 Due or convertible after two years through three years 8,033 2,215 Due or convertible after three years through four years 4,012 3,137 Due or convertible after four years through five years 2,110 2,976 Due or convertible after five years 3,843 6,246 Total par value $ 110,309 $ 44,927 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of December 31, 2022 2021 Fixed-rate: Due in one year or less $ 36,379 $ 14,715 Due after one year 13,786 20,391 Total fixed-rate 50,165 35,106 Variable-rate: Due in one year or less 41,755 7,104 Due after one year 18,389 2,717 Total variable-rate 60,144 9,821 Total par value $ 110,309 $ 44,927 |
Mortgage Loans Held for Porfoli
Mortgage Loans Held for Porfolio (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 2021 Medium-term (15 years or less) $ 1 $ 2 Long-term (greater than 15 years) 119 148 Total unpaid principal balance 120 150 Discounts — (1) Total mortgage loans held for portfolio (1) 120 149 Allowance for credit losses on mortgage loans — — Mortgage loans held for portfolio, net $ 120 $ 149 ____________ (1) Excludes accrued interest receivable of $1 as of December 31, 2022 and 2021. The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type. As of December 31, 2022 2021 Conventional mortgage loans $ 109 $ 137 Government-guaranteed or insured mortgage loans 11 13 Total unpaid principal balance $ 120 $ 150 |
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, which is not material for the periods presented. For the Years Ended December 31, 2022 2021 2020 Balance, beginning of year $ — $ 1 $ 1 Reversal of provision for credit losses — (1) — Balance, end of year $ — $ — $ 1 |
Past Due Financing Receivables | Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor borrower performance. Other delinquency statistics include, nonaccrual 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 December 31, 2022 (2) As of December 31,2021 (3) 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 4 7 Total past due mortgage loans 7 10 Current mortgage loans 102 126 Total conventional mortgage loans $ 109 $ 136 ____________ (1) Amortized cost excludes accrued interest receivable of $1 as of December 31, 2022 and 2021. (2) Represents conventional mortgage loans originated prior to 2018. (3) Represents conventional mortgage loans originated prior to 2017. The following tables present the other delinquency statistics for all mortgage loans. As of December 31, 2022 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) 4.01 % 6.84 % 4.26 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 4 $ — $ 4 As of December 31, 2021 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at recorded investment: In process of foreclosure (1) $ — $ — $ — Seriously delinquent rate (2) 4.70 % 6.26 % 4.83 % Past due 90 days or more and still accruing interest (3) $ — $ 1 $ 1 Mortgage loans on nonaccrual status (4) $ 6 $ — $ 6 ____________ (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) As of December 31, 2022 and 2021, none of conventional mortgage loans on nonaccrual status had an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral, including any credit enhancements, was greater than the amortized cost of the loans. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 2021 Simple variable-rate $ 51,525 $ 16,400 Fixed-rate 46,561 27,751 Step up/down 6,115 2,295 Total par value $ 104,201 $ 46,446 |
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 December 31, 2022 2021 Amount Weighted- Amount Weighted- Due in one year or less $ 62,408 4.13 $ 16,640 0.16 Due after one year through two years 14,210 1.43 2,110 0.55 Due after two years through three years 9,986 1.96 10,700 0.81 Due after three years through four years 8,701 1.20 4,720 0.67 Due after four years through five years 6,135 2.61 7,829 0.94 Due after five years 2,761 2.37 4,447 1.76 Total par value 104,201 3.17 46,446 0.67 Premiums 8 10 Discounts (13) (17) Hedging adjustments (2,467) (253) Total $ 101,729 $ 46,186 |
Callable and Noncallable Consolidated Obligations Bonds Outstanding | The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of December 31, 2022 2021 Noncallable $ 62,050 $ 22,053 Callable 42,151 24,393 Total par value $ 104,201 $ 46,446 |
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 December 31, 2022 2021 Due or callable in one year or less $ 98,320 $ 40,712 Due or callable after one year through two years 2,610 1,778 Due or callable after two years through three years 1,330 1,674 Due or callable after three years through four years 587 1,090 Due or callable after four years through five years 133 3 Due or callable after five years 1,221 1,189 Total par value $ 104,201 $ 46,446 |
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 December 31, 2022 $ 39,781 $ 40,005 4.00 As of December 31, 2021 $ 25,506 $ 25,507 0.04 |
Affordable Housing Program (Tab
Affordable Housing Program (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Assessments [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation | The following table presents a rollforward of the Bank’s AHP liability. For the Years Ended December 31, 2022 2021 2020 Balance, beginning of year $ 61 $ 82 $ 89 AHP assessment 21 15 28 AHP non-statutory contribution 5 — — Subsidy usage, net (28) (36) (35) Balance, end of year $ 59 $ 61 $ 82 |
Capital and Mandatorily Redee_2
Capital and Mandatorily Redeemable Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Compliance With Regulatory Capital Requirements | The following table presents the Bank’s compliance with the Finance Agency’s regulatory capital rules and requirements. As of December 31, 2022 2021 Required Actual Required Actual Risk-based capital $ 801 $ 7,680 $ 814 $ 4,612 Total regulatory capital ratio 4.00 % 5.07 % 4.00 % 5.86 % Total regulatory capital $ 6,065 $ 7,680 $ 3,150 $ 4,612 Leverage capital ratio 5.00 % 7.60 % 5.00 % 8.79 % Leverage capital $ 7,581 $ 11,520 $ 3,937 $ 6,918 |
Schedule of Declared Quarterly Cash Dividends | 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 2022, 2021, and 2020. 2022 2021 2020 Amount Annualized Rate (%) Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 22 3.70 $ 30 3.72 $ 76 5.93 Second quarter 23 3.74 27 3.69 70 5.53 Third quarter 33 4.11 23 3.67 58 4.35 Fourth quarter 51 5.30 23 3.70 35 4.00 Total $ 129 4.34 $ 103 3.70 $ 239 5.03 |
Mandatorily Redeemable Capital Stock [Table Text Block] |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Noncredit Portion Pension and 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 Actuarial loss — — (2) (2) Reclassification from accumulated other comprehensive income to net income: Net unrealized gains on available-for-sale securities (82) — — (82) Amortization of pension and postretirement (1) — — 5 5 Net current period other comprehensive (loss) income — (41) 3 (38) Balance, December 31, 2020 — — (16) (16) Other comprehensive income before reclassifications: Net unrealized gains on available-for-sale securities (9) — — (9) Actuarial loss — — (3) (3) Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — — 12 12 Net current period other comprehensive (loss) income (9) — 9 — Balance, December 31, 2021 (9) — (7) (16) Other comprehensive income before reclassifications: Net unrealized losses on available-for-sale securities (25) — — (25) Actuarial gain — — 6 6 Reclassification from accumulated other comprehensive loss to net income: Amortization of pension and postretirement (1) — — 1 1 Net current period other comprehensive (loss) income (25) — 7 (18) Balance, December 31, 2022 $ (34) $ — $ — $ (34) ____________ (1) Included in Noninterest expense - Other on the Statements of Income. |
Pension and Post Retirement B_2
