Federally chartered corporation | 48-0561319 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
One Security Benefit Pl. Suite 100 Topeka, KS | 66606 | |
(Address of principal executive offices) | (Zip Code) |
Shares outstanding as of | |
August 2, 2016 | |
Class A Stock, par value $100 per share | 1,754,189 |
Class B Stock, par value $100 per share | 13,250,776 |
PART I | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
• | Governmental actions, including legislative, regulatory, judicial or other developments that affect the FHLBank; its members, counterparties or investors; housing government sponsored enterprises (GSE); or the FHLBank System in general; |
• | Changes in the FHLBank’s capital structure; |
• | Changes in economic and market conditions, including conditions in the U.S. and global economy as well as the mortgage, housing and capital markets; |
• | Changes in demand for FHLBank products and services or consolidated obligations of the FHLBank System; |
• | Effects of derivative accounting treatment and other accounting rule requirements, or changes in such requirements; |
• | The effects of amortization/accretion; |
• | Gains/losses on derivatives or on trading investments and the ability to enter into effective derivative instruments on acceptable terms; |
• | Volatility of market prices, interest rates and indices and the timing and volume of market activity; |
• | Membership changes, including changes resulting from member failures or mergers, changes in the principal place of business of members or changes in the Federal Housing Finance Agency (Finance Agency) regulations on membership standards; |
• | Our ability to declare dividends or to pay dividends at rates consistent with past practices; |
• | Soundness of other financial institutions, including FHLBank members, non-member borrowers, counterparties, and the other FHLBanks; |
• | Changes in the value or liquidity of collateral underlying advances to FHLBank members or non-member borrowers or collateral pledged by reverse repurchase and derivative counterparties; |
• | Competitive forces, including competition for loan demand, purchases of mortgage loans and access to funding; |
• | The ability of the FHLBank to introduce new products and services to meet market demand and to manage successfully the risks associated with all products and services; |
• | The ability of the FHLBank to keep pace with technological changes and the ability to develop and support technology and information systems, including the ability to securely access the internet and internet-based systems and services, sufficient to effectively manage the risks of the FHLBank’s business; |
• | The ability of each of the other FHLBanks to repay the principal and interest on consolidated obligations for which it is the primary obligor and with respect to which the FHLBank has joint and several liability; |
• | Changes in the U.S. government’s long-term debt rating and the long-term credit rating of the senior unsecured debt issues of the FHLBank System; |
• | Changes in the fair value and economic value of, impairments of, and risks associated with, the FHLBank’s investments in mortgage loans and mortgage-backed securities (MBS) or other assets and related credit enhancement (CE) protections; and |
• | The volume and quality of eligible mortgage loans originated and sold by participating members to the FHLBank through its various mortgage finance products (Mortgage Partnership Finance® (MPF®) Program). “Mortgage Partnership Finance,” “MPF,” and “MPF Xtra” are registered trademarks of the FHLBank of Chicago. |
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||
STATEMENTS OF CONDITION - Unaudited | ||||||
(In thousands, except par value) | ||||||
06/30/2016 | 12/31/2015 | |||||
ASSETS | ||||||
Cash and due from banks | $ | 214,023 | $ | 682,670 | ||
Interest-bearing deposits | 371,834 | 100,594 | ||||
Securities purchased under agreements to resell (Note 10) | 2,993,427 | 3,945,000 | ||||
Federal funds sold | 1,823,000 | 2,000,000 | ||||
Investment securities: | ||||||
Trading securities (Note 3) | 2,494,963 | 2,294,606 | ||||
Available-for-sale securities1 (Note 3) | 1,057,923 | 495,063 | ||||
Held-to-maturity securities2 (Note 3) | 4,703,442 | 4,770,817 | ||||
Total investment securities | 8,256,328 | 7,560,486 | ||||
Advances (Notes 4, 6) | 26,182,562 | 23,580,371 | ||||
Mortgage loans held for portfolio, net: | ||||||
Mortgage loans held for portfolio (Notes 5, 6) | 6,473,897 | 6,392,680 | ||||
Less allowance for credit losses on mortgage loans (Note 6) | (1,298 | ) | (1,972 | ) | ||
Mortgage loans held for portfolio, net | 6,472,599 | 6,390,708 | ||||
Accrued interest receivable | 77,918 | 79,233 | ||||
Premises, software and equipment, net | 10,489 | 8,306 | ||||
Derivative assets, net (Notes 7, 10) | 61,747 | 51,591 | ||||
Other assets | 27,209 | 27,174 | ||||
TOTAL ASSETS | $ | 46,491,136 | $ | 44,426,133 | ||
LIABILITIES | ||||||
Deposits (Note 8) | $ | 661,355 | $ | 759,366 | ||
Consolidated obligations, net: | ||||||
Discount notes (Note 9) | 26,887,678 | 21,813,446 | ||||
Bonds (Note 9) | 16,753,990 | 19,866,034 | ||||
Total consolidated obligations, net | 43,641,668 | 41,679,480 | ||||
Mandatorily redeemable capital stock (Note 11) | 4,356 | 2,739 | ||||
Accrued interest payable | 43,539 | 52,281 | ||||
Affordable Housing Program payable | 31,061 | 28,011 | ||||
Derivative liabilities, net (Notes 7, 10) | 47,963 | 31,492 | ||||
Other liabilities | 44,423 | 31,012 | ||||
TOTAL LIABILITIES | 44,474,365 | 42,584,381 | ||||
Commitments and contingencies (Note 14) | ||||||
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||
STATEMENTS OF CONDITION - Unaudited | ||||||
(In thousands, except par value) | ||||||
06/30/2016 | 12/31/2015 | |||||
CAPITAL | ||||||
Capital stock outstanding - putable: | ||||||
Class A ($100 par value; 1,879 and 1,797 shares issued and outstanding) (Note 11) | $ | 187,895 | $ | 179,683 | ||
Class B ($100 par value; 11,594 and 10,293 shares issued and outstanding) (Note 11) | 1,159,385 | 1,029,264 | ||||
Total capital stock | 1,347,280 | 1,208,947 | ||||
Retained earnings: | ||||||
Unrestricted | 578,978 | 560,166 | ||||
Restricted | 106,051 | 91,616 | ||||
Total retained earnings | 685,029 | 651,782 | ||||
Accumulated other comprehensive income (loss) (Note 12) | (15,538 | ) | (18,977 | ) | ||
TOTAL CAPITAL | 2,016,771 | 1,841,752 | ||||
TOTAL LIABILITIES AND CAPITAL | $ | 46,491,136 | $ | 44,426,133 |
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||||||||
STATEMENTS OF INCOME - Unaudited | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
INTEREST INCOME: | ||||||||||||
Interest-bearing deposits | $ | 454 | $ | 55 | $ | 786 | $ | 109 | ||||
Securities purchased under agreements to resell | 2,548 | 1,013 | 5,577 | 1,578 | ||||||||
Federal funds sold | 1,417 | 485 | 2,812 | 1,144 | ||||||||
Trading securities | 17,949 | 13,496 | 36,130 | 25,858 | ||||||||
Available-for-sale securities | 2,797 | — | 4,819 | — | ||||||||
Held-to-maturity securities | 11,799 | 10,221 | 23,331 | 20,280 | ||||||||
Advances | 56,722 | 33,818 | 109,921 | 65,569 | ||||||||
Prepayment fees on terminated advances | 120 | 332 | 609 | 1,088 | ||||||||
Mortgage loans held for portfolio | 50,992 | 50,455 | 103,293 | 102,471 | ||||||||
Other | 314 | 354 | 641 | 706 | ||||||||
Total interest income | 145,112 | 110,229 | 287,919 | 218,803 | ||||||||
INTEREST EXPENSE: | ||||||||||||
Deposits | 234 | 135 | 460 | 299 | ||||||||
Consolidated obligations: | ||||||||||||
Discount notes | 24,272 | 3,751 | 45,179 | 7,253 | ||||||||
Bonds | 56,318 | 49,121 | 113,047 | 97,346 | ||||||||
Mandatorily redeemable capital stock (Note 11) | 32 | 11 | 41 | 22 | ||||||||
Other | 74 | 61 | 140 | 119 | ||||||||
Total interest expense | 80,930 | 53,079 | 158,867 | 105,039 | ||||||||
NET INTEREST INCOME | 64,182 | 57,150 | 129,052 | 113,764 | ||||||||
(Reversal) provision for credit losses on mortgage loans (Note 6) | (212 | ) | (992 | ) | (469 | ) | (1,794 | ) | ||||
NET INTEREST INCOME AFTER LOAN LOSS (REVERSAL) PROVISION | 64,394 | 58,142 | 129,521 | 115,558 | ||||||||
OTHER INCOME (LOSS): | ||||||||||||
Total other-than-temporary impairment losses on held-to-maturity securities | (1 | ) | (185 | ) | (65 | ) | (185 | ) | ||||
Net amount of impairment losses on held-to-maturity securities reclassified to/(from) accumulated other comprehensive income (loss) | (4 | ) | (67 | ) | 33 | (254 | ) | |||||
Net other-than-temporary impairment losses on held-to-maturity securities (Note 3) | (5 | ) | (252 | ) | (32 | ) | (439 | ) | ||||
Net gain (loss) on trading securities (Note 3) | 18,526 | (20,371 | ) | 67,730 | (26,215 | ) | ||||||
Net gain (loss) on derivatives and hedging activities (Note 7) | (35,296 | ) | 4,317 | (93,782 | ) | (1,646 | ) | |||||
Standby bond purchase agreement commitment fees | 1,332 | 1,357 | 2,712 | 2,838 | ||||||||
Letters of credit fees | 903 | 820 | 1,755 | 1,609 | ||||||||
Other | 653 | 592 | 1,214 | 1,100 | ||||||||
Total other income (loss) | (13,887 | ) | (13,537 | ) | (20,403 | ) | (22,753 | ) | ||||
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||||||||
STATEMENTS OF INCOME - Unaudited | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
OTHER EXPENSES: | ||||||||||||
Compensation and benefits | $ | 8,711 | $ | 8,097 | $ | 16,462 | $ | 16,126 | ||||
Other operating | 4,289 | 4,266 | 7,630 | 7,877 | ||||||||
Federal Housing Finance Agency | 698 | 493 | 1,507 | 1,108 | ||||||||
Office of Finance | 640 | 746 | 1,352 | 1,324 | ||||||||
Other | 941 | 1,491 | 1,967 | 2,278 | ||||||||
Total other expenses | 15,279 | 15,093 | 28,918 | 28,713 | ||||||||
INCOME BEFORE ASSESSMENTS | 35,228 | 29,512 | 80,200 | 64,092 | ||||||||
Affordable Housing Program | 3,526 | 2,952 | 8,024 | 6,411 | ||||||||
NET INCOME | $ | 31,702 | $ | 26,560 | $ | 72,176 | $ | 57,681 |
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME - Unaudited | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Net income | $ | 31,702 | $ | 26,560 | $ | 72,176 | $ | 57,681 | ||||
Other comprehensive income: | ||||||||||||
Net unrealized gain (loss) on available-for-sale securities: | ||||||||||||
Unrealized gain (loss) | (2,440 | ) | — | 2,302 | — | |||||||
Total net unrealized gains/losses on available-for-sale securities | (2,440 | ) | — | 2,302 | — | |||||||
Net non-credit portion of other-than-temporary impairment losses on held-to-maturity securities: | ||||||||||||
Non-credit portion | — | (181 | ) | (62 | ) | (181 | ) | |||||
Reclassification of non-credit portion included in net income | 4 | 248 | 29 | 435 | ||||||||
Accretion of non-credit portion | 525 | 789 | 1,075 | 1,741 | ||||||||
Total net non-credit portion of other-than-temporary impairment losses on held-to-maturity securities | 529 | 856 | 1,042 | 1,995 | ||||||||
Defined benefit pension plan: | ||||||||||||
Amortization of net loss | 48 | 100 | 95 | 198 | ||||||||
Total defined benefit pension plan | 48 | 100 | 95 | 198 | ||||||||
Total other comprehensive income | (1,863 | ) | 956 | 3,439 | 2,193 | |||||||
TOTAL COMPREHENSIVE INCOME | $ | 29,839 | $ | 27,516 | $ | 75,615 | $ | 59,874 |
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||||||||||||||||||||||||||
STATEMENTS OF CAPITAL - Unaudited | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
Capital Stock1 | Retained Earnings | Accumulated | Total Capital | |||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||
Class A | Class B | Total | Comprehensive | |||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | Shares | Par Value | Unrestricted | Restricted | Total | Income (Loss) | |||||||||||||||||||||
Balance at December 31, 2014 | 2,083 | $ | 208,273 | 7,657 | $ | 765,768 | 9,740 | $ | 974,041 | $ | 554,189 | $ | 72,944 | $ | 627,133 | $ | (15,907 | ) | $ | 1,585,267 | ||||||||||
Proceeds from issuance of capital stock | 18 | 1,762 | 6,825 | 682,528 | 6,843 | 684,290 | 684,290 | |||||||||||||||||||||||
Repurchase/redemption of capital stock | (1,970 | ) | (196,999 | ) | (58 | ) | (5,852 | ) | (2,028 | ) | (202,851 | ) | (202,851 | ) | ||||||||||||||||
Comprehensive income | 46,145 | 11,536 | 57,681 | 2,193 | 59,874 | |||||||||||||||||||||||||
Net reclassification of shares to mandatorily redeemable capital stock | (17 | ) | (1,646 | ) | (1,813 | ) | (181,313 | ) | (1,830 | ) | (182,959 | ) | (182,959 | ) | ||||||||||||||||
Net transfer of shares between Class A and Class B | 1,530 | 153,059 | (1,530 | ) | (153,059 | ) | — | — | — | |||||||||||||||||||||
Dividends on capital stock (Class A - 1.0%, Class B - 6.0%): | ||||||||||||||||||||||||||||||
Cash payment | (148 | ) | (148 | ) | (148 | ) | ||||||||||||||||||||||||
Stock issued | 310 | 31,049 | 310 | 31,049 | (31,049 | ) | (31,049 | ) | — | |||||||||||||||||||||
Balance at June 30, 2015 | 1,644 | $ | 164,449 | 11,391 | $ | 1,139,121 | 13,035 | $ | 1,303,570 | $ | 569,137 | $ | 84,480 | $ | 653,617 | $ | (13,714 | ) | $ | 1,943,473 | ||||||||||
Capital Stock1 | Retained Earnings | Accumulated | Total Capital | |||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||
Class A | Class B | Total | Comprehensive | |||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | Shares | Par Value | Unrestricted | Restricted | Total | Income (Loss) | |||||||||||||||||||||
Balance at December 31, 2015 | 1,797 | $ | 179,683 | 10,293 | $ | 1,029,264 | 12,090 | $ | 1,208,947 | $ | 560,166 | $ | 91,616 | $ | 651,782 | $ | (18,977 | ) | $ | 1,841,752 | ||||||||||
Proceeds from issuance of capital stock | 25 | 2,520 | 6,673 | 667,293 | 6,698 | 669,813 | 669,813 | |||||||||||||||||||||||
Repurchase/redemption of capital stock | (2,166 | ) | (216,635 | ) | (14 | ) | (1,409 | ) | (2,180 | ) | (218,044 | ) | (218,044 | ) | ||||||||||||||||
Comprehensive income | 57,741 | 14,435 | 72,176 | 3,439 | 75,615 | |||||||||||||||||||||||||
Net reclassification of shares to mandatorily redeemable capital stock | (199 | ) | (19,858 | ) | (3,324 | ) | (332,362 | ) | (3,523 | ) | (352,220 | ) | (352,220 | ) | ||||||||||||||||
Net transfer of shares between Class A and Class B | 2,422 | 242,185 | (2,422 | ) | (242,185 | ) | — | — | — | |||||||||||||||||||||
Dividends on capital stock (Class A - 1.0%, Class B - 6.0%): | ||||||||||||||||||||||||||||||
Cash payment | (145 | ) | (145 | ) | (145 | ) | ||||||||||||||||||||||||
Stock issued | 388 | 38,784 | 388 | 38,784 | (38,784 | ) | (38,784 | ) | — | |||||||||||||||||||||
Balance at June 30, 2016 | 1,879 | $ | 187,895 | 11,594 | $ | 1,159,385 | 13,473 | $ | 1,347,280 | $ | 578,978 | $ | 106,051 | $ | 685,029 | $ | (15,538 | ) | $ | 2,016,771 |
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||
STATEMENTS OF CASH FLOWS - Unaudited | ||||||
(In thousands) | ||||||
Six Months Ended | ||||||
06/30/2016 | 06/30/2015 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | $ | 72,176 | $ | 57,681 | ||
Adjustments to reconcile income (loss) to net cash provided by (used in) operating activities: | ||||||
Depreciation and amortization: | ||||||
Premiums and discounts on consolidated obligations, net | (279 | ) | (8,109 | ) | ||
Concessions on consolidated obligations | 6,550 | 3,081 | ||||
Premiums and discounts on investments, net | 1,039 | 364 | ||||
Premiums, discounts and commitment fees on advances, net | (3,204 | ) | (4,981 | ) | ||
Premiums, discounts and deferred loan costs on mortgage loans, net | 9,171 | 9,589 | ||||
Fair value adjustments on hedged assets or liabilities | 2,838 | 5,103 | ||||
Premises, software and equipment | 1,032 | 1,097 | ||||
Other | 95 | 198 | ||||
(Reversal) provision for credit losses on mortgage loans | (469 | ) | (1,794 | ) | ||
Non-cash interest on mandatorily redeemable capital stock | 37 | 20 | ||||
Net other-than-temporary impairment losses on held-to-maturity securities | 32 | 439 | ||||
Net realized (gain) loss on sale of premises and equipment | (39 | ) | (17 | ) | ||
Other adjustments | (386 | ) | (116 | ) | ||
Net (gain) loss on trading securities | (67,730 | ) | 26,215 | |||
(Gain) loss due to change in net fair value adjustment on derivative and hedging activities | 101,902 | 9,326 | ||||
(Increase) decrease in accrued interest receivable | 1,295 | (3,751 | ) | |||
Change in net accrued interest included in derivative assets | (3,462 | ) | 9,221 | |||
(Increase) decrease in other assets | (1,805 | ) | 1,125 | |||
Increase (decrease) in accrued interest payable | (8,746 | ) | (5,683 | ) | ||
Change in net accrued interest included in derivative liabilities | 537 | (4,436 | ) | |||
Increase (decrease) in Affordable Housing Program liability | 3,050 | (577 | ) | |||
Increase (decrease) in other liabilities | (2,912 | ) | (1,704 | ) | ||
Total adjustments | 38,546 | 34,610 | ||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 110,722 | 92,291 | ||||
FEDERAL HOME LOAN BANK OF TOPEKA | ||||||
STATEMENTS OF CASH FLOWS - Unaudited | ||||||
(In thousands) | ||||||
Six Months Ended | ||||||
06/30/2016 | 06/30/2015 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Net (increase) decrease in interest-bearing deposits | $ | (438,106 | ) | $ | 10,030 | |
Net (increase) decrease in securities purchased under resale agreements | 951,573 | (3,735,000 | ) | |||
Net (increase) decrease in Federal funds sold | 177,000 | 5,000 | ||||
Net (increase) decrease in short-term trading securities | — | (595,010 | ) | |||
Proceeds from maturities of and principal repayments on long-term trading securities | 260,818 | 307,579 | ||||
Purchases of long-term trading securities | (393,445 | ) | (850,830 | ) | ||
Proceeds from maturities of and principal repayments on long-term available-for-sale securities | 1,206 | — | ||||
Purchases of long-term available-for-sale securities | (519,528 | ) | — | |||
Proceeds from maturities of and principal repayments on long-term held-to-maturity securities | 374,708 | 733,430 | ||||
Purchases of long-term held-to-maturity securities | (291,225 | ) | (1,090,355 | ) | ||
Principal collected on advances | 62,092,887 | 43,289,405 | ||||
Advances made | (64,622,951 | ) | (48,299,409 | ) | ||
Principal collected on mortgage loans | 468,194 | 505,390 | ||||
Purchases of mortgage loans | (558,419 | ) | (600,645 | ) | ||
Proceeds from sale of foreclosed assets | 2,719 | 2,398 | ||||
Principal collected on other loans made | 1,167 | 1,104 | ||||
Proceeds from sale of premises, software and equipment | 1 | 44 | ||||
Purchases of premises, software and equipment | (3,177 | ) | (186 | ) | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (2,496,578 | ) | (10,317,055 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Net increase (decrease) in deposits | (119,812 | ) | (5,188 | ) | ||
Net proceeds from issuance of consolidated obligations: | ||||||
Discount notes | 265,946,231 | 142,961,933 | ||||
Bonds | 8,111,112 | 7,108,089 | ||||
Payments for maturing and retired consolidated obligations: | ||||||
Discount notes | (260,877,617 | ) | (135,675,197 | ) | ||
Bonds | (11,227,650 | ) | (6,113,000 | ) | ||
Proceeds from financing derivatives | 14,600 | 6,066 | ||||
Net interest payments received (paid) for financing derivatives | (30,639 | ) | (26,996 | ) | ||
Proceeds from issuance of capital stock | 669,813 | 684,290 | ||||
Payments for repurchase/redemption of capital stock | (218,044 | ) | (202,851 | ) | ||
Payments for repurchase of mandatorily redeemable capital stock | (350,640 | ) | (182,966 | ) | ||
Cash dividends paid | (145 | ) | (148 | ) | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,917,209 | 8,554,032 | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (468,647 | ) | (1,670,732 | ) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 682,670 | 2,545,311 | ||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 214,023 | $ | 874,579 | ||
Supplemental disclosures: | ||||||
Interest paid | $ | 157,187 | $ | 107,377 | ||
Affordable Housing Program payments | $ | 5,352 | $ | 7,062 | ||
Net transfers of mortgage loans to real estate owned | $ | 627 | $ | 2,277 | ||
Traded but not yet settled investment security purchases | $ | 15,260 | $ | 97,184 |
• | The statement of income to reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period; |
• | The entities to determine the allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination that are measured at amortized cost basis in a similar manner to other financial assets measured at amortized cost basis. The initial allowance for credit losses is required to be added to the purchase price; |
• | Credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The amendments limit the allowance for credit losses to the amount by which fair value is below amortized cost; and |
