QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Federally chartered corporation of the | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company |
Shares outstanding as of April 30, 2024 | |||||||||||
Class B Stock, par value $100 | |||||||||||
Table of Contents | |||||||||||
Part I - Financial Information | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II - Other Information | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest-bearing deposits (Note 3) | ||||||||||||||
Securities purchased under agreements to resell (Note 3) | ||||||||||||||
Federal funds sold (Note 3) | ||||||||||||||
Investment securities (Note 3) | ||||||||||||||
Trading securities | ||||||||||||||
Available-for-sale securities (amortized cost of $ | ||||||||||||||
Held-to-maturity securities (fair value of $ | ||||||||||||||
Total investment securities | ||||||||||||||
Advances (Note 4) | ||||||||||||||
Mortgage loans held for portfolio, net of allowance for credit losses of $ | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Derivative assets, net (Note 6) | ||||||||||||||
Other assets, net | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Deposits | ||||||||||||||
Interest-bearing | $ | $ | ||||||||||||
Non-interest-bearing | ||||||||||||||
Total deposits | ||||||||||||||
Consolidated obligations (Note 7) | ||||||||||||||
Discount notes (includes $ | ||||||||||||||
Bonds | ||||||||||||||
Total consolidated obligations | ||||||||||||||
Mandatorily redeemable capital stock (Note 8) | ||||||||||||||
Accrued interest payable | ||||||||||||||
Affordable Housing Program payable | ||||||||||||||
Derivative liabilities, net (Note 6) | ||||||||||||||
Other liabilities | ||||||||||||||
TOTAL LIABILITIES | ||||||||||||||
Commitments and contingencies (Note 10) | ||||||||||||||
CAPITAL (Note 8) | ||||||||||||||
Capital stock - Class B putable ($ | ||||||||||||||
Retained earnings | ||||||||||||||
Unrestricted | ||||||||||||||
Restricted | ||||||||||||||
Total retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
TOTAL CAPITAL | ||||||||||||||
TOTAL LIABILITIES AND CAPITAL | $ | $ |
The accompanying notes are an integral part of these financial statements. |
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
INTEREST INCOME | ||||||||||||||
Advances | $ | $ | ||||||||||||
Interest-bearing deposits | ||||||||||||||
Securities purchased under agreements to resell | ||||||||||||||
Federal funds sold | ||||||||||||||
Trading securities | ||||||||||||||
Available-for-sale securities | ||||||||||||||
Held-to-maturity securities | ||||||||||||||
Mortgage loans held for portfolio | ||||||||||||||
Total interest income | ||||||||||||||
INTEREST EXPENSE | ||||||||||||||
Consolidated obligations - Discount notes | ||||||||||||||
Consolidated obligations - Bonds | ||||||||||||||
Deposits | ||||||||||||||
Borrowings from other FHLBanks | ||||||||||||||
Total interest expense | ||||||||||||||
NET INTEREST INCOME | ||||||||||||||
Provision (reversal) for credit losses on mortgage loans | ( | |||||||||||||
NET INTEREST INCOME AFTER PROVISION (REVERSAL) FOR CREDIT LOSSES | ||||||||||||||
OTHER INCOME (LOSS) | ||||||||||||||
Net gains (losses) on trading securities | ( | |||||||||||||
Net gains (losses) on financial instruments held under fair value option | ( | |||||||||||||
Net gains (losses) on derivatives | ( | |||||||||||||
Net gains (losses) on extinguishment of debt | ||||||||||||||
Other, net | ||||||||||||||
Total other income (loss) | ( | |||||||||||||
OTHER EXPENSE | ||||||||||||||
Compensation and benefits | ||||||||||||||
Contractual services | ||||||||||||||
Professional fees | ||||||||||||||
Other operating expenses | ||||||||||||||
Federal Housing Finance Agency | ||||||||||||||
Office of Finance | ||||||||||||||
Community and housing contributions | ||||||||||||||
Other, net | ||||||||||||||
Total other expense | ||||||||||||||
NET INCOME BEFORE ASSESSMENTS | ||||||||||||||
Affordable Housing Program assessments | ||||||||||||||
NET INCOME | $ | $ |
The accompanying notes are an integral part of these financial statements. |
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income (loss) | ||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | ( | |||||||||||||
Pension and postretirement benefits | ||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | $ |
The accompanying notes are an integral part of these financial statements. |
Capital Stock Class B (putable) | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | ||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Repurchases/redemptions of capital stock | ( | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2023 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2023 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Repurchases/redemptions of capital stock | ( | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2024 | $ | $ | $ | $ | $ | ( | $ |
The accompanying notes are an integral part of these financial statements. |
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||||||||
Depreciation and amortization/(accretion) | ( | |||||||||||||
Net (gains) losses on trading securities | ( | |||||||||||||
Net (gains) losses on financial instruments held under fair value option | ( | |||||||||||||
Net change in derivatives and hedging activities | ( | |||||||||||||
Net (gains) losses on extinguishment of debt | ( | |||||||||||||
Other adjustments, net | ( | |||||||||||||
Net change in: | ||||||||||||||
Accrued interest receivable | ( | |||||||||||||
Other assets | ( | |||||||||||||
Accrued interest payable | ( | |||||||||||||
Other liabilities | ( | |||||||||||||
Total adjustments | ||||||||||||||
Net cash provided by (used in) operating activities | ||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Net change in: | ||||||||||||||
Interest-bearing deposits | ( | ( | ||||||||||||
Securities purchased under agreements to resell | ( | ( | ||||||||||||
Federal funds sold | ( | ( | ||||||||||||
Trading securities | ||||||||||||||
Proceeds from sales | ||||||||||||||
Proceeds from maturities and paydowns | ||||||||||||||
Available-for-sale securities | ||||||||||||||
Proceeds from maturities and paydowns | ||||||||||||||
Purchases | ( | ( | ||||||||||||
Held-to-maturity securities | ||||||||||||||
Proceeds from maturities and paydowns | ||||||||||||||
Advances | ||||||||||||||
Repaid | ||||||||||||||
Originated | ( | ( | ||||||||||||
Mortgage loans held for portfolio | ||||||||||||||
Principal collected | ||||||||||||||
Purchased | ( | ( | ||||||||||||
Other investing activities, net | ( | ( | ||||||||||||
Net cash provided by (used in) investing activities | ( |
The accompanying notes are an integral part of these financial statements. |
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Net change in deposits | ||||||||||||||
Borrowings from other FHLBanks | ||||||||||||||
Net proceeds from issuance of consolidated obligations | ||||||||||||||
Discount notes | ||||||||||||||
Bonds | ||||||||||||||
Payments for maturing and retiring consolidated obligations | ||||||||||||||
Discount notes | ( | ( | ||||||||||||
Bonds | ( | ( | ||||||||||||
Proceeds from issuance of capital stock | ||||||||||||||
Payments for repurchases/redemptions of capital stock | ( | ( | ||||||||||||
Payments for repurchases/redemptions of mandatorily redeemable capital stock | ( | ( | ||||||||||||
Cash dividends paid | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Net increase (decrease) in cash and due from banks | ( | |||||||||||||
Cash and due from banks at beginning of the period | ||||||||||||||
Cash and due from banks at end of the period | $ | $ | ||||||||||||
SUPPLEMENTAL DISCLOSURES | ||||||||||||||
Cash Transactions: | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Affordable Housing Program payments | ||||||||||||||
Non-Cash Transactions: | ||||||||||||||
Capitalized interest on reverse mortgage investment securities | ||||||||||||||
Traded but not settled investment security purchases | ||||||||||||||
The accompanying notes are an integral part of these financial statements. |
March 31, 2024 | December 31, 2023 | ||||||||||
Non-mortgage-backed securities | |||||||||||
U.S. Treasury obligations1 | $ | $ | |||||||||
Other U.S. obligations1 | |||||||||||
GSE and Tennessee Valley Authority obligations | |||||||||||
Other2 | |||||||||||
Total fair value | $ | $ |
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net unrealized gains (losses) on trading securities held at period-end | $ | ( | $ | ||||||||
Net gains (losses) on trading securities no longer held at period-end | |||||||||||
Net gains (losses) on trading securities | $ | ( | $ |
March 31, 2024 | |||||||||||||||||||||||
Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Non-mortgage-backed securities | |||||||||||||||||||||||
Other U.S. obligations2 | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE and Tennessee Valley Authority obligations | |||||||||||||||||||||||
State or local housing agency obligations | ( | ||||||||||||||||||||||
Other3 | |||||||||||||||||||||||
Total non-mortgage-backed securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
U.S. obligations single-family2 | ( | ||||||||||||||||||||||
GSE single-family | ( | ||||||||||||||||||||||
GSE multifamily | ( | ||||||||||||||||||||||
Total mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||
Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Non-mortgage-backed securities | |||||||||||||||||||||||
Other U.S. obligations2 | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE and Tennessee Valley Authority obligations | |||||||||||||||||||||||
State or local housing agency obligations | ( | ||||||||||||||||||||||
Other3 | |||||||||||||||||||||||
Total non-mortgage-backed securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
U.S. obligations single-family2 | ( | ||||||||||||||||||||||
GSE single-family | ( | ||||||||||||||||||||||
GSE multifamily | ( | ||||||||||||||||||||||
Total mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Non-mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Other U.S. obligations1 | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
State or local housing agency obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total non-mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
U.S. obligations single-family1 | ( | ( | ( | ||||||||||||||||||||||||||||||||
GSE single-family | ( | ( | |||||||||||||||||||||||||||||||||
GSE multifamily | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Non-mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Other U.S. obligations1 | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
State or local housing agency obligations | ( | ( | |||||||||||||||||||||||||||||||||
Total non-mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
U.S. obligations single-family1 | ( | ( | ( | ||||||||||||||||||||||||||||||||
GSE single-family | ( | ( | |||||||||||||||||||||||||||||||||
GSE multifamily | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Year of Contractual Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Non-mortgage-backed securities | ||||||||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | ||||||||||||||||||||||
Due after one year through five years | ||||||||||||||||||||||||||
Due after five years through ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
Total non-mortgage-backed securities | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Non-mortgage-backed securities | |||||||||||||||||||||||
GSE and Tennessee Valley Authority obligations | $ | $ | $ | ( | $ | ||||||||||||||||||
State or local housing agency obligations | |||||||||||||||||||||||
Total non-mortgage-backed securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
U.S. obligations single-family2 | |||||||||||||||||||||||
GSE single-family | ( | ||||||||||||||||||||||
Private-label | |||||||||||||||||||||||
Total mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||
Amortized Cost1 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Non-mortgage-backed securities | |||||||||||||||||||||||
GSE and Tennessee Valley Authority obligations | $ | $ | $ | ( | $ | ||||||||||||||||||
State or local housing agency obligations | |||||||||||||||||||||||
Total non-mortgage-backed securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
U.S. obligations single-family2 | |||||||||||||||||||||||
GSE single-family | ( | ||||||||||||||||||||||
Private-label | |||||||||||||||||||||||
Total mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Year of Contractual Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Non-mortgage-backed securities | ||||||||||||||||||||||||||
Due after one year through five years | $ | $ | $ | $ | ||||||||||||||||||||||
Due after five years through ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
Total non-mortgage-backed securities | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Redemption Term | Amount1 | Weighted Average Interest Rate | Amount1 | Weighted Average Interest Rate | ||||||||||||||||||||||
Overdrawn demand deposit accounts | $ | % | $ | % | ||||||||||||||||||||||
Due in one year or less | $ | |||||||||||||||||||||||||
Due after one year through two years | ||||||||||||||||||||||||||
Due after two years through three years | ||||||||||||||||||||||||||
Due after three years through four years | ||||||||||||||||||||||||||
Due after four years through five years | ||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||
Total par value | % | % | ||||||||||||||||||||||||
Premiums | ||||||||||||||||||||||||||
Fair value hedging adjustments | ( | ( | ||||||||||||||||||||||||
Total | $ | $ |
Redemption Term or Next Call Date | ||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
Overdrawn demand deposit accounts | $ | $ | ||||||||||||
Due in one year or less | ||||||||||||||
Due after one year through two years | ||||||||||||||
Due after two years through three years | ||||||||||||||