Pension and Post Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plan | The following table presents information on the net pension costs and funded status of the Pentegra Plan. 2022 2021 2020 Net pension cost charged to compensation and benefit expense for the year ended December 31 $ 5 $ 7 $ 31 Pentegra Plan funded status as of July 1 (1) 118.87 % 130.59 % 108.50 % Bank’s funded status as of July 1 145.40 % 157.71 % 130.19 % ____________ (1) The Pentegra Plan’s funded status as of July 1 is preliminary and may increase because the plan’s participants are permitted to make contributions through March 15 of the following year (i.e. through March 15, 2023 for the plan year ended June 30, 2022 and through March 15, 2022 for the plan year ended June 30, 2021). Contributions made before the March 15th deadline may be credited to the plan for the plan year ended June 30 of the previous year and included in the final valuation as of July 1 of the year the plan ended. The final funded status as of July 1 will not be available until the Form 5500 for the plan year July 1 through June 30 is filed. Form 5500 is due to be filed no later than April 2024 for the plan year July 1, 2022 through June 30, 2023 and April 2023 for the plan year July 1, 2021 through June 30, 2022. Form 5500 was filed in April 2022 for the plan year July 1, 2020 through June 30, 2021. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended | |
Dec. 31, 2022 | ||
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 December 31, 2022 2021 Notional Derivative Assets Derivative Liabilities Notional Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 77,673 $ 44 $ 2,506 $ 46,340 $ 2 $ 453 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 63 3 1 64 1 1 Interest-rate caps or floors 4,000 — — 4,000 1 1 Total derivatives not designated as hedging instruments 4,063 3 1 4,064 2 2 Total derivatives before netting and collateral adjustments $ 81,736 47 2,507 $ 50,404 4 455 Netting adjustments and cash collateral (2) 232 (2,482) 327 (433) Derivative assets and derivative liabilities $ 279 $ 25 $ 331 $ 22 ___________ (1) Includes variation margin for daily settled contracts of negative $739 and positive $300 as of December 31, 2022 and 2021, 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 $2,714 and $759 as of December 31, 2022 and 2021, respectively. The Bank did not receive any cash collateral, including accrued interest, as of December 31, 2022 and 2021. | |
Net Gains (Losses) on Fair Value Hedging Relationships | The following tables present the net (losses) gains on fair value hedging relationships. For the Year Ended December 31, 2022 Interest Income (Expense) Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 1,748 $ (1,345) $ (805) Changes in fair value: Hedged items (1,105) 2,226 10 Derivatives 1,318 (2,222) (9) Net changes in fair value 213 4 1 Net interest settlements on derivatives (1) (2) (17) (187) — Amortization/accretion of active hedging relationships (185) (12) (32) Other 4 — — Total net interest income effect from fair value hedging relationships $ 15 $ (195) $ (31) ____________ (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 Year Ended December 31, 2021 Advances Consolidated Obligation Bonds Total interest income (expense) recorded in the Statements of Income $ 306 $ (155) Changes in fair value: Hedged items (2) $ (905) $ 309 Derivatives 1,030 (317) Net changes in fair value 125 (8) Net interest settlements on derivatives (1) (2) (331) 113 Amortization/accretion of active hedging relationships (99) — Other (19) — Total net interest income effect from fair value hedging relationships $ (324) $ 105 ____________ (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 Year Ended December 31, 2020 Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 870 $ (582) $ (357) Changes in fair value: Hedged items (2) $ 922 $ (18) $ — Derivatives (886) 20 — Net changes in fair value 36 2 — Net interest settlements on derivatives (1) (2) $ (341) $ 41 $ 39 Amortization/accretion of active hedging relationships (56) (2) — Other (4) — — Total net interest income effect from fair value hedging relationships $ (365) $ 41 $ 39 ____________ (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 tables present the total basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of December 31, 2022 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 Advances $ 18,533 $ (711) $ (4) $ (715) Available-for-sale Securities 100 — — — Consolidated obligations: Bonds 48,521 (2,461) (6) (2,467) Discount notes 11,475 (10) — (10) ____________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. As of December 31, 2021 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 Advances $ 21,293 $ 492 $ 69 $ 561 Consolidated obligation Bonds 25,256 (252) (1) (253) ____________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. | [1] |
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 Years Ended December 31, 2022 2021 2020 Derivatives not designated as hedging instruments: Interest-rate swaps $ — $ 1 $ (4) Net interest settlements 2 — (2) Net gains (losses) on derivatives $ 2 $ 1 $ (6) | |
Offsetting of derivative assets and liabilities | 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 December 31, 2022 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 21 $ 2,496 $ 4 $ 451 Cleared derivatives 26 11 — 4 Total gross recognized amount 47 2,507 4 455 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (19) (2,471) (3) (429) Cleared derivatives 251 (11) 330 (4) Total gross amounts of netting adjustments and cash collateral: 232 (2,482) 327 (433) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 2 25 1 22 Cleared derivatives 277 — 330 — Total net amounts after netting adjustments and cash collateral 279 25 331 22 Non-cash collateral received or pledged not offset- cannot be sold or repledged: Uncleared derivatives — — — — Cleared derivatives — — — — Total cannot be sold or repledged — — — — Net unsecured amounts: Uncleared derivatives 2 25 1 22 Cleared derivatives 277 — 330 — Total net unsecured amount (1) $ 279 $ 25 $ 331 $ 22 ___ ____________ (1) The Bank’s net credit exposure was not material as of December 31, 2022 and 2021, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position. _________ (1) T | |
[1]Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Values and Estimated Fair Values | 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 need to take into account future business opportunities and the net profitability of assets versus liabilities. As of December 31, 2022 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 141 $ 141 $ 141 $ — $ — Interest-bearing deposits 1,277 1,277 — 1,277 — Securities purchased under agreements to resell 6,250 6,250 — 6,250 — Federal funds sold 8,036 8,036 — 8,036 — Available-for-sale securities (1) 2,713 2,713 — 2,713 — Held-to-maturity securities 22,626 22,140 — 22,140 — Advances 109,595 109,424 — 109,424 — Mortgage loans held for portfolio, net 120 115 — 115 — Accrued interest receivable 477 477 — 477 — Derivative assets (1) 279 279 — 47 232 Grantor trust assets (included in Other assets) (1) 29 29 29 — — Liabilities: Interest-bearing deposits 1,821 1,821 — 1,821 — Consolidated obligations, net: Discount notes 39,781 39,776 — 39,776 — Bonds 101,729 101,240 — 101,240 — Accrued interest payable 481 481 — 481 — Derivative liabilities (1) 25 25 — 2,507 (2,482) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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. As of December 31, 2021 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 879 $ 879 $ 879 $ — $ — Interest-bearing deposits 688 688 — 688 — Securities purchased under agreements to resell 7,000 7,000 — 7,000 — Federal funds sold 6,420 6,420 — 6,420 — Available-for-sale securities (1) 2,639 2,639 — 2,639 — Held-to-maturity securities 15,074 15,099 — 15,099 — Advances 45,415 45,635 — 45,635 — Mortgage loans held for portfolio, net 149 161 — 161 — Accrued interest receivable 57 57 — 57 — Derivative assets (1) 331 331 — 4 327 Grantor trust assets (included in Other assets) (1) 35 35 35 — — Liabilities: Interest-bearing deposits 2,054 2,054 — 2,054 — Consolidated obligations, net: Discount notes 25,506 25,506 — 25,506 — Bonds 46,186 46,338 — 46,338 — Mandatorily redeemable capital stock 1 1 1 — — Accrued interest payable 72 72 — 72 — Derivative liabilities (1) 22 22 — 455 (433) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 2021 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 3,103 $ 5,943 $ 9,046 $ 3,757 $ 3,914 $ 7,671 Commitments to fund additional advances 318 — 318 96 38 134 Unsettled consolidated obligation bonds, at par (2) 5,277 — 5,277 80 — 80 ____________ (1) “Expire Within One Year” includes 22 standby letters of credit for a total of $49 and 19 standby letters of credit for a total of $15 as of December 31, 2022 and 2021, respectively, which have no stated maturity date and are subject to renewal on an annual basis. |
