Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Federal Home Loan Bank of Dallas | ||
Entity Central Index Key | 0001331757 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 25,242,531 | ||
Common Stock, Value, Outstanding | $ 2,590,000,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 0 |
Statements of Condition
Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity, Fair Value | $ 1,215,580 | $ 1,478,691 |
ASSETS | ||
Cash and due from banks | 20,551 | 35,157 |
Interest-bearing deposits | 1,670,249 | 2,500,317 |
Securities purchased under agreements to resell (Note 12) | 4,310,000 | 6,215,000 |
Federal funds sold (Notes 18 and 19) | 4,505,000 | 1,731,000 |
Trading securities (Note 3) | 5,460,136 | 1,818,178 |
Available-for-sale securities (Notes 4,12 and 17) ($842,256 and $712,547 pledged at December 31, 2019 and 2018, respectively, which could be rehypothecated) | 16,766,500 | 15,825,155 |
Held-to-maturity securities (a) (Note 5) | 1,206,170 | 1,462,279 |
Advances (Notes 6, 8 and 18) | 37,117,455 | 40,793,813 |
Mortgage loans held for portfolio, net of allowance for credit losses of $1,149 and $493 at December 31, 2019 and 2018, respectively (Notes 7, 8 and 18) | 4,075,464 | 2,185,503 |
Accrued interest receivable | 154,218 | 152,670 |
Premises and equipment, net | 15,103 | 16,419 |
Derivative assets (Notes 12 and 13) | 41,271 | 9,878 |
Other assets (including $14,222 and $12,376 of securities held at fair value at December 31, 2019 and 2018, respectively) | 39,488 | 27,921 |
TOTAL ASSETS | 75,381,605 | 72,773,290 |
Deposits (Notes 9 and 18) | ||
Interest-bearing | 1,286,199 | 963,972 |
Non-interest bearing | 20 | 20 |
Total deposits | 1,286,219 | 963,992 |
Consolidated obligations (Note 10) | ||
Discount notes | 34,327,886 | 35,731,713 |
Bonds | 35,745,827 | 31,931,929 |
Total consolidated obligations | 70,073,713 | 67,663,642 |
Mandatorily redeemable capital stock (Note 14) | 7,140 | 6,979 |
Accrued interest payable | 115,350 | 122,938 |
Affordable Housing Program (Note 11) | 57,247 | 44,358 |
Derivative liabilities (Notes 12 and 13) | 3,855 | 45,991 |
Other liabilities (Note 4) | 40,113 | 161,134 |
Total liabilities | 71,583,637 | 69,009,034 |
Commitments and contingencies (Notes 11,13,15 and 17) | ||
Capital (Notes 14 and 18) | ||
Total Class B Capital Stock | 2,466,242 | 2,554,888 |
Retained earnings | ||
Unrestricted | 1,038,533 | 932,675 |
Restricted | 194,144 | 148,692 |
Total retained earnings | 1,232,677 | 1,081,367 |
Accumulated other comprehensive income (Note 20) | 99,049 | 128,001 |
Total capital | 3,797,968 | 3,764,256 |
TOTAL LIABILITIES AND CAPITAL | $ 75,381,605 | 72,773,290 |
Common Stock, Par or Stated Value Per Share | $ 100 | |
Capital Stock - Class B-1 putable ($100 par value) issued and outstanding shares: 9,794,335 and 9,169,206 at December 31, 2019 and 2018, respectively | ||
Capital (Notes 14 and 18) | ||
Total Class B Capital Stock | $ 979,434 | 916,921 |
Retained earnings | ||
Total capital | $ 979,434 | $ 916,921 |
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Capital Stock - Class B-2 putable ($100 par value) issued and outstanding shares 14,868,085 and 16,379,675 at December 31, 2019 and 2018, respectively | ||
Capital (Notes 14 and 18) | ||
Total Class B Capital Stock | $ 1,486,808 | $ 1,637,967 |
Retained earnings | ||
Total capital | $ 1,486,808 | $ 1,637,967 |
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Statements of Condition Parenth
Statements of Condition Parenthetical - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Debt Securities, Held-to-maturity, Fair Value | $ 1,215,580 | $ 1,478,691 |
Other Assets, Fair Value Disclosure | $ 14,222 | 12,376 |
CAPITAL (Notes 14 and 18) | ||
Common Stock, Par or Stated Value Per Share | $ 100 | |
Available-for-sale Securities [Member] | ||
ASSETS | ||
Derivative, Collateral, Right to Reclaim Securities | $ 842,256 | $ 712,547 |
Capital Stock Class B-1 - Membership/Excess | ||
CAPITAL (Notes 14 and 18) | ||
Common Stock, Shares, Issued | 9,794,335 | 9,169,206 |
Common Stock, Shares, Outstanding | 9,794,335 | 9,169,206 |
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Capital Stock Class B-2 - Activity | ||
CAPITAL (Notes 14 and 18) | ||
Common Stock, Shares, Issued | 14,868,085 | 16,379,675 |
Common Stock, Shares, Outstanding | 14,868,085 | 16,379,675 |
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Conventional Mortgage Loan [Member] | ||
ASSETS | ||
Loans and Leases Receivable, Allowance | $ 1,149 | $ 493 |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
INTEREST INCOME | |||||
Advances | $ 906,671 | $ 828,929 | [1] | $ 421,588 | [1] |
Prepayment fees on advances, net | 2,064 | 2,631 | 1,772 | ||
Interest-bearing deposits | 37,043 | 22,576 | 2,126 | ||
Securities purchased under agreements to resell | 87,073 | 67,984 | 7,504 | ||
Federal funds sold | 58,435 | 88,906 | 82,782 | ||
Trading securities | 100,875 | 19,529 | 2,306 | ||
Available-for-sale securities | 465,023 | 417,793 | [1] | 239,193 | [1] |
Held-to-maturity securities | 37,629 | 44,835 | 36,388 | ||
Mortgage loans held for portfolio | 110,892 | 53,585 | 15,018 | ||
Total interest income | 1,805,705 | 1,546,768 | 808,677 | ||
Consolidated obligations | |||||
Bonds | 711,240 | 659,943 | [1] | 327,644 | [1] |
Discount notes | 780,165 | 560,824 | [1] | 233,698 | [1] |
Deposits | 20,167 | 15,132 | 9,551 | ||
Mandatorily redeemable capital stock | 189 | 101 | 107 | ||
Other borrowings | 113 | 80 | 109 | ||
Total interest expense | 1,511,874 | 1,236,080 | 571,109 | ||
NET INTEREST INCOME | 293,831 | 310,688 | 237,568 | ||
Provision for mortgage loan losses | 656 | 222 | 130 | ||
NET INTEREST INCOME AFTER PROVISION FOR MORTGAGE LOAN LOSSES | 293,175 | 310,466 | 237,438 | ||
OTHER INCOME (LOSS) | |||||
Service fees | 2,590 | 2,252 | 2,262 | ||
Net gains (losses) on trading securities | 12,860 | (1,149) | 1,822 | ||
Net gains (losses) on derivatives and hedging activities | 24,687 | (10,256) | [1] | 4,668 | [1] |
Net gains (losses) on other assets carried at fair value | 1,964 | (746) | 0 | ||
Realized gains on sales of held-to-maturity securities | 0 | 1,671 | 3,983 | ||
Net realized gains on sales of available-for-sale-securities | 852 | 0 | 1,399 | ||
Letter of credit fees | 12,437 | 9,268 | 7,701 | ||
Other, net | 930 | 921 | 648 | ||
Total other income | 56,320 | 1,961 | 22,483 | ||
OTHER EXPENSE | |||||
Compensation and benefits | 50,003 | 48,431 | 50,725 | ||
Other operating expenses | 36,141 | 32,022 | 25,672 | ||
Finance Agency | 4,800 | 3,899 | 3,518 | ||
Office of Finance | 4,271 | 3,991 | 3,663 | ||
Discretionary grants and donations | 476 | 2,005 | 8,128 | ||
Derivative clearing fees | 1,274 | 1,207 | 1,218 | ||
Total other expense | 96,965 | 91,555 | 92,924 | ||
INCOME BEFORE ASSESSMENTS | 252,530 | 220,872 | 166,997 | ||
Affordable Housing Program assessment | 25,272 | 22,097 | 16,710 | ||
NET INCOME | $ 227,258 | $ 198,775 | $ 150,287 | ||
[1] | Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
NET INCOME | $ 227,258 | $ 198,775 | $ 150,287 | ||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||
Net unrealized gains (losses) on available-for-sale securities, net of unrealized gains and losses relating to hedged interest rate risk included in net income | 26,705 | (93,245) | 155,037 | ||
Reclassification adjustment for net realized gains on sales of available-for-sale securities included in net income | (852) | 0 | (1,399) | ||
Unrealized losses on cash flow hedges | (54,777) | (823) | (2,570) | ||
Reclassification adjustment for losses (gains) on cash flow hedges included in net income | (1,829) | (950) | 2,375 | ||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 2,027 | 2,934 | 3,556 | ||
Postretirement benefit plan | |||||
Total other comprehensive income (loss) | (28,952) | (92,325) | [1] | 157,116 | [1] |
TOTAL COMPREHENSIVE INCOME | $ 198,306 | $ 106,450 | $ 307,403 | ||
[1] | Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. |
Statements of Capital
Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 3,764,256 | $ 3,480,026 | $ 2,817,342 | |||
Proceeds from sale of capital stock | 1,549,478 | 1,901,175 | 1,448,533 | |||
Repurchase/redemption of capital stock | (1,711,435) | (1,716,490) | (1,072,618) | |||
Net shares reclassified to mandatorily redeemable capital stock | (2,326) | (6,576) | (20,230) | |||
Adjustment to initially apply new lease accounting guidance (Note 2) | $ (25) | |||||
Comprehensive income | ||||||
Net income | 227,258 | 198,775 | 150,287 | |||
Other comprehensive income (loss) | (28,952) | (92,325) | [1] | 157,116 | [1] | |
Dividends on capital stock | ||||||
Cash | (259) | (265) | (266) | |||
Mandatorily redeemable capital stock | (27) | (64) | (138) | |||
Ending balance | $ 3,797,968 | $ 3,764,256 | $ 3,480,026 | |||
Capital Stock Class B-1 - Membership/Excess | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, shares | 9,169 | 8,534 | 6,904 | |||
Beginning balance | $ 916,921 | $ 853,462 | $ 690,411 | |||
Proceeds from sale of capital stock, shares | 40 | 273 | 78 | |||
Proceeds from sale of capital stock | $ 4,026 | $ 27,289 | $ 7,836 | |||
Net transfers of shares between Class B-1 and Class B-2 Stock, shares | 16,966 | 17,004 | 12,156 | |||
Net transfers of shares between Class B-1 and Class B-2 Stock | $ 1,696,611 | $ 1,700,394 | $ 1,215,774 | |||
Repurchase/redemption of capital stock, shares | (17,114) | (17,165) | (10,725) | |||
Repurchase/redemption of capital stock | $ (1,711,435) | $ (1,716,490) | $ (1,072,618) | |||
Net shares reclassified to mandatorily redeemable capital stock, shares | (23) | (65) | (200) | |||
Net shares reclassified to mandatorily redeemable capital stock | $ (2,326) | $ (6,576) | $ (20,045) | |||
Dividends on capital stock | ||||||
Stock, shares | 756 | 588 | 321 | |||
Stock | $ 75,637 | $ 58,842 | $ 32,104 | |||
Ending balance, shares | 9,794 | 9,169 | 8,534 | |||
Ending balance | $ 979,434 | $ 916,921 | $ 853,462 | |||
Capital Stock Class B-2 - Activity | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, shares | 16,380 | 14,645 | 12,397 | |||
Beginning balance | $ 1,637,967 | $ 1,464,475 | $ 1,239,737 | |||
Proceeds from sale of capital stock, shares | 15,454 | 18,739 | 14,406 | |||
Proceeds from sale of capital stock | $ 1,545,452 | $ 1,873,886 | $ 1,440,697 | |||
Net transfers of shares between Class B-1 and Class B-2 Stock, shares | (16,966) | (17,004) | (12,156) | |||
Net transfers of shares between Class B-1 and Class B-2 Stock | $ (1,696,611) | $ (1,700,394) | $ (1,215,774) | |||
Repurchase/redemption of capital stock, shares | 0 | 0 | 0 | |||
Repurchase/redemption of capital stock | $ 0 | $ 0 | $ 0 | |||
Net shares reclassified to mandatorily redeemable capital stock, shares | 0 | 0 | (2) | |||
Net shares reclassified to mandatorily redeemable capital stock | $ 0 | $ 0 | $ (185) | |||
Dividends on capital stock | ||||||
Stock, shares | 0 | 0 | 0 | |||
Stock | $ 0 | $ 0 | $ 0 | |||
Ending balance, shares | 14,868 | 16,380 | 14,645 | |||
Ending balance | $ 1,486,808 | $ 1,637,967 | $ 1,464,475 | |||
Retained Earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,081,367 | 941,763 | 823,984 | |||
Adjustment to initially apply new lease accounting guidance (Note 2) | (25) | |||||
Comprehensive income | ||||||
Net income | 227,258 | 198,775 | 150,287 | |||
Dividends on capital stock | ||||||
Cash | (259) | (265) | (266) | |||
Mandatorily redeemable capital stock | (27) | (64) | (138) | |||
Stock | (75,637) | (58,842) | (32,104) | |||
Ending balance | 1,232,677 | 1,081,367 | 941,763 | |||
Retained Earnings, Restricted | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 148,692 | 108,937 | 78,880 | |||
Comprehensive income | ||||||
Net income | 45,452 | 39,755 | 30,057 | |||
Dividends on capital stock | ||||||
Ending balance | 194,144 | 148,692 | 108,937 | |||
Retained Earnings, Unrestricted | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 932,675 | 832,826 | 745,104 | |||
Adjustment to initially apply new lease accounting guidance (Note 2) | $ (25) | |||||
Comprehensive income | ||||||
Net income | 181,806 | 159,020 | 120,230 | |||
Dividends on capital stock | ||||||
Cash | (259) | (265) | (266) | |||
Mandatorily redeemable capital stock | (27) | (64) | (138) | |||
Stock | (75,637) | (58,842) | (32,104) | |||
Ending balance | 1,038,533 | 932,675 | 832,826 | |||
Accumulated Other Comprehensive Income (Loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 128,001 | 220,326 | 63,210 | |||
Comprehensive income | ||||||
Other comprehensive income (loss) | (28,952) | (92,325) | 157,116 | |||
Dividends on capital stock | ||||||
Ending balance | $ 99,049 | $ 128,001 | $ 220,326 | |||
[1] | Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 227,258 | $ 198,775 | $ 150,287 |
Depreciation and amortization | |||
Net premiums and discounts on advances, consolidated obligations, investments and mortgage loans | (34,559) | 90,230 | 83,007 |
Concessions on consolidated obligations | 8,269 | 5,421 | 4,435 |
Premises, equipment and computer software costs | 4,100 | 3,837 | 3,730 |
Non-cash interest on mandatorily redeemable capital stock | 201 | 72 | 91 |
Provision for mortgage loan losses | 656 | 222 | 130 |
Net decrease (increase) in trading securities | (12,860) | 1,149 | (2,381) |
Losses (gains) due to change in net fair value adjustment on derivative and hedging activities | (686,700) | 42,326 | 32,653 |
Net losses (gains) on other assets carried at fair value | (1,964) | 746 | 0 |
Gains on sales of held-to-maturity securities | 0 | (1,671) | (3,983) |
Net gains on sales of available-for-sale securities | (852) | 0 | (1,399) |
Increase in accrued interest receivable | (1,401) | (41,904) | (23,021) |
Decrease (increase) in other assets | (5,787) | (3,924) | 2,606 |
Increase in Affordable Housing Program (AHP) liability | 12,889 | 13,112 | 8,375 |
Increase (decrease) in accrued interest payable | (7,589) | 53,172 | 26,495 |
Increase (decrease) in other liabilities | 2,118 | (2,075) | 3,376 |
Total adjustments | (723,479) | 160,713 | 134,114 |
Net cash provided by (used in) operating activities | (496,221) | 359,488 | 284,401 |
INVESTING ACTIVITIES | |||
Net decrease (increase) in interest-bearing deposits, including swap collateral pledged | 837,278 | (2,526,703) | 103,406 |
Net decrease (increase) in securities purchased under agreements to resell | 1,905,000 | 485,000 | (3,600,000) |
Net decrease (increase) in federal funds sold | (2,774,000) | 6,049,000 | (1,538,000) |
Net decrease in loan to other FHLBank | 0 | 0 | 290,000 |
Purchases of trading securities held for investment | (32,770,030) | (3,050,527) | 0 |
Proceeds from maturities of trading securities | 6,936,550 | 0 | 0 |
Proceeds from sales of trading securities | 22,237,379 | 1,343,335 | 0 |
Purchases of available-for-sale securities | (1,254,235) | (2,045,926) | (2,714,047) |
Proceeds from maturities of available-for-sale securities | 463,055 | 304,811 | 991,472 |
Proceeds from sales of available-for-sale securities | 511,194 | 0 | 375,468 |
Purchases of held-to-maturity securities | (74,433) | 0 | (125,000) |
Proceeds from maturities of held-to-maturity securities | 333,631 | 389,677 | 527,109 |
Proceeds from sales of held-to-maturity securities | 0 | 99,267 | 162,789 |
Principal collected on advances | 535,464,499 | 832,267,487 | 535,153,420 |
Advances made | (531,616,062) | (836,591,104) | (539,149,887) |
Principal collected on mortgage loans held for portfolio | 530,739 | 101,014 | 30,629 |
Purchases of mortgage loans held for portfolio | (2,431,776) | (1,409,487) | (783,106) |
Purchases of premises, equipment and computer software | (4,044) | (4,621) | (3,484) |
Net cash used in investing activities | (1,705,255) | (4,588,777) | (10,279,231) |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits, including swap collateral held | 316,386 | 240,209 | (151,274) |
Net receipts (payments) on derivative contracts with financing elements | (169,372) | 21,537 | (86,007) |
Net proceeds from issuance of consolidated obligations | |||
Discount notes | 299,439,428 | 282,147,079 | 379,976,259 |
Bonds | 39,250,090 | 19,402,948 | 24,870,844 |
Debt issuance costs | (9,453) | (6,478) | (5,365) |
Payments for maturing and retiring consolidated obligations | |||
Discount notes | (300,795,531) | (278,987,984) | (374,433,733) |
Bonds | (35,680,071) | (18,819,575) | (20,473,340) |
Proceeds from issuance of capital stock | 1,549,478 | 1,901,175 | 1,448,533 |
Payments for redemption of mandatorily redeemable capital stock | (2,391) | (5,675) | (17,934) |
Payments for repurchase/redemption of capital stock | (1,711,435) | (1,716,490) | (1,072,618) |
Cash dividends paid | (259) | (265) | (266) |
Net cash provided by financing activities | 2,186,870 | 4,176,481 | 10,055,099 |
Net increase (decrease) in cash and cash equivalents | (14,606) | (52,808) | 60,269 |
Cash and cash equivalents at beginning of the year | 35,157 | 87,965 | 27,696 |
Cash and cash equivalents at end of the year | 20,551 | 35,157 | 87,965 |
Supplemental Disclosures | |||
Interest paid | 1,559,919 | 1,124,736 | 521,619 |
AHP payments, net | 12,383 | 8,985 | 8,335 |
Variation margin recharacterized as settlement payments on derivative contracts (Note 12) | 0 | 250,468 | 72,053 |
Stock dividends issued | 75,637 | 58,842 | 32,104 |
Dividends paid through issuance of mandatorily redeemable capital stock | 27 | 64 | 138 |
Capital stock reclassified to mandatorily redeemable capital stock, net | 2,326 | 6,576 | 20,230 |
Right-of-use assets acquired by lease | $ 2,539 | $ 0 | $ 0 |
Background Information
Background Information | 12 Months Ended |
Dec. 31, 2019 | |
Background Information [Abstract] | |
Nature of Operations [Text Block] | Background Information The Federal Home Loan Bank of Dallas (the “Bank”), a federally chartered corporation, is one of 11 district Federal Home Loan Banks (each individually a “FHLBank” and collectively the “FHLBanks,” and, together with the Federal Home Loan Banks Office of Finance (“Office of Finance”), a joint office of the FHLBanks, the “FHLBank System”) that were created by the Federal Home Loan Bank Act of 1932 (as amended, the “FHLB Act”). The FHLBanks serve the public by enhancing the availability of credit for residential mortgages and targeted community development. The Bank serves eligible financial institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas (collectively, the Ninth District of the FHLBank System). The Bank provides a readily available, competitively priced source of funds to its member institutions. The Bank is a cooperative whose member institutions own the capital stock of the Bank. Regulated depository institutions and insurance companies engaged in residential housing finance and Community Development Financial Institutions that are certified under the Community Development Banking and Financial Institutions Act of 1994 may apply for membership in the Bank. All members must purchase stock in the Bank. Housing associates, including state and local housing authorities, that meet certain statutory criteria may also borrow from the Bank; while eligible to borrow, housing associates are not members of the Bank and, as such, are not required or allowed to hold capital stock. 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 the Office of Finance. The Finance Agency’s stated mission is to ensure that the housing government-sponsored enterprises ("GSEs"), including the FHLBanks, operate in a safe and sound manner so that they serve as a reliable source of liquidity and funding for housing finance and community investment. Consistent with this mission, the Finance Agency establishes policies and regulations covering the operations of the FHLBanks. Each FHLBank operates as a separate entity with its own management, employees, and board of directors. The Bank does not have any special purpose entities or any other type of off-balance sheet conduits. The Office of Finance facilitates the issuance and servicing of the FHLBanks’ debt instruments (known as consolidated obligations). As provided by the FHLB Act and Finance Agency regulation, the FHLBanks’ consolidated obligations are backed only by the financial resources of all 11 FHLBanks. Consolidated obligations are the joint and several obligations of all the FHLBanks and are the FHLBanks’ primary source of funds. Deposits, other borrowings, and the proceeds from capital stock issued to members provide other funds. The Bank primarily uses these funds to provide loans (known as advances) to its members, to purchase single-family mortgage loans from its members, and to fund other investments. The Bank’s credit services also include letters of credit issued or confirmed on behalf of members; in addition, the Bank offers interest rate swaps, caps and floors to its members. Further, the Bank provides its members with a variety of correspondent banking services, including overnight and term deposit accounts, wire transfer services, securities safekeeping and securities pledging services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Use of Estimates and Assumptions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make assumptions and estimates. 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. Significant estimates include the valuations of the Bank’s investment securities, as well as its derivative instruments and any associated hedged items. Actual results could differ from these estimates. Federal Funds Sold, Securities Purchased Under Agreements to Resell, Loans to Other FHLBanks and Interest-Bearing Deposits. These investments are carried at cost. Substantially all of the Bank's interest-bearing deposits are over the FDIC insurance limit. Investment Securities. The Bank records investment securities on trade date. The Bank carries investment securities for which it has both the ability and intent to hold to maturity (held-to-maturity securities) at cost, adjusted for the amortization of premiums and accretion of discounts using the level-yield method. The carrying amount of held-to-maturity securities is further adjusted for any other-than-temporary impairment charges that were recorded on or before December 31, 2019, as described below. As discussed in Note 2, on January 1, 2020, the Bank adopted Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which amends the guidance related to the accounting for credit losses on financial instruments, including investment securities classified as held-to-maturity and available-for-sale, by replacing the impairment methodology with an expected credit loss methodology. The adoption of this guidance is not expected to have a material impact on the Bank's financial condition or results of operation. The Bank classifies certain investment securities that it may sell before maturity as available-for-sale and carries them at fair value. For available-for-sale securities that have been hedged (with fixed-for-floating interest rate swaps) and qualify as fair value hedges, the Bank records the portion of the change in value related to the risk being hedged, together with the related change in the fair value of the derivative, in earnings. The Bank records the remainder of the change in value of the securities in other comprehensive income as “net unrealized gains (losses) on available-for-sale securities.” The Bank classifies certain other investments as trading and carries them at fair value. The Bank records changes in the fair value of these investments in other income (loss) in the statements of income. Although the securities are classified as trading, the Bank does not engage in speculative trading practices. The Bank computes the amortization and accretion of premiums and discounts on mortgage-backed securities ("MBS") for which prepayments are probable and reasonably estimable using the level-yield method over the estimated lives of the securities. This method requires a retrospective adjustment of the effective yield each time the Bank changes the estimated life as if the new estimate had been known since the original acquisition date of the securities. The Bank computes the amortization and accretion of premiums and discounts on other investments using the level-yield method to the contractual maturity of the securities. The Bank computes gains and losses on sales of investment securities using the specific identification method and includes these gains and losses in other income (loss) in the statements of income. The Bank treats securities purchased under agreements to resell as collateralized financings. Through December 31, 2019, the Bank evaluated outstanding available-for-sale and held-to-maturity securities for other-than-temporary impairment on a quarterly basis. An investment security was impaired if the fair value of the investment was less than its amortized cost. Amortized cost included adjustments (if any) made to the cost basis of an investment for accretion, amortization, the credit portion of previous other-than-temporary impairments and hedging. The Bank considered the impairment of a debt security to be other than temporary if the Bank (i) intended to sell the security, (ii) more likely than not would have been required to sell the security before recovering its amortized cost basis, or (iii) did not expect to recover the security’s entire amortized cost basis (even if the Bank did not intend to sell the security). Further, an impairment was considered to be other than temporary if the Bank’s best estimate of the present value of cash flows expected to be collected from the debt security was less than the amortized cost basis of the security (any such shortfall was referred to as a “credit loss”). If an other-than-temporary impairment (“OTTI”) occurred because the Bank intended to sell an impaired debt security, or more likely than not would have been required to sell the security before recovery of its amortized cost basis, the impairment was recognized in earnings in an amount equal to the entire difference between fair value and amortized cost. In instances in which a determination was made that a credit loss existed but the Bank did not intend to sell the debt security and it was not more likely than not that the Bank would have been required to sell the debt security before the anticipated recovery of its remaining amortized cost basis, the other-than-temporary impairment (i.e., the difference between the security’s then-current carrying amount and its estimated fair value) was separated into (i) the amount of the total impairment related to the credit loss (i.e., the credit component) and (ii) the amount of the total impairment related to all other factors (i.e., the non-credit component). The credit component was recognized in earnings and the non-credit component was recognized in other comprehensive income. The non-credit component of any OTTI losses recognized in other comprehensive income for debt securities classified as held-to-maturity was (and will continue to be) accreted over the remaining life of the debt security (in a prospective manner based on the amount and timing of future estimated cash flows) as an increase in the carrying value of the security unless and until the security is sold, the security matures or, if on or prior to December 31, 2019, there was an additional other-than-temporary impairment that was recognized in earnings. In instances in which an additional other-than-temporary impairment was recognized in earnings, the amount of the credit loss was reclassified from accumulated other comprehensive income (loss) ("AOCI") to earnings. Further, if an additional other-than-temporary impairment was recognized in earnings and the held-to-maturity security’s then-current carrying amount exceeded its fair value, an additional non-credit impairment was concurrently recognized in other comprehensive income. Conversely, if an additional other-than-temporary impairment was recognized in earnings and the held-to-maturity security’s then-current carrying value was less than its fair value, the carrying value of the security was not increased. In periods subsequent to the recognition of an OTTI loss, the other-than-temporarily impaired debt security was accounted for as if it had been purchased on the measurement date of the other-than-temporary impairment at an amount equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. The difference between the new amortized cost basis and the cash flows expected to be collected was (and will continue to be) accreted as interest income over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. Prior to January 1, 2020, in instances when there was a significant increase in a security's expected cash flows, the amount to be accreted was adjusted prospectively. Beginning January 1, 2020, accretion will not be adjusted for significant increases in expected cash flows. Those additional cash flows, if any, will be recognized when received. Advances. The Bank reports advances at their principal amount outstanding, net of unearned commitment fees and deferred prepayment fees, if any, as discussed below. The Bank credits interest on advances to income as earned. Mortgage Loans Held for Portfolio. Through the Mortgage Partnership Finance ® (“MPF” ® ) program administered by the FHLBank of Chicago, the Bank invests in conventional residential mortgage loans. Under the MPF program, the Bank purchased conventional mortgage loans and government-guaranteed/insured mortgage loans (i.e., those insured or guaranteed by the Federal Housing Administration (“FHA”) or the Department of Veterans Affairs (“DVA”)) during the period from 1998 to mid-2003. The Bank resumed acquiring conventional mortgage loans under this program in 2016. Since 2016, all of the acquired mortgage loans were originated by certain of the Bank's member institutions that participate in the MPF program ("Participating Financial Institutions" or “PFIs”) and the Bank acquired a 100 percent interest in such loans. For loans that were acquired from its members during the period from 1998 to mid-2003, the Bank retained title to the mortgage loans, subject to any participation interest in such loans that was sold to the FHLBank of Chicago; the interest in these loans that was retained by the Bank ranged from 1 percent to 49 percent. Additionally, during the period from 1998 to 2000, the Bank also acquired from the FHLBank of Chicago a percentage interest (ranging up to 75 percent) in certain MPF loans originated by PFIs of other FHLBanks. The Bank manages the liquidity, interest rate and prepayment risk of these loans, while the PFIs or their designees retain the servicing activities. The Bank and the PFIs share in the credit risk of the loans with the Bank assuming the first loss obligation limited by the First Loss Account (“FLA”), and the PFIs assuming credit losses in excess of the FLA, up to the amount of the credit enhancement obligation as specified in the master agreement (“Second Loss Credit Enhancement”). The Bank assumes all losses in excess of the Second Loss Credit Enhancement. The Bank classifies mortgage loans held for portfolio as held for investment and, accordingly, reports them at their principal amount outstanding net of deferred premiums, discounts and the fair value amount of the delivery commitment (which represents the unrealized gains and losses from loans initially classified as mortgage loan commitments) as of the purchase (i.e., settlement) date. The Bank credits interest on mortgage loans to income as earned. The Bank amortizes or accretes the deferred amounts to interest income using the contractual method. The contractual method uses the cash flows required by the loan contracts, as adjusted for any actual prepayments, to apply the interest method. Future prepayments of principal are not anticipated under this method. The Bank has the ability and intent to hold these mortgage loans until maturity. Allowance for Credit Losses. An allowance for credit losses is separately established for each of the Bank’s identified portfolio segments, if necessary, to provide for probable losses inherent in its financing receivables portfolio and other off-balance sheet credit exposures as of the balance sheet date. To the extent necessary, an allowance for credit losses for off-balance sheet credit exposures is recorded as a liability. See Note 8 - Allowance for Credit Losses for information regarding the determination of the allowance for credit losses on the Bank's financing receivables and other off-balance sheet credit exposures and Note 2 - Recently Issued Accounting Guidance for a discussion of the guidance regarding credit losses on financial instruments that became effective for the Bank on January 1, 2020. A portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses on financing receivables and other off-balance sheet credit exposures. The Bank has developed and documented a systematic methodology for determining an allowance for credit losses for the following portfolio segments: (1) advances and other extensions of credit to members, collectively referred to as “extensions of credit to members;” (2) government-guaranteed/insured mortgage loans held for portfolio; and (3) conventional mortgage loans held for portfolio. Classes of financing receivables are generally a disaggregation of a portfolio segment and are determined on the basis of their initial measurement attribute, the risk characteristics of the financing receivable and an entity’s method for monitoring and assessing credit risk. Because the credit risk arising from the Bank’s financing receivables is assessed and measured at the portfolio segment level, the Bank does not have separate classes of financing receivables within each of its portfolio segments. The Bank places a conventional mortgage loan on nonaccrual status when the collection of the contractual principal or interest is 90 days or more past due. 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 a reduction of principal. A loan on nonaccrual status is restored to accrual status when none of its contractual principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual interest and principal. Government-guaranteed/insured loans are not placed on nonaccrual status. A 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 loan agreement. Collateral-dependent loans that are 90 days or more past due are measured for impairment based on the fair value of the underlying mortgaged property less estimated selling costs. Loans are considered collateral-dependent if repayment is expected to be provided solely by the sale of the underlying property; that is, there is no other available and reliable source of repayment. A collateral-dependent loan is impaired if the fair value of the underlying collateral is insufficient to recover the unpaid principal balance on the loan. Interest income on impaired loans is recognized in the same manner as it is for nonaccrual loans noted above. The Bank evaluates whether to record a charge-off on a conventional mortgage loan when the loan becomes 180 days or more past due or upon the occurrence of a confirming event, whichever occurs first. Confirming events include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. A charge-off is recorded if the recorded investment in the loan will not be recovered. Real Estate Owned. Real estate owned includes assets that have been received in satisfaction of debt or as a result of actual or in-substance foreclosures. Real estate owned is carried at the lower of cost or fair value less estimated costs to sell and is included in other assets in the statements of condition. If the fair value of the real estate owned less estimated costs to sell is less than the recorded investment in the mortgage loan at the date of transfer, the Bank recognizes a charge-off to the allowance for loan losses. Subsequent realized gains and realized or unrealized losses are included in other income (loss) in the statements of income. Premises and Equipment. The Bank records premises and equipment at cost less accumulated depreciation and amortization. At December 31, 2019 and 2018 , the Bank’s accumulated depreciation and amortization relating to premises and equipment was $26,291,000 and $30,114,000 , respectively. The Bank computes depreciation using the straight-line method over the estimated useful lives of assets ranging from 3 to 39 years. It amortizes leasehold improvements on the straight-line basis over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Bank capitalizes improvements and major renewals but expenses ordinary maintenance and repairs when incurred. Depreciation and amortization expense was $2,003,000 , $2,156,000 and $2,212,000 during the years ended December 31, 2019, 2018 and 2017 , respectively. The Bank includes gains and losses on disposal of premises and equipment, if any, in other income (loss) under the caption “other, net.” Computer Software. The cost of purchased computer software, certain costs incurred in developing computer software for internal use, and implementation costs associated with cloud computing arrangements that are service contracts are capitalized and amortized over future periods. As of December 31, 2019 and 2018 , the Bank had $5,988,000 and $4,727,000 , respectively, in unamortized computer software costs included in other assets. Total software costs charged to expense were $8,313,000 , $6,996,000 and $6,156,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. Included in these total software costs was amortization of $2,097,000 , $1,681,000 and $1,518,000 , respectively. Derivatives and Hedging Activities. The Bank accounts for derivatives and hedging activities in accordance with the guidance in Topic 815 of the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") entitled “Derivatives and Hedging” (“ASC 815”). All derivatives are recognized on the statements of condition at their fair values, including accrued interest receivable and payable. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. Changes in the fair value of a derivative that is effective as — and that is designated and qualifies as — a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect gains or losses on firm commitments), are recorded in current period earnings. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the fair value hedging relationships on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently. This is commonly known as the “long-haul” method of hedge accounting. Transactions that meet more stringent criteria qualify for the “shortcut” method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative. The Bank considers hedges of committed advances to be eligible for the shortcut method of accounting as long as the settlement of the committed advance occurs within the shortest period possible for that type of instrument based on market settlement conventions, the fair value of the swap is zero at the inception of the hedging relationship, and the transaction meets all of the other criteria for shortcut accounting specified in ASC 815. The Bank has defined the market settlement convention to be five business days or less for advances. As discussed in Note 2, effective January 1, 2019, the Bank adopted ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12") which, among other things, impacts the presentation of gains/losses on derivatives and hedging activities for qualifying hedges. Beginning January 1, 2019, any fair value hedge ineffectiveness (which represents the amount by which the change in the fair value of the derivative differs from the change in the fair value of the hedged item attributable to the hedged risk) and the net interest income/expense associated with that derivative are recorded in the same line item as the earnings effect of the hedged item (that is, interest income on advances, interest income on available-for-sale securities or interest expense on consolidated obligation bonds, as appropriate). Prior to January 1, 2019, any fair value hedge ineffectiveness was recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities” while the net interest income/expense associated with the derivative was recorded as a component of net interest income. On and after January 1, 2019, all changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in AOCI until earnings are affected by the variability of the cash flows of the hedged transaction, at which time these amounts are reclassified from AOCI to the income statement line where the earnings effect of the hedged item is reported (e.g., interest expense on consolidated obligation discount notes). Prior to January 1, 2019, changes in the fair value of a derivative that was designated and qualified as a cash flow hedge, to the extent that the hedge was effective, were recorded in AOCI until earnings were affected by the variability of the cash flows of the hedged transaction. Any ineffective portion of a cash flow hedge (which represented the amount by which the change in the fair value of the derivative differed from the change in fair value of a hypothetical derivative having terms that match identically the critical terms of the hedged forecasted transaction) was recognized in other income (loss) as “net gains (losses) on derivatives and hedging activities.” An economic hedge is defined as a derivative hedging specific or non-specific assets or liabilities that does not qualify or was not designated for hedge accounting under ASC 815, but is an acceptable hedging strategy under the Bank’s Enterprise Market Risk Management Policy. These hedging strategies also comply with Finance Agency regulatory requirements prohibiting speculative derivative transactions. An economic hedge by definition introduces the potential for earnings variability as changes in the fair value of a derivative designated as an economic hedge are recorded in current period earnings with no offsetting fair value adjustment to an asset or liability. Both the net interest income/expense and the fair value changes associated with derivatives in economic hedging relationships are recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” The Bank records the changes in fair value of all derivatives (and, in the case of fair value hedges, the hedged items) beginning on the trade date. Cash flows associated with all derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities. The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. 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 financial instrument (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 either (1) a hedging instrument in a fair value hedge or (2) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) it is no longer probable that a forecasted transaction will occur within the originally specified time frame; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designating the derivative as a hedging instrument in accordance with ASC 815 is no longer appropriate. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing any additional changes in the fair value of the derivative in current period earnings as a component of "net gains (losses) on derivatives and hedging activities." When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will cease to adjust the hedged asset or liability for changes in fair value and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. The amortization is recorded in the same line item as the earnings effect of the formerly hedged item. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. When cash flow hedge accounting for a specific derivative is discontinued due to the Bank's determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will reclassify the cumulative fair value gains or losses recorded in AOCI as of the discontinuance date from AOCI into earnings when earnings are affected by the original forecasted transaction. If the Bank expects at any time that continued reporting of a net loss in AOCI would lead to recognizing a net loss on the combination of the hedging instrument and hedged transaction in one or more future periods, the amount that is not expected to be recovered is immediately reclassified to earnings. These items are recorded in the same income statement line where the earnings effect of the hedged item is reported. In cases where the cash flow hedge is discontinued because the forecasted transaction is no longer probable (i.e., the forecasted transaction will not occur in the originally expected period or within an additional two-month period of time thereafter), any fair value gains or losses recorded in AOCI as of the determination date are immediately reclassified to earnings as a component of "net gains (losses) on derivatives and hedging activities." Mandatorily Redeemable Capital Stock. The Bank reclassifies shares of capital stock from the capital section to the liability section of its statement of condition at the point in time when a member submits a written redemption notice, gives notice of its intent to withdraw from membership, or becomes a non-member by merger or acquisition, charter termination, or involuntary termination from membership, as the shares of capital stock then meet the definition of a mandatorily redeemable financial instrument. Shares of capital stock meeting this definition are reclassified to liabilities at fair value. Following reclassification of the stock, any dividends paid or accrued on such shares are recorded as interest expense in the statement of income. Repurchase or redemption of these mandatorily redeemable financial instruments is reported as a cash outflow in the financing activities section of the statement of cash flows. If a member cancels a written redemption or withdrawal notice, the Bank reclassifies the shares subject to the cancellation notice from liabilities back to equity. Following this reclassification to equity, dividends on the capital stock are once again recorded as a reduction of retained earnings. Although mandatorily redeemable capital stock is excluded from capital for financial reporting purposes, it is considered capital for regulatory purposes. See Note 14 for more information, including restrictions on stock redemption. Affordable Housing Program. The FHLB Act requires each FHLBank to establish and fund an Affordable Housing Program (“AHP”) (see Note 11). The Bank charges the required funding for AHP to earnings and establishes a liability. The Bank makes AHP funds available to members in the form of direct grants to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Prepayment Fees. The Bank charges a prepayment fee when members/borrowers prepay certain advances before their original maturities. The Bank records prepayment fees received from members/borrowers net of hedging adjustments included in the book basis of the prepaid advance, if any, as interest income on advances in the statements of income either immediately (as prepayment fees on advances) or over time (as interest income on advances), as further described below. In cases in which the Bank funds a new advance concurrent with or within a short period of time before or after the prepayment of an existing advance, the Bank evaluates whether the new advance meets the accounting criteria to qualify as a modification of an existing advance. If the new advance qualifies as a modification of the existing advance, the net prepayment fee on the prepaid advance is deferred, recorded in the basis of the modified advance, and amortized into interest income over the life of the modified advance using the level-yield method. This amortization is recorded in interest income on advances. If the Bank determines that the advance should be treated as a new advance, or in instances where no new advance is funded, it records the net fees as “prepayment fees on advances” in the interest income section of the statements of income. Commitment Fees. The Bank defers commitment fees for advances and amortizes them to interest income using the level-yield method over the life of the advance. The Bank records commitment fees for letters of credit as a deferred credit when it receives the fees and amortizes them over the term of the letter of credit using the straight-line method. Concessions on Consolidated Obligations. The Bank defers and amortizes, using the level-yield method, the amounts paid to securities dealers in connection with the sale of consolidated obligation bonds over the term to maturity of the related bonds. The Office of Finance prorates the amount of the concession to the Bank based upon the percentage of the debt issued that is assumed by the Bank. Unamortized concessions were $4,479,000 and $3,295,000 at December 31, 2019 and 2018 , respectively, and are recorded as a reduction in the balance of consolidated obligation bonds on the statements of condition. Amortization of such concessions is included in consolidated obligation bond interest expense and totaled $3,553,000 , $835,000 and $846,000 during the years ended December 31, 2019, 2018 and 2017 , respectively. The Bank charges to expense as incurred the concessions applicable to the sale of consolidated obligation discount notes because of the short maturit |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 12 Months Ended |