Due after three years through four years | ||||||||||||||
Due after four years through five years | ||||||||||||||
Thereafter | ||||||||||||||
Total par value | $ | $ | ||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Fixed rate, long-term1 single-family mortgage loans | $ | $ | |||||||||
Fixed rate, medium-term2 single-family mortgage loans | |||||||||||
Total unpaid principal balance | |||||||||||
Premiums | |||||||||||
Discounts | ( | ( | |||||||||
Basis adjustments from mortgage loan purchase commitments | ( | ( | |||||||||
Total mortgage loans held for portfolio3 | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Total mortgage loans held for portfolio, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Conventional mortgage loans | $ | $ | |||||||||
Government-insured mortgage loans | |||||||||||
Total unpaid principal balance | $ | $ |
March 31, 2024 | |||||||||||||||||
Origination Year | |||||||||||||||||
Prior to 2020 | 2020 to 2024 | Total | |||||||||||||||
Past due 30 - 59 days | $ | $ | $ | ||||||||||||||
Past due 60 - 89 days | |||||||||||||||||
Past due 90 - 179 days | |||||||||||||||||
Past due 180 days or more | |||||||||||||||||
Total past due mortgage loans | |||||||||||||||||
Total current mortgage loans | |||||||||||||||||
Total amortized cost of mortgage loans1 | $ | $ | $ |
December 31, 2023 | |||||||||||||||||
Origination Year | |||||||||||||||||
Prior to 2019 | 2019 to 2023 | Total | |||||||||||||||
Past due 30 - 59 days | $ | $ | $ | ||||||||||||||
Past due 60 - 89 days | |||||||||||||||||
Past due 90 - 179 days | |||||||||||||||||
Past due 180 days or more | |||||||||||||||||
Total past due mortgage loans | |||||||||||||||||
Total current mortgage loans | |||||||||||||||||
Total amortized cost of mortgage loans1 | $ | $ | $ |
March 31, 2024 | ||||||||||||||||||||
Amortized Cost | Conventional | Government-Insured | Total | |||||||||||||||||
In process of foreclosure1 | $ | $ | $ | |||||||||||||||||
Serious delinquency rate2 | % | % | % | |||||||||||||||||
Past due 90 days or more and still accruing interest3 | $ | $ | $ | |||||||||||||||||
Non-accrual mortgage loans4 | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||
Amortized Cost | Conventional | Government- Insured | Total | |||||||||||||||||
In process of foreclosure1 | $ | $ | $ | |||||||||||||||||
Serious delinquency rate2 | % | % | % | |||||||||||||||||
Past due 90 days or more and still accruing interest3 | $ | $ | $ | |||||||||||||||||
Non-accrual mortgage loans4 | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments (fair value hedges) | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments (economic hedges) | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||||||||||||||
Forward settlement agreements | ||||||||||||||||||||||||||||||||||||||
Mortgage loan purchase commitments | ||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Total derivatives before netting and collateral adjustments | $ | $ | ||||||||||||||||||||||||||||||||||||
Netting adjustments and cash collateral1 | ( | ( | ||||||||||||||||||||||||||||||||||||
Total derivative assets and derivative liabilities | $ | $ | $ | $ |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||
Interest Income (Expense) | ||||||||||||||||||||
Advances | AFS Securities | Consolidated Obligation Bonds | ||||||||||||||||||
Total interest income (expense) recorded on the Statements of Income1 | $ | $ | $ | ( | ||||||||||||||||
Gains (losses) on fair value hedging relationships | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Derivatives2 | $ | $ | $ | ( | ||||||||||||||||
Hedged items3 | ( | ( | ||||||||||||||||||
Net gains (losses) on fair value hedging relationships | $ | $ | $ | ( |
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||
Interest Income (Expense) | ||||||||||||||||||||
Advances | AFS Securities | Consolidated Obligation Bonds | ||||||||||||||||||
Total interest income (expense) recorded on the Statements of Income1 | $ | $ | $ | ( | ||||||||||||||||
Gains (losses) on fair value hedging relationships | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Derivatives2 | $ | ( | $ | ( | $ | |||||||||||||||
Hedged items3 | ( | |||||||||||||||||||
Net gains (losses) on fair value hedging relationships | $ | $ | $ | ( |
March 31, 2024 | ||||||||||||||||||||
Advances | AFS Securities | Consolidated Obligation Bonds | ||||||||||||||||||
Amortized cost of hedged asset/ liability1 | $ | $ | $ | |||||||||||||||||
Fair value hedging adjustments | ||||||||||||||||||||
Changes in fair value for active hedging relationships included in amortized cost | $ | ( | $ | ( | $ | ( | ||||||||||||||
Basis adjustments for discontinued hedging relationships included in amortized cost | ( | ( | ( | |||||||||||||||||
Total amount of fair value hedging adjustments | $ | ( | $ | ( | $ | ( | ||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Advances | AFS Securities | Consolidated Obligation Bonds | ||||||||||||||||||
Amortized cost of hedged asset/ liability1 | $ | $ | $ | |||||||||||||||||
Fair value hedging adjustments | ||||||||||||||||||||
Changes in fair value for active hedging relationships included in amortized cost | $ | ( | $ | ( | $ | ( | ||||||||||||||
Basis adjustments for discontinued hedging relationships included in amortized cost | ( | ( | ( | |||||||||||||||||
Total amount of fair value hedging adjustments | $ | ( | $ | ( | $ | ( |
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Derivatives not designated as hedging instruments (economic hedges) | |||||||||||
Interest rate swaps | $ | ( | $ | ||||||||
Forward settlement agreements | ( | ||||||||||
Mortgage loan purchase commitments | ( | ||||||||||
Net interest settlements | ( | ( | |||||||||
Total net gains (losses) related to derivatives not designated as hedging instruments | ( | ||||||||||
Price alignment amount1 | ( | ||||||||||
Net gains (losses) on derivatives | $ | ( | $ |
March 31, 2024 | ||||||||||||||||||||||||||
Derivative Instruments Meeting Netting Requirements | ||||||||||||||||||||||||||
Gross Amount Recognized1 | Gross Amount of Netting Adjustments and Cash Collateral | Derivative Instruments Not Meeting Netting Requirements2 | Total Derivative Assets and Total Derivative Liabilities | |||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||||
Uncleared derivatives | $ | $ | ( | $ | $ | |||||||||||||||||||||
Cleared derivatives | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||||
Uncleared derivatives | $ | $ | ( | $ | $ | |||||||||||||||||||||
Cleared derivatives | ( | |||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||
Derivative Instruments Meeting Netting Requirements | ||||||||||||||||||||||||||
Gross Amount Recognized1 | Gross Amount of Netting Adjustments and Cash Collateral | Derivative Instruments Not Meeting Netting Requirements2 | Total Derivative Assets and Total Derivative Liabilities | |||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||||
Uncleared derivatives | $ | $ | ( | $ | $ | |||||||||||||||||||||
Cleared derivatives | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||||
Uncleared derivatives | $ | $ | ( | $ | $ | |||||||||||||||||||||
Cleared derivatives | ( | |||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||||||||||||||||
Par value | $ | % | $ | % | |||||||||||||||||||
Discounts and concessions1 | ( | ( | |||||||||||||||||||||
Fair value option adjustments | ( | ( | |||||||||||||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Year of Contractual Maturity | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||||||||||||||||||
Due in one year or less | $ | % | $ | % | ||||||||||||||||||||||
Due after one year through two years | ||||||||||||||||||||||||||
Due after two years through three years | ||||||||||||||||||||||||||
Due after three years through four years | ||||||||||||||||||||||||||
Due after four years through five years | ||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||
Total par value | % | % | ||||||||||||||||||||||||
Premiums | ||||||||||||||||||||||||||
Discounts and concessions1 | ( | ( | ||||||||||||||||||||||||
Fair value hedging adjustments | ( | ( | ||||||||||||||||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Non-callable or non-putable | $ | $ | |||||||||
Callable | |||||||||||
Total par value | $ | $ |
Year of Contractual Maturity or Next Call Date | March 31, 2024 | December 31, 2023 | ||||||||||||
Due in one year or less | $ | $ | ||||||||||||
Due after one year through two years | ||||||||||||||
Due after two years through three years | ||||||||||||||
Due after three years through four years | ||||||||||||||
Due after four years through five years | ||||||||||||||
Thereafter | ||||||||||||||
Total par value | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance, beginning of period | $ | $ | |||||||||
Net payments for repurchases/redemptions of MRCS | ( | ( | |||||||||
Balance, end of period | $ | $ |
Year of Contractual Redemption1 | March 31, 2024 | December 31, 2023 | ||||||||||||
Due after one year through two years | $ | $ | ||||||||||||
Due after two years through three years | ||||||||||||||
Past contractual redemption date due to outstanding activity with the Bank | ||||||||||||||
Total | $ | $ |
Net unrealized gains (losses) on AFS securities (Note 3) | Pension and postretirement benefits | Total AOCI | |||||||||||||||
Balance, December 31, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||
Net unrealized gains (losses) on AFS securities | ( | ( | |||||||||||||||
Net actuarial gains (losses) | |||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | |||||||||||||||
Balance, March 31, 2023 | $ | ( | $ | ( | $ | ( | |||||||||||
Balance, December 31, 2023 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||
Net unrealized gains (losses) on AFS securities | |||||||||||||||||
Net current period other comprehensive income (loss) | |||||||||||||||||
Balance, March 31, 2024 | $ | ( | $ | ( | $ | ( | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Required | Actual | Required | Actual | ||||||||||||||||||||
Regulatory capital requirements | |||||||||||||||||||||||
Risk-based capital | $ | $ | $ | $ | |||||||||||||||||||
Regulatory capital | $ | $ | $ | $ | |||||||||||||||||||
Leverage capital | $ | $ | $ | $ | |||||||||||||||||||
Capital-to-assets ratio | % | % | % | % | |||||||||||||||||||
Capital stock-to-assets ratio | % | % | % | % | |||||||||||||||||||
Leverage ratio | % | % | % | % |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
Financial Instruments | Carrying Value | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral1 | Total | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||
Interest-bearing deposits | — | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | |||||||||||||||||||||||||||||||||||||
Federal funds sold | — | |||||||||||||||||||||||||||||||||||||
Trading securities | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | — | |||||||||||||||||||||||||||||||||||||
Held-to-maturity securities | — | |||||||||||||||||||||||||||||||||||||
Advances | — | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | — | |||||||||||||||||||||||||||||||||||||
Accrued interest receivable | — | |||||||||||||||||||||||||||||||||||||
Derivative assets, net | ||||||||||||||||||||||||||||||||||||||
Other assets | — | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Deposits | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Consolidated obligations | ||||||||||||||||||||||||||||||||||||||
Discount notes | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Bonds | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Total consolidated obligations | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
MRCS | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Accrued interest payable | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Derivative liabilities, net | ( | ( | ( | |||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
Financial Instruments | Carrying Value | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral1 | Total | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||
Interest-bearing deposits | — | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | |||||||||||||||||||||||||||||||||||||
Federal funds sold | — | |||||||||||||||||||||||||||||||||||||
Trading securities | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | — | |||||||||||||||||||||||||||||||||||||
Held-to-maturity securities | — | |||||||||||||||||||||||||||||||||||||
Advances | — | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | — | |||||||||||||||||||||||||||||||||||||
Accrued interest receivable | — | |||||||||||||||||||||||||||||||||||||
Derivative assets, net | ||||||||||||||||||||||||||||||||||||||
Other assets | — | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Deposits | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Consolidated obligations | ||||||||||||||||||||||||||||||||||||||
Discount notes | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Bonds | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Total consolidated obligations | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
MRCS | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Accrued interest payable | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Derivative liabilities, net | ( | ( | ( |
March 31, 2024 | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral1 | Total | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Other U.S. obligations | — | |||||||||||||||||||||||||||||||
GSE and TVA obligations | — | |||||||||||||||||||||||||||||||
Other non-MBS | — | |||||||||||||||||||||||||||||||
Total trading securities | — | |||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
Other U.S. obligations | — | |||||||||||||||||||||||||||||||
GSE and TVA obligations | — | |||||||||||||||||||||||||||||||
State or local housing agency obligations | — | |||||||||||||||||||||||||||||||