Transactions with Shareholders
Transactions with Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 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 Truist Bank $ 1,277 23.67 $ 29,702 26.93 $ — — As of December 31, 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 12.49 $ 7,506 16.71 $ — 0.02 TIAA, FSB 277 11.61 6,946 15.46 1 0.05 |
Transaction with Other FHLBanks
Transaction with Other FHLBanks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with Other FHLBanks [Abstract] | |
Schedule of Loans to and From Other Federal Home Loan Banks | The following table presents the cash flow activities for loans to and borrowings from other FHLBanks. For the Years Ended December 31, 2022 2021 2020 Investing activities: Loans to other FHLBanks $ (4,300) $ (780) $ (500) Principal collected on loans to other FHLBanks 4,300 780 500 Net change in loans to other FHLBanks $ — $ — $ — Financing activities: Proceeds from short-term borrowings from other FHLBanks $ 4,080 $ 25 $ — Payments of short-term borrowings from other FHLBanks (4,080) (25) — Net change in borrowings from other FHLBanks $ — $ — $ — |
Nature of Operations (Details)
Nature of Operations (Details) | Dec. 31, 2022 bank |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||
Joint Capital Enhancement Agreement percentage | 20% | |
Federal Funds domain [Domain] | ||
Significant Accounting Policies [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Securities Purchased under agreements to resell [Domain] | ||
Significant Accounting Policies [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Securities purchased under agreements [Domain] | ||
Significant Accounting Policies [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Federal Home Loan Bank Advance [Domain] | ||
Significant Accounting Policies [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Other Assets [Member] | ||
Significant Accounting Policies [Line Items] | ||
Real estate owned, acquired through foreclosure | $ 0 | $ 0 |
Automobiles and Computer Hardware [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life of premises and equipment (in years) | 3 years | |
Computer Software [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life of premises and equipment (in years) | 3 years | |
Office Equipment [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life of premises and equipment (in years) | 8 years | |
Office Furniture and Building Improvements [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life of premises and equipment (in years) | 10 years | |
Building [Member] | ||
Significant Accounting Policies [Line Items] | ||
Useful life of premises and equipment (in years) | 40 years |
Cash and Due from Banks (Detail
Cash and Due from Banks (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Line Items] | ||
Average collected cash balances | $ 8 | $ 8 |
Available-for-sale Securities (
Available-for-sale Securities (Available-for-sale by Major Security Type) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | $ 2,747 | $ 2,648 |
Available-for-Sale, Amortized Cost | 2,713 | 2,639 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | 2,747 | 2,648 |
Gross unrealized gains | 1 | 0 |
Gross unrealized losses | (35) | (9) |
Available-for-Sale, Amortized Cost | 2,713 | $ 2,639 |
Accrued Interest on Available-for sale | $ 10 |
Available-for-sale Securities_2
Available-for-sale Securities (Summary of Available-for-sale Securities in a Continuous Unrealized Loss Position) (Details) - US Treasury Securities [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated fair value of available-for-sale securities in unrealized loss position for less than 12 months | $ 0 | $ 1,589 |
Gross Unrealized losses ,Continuous Unrealized Loss Position, Less than 12 Months | 0 | (9) |
Estimated fair value available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,564 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (35) | 0 |
Estimated fair value available-for-sale, Unrealized Loss Position | 1,564 | 1,589 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ (35) | $ (9) |
Available-for-sale Securities_3
Available-for-sale Securities (Redemption Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | $ 2,747 | $ 2,648 |
Available-for-Sale, Amortized Cost | 2,713 | 2,639 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost - Due in one year or less | 2,649 | 0 |
Fair Value - Due in one year or less | 2,615 | 0 |
Amortized Cost - Due after Year One Through Five | 98 | 2,648 |
Fair Value, - Due after Year One Through Five | 98 | 2,639 |
Available-for-sale, amortized cost | 2,747 | 2,648 |
Available-for-Sale, Amortized Cost | 2,713 | $ 2,639 |
Accrued Interest on Available-for sale | $ 10 |
Available-for-sale Securities A
Available-for-sale Securities Available-for-sale Securities (Interest Rate Payment Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | $ 2,747 | $ 2,648 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | 2,747 | 2,648 |
Accrued Interest on Available-for sale | 10 | |
Fixed-rate [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | 1,697 | 1,598 |
Variable-rate [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, amortized cost | $ 1,050 | $ 1,050 |
Available-for-sale Securities N
Available-for-sale Securities Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds from Sale of Available-for-sale Securities | $ 726 |
Available-for-sale Securities, Gross Realized Gain (Loss), | $ 82 |
Held-to-maturity Securities (He
Held-to-maturity Securities (Held-to-maturity by Major Security Type) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | $ 22,626 | $ 15,074 |
Held-to-maturity securities Gross Unrealized Gains | 5 | 68 |
Gross Unrealized Losses on held-to-maturity securities | (491) | (43) |
Held-to-Maturity, Fair Value | 22,140 | 15,099 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to -maturity Securities accrued interest receivable | 46 | 6 |
State or local housing agency debt obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 1 | 1 |
Held-to-maturity securities Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses on held-to-maturity securities | 0 | 0 |
Held-to-Maturity, Fair Value | 1 | 1 |
Government-sponsored enterprises debt obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 1,550 | 1,450 |
Held-to-maturity securities Gross Unrealized Gains | 2 | 6 |
Gross Unrealized Losses on held-to-maturity securities | (34) | (6) |
Held-to-Maturity, Fair Value | 1,518 | 1,450 |
Residential [Member] | U.S. agency obligations-guaranteed residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 257 | 221 |
Held-to-maturity securities Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses on held-to-maturity securities | (23) | (3) |
Held-to-Maturity, Fair Value | 236 | 218 |
Residential [Member] | Government-sponsored enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 5,504 | 4,927 |
Held-to-maturity securities Gross Unrealized Gains | 1 | 43 |
Gross Unrealized Losses on held-to-maturity securities | (166) | (9) |
Held-to-Maturity, Fair Value | 5,339 | 4,961 |
Commercial [Member] | Government-sponsored enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 15,314 | 8,475 |
Held-to-maturity securities Gross Unrealized Gains | 0 | 19 |