Dec. 31, 2019 | |
Recently Issued Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Guidance Guidance Adopted in 2019 Leases . On February 25, 2016, the FASB issued ASU 2016-02, "Leases" (“ASU 2016-02”), which requires entities that lease assets (lessees) to recognize in the balance sheet assets and liabilities for the rights and obligations created by those leases. Specifically, ASU 2016-02 requires a lessee of operating or finance leases to recognize a right-of-use asset and a liability to make lease payments for leases with terms of more than 12 months. Lessor accounting remains largely unchanged from current U.S. GAAP. The guidance is to be applied using a retrospective transition method to each period presented or, alternatively, by recognizing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The transition method allowing for a cumulative effect adjustment to the opening balance of retained earnings is provided by ASU 2018-11, "Leases: Targeted Improvements" ("ASU 2018-11"). ASU 2018-11 was issued by the FASB on July 30, 2018. ASU 2016-02 also requires extensive quantitative and qualitative disclosures to help financial statement users understand the amount, timing and uncertainty of cash flows arising from leases. For public business entities, the guidance in ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (January 1, 2019 for the Bank). Early adoption was permitted. The Bank adopted ASU 2016-02 effective January 1, 2019. In conjunction with the adoption of ASU 2016-02 (as amended by ASU 2018-11), the Bank recorded (on January 1, 2019) a cumulative effect adjustment to retained earnings of $25,000 and right-of-use assets and lease liabilities approximating $2,500,000 . These assets and liabilities are included in other assets and other liabilities, respectively. Because these amounts are insignificant, the Bank has provided only limited quantitative disclosures and no qualitative disclosures regarding its right-of-use assets and lease liabilities in these financial statements (See Note 17 - Commitments and Contingencies). Premium Amortization on Purchased Callable Debt Securities. On March 30, 2017, the FASB issued ASU 2017-08, "Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"), which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. For public business entities, the guidance in ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the Bank), and interim periods within those fiscal years. Early adoption, including adoption in an interim period, was permitted. If an entity early adopted ASU 2017-08 in an interim period, any adjustments were to be reflected as of the beginning of the fiscal year that included that interim period. The guidance was to be applied using a modified retrospective transition approach, with the cumulative-effect adjustment recognized in retained earnings as of the beginning of the period of adoption. The Bank adopted ASU 2017-08 on January 1, 2019. The adoption of this guidance did not have any impact on the Bank's results of operations or financial condition. Derivatives and Hedging. On August 28, 2017, the FASB issued ASU 2017-12, which is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This guidance requires that, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness be presented in the same income statement line that is used to present the earnings effect of the hedged item. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness must be recorded in other comprehensive income. In addition, the guidance provides for, but does not require, the use of a qualitative method of assessing hedge ineffectiveness. Among other things, the guidance also permits, but does not require, the following: • For fair value hedges, measurement of the change in fair value of the hedged item on the basis of the benchmark rate component of the contractual coupon cash flows determined at hedge inception. • Partial-term fair value hedges of interest-rate risk, in which it can be assumed that the hedged item has a term that reflects only the designated cash flows being hedged. • For prepayable financial instruments, consideration only of how changes in the benchmark interest rate affect a decision to settle a debt instrument before its scheduled maturity in calculating the change in the fair value of the hedged item attributable to interest rate risk. • For a cash flow hedge of interest-rate risk of a variable-rate financial instrument, designation of the variability in cash flows attributable to the contractually specified interest rate as the hedged risk (when the contractually specified variable rate is not a benchmark rate). • For a closed portfolio of prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable financial instruments, designation of an amount that is not expected to be affected by prepayments, defaults and other events affecting the timing and amount of cash flows as a hedged item (commonly referred to as the "last-of-layer" method). For public business entities, the guidance in ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the Bank), and interim periods within those fiscal years. Early adoption, including adoption in an interim period, was permitted. If an entity early adopted ASU 2017-12 in an interim period, any adjustments were to be reflected as of the beginning of the fiscal year that included that interim period. For cash flow hedges existing on the date of adoption, an entity was required to eliminate the separate measurement of ineffectiveness in earnings by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. Among other things, an entity could elect at transition to modify the measurement methodology for hedged items in existing fair value hedges to the benchmark rate component of the contractual coupon cash flows. The cumulative effect of applying this election was to be recognized as an adjustment to the basis adjustment of the hedged item recognized on the balance sheet with a corresponding adjustment to the opening balance of retained earnings. The amended presentation and disclosure guidance is required only prospectively. The Bank adopted ASU 2017-12 effective January 1, 2019. At adoption, the Bank did not modify any of its then existing fair value or cash flow hedging relationships. Because the Bank had not had any ineffectiveness associated with its cash flow hedges, a cumulative effect adjustment relating to such hedges was not required. The impact of recording fair value hedge ineffectiveness in the same line where the earnings effect of the hedged item is presented reduced net interest income by $17,909,000 and increased net gains on derivatives and hedging activities by an equal and offsetting amount for the year ended December 31, 2019. The amended presentation and disclosure guidance was applied prospectively; prior period comparative financial information has not been reclassified to conform to the current period presentation. Upon adoption, the Bank did not elect to change the way in which it assesses the effectiveness of its hedging relationships. The Bank is continuing to assess other opportunities that are available under the new guidance including, but not limited to, the use of the benchmark rate component to measure the hedged item in some of its fair value hedging relationships entered into after December 31, 2019 and the use of the last-of-layer method for its mortgage loans held for portfolio. Inclusion of the Secured Overnight Financing Rate Overnight Index Swap Rate as a Benchmark Interest Rate . On October 25, 2018, the FASB issued ASU 2018-16, "Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" ("ASU 2018-16"). ASU 2018-16 adds the OIS rate based on SOFR (a swap rate based on the underlying overnight SOFR rate) as an eligible benchmark interest rate for purposes of applying hedge accounting. SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day's trading activity in specified segments of the U.S. Treasury repo market. SOFR was selected by the Alternative Reference Rates Committee as its preferred alternative reference rate to LIBOR. For entities that had not already adopted ASU 2017-12, the guidance in ASU 2018-16 was required to be adopted concurrently with the adoption of ASU 2017-12. The guidance is to be applied prospectively to qualifying new or redesignated hedging relationships entered into on and after the date of adoption. The Bank adopted ASU 2018-16 effective January 1, 2019. The adoption of this guidance did not have any impact on the Bank's results of operations or financial condition. Guidance Adopted in 2020 Credit Losses on Financial Instruments. On June 16, 2016, the FASB issued ASU 2016-13, which amends the guidance for the accounting for credit losses on financial instruments by replacing the current incurred loss methodology with an expected credit loss methodology. Among other things, ASU 2016-13 requires: • entities to present financial assets, or groups of financial assets, measured at amortized cost at the net amount expected to be collected, which is computed by deducting an allowance for credit losses from the amortized cost basis of the financial asset(s); • the measurement of expected credit losses to be based upon relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount; • the statement of income to reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases in expected credit losses that have taken place during the period; • entities to determine the allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination ("PCD assets") that are measured at amortized cost in a manner similar to other financial assets measured at amortized cost (the initial allowance for credit losses on PCD assets is added to the purchase price rather than being reported as a credit loss expense); • credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses, the amount of which is limited to the amount by which fair value is below amortized cost; and • public business entities to further disaggregate the current disclosure of credit quality indicators in relation to the amortized cost of financing receivables by year of origination. For public business entities that file with the Securities and Exchange Commission, the guidance in ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for the Bank), and interim periods within those fiscal years. Early adoption was permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period in which the amendments are adopted. However, entities are required to use a prospective transition approach for debt securities for which an other-than-temporary impairment had been recognized before the date of adoption. The Bank adopted ASU 2016-13 effective January 1, 2020. In conjunction with the adoption of this guidance, the Bank recorded (on January 1, 2020) a cumulative effect adjustment to retained earnings of $2,191,000 and a corresponding increase in the allowance for credit losses on mortgage loans held for portfolio. Fair Value Measurement Disclosures . On August 28, 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"), which modifies the disclosure requirements on fair value measurements in an effort to improve disclosure effectiveness. ASU 2018-13 removes or modifies certain existing disclosure requirements regarding fair value measurements, including a clarification that the measurement uncertainty disclosure is intended to communicate information about the uncertainty in measurement as of the reporting date. In addition to the limited removals and modifications, the guidance requires public business entities to disclose: (i) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (ii) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements (together, the "new disclosure requirements"). The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (January 1, 2020 for the Bank). The new disclosure requirements and the narrative description of measurement uncertainty are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments are to be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. In addition, an entity is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The adoption of ASU 2018-13 on January 1, 2020 did not have any impact on the Bank's results of operations or financial condition. Implementation Costs Associated with Cloud Computing Arrangements . On August 29, 2018, the FASB issued ASU 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract" ("ASU 2018-15"), which clarifies the accounting for implementation costs associated with a hosting arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 also addresses the term over which these capitalized implementation costs should be expensed. ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. For public business entities, ASU 2018-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (January 1, 2020 for the Bank). Early adoption is permitted, including adoption in any interim period. The guidance is to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The adoption of this guidance on January 1, 2020 did not have a material impact on the Bank's results of operations or financial condition. Guidance Not Yet Adopted Defined Benefit Plan Disclosures . On August 28, 2018, the FASB issued ASU 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans" ("ASU 2018-14"), which modifies the disclosure requirements for defined benefit pension and other postretirement benefit plans in an effort to improve disclosure effectiveness. ASU 2018-14 removes specified disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain other disclosures, and requires new disclosures regarding (i) the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and (ii) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. For public business entities, ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The guidance is to be applied on a retrospective basis to all periods presented. The adoption of ASU 2018-14 is not expected to significantly impact the Bank's disclosures and it will not have any impact on the Bank's results of operations or financial condition. Reference Rate Reform . On March 12, 2020, the FASB issued ASU 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"), which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include: (i) contract modifications, (ii) hedging relationships, and (iii) sales or transfers of debt securities classified as held-to-maturity. ASU 2020-04 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Bank expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Bank is still evaluating the guidance and therefore the impact of the adoption of ASU 2020-04 on the Bank's financial condition and results of operations has not yet been determined. |
Trading Securities
Trading Securities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | |
Trading Securities Disclosure [Text Block] | Trading Securities Major Security Types. Trading securities as of December 31, 2019 and 2018 were as follows (in thousands): December 31, 2019 December 31, 2018 U.S. Treasury Notes $ 4,532,126 $ 1,818,178 U.S. Treasury Bills 928,010 — Total $ 5,460,136 $ 1,818,178 Net gains (losses) on trading securities during the years ended December 31, 2019, 2018 and 2017 included changes in net unrealized holding gain (loss) of $11,528,000 , $(1,160,000) and $1,822,000 for securities that were held on December 31, 2019, 2018 and 2017 , respectively. |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Abstract] | |
Available-for-Sale Securities Disclosure [Text Block] | Available-for-Sale Securities Major Security Types. Available-for-sale securities as of December 31, 2019 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 447,072 $ 6,124 $ — $ 453,196 GSE obligations 5,501,456 84,911 1,986 5,584,381 Other 45,217 342 — 45,559 5,993,745 91,377 1,986 6,083,136 GSE commercial MBS 10,627,922 79,875 24,433 10,683,364 Total $ 16,621,667 $ 171,252 $ 26,419 $ 16,766,500 Available-for-sale securities as of December 31, 2018 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 447,365 $ 5,652 $ 21 $ 452,996 GSE obligations 5,610,796 77,868 1,831 5,686,833 Other 170,367 461 — 170,828 6,228,528 83,981 1,852 6,310,657 GSE commercial MBS 9,477,647 73,052 36,201 9,514,498 Total $ 15,706,175 $ 157,033 $ 38,053 $ 15,825,155 Included in the table above are GSE commercial MBS ("CMBS") that were purchased in 2018 but which did not settle until 2019. The aggregate amount due of $125,927,000 as of December 31, 2018 is included in other liabilities on the statement of condition at that date. Other debentures are comprised of securities issued by the Private Export Funding Corporation ("PEFCO"). These debentures are fully secured by U.S. government-guaranteed obligations and the payment of interest on the debentures is guaranteed by an agency of the U.S. government. The amortized cost of the Bank's available-for-sale securities includes hedging adjustments. The following table summarizes (dollars in thousands) the available-for-sale securities with unrealized losses as of December 31, 2019 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses GSE debentures — $ — $ — 3 $ 128,794 $ 1,986 3 $ 128,794 $ 1,986 GSE commercial MBS 34 1,031,193 3,331 67 2,222,955 21,102 101 3,254,148 24,433 Total 34 $ 1,031,193 $ 3,331 70 $ 2,351,749 $ 23,088 104 $ 3,382,942 $ 26,419 The following table summarizes (dollars in thousands) the available-for-sale securities with unrealized losses as of December 31, 2018 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures U.S. government-guaranteed obligations 2 $ 59,050 $ 21 — $ — $ — 2 $ 59,050 $ 21 GSE debentures 4 224,072 1,831 — — — 4 224,072 1,831 GSE commercial MBS 105 3,523,623 35,435 7 38,844 766 112 3,562,467 36,201 Total 111 $ 3,806,745 $ 37,287 7 $ 38,844 $ 766 118 $ 3,845,589 $ 38,053 At December 31, 2019 , the gross unrealized losses on the Bank’s available-for-sale securities were $26,419,000 . All of the Bank's available-for-sale securities are either guaranteed by the U.S. government, issued by GSEs, or fully secured by collateral that is guaranteed by the U.S. government. As of December 31, 2019 , the U.S. government and the issuers of the Bank’s holdings of GSE debentures and GSE CMBS were rated triple-A by Moody’s Investors Service (“Moody’s”) and AA+ by S&P Global Ratings (“S&P”). The Bank's holdings of PEFCO debentures were rated triple-A by Moody's and were not rated by S&P at that date. Based upon the Bank's assessment of the creditworthiness of the issuers of the GSE debentures that were in an unrealized loss position at December 31, 2019 and the credit ratings assigned by Moody's and S&P, the Bank expects that these debentures would not be settled at an amount less than the Bank's amortized cost bases in these investments. In addition, based upon the Bank's assessment of the strength of the GSEs' guarantees of the Bank's holdings of GSE CMBS and the credit ratings assigned by Moody's and S&P, the Bank expects that its holdings of GSE CMBS that were in an unrealized loss position at December 31, 2019 would not be settled at an amount less than the Bank’s amortized cost bases in these investments. Because the current market value deficits associated with the Bank's available-for-sale securities are not attributable to credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, the Bank did not consider any of these investments to be other-than-temporarily impaired at December 31, 2019 . Redemption Terms. The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at December 31, 2019 and 2018 are presented below (in thousands). December 31, 2019 December 31, 2018 Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debentures Due in one year or less $ 298,084 $ 299,005 $ 445,731 $ 446,227 Due after one year through five years 3,465,898 3,504,780 2,398,495 2,420,763 Due after five years through ten years 2,183,310 2,231,183 3,256,389 3,312,322 Due after ten years 46,453 48,168 127,913 131,345 5,993,745 6,083,136 6,228,528 6,310,657 GSE commercial MBS 10,627,922 10,683,364 9,477,647 9,514,498 Total $ 16,621,667 $ 16,766,500 $ 15,706,175 $ 15,825,155 Interest Rate Payment Terms. At December 31, 2019 and 2018 , all of the Bank’s available-for-sale securities were fixed rate securities that were swapped to a variable rate. Sales of Securities. During the year ended December 31, 2019 , the Bank sold available-for-sale securities with an amortized cost (determined by the specific identification method) of $510,342,000 . Proceeds from the sales totaled $511,194,000 , resulting in realized gains of $852,000 . There were no sales of available-for-sale securities during the year ended December 31, 2018 . During the year ended December 31, 2017 , the Bank sold available-for-sale securities with an amortized cost (determined by the specific identification method) of $374,069,000 . Proceeds from the sales totaled $375,468,000 , resulting in net realized gains of $1,399,000 . |
Held-to-Maturity Securities
Held-to-Maturity Securities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Securities, Held-to-maturity [Abstract] | |
Held-to-Maturity Securities Disclosure [Text Block] | Held-to-Maturity Securities Major Security Types. Held-to-maturity securities as of December 31, 2019 were as follows (in thousands): Amortized Cost OTTI Recorded in AOCI Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 5,862 $ — $ 5,862 $ 12 $ — $ 5,874 State housing agency obligations 109,478 — 109,478 — 908 108,570 115,340 — 115,340 12 908 114,444 Mortgage-backed securities GSE residential MBS 1,036,585 — 1,036,585 2,581 3,435 1,035,731 Non-agency residential MBS 62,885 8,640 54,245 11,641 481 65,405 1,099,470 8,640 1,090,830 14,222 3,916 1,101,136 Total $ 1,214,810 $ 8,640 $ 1,206,170 $ 14,234 $ 4,824 $ 1,215,580 Held-to-maturity securities as of December 31, 2018 were as follows (in thousands): Amortized Cost OTTI Recorded in AOCI Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 7,604 $ — $ 7,604 $ 11 $ — $ 7,615 State housing agency obligations 135,000 — 135,000 10 1,043 133,967 142,604 — 142,604 21 1,043 141,582 Mortgage-backed securities U.S. government-guaranteed residential MBS 475 — 475 1 — 476 GSE residential MBS 1,253,573 — 1,253,573 6,022 1,117 1,258,478 Non-agency residential MBS 76,294 10,667 65,627 13,222 694 78,155 1,330,342 10,667 1,319,675 19,245 1,811 1,337,109 Total $ 1,472,946 $ 10,667 $ 1,462,279 $ 19,266 $ 2,854 $ 1,478,691 The following table summarizes (dollars in thousands) the held-to-maturity securities with unrealized losses as of December 31, 2019 . The unrealized losses include other-than-temporary impairments recorded in AOCI and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential MBS, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures State housing agency obligations 1 $ 74,033 $ 446 1 $ 34,538 $ 462 2 $ 108,571 $ 908 Mortgage-backed securities GSE residential MBS 41 412,701 975 32 414,818 2,460 73 827,519 3,435 Non-agency residential MBS — — — 13 34,563 1,329 13 34,563 1,329 Total 42 $ 486,734 $ 1,421 46 $ 483,919 $ 4,251 88 $ 970,653 $ 5,672 The following table summarizes (dollars in thousands) the held-to-maturity securities with unrealized losses as of December 31, 2018 . The unrealized losses include other-than-temporary impairments recorded in AOCI and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential MBS, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures State housing agency obligations — $ — $ — 1 $ 33,957 $ 1,043 1 $ 33,957 $ 1,043 Mortgage-backed securities GSE residential MBS 32 467,427 1,000 4 31,220 117 36 498,647 1,117 Non-agency residential MBS 3 12,346 295 10 29,070 1,487 13 41,416 1,782 Total 35 $ 479,773 $ 1,295 15 $ 94,247 $ 2,647 50 $ 574,020 $ 3,942 At December 31, 2019 , the gross unrealized losses on the Bank’s held-to-maturity securities were $5,672,000 , of which $1,329,000 were attributable to its holdings of non-agency (i.e., private label) residential MBS, $3,435,000 were attributable to securities that are issued and guaranteed by GSEs and $908,000 were attributable to securities issued by a state housing agency. As of December 31, 2019 , the U.S. government and the issuers of the Bank's holdings of GSE residential MBS ("RMBS") were rated triple-A by Moody's and AA+ by S&P. Based upon the Bank's assessment of the strength of the GSEs' guarantees and the credit ratings assigned by Moody's and S&P, the Bank expects that its holdings of GSE RMBS that were in an unrealized loss position at December 31, 2019 would not be settled at an amount less than the Bank’s amortized cost bases in these investments. In addition, based upon the Bank’s assessment of the creditworthiness of the state housing agency and the triple-A credit ratings assigned by Moody's and S&P, the Bank expects that the state housing agency debentures that were in an unrealized loss position at December 31, 2019 would not be settled at an amount less than the Bank’s amortized cost basis in these investments. Because the current market value deficits associated with these securities are not attributable to credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, the Bank did not consider any of these investments to be other-than-temporarily impaired at December 31, 2019 . The deterioration in the U.S. housing markets that occurred primarily during the period from 2007 through 2011, as reflected during that period by declines in the values of residential real estate and higher levels of delinquencies, defaults and losses on residential mortgages, including the mortgages underlying the Bank’s non-agency RMBS, generally increased the risk that the Bank may not ultimately recover the entire cost bases of some of its non-agency RMBS. However, based upon its analysis of the securities in this portfolio, the Bank believes that the unrealized losses as of December 31, 2019 were principally the result of liquidity risk related discounts in the non-agency RMBS market and do not accurately reflect the currently likely future credit performance of the securities. Because the ultimate receipt of contractual payments on the Bank’s non-agency RMBS will depend upon the credit and prepayment performance of the underlying loans and the credit enhancements for the senior securities owned by the Bank, the Bank monitors these investments in an effort to determine whether the credit enhancement associated with each security is sufficient to protect against potential losses of principal and interest on the underlying mortgage loans. The credit enhancement for each of the Bank’s non-agency RMBS is provided by a senior/subordinate structure, and none of the securities owned by the Bank are insured by third-party bond insurers. More specifically, each of the Bank’s non-agency RMBS represents a single security class within a securitization that has multiple classes of securities. Each security class has a distinct claim on the cash flows from the underlying mortgage loans, with the subordinate securities having a junior claim relative to the more senior securities. The Bank’s non-agency RMBS have a senior claim on the cash flows from the underlying mortgage loans. To assess whether the entire amortized cost bases of its 22 non-agency RMBS holdings are likely to be recovered, the Bank performed a cash flow analysis for each security as of the end of each calendar quarter in 2019 using two third-party models. The first model considers borrower characteristics and the particular attributes of the loans underlying the Bank’s securities, in conjunction with assumptions about future changes in home prices and interest rates, to project prepayments, defaults and loss severities. A significant input to the first model is the forecast of future housing price changes for the relevant states and core based statistical areas (“CBSAs”), which are based upon an assessment of the individual housing markets. (The term “CBSA” refers collectively to metropolitan and micropolitan statistical areas as defined by the U.S. Office of Management and Budget; as currently defined, a CBSA must contain at least one urban area of 10,000 or more people.) The Bank’s housing price forecast as of December 31, 2019 assumed changes in home prices ranging from declines of 4 percent to increases of 8 percent over the 12-month period beginning October 1, 2019 . For the vast majority of markets, the changes were projected to range from increases of 2 percent to 6 percent . Thereafter, home price changes for each market were projected to return (at varying rates and over varying transition periods based on historical housing price patterns) to their long-term historical equilibrium levels. Following these transition periods, the constant long-term annual rates of appreciation for the vast majority of markets were projected to range between 2 percent and 5 percent . The month-by-month projections of future loan performance derived from the first model, which reflect projected prepayments, defaults and loss severities, were then input into a second model that allocated the projected loan level cash flows and losses to the various security classes in the securitization structure in accordance with its prescribed cash flow and loss allocation rules. In a securitization in which the credit enhancement for the senior securities is derived from the presence of subordinate securities, losses are generally allocated first to the subordinate securities until their principal balance is reduced to zero. Based on the results of its cash flow analyses, the Bank determined it is likely that it will fully recover the remaining amortized cost bases of all of its non-agency RMBS. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their remaining amortized cost bases, none of the Bank's non-agency RMBS were deemed to be other-than-temporarily impaired in 2019 . During the year ended December 31, 2016, one of the Bank's non-agency RMBS was determined to be other-than-temporarily impaired. In addition, 14 of the Bank's holdings of non-agency RMBS were determined to be other-than-temporarily impaired in periods prior to 2013. The following table presents a rollforward for the years ended December 31, 2019, 2018 and 2017 of the amount related to credit losses on the Bank’s non-agency RMBS holdings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) (in thousands). Year Ended December 31, 2019 2018 2017 Balance of credit losses, beginning of year $ 8,551 $ 9,443 $ 10,515 Increases in cash flows expected to be collected (accreted as interest income over the remaining lives of the applicable securities) (714 ) (892 ) (1,072 ) Balance of credit losses, end of year 7,837 8,551 9,443 Cumulative principal shortfalls on securities held at end of year (2,085 ) (2,084 ) (2,067 ) Cumulative amortization of the time value of credit losses at end of year 1,013 802 590 Credit losses included in the amortized cost bases of other-than-temporarily impaired securities at end of year $ 6,765 $ 7,269 $ 7,966 Redemption Terms. The amortized cost, carrying value and estimated fair value of held-to-maturity securities by contractual maturity at December 31, 2019 and 2018 are presented below (in thousands). The expected maturities of some debentures could differ from the contractual maturities presented because issuers may have the right to call such debentures prior to their final stated maturities. December 31, 2019 December 31, 2018 Maturity Amortized Cost Carrying Value Estimated Fair Value Amortized Cost Carrying Value Estimated Fair Value Debentures Due after one year through five years $ 5,862 $ 5,862 $ 5,874 $ 3,497 $ 3,497 $ 3,499 Due after five years through ten years — — — 4,107 4,107 4,116 Due after ten years 109,478 109,478 108,570 135,000 135,000 133,967 115,340 115,340 114,444 142,604 142,604 141,582 Mortgage-backed securities 1,099,470 1,090,830 1,101,136 1,330,342 1,319,675 1,337,109 Total $ 1,214,810 $ 1,206,170 $ 1,215,580 $ 1,472,946 $ 1,462,279 $ 1,478,691 The amortized cost of the Bank’s mortgage-backed securities classified as held-to-maturity includes net purchase discounts of $1,952,000 and $2,457,000 at December 31, 2019 and 2018 , respectively. Interest Rate Payment Terms. The following table provides interest rate payment terms for investment securities classified as held-to-maturity at December 31, 2019 and 2018 (in thousands): 2019 2018 Amortized cost of variable-rate held-to-maturity securities other than MBS $ 115,340 $ 142,604 Amortized cost of held-to-maturity MBS Fixed-rate pass-through securities 36 57 Collateralized mortgage obligations Fixed-rate 57 135 Variable-rate 1,099,377 1,330,150 1,099,470 1,330,342 Total $ 1,214,810 $ 1,472,946 All of the Bank’s variable-rate collateralized mortgage obligations classified as held-to-maturity securities have coupon rates that are subject to interest rate caps, none of which were reached during the years ended December 31, 2019 or 2018 . Sales of Securities. The Bank did not sell any held-to-maturity securities during the year ended December 31, 2019 . During the year ended December 31, 2018 , the Bank sold held-to-maturity securities with an amortized cost (determined by the specific identification method) of $97,596,000 . Proceeds from the sales totaled $99,267,000 , resulting in realized gains of $1,671,000 . During the year ended December 31, 2017 the Bank sold held-to-maturity securities with an amortized cost (determined by the specific identification method) of $158,806,000 . Proceeds from the sales totaled $162,789,000 , resulting in realized gains of $3,983,000 . For each of these securities, the Bank had previously collected at least 85 percent of the principal outstanding at the time of acquisition. As such, the sales were considered maturities for purposes of security classification. |
Advances
Advances | 12 Months Ended |
Dec. 31, 2019 | |
Advances [Abstract] | |
Advances [Text Block] | Advances Redemption Terms. At December 31, 2019 and 2018 , the Bank had advances outstanding at interest rates ranging from 0.48 percent to 8.27 percent and from 0.88 percent to 8.27 percent , respectively, as summarized below (dollars in thousands). 2019 2018 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Overdrawn demand deposit accounts $ 613 1.45 % $ — — % Due in one year or less 16,683,401 1.72 21,718,709 2.49 Due after one year through two years 1,491,736 2.35 2,986,350 2.48 Due after two years through three years 1,125,342 2.38 1,272,214 2.42 Due after three years through four years 742,698 2.67 951,787 2.49 Due after four years through five years 1,435,402 2.11 632,862 2.84 Due after five years 15,464,698 1.69 13,230,406 2.42 Total par value 36,943,890 1.79 % 40,792,328 2.47 % Premiums — 12 Deferred net prepayment fees (6,657 ) (8,683 ) Commitment fees (99 ) (108 ) Hedging adjustments 180,321 10,264 Total $ 37,117,455 $ 40,793,813 The Bank offers advances to members that may be prepaid on specified dates without the member incurring prepayment or termination fees (prepayable and callable advances). The prepayment of other advances requires the payment of a fee to the Bank (prepayment fee) if necessary to make the Bank financially indifferent to the prepayment of the advance. At December 31, 2019 and 2018 , the Bank had aggregate prepayable and callable advances totaling $10,428,894,000 and $10,446,628,000 , respectively. The following table summarizes advances outstanding at December 31, 2019 and 2018 , by the earlier of contractual maturity or next call date, or the first date on which prepayable advances can be repaid without a prepayment fee (in thousands): Contractual Maturity or Next Call Date 2019 2018 Overdrawn demand deposit accounts $ 613 $ — Due in one year or less 26,716,128 32,024,714 Due after one year through two years 1,408,317 2,434,821 Due after two years through three years 1,018,388 1,178,054 Due after three years through four years 691,905 848,047 Due after four years through five years 1,030,243 565,334 Due after five years 6,078,296 3,741,358 Total par value $ 36,943,890 $ 40,792,328 The Bank also offers putable advances. With a putable advance, the Bank purchases a put option from the member that allows the Bank to terminate the fixed-rate advance on specified dates and offer, subject to certain conditions, replacement funding at prevailing market rates. At December 31, 2019 and 2018 , the Bank had putable advances outstanding totaling $6,796,500,000 and $3,094,300,000 , respectively. The following table summarizes advances at December 31, 2019 and 2018 , by the earlier of contractual maturity or next possible put date (in thousands): Contractual Maturity or Next Put Date 2019 2018 Overdrawn demand deposit accounts $ 613 $ — Due in one year or less 21,999,901 24,612,509 Due after one year through two years 1,851,736 3,136,850 Due after two years through three years 1,195,342 1,312,214 Due after three years through four years 791,498 951,787 Due after four years through five years 1,191,402 611,662 Due after five years 9,913,398 10,167,306 Total par value $ 36,943,890 $ 40,792,328 Credit Concentrations. Due to the composition of its shareholders, the Bank’s potential credit risk from advances is concentrated in commercial banks, insurance companies, savings institutions and credit unions. At December 31, 2019 , the Bank had advances of $3,800,000,000 outstanding to its largest borrower, Comerica Bank, which represented approximately 10.3 percent of advances outstanding at that date. Interest income from advances to Comerica Bank totaled $96,367,000 for the year ended December 31, 2019 . No other borrowers represented more than 10 percent of the Bank's outstanding advances at December 31, 2019 or more than 10 percent of interest income on advances for the year ended December 31, 2019 . No borrower represented more than 10 percent of advances outstanding at December 31, 2018 or 2017 or more than 10 percent of interest income on advances for the years ended December 31, 2018 or 2017 . Interest Rate Payment Terms. The following table provides interest rate payment terms for advances outstanding at December 31, 2019 and 2018 (in thousands): 2019 2018 Fixed-rate Due in one year or less $ 16,054,501 $ 21,558,023 Due after one year 9,911,487 8,503,772 Total fixed-rate 25,965,988 30,061,795 Variable-rate Due in one year or less 629,513 160,686 Due after one year 10,348,389 10,569,847 Total variable-rate 10,977,902 10,730,533 Total par value $ 36,943,890 $ 40,792,328 At December 31, 2019 and 2018 , 39 percent and 24 percent, respectively, of the Bank’s fixed-rate advances were swapped to a variable rate. Prepayment Fees. When a member/borrower prepays an advance, the Bank could suffer lower future income if the principal portion of the prepaid advance is reinvested in lower-yielding assets. To protect against this risk, the Bank generally charges a prepayment fee that makes it financially indifferent to a borrower’s decision to prepay an advance. As discussed in Note 1, the Bank records prepayment fees received from members/borrowers on prepaid advances net of any associated hedging adjustments on those advances. Gross advance prepayment fees received from members/borrowers during the years ended December 31, 2019, 2018 and 2017 were $2,130,000 , $1,807,000 and $2,158,000 , respectively. None of the gross advance prepayment fees received during the years ended December 31, 2019 and 2018 were deferred. During the year ended December 31, 2017, the Bank deferred $884,000 of the gross advance prepayment fees received during the year. The Bank also offers advances that include a symmetrical prepayment feature which allows a member to prepay an advance at the lower of par value or fair value plus a make-whole amount payable to the Bank. During the years ended December 31, 2019 and 2017, symmetrical prepayment advances with aggregate par values of $5,000,000 and $17,000,000 , respectively, were prepaid. The differences by which the par values of these advances exceeded their fair values, less the make-whole amounts, totaled $68,000 and $194,000 , respectively, and were recorded in prepayment fees on advances, net of the associated hedging adjustments on the advances. There were no prepayments of symmetrical prepayment advances during the year ended December 31, 2018. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Loans Held for Portfolio [Abstract] | |