• | Public entities to further disaggregate the current disclosure of credit quality indicators in relation to the amortized cost of financing receivables by the year of origination (i.e., vintage). |
Fair Value | ||||||
06/30/2016 | 12/31/2015 | |||||
Non-mortgage-backed securities: | ||||||
GSE obligations1 | $ | 1,493,441 | $ | 1,338,639 | ||
Non-mortgage-backed securities | 1,493,441 | 1,338,639 | ||||
Mortgage-backed securities: | ||||||
U.S. obligation MBS2 | 744 | 801 | ||||
GSE MBS3 | 1,000,778 | 955,166 | ||||
Mortgage-backed securities | 1,001,522 | 955,967 | ||||
TOTAL | $ | 2,494,963 | $ | 2,294,606 |
1 | Represents debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Bank (Farm Credit) and Federal Agricultural Mortgage Corporation (Farmer Mac). GSE securities are not guaranteed by the U.S. government. |
2 | Represents single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government. |
3 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Net gains (losses) on trading securities held as of June 30, 2016 | $ | 18,526 | $ | (17,674 | ) | $ | 68,195 | $ | (21,001 | ) | ||
Net gains (losses) on trading securities sold or matured prior to June 30, 2016 | — | (2,697 | ) | (465 | ) | (5,214 | ) | |||||
NET GAIN (LOSS) ON TRADING SECURITIES | $ | 18,526 | $ | (20,371 | ) | $ | 67,730 | $ | (26,215 | ) |
06/30/2016 | |||||||||||||||
Amortized Cost | OTTI Recognized in OCI | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||
Mortgage-backed securities: | |||||||||||||||
GSE MBS1 | $ | 1,064,198 | $ | — | $ | 1,562 | $ | (7,837 | ) | $ | 1,057,923 | ||||
TOTAL | $ | 1,064,198 | $ | — | $ | 1,562 | $ | (7,837 | ) | $ | 1,057,923 |
1 | Represents fixed rate multi-family MBS issued by Fannie Mae. |
12/31/2015 | |||||||||||||||
Amortized Cost | OTTI Recognized in OCI | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||
Mortgage-backed securities: | |||||||||||||||
GSE MBS1 | $ | 503,640 | $ | — | $ | — | $ | (8,577 | ) | $ | 495,063 | ||||
TOTAL | $ | 503,640 | $ | — | $ | — | $ | (8,577 | ) | $ | 495,063 |
1 | Represents fixed rate multi-family MBS issued by Fannie Mae. |
06/30/2016 | ||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
GSE MBS1 | $ | 762,592 | $ | (7,837 | ) | $ | — | $ | — | $ | 762,592 | $ | (7,837 | ) | ||||
TOTAL TEMPORARILY IMPAIRED SECURITIES | $ | 762,592 | $ | (7,837 | ) | $ | — | $ | — | $ | 762,592 | $ | (7,837 | ) |
1 | Represents fixed rate multi-family MBS issued by Fannie Mae. |
12/31/2015 | ||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
GSE MBS1 | $ | 495,063 | $ | (8,577 | ) | $ | — | $ | — | $ | 495,063 | $ | (8,577 | ) | ||||
TOTAL TEMPORARILY IMPAIRED SECURITIES | $ | 495,063 | $ | (8,577 | ) | $ | — | $ | — | $ | 495,063 | $ | (8,577 | ) |
1 | Represents fixed rate multi-family MBS issued by Fannie Mae. |
06/30/2016 | ||||||||||||||||||
Amortized Cost | OTTI Recognized in OCI | Carrying Value | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Non-mortgage-backed securities: | ||||||||||||||||||
State or local housing agency obligations | $ | 109,590 | $ | — | $ | 109,590 | $ | 129 | $ | (4,908 | ) | $ | 104,811 | |||||
Non-mortgage-backed securities | 109,590 | — | 109,590 | 129 | (4,908 | ) | 104,811 | |||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. obligation MBS1 | 42,822 | — | 42,822 | 6 | (70 | ) | 42,758 | |||||||||||
GSE MBS2 | 4,412,962 | — | 4,412,962 | 14,578 | (17,314 | ) | 4,410,226 | |||||||||||
Private-label residential MBS | 144,976 | (6,908 | ) | 138,068 | 5,071 | (5,485 | ) | 137,654 | ||||||||||
Mortgage-backed securities | 4,600,760 | (6,908 | ) | 4,593,852 | 19,655 | (22,869 | ) | 4,590,638 | ||||||||||
TOTAL | $ | 4,710,350 | $ | (6,908 | ) | $ | 4,703,442 | $ | 19,784 | $ | (27,777 | ) | $ | 4,695,449 |
1 | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. |
2 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
12/31/2015 | ||||||||||||||||||
Amortized Cost | OTTI Recognized in OCI | Carrying Value | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Non-mortgage-backed securities: | ||||||||||||||||||
State or local housing agency obligations | $ | 111,655 | $ | — | $ | 111,655 | $ | 138 | $ | (5,164 | ) | $ | 106,629 | |||||
Non-mortgage-backed securities | 111,655 | — | 111,655 | 138 | (5,164 | ) | 106,629 | |||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S obligation MBS1 | 47,234 | — | 47,234 | 66 | (23 | ) | 47,277 | |||||||||||
GSE MBS2 | 4,452,533 | — | 4,452,533 | 19,740 | (21,639 | ) | 4,450,634 | |||||||||||
Private-label residential MBS | 167,345 | (7,950 | ) | 159,395 | 6,665 | (5,505 | ) | 160,555 | ||||||||||
Mortgage-backed securities | 4,667,112 | (7,950 | ) | 4,659,162 | 26,471 | (27,167 | ) | 4,658,466 | ||||||||||
TOTAL | $ | 4,778,767 | $ | (7,950 | ) | $ | 4,770,817 | $ | 26,609 | $ | (32,331 | ) | $ | 4,765,095 |
1 | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. |
2 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
06/30/2016 | ||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses1 | |||||||||||||
Non-mortgage-backed securities: | ||||||||||||||||||
State or local housing agency obligations | $ | — | $ | — | $ | 36,297 | $ | (4,908 | ) | $ | 36,297 | $ | (4,908 | ) | ||||
Non-mortgage-backed securities | — | — | 36,297 | (4,908 | ) | 36,297 | (4,908 | ) | ||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. obligation MBS2 | 40,939 | (70 | ) | — | — | 40,939 | (70 | ) | ||||||||||
GSE MBS3 | 1,245,375 | (4,778 | ) | 1,633,953 | (12,536 | ) | 2,879,328 | (17,314 | ) | |||||||||
Private-label residential MBS | 4,557 | (20 | ) | 96,340 | (8,723 | ) | 100,897 | (8,743 | ) | |||||||||
Mortgage-backed securities | 1,290,871 | (4,868 | ) | 1,730,293 | (21,259 | ) | 3,021,164 | (26,127 | ) | |||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES | $ | 1,290,871 | $ | (4,868 | ) | $ | 1,766,590 | $ | (26,167 | ) | $ | 3,057,461 | $ | (31,035 | ) |
1 | Total unrealized losses in Table 3.9 will not agree to total gross unrecognized losses in Table 3.7. Total unrealized losses in Table 3.9 include non-credit-related OTTI recognized in accumulated other comprehensive income (AOCI) and gross unrecognized gains on previously other-than-temporarily impaired securities. |
2 | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. |
3 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
12/31/2015 | ||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses1 | |||||||||||||
Non-mortgage-backed securities: | ||||||||||||||||||
State or local housing agency obligations | $ | — | $ | — | $ | 37,211 | $ | (5,164 | ) | $ | 37,211 | $ | (5,164 | ) | ||||
Non-mortgage-backed securities | — | — | 37,211 | (5,164 | ) | 37,211 | (5,164 | ) | ||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S obligation MBS2 | 19,189 | (23 | ) | — | — | 19,189 | (23 | ) | ||||||||||
GSE MBS3 | 1,697,226 | (7,806 | ) | 1,012,199 | (13,833 | ) | 2,709,425 | (21,639 | ) | |||||||||
Private-label residential MBS | 5,215 | (28 | ) | 110,744 | (8,826 | ) | 115,959 | (8,854 | ) | |||||||||
Mortgage-backed securities | 1,721,630 | (7,857 | ) | 1,122,943 | (22,659 | ) | 2,844,573 | (30,516 | ) | |||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES | $ | 1,721,630 | $ | (7,857 | ) | $ | 1,160,154 | $ | (27,823 | ) | $ | 2,881,784 | $ | (35,680 | ) |
1 | Total unrealized losses in Table 3.10 will not agree to total gross unrecognized losses in Table 3.8. Total unrealized losses in Table 3.10 include non-credit-related OTTI recognized in AOCI and gross unrecognized gains on previously other-than-temporarily impaired securities. |
2 | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. |
3 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
06/30/2016 | 12/31/2015 | |||||||||||||||||
Amortized Cost | Carrying Value | Fair Value | Amortized Cost | Carrying Value | Fair Value | |||||||||||||
Non-mortgage-backed securities: | ||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Due after one year through five years | 2,990 | 2,990 | 2,990 | 3,260 | 3,260 | 3,260 | ||||||||||||
Due after five years through 10 years | 11,205 | 11,205 | 11,166 | 12,375 | 12,375 | 12,356 | ||||||||||||
Due after 10 years | 95,395 | 95,395 | 90,655 | 96,020 | 96,020 | 91,013 | ||||||||||||
Non-mortgage-backed securities | 109,590 | 109,590 | 104,811 | 111,655 | 111,655 | 106,629 | ||||||||||||
Mortgage-backed securities | 4,600,760 | 4,593,852 | 4,590,638 | 4,667,112 | 4,659,162 | 4,658,466 | ||||||||||||
TOTAL | $ | 4,710,350 | $ | 4,703,442 | $ | 4,695,449 | $ | 4,778,767 | $ | 4,770,817 | $ | 4,765,095 |
06/30/2016 | 12/31/2015 | |||||
Non-mortgage-backed securities: | ||||||
Variable rate | $ | 109,590 | $ | 111,655 | ||
Non-mortgage-backed securities | 109,590 | 111,655 | ||||
Mortgage-backed securities: | ||||||
Fixed rate | 284,387 | 324,177 | ||||
Variable rate | 4,316,373 | 4,342,935 | ||||
Mortgage-backed securities | 4,600,760 | 4,667,112 | ||||
TOTAL | $ | 4,710,350 | $ | 4,778,767 |
06/30/2016 | ||||||||||||
Unpaid Principal Balance | Amortized Cost | Carrying Value | Fair Value | |||||||||
Private-label residential MBS: | ||||||||||||
Prime | $ | 11,671 | $ | 10,711 | $ | 9,977 | $ | 10,647 | ||||
Alt-A | 32,927 | 29,456 | 23,282 | 27,329 | ||||||||
TOTAL | $ | 44,598 | $ | 40,167 | $ | 33,259 | $ | 37,976 |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Balance, beginning of period | $ | 7,776 | $ | 9,367 | $ | 7,785 | $ | 9,406 | ||||
Additional charge on securities for which OTTI was not previously recognized | 1 | — | 1 | — | ||||||||
Additional charge on securities for which OTTI was previously recognized1 | 4 | 252 | 31 | 439 | ||||||||
Amortization of credit component of OTTI2 | (185 | ) | (194 | ) | (221 | ) | (420 | ) | ||||
Balance, end of period | $ | 7,596 | $ | 9,425 | $ | 7,596 | $ | 9,425 |
1 | For the three months ended June 30, 2016 and 2015, securities previously impaired represent all securities that were impaired prior to April 1, 2016 and 2015, respectively. For the six months ended June 30, 2016 and 2015, securities previously impaired represent all securities that were impaired prior to January 1, 2016 and 2015, respectively. |
2 | The FHLBank amortizes the credit component based on estimated cash flows prospectively up to the amount of expected principal to be recovered. The discounted cash flows will move from the discounted loss value to the ultimate principal to be written off at the projected date of loss. If the expected cash flows improve, the amount of expected loss decreases which causes a corresponding decrease in the calculated amortization. Based on the level of improvement in the cash flows, the amortization could become a positive adjustment to income. |
06/30/2016 | 12/31/2015 | |||||||||
Year of Contractual Maturity | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||
Due in one year or less | $ | 13,464,206 | 0.75 | % | $ | 11,230,853 | 0.65 | % | ||
Due after one year through two years | 2,549,990 | 2.28 | 2,465,866 | 2.49 | ||||||
Due after two years through three years | 1,580,982 | 1.57 | 1,816,690 | 2.02 | ||||||
Due after three years through four years | 775,011 | 1.98 | 970,726 | 1.43 | ||||||
Due after four years through five years | 1,018,499 | 2.13 | 803,465 | 1.84 | ||||||
Thereafter | 6,615,049 | 1.08 | 6,186,074 | 1.17 | ||||||
Total par value | 26,003,737 | 1.13 | % | 23,473,674 | 1.16 | % | ||||
Discounts | (14,661 | ) | (17,866 | ) | ||||||
Hedging adjustments | 193,486 | 124,563 | ||||||||
TOTAL | $ | 26,182,562 | $ | 23,580,371 |
Year of Contractual Maturity or Next Call Date | Year of Contractual Maturity or Next Conversion Date | |||||||||||
Redemption Term | 06/30/2016 | 12/31/2015 | 06/30/2016 | 12/31/2015 | ||||||||
Due in one year or less | $ | 19,720,504 | $ | 16,894,032 | $ | 14,500,399 | $ | 12,454,894 | ||||
Due after one year through two years | 1,918,508 | 2,037,166 | 1,677,298 | 1,573,624 | ||||||||
Due after two years through three years | 1,163,293 | 1,464,854 | 1,543,982 | 1,577,890 | ||||||||
Due after three years through four years | 688,335 | 630,463 | 792,111 | 1,033,226 | ||||||||
Due after four years through five years | 921,049 | 622,489 | 1,124,549 | 830,265 | ||||||||
Thereafter | 1,592,048 | 1,824,670 | 6,365,398 | 6,003,775 | ||||||||
TOTAL PAR VALUE | $ | 26,003,737 | $ | 23,473,674 | $ | 26,003,737 | $ | 23,473,674 |
06/30/2016 | 12/31/2015 | |||||
Fixed rate: | ||||||
Due in one year or less | $ | 2,526,652 | $ | 2,012,929 | ||
Due after one year | 6,357,308 | 6,612,853 | ||||
Total fixed rate | 8,883,960 | 8,625,782 | ||||
Variable rate: | ||||||
Due in one year or less | 10,937,554 | 9,217,924 | ||||
Due after one year | 6,182,223 | 5,629,968 | ||||
Total variable rate | 17,119,777 | 14,847,892 | ||||
TOTAL PAR VALUE | $ | 26,003,737 | $ | 23,473,674 |
06/30/2016 | 12/31/2015 | |||||
Real estate: | ||||||
Fixed rate, medium-term1, single-family mortgages | $ | 1,384,809 | $ | 1,456,406 | ||
Fixed rate, long-term, single-family mortgages | 4,980,942 | 4,830,091 | ||||
Total unpaid principal balance | 6,365,751 | 6,286,497 | ||||
Premiums | 101,268 | 100,502 | ||||
Discounts | (2,188 | ) | (2,440 | ) | ||
Deferred loan costs, net | 492 | 596 | ||||
Other deferred fees | (105 | ) | (118 | ) | ||
Hedging adjustments | 8,679 | 7,643 | ||||
Total before Allowance for Credit Losses on Mortgage Loans | 6,473,897 | 6,392,680 | ||||
Allowance for Credit Losses on Mortgage Loans | (1,298 | ) | (1,972 | ) | ||
MORTGAGE LOANS HELD FOR PORTFOLIO, NET | $ | 6,472,599 | $ | 6,390,708 |
1 | Medium-term defined as a term of 15 years or less at origination. |
06/30/2016 | 12/31/2015 | |||||
Conventional loans | $ | 5,722,576 | $ | 5,663,709 | ||
Government-guaranteed or insured loans | 643,175 | 622,788 | ||||
TOTAL UNPAID PRINCIPAL BALANCE | $ | 6,365,751 | $ | 6,286,497 |
06/30/2016 | |||||||||||||||
Conventional Loans | Government Loans | Credit Products1 | Direct Financing Lease Receivable | Total | |||||||||||
Allowance for credit losses: | |||||||||||||||
Balance, beginning of three-month period | $ | 1,607 | $ | — | $ | — | $ | — | $ | 1,607 | |||||
Net charge-offs | (97 | ) | — | — | — | (97 | ) | ||||||||
(Reversal) provision for credit losses | (212 | ) | — | — | — | (212 | ) | ||||||||
Balance, end of three-month period | $ | 1,298 | $ | — | $ | — | $ | — | $ | 1,298 | |||||
Balance, beginning of six-month period | $ | 1,972 | $ | — | $ | — | $ | — | $ | 1,972 | |||||
Net charge-offs | (205 | ) | — | — | — | (205 | ) | ||||||||
(Reversal) provision for credit losses | (469 | ) | — | — | — | (469 | ) | ||||||||
Balance, end of six-month period | $ | 1,298 | $ | — | $ | — | $ | — | $ | 1,298 | |||||
Allowance for credit losses, end of period: | |||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
Collectively evaluated for impairment | 1,298 | — | — | — | 1,298 | ||||||||||
Recorded investment2, end of period: | |||||||||||||||
Individually evaluated for impairment | $ | 12,722 | $ | — | $ | 26,208,296 | $ | 18,598 | $ | 26,239,616 | |||||
Collectively evaluated for impairment | 5,832,702 | 659,475 | — | — | 6,492,177 | ||||||||||
Total | $ | 5,845,424 | $ | 659,475 | $ | 26,208,296 | $ | 18,598 | $ | 32,731,793 |
1 | The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. |
2 | The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. |
06/30/2015 | |||||||||||||||
Conventional Loans | Government Loans | Credit Products1 | Direct Financing Lease Receivable | Total | |||||||||||
Allowance for credit losses: | |||||||||||||||
Balance, beginning of three-month period | $ | 3,337 | $ | — | $ | — | $ | — | $ | 3,337 | |||||
Net (charge-offs) recoveries | 45 | — | — | — | 45 | ||||||||||
(Reversal) provision for credit losses | (992 | ) | — | — | — | (992 | ) | ||||||||
Balance, end of three-month period | $ | 2,390 | $ | — | $ | — | $ | — | $ | 2,390 | |||||
Balance, beginning of six-month period | $ | 4,550 | $ | — | $ | — | $ | — | $ | 4,550 | |||||
Net charge-offs | (366 | ) | — | — | — | (366 | ) | ||||||||
(Reversal) provision for credit losses | (1,794 | ) | — | — | — | (1,794 | ) | ||||||||
Balance, end of six-month period | $ | 2,390 | $ | — | $ | — | $ | — | $ | 2,390 | |||||
Allowance for credit losses, end of period: | |||||||||||||||
Individually evaluated for impairment | $ | 21 | $ | — | $ | — | $ | — | $ | 21 | |||||
Collectively evaluated for impairment | 2,369 | — | — | — | 2,369 | ||||||||||
Recorded investment2, end of period: | |||||||||||||||
Individually evaluated for impairment | $ | 13,204 | $ | — | $ | 23,308,952 | $ | 20,906 | $ | 23,343,062 | |||||
Collectively evaluated for impairment | 5,702,894 | 631,547 | — | — | 6,334,441 | ||||||||||
Total | $ | 5,716,098 | $ | 631,547 | $ | 23,308,952 | $ | 20,906 | $ | 29,677,503 |
1 | The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. |
2 | The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. |
06/30/2016 | |||||||||||||||
Conventional Loans | Government Loans | Credit Products1 | Direct Financing Lease Receivable | Total | |||||||||||
Recorded investment2: | |||||||||||||||
Past due 30-59 days delinquent | $ | 36,608 | $ | 15,558 | $ | — | $ | — | $ | 52,166 | |||||
Past due 60-89 days delinquent | 6,190 | 4,266 | — | — | 10,456 | ||||||||||
Past due 90 days or more delinquent | 10,858 | 5,021 | — | — | 15,879 | ||||||||||
Total past due | 53,656 | 24,845 | — | — | 78,501 | ||||||||||
Total current loans | 5,791,768 | 634,630 | 26,208,296 | 18,598 | 32,653,292 | ||||||||||
Total recorded investment | $ | 5,845,424 | $ | 659,475 | $ | 26,208,296 | $ | 18,598 | $ | 32,731,793 | |||||
Other delinquency statistics: | |||||||||||||||
In process of foreclosure, included above3 | $ | 4,330 | $ | 2,507 | $ | — | $ | — | $ | 6,837 | |||||
Serious delinquency rate4 | 0.2 | % | 0.8 | % | — | % | — | % | 0.1 | % | |||||
Past due 90 days or more and still accruing interest | $ | — | $ | 5,021 | $ | — | $ | — | $ | 5,021 | |||||
Loans on non-accrual status5 | $ | 15,445 | $ | — | $ | — | $ | — | $ | 15,445 |
1 | The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. |
2 | The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. |
3 | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. |
4 | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. |
5 | Loans on non-accrual status include $1,319,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. |
12/31/2015 | |||||||||||||||
Conventional Loans | Government Loans | Credit Products1 | Direct Financing Lease Receivable | Total | |||||||||||
Recorded investment2: | |||||||||||||||
Past due 30-59 days delinquent | $ | 39,016 | $ | 19,426 | $ | — | $ | — | $ | 58,442 | |||||
Past due 60-89 days delinquent | 7,093 | 4,696 | — | — | 11,789 | ||||||||||
Past due 90 days or more delinquent | 12,475 | 8,021 | — | — | 20,496 | ||||||||||
Total past due | 58,584 | 32,143 | — | — | 90,727 | ||||||||||
Total current loans | 5,726,268 | 606,941 | 23,603,691 | 19,771 | 29,956,671 | ||||||||||
Total recorded investment | $ | 5,784,852 | $ | 639,084 | $ | 23,603,691 | $ | 19,771 | $ | 30,047,398 | |||||
Other delinquency statistics: | |||||||||||||||
In process of foreclosure, included above3 | $ | 3,661 | $ | 2,947 | $ | — | $ | — | $ | 6,608 | |||||
Serious delinquency rate4 | 0.2 | % | 1.3 | % | — | % | — | % | 0.1 | % | |||||
Past due 90 days or more and still accruing interest | $ | — | $ | 8,021 | $ | — | $ | — | $ | 8,021 | |||||
Loans on non-accrual status5 | $ | 15,976 | $ | — | $ | — | $ | — | $ | 15,976 |
1 | The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. |
2 | The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. |
3 | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. |
4 | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. |
5 | Loans on non-accrual status include $1,320,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. |
06/30/2016 | 12/31/2015 | |||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||
With no related allowance | $ | 12,722 | $ | 12,640 | $ | — | $ | 11,456 | $ | 11,417 | $ | — | ||||||
With an allowance | — | — | — | — | — | — | ||||||||||||
TOTAL | $ | 12,722 | $ | 12,640 | $ | — | $ | 11,456 | $ | 11,417 | $ | — |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||
With no related allowance | $ | 12,661 | $ | 65 | $ | 13,166 | $ | 93 | $ | 11,991 | $ | 147 | $ | 14,056 | $ | 181 | ||||||||
With an allowance | — | — | 180 | — | — | — | 182 | — | ||||||||||||||||
TOTAL | $ | 12,661 | $ | 65 | $ | 13,346 | $ | 93 | $ | 11,991 | $ | 147 | $ | 14,238 | $ | 181 |
06/30/2016 | 12/31/2015 | |||||||||||||||||
Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate swaps | $ | 8,491,308 | $ | 49,630 | $ | 258,703 | $ | 10,338,768 | $ | 59,828 | $ | 136,261 | ||||||
Interest rate caps/floors | — | — | — | 60,000 | — | 94 | ||||||||||||