Other non-MBS | — | |||||||||||||||||||||||||||||||
U.S. obligations single-family MBS | — | |||||||||||||||||||||||||||||||
GSE single-family MBS | — | |||||||||||||||||||||||||||||||
GSE multifamily MBS | — | |||||||||||||||||||||||||||||||
Total available-for-sale securities | — | |||||||||||||||||||||||||||||||
Derivative assets, net | ||||||||||||||||||||||||||||||||
Interest-rate related | ||||||||||||||||||||||||||||||||
Other assets | — | |||||||||||||||||||||||||||||||
Total recurring assets at fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Discount notes2 | $ | $ | ( | $ | $ | — | $ | ( | ||||||||||||||||||||||||
Derivative liabilities, net | ||||||||||||||||||||||||||||||||
Interest-rate related | ( | ( | ||||||||||||||||||||||||||||||
Total recurring liabilities at fair value | $ | $ | ( | $ | $ | $ | ( |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral1 | Total | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Other U.S. obligations | — | |||||||||||||||||||||||||||||||
GSE and TVA obligations | — | |||||||||||||||||||||||||||||||
Other non-MBS | — | |||||||||||||||||||||||||||||||
Total trading securities | — | |||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
Other U.S. obligations | — | |||||||||||||||||||||||||||||||
GSE and TVA obligations | — | |||||||||||||||||||||||||||||||
State or local housing agency obligations | — | |||||||||||||||||||||||||||||||
Other non-MBS | — | |||||||||||||||||||||||||||||||
U.S. obligations single-family MBS | — | |||||||||||||||||||||||||||||||
GSE single-family MBS | — | |||||||||||||||||||||||||||||||
GSE multifamily MBS | — | |||||||||||||||||||||||||||||||
Total available-for-sale securities | — | |||||||||||||||||||||||||||||||
Derivative assets, net | ||||||||||||||||||||||||||||||||
Interest-rate related | ||||||||||||||||||||||||||||||||
Mortgage loan purchase commitments | — | |||||||||||||||||||||||||||||||
Total derivative assets, net | ||||||||||||||||||||||||||||||||
Other assets | — | |||||||||||||||||||||||||||||||
Total recurring assets at fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Discount notes2 | $ | $ | ( | $ | $ | — | $ | ( | ||||||||||||||||||||||||
Derivative liabilities, net | ||||||||||||||||||||||||||||||||
Interest-rate related | ( | ( | ||||||||||||||||||||||||||||||
Forward settlement agreements (TBAs) | ( | — | ( | |||||||||||||||||||||||||||||
Total derivative liabilities, net | ( | ( | ||||||||||||||||||||||||||||||
Total recurring liabilities at fair value | $ | $ | ( | $ | $ | $ | ( |
March 31, 2024 | |||||||||||||||||
Unpaid Principal Balance | Fair Value | Fair Value Over (Under) Unpaid Principal | |||||||||||||||
Discount Notes | $ | $ | $ | ( |
December 31, 2023 | |||||||||||||||||
Unpaid Principal Balance | Fair Value | Fair Value Over (Under) Unpaid Principal | |||||||||||||||
Discount Notes | $ | $ | $ | ( |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Expire within one year | Expire after one year | Total | Total | ||||||||||||||||||||
Standby letters of credit1,2 | $ | $ | $ | $ | |||||||||||||||||||
Standby bond purchase agreements2 | |||||||||||||||||||||||
Commitments to purchase mortgage loans | |||||||||||||||||||||||
Commitment to issue bonds3 | |||||||||||||||||||||||
Commitments to issue discount notes3 | |||||||||||||||||||||||
Commitments to fund advances2,4 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||
Advances | $ | $ | ||||||||||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
Capital stock |
March 31, 2024 | ||||||||||||||||||||||||||||||||
Capital Stock | Mortgage | Interest | ||||||||||||||||||||||||||||||
Stockholder | Amount | % of Total1 | Advances | Loans | Income2 | |||||||||||||||||||||||||||
Wells Fargo Bank, N.A.3 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Superior Guaranty Insurance Company4 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Capital Stock | Mortgage | Interest | ||||||||||||||||||||||||||||||
Stockholder | Amount | % of Total1 | Advances | Loans | Income2 | |||||||||||||||||||||||||||
Wells Fargo Bank, N.A.3 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Superior Guaranty Insurance Company4 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Other FHLBank | Beginning Balance | Loans | Principal Repayment | Ending Balance | ||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
Chicago | $ | $ | $ | ( | $ | |||||||||||||||||||||
2023 | ||||||||||||||||||||||||||
Chicago | $ | $ | $ | ( | $ | |||||||||||||||||||||
San Francisco | ( | |||||||||||||||||||||||||
$ | $ | $ | ( | $ |
Other FHLBank | Beginning Balance | Borrowing | Principal Payment | Ending Balance | ||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
Chicago | $ | $ | $ | ( | $ | |||||||||||||||||||||
Cincinnati | ( | |||||||||||||||||||||||||
$ | $ | $ | ( | $ | ||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||
Cincinnati | $ | $ | $ | $ |
CONTENTS | ||||||||
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
GAAP net interest income | $ | 349 | $ | 282 | |||||||
Exclude: | |||||||||||
Prepayment fees on advances, net1 | (1) | (1) | |||||||||
Prepayment fees on investments, net2 | — | 5 | |||||||||
Market value adjustments on fair value hedges3 | 16 | (10) | |||||||||
Total adjustments | 15 | (6) | |||||||||
Include items reclassified from other income (loss): | |||||||||||
Trading security (premium) discount amortization4 | 10 | — | |||||||||
Net interest income (expense) on economic hedges5 | (9) | (21) | |||||||||
Adjusted net interest income6 | $ | 335 | $ | 267 | |||||||
GAAP net interest margin | 0.74 | % | 0.66 | % | |||||||
Adjusted net interest margin7 | 0.71 | % | 0.63 | % |
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
GAAP net income before assessments | $ | 304 | $ | 212 | |||||||
Exclude: | |||||||||||
Prepayment fees on advances, net1 | (1) | (1) | |||||||||
Prepayment fees on investments, net2 | — | 5 | |||||||||
Market value adjustments on fair value hedges3 | 16 | (10) | |||||||||
Market value adjustments on economic hedges4 | (12) | 31 | |||||||||
Net gains (losses) on financial instruments held under fair value option | 37 | (65) | |||||||||
Net gains (losses) on trading securities | (20) | 33 | |||||||||
Net gains (losses) on extinguishment of debt | — | 2 | |||||||||
Include: | |||||||||||
Trading security (premium) discount amortization5 | 10 | — | |||||||||
Adjusted net income before assessments | 294 | 217 | |||||||||
Adjusted AHP assessments6 | 29 | 22 | |||||||||
Adjusted net income7 | $ | 265 | $ | 195 |
3-Month Average | Period End | ||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||
Federal funds | 5.33 | % | 4.52 | % | 5.33 | % | 5.33 | % | |||||||||||||||
SOFR | 5.31 | 4.50 | 5.34 | 5.38 | |||||||||||||||||||
2-year U.S. Treasury | 4.48 | 4.34 | 4.59 | 4.23 | |||||||||||||||||||
10-year U.S. Treasury | 4.16 | 3.65 | 4.20 | 3.88 | |||||||||||||||||||
30-year residential mortgage note | 6.74 | 6.34 | 6.79 | 6.42 |
Statements of Condition | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||||||||||||
Cash and due from banks | $ | 32 | $ | 31 | $ | 84 | $ | 52 | $ | 71 | |||||||||||||||||||
Investments1 | 53,018 | 49,828 | 56,667 | 55,498 | 57,530 | ||||||||||||||||||||||||
Advances | 110,976 | 122,530 | 122,258 | 114,057 | 119,027 | ||||||||||||||||||||||||
Mortgage loans held for portfolio, net2 | 10,351 | 9,967 | 9,546 | 8,909 | 8,473 | ||||||||||||||||||||||||
Total assets | 176,269 | 184,406 | 190,668 | 180,181 | 186,417 | ||||||||||||||||||||||||
Consolidated obligations | |||||||||||||||||||||||||||||
Discount notes | 63,358 | 54,537 | 64,315 | 50,443 | 72,642 | ||||||||||||||||||||||||
Bonds | 100,687 | 116,961 | 113,766 | 116,810 | 100,883 | ||||||||||||||||||||||||
Total consolidated obligations3 | 164,045 | 171,498 | 178,081 | 167,253 | 173,525 | ||||||||||||||||||||||||
Mandatorily redeemable capital stock | 10 | 12 | 12 | 13 | 14 | ||||||||||||||||||||||||
Total liabilities | 166,560 | 174,575 | 181,058 | 170,985 | 177,295 | ||||||||||||||||||||||||
Capital stock — Class B putable | 6,442 | 6,873 | 6,811 | 6,449 | 6,592 | ||||||||||||||||||||||||
Retained earnings | 3,276 | 3,138 | 3,005 | 2,854 | 2,713 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (9) | (180) | (206) | (107) | (183) | ||||||||||||||||||||||||
Total capital | 9,709 | 9,831 | 9,610 | 9,196 | 9,122 | ||||||||||||||||||||||||
Regulatory capital ratio4 | 5.52 | 5.44 | 5.15 | 5.17 | 5.00 |
For the Three Months Ended | |||||||||||||||||||||||||||||
Statements of Income | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||||||||||||
Net interest income | $ | 349 | $ | 347 | $ | 340 | $ | 337 | $ | 282 | |||||||||||||||||||
Provision (reversal) for credit losses on mortgage loans | (1) | — | — | 1 | — | ||||||||||||||||||||||||
Other income (loss)5 | 4 | 14 | 3 | (17) | (15) | ||||||||||||||||||||||||
Community and housing contributions | — | 30 | 5 | — | 12 | ||||||||||||||||||||||||
All other expense6 | 50 | 47 | 43 | 41 | 43 | ||||||||||||||||||||||||
AHP assessments | 30 | 28 | 30 | 28 | 21 | ||||||||||||||||||||||||
Net income | 274 | 256 | 265 | 250 | 191 | ||||||||||||||||||||||||
Selected Financial Ratios7 | |||||||||||||||||||||||||||||
Net interest spread8 | 0.43 | % | 0.45 | % | 0.42 | % | 0.43 | % | 0.41 | % | |||||||||||||||||||
Net interest margin9 | 0.74 | 0.74 | 0.74 | 0.72 | 0.66 | ||||||||||||||||||||||||
Return on average equity (annualized) | 11.36 | 10.36 | 11.31 | 10.98 | 8.51 | ||||||||||||||||||||||||
Return on average capital stock (annualized) | 16.42 | 14.81 | 15.65 | 15.04 | 12.00 | ||||||||||||||||||||||||
Return on average assets (annualized) | 0.57 | 0.53 | 0.56 | 0.53 | 0.44 | ||||||||||||||||||||||||
Average equity to average assets | 5.03 | 5.12 | 4.99 | 4.79 | 5.19 |
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Average Balance1 | Yield/Cost2 | Interest Income/ Expense3 | Average Balance1 | Yield/Cost2 | Interest Income/ Expense3 | ||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 5,362 | 5.36 | % | $ | 71 | $ | 3,548 | 4.47 | % | $ | 39 | |||||||||||||||||||||||
Securities purchased under agreements to resell | 12,167 | 5.43 | 164 | 8,260 | 4.58 | 93 | |||||||||||||||||||||||||||||
Federal funds sold | 14,696 | 5.41 | 198 | 15,244 | 4.57 | 171 | |||||||||||||||||||||||||||||
MBS4,5,6 | 23,698 | 6.15 | 362 | 15,450 | 5.44 | 207 | |||||||||||||||||||||||||||||
Other investments4,5,6,7 | 4,564 | 3.94 | 45 | 4,829 | 3.05 | 37 | |||||||||||||||||||||||||||||
Advances5,8 | 118,539 | 5.76 | 1,698 | 116,571 | 4.85 | 1,394 | |||||||||||||||||||||||||||||
Mortgage loans9 | 10,155 | 3.99 | 101 | 8,386 | 3.34 | 69 | |||||||||||||||||||||||||||||
Loans to other FHLBanks | — | 7.31 | — | 29 | 4.66 | — | |||||||||||||||||||||||||||||
Total interest-earning assets | 189,181 | 5.61 | 2,639 | 172,317 | 4.73 | 2,010 | |||||||||||||||||||||||||||||
Non-interest-earning assets | 3,569 | — | — | 3,096 | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 192,750 | 5.51 | % | $ | 2,639 | $ | 175,413 | 4.65 | % | $ | 2,010 | |||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Deposits | $ | 1,243 | 4.58 | % | $ | 14 | $ | 1,112 | 3.71 | % | $ | 10 | |||||||||||||||||||||||
Consolidated obligations | |||||||||||||||||||||||||||||||||||
Discount notes5 | 65,210 | 5.22 | 846 | 70,180 | 4.25 | 735 | |||||||||||||||||||||||||||||
Bonds5 | 111,429 | 5.16 | 1,429 | 90,971 | 4.38 | 983 | |||||||||||||||||||||||||||||
Other interest-bearing liabilities10 | 61 | 6.18 | 1 | 17 | 7.68 | — | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 177,943 | 5.18 | 2,290 | 162,280 | 4.32 | 1,728 | |||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 5,111 | — | — | 4,023 | — | — | |||||||||||||||||||||||||||||
Total liabilities | 183,054 | 5.03 | 2,290 | 166,303 | 4.21 | 1,728 | |||||||||||||||||||||||||||||
Capital | 9,696 | — | — | 9,110 | — | — | |||||||||||||||||||||||||||||
Total liabilities and capital | $ | 192,750 | 4.78 | % | $ | 2,290 | $ | 175,413 | 4.00 | % | $ | 1,728 | |||||||||||||||||||||||
Net interest income and spread11 | 0.43 | % | $ | 349 | 0.41 | % | $ | 282 | |||||||||||||||||||||||||||
Net interest margin12 | 0.74 | % | 0.66 | % | |||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 106.32 | % | 106.18 | % |
Three Months Ended | |||||||||||||||||
March 31, 2024 vs. March 31, 2023 | |||||||||||||||||
Total Increase (Decrease) Due to | Total Increase (Decrease) | ||||||||||||||||
Volume | Rate | ||||||||||||||||
Interest income | |||||||||||||||||
Interest-bearing deposits | $ | 23 | $ | 9 | $ | 32 | |||||||||||
Securities purchased under agreements to resell | 51 | 20 | 71 | ||||||||||||||
Federal funds sold | (6) | 33 | 27 | ||||||||||||||
MBS | 125 | 30 | 155 | ||||||||||||||
Other investments | (2) | 10 | 8 | ||||||||||||||
Advances | 25 | 279 | 304 | ||||||||||||||
Mortgage loans | 17 | 15 | 32 | ||||||||||||||
Total interest income | 233 | 396 | 629 | ||||||||||||||
Interest expense | |||||||||||||||||
Deposits | 1 | 3 | 4 | ||||||||||||||
Consolidated obligations | |||||||||||||||||
Discount notes | (54) | 165 | 111 | ||||||||||||||
Bonds | 249 | 197 | 446 | ||||||||||||||
Other interest-bearing liabilities | 1 | — | 1 | ||||||||||||||
Total interest expense | 197 | 365 | 562 | ||||||||||||||
Net interest income | $ | 36 | $ | 31 | $ | 67 |
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net gains (losses) on trading securities | $ | (20) | $ | 33 | |||||||
Net gains (losses) on financial instruments held under fair value option | 37 | (65) | |||||||||
Net gains (losses) on derivatives | (21) | 10 | |||||||||
Net gains (losses) on extinguishment of debt | — | 2 | |||||||||
Other, net | 8 | 5 | |||||||||
Total other income (loss) | $ | 4 | $ | (15) |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Net Effect of Hedging Activities | Advances | Investments | Mortgage Loans | Discount Notes | Bonds | Total | ||||||||||||||||||||||||||||||||