Mortgage Loans on Real Estate Disclosure [Text Block] | Mortgage Loans Held for Portfolio Mortgage loans held for portfolio represent held-for-investment loans acquired through the MPF program (see Note 1). The following table presents information as of December 31, 2019 and 2018 for mortgage loans held for portfolio (in thousands): 2019 2018 Fixed-rate medium-term* single-family mortgages $ 33,954 $ 10,885 Fixed-rate long-term single-family mortgages 3,960,393 2,127,142 Premiums 78,643 45,259 Discounts (1,821 ) (1,757 ) Deferred net derivative gains associated with mortgage delivery commitments 5,444 4,467 Total mortgage loans held for portfolio 4,076,613 2,185,996 Less: allowance for credit losses (1,149 ) (493 ) Total mortgage loans held for portfolio, net of allowance for credit losses $ 4,075,464 $ 2,185,503 ________________________________________ *Medium-term is defined as an original term of 15 years or less. The unpaid principal balance of mortgage loans held for portfolio at December 31, 2019 and 2018 was comprised of government-guaranteed/insured loans totaling $13,377,000 and $15,880,000 , respectively, and conventional loans totaling $3,980,970,000 and $2,122,147,000 , respectively. PFIs are paid a credit enhancement fee (“CE fee”) as an incentive to minimize credit losses, to share in the risk of loss on MPF loans and to pay for supplemental mortgage insurance, rather than paying a guaranty fee to other secondary market purchasers. CE fees are paid monthly and are determined based on the remaining unpaid principal balance of the MPF loans. The required credit enhancement obligation varies depending upon the MPF product type. CE fees, payable to a PFI as compensation for assuming credit risk, are recorded as a reduction to mortgage loan interest income when paid by the Bank. During the years ended December 31, 2019, 2018 and 2017 , mortgage loan interest income was reduced by CE fees totaling $2,134,000 , $1,306,000 and $345,000 , respectively. The Bank also pays performance-based CE fees that are based on the actual performance of the pool of MPF loans under each individual master commitment. To the extent that losses in the current month exceed accrued performance-based CE fees, the remaining losses may be recovered from future performance-based CE fees payable to the PFI. During the years ended December 31, 2019, 2018 and 2017 , performance-based CE fees that were forgone and not paid to the Bank’s PFIs totaled $6,000 , $8,000 and $10,000 , respectively. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Credit Losses For its financing receivables and other off-balance sheet credit exposures, the Bank has established an allowance methodology for each of its portfolio segments: advances and other extensions of credit to members/borrowers, collectively referred to as "extensions of credit to members"; government-guaranteed/insured mortgage loans held for portfolio; and conventional mortgage loans held for portfolio. Advances and Other Extensions of Credit to Members. In accordance with federal statutes, including the FHLB Act, the Bank lends to financial institutions within its five-state district that are involved in housing finance. The FHLB Act requires the Bank to obtain and maintain sufficient collateral for advances and other extensions of credit to protect against losses. The Bank makes advances and otherwise extends credit only against eligible collateral, as defined by regulation. Eligible collateral includes whole first mortgages on improved residential real property (not more than 90 days delinquent), or securities representing a whole interest in such mortgages; securities issued, insured, or guaranteed by the U.S. government or any of its agencies, including mortgage-backed and other debt securities issued or guaranteed by the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or the Government National Mortgage Association (“Ginnie Mae”); term deposits in the Bank; and other real estate-related collateral acceptable to the Bank, provided that such collateral has a readily ascertainable value and the Bank can perfect a security interest in such property. In the case of Community Financial Institutions (which for 2019 included all FDIC-insured institutions with average total assets as of December 31, 2018 , 2017 and 2016 of less than $1.199 billion ), the Bank may also accept as eligible collateral secured small business, small farm and small agribusiness loans, securities representing a whole interest in such loans, and secured loans for community development activities. To ensure the value of collateral pledged to the Bank is sufficient to secure its advances and other extensions of credit, the Bank applies various haircuts, or discounts, to the collateral to determine the value against which borrowers may borrow. As additional security, the Bank has a statutory lien on each borrower’s capital stock in the Bank. Each member/borrower of the Bank executes a security agreement pursuant to which such member/borrower grants a security interest in favor of the Bank in certain assets of such member/borrower. The agreements under which a member grants a security interest fall into one of two general structures. In the first structure, the member grants a security interest in all of its assets that are included in the eligible collateral categories, as described in the preceding paragraph, which the Bank refers to as a “blanket lien.” A member may request that its blanket lien be modified, such that the member grants in favor of the Bank a security interest limited to certain of the eligible collateral categories (i.e., whole first residential mortgages, securities, term deposits in the Bank and other real estate-related collateral). In the second structure, the member grants a security interest in specifically identified assets rather than in the broad categories of eligible collateral covered by the blanket lien and the Bank identifies such members as being on “specific collateral only status.” The basis upon which the Bank will lend to a member that has granted the Bank a blanket lien depends on numerous factors, including, among others, that member’s financial condition and general creditworthiness. Generally, and subject to certain limitations, a member that has granted the Bank a blanket lien may borrow up to a specified percentage of the value of eligible collateral categories, as determined from such member’s financial reports filed with its federal regulator, without specifically identifying each item of collateral or delivering the collateral to the Bank. Under certain circumstances, including, among others, a deterioration of a member’s financial condition or general creditworthiness, the amount a member may borrow is determined on the basis of only that portion of the collateral subject to the blanket lien that such member delivers to the Bank. Under these circumstances, the Bank places the member on “custody status.” In addition, members on blanket lien status may choose to deliver some or all of the collateral to the Bank. The members/borrowers that are granted specific collateral only status by the Bank are typically either insurance companies or members/borrowers with an investment grade credit rating from at least two nationally recognized statistical rating organizations ("NRSROs") that have requested this type of structure. Insurance companies are permitted to borrow only against the eligible collateral that is delivered to the Bank or a third-party custodian approved by the Bank, and insurance companies generally grant a security interest only in collateral they have delivered. Members/borrowers with an investment grade credit rating from at least two NRSROs may grant a security interest in, and would only be permitted to borrow against, delivered eligible securities and specifically identified, eligible first-lien mortgage loans. Such loans must be delivered to the Bank or a third-party custodian approved by the Bank, or the Bank and such member/borrower must otherwise take actions that ensure the priority of the Bank’s security interest in such loans. Investment grade rated members/borrowers that choose this option are subject to fewer provisions that allow the Bank to demand additional collateral or exercise other remedies based on the Bank’s discretion; however, the collateral they pledge is generally subject to larger haircuts (depending on the credit rating of the member/borrower from time to time) than are applied to similar types of collateral pledged by members under a blanket lien arrangement. The Bank perfects its security interests in borrowers’ collateral in a number of ways. The Bank usually perfects its security interest in collateral by filing a Uniform Commercial Code financing statement against the borrower. In the case of certain borrowers, the Bank perfects its security interest by taking possession or control of the collateral, which may be in addition to the filing of a financing statement. In these cases, the Bank also generally takes assignments of most of the mortgages and deeds of trust that are designated as collateral. Instead of requiring delivery of the collateral to the Bank, the Bank may allow certain borrowers to deliver specific collateral to a third-party custodian approved by the Bank or otherwise take actions that ensure the priority of the Bank’s security interest in such collateral. With certain exceptions set forth below, Section 10(e) of the FHLB Act affords any security interest granted to the Bank by any member/borrower of the Bank, or any affiliate of any such member/borrower, priority over the claims and rights of any party, including any receiver, conservator, trustee, or similar party having rights of a lien creditor. However, the Bank’s security interest is not entitled to priority over the claims and rights of a party that (i) would be entitled to priority under otherwise applicable law and (ii) is an actual bona fide purchaser for value or is a secured party who has a perfected security interest in such collateral in accordance with applicable law (e.g., a prior perfected security interest under the Uniform Commercial Code or other applicable law). For example, in a case in which the Bank has perfected its security interest in collateral by filing a Uniform Commercial Code financing statement against the borrower, another secured party’s security interest in that same collateral that was perfected by possession and without prior knowledge of the Bank's lien may be entitled to priority over the Bank’s security interest that was perfected by filing a Uniform Commercial Code financing statement. From time to time, the Bank agrees to subordinate its security interest in certain assets or categories of assets granted by a member/borrower of the Bank to the security interest of another creditor (typically, a Federal Reserve Bank or another FHLBank). If the Bank agrees to subordinate its security interest in certain assets or categories of assets granted by a member/borrower of the Bank to the security interest of another creditor, the Bank will not extend credit against those assets or categories of assets. On at least a quarterly basis, the Bank evaluates all outstanding extensions of credit to members/borrowers for potential credit losses. These evaluations include a review of: (1) the amount, type and performance of collateral available to secure the outstanding obligations; (2) metrics that may be indicative of changes in the financial condition and general creditworthiness of the member/borrower; and (3) the payment status of the obligations. Any outstanding extensions of credit that exhibit a potential credit weakness that could jeopardize the full collection of the outstanding obligations would be classified as substandard, doubtful or loss. The Bank did not have any advances or other extensions of credit to members/borrowers that were classified as substandard, doubtful or loss at December 31, 2019 or 2018 . The Bank considers the amount, type and performance of collateral to be the primary indicator of credit quality with respect to its extensions of credit to members/borrowers. At December 31, 2019 and 2018 , the Bank had rights to collateral on a borrower-by-borrower basis with an estimated value in excess of each borrower’s outstanding extensions of credit. The Bank continues to evaluate and, as necessary, modify its credit extension and collateral policies based on market conditions. At December 31, 2019 and 2018 , the Bank did not have any advances that were past due, on nonaccrual status, or considered impaired. There have been no troubled debt restructurings related to advances. The Bank has never experienced a credit loss on an advance or any other extension of credit to a member/borrower and, based on its credit extension and collateral policies, management currently does not anticipate any credit losses on its extensions of credit to members/borrowers. Accordingly, the Bank has not provided any allowance for credit losses on advances, nor has it recorded any liabilities to reflect an allowance for credit losses related to its off-balance sheet credit exposures. Mortgage Loans — Government-guaranteed/Insured. The Bank’s government-guaranteed or government-insured fixed-rate mortgage loans are guaranteed or insured by the FHA or the DVA. Any losses from these loans are expected to be recovered from those entities. Any losses from these loans that are not recovered from those entities are absorbed by the servicers. Therefore, the Bank has not established an allowance for credit losses on government-guaranteed or government-insured mortgage loans. Mortgage Loans — Conventional Mortgage Loans. The allowance for losses on conventional mortgage loans was determined by an analysis that includes consideration of various data such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics and prevailing economic conditions. The allowance for losses on conventional mortgage loans also factors in the credit enhancement under the MPF program. Any incurred losses that were expected to be recovered from the credit enhancements were not reserved as part of the Bank’s allowance for loan losses. The Bank considers the key credit quality indicator for conventional mortgage loans to be the payment status of each loan. The table below summarizes the recorded investment (including accrued interest) by payment status for mortgage loans at December 31, 2019 and 2018 (dollars in thousands). December 31, 2019 December 31, 2018 Conventional Loans Government- Guaranteed/ Insured Loans Total Conventional Loans Government- Guaranteed/ Insured Loans Total Mortgage loans: 30-59 days delinquent $ 37,632 $ 464 $ 38,096 $ 11,241 $ 614 $ 11,855 60-89 days delinquent 2,728 189 2,917 1,816 135 1,951 90 days or more delinquent 6,106 80 6,186 1,410 156 1,566 Total past due 46,466 733 47,199 14,467 905 15,372 Total current loans 4,038,455 12,822 4,051,277 2,166,660 15,139 2,181,799 Total mortgage loans $ 4,084,921 $ 13,555 $ 4,098,476 $ 2,181,127 $ 16,044 $ 2,197,171 Other delinquency statistics: In process of foreclosure (1) $ 1,752 $ 36 $ 1,788 $ 481 $ 77 $ 558 Serious delinquency rate (2) 0.2 % 0.6 % 0.2 % 0.1 % 1.0 % 0.1 % Past due 90 days or more and still accruing interest (3) $ — $ 80 $ 80 $ — $ 156 $ 156 Nonaccrual loans $ 7,304 $ — $ 7,304 $ 1,410 $ — $ 1,410 Troubled debt restructurings $ — $ — $ — $ — $ — $ — ________________________________________ (1) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been made. (2) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the loan portfolio. (3) Only government-guaranteed/insured mortgage loans continue to accrue interest after they become 90 days or more past due. At December 31, 2019 and 2018 , the Bank’s other assets included $15,000 and $7,000 , respectively, of real estate owned. Mortgage loans are considered impaired when, based upon current information and events, it is probable that the Bank will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage loan agreement. Each seriously delinquent mortgage loan and each troubled debt restructuring is specifically reviewed for impairment. At December 31, 2019 and 2018 , the Bank did not have any troubled debt restructurings related to mortgage loans. At these dates, the estimated value of the collateral securing each seriously delinquent loan, plus the estimated amount that can be recovered through credit enhancements and mortgage insurance, if any, exceeded the outstanding loan amount. Therefore, no specific reserve was established for any of the seriously delinquent mortgage loans. The remaining conventional mortgage loans were evaluated for impairment on a pool basis. Based upon the current and past performance of these loans and current economic conditions, the Bank determined that an allowance for loan losses of $1,149,000 was adequate to reserve for credit losses in its conventional mortgage loan portfolio at December 31, 2019 . The following table presents the activity in the allowance for credit losses on conventional mortgage loans held for portfolio during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Balance, beginning of year $ 493 $ 271 $ 141 Provision for credit losses 656 222 130 Balance, end of year $ 1,149 $ 493 $ 271 The following table presents information regarding the balances of the Bank's conventional mortgage loans held for portfolio that were individually or collectively evaluated for impairment as well as information regarding the ending balance of the allowance for credit losses as of December 31, 2019 and 2018 (in thousands). December 31, 2019 2018 Ending balance of allowance for credit losses related to loans collectively evaluated for impairment $ 1,149 $ 493 Recorded investment Individually evaluated for impairment $ 6,106 $ 1,410 Collectively evaluated for impairment 4,078,815 2,179,717 $ 4,084,921 $ 2,181,127 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits Liabilities Disclosures [Text Block] | Deposits The Bank offers demand and overnight deposits for members and qualifying non-members. In addition, the Bank offers short-term interest-bearing deposit programs to members and qualifying non-members. Interest-bearing deposits classified as demand and overnight pay interest based on a daily interest rate. Term deposits pay interest based on a fixed rate, or a stepped fixed rate schedule, that is determined on the issuance date of the deposit. The weighted average interest rates paid on average outstanding deposits were 2.05 percent, 1.75 percent and 0.89 percent during 2019 , 2018 and 2017 , respectively. None of the deposits are federally insured. For additional information regarding other interest-bearing deposits, see Note 13. The following table details interest-bearing and non-interest bearing deposits as of December 31, 2019 and 2018 (in thousands): 2019 2018 Interest-bearing Demand and overnight $ 1,190,967 $ 816,322 Term 95,232 147,650 Non-interest bearing (other) 20 20 Total deposits $ 1,286,219 $ 963,992 |
Consolidated Obligations
Consolidated Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Consolidated Obligations Consolidated obligations are the joint and several obligations of the FHLBanks and consist of consolidated obligation bonds and discount notes. Consolidated obligations are backed only by the financial resources of the 11 FHLBanks. Consolidated obligations are not obligations of, nor are they guaranteed by, the U.S. government. The FHLBanks issue consolidated obligations through the Office of Finance as their agent. In connection with each debt issuance, one or more of the FHLBanks specifies the amount of debt it wants issued on its behalf; the Bank receives the proceeds of only the debt issued on its behalf and records on its statements of condition only that portion of the consolidated obligations for which it has received the proceeds. The Finance Agency and the U.S. Secretary of the Treasury have oversight over the issuance of FHLBank debt through the Office of Finance. Consolidated obligation bonds are issued primarily to raise intermediate- and long-term funds for the FHLBanks and are not subject to any statutory or regulatory limits on maturity. Consolidated obligation discount notes are issued to raise short-term funds and have maturities of one year or less. These notes are issued at a price that is less than their face amount and are redeemed at par value when they mature. For additional information regarding the FHLBanks’ joint and several liability on consolidated obligations, see Note 17. The par amounts of the FHLBanks’ outstanding consolidated obligations, including consolidated obligations held as investments by other FHLBanks, were approximately $1.026 trillion and $1.032 trillion at December 31, 2019 and 2018 , respectively. The Bank was the primary obligor on approximately $70.1 billion and $68.0 billion (at par value), respectively, of these consolidated obligations. Regulations require each of the FHLBanks to maintain unpledged qualifying assets equal to its participation in the consolidated obligations outstanding. Qualifying assets are defined as cash; secured advances; obligations of or fully guaranteed by the U.S. government; obligations, participations, mortgages, or other instruments of or issued by Fannie Mae or Ginnie Mae; mortgages, obligations or other securities which are or have ever been sold by Freddie Mac under the FHLB Act; and such securities as fiduciary and trust funds may invest in under the laws of the state in which the FHLBank is located. Any assets subject to a lien or pledge for the benefit of holders of any issue of consolidated obligations are treated as if they were free from lien or pledge for purposes of compliance with these regulations. General Terms. Consolidated obligation bonds are issued with either fixed-rate coupon payment terms or variable-rate coupon payment terms that use a variety of indices for interest rate resets such as LIBOR, SOFR or the federal funds rate. To meet the specific needs of certain investors in consolidated obligations, both fixed-rate bonds and variable-rate bonds may contain complex coupon payment terms and call options. When such consolidated obligations are issued, the Bank generally enters into interest rate exchange agreements containing offsetting features that effectively convert the terms of the bond to those of a simple variable-rate bond. The consolidated obligation bonds typically issued by the Bank, beyond having fixed-rate or simple variable-rate coupon payment terms, may also have the following broad terms regarding either principal repayment or coupon payment terms: Optional principal redemption bonds (callable bonds) may be redeemed in whole or in part at the Bank's discretion on predetermined call dates according to the terms of the bond offerings; Step-up bonds pay interest at increasing fixed rates for specified intervals over the life of the bond. These bonds generally contain provisions that enable the Bank to call the bonds at its option on predetermined call dates; Step-down bonds pay interest at decreasing fixed rates for specified intervals over the life of the bond. These bonds generally contain provisions that enable the Bank to call the bonds at its option on predetermined call dates. Interest Rate Payment Terms. The following table summarizes the Bank’s consolidated obligation bonds outstanding by interest rate payment terms at December 31, 2019 and 2018 (in thousands, at par value). 2019 2018 Fixed-rate $ 21,529,815 $ 15,606,555 Variable-rate 12,642,000 10,029,850 Step-up 1,337,500 6,202,500 Step-down 175,000 275,000 Total par value $ 35,684,315 $ 32,113,905 At December 31, 2019 and 2018 , 86 percent and 90 percent , respectively, of the Bank’s fixed-rate consolidated obligation bonds were swapped to a variable rate. Redemption Terms. The following is a summary of the Bank’s consolidated obligation bonds outstanding at December 31, 2019 and 2018 , by contractual maturity (dollars in thousands): 2019 2018 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 16,900,625 1.75 % $ 14,798,025 2.11 % Due after one year through two years 7,849,605 1.76 4,943,910 2.07 Due after two years through three years 2,269,005 2.21 4,093,605 2.12 Due after three years through four years 1,912,490 2.42 2,686,995 2.24 Due after four years through five years 3,811,615 2.16 2,641,210 2.92 Due after five years 2,940,975 2.52 2,950,160 2.58 Total par value 35,684,315 1.93 % 32,113,905 2.22 % Premiums 1,091 2,241 Discounts (781 ) (1,295 ) Debt issuance costs (4,479 ) (3,295 ) Hedging adjustments 65,681 (179,627 ) Total $ 35,745,827 $ 31,931,929 At December 31, 2019 and 2018 , the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value): 2019 2018 Non-callable bonds $ 22,188,915 $ 20,662,505 Callable bonds 13,495,400 11,451,400 Total par value $ 35,684,315 $ 32,113,905 The following table summarizes the Bank’s consolidated obligation bonds outstanding at December 31, 2019 and 2018 , by the earlier of contractual maturity or next possible call date (in thousands, at par value): Contractual Maturity or Next Call Date 2019 2018 Due in one year or less $ 25,936,025 $ 23,532,425 Due after one year through two years 6,397,605 3,804,410 Due after two years through three years 1,649,005 1,931,605 Due after three years through four years 1,193,590 1,618,095 Due after four years through five years 409,615 971,210 Due after five years 98,475 256,160 Total par value $ 35,684,315 $ 32,113,905 Discount Notes. At December 31, 2019 and 2018 , the Bank’s consolidated obligation discount notes, all of which are due within one year, were as follows (dollars in thousands): Book Value Par Value Weighted Average Implied Interest Rate December 31, 2019 $ 34,327,886 $ 34,405,724 1.57 % December 31, 2018 $ 35,731,713 $ 35,882,027 2.30 % |
Affordable Housing Program
Affordable Housing Program | 12 Months Ended |
Dec. 31, 2019 | |
Affordable Housing Program [Abstract] | |
Affordable Housing Program [Text Block] | Affordable Housing Program Section 10(j) of the FHLB Act requires each FHLBank to establish an AHP. Each FHLBank provides subsidies in the form of direct grants and/or below market interest rate advances to members who use the funds to assist with the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. The Bank provides subsidies under its AHP solely in the form of direct grants. Annually, each FHLBank must set aside for the AHP 10 percent of its current year’s income before charges for AHP (as adjusted for interest expense on mandatorily redeemable capital stock), subject to a collective minimum contribution for all 11 FHLBanks of $100 million . The exclusion of interest expense on mandatorily redeemable capital stock is required pursuant to a Finance Agency regulatory interpretation. If the result of the aggregate 10 percent calculation is less than $100 million for all 11 FHLBanks, then the FHLB Act requires the shortfall to be allocated among the FHLBanks based on the ratio of each FHLBank’s income before AHP to the sum of the income before AHP of all of the FHLBanks provided, however, that each FHLBank’s required annual AHP contribution is limited to its annual net earnings before the contribution. There was no shortfall during the years ended December 31, 2019 , 2018 or 2017 . If a FHLBank determines that its required contributions are contributing to its financial instability, it may apply to the Finance Agency for a temporary suspension of its AHP contributions. No FHLBank applied for a suspension of its AHP contributions in 2019 , 2018 or 2017 . The Bank’s AHP assessment is derived by adding interest expense on mandatorily redeemable capital stock (see Note 14) to reported income before assessments; the result of this calculation is then multiplied by 10 percent . The Bank charges the amount set aside for AHP to income and recognizes it as a liability. The Bank relieves the AHP liability as members receive AHP grants. If the Bank experiences a loss during a calendar quarter but still has income for the calendar year, the Bank’s obligation to the AHP is based upon its year-to-date/annual income. In years where the Bank’s income before assessments (as adjusted for interest expense on mandatorily redeemable capital stock) is zero or less, the amount of the AHP assessment is typically equal to zero, and the Bank would not typically be entitled to a credit that could be used to reduce required contributions in future years. The following table summarizes the changes in the Bank’s AHP liability during the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Balance, beginning of year $ 44,358 $ 31,246 $ 22,871 AHP assessment 25,272 22,097 16,710 Grants funded, net of recaptured amounts (12,383 ) (8,985 ) (8,335 ) Balance, end of year $ 57,247 $ 44,358 $ 31,246 |
Assets and Liabilities Subject
Assets and Liabilities Subject to Offsetting | 12 Months Ended |
Dec. 31, 2019 | |
Assets and Liabilities Subject to Offsetting [Abstract] | |
Assets and Liabilities Subject to Offsetting [Text Block] | Assets and Liabilities Subject to Offsetting The Bank has derivatives and securities purchased under agreements to resell that are subject to enforceable master netting agreements or similar arrangements. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. The Bank did not have any liabilities that were eligible to offset its securities purchased under agreements to resell (i.e., securities sold under agreements to repurchase) as of December 31, 2019 or 2018 . The Bank's derivative transactions are executed either bilaterally or, if required, cleared through a third-party central clearinghouse. The Bank has entered into master agreements with each of its bilateral derivative counterparties that provide for the netting of all transactions with each of these counterparties. Under its master agreements with its non-member bilateral derivative counterparties, collateral is delivered (or returned) daily when certain thresholds (ranging from $50,000 to $500,000 ) are met. The Bank offsets the fair value amounts recognized for bilaterally traded derivatives executed with the same counterparty, including any cash collateral remitted to or received from the counterparty. When entering into derivative transactions with its members, the Bank requires the member to post eligible collateral in an amount equal to the sum of the net market value of the member’s derivative transactions with the Bank (if the value is positive to the Bank) plus a percentage of the notional amount of any interest rate swaps, with market values determined on at least a monthly basis. Eligible collateral for derivative transactions with members consists of collateral that is eligible to secure advances and other obligations under the member's Advances and Security Agreement with the Bank. The Bank is not required to pledge collateral to its members to secure derivative positions. For cleared derivatives, all transactions with each clearing member of each clearinghouse are netted pursuant to legally enforceable setoff rights. Cleared derivatives are subject to initial and variation margin requirements established by the clearinghouse and its clearing members. Effective January 3, 2017, one of the Bank's two clearinghouse counterparties made certain amendments to its rulebook that changed the legal characterization of variation margin payments on cleared derivatives to settlements on the contracts. Effective January 16, 2018, the Bank's other clearinghouse counterparty made similar amendments to its rulebook. Prior to the dates upon which these amendments became effective, the variation margin payments were in each case characterized as collateral pledged to secure outstanding credit exposure on the derivative contracts. Initial and variation margin (regardless of whether it is characterized as collateral or settlements) is typically delivered/paid (or returned/received) daily and is not subject to any maximum unsecured thresholds. The Bank offsets the fair value amounts recognized for cleared derivatives transacted with each clearing member of each clearinghouse (which fair value amounts include variation margin paid or received on daily settled contracts) and any cash collateral pledged or received. The following table presents derivative instruments and securities purchased under agreements to resell with the legal right of offset, including the related collateral received from or pledged to counterparties as of December 31, 2019 and 2018 (in thousands). For daily settled derivative contracts, the variation margin payments/receipts are included in the gross amounts of derivative assets and liabilities. Gross Amounts of Recognized Financial Instruments Gross Amounts Offset in the Statement of Condition Net Amounts Presented in the Statement of Condition Collateral Not Offset in the Statement of Condition (1) Net Unsecured Amount December 31, 2019 Assets Derivatives Bilateral derivatives $ 22,721 $ (10,978 ) $ 11,743 $ (5,313 ) (2) $ 6,430 Cleared derivatives 33,618 (4,090 ) 29,528 — 29,528 Total derivatives 56,339 (15,068 ) 41,271 (5,313 ) 35,958 Securities purchased under agreements to resell 4,310,000 — 4,310,000 (4,310,000 ) — Total assets $ 4,366,339 $ (15,068 ) $ 4,351,271 $ (4,315,313 ) $ 35,958 Liabilities Derivatives Bilateral derivatives $ 168,297 $ (164,442 ) $ 3,855 $ — $ 3,855 Cleared derivatives 4,138 (4,138 ) — — (3) — Total liabilities $ 172,435 $ (168,580 ) $ 3,855 $ — $ 3,855 December 31, 2018 Assets Derivatives Bilateral derivatives $ 35,923 $ (26,074 ) $ 9,849 $ (3,380 ) (2) $ 6,469 Cleared derivatives 7,773 (7,744 ) 29 — 29 Total derivatives 43,696 (33,818 ) 9,878 (3,380 ) 6,498 Securities purchased under agreements to resell 6,215,000 — 6,215,000 (6,215,000 ) — Total assets $ 6,258,696 $ (33,818 ) $ 6,224,878 $ (6,218,380 ) $ 6,498 Liabilities Derivatives Bilateral derivatives $ 189,654 $ (181,022 ) $ 8,632 $ — $ 8,632 Cleared derivatives 45,025 (7,666 ) 37,359 (37,359 ) (4) — Total liabilities $ 234,679 $ (188,688 ) $ 45,991 $ (37,359 ) $ 8,632 _____________________________ (1) Any overcollateralization at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. (2) Consists of collateral pledged by member counterparties. (3) The Bank had pledged securities with an aggregate fair value of $842,256,000 at December 31, 2019 to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. (4) Consists of securities pledged by the Bank. In addition to the amount needed to secure the counterparties' exposure to the Bank, the Bank had pledged other securities with an aggregate fair value of $675,188,000 at December 31, 2018 to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives and Hedging Activities Hedging Activities. As a financial intermediary, the Bank is exposed to interest rate risk. This risk arises from a variety of financial instruments that the Bank enters into on a regular basis in the normal course of its business. The Bank enters into interest rate swap, swaption, cap and forward rate agreements (collectively, interest rate exchange agreements) to manage its exposure to changes in interest rates. The Bank may use these instruments to adjust the effective maturity, repricing frequency, or option characteristics of financial instruments to achieve risk management objectives. In addition, the Bank may use these instruments to hedge the variable cash flows associated with forecasted transactions. The Bank has not entered into any credit default swaps or foreign exchange-related derivatives and, as of December 31, 2019 , it was not a party to any forward rate agreements. The Bank uses interest rate exchange agreements in three ways: (1) by designating the agreement as a fair value hedge of a specific financial instrument or firm commitment; (2) by designating the agreement as a cash flow hedge of a forecasted transaction; or (3) by designating the agreement as a hedge of some other defined risk (referred to as an “economic hedge”). For example, the Bank uses interest rate exchange agreements in its overall interest rate risk management activities to adjust the interest rate sensitivity of consolidated obligations to approximate more closely the interest rate sensitivity of its assets (both advances and investments), and/or to adjust the interest rate sensitivity of advances or investments to approximate more closely the interest rate sensitivity of its liabilities. In addition to using interest rate exchange agreements to manage mismatches between the coupon features of its assets and liabilities, the Bank also uses interest rate exchange agreements to, among other things, manage embedded options in assets and liabilities, to preserve the market value of existing assets and liabilities, to hedge the duration risk of prepayable instruments, to hedge the variable cash flows associated with forecasted transactions, to offset interest rate exchange agreements entered into with members (the Bank serves as an intermediary in these transactions), and to reduce funding costs. The Bank, consistent with Finance Agency regulations, enters into interest rate exchange agreements only to reduce potential market risk exposures inherent in otherwise unhedged assets and liabilities or anticipated transactions, or to act as an intermediary between its members and the Bank’s non-member derivative counterparties. The Bank is not a derivatives dealer and it does not trade derivatives for short-term profit. At inception, the Bank formally documents the relationships between derivatives designated as hedging instruments and their hedged items, its risk management objectives and strategies for undertaking the hedge transactions, and its method for assessing the effectiveness of the hedging relationships. For fair value hedges, this process includes linking the derivatives to: (1) specific assets and liabilities on the statements of condition or (2) firm commitments. For cash flow hedges, this process includes linking the derivatives to forecasted transactions. The Bank also formally assesses (both at the inception of the hedging relationship and on a monthly basis thereafter) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of hedged items or the cash flows associated with forecasted transactions 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. Investment Securities and Mortgage Loans Held for Portfolio — The Bank has invested in agency and non-agency MBS and residential mortgage loans. The interest rate and prepayment risk associated with these investments is managed through consolidated obligations and/or derivatives. The Bank may manage prepayment and duration risk presented by some of these investments with either callable and/or non-callable consolidated obligations and/or interest rate exchange agreements, including interest rate swaps, swaptions and caps. A substantial portion of the Bank’s held-to-maturity securities are variable-rate MBS that include caps that would limit the variable-rate coupons if short-term interest rates rise dramatically. To hedge a portion of the potential cap risk embedded in these securities, the Bank has entered into interest rate cap agreements, only one of which remained outstanding at December 31, 2019 . These derivatives are treated as economic hedges. All of the Bank's available-for-sale securities are fixed-rate agency and other highly rated debentures and agency CMBS. To hedge the interest rate risk associated with these fixed-rate investment securities, the Bank has entered into fixed-for-floating interest rate exchange agreements, which are designated as fair value hedges. The majority of the Bank's trading securities are fixed-rate U.S. Treasury Notes. To convert most of these fixed-rate investment securities to a short-term floating rate, the Bank entered into fixed-for-floating interest rate exchange agreements that are indexed to the OIS rate. These derivatives are treated as economic hedges. The interest rate swaps and swaptions that are used by the Bank to hedge the risks associated with its mortgage loan portfolio are treated as economic hedges. Advances — The Bank issues both fixed-rate and variable-rate advances. When appropriate, the Bank uses interest rate exchange agreements to adjust the interest rate sensitivity of its fixed-rate advances to approximate more closely the interest rate sensitivity of its liabilities. With issuances of putable advances, the Bank purchases from the member a put option that enables the Bank to terminate a fixed-rate advance on specified future dates. This embedded option is clearly and closely related to the host advance contract. The Bank typically hedges a putable advance by entering into a cancelable interest rate exchange agreement where the Bank pays a fixed-rate coupon and receives a variable-rate coupon, and sells an option to cancel the swap to the swap counterparty. This type of hedge is treated as a fair value hedge. The swap counterparty can cancel the interest rate exchange agreement on the call date and the Bank can cancel the putable advance and offer, subject to certain conditions, replacement funding at prevailing market rates. From time to time, a small portion of the Bank’s variable-rate advances may be subject to interest rate caps that would limit the variable-rate coupons if short-term interest rates rise above a predetermined level. To hedge the cap risk embedded in these advances, the Bank will generally enter into interest rate cap agreements. This type of hedge is treated as a fair value hedge. The Bank may hedge a firm commitment for a forward-starting advance through the use of an interest rate swap. In this case, the swap will function as the hedging instrument for both the firm commitment and the subsequent advance. The carrying value of the firm commitment will be included in the basis of the advance at the time the commitment is terminated and the advance is issued. The basis adjustment will then be amortized into interest income over the life of the advance. The Bank enters into optional advance commitments with its members. In an optional advance commitment, the Bank sells an option to the member that provides the member with the right to increase the amount of an existing advance at a specified fixed rate and term on a specified future date, provided the member has satisfied all of the customary requirements for such advance. This embedded option is clearly and closely related to the host contract. The Bank may hedge an optional advance commitment through the use of an interest rate swaption. In this case, the swaption will function as the hedging instrument for both the commitment and, if the option is exercised by the member, the subsequent advance. These swaptions are treated as fair value hedges. Consolidated Obligations — While consolidated obligations are the joint and several obligations of the FHLBanks, each FHLBank is the primary obligor for the consolidated obligations it has issued or assumed from another FHLBank. The Bank generally enters into derivative contracts to hedge the interest rate risk associated with its specific debt issuances. To manage the interest rate risk of certain of its consolidated obligations, the Bank will match the cash outflow on a consolidated obligation with the cash inflow of an interest rate exchange agreement. With issuances of fixed-rate consolidated obligation bonds, the Bank typically enters into a matching interest rate exchange agreement in which the counterparty pays fixed cash flows to the Bank that are designed to mirror in timing and amount the cash outflows the Bank pays on the consolidated obligation. In this transaction, the Bank pays a variable cash flow that closely matches the interest payments it receives on short-term or variable-rate assets, typically one-month or three-month LIBOR. These transactions are treated as fair value hedges. On occasion, the Bank may enter into fixed-for-floating interest rate exchange agreements to hedge the interest rate risk associated with certain of its consolidated obligation discount notes. The derivatives associated with the Bank’s fair value discount note hedging are indexed to the OIS rate and are treated as economic hedges. The Bank may also use interest rate exchange agreements to convert variable-rate consolidated obligation bonds from one index rate (e.g., the daily effective federal funds rate) to another index rate (e.g., one-month or three-month LIBOR). These transactions are treated as economic hedges. The Bank has not issued consolidated obligations denominated in currencies other than U.S. dollars. Forecasted Issuances of Consolidated Obligations — The Bank uses derivatives to hedge the variability of cash flows over a specified period of time as a result of the forecasted issuances and maturities of short-term, fixed-rate instruments, such as three-month consolidated obligation discount notes. Although each short-term consolidated obligation discount note has a fixed rate of interest, a portfolio of rolling consolidated obligation discount notes effectively has a variable interest rate. The variable cash flows associated with these liabilities are converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps. The maturity dates of the cash flow streams are closely matched to the interest rate reset dates of the derivatives. These derivatives are treated as cash flow hedges. Balance Sheet Management — From time to time, the Bank may enter into interest rate basis swaps to reduce its exposure to changing spreads between one-month and three-month LIBOR. In addition, to reduce its exposure to reset risk, the Bank may occasionally enter into forward rate agreements. These derivatives are treated as economic hedges. Intermediation — The Bank offers interest rate swaps, caps and floors to its members to assist them in meeting their hedging needs. In these transactions, the Bank acts as an intermediary for its members by entering into an interest rate exchange agreement with a member and then entering into an offsetting interest rate exchange agreement with one of the Bank’s approved derivative counterparties. All interest rate exchange agreements related to the Bank’s intermediary activities with its members are accounted for as economic hedges. Other — From time to time, the Bank may enter into derivatives to hedge risks to its earnings that are not directly linked to specific assets, liabilities or forecasted transactions. These derivatives are treated as economic hedges. Impact of Derivatives and Hedging Activities. The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives (inclusive of variation margin on daily settled contracts) and the amounts offset against those values in the statement of condition at December 31, 2019 and 2018 (in thousands). December 31, 2019 December 31, 2018 Notional Amount of Derivatives Estimated Fair Value Notional Amount of Derivatives Estimated Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Advances (1) $ 10,102,510 $ 5,117 $ 134,520 $ 7,171,033 $ 4,273 $ 36,521 Available-for-sale securities (1) 16,114,507 28,049 19,718 15,981,523 8,501 55,202 Consolidated obligation bonds (1) 19,861,615 14,000 13,619 19,824,055 21,112 130,806 Consolidated obligation discount notes (2) 1,043,000 2,503 — 865,000 — 2,480 Total derivatives designated as hedging instruments under ASC 815 47,121,632 49,669 167,857 43,841,611 33,886 225,009 Derivatives not designated as hedging instruments under ASC 815 Interest rate swaps Advances 255,000 25 16 2,500 — — Available-for-sale securities 3,144 4 — 3,156 — 10 Mortgage loans held for portfolio 339,600 343 1,118 150,600 158 198 Consolidated obligation discount notes 1,000,000 — — — — — Trading securities 3,700,000 171 8 1,713,000 5 39 Intermediary transactions 842,036 5,312 2,355 1,228,345 3,742 6,245 Other 925,000 328 1,069 425,000 1,425 — Interest rate swaptions related to mortgage loans held for portfolio 145,000 381 — 185,000 1,234 — Mortgage delivery commitments 31,765 94 — 11,687 62 — Interest rate caps and floors Held-to-maturity securities 500,000 — — 1,000,000 6 — Intermediary transactions 80,000 12 12 541,000 3,178 3,178 Total derivatives not designated as hedging instruments under ASC 815 7,821,545 6,670 4,578 5,260,288 9,810 9,670 Total derivatives before collateral and netting adjustments $ 54,943,177 56,339 172,435 $ 49,101,899 43,696 234,679 Cash collateral and related accrued interest (3,440 ) (156,903 ) (9,287 ) (164,237 ) Cash received or remitted in excess of variation margin requirements (5 ) (54 ) (93 ) (13 ) Netting adjustments (11,623 ) (11,623 ) (24,438 ) (24,438 ) Total collateral and netting adjustments (3) (15,068 ) (168,580 ) (33,818 ) (188,688 ) Net derivative balances reported in statements of condition $ 41,271 $ 3,855 $ 9,878 $ 45,991 ________________________________________ (1) Derivatives designated as fair value hedges. (2) Derivatives designated as cash flow hedges. (3) Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. The following table presents the components of net gains (losses) on qualifying fair value and cash flow hedging relationships for the years ended December 31, 2019, 2018 and 2017 (in thousands). Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Net Gains (Losses) on Derivatives and Hedging Activities Other Comprehensive Income (Loss) Year Ended December 31, 2019 Total amount of the financial statement line item $ 906,671 $ 465,023 $ (711,240 ) $ (780,165 ) $ 24,687 $ (28,952 ) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ (122,094 ) $ (760,621 ) $ 212,198 $ — $ — $ — Hedged items 170,055 796,381 (245,307 ) — — — Net gains (losses) on fair value hedging relationships $ 47,961 $ 35,760 $ (33,109 ) $ — $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 1,829 $ — $ (1,829 ) Recognized in OCI — — — — — (54,777 ) Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 1,829 $ — $ (56,606 ) Year Ended December 31, 2018 (1) Total amount of the financial statement line item $ 828,929 $ 417,793 $ (659,943 ) $ (560,824 ) $ (10,256 ) $ (92,325 ) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 17,492 $ 22,474 $ (39,478 ) $ — $ 120,825 $ — Hedged items (2) — — — — (119,003 ) — Net gains (losses) on fair value hedging relationships $ 17,492 $ 22,474 $ (39,478 ) $ — $ 1,822 $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 950 $ — $ (950 ) Recognized in OCI — — — — — (823 ) Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 950 $ — $ (1,773 ) Year Ended December 31, 2017 (1) Total amount of the financial statement line item $ 421,588 $ 239,193 $ (327,644 ) $ (233,698 ) $ 4,668 $ 157,116 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ (31,950 ) $ (104,042 ) $ 39,831 $ — $ 99,962 $ — Hedged items (2) — — — — (103,398 ) — Net gains (losses) on fair value hedging relationships $ (31,950 ) $ (104,042 ) $ 39,831 $ — $ (3,436 ) $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ (2,375 ) $ — $ 2,375 Recognized in OCI — — — — — (2,570 ) Net losses on cash flow hedging relationships $ — $ — $ — $ (2,375 ) $ — $ (195 ) _____________________________ (1) Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. (2) Excludes amortization/accretion on closed fair value relationships. For the years ended December 31, 2019, 2018 and 2017, there were no amounts reclassified from AOCI into earnings as a result of the discontinuance of cash flow hedges because the original forecasted transactions occurred by the end of the originally specified time periods or within two-month periods thereafter. At December 31, 2019, $5,346,000 of deferred net losses on derivative instruments in AOCI are expected to be reclassified to earnings during the next 12 months. At December 31, 2019, the maximum length of time over which the Bank is hedging its exposure to the variability in future cash flows for forecasted transactions is 10 years. The following table presents the cumulative basis adjustments on hedged items either designated or previously designated as fair value hedges and the related amortized cost of those items as of December 31, 2019 (in thousands). Line Item in Statement of Condition of Hedged Item Amortized Cost of Hedged Asset/(Liability) (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Total Fair Value Hedging Basis Adjustments (2) Advances $ 10,283,221 $ 175,343 $ 4,978 $ 180,321 Available-for-sale securities 16,621,667 346,741 (985 ) 345,756 Consolidated obligation bonds (20,310,223 ) (64,027 ) (1,654 ) (65,681 ) _____________________________ (1) Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. (2) Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. The following table presents the components of net gains (losses) on derivatives and hedging activities that are reported in other income (loss) for the years ended December 31, 2019, 2018 and 2017 (in thousands). Gain (Loss) Recognized in Other Income (Loss) for the Year Ended December 31, 2019 2018 2017 Derivatives and hedged items in ASC 815 fair value hedging relationships (1) Interest rate swaps $ — $ 1,866 $ (3,414 ) Interest rate swaptions — (44 ) (22 ) Total net gain (loss) related to fair value hedge ineffectiveness — 1,822 (3,436 ) Derivatives not designated as hedging instruments under ASC 815 Net interest income (expense) on interest rate swaps (3,414 ) (1,389 ) 1,535 Interest rate swaps 28,408 (2,586 ) 3,730 Interest rate swaptions (2,728 ) (239 ) — Interest rate caps and floors 86 116 (255 ) Mortgage delivery commitments 2,097 1,912 2,329 Total net gain (loss) related to derivatives not designated as hedging instruments under ASC 815 24,449 (2,186 ) 7,339 Price alignment amount on variation margin for daily settled derivative contracts (2) 238 (9,892 ) 765 Net gains (losses) on derivatives and hedging activities reported in other income (loss) $ 24,687 $ (10,256 ) $ 4,668 _____________________________ (1) For the year ended December 31, 2019, all of the effects of derivatives and associated hedged items in ASC 815 fair value hedging relationships are reported in net interest income. (2) The amounts reported for the year ended December 31, 2019 reflect the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments under ASC 815. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments under ASC 815 are recorded in the same line item as the earnings effect of the hedged item. The amounts reported for the years ended December 31, 2018 and 2017 reflect the price alignment amounts on variation margin for all daily settled derivative contracts. Credit Risk Related to Derivatives. The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative agreements. The Bank manages derivative counterparty credit risk through the use of master netting agreements or other similar collateral exchange arrangements, credit analysis, and adherence to the requirements set forth in the Bank’s Enterprise Market Risk Management Policy, Enterprise Credit Risk Management Policy and Finance Agency regulations. The majority of the Bank's derivative transactions have been cleared through third-party central clearinghouses (as of December 31, 2019 , the notional balance of cleared transactions outstanding totaled $33.7 billion ). With cleared transactions, the Bank is exposed to credit risk in the event that the clearinghouse or the clearing member fails to meet its obligations to the Bank. The remainder of the Bank's derivative contracts have been transacted bilaterally with large financial institutions under master netting agreements or, to a much lesser extent, with member institutions (as of December 31, 2019 , the notional balance of outstanding transactions with non-member bilateral counterparties and member counterparties totaled $20.7 billion and $0.5 billion , respectively). Some of these institutions (or their affiliates) buy, sell, and distribute consolidated obligations. The notional amount of the Bank's interest rate exchange agreements does not reflect its credit risk exposure, which is much less than the notional amount. The Bank's net credit risk exposure is based on the current estimated cost, on a present value basis, of replacing at current market rates all interest rate exchange agreements with individual counterparties, if those counterparties were to default, after taking into account the value of any cash and/or securities collateral held or remitted by the Bank. For counterparties with which the Bank is in a net gain position, the Bank has credit exposure when the collateral it is holding (if any) has a value less than the amount of the gain. For counterparties with which the Bank is in a net loss position, the Bank has credit exposure when it has delivered collateral with a value greater than the amount of the loss position. The net exposure on derivative agreements is presented in Note 12. Based on the netting provisions and collateral requirements associated with its derivative agreements and the creditworthiness of its derivative counterparties, Bank management does not currently anticipate any credit losses on its derivative agreements. |
Capital
Capital | 12 Months Ended |
Dec. 31, 2019 | |
Capital [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital Under the Gramm-Leach-Bliley Act of 1999 (the “GLB Act”) and the Finance Agency’s capital regulations, each FHLBank may issue Class A stock or Class B stock, or both, to its members. The Bank’s Capital Plan provides that it will issue only Class B capital stock. The Class B stock has a par value of $ 100 per share and is purchased, redeemed, repurchased and, with the prior approval of the Bank, transferred only at its par value. As required by statute and regulation, members may request the Bank to redeem excess Class B stock, or withdraw from membership and request the Bank to redeem all outstanding capital stock, with five years’ written notice to the Bank. The regulations also allow the Bank, in its sole discretion, to repurchase members’ excess stock at any time without regard for the five-year notification period as long as the Bank continues to meet its regulatory capital requirements following any stock repurchases, as described below. Members are required to maintain an investment in Class B Stock equal to the sum of a membership investment requirement and an activity-based investment requirement. The membership investment requirement is currently 0.04 percent of each member’s total assets as of the previous calendar year-end, subject to a minimum of $1,000 and a maximum of $7,000,000 . Except as described below, the activity-based investment requirement is (and has been) 4.1 percent of outstanding advances. Members and institutions that acquire members must comply with the activity-based investment requirements for as long as the relevant advances remain outstanding. The Bank’s Board of Directors has the authority to adjust these requirements periodically within ranges established in the Capital Plan, as amended from time to time, to ensure that the Bank remains adequately capitalized. The Bank has two sub-classes of Class B Stock. Class B-1 Stock is used to meet the membership investment requirement and Class B-2 Stock is used to meet the activity-based investment requirement. Daily, subject to the limitations in the Capital Plan, the Bank converts shares of one sub-class of Class B Stock to the other sub-class of Class B Stock under the following circumstances: (i) shares of Class B-2 Stock held by a shareholder in excess of its activity-based investment requirement are converted into Class B-1 Stock, if necessary, to meet that shareholder’s membership investment requirement and (ii) shares of Class B-1 Stock held by a shareholder in excess of the amount required to meet its membership investment requirement are converted into Class B-2 Stock as needed in order to satisfy that shareholder’s activity-based investment requirement. Under the Bank's Capital Plan, the permissible range for the activity-based investment requirement is a range of 2.0 percent to 5.0 percent of members’ advances outstanding. The Bank’s Board of Directors may establish one or more separate advances investment requirement percentages (each an "advance type specific percentage") within the range described above to be applied to a specific category of advances in lieu of the generally applicable advances-related investment requirement percentage in effect at the time. Such category of advances may be defined as a particular advances product offering, advances with particular maturities or other features, advances that represent an increase in member borrowing, or such other criteria as the Bank’s Board of Directors may determine. Any advance type specific percentage may be established for an indefinite period of time, or for a specific time period, at the discretion of the Bank’s Board of Directors. Any changes to the activity-based investment requirement require at least 30 days advance notice to the Bank’s members. On September 21, 2015, the Bank announced a Board-authorized reduction in the activity-based stock investment requirement from 4.1 percent to 2.0 percent for certain advances that were funded during the period from October 21, 2015 through December 31, 2015. To be eligible for the reduced activity-based investment requirement, advances funded during this period had to have a minimum maturity of one year or greater, among other things. The standard activity-based stock investment requirement of 4.1 percent continued to apply to all other advances that were funded during the period from October 21, 2015 through December 31, 2015. All other minimum investment requirements also continued to apply. Excess stock is defined as the amount of stock held by a member (or former member) in excess of that institution’s minimum investment requirement (i.e., the amount of stock held in excess of its activity-based investment requirement and, in the case of a member, its membership investment requirement). All excess stock is held as Class B-1 Stock at all times. At any time, shareholders may request the Bank to repurchase excess capital stock. Although the Bank is not obligated to repurchase excess stock prior to the expiration of a five-year redemption or withdrawal notification period, it will typically endeavor to honor such requests within a reasonable period of time (generally not exceeding 30 days) so long as the Bank will continue to meet its regulatory capital requirements following the repurchase. The Bank’s Member Products and Credit Policy provides that the Bank may periodically repurchase a portion of members’ excess capital stock. The Bank generally repurchases surplus stock quarterly. For the repurchases that occurred during 2019 , 2018 and 2017 , surplus stock was defined as the amount of stock held by a shareholder in excess of 125 percent of the shareholder’s minimum investment requirement. For those repurchases, a shareholder's surplus stock was not repurchased if: (1) the amount of that shareholder's surplus stock was $2,500,000 or less, (2) the shareholder elected to opt out of the repurchase, or (3) the shareholder was on restricted collateral status (subject to certain exceptions). During the years ended December 31, 2019, 2018 and 2017 , the Bank repurchased surplus stock totaling $739,733,000 , $764,264,000 and $423,322,000 , respectively, none of which was classified as mandatorily redeemable capital stock at the time of repurchase. From time to time, the Bank may modify the definition of surplus stock or the timing and/or frequency of surplus stock repurchases. Concurrent with the quarterly repurchases of surplus stock that occurred in 2019 and 2018 , the Bank also repurchased all excess stock held by non-member shareholders as of the repurchase dates. This excess stock, all of which was classified as mandatorily redeemable capital stock at those dates, totaled $2,296,000 and $5,501,000 , respectively. The following table presents total excess stock at December 31, 2019 and 2018 (in thousands). 2019 2018 Excess stock Capital stock $ 624,902 $ 575,205 Mandatorily redeemable capital stock 2,066 975 Total $ 626,968 $ 576,180 Under the Finance Agency’s regulations, the Bank is subject to three capital requirements. First, the Bank must maintain at all times permanent capital (defined under the Finance Agency’s rules and regulations as retained earnings and all Class B stock regardless of its classification for financial reporting purposes) in an amount at least equal to its risk-based capital requirement, which is the sum of its credit risk capital requirement, its market risk capital requirement, and its operations risk capital requirement, calculated in accordance with the rules and regulations of the Finance Agency. The Finance Agency may require the Bank to maintain a greater amount of permanent capital than is required by the risk-based capital requirements as defined. Second, the Bank must, at all times, maintain total capital in an amount at least equal to 4.0 percent of its total assets (capital-to-assets ratio). For the Bank, total capital is defined by Finance Agency rules and regulations as the Bank’s permanent capital and the amount of any general allowance for losses (i.e., those reserves that are not held against specific assets). Finally, the Bank is required to maintain at all times a minimum leverage capital-to-assets ratio in an amount at least equal to 5.0 percent of its total assets. In applying this requirement to the Bank, leverage capital includes the Bank’s permanent capital multiplied by a factor of 1.5 plus the amount of any general allowance for losses. The Bank did not have any general reserves at December 31, 2019 or 2018 . Under the regulatory definitions, total capital and permanent capital exclude AOCI. Additionally, mandatorily redeemable capital stock is considered capital for purposes of determining the Bank’s compliance with its regulatory capital requirements. At all times during the three years ended December 31, 2019 , the Bank was in compliance with the aforementioned capital requirements. The following table summarizes the Bank’s compliance with the Finance Agency’s capital requirements as of December 31, 2019 and 2018 (dollars in thousands): December 31, 2019 December 31, 2018 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 881,970 $ 3,706,059 $ 1,159,443 $ 3,643,234 Total capital $ 3,015,264 $ 3,706,059 $ 2,910,932 $ 3,643,234 Total capital-to-assets ratio 4.00 % 4.92 % 4.00 % 5.01 % Leverage capital $ 3,769,080 $ 5,559,088 $ 3,638,665 $ 5,464,851 Leverage capital-to-assets ratio 5.00 % 7.37 % 5.00 % 7.51 % On August 4, 2009, the Finance Agency adopted a final rule establishing capital classifications and critical capital levels for the FHLBanks. The rule defines critical capital levels for the FHLBanks and establishes criteria for each of the following capital classifications identified in the Safety and Soundness Act, as amended by the Housing and Economic Recovery Act of 2008: adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. An adequately capitalized FHLBank meets all existing risk-based and minimum capital requirements. An undercapitalized FHLBank does not meet one or more of its risk-based or minimum capital requirements, but nonetheless has total capital equal to or greater than 75 percent of all capital requirements. A significantly undercapitalized FHLBank does not have total capital equal to or greater than 75 percent of all capital requirements, but the FHLBank does have total capital greater than 2 percent of its total assets. A critically undercapitalized FHLBank has total capital that is less than or equal to 2 percent of its total assets. The Bank has been classified as adequately capitalized since the rule became effective. In addition to restrictions on capital distributions by a FHLBank that does not meet all of its risk-based and minimum capital requirements, a FHLBank that is classified as undercapitalized, significantly undercapitalized or critically undercapitalized is required to take certain actions, such as submitting a capital restoration plan to the Director of the Finance Agency for approval. Additionally, with respect to a FHLBank that is less than adequately capitalized, the Director of the Finance Agency may take other actions that he or she determines will help ensure the safe and sound operation of the FHLBank and its compliance with its risk-based and minimum capital requirements in a reasonable period of time. The GLB Act made membership voluntary for all members. Members that withdraw from membership may not be readmitted to membership in any FHLBank for at least five years following the date that their membership was terminated and all of their shares of stock were redeemed or repurchased. Effective February 28, 2011, the Bank entered into a Joint Capital Enhancement Agreement (the “JCE Agreement”) with the other FHLBanks. Effective August 5, 2011, the FHLBanks amended the JCE Agreement, and the Finance Agency approved an amendment to the Bank's capital plan to incorporate its provisions on that same date. The amended JCE Agreement provides that the Bank (and each of the other FHLBanks) will, on a quarterly basis, allocate at least 20 percent of its net income to a restricted retained earnings account (“RRE Account”). Pursuant to the provisions of the amended JCE Agreement, the Bank is required to build its RRE Account to an amount equal to one percent of its total outstanding consolidated obligations, which for this purpose is based on the most recent quarter’s average carrying value of all outstanding consolidated obligations, excluding hedging adjustments. Amounts allocated to the Bank’s RRE Account are not available to pay dividends. The Bank’s Board of Directors may declare dividends at the same rate for all shares of Class B Stock, or at different rates for Class B-1 Stock and Class B-2 Stock, provided that in no event can the dividend rate on Class B-2 Stock be lower than the dividend rate on Class B-1 Stock. Dividend payments may be made in the form of cash, additional shares of either, or both, sub-classes of Class B Stock, or a combination thereof as determined by the Bank’s Board of Directors and can be paid only from unrestricted retained earnings or a portion of current earnings. The Bank’s Board of Directors may not declare or pay a dividend if the Bank is not in compliance with its minimum capital requirements or if the Bank would fail to meet its minimum capital requirements after paying such dividend. In addition, the Bank’s Board of Directors may not declare or pay a dividend based on projected or anticipated earnings; further, the Bank may not declare or pay any dividends in the form of capital stock if its excess stock is greater than 1 percent of its total assets or if, after the issuance of such shares, the Bank’s outstanding excess stock would be greater than 1 percent of its total assets. Mandatorily Redeemable Capital Stock. As discussed in Note 1, the Bank’s capital stock is classified as equity (capital) for financial reporting purposes until either a written redemption or withdrawal notice is received from a member or a membership withdrawal or termination is otherwise initiated, at which time the capital stock is reclassified to liabilities. The Finance Agency has confirmed that the accounting classification of certain shares of its capital stock as liabilities does not affect the definition of capital for purposes of determining the Bank’s compliance with its regulatory capital requirements. At December 31, 2019 , the Bank had $7,140,000 in outstanding capital stock subject to mandatory redemption held by 6 institutions. As of December 31, 2018 , the Bank had $6,979,000 in outstanding capital stock subject to mandatory redemption held by 8 institutions. These amounts are classified as liabilities in the statements of condition. During the years ended December 31, 2019, 2018 and 2017 , dividends on mandatorily redeemable capital stock in the amount of $189,000 , $101,000 and $107,000 , respectively, were recorded as interest expense in the statements of income. The Bank is not required to redeem or repurchase activity-based stock until the later of the expiration of a notice of redemption or withdrawal or the date the activity no longer remains outstanding. If activity-based stock becomes excess stock as a result of reduced activity, the Bank, in its discretion and subject to certain regulatory restrictions, may repurchase excess stock prior to the expiration of the notice of redemption or withdrawal. The Bank will generally repurchase such excess stock as long as it expects to continue to meet its minimum capital requirements following the repurchase. The following table summarizes the Bank’s mandatorily redeemable capital stock at December 31, 2019 by year of earliest mandatory redemption (in thousands). The earliest mandatory redemption reflects the earliest time at which the Bank is required to redeem the shareholder’s capital stock, and is based on the assumption that the activities associated with the activity-based stock have concluded by the time the notice of redemption or withdrawal expires. 2020 $ 214 2022 428 2023 6,228 2024 270 Total $ 7,140 The following table summarizes the Bank’s mandatorily redeemable capital stock activity during 2019 , 2018 and 2017 (in thousands). Balance, January 1, 2017 $ 3,417 Capital stock that became subject to mandatory redemption during the year 20,269 Mandatorily redeemable capital stock reclassified to equity during the year (39 ) Redemption/repurchase of mandatorily redeemable capital stock (17,934 ) Stock dividends classified as mandatorily redeemable 228 Balance, December 31, 2017 5,941 Capital stock that became subject to mandatory redemption during the year 6,688 Mandatorily redeemable capital stock reclassified to equity during the year (112 ) Redemption/repurchase of mandatorily redeemable capital stock (5,675 ) Stock dividends classified as mandatorily redeemable 137 Balance, December 31, 2018 6,979 Capital stock that became subject to mandatory redemption during the year 2,326 Redemption/repurchase of mandatorily redeemable capital stock (2,391 ) Stock dividends classified as mandatorily redeemable 226 Balance, December 31, 2019 $ 7,140 A member may cancel a previously submitted redemption or withdrawal notice by providing a written cancellation notice to the Bank prior to the expiration of the five-year redemption/withdrawal notice period. A member that cancels a stock redemption or withdrawal notice more than 30 days after it is received by the Bank and prior to its expiration is subject to a cancellation fee equal to a percentage of the par value of the capital stock subject to the cancellation notice. The following table provides the number of institutions that held mandatorily redeemable capital stock and the number that submitted a withdrawal notice or otherwise initiated a termination of their membership and the number of terminations completed during 2019 , 2018 and 2017 : 2019 2018 2017 Number of institutions, beginning of year 8 15 15 Due to mergers and acquisitions 2 1 2 Due to withdrawals — 1 1 Due to liquidation — 1 1 Recission of withdrawal notice — (1 ) — Terminations completed during the year (4 ) (9 ) (4 ) Number of institutions, end of year 6 8 15 The Bank did not receive any stock redemption notices in 2019 , 2018 or 2017 . Limitations on Redemption or Repurchase of Capital Stock. The GLB Act imposes the following restrictions on the redemption or repurchase of the Bank’s capital stock. • In no event may the Bank redeem or repurchase capital stock if the Bank is not in compliance with its minimum capital requirements or if the redemption or repurchase would cause the Bank to be out of compliance with its minimum capital requirements, or if the redemption or repurchase would cause the member to be out of compliance with its minimum investment requirement. In addition, the Bank’s Board of Directors may suspend redemption of capital stock if the Bank reasonably believes that continued redemption of capital stock would cause the Bank to fail to meet its minimum capital requirements in the future, would prevent the Bank from maintaining adequate capital against a potential risk that may not be adequately reflected in its minimum capital requirements, or would otherwise prevent the Bank from operating in a safe and sound manner. • In no event may the Bank redeem or repurchase capital stock without the prior written approval of the Finance Agency if the Finance Agency or the Bank’s Board of Directors has determined that the Bank has incurred, or is likely to incur, losses that result in, or are likely to result in, charges against the capital of the Bank. For this purpose, charges against the capital of the Bank means an other than temporary decline in the Bank’s total equity that causes the value of total equity to fall below the Bank’s aggregate capital stock amount. Such a determination may be made by the Finance Agency or the Board of Directors even if the Bank is in compliance with its minimum capital requirements. • The Bank may not repurchase any capital stock without the written consent of the Finance Agency during any period in which the Bank has suspended redemptions of capital stock. The Bank is required to notify the Finance Agency if it suspends redemptions of capital stock and set forth its plan for addressing the conditions that led to the suspension. The Finance Agency may require the Bank to reinstate redemptions of capital stock. • In no event may the Bank redeem or repurchase shares of capital stock if the principal and interest due on any FHLBank System consolidated obligations issued through the Office of Finance have not been paid in full or, under certain circumstances, if the Bank becomes a non-complying FHLBank under Finance Agency regulations as a result of its inability to comply with regulatory liquidity requirements or to satisfy its current obligations. • If at any time the Bank determines that the total amount of capital stock subject to outstanding stock redemption or withdrawal notices with expiration dates within the following 12 months exceeds the amount of capital stock the Bank could redeem and still comply with its minimum capital requirements, the Bank will determine whether to suspend redemption and repurchase activities altogether, to fulfill requests for redemption sequentially in the order in which they were received, to fulfill the requests on a pro rata basis, or to take other action deemed appropriate by the Bank. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Retirement Plans [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Retirement Plans The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”), a tax-qualified defined benefit pension plan. The Pentegra DB Plan covers substantially all officers and employees of the Bank who were hired prior to January 1, 2007, and any new employee of the Bank who was hired on or after January 1, 2007, provided that the employee had prior service with a financial services institution that participated in the Pentegra DB Plan, during which service the employee was covered by such plan. In addition, effective July 1, 2015, coverage was extended to include all of the Bank's non-highly compensated employees (as defined by Internal Revenue Service rules) who were hired on and after January 1, 2007 but before August 1, 2010. The Pentegra DB 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, including the certified zone status, are not applicable to the Pentegra DB Plan. Under the Pentegra DB 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. In addition, 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 DB Plan operates on a fiscal year from July 1 through June 30. The Pentegra DB 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 DB Plan's annual valuation process includes separate calculations of the plan's funded status as well as the funded status of each participating employer. Participating employers in an under-funded position are billed for their required contributions while those in an over-funded position can use their surplus to offset all or a portion of their contribution requirement. The funded status is defined as the market value of assets divided by the funding target (an amount equal to 100 percent of the present value of all benefit liabilities accrued at the valuation date) and is calculated as of the beginning of the Pentegra DB Plan year. As permitted by ERISA, the Pentegra DB Plan accepts contributions for a plan year up to eight and a half months after the end of that plan year and, as a result, the market value of assets at the valuation date (July 1) is increased by any subsequent contributions that are designated for the immediately preceding plan year ended June 30. The most recent Form 5500 available for the Pentegra DB Plan is for the year ended June 30, 2018 . For the plan years ended June 30, 2018 and 2017 , the Bank's contributions did not represent more than 5 percent of the total contributions to the plan. The following table presents the Bank's net pension cost and its funded status, as well as the funded status of the Pentegra DB Plan (dollars in thousands, including amounts presented in the footnotes to the table). 2019 2018 2017 Net pension cost charged to compensation and benefit expense for the year ended December 31 $ 5,200 $ 5,200 $ 5,214 Pentegra DB Plan funded status as of July 1 108.6 % (a) 111.0 % (b) 111.8 % Bank's funded status as of July 1 94.8 % 97.4 % 97.7 % ____________ (a) The Pentegra DB Plan's funded status as of July 1, 2019 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2019 through March 15, 2020 . Contributions made during the period from July 1, 2019 through March 15, 2020 and designated for the plan year ended June 30, 2019 will be included in the final valuation as of July 1, 2019 . The final funded status as of July 1, 2019 will not be available until the Form 5500 for the plan year July 1, 2019 through June 30, 2020 is filed (this Form 5500 is due to be filed no later than April 2021 ). (b) The Pentegra DB Plan's funded status as of July 1, 2018 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2018 through March 15, 2019 . Contributions made during the period from July 1, 2018 through March 15, 2019 and designated for the plan year ended June 30, 2018 will be included in the final valuation as of July 1, 2018 . The final funded status as of July 1, 2018 will not be available until the Form 5500 for the plan year July 1, 2018 through June 30, 2019 is filed (this Form 5500 is due to be filed no later than April 2020 ). Prior to December 1, 2018, the Bank participated in the Pentegra Defined Contribution Plan for Financial Institutions (“Pentegra DC Plan”), a tax-qualified defined contribution plan. Effective December 1, 2018, the Bank established the FHLBank of Dallas 401(k) Retirement Plan (the "FHLB Dallas DC Plan"), a tax-qualified defined contribution plan which replaced the Pentegra DC Plan for all active employees. In connection with the establishment of the FHLB Dallas DC Plan, substantially all active employee account balances were transferred from the Pentegra DC Plan to the FHLB Dallas DC Plan. The Bank’s contributions to the FHLB Dallas DC Plan (and, previously, the Pentegra DC Plan) are (were) equal to a percentage of voluntary employee contributions, subject to certain limitations. During the years ended December 31, 2019, 2018 and 2017 , the Bank contributed an aggregate amount of $1,651,000 , $1,440,000 and $1,411,000 , respectively, to these plans. Additionally, the Bank maintains a non-qualified deferred compensation plan that is available to some employees, which is, in substance, an unfunded supplemental retirement plan. The Bank’s liability, which consists of the accumulated employee compensation deferrals, accrued earnings (or losses) on those deferrals and matching Bank contributions corresponding to the contribution percentages applicable to the defined contribution plan, was $6,998,000 and $5,528,000 at December 31, 2019 and 2018 , respectively. Compensation and benefits expense includes accrued earnings (losses) on deferred employee compensation and Bank contributions totaling $1,136,000 , $(268,000) and $585,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. The Bank's non-qualified deferred compensation plan is also available to all of its directors. The Bank’s liability for directors' deferred compensation, which consists of the accumulated compensation deferrals (representing directors’ fees) and the accrued earnings (losses) on those deferrals, was $3,338,000 and $2,671,000 at December 31, 2019 and 2018 , respectively. Other operating expense includes accrued earnings (losses) on deferred director compensation totaling $343,000 , $(113,000) and $192,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. The Bank maintains a Special Non-Qualified Deferred Compensation Plan (the “SERP”), a defined contribution plan that was established primarily to provide supplemental retirement benefits to those employees who were serving as the Bank’s executive officers at the time the SERP was established. Each participant’s benefit under the SERP consists of contributions that were made by the Bank on the participant’s behalf, plus an allocation of the investment gains or losses on the assets used to fund the SERP. Contributions to the SERP are determined solely at the discretion of the Bank’s Board of Directors; the Bank has no obligation or current intention to make future contributions to the SERP. The Bank’s accrued liability under this plan was $3,809,000 and $4,062,000 at December 31, 2019 and 2018 , respectively. The Bank did not make any contributions to the SERP during the years ended December 31, 2019 , 2018 or 2017. The Bank sponsors a retirement benefits program that includes health care and life insurance benefits for eligible retirees. The health care portion of the program is contributory while the life insurance benefits, which are available to retirees with at least 20 years of service, are offered on a noncontributory basis. Prior to January 1, 2005, retirees were eligible to remain enrolled in the Bank’s health care benefits plan if age 50 or older with at least 10 years of service at the time of retirement. In December 2004, the Bank modified the eligibility requirements relating to retiree health care continuation benefits. Effective January 1, 2005, retirees are eligible to remain enrolled in the Bank’s health care benefits plan if age 55 or older with at least 15 years of service at the time of retirement. Employees who were age 50 or older with 10 years of service and those who had 20 years of service as of December 31, 2004 were not subject to the revised eligibility requirements. Additionally, then current retiree benefits were unaffected by these modifications. In October 2005, the Bank modified the participant contribution requirements relating to its retirement benefits program. Effective December 31, 2005, retirees who are age 55 or older with at least 15 years of service at the time of retirement can remain enrolled in the Bank’s health care benefits program by paying 100% of the expected plan cost. Previously, participant contributions were subsidized by the Bank; this subsidy was based upon the Bank’s COBRA premium rate and the employee’s age and length of service with the Bank. Then current retirees, employees who were hired prior to January 1, 1991 and those who, as of December 31, 2004, had at least 20 years of service or were age 50 or older with 10 years of service are not subject to these revised contribution requirements prior to age 65. Under the revised plan, at age 65, all plan participants are required to pay 100% of the expected plan cost. The Bank does not have any plan assets set aside for the retirement benefits program. The Bank uses a December 31 measurement date for its retirement benefits program. A reconciliation of the accumulated postretirement benefit obligation (“APBO”) and funding status of the retirement benefits program for the years ended December 31, 2019 and 2018 is as follows (in thousands): Year Ended December 31, 2019 2018 Change in APBO APBO at beginning of year $ 566 $ 550 Service cost 27 28 Interest cost 23 25 Actuarial loss 152 161 Participant contributions 174 180 Benefits paid (306 ) (378 ) APBO at end of year 636 566 Change in plan assets Fair value of plan assets at beginning of year — — Benefits paid by the Bank 132 198 Participant contributions 174 180 Benefits paid (306 ) (378 ) Fair value of plan assets at end of year — — Funded status recognized in other liabilities at end of year $ (636 ) $ (566 ) Amounts recognized in AOCI at December 31, 2019 and 2018 consist of the following (in thousands): December 31, 2019 2018 Net actuarial gain $ 1,139 $ 1,385 Prior service cost (89 ) (109 ) $ 1,050 $ 1,276 The amounts in AOCI include $20,000 of prior service cost and $80,000 of net actuarial gains that are expected to be recognized as components of net periodic benefit credit in 2020 . The actuarial assumptions used in the measurement of the Bank’s benefit obligation included a gross health care cost trend rate of 5.2 percent for 2020 . For 2019 , 2018 and 2017 , gross health care cost trend rates of 5.5 percent, 6.6 percent and 7.6 percent, respectively, were used. The gross health care cost trend rate is assumed to decline by 0.03 percent per year to a final rate of 3.8 percent in 2075 and thereafter. To compute the APBO at December 31, 2019 and 2018 , weighted average discount rates of 3.34 percent and 4.10 percent were used. Weighted average discount rates of 4.10 percent, 3.74 percent and 3.12 percent were used to compute the net periodic benefit cost (credit) for 2019 , 2018 and 2017 , respectively. Components of net periodic benefit cost (credit) for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Service cost $ 27 $ 28 $ 25 Interest cost 23 25 19 Amortization of prior service cost 20 20 20 Amortization of net actuarial gain (94 ) (100 ) (107 ) Net periodic benefit credit $ (24 ) $ (27 ) $ (43 ) The Bank reports the service cost component of its net periodic postretirement benefit cost (credit) in compensation and benefits expense and the other components of net periodic postretirement benefit cost (credit) in "other, net" in the other income (loss) section of the statement of income. Under U.S. GAAP, the Bank is required to recognize the overfunded or underfunded status of its retirement benefits program as an asset or liability in its statement of condition and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income. Changes in benefit obligations recognized in other comprehensive income during the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Amortization of prior service cost included in net periodic benefit cost $ 20 $ 20 $ 20 Actuarial gain (loss) (152 ) (161 ) 204 Amortization of net actuarial gain included in net periodic benefit cost (94 ) (100 ) (107 ) Total changes in benefit obligations recognized in other comprehensive income $ (226 ) $ (241 ) $ 117 A 1 percent increase or decrease in the health care cost trend rate would have had an insignificant effect on the APBO at December 31, 2019 and the aggregate of the service and interest cost components of the net periodic benefit cost for the year ended December 31, 2019 . The following net postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): Year Ended December 31, Expected Benefits Payments, Net of Participant Contributions 2020 $ 101 2021 93 2022 80 2023 53 2024 32 2025-2029 66 $ 425 |