Total derivatives designated as hedging relationships | 8,491,308 | 49,630 | 258,703 | 10,398,768 | 59,828 | 136,355 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest rate swaps | 2,153,489 | 1,850 | 139,061 | 3,158,851 | 589 | 78,238 | ||||||||||||
Interest rate caps/floors | 2,922,800 | 2,072 | — | 2,930,800 | 5,798 | 9 | ||||||||||||
Mortgage delivery commitments | 130,623 | 827 | — | 66,045 | 71 | 64 | ||||||||||||
Total derivatives not designated as hedging instruments | 5,206,912 | 4,749 | 139,061 | 6,155,696 | 6,458 | 78,311 | ||||||||||||
TOTAL | $ | 13,698,220 | 54,379 | 397,764 | $ | 16,554,464 | 66,286 | 214,666 | ||||||||||
Netting adjustments and cash collateral1 | 7,368 | (349,801 | ) | (14,695 | ) | (183,174 | ) | |||||||||||
DERIVATIVE ASSETS AND LIABILITIES | $ | 61,747 | $ | 47,963 | $ | 51,591 | $ | 31,492 |
1 | Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $357,369,000 and $190,483,000 as of June 30, 2016 and December 31, 2015, respectively. Cash collateral received was $200,000 and $22,004,000 as of June 30, 2016 and December 31, 2015, respectively. |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps | $ | (1,820 | ) | $ | (592 | ) | $ | (4,310 | ) | $ | (1,425 | ) |
Total net gain (loss) related to fair value hedge ineffectiveness | (1,820 | ) | (592 | ) | (4,310 | ) | (1,425 | ) | ||||
Derivatives not designated as hedging instruments: | ||||||||||||
Economic hedges: | ||||||||||||
Interest rate swaps | (21,421 | ) | 15,470 | (64,629 | ) | 21,026 | ||||||
Interest rate caps/floors | (1,623 | ) | 518 | (3,716 | ) | (1,341 | ) | |||||
Net interest settlements | (11,871 | ) | (9,879 | ) | (24,115 | ) | (19,430 | ) | ||||
Mortgage delivery commitments | 1,439 | (1,200 | ) | 2,988 | (476 | ) | ||||||
Total net gain (loss) related to derivatives not designated as hedging instruments | (33,476 | ) | 4,909 | (89,472 | ) | (221 | ) | |||||
NET GAIN (LOSS) ON DERIVATIVES AND HEDGING ACTIVITIES | $ | (35,296 | ) | $ | 4,317 | $ | (93,782 | ) | $ | (1,646 | ) |
Three Months Ended | ||||||||||||||||||||||||
06/30/2016 | 06/30/2015 | |||||||||||||||||||||||
Gain (Loss) on Derivatives | Gain (Loss) on Hedged Items | Net Fair Value Hedge Ineffectiveness | Effect of Derivatives on Net Interest Income1 | Gain (Loss) on Derivatives | Gain (Loss) on Hedged Items | Net Fair Value Hedge Ineffectiveness | Effect of Derivatives on Net Interest Income1 | |||||||||||||||||
Advances | $ | (16,092 | ) | $ | 16,217 | $ | 125 | $ | (23,758 | ) | $ | 42,525 | $ | (41,682 | ) | $ | 843 | $ | (32,130 | ) | ||||
Investments | (23,405 | ) | 21,650 | (1,755 | ) | (3,000 | ) | — | — | — | — | |||||||||||||
Consolidated obligation bonds | (3,971 | ) | 3,771 | (200 | ) | 9,014 | (15,196 | ) | 13,854 | (1,342 | ) | 17,820 | ||||||||||||
Consolidated obligation discount notes | 98 | (88 | ) | 10 | 15 | 9 | (102 | ) | (93 | ) | 50 | |||||||||||||
TOTAL | $ | (43,370 | ) | $ | 41,550 | $ | (1,820 | ) | $ | (17,729 | ) | $ | 27,338 | $ | (27,930 | ) | $ | (592 | ) | $ | (14,260 | ) |
1 | The differentials between accruals of interest receivables and payables on derivatives designated as fair value hedges as well as the amortization/accretion of hedging activities are recognized as adjustments to the interest income or expense of the designated underlying hedged item. |
Six Months Ended | ||||||||||||||||||||||||
06/30/2016 | 06/30/2015 | |||||||||||||||||||||||
Gain (Loss) on Derivatives | Gain (Loss) on Hedged Items | Net Fair Value Hedge Ineffectiveness | Effect of Derivatives on Net Interest Income1 | Gain (Loss) on Derivatives | Gain (Loss) on Hedged Items | Net Fair Value Hedge Ineffectiveness | Effect of Derivatives on Net Interest Income1 | |||||||||||||||||
Advances | $ | (71,873 | ) | $ | 71,564 | $ | (309 | ) | $ | (49,192 | ) | $ | 24,540 | $ | (24,028 | ) | $ | 512 | $ | (65,048 | ) | |||
Investments | (46,220 | ) | 43,112 | (3,108 | ) | (5,337 | ) | — | — | — | — | |||||||||||||
Consolidated obligation bonds | 2,766 | (3,382 | ) | (616 | ) | 20,561 | 789 | (2,769 | ) | (1,980 | ) | 38,969 | ||||||||||||
Consolidated obligation discount notes | 182 | (459 | ) | (277 | ) | (45 | ) | 58 | (15 | ) | 43 | 59 | ||||||||||||
TOTAL | $ | (115,145 | ) | $ | 110,835 | $ | (4,310 | ) | $ | (34,013 | ) | $ | 25,387 | $ | (26,812 | ) | $ | (1,425 | ) | $ | (26,020 | ) |
1 | The differentials between accruals of interest receivables and payables on derivatives designated as fair value hedges as well as the amortization/accretion of hedging activities are recognized as adjustments to the interest income or expense of the designated underlying hedged item. |
06/30/2016 | 12/31/2015 | |||||
Interest-bearing: | ||||||
Demand | $ | 295,325 | $ | 235,547 | ||
Overnight | 310,500 | 462,500 | ||||
Term | — | 18,400 | ||||
Total interest-bearing | 605,825 | 716,447 | ||||
Non-interest-bearing: | ||||||
Demand | 55,530 | 42,919 | ||||
Total non-interest-bearing | 55,530 | 42,919 | ||||
TOTAL DEPOSITS | $ | 661,355 | $ | 759,366 |
06/30/2016 | 12/31/2015 | |||||||||
Year of Contractual Maturity | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||
Due in one year or less | $ | 6,227,420 | 0.80 | % | $ | 9,276,390 | 0.58 | % | ||
Due after one year through two years | 3,432,125 | 1.30 | 2,317,615 | 1.71 | ||||||
Due after two years through three years | 1,241,500 | 1.48 | 1,760,440 | 1.71 | ||||||
Due after three years through four years | 919,150 | 1.64 | 823,250 | 1.72 | ||||||
Due after four years through five years | 939,950 | 1.67 | 1,008,600 | 1.59 | ||||||
Thereafter | 3,939,500 | 2.59 | 4,637,500 | 2.60 | ||||||
Total par value | 16,699,645 | 1.47 | % | 19,823,795 | 1.39 | % | ||||
Premiums | 27,989 | 19,895 | ||||||||
Discounts | (2,743 | ) | (3,483 | ) | ||||||
Concession fees1 | (9,330 | ) | (9,221 | ) | ||||||
Hedging adjustments | 38,429 | 35,048 | ||||||||
TOTAL | $ | 16,753,990 | $ | 19,866,034 |
1 | December 31, 2015 balances modified for change in accounting principle related to the reclassification of concessions on consolidated obligations. |
Year of Maturity or Next Call Date | 06/30/2016 | 12/31/2015 | ||||
Due in one year or less | $ | 11,482,920 | $ | 15,594,890 | ||
Due after one year through two years | 3,124,125 | 2,364,615 | ||||
Due after two years through three years | 915,500 | 990,440 | ||||
Due after three years through four years | 349,150 | 215,250 | ||||
Due after four years through five years | 204,950 | 138,600 | ||||
Thereafter | 623,000 | 520,000 | ||||
TOTAL PAR VALUE | $ | 16,699,645 | $ | 19,823,795 |
06/30/2016 | 12/31/2015 | |||||
Fixed rate | $ | 10,794,645 | $ | 12,068,795 | ||
Simple variable rate | 5,430,000 | 6,400,000 | ||||
Fixed to variable rate | 235,000 | 370,000 | ||||
Step up/step down | 220,000 | 895,000 | ||||
Range | 20,000 | 90,000 | ||||
TOTAL PAR VALUE | $ | 16,699,645 | $ | 19,823,795 |
Book Value | Par Value | Weighted Average Interest Rate1 | ||||||
June 30, 2016 | $ | 26,887,678 | $ | 26,897,615 | 0.34 | % | ||
December 31, 2015 | $ | 21,813,446 | $ | 21,821,045 | 0.27 | % |
1 | Represents yield to maturity excluding concession fees. |
06/30/2016 | |||||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Condition | Net Amounts of Assets Presented in the Statement of Condition | Gross Amounts Not Offset in the Statement of Condition1 | Net Amount | ||||||||||
Derivative assets: | |||||||||||||||
Uncleared derivatives | $ | 52,218 | $ | (44,892 | ) | $ | 7,326 | $ | (827 | ) | $ | 6,499 | |||
Cleared derivatives | 2,161 | 52,260 | 54,421 | — | 54,421 | ||||||||||
Total derivative assets | 54,379 | 7,368 | 61,747 | (827 | ) | 60,920 | |||||||||
Securities purchased under agreements to resell | 2,993,427 | — | 2,993,427 | (2,993,427 | ) | — | |||||||||
TOTAL | $ | 3,047,806 | $ | 7,368 | $ | 3,055,174 | $ | (2,994,254 | ) | $ | 60,920 |
1 | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
12/31/2015 | |||||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Condition | Net Amounts of Assets Presented in the Statement of Condition | Gross Amounts Not Offset in the Statement of Condition1 | Net Amount | ||||||||||
Derivative assets: | |||||||||||||||
Uncleared derivatives | $ | 62,102 | $ | (53,171 | ) | $ | 8,931 | $ | (71 | ) | $ | 8,860 | |||
Cleared derivatives | 4,184 | 38,476 | 42,660 | — | 42,660 | ||||||||||
Total derivative assets | 66,286 | (14,695 | ) | 51,591 | (71 | ) | 51,520 | ||||||||
Securities purchased under agreements to resell | 3,945,000 | — | 3,945,000 | (3,945,000 | ) | — | |||||||||
TOTAL | $ | 4,011,286 | $ | (14,695 | ) | $ | 3,996,591 | $ | (3,945,071 | ) | $ | 51,520 |
1 | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
06/30/2016 | |||||||||||||||
Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Condition | Net Amounts of Liabilities Presented in the Statement of Condition | Gross Amounts Not Offset in the Statement of Condition1 | Net Amount | ||||||||||
Derivative liabilities: | |||||||||||||||
Uncleared derivatives | $ | 254,500 | $ | (206,537 | ) | $ | 47,963 | $ | — | $ | 47,963 | ||||
Cleared derivatives | 143,264 | (143,264 | ) | — | — | — | |||||||||
Total derivative liabilities | 397,764 | (349,801 | ) | 47,963 | — | 47,963 | |||||||||
TOTAL | $ | 397,764 | $ | (349,801 | ) | $ | 47,963 | $ | — | $ | 47,963 |
1 | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
12/31/2015 | |||||||||||||||
Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Condition | Net Amounts of Liabilities Presented in the Statement of Condition | Gross Amounts Not Offset in the Statement of Condition1 | Net Amount | ||||||||||
Derivative liabilities: | |||||||||||||||
Uncleared derivatives | $ | 159,334 | $ | (127,842 | ) | $ | 31,492 | $ | (73 | ) | $ | 31,419 | |||
Cleared derivatives | 55,332 | (55,332 | ) | — | — | — | |||||||||
Total derivative liabilities | 214,666 | (183,174 | ) | 31,492 | (73 | ) | 31,419 | ||||||||
TOTAL | $ | 214,666 | $ | (183,174 | ) | $ | 31,492 | $ | (73 | ) | $ | 31,419 |
1 | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
• | Risk-based capital. The FHLBank must maintain at all times permanent capital in an amount at least equal to the sum of its credit risk, market risk and operations risk capital requirements. The risk-based capital requirements are all calculated in accordance with the rules and regulations of the Finance Agency. Only permanent capital, defined as Class B Common Stock and retained earnings, can be used by the FHLBank to satisfy its risk-based capital requirement. The Finance Agency may require the FHLBank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined, but the Finance Agency has not placed any such requirement on the FHLBank to date. |
• | Total regulatory capital. The GLB Act requires the FHLBank to maintain at all times at least a 4.0 percent total capital-to-asset ratio. Total regulatory capital is defined as the sum of permanent capital, Class A Common Stock, any general loss allowance, if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the Finance Agency as available to absorb losses. |
• | Leverage capital. The FHLBank is required to maintain at all times a leverage capital-to-assets ratio of at least 5.0 percent, with the leverage capital ratio defined as the sum of permanent capital weighted 1.5 times and non-permanent capital (currently only Class A Common Stock) weighted 1.0 times, divided by total assets. |
06/30/2016 | 12/31/2015 | |||||||||||
Required | Actual | Required | Actual | |||||||||
Regulatory capital requirements: | ||||||||||||
Risk-based capital | $ | 308,738 | $ | 1,846,430 | $ | 331,821 | $ | 1,681,247 | ||||
Total regulatory capital-to-asset ratio | 4.0 | % | 4.4 | % | 4.0 | % | 4.2 | % | ||||
Total regulatory capital | $ | 1,859,645 | $ | 2,036,665 | $ | 1,777,426 | $ | 1,863,468 | ||||
Leverage capital ratio | 5.0 | % | 6.4 | % | 5.0 | % | 6.1 | % | ||||
Leverage capital | $ | 2,324,557 | $ | 2,959,881 | $ | 2,221,783 | $ | 2,704,091 |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Balance, beginning of period | $ | 3,433 | $ | 4,545 | $ | 2,739 | $ | 4,187 | ||||
Capital stock subject to mandatory redemption reclassified from equity during the period | 191,986 | 74,936 | 352,220 | 182,959 | ||||||||
Redemption or repurchase of mandatorily redeemable capital stock during the period | (191,094 | ) | (75,291 | ) | (350,640 | ) | (182,966 | ) | ||||
Stock dividend classified as mandatorily redeemable capital stock during the period | 31 | 10 | 37 | 20 | ||||||||
Balance, end of period | $ | 4,356 | $ | 4,200 | $ | 4,356 | $ | 4,200 |
Contractual Year of Repurchase | 06/30/2016 | 12/31/2015 | ||||
Year 1 | $ | 251 | $ | 407 | ||
Year 2 | 192 | 1 | ||||
Year 3 | 1 | 1 | ||||
Year 4 | — | — | ||||
Year 5 | 2,011 | 196 | ||||
Past contractual redemption date due to remaining activity1 | 1,901 | 2,134 | ||||
TOTAL | $ | 4,356 | $ | 2,739 |
1 | Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Three Months Ended | ||||||||||||
Net Unrealized Gain (Loss) on Available-for-Sale Securities | Net Non-credit Portion of OTTI Losses on Held-to-maturity Securities | Defined Benefit Pension Plan | Total AOCI | |||||||||
Balance at March 31, 2015 | $ | — | $ | (10,635 | ) | $ | (4,035 | ) | $ | (14,670 | ) | |
Other comprehensive income (loss) before reclassification: | ||||||||||||
Non-credit OTTI losses | (181 | ) | (181 | ) | ||||||||
Accretion of non-credit loss | 789 | 789 | ||||||||||
Reclassifications from other comprehensive income (loss) to net income: | ||||||||||||
Non-credit OTTI to credit OTTI1 | 248 | 248 | ||||||||||
Amortization of net loss - defined benefit pension plan2 | 100 | 100 | ||||||||||
Net current period other comprehensive income (loss) | — | 856 | 100 | 956 | ||||||||
Balance at June 30, 2015 | $ | — | $ | (9,779 | ) | $ | (3,935 | ) | $ | (13,714 | ) | |
Balance at March 31, 2016 | $ | (3,835 | ) | $ | (7,437 | ) | $ | (2,403 | ) | $ | (13,675 | ) |
Other comprehensive income (loss) before reclassification: | ||||||||||||
Unrealized gain (loss) | (2,440 | ) | (2,440 | ) | ||||||||
Non-credit OTTI losses | — | — | ||||||||||
Accretion of non-credit loss | 525 | 525 | ||||||||||
Reclassifications from other comprehensive income (loss) to net income: | ||||||||||||
Non-credit OTTI to credit OTTI1 | 4 | 4 | ||||||||||
Amortization of net loss - defined benefit pension plan2 | 48 | 48 | ||||||||||
Net current period other comprehensive income (loss) | (2,440 | ) | 529 | 48 | (1,863 | ) | ||||||
Balance at June 30, 2016 | $ | (6,275 | ) | $ | (6,908 | ) | $ | (2,355 | ) | $ | (15,538 | ) |
1 | Recorded in “Net other-than-temporary impairment losses on held-to-maturity securities” on the Statements of Income. Amount represents a debit (decrease to other income (loss)). |
2 | Recorded in “Compensation and benefits” on the Statements of Income. Amount represents a debit (increase to other expenses). |
Six Months Ended | ||||||||||||
Net Unrealized Gain (Loss) on Available-for-Sale Securities | Net Non-credit Portion of OTTI Losses on Held-to-maturity Securities | Defined Benefit Pension Plan | Total AOCI | |||||||||
Balance at December 31, 2014 | $ | — | $ | (11,774 | ) | $ | (4,133 | ) | $ | (15,907 | ) | |
Other comprehensive income (loss) before reclassification: | ||||||||||||
Non-credit OTTI losses | (181 | ) | (181 | ) | ||||||||
Accretion of non-credit loss | 1,741 | 1,741 | ||||||||||
Reclassifications from other comprehensive income (loss) to net income: | ||||||||||||
Non-credit OTTI to credit OTTI1 | 435 | 435 | ||||||||||
Amortization of net loss - defined benefit pension plan2 | 198 | 198 | ||||||||||
Net current period other comprehensive income (loss) | — | 1,995 | 198 | 2,193 | ||||||||
Balance at June 30, 2015 | $ | — | $ | (9,779 | ) | $ | (3,935 | ) | $ | (13,714 | ) | |
Balance at December 31, 2015 | $ | (8,577 | ) | $ | (7,950 | ) | $ | (2,450 | ) | $ | (18,977 | ) |
Other comprehensive income (loss) before reclassification: | ||||||||||||
Unrealized gain (loss) | 2,302 | 2,302 | ||||||||||
Non-credit OTTI losses | (62 | ) | (62 | ) | ||||||||
Accretion of non-credit loss | 1,075 | 1,075 | ||||||||||
Reclassifications from other comprehensive income (loss) to net income: | ||||||||||||
Non-credit OTTI to credit OTTI1 | 29 | 29 | ||||||||||
Amortization of net loss - defined benefit pension plan2 | 95 | 95 | ||||||||||
Net current period other comprehensive income (loss) | 2,302 | 1,042 | 95 | 3,439 | ||||||||
Balance at June 30, 2016 | $ | (6,275 | ) | $ | (6,908 | ) | $ | (2,355 | ) | $ | (15,538 | ) |
1 | Recorded in “Net other-than-temporary impairment losses on held-to-maturity securities” on the Statements of Income. Amount represents a debit (decrease to other income (loss)). |
2 | Recorded in “Compensation and benefits” on the Statements of Income. Amount represents a debit (increase to other expenses). |
• | Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the FHLBank can access on the measurement date. |
• | Level 2 Inputs – Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets and liabilities in active markets; (2) quoted prices for similar assets and liabilities in markets that are not active; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 Inputs – Unobservable inputs for the asset or liability. |
06/30/2016 | ||||||||||||||||||
Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral | |||||||||||||
Assets: | ||||||||||||||||||
Cash and due from banks | $ | 214,023 | $ | 214,023 | $ | 214,023 | $ | — | $ | — | $ | — | ||||||
Interest-bearing deposits | 371,834 | 371,834 | — | 371,834 | — | — | ||||||||||||
Securities purchased under agreements to resell | 2,993,427 | 2,993,427 | — | 2,993,427 | — | — | ||||||||||||
Federal funds sold | 1,823,000 | 1,823,000 | — | 1,823,000 | — | — | ||||||||||||
Trading securities | 2,494,963 | 2,494,963 | — | 2,494,963 | — | — | ||||||||||||
Available-for-sale securities | 1,057,923 | 1,057,923 | — | 1,057,923 | — | — | ||||||||||||
Held-to-maturity securities | 4,703,442 | 4,695,449 | — | 4,452,984 | 242,465 | — | ||||||||||||
Advances | 26,182,562 | 26,249,464 | — | 26,249,464 | — | — | ||||||||||||
Mortgage loans held for portfolio, net of allowance | 6,472,599 | 6,781,026 | — | 6,779,138 | 1,888 | — | ||||||||||||
Accrued interest receivable | 77,918 | 77,918 | — | 77,918 | — | — | ||||||||||||
Derivative assets | 61,747 | 61,747 | — | 54,379 | — | 7,368 | ||||||||||||
Liabilities: | ||||||||||||||||||
Deposits | 661,355 | 661,355 | — | 661,355 | — | — | ||||||||||||
Consolidated obligation discount notes | 26,887,678 | 26,889,115 | — | 26,889,115 | — | — | ||||||||||||
Consolidated obligation bonds | 16,753,990 | 16,860,815 | — | 16,860,815 | — | — | ||||||||||||
Mandatorily redeemable capital stock | 4,356 | 4,356 | 4,356 | — | — | — | ||||||||||||
Accrued interest payable | 43,539 | 43,539 | — | 43,539 | — | — | ||||||||||||
Derivative liabilities | 47,963 | 47,963 | — | 397,764 | — | (349,801 | ) | |||||||||||
Other Asset (Liability): | ||||||||||||||||||
Standby letters of credit | (1,040 | ) | (1,040 | ) | — | (1,040 | ) | — | — | |||||||||
Standby bond purchase agreements | 17 | 7,113 | — | 7,113 | — | — | ||||||||||||
Advance commitments | — | 4,953 | — | 4,953 | — | — |
12/31/2015 | ||||||||||||||||||
Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral | |||||||||||||
Assets: | ||||||||||||||||||
Cash and due from banks | $ | 682,670 | $ | 682,670 | $ | 682,670 | $ | — | $ | — | $ | — | ||||||
Interest-bearing deposits | 100,594 | 100,594 | — | 100,594 | — | — | ||||||||||||
Securities purchased under agreements to resell | 3,945,000 | 3,945,000 | — | 3,945,000 | — | — | ||||||||||||
Federal funds sold | 2,000,000 | 2,000,000 | — | 2,000,000 | — | — | ||||||||||||
Trading securities | 2,294,606 | 2,294,606 | — | 2,294,606 | — | — | ||||||||||||
Available-for-sale securities | 495,063 | 495,063 | — | 495,063 | — | — | ||||||||||||
Held-to-maturity securities | 4,770,817 | 4,765,095 | — | 4,497,911 | 267,184 | — | ||||||||||||
Advances | 23,580,371 | 23,609,868 | — | 23,609,868 | — | — | ||||||||||||
Mortgage loans held for portfolio, net of allowance | 6,390,708 | 6,571,563 | — | 6,569,749 | 1,814 | — | ||||||||||||
Accrued interest receivable | 79,233 | 79,233 | — | 79,233 | — | — | ||||||||||||
Derivative assets | 51,591 | 51,591 | — | 66,286 | — | (14,695 | ) | |||||||||||
Liabilities: | ||||||||||||||||||
Deposits | 759,366 | 759,366 | — | 759,366 | — | — | ||||||||||||
Consolidated obligation discount notes | 21,813,446 | 21,813,507 | — | 21,813,507 | — | — | ||||||||||||
Consolidated obligation bonds | 19,866,034 | 19,851,097 | — | 19,851,097 | — | — | ||||||||||||
Mandatorily redeemable capital stock | 2,739 | 2,739 | 2,739 | — | — | — | ||||||||||||