Net interest income: | ||||||||||||||||||||||||||||||||||||||
Net amortization/accretion1 | $ | 9 | $ | 2 | $ | — | $ | — | $ | (3) | $ | 8 | ||||||||||||||||||||||||||
Net gains (losses) on derivatives and hedged items | 1 | 4 | — | — | 11 | 16 | ||||||||||||||||||||||||||||||||
Price alignment amount on derivatives2 | (13) | (8) | — | — | — | (21) | ||||||||||||||||||||||||||||||||
Net interest settlements on derivatives3 | 227 | 100 | — | — | (60) | 267 | ||||||||||||||||||||||||||||||||
Total impact to net interest income | 224 | 98 | — | — | (52) | 270 | ||||||||||||||||||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives4 | — | 46 | (1) | (66) | — | (21) | ||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities5 | — | (20) | — | — | — | (20) | ||||||||||||||||||||||||||||||||
Net gains (losses) on financial instruments held under fair value option5 | — | — | — | 37 | — | 37 | ||||||||||||||||||||||||||||||||
Total impact to other income (loss) | — | 26 | (1) | (29) | — | (4) | ||||||||||||||||||||||||||||||||
Total net effect of hedging activities6 | $ | 224 | $ | 124 | $ | (1) | $ | (29) | $ | (52) | $ | 266 |
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Net Effect of Hedging Activities | Advances | Investments | Mortgage Loans | Discount Notes | Bonds | Other | Total | |||||||||||||||||||||||||||||||||||||
Net interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Net amortization/accretion1 | $ | 9 | $ | 6 | $ | — | $ | — | $ | (1) | $ | — | $ | 14 | ||||||||||||||||||||||||||||||
Net gains (losses) on derivatives and hedged items | (2) | 12 | — | — | (11) | — | (1) | |||||||||||||||||||||||||||||||||||||
Price alignment amount on derivatives2 | (4) | (1) | — | — | (3) | — | (8) | |||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives3 | 135 | 48 | — | — | (49) | — | 134 | |||||||||||||||||||||||||||||||||||||
Total impact to net interest income | 138 | 65 | — | — | (64) | — | 139 | |||||||||||||||||||||||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives4 | — | (3) | (1) | 21 | — | — | 17 | |||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities5 | — | 33 | — | — | — | — | 33 | |||||||||||||||||||||||||||||||||||||
Net gains (losses) on financial instruments held under fair value option5 | — | — | — | (65) | — | — | (65) | |||||||||||||||||||||||||||||||||||||
Price alignment amount on derivatives2 | — | — | — | — | — | (7) | (7) | |||||||||||||||||||||||||||||||||||||
Total impact to other income (loss) | — | 30 | (1) | (44) | — | (7) | (22) | |||||||||||||||||||||||||||||||||||||
Total net effect of hedging activities6 | $ | 138 | $ | 95 | $ | (1) | $ | (44) | $ | (64) | $ | (7) | $ | 117 |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Compensation and benefits | $ | 21 | $ | 20 | |||||||
Contractual services | 7 | 6 | |||||||||
Professional fees | 3 | 3 | |||||||||
Other operating expenses | 5 | 5 | |||||||||
Total operating expenses | 36 | 34 | |||||||||
Federal Housing Finance Agency | 3 | 2 | |||||||||
Office of Finance | 3 | 3 | |||||||||
Community and housing contributions | — | 12 | |||||||||
Other, net | 8 | 4 | |||||||||
Total other expense | $ | 50 | $ | 55 |
March 31, 2024 | December 31, 2023 | ||||||||||
Commercial banks | $ | 64,663 | $ | 75,997 | |||||||
Savings institutions | 1,691 | 1,359 | |||||||||
Credit unions | 12,472 | 13,458 | |||||||||
Insurance companies | 33,194 | 31,992 | |||||||||
CDFIs | 8 | 8 | |||||||||
Total member advances | 112,028 | 122,814 | |||||||||
Housing associates | 49 | 354 | |||||||||
Non-member borrowers | 19 | 53 | |||||||||
Total par value | $ | 112,096 | $ | 123,221 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Fixed rate | $ | 68,184 | 61 | $ | 71,502 | 58 | |||||||||||||||||
Variable rate | 19,299 | 17 | 18,795 | 15 | |||||||||||||||||||
Variable rate, callable1 | 23,433 | 21 | 31,655 | 26 | |||||||||||||||||||
Other2 | 1,174 | 1 | 1,267 | 1 | |||||||||||||||||||
Overdrawn demand deposit accounts | 6 | — | 2 | — | |||||||||||||||||||
Total advance par value | 112,096 | 100 | 123,221 | 100 | |||||||||||||||||||
Premiums | 3 | 6 | |||||||||||||||||||||
Fair value hedging adjustments3 | (1,123) | (697) | |||||||||||||||||||||
Total | $ | 110,976 | $ | 122,530 |
Amount | % of Total Advances | ||||||||||
Wells Fargo Bank, N.A. | $ | 28,000 | 25 | ||||||||
Athene Annuity and Life Company1 | 7,031 | 6 | |||||||||
UBS Bank USA | 4,351 | 4 | |||||||||
Principal Life Insurance Company | 3,950 | 4 | |||||||||
EquiTrust Life Insurance Company | 3,650 | 3 | |||||||||
Total par value | $ | 46,982 | 42 |
March 31, 2024 | December 31, 2023 | ||||||||||
Fixed rate conventional loans | $ | 9,887 | $ | 9,506 | |||||||
Fixed rate government-insured loans | 376 | 378 | |||||||||
Total unpaid principal balance | 10,263 | 9,884 | |||||||||
Premiums | 117 | 113 | |||||||||
Discounts | (11) | (11) | |||||||||
Basis adjustments from mortgage loan purchase commitments | (13) | (13) | |||||||||
Total mortgage loans held for portfolio | 10,356 | 9,973 | |||||||||
Allowance for credit losses | (5) | (6) | |||||||||
Total mortgage loans held for portfolio, net | $ | 10,351 | $ | 9,967 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Short-term investments1 | |||||||||||||||||||||||
Interest-bearing deposits | $ | 3,711 | 7 | $ | 3,481 | 7 | |||||||||||||||||
Securities purchased under agreements to resell | 12,950 | 24 | 11,400 | 23 | |||||||||||||||||||
Federal funds sold | 8,305 | 16 | 7,120 | 14 | |||||||||||||||||||
Total short-term investments | 24,966 | 47 | 22,001 | 44 | |||||||||||||||||||
Long-term investments2 | |||||||||||||||||||||||
MBS | |||||||||||||||||||||||
GSE single-family | 653 | 1 | 633 | 1 | |||||||||||||||||||
GSE multifamily | 18,494 | 35 | 17,955 | 36 | |||||||||||||||||||
U.S. obligations single-family3 | 4,697 | 9 | 4,399 | 9 | |||||||||||||||||||
Private-label residential | 3 | — | 3 | — | |||||||||||||||||||
Total MBS | 23,847 | 45 | 22,990 | 46 | |||||||||||||||||||
Non-MBS | |||||||||||||||||||||||
U.S. Treasury obligations3 | 2,314 | 4 | 2,925 | 6 | |||||||||||||||||||
Other U.S. obligations3 | 324 | 1 | 396 | 1 | |||||||||||||||||||
GSE and TVA obligations | 727 | 1 | 757 | 1 | |||||||||||||||||||
State or local housing agency obligations | 573 | 1 | 489 | 1 | |||||||||||||||||||
Other4 | 267 | 1 | 270 | 1 | |||||||||||||||||||
Total non-MBS | 4,205 | 8 | 4,837 | 10 | |||||||||||||||||||
Total long-term investments | 28,052 | 53 | 27,827 | 56 | |||||||||||||||||||
Total investments | $ | 53,018 | 100 | $ | 49,828 | 100 |
March 31, 2024 | December 31, 2023 | ||||||||||
Par value | $ | 64,923 | $ | 55,288 | |||||||
Discounts and concession fees1 | (1,513) | (736) | |||||||||
Fair value option valuation adjustments | (52) | (15) | |||||||||
Total | $ | 63,358 | $ | 54,537 |
March 31, 2024 | December 31, 2023 | ||||||||||
Par value | $ | 100,796 | $ | 116,963 | |||||||
Premiums | 43 | 52 | |||||||||
Discounts and concession fees1 | (27) | (29) | |||||||||
Fair value hedging adjustments | (125) | (25) | |||||||||
Total | $ | 100,687 | $ | 116,961 |
March 31, 2024 | December 31, 2023 | ||||||||||
Capital stock | $ | 6,442 | $ | 6,873 | |||||||
Retained earnings | 3,276 | 3,138 | |||||||||
Accumulated other comprehensive income (loss) | (9) | (180) | |||||||||
Total capital | $ | 9,709 | $ | 9,831 |
March 31, 2024 | December 31, 2023 | ||||||||||
Interest rate swaps | |||||||||||
Non-callable | $ | 154,845 | $ | 133,720 | |||||||
Callable by counterparty | 11,410 | 32,284 | |||||||||
Total interest rate swaps | 166,255 | 166,004 | |||||||||
Forward settlement agreements | 150 | 115 | |||||||||
Mortgage loan purchase commitments | 148 | 112 | |||||||||
Total notional amount | $ | 166,553 | $ | 166,231 |
March 31, 2024 | December 31, 2023 | ||||||||||
Commercial banks | $ | 3,701 | $ | 4,172 | |||||||
Savings institutions | 118 | 102 | |||||||||
Credit unions | 887 | 919 | |||||||||
Insurance companies | 1,735 | 1,679 | |||||||||
CDFIs | 1 | 1 | |||||||||
Total GAAP capital stock | 6,442 | 6,873 | |||||||||
MRCS | 10 | 12 | |||||||||
Total regulatory capital stock | $ | 6,452 | $ | 6,885 |
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Aggregate cash dividends paid1 | $ | 136 | $ | 96 | |||||||
Effective combined annualized dividend rate paid on capital stock2 | 7.89 | % | 6.58 | % | |||||||
Annualized dividend rate paid on membership capital stock | 3.55 | % | 3.00 | % | |||||||
Annualized dividend rate paid on activity-based capital stock | 9.00 | % | 7.75 | % | |||||||
Average SOFR | 5.31 | % | 4.50 | % |
Product Type | March 31, 2024 | December 31, 2023 | ||||||||||||
Conventional | $ | 9,887 | $ | 9,506 | ||||||||||
Government | 376 | 378 | ||||||||||||
Total unpaid principal balance | $ | 10,263 | $ | 9,884 |
March 31, 2024 | ||||||||||||||||||||
Credit Rating1,2 | ||||||||||||||||||||
Domicile of Counterparty | AA | A | Total | |||||||||||||||||
Domestic | $ | — | $ | 3,710 | $ | 3,710 | ||||||||||||||
U.S. branches and agency offices of foreign commercial banks | ||||||||||||||||||||
Australia | 1,250 | — | 1,250 | |||||||||||||||||
Belgium | — | 400 | 400 | |||||||||||||||||
Canada | — | 2,200 | 2,200 | |||||||||||||||||
Finland | 825 | — | 825 | |||||||||||||||||
France | — | 800 | 800 | |||||||||||||||||
Germany | 1,250 | — | 1,250 | |||||||||||||||||
Netherlands | — | 600 | 600 | |||||||||||||||||
United Kingdom | — | 980 | 980 | |||||||||||||||||
Total U.S. branches and agency offices of foreign commercial banks | 3,325 | 4,980 | 8,305 | |||||||||||||||||
Total unsecured short-term investment exposure | $ | 3,325 | $ | 8,690 | $ | 12,015 |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Credit Rating1 | |||||||||||||||||||||||||||||||||||
AAA | AA | A | BBB | Unrated | Total | ||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 1 | $ | 3,710 | $ | — | $ | — | $ | 3,711 | |||||||||||||||||||||||
Securities purchased under agreements to resell | — | 750 | 5,250 | — | 6,950 | 12,950 | |||||||||||||||||||||||||||||
Federal funds sold | — | 3,325 | 4,980 | — | — | 8,305 | |||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
MBS | |||||||||||||||||||||||||||||||||||
GSE single-family | — | 653 | — | — | — | 653 | |||||||||||||||||||||||||||||
GSE multifamily | — | 18,494 | — | — | — | 18,494 | |||||||||||||||||||||||||||||
U.S. obligations single-family2 | — | 4,697 | — | — | — | 4,697 | |||||||||||||||||||||||||||||
Private-label residential | — | — | 2 | 1 | — | 3 | |||||||||||||||||||||||||||||
Total MBS | — | 23,844 | 2 | 1 | — | 23,847 | |||||||||||||||||||||||||||||
Non-MBS | |||||||||||||||||||||||||||||||||||
U.S. Treasury obligations2 | — | 2,314 | — | — | — | 2,314 | |||||||||||||||||||||||||||||
Other U.S. obligations2 | — | 324 | — | — | — | 324 | |||||||||||||||||||||||||||||
GSE and TVA obligations | — | 727 | — | — | — | 727 | |||||||||||||||||||||||||||||
State or local housing agency obligations | 433 | 140 | — | — | — | 573 | |||||||||||||||||||||||||||||
Other3 | 248 | 19 | — | — | — | 267 | |||||||||||||||||||||||||||||
Total non-MBS | 681 | 3,524 | — | — | — | 4,205 | |||||||||||||||||||||||||||||
Total investments | $ | 681 | $ | 31,444 | $ | 13,942 | $ | 1 | $ | 6,950 | $ | 53,018 |
March 31, 2024 | ||||||||||||||||||||||||||
Credit Rating1 | Notional Amount | Net Derivatives Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparty | Net Credit Exposure to Counterparties | ||||||||||||||||||||||
Non-member counterparties: | ||||||||||||||||||||||||||
Asset positions with credit exposure | ||||||||||||||||||||||||||
Uncleared derivatives | ||||||||||||||||||||||||||
A2 | $ | 188 | $ | 8 | $ | (8) | $ | — | ||||||||||||||||||
Cleared derivatives3 | 109,373 | 28 | 1,149 | 1,177 | ||||||||||||||||||||||
Liability positions with credit exposure | ||||||||||||||||||||||||||
Uncleared derivatives | ||||||||||||||||||||||||||
A | 249 | (4) | 17 | 13 | ||||||||||||||||||||||
Cleared derivatives3 | 39,380 | (1) | 61 | 60 | ||||||||||||||||||||||
Total derivative positions with credit exposure to non-member counterparties | 149,190 | 31 | 1,219 | 1,250 | ||||||||||||||||||||||
Member institutions4 | 95 | 1 | — | 1 | ||||||||||||||||||||||
Total | 149,285 | $ | 32 | $ | 1,219 | $ | 1,251 | |||||||||||||||||||
Derivative positions without credit exposure | 17,268 | |||||||||||||||||||||||||
Total notional | $ | 166,553 |
3.1 | |||||
3.2 | |||||
4.1 | |||||
10.1 | |||||
10.2 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
2023 Form 10-K: The Bank’s 2023 Annual Report on Form 10-K filed with the SEC on March 7, 2024 | ||
AFS: Available-for-Sale | ||
AHP: Affordable Housing Program | ||
AOCI: Accumulated Other Comprehensive Income (Loss) | ||
AROCS: Adjusted Return on Capital Stock | ||
ASU: Accounting Standards Update | ||
Capital Stock AB: Finance Agency Advisory Bulletin on Capital Stock 2019-03 | ||
CDFI: Community Development Financial Institution | ||
CEO: Chief Executive Officer | ||
CFO: Chief Financial Officer | ||
CFTC: U.S. Commodity Futures Trading Commission | ||
DEI: Diversity, Equity and Inclusion | ||
Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act | ||
Exchange Act: Securities Exchange Act of 1934, as amended | ||
FASB: Financial Accounting Standards Board | ||
FHLBank Act: Federal Home Loan Bank Act of 1932 | ||
FHLBanks: The 11 Federal Home Loan Banks or a subset thereof | ||
Finance Agency: Federal Housing Finance Agency | ||
FLA: First Loss Account | ||
FOMC: Federal Open Markets Committee | ||
GAAP: Generally Accepted Accounting Principles | ||
Ginnie Mae: Government National Mortgage Association | ||
GSE: Government-Sponsored Enterprise | ||
HTM: Held-to-Maturity | ||
JCE Agreement: Joint Capital Enhancement Agreement entered into by the FHLBanks in 2011, as amended | ||
LCH: London Clearing House | ||