Estimated Fair Values
Estimated Fair Values | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Estimated Fair Values Fair value is defined under U.S. 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. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. U.S. GAAP establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP also requires an entity to disclose the level within the fair value hierarchy in which each measurement is classified. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: Level 1 Inputs — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 Inputs — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active or in which little information is released publicly; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data (e.g., implied spreads). Level 3 Inputs — Unobservable inputs for the asset or liability that are supported by little or no market activity. None of the Bank’s assets or liabilities that are recorded at fair value on a recurring basis were measured using significant Level 3 inputs. For financial instruments carried at fair value, the Bank reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. Reclassifications, if any, would be reported as transfers as of the beginning of the quarter in which the changes occurred. For the years ended December 31, 2019 and 2018 , the Bank did not reclassify any fair value measurements. The following estimated fair value amounts have been determined by the Bank using available market information and management's best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of December 31, 2019 and 2018 . Although management uses its best judgment in estimating the fair value 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 many of the Bank’s financial instruments (e.g., advances, non-agency RMBS and mortgage loans held for portfolio), in certain cases their fair values are not subject to precise quantification or verification. Therefore, the estimated fair values presented below in the Fair Value Summary Tables may not be indicative of the amounts that would have been realized in market transactions at the reporting dates. Further, the fair values do not represent an estimate of the overall market value of the Bank as a going concern, which would take into account future business opportunities. The valuation techniques used to measure the fair values of the Bank’s financial instruments that are measured at fair value on the statement of condition are described below. Trading and available-for-sale securities. To value its U.S. Treasury Notes and U.S. Treasury Bills classified as trading securities and all of its available-for-sale securities, the Bank obtains prices from three designated third-party pricing vendors when available. The pricing vendors use various proprietary models to price these securities. The inputs to those models are derived from various sources including, but not limited to, benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers and other market-related data. Because many 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 security valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. Recently, the Bank conducted reviews of the three pricing vendors to reconfirm its understanding of the vendors' pricing processes, methodologies and control procedures and was satisfied that those processes, methodologies and control procedures were adequate and appropriate. A “median” price is first established for each security using a formula that is based upon the number of prices received. If three prices are received, the middle price is the median price; if two prices are received, the average of the two prices is the median price; and if one price is received, it is the median price (and also the final price) subject to some type of validation similar to the evaluation of outliers described below. All prices that are within a specified tolerance threshold of the median price are included in the “cluster” of prices that are averaged to compute a “default” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, 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 default price. If, on the other hand, the analysis confirms that an outlier (or outliers) is (are) in fact not representative of fair value and the default price is the best estimate, then the default price is used as the final price. In all cases, the final price is used to determine the fair value of the security. If all prices received for a security are outside the tolerance threshold level of the median price, then there is no default price, and the final price is determined by an evaluation of all outlier prices as described above. As of December 31, 2019 and 2018 , three vendor prices were received for substantially all of the Bank's trading and available-for-sale securities and the final prices for substantially all of those securities were computed by averaging the three prices. Based on the Bank's understanding of the pricing methods employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices (or, in those instances in which there were outliers, the Bank's additional analyses), the Bank believes its final prices result in reasonable estimates of the fair values and that the fair value measurements are classified appropriately in the fair value hierarchy. Derivative assets/liabilities . The fair values of the Bank’s interest rate swap and swaption agreements are estimated using a pricing model with inputs that are observable in the market (e.g., the relevant interest rate curves (that is, the relevant LIBOR swap curve or the OIS curve and, for purposes of discounting, the OIS curve) and, for agreements containing options, swaption volatility). The fair values of the Bank’s interest rate caps and floors are also estimated using a pricing model with inputs that are observable in the market (that is, cap/floor volatility, the relevant LIBOR swap curve and, for purposes of discounting, the OIS curve). As the collateral (or variation margin in the case of daily settled contracts) and netting provisions of the Bank’s arrangements with its derivative counterparties significantly reduce the risk from nonperformance (see Note 12), the Bank does not consider its own nonperformance risk or the nonperformance risk associated with each of its counterparties to be a significant factor in the valuation of its derivative assets and liabilities. The Bank compares the fair values obtained from its pricing model to clearinghouse valuations (in the case of cleared derivatives) and non-binding dealer estimates (in the case of bilateral derivatives) and may also compare its fair values to those of similar instruments to ensure that the fair values are reasonable. The fair values of the Bank’s derivative assets and liabilities include accrued interest receivable/payable and cash collateral remitted to/received from counterparties; the estimated fair values of the accrued interest receivable/payable and cash collateral approximate their carrying values due to their short-term nature. The fair values of the Bank's bilateral derivatives are netted by counterparty pursuant to the provisions of the credit support annexes to the Bank’s master netting agreements with its non-member bilateral derivative counterparties. The Bank's cleared derivative transactions with each clearing member of each clearinghouse are netted pursuant to the Bank's arrangements with those parties. In each case, if the netted amounts are positive, they are classified as an asset and, if negative, as a liability. The Bank estimates the fair values of mortgage delivery commitments based upon the prices for to-be-announced ("TBA") securities, which represent quoted market prices for forward-settling agency MBS. The prices are adjusted for differences in coupon, cost to carry, vintage, remittance type and product type between the Bank's mortgage loan commitments and the referenced TBA MBS. Other assets held at fair value. To value its mutual fund investments included in other assets, the Bank obtains quoted prices for the mutual funds. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2019 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 20,551 $ 20,551 $ 20,551 $ — $ — $ — Interest-bearing deposits 1,670,249 1,670,249 — 1,670,249 — — Securities purchased under agreements to resell 4,310,000 4,310,000 — 4,310,000 — — Federal funds sold 4,505,000 4,505,000 — 4,505,000 — — Trading securities (1) 5,460,136 5,460,136 — 5,460,136 — — Available-for-sale securities (1) 16,766,500 16,766,500 — 16,766,500 — — Held-to-maturity securities 1,206,170 1,215,580 — 1,150,175 (2) 65,405 (3) — Advances 37,117,455 37,092,230 — 37,092,230 — — Mortgage loans held for portfolio, net 4,075,464 4,109,758 — 4,109,758 — — Accrued interest receivable 154,218 154,218 — 154,218 — — Derivative assets (1) 41,271 41,271 — 56,339 — (15,068 ) Other assets held at fair value (1) 14,222 14,222 14,222 — — — Liabilities: Deposits 1,286,219 1,286,258 — 1,286,258 — — Consolidated obligations Discount notes 34,327,886 34,325,476 — 34,325,476 — — Bonds 35,745,827 35,757,691 — 35,757,691 — — Mandatorily redeemable capital stock 7,140 7,140 7,140 — — — Accrued interest payable 115,350 115,350 — 115,350 — — Derivative liabilities (1) 3,855 3,855 — 172,435 — (168,580 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2019 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations and GSE RMBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2018 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 35,157 $ 35,157 $ 35,157 $ — $ — $ — Interest-bearing deposits 2,500,317 2,500,317 — 2,500,317 — — Securities purchased under agreements to resell 6,215,000 6,215,000 — 6,215,000 — — Federal funds sold 1,731,000 1,731,000 — 1,731,000 — — Trading securities (1) 1,818,178 1,818,178 — 1,818,178 — — Available-for-sale securities (1) 15,825,155 15,825,155 — 15,825,155 — — Held-to-maturity securities 1,462,279 1,478,691 — 1,400,536 (2) 78,155 (3) — Advances 40,793,813 40,720,636 — 40,720,636 — — Mortgage loans held for portfolio, net 2,185,503 2,161,720 — 2,161,720 — — Accrued interest receivable 152,670 152,670 — 152,670 — — Derivative assets (1) 9,878 9,878 — 43,696 — (33,818 ) Other assets held at fair value (1) 12,376 12,376 12,376 — — — Liabilities: Deposits 963,992 964,017 — 964,017 — — Consolidated obligations Discount notes 35,731,713 35,723,208 — 35,723,208 — — Bonds 31,931,929 31,850,858 — 31,850,858 — — Mandatorily redeemable capital stock 6,979 6,979 6,979 — — — Accrued interest payable 122,938 122,938 — 122,938 — — Derivative liabilities (1) 45,991 45,991 — 234,679 — (188,688 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2018 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations, U.S. government-guaranteed RMBS and GSE RMBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Joint and several liability. As described in Note 10, the Bank is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. At December 31, 2019 and 2018 , the par amounts of the other 10 FHLBanks’ outstanding consolidated obligations totaled $956 billion and $964 billion , respectively. The Finance Agency, in its discretion, may require any FHLBank to make principal or interest payments due on any consolidated obligation, regardless of whether there has been a default by a FHLBank having primary liability. To the extent that a FHLBank makes any consolidated obligation payment on behalf of another FHLBank, the paying FHLBank is entitled to reimbursement from the FHLBank with primary liability. However, if the Finance Agency determines that the primary obligor is unable to satisfy its obligations, then the Finance Agency may allocate the outstanding liability among the remaining FHLBanks on a pro rata basis in proportion to each FHLBank’s participation in all consolidated obligations outstanding, or on any other basis that the Finance Agency may determine. No FHLBank has ever failed to make any payment on a consolidated obligation for which it was the primary obligor; as a result, the regulatory provisions for directing other FHLBanks to make payments on behalf of another FHLBank or allocating the liability among other FHLBanks have never been invoked. The joint and several obligations are mandated by Finance Agency regulations and are not the result of arms-length transactions among the FHLBanks. As described above, the FHLBanks have no control over the amount of the guaranty or the determination of how each FHLBank would perform under the joint and several liability. If the Bank expected that it would be required to pay any amounts on behalf of its co-obligors under its joint and several liability, the Bank would charge to income the amount of the expected payment. Based upon the creditworthiness of the other FHLBanks, the Bank currently believes that the likelihood that it would have to pay any amounts beyond those for which it is primarily liable is remote. Other commitments and contingencies. At December 31, 2019 and 2018 , the Bank had commitments to make additional advances totaling approximately $19,397,000 and $124,223,000 , respectively. At December 31, 2019 , $18,722,000 of the outstanding commitments to make additional advances expire in 2020 and the remainder expire in 2021. The Bank issues standby letters of credit for a fee on behalf of its members. Standby letters of credit serve as performance guarantees. If the Bank is required to make payment for a beneficiary’s draw on the letter of credit, the amount funded is converted into a collateralized advance to the member. Letters of credit are fully collateralized in the same manner as advances (see Note 6). Outstanding standby letters of credit totaled $21,781,829,000 and $18,538,265,000 at December 31, 2019 and 2018 , respectively. At December 31, 2019 , outstanding letters of credit had original terms of up to 8 years with a final expiration in 2026 . Unearned fees on standby letters of credit are recorded in other liabilities and totaled $5,518,000 and $4,801,000 at December 31, 2019 and 2018 , respectively. Based on management’s credit analyses and collateral requirements, the Bank does not deem it necessary to have any provision for credit losses on these letters of credit (see Note 8). In late 2017, June 2018 and December 2019, the Bank entered into standby bond purchase agreements with a state housing finance agency within its district whereby, for a fee, the Bank agrees to serve as a standby liquidity provider. If required, the Bank will purchase and hold the housing finance agency's bonds until the designated marketing agent can find a suitable investor or the housing finance agency repurchases the bonds according to a schedule established by the agreement. Each standby bond purchase agreement includes the provisions under which the Bank would be required to purchase the bonds. At December 31, 2019 and 2018 , the Bank had outstanding standby bond purchase agreements totaling $484,872,000 and $449,890,000 , respectively. At December 31, 2019 , standby bond purchase agreements totaling $185,882,000 , $246,162,000 and $52,828,000 expire in 2022, 2023 and 2024, respectively. The Bank was not required to purchase any bonds under these agreements during the years ended December 31, 2019 or 2018 . At December 31, 2019 and 2018 , the Bank had commitments to purchase conventional mortgage loans totaling $31,765,000 and $11,687,000 , respectively, from certain of its PFIs. At December 31, 2019 and 2018 , the Bank had commitments to issue $115,000,000 and $20,000,000 (par value), respectively, of consolidated obligation bonds, all of which were hedged with interest rate swaps. In addition, at December 31, 2019 and 2018, the Bank had commitments to issue $679,510,000 and $323,652,000 (par value), respectively, of consolidated obligation discount notes, none of which were hedged. The Bank has transacted interest rate exchange agreements with large financial institutions and third-party clearinghouses that are subject to collateral exchange arrangements. As of December 31, 2019 and 2018 , the Bank had pledged cash collateral of $156,676,000 and $163,887,000 , respectively, to those parties that had credit risk exposure to the Bank related to interest rate exchange agreements. The pledged cash collateral (i.e., interest-bearing deposit asset) is netted against derivative assets and liabilities in the statements of condition. In addition, as of December 31, 2019 and 2018 , the Bank had pledged securities with carrying values (and fair values) of $842,256,000 and $712,547,000 , respectively, to parties that had credit risk exposure to the Bank related to interest rate exchange agreements. The pledged securities may be rehypothecated and are not netted against derivative assets and liabilities in the statement of condition. During the years ended December 31, 2019, 2018 and 2017 , the Bank charged to operating expenses net rental costs of approximately $360,000 , $329,000 , and $370,000 , respectively. Future minimum rentals at December 31, 2019 were as follows (in thousands): Year Premises Equipment Total 2020 $ 444 $ 48 $ 492 2021 408 32 440 2022 420 — 420 2023 432 — 432 2024 293 — 293 Thereafter 1,438 — 1,438 Total $ 3,435 $ 80 $ 3,515 Lease agreements for Bank premises generally provide for increases in the base rentals resulting from increases in property taxes and maintenance expenses. These increases are not expected to have a material effect on the Bank. The Bank has entered into certain lease agreements to rent space to outside parties in its building. Future minimum rentals under these operating leases at December 31, 2019 were as follows (in thousands): Year Total 2020 $ 1,482 2021 1,009 2022 236 2023 106 2024 5 Total $ 2,838 In the ordinary course of its business, the Bank is subject to the risk that litigation may arise. Currently, the Bank is not a party to any material pending legal proceedings. For a discussion of other commitments and contingencies, see Notes 11, 12 and 15. |
Transactions with Shareholders
Transactions with Shareholders | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with Shareholders [Abstract] | |
Transactions with Stockholders [Text Block] | Transactions with Shareholders As a cooperative, the Bank’s capital stock is owned by its members, by former members that retain the stock as provided in the Bank’s Capital Plan or by non-member institutions that have acquired members and must retain the stock to support advances or other activities with the Bank. No shareholder owns more than 10% of the voting interests of the Bank due to statutory limits on members’ voting rights. As of December 31, 2019 , nine of the Bank’s directors were member directors. By law, member directors must be officers or directors of a member of the Bank. Substantially all of the Bank’s advances are made to its shareholders (while eligible to borrow from the Bank, housing associates are not required or allowed to hold capital stock). In addition, substantially all of its mortgage loans held for portfolio were purchased from certain of its shareholders. The Bank maintains demand deposit accounts for shareholders primarily as an investment alternative for their excess cash and to facilitate settlement activities that are directly related to advances. As an additional service to members, the Bank also offers term deposit accounts. Further, the Bank offers interest rate swaps, caps and floors to its members. Periodically, the Bank may sell (or purchase) federal funds to (or from) shareholders and/or their affiliates. These transactions are executed on terms that are the same as those with other eligible third-party market participants, except that the Bank’s underwriting guidelines specify a lower minimum threshold for the amount of capital that members must have to be an eligible federal funds counterparty than non-members. The Bank has never held any direct equity investments in its shareholders or their affiliates. Affiliates of two of the Bank’s derivative counterparties (Citigroup and Wells Fargo) acquired member institutions on March 31, 2005 and October 1, 2006, respectively. Since the acquisitions were completed, the Bank has continued to enter into interest rate exchange agreements with Citigroup and Wells Fargo in the normal course of business and under the same terms and conditions as before. In addition, the Bank maintains interest-bearing deposits with affiliates of Citigroup and Wells Fargo. Effective October 1, 2006, Citigroup terminated the Ninth District charter of the affiliate that acquired the member institution and, as a result, an affiliate of Citigroup became a non-member shareholder of the Bank. The Bank repurchased all of the affiliate's outstanding capital stock in 2019; accordingly, the affiliate of Citigroup is no longer a shareholder of the Bank. The Bank did not purchase any debt or equity securities issued by any of its shareholders or their affiliates during the years ended December 31, 2019 , 2018 or 2017 . All transactions with shareholders are entered into in the ordinary course of business. The Bank provides the same pricing for advances and other services to all similarly situated members regardless of asset or transaction size, charter type, or geographic location. The Bank provides, in the ordinary course of its business, products and services to members whose officers or directors may serve as directors of the Bank (“Directors’ Financial Institutions”). Finance Agency regulations require that transactions with Directors’ Financial Institutions be made on the same terms as those with any other member. As of December 31, 2019 and 2018 , advances outstanding to Directors’ Financial Institutions aggregated $1,044,633,000 and $792,946,000 , respectively, representing 2.8 percent and 1.9 percent, respectively, of the Bank’s total outstanding advances as of those dates. The Bank did not acquire any mortgage loans from Directors’ Financial Institutions during the years ended December 31, 2019 , 2018 or 2017 . As of December 31, 2019 and 2018 , capital stock outstanding to Directors’ Financial Institutions aggregated $72,789,000 and $54,440,000 , respectively, representing 2.9 percent and 2.1 percent of the Bank’s outstanding capital stock at each of those dates. For purposes of this determination, the Bank’s outstanding capital stock includes those shares that are classified as mandatorily redeemable. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions with Other FHLBanks [Text Block] | Transactions with Other FHLBanks Occasionally, the Bank loans (or borrows) short-term federal funds to (from) other FHLBanks. The Bank did not loan any short-term federal funds to other FLHBanks during the year ended December 31, 2018. During the years ended December 31, 2019 and 2017 , interest income on loans to other FHLBanks totaled $20,000 and $13,000 , respectively; these amounts are reported as interest income from federal funds sold in the statements of income. The following table summarizes the Bank’s loans to other FHLBanks during the years ended December 31, 2019 and 2017 (in thousands). Year Ended December 31, 2019 2017 Balance at January 1, $ — $ 290,000 Loans made to: FHLBank of Boston 300,000 225,000 Collections from: FHLBank of San Francisco — (290,000 ) FHLBank of Boston (300,000 ) (225,000 ) Balance at December 31, $ — $ — During the years ended December 31, 2019 , 2018 and 2017 , interest expense on borrowings from other FHLBanks totaled $109,000 , $76,000 and $23,000 , respectively. The following table summarizes the Bank’s borrowings from other FHLBanks during the years ended December 31, 2019, 2018 and 2017 (in thousands). Year Ended December 31, 2019 2018 2017 Balance at January 1, $ — $ — $ — Borrowings from: FHLBank of Topeka — — 10,000 FHLBank of Boston 150,000 175,000 — FHLBank of San Francisco 400,000 45,000 — FHLBank of Cincinnati — 500,000 — FHLBank of Atlanta — — 250,000 FHLBank of Des Moines — 500,000 — FHLBank of Indianapolis 40,000 620,000 30,000 FHLBank of New York 250,000 — — Repayments to: FHLBank of Topeka — — (10,000 ) FHLBank of Boston (150,000 ) (175,000 ) — FHLBank of San Francisco (400,000 ) (45,000 ) — FHLBank of Cincinnati — (500,000 ) — FHLBank of Atlanta — — (250,000 ) FHLBank of Des Moines — (500,000 ) — FHLBank of Indianapolis (40,000 ) (620,000 ) (30,000 ) FHLBank of New York (250,000 ) — — Balance at December 31, $ — $ — $ — The Bank has, from time to time, assumed the outstanding debt of another FHLBank rather than issue new debt. In connection with these transactions, the Bank becomes the primary obligor for the transferred debt. The Bank did not assume any debt from other FHLBanks during the years ended December 31, 2019 , 2018 or 2017 . When they occur, the Bank accounts for these transfers in the same manner as it accounts for new debt issuances (see Note 1). Occasionally, the Bank transfers debt that it no longer needs to other FHLBanks. In connection with these transactions, the assuming FHLBanks become the primary obligors for the transferred debt. The Bank did not transfer any debt to other FHLBanks during the years ended December 31, 2019 , 2018 or 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of AOCI for the years ended December 31, 2019, 2018 and 2017 (in thousands). Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Net Unrealized Gains (Losses) on Cash Flow Hedges Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total AOCI Year ended December 31, 2019 Balance at January 1, 2019 $ 118,980 $ 18,412 $ (10,667 ) $ 1,276 $ 128,001 Reclassifications from AOCI to net income Realized gains on sales of available-for-sale securities included in net income (852 ) — — — (852 ) Gains on cash flow hedges included in interest expense — (1,829 ) — — (1,829 ) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (74 ) (74 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 26,705 — — — 26,705 Unrealized losses on cash flow hedges — (54,777 ) — — (54,777 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 2,027 — 2,027 Actuarial loss — — — (152 ) (152 ) Total other comprehensive income (loss) 25,853 (56,606 ) 2,027 (226 ) (28,952 ) Balance at December 31, 2019 $ 144,833 $ (38,194 ) $ (8,640 ) $ 1,050 $ 99,049 Year ended December 31, 2018 Balance at January 1, 2018 $ 212,225 $ 20,185 $ (13,601 ) $ 1,517 $ 220,326 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (950 ) — — (950 ) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (80 ) (80 ) Other amounts of other comprehensive income (loss) Net unrealized losses on available-for-sale securities (93,245 ) — — — (93,245 ) Unrealized losses on cash flow hedges — (823 ) — — (823 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 2,934 — 2,934 Actuarial loss — — — (161 ) (161 ) Total other comprehensive income (loss) (93,245 ) (1,773 ) 2,934 (241 ) (92,325 ) Balance at December 31, 2018 $ 118,980 $ 18,412 $ (10,667 ) $ 1,276 $ 128,001 Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Net Unrealized Gains (Losses) on Cash Flow Hedges Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total AOCI Year ended December 31, 2017 Balance at January 1, 2017 $ 58,587 $ 20,380 $ (17,157 ) $ 1,400 $ 63,210 Reclassifications from AOCI to net income Net realized gains on sales of available-for-sale securities included in net income (1,399 ) — — — (1,399 ) Losses on cash flow hedges included in interest expense — 2,375 — — 2,375 Amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — — (87 ) (87 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 155,037 — — — 155,037 Unrealized losses on cash flow hedges — (2,570 ) — — (2,570 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 3,556 — 3,556 Actuarial gain — — — 204 204 Total other comprehensive income (loss) 153,638 (195 ) 3,556 117 157,116 Balance at December 31, 2017 $ 212,225 $ 20,185 $ (13,601 ) $ 1,517 $ 220,326 (1) Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Assumptions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make assumptions and estimates. 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. Significant estimates include the valuations of the Bank’s investment securities, as well as its derivative instruments and any associated hedged items. Actual results could differ from these estimates. |
Interest Bearing Deposits, Securities Purchased Under Agreements To Resell And Federal Funds Sold [Policy Text Block] | Federal Funds Sold, Securities Purchased Under Agreements to Resell, Loans to Other FHLBanks and Interest-Bearing Deposits. These investments are carried at cost. Substantially all of the Bank's interest-bearing deposits are over the FDIC insurance limit. |
Investment, Policy [Policy Text Block] | Investment Securities. The Bank records investment securities on trade date. The Bank carries investment securities for which it has both the ability and intent to hold to maturity (held-to-maturity securities) at cost, adjusted for the amortization of premiums and accretion of discounts using the level-yield method. The carrying amount of held-to-maturity securities is further adjusted for any other-than-temporary impairment charges that were recorded on or before December 31, 2019, as described below. As discussed in Note 2, on January 1, 2020, the Bank adopted Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which amends the guidance related to the accounting for credit losses on financial instruments, including investment securities classified as held-to-maturity and available-for-sale, by replacing the impairment methodology with an expected credit loss methodology. The adoption of this guidance is not expected to have a material impact on the Bank's financial condition or results of operation. The Bank classifies certain investment securities that it may sell before maturity as available-for-sale and carries them at fair value. For available-for-sale securities that have been hedged (with fixed-for-floating interest rate swaps) and qualify as fair value hedges, the Bank records the portion of the change in value related to the risk being hedged, together with the related change in the fair value of the derivative, in earnings. The Bank records the remainder of the change in value of the securities in other comprehensive income as “net unrealized gains (losses) on available-for-sale securities.” The Bank classifies certain other investments as trading and carries them at fair value. The Bank records changes in the fair value of these investments in other income (loss) in the statements of income. Although the securities are classified as trading, the Bank does not engage in speculative trading practices. The Bank computes the amortization and accretion of premiums and discounts on mortgage-backed securities ("MBS") for which prepayments are probable and reasonably estimable using the level-yield method over the estimated lives of the securities. This method requires a retrospective adjustment of the effective yield each time the Bank changes the estimated life as if the new estimate had been known since the original acquisition date of the securities. The Bank computes the amortization and accretion of premiums and discounts on other investments using the level-yield method to the contractual maturity of the securities. The Bank computes gains and losses on sales of investment securities using the specific identification method and includes these gains and losses in other income (loss) in the statements of income. The Bank treats securities purchased under agreements to resell as collateralized financings. Through December 31, 2019, the Bank evaluated outstanding available-for-sale and held-to-maturity securities for other-than-temporary impairment on a quarterly basis. An investment security was impaired if the fair value of the investment was less than its amortized cost. Amortized cost included adjustments (if any) made to the cost basis of an investment for accretion, amortization, the credit portion of previous other-than-temporary impairments and hedging. The Bank considered the impairment of a debt security to be other than temporary if the Bank (i) intended to sell the security, (ii) more likely than not would have been required to sell the security before recovering its amortized cost basis, or (iii) did not expect to recover the security’s entire amortized cost basis (even if the Bank did not intend to sell the security). Further, an impairment was considered to be other than temporary if the Bank’s best estimate of the present value of cash flows expected to be collected from the debt security was less than the amortized cost basis of the security (any such shortfall was referred to as a “credit loss”). If an other-than-temporary impairment (“OTTI”) occurred because the Bank intended to sell an impaired debt security, or more likely than not would have been required to sell the security before recovery of its amortized cost basis, the impairment was recognized in earnings in an amount equal to the entire difference between fair value and amortized cost. In instances in which a determination was made that a credit loss existed but the Bank did not intend to sell the debt security and it was not more likely than not that the Bank would have been required to sell the debt security before the anticipated recovery of its remaining amortized cost basis, the other-than-temporary impairment (i.e., the difference between the security’s then-current carrying amount and its estimated fair value) was separated into (i) the amount of the total impairment related to the credit loss (i.e., the credit component) and (ii) the amount of the total impairment related to all other factors (i.e., the non-credit component). The credit component was recognized in earnings and the non-credit component was recognized in other comprehensive income. The non-credit component of any OTTI losses recognized in other comprehensive income for debt securities classified as held-to-maturity was (and will continue to be) accreted over the remaining life of the debt security (in a prospective manner based on the amount and timing of future estimated cash flows) as an increase in the carrying value of the security unless and until the security is sold, the security matures or, if on or prior to December 31, 2019, there was an additional other-than-temporary impairment that was recognized in earnings. In instances in which an additional other-than-temporary impairment was recognized in earnings, the amount of the credit loss was reclassified from accumulated other comprehensive income (loss) ("AOCI") to earnings. Further, if an additional other-than-temporary impairment was recognized in earnings and the held-to-maturity security’s then-current carrying amount exceeded its fair value, an additional non-credit impairment was concurrently recognized in other comprehensive income. Conversely, if an additional other-than-temporary impairment was recognized in earnings and the held-to-maturity security’s then-current carrying value was less than its fair value, the carrying value of the security was not increased. In periods subsequent to the recognition of an OTTI loss, the other-than-temporarily impaired debt security was accounted for as if it had been purchased on the measurement date of the other-than-temporary impairment at an amount equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. The difference between the new amortized cost basis and the cash flows expected to be collected was (and will continue to be) accreted as interest income over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. Prior to January 1, 2020, in instances when there was a significant increase in a security's expected cash flows, the amount to be accreted was adjusted prospectively. Beginning January 1, 2020, accretion will not be adjusted for significant increases in expected cash flows. Those additional cash flows, if any, will be recognized when received. |
Federal Home Loan Bank Advances Policy [Policy Text Block] | Advances. The Bank reports advances at their principal amount outstanding, net of unearned commitment fees and deferred prepayment fees, if any, as discussed below. The Bank credits interest on advances to income as earned. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Mortgage Loans Held for Portfolio. Through the Mortgage Partnership Finance ® (“MPF” ® ) program administered by the FHLBank of Chicago, the Bank invests in conventional residential mortgage loans. Under the MPF program, the Bank purchased conventional mortgage loans and government-guaranteed/insured mortgage loans (i.e., those insured or guaranteed by the Federal Housing Administration (“FHA”) or the Department of Veterans Affairs (“DVA”)) during the period from 1998 to mid-2003. The Bank resumed acquiring conventional mortgage loans under this program in 2016. Since 2016, all of the acquired mortgage loans were originated by certain of the Bank's member institutions that participate in the MPF program ("Participating Financial Institutions" or “PFIs”) and the Bank acquired a 100 percent interest in such loans. For loans that were acquired from its members during the period from 1998 to mid-2003, the Bank retained title to the mortgage loans, subject to any participation interest in such loans that was sold to the FHLBank of Chicago; the interest in these loans that was retained by the Bank ranged from 1 percent to 49 percent. Additionally, during the period from 1998 to 2000, the Bank also acquired from the FHLBank of Chicago a percentage interest (ranging up to 75 percent) in certain MPF loans originated by PFIs of other FHLBanks. The Bank manages the liquidity, interest rate and prepayment risk of these loans, while the PFIs or their designees retain the servicing activities. The Bank and the PFIs share in the credit risk of the loans with the Bank assuming the first loss obligation limited by the First Loss Account (“FLA”), and the PFIs assuming credit losses in excess of the FLA, up to the amount of the credit enhancement obligation as specified in the master agreement (“Second Loss Credit Enhancement”). The Bank assumes all losses in excess of the Second Loss Credit Enhancement. |
Loans and Leases Receivable, Origination Fees, Discounts or Premiums, and Direct Costs to Acquire Loans Policy [Policy Text Block] | The Bank classifies mortgage loans held for portfolio as held for investment and, accordingly, reports them at their principal amount outstanding net of deferred premiums, discounts and the fair value amount of the delivery commitment (which represents the unrealized gains and losses from loans initially classified as mortgage loan commitments) as of the purchase (i.e., settlement) date. The Bank credits interest on mortgage loans to income as earned. The Bank amortizes or accretes the deferred amounts to interest income using the contractual method. The contractual method uses the cash flows required by the loan contracts, as adjusted for any actual prepayments, to apply the interest method. Future prepayments of principal are not anticipated under this method. The Bank has the ability and intent to hold these mortgage loans until maturity. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses. An allowance for credit losses is separately established for each of the Bank’s identified portfolio segments, if necessary, to provide for probable losses inherent in its financing receivables portfolio and other off-balance sheet credit exposures as of the balance sheet date. To the extent necessary, an allowance for credit losses for off-balance sheet credit exposures is recorded as a liability. See Note 8 - Allowance for Credit Losses for information regarding the determination of the allowance for credit losses on the Bank's financing receivables and other off-balance sheet credit exposures and Note 2 - Recently Issued Accounting Guidance for a discussion of the guidance regarding credit losses on financial instruments that became effective for the Bank on January 1, 2020. A portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses on financing receivables and other off-balance sheet credit exposures. The Bank has developed and documented a systematic methodology for determining an allowance for credit losses for the following portfolio segments: (1) advances and other extensions of credit to members, collectively referred to as “extensions of credit to members;” (2) government-guaranteed/insured mortgage loans held for portfolio; and (3) conventional mortgage loans held for portfolio. Classes of financing receivables are generally a disaggregation of a portfolio segment and are determined on the basis of their initial measurement attribute, the risk characteristics of the financing receivable and an entity’s method for monitoring and assessing credit risk. Because the credit risk arising from the Bank’s financing receivables is assessed and measured at the portfolio segment level, the Bank does not have separate classes of financing receivables within each of its portfolio segments. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] | The Bank places a conventional mortgage loan on nonaccrual status when the collection of the contractual principal or interest is 90 days or more past due. 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 a reduction of principal. A loan on nonaccrual status is restored to accrual status when none of its contractual principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual interest and principal. Government-guaranteed/insured loans are not placed on nonaccrual status. A 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 loan agreement. Collateral-dependent loans that are 90 days or more past due are measured for impairment based on the fair value of the underlying mortgaged property less estimated selling costs. Loans are considered collateral-dependent if repayment is expected to be provided solely by the sale of the underlying property; that is, there is no other available and reliable source of repayment. A collateral-dependent loan is impaired if the fair value of the underlying collateral is insufficient to recover the unpaid principal balance on the loan. Interest income on impaired loans is recognized in the same manner as it is for nonaccrual loans noted above. The Bank evaluates whether to record a charge-off on a conventional mortgage loan when the loan becomes 180 days or more past due or upon the occurrence of a confirming event, whichever occurs first. Confirming events include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. A charge-off is recorded if the recorded investment in the loan will not be recovered. |
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block] | Real Estate Owned. Real estate owned includes assets that have been received in satisfaction of debt or as a result of actual or in-substance foreclosures. Real estate owned is carried at the lower of cost or fair value less estimated costs to sell and is included in other assets in the statements of condition. If the fair value of the real estate owned less estimated costs to sell is less than the recorded investment in the mortgage loan at the date of transfer, the Bank recognizes a charge-off to the allowance for loan losses. Subsequent realized gains and realized or unrealized losses are included in other income (loss) in the statements of income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. The Bank records premises and equipment at cost less accumulated depreciation and amortization. At December 31, 2019 and 2018 , the Bank’s accumulated depreciation and amortization relating to premises and equipment was $26,291,000 and $30,114,000 , respectively. The Bank computes depreciation using the straight-line method over the estimated useful lives of assets ranging from 3 to 39 years. It amortizes leasehold improvements on the straight-line basis over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Bank capitalizes improvements and major renewals but expenses ordinary maintenance and repairs when incurred. Depreciation and amortization expense was $2,003,000 , $2,156,000 and $2,212,000 during the years ended December 31, 2019, 2018 and 2017 , respectively. The Bank includes gains and losses on disposal of premises and equipment, if any, in other income (loss) under the caption “other, net.” |