Accrued interest payable | 52,281 | 52,281 | — | 52,281 | — | — | ||||||||||||
Derivative liabilities | 31,492 | 31,492 | — | 214,666 | — | (183,174 | ) | |||||||||||
Other Asset (Liability): | ||||||||||||||||||
Standby letters of credit | (1,078 | ) | (1,078 | ) | — | (1,078 | ) | — | — | |||||||||
Standby bond purchase agreements | 98 | 6,995 | — | 6,995 | — | — | ||||||||||||
Advance commitments | — | (3,737 | ) | — | (3,737 | ) | — | — |
06/30/2016 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral1 | |||||||||||
Recurring fair value measurements - Assets: | |||||||||||||||
Trading securities: | |||||||||||||||
GSE obligations2 | $ | 1,493,441 | $ | — | $ | 1,493,441 | $ | — | $ | — | |||||
U.S. obligation MBS3 | 744 | — | 744 | — | — | ||||||||||
GSE MBS4 | 1,000,778 | — | 1,000,778 | — | — | ||||||||||
Total trading securities | 2,494,963 | — | 2,494,963 | — | — | ||||||||||
Available-for-sale securities: | |||||||||||||||
GSE MBS5 | 1,057,923 | — | 1,057,923 | — | — | ||||||||||
Total available-for-sale securities | 1,057,923 | — | 1,057,923 | — | — | ||||||||||
Derivative assets: | |||||||||||||||
Interest-rate related | 60,920 | — | 53,552 | — | 7,368 | ||||||||||
Mortgage delivery commitments | 827 | — | 827 | — | — | ||||||||||
Total derivative assets | 61,747 | — | 54,379 | — | 7,368 | ||||||||||
TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS | $ | 3,614,633 | $ | — | $ | 3,607,265 | $ | — | $ | 7,368 | |||||
Recurring fair value measurements - Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
Interest-rate related | $ | 47,963 | $ | — | $ | 397,764 | $ | — | $ | (349,801 | ) | ||||
Total derivative liabilities | 47,963 | — | 397,764 | — | (349,801 | ) | |||||||||
TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES | $ | 47,963 | $ | — | $ | 397,764 | $ | — | $ | (349,801 | ) | ||||
Nonrecurring fair value measurements - Assets6: | |||||||||||||||
Held-to-maturity securities: | |||||||||||||||
Private-label residential MBS | $ | 4,781 | $ | — | $ | — | $ | 4,781 | $ | — | |||||
Impaired mortgage loans | 1,895 | — | — | 1,895 | — | ||||||||||
Real estate owned | 807 | — | — | 807 | — | ||||||||||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS | $ | 7,483 | $ | — | $ | — | $ | 7,483 | $ | — |
1 | Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. |
2 | Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac, Farm Credit and Farmer Mac. GSE securities are not guaranteed by the U.S. government. |
3 | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. |
4 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
5 | Represents multi-family MBS issued by Fannie Mae. |
6 | Includes assets adjusted to fair value during the six months ended June 30, 2016 and still outstanding as of June 30, 2016. |
12/31/2015 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral1 | |||||||||||
Recurring fair value measurements - Assets: | |||||||||||||||
Trading securities: | |||||||||||||||
GSE obligations2 | $ | 1,338,639 | $ | — | $ | 1,338,639 | $ | — | $ | — | |||||
U.S. obligation MBS3 | 801 | — | 801 | — | — | ||||||||||
GSE MBS4 | 955,166 | — | 955,166 | — | — | ||||||||||
Total trading securities | 2,294,606 | — | 2,294,606 | — | — | ||||||||||
Available-for-sale securities: | |||||||||||||||
GSE MBS5 | 495,063 | — | 495,063 | — | — | ||||||||||
Total available-for-sale securities | 495,063 | — | 495,063 | — | — | ||||||||||
Derivative assets: | |||||||||||||||
Interest-rate related | 51,520 | — | 66,215 | — | (14,695 | ) | |||||||||
Mortgage delivery commitments | 71 | — | 71 | — | — | ||||||||||
Total derivative assets | 51,591 | — | 66,286 | — | (14,695 | ) | |||||||||
TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS | $ | 2,841,260 | $ | — | $ | 2,855,955 | $ | — | $ | (14,695 | ) | ||||
Recurring fair value measurements - Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
Interest-rate related | $ | 31,428 | $ | — | $ | 214,602 | $ | — | $ | (183,174 | ) | ||||
Mortgage delivery commitments | 64 | — | 64 | — | — | ||||||||||
Total derivative liabilities | 31,492 | — | 214,666 | — | (183,174 | ) | |||||||||
TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES | $ | 31,492 | $ | — | $ | 214,666 | $ | — | $ | (183,174 | ) | ||||
Nonrecurring fair value measurements - Assets6: | |||||||||||||||
Held-to-maturity securities: | |||||||||||||||
Private-label residential MBS | $ | 6,151 | $ | — | $ | — | $ | 6,151 | $ | — | |||||
Impaired mortgage loans | 1,823 | $ | 1,823 | ||||||||||||
Real estate owned | 2,168 | — | — | 2,168 | — | ||||||||||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS | $ | 10,142 | $ | — | $ | — | $ | 10,142 | $ | — |
1 | Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. |
2 | Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac and Farm Credit. GSE securities are not guaranteed by the U.S. government. |
3 | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. |
4 | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
5 | Represents multi-family MBS issued by Fannie Mae. |
6 | Includes assets adjusted to fair value during the year ended December 31, 2015 and still outstanding as of December 31, 2015. |
06/30/2016 | 12/31/2015 | |||||||||||||||||
Notional Amount | Expire Within One Year | Expire After One Year | Total | Expire Within One Year | Expire After One Year | Total | ||||||||||||
Standby letters of credit outstanding | $ | 2,828,796 | $ | 13,598 | $ | 2,842,394 | $ | 2,795,968 | $ | 16,598 | $ | 2,812,566 | ||||||
Advance commitments outstanding | 106,846 | 66,975 | 173,821 | 104,473 | 24,950 | 129,423 | ||||||||||||
Commitments for standby bond purchases | 395,225 | 928,893 | 1,324,118 | 314,742 | 1,108,133 | 1,422,875 | ||||||||||||
Commitments to fund or purchase mortgage loans | 130,623 | — | 130,623 | 66,045 | — | 66,045 | ||||||||||||
Commitments to issue consolidated bonds, at par | 530,000 | — | 530,000 | 55,000 | — | 55,000 | ||||||||||||
Commitments to issue consolidated discount notes, at par | 650,000 | — | 650,000 | 1,154,355 | — | 1,154,355 |
06/30/2016 | ||||||||||||||||
Member Name | State | Total Class A Stock Par Value | Percent of Total Class A | Total Class B Stock Par Value | Percent of Total Class B | Total Capital Stock Par Value | Percent of Total Capital Stock | |||||||||
Bank of Oklahoma, NA | OK | $ | 9,500 | 5.0 | % | $ | 273,655 | 23.6 | % | $ | 283,155 | 20.9 | % | |||
MidFirst Bank | OK | 500 | 0.3 | 200,541 | 17.3 | 201,041 | 14.9 | |||||||||
TOTAL | $ | 10,000 | 5.3 | % | $ | 474,196 | 40.9 | % | $ | 484,196 | 35.8 | % |
12/31/2015 | ||||||||||||||||
Member Name | State | Total Class A Stock Par Value | Percent of Total Class A | Total Class B Stock Par Value | Percent of Total Class B | Total Capital Stock Par Value | Percent of Total Capital Stock | |||||||||
Bank of Oklahoma, NA | OK | $ | 500 | 0.3 | % | $ | 218,915 | 21.3 | % | $ | 219,415 | 18.1 | % | |||
MidFirst Bank | OK | 500 | 0.3 | 172,718 | 16.8 | 173,218 | 14.3 | |||||||||
TOTAL | $ | 1,000 | 0.6 | % | $ | 391,633 | 38.1 | % | $ | 392,633 | 32.4 | % |
06/30/2016 | 12/31/2015 | 06/30/2016 | 12/31/2015 | |||||||||||||||||
Member Name | Outstanding Advances | Percent of Total | Outstanding Advances | Percent of Total | Outstanding Deposits | Percent of Total | Outstanding Deposits | Percent of Total | ||||||||||||
Bank of Oklahoma, NA | $ | 5,800,000 | 22.3 | % | $ | 4,800,000 | 20.4 | % | $ | 3,938 | 0.6 | % | $ | 21,492 | 2.8 | % | ||||
MidFirst Bank | 4,405,000 | 16.9 | 3,779,000 | 16.1 | 622 | 0.1 | 541 | 0.1 | ||||||||||||
TOTAL | $ | 10,205,000 | 39.2 | % | $ | 8,579,000 | 36.5 | % | $ | 4,560 | 0.7 | % | $ | 22,033 | 2.9 | % |
06/30/2016 | 12/31/2015 | |||||||||
Outstanding Amount | Percent of Total | Outstanding Amount | Percent of Total | |||||||
Advances | $ | 141,898 | 0.5 | % | $ | 150,566 | 0.6 | % | ||
Deposits | $ | 10,649 | 1.6 | % | $ | 7,895 | 1.0 | % | ||
Class A Common Stock | $ | 3,822 | 2.0 | % | $ | 4,023 | 2.2 | % | ||
Class B Common Stock | 4,045 | 0.3 | 4,725 | 0.5 | ||||||
TOTAL CAPITAL STOCK | $ | 7,867 | 0.6 | % | $ | 8,748 | 0.7 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | |||||||||||||
Mortgage loans acquired | $ | 21,602 | 6.6 | % | $ | 36,771 | 11.5 | % | $ | 33,703 | 6.1 | % | $ | 63,562 | 10.8 | % |
• | Executive Level Overview – a general description of our business and financial highlights; |
• | Financial Market Trends – a discussion of current trends in the financial markets and overall economic environment, including the related impact on our operations; |
• | Critical Accounting Policies and Estimates – a discussion of accounting policies that require critical estimates and assumptions; |
• | Results of Operations – an analysis of our operating results, including disclosures about the sustainability of our earnings; |
• | Financial Condition – an analysis of our financial position; |
• | Liquidity and Capital Resources – an analysis of our cash flows and capital position; |
• | Risk Management – a discussion of our risk management strategies; |
• | Impact of Recently Issued Accounting Standards; and |
• | Legislative and Regulatory Developments. |
06/30/2016 | 03/31/2016 | 12/31/2015 | 09/30/2015 | 06/30/2015 | |||||||||||
Statement of Condition (as of period end): | |||||||||||||||
Total assets | $ | 46,491,136 | $ | 45,204,431 | $ | 44,426,133 | $ | 45,772,326 | $ | 45,505,610 | |||||
Investments1 | 13,444,589 | 13,134,315 | 13,606,080 | 13,106,413 | 14,846,345 | ||||||||||
Advances | 26,182,562 | 25,435,390 | 23,580,371 | 25,482,433 | 23,287,961 | ||||||||||
Mortgage loans, net2 | 6,472,599 | 6,409,954 | 6,390,708 | 6,336,328 | 6,314,269 | ||||||||||
Total liabilities | 44,474,365 | 43,198,558 | 42,584,381 | 43,791,476 | 43,562,137 | ||||||||||
Deposits | 661,355 | 726,016 | 759,366 | 729,395 | 594,922 | ||||||||||
Consolidated obligation bonds, net3 | 16,753,990 | 17,150,133 | 19,866,034 | 22,225,254 | 21,212,174 | ||||||||||
Consolidated obligation discount notes, net3 | 26,887,678 | 25,159,376 | 21,813,446 | 20,610,434 | 21,506,927 | ||||||||||
Total consolidated obligations, net3 | 43,641,668 | 42,309,509 | 41,679,480 | 42,835,688 | 42,719,101 | ||||||||||
Mandatorily redeemable capital stock | 4,356 | 3,433 | 2,739 | 3,090 | 4,200 | ||||||||||
Total capital | 2,016,771 | 2,005,873 | 1,841,752 | 1,980,850 | 1,943,473 | ||||||||||
Capital stock | 1,347,280 | 1,346,446 | 1,208,947 | 1,344,414 | 1,303,570 | ||||||||||
Total retained earnings | 685,029 | 673,102 | 651,782 | 650,029 | 653,617 | ||||||||||
AOCI | (15,538 | ) | (13,675 | ) | (18,977 | ) | (13,593 | ) | (13,714 | ) | |||||
Statement of Income (for the quarterly period ended): | |||||||||||||||
Net interest income | 64,182 | 64,870 | 64,196 | 61,720 | 57,150 | ||||||||||
(Reversal) provision for credit losses on mortgage loans | (212 | ) | (257 | ) | 283 | (398 | ) | (992 | ) | ||||||
Other income (loss) | (13,887 | ) | (6,516 | ) | (27,080 | ) | (30,256 | ) | (13,537 | ) | |||||
Other expenses | 15,279 | 13,639 | 13,862 | 15,187 | 15,093 | ||||||||||
Income before assessments | 35,228 | 44,972 | 22,971 | 16,675 | 29,512 | ||||||||||
Affordable Housing Program (AHP) assessments | 3,526 | 4,498 | 2,298 | 1,669 | 2,952 | ||||||||||
Net income | 31,702 | 40,474 | 20,673 | 15,006 | 26,560 | ||||||||||
Selected Financial Ratios and Other Financial Data (for the quarterly period ended): | |||||||||||||||
Dividends paid in cash4 | 72 | 73 | 74 | 74 | 74 | ||||||||||
Dividends paid in stock4 | 19,703 | 19,081 | 18,846 | 18,520 | 16,436 | ||||||||||
Weighted average dividend rate5 | 5.30 | % | 5.32 | % | 5.31 | % | 5.29 | % | 5.22 | % | |||||
Dividend payout ratio6 | 62.38 | % | 47.32 | % | 91.53 | % | 123.91 | % | 62.16 | % | |||||
Return on average equity | 5.82 | % | 7.78 | % | 3.98 | % | 2.91 | % | 5.56 | % | |||||
Return on average assets | 0.26 | % | 0.34 | % | 0.17 | % | 0.13 | % | 0.25 | % | |||||
Average equity to average assets | 4.49 | % | 4.40 | % | 4.39 | % | 4.46 | % | 4.48 | % | |||||
Net interest margin7 | 0.53 | % | 0.55 | % | 0.54 | % | 0.53 | % | 0.54 | % | |||||
Total capital ratio8 | 4.34 | % | 4.44 | % | 4.14 | % | 4.33 | % | 4.27 | % | |||||
Regulatory capital ratio9 | 4.38 | % | 4.48 | % | 4.19 | % | 4.36 | % | 4.31 | % | |||||
Ratio of earnings to fixed charges10 | 1.44 | 1.58 | 1.36 | 1.29 | 1.56 |
1 | Includes trading securities, available-for-sale securities, held-to-maturity securities, interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold. |
2 | The allowance for credit losses on mortgage loans was $1,298,000, $1,607,000, $1,972,000, $1,897,000 and $2,390,000 as of June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively. |
3 | Consolidated obligations are bonds and discount notes that we are primarily liable to repay. See Note 14 to the financial statements for a description of the total consolidated obligations of all FHLBanks for which we are jointly and severally liable. |
4 | Dividends reclassified as interest expense on mandatorily redeemable capital stock and not included as dividends recorded in accordance with GAAP were $32,000, $9,000, $7,000, $10,000 and $11,000 for the quarters ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively. |
5 | Dividends paid in cash and stock on both classes of stock as a percentage of average capital stock eligible for dividends. |
6 | Ratio disclosed represents dividends declared and paid during the period as a percentage of net income for the period presented, although the Finance Agency regulation requires dividends be paid out of known income prior to declaration date. |
7 | Net interest income as a percentage of average earning assets. |
8 | GAAP capital stock, which excludes mandatorily redeemable capital stock, plus retained earnings and AOCI as a percentage of total assets. |
9 | Regulatory capital (i.e., permanent capital and Class A Common Stock) as a percentage of total assets. |
10 | Total earnings divided by fixed charges (interest expense including amortization/accretion of premiums, discounts and capitalized expenses related to indebtedness). |
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | ||||||||
Market Instrument | Three-month | Three-month | Six-month | Six-month | 06/30/2016 | 12/31/2015 | 06/30/2015 | ||||
Average | Average | Average | Average | Ending Rate | Ending Rate | Ending Rate | |||||
Overnight Federal funds effective/target rate1 | 0.37 | % | 0.13 | % | 0.37 | % | 0.12 | % | 0.25 to 0.50% | 0.25 to 0.50% | 0.0 to 0.25% |
Federal Open Market Committee (FOMC) target rate for overnight Federal funds1 | 0.25 to 0.50 | 0.0 to 0.25 | 0.25 to 0.50 | 0.0 to 0.25 | 0.25 to 0.50 | 0.25 to 0.50 | 0.0 to 0.25 | ||||
3-month U.S. Treasury bill1 | 0.25 | 0.01 | 0.27 | 0.01 | 0.26 | 0.16 | 0.01 | ||||
3-month LIBOR1 | 0.64 | 0.28 | 0.63 | 0.27 | 0.65 | 0.61 | 0.28 | ||||
2-year U.S. Treasury note1 | 0.77 | 0.61 | 0.80 | 0.60 | 0.60 | 1.06 | 0.62 | ||||
5-year U.S. Treasury note1 | 1.24 | 1.52 | 1.30 | 1.49 | 1.02 | 1.78 | 1.61 | ||||
10-year U.S. Treasury note1 | 1.75 | 2.16 | 1.83 | 2.06 | 1.48 | 2.29 | 2.31 | ||||
30-year residential mortgage note rate2 | 3.82 | 4.02 | 3.88 | 3.97 | 3.75 | 4.19 | 4.26 |
1 | Source is Bloomberg (overnight Federal funds rate is the effective rate for the averages and the target rate for the ending rates). |
2 | Mortgage Bankers Association weekly 30-year fixed rate mortgage contract rate obtained from Bloomberg. |
• | Accounting related to derivatives and hedging activities; |
• | Fair value determinations; |
• | Accounting for deferred premium/discount associated with MBS; and |
• | Determining the adequacy of the allowance for credit losses. |
Increase (Decrease) in Earnings Components | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
06/30/2016 vs. 06/30/2015 | 06/30/2016 vs. 06/30/2015 | |||||||||
Dollar Change | Percentage Change | Dollar Change | Percentage Change | |||||||
Total interest income | $ | 34,883 | 31.6 | % | $ | 69,116 | 31.6 | % | ||
Total interest expense | 27,851 | 52.5 | 53,828 | 51.2 | ||||||
Net interest income | 7,032 | 12.3 | 15,288 | 13.4 | ||||||
(Reversal) provision for credit losses on mortgage loans | 780 | 78.6 | 1,325 | 73.9 | ||||||
Net interest income after mortgage loan loss provision | 6,252 | 10.8 | 13,963 | 12.1 | ||||||
Net gain (loss) on trading securities | 38,897 | 190.9 | 93,945 | 358.4 | ||||||
Net gain (loss) on derivatives and hedging activities | (39,613 | ) | (917.6 | ) | (92,136 | ) | (5,597.6 | ) | ||
Other non-interest income | 366 | 14.5 | 541 | 10.6 | ||||||
Total other income (loss) | (350 | ) | (2.6 | ) | 2,350 | 10.3 | ||||
Operating expenses | 637 | 5.2 | 89 | 0.4 | ||||||
Other non-interest expenses | (451 | ) | (16.5 | ) | 116 | 2.5 | ||||
Total other expenses | 186 | 1.2 | 205 | 0.7 | ||||||
AHP assessments | 574 | 19.4 | 1,613 | 25.2 | ||||||
NET INCOME | $ | 5,142 | 19.4 | % | $ | 14,495 | 25.1 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||||||||||
Interest Income | Percent of Total | Interest Income | Percent of Total | Interest Income | Percent of Total | Interest Income | Percent of Total | |||||||||||||
Investments1 | $ | 36,964 | 25.5 | % | $ | 25,270 | 22.9 | % | $ | 73,455 | 25.5 | % | $ | 48,969 | 22.4 | % | ||||
Advances | 56,842 | 39.2 | 34,150 | 31.0 | 110,530 | 38.4 | 66,657 | 30.5 | ||||||||||||
Mortgage loans held for portfolio | 50,992 | 35.1 | 50,455 | 45.8 | 103,293 | 35.9 | 102,471 | 46.8 | ||||||||||||
Other | 314 | 0.2 | 354 | 0.3 | 641 | 0.2 | 706 | 0.3 | ||||||||||||
TOTAL INTEREST INCOME | $ | 145,112 | 100.0 | % | $ | 110,229 | 100.0 | % | $ | 287,919 | 100.0 | % | $ | 218,803 | 100.0 | % |
1 | Includes trading securities, available-for-sale securities, held-to-maturity securities, interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold. |
Three Months Ended | ||||||||||||||||
06/30/2016 | 06/30/2015 | |||||||||||||||
Average Balance | Interest Income/ Expense | Yield | Average Balance | Interest Income/ Expense | Yield | |||||||||||
Interest-earning assets: | ||||||||||||||||
Interest-bearing deposits | $ | 498,690 | $ | 454 | 0.37 | % | $ | 217,425 | $ | 55 | 0.10 | % | ||||
Securities purchased under agreements to resell | 2,308,060 | 2,548 | 0.44 | 2,269,923 | 1,013 | 0.18 | ||||||||||
Federal funds sold | 1,479,920 | 1,417 | 0.39 | 1,599,615 | 485 | 0.12 | ||||||||||
Investment securities1,2 | 7,885,167 | 32,545 | 1.66 | 7,144,877 | 23,717 | 1.33 | ||||||||||
Advances2,3 | 30,056,210 | 56,842 | 0.76 | 25,219,322 | 34,150 | 0.54 | ||||||||||
Mortgage loans2,4,5 | 6,440,181 | 50,992 | 3.18 | 6,306,320 | 50,455 | 3.21 | ||||||||||
Other interest-earning assets | 18,748 | 314 | 6.74 | 25,776 | 354 | 5.51 | ||||||||||
Total earning assets | 48,686,976 | 145,112 | 1.20 | 42,783,258 | 110,229 | 1.03 | ||||||||||
Other non-interest-earning assets | 112,710 | 13,414 | ||||||||||||||
Total assets | $ | 48,799,686 | $ | 42,796,672 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Deposits | $ | 609,957 | 234 | 0.15 | $ | 645,745 | 135 | 0.08 | ||||||||
Consolidated obligations2: | ||||||||||||||||
Discount Notes | 29,061,038 | 24,272 | 0.34 | 19,776,912 | 3,751 | 0.08 | ||||||||||
Bonds | 16,435,102 | 56,318 | 1.38 | 19,957,046 | 49,121 | 0.99 | ||||||||||
Other borrowings | 11,606 | 106 | 3.68 | 17,102 | 72 | 1.69 | ||||||||||
Total interest-bearing liabilities | 46,117,703 | 80,930 | 0.71 | 40,396,805 | 53,079 | 0.53 | ||||||||||
Capital and other non-interest-bearing funds | 2,681,983 | 2,399,867 | ||||||||||||||
Total funding | $ | 48,799,686 | $ | 42,796,672 | ||||||||||||
Net interest income and net interest spread6 | $ | 64,182 | 0.49 | % | $ | 57,150 | 0.50 | % | ||||||||
Net interest margin7 | 0.53 | % | 0.54 | % |
1 | The non-credit portion of the OTTI discount on held-to-maturity securities and the fair value adjustment on available-for-sale securities are excluded from the average balance for calculations of yield since the changes are adjustments to equity. |
2 | Interest income/expense and average rates include the effect of associated derivatives. |
3 | Advance income includes prepayment fees on terminated advances. |
4 | CE fee payments are netted against interest earnings on the mortgage loans. The expense related to CE fee payments to PFIs was $1.3 million and $1.2 million for the three months ended June 30, 2016 and 2015, respectively. |
5 | Mortgage loans average balance includes outstanding principal for non-performing conventional loans. However, these loans no longer accrue interest. |
6 | Net interest spread is the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
7 | Net interest margin is net interest income as a percentage of average interest-earning assets. |
Three Months Ended | |||||||||