Liquidity Guidance AB: Finance Agency Advisory Bulletin on FHLBank Liquidity 2018-07 | ||
MBS: Mortgage-Backed Securities | ||
MD&A: Management’s Discussion and Analysis | ||
Moody’s: Moody’s Investors Service, Inc. | ||
MPF: Mortgage Partnership Finance (a federally registered trademark of the Federal Home Loan Bank of Chicago) | ||
MRCS: Mandatorily Redeemable Capital Stock | ||
MVCS: Market Value of Capital Stock | ||
MVE: Market Value of Equity | ||
NRSRO: Nationally Recognized Statistical Rating Organization | ||
PFI: Participating Financial Institution | ||
S&P: S&P Global Ratings | ||
SEC: Securities and Exchange Commission | ||
SOFR: Secured Overnight Financing Rate | ||
TBA: To-Be-Announced | ||
TVA: Tennessee Valley Authority |
FEDERAL HOME LOAN BANK OF DES MOINES | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | May 8, 2024 | |||||||||||||
By: | /s/ Kristina K. Williams | |||||||||||||
Kristina K. Williams President and Chief Executive Officer | ||||||||||||||
By: | /s/ James G. Livingston | |||||||||||||
James G. Livingston Chief Financial Officer (Principal Financial and Accounting Officer) |
EXHIBIT 31.1 |
1 | I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Des Moines; | |||||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 8, 2024 | /s/ Kristina K. Williams | ||||||||||
Kristina K. Williams | |||||||||||
President and Chief Executive Officer |
EXHIBIT 31.2 |
1 | I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Des Moines; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 8, 2024 | /s/ James G. Livingston | ||||||||||
James G. Livingston | |||||||||||
Chief Financial Officer |
EXHIBIT 32.1 |
1 | The Registrant's Quarterly Report on Form 10-Q for the period ended March 31, 2024 (“Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: May 8, 2024 | /s/ Kristina K. Williams | |||||||
Kristina K. Williams | ||||||||
President and Chief Executive Officer |
EXHIBIT 32.2 |
1 | The Registrant's Quarterly Report on Form 10-Q for the period ended March 31, 2024 (“Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: May 8, 2024 | /s/ James G. Livingston | |||||||
James G. Livingston | ||||||||
Chief Financial Officer |
Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 274 | $ 191 |
Other comprehensive income (loss) | ||
Unrealized gains (losses) | 171 | (67) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | 0 | 1 |
Total other comprehensive income (loss) | 171 | (66) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 445 | $ 125 |
Background Information |
3 Months Ended |
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Mar. 31, 2024 | |
Background Information [Abstract] | |
Nature of Operations [Text Block] | Background Information The Bank is a federally chartered corporation that is exempt from all federal, state, and local taxation (except real property taxes and certain employer taxes) and is one of 11 district FHLBanks. The FHLBanks are GSEs and were created under the authority of the FHLBank Act in order to serve the public by enhancing the availability of funds for residential mortgages and targeted community development. The Bank is regulated by the Finance Agency. The Bank is a cooperative, meaning it is owned by its customers, whom the Bank calls members. As a condition of membership in the Bank, all members must purchase and maintain capital stock to support business activities with the Bank. In return, the Bank provides a readily available source of funding and liquidity to its member institutions and eligible housing associates in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Commercial banks, savings institutions, credit unions, insurance companies, and CDFIs may apply for membership. State and local housing associates 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 permitted to hold capital stock. All stockholders, including current and former members, may receive dividends on their capital stock investment to the extent declared by the Bank’s Board of Directors.
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Basis of Presentation |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Text Block] | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with GAAP for interim financial information. In the opinion of management, the unaudited interim financial information is complete and reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of results for the interim periods. The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. Reclassifications Certain amounts in the Bank’s 2023 financial statements have been reclassified to conform to the presentation for the three months ended March 31, 2024. These amounts were not deemed to be material. SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Bank’s significant accounting policies during the three months ended March 31, 2024. Descriptions of all significant accounting policies are included in “Item 8. Financial Statements and Supplementary Data — Note 1 — Summary of Significant Accounting Policies” in the 2023 Form 10-K.
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Subsequent Events [Text Block] | Subsequent Events |
Recently Adopted and Issued Accounting Guidance |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Guidance [Text Block] | Recently Adopted and Issued Accounting Guidance Segment Reporting (ASU 2023-07) On November 27, 2023, the FASB issued guidance designed to improve segment reporting, primarily by requiring enhanced disclosures about significant segment expenses. This guidance became effective for the Bank for the annual period beginning on January 1, 2024, and for the interim periods beginning on January 1, 2025. The adoption of this guidance is not expected to have any effect on the Bank’s financial condition, results of operations, or cash flows; however, it may increase certain disclosures. Disclosure Improvements in Response to SEC Initiative (ASU 2023-06) On October 9, 2023, the FASB issued guidance amending various disclosure requirements in response to the SEC’s initiative to update and simplify disclosures. This guidance will become effective for the Bank on the date the SEC removes the related disclosure requirements from its existing regulations, to avoid duplication in FASB codification. The adoption of this guidance is not expected to have any effect on the Bank’s financial condition, results of operations, or cash flows; however, it may impact certain disclosures.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The Bank makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold, and makes other investments in debt securities, which are classified as either trading, AFS, or HTM. INTEREST-BEARING DEPOSITS, SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL, AND FEDERAL FUNDS SOLD The Bank invests in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold to provide short-term liquidity. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a NRSRO. At March 31, 2024 and December 31, 2023, none of these investments were with counterparties rated below triple-B; however, as of March 31, 2024 and December 31, 2023, approximately 28 percent and 35 percent were secured securities purchased under agreements to resell with unrated counterparties. NRSRO ratings may differ from any internal ratings of the investments by the Bank. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Finance Agency regulations include a limit on the amount of unsecured credit the Bank may extend to a counterparty. At March 31, 2024 and December 31, 2023, no allowance for credit losses was recorded for interest-bearing deposits and federal funds sold, as all assets were repaid or expected to be repaid according to their contractual terms. The carrying values of interest-bearing deposits and federal funds sold exclude accrued interest receivable of $22 million at both March 31, 2024 and December 31, 2023. Securities purchased under agreements to resell are secured, short-term, and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e. subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell at March 31, 2024 and December 31, 2023. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable of $8 million and $5 million at March 31, 2024 and December 31, 2023. DEBT SECURITIES The Bank invests in debt securities, which are classified as either trading, AFS, or HTM. The Bank is prohibited by Finance Agency regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality. A security is considered to be investment quality if it has adequate financial backing so that full and timely payment of principal and interest is expected and there is minimal risk that the timely payment of principal and interest would not occur because of adverse changes in economic and financial conditions during the projected life of the security. Exceptions are allowed for certain investments targeted at low-income persons or communities, and instruments that experience credit deterioration after their purchase by the Bank. Trading Securities Trading securities by major security type were as follows (dollars in millions):
1 Represents investment securities backed by the full faith and credit of the U.S. Government. 2 Consists of taxable municipal bonds. Net Gains (Losses) on Trading Securities The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions):
AFS Securities AFS securities by major security type were as follows (dollars in millions):
1 Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $84 million and $82 million at March 31, 2024 and December 31, 2023. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. 3 Consists primarily of taxable municipal bonds. The Bank had no sales of AFS securities during the three months ended March 31, 2024 and 2023. Unrealized Losses The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
1 Represents investment securities backed by the full faith and credit of the U.S. Government. Contractual Maturity The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
HTM Securities HTM securities by major security type were as follows (dollars in millions):
1 Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $10 million and $5 million at March 31, 2024 and December 31, 2023. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. The Bank had no sales of HTM securities during the three months ended March 31, 2024 and 2023. Contractual Maturity The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
ALLOWANCE FOR CREDIT LOSSES ON AFS AND HTM SECURITIES The Bank evaluates AFS and HTM investment securities for credit losses on a quarterly basis. At March 31, 2024 and December 31, 2023, the Bank had no allowance for credit losses recorded on its AFS or HTM securities. For additional details on the Bank’s allowance methodology, refer to “Item 8. Financial Statements and Supplementary Data — Note 4 — Investments” in the 2023 Form 10-K.
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Advances |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances [Text Block] | Advances REDEMPTION TERM The following table summarizes the Bank’s advances outstanding by redemption term (dollars in millions):
1 Excludes accrued interest receivable of $293 million and $392 million at March 31, 2024 and December 31, 2023. The Bank offers advances to members and eligible housing associates that may be prepaid on predetermined dates (call dates) prior to maturity without incurring prepayment fees (callable advances). Other advances may require a prepayment fee or credit that makes the Bank financially indifferent to the prepayment of the advance. At March 31, 2024 and December 31, 2023, the Bank had callable advances outstanding totaling $23.6 billion and $31.8 billion. The following table summarizes advances by year of redemption term or next call date for callable advances (dollars in millions):
PREPAYMENT FEES The Bank generally charges a prepayment fee for advances that a borrower elects to terminate prior to the stated maturity or outside of a predetermined call date. The fees charged are priced to make the Bank financially indifferent to the prepayment of the advance. For certain advances with symmetrical prepayment features, the Bank may charge the borrower a prepayment fee or pay the borrower a prepayment credit, depending on certain circumstances, such as movements in interest rates, when the advance is prepaid. Prepayment fees and credits are recorded net of the hedged item fair value hedging adjustments, if applicable, in advance interest income on the Statements of Income. ADVANCE CONCENTRATIONS The Bank’s advances are primarily concentrated in commercial banks and insurance companies. At March 31, 2024 and December 31, 2023, the Bank had outstanding advances of $28.0 billion and $37.0 billion to Wells Fargo Bank, N.A., which represented 25 percent and 30 percent of the total principal amount of outstanding advances. ALLOWANCE FOR CREDIT LOSSES The Bank evaluates advances for credit losses on a quarterly basis. At March 31, 2024 and December 31, 2023, none of the Bank’s advances were past due, on non-accrual status, or considered impaired. The Bank considers an advance past due if a default of contractual principal or interest exists for a period of 30 days or more. In addition, there were no modifications related to advances resulting from a borrower experiencing financial difficulties during the three months ended March 31, 2024 and 2023. The Bank has never experienced a credit loss on its advances. Based upon the Bank’s collateral and lending policies, the collateral held as security, and the repayment history on advances, management has determined that there were no expected credit losses on its advances at March 31, 2024 and December 31, 2023. For additional information on the Bank’s allowance methodology, including eligible collateral types, see “Item 8. Financial Statements and Supplementary Data — Note 5 — Advances” in the 2023 Form 10-K.