Internal Use Software, Policy [Policy Text Block] | Computer Software. The cost of purchased computer software, certain costs incurred in developing computer software for internal use, and implementation costs associated with cloud computing arrangements that are service contracts are capitalized and amortized over future periods. As of December 31, 2019 and 2018 , the Bank had $5,988,000 and $4,727,000 , respectively, in unamortized computer software costs included in other assets. Total software costs charged to expense were $8,313,000 , $6,996,000 and $6,156,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. Included in these total software costs was amortization of $2,097,000 , $1,681,000 and $1,518,000 , respectively. |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging Activities. The Bank accounts for derivatives and hedging activities in accordance with the guidance in Topic 815 of the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") entitled “Derivatives and Hedging” (“ASC 815”). All derivatives are recognized on the statements of condition at their fair values, including accrued interest receivable and payable. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. Changes in the fair value of a derivative that is effective as — and that is designated and qualifies as — a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect gains or losses on firm commitments), are recorded in current period earnings. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the fair value hedging relationships on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently. This is commonly known as the “long-haul” method of hedge accounting. Transactions that meet more stringent criteria qualify for the “shortcut” method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative. The Bank considers hedges of committed advances to be eligible for the shortcut method of accounting as long as the settlement of the committed advance occurs within the shortest period possible for that type of instrument based on market settlement conventions, the fair value of the swap is zero at the inception of the hedging relationship, and the transaction meets all of the other criteria for shortcut accounting specified in ASC 815. The Bank has defined the market settlement convention to be five business days or less for advances. As discussed in Note 2, effective January 1, 2019, the Bank adopted ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12") which, among other things, impacts the presentation of gains/losses on derivatives and hedging activities for qualifying hedges. Beginning January 1, 2019, any fair value hedge ineffectiveness (which represents the amount by which the change in the fair value of the derivative differs from the change in the fair value of the hedged item attributable to the hedged risk) and the net interest income/expense associated with that derivative are recorded in the same line item as the earnings effect of the hedged item (that is, interest income on advances, interest income on available-for-sale securities or interest expense on consolidated obligation bonds, as appropriate). Prior to January 1, 2019, any fair value hedge ineffectiveness was recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities” while the net interest income/expense associated with the derivative was recorded as a component of net interest income. On and after January 1, 2019, all changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in AOCI until earnings are affected by the variability of the cash flows of the hedged transaction, at which time these amounts are reclassified from AOCI to the income statement line where the earnings effect of the hedged item is reported (e.g., interest expense on consolidated obligation discount notes). Prior to January 1, 2019, changes in the fair value of a derivative that was designated and qualified as a cash flow hedge, to the extent that the hedge was effective, were recorded in AOCI until earnings were affected by the variability of the cash flows of the hedged transaction. Any ineffective portion of a cash flow hedge (which represented the amount by which the change in the fair value of the derivative differed from the change in fair value of a hypothetical derivative having terms that match identically the critical terms of the hedged forecasted transaction) was recognized in other income (loss) as “net gains (losses) on derivatives and hedging activities.” An economic hedge is defined as a derivative hedging specific or non-specific assets or liabilities that does not qualify or was not designated for hedge accounting under ASC 815, but is an acceptable hedging strategy under the Bank’s Enterprise Market Risk Management Policy. These hedging strategies also comply with Finance Agency regulatory requirements prohibiting speculative derivative transactions. An economic hedge by definition introduces the potential for earnings variability as changes in the fair value of a derivative designated as an economic hedge are recorded in current period earnings with no offsetting fair value adjustment to an asset or liability. Both the net interest income/expense and the fair value changes associated with derivatives in economic hedging relationships are recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” The Bank records the changes in fair value of all derivatives (and, in the case of fair value hedges, the hedged items) beginning on the trade date. Cash flows associated with all derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities. The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. 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 financial instrument (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 either (1) a hedging instrument in a fair value hedge or (2) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) it is no longer probable that a forecasted transaction will occur within the originally specified time frame; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designating the derivative as a hedging instrument in accordance with ASC 815 is no longer appropriate. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing any additional changes in the fair value of the derivative in current period earnings as a component of "net gains (losses) on derivatives and hedging activities." When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will cease to adjust the hedged asset or liability for changes in fair value and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. The amortization is recorded in the same line item as the earnings effect of the formerly hedged item. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. When cash flow hedge accounting for a specific derivative is discontinued due to the Bank's determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will reclassify the cumulative fair value gains or losses recorded in AOCI as of the discontinuance date from AOCI into earnings when earnings are affected by the original forecasted transaction. If the Bank expects at any time that continued reporting of a net loss in AOCI would lead to recognizing a net loss on the combination of the hedging instrument and hedged transaction in one or more future periods, the amount that is not expected to be recovered is immediately reclassified to earnings. These items are recorded in the same income statement line where the earnings effect of the hedged item is reported. In cases where the cash flow hedge is discontinued because the forecasted transaction is no longer probable (i.e., the forecasted transaction will not occur in the originally expected period or within an additional two-month period of time thereafter), any fair value gains or losses recorded in AOCI as of the determination date are immediately reclassified to earnings as a component of "net gains (losses) on derivatives and hedging activities." |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. |
Derivatives, Embedded Derivatives [Policy Text Block] | The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. 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 financial instrument (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 either (1) a hedging instrument in a fair value hedge or (2) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. |
Derivatives, Hedge Discontinuances [Policy Text Block] | The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) it is no longer probable that a forecasted transaction will occur within the originally specified time frame; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designating the derivative as a hedging instrument in accordance with ASC 815 is no longer appropriate. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing any additional changes in the fair value of the derivative in current period earnings as a component of "net gains (losses) on derivatives and hedging activities." When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will cease to adjust the hedged asset or liability for changes in fair value and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. The amortization is recorded in the same line item as the earnings effect of the formerly hedged item. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. When cash flow hedge accounting for a specific derivative is discontinued due to the Bank's determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will reclassify the cumulative fair value gains or losses recorded in AOCI as of the discontinuance date from AOCI into earnings when earnings are affected by the original forecasted transaction. If the Bank expects at any time that continued reporting of a net loss in AOCI would lead to recognizing a net loss on the combination of the hedging instrument and hedged transaction in one or more future periods, the amount that is not expected to be recovered is immediately reclassified to earnings. These items are recorded in the same income statement line where the earnings effect of the hedged item is reported. In cases where the cash flow hedge is discontinued because the forecasted transaction is no longer probable (i.e., the forecasted transaction will not occur in the originally expected period or within an additional two-month period of time thereafter), any fair value gains or losses recorded in AOCI as of the determination date are immediately reclassified to earnings as a component of "net gains (losses) on derivatives and hedging activities." |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] | Mandatorily Redeemable Capital Stock. The Bank reclassifies shares of capital stock from the capital section to the liability section of its statement of condition at the point in time when a member submits a written redemption notice, gives notice of its intent to withdraw from membership, or becomes a non-member by merger or acquisition, charter termination, or involuntary termination from membership, as the shares of capital stock then meet the definition of a mandatorily redeemable financial instrument. Shares of capital stock meeting this definition are reclassified to liabilities at fair value. Following reclassification of the stock, any dividends paid or accrued on such shares are recorded as interest expense in the statement of income. Repurchase or redemption of these mandatorily redeemable financial instruments is reported as a cash outflow in the financing activities section of the statement of cash flows. If a member cancels a written redemption or withdrawal notice, the Bank reclassifies the shares subject to the cancellation notice from liabilities back to equity. Following this reclassification to equity, dividends on the capital stock are once again recorded as a reduction of retained earnings. Although mandatorily redeemable capital stock is excluded from capital for financial reporting purposes, it is considered capital for regulatory purposes. See Note 14 for more information, including restrictions on stock redemption. |
Federal Home Loan Bank Assessments, Policy [Policy Text Block] | Affordable Housing Program. The FHLB Act requires each FHLBank to establish and fund an Affordable Housing Program (“AHP”) (see Note 11). The Bank charges the required funding for AHP to earnings and establishes a liability. The Bank makes AHP funds available to members in the form of direct grants to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. |
Prepayment fees on Federal Home Loan Bank Advances, Policy [Policy Text Block] | Prepayment Fees. The Bank charges a prepayment fee when members/borrowers prepay certain advances before their original maturities. The Bank records prepayment fees received from members/borrowers net of hedging adjustments included in the book basis of the prepaid advance, if any, as interest income on advances in the statements of income either immediately (as prepayment fees on advances) or over time (as interest income on advances), as further described below. In cases in which the Bank funds a new advance concurrent with or within a short period of time before or after the prepayment of an existing advance, the Bank evaluates whether the new advance meets the accounting criteria to qualify as a modification of an existing advance. If the new advance qualifies as a modification of the existing advance, the net prepayment fee on the prepaid advance is deferred, recorded in the basis of the modified advance, and amortized into interest income over the life of the modified advance using the level-yield method. This amortization is recorded in interest income on advances. If the Bank determines that the advance should be treated as a new advance, or in instances where no new advance is funded, it records the net fees as “prepayment fees on advances” in the interest income section of the statements of income. |
Loans and Leases Receivable, Commitment Fee Policy | Commitment Fees. The Bank defers commitment fees for advances and amortizes them to interest income using the level-yield method over the life of the advance. The Bank records commitment fees for letters of credit as a deferred credit when it receives the fees and amortizes them over the term of the letter of credit using the straight-line method. |
Debt, Policy [Policy Text Block] | Concessions on Consolidated Obligations. The Bank defers and amortizes, using the level-yield method, the amounts paid to securities dealers in connection with the sale of consolidated obligation bonds over the term to maturity of the related bonds. The Office of Finance prorates the amount of the concession to the Bank based upon the percentage of the debt issued that is assumed by the Bank. Unamortized concessions were $4,479,000 and $3,295,000 at December 31, 2019 and 2018 , respectively, and are recorded as a reduction in the balance of consolidated obligation bonds on the statements of condition. Amortization of such concessions is included in consolidated obligation bond interest expense and totaled $3,553,000 , $835,000 and $846,000 during the years ended December 31, 2019, 2018 and 2017 , respectively. The Bank charges to expense as incurred the concessions applicable to the sale of consolidated obligation discount notes because of the short maturities of these notes. Concessions related to the sale of discount notes totaling $4,716,000 , $4,586,000 and $3,589,000 are included in interest expense on consolidated obligation discount notes in the statements of income for the years ended December 31, 2019, 2018 and 2017 , respectively. Discounts and Premiums on Consolidated Obligations. The Bank expenses the discounts on consolidated obligation discount notes using the level-yield method over the term to maturity of the related notes. It accretes the discounts and amortizes the premiums on consolidated obligation bonds to expense using the level-yield method over the term to maturity of the bonds. |
Regulator and Office of Finance, Costs Assessed on Federal Home Loan Bank, Policy [Policy Text Block] | Finance Agency and Office of Finance Expenses. The Bank is assessed its proportionate share of the costs of operating the Finance Agency and the Office of Finance. The assessment for the FHLBanks’ portion of the Finance Agency’s operating and capital expenditures is allocated among the FHLBanks based on the ratio between each FHLBank’s minimum required regulatory capital and the aggregate minimum required regulatory capital of all FHLBanks determined as of June 30 of each year. The expenses of the Office of Finance are shared on a pro rata basis with two-thirds based on each FHLBank’s total consolidated obligations outstanding (as of the current month-end) and one-third divided equally among all of the FHLBanks. These costs are included in the other expense section of the statements of income. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Estimated Fair Values. Some of the Bank’s financial instruments (e.g., advances) lack an available trading market characterized by transactions between a willing buyer and a willing seller engaging in an exchange transaction. Therefore, the Bank uses internal models employing assumptions regarding interest rates, volatilities, prepayments, and other factors to perform present-value calculations when disclosing estimated fair values for these financial instruments. The Bank assumes that book value approximates fair value for certain financial instruments with three months or less to repricing or maturity. For a discussion of the Bank's valuation techniques for financial instruments measured at fair value on the statement of condition and the estimated fair values of all of its financial instruments, see Note 16. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flows. The Bank considers cash and due from banks as cash and cash equivalents in the statements of cash flows. |
Trading Securities (Tables)
Trading Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Major Security Types. Trading securities as of December 31, 2019 and 2018 were as follows (in thousands): December 31, 2019 December 31, 2018 U.S. Treasury Notes $ 4,532,126 $ 1,818,178 U.S. Treasury Bills 928,010 — Total $ 5,460,136 $ 1,818,178 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-sale securities as of December 31, 2019 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 447,072 $ 6,124 $ — $ 453,196 GSE obligations 5,501,456 84,911 1,986 5,584,381 Other 45,217 342 — 45,559 5,993,745 91,377 1,986 6,083,136 GSE commercial MBS 10,627,922 79,875 24,433 10,683,364 Total $ 16,621,667 $ 171,252 $ 26,419 $ 16,766,500 Available-for-sale securities as of December 31, 2018 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 447,365 $ 5,652 $ 21 $ 452,996 GSE obligations 5,610,796 77,868 1,831 5,686,833 Other 170,367 461 — 170,828 6,228,528 83,981 1,852 6,310,657 GSE commercial MBS 9,477,647 73,052 36,201 9,514,498 Total $ 15,706,175 $ 157,033 $ 38,053 $ 15,825,155 |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes (dollars in thousands) the available-for-sale securities with unrealized losses as of December 31, 2019 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses GSE debentures — $ — $ — 3 $ 128,794 $ 1,986 3 $ 128,794 $ 1,986 GSE commercial MBS 34 1,031,193 3,331 67 2,222,955 21,102 101 3,254,148 24,433 Total 34 $ 1,031,193 $ 3,331 70 $ 2,351,749 $ 23,088 104 $ 3,382,942 $ 26,419 The following table summarizes (dollars in thousands) the available-for-sale securities with unrealized losses as of December 31, 2018 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures U.S. government-guaranteed obligations 2 $ 59,050 $ 21 — $ — $ — 2 $ 59,050 $ 21 GSE debentures 4 224,072 1,831 — — — 4 224,072 1,831 GSE commercial MBS 105 3,523,623 35,435 7 38,844 766 112 3,562,467 36,201 Total 111 $ 3,806,745 $ 37,287 7 $ 38,844 $ 766 118 $ 3,845,589 $ 38,053 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at December 31, 2019 and 2018 are presented below (in thousands). December 31, 2019 December 31, 2018 Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debentures Due in one year or less $ 298,084 $ 299,005 $ 445,731 $ 446,227 Due after one year through five years 3,465,898 3,504,780 2,398,495 2,420,763 Due after five years through ten years 2,183,310 2,231,183 3,256,389 3,312,322 Due after ten years 46,453 48,168 127,913 131,345 5,993,745 6,083,136 6,228,528 6,310,657 GSE commercial MBS 10,627,922 10,683,364 9,477,647 9,514,498 Total $ 16,621,667 $ 16,766,500 $ 15,706,175 $ 15,825,155 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Debt Securities, Held-to-maturity [Table Text Block] | Held-to-maturity securities as of December 31, 2019 were as follows (in thousands): Amortized Cost OTTI Recorded in AOCI Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 5,862 $ — $ 5,862 $ 12 $ — $ 5,874 State housing agency obligations 109,478 — 109,478 — 908 108,570 115,340 — 115,340 12 908 114,444 Mortgage-backed securities GSE residential MBS 1,036,585 — 1,036,585 2,581 3,435 1,035,731 Non-agency residential MBS 62,885 8,640 54,245 11,641 481 65,405 1,099,470 8,640 1,090,830 14,222 3,916 1,101,136 Total $ 1,214,810 $ 8,640 $ 1,206,170 $ 14,234 $ 4,824 $ 1,215,580 Held-to-maturity securities as of December 31, 2018 were as follows (in thousands): Amortized Cost OTTI Recorded in AOCI Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 7,604 $ — $ 7,604 $ 11 $ — $ 7,615 State housing agency obligations 135,000 — 135,000 10 1,043 133,967 142,604 — 142,604 21 1,043 141,582 Mortgage-backed securities U.S. government-guaranteed residential MBS 475 — 475 1 — 476 GSE residential MBS 1,253,573 — 1,253,573 6,022 1,117 1,258,478 Non-agency residential MBS 76,294 10,667 65,627 13,222 694 78,155 1,330,342 10,667 1,319,675 19,245 1,811 1,337,109 Total $ 1,472,946 $ 10,667 $ 1,462,279 $ 19,266 $ 2,854 $ 1,478,691 |
Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes (dollars in thousands) the held-to-maturity securities with unrealized losses as of December 31, 2019 . The unrealized losses include other-than-temporary impairments recorded in AOCI and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential MBS, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures State housing agency obligations 1 $ 74,033 $ 446 1 $ 34,538 $ 462 2 $ 108,571 $ 908 Mortgage-backed securities GSE residential MBS 41 412,701 975 32 414,818 2,460 73 827,519 3,435 Non-agency residential MBS — — — 13 34,563 1,329 13 34,563 1,329 Total 42 $ 486,734 $ 1,421 46 $ 483,919 $ 4,251 88 $ 970,653 $ 5,672 The following table summarizes (dollars in thousands) the held-to-maturity securities with unrealized losses as of December 31, 2018 . The unrealized losses include other-than-temporary impairments recorded in AOCI and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential MBS, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures State housing agency obligations — $ — $ — 1 $ 33,957 $ 1,043 1 $ 33,957 $ 1,043 Mortgage-backed securities GSE residential MBS 32 467,427 1,000 4 31,220 117 36 498,647 1,117 Non-agency residential MBS 3 12,346 295 10 29,070 1,487 13 41,416 1,782 Total 35 $ 479,773 $ 1,295 15 $ 94,247 $ 2,647 50 $ 574,020 $ 3,942 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The following table presents a rollforward for the years ended December 31, 2019, 2018 and 2017 of the amount related to credit losses on the Bank’s non-agency RMBS holdings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) (in thousands). Year Ended December 31, 2019 2018 2017 Balance of credit losses, beginning of year $ 8,551 $ 9,443 $ 10,515 Increases in cash flows expected to be collected (accreted as interest income over the remaining lives of the applicable securities) (714 ) (892 ) (1,072 ) Balance of credit losses, end of year 7,837 8,551 9,443 Cumulative principal shortfalls on securities held at end of year (2,085 ) (2,084 ) (2,067 ) Cumulative amortization of the time value of credit losses at end of year 1,013 802 590 Credit losses included in the amortized cost bases of other-than-temporarily impaired securities at end of year $ 6,765 $ 7,269 $ 7,966 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost, carrying value and estimated fair value of held-to-maturity securities by contractual maturity at December 31, 2019 and 2018 are presented below (in thousands). The expected maturities of some debentures could differ from the contractual maturities presented because issuers may have the right to call such debentures prior to their final stated maturities. December 31, 2019 December 31, 2018 Maturity Amortized Cost Carrying Value Estimated Fair Value Amortized Cost Carrying Value Estimated Fair Value Debentures Due after one year through five years $ 5,862 $ 5,862 $ 5,874 $ 3,497 $ 3,497 $ 3,499 Due after five years through ten years — — — 4,107 4,107 4,116 Due after ten years 109,478 109,478 108,570 135,000 135,000 133,967 115,340 115,340 114,444 142,604 142,604 141,582 Mortgage-backed securities 1,099,470 1,090,830 1,101,136 1,330,342 1,319,675 1,337,109 Total $ 1,214,810 $ 1,206,170 $ 1,215,580 $ 1,472,946 $ 1,462,279 $ 1,478,691 |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | The following table provides interest rate payment terms for investment securities classified as held-to-maturity at December 31, 2019 and 2018 (in thousands): 2019 2018 Amortized cost of variable-rate held-to-maturity securities other than MBS $ 115,340 $ 142,604 Amortized cost of held-to-maturity MBS Fixed-rate pass-through securities 36 57 Collateralized mortgage obligations Fixed-rate 57 135 Variable-rate 1,099,377 1,330,150 1,099,470 1,330,342 Total $ 1,214,810 $ 1,472,946 |
Advances (Tables)
Advances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Table Text Block] | At December 31, 2019 and 2018 , the Bank had advances outstanding at interest rates ranging from 0.48 percent to 8.27 percent and from 0.88 percent to 8.27 percent , respectively, as summarized below (dollars in thousands). 2019 2018 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Overdrawn demand deposit accounts $ 613 1.45 % $ — — % Due in one year or less 16,683,401 1.72 21,718,709 2.49 Due after one year through two years 1,491,736 2.35 2,986,350 2.48 Due after two years through three years 1,125,342 2.38 1,272,214 2.42 Due after three years through four years 742,698 2.67 951,787 2.49 Due after four years through five years 1,435,402 2.11 632,862 2.84 Due after five years 15,464,698 1.69 13,230,406 2.42 Total par value 36,943,890 1.79 % 40,792,328 2.47 % Premiums — 12 Deferred net prepayment fees (6,657 ) (8,683 ) Commitment fees (99 ) (108 ) Hedging adjustments 180,321 10,264 Total $ 37,117,455 $ 40,793,813 |
Schedule of Advances Classified by Contractual Maturity Date or Next Call Date [Table Text Block] | The following table summarizes advances outstanding at December 31, 2019 and 2018 , by the earlier of contractual maturity or next call date, or the first date on which prepayable advances can be repaid without a prepayment fee (in thousands): Contractual Maturity or Next Call Date 2019 2018 Overdrawn demand deposit accounts $ 613 $ — Due in one year or less 26,716,128 32,024,714 Due after one year through two years 1,408,317 2,434,821 Due after two years through three years 1,018,388 1,178,054 Due after three years through four years 691,905 848,047 Due after four years through five years 1,030,243 565,334 Due after five years 6,078,296 3,741,358 Total par value $ 36,943,890 $ 40,792,328 |
Schedule of Advances Classified by Contractual Maturity Date or Next Put Date [Table Text Block] | The following table summarizes advances at December 31, 2019 and 2018 , by the earlier of contractual maturity or next possible put date (in thousands): Contractual Maturity or Next Put Date 2019 2018 Overdrawn demand deposit accounts $ 613 $ — Due in one year or less 21,999,901 24,612,509 Due after one year through two years 1,851,736 3,136,850 Due after two years through three years 1,195,342 1,312,214 Due after three years through four years 791,498 951,787 Due after four years through five years 1,191,402 611,662 Due after five years 9,913,398 10,167,306 Total par value $ 36,943,890 $ 40,792,328 |
Schedule of Federal Home Loan Bank Advances by Interest Rate Payment Terms [Table Text Block] | The following table provides interest rate payment terms for advances outstanding at December 31, 2019 and 2018 (in thousands): 2019 2018 Fixed-rate Due in one year or less $ 16,054,501 $ 21,558,023 Due after one year 9,911,487 8,503,772 Total fixed-rate 25,965,988 30,061,795 Variable-rate Due in one year or less 629,513 160,686 Due after one year 10,348,389 10,569,847 Total variable-rate 10,977,902 10,730,533 Total par value $ 36,943,890 $ 40,792,328 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Loans Held for Portfolio [Abstract] | |
Mortgage Loans Held For Portfolio [Table Text Block] | The following table presents information as of December 31, 2019 and 2018 for mortgage loans held for portfolio (in thousands): 2019 2018 Fixed-rate medium-term* single-family mortgages $ 33,954 $ 10,885 Fixed-rate long-term single-family mortgages 3,960,393 2,127,142 Premiums 78,643 45,259 Discounts (1,821 ) (1,757 ) Deferred net derivative gains associated with mortgage delivery commitments 5,444 4,467 Total mortgage loans held for portfolio 4,076,613 2,185,996 Less: allowance for credit losses (1,149 ) (493 ) Total mortgage loans held for portfolio, net of allowance for credit losses $ 4,075,464 $ 2,185,503 ________________________________________ *Medium-term is defined as an original term of 15 years or less. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Credit Losses [Abstract] | |
Financing Receivable, Past Due [Table Text Block] | The table below summarizes the recorded investment (including accrued interest) by payment status for mortgage loans at December 31, 2019 and 2018 (dollars in thousands). December 31, 2019 December 31, 2018 Conventional Loans Government- Guaranteed/ Insured Loans Total Conventional Loans Government- Guaranteed/ Insured Loans Total Mortgage loans: 30-59 days delinquent $ 37,632 $ 464 $ 38,096 $ 11,241 $ 614 $ 11,855 60-89 days delinquent 2,728 189 2,917 1,816 135 1,951 90 days or more delinquent 6,106 80 6,186 1,410 156 1,566 Total past due 46,466 733 47,199 14,467 905 15,372 Total current loans 4,038,455 12,822 4,051,277 2,166,660 15,139 2,181,799 Total mortgage loans $ 4,084,921 $ 13,555 $ 4,098,476 $ 2,181,127 $ 16,044 $ 2,197,171 Other delinquency statistics: In process of foreclosure (1) $ 1,752 $ 36 $ 1,788 $ 481 $ 77 $ 558 Serious delinquency rate (2) 0.2 % 0.6 % 0.2 % 0.1 % 1.0 % 0.1 % Past due 90 days or more and still accruing interest (3) $ — $ 80 $ 80 $ — $ 156 $ 156 Nonaccrual loans $ 7,304 $ — $ 7,304 $ 1,410 $ — $ 1,410 Troubled debt restructurings $ — $ — $ — $ — $ — $ — ________________________________________ (1) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been made. (2) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the loan portfolio. (3) Only government-guaranteed/insured mortgage loans continue to accrue interest after they become 90 days or more past due. |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table presents the activity in the allowance for credit losses on conventional mortgage loans held for portfolio during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Balance, beginning of year $ 493 $ 271 $ 141 Provision for credit losses 656 222 130 Balance, end of year $ 1,149 $ 493 $ 271 |
Allowance for Credit Losses and Recorded Investment by Impairment Methodology [Table Text Block] | The following table presents information regarding the balances of the Bank's conventional mortgage loans held for portfolio that were individually or collectively evaluated for impairment as well as information regarding the ending balance of the allowance for credit losses as of December 31, 2019 and 2018 (in thousands). December 31, 2019 2018 Ending balance of allowance for credit losses related to loans collectively evaluated for impairment $ 1,149 $ 493 Recorded investment Individually evaluated for impairment $ 6,106 $ 1,410 Collectively evaluated for impairment 4,078,815 2,179,717 $ 4,084,921 $ 2,181,127 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposit Liabilities, type [Table Text Block] | The following table details interest-bearing and non-interest bearing deposits as of December 31, 2019 and 2018 (in thousands): 2019 2018 Interest-bearing Demand and overnight $ 1,190,967 $ 816,322 Term 95,232 147,650 Non-interest bearing (other) 20 20 Total deposits $ 1,286,219 $ 963,992 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the Bank’s consolidated obligation bonds outstanding by interest rate payment terms at December 31, 2019 and 2018 (in thousands, at par value). 2019 2018 Fixed-rate $ 21,529,815 $ 15,606,555 Variable-rate 12,642,000 10,029,850 Step-up 1,337,500 6,202,500 Step-down 175,000 275,000 Total par value $ 35,684,315 $ 32,113,905 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following is a summary of the Bank’s consolidated obligation bonds outstanding at December 31, 2019 and 2018 , by contractual maturity (dollars in thousands): 2019 2018 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 16,900,625 1.75 % $ 14,798,025 2.11 % Due after one year through two years 7,849,605 1.76 4,943,910 2.07 Due after two years through three years 2,269,005 2.21 4,093,605 2.12 Due after three years through four years 1,912,490 2.42 2,686,995 2.24 Due after four years through five years 3,811,615 2.16 2,641,210 2.92 Due after five years 2,940,975 2.52 2,950,160 2.58 Total par value 35,684,315 1.93 % 32,113,905 2.22 % Premiums 1,091 2,241 Discounts (781 ) (1,295 ) Debt issuance costs (4,479 ) (3,295 ) Hedging adjustments 65,681 (179,627 ) Total $ 35,745,827 $ 31,931,929 |
Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block] | At December 31, 2019 and 2018 , the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value): 2019 2018 Non-callable bonds $ 22,188,915 $ 20,662,505 Callable bonds 13,495,400 11,451,400 Total par value $ 35,684,315 $ 32,113,905 |
Schedule Of Maturities Of Consolidated Obligation Bonds By Contractual Maturity Or Next Call Date [Table Text Block] | The following table summarizes the Bank’s consolidated obligation bonds outstanding at December 31, 2019 and 2018 , by the earlier of contractual maturity or next possible call date (in thousands, at par value): Contractual Maturity or Next Call Date 2019 2018 Due in one year or less $ 25,936,025 $ 23,532,425 Due after one year through two years 6,397,605 3,804,410 Due after two years through three years 1,649,005 1,931,605 Due after three years through four years 1,193,590 1,618,095 Due after four years through five years 409,615 971,210 Due after five years 98,475 256,160 Total par value $ 35,684,315 $ 32,113,905 |
Schedule of Short-term Debt [Table Text Block] | At December 31, 2019 and 2018 , the Bank’s consolidated obligation discount notes, all of which are due within one year, were as follows (dollars in thousands): Book Value Par Value Weighted Average Implied Interest Rate December 31, 2019 $ 34,327,886 $ 34,405,724 1.57 % December 31, 2018 $ 35,731,713 $ 35,882,027 2.30 % |
Affordable Housing Program (Tab
Affordable Housing Program (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Affordable Housing Program [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | The following table summarizes the changes in the Bank’s AHP liability during the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Balance, beginning of year $ 44,358 $ 31,246 $ 22,871 AHP assessment 25,272 22,097 16,710 Grants funded, net of recaptured amounts (12,383 ) (8,985 ) (8,335 ) Balance, end of year $ 57,247 $ 44,358 $ 31,246 |
Assets and Liabilities Subjec_2
Assets and Liabilities Subject to Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Assets and Liabilities Subject to Offsetting [Abstract] | |
Offsetting Assets and Liabilities [Table Text Block] | The following table presents derivative instruments and securities purchased under agreements to resell with the legal right of offset, including the related collateral received from or pledged to counterparties as of December 31, 2019 and 2018 (in thousands). For daily settled derivative contracts, the variation margin payments/receipts are included in the gross amounts of derivative assets and liabilities. Gross Amounts of Recognized Financial Instruments Gross Amounts Offset in the Statement of Condition Net Amounts Presented in the Statement of Condition Collateral Not Offset in the Statement of Condition (1) Net Unsecured Amount December 31, 2019 Assets Derivatives Bilateral derivatives $ 22,721 $ (10,978 ) $ 11,743 $ (5,313 ) (2) $ 6,430 Cleared derivatives 33,618 (4,090 ) 29,528 — 29,528 Total derivatives 56,339 (15,068 ) 41,271 (5,313 ) 35,958 Securities purchased under agreements to resell 4,310,000 — 4,310,000 (4,310,000 ) — Total assets $ 4,366,339 $ (15,068 ) $ 4,351,271 $ (4,315,313 ) $ 35,958 Liabilities Derivatives Bilateral derivatives $ 168,297 $ (164,442 ) $ 3,855 $ — $ 3,855 Cleared derivatives 4,138 (4,138 ) — — (3) — Total liabilities $ 172,435 $ (168,580 ) $ 3,855 $ — $ 3,855 December 31, 2018 Assets Derivatives Bilateral derivatives $ 35,923 $ (26,074 ) $ 9,849 $ (3,380 ) (2) $ 6,469 Cleared derivatives 7,773 (7,744 ) 29 — 29 Total derivatives 43,696 (33,818 ) 9,878 (3,380 ) 6,498 Securities purchased under agreements to resell 6,215,000 — 6,215,000 (6,215,000 ) — Total assets $ 6,258,696 $ (33,818 ) $ 6,224,878 $ (6,218,380 ) $ 6,498 Liabilities Derivatives Bilateral derivatives $ 189,654 $ (181,022 ) $ 8,632 $ — $ 8,632 Cleared derivatives 45,025 (7,666 ) 37,359 (37,359 ) (4) — Total liabilities $ 234,679 $ (188,688 ) $ 45,991 $ (37,359 ) $ 8,632 _____________________________ (1) Any overcollateralization at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. (2) Consists of collateral pledged by member counterparties. (3) The Bank had pledged securities with an aggregate fair value of $842,256,000 at December 31, 2019 to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. (4) Consists of securities pledged by the Bank. In addition to the amount needed to secure the counterparties' exposure to the Bank, the Bank had pledged other securities with an aggregate fair value of $675,188,000 at December 31, 2018 to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives (inclusive of variation margin on daily settled contracts) and the amounts offset against those values in the statement of condition at December 31, 2019 and 2018 (in thousands). December 31, 2019 December 31, 2018 Notional Amount of Derivatives Estimated Fair Value Notional Amount of Derivatives Estimated Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Advances (1) $ 10,102,510 $ 5,117 $ 134,520 $ 7,171,033 $ 4,273 $ 36,521 Available-for-sale securities (1) 16,114,507 28,049 19,718 15,981,523 8,501 55,202 Consolidated obligation bonds (1) 19,861,615 14,000 13,619 19,824,055 21,112 130,806 Consolidated obligation discount notes (2) 1,043,000 2,503 — 865,000 — 2,480 Total derivatives designated as hedging instruments under ASC 815 47,121,632 49,669 167,857 43,841,611 33,886 225,009 Derivatives not designated as hedging instruments under ASC 815 Interest rate swaps Advances 255,000 25 16 2,500 — — Available-for-sale securities 3,144 4 — 3,156 — 10 Mortgage loans held for portfolio 339,600 343 1,118 150,600 158 198 Consolidated obligation discount notes 1,000,000 — — — — — Trading securities 3,700,000 171 8 1,713,000 5 39 Intermediary transactions 842,036 5,312 2,355 1,228,345 3,742 6,245 Other 925,000 328 1,069 425,000 1,425 — Interest rate swaptions related to mortgage loans held for portfolio 145,000 381 — 185,000 1,234 — Mortgage delivery commitments 31,765 94 — 11,687 62 — Interest rate caps and floors Held-to-maturity securities 500,000 — — 1,000,000 6 — Intermediary transactions 80,000 12 12 541,000 3,178 3,178 Total derivatives not designated as hedging instruments under ASC 815 7,821,545 6,670 4,578 5,260,288 9,810 9,670 Total derivatives before collateral and netting adjustments $ 54,943,177 56,339 172,435 $ 49,101,899 43,696 234,679 Cash collateral and related accrued interest (3,440 ) (156,903 ) (9,287 ) (164,237 ) Cash received or remitted in excess of variation margin requirements (5 ) (54 ) (93 ) (13 ) Netting adjustments (11,623 ) (11,623 ) (24,438 ) (24,438 ) Total collateral and netting adjustments (3) (15,068 ) (168,580 ) (33,818 ) (188,688 ) Net derivative balances reported in statements of condition $ 41,271 $ 3,855 $ 9,878 $ 45,991 ________________________________________ (1) Derivatives designated as fair value hedges. (2) Derivatives designated as cash flow hedges. (3) Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. |
Net Gains (Losses) on Fair Value and Cash Flow Hedging Relationship [Table Text Block] | The following table presents the components of net gains (losses) on qualifying fair value and cash flow hedging relationships for the years ended December 31, 2019, 2018 and 2017 (in thousands). Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Net Gains (Losses) on Derivatives and Hedging Activities Other Comprehensive Income (Loss) Year Ended December 31, 2019 Total amount of the financial statement line item $ 906,671 $ 465,023 $ (711,240 ) $ (780,165 ) $ 24,687 $ (28,952 ) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ (122,094 ) $ (760,621 ) $ 212,198 $ — $ — $ — Hedged items 170,055 796,381 (245,307 ) — — — Net gains (losses) on fair value hedging relationships $ 47,961 $ 35,760 $ (33,109 ) $ — $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 1,829 $ — $ (1,829 ) Recognized in OCI — — — — — (54,777 ) Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 1,829 $ — $ (56,606 ) Year Ended December 31, 2018 (1) Total amount of the financial statement line item $ 828,929 $ 417,793 $ (659,943 ) $ (560,824 ) $ (10,256 ) $ (92,325 ) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 17,492 $ 22,474 $ (39,478 ) $ — $ 120,825 $ — Hedged items (2) — — — — (119,003 ) — Net gains (losses) on fair value hedging relationships $ 17,492 $ 22,474 $ (39,478 ) $ — $ 1,822 $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 950 $ — $ (950 ) Recognized in OCI — — — — — (823 ) Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 950 $ — $ (1,773 ) Year Ended December 31, 2017 (1) Total amount of the financial statement line item $ 421,588 $ 239,193 $ (327,644 ) $ (233,698 ) $ 4,668 $ 157,116 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ (31,950 ) $ (104,042 ) $ 39,831 $ — $ 99,962 $ — Hedged items (2) — — — — (103,398 ) — Net gains (losses) on fair value hedging relationships $ (31,950 ) $ (104,042 ) $ 39,831 $ — $ (3,436 ) $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ (2,375 ) $ — $ 2,375 Recognized in OCI — — — — — (2,570 ) Net losses on cash flow hedging relationships $ — $ — $ — $ (2,375 ) $ — $ (195 ) _____________________________ (1) Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. (2) Excludes amortization/accretion on closed fair value relationships. |
Cumulative Basis Adjustments for Fair Value Hedges [Table Text Block] | The following table presents the cumulative basis adjustments on hedged items either designated or previously designated as fair value hedges and the related amortized cost of those items as of December 31, 2019 (in thousands). Line Item in Statement of Condition of Hedged Item Amortized Cost of Hedged Asset/(Liability) (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Total Fair Value Hedging Basis Adjustments (2) Advances $ 10,283,221 $ 175,343 $ 4,978 $ 180,321 Available-for-sale securities 16,621,667 346,741 (985 ) 345,756 Consolidated obligation bonds (20,310,223 ) (64,027 ) (1,654 ) (65,681 ) _____________________________ (1) Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. (2) Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. |
Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income [Table Text Block] | The following table presents the components of net gains (losses) on derivatives and hedging activities that are reported in other income (loss) for the years ended December 31, 2019, 2018 and 2017 (in thousands). Gain (Loss) Recognized in Other Income (Loss) for the Year Ended December 31, 2019 2018 2017 Derivatives and hedged items in ASC 815 fair value hedging relationships (1) Interest rate swaps $ — $ 1,866 $ (3,414 ) Interest rate swaptions — (44 ) (22 ) Total net gain (loss) related to fair value hedge ineffectiveness — 1,822 (3,436 ) Derivatives not designated as hedging instruments under ASC 815 Net interest income (expense) on interest rate swaps (3,414 ) (1,389 ) 1,535 Interest rate swaps 28,408 (2,586 ) 3,730 Interest rate swaptions (2,728 ) (239 ) — Interest rate caps and floors 86 116 (255 ) Mortgage delivery commitments 2,097 1,912 2,329 Total net gain (loss) related to derivatives not designated as hedging instruments under ASC 815 24,449 (2,186 ) 7,339 Price alignment amount on variation margin for daily settled derivative contracts (2) 238 (9,892 ) 765 Net gains (losses) on derivatives and hedging activities reported in other income (loss) $ 24,687 $ (10,256 ) $ 4,668 _____________________________ (1) For the year ended December 31, 2019, all of the effects of derivatives and associated hedged items in ASC 815 fair value hedging relationships are reported in net interest income. (2) The amounts reported for the year ended December 31, 2019 reflect the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments under ASC 815. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments under ASC 815 are recorded in the same line item as the earnings effect of the hedged item. The amounts reported for the years ended December 31, 2018 and 2017 reflect the price alignment amounts on variation margin for all daily settled derivative contracts. |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital [Abstract] | |
Schedule of Excess Stock [Table Text Block] | The following table presents total excess stock at December 31, 2019 and 2018 (in thousands). 2019 2018 Excess stock Capital stock $ 624,902 $ 575,205 Mandatorily redeemable capital stock 2,066 975 Total $ 626,968 $ 576,180 |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table summarizes the Bank’s compliance with the Finance Agency’s capital requirements as of December 31, 2019 and 2018 (dollars in thousands): December 31, 2019 December 31, 2018 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 881,970 $ 3,706,059 $ 1,159,443 $ 3,643,234 Total capital $ 3,015,264 $ 3,706,059 $ 2,910,932 $ 3,643,234 Total capital-to-assets ratio 4.00 % 4.92 % 4.00 % 5.01 % Leverage capital $ 3,769,080 $ 5,559,088 $ 3,638,665 $ 5,464,851 Leverage capital-to-assets ratio 5.00 % 7.37 % 5.00 % 7.51 % |
Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block] | The following table summarizes the Bank’s mandatorily redeemable capital stock at December 31, 2019 by year of earliest mandatory redemption (in thousands). The earliest mandatory redemption reflects the earliest time at which the Bank is required to redeem the shareholder’s capital stock, and is based on the assumption that the activities associated with the activity-based stock have concluded by the time the notice of redemption or withdrawal expires. 2020 $ 214 2022 428 2023 6,228 2024 270 Total $ 7,140 |
Schedule of Mandatorily Redeemable Capital Stock [Table Text Block] | The following table summarizes the Bank’s mandatorily redeemable capital stock activity during 2019 , 2018 and 2017 (in thousands). Balance, January 1, 2017 $ 3,417 Capital stock that became subject to mandatory redemption during the year 20,269 Mandatorily redeemable capital stock reclassified to equity during the year (39 ) Redemption/repurchase of mandatorily redeemable capital stock (17,934 ) Stock dividends classified as mandatorily redeemable 228 Balance, December 31, 2017 5,941 Capital stock that became subject to mandatory redemption during the year 6,688 Mandatorily redeemable capital stock reclassified to equity during the year (112 ) Redemption/repurchase of mandatorily redeemable capital stock (5,675 ) Stock dividends classified as mandatorily redeemable 137 Balance, December 31, 2018 6,979 Capital stock that became subject to mandatory redemption during the year 2,326 Redemption/repurchase of mandatorily redeemable capital stock (2,391 ) Stock dividends classified as mandatorily redeemable 226 Balance, December 31, 2019 $ 7,140 |
Schedule of Withdrawals and Terminations in Membership [Table Text Block] | The following table provides the number of institutions that held mandatorily redeemable capital stock and the number that submitted a withdrawal notice or otherwise initiated a termination of their membership and the number of terminations completed during 2019 , 2018 and 2017 : 2019 2018 2017 Number of institutions, beginning of year 8 15 15 Due to mergers and acquisitions 2 1 2 Due to withdrawals — 1 1 Due to liquidation — 1 1 Recission of withdrawal notice — (1 ) — Terminations completed during the year (4 ) (9 ) (4 ) Number of institutions, end of year 6 8 15 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Retirement Plans [Abstract] | |
Pentegra DB Plan Net Pension Cost and Funded Status [Table Text Block] | The following table presents the Bank's net pension cost and its funded status, as well as the funded status of the Pentegra DB Plan (dollars in thousands, including amounts presented in the footnotes to the table). 2019 2018 2017 Net pension cost charged to compensation and benefit expense for the year ended December 31 $ 5,200 $ 5,200 $ 5,214 Pentegra DB Plan funded status as of July 1 108.6 % (a) 111.0 % (b) 111.8 % Bank's funded status as of July 1 94.8 % 97.4 % 97.7 % ____________ (a) The Pentegra DB Plan's funded status as of July 1, 2019 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2019 through March 15, 2020 . Contributions made during the period from July 1, 2019 through March 15, 2020 and designated for the plan year ended June 30, 2019 will be included in the final valuation as of July 1, 2019 . The final funded status as of July 1, 2019 will not be available until the Form 5500 for the plan year July 1, 2019 through June 30, 2020 is filed (this Form 5500 is due to be filed no later than April 2021 ). (b) The Pentegra DB Plan's funded status as of July 1, 2018 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2018 through March 15, 2019 . Contributions made during the period from July 1, 2018 through March 15, 2019 and designated for the plan year ended June 30, 2018 will be included in the final valuation as of July 1, 2018 . The final funded status as of July 1, 2018 will not be available until the Form 5500 for the plan year July 1, 2018 through June 30, 2019 is filed (this Form 5500 is due to be filed no later than April 2020 ). |
Benefit Obligation, Fair Value of Plan Assets, and Funded Status [Table Text Block] | The Bank uses a December 31 measurement date for its retirement benefits program. A reconciliation of the accumulated postretirement benefit obligation (“APBO”) and funding status of the retirement benefits program for the years ended December 31, 2019 and 2018 is as follows (in thousands): Year Ended December 31, 2019 2018 Change in APBO APBO at beginning of year $ 566 $ 550 Service cost 27 28 Interest cost 23 25 Actuarial loss 152 161 Participant contributions 174 180 Benefits paid (306 ) (378 ) APBO at end of year 636 566 Change in plan assets Fair value of plan assets at beginning of year — — Benefits paid by the Bank 132 198 Participant contributions 174 180 Benefits paid (306 ) (378 ) Fair value of plan assets at end of year — — Funded status recognized in other liabilities at end of year $ (636 ) $ (566 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts recognized in AOCI at December 31, 2019 and 2018 consist of the following (in thousands): December 31, 2019 2018 Net actuarial gain $ 1,139 $ 1,385 Prior service cost (89 ) (109 ) $ 1,050 $ 1,276 |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (credit) for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Service cost $ 27 $ 28 $ 25 Interest cost 23 25 19 Amortization of prior service cost 20 20 20 Amortization of net actuarial gain (94 ) (100 ) (107 ) Net periodic benefit credit $ (24 ) $ (27 ) $ (43 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in benefit obligations recognized in other comprehensive income during the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Amortization of prior service cost included in net periodic benefit cost $ 20 $ 20 $ 20 Actuarial gain (loss) (152 ) (161 ) 204 Amortization of net actuarial gain included in net periodic benefit cost (94 ) (100 ) (107 ) Total changes in benefit obligations recognized in other comprehensive income $ (226 ) $ (241 ) $ 117 |
Schedule of Expected Benefit Payments [Table Text Block] | The following net postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): Year Ended December 31, Expected Benefits Payments, Net of Participant Contributions 2020 $ 101 2021 93 2022 80 2023 53 2024 32 2025-2029 66 $ 425 |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2019 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 20,551 $ 20,551 $ 20,551 $ — $ — $ — Interest-bearing deposits 1,670,249 1,670,249 — 1,670,249 — — Securities purchased under agreements to resell 4,310,000 4,310,000 — 4,310,000 — — Federal funds sold 4,505,000 4,505,000 — 4,505,000 — — Trading securities (1) 5,460,136 5,460,136 — 5,460,136 — — Available-for-sale securities (1) 16,766,500 16,766,500 — 16,766,500 — — Held-to-maturity securities 1,206,170 1,215,580 — 1,150,175 (2) 65,405 (3) — Advances 37,117,455 37,092,230 — 37,092,230 — — Mortgage loans held for portfolio, net 4,075,464 4,109,758 — 4,109,758 — — Accrued interest receivable 154,218 154,218 — 154,218 — — Derivative assets (1) 41,271 41,271 — 56,339 — (15,068 ) Other assets held at fair value (1) 14,222 14,222 14,222 — — — Liabilities: Deposits 1,286,219 1,286,258 — 1,286,258 — — Consolidated obligations Discount notes 34,327,886 34,325,476 — 34,325,476 — — Bonds 35,745,827 35,757,691 — 35,757,691 — — Mandatorily redeemable capital stock 7,140 7,140 7,140 — — — Accrued interest payable 115,350 115,350 — 115,350 — — Derivative liabilities (1) 3,855 3,855 — 172,435 — (168,580 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2019 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations and GSE RMBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2018 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 35,157 $ 35,157 $ 35,157 $ — $ — $ — Interest-bearing deposits 2,500,317 2,500,317 — 2,500,317 — — Securities purchased under agreements to resell 6,215,000 6,215,000 — 6,215,000 — — Federal funds sold 1,731,000 1,731,000 — 1,731,000 — — Trading securities (1) 1,818,178 1,818,178 — 1,818,178 — — Available-for-sale securities (1) 15,825,155 15,825,155 — 15,825,155 — — Held-to-maturity securities 1,462,279 1,478,691 — 1,400,536 (2) 78,155 (3) — Advances 40,793,813 40,720,636 — 40,720,636 — — Mortgage loans held for portfolio, net 2,185,503 2,161,720 — 2,161,720 — — Accrued interest receivable 152,670 152,670 — 152,670 — — Derivative assets (1) 9,878 9,878 — 43,696 — (33,818 ) Other assets held at fair value (1) 12,376 12,376 12,376 — — — Liabilities: Deposits 963,992 964,017 — 964,017 — — Consolidated obligations Discount notes 35,731,713 35,723,208 — 35,723,208 — — Bonds 31,931,929 31,850,858 — 31,850,858 — — Mandatorily redeemable capital stock 6,979 6,979 6,979 — — — Accrued interest payable 122,938 122,938 — 122,938 — — Derivative liabilities (1) 45,991 45,991 — 234,679 — (188,688 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2018 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations, U.S. government-guaranteed RMBS and GSE RMBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | During the years ended December 31, 2019, 2018 and 2017 , the Bank charged to operating expenses net rental costs of approximately $360,000 , $329,000 , and $370,000 , respectively. Future minimum rentals at December 31, 2019 were as follows (in thousands): Year Premises Equipment Total 2020 $ 444 $ 48 $ 492 2021 408 32 440 2022 420 — 420 2023 432 — 432 2024 293 — 293 Thereafter 1,438 — 1,438 Total $ 3,435 $ 80 $ 3,515 |
Operating Leases of Lessor Disclosure [Table Text Block] | The Bank has entered into certain lease agreements to rent space to outside parties in its building. Future minimum rentals under these operating leases at December 31, 2019 were as follows (in thousands): Year Total 2020 $ 1,482 2021 1,009 2022 236 2023 106 2024 5 Total $ 2,838 |
Transactions with Other FHLBa_2
Transactions with Other FHLBanks (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with Other FHLBanks [Abstract] | |
Schedule of Loans to Other Federal Home Loan Banks [Table Text Block] | The following table summarizes the Bank’s loans to other FHLBanks during the years ended December 31, 2019 and 2017 (in thousands). Year Ended December 31, 2019 2017 Balance at January 1, $ — $ 290,000 Loans made to: FHLBank of Boston 300,000 225,000 Collections from: FHLBank of San Francisco — (290,000 ) FHLBank of Boston (300,000 ) (225,000 ) Balance at December 31, $ — $ — |
Schedule of Loans from Other Federal Home Loan Banks [Table Text Block] | The following table summarizes the Bank’s borrowings from other FHLBanks during the years ended December 31, 2019, 2018 and 2017 (in thousands). Year Ended December 31, 2019 2018 2017 Balance at January 1, $ — $ — $ — Borrowings from: FHLBank of Topeka — — 10,000 FHLBank of Boston 150,000 175,000 — FHLBank of San Francisco 400,000 45,000 — FHLBank of Cincinnati — 500,000 — FHLBank of Atlanta — — 250,000 FHLBank of Des Moines — 500,000 — FHLBank of Indianapolis 40,000 620,000 30,000 FHLBank of New York 250,000 — — Repayments to: FHLBank of Topeka — — (10,000 ) FHLBank of Boston (150,000 ) (175,000 ) — FHLBank of San Francisco (400,000 ) (45,000 ) — FHLBank of Cincinnati — (500,000 ) — FHLBank of Atlanta — — (250,000 ) FHLBank of Des Moines — (500,000 ) — FHLBank of Indianapolis (40,000 ) (620,000 ) (30,000 ) FHLBank of New York (250,000 ) — — Balance at December 31, $ — $ — $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in the components of AOCI for the years ended December 31, 2019, 2018 and 2017 (in thousands). Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Net Unrealized Gains (Losses) on Cash Flow Hedges Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total AOCI Year ended December 31, 2019 Balance at January 1, 2019 $ 118,980 $ 18,412 $ (10,667 ) $ 1,276 $ 128,001 Reclassifications from AOCI to net income Realized gains on sales of available-for-sale securities included in net income (852 ) — — — (852 ) Gains on cash flow hedges included in interest expense — (1,829 ) — — (1,829 ) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (74 ) (74 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 26,705 — — — 26,705 Unrealized losses on cash flow hedges — (54,777 ) — — (54,777 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 2,027 — 2,027 Actuarial loss — — — (152 ) (152 ) Total other comprehensive income (loss) 25,853 (56,606 ) 2,027 (226 ) (28,952 ) Balance at December 31, 2019 $ 144,833 $ (38,194 ) $ (8,640 ) $ 1,050 $ 99,049 Year ended December 31, 2018 Balance at January 1, 2018 $ 212,225 $ 20,185 $ (13,601 ) $ 1,517 $ 220,326 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (950 ) — — (950 ) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (80 ) (80 ) Other amounts of other comprehensive income (loss) Net unrealized losses on available-for-sale securities (93,245 ) — — — (93,245 ) Unrealized losses on cash flow hedges — (823 ) — — (823 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 2,934 — 2,934 Actuarial loss — — — (161 ) (161 ) Total other comprehensive income (loss) (93,245 ) (1,773 ) 2,934 (241 ) (92,325 ) Balance at December 31, 2018 $ 118,980 $ 18,412 $ (10,667 ) $ 1,276 $ 128,001 Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Net Unrealized Gains (Losses) on Cash Flow Hedges Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total AOCI Year ended December 31, 2017 Balance at January 1, 2017 $ 58,587 $ 20,380 $ (17,157 ) $ 1,400 $ 63,210 Reclassifications from AOCI to net income Net realized gains on sales of available-for-sale securities included in net income (1,399 ) — — — (1,399 ) Losses on cash flow hedges included in interest expense — 2,375 — — 2,375 Amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — — (87 ) (87 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 155,037 — — — 155,037 Unrealized losses on cash flow hedges — (2,570 ) — — (2,570 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 3,556 — 3,556 Actuarial gain — — — 204 204 Total other comprehensive income (loss) 153,638 (195 ) 3,556 117 157,116 Balance at December 31, 2017 $ 212,225 $ 20,185 $ (13,601 ) $ 1,517 $ 220,326 (1) Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized Computer Software, Net | $ 5,988 | $ 4,727 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 26,291 | 30,114 | |
Depreciation | 2,003 | 2,156 | $ 2,212 |
Computer Software Costs Charged to Operating Expense | 8,313 | 6,996 | 6,156 |
Capitalized Computer Software, Amortization | $ 2,097 | $ 1,681 | $ 1,518 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3 | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 39 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Concessions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Short-term and Long-term Debt [Line Items] | |||
Unamortized Debt Issuance Expense | $ 4,479 | $ 3,295 | |
Discount Notes [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Concessions | 4,716 | 4,586 | $ 3,589 |
Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Concessions | $ 3,553 | $ 835 | $ 846 |
Recently Issued Accounting Gu_2
Recently Issued Accounting Guidance ASU2016-02, ASU2017-12, and ASU2016-13 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (25) | ||
The increase (decrease) in other income and decrease (increase) in net interest income due to the adoption of ASU2017-12 | $ 17,909 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (25) | ||
Right-of-use assets and lease liabilities due to the adoption of ASU2016-02 | $ 2,500 | ||
Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,191) |
Trading Securities (Details)
Trading Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | $ 5,460,136 | $ 1,818,178 | |
Trading Securities, Change in Unrealized Holding Gain (Loss) | 11,528 | (1,160) | $ 1,822 |
US Treasury Notes Securities [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 4,532,126 | 1,818,178 | |
US Treasury Bill Securities [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 928,010 | 0 | |
Non-mortgage-backed securities [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | $ 5,460,136 | $ 1,818,178 |
Available-for-Sale Securities_2
Available-for-Sale Securities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)position | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)position | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | |||
Amortized Cost of Sold Available-for-sale Securities | $ 510,342 | $ 374,069 | |
Proceeds from Sale of Debt Securities, Available-for-sale | 511,194 | 375,468 | |
Available-for-sale Securities, Gross Realized Gains | 852 | $ 1,399 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 16,621,667 | $ 15,706,175 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 171,252 | 157,033 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 26,419 | 38,053 | |
Debt Securities, Available-for-sale | $ 16,766,500 | $ 15,825,155 | |
Available-for-sale Securities, Continuous Unrealized Loss Position Fair Value[Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 34 | 111 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,031,193 | $ 3,806,745 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Accumulated Loss | $ 3,331 | $ 37,287 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 70 | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,351,749 | $ 38,844 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 23,088 | $ 766 | |
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 104 | 118 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 3,382,942 | $ 3,845,589 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 26,419 | 38,053 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 447,072 | 447,365 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6,124 | 5,652 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 21 | |
Debt Securities, Available-for-sale | 453,196 | $ 452,996 | |
Available-for-sale Securities, Continuous Unrealized Loss Position Fair Value[Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 2 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 59,050 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Accumulated Loss | $ 21 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | ||
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 2 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 59,050 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 21 | ||
GSE obligatons [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 5,501,456 | 5,610,796 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 84,911 | 77,868 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,986 | 1,831 | |
Debt Securities, Available-for-sale | $ 5,584,381 | $ 5,686,833 | |
Available-for-sale Securities, Continuous Unrealized Loss Position Fair Value[Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 0 | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | $ 224,072 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Accumulated Loss | $ 0 | $ 1,831 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 3 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 128,794 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,986 | $ 0 | |
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 3 | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 128,794 | $ 224,072 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,986 | 1,831 | |
Other Debt Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 45,217 | 170,367 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 342 | 461 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale | 45,559 | 170,828 | |
Non-mortgage-backed securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 5,993,745 | 6,228,528 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 91,377 | 83,981 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,986 | 1,852 | |
Debt Securities, Available-for-sale | 6,083,136 | 6,310,657 | |
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 298,084 | 445,731 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 3,465,898 | 2,398,495 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 2,183,310 | 3,256,389 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 46,453 | 127,913 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 299,005 | 446,227 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 3,504,780 | 2,420,763 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 2,231,183 | 3,312,322 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 48,168 | 131,345 | |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 10,627,922 | 9,477,647 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 79,875 | 73,052 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 24,433 | 36,201 | |
Debt Securities, Available-for-sale | $ 10,683,364 | 9,514,498 | |
Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization | $ 125,927 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position Fair Value[Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 34 | 105 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,031,193 | $ 3,523,623 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Accumulated Loss | $ 3,331 | $ 35,435 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 67 | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,222,955 | $ 38,844 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 21,102 | $ 766 | |
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 101 | 112 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 3,254,148 | $ 3,562,467 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 24,433 | $ 36,201 |
Held-to-Maturity Securities (De
Held-to-Maturity Securities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)position | Dec. 31, 2018USD ($)position | Dec. 31, 2017USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss), Excluding Other-than-temporary Impairment | $ 0 | $ 1,671 | $ 3,983 |
Amortized Cost of Sold Held-to-maturity Securities | 97,596 | 158,806 | |
Proceeds from sales of held-to-maturity securities | 0 | 99,267 | $ 162,789 |
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 1,214,810 | 1,472,946 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 8,640 | 10,667 | |
Held-to-maturity securities | 1,206,170 | 1,462,279 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 14,234 | 19,266 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 4,824 | 2,854 | |
Debt Securities, Held-to-maturity, Fair Value | $ 1,215,580 | $ 1,478,691 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 42 | 35 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 486,734 | $ 479,773 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 1,421 | $ 1,295 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 46 | 15 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 483,919 | $ 94,247 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 4,251 | $ 2,647 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 88 | 50 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | $ 970,653 | $ 574,020 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 5,672 | 3,942 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 5,862 | 7,604 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 5,862 | 7,604 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 12 | 11 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 5,874 | 7,615 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 109,478 | 135,000 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 109,478 | 135,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 10 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 908 | 1,043 | |
Debt Securities, Held-to-maturity, Fair Value | $ 108,570 | $ 133,967 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 1 | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 74,033 | $ 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 446 | $ 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 1 | 1 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 34,538 | $ 33,957 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 462 | $ 1,043 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 2 | 1 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | $ 108,571 | $ 33,957 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 908 | 1,043 | |
Non-mortgage-backed securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 115,340 | 142,604 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 115,340 | 142,604 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 12 | 21 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 908 | 1,043 | |
Debt Securities, Held-to-maturity, Fair Value | 114,444 | 141,582 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 5,862 | 3,497 | |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Net Carrying Amount | 5,862 | 3,497 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 5,874 | 3,499 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 0 | 4,107 | |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Net Carrying Amount | 0 | 4,107 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 0 | 4,116 | |
Held-to-maturity Securities, Debt Maturities, Rolling After Year Ten, Amortized Cost | 109,478 | 135,000 | |
Held-to-maturity Securities, Debt Maturities, After Ten Years, Net Carrying Amount | 109,478 | 135,000 | |
Held-to-maturity Securities, Debt Maturities, Rolling After Ten Years, Fair Value | 108,570 | 133,967 | |
Residential, Mortgage Backed Securities, Other US Obligations[Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 475 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | ||
Held-to-maturity securities | 475 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | ||
Debt Securities, Held-to-maturity, Fair Value | 476 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 62,885 | 76,294 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 8,640 | 10,667 | |
Held-to-maturity securities | 54,245 | 65,627 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 11,641 | 13,222 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 481 | 694 | |
Debt Securities, Held-to-maturity, Fair Value | $ 65,405 | $ 78,155 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 0 | 3 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 12,346 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 295 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 13 | 10 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 34,563 | $ 29,070 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,329 | $ 1,487 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 13 | 13 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | $ 34,563 | $ 41,416 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 1,329 | 1,782 | |
Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 1,099,470 | 1,330,342 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 8,640 | 10,667 | |
Held-to-maturity securities | 1,090,830 | 1,319,675 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 14,222 | 19,245 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 3,916 | 1,811 | |
Debt Securities, Held-to-maturity, Fair Value | 1,101,136 | 1,337,109 | |
Held-to-maturity Securities, Premium (Discounts), Net | (1,952) | (2,457) | |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 1,036,585 | 1,253,573 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 1,036,585 | 1,253,573 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 2,581 | 6,022 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 3,435 | 1,117 | |
Debt Securities, Held-to-maturity, Fair Value | $ 1,035,731 | $ 1,258,478 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 41 | 32 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 412,701 | $ 467,427 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 975 | $ 1,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 32 | 4 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 414,818 | $ 31,220 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,460 | $ 117 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 73 | 36 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | $ 827,519 | $ 498,647 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ 3,435 | $ 1,117 |
Held-to-Maturity Securities (Ot
Held-to-Maturity Securities (Other-Than-Temporary Impairment Analysis) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)position | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Held-to-maturity, Qualitative Disclosure, Non Agency RMBS Number of Positions | position | 22 | ||
Held-to-maturity, Qualitative Disclosure, Non Agency RMBS Number of Positions, Identified as OTTI prior to 2013 | position | 14 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 8,551 | $ 9,443 | $ 10,515 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | (714) | (892) | (1,072) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 7,837 | 8,551 | 9,443 |
Cumulative Other Than Temporary Impairment Principal Shortfalls | (2,085) | (2,084) | (2,067) |
Cumulative Amortization of the Time Value of Credit Losses | 1,013 | 802 | 590 |
OTTI Credit Losses in the Amortized Cost of Held-to-maturity Securities | $ 6,765 | $ 7,269 | $ 7,966 |
Minimum [Member] | |||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||
Projected House Price Decline Rate Over the Next 12 Months | 4.00% | ||
Maximum [Member] | |||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||
Projected House Price Recovery Rate Over the Next 12 Months | 8.00% | ||
Majority of Markets [Member] | Minimum [Member] | |||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||
Projected House Price Recovery Rate Over the Next 12 Months | 2.00% | ||
Projected House Price Annual Appreciation Rate at Long-Term Equilibrium Level | 2.00% | ||
Majority of Markets [Member] | Maximum [Member] | |||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||
Projected House Price Recovery Rate Over the Next 12 Months | 6.00% | ||
Projected House Price Annual Appreciation Rate at Long-Term Equilibrium Level | 5.00% |
Held-to-Maturity Securities (In
Held-to-Maturity Securities (Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | $ 1,214,810 | $ 1,472,946 |
Residential, Mortgage Backed Securities, Other US Obligations[Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 475 | |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 115,340 | 142,604 |
Non-mortgage-backed securities [Member] | Variable Interest Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 115,340 | 142,604 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 1,099,470 | 1,330,342 |
Mortgage Passthrough Securities [Member] | Fixed Interest Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 36 | 57 |
Collateralized Mortgage Obligations [Member] | Fixed Interest Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 57 | 135 |
Collateralized Mortgage Obligations [Member] | Variable Interest Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | $ 1,099,377 | $ 1,330,150 |
Held-to-Maturity Securities Sal
Held-to-Maturity Securities Sales of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds and Gains (Losses) from Sale of HTM [Abstract] | |||
Amortized Cost of Sold Held-to-maturity Securities | $ 97,596 | $ 158,806 | |
Proceeds from sales of held-to-maturity securities | $ 0 | 99,267 | 162,789 |
Realized gains on sales of held-to-maturity securities | $ 0 | $ 1,671 | $ 3,983 |
Advances (Details)
Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Advances [Line Items] | |||
Deposit Liabilities Reclassified as Loans Receivable | $ 613 | $ 0 | |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 1.45% | 0.00% | |
Federal Home Loan Bank, Advances, Maturities Summary, in Next Rolling Twelve Months | $ 16,683,401 | $ 21,718,709 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months | 1.72% | 2.49% | |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Two | $ 1,491,736 | $ 2,986,350 | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 2.35% | 2.48% | |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three | $ 1,125,342 | $ 1,272,214 | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 2.38% | 2.42% | |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Four | $ 742,698 | $ 951,787 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 2.67% | 2.49% | |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Five | $ 1,435,402 | $ 632,862 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 2.11% | 2.84% | |
Federal Home Loan Bank, Advances, Maturities Summary, after Rolling Year Five | $ 15,464,698 | $ 13,230,406 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five | 1.69% | 2.42% | |
Federal Home Loan Bank Advances Par Value | $ 36,943,890 | $ 40,792,328 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.79% | 2.47% | |
Federal Home Loan Bank, Advances, Premium | $ 0 | $ 12 | |
Deferred Prepayment Fees | (6,657) | (8,683) | |
Federal Home Loan Bank, Advances, Commitment Fees | (99) | (108) | |
Hedging adjustments | 180,321 | 10,264 | |
Federal Home Loan Bank Advances | 37,117,455 | 40,793,813 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Next Rolling Twelve Months | 26,716,128 | 32,024,714 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Two | 1,408,317 | 2,434,821 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Three | 1,018,388 | 1,178,054 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Four | 691,905 | 848,047 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Five | 1,030,243 | 565,334 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, after Rolling Year Five | 6,078,296 | 3,741,358 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Next Rolling Twelve Months | 21,999,901 | 24,612,509 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Two | 1,851,736 | 3,136,850 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Three | 1,195,342 | 1,312,214 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Four | 791,498 | 951,787 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Five | 1,191,402 | 611,662 | |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, after Rolling Year Five | 9,913,398 | 10,167,306 | |
Federal Home Loan Bank, Advances, Fixed Rate, under One Year | 16,054,501 | 21,558,023 | |
Federal Home Loan Bank, Advances, Fixed Rate, after One Year | 9,911,487 | 8,503,772 | |
Federal Home Loan Bank, Advances, Fixed Rate | 25,965,988 | 30,061,795 | |
Federal Home Loan Bank, Advances, Floating Rate, under One Year | 629,513 | 160,686 | |
Federal Home Loan Bank, Advances, Floating Rate, after One Year | 10,348,389 | 10,569,847 | |
Federal Home Loan Bank, Advances, Floating Rate | $ 10,977,902 | $ 10,730,533 | |
Percent Of Fixed Rate Advances Swapped To Adjustable Rate | 39.00% | 24.00% | |
Gross Prepayment Fees on Advances Received | $ 2,130 | $ 1,807 | $ 2,158 |
Deferred Prepayment Fees on Advances During Period | 884 | ||
Prepaid Advances with Symmetrical Prepayment | 5,000 | 17,000 | |
Fees Paid on Prepaid Advances with Symmetrical Prepayment Features | $ 68 | $ 194 | |
Minimum [Member] | |||
Advances [Line Items] | |||
Federal Home Loan Bank, Advances, Interest Rate | 0.48% | 0.88% | |
Maximum [Member] | |||
Advances [Line Items] | |||
Federal Home Loan Bank, Advances, Interest Rate | 8.27% | 8.27% | |
Federal Home Loan Bank, Advances, Callable Option [Member] | |||
Advances [Line Items] | |||
Federal Home Loan Bank Advances Par Value | $ 10,428,894 | $ 10,446,628 | |
Federal Home Loan Bank, Advances, Putable Option [Member] | |||
Advances [Line Items] | |||
Federal Home Loan Bank Advances Par Value | 6,796,500 | $ 3,094,300 | |
Comerica Bank [Member] | |||
Advances [Line Items] | |||
Outstanding Advances to Borrowers greater than 10% of Advances | $ 3,800,000 | ||
Outstanding Advances to Borrowers greater than 10% of advances, percentage | 10.30% | ||
Interest Income on Advances from Borrowers greater than 10% of interest income on advances | $ 96,367 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans On Real Estate, Original Contractual Terms Medium-Term Loan | 15 | |||
Loans and Leases Receivable, Unamortized Premiums | $ 78,643 | $ 45,259 | ||
Loans and Leases Receivable, Unamortized Discounts | (1,821) | (1,757) | ||
Loans And Leases Receivable, Net Deferred Loan Costs | 5,444 | 4,467 | ||
Mortgage Loans, Gross | 4,076,613 | 2,185,996 | ||
Loans and Leases Receivable, Net Amount | 4,075,464 | 2,185,503 | ||
Credit Enhancement Fees | 2,134 | 1,306 | $ 345 | |
Performance Based Credit Enhancement Fee Recaptured | 6 | 8 | 10 | |
Loans Receivable With Fixed Rates Of Interest Medium Term [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loans and Leases Receivable, Unpaid Principal Balance | 33,954 | 10,885 | ||
Loans Receivable With Fixed Rates Of Interest Long Term [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loans and Leases Receivable, Unpaid Principal Balance | 3,960,393 | 2,127,142 | ||
Government Mortgage Loans [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loans and Leases Receivable, Unpaid Principal Balance | 13,377 | 15,880 | ||
Conventional Mortgage Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loans and Leases Receivable, Unpaid Principal Balance | 3,980,970 | 2,122,147 | ||
Conventional Mortgage Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loans and Leases Receivable, Allowance | $ (1,149) | $ (493) | $ (271) | $ (141) |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | $ 47,199 | $ 15,372 | |
Total current loans | 4,051,277 | 2,181,799 | |
Financing Receivable, before Allowance for Credit Loss | 4,098,476 | 2,197,171 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,788 | $ 558 | |
Serious delinquency rate | 0.20% | 0.10% | |
Past due 90 days or more and still accruing interest | $ 80 | $ 156 | |
Non-accrual loans | 7,304 | 1,410 | |
Troubled debt restructurings | 0 | 0 | |
Real Estate Acquired Through Foreclosure | 15 | 7 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for mortgage loan losses | 656 | 222 | $ 130 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 38,096 | 11,855 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 2,917 | 1,951 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 6,186 | 1,566 | |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 46,466 | 14,467 | |
Total current loans | 4,038,455 | 2,166,660 | |
Financing Receivable, before Allowance for Credit Loss | 4,084,921 | 2,181,127 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,752 | $ 481 | |
Serious delinquency rate | 0.20% | 0.10% | |
Past due 90 days or more and still accruing interest | $ 0 | $ 0 | |
Non-accrual loans | 7,304 | 1,410 | |
Troubled debt restructurings | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 493 | 271 | 141 |
Provision for mortgage loan losses | 656 | 222 | 130 |
Loans and Leases Receivable, Allowance, Ending Balance | 1,149 | 493 | $ 271 |
Allowance for Credit Losses and Recorded Investment by Impairment Methodology [Abstract] | |||
Ending Balance of Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,149 | 493 | |
Individually Evaluated for Impairment | 6,106 | 1,410 | |
Collectively Evaluated for Impairment | 4,078,815 | 2,179,717 | |
Conventional Mortgage Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 37,632 | 11,241 | |
Conventional Mortgage Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 2,728 | 1,816 | |
Conventional Mortgage Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 6,106 | 1,410 | |
US Government Agency Insured Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 733 | 905 | |
Total current loans | 12,822 | 15,139 | |
Financing Receivable, before Allowance for Credit Loss | 13,555 | 16,044 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 36 | $ 77 | |
Serious delinquency rate | 0.60% | 1.00% | |
Past due 90 days or more and still accruing interest | $ 80 | $ 156 | |
Non-accrual loans | 0 | 0 | |
Troubled debt restructurings | 0 | 0 | |
US Government Agency Insured Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 464 | 614 | |
US Government Agency Insured Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | 189 | 135 | |
US Government Agency Insured Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Abstract] | |||
Total past due | $ 80 | $ 156 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Abstract] | |||
Weighted Average Rate, Interest-bearing Domestic Deposits, over Time | 2.05% | 1.75% | 0.89% |
Interest Bearing Deposit Demand And Overnight | $ 1,190,967 | $ 816,322 | |
Interest Bearing Deposits Term | 95,232 | 147,650 | |
Non-interest bearing | 20 | 20 | |
Total deposits | $ 1,286,219 | $ 963,992 |
Consolidated Obligations (Detai
Consolidated Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument, Redemption [Line Items] | ||
Discount notes | $ 34,327,886 | $ 35,731,713 |
Percent of Fixed Rate Long Term Debt Swapped to An Adjustable Rate | 86.00% | 90.00% |
Debt Issuance Costs | $ (4,479) | $ (3,295) |
Bonds | 35,745,827 | 31,931,929 |
Federal Home Loan Bank, Consolidated Obligations | 70,073,713 | 67,663,642 |
Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 35,684,315 | 32,113,905 |
Debt Instrument, Unamortized Premium | 1,091 | 2,241 |
Debt Instrument, Unamortized Discount | (781) | (1,295) |
Debt Issuance Costs | (4,479) | (3,295) |
Debt Valuation Adjustment for Hedging Activities | 65,681 | (179,627) |
Bonds | 35,745,827 | 31,931,929 |
Non Callable [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 22,188,915 | 20,662,505 |
Callable [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 13,495,400 | 11,451,400 |
Contractual Maturity [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 16,900,625 | $ 14,798,025 |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 1.75% | 2.11% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | $ 7,849,605 | $ 4,943,910 |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 1.76% | 2.07% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | $ 2,269,005 | $ 4,093,605 |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 2.21% | 2.12% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | $ 1,912,490 | $ 2,686,995 |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 2.42% | 2.24% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | $ 3,811,615 | $ 2,641,210 |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 2.16% | 2.92% |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 2,940,975 | $ 2,950,160 |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 2.52% | 2.58% |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.93% | 2.22% |
Earlier of Contractual Maturity or Next Call Date [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 25,936,025 | $ 23,532,425 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 6,397,605 | 3,804,410 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 1,649,005 | 1,931,605 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,193,590 | 1,618,095 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 409,615 | 971,210 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 98,475 | 256,160 |