06/30/2016 vs. 06/30/2015 | |||||||||
Increase (Decrease) Due to | |||||||||
Volume1,2 | Rate1,2 | Total | |||||||
Interest Income: | |||||||||
Interest-bearing deposits | $ | 134 | $ | 265 | $ | 399 | |||
Securities purchased under agreements to resell | 17 | 1,518 | 1,535 | ||||||
Federal funds sold | (39 | ) | 971 | 932 | |||||
Investment securities | 2,635 | 6,193 | 8,828 | ||||||
Advances | 7,397 | 15,295 | 22,692 | ||||||
Mortgage loans | 1,064 | (527 | ) | 537 | |||||
Other assets | (109 | ) | 69 | (40 | ) | ||||
Total earning assets | 11,099 | 23,784 | 34,883 | ||||||
Interest Expense: | |||||||||
Deposits | (7 | ) | 106 | 99 | |||||
Consolidated obligations: | |||||||||
Discount notes | 2,487 | 18,034 | 20,521 | ||||||
Bonds | (9,724 | ) | 16,921 | 7,197 | |||||
Other borrowings | (29 | ) | 63 | 34 | |||||
Total interest-bearing liabilities | (7,273 | ) | 35,124 | 27,851 | |||||
Change in net interest income | $ | 18,372 | $ | (11,340 | ) | $ | 7,032 |
1 | Changes in interest income and interest expense not identifiable as either volume-related or rate-related have been allocated to volume and rate based upon the proportion of the absolute value of the volume and rate changes. |
2 | Amounts used to calculate volume and rate changes are based on numbers in dollars. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same results. |
Six Months Ended | ||||||||||||||||
06/30/2016 | 06/30/2015 | |||||||||||||||
Average Balance | Interest Income/ Expense | Yield | Average Balance | Interest Income/ Expense | Yield | |||||||||||
Interest-earning assets: | ||||||||||||||||
Interest-bearing deposits | $ | 435,714 | $ | 786 | 0.36 | % | $ | 220,343 | $ | 109 | 0.10 | % | ||||
Securities purchased under agreements to resell | 2,483,425 | 5,577 | 0.45 | 1,893,028 | 1,578 | 0.17 | ||||||||||
Federal funds sold | 1,518,185 | 2,812 | 0.37 | 1,972,298 | 1,144 | 0.12 | ||||||||||
Investment securities1,2 | 7,679,238 | 64,280 | 1.68 | 6,871,079 | 46,138 | 1.35 | ||||||||||
Advances2,3 | 29,532,245 | 110,530 | 0.75 | 23,961,919 | 66,657 | 0.56 | ||||||||||
Mortgage loans2,4,5 | 6,417,398 | 103,293 | 3.24 | 6,279,075 | 102,471 | 3.29 | ||||||||||
Other interest-earning assets | 20,828 | 641 | 6.20 | 23,842 | 706 | 5.97 | ||||||||||
Total earning assets | 48,087,033 | 287,919 | 1.20 | 41,221,584 | 218,803 | 1.07 | ||||||||||
Other non-interest-earning assets | 116,613 | 21,490 | ||||||||||||||
Total assets | $ | 48,203,646 | $ | 41,243,074 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Deposits | $ | 607,080 | 460 | 0.15 | $ | 699,712 | 299 | 0.09 | ||||||||
Consolidated obligations2: | ||||||||||||||||
Discount Notes | 27,415,635 | 45,179 | 0.33 | 18,360,138 | 7,253 | 0.08 | ||||||||||
Bonds | 17,568,285 | 113,047 | 1.29 | 19,835,294 | 97,346 | 0.99 | ||||||||||
Other borrowings | 9,685 | 181 | 3.76 | 13,871 | 141 | 2.04 | ||||||||||
Total interest-bearing liabilities | 45,600,685 | 158,867 | 0.70 | 38,909,015 | 105,039 | 0.54 | ||||||||||
Capital and other non-interest-bearing funds | 2,602,961 | 2,334,059 | ||||||||||||||
Total funding | $ | 48,203,646 | $ | 41,243,074 | ||||||||||||
Net interest income and net interest spread6 | $ | 129,052 | 0.50 | % | $ | 113,764 | 0.53 | % | ||||||||
Net interest margin7 | 0.54 | % | 0.56 | % |
1 | The non-credit portion of the OTTI discount on held-to-maturity securities and the fair value adjustment on available-for-sale securities are excluded from the average balance for calculations of yield since the changes are adjustments to equity. |
2 | Interest income/expense and average rates include the effect of associated derivatives that qualify for hedge accounting treatment. |
3 | Advance income includes prepayment fees on terminated advances. |
4 | CE fee payments are netted against interest earnings on the mortgage loans. The expense related to CE fee payments to PFIs was $2.6 million and $2.5 million for the six months ended June 30, 2016 and 2015, respectively. |
5 | Mortgage loans average balance includes outstanding principal for non-performing conventional loans. However, these loans no longer accrue interest. |
6 | Net interest spread is the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
7 | Net interest margin is net interest income as a percentage of average interest-earning assets. |
Six Months Ended | |||||||||
06/30/2016 vs. 06/30/2015 | |||||||||
Increase (Decrease) Due to | |||||||||
Volume1,2 | Rate1,2 | Total | |||||||
Interest Income: | |||||||||
Interest-bearing deposits | $ | 183 | $ | 494 | $ | 677 | |||
Securities purchased under agreements to resell | 622 | 3,377 | 3,999 | ||||||
Federal funds sold | (318 | ) | 1,986 | 1,668 | |||||
Investment securities | 5,858 | 12,284 | 18,142 | ||||||
Advances | 17,649 | 26,224 | 43,873 | ||||||
Mortgage loans | 2,238 | (1,416 | ) | 822 | |||||
Other assets | (92 | ) | 27 | (65 | ) | ||||
Total earning assets | 26,140 | 42,976 | 69,116 | ||||||
Interest Expense: | |||||||||
Deposits | (44 | ) | 205 | 161 | |||||
Consolidated obligations: | |||||||||
Discount notes | 5,104 | 32,822 | 37,926 | ||||||
Bonds | (12,056 | ) | 27,757 | 15,701 | |||||
Other borrowings | (52 | ) | 92 | 40 | |||||
Total interest-bearing liabilities | (7,048 | ) | 60,876 | 53,828 | |||||
Change in net interest income | $ | 33,188 | $ | (17,900 | ) | $ | 15,288 |
1 | Changes in interest income and interest expense not identifiable as either volume-related or rate-related have been allocated to volume and rate based upon the proportion of the absolute value of the volume and rate changes. |
2 | Amounts used to calculate volume and rate changes are based on numbers in dollars. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same results. |
Three Months Ended 06/30/2016 | ||||||||||||||||||
Advances | Investments | Mortgage Loans | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds | Total | |||||||||||||
Impact of derivatives and hedging activities in net interest income: | ||||||||||||||||||
Net amortization/accretion of hedging activities | $ | (1,208 | ) | $ | — | $ | (692 | ) | $ | — | $ | — | $ | (1,900 | ) | |||
Net interest received (paid) | (22,550 | ) | (3,000 | ) | — | 15 | 9,014 | (16,521 | ) | |||||||||
Subtotal | (23,758 | ) | (3,000 | ) | (692 | ) | 15 | 9,014 | (18,421 | ) | ||||||||
Net gain (loss) on derivatives and hedging activities: | ||||||||||||||||||
Fair value hedges: | ||||||||||||||||||
Interest rate swaps | 125 | (1,755 | ) | — | 10 | (200 | ) | (1,820 | ) | |||||||||
Economic hedges – unrealized gain (loss) due to fair value changes: | ||||||||||||||||||
Interest rate swaps | — | (20,860 | ) | — | — | (561 | ) | (21,421 | ) | |||||||||
Interest rate caps | — | (1,623 | ) | — | — | — | (1,623 | ) | ||||||||||
Mortgage delivery commitments | — | — | 1,439 | — | — | 1,439 | ||||||||||||
Economic hedges – net interest received (paid) | — | (12,884 | ) | — | — | 1,013 | (11,871 | ) | ||||||||||
Subtotal | 125 | (37,122 | ) | 1,439 | 10 | 252 | (35,296 | ) | ||||||||||
Net impact of derivatives and hedging activities | (23,633 | ) | (40,122 | ) | 747 | 25 | 9,266 | (53,717 | ) | |||||||||
Net gain (loss) on trading securities hedged on an economic basis with derivatives | — | 18,582 | — | — | — | 18,582 | ||||||||||||
TOTAL | $ | (23,633 | ) | $ | (21,540 | ) | $ | 747 | $ | 25 | $ | 9,266 | $ | (35,135 | ) |
Three Months Ended 06/30/2015 | ||||||||||||||||||
Advances | Investments | Mortgage Loans | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds | Total | |||||||||||||
Impact of derivatives and hedging activities in net interest income: | ||||||||||||||||||
Net amortization/accretion of hedging activities | $ | (1,969 | ) | $ | — | $ | (570 | ) | $ | — | $ | (2 | ) | $ | (2,541 | ) | ||
Net interest received (paid) | (30,161 | ) | — | — | 50 | 17,822 | (12,289 | ) | ||||||||||
Subtotal | (32,130 | ) | — | (570 | ) | 50 | 17,820 | (14,830 | ) | |||||||||
Net gain (loss) on derivatives and hedging activities: | ||||||||||||||||||
Fair value hedges: | ||||||||||||||||||
Interest rate swaps | 843 | — | — | (93 | ) | (1,342 | ) | (592 | ) | |||||||||
Economic hedges – unrealized gain (loss) due to fair value changes: | ||||||||||||||||||
Interest rate swaps | — | 17,772 | — | — | (2,302 | ) | 15,470 | |||||||||||
Interest rate caps/floors | — | 518 | — | — | — | 518 | ||||||||||||
Mortgage delivery commitments | — | — | (1,200 | ) | — | — | (1,200 | ) | ||||||||||
Economic hedges – net interest received (paid) | — | (11,975 | ) | — | — | 2,096 | (9,879 | ) | ||||||||||
Subtotal | 843 | 6,315 | (1,200 | ) | (93 | ) | (1,548 | ) | 4,317 | |||||||||
Net impact of derivatives and hedging activities | (31,287 | ) | 6,315 | (1,770 | ) | (43 | ) | 16,272 | (10,513 | ) | ||||||||
Net gain (loss) on trading securities hedged on an economic basis with derivatives | — | (20,347 | ) | — | — | — | (20,347 | ) | ||||||||||
TOTAL | $ | (31,287 | ) | $ | (14,032 | ) | $ | (1,770 | ) | $ | (43 | ) | $ | 16,272 | $ | (30,860 | ) |
Six Months Ended 06/30/2016 | ||||||||||||||||||
Advances | Investments | Mortgage Loans | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds | Total | |||||||||||||
Impact of derivatives and hedging activities in net interest income: | ||||||||||||||||||
Net amortization/accretion of hedging activities | $ | (2,424 | ) | $ | — | $ | (1,132 | ) | $ | — | $ | — | $ | (3,556 | ) | |||
Net interest received (paid) | (46,768 | ) | (5,337 | ) | — | (45 | ) | 20,561 | (31,589 | ) | ||||||||
Subtotal | (49,192 | ) | (5,337 | ) | (1,132 | ) | (45 | ) | 20,561 | (35,145 | ) | |||||||
Net gain (loss) on derivatives and hedging activities: | ||||||||||||||||||
Fair value hedges: | ||||||||||||||||||
Interest rate swaps | (309 | ) | (3,108 | ) | — | (277 | ) | (616 | ) | (4,310 | ) | |||||||
Economic hedges – unrealized gain (loss) due to fair value changes: | ||||||||||||||||||
Interest rate swaps | — | (67,499 | ) | — | (4 | ) | 2,874 | (64,629 | ) | |||||||||
Interest rate caps | — | (3,716 | ) | — | — | — | (3,716 | ) | ||||||||||
Mortgage delivery commitments | — | — | 2,988 | — | — | 2,988 | ||||||||||||
Economic hedges – net interest received (paid) | — | (26,633 | ) | — | 4 | 2,514 | (24,115 | ) | ||||||||||
Subtotal | (309 | ) | (100,956 | ) | 2,988 | (277 | ) | 4,772 | (93,782 | ) | ||||||||
Net impact of derivatives and hedging activities | (49,501 | ) | (106,293 | ) | 1,856 | (322 | ) | 25,333 | (128,927 | ) | ||||||||
Net gain (loss) on trading securities hedged on an economic basis with derivatives | — | 67,899 | — | — | — | 67,899 | ||||||||||||
TOTAL | $ | (49,501 | ) | $ | (38,394 | ) | $ | 1,856 | $ | (322 | ) | $ | 25,333 | $ | (61,028 | ) |
Six Months Ended 06/30/2015 | ||||||||||||||||||
Advances | Investments | Mortgage Loans | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds | Total | |||||||||||||
Impact of derivatives and hedging activities in net interest income: | ||||||||||||||||||
Net amortization/accretion of hedging activities | $ | (4,181 | ) | $ | — | $ | (892 | ) | $ | — | $ | (4 | ) | $ | (5,077 | ) | ||
Net interest received (paid) | (60,867 | ) | — | — | 59 | 38,973 | (21,835 | ) | ||||||||||
Subtotal | (65,048 | ) | — | (892 | ) | 59 | 38,969 | (26,912 | ) | |||||||||
Net gain (loss) on derivatives and hedging activities: | ||||||||||||||||||
Fair value hedges: | ||||||||||||||||||
Interest rate swaps | 512 | — | — | 43 | (1,980 | ) | (1,425 | ) | ||||||||||
Economic hedges – unrealized gain (loss) due to fair value changes: | ||||||||||||||||||
Interest rate swaps | — | 23,232 | — | — | (2,206 | ) | 21,026 | |||||||||||
Interest rate caps/floors | — | (1,341 | ) | — | — | — | (1,341 | ) | ||||||||||
Mortgage delivery commitments | — | — | (476 | ) | — | — | (476 | ) | ||||||||||
Economic hedges – net interest received (paid) | — | (23,102 | ) | — | — | 3,672 | (19,430 | ) | ||||||||||
Subtotal | 512 | (1,211 | ) | (476 | ) | 43 | (514 | ) | (1,646 | ) | ||||||||
Net impact of derivatives and hedging activities | (64,536 | ) | (1,211 | ) | (1,368 | ) | 102 | 38,455 | (28,558 | ) | ||||||||
Net gain (loss) on trading securities hedged on an economic basis with derivatives | — | (26,116 | ) | — | — | — | (26,116 | ) | ||||||||||
TOTAL | $ | (64,536 | ) | $ | (27,327 | ) | $ | (1,368 | ) | $ | 102 | $ | 38,455 | $ | (54,674 | ) |
Three Months Ended | ||||||||||||||||||
06/30/2016 | 06/30/2015 | |||||||||||||||||
Gain (Loss) on Derivatives | Gain (Loss) on Trading Securities | Net | Gain (Loss) on Derivatives | Gain (Loss) on Trading Securities | Net | |||||||||||||
GSE debentures | $ | (1,119 | ) | $ | 1,103 | $ | (16 | ) | $ | 18,193 | $ | (20,222 | ) | $ | (2,029 | ) | ||
GSE MBS | (19,741 | ) | 17,479 | (2,262 | ) | (421 | ) | (125 | ) | (546 | ) | |||||||
TOTAL | $ | (20,860 | ) | $ | 18,582 | $ | (2,278 | ) | $ | 17,772 | $ | (20,347 | ) | $ | (2,575 | ) |
Six Months Ended | ||||||||||||||||||
06/30/2016 | 06/30/2015 | |||||||||||||||||
Gain (Loss) on Derivatives | Gain (Loss) on Trading Securities | Net | Gain (Loss) on Derivatives | Gain (Loss) on Trading Securities | Net | |||||||||||||
GSE debentures | $ | (11,626 | ) | $ | 11,148 | $ | (478 | ) | $ | 23,653 | $ | (25,991 | ) | $ | (2,338 | ) | ||
GSE MBS | (55,873 | ) | 56,751 | 878 | (421 | ) | (125 | ) | (546 | ) | ||||||||
TOTAL | $ | (67,499 | ) | $ | 67,899 | $ | 400 | $ | 23,232 | $ | (26,116 | ) | $ | (2,884 | ) |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Trading securities not hedged: | ||||||||||||
GSE debentures | $ | 81 | $ | 24 | $ | 210 | $ | 13 | ||||
U.S. Treasury note | — | (6 | ) | — | (16 | ) | ||||||
U.S. obligation and GSE MBS | (137 | ) | (43 | ) | (379 | ) | (96 | ) | ||||
Short-term money market securities | — | 1 | — | — | ||||||||
Total trading securities not hedged | (56 | ) | (24 | ) | (169 | ) | (99 | ) | ||||
Trading securities hedged on an economic basis with derivatives: | ||||||||||||
GSE debentures | 1,103 | (20,222 | ) | 11,148 | (25,991 | ) | ||||||
GSE MBS | 17,479 | (125 | ) | 56,751 | (125 | ) | ||||||
Total trading securities hedged on an economic basis with derivatives | 18,582 | (20,347 | ) | 67,899 | (26,116 | ) | ||||||
TOTAL | $ | 18,526 | $ | (20,371 | ) | $ | 67,730 | $ | (26,215 | ) |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Net income, as reported under GAAP | $ | 31,702 | $ | 26,560 | $ | 72,176 | $ | 57,681 | ||||
AHP assessments | 3,526 | 2,952 | 8,024 | 6,411 | ||||||||
Income before AHP assessments | 35,228 | 29,512 | 80,200 | 64,092 | ||||||||
Derivative (gains) losses1 | 23,425 | (14,196 | ) | 69,667 | (17,784 | ) | ||||||
Trading (gains) losses | (18,526 | ) | 20,371 | (67,730 | ) | 26,215 | ||||||
Prepayment fees on terminated advances | (120 | ) | (332 | ) | (609 | ) | (1,088 | ) | ||||
Total excluded items | 4,779 | 5,843 | 1,328 | 7,343 | ||||||||
Adjusted income (a non-GAAP measure) | $ | 40,007 | $ | 35,355 | $ | 81,528 | $ | 71,435 |
1 | Consists of fair value changes on derivatives and hedging activities excluding net interest settlements (see next table) on derivatives not qualifying for hedge accounting. |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Net interest income, as reported under GAAP | $ | 64,182 | $ | 57,150 | $ | 129,052 | $ | 113,764 | ||||
Net interest settlements on derivatives not qualifying for hedge accounting | (11,871 | ) | (9,879 | ) | (24,115 | ) | (19,430 | ) | ||||
Adjusted net interest income (a non-GAAP measure) | $ | 52,311 | $ | 47,271 | $ | 104,937 | $ | 94,334 |
Three Months Ended | Six Months Ended | |||||||||||
06/30/2016 | 06/30/2015 | 06/30/2016 | 06/30/2015 | |||||||||
Average GAAP total capital for the period | $ | 2,189,319 | $ | 1,916,341 | $ | 2,140,929 | $ | 1,846,938 | ||||
ROE, based upon GAAP net income | 5.82 | % | 5.56 | % | 6.78 | % | 6.30 | % | ||||
Adjusted ROE, based upon adjusted income | 7.35 | % | 7.40 | % | 7.66 | % | 7.80 | % | ||||
Average overnight Federal funds effective rate | 0.37 | % | 0.13 | % | 0.37 | % | 0.12 | % | ||||
Adjusted ROE as a spread to average overnight Federal funds effective rate | 6.98 | % | 7.27 | % | 7.29 | % | 7.68 | % |
Component Concentration | ||||
06/30/2016 | 12/31/2015 | |||
Assets: | ||||
Cash and due from banks | 0.5 | % | 1.5 | % |
Interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold | 11.1 | 13.6 | ||
Investment securities | 17.8 | 17.0 | ||
Advances | 56.3 | 53.1 | ||
Mortgage loans, net | 13.9 | 14.4 | ||
Other assets | 0.4 | 0.4 | ||
Total assets | 100.0 | % | 100.0 | % |
Liabilities: | ||||
Deposits | 1.4 | % | 1.7 | % |
Consolidated obligation discount notes, net | 57.8 | 49.1 | ||
Consolidated obligation bonds, net | 36.0 | 44.7 | ||
Other liabilities | 0.4 | 0.3 | ||
Total liabilities | 95.6 | 95.8 | ||
Capital: | ||||
Capital stock outstanding | 2.9 | 2.7 | ||
Retained earnings | 1.5 | 1.5 | ||
Accumulated other comprehensive income (loss) | — | — | ||
Total capital | 4.4 | 4.2 | ||
Total liabilities and capital | 100.0 | % | 100.0 | % |
Increase (Decrease) in Components | |||||
06/30/2016 vs. 12/31/2015 | |||||
Dollar Change | Percent Change | ||||
Assets: | |||||
Cash and due from banks | $ | (468,647 | ) | (68.6 | )% |
Investments1 | (161,491 | ) | (1.2 | ) | |
Advances | 2,602,191 | 11.0 | |||
Mortgage loans, net | 81,891 | 1.3 | |||
Derivative assets, net | 10,156 | 19.7 | |||
Other assets | 903 | 0.8 | |||
Total assets | $ | 2,065,003 | 4.6 | % | |
Liabilities: | |||||
Deposits | $ | (98,011 | ) | (12.9 | )% |
Consolidated obligations, net | 1,962,188 | 4.7 | |||
Derivative liabilities, net | 16,471 | 52.3 | |||
Other liabilities | 9,336 | 8.2 | |||
Total liabilities | 1,889,984 | 4.4 | |||
Capital: | |||||
Capital stock outstanding | 138,333 | 11.4 | |||
Retained earnings | 33,247 | 5.1 | |||
Accumulated other comprehensive income (loss) | 3,439 | 18.1 | |||
Total capital | 175,019 | 9.5 | |||
Total liabilities and capital | $ | 2,065,003 | 4.6 | % |
06/30/2016 | 12/31/2015 | |||||||||
Dollar | Percent | Dollar | Percent | |||||||
Adjustable rate: | ||||||||||
Standard advance products: | ||||||||||
Line of credit | $ | 10,517,259 | 40.5 | % | $ | 8,464,599 | 36.1 | % | ||
Regular adjustable rate advances | 85,000 | 0.3 | 140,000 | 0.6 | ||||||
Adjustable rate callable advances | 6,416,985 | 24.7 | 6,125,760 | 26.1 | ||||||
Customized advances: | ||||||||||
Adjustable rate advances with embedded caps or floors | — | — | 30,000 | 0.1 | ||||||
Standard housing and community development advances: | ||||||||||
Adjustable rate callable advances | 100,533 | 0.4 | 87,533 | 0.4 | ||||||
Total adjustable rate advances | 17,119,777 | 65.9 | 14,847,892 | 63.3 | ||||||
Fixed rate: | ||||||||||
Standard advance products: | ||||||||||
Short-term fixed rate advances | 455,965 | 1.7 | 408,126 | 1.7 | ||||||
Regular fixed rate advances | 5,587,291 | 21.5 | 5,392,625 | 23.0 | ||||||
Fixed rate callable advances | 75,445 | 0.3 | 75,445 | 0.3 | ||||||
Standard housing and community development advances: | ||||||||||
Regular fixed rate advances | 389,764 | 1.5 | 378,044 | 1.6 | ||||||
Fixed rate callable advances | 4,000 | — | 2,000 | — | ||||||
Total fixed rate advances | 6,512,465 | 25.0 | 6,256,240 | 26.6 | ||||||
Convertible: | ||||||||||
Standard advance products: | ||||||||||
Fixed rate convertible advances | 1,479,942 | 5.7 | 1,472,842 | 6.3 | ||||||
Amortizing: | ||||||||||
Standard advance products: | ||||||||||
Fixed rate amortizing advances | 419,025 | 1.6 | 429,440 | 1.8 | ||||||
Fixed rate callable amortizing advances | 24,654 | 0.1 | 28,796 | 0.1 | ||||||
Standard housing and community development advances: | ||||||||||
Fixed rate amortizing advances | 438,064 | 1.7 | 431,251 | 1.9 | ||||||
Fixed rate callable amortizing advances | 9,810 | — | 7,213 | — | ||||||
Total amortizing advances | 891,553 | 3.4 | 896,700 | 3.8 | ||||||
TOTAL PAR VALUE | $ | 26,003,737 | 100.0 | % | $ | 23,473,674 | 100.0 | % |
06/30/2016 | 12/31/2015 | |||||||||
Borrower Name | Advance Par Value | Percent of Total Advance Par | Advance Par Value | Percent of Total Advance Par | ||||||
Bank of Oklahoma, NA | $ | 5,800,000 | 22.3 | % | $ | 4,800,000 | 20.5 | % | ||
MidFirst Bank | 4,405,000 | 16.9 | 3,779,000 | 16.1 | ||||||
Capitol Federal Savings Bank | 2,475,000 | 9.5 | 2,475,000 | 10.5 | ||||||
United of Omaha Life Insurance Co. | 751,755 | 2.9 | 735,909 | 3.1 | ||||||
Security Benefit Life Insurance Co. | 730,000 | 2.8 | 1,081,500 | 4.6 | ||||||
TOTAL | $ | 14,161,755 | 54.4 | % | $ | 12,871,409 | 54.8 | % |
Three Months Ended | ||||||||||
06/30/2016 | 06/30/2015 | |||||||||
Borrower Name | Advance Income | Percent of Total Advance Income1 | Advance Income | Percent of Total Advance Income1 | ||||||
Capitol Federal Savings Bank | $ | 16,092 | 20.3 | % | $ | 16,144 | 25.3 | % | ||