Gross Unrealized Losses on held-to-maturity securities | (268) | (25) |
Held-to-Maturity, Fair Value | $ 15,046 | $ 8,469 |
Held-to-maturity Securities (Re
Held-to-maturity Securities (Redemption Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | $ 22,626 | $ 15,074 |
Held-to-Maturity, Fair Value | 22,140 | 15,099 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to -maturity Securities accrued interest receivable | 46 | 6 |
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 | 75 | 435 |
Amortized cost of held-to-maturity securities due after one year through five years | 1,416 | 856 |
Amortized Cost of held-to-maturity securities due after five years through ten years | 60 | 100 |
Amortized Cost of held-to-maturity securities due after 10 years | 0 | 60 |
Amortized cost of held-to-maturity securities | 1,551 | 1,451 |
Estimated fair value of held-to-maturity securities due in one year or less | 75 | 435 |
Estimated fair value of held-to-maturity securities due after one year through five years | 1,384 | 853 |
Estimated fair value of Held-to-maturity securities due after five years through ten years | 60 | 101 |
Estimated fair value of Held-to-maturity securities due after 10 Years, Fair Value | 0 | 62 |
Estimated fair value of held-to-maturity securites | 1,519 | 1,451 |
Held-to-Maturity - Amortized Cost | 1,551 | 1,451 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Estimated fair value of held-to-maturity securites | 20,621 | 13,648 |
Held-to-Maturity - Amortized Cost | $ 21,075 | $ 13,623 |
Held-to-maturity Securities (In
Held-to-maturity Securities (Interest-rate Payment Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | $ 22,626 | $ 15,074 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to -maturity Securities accrued interest receivable | 46 | 6 |
Non-mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 1,551 | 1,451 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 21,075 | 13,623 |
Fixed-rate [Member] | Non-mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 551 | 551 |
Fixed-rate [Member] | Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 1,881 | 1,888 |
Variable-rate [Member] | Non-mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | 1,000 | 900 |
Variable-rate [Member] | Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity - Amortized Cost | $ 19,194 | $ 11,735 |
Held-to-maturity Securities Nar
Held-to-maturity Securities Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds from Sale and Maturity of Held-to-maturity Securities | $ 195 |
Held-to-maturity, Sold, Realized Gain | 3 |
Held-to-maturity securities, amortized cost | $ 192 |
Advances (Redemption Terms) (De
Advances (Redemption Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Advances [Abstract] | |||
Due in one year or less | $ 78,134 | $ 21,819 | |
Due after one year through two years | 12,981 | 3,247 | |
Due after two years through three years | 7,982 | 2,236 | |
Due after three years through four years | 4,033 | 3,145 | |
Due after four years through five years | 2,427 | 3,047 | |
Due after five years | 4,752 | 11,433 | |
Federal Home Loan Bank Advances at par value | 110,309 | 44,927 | |
Deferred Prepayment Fees on Advances | 3 | (70) | |
Discounts | (2) | (3) | |
Hedging adjustments | (715) | 561 | |
Federal Home Loan Bank Advances | [1] | 109,595 | 45,415 |
Accrued Interest Receivable, Advances Disclosure | $ 418 | $ 50 | |
[1]Carrying amounts exclude accrued interest receivable of $418 and $50 as of December 31, 2022 and 2021, respectively. |
Advances (Advances by Year of C
Advances (Advances by Year of Contractual Maturity or Next Call Date for Callable Advances) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Advances [Abstract] | ||
Due or callable in one year or less | $ 88,759 | $ 23,564 |
Due or callable after one year through two years | 10,521 | 2,927 |
Due or callable after two years through three years | 2,962 | 1,976 |
Due or callable after three years through four years | 1,163 | 3,125 |
Due or callable after four years through five years | 2,277 | 2,177 |
Due or callable after five years | 4,627 | 11,158 |
Federal Home Loan Bank Advances at par value | $ 110,309 | $ 44,927 |
Advances (Advances by Year of_2
Advances (Advances by Year of Contracutal Maturity for Convertible Advances) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Advances [Abstract] | ||
Due or convertible in one year or less | $ 79,317 | $ 27,082 |
Due or convertible after one year through two years | 12,994 | 3,271 |
Due or convertible after two years through three years | 8,033 | 2,215 |
Due or convertible after three years through four years | 4,012 | 3,137 |
Due or convertible after four years through five years | 2,110 | 2,976 |
Due or convertible after five years | 3,843 | 6,246 |
Federal Home Loan Bank Advances at par value | $ 110,309 | $ 44,927 |
Advances (Interest-rate Payment
Advances (Interest-rate Payment Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Advances [Abstract] | ||
Fixed-rate, due in one year or less | $ 36,379 | $ 14,715 |
Fixed-rate, due after one year | 13,786 | 20,391 |
Total fixed-rate | 50,165 | 35,106 |
Variable-rate, due in one year or less | 41,755 | 7,104 |
Variable-rate, due after one year | 18,389 | 2,717 |
Total variable-rate | 60,144 | 9,821 |
Federal Home Loan Bank Advances at par value | $ 110,309 | $ 44,927 |
Advances (Narrative) (Details)
Advances (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) Institutions | Dec. 31, 2021 USD ($) Institutions |
Advances (Textual) [Abstract] | ||
Federal Home Loan Bank Advances at par value | $ 110,309 | $ 44,927 |
Number of Top Advances Borrowers | Institutions | 10 | 10 |
Federal Home Loan Bank Advances to Ten Largest Borrowers | $ 75,475 | $ 32,076 |
Federal Home Loan Bank Advances Ten Largest Borrowers Percent of Total | 68.40% | 71.40% |
Allowance for credit losses on advances | $ 0 | |
Advances past due | 0 | |
Federal Home Loan Bank, Advances, Callable Option [Member] | ||
Advances (Textual) [Abstract] | ||
Federal Home Loan Bank Advances at par value | $ 14,442 | 1,755 |
Federal Home Loan Bank, Advances, Convertible Option [Member] | ||
Advances (Textual) [Abstract] | ||
Federal Home Loan Bank Advances at par value | $ 1,266 | $ 5,307 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 120 | $ 150 | |
Discounts | 0 | (1) | |
Total mortgage loans held for portfolio | [1] | 120 | 149 |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Mortgage loans held for portfolio, net | 120 | 149 | |
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 | $ 1 | $ 2 | |
Mortgage loans on real estate, original contract terms | 15 years | 15 years | |
Fixed-rate long-term residential mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 119 | $ 148 | |
Conventional Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | 109 | 137 | |
Government-guaranteed or insured mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 11 | $ 13 | |
[1]Excludes accrued interest receivable of $1 as of December 31, 2022 and 2021 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio Roll-forward of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Securities Borrowed, Allowance for Credit Loss [Line Items] | |||
Balance, beginning of period | $ 0 | ||
Balance, end of period | 0 | $ 0 | |
Residential Portfolio Segment [Member] | Conventional Mortgage Loan [Member] | |||
Securities Borrowed, Allowance for Credit Loss [Line Items] | |||
Balance, beginning of period | 0 | 1 | $ 1 |
Reversal of provision for credit losses | 0 | (1) | 0 |
Balance, end of period | $ 0 | $ 0 | $ 1 |
Mortgage Loans Held for Portf_4
Mortgage Loans Held for Portfolio Credit Quality Indicators (Details) - Residential Portfolio Segment [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
In Process of Foreclosure at Amortized Cost | [1] | $ 1 | $ 0 | ||
Financing Receivable, Percent Past Due | [2] | 4.26% | 4.83% | ||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 1 | $ 1 | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 4 | 6 | ||