Discount Notes [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt Instrument, Face Amount | $ 34,405,724 | $ 35,882,027 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.57% | 2.30% |
Fixed Interest Rate [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | $ 21,529,815 | $ 15,606,555 |
Variable Rate [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 12,642,000 | 10,029,850 |
Step Up [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 1,337,500 | 6,202,500 |
Step Down [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 175,000 | 275,000 |
FHLBanks [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 1,026,000,000 | 1,032,000,000 |
FHL Bank of Dallas [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | $ 70,100,000 | $ 68,000,000 |
Affordable Housing Program (Det
Affordable Housing Program (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Affordable Housing Program [Abstract] | |||
Affordable Housing Program Contribution Requirement Percentage | 10.00% | ||
Number Of Federal Home Loan Banks | 11 | ||
Affordable Housing Program Contribution Requirement Amount | $ 100,000,000 | ||
Affordable Housing Program [Roll Forward] | |||
AHP, Beginning of period | 44,358,000 | $ 31,246,000 | $ 22,871,000 |
AHP assessment | 25,272,000 | 22,097,000 | 16,710,000 |
Grants funded, net of recaptured amounts | (12,383,000) | (8,985,000) | (8,335,000) |
AHP, End of period | $ 57,247,000 | $ 44,358,000 | $ 31,246,000 |
Assets and Liabilities Subjec_3
Assets and Liabilities Subject to Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 56,339 | $ 43,696 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (15,068) | (33,818) | ||
Derivative assets | 41,271 | 9,878 | |||
Derivative, Collateral, Obligation to Return Securities | [2] | (5,313) | (3,380) | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 35,958 | 6,498 | |||
Securities Purchased under Agreements to Resell, Gross | 4,310,000 | 6,215,000 | |||
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 | |||
Securities purchased under agreements to resell | 4,310,000 | 6,215,000 | |||
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities | [2] | (4,310,000) | (6,215,000) | ||
Securities Purchased under Agreements to Resell, Amount Not Offset Against Collateral | 0 | 0 | |||
Offsetting Assets, Gross | 4,366,339 | 6,258,696 | |||
Assets, Amount Offset Against Collateral | (15,068) | (33,818) | |||
Offsetting Assets, Total | 4,351,271 | 6,224,878 | |||
Offsetting Assets, Collateral Not Offset in the Statement of Condition | [2] | (4,315,313) | (6,218,380) | ||
Offsetting Assets, Amount Not Offset Against Collateral | 35,958 | 6,498 | |||
Derivative Liability, Fair Value, Gross Liability | 172,435 | 234,679 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (168,580) | (188,688) | ||
Derivative liabilities | 3,855 | 45,991 | |||
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [2] | 0 | (37,359) | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,855 | 8,632 | |||
Over the Counter [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 22,721 | 35,923 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (10,978) | (26,074) | |||
Derivative assets | 11,743 | 9,849 | |||
Derivative, Collateral, Obligation to Return Securities | [2],[3] | (5,313) | (3,380) | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 6,430 | 6,469 | |||
Derivative Liability, Fair Value, Gross Liability | 168,297 | 189,654 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (164,442) | (181,022) | |||
Derivative liabilities | 3,855 | 8,632 | |||
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [2] | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,855 | 8,632 | |||
Exchange Cleared [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 33,618 | 7,773 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (4,090) | (7,744) | |||
Derivative assets | 29,528 | 29 | |||
Derivative, Collateral, Obligation to Return Securities | [2] | 0 | 0 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 29,528 | 29 | |||
Derivative Liability, Fair Value, Gross Liability | 4,138 | 45,025 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (4,138) | (7,666) | |||
Derivative liabilities | 0 | 37,359 | |||
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [2] | 0 | [4] | (37,359) | [5] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |||
Derivative Liabilities, Additional Net Exposure, Collateral Pledged to Counterparties in Excess of Net Liabilities | (842,256) | $ (675,188) | |||
Minimum [Member] | Non-member Counterparty [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Collateral Thresholds | 50 | ||||
Maximum [Member] | Non-member Counterparty [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Collateral Thresholds | $ 500 | ||||
[1] | Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. | ||||
[2] | Any overcollateralization at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. | ||||
[3] | Consists of collateral pledged by member counterparties. | ||||
[4] | The Bank had pledged securities with an aggregate fair value of $842,256,000 at December 31, 2019 to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. | ||||
[5] | Consists of securities pledged by the Bank. In addition to the amount needed to secure the counterparties' exposure to the Bank, the Bank had pledged other securities with an aggregate fair value of $675,188,000 at December 31, 2018 to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivatives in Statement of Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 54,943,177 | $ 49,101,899 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 56,339 | 43,696 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 172,435 | 234,679 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (3,440) | (9,287) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (156,903) | (164,237) | |
Derivative Asset Fair Value Cash Remitted Exceeding Variation Margin Requirement | (5) | (93) | |
Derivative Liability, Fair Value Cash Remitted Exceeding Variation Margin Requirement | (54) | (13) | |
Derivative Asset, Fair Value, Gross Liability | (11,623) | (24,438) | |
Derivative Liability, Fair Value, Gross Asset | (11,623) | (24,438) | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (15,068) | (33,818) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (168,580) | (188,688) |
Derivative assets | 41,271 | 9,878 | |
Derivative liabilities | 3,855 | 45,991 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 47,121,632 | 43,841,611 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 49,669 | 33,886 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 167,857 | 225,009 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [2] | 10,102,510 | 7,171,033 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [2] | 5,117 | 4,273 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [2] | 134,520 | 36,521 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [2] | 16,114,507 | 15,981,523 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [2] | 28,049 | 8,501 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [2] | 19,718 | 55,202 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [2] | 19,861,615 | 19,824,055 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [2] | 14,000 | 21,112 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [2] | 13,619 | 130,806 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Discount Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [3] | 1,043,000 | 865,000 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 2,503 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 0 | 2,480 |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 7,821,545 | 5,260,288 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 6,670 | 9,810 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,578 | 9,670 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 255,000 | 2,500 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 25 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 16 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,144 | 3,156 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 10 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Mortgages [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 339,600 | 150,600 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 343 | 158 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,118 | 198 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Discount Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,000,000 | 0 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Intermediary Transactions [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 842,036 | 1,228,345 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5,312 | 3,742 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 2,355 | 6,245 | |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 925,000 | 425,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 328 | 1,425 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,069 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Mortgages [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 145,000 | 185,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 381 | 1,234 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 31,765 | 11,687 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 94 | 62 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Held-to-maturity Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 500,000 | 1,000,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 6 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | InterestRateCapsAndFloors [Member] | Intermediary Transactions [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 80,000 | 541,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 12 | 3,178 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 12 | 3,178 | |
Not Designated as Hedging Instrument, Trading [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,700,000 | 1,713,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 171 | 5 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 8 | $ 39 | |
[1] | Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. | ||
[2] | Derivatives designated as fair value hedges. | ||
[3] | Derivatives designated as cash flow hedges. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Net gains (losses) on fair value and cash flow hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Advances | $ 906,671 | $ 828,929 | [1] | $ 421,588 | [1] | |
Available-for-sale securities | 465,023 | 417,793 | [1] | 239,193 | [1] | |
Interest Expense, Other Long-term Debt | (711,240) | (659,943) | [1] | (327,644) | [1] | |
Interest Expense, Other Short-term Borrowings | (780,165) | (560,824) | [1] | (233,698) | [1] | |
Net gains (losses) on derivatives and hedging activities | 24,687 | (10,256) | [1] | 4,668 | [1] | |
Total other comprehensive income (loss) | (28,952) | (92,325) | [1] | 157,116 | [1] | |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [2] | 0 | 1,822 | (3,436) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (54,777) | (823) | (2,570) | |||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Comprehensive Income (Loss) [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (1,829) | (950) | [1] | 2,375 | [1] | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (54,777) | (823) | [1] | (2,570) | [1] | |
Net Gain (Loss) on Cash Flow Hedging Relationship | (56,606) | (1,773) | [1] | (195) | [1] | |
Interest Rate Contract [Member] | Gain (Loss) on Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1] | 120,825 | 99,962 | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [1],[3] | (119,003) | (103,398) | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 1,822 | (3,436) | |||
Advances [Member] | Interest Rate Contract [Member] | Interest Income [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (122,094) | 17,492 | [1] | (31,950) | [1] | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 170,055 | 0 | [1],[3] | 0 | [1],[3] | |
Gain (Loss) On Fair Value Hedging Relationship | 47,961 | 17,492 | [1] | (31,950) | [1] | |
Available-for-sale Securities [Member] | Interest Rate Contract [Member] | Interest Income [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (760,621) | 22,474 | [1] | (104,042) | [1] | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 796,381 | 0 | [1],[3] | 0 | [1],[3] | |
Gain (Loss) On Fair Value Hedging Relationship | 35,760 | 22,474 | [1] | (104,042) | [1] | |
Consolidated Obligation Bonds [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 212,198 | (39,478) | [1] | 39,831 | [1] | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (245,307) | 0 | [1],[3] | 0 | [1],[3] | |
Gain (Loss) On Fair Value Hedging Relationship | (33,109) | (39,478) | [1] | 39,831 | [1] | |
Consolidated Obligation Discount Notes [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1] | 0 | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [1],[3] | 0 | ||||
Gain (Loss) On Fair Value Hedging Relationship | [1] | 0 | ||||
Consolidated Obligation Discount Notes [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 1,829 | 950 | [1] | (2,375) | [1] | |
Net Gain (Loss) on Cash Flow Hedging Relationship | $ 1,829 | $ 950 | [1] | $ (2,375) | [1] | |
[1] | Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. | |||||
[2] | For the year ended December 31, 2019, all of the effects of derivatives and associated hedged items in ASC 815 fair value hedging relationships are reported in net interest income. | |||||
[3] | Excludes amortization/accretion on closed fair value relationships. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) $ in Thousands | Dec. 31, 2019USD ($) | |
Advances [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Asset, Fair Value Hedge | $ 10,283,221 | [1] |
HedgedAssetActiveFairValueHedgeCumulativeIncreaseDecrease | 175,343 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 4,978 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 180,321 | [2] |
Available-for-sale Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Asset, Fair Value Hedge | 16,621,667 | [1] |
HedgedAssetActiveFairValueHedgeCumulativeIncreaseDecrease | 346,741 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (985) | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 345,756 | [2] |
Consolidated Obligation Bonds [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Liability, Fair Value Hedge | (20,310,223) | [1] |
HedgedLiabilityActiveFairValueHedgeCumulativeIncreaseDecrease | (64,027) | |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (1,654) | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (65,681) | [2] |
[1] | Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. | |
[2] | Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Net gains (losses) on derivatives and hedging activities in other income (loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | $ 0 | $ 1,822 | $ (3,436) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 24,449 | (2,186) | 7,339 | |||
Derivative Instruments, Other Gain (Loss) | [2] | 238 | (9,892) | 765 | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 24,687 | (10,256) | [3] | 4,668 | [3] | |
Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 0 | 1,866 | (3,414) | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 28,408 | (2,586) | 3,730 | |||
Interest Rate Swaption [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 0 | (44) | (22) | ||
Interest Rate Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2,728) | (239) | 0 | |||
NetInterestSettlements [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (3,414) | (1,389) | 1,535 | |||
InterestRateCapsAndFloors [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 86 | 116 | (255) | |||
Forward Contracts [Member] | Mortgage Receivable [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2,097 | $ 1,912 | $ 2,329 | |||
[1] | For the year ended December 31, 2019, all of the effects of derivatives and associated hedged items in ASC 815 fair value hedging relationships are reported in net interest income. | |||||
[2] | The amounts reported for the year ended December 31, 2019 reflect the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments under ASC 815. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments under ASC 815 are recorded in the same line item as the earnings effect of the hedged item. The amounts reported for the years ended December 31, 2018 and 2017 reflect the price alignment amounts on variation margin for all daily settled derivative contracts. | |||||
[3] | Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 54,943,177 | $ 49,101,899 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 5,346 | |
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years | |
Exchange Cleared [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 33,700,000 | |
Over the Counter [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 20,700,000 | |
Member Counterparties [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 500,000 |
Capital (Details)
Capital (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 21, 2015 | ||
Capital Narrative [Abstract] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 100 | ||||
Membership Investment Requirement, Percent of Members Total Assets as of Previous Calendar Year | 0.04% | ||||
Membership Investment Requirement, Minimum Dollar Amount | $ 1,000 | ||||
Membership Investment Requirement, Maximum Dollar Amount | $ 7,000,000 | ||||
Activity Based Investment Requirement, Percent of Outstanding Advances | 4.10% | 4.10% | |||
Activity Based Requirement, Special Advances Program | 2.00% | ||||
Surplus Stock Threshold Percentage | 125.00% | ||||
Minimum Stock Surplus Required For Repurchase | $ 2,500,000 | ||||
Repurchased Surplus Stock During The Period | $ 739,733,000 | $ 764,264,000 | $ 423,322,000 | ||
Number of Finance Agency Regulatory Capital Requirements | 3 | ||||
Multiplier for Determining Permanent Capital in Leverage Capital Calculation | 1.5 | ||||
Interest Expense, Capital Securities | $ 189,000 | 101,000 | 107,000 | ||
Joint Capital Enhancement Agreement Percentage | 20.00% | ||||
Percent of Average Balance of Outstanding Consolidated Obligations Prescribed per the Joint Capital Enhancement Agreement For Each Previous Quarter | 1.00% | ||||
Excess Stock [Abstract] | |||||
Excess Capital Stock | $ 624,902,000 | 575,205,000 | |||
Excess Capital Mandatorily Redeemable Capital Stock Portion | 2,066,000 | 975,000 | |||
Excess Capital Stock And Excess Mandatorily Redeemable Capital Stock | 626,968,000 | 576,180,000 | |||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||
Federal Home Loan Bank, Risk-Based Capital, Required | 881,970,000 | 1,159,443,000 | |||
Federal Home Loan Bank, Risk-Based Capital, Actual | 3,706,059,000 | 3,643,234,000 | |||
Federal Home Loan Bank, Regulatory Capital, Required | 3,015,264,000 | 2,910,932,000 | |||
Federal Home Loan Bank, Regulatory Capital, Actual | $ 3,706,059,000 | $ 3,643,234,000 | |||
Regulatory Capital Ratio, Required | 4.00% | 4.00% | |||
Federal Home Loan Bank, Regulatory Capital Ratio, Actual | 4.92% | 5.01% | |||
Federal Home Loan Bank, Leverage Capital, Required | $ 3,769,080,000 | $ 3,638,665,000 | |||
Federal Home Loan Bank, Leverage Capital, Actual | $ 5,559,088,000 | $ 5,464,851,000 | |||
Leverage Ratio, Required | 5.00% | 5.00% | |||
Leverage Ratio, Actual | 7.37% | 7.51% | |||
Mandatorily Redeemable Capital Stock by Maturity Date [Abstract] | |||||
Financial Instruments Subject to Mandatory Redemption, Redeemable within One year | $ 214,000 | ||||
Financial Instruments Subject to Mandatory Redemption, Redeemable in Year Three | 428,000 | ||||
Financial Instruments Subject to Mandatory Redemption, Redeemable in Year Four | 6,228,000 | ||||
Financial Instruments Subject to Mandatory Redemption, Redeemable in Year Five | 270,000 | ||||
Mandatorily Redeemable Capital Stock [Roll Forward] | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Beginning Balance | 6,979,000 | $ 5,941,000 | 3,417,000 | ||
GrossSharesReclassifiedToMandatorilyRedeemableCapitalStockValue | 2,326,000 | 6,688,000 | 20,269,000 | ||
Mandatorily Redeemable Capital Stock reclassified to Equity | (112,000) | (39,000) | |||
Repayments of Mandatory Redeemable Capital Securities | (2,391,000) | (5,675,000) | (17,934,000) | ||
Dividends Common Stock Mandatorily Redeemable Capital Stock | 226,000 | 137,000 | 228,000 | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Ending Balance | $ 7,140,000 | $ 6,979,000 | $ 5,941,000 | ||
Number of Stockholders Holding Mandatorily Redeemable Capital Stock [Roll Forward] | |||||
Number of Stockholders Holding Mandatorily Redeemable Capital Stock, Beginning Balance | 8 | 15 | 15 | ||
Federal Home Loan, Bank Non Member Due to Merger | 2 | 1 | 2 | ||
Federal Home Loan, Bank Voluntary Termination or Notices Received and Pending | 0 | 1 | 1 | ||
Federal Home Loan, Bank Involuntary Termination | [1] | 0 | 1 | 1 | |
Federal Home Loan Bank, NonMembers Reclassified to Members | 0 | (1) | 0 | ||
Federal Home Loan Bank, Number of Completed Membership Terminations | (4) | (9) | (4) | ||
Number of Stockholders Holding Mandatorily Redeemable Capital Stock, Ending Balance | 6 | 8 | 15 | ||
RepurchasedSurplusStockMRCSPortion | $ 2,296,000 | $ 5,501,000 | |||
Minimum [Member] | |||||
Capital Narrative [Abstract] | |||||
Activity Based Investment Requirement, Percent of Outstanding Advances | 2.00% | ||||
Maximum [Member] | |||||
Capital Narrative [Abstract] | |||||
Activity Based Investment Requirement, Percent of Outstanding Advances | 5.00% | ||||
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Pentegra Defined Benefit Plan (
Pentegra Defined Benefit Plan (Details) - Pentegra Defined Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2019 | Jul. 01, 2018 | Jul. 01, 2017 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 5,200 | $ 5,200 | $ 5,214 | |||||
Pentegra Defined Benefit Plan Funded Status as of July 1 | 108.60% | [1] | 111.00% | [2] | 111.80% | |||
FHLBank's funded status as of July 1 | 94.80% | 97.40% | 97.70% | |||||
[1] | The Pentegra DB Plan's funded status as of July 1, 2019 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2019 through March 15, 2020. Contributions made during the period from July 1, 2019 through March 15, 2020 and designated for the plan year ended June 30, 2019 will be included in the final valuation as of July 1, 2019. The final funded status as of July 1, 2019 will not be available until the Form 5500 for the plan year July 1, 2019 through June 30, 2020 is filed (this Form 5500 is due to be filed no later than April 2021). | |||||||
[2] | The Pentegra DB Plan's funded status as of July 1, 2018 is preliminary and may increase because the plan's participants were permitted to make contributions for the plan year ended June 30, 2018 through March 15, 2019. Contributions made during the period from July 1, 2018 through March 15, 2019 and designated for the plan year ended June 30, 2018 will be included in the final valuation as of July 1, 2018. The final funded status as of July 1, 2018 will not be available until the Form 5500 for the plan year July 1, 2018 through June 30, 2019 is filed (this Form 5500 is due to be filed no later than April 2020). |
Employee Retirement Plans Narra
Employee Retirement Plans Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 135645888 | |||
Defined Contribution Plans [Member] | ||||
Defined Contribution Plan [Abstract] | ||||
Defined Contribution Plan, Cost | $ 1,651 | $ 1,440 | $ 1,411 | |
Non-qualified Deferred Compensation Plan [Member] | ||||
Defined Contribution Plan [Abstract] | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 6,998 | 5,528 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1,136 | (268) | 585 | |
Directors' non-qualified deferred compensation plan [Member] | ||||
Defined Contribution Plan [Abstract] | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 3,338 | 2,671 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 343 | (113) | $ 192 | |
Special Non-Qualified Deferred Compensation Plan [Member] | ||||
Defined Contribution Plan [Abstract] | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 3,809 | $ 4,062 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Future Amortization of Net Prior Service Cost (Credit) | 20 | |||
Defined Benefit Plan, Future Amortization of Net Gains (Losses) | $ 80 | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.20% | 5.50% | 6.60% | 7.60% |
Defined Benefit Plan, Assumed Health Care Cost Trend Rate, Description | decline by 0.03 percent | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 3.80% | |||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2075 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.34% | 4.10% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.10% | 3.74% | 3.12% | |
Pentegra Defined Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plan Number | 333 |
Employee Retirement Plans Recon
Employee Retirement Plans Reconciliation of the APBO (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 566 | $ 550 | |
Defined Benefit Plan, Service Cost | 27 | 28 | $ 25 |
Defined Benefit Plan, Interest Cost | 23 | 25 | 19 |
Actuarial (gain) loss | 152 | 161 | (204) |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 174 | 180 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (306) | (378) | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 636 | 566 | 550 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Benefits paid by the Bank | 132 | 198 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 174 | 180 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (306) | (378) | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (636) | $ (566) |
Employee Retirement Plans Amoun
Employee Retirement Plans Amounts recognized in AOCI (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (152) | $ (161) | $ 204 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 1,139 | 1,385 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (89) | (109) | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 1,050 | $ 1,276 |
Employee Retirement Plans Compo
Employee Retirement Plans Components of net periodic benefit cost (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 27 | $ 28 | $ 25 |
Defined Benefit Plan, Interest Cost | 23 | 25 | 19 |
Defined Benefit Plan, Amortization of Prior Service Cost | 20 | 20 | 20 |
Amortization of net actuarial gain | (94) | (100) | (107) |
Defined Benefit Plan, Net Periodic Benefit Credit | $ (24) | $ (27) | $ (43) |
Employee Retirement Plans Chang
Employee Retirement Plans Changes in benefit obligations in OCI (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost included in net periodic benefit cost | $ 20 | $ 20 | $ 20 |
Actuarial gain (loss) | (152) | (161) | 204 |
Amortization of net actuarial gain included in net periodic benefit cost | (94) | (100) | (107) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | $ (226) | $ (241) | $ 117 |
Employee Retirement Plans Expec
Employee Retirement Plans Expected net postretirement benefit payments (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 101 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 93 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 80 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 53 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 32 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 66 |
Defined Benefit Plan Expected Future Benefit Payments | $ 425 |
Estimated Fair Values (Carrying
Estimated Fair Values (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||||
Cash and due from banks | $ 20,551 | $ 35,157 | |||
Trading securities | 5,460,136 | 1,818,178 | |||
Debt Securities, Available-for-sale | 16,766,500 | 15,825,155 | |||
Held-to-maturity securities | 1,206,170 | 1,462,279 | |||
Held-to-maturity securities, Fair Value | 1,215,580 | 1,478,691 | |||
Accrued interest receivable | 154,218 | 152,670 | |||
Derivative assets | 41,271 | 9,878 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (15,068) | (33,818) | ||
Other Assets, Fair Value Disclosure | 14,222 | 12,376 | |||
Consolidated obligations | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 7,140 | 6,979 | $ 5,941 | $ 3,417 | |
Accrued interest payable | 115,350 | 122,938 | |||
Derivative liabilities | 3,855 | 45,991 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (168,580) | (188,688) | ||
Carrying Value [Member] | |||||
Assets | |||||
Cash and due from banks | 20,551 | 35,157 | |||
Interest-bearing deposits | 1,670,249 | 2,500,317 | |||
Securities purchased under agreements to resell | 4,310,000 | 6,215,000 | |||
Federal funds sold | 4,505,000 | 1,731,000 | |||
Trading securities | 5,460,136 | 1,818,178 | |||
Debt Securities, Available-for-sale | 16,766,500 | 15,825,155 | |||
Held-to-maturity securities | 1,206,170 | 1,462,279 | |||
Advances | 37,117,455 | 40,793,813 | |||
Mortgage loans held for portfolio, net | 4,075,464 | 2,185,503 | |||
Accrued interest receivable | 154,218 | 152,670 | |||
Derivative assets | 41,271 | 9,878 | |||
Other Assets, Fair Value Disclosure | 14,222 | 12,376 | |||
Liabilities | |||||
Deposits | 1,286,219 | 963,992 | |||
Consolidated obligations | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 7,140 | 6,979 | |||
Accrued interest payable | 115,350 | 122,938 | |||
Derivative liabilities | 3,855 | 45,991 | |||
Fair Value [Member] | |||||
Assets | |||||
Cash and due from banks | 20,551 | 35,157 | |||
Interest-bearing deposits | 1,670,249 | 2,500,317 | |||
Securities purchased under agreements to resell | 4,310,000 | 6,215,000 | |||
Federal funds sold | 4,505,000 | 1,731,000 | |||
Trading securities | 5,460,136 | 1,818,178 | |||
Debt Securities, Available-for-sale | 16,766,500 | 15,825,155 | |||
Held-to-maturity securities, Fair Value | 1,215,580 | 1,478,691 | |||
Advances | 37,092,230 | 40,720,636 | |||
Mortgage loans held for portfolio, net | 4,109,758 | 2,161,720 | |||
Accrued interest receivable | 154,218 | 152,670 | |||
Derivative assets | 41,271 | 9,878 | |||
Other Assets, Fair Value Disclosure | 14,222 | 12,376 | |||
Liabilities | |||||
Deposits | 1,286,258 | 964,017 | |||
Consolidated obligations | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 7,140 | 6,979 | |||
Accrued interest payable | 115,350 | 122,938 | |||
Derivative liabilities | 3,855 | 45,991 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Assets | |||||
Cash and due from banks | 20,551 | 35,157 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under agreements to resell | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-sale | 0 | 0 | |||
Held-to-maturity securities, Fair Value | 0 | 0 | |||
Advances | 0 | 0 | |||
Mortgage loans held for portfolio, net | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Other Assets, Fair Value Disclosure | 14,222 | 12,376 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Consolidated obligations | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 7,140 | 6,979 | |||
Accrued interest payable | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Assets | |||||
Cash and due from banks | 0 | 0 | |||
Interest-bearing deposits | 1,670,249 | 2,500,317 | |||
Securities purchased under agreements to resell | 4,310,000 | 6,215,000 | |||
Federal funds sold | 4,505,000 | 1,731,000 | |||
Trading securities | 5,460,136 | 1,818,178 | |||
Debt Securities, Available-for-sale | 16,766,500 | 15,825,155 | |||
Held-to-maturity securities, Fair Value | 1,150,175 | 1,400,536 | |||
Advances | 37,092,230 | 40,720,636 | |||
Mortgage loans held for portfolio, net | 4,109,758 | 2,161,720 | |||
Accrued interest receivable | 154,218 | 152,670 | |||
Derivative assets | 56,339 | 43,696 | |||
Other Assets, Fair Value Disclosure | 0 | 0 | |||
Liabilities | |||||
Deposits | 1,286,258 | 964,017 | |||
Consolidated obligations | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 0 | 0 | |||
Accrued interest payable | 115,350 | 122,938 | |||
Derivative liabilities | 172,435 | 234,679 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Assets | |||||
Cash and due from banks | 0 | 0 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under agreements to resell | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-sale | 0 | 0 | |||
Held-to-maturity securities, Fair Value | 65,405 | 78,155 | |||
Advances | 0 | 0 | |||
Mortgage loans held for portfolio, net | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Other Assets, Fair Value Disclosure | 0 | ||||
Liabilities | |||||
Deposits | 0 | 0 | |||
Consolidated obligations | |||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 0 | 0 | |||
Accrued interest payable | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Consolidated Obligation Discount Notes [Member] | Carrying Value [Member] | |||||
Consolidated obligations | |||||
Discount notes, Fair Value | 34,327,886 | 35,731,713 | |||
Consolidated Obligation Discount Notes [Member] | Fair Value [Member] | |||||
Consolidated obligations | |||||
Discount notes, Fair Value | 34,325,476 | 35,723,208 | |||
Consolidated Obligation Discount Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Consolidated obligations | |||||
Discount notes, Fair Value | 0 | 0 | |||
Consolidated Obligation Discount Notes [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Consolidated obligations | |||||
Discount notes, Fair Value | 34,325,476 | 35,723,208 | |||
Consolidated Obligation Discount Notes [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Consolidated obligations | |||||
Discount notes, Fair Value | 0 | 0 | |||
Consolidated Obligation Bonds [Member] | Carrying Value [Member] | |||||
Consolidated obligations | |||||
Bonds, Fair Value | 35,745,827 | 31,931,929 | |||
Consolidated Obligation Bonds [Member] | Fair Value [Member] | |||||
Consolidated obligations | |||||
Bonds, Fair Value | 35,757,691 | 31,850,858 | |||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Consolidated obligations | |||||
Bonds, Fair Value | 0 | 0 | |||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Consolidated obligations | |||||
Bonds, Fair Value | 35,757,691 | 31,850,858 | |||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Consolidated obligations | |||||
Bonds, Fair Value | $ 0 | $ 0 | |||
[1] | Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 492 | ||
Derivative, Collateral, Right to Reclaim Cash | 156,676 | $ 163,887 | |
Operating Leases, Rent Expense, Net | 360 | 329 | $ 370 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,482 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 440 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 420 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 432 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 293 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 1,438 | ||
Operating Leases, Future Minimum Payments Due | 3,515 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 1,009 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 236 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 106 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 5 | ||
Operating Leases Future Minimum Payments Receivable Due | 2,838 | ||
Other FHLBanks [Member] | |||
Commitments and Contingencies [Line Items] | |||
Debt, Gross | 956,000,000 | 964,000,000 | |
Loan Origination Commitments [Member] | |||
Commitments and Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 19,397 | 124,223 | |
Fair Value Disclosures, Off-balance Sheet Risks, Face Amount, Expiring in 2020 | $ 18,722 | ||
Standby Letters of Credit [Member] | |||
Commitments and Contingencies [Line Items] | |||
Standby Letters of Credit, Final Expiration Year | 2026 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 21,781,829 | 18,538,265 | |
Unearned Fees on Standby Letters of Credit | 5,518 | 4,801 | |
Purchase Commitment [Member] | |||
Commitments and Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 484,872 | 449,890 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2022 | 185,882 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2023 | 246,162 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2024 | 52,828 | ||
Conventional Mortgage Loan [Member] | |||
Commitments and Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 31,765 | 11,687 | |
Consolidated Obligation Bonds [Member] | |||
Commitments and Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 115,000 | 20,000 | |
Consolidated Obligation Discount Notes [Member] | |||
Commitments and Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 679,510 | 323,652 | |
Building and Building Improvements [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 444 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 408 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 420 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 432 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 293 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 1,438 | ||
Operating Leases, Future Minimum Payments Due | 3,435 | ||
Furniture and Equipment, Rental Expense, Operating Lease [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 48 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 32 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | ||
Operating Leases, Future Minimum Payments Due | 80 | ||
Available-for-sale Securities [Member] | |||
Commitments and Contingencies [Line Items] | |||
Derivative, Collateral, Right to Receive Securities | $ 842,256 | $ 712,547 | |
Maximum [Member] | |||
Commitments and Contingencies [Line Items] | |||
Maximum Original Term of Standby Letters of Credit | 8 years |
Transactions with Shareholders
Transactions with Shareholders (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Transactions with Shareholders [Line Items] | |||
Advances by Federal Home Loan Bank | $ 37,117,455 | $ 40,793,813 | |
Common Stock, Value, Outstanding | $ 2,590,000 | ||
Directors' Financial Institutions [Member] | |||
Transactions with Shareholders [Line Items] | |||
Advances by Federal Home Loan Bank | $ 1,044,633 | $ 792,946 | |
Federal Home Loan Bank Advances At Par Value As Percentage of Total Advances Outstanding | 2.80% | 1.90% | |
Common Stock, Value, Outstanding | $ 72,789 | $ 54,440 | |
Capital Stock, Percent | 2.90% | 2.10% |
Transactions with Other FHLBa_3
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Other Transactions [Line Items] | |||
Interest Income, Loans to Other Federal Home Loan Banks | $ 20 | $ 13 | |
Loans Made to Other FHLBanks [Roll Forward] | |||
Loans to other FHLBanks, Beginning of period | 0 | $ 0 | 290,000 |
Loans to other FHLBanks, End of period | 0 | 0 | 0 |
Interest Expense, Loans from Other Federal Home Loan Banks | 109 | 76 | 23 |
Borrowings From Other FHLBanks [Roll Forward] | |||
Loans from other FHLBanks, Beginning of period | 0 | 0 | 0 |
Loans from other FHLBanks, End of period | 0 | 0 | 0 |
Federal Home Loan Bank of Boston [Member] | |||
Loans Made to Other FHLBanks [Roll Forward] | |||
Loans made to other FHLBanks | 300,000 | 225,000 | |
Collections from other FHLBanks | (300,000) | (225,000) | |
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 150,000 | 175,000 | 0 |
Repayments to other FHLBanks | (150,000) | (175,000) | 0 |
FHLBank of Des Moines [Member] | |||
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 0 | 500,000 | 0 |
Repayments to other FHLBanks | 0 | (500,000) | 0 |
FHLBank of Atlanta [Member] | |||
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 0 | 0 | 250,000 |
Repayments to other FHLBanks | 0 | 0 | (250,000) |
FHLBank of Topeka [Member] | |||
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 0 | 0 | 10,000 |
Repayments to other FHLBanks | 0 | 0 | (10,000) |
Federal Home Loan Bank of Cincinnati [Member] | |||
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 0 | 500,000 | 0 |
Repayments to other FHLBanks | 0 | (500,000) | 0 |
Federal Home Loan Bank of Indianapolis [Member] | |||
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 40,000 | 620,000 | 30,000 |
Repayments to other FHLBanks | (40,000) | (620,000) | (30,000) |
Federal Home Loan Bank of New York [Member] | |||
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 250,000 | 0 | 0 |
Repayments to other FHLBanks | (250,000) | 0 | 0 |
Federal Home Loan Bank of San Francisco [Member] | |||
Loans Made to Other FHLBanks [Roll Forward] | |||
Collections from other FHLBanks | 0 | (290,000) | |
Borrowings From Other FHLBanks [Roll Forward] | |||
Borrowings from other FHLBanks | 400,000 | 45,000 | 0 |
Repayments to other FHLBanks | $ (400,000) | $ (45,000) | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive income (Loss), start of period | $ 128,001 | |||||
Reclassifications from accumulated other comprehensive income (loss) to net income | ||||||
Reclassification adjustment for net realized gains on sales of available-for-sale securities included in net income | (852) | $ 0 | $ (1,399) | |||
Reclassification adjustment for losses (gains) on cash flow hedges included in net income | (1,829) | (950) | 2,375 | |||
Other amounts of other comprehensive income (loss) | ||||||
Net unrealized gains (losses) on available-for-sale securities | 26,705 | (93,245) | 155,037 | |||
Unrealized losses on cash flow hedges | (54,777) | (823) | (2,570) | |||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 2,027 | 2,934 | 3,556 | |||
Total other comprehensive income (loss) | (28,952) | (92,325) | [1] | 157,116 | [1] | |
Accumulated Other Comprehensive Income (loss), end of period | 99,049 | 128,001 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive income (Loss), start of period | [2] | 118,980 | 212,225 | 58,587 | ||
Reclassifications from accumulated other comprehensive income (loss) to net income | ||||||
Reclassification adjustment for net realized gains on sales of available-for-sale securities included in net income | [2] | (852) | (1,399) | |||
Other amounts of other comprehensive income (loss) | ||||||
Net unrealized gains (losses) on available-for-sale securities | [2] | 26,705 | (93,245) | 155,037 | ||
Total other comprehensive income (loss) | [2] | 25,853 | (93,245) | 153,638 | ||
Accumulated Other Comprehensive Income (loss), end of period | [2] | 144,833 | 118,980 | 212,225 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive income (Loss), start of period | 18,412 | 20,185 | 20,380 | |||
Reclassifications from accumulated other comprehensive income (loss) to net income | ||||||
Reclassification adjustment for losses (gains) on cash flow hedges included in net income | (1,829) | (950) | 2,375 | |||
Other amounts of other comprehensive income (loss) | ||||||
Unrealized losses on cash flow hedges | (54,777) | (823) | (2,570) | |||
Total other comprehensive income (loss) | (56,606) | (1,773) | (195) | |||
Accumulated Other Comprehensive Income (loss), end of period | (38,194) | 18,412 | 20,185 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive income (Loss), start of period | 1,276 | 1,517 | 1,400 | |||
Reclassifications from accumulated other comprehensive income (loss) to net income | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (74) | (80) | (87) | |||
Other amounts of other comprehensive income (loss) | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | (152) | (161) | 204 | |||
Total other comprehensive income (loss) | (226) | (241) | 117 | |||
Accumulated Other Comprehensive Income (loss), end of period | 1,050 | 1,276 | 1,517 | |||
AOCI Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive income (Loss), start of period | 128,001 | 220,326 | 63,210 | |||
Reclassifications from accumulated other comprehensive income (loss) to net income | ||||||
Reclassification adjustment for net realized gains on sales of available-for-sale securities included in net income | (852) | (1,399) | ||||
Reclassification adjustment for losses (gains) on cash flow hedges included in net income | (1,829) | (950) | 2,375 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (74) | (80) | (87) | |||
Other amounts of other comprehensive income (loss) | ||||||
Net unrealized gains (losses) on available-for-sale securities | 26,705 | (93,245) | 155,037 | |||
Unrealized losses on cash flow hedges | (54,777) | (823) | (2,570) | |||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 2,027 | 2,934 | 3,556 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | (152) | (161) | 204 | |||
Total other comprehensive income (loss) | (28,952) | (92,325) | 157,116 | |||
Accumulated Other Comprehensive Income (loss), end of period | 99,049 | 128,001 | 220,326 | |||
Held-to-maturity Securities [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive income (Loss), start of period | (10,667) | (13,601) | (17,157) | |||
Other amounts of other comprehensive income (loss) | ||||||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 2,027 | 2,934 | 3,556 | |||
Total other comprehensive income (loss) | 2,027 | 2,934 | 3,556 | |||
Accumulated Other Comprehensive Income (loss), end of period | $ (8,640) | $ (10,667) | $ (13,601) | |||
[1] | Prior year amounts have not been reclassified to conform to the new hedge accounting presentation requirements which became effective on January 1, 2019. | |||||
[2] | Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. |