Bank of Oklahoma, NA | 8,253 | 10.4 | 2,590 | 4.1 | ||||||
MidFirst Bank | 5,687 | 7.2 | 2,869 | 4.5 | ||||||
American Fidelity Assurance Co. | 4,027 | 5.1 | 4,367 | 6.9 | ||||||
United of Omaha Life Insurance Co. | 1,925 | 2.4 | 1,610 | 2.5 | ||||||
TOTAL | $ | 35,984 | 45.4 | % | $ | 27,580 | 43.3 | % |
1 | Total advance income by borrower excludes net interest settlements on derivatives hedging the advances. Total advance income for all borrowers is net of interest receipts/(payments) on derivatives hedging advances of $(22.6) million and $(30.2) million for the three months ended June 30, 2016 and 2015, respectively. |
Six Months Ended | ||||||||||
06/30/2016 | 06/30/2015 | |||||||||
Borrower Name | Advance Income | Percent of Total Advance Income1 | Advance Income | Percent of Total Advance Income1 | ||||||
Capitol Federal Savings Bank | $ | 32,203 | 20.5 | % | $ | 32,269 | 25.7 | % | ||
Bank of Oklahoma, NA | 15,610 | 10.0 | 4,513 | 3.6 | ||||||
MidFirst Bank | 11,331 | 7.2 | 5,458 | 4.3 | ||||||
American Fidelity Assurance Co. | 8,081 | 5.2 | 8,645 | 6.9 | ||||||
United of Omaha Life Insurance Co. | 3,801 | 2.4 | 3,172 | 2.5 | ||||||
TOTAL | $ | 71,026 | 45.3 | % | $ | 54,057 | 43.0 | % |
1 | Total advance income by borrower excludes net interest settlements on derivatives hedging the advances. Total advance income for all borrowers is net of interest receipts/(payments) on derivatives hedging advances of $(46.8) million and $(60.9) million for the six months ended June 30, 2016 and 2015, respectively. |
06/30/2016 | 12/31/2015 | |||||||||
Mortgage Loan Balance | Percent of Total Mortgage Loans | Mortgage Loan Balance | Percent of Total Mortgage Loans | |||||||
FirstBank of Colorado | $ | 255,643 | 4.0 | % | $ | 245,842 | 3.9 | % | ||
Tulsa Teachers Credit Union | 222,765 | 3.5 | 206,081 | 3.3 | ||||||
Mutual of Omaha Bank | 175,777 | 2.8 | 194,606 | 3.1 | ||||||
SAC Federal Credit Union | 141,670 | 2.2 | 146,228 | 2.3 | ||||||
Girard National Bank | 117,547 | 1.8 | 120,846 | 1.9 | ||||||
TOTAL | $ | 913,402 | 14.3 | % | $ | 913,603 | 14.5 | % |
• | Interest-bearing deposits. Unsecured deposits that earn interest. |
• | Federal funds sold. Unsecured loans of reserve balances at the Federal Reserve Banks between financial institutions that are made on either an overnight or term basis. |
• | Commercial paper. Unsecured debt issued by corporations, typically for the financing of accounts receivable, inventories, and meeting short-term liabilities. |
• | Certificates of deposit. Unsecured negotiable promissory notes issued by banks and payable to the bearer at maturity. |
06/30/2016 | 12/31/2015 | |||||
Interest-bearing deposits | $ | 369,000 | $ | 100,000 | ||
Federal funds sold | 1,823,000 | 2,000,000 | ||||
TOTAL UNSECURED INVESTMENT CREDIT EXPOSURE1 | $ | 2,192,000 | $ | 2,100,000 |
1 | Excludes unsecured investment credit exposure to U.S. government, U.S. government agencies, instrumentalities, GSEs and supranational entities and does not include related accrued interest. |
Domicile of Counterparty | Overnight | ||
Domestic | $ | 369,000 | |
U.S. subsidiaries of foreign commercial banks | 250,000 | ||
Total domestic and U.S. subsidiaries of foreign commercial banks | 619,000 | ||
U.S. Branches and agency offices of foreign commercial banks: | |||
Canada | 493,000 | ||
Netherlands | 380,000 | ||
Germany | 350,000 | ||
Norway | 350,000 | ||
Total U.S. Branches and agency offices of foreign commercial banks | 1,573,000 | ||
TOTAL UNSECURED INVESTMENT CREDIT EXPOSURE1 | $ | 2,192,000 |
1 | Excludes unsecured investment credit exposure to U.S. government, U.S. government agencies, instrumentalities, GSEs and supranational entities, and does not include related accrued interest. |
06/30/2016 | 12/31/2015 | |||||
Trading securities: | ||||||
GSE debentures | $ | 1,493,441 | $ | 1,338,639 | ||
Mortgage-backed securities: | ||||||
U.S. obligation MBS | 744 | 801 | ||||
GSE MBS | 1,000,778 | 955,166 | ||||
Total trading securities | 2,494,963 | 2,294,606 | ||||
Available-for-sale securities: | ||||||
GSE MBS | 1,057,923 | 495,063 | ||||
Total available-for-sale securities | 1,057,923 | 495,063 | ||||
Held-to-maturity securities: | ||||||
State or local housing agency obligations | 109,590 | 111,655 | ||||
Mortgage-backed or asset-backed securities: | ||||||
U.S. obligation MBS | 42,822 | 47,234 | ||||
GSE MBS | 4,412,962 | 4,452,533 | ||||
Private-label residential MBS | 138,068 | 159,395 | ||||
Total held-to-maturity securities | 4,703,442 | 4,770,817 | ||||
Total securities | 8,256,328 | 7,560,486 | ||||
Interest-bearing deposits | 371,834 | 100,594 | ||||
Federal funds sold | 1,823,000 | 2,000,000 | ||||
Securities purchased under agreements to resell | 2,993,427 | 3,945,000 | ||||
TOTAL INVESTMENTS | $ | 13,444,589 | $ | 13,606,080 |
06/30/2016 | |||||||||||||||
Due in one year or less | Due after one year through five years | Due after five years through 10 years | Due after 10 years | Carrying Value | |||||||||||
Trading securities: | |||||||||||||||
GSE debentures | $ | 512,479 | $ | 549,098 | $ | 431,864 | $ | — | $ | 1,493,441 | |||||
Mortgage-backed securities: | |||||||||||||||
U.S. obligation MBS | — | — | — | 744 | 744 | ||||||||||
GSE MBS | — | — | 680,950 | 319,828 | 1,000,778 | ||||||||||
Total trading securities | 512,479 | 549,098 | 1,112,814 | 320,572 | 2,494,963 | ||||||||||
Yield on trading securities | 5.36 | % | 1.50 | % | 2.86 | % | 2.61 | % | |||||||
Available-for-sale securities: | |||||||||||||||
GSE MBS | — | — | 782,487 | 275,436 | 1,057,923 | ||||||||||
Total available-for-sale securities | — | — | 782,487 | 275,436 | 1,057,923 | ||||||||||
Yield on available-for-sale securities | — | % | — | % | 2.39 | % | 2.92 | % | |||||||
Held-to-maturity securities: | |||||||||||||||
State or local housing agency obligations | — | 2,990 | 11,205 | 95,395 | 109,590 | ||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. obligation MBS | — | — | — | 42,822 | 42,822 | ||||||||||
GSE MBS | — | 276,004 | 1,784,364 | 2,352,594 | 4,412,962 | ||||||||||
Private-label residential MBS | — | 12,086 | 3,045 | 122,937 | 138,068 | ||||||||||
Total held-to-maturity securities | — | 291,080 | 1,798,614 | 2,613,748 | 4,703,442 | ||||||||||
Yield on held-to-maturity securities | — | % | 1.27 | % | 1.58 | % | 1.50 | % | |||||||
Total securities | 512,479 | 840,178 | 3,693,915 | 3,209,756 | 8,256,328 | ||||||||||
Yield on total securities | 5.36 | % | 1.42 | % | 2.12 | % | 1.73 | % | |||||||
Interest-bearing deposits | 371,834 | — | — | — | 371,834 | ||||||||||
Federal funds sold | 1,823,000 | — | — | — | 1,823,000 | ||||||||||
Securities purchased under agreements to resell | 2,993,427 | — | — | — | 2,993,427 | ||||||||||
TOTAL INVESTMENTS | $ | 5,700,740 | $ | 840,178 | $ | 3,693,915 | $ | 3,209,756 | $ | 13,444,589 |
06/30/2016 | |||||||||||||||||||||
Carrying Value1 | |||||||||||||||||||||
Investment Grade | Below Triple-B | Unrated | Total | ||||||||||||||||||
Triple-A | Double-A | Single-A | Triple-B | ||||||||||||||||||
Interest-bearing deposits2 | $ | — | $ | 2,834 | $ | 369,000 | $ | — | $ | — | $ | — | $ | 371,834 | |||||||
Federal funds sold2 | — | — | 1,823,000 | — | — | — | 1,823,000 | ||||||||||||||
Securities purchased under agreements to resell3 | — | — | — | — | — | 2,993,427 | 2,993,427 | ||||||||||||||
Investment securities: | |||||||||||||||||||||
Non-mortgage-backed securities: | |||||||||||||||||||||
GSE debentures | — | 1,493,441 | — | — | — | — | 1,493,441 | ||||||||||||||
State or local housing agency obligations | 68,385 | 30,000 | 11,205 | — | — | — | 109,590 | ||||||||||||||
Total non-mortgage-backed securities | 68,385 | 1,523,441 | 11,205 | — | — | — | 1,603,031 | ||||||||||||||
Mortgage-backed or asset-backed securities: | |||||||||||||||||||||
U.S. obligation MBS | — | 43,566 | — | — | — | — | 43,566 | ||||||||||||||
GSE MBS | — | 6,471,663 | — | — | — | — | 6,471,663 | ||||||||||||||
Private label residential MBS | — | 1,808 | 10,277 | 51,032 | 74,904 | 47 | 138,068 | ||||||||||||||
Total mortgage-backed securities | — | 6,517,037 | 10,277 | 51,032 | 74,904 | 47 | 6,653,297 | ||||||||||||||
TOTAL INVESTMENTS | $ | 68,385 | $ | 8,043,312 | $ | 2,213,482 | $ | 51,032 | $ | 74,904 | $ | 2,993,474 | $ | 13,444,589 |
1 | Investment amounts represent the carrying value and do not include related accrued interest receivable of $21.0 million at June 30, 2016. |
2 | Amounts include unsecured credit exposure with overnight original maturities. |
3 | Amounts represent collateralized overnight borrowings by counterparty rating. |
12/31/2015 | |||||||||||||||||||||
Carrying Value1 | |||||||||||||||||||||
Investment Grade | Below Triple-B | Unrated | Total | ||||||||||||||||||
Triple-A | Double-A | Single-A | Triple-B | ||||||||||||||||||
Interest-bearing deposits2 | $ | — | $ | 594 | $ | 100,000 | $ | — | $ | — | $ | — | $ | 100,594 | |||||||
Federal funds sold2 | — | 500,000 | 1,500,000 | — | — | — | 2,000,000 | ||||||||||||||
Securities purchased under agreements to resell3 | — | 1,000,000 | — | — | — | 2,945,000 | 3,945,000 | ||||||||||||||
Investment securities: | |||||||||||||||||||||
Non-mortgage-backed securities: | |||||||||||||||||||||
GSE debentures | — | 1,338,639 | — | — | — | — | 1,338,639 | ||||||||||||||
State or local housing agency obligations | 69,280 | 30,000 | 12,375 | — | — | — | 111,655 | ||||||||||||||
Total non-mortgage-backed securities | 69,280 | 1,368,639 | 12,375 | — | — | — | 1,450,294 | ||||||||||||||
Mortgage-backed or asset-backed securities: | |||||||||||||||||||||
U.S. obligation MBS | — | 48,035 | — | — | — | — | 48,035 | ||||||||||||||
GSE MBS | — | 5,902,762 | — | — | — | — | 5,902,762 | ||||||||||||||
Private label residential MBS | — | 2,531 | 11,907 | 52,661 | 92,244 | 52 | 159,395 | ||||||||||||||
Total mortgage-backed securities | — | 5,953,328 | 11,907 | 52,661 | 92,244 | 52 | 6,110,192 | ||||||||||||||
TOTAL INVESTMENTS | $ | 69,280 | $ | 8,822,561 | $ | 1,624,282 | $ | 52,661 | $ | 92,244 | $ | 2,945,052 | $ | 13,606,080 |
1 | Investment amounts represent the carrying value and do not include related accrued interest receivable of $24.5 million at December 31, 2015. |
2 | Amounts include unsecured credit exposure with overnight original maturities. |
3 | Amounts represent collateralized overnight borrowings by counterparty rating. |
06/30/2016 | 12/31/2015 | |||||||||||||||||
Fixed Rate1 | Variable Rate1 | Total | Fixed Rate1 | Variable Rate1 | Total | |||||||||||||
Private-label residential MBS: | ||||||||||||||||||
Prime | $ | 13,399 | $ | 65,699 | $ | 79,098 | $ | 16,223 | $ | 72,913 | $ | 89,136 | ||||||
Alt-A | 32,124 | 38,299 | 70,423 | 40,151 | 43,376 | 83,527 | ||||||||||||
TOTAL | $ | 45,523 | $ | 103,998 | $ | 149,521 | $ | 56,374 | $ | 116,289 | $ | 172,663 |
1 | The determination of fixed or variable rate is based upon the contractual coupon type of the security. |
06/30/2016 | |||
Private-label residential MBS: | |||
UPB by credit rating: | |||
Double-A | $ | 1,814 | |
Single-A | 10,276 | ||
Triple-B | 51,229 | ||
Double-B | 29,426 | ||
Single-B | 16,229 | ||
Triple-C | 14,018 | ||
Double-C | 8,565 | ||
Single-D | 17,918 | ||
Unrated | 46 | ||
TOTAL | $ | 149,521 | |
Amortized cost | $ | 144,976 | |
Gross unrealized losses | (8,743 | ) | |
Fair value | 137,654 | ||
OTTI: | |||
Credit-related OTTI charge taken year-to-date | $ | 32 | |
Non-credit-related OTTI charge taken year-to-date | 33 | ||
TOTAL | $ | 65 | |
Weighted average percentage of fair value to UPB | 92.1 | % | |
Original weighted average credit support1 | 5.0 | ||
Weighted average credit support1 | 12.0 | ||
Weighted average collateral delinquency2 | 9.7 |
1 | Credit support is defined as the percentage of subordinate tranches and over-collateralization, if any, in a security structure that will absorb losses before the holders of the security will incur losses. |
2 | Collateral delinquency is based on the sum of loans greater than 60 days delinquent plus loans in foreclosure plus loans in bankruptcy plus REO. |
Requirement | 06/30/2016 | 12/31/2015 | ||||
Asset-based (Class A only) | $ | 158,256 | $ | 154,290 | ||
Activity-based (additional Class B)1 | 1,069,250 | 960,538 | ||||
Total Required Stock2 | 1,227,506 | 1,114,828 | ||||
Excess Stock (Class A and B) | 124,130 | 96,858 | ||||
Total Stock2 | $ | 1,351,636 | $ | 1,211,686 | ||
Activity-based Requirements: | ||||||
Advances3 | $ | 1,166,049 | $ | 1,052,889 | ||
AMA assets (mortgage loans)4 | 1,348 | 1,521 | ||||
Total Activity-based Requirement | 1,167,397 | 1,054,410 | ||||
Asset-based Requirement (Class A Common Stock) not supporting member activity1 | 60,109 | 60,418 | ||||
Total Required Stock2 | $ | 1,227,506 | $ | 1,114,828 |
1 | Class A Common Stock, up to a member’s asset-based stock requirement, will be used to satisfy a member’s activity-based stock requirement before any Class B Common Stock is purchased by the member. |
2 | Includes mandatorily redeemable capital stock. |
3 | Advances to housing associates have no activity-based requirements because housing associates cannot own FHLBank stock. |
4 | Non-members are subject to the AMA activity-based stock requirement as long as there are UPBs outstanding, but the requirement is currently zero percent for members. |
Applicable Rate per Annum | 06/30/2016 | 03/31/2016 | 12/31/2015 | 09/30/2015 | 06/30/2015 | |||||
Class A Common Stock | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % |
Class B Common Stock | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | |||||
Weighted Average1 | 5.30 | 5.32 | 5.31 | 5.29 | 5.22 | |||||
Dividend Parity Threshold: | ||||||||||
Average effective overnight Federal funds rate | 0.37 | % | 0.37 | % | 0.16 | % | 0.14 | % | 0.13 | % |
Spread to index | (1.00 | ) | (1.00 | ) | (1.00 | ) | (1.00 | ) | (1.00 | ) |
TOTAL (floored at zero percent) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
1 | Weighted average dividend rates are dividends paid in cash and stock on both classes of stock divided by the average of capital stock eligible for dividends. |
06/30/2016 | ||||||||||||
Credit Rating | Notional Amount | Net Derivatives Fair Value Before Collateral | Cash Collateral Pledged From (To) Counterparty | Net Credit Exposure to Counterparties | ||||||||
Asset positions with credit exposure: | ||||||||||||
Uncleared derivatives: | ||||||||||||
Single-A | $ | 401,000 | $ | 1,233 | $ | 100 | $ | 1,133 | ||||
Liability positions with credit exposure: | ||||||||||||
Uncleared derivatives1: | ||||||||||||
Single-A | 3,470,400 | (87,593 | ) | (92,959 | ) | 5,366 | ||||||
Cleared derivatives2 | 4,332,654 | (141,104 | ) | (195,525 | ) | 54,421 | ||||||
TOTAL DERIVATIVE POSITIONS WITH CREDIT EXPOSURE | $ | 8,204,054 | $ | (227,464 | ) | $ | (288,384 | ) | $ | 60,920 |
1 | Exposure can change on a daily basis; and thus, there is often a short lag time between the date the exposure is identified, collateral is requested and collateral is actually returned. |
2 | Represents derivative transactions cleared with Clearinghouses, which are not rated. |
12/31/2015 | ||||||||||||
Credit Rating | Notional Amount | Net Derivatives Fair Value Before Collateral | Cash Collateral Pledged From (To) Counterparty | Net Credit Exposure to Counterparties | ||||||||
Asset positions with credit exposure: | ||||||||||||
Uncleared derivatives: | ||||||||||||
Double-A | $ | 250,000 | $ | 53 | $ | — | $ | 53 | ||||
Single-A | 1,832,154 | 26,512 | 22,004 | 4,508 | ||||||||
Liability positions with credit exposure: | ||||||||||||
Uncleared derivatives1: | ||||||||||||
Single-A | 2,803,762 | (53,857 | ) | (58,156 | ) | 4,299 | ||||||
Cleared derivatives2 | 5,977,132 | (51,148 | ) | (93,808 | ) | 42,660 | ||||||
TOTAL DERIVATIVE POSITIONS WITH CREDIT EXPOSURE | $ | 10,863,048 | $ | (78,440 | ) | $ | (129,960 | ) | $ | 51,520 |
1 | Exposure can change on a daily basis; and thus, there is often a short lag time between the date the exposure is identified, collateral is requested and collateral is actually returned. |
2 | Represents derivative transactions cleared with Clearinghouses, which are not rated. |
Canada | Other1 | Total1 | |||||||||||||
Amount | Percent of Total Assets | Amount | Percent of Total Assets | Amount | Percent of Total Assets | ||||||||||
Federal funds sold2 | $ | 493,000 | 1.1 | % | $ | 1,080,000 | 2.3 | % | $ | 1,573,000 | 3.4 | % | |||
Derivative assets: | |||||||||||||||
Net exposure at fair value | (10,512 | ) | (29,439 | ) | (39,951 | ) | |||||||||
Cash collateral held | 10,763 | 33,983 | 44,746 | ||||||||||||
Net exposure after cash collateral | 251 | — | 4,544 | — | 4,795 | — | |||||||||
TOTAL | $ | 493,251 | 1.1 | % | $ | 1,084,544 | 2.3 | % | $ | 1,577,795 | 3.4 | % |
1 | Represents foreign countries where individual exposure is less than one percent of total assets. Total cross-border outstandings to countries that individually represented between 0.75 and 1.0 percent of our total assets as of June 30, 2016 were $1.1 billion (Norway, Netherlands, and Germany). |
2 | Consists solely of overnight Federal funds sold. |
• | makes captive insurance companies ineligible for FHLBank membership; and |
• | defines the “principal place of business” of an institution eligible for FHLBank membership to be the state in which it maintains its home office and from which the institution conducts business operations. |
• | mandatory deferrals of 50 percent and 40 percent of annual and "long-term" incentive-based compensation payments for senior executive officers and significant risk takers, respectively, over no less than 3 years for annual incentive-based compensation and 1 year for compensation awarded under a long-term incentive plan; |
• | risk of downward adjustment and forfeiture of awards; |
• | clawbacks of vested compensation; and |
• | limits on the maximum incentive-based compensation opportunity. |
Duration of Equity | |||
Date | Up 200 Basis Points | Base | Down 200 Basis Points |
06/30/2016 | 2.1 | -1.4 | 1.0 |
03/31/2016 | 1.8 | 0.9 | 1.1 |
12/31/2015 | 2.0 | 1.0 | 2.0 |
09/30/2015 | 1.9 | 1.2 | 0.9 |
06/30/2015 | 1.7 | 0.6 | 0.2 |
Market Value of Equity as a Percent of Total Regulatory Capital Stock | |||
Date | Up 200 Basis Points | Base | Down 200 Basis Points |
06/30/2016 | 169 | 170 | 170 |
03/31/2016 | 164 | 167 | 170 |
12/31/2015 | 168 | 171 | 177 |
09/30/2015 | 165 | 168 | 172 |
06/30/2015 | 168 | 169 | 174 |
06/30/2016 | |||||||||
Hedged Item | Hedging Instrument | Hedging Objective | Accounting Designation | Notional Amount | Fair Value Amount | ||||
Advances | |||||||||
Fixed rate non-callable advances | Pay fixed, receive variable interest rate swap | Convert the advance’s fixed rate to a variable rate index | Fair Value Hedge | $ | 3,251,441 | $ | (121,416 | ) | |
Fixed rate callable advances | Pay fixed, receive variable interest rate swap | Convert the advance’s fixed rate to a variable rate index and offset option risk in the advance | Fair Value Hedge | 66,000 | (709 | ) | |||
Fixed rate convertible advances | Pay fixed, receive variable interest rate swap | Convert the advance’s fixed rate to a variable rate index and offset option risk in the advance | Fair Value Hedge | 1,477,942 | (58,286 | ) | |||
Firm commitment to issue a fixed rate advance | Forward settling interest rate swap | Protect against fair value risk | Fair Value Hedge | 173,821 | (11,716 | ) | |||
Investments | |||||||||
Fixed rate non-MBS trading investments | Pay fixed, receive variable interest rate swap | Convert the investment’s fixed rate to a variable rate index | Economic Hedge | 1,004,820 | (61,521 | ) | |||
Fixed rate MBS trading investments | Pay fixed, receive variable interest rate swap | Convert the investment’s fixed rate to a variable rate index | Economic Hedge | 853,669 | (77,534 | ) | |||
Fixed rate MBS available-for-sale investments | Pay fixed, receive variable interest rate swap | Convert the investment’s fixed rate to a variable rate index | Fair Value Hedge | 1,000,923 | (66,222 | ) | |||
Adjustable rate MBS with embedded caps | Interest rate cap | Offset the interest rate cap embedded in a variable rate investment | Economic Hedge | 2,922,800 | 2,072 | ||||
Mortgage Loans Held for Portfolio | |||||||||
Fixed rate mortgage purchase commitments | Mortgage purchase commitment | Protect against fair value risk | Economic Hedge | 130,623 | 827 | ||||
Consolidated Obligation Discount Notes | |||||||||
Fixed rate non-callable consolidated obligation discount notes with tenors of 6 to 12 months | Receive fixed, pay variable interest rate swap | Convert the discount note's fixed rate to a variable rate | Fair Value Hedge | 149,361 | 113 | ||||
Consolidated Obligation Bonds | |||||||||