Accrued Interest Receivable on Conventional Mortgage Loans | 1 | 1 | |||
Government-guaranteed or insured mortgage loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
In Process of Foreclosure at Amortized Cost | [1] | $ 0 | $ 0 | ||
Financing Receivable, Percent Past Due | [2] | 6.84% | 6.26% | ||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 1 | $ 1 | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 0 | 0 | ||
Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | [5] | 109 | [6] | 136 | [7] |
In Process of Foreclosure at Amortized Cost | [1] | $ 1 | $ 0 | ||
Financing Receivable, Percent Past Due | [2] | 4.01% | 4.70% | ||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 0 | $ 0 | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 4 | 6 | ||
Mortgage Loans Amortzied Cost on Nonaccrual Status 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] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2 | [6] | 2 | [7] | |
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1 | [6] | 1 | [7] | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4 | [6] | 7 | [7] | |
Financial Asset, Past Due | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7 | [6] | 10 | [7] | |
Financial Asset, Not Past Due | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 102 | [6] | $ 126 | [7] | |
[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]As of December 31, 2022 and 2021, none of conventional mortgage loans on nonaccrual status had an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral, including any credit enhancements, was greater than the amortized cost of the loans.[5]Amortized cost excludes accrued interest receivable of $1 as of December 31, 2022 and 2021.[6]Represents conventional mortgage loans originated prior to 2018.[7]Represents conventional mortgage loans originated prior to 2017. |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) bank | Dec. 31, 2021 USD ($) | |
Schedule of Short-term and Long-term Debt [Line Items] | ||
Number of Federal Home Loan Banks | bank | 11 | |
Par Value FHLBanks' Outstanding Consolidated Obligations | $ 1,181,743 | $ 652,862 |
Unpledged qualifying assets held by the Bank | 151,236 | 78,321 |
Federal Home Loan Bank, Consolidated Obligations | $ 141,510 | $ 71,692 |
Maximum contractual maturity period of discount notes (up to one year) | 1 year | |
Other FHLBanks [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Number of Federal Home Loan Banks | bank | 10 |
Consolidated Obligations (Inter
Consolidated Obligations (Interest-rate Payment Terms) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Obligation Bonds by Interest-Rate Payment [Line Items] | ||
Bonds par value | $ 104,201 | $ 46,446 |
Simple variable-rate [Member] | ||
Consolidated Obligation Bonds by Interest-Rate Payment [Line Items] | ||
Bonds par value | 51,525 | 16,400 |
Fixed-rate [Member] | ||
Consolidated Obligation Bonds by Interest-Rate Payment [Line Items] | ||
Bonds par value | 46,561 | 27,751 |
Step up/down [Member] | ||
Consolidated Obligation Bonds by Interest-Rate Payment [Line Items] | ||
Bonds par value | $ 6,115 | $ 2,295 |
Consolidated Obligations (Redem
Consolidated Obligations (Redemption Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 101,729 | $ 46,186 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 62,408 | 16,640 |
Bonds, Due after one year through two years | 14,210 | 2,110 |
Bonds, Due after two years through three years | 9,986 | 10,700 |
Bonds, Due after three years through four years | 8,701 | 4,720 |
Bonds, Due after four years through five years | 6,135 | 7,829 |
Bonds, Due after five years | 2,761 | 4,447 |
Bonds par value | 104,201 | 46,446 |
Premiums | 8 | 10 |
Discounts | (13) | (17) |
Hedging adjustments | (2,467) | (253) |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 101,729 | $ 46,186 |
Bonds, Due in one year or less, weighted average interest rate | 4.13% | 0.16% |
Bonds, Due after one year through two years, weighted average interest rate | 1.43% | 0.55% |
Bonds, Due after two years through three years, weighted average interest rate | 1.96% | 0.81% |
Bonds, Due after three years through four years, weighted average interest rate | 1.20% | 0.67% |
Bonds, Due after four years through five years, weighted average interest rate | 2.61% | 0.94% |
Bonds, Due after five years, weighted average interest rate | 2.37% | 1.76% |
Total, weighted average interest rate | 3.17% | 0.67% |
Consolidated Obligations (Bonds
Consolidated Obligations (Bonds by Callable Feature) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 104,201 | $ 46,446 |
Noncallable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 62,050 | 22,053 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 42,151 | $ 24,393 |
Consolidated Obligations (Bon_2
Consolidated Obligations (Bonds by Maturity or Call Date) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | $ 62,408 | $ 16,640 |
Bonds, Due after one year through two years | 14,210 | 2,110 |
Bonds, Due after two years through three years | 9,986 | 10,700 |
Bonds, Due after three years through four years | 8,701 | 4,720 |
Bonds, Due after four years through five years | 6,135 | 7,829 |
Bonds, Due after five years | 2,761 | 4,447 |
Bonds par value | 104,201 | 46,446 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 98,320 | 40,712 |
Bonds, Due after one year through two years | 2,610 | 1,778 |
Bonds, Due after two years through three years | 1,330 | 1,674 |
Bonds, Due after three years through four years | 587 | 1,090 |
Bonds, Due after four years through five years | 133 | 3 |
Bonds, Due after five years | $ 1,221 | $ 1,189 |
Consolidated Obligations (Disco
Consolidated Obligations (Discount Notes) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Discount notes | $ 39,781 | $ 25,506 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Discount notes | 39,781 | 25,506 |
Discount notes par value | $ 40,005 | $ 25,507 |
Discount notes weighted average interest rate | 4% | 0.04% |
Affordable Housing Program (Rol
Affordable Housing Program (Roll-forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Affordable Housing Program [Roll Forward] | |||
AHP Obligation, beginning balance | $ 61 | $ 82 | $ 89 |
AHP Assessments | 21 | 15 | 28 |
Affordable Housing Program non-statutory contribution | 5 | 0 | 0 |
Subsidy usage, net | (28) | (36) | (35) |
AHP Obligation, ending balance | 59 | 61 | 82 |
Affordable Housing Program non-statutory contribution | $ 5 | $ 0 | $ 0 |
Affordable Housing Program (Nar
Affordable Housing Program (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assessments [Abstract] | ||
Affordable Housing Program required aggregate contribution amount | $ 100 | |
Affordable Housing Program required contribution percentage | 10% | |
Federal Home Loan Bank, Advances, Affordable Housing Program, Principal Outstanding | $ 10 | $ 12 |
Capital and Mandatorily Redee_3
Capital and Mandatorily Redeemable Capital Stock (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) class $ / shares Rate | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Dec. 31, 1989 USD ($) | Dec. 05, 2022 | Sep. 30, 2022 | |
Capital and Mandatorily Redeemable Capital Stock (Textual) [Abstract] | |||||||
Number of Finance Agency Regulatory Capital Requirements | 3 | ||||||
Total regulatory capital ratio, Required | 4% | 4% | |||||
Required leverage ratio | 5% | 5% | |||||
Weight applied to permanent capital in computing leverage ratio | 1.5 | ||||||
Number of subclasses of capital stock | class | 3 | ||||||
Capital stock Class B putable par value (per share) | $ / shares | $ 100 | $ 100 | |||||
B1 Membership stock requirement percentage | 0.05% | ||||||
Membership stock requirement, maximum | $ 15,000,000 | ||||||
Percent of the member's outstanding par value of advances. | 4.25% | ||||||