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Mortgage Loans Held for Portfolio |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Portfolio [Text Block] | Mortgage Loans Held for Portfolio Mortgage loans held for portfolio include conventional mortgage loans and government-guaranteed or -insured mortgage loans obtained primarily through the MPF program. The Bank’s mortgage loan program involves investment by the Bank in single-family mortgage loans held for portfolio that are purchased from PFIs. Mortgage loans may also be acquired through participations in pools of eligible mortgage loans purchased from other FHLBanks. The Bank’s PFIs generally originate, service, and credit enhance mortgage loans that are sold to the Bank. PFIs participating in the servicing release program do not service the loans owned by the Bank. The servicing on these loans is sold concurrently by the PFI to a designated mortgage service provider. The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions):
1 Long-term is defined as an original term of greater than 15 years and up to 30 years. 2 Medium-term is defined as an original term of 15 years or less. 3 Excludes accrued interest receivable of $63 million and $58 million at March 31, 2024 and December 31, 2023. The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions):
PAYMENT STATUS OF MORTGAGE LOANS Payment status is the key credit quality indicator for conventional mortgage loans and allows the Bank to monitor borrower performance. Past due loans are those where the borrower has failed to make contractual principal and/or interest payments for a period of 30 days or more. Other delinquency statistics include non-accrual loans and loans in process of foreclosure. The following tables present the payment status for conventional mortgage loans (dollars in millions):
1 Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, price adjustment fees, basis adjustments, and direct write-downs. Amortized cost excludes accrued interest receivable. The following tables present other delinquency statistics for mortgage loans (dollars in millions):
1 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. 2 Represents mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total mortgage loans. Serious delinquency rate on conventional loans was less than one percent at both March 31, 2024 and December 31, 2023. 3 Represents government-insured mortgage loans that are 90 days or more past due. 4 Represents conventional mortgage loans that are 90 days or more past due or for which the collection of interest or principal is doubtful. At March 31, 2024 and December 31, 2023, $25 million and $24 million of conventional mortgage loans on non-accrual status were evaluated individually and did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral was greater than the amortized cost of the loans. ALLOWANCE FOR CREDIT LOSSES The Bank evaluates mortgage loans for credit losses on a quarterly basis. At March 31, 2024 and December 31, 2023, the Bank’s allowance for credit losses on conventional mortgage loans was $5 million and $6 million. The Bank recorded no credit losses on its government-insured mortgage loans at March 31, 2024 and December 31, 2023. For additional information on the Bank’s allowance methodology, refer to “Item 8. Financial Statements and Supplementary Data — Note 6 — Mortgage Loans Held for Portfolio” in the 2023 Form 10-K.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities NATURE OF BUSINESS ACTIVITY The Bank enters into derivative contracts to manage the interest rate risk exposures inherent in its otherwise unhedged assets and funding positions. Finance Agency regulations and the Bank’s risk management policies establish guidelines for derivatives, prohibit trading in or the speculative use of derivatives, and limit credit risk arising from derivatives. For additional information on the Bank’s derivative and hedging accounting policies, see “Item 8. Financial Statements and Supplementary Data — Note 1 — Summary of Significant Accounting Policies” in the 2023 Form 10-K. For additional information on the types of derivatives and hedged items utilized by the Bank, see “Item 8. Financial Statements and Supplementary Data — Note 7 — Derivatives and Hedging Activities” in the 2023 Form 10-K. FINANCIAL STATEMENT EFFECT AND ADDITIONAL FINANCIAL INFORMATION The notional amount of derivatives serves as a factor in determining periodic interest payments and cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor the overall exposure of the Bank to credit and market risk. The risks of derivatives can be measured meaningfully on a portfolio basis that takes into account the counterparties, the types of derivatives, the items being hedged, and any offsets between the derivatives and the items being hedged. The following table summarizes the Bank’s notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral, including accrued interest, held or placed with the same clearing agent and/or counterparty. At both March 31, 2024 and December 31, 2023, cash collateral, including accrued interest, posted by the Bank was $1.3 billion. At March 31, 2024 and December 31, 2023, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $284 million and $197 million. The following tables summarize the net gains (losses) on qualifying and discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions):
1 Amounts shown to give context to the disclosure and include total interest income (expense) of the products indicated, including coupon, prepayment fees, amortization, and derivative net interest settlements. Interest income (expense) amounts also include gains and losses on derivatives and hedged items in fair value hedging relationships. 2 Includes changes in fair value and net interest settlements on derivatives. 3 Includes changes in fair value and amortization/accretion of basis adjustments on closed hedge relationships. The following tables summarize cumulative fair value hedging adjustments and the related amortized cost of the hedged items (dollars in millions):
1 Represents the portion of amortized cost designated as a hedged item in an active or discontinued fair value hedging relationship. Amortized cost includes fair value hedging adjustments. The following table summarizes the components of “Net gains (losses) on derivatives” as presented on the Statements of Income (dollars in millions):
1 This amount represents interest on variation margin, which is a component of the derivative fair value for cleared transactions, and reflects the price alignment amount on variation margin for daily settled derivative contracts not designated as hedging instruments. The price alignment amount on variation margin for daily settled derivative contracts designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item. MANAGING CREDIT RISK ON DERIVATIVES The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative contracts. The Bank manages credit risk through credit analysis of derivative counterparties, collateral requirements, and adherence to the requirements set forth in the Bank’s policies, CFTC regulations, and Finance Agency regulations. The Bank transacts most of its derivative transactions with large banks and major broker-dealers. Over-the-counter derivative transactions may be either executed directly with a counterparty, referred to as uncleared derivatives, or cleared through a clearing agent with a clearinghouse, referred to as cleared derivatives. Once a derivative transaction has been accepted for clearing by a clearinghouse, the derivative transaction is novated and the executing counterparty is replaced with the clearinghouse. The Bank is not a derivative dealer and does not trade derivatives for short-term profit. For uncleared derivatives, the degree of credit risk is impacted by the extent to which master netting arrangements are included in the derivative contracts to mitigate the risk. The Bank requires collateral agreements on its uncleared derivatives. Uncleared derivative transactions executed on or after September 1, 2022 are subject to two-way initial margin requirements as mandated by the Dodd-Frank Act, if the Bank’s aggregate uncleared derivative transactions exposure to a counterparty exceeds a specified threshold. The initial margin is required to be held at a third-party custodian and does not change ownership. Rather, the party in respect of which the initial margin has been posted to the third-party custodian will have a security interest in the amount of initial margin required under the uncleared margin rules and can only take ownership upon the occurrence of certain events, including an event of default due to bankruptcy, insolvency, or similar proceeding. As of March 31, 2024, the Bank was not required to post initial margin on its uncleared derivative transactions in accordance with the noted regulations. For uncleared transactions, the derivative agreements are generally fully collateralized with a zero unsecured threshold in accordance with variation margin requirements issued by the U.S. federal bank regulatory agencies and the CFTC. For cleared derivatives, the clearinghouse is the Bank’s counterparty. The Bank utilizes two clearinghouses, CME Clearing and LCH Ltd., for all cleared derivative transactions. CME Clearing and LCH Ltd. notify the clearing agent of the required initial margin and daily variation margin requirements, and the clearing agent in turn notifies the Bank. Each clearinghouse determines initial margin requirements which are considered cash collateral. Generally credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including, but not limited to, credit rating downgrades. The Bank was not required to post additional initial margin by its clearing agent, based on credit considerations, at March 31, 2024. Variation margin requirements with each clearinghouse are based on changes in the fair value of cleared derivatives and are legally characterized as daily settlement payments, rather than cash collateral. The requirement that the Bank post initial and variation margin through the clearing agent, to the clearinghouse, exposes the Bank to institutional credit risk if the clearing agent or the clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral/payments for changes in the fair value of cleared derivatives is posted daily through a clearing agent. OFFSETTING OF DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES The Bank presents derivative instruments, related cash collateral received or pledged, and associated accrued interest on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. Additional information regarding these agreements is provided in “Item 8. Financial Statements and Supplementary Data — Note 1 — Summary of Significant Accounting Policies” in the 2023 Form 10-K. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and has determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including a bankruptcy, insolvency, or similar proceeding involving the clearinghouse or the clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular clearinghouse. The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions):
1 Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest. 2 Represents mortgage loan purchase commitments not subject to enforceable master netting requirements.
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Consolidated Obligations [Text Block] | Consolidated Obligations Consolidated obligations consist of bonds and discount notes. The FHLBanks issue consolidated obligations through the Office of Finance as their agent. Bonds are issued primarily to raise intermediate- and long-term funds for the Bank and are not subject to any statutory or regulatory limits on their maturity. Discount notes are issued primarily to raise short-term funds for the Bank and have original maturities of up to one year. Discount notes sell at or below their face amount and are redeemed at par value when they mature. Although the Bank is primarily liable for the portion of consolidated obligations issued on its behalf, it is also jointly and severally liable with the other FHLBanks for the payment of principal and interest on all FHLBank System consolidated obligations. The Finance Agency, at its discretion, may require any FHLBank to make principal and/or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that consolidated obligation. The Finance Agency has never exercised this discretionary authority. At March 31, 2024 and December 31, 2023, the total par value of outstanding consolidated obligations of the FHLBanks was $1,172.4 billion and $1,204.3 billion. DISCOUNT NOTES The following table summarizes the Bank’s discount notes (dollars in millions):
1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation discount notes. BONDS The following table summarizes the Bank’s bonds outstanding by contractual maturity (dollars in millions):
1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds. The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions):
The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions):
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Capital [Text Block] | Capital CAPITAL STOCK The Bank’s capital stock has a par value of $100 per share, and all shares are issued, redeemed, and repurchased only at the stated par value. The Bank issues a single class of capital stock (Class B capital stock) and has two subclasses of Class B capital stock: membership and activity-based. Each member must purchase and hold membership capital stock in an amount equal to 0.06 percent of its total assets as of the preceding December 31st, subject to a cap of $10 million and a floor of $10,000. Each member is also required to purchase activity-based capital stock equal to 4.50 percent of its outstanding advances, 4.00 percent of its outstanding mortgage loans, and 0.10 percent of its standby letters of credit. All capital stock issued is subject to a notice of redemption period of five years. The capital stock requirements established in the Bank’s Capital Plan are designed so that the Bank can remain adequately capitalized as member activity changes. The Bank’s Board of Directors may make adjustments to the capital stock requirements within ranges established in the Capital Plan. EXCESS STOCK Capital stock owned by members in excess of their investment requirement is deemed excess capital stock. Under its Capital Plan, the Bank, at its discretion and upon 15 days written notice, may repurchase excess membership capital stock. The Bank, at its discretion, may also repurchase excess activity-based capital stock to the extent that (i) the excess capital stock balance exceeds an operational threshold set forth in the Capital Plan, which is currently set at zero, or (ii) a member submits a notice to redeem all or a portion of the excess activity-based capital stock. At March 31, 2024 and December 31, 2023, the Bank had no excess capital stock outstanding. MANDATORILY REDEEMABLE CAPITAL STOCK The Bank reclassifies capital stock subject to redemption from equity to a liability, which represents MRCS, at the time shares meet the definition of a mandatorily redeemable financial instrument. This occurs after a member provides written notice of intention to withdraw from membership, becomes ineligible for continuing membership, or attains non-member status by merger or consolidation, charter termination, or other involuntary termination from membership. Dividends on MRCS are classified as interest expense on the Statements of Income. The following table summarizes changes in MRCS (dollars in millions):
The following table summarizes the Bank’s MRCS by year of contractual redemption (dollars in millions):
1 At the Bank’s election, MRCS may be redeemed prior to the expiration of the five year redemption period that commences on the date of the notice of redemption. RESTRICTED RETAINED EARNINGS The Bank entered into a JCE Agreement with all of the other FHLBanks in 2011. The JCE Agreement, as amended, is intended to enhance the capital position of the Bank over time. Under the JCE Agreement, each FHLBank is required to allocate 20 percent of its quarterly net income to a separate restricted retained earnings account until the balance of that account, calculated as of the last day of each calendar quarter, equals at least one percent of its average balance of outstanding consolidated obligations for the calendar quarter. The restricted retained earnings are not available to pay dividends. At March 31, 2024 and December 31, 2023, the Bank’s restricted retained earnings account totaled $951 million and $896 million. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes changes in AOCI (dollars in millions):
REGULATORY CAPITAL REQUIREMENTS The Bank is subject to three regulatory capital requirements: •Risk-based capital. The Bank must maintain at all times permanent capital greater than or equal to the sum of its credit, market, and operational risk capital requirements, all calculated in accordance with Finance Agency regulations. Only permanent capital, defined as the amounts paid-in for Class B capital stock (including MRCS), and retained earnings can satisfy this risk-based capital requirement. •Regulatory capital. The Bank is required to maintain a minimum four percent capital-to-asset ratio, which is defined as total regulatory capital divided by total assets. Total regulatory capital includes Class B stock (including MRCS) and retained earnings. •Leverage capital. The Bank is required to maintain a minimum five percent leverage ratio, which is defined as the sum of permanent capital weighted 1.5 times and nonpermanent capital weighted 1.0 times, divided by total assets. The Bank did not hold any nonpermanent capital at March 31, 2024 and December 31, 2023. In addition to the requirements previously discussed, the Capital Stock AB requires each FHLBank to maintain at all times a ratio of at least two percent of capital stock to total assets. For purposes of the Capital Stock AB, capital stock includes MRCS. The capital stock to total assets ratio is measured on a daily average basis at month end. If the Bank’s capital falls below the required levels, the Finance Agency has authority to take actions necessary to return it to levels that it deems to be consistent with safe and sound business operations. The following table shows the Bank’s compliance with the Finance Agency’s regulatory capital requirements (dollars in millions):
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Text Block] | Fair Value Fair value amounts are determined by the Bank using available market information and reflect the Bank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., exit price). The fair value hierarchy requires an entity to maximize the use of significant observable inputs and minimize the use of significant unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of market observability of the fair value measurement for the asset or liability. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: •Level 1 Inputs. Quoted prices (unadjusted) for identical assets or liabilities in an active market that the Bank can access on the measurement date. An active market for an asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. •Level 2 Inputs. Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) 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 (iv) market-corroborated inputs. •Level 3 Inputs. Unobservable inputs for the asset or liability. Valuations are derived from techniques that use significant assumptions not observable in the market, which may include pricing models, discounted cash flow models, or similar techniques. The Bank reviews its 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. The Bank had no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2024 and 2023. The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions). The Bank records trading securities, AFS securities, derivative assets, derivative liabilities, financial instruments held under the fair value option, and certain other assets at fair value on a recurring basis, and on occasion certain impaired mortgage loans held for portfolio on a non-recurring basis. The Bank records all other financial assets and liabilities at amortized cost. 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 and the net profitability of assets and liabilities.