Fixed rate non-callable consolidated obligation bonds | Receive fixed, pay variable interest rate swap | Convert the bond’s fixed rate to a variable rate index | Fair Value Hedge | 1,686,820 | 45,919 | ||||
Fixed rate callable consolidated obligation bonds | Receive fixed, pay variable interest rate swap | Convert the bond’s fixed rate to a variable rate index and offset option risk in the bond | Fair Value Hedge | 445,000 | 2,854 | ||||
Complex consolidated obligation bonds | Receive variable with embedded features, pay variable interest rate swap | Reduce interest rate sensitivity and re-pricing gaps by converting the bond’s variable rate to a different variable rate index and/or to offset embedded options risk in the bond | Fair Value Hedge | 20,000 | (96 | ) | |||
Callable step-up/step-down consolidated obligation bonds | Receive variable interest rate with embedded features, pay variable interest rate swap | Reduce interest rate sensitivity and repricing gaps by converting the bond’s variable rate to a different variable rate index and/or to offset embedded options risk in the bond | Fair Value Hedge | 220,000 | 486 | ||||
Variable rate consolidated obligation bonds | Receive variable interest rate, pay variable interest rate swap | Reduce basis risk by converting an undesirable variable rate index in the bond to a more desirable variable rate index | Economic Hedge | 295,000 | 1,844 | ||||
TOTAL | $ | 13,698,220 | $ | (343,385 | ) |
12/31/2015 | |||||||||
Hedged Item | Hedging Instrument | Hedging Objective | Accounting Designation | Notional Amount | Fair Value Amount | ||||
Advances | |||||||||
Fixed rate non-callable advances | Pay fixed, receive variable interest rate swap | Convert the advance’s fixed rate to a variable rate index | Fair Value Hedge | $ | 3,099,956 | $ | (62,746 | ) | |
Fixed rate callable advances | Pay fixed, receive variable interest rate swap | Convert the advance’s fixed rate to a variable rate index and offset option risk in the advance | Fair Value Hedge | 66,000 | (634 | ) | |||
Fixed rate convertible advances | Pay fixed, receive variable interest rate swap | Convert the advance’s fixed rate to a variable rate index and offset option risk in the advance | Fair Value Hedge | 1,470,842 | (57,377 | ) | |||
Clearly and closely related caps embedded in variable rate advances | Interest rate cap | Offset the interest rate cap embedded in a variable rate advance | Fair Value Hedge | 60,000 | (94 | ) | |||
Firm commitment to issue a fixed rate advance | Forward settling interest rate swap | Protect against fair value risk | Fair Value Hedge | 129,423 | (1,708 | ) | |||
Investments | |||||||||
Fixed rate non-MBS trading investments | Pay fixed, receive variable interest rate swap | Convert the investment’s fixed rate to a variable rate index | Economic Hedge | 1,254,820 | (55,350 | ) | |||
Fixed rate MBS trading investments | Pay fixed, receive variable interest rate swap | Convert the investment’s fixed rate to a variable rate index | Economic Hedge | 854,338 | (21,731 | ) | |||
Fixed rate MBS available-for-sale investments | Pay fixed, receive variable interest rate swap | Convert the investment’s fixed rate to a variable rate index | Fair Value Hedge | 498,948 | (4,259 | ) | |||
Adjustable rate MBS with embedded caps | Interest rate cap | Offset the interest rate cap embedded in a variable rate investment | Economic Hedge | 2,922,800 | 5,789 | ||||
Mortgage Loans Held for Portfolio | |||||||||
Fixed rate mortgage purchase commitments | Mortgage purchase commitment | Protect against fair value risk | Economic Hedge | 66,045 | 7 | ||||
Consolidated Obligation Discount Notes | |||||||||
Fixed rate non-callable consolidated obligation discount notes with tenors of 6 to 12 months | Receive fixed, pay variable interest rate swap | Convert the discount note's fixed rate to a variable rate | Fair Value Hedge | 648,779 | 531 | ||||
Fixed rate non-callable consolidated obligation discount notes with tenors of less than six months | Receive fixed, pay variable interest rate swap | Convert the discount note's fixed rate to a variable rate | Economic Hedge | 249,693 | 133 | ||||
Consolidated Obligation Bonds | |||||||||
Fixed rate non-callable consolidated obligation bonds | Receive fixed, pay variable interest rate swap | Convert the bond’s fixed rate to a variable rate index | Fair Value Hedge | 2,659,820 | 49,959 | ||||
Fixed rate callable consolidated obligation bonds | Receive fixed, pay variable interest rate swap | Convert the bond’s fixed rate to a variable rate index and offset option risk in the bond | Fair Value Hedge | 780,000 | 2,607 | ||||
Complex consolidated obligation bonds | Receive variable with embedded features, pay variable interest rate swap | Reduce interest rate sensitivity and re-pricing gaps by converting the bond’s variable rate to a different variable rate index and/or to offset embedded options risk in the bond | Fair Value Hedge | 90,000 | (1,402 | ) | |||
Callable step-up/step-down consolidated obligation bonds | Receive variable interest rate with embedded features, pay variable interest rate swap | Reduce interest rate sensitivity and repricing gaps by converting the bond’s variable rate to a different variable rate index and/or to offset embedded options risk in the bond | Fair Value Hedge | 895,000 | (1,404 | ) | |||
Variable rate consolidated obligation bonds | Receive variable interest rate, pay variable interest rate swap | Reduce basis risk by converting an undesirable variable rate index in the bond to a more desirable variable rate index | Economic Hedge | 800,000 | (701 | ) | |||
Intermediary Derivatives | |||||||||
Interest rate caps executed with members | Interest rate cap | Offset interest rate caps executed with members by executing interest rate caps with derivatives counterparties | Economic Hedge | 8,000 | — | ||||
TOTAL | $ | 16,554,464 | $ | (148,380 | ) |
Exhibit No. | Description |
3.1 | Exhibit 3.1 to the FHLBank’s registration statement on Form 10, filed May 15, 2006, and made effective on July 14, 2006 (File No. 000-52004) (the “Form 10 Registration Statement”), Federal Home Loan Bank of Topeka Articles and Organization Certificate, is incorporated herein by reference as Exhibit 3.1. |
3.2 | Exhibit 3.2 to the 2015 Annual Report on Form 10-K, filed March 10, 2016, Federal Home Loan Bank of Topeka Amended and Restated Bylaws, is incorporated herein by reference as Exhibit 3.2. |
4.1 | Exhibit 99.2 to the Current Report on Form 8-K, filed August 5, 2011, Federal Home Loan Bank of Topeka Capital Plan, is incorporated herein by reference as Exhibit 4.1. |
10.1 | Exhibit 10.1 to the Current Report on Form 8-K, filed June 30, 2016, Indemnification Agreement, is incorporated herein by reference as Exhibit 10.1 |
10.2 | Exhibit 10.2 to the Current Report on Form 8-K, filed June 30, 2016, Indemnification Agreement, is incorporated herein by reference as Exhibit 10.2 |
31.1 | Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification of President and Principal Executive Officer and Senior Vice President and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Federal Home Loan Bank of Topeka | |
August 4, 2016 | By: /s/ Andrew J. Jetter |
Date | Andrew J. Jetter |
President and Chief Executive Officer | |
August 4, 2016 | By: /s/ William W. Osborn |
Date | William W. Osborn |
Senior Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of the registrant; |
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 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 15d-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 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. |
By: /s/ Andrew J. Jetter | ||||
Andrew J. Jetter | ||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of the registrant; |
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 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 15d-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 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. |
By: /s/ William W. Osborn | ||||
William W. Osborn | ||||
Senior Vice President and Chief Financial Officer |
August 4, 2016 | By: /s/ Andrew J. Jetter |
Date | Andrew J. Jetter |
President and Chief Executive Officer | |
August 4, 2016 | By: /s/ William W. Osborn |
Date | William W. Osborn |
Senior Vice President and Chief Financial Officer |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 02, 2016 |
|
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Federal Home Loan Bank of Topeka | |
Entity Central Index Key | 0001325878 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,754,189 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,250,776 |
Statements Of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investment securities: | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 1,064,198 | $ 503,640 |
Held-to-maturity Securities, Fair Value | $ 4,695,449 | $ 4,765,095 |
Capital stock outstanding - putable: | ||
Common Stock, par value per share | $ 100 | |
Class A [Member] | ||
Capital stock outstanding - putable: | ||
Common Stock, par value per share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 1,879 | 1,797 |
Common Stock, Shares Outstanding | 1,879 | 1,797 |
Class B [Member] | ||
Capital stock outstanding - putable: | ||
Common Stock, par value per share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 11,594 | 10,293 |
Common Stock, Shares Outstanding | 11,594 | 10,293 |
Statements Of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
INTEREST INCOME: | ||||
Interest-bearing deposits | $ 454 | $ 55 | $ 786 | $ 109 |
Securities purchased under agreements to resell | 2,548 | 1,013 | 5,577 | 1,578 |
Federal funds sold | 1,417 | 485 | 2,812 | 1,144 |
Trading securities | 17,949 | 13,496 | 36,130 | 25,858 |
Available-for-sale securities | 2,797 | 0 | 4,819 | 0 |
Held-to-maturity securities | 11,799 | 10,221 | 23,331 | 20,280 |
Advances | 56,722 | 33,818 | 109,921 | 65,569 |
Prepayment fees on terminated advances | 120 | 332 | 609 | 1,088 |
Mortgage loans held for portfolio | 50,992 | 50,455 | 103,293 | 102,471 |
Other | 314 | 354 | 641 | 706 |
Total interest income | 145,112 | 110,229 | 287,919 | 218,803 |
INTEREST EXPENSE: | ||||
Deposits | 234 | 135 | 460 | 299 |
Consolidated obligations: | ||||
Discount notes | 24,272 | 3,751 | 45,179 | 7,253 |
Bonds | 56,318 | 49,121 | 113,047 | 97,346 |
Mandatorily redeemable capital stock (Note 11) | 32 | 11 | 41 | 22 |
Other | 74 | 61 | 140 | 119 |
Total interest expense | 80,930 | 53,079 | 158,867 | 105,039 |
NET INTEREST INCOME | 64,182 | 57,150 | 129,052 | 113,764 |
(Reversal) provision for credit losses on mortgage loans (Note 6) | (212) | (992) | (469) | (1,794) |
NET INTEREST INCOME AFTER MORTGAGE LOAN LOSS (REVERSAL) PROVISION | 64,394 | 58,142 | 129,521 | 115,558 |
OTHER INCOME (LOSS): | ||||
Total other-than-temporary impairment losses on held-to-maturity securities | (1) | (185) | (65) | (185) |
Net amount of impairment losses on held-to-maturity securities reclassified to/(from) accumulated other comprehensive income (loss) | (4) | (67) | 33 | (254) |
Net other-than-temporary impairment losses on held-to-maturity securities (Note 3) | (5) | (252) | (32) | (439) |
Net gain (loss) on trading securities (Note 3) | 18,526 | (20,371) | 67,730 | (26,215) |
Net gain (loss) on derivatives and hedging activities (Note 7) | (35,296) | 4,317 | (93,782) | (1,646) |
Standby bond purchase agreement commitment fees | 1,332 | 1,357 | 2,712 | 2,838 |
Letters of credit fees | 903 | 820 | 1,755 | 1,609 |
Other | 653 | 592 | 1,214 | 1,100 |
Total other income (loss) | (13,887) | (13,537) | (20,403) | (22,753) |
OTHER EXPENSES: | ||||
Compensation and benefits | 8,711 | 8,097 | 16,462 | 16,126 |
Other operating | 4,289 | 4,266 | 7,630 | 7,877 |
Federal Housing Finance Agency | 698 | 493 | 1,507 | 1,108 |
Office of Finance | 640 | 746 | 1,352 | 1,324 |
Other | 941 | 1,491 | 1,967 | 2,278 |
Total other expenses | 15,279 | 15,093 | 28,918 | 28,713 |
INCOME BEFORE ASSESSMENTS | 35,228 | 29,512 | 80,200 | 64,092 |
Affordable Housing Program | 3,526 | 2,952 | 8,024 | 6,411 |
NET INCOME | $ 31,702 | $ 26,560 | $ 72,176 | $ 57,681 |
Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Net income | $ 31,702 | $ 26,560 | $ 72,176 | $ 57,681 |
Net unrealized gain (loss) on available-for-sale securities: | ||||
Unrealized gain (loss) | (2,440) | 0 | 2,302 | 0 |
Total net realized gains/losses on available-for-sale securities | (2,440) | 0 | 2,302 | 0 |
Net non-credit portion of other than temporary impairment losses on held-to-maturity securities: | ||||
Non-credit portion | 0 | (181) | (62) | (181) |
Reclassification of non-credit portion included in net income | 4 | 248 | 29 | 435 |
Accretion of non-credit portion | 525 | 789 | 1,075 | 1,741 |
Total net non-credit portion of other-than-temporary impairment losses on held-to-maturity securities | 529 | 856 | 1,042 | 1,995 |
Defined benefit pension plan: | ||||
Amortization of net loss | 48 | 100 | 95 | 198 |
Total defined benefit pension plan | 48 | 100 | 95 | 198 |
Total other comprehensive income | (1,863) | 956 | 3,439 | 2,193 |
TOTAL COMPREHENSIVE INCOME | $ 29,839 | $ 27,516 | $ 75,615 | $ 59,874 |
Statements Of Capital - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||
Balance at the beginning of the period | $ 1,841,752 | $ 1,585,267 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Proceeds from issuance of capital stock | 669,813 | 684,290 | |||||
Repurchase/redemption of capital stock | (218,044) | (202,851) | |||||
Comprehensive income | $ 29,839 | $ 27,516 | 75,615 | 59,874 | |||
Net reclassification of shares to mandatorily redeemable capital stock | (191,986) | (74,936) | (352,220) | (182,959) | |||
Net transfer of shares between Class A and Class B | 0 | 0 | |||||
Dividends on capital stock | |||||||
Cash payment | (145) | (148) | |||||
Stock issued | 0 | 0 | |||||
Balance at the end of the period | $ 2,016,771 | $ 1,943,473 | $ 2,016,771 | $ 1,943,473 | |||
Capital Stock [Member] | |||||||
Shares, beginning balance | [1] | 12,090 | 9,740 | ||||
Balance at the beginning of the period | [1] | $ 1,208,947 | $ 974,041 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Proceeds from issuance of capital stock, shares | [1] | 6,698 | 6,843 | ||||
Proceeds from issuance of capital stock | [1] | $ 669,813 | $ 684,290 | ||||
Repurchase/redemption of capital stock, shares | [1] | (2,180) | (2,028) | ||||
Repurchase/redemption of capital stock | [1] | $ (218,044) | $ (202,851) | ||||
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (3,523) | (1,830) | ||||
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (352,220) | $ (182,959) | ||||
Net transfer of shares between Class A and Class B, shares | [1] | 0 | 0 | ||||
Net transfer of shares between Class A and Class B | [1] | $ 0 | $ 0 | ||||
Dividends on capital stock | |||||||
Stock issued, shares | [1] | 388 | 310 | ||||
Stock issued | [1] | $ 38,784 | $ 31,049 | ||||
Shares, ending balance | [1] | 13,473 | 13,035 | 13,473 | 13,035 | ||
Balance at the end of the period | [1] | $ 1,347,280 | $ 1,303,570 | $ 1,347,280 | $ 1,303,570 | ||
Total Retained Earnings [Member] | |||||||
Balance at the beginning of the period | 651,782 | 627,133 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 72,176 | 57,681 | |||||
Dividends on capital stock | |||||||
Cash payment | (145) | (148) | |||||
Stock issued | (38,784) | (31,049) | |||||
Balance at the end of the period | 685,029 | 653,617 | 685,029 | 653,617 | |||
Unrestricted Retained Earnings [Member] | |||||||
Balance at the beginning of the period | 560,166 | 554,189 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 57,741 | 46,145 | |||||
Dividends on capital stock | |||||||
Cash payment | (145) | (148) | |||||
Stock issued | (38,784) | (31,049) | |||||
Balance at the end of the period | 578,978 | 569,137 | 578,978 | 569,137 | |||
Restricted Retained Earnings [Member] | |||||||
Balance at the beginning of the period | 91,616 | 72,944 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 14,435 | 11,536 | |||||
Dividends on capital stock | |||||||
Balance at the end of the period | 106,051 | 84,480 | 106,051 | 84,480 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance at the beginning of the period | (18,977) | (15,907) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 3,439 | 2,193 | |||||
Dividends on capital stock | |||||||
Balance at the end of the period | $ (15,538) | $ (13,714) | $ (15,538) | $ (13,714) | |||
Class A [Member] | Capital Stock [Member] | |||||||
Shares, beginning balance | [1] | 1,797 | 2,083 | ||||
Balance at the beginning of the period | [1] | $ 179,683 | $ 208,273 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Proceeds from issuance of capital stock, shares | [1] | 25 | 18 | ||||
Proceeds from issuance of capital stock | [1] | $ 2,520 | $ 1,762 | ||||
Repurchase/redemption of capital stock, shares | [1] | (2,166) | (1,970) | ||||
Repurchase/redemption of capital stock | [1] | $ (216,635) | $ (196,999) | ||||
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (199) | (17) | ||||
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (19,858) | $ (1,646) | ||||
Net transfer of shares between Class A and Class B, shares | [1] | 2,422 | 1,530 | ||||
Net transfer of shares between Class A and Class B | [1] | $ 242,185 | $ 153,059 | ||||
Dividends on capital stock | |||||||
Shares, ending balance | [1] | 1,879 | 1,644 | 1,879 | 1,644 | ||
Balance at the end of the period | [1] | $ 187,895 | $ 164,449 | $ 187,895 | $ 164,449 | ||
Class B [Member] | Capital Stock [Member] | |||||||
Shares, beginning balance | [1] | 10,293 | 7,657 | ||||
Balance at the beginning of the period | [1] | $ 1,029,264 | $ 765,768 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Proceeds from issuance of capital stock, shares | [1] | 6,673 | 6,825 | ||||
Proceeds from issuance of capital stock | [1] | $ 667,293 | $ 682,528 | ||||
Repurchase/redemption of capital stock, shares | [1] | (14) | (58) | ||||
Repurchase/redemption of capital stock | [1] | $ (1,409) | $ (5,852) | ||||
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (3,324) | (1,813) | ||||
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (332,362) | $ (181,313) | ||||
Net transfer of shares between Class A and Class B, shares | [1] | (2,422) | (1,530) | ||||
Net transfer of shares between Class A and Class B | [1] | $ (242,185) | $ (153,059) | ||||
Dividends on capital stock | |||||||
Stock issued, shares | [1] | 388 | 310 | ||||
Stock issued | [1] | $ 38,784 | $ 31,049 | ||||
Shares, ending balance | [1] | 11,594 | 11,391 | 11,594 | 11,391 | ||
Balance at the end of the period | [1] | $ 1,159,385 | $ 1,139,121 | $ 1,159,385 | $ 1,139,121 | ||
|
Statements Of Capital (Parenthetical) - Capital Stock [Member] |
6 Months Ended | |
---|---|---|
Jun. 30, 2016
Rate
|
Jun. 30, 2015
Rate
|
|
Class A [Member] | ||
Stock dividend rate percentage | 1.00% | 1.00% |
Class B [Member] | ||
Stock dividend rate percentage | 6.00% | 6.00% |
Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 72,176 | $ 57,681 |
Adjustments to reconcile income (loss) to net cash provided by (used in) operating activities: | ||
Premiums and discounts on consolidated obligations, net | (279) | (8,109) |
Concessions on consolidated obligations | 6,550 | 3,081 |
Premiums and discounts on investments, net | 1,039 | 364 |
Premiums, discounts and commitment fees on advances, net | (3,204) | (4,981) |
Premiums, discounts and deferred loan costs on mortgage loans, net | 9,171 | 9,589 |
Fair value adjustments on hedged assets or liabilities | 2,838 | 5,103 |
Premises, software and equipment | 1,032 | 1,097 |
Other | 95 | 198 |
(Reversal) provision for credit losses on mortgage loans | (469) | (1,794) |
Non-cash interest on mandatorily redeemable capital stock | 37 | 20 |
Net other-than-temporary impairment losses on held-to-maturity securities | 32 | 439 |
Net realized (gain) loss on sale of premises and equipment | (39) | (17) |
Other Adjustments | (386) | (116) |
Net (gain) loss on trading securities | (67,730) | 26,215 |
(Gain) loss due to change in net fair value adjustment on derivative and hedging activities | 101,902 | 9,326 |
(Increase) decrease in accrued interest receivable | 1,295 | (3,751) |
Change in net accrued interest included in derivative assets | (3,462) | 9,221 |
(Increase) decrease in other assets | (1,805) | 1,125 |
Increase (decrease) in accrued interest payable | (8,746) | (5,683) |
Change in net accrued interest included in derivative liabilities | 537 | (4,436) |
Increase (decrease) in Affordable Housing Program liability | 3,050 | (577) |
Increase (decrease) in other liabilities | (2,912) | (1,704) |