Activity based capital stock required by members as a percent of targeted debt or equity investments sold by member to the bank | 8% | ||||||
Activity based capital stock required by member as a percentage of outstanding balance of acquired member assets | 0% | 0% | |||||
Redemption period for excess capital stock (in years) | 5 years | ||||||
Activity Based Capital Stock Required by Members as a Percent of Par Value of Outstanding Advance | 4.25% | 3.75% | |||||
B3 Membership Stock Requirement Percentage | Rate | 0.10% | ||||||
Total FICO distributions made by the FHLBanks | $ 680,000,000 | ||||||
Partial recovery of prior capital distribution to Financing Corporation | $ 29,000,000 | $ 0 | $ 0 | $ 29,000,000 |
Capital and Mandatorily Redee_4
Capital and Mandatorily Redeemable Capital Stock (Regulatory Capital Rules and Requirements) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Banking Regulation, Total Capital [Abstract] | ||
Risk based capital, Required | $ 801 | $ 814 |
Risk based capital, Actual | $ 7,680 | $ 4,612 |
Total regulatory capital ratio, Required | 4% | 4% |
Total regulatory capital ratio, Actual | 5.07% | 5.86% |
Total regulatory capital, Required | $ 6,065 | $ 3,150 |
Total regulatory capital, Actual | $ 7,680 | $ 4,612 |
Leverage capital ratio, Required | 5% | 5% |
Leverage capital ratio, Actual | 7.60% | 8.79% |
Leverage Capital, Required | $ 7,581 | $ 3,937 |
Leverage Capital, Actual | $ 11,520 | $ 6,918 |
Capital and Mandatorily Redee_5
Capital and Mandatorily Redeemable Capital Stock Schedule of Declared quarterly Cash Dividends (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Declared Quarterly Cash Dividends [Abstract] | |||||||||||||||
Dividends, Common Stock, Cash | $ 51 | $ 33 | $ 23 | $ 22 | $ 23 | $ 23 | $ 27 | $ 30 | $ 35 | $ 58 | $ 70 | $ 76 | $ 129 | $ 103 | $ 239 |
Common Stock Dividend-Annualized Rate | 5.30% | 4.11% | 3.74% | 3.70% | 3.70% | 3.67% | 3.69% | 3.72% | 4% | 4.35% | 5.53% | 5.93% | 4.34% | 3.70% | 5.03% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive (Loss) Income | $ (34) | $ (16) | |||
Net unrealized losses on available-for-sale securities | (25) | (9) | $ 0 | ||
Pension and postretirement benefits | 7 | 9 | 3 | ||
Reclassification of unrealized gains related to the sale of available-for-sale securities | 0 | 0 | (41) | ||
Pension and Postretirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive (Loss) Income | 0 | (7) | (16) | $ (19) | |
Adoption of ASU 2016-13 as amended | 0 | ||||
Net change in fair value | 0 | 0 | |||
Actuarial (loss) gain | 6 | (3) | (2) | ||
Pension and postretirement benefits | 1 | 12 | 5 | ||
Net current period other comprehensive income (loss) | 7 | 9 | 3 | ||
Noncredit Portion of Other Than Temporary Impairment Losses [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive (Loss) Income | (34) | (9) | 0 | 0 | |
Adoption of ASU 2016-13 as amended | 41 | ||||
Net unrealized losses on available-for-sale securities | (25) | (9) | 41 | ||
Actuarial (loss) gain | 0 | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | |||
Net current period other comprehensive income (loss) | (25) | (9) | 0 | ||
Reclassification of unrealized gains related to the sale of available-for-sale securities | (82) | ||||
Total Accumulated Other Comprehensive Loss [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive (Loss) Income | (34) | (16) | (16) | 22 | |
Adoption of ASU 2016-13 as amended | 0 | ||||
Net unrealized losses on available-for-sale securities | (25) | (9) | |||
Net change in fair value | 41 | ||||
Actuarial (loss) gain | 6 | (3) | (2) | ||
Pension and postretirement benefits | 1 | 12 | 5 | [1] | |
Net current period other comprehensive income (loss) | (18) | 0 | (38) | ||
Reclassification of unrealized gains related to the sale of available-for-sale securities | (82) | ||||
Available-for-sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Adoption of ASU 2016-13 as amended | (41) | ||||
Net change in fair value | 0 | ||||
Pension and postretirement benefits | 0 | 0 | |||
Available-for-sale Securities [Member] | Noncredit Portion of Other Than Temporary Impairment Losses [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive (Loss) Income | 0 | 0 | 0 | $ 41 | |
Net change in fair value | 0 | ||||
Actuarial (loss) gain | 0 | 0 | 0 | ||
Pension and postretirement benefits | 0 | ||||
Net current period other comprehensive income (loss) | $ 0 | $ 0 | $ (41) | ||
[1]Included in Noninterest expense - Other on the Statements of Income. |
Pension and Post Retirement B_3
Pension and Post Retirement Benefit Plans (Multi-employer Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2021 | Jul. 01, 2020 | Jul. 01, 2019 | |
Multiemployer Plans [Line Items] | ||||||
Multiemployer plan number | 333 | |||||
Pentegra Defined Benefit Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Cost (Reversal of Cost) | $ 5 | $ 7 | $ 31 | |||
Pentegra Plan funded status as of July 1 | 118.87% | 130.59% | 108.50% | |||
Bank's funded status as of the plan year end | 145.40% | 157.71% | 130.19% |
Pension and Post Retirement B_4
Pension and Post Retirement Benefit Plans (Defined Contribution Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Qualifed Defined Contribution Plan [Member] | |||
Defined Contribution Plan Disclosures [Line Items] | |||
Defined Contribution Plan, Cost | $ 3 | $ 3 | $ 3 |
Pension and Post Retirement B_5
Pension and Post Retirement Benefit Plans (Deferred Compensation) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Minimum obligation under deferred compensation plan | $ 4 | $ 6 |
Pension and Post Retirement B_6
Pension and Post Retirement Benefit Plans (Defined Benefit Plan) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in other liabilities | $ 24 | $ 30 |
Pension and Post Retirement B_7
Pension and Post Retirement Benefit Plans (Net Periodic Benefit Costs) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net pension cost charged to compensation and benefit expense for the year ended December 31 | $ 1 |
Pension and Post Retirement B_8
Pension and Post Retirement Benefit Plans (Pension Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total recognized in other comprehensive income (loss) | $ 7 | $ 9 | $ 3 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 81,736 | $ 50,404 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 47 | 4 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 2,507 | 455 | |
Derivative Asset, Netting Adjustments and Cash Collateral | [1],[2] | 232 | 327 |
Derivative Liability, Fair Value, Netting Adjustments and Cash Collateral | [1],[2] | (2,482) | (433) |
Derivative Asset | 279 | 331 | |
Derivative liabilities (1) | 25 | 22 | |
Variation Margin for Daily Settled Contracts, Net | (739) | 300 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 2,714 | 759 | |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [3] | 77,673 | 46,340 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 44 | 2 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 2,506 | 453 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,063 | 4,064 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 3 | 2 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1 | 2 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [3] | 63 | 64 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 3 | 1 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Interest Rate Caps or Floors [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,000 | 4,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 1 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 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 $2,714 and $759 as of December 31, 2022 and 2021, respectively. The Bank did not receive any cash collateral, including accrued interest, as of December 31, 2022 and 2021.[3]Includes variation margin for daily settled contracts of negative $739 and positive $300 as of December 31, 2022 and 2021, respectively. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Net Gains (Losses) on Derivatives and Hedging Activities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Income, Federal Home Loan Bank Advances | $ 1,748 | $ 306 | $ 870 | ||