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. SUMMARY OF VALUATION TECHNIQUES AND PRIMARY INPUTS The valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition are disclosed in “Item 8. Financial Statements and Supplementary Data — Note 13 — Fair Value” in the 2023 Form 10-K. There have been no significant changes in the valuation methodologies during the three months ended March 31, 2024. FAIR VALUE ON A RECURRING BASIS The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. 2 Represents financial instruments recorded under the fair value option. The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. 2 Represents financial instruments recorded under the fair value option. FAIR VALUE ON A NON-RECURRING BASIS The Bank measures certain impaired mortgage loans held for portfolio at Level 3 fair value on a non-recurring basis. These assets are subject to fair value adjustments in certain circumstances. At March 31, 2024 and December 31, 2023, impaired mortgage loans held for portfolio recorded at fair value as a result of a non-recurring change in fair value were $2 million and $1 million. These fair values were as of the date the fair value adjustment was recorded during the three months ended March 31, 2024 and year ended December 31, 2023. FAIR VALUE OPTION The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires entities to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities, and commitments, with the changes in fair value recognized in net income. The Bank elects the fair value option for certain financial instruments when a hedge relationship does not qualify for hedge accounting. These fair value elections are made primarily in an effort to mitigate the potential income statement volatility that can arise when an economic derivative is adjusted for changes in fair value but the related hedged item is not. For financial instruments recorded under the fair value option, the related contractual interest income, interest expense, and the discount amortization on fair value option discount notes are recorded as part of net interest income on the Statements of Income. The remaining changes are recorded as “Net gains (losses) on financial instruments held under fair value option” on the Statements of Income. For the three months ended March 31, 2024, net gains on financial instruments held under fair value option (i.e., discount notes) were $37 million compared to net losses of $65 million for the same period in 2023, and the Bank determined no credit risk adjustments for nonperformance were necessary. In determining that no credit risk adjustments were necessary, the Bank considered the following factors: •The Bank is a federally chartered GSE, and as a result of this status, the Bank’s consolidated obligations have historically received the same credit rating as the government bond credit rating of the United States, even though they are not obligations of the United States and are not guaranteed by the United States. •The Bank is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all consolidated obligations of the FHLBanks. The following tables summarize the difference between the unpaid principal balance and fair value of outstanding instruments for which the fair value option has been elected (dollars in millions):
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Commitments and Contingencies |
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Commitments and Contingencies [Text Block] | Commitments and Contingencies Joint and Several Liability. The FHLBanks have joint and several liability for all consolidated obligations issued. Accordingly, if an FHLBank were unable to repay any consolidated obligation for which it is the primary obligor, each of the other FHLBanks could be called upon by the Finance Agency to repay all or part of such obligations. No FHLBank has ever been asked or required to repay the principal or interest on any consolidated obligation on behalf of another FHLBank. At March 31, 2024 and December 31, 2023, the total par value of outstanding consolidated obligations issued on behalf of other FHLBanks for which the Bank is jointly and severally liable was $1,006.7 billion and $1,032.1 billion. The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions):
1 Excludes commitments to issue standby letters of credit, when applicable. At both March 31, 2024 and December 31, 2023, the Bank had no commitments to issue standby letters of credit. 2 The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at March 31, 2024 and December 31, 2023, based on its credit extension and collateral policies. 3 The Bank enters into commitments to issue consolidated obligations in the normal course of its business, that generally settle within 30 calendar days. 4 The Bank enters into commitments to fund additional advances up to 24 months in the future. Standby Letters of Credit. The Bank issues standby letters of credit on behalf of its members to support certain obligations of the members to third-party beneficiaries. Standby letters of credit may be offered to assist members and non-member housing associates in facilitating residential housing finance, community lending, and asset-liability management, and to provide liquidity. In particular, members often use standby letters of credit as collateral for deposits from federal and state government agencies. Standby letters of credit are executed with members for a fee. If the Bank is required to make payment for a beneficiary’s draw, the member either reimburses the Bank for the amount drawn or, subject to the Bank’s discretion, the amount drawn may be converted into a collateralized advance to the member. The maturities of standby letters of credit outstanding at March 31, 2024 are currently no later than 2038. The carrying value of guarantees related to standby letters of credit are recorded in “Other liabilities” on the Statements of Condition and amounted to $11 million and $4 million at March 31, 2024 and December 31, 2023. The Bank monitors the creditworthiness of its members and non-member housing associates that have standby letters of credit. The Bank has established parameters for the measurement, review, classification, and monitoring of credit risk related to these standby letters of credit. All standby letters of credit, similar to advances, are fully collateralized at the time of issuance and subject to member borrowing limits as established by the Bank. Standby Bond Purchase Agreements. The Bank has entered into standby bond purchase agreements with state housing finance agencies within its district pursuant to which, for a fee, it agrees to serve as a standby liquidity provider if required, to purchase and hold the bonds until the designated marketing agent can find a suitable investor or the state 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 and typically allows the Bank to terminate the agreement upon the occurrence of a default event of the issuer. At March 31, 2024, the Bank had standby bond purchase agreements with seven state housing finance agencies. The maturities of standby bond purchase agreements outstanding at March 31, 2024 are currently no later than 2029. During the three months ended March 31, 2024 and 2023, the Bank was not required to purchase any bonds under these agreements. Commitments to Purchase Mortgage Loans. The Bank enters into commitments that unconditionally obligate it to purchase mortgage loans from its members. These commitments are considered derivatives and their estimated fair value at March 31, 2024 and December 31, 2023 is reported in “Note 6 — Derivatives and Hedging Activities” as mortgage loan purchase commitments. Other Commitments. For each MPF master commitment, the Bank’s potential loss exposure prior to the PFI’s credit enhancement obligation is estimated and tracked in a FLA. For absorbing certain losses in excess of the FLA, PFIs are paid a credit enhancement fee, a portion of which may be performance-based. To the extent the Bank experiences losses under the FLA, it may be able to recapture performance-based credit enhancement fees paid to the PFI to offset these losses. The FLA balance for all MPF master commitments with a PFI credit enhancement obligation was $182 million and $178 million at March 31, 2024 and December 31, 2023. Legal Proceedings. The Bank is subject to various pending legal proceedings arising in the normal course of business. The Bank is not currently aware of any pending or threatened legal proceedings to which it is a party that it believes could have a material impact on its financial condition, results of operations, or cash flows.
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Activities with Stockholders |
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Activities with Stockholders [Text Block] | Activities with Stockholders The Bank is a cooperative. This means the Bank is owned by its customers, whom the Bank calls members. As a condition of membership in the Bank, all members must purchase and maintain membership capital stock based on a percentage of their total assets, subject to a minimum and maximum amount, as of the preceding December 31st. Each member is also required to purchase and maintain activity-based capital stock to support certain business activities with the Bank. All transactions with stockholders are entered into in the ordinary course of business. Refer to “Note 8 — Capital” for more information on our capital stock requirements. TRANSACTIONS WITH DIRECTORS’ FINANCIAL INSTITUTIONS In the normal course of business, the Bank extends credit to its members whose directors and officers serve as Bank directors (Directors’ Financial Institutions). Finance Agency regulations require that transactions with Directors’ Financial Institutions be made on the same terms and conditions as those with any other member. The following table summarizes the Bank’s outstanding transactions with Directors’ Financial Institutions (dollars in millions):
BUSINESS CONCENTRATIONS The Bank considers itself to have business concentrations with stockholders owning 10 percent or more of total capital stock outstanding (including MRCS). At March 31, 2024 and December 31, 2023, the Bank had the following business concentrations with stockholders (dollars in millions):
1 Pursuant to applicable Finance Agency regulations, the Bank’s voting structure limits the voting rights of these stockholders and other members holding a significant amount of the Bank’s capital stock. 2 Represents interest income earned on advances during the three months ended ended March 31, 2024 and the year ended December 31, 2023. Interest income on mortgage loans is excluded from this table as this interest relates to the borrower, not to the stockholder. 3 Wells Fargo Bank, N.A. had standby letters of credit outstanding totaling $7.6 billion and $0.9 billion as of March 31, 2024 and December 31, 2023. 4 Superior Guaranty Insurance Company is an affiliate of Wells Fargo Bank, N.A. and had no standby letters of credit outstanding as of March 31, 2024 and December 31, 2023.
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Activities with Other FHLBanks |
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Activities with Other FHLBanks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activities with Other FHLBanks [Text Block] | Activities with Other FHLBanks Overnight Funds. The Bank may lend or borrow unsecured overnight funds to or from other FHLBanks. All such transactions are at current market rates. The following table summarizes loan activity to other FHLBanks during the three months ended March 31, 2024 and 2023 (dollars in millions):
The following table summarizes borrowing activity from other FHLBanks during the three months ended March 31, 2024 and 2023 (dollars in millions):
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited financial statements have been prepared in accordance with GAAP for interim financial information. |
New Accounting Pronouncements, Policy | Recently Adopted and Issued Accounting Guidance Segment Reporting (ASU 2023-07) On November 27, 2023, the FASB issued guidance designed to improve segment reporting, primarily by requiring enhanced disclosures about significant segment expenses. This guidance became effective for the Bank for the annual period beginning on January 1, 2024, and for the interim periods beginning on January 1, 2025. The adoption of this guidance is not expected to have any effect on the Bank’s financial condition, results of operations, or cash flows; however, it may increase certain disclosures. Disclosure Improvements in Response to SEC Initiative (ASU 2023-06) On October 9, 2023, the FASB issued guidance amending various disclosure requirements in response to the SEC’s initiative to update and simplify disclosures. This guidance will become effective for the Bank on the date the SEC removes the related disclosure requirements from its existing regulations, to avoid duplication in FASB codification. The adoption of this guidance is not expected to have any effect on the Bank’s financial condition, results of operations, or cash flows; however, it may impact certain disclosures.
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Derivatives, Offsetting Fair Value Amounts, Policy | The Bank presents derivative instruments, related cash collateral received or pledged, and associated accrued interest on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. Additional information regarding these agreements is provided in “Item 8. Financial Statements and Supplementary Data — Note 1 — Summary of Significant Accounting Policies” in the 2023 Form 10-K. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and has determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including a bankruptcy, insolvency, or similar proceeding involving the clearinghouse or the clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular clearinghouse.
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Advances, Prepayment Fees, Policy | The Bank generally charges a prepayment fee for advances that a borrower elects to terminate prior to the stated maturity or outside of a predetermined call date. The fees charged are priced to make the Bank financially indifferent to the prepayment of the advance. For certain advances with symmetrical prepayment features, the Bank may charge the borrower a prepayment fee or pay the borrower a prepayment credit, depending on certain circumstances, such as movements in interest rates, when the advance is prepaid. Prepayment fees and credits are recorded net of the hedged item fair value hedging adjustments, if applicable, in advance interest income on the Statements of Income.