Total adjustments | 38,546 | 34,610 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 110,722 | 92,291 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net (increase) decrease in interest-bearing deposits | (438,106) | 10,030 |
Net (increase) decrease in securities purchased under resale agreements | 951,573 | (3,735,000) |
Net (increase) decrease in Federal funds sold | 177,000 | 5,000 |
Net (increase) decrease in short-term trading securities | 0 | (595,010) |
Proceeds from maturities of and principal repayments on long-term trading securities | 260,818 | 307,579 |
Purchases of long-term trading securities | (393,445) | (850,830) |
Proceeds from maturities of and principal repayments on long-term available-for-sale securities | 1,206 | 0 |
Purchases of long-term available-for-sale securities | (519,528) | 0 |
Proceeds from maturities of and principal repayments on long-term held-to-maturity securities | 374,708 | 733,430 |
Purchases of long-term held-to-maturity securities | (291,225) | (1,090,355) |
Principal collected on advances | 62,092,887 | 43,289,405 |
Advances made | (64,622,951) | (48,299,409) |
Principal collected on mortgage loans | 468,194 | 505,390 |
Purchase of mortgage loans | (558,419) | (600,645) |
Proceeds from sale of foreclosed assets | 2,719 | 2,398 |
Principal collected on other loans made | 1,167 | 1,104 |
Proceeds from sale of premises, software and equipment | 1 | 44 |
Purchases of premises, software and equipment | (3,177) | (186) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (2,496,578) | (10,317,055) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | (119,812) | (5,188) |
Net proceeds from issuance of consolidated obligations: | ||
Discount notes | 265,946,231 | 142,961,933 |
Bonds | 8,111,112 | 7,108,089 |
Payments for maturing and retired consolidated obligations: | ||
Discount notes | (260,877,617) | (135,675,197) |
Bonds | (11,227,650) | (6,113,000) |
Proceeds from financing derivatives | 14,600 | 6,066 |
Net interest payments received (paid) for financing derivatives | (30,639) | (26,996) |
Proceeds from issuance of capital stock | 669,813 | 684,290 |
Payments for repurchase/redemption of capital stock | (218,044) | (202,851) |
Payments for repurchase of mandatorily redeemable capital stock | (350,640) | (182,966) |
Cash dividends paid | (145) | (148) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,917,209 | 8,554,032 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (468,647) | (1,670,732) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 682,670 | 2,545,311 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 214,023 | 874,579 |
Supplemental disclosures: | ||
Interest paid | 157,187 | 107,377 |
Affordable Housing Program payments | 5,352 | 7,062 |
Net transfers of mortgage loans to real estate owned | 627 | 2,277 |
Traded but not yet settled investment security purchases | $ 15,260 | $ 97,184 |
Summary Of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | BASIS OF PRESENTATION Basis of Presentation: The accompanying interim financial statements of the FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the FHLBank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. The FHLBank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2015. The interim financial statements presented herein should be read in conjunction with the FHLBank’s audited financial statements and notes thereto, which are included in the FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 10, 2016 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K. Use of Estimates: The preparation of financial statements under GAAP requires management to make estimates and assumptions as of the date of the financial statements in determining the reported amounts of assets, liabilities and estimated fair values and in determining the disclosure of any contingent assets or liabilities. Estimates and assumptions by management also affect the reported amounts of income and expense during the reporting period. The most significant of these estimates include the fair value of trading and available-for-sale securities, the fair value of derivatives and the allowance for credit losses. Many of the estimates and assumptions, including those used in financial models, are based on financial market conditions as of the date of the financial statements. Because of the volatility of the financial markets, as well as other factors that affect management estimates, actual results may vary from these estimates. Reclassifications: Certain amounts in the financial statements and related footnotes have been reclassified to conform to current period presentations. On January 1, 2016, the FHLBank adopted the guidance, Simplifying the Presentation of Debt Issuance Costs, issued by Financial Accounting Standards Board (FASB) in April 2015. This guidance requires a retrospective reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. As a result, debt issuance costs of $9,221,000 and $300,000 on consolidated obligation bonds and discount notes, respectively, were reclassified from other assets to consolidated obligations as of December 31, 2015, resulting in a decrease in total assets and total liabilities. The adoption of this amendment did not have an impact on the FHLBank's results of operations or cash flows. See Note 2 - Recently Issued Accounting Standards and Interpretations and Changes in and Adoptions of Accounting Principles for discussion of this guidance. |
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles (Notes) |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles | RECENTLY ISSUED ACCOUNTING STANDARDS AND INTERPRETATIONS AND CHANGES IN AND ADOPTIONS OF ACCOUNTING PRINCIPLES Measurement of Credit Losses on Financial Instruments. In June 2016, FASB issued amended guidance for the accounting of credit losses on financial instruments. The amendments require entities to measure expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Additionally, under the new guidance, a financial asset, or a group of financial assets, measured at amortized cost basis is required to be presented at the net amount expected to be collected. The guidance also requires:
The guidance is effective for the FHLBank for interim and annual periods beginning on January 1, 2020. Early application is permitted as of the interim and annual reporting periods beginning after December 15, 2018. The guidance should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In addition, entities are required to use a prospective transition approach for debt securities for which an other-than-temporary impairment (OTTI) had been recognized before the effective date. The FHLBank is currently evaluating this guidance to determine the impact on the FHLBank's financial condition, results of operations and cash flows. Contingent Put and Call Options in Debt Instruments. In March 2016, FASB issued amendments to resolve current diversity in practice by clarifying the steps required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, which is January 1, 2017 for the FHLBank. Early adoption is permitted. This guidance is not expected to affect the FHLBank's financial condition, results of operations or cash flows. Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. In March 2016, FASB issued amendments to clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under GAAP does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. The FHLBank elected to early adopt the guidance prospectively on January 1, 2016. The adoption of this guidance had no effect on the FHLBank’s financial condition, results of operations or cash flows. Leases. In February 2016, FASB issued amendments to lease accounting guidance. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases in the statement of financial condition, which effectively removes a source of off-balance sheet financing for operating leases. A distinction remains between finance leases and operating leases, but the assets and liabilities arising from operating leases are now also required to be recognized in the statement of financial condition. Lessor accounting is largely unchanged. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which is January 1, 2019 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, FASB issued amendments to improve the recognition, measurement, presentation and disclosure of financial instruments through changes to existing GAAP. The provisions impacting the FHLBank include the elimination of the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost, the requirement to use the notion of exit price when measuring the fair value of financial instruments for disclosure purposes, and the separate presentation of financial assets and financial liabilities by measurement category and form of asset (i.e., securities or loans and receivables) on the statement of financial condition or in the notes to financial statements. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, which is January 1, 2018 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. In April 2015, FASB issued amendments to clarify the accounting for cloud computing arrangements. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license and how to account for it. This guidance is effective for interim and annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The FHLBank elected to adopt the amendments prospectively to all arrangements entered into or materially modified after the effective date. The adoption of this guidance did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued guidance that requires a reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. The recognition and measurement guidance for debt issuance costs did not change as a result of this amendment. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The period-specific effects as a result of applying this guidance are required to be adjusted retrospectively to each individual period presented on the statement of condition. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Amendments to the Consolidation Analysis. In February 2015, FASB issued guidance that impacts reporting entities that are required to evaluate whether they must consolidate certain legal entities. Under the amended guidance, in a consolidation evaluation, more emphasis is placed on variable interests other than fee arrangements, such as principal investment risk or guarantees of the value of the assets or liabilities of the variable interest entity. The amendments emphasize risk of loss in the determination of a controlling financial interest and provide a scope exception for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investments Company Act of 1940 for registered money market funds. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Revenue Recognition. In May 2014, FASB issued guidance to introduce a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, FASB voted to defer the effective date of the new standard by one year. In addition, in March 2016, FASB issued amendments to clarify the implementation guidance on principal versus agent considerations, in particular, relating to how an entity should determine whether the entity is a principal or an agent for each specified good or service promised to the customer and the nature of each specified good or services. The amendments do not change the core principle in the new revenue standard. The standard is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for the FHLBank), including interim periods within that reporting period. The FHLBank is currently evaluating the new guidance to determine the impact it will have, if any, on its financial condition, results of operations or cash flows, but any effect is not expected to be material. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES Trading Securities: Trading securities by major security type as of June 30, 2016 and December 31, 2015 are summarized in Table 3.1 (in thousands): Table 3.1
Net gains (losses) on trading securities during the three and six months ended June 30, 2016 and 2015 are shown in Table 3.2 (in thousands): Table 3.2
Available-for-sale Securities: Available-for-sale securities by major security type as of June 30, 2016 are summarized in Table 3.3 (in thousands): Table 3.3
Available-for-sale securities by major security type as of December 31, 2015 are summarized in Table 3.4 (in thousands): Table 3.4
Table 3.5 summarizes the available-for-sale securities with unrealized losses as of June 30, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.5
Table 3.6 summarizes the available-for-sale securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.6
All available-for-sale securities are GSE MBS and as such do not have a single maturity date. The expected maturities of these securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Held-to-maturity Securities: Held-to-maturity securities by major security type as of June 30, 2016 are summarized in Table 3.7 (in thousands): Table 3.7
Held-to-maturity securities by major security type as of December 31, 2015 are summarized in Table 3.8 (in thousands): Table 3.8
Table 3.9 summarizes the held-to-maturity securities with unrealized losses as of June 30, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.9
Table 3.10 summarizes the held-to-maturity securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.10
The amortized cost, carrying value and fair values of held-to-maturity securities by contractual maturity as of June 30, 2016 and December 31, 2015 are shown in Table 3.11 (in thousands). Expected maturities of certain securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.11
Table 3.12 details interest rate payment terms for the amortized cost of held-to-maturity securities as of June 30, 2016 and December 31, 2015 (in thousands): Table 3.12
Other-than-temporary Impairment: For the 21 outstanding private-label securities with OTTI during the lives of the securities, the FHLBank’s reported balances as of June 30, 2016 are presented in Table 3.13 (in thousands): Table 3.13
Table 3.14 presents a roll-forward of OTTI activity for the three and six months ended June 30, 2016 and 2015 related to credit losses recognized in earnings (in thousands): Table 3.14
As of June 30, 2016, the fair value of a portion of the FHLBank's available-for-sale and held-to-maturity MBS were below the amortized cost of the securities due to interest rate volatility and/or illiquidity. However, the decline in fair value of these securities is considered temporary as the FHLBank expects to recover the entire amortized cost basis on the remaining securities in unrecognized loss positions and neither intends to sell these securities nor is it more likely than not that the FHLBank will be required to sell these securities before its anticipated recovery of the remaining amortized cost basis. For state and local housing agency obligations, the FHLBank determined that all of the gross unrealized losses on these bonds were temporary because the strength of the underlying collateral and credit enhancements was sufficient to protect the FHLBank from losses based on current expectations. |
Advances |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | ADVANCES General Terms: The FHLBank offers a wide range of fixed and variable rate advance products with different maturities, interest rates, payment characteristics and optionality. As of June 30, 2016 and December 31, 2015, the FHLBank had advances outstanding at interest rates ranging from 0.28 percent to 7.41 percent and 0.22 percent to 7.41 percent, respectively. Table 4.1 presents advances summarized by year of contractual maturity as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands): Table 4.1
The FHLBank’s advances outstanding include advances that contain call options that may be exercised with or without prepayment fees at the borrower’s discretion on specific dates (call dates) before the stated advance maturities (callable advances). In exchange for receiving the right to call the advance on a predetermined call schedule, the borrower may pay a higher fixed rate for the advance relative to an equivalent maturity, non-callable, fixed rate advance. The borrower normally exercises its call options on these advances when interest rates decline (fixed rate advances) or spreads change (adjustable rate advances). The FHLBank’s advances as of June 30, 2016 and December 31, 2015 include callable advances totaling $6,631,427,000 and $6,326,747,000, respectively. Of these callable advances, there were $6,517,518,000 and $6,213,293,000 of variable rate advances as of June 30, 2016 and December 31, 2015, respectively. Convertible advances allow the FHLBank to convert an advance from one interest payment term structure to another. When issuing convertible advances, the FHLBank may purchase put options from a member that allow the FHLBank to convert the fixed rate advance to a variable rate advance at the current market rate or another structure after an agreed-upon lockout period. A convertible advance carries a lower interest rate than a comparable-maturity fixed rate advance without the conversion feature. As of June 30, 2016 and December 31, 2015, the FHLBank had convertible advances outstanding totaling $1,479,942,000 and $1,472,842,000, respectively. Table 4.2 presents advances summarized by contractual maturity or next call date (for callable advances) and by contractual maturity or next conversion date (for convertible advances) as of June 30, 2016 and December 31, 2015 (in thousands): Table 4.2
Interest Rate Payment Terms: Table 4.3 details additional interest rate payment terms for advances as of June 30, 2016 and December 31, 2015 (in thousands): Table 4.3
See Note 6 for information related to the FHLBank’s credit risk on advances and allowance for credit losses. |
Mortgage Loans |
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Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | MORTGAGE LOANS The MPF Program involves the FHLBank investing in mortgage loans, which have been funded by the FHLBank through or purchased from its participating members. These mortgage loans are government-insured or guaranteed loans (by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Rural Housing Service of the Department of Agriculture (RHS) and/or the Department of Housing and Urban Development (HUD)) and conventional residential loans credit-enhanced by participating financial institutions (PFIs). Depending upon a member’s product selection, the servicing rights can be retained or sold by the participating member. The FHLBank does not buy or own any mortgage servicing rights. Mortgage Loans Held for Portfolio: Table 5.1 presents information as of June 30, 2016 and December 31, 2015 on mortgage loans held for portfolio (in thousands): Table 5.1
Table 5.2 presents information as of June 30, 2016 and December 31, 2015 on the outstanding unpaid principal balance (UPB) of mortgage loans held for portfolio (in thousands): Table 5.2
See Note 6 for information related to the FHLBank’s credit risk on mortgage loans and allowance for credit losses. |
Allowance For Credit Losses |
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Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Credit Losses | ALLOWANCE FOR CREDIT LOSSES The FHLBank has established an allowance methodology for each of its portfolio segments: credit products (advances, letters of credit and other extensions of credit to borrowers); government mortgage loans held for portfolio; conventional mortgage loans held for portfolio; the direct financing lease receivable; term Federal funds sold; and term securities purchased under agreements to resell. Based on management's analyses of each portfolio segment, the FHLBank has only established an allowance for credit losses on its conventional mortgage loans held for portfolio. Roll-forward of Allowance for Credit Losses: Table 6.1 presents a roll-forward of the allowance for credit losses for the three and six months ended June 30, 2016 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of June 30, 2016 (in thousands): Table 6.1
Table 6.2 presents a roll-forward of the allowance for credit losses for the three and six months ended June 30, 2015 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of June 30, 2015 (in thousands): Table 6.2
Credit Quality Indicators: The FHLBank’s key credit quality indicators include the migration of: (1) past due loans; (2) non-accrual loans; (3) loans in process of foreclosure; and (4) impaired loans, all of which are used either on an individual or pool basis to determine the allowance for credit losses. Table 6