Interest Expense, Other Long-term Debt | (1,345) | (155) | (582) | ||
Interest Expense, Other Short-term Borrowings | (805) | (12) | (357) | ||
Interest Income [Member] | Advances [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
GainLossonFairValueHedgesRecognizedinNetInterestIncomeBeforePriceAlignmentInterest | 213 | 125 | 36 | ||
Net Interest Settlements | (17) | (331) | [1],[2] | (341) | [3],[4] |
Amortization Accretion of Active Hedging Relationships | (185) | (99) | (56) | ||
Other Effects from Fair Value Hedging Relationships | 4 | (19) | (4) | ||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 15 | (324) | (365) | ||
Interest Income [Member] | Advances [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (1,105) | (905) | [1] | 922 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 1,318 | 1,030 | (886) | ||
Interest Expense [Member] | Unsecured Debt [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
GainLossonFairValueHedgesRecognizedinNetInterestIncomeBeforePriceAlignmentInterest | 4 | (8) | 2 | ||
Net Interest Settlements | (187) | 113 | [1],[2] | 41 | [3],[4] |
Amortization Accretion of Active Hedging Relationships | (12) | 0 | (2) | ||
Other Effects from Fair Value Hedging Relationships | 0 | 0 | 0 | ||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (195) | 105 | 41 | ||
Interest Expense [Member] | Unsecured Debt [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 2,226 | 309 | [1] | (18) | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (2,222) | (317) | 20 | ||
Interest Expense [Member] | Short-term Debt [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
GainLossonFairValueHedgesRecognizedinNetInterestIncomeBeforePriceAlignmentInterest | 1 | 0 | |||
Net Interest Settlements | 0 | 39 | |||
Amortization Accretion of Active Hedging Relationships | (32) | 0 | |||
Other Effects from Fair Value Hedging Relationships | 0 | 0 | |||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (31) | $ 39 | |||
Interest Expense [Member] | Short-term Debt [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 10 | 0 | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (9) | $ 0 | |||
[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.[3]Excludes the interest income/expense of the respective hedged items.[4]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 Derivatives and Hedging Activities (Cumulative Basis Adjustments for Fair Value Hedges) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |||
Advances [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Hedged Asset, Fair Value Hedge | $ 18,533 | [1] | $ 21,293 | [2] | |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (711) | 492 | |||
Hedged Asset, Deferred Gain (loss) on discontinuation of interest rate fair value hedge | (4) | 69 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (715) | 561 | |||
Unsecured Debt [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Hedged Liability, Fair Value Hedge | 48,521 | [1] | 25,256 | [2] | |
Hedged Liability,Active Fair Value Hedge, Cumulative Increase (Decrease) | (2,461) | (252) | |||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (6) | (1) | |||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (2,467) | $ (253) | |||
Short-term Debt [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Hedged Liability, Fair Value Hedge | [1] | 11,475 | |||
Hedged Liability,Active Fair Value Hedge, Cumulative Increase (Decrease) | (10) | ||||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | ||||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (10) | ||||
Available-for-sale Securities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Hedged Asset, Fair Value Hedge | 100 | ||||
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 0 | ||||
Hedged Asset, Deferred Gain (loss) on discontinuation of interest rate fair value hedge | 0 | ||||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 0 | ||||
[1]Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships.[2]Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivatives and Hedging Activities (Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gains (losses) on derivatives | $ 2 | $ 1 | $ (6) |
Interest Rate Swaps [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 1 | (4) |
Net Interest Settlements [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2 | $ 0 | $ (2) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Offsetting Assets [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 47 | $ 4 | |
Derivative Liability, Fair Value, Gross Liability | 2,507 | 455 | |
Derivative Asset, Netting Adjustments and Cash Collateral | [1],[2] | 232 | 327 |
Derivative Liability, Fair Value, Netting Adjustments and Cash Collateral | [1],[2] | (2,482) | (433) |
Derivative assets (1) | 279 | 331 | |
Derivative liabilities (1) | 25 | 22 | |
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 279 | 331 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 25 | 22 | |
Exchange Cleared [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 26 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 11 | 4 | |
Derivative Asset, Netting Adjustments and Cash Collateral | 251 | 330 | |
Derivative Liability, Fair Value, Netting Adjustments and Cash Collateral | (11) | (4) | |
Derivative assets (1) | 277 | 330 | |
Derivative liabilities (1) | 0 | 0 | |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 277 | 330 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Over the Counter [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 21 | 4 | |
Derivative Liability, Fair Value, Gross Liability | 2,496 | 451 | |
Derivative Asset, Netting Adjustments and Cash Collateral | (19) | (3) | |
Derivative Liability, Fair Value, Netting Adjustments and Cash Collateral | (2,471) | (429) | |
Derivative assets (1) | 2 | 1 | |
Derivative liabilities (1) | 25 | 22 | |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2 | 1 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 25 | $ 22 | |
[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 $2,714 and $759 as of December 31, 2022 and 2021, respectively. The Bank did not receive any cash collateral, including accrued interest, as of December 31, 2022 and 2021.[3]T |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Federal Home Loan Bank, Advances, Maximum Contractual Maturity Period | 30 years |
Estimated Fair Values (Fair Val
Estimated Fair Values (Fair Value Summary) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | ||
Assets: | ||||
Cash and due from banks | $ 141 | $ 879 | ||
Held-to-Maturity, Fair Value | 22,140 | 15,099 | ||
Held-to-Maturity - Amortized Cost | 22,626 | 15,074 | ||
Derivative assets (1) | 279 | 331 | ||
Derivative Asset, Netting Adjustments and Cash Collateral | [1],[2] | 232 | 327 | |
Liabilities: | ||||
Accrued interest payable | 481 | 72 | ||
Derivative Liability, Fair Value, Netting Adjustments and Cash Collateral | [1],[2] | (2,482) | (433) | |
Derivative liabilities (1) | 25 | 22 | ||
Interest Receivable | 477 | 57 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets: | ||||
Cash and due from banks | 141 | 879 | ||
Interest-bearing deposits | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Federal funds sold | 0 | 0 | ||
Available-for-sale Securities | [3] | 0 | 0 | |
Held-to-maturity securities | 0 | 0 | ||
Advances | 0 | 0 | ||
Mortgage loans held for portfolio, net | 0 | 0 | ||
Derivative assets (1) | [3] | 0 | 0 | |
Grantor trust assets (included in Other assets) (1) | [3] | 29 | 35 | |
Liabilities: | ||||
Interest-bearing deposits | 0 | 0 | ||
Mandatory Redeemable Capital Stock | 1 | |||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities (1) | [3] | 0 | 0 | |
Interest Receivable | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | ||||
Liabilities: | ||||