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Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy | The Bank reclassifies capital stock subject to redemption from equity to a liability, which represents MRCS, at the time shares meet the definition of a mandatorily redeemable financial instrument. This occurs after a member provides written notice of intention to withdraw from membership, becomes ineligible for continuing membership, or attains non-member status by merger or consolidation, charter termination, or other involuntary termination from membership. Dividends on MRCS are classified as interest expense on the Statements of Income. |
Fair Value of Financial Instruments, Policy | Fair value amounts are determined by the Bank using available market information and reflect the Bank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., exit price). The fair value hierarchy requires an entity to maximize the use of significant observable inputs and minimize the use of significant unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of market observability of the fair value measurement for the asset or liability. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: •Level 1 Inputs. Quoted prices (unadjusted) for identical assets or liabilities in an active market that the Bank can access on the measurement date. An active market for an asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. •Level 2 Inputs. Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) 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 (iv) market-corroborated inputs. •Level 3 Inputs. Unobservable inputs for the asset or liability. Valuations are derived from techniques that use significant assumptions not observable in the market, which may include pricing models, discounted cash flow models, or similar techniques. The Bank reviews its 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. The Bank had no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2024 and 2023.
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Investments (Tables) |
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Investment Debt Securities Table [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Trading securities by major security type were as follows (dollars in millions):
1 Represents investment securities backed by the full faith and credit of the U.S. Government. 2 Consists of taxable municipal bonds.
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Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | AFS securities by major security type were as follows (dollars in millions):
1 Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $84 million and $82 million at March 31, 2024 and December 31, 2023. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. 3 Consists primarily of taxable municipal bonds.
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
1 Represents investment securities backed by the full faith and credit of the U.S. Government.
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Debt Securities, Held-to-maturity [Table Text Block] | HTM securities by major security type were as follows (dollars in millions):
1 Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $10 million and $5 million at March 31, 2024 and December 31, 2023. 2 Represents investment securities backed by the full faith and credit of the U.S. Government.
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Gain (Loss) on Securities | The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions):
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Available-for-sale Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Debt Securities Table [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
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Held-to-maturity Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Debt Securities Table [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
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Advances (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Federal Home Loan Bank Advances by Year of Contractual Maturity [Table Text Block] | The following table summarizes the Bank’s advances outstanding by redemption term (dollars in millions):
1 Excludes accrued interest receivable of $293 million and $392 million at March 31, 2024 and December 31, 2023. The Bank offers advances to members and eligible housing associates that may be prepaid on predetermined dates (call dates) prior to maturity without incurring prepayment fees (callable advances). Other advances may require a prepayment fee or credit that makes the Bank financially indifferent to the prepayment of the advance. At March 31, 2024 and December 31, 2023, the Bank had callable advances outstanding totaling $23.6 billion and $31.8 billion. The following table summarizes advances by year of redemption term or next call date for callable advances (dollars in millions):
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Mortgage Loans Held for Portfolio (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the payment status for conventional mortgage loans (dollars in millions):
1 Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, price adjustment fees, basis adjustments, and direct write-downs. Amortized cost excludes accrued interest receivable.
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Financing Receivable, Past Due [Table Text Block] | The following tables present other delinquency statistics for mortgage loans (dollars in millions):
1 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. 2 Represents mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total mortgage loans. Serious delinquency rate on conventional loans was less than one percent at both March 31, 2024 and December 31, 2023. 3 Represents government-insured mortgage loans that are 90 days or more past due. 4 Represents conventional mortgage loans that are 90 days or more past due or for which the collection of interest or principal is doubtful. At March 31, 2024 and December 31, 2023, $25 million and $24 million of conventional mortgage loans on non-accrual status were evaluated individually and did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral was greater than the amortized cost of the loans.
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Mortgage Loans Held for Portfolio | The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions):
1 Long-term is defined as an original term of greater than 15 years and up to 30 years. 2 Medium-term is defined as an original term of 15 years or less. 3 Excludes accrued interest receivable of $63 million and $58 million at March 31, 2024 and December 31, 2023. The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions):
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Derivatives and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions):
1 Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest. 2 Represents mortgage loan purchase commitments not subject to enforceable master netting requirements.
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the Bank’s notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral, including accrued interest, held or placed with the same clearing agent and/or counterparty. At both March 31, 2024 and December 31, 2023, cash collateral, including accrued interest, posted by the Bank was $1.3 billion. At March 31, 2024 and December 31, 2023, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $284 million and $197 million.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the net gains (losses) on qualifying and discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions):
1 Amounts shown to give context to the disclosure and include total interest income (expense) of the products indicated, including coupon, prepayment fees, amortization, and derivative net interest settlements. Interest income (expense) amounts also include gains and losses on derivatives and hedged items in fair value hedging relationships. 2 Includes changes in fair value and net interest settlements on derivatives. 3 Includes changes in fair value and amortization/accretion of basis adjustments on closed hedge relationships. The following table summarizes the components of “Net gains (losses) on derivatives” as presented on the Statements of Income (dollars in millions):
1 This amount represents interest on variation margin, which is a component of the derivative fair value for cleared transactions, and reflects the price alignment amount on variation margin for daily settled derivative contracts not designated as hedging instruments. The price alignment amount on variation margin for daily settled derivative contracts designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item.
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Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize cumulative fair value hedging adjustments and the related amortized cost of the hedged items (dollars in millions):
1 Represents the portion of amortized cost designated as a hedged item in an active or discontinued fair value hedging relationship. Amortized cost includes fair value hedging adjustments.
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Offsetting Assets and Liabilities [Table Text Block] | The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions):
1 Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest. 2 Represents mortgage loan purchase commitments not subject to enforceable master netting requirements.
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Consolidated Obligations (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] | The following table summarizes the Bank’s discount notes (dollars in millions):
1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation discount notes.
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the Bank’s bonds outstanding by contractual maturity (dollars in millions):
1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds. The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions):
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Schedule of Long-term Debt by Call Feature [Table Text Block] | The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions):
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Capital (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking Regulation, Total Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mandatorily Redeemable Capital Stock [Table Text Block] | The following table summarizes changes in MRCS (dollars in millions):
The following table summarizes the Bank’s MRCS by year of contractual redemption (dollars in millions):
1 At the Bank’s election, MRCS may be redeemed prior to the expiration of the five year redemption period that commences on the date of the notice of redemption.
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes changes in AOCI (dollars in millions):
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Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table shows the Bank’s compliance with the Finance Agency’s regulatory capital requirements (dollars in millions):
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions). The Bank records trading securities, AFS securities, derivative assets, derivative liabilities, financial instruments held under the fair value option, and certain other assets at fair value on a recurring basis, and on occasion certain impaired mortgage loans held for portfolio on a non-recurring basis. The Bank records all other financial assets and liabilities at amortized cost. 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 and the net profitability of assets and liabilities.
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. 2 Represents financial instruments recorded under the fair value option. The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. 2 Represents financial instruments recorded under the fair value option.
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Fair Value Option, Disclosures | The following tables summarize the difference between the unpaid principal balance and fair value of outstanding instruments for which the fair value option has been elected (dollars in millions):
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Commitments [Table Text Block] | The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions):
1 Excludes commitments to issue standby letters of credit, when applicable. At both March 31, 2024 and December 31, 2023, the Bank had no commitments to issue standby letters of credit. 2 The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at March 31, 2024 and December 31, 2023, based on its credit extension and collateral policies.
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Activities with Stockholders (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions by Balance Sheet Grouping [Table Text Block] | The following table summarizes the Bank’s outstanding transactions with Directors’ Financial Institutions (dollars in millions):
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Schedule of Related Party Transactions by Related Party | At March 31, 2024 and December 31, 2023, the Bank had the following business concentrations with stockholders (dollars in millions):
1 Pursuant to applicable Finance Agency regulations, the Bank’s voting structure limits the voting rights of these stockholders and other members holding a significant amount of the Bank’s capital stock. 2 Represents interest income earned on advances during the three months ended ended March 31, 2024 and the year ended December 31, 2023. Interest income on mortgage loans is excluded from this table as this interest relates to the borrower, not to the stockholder. 3 Wells Fargo Bank, N.A. had standby letters of credit outstanding totaling $7.6 billion and $0.9 billion as of March 31, 2024 and December 31, 2023. 4 Superior Guaranty Insurance Company is an affiliate of Wells Fargo Bank, N.A. and had no standby letters of credit outstanding as of March 31, 2024 and December 31, 2023.
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Activities with Other FHLBanks (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activities with Other FHLBanks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans to Other Federal Home Loan Banks [Table Text Block] | The following table summarizes loan activity to other FHLBanks during the three months ended March 31, 2024 and 2023 (dollars in millions):
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Schedule of Loans From Other Federal Home Loan Banks [Table Text Block] | The following table summarizes borrowing activity from other FHLBanks during the three months ended March 31, 2024 and 2023 (dollars in millions):
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Background Information (Details) |
Mar. 31, 2024
bank
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Background Information [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Investments (Trading Major Security Types) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 2,532 | $ 3,152 |
US Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,314 | 2,925 |
U.S. obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 63 | 68 |
GSE obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 48 | 49 |
Other [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 107 | $ 110 |
Investments (Net Gains Losses on Trading Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Trading, Unrealized Gain | $ (20) | $ 33 |
Debt Securities, Trading, Realized Gain (Loss) | 0 | 0 |
Net gains (losses) on trading securities | $ (20) | $ 33 |
Mortgage Loans Held for Portfolio (Mortgage Loans Held for Portfolio by Collateral or Guarantee Type) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 10,263 | $ 9,884 |
US Government Agency Insured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 376 | 378 |
Conventional Mortgage Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 9,887 | $ 9,506 |
Mortgage Loans Held for Portfolio (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 63 | $ 58 |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 5 | $ 6 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 0 | $ 0 |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 25 | $ 24 |
Consolidated Obligations Narrative (Details) - USD ($) $ in Billions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Schedule of Short-term and Long-term Debt [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 1,006.7 | $ 1,032.1 |
FHLBanks [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 1,172.4 | $ 1,204.3 |
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Short-term Debt [Line Items] | ||
Total | $ 63,358 | $ 54,537 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Par value | $ 64,923 | $ 55,288 |
Par Value, Weighted Average Interest Rate | 4.96% | 5.15% |
Discounts and concessions | $ (1,513) | $ (736) |
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | (52) | (15) |
Consolidated Obligation Discount Notes [Member] | ||
Short-term Debt [Line Items] | ||
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | $ (1,529) | $ (722) |
Consolidated Obligations Bonds by Call Features (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Total par value | $ 100,796 | $ 116,963 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 100,796 | 116,963 |
Noncallable or Nonputable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 70,378 | 77,731 |
Callable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | $ 30,418 | $ 39,232 |
Capital (Rollforward of MRCS) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
MRCS [Abstract] | ||
Beginning Balance | $ 12 | $ 15 |
Ending Balance | 10 | 14 |
Net Payments for Repurchases of Mandatory Redeemable Capital Stock | $ (2) | $ (1) |
Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
MRCS [Abstract] | ||||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Three | $ 0 | $ 6 | ||
Financial Instruments Subject to Mandatory Redemption, Past Contractual Redemption Date, Due to Outstanding Activity | 5 | 6 | ||
Mandatorily redeemable capital stock | 10 | 12 | $ 14 | $ 15 |
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Two | $ 5 | $ 0 |
Capital Retained Earnings (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Banking Regulation, Total Capital [Abstract] | ||
Quarterly Net Income Allocated to Restricted Retained Earnings | 20.00% | |
Percent of Average Balance of Outstanding Consolidated Obligations Prescribed per the Joint Capital Enhancement Agreement For Each Previous Quarter | 1.00% | |
Retained Earnings, Appropriated | $ 951 | $ 896 |
Fair Value (Fair Value on a Non-Recurring Basis) (Details) - Fair Value, Level 3 [Member] - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired mortgage loans held for portfolio | $ 31 | $ 30 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired mortgage loans held for portfolio | $ 2 | $ 1 |
Fair Value (Fair Value Option) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 37 | $ (65) | |
Consolidated Obligation Discount Notes [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option, Principal Balance, Consolidated Obligation Discount Notes | 61,128 | $ 48,164 | |
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | (1,529) | (722) | |
Consolidated Obligation Discount Notes [Member] | Fair Value Option Election | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Discount notes | 59,599 | 47,442 | |
Short-term Debt [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | $ (52) | $ (15) |
Activities with Stockholders (Transactions with Directors' Financial Institutions) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Related Party Transaction [Line Items] | ||
Advances | $ 110,976 | $ 122,530 |
Loans and Leases Receivable, Net Amount | 10,351 | 9,967 |
Deposits, Domestic | 1,109 | 1,039 |
Capital Stock | 6,442 | 6,873 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Advances | $ 807 | $ 739 |
Advances, Percent | 1.00% | 1.00% |
Mortgage Loans, Percent | 1.00% | 1.00% |
Loans and Leases Receivable, Net Amount | $ 132 | $ 124 |
Deposits, Domestic | $ 9 | $ 8 |
Deposits, Percent | 1.00% | 1.00% |
Capital Stock | $ 55 | $ 50 |
Capital Stock, Percent | 1.00% | 1.00% |
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