Bonds | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Short-term Debt [Member] | ||||
Liabilities: | ||||
Discount notes | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits | 1,277 | 688 | ||
Securities purchased under agreements to resell | 6,250 | 7,000 | ||
Federal funds sold | 8,036 | 6,420 | ||
Available-for-sale Securities | [3] | 2,713 | 2,639 | |
Held-to-maturity securities | 22,140 | 15,099 | ||
Advances | 109,424 | 45,635 | ||
Mortgage loans held for portfolio, net | 115 | 161 | ||
Derivative assets (1) | [3] | 47 | 4 | |
Grantor trust assets (included in Other assets) (1) | [3] | 0 | 0 | |
Liabilities: | ||||
Interest-bearing deposits | 1,821 | 2,054 | ||
Mandatory Redeemable Capital Stock | 0 | |||
Accrued interest payable | 481 | 72 | ||
Derivative liabilities (1) | [3] | 2,507 | 455 | |
Interest Receivable | 477 | 57 | ||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | ||||
Liabilities: | ||||
Bonds | 101,240 | 46,338 | ||
Fair Value, Inputs, Level 2 [Member] | Short-term Debt [Member] | ||||
Liabilities: | ||||
Discount notes | 39,776 | 25,506 | ||
Carrying Value [Member] | ||||
Assets: | ||||
Cash and due from banks | 141 | 879 | ||
Interest-bearing deposits | 1,277 | 688 | ||
Securities purchased under agreements to resell | 6,250 | 7,000 | ||
Federal funds sold | 8,036 | 6,420 | ||
Available-for-sale Securities | [3] | 2,713 | 2,639 | |
Held-to-Maturity - Amortized Cost | 22,626 | 15,074 | ||
Advances | 109,595 | 45,415 | ||
Mortgage loans held for portfolio, net | 120 | 149 | ||
Derivative assets (1) | [3] | 279 | 331 | |
Grantor trust assets (included in Other assets) (1) | [3] | 29 | 35 | |
Liabilities: | ||||
Interest-bearing deposits | 1,821 | 2,054 | ||
Mandatory Redeemable Capital Stock | 1 | |||
Accrued interest payable | 481 | 72 | ||
Derivative liabilities (1) | [3] | 25 | 22 | |
Interest Receivable | 477 | 57 | ||
Carrying Value [Member] | Consolidated Obligation Bonds [Member] | ||||
Liabilities: | ||||
Bonds | 101,729 | 46,186 | ||
Carrying Value [Member] | Short-term Debt [Member] | ||||
Liabilities: | ||||
Discount notes | 39,781 | 25,506 | ||
Estimate of Fair Value Measurement [Member] | ||||
Assets: | ||||
Cash and due from banks | 141 | 879 | ||
Interest-bearing deposits | 1,277 | 688 | ||
Securities purchased under agreements to resell | 6,250 | 7,000 | ||
Federal funds sold | 8,036 | 6,420 | ||
Available-for-sale Securities | [3] | 2,713 | 2,639 | |
Held-to-Maturity, Fair Value | 15,099 | |||
Held-to-maturity securities | 22,140 | |||
Advances | 109,424 | 45,635 | ||
Mortgage loans held for portfolio, net | 115 | 161 | ||
Derivative assets (1) | [3] | 279 | 331 | |
Grantor trust assets (included in Other assets) (1) | [3] | 29 | 35 | |
Liabilities: | ||||
Interest-bearing deposits | 1,821 | 2,054 | ||
Mandatory Redeemable Capital Stock | 1 | |||
Accrued interest payable | 481 | 72 | ||
Derivative liabilities (1) | [3] | 25 | 22 | |
Interest Receivable | 477 | 57 | ||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | ||||
Liabilities: | ||||
Bonds | 101,240 | 46,338 | ||
Estimate of Fair Value Measurement [Member] | Short-term Debt [Member] | ||||
Liabilities: | ||||
Discount notes | 25,506 | |||
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | ||||
Liabilities: | ||||
Discount notes | 39,776 | |||
Fair Value, Recurring [Member] | ||||
Assets: | ||||
Securities purchased under agreements to resell | 0 | |||
Available-for-sale Securities | 0 | [3] | 0 | |
Held-to-maturity securities | $ 0 | 0 | ||
Liabilities: | ||||
Mandatory Redeemable Capital Stock | $ 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 $2,714 and $759 as of December 31, 2022 and 2021, respectively. The Bank did not receive any cash collateral, including accrued interest, as of December 31, 2022 and 2021.[3]Financial instruments measured at fair value on a recurring basis. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2022 USD ($) letter_of_credit | Dec. 31, 2021 USD ($) letter_of_credit |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Number Of Outstanding Standby Letters Of Credit Renewable Annually | letter_of_credit | 22 | 19 |
Standby Letters Of Credit Issued Renewable Annually | $ 49 | $ 15 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 3,103 | 3,757 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 5,943 | 3,914 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 9,046 | 7,671 |
Commitments to Fund Additional Advances [Member] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 318 | 96 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 38 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 318 | 134 |
Unsettled Consolidation Obligation Bonds [Member] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 5,277 | 80 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 5,277 | $ 80 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
The FHLBank's outstanding consolidated obligations for which the Bank is jointly and severally liable | $ 1,037,537 | $ 580,909 | |
Carrying value guarantees related to standby letters of credit | 80 | 249 | |
Operating Lease, Expense | 1 | 1 | $ 1 |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Carrying value guarantees related to standby letters of credit | $ 22 | $ 16 |
Transactions with Shareholder_2
Transactions with Shareholders (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum | ||
RelatedPartyTransactionDefinitionOfRelatedPartyCapitalStockPercentage | 10% | |
Definition of shareholder concentration, percentage | 10% | |
Federal Home Loan Bank, Regulatory Capital, Actual | $ 7,680 | $ 4,612 |
Federal Home Loan Bank, Advances, Par Value | 110,309 | 44,927 |
Bank of America [Member] | ||
Minimum | ||
Federal Home Loan Bank, Regulatory Capital, Actual | $ 298 | |
Percent of Total Regulatory Capital Stock Outstanding | 12.49% | |
Federal Home Loan Bank, Advances, Par Value | $ 7,506 | |
Percent of Total Par Value Advances | 16.71% | |
Interest-bearing Deposits | $ 0 | |
Percent of Total Interest-bearing Deposits | 0.02% | |
TIAA, FSB | ||
Minimum | ||
Federal Home Loan Bank, Regulatory Capital, Actual | $ 277 | |
Percent of Total Regulatory Capital Stock Outstanding | 11.61% | |
Federal Home Loan Bank, Advances, Par Value | $ 6,946 | |
Percent of Total Par Value Advances | 15.46% | |
Interest-bearing Deposits | $ 1 | |
Percent of Total Interest-bearing Deposits | 0.05% | |
Truist | ||
Minimum | ||
Federal Home Loan Bank, Regulatory Capital, Actual | $ 1,277 | |
Percent of Total Regulatory Capital Stock Outstanding | 23.67% | |
Federal Home Loan Bank, Advances, Par Value | $ 29,702 | |
Percent of Total Par Value Advances | 26.93% | |
Interest-bearing Deposits | $ 0 | |
Percent of Total Interest-bearing Deposits | 0% |
Transaction with Other FHLBan_2
Transaction with Other FHLBanks (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Other Transactions [Line Items] | ||||
Loans to Other Federal Home Loan Banks | $ 0 | $ 0 | ||
Percent of Total Master Commitment Acquired from a Member of FHLBank Indianapolis | 90% | |||
Dollar Value of Master Commitment Agreement Executed between An FHLBank and A Member | $ 100 | |||
Loans to other FHLBanks | (4,300) | (780) | $ (500) | |
Principal collected on loans to other FHLBanks | 4,300 | 780 | 500 | |
Increase (Decrease) in Loans to Federal Home Loan Banks | 0 | 0 | 0 | |
Proceeds from short-term borrowings from other FHLBanks | 4,080 | 25 | 0 | |
Payments of short-term borrowings from other FHLBanks | (4,080) | (25) | 0 | |
Increase (Decrease) in Loans from Federal Home Loan Banks | 0 | 0 | $ 0 | |
Outstanding Balance of Mortgage Loans Purchased under Master Commitment Agreement between A Member and An FHLBank | 22 | 25 | ||
Loans from Other Federal Home Loan Banks | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||
Common Stock Dividend Subsequent Event -Annualized Rate | 6.37% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payments of Dividends | $ 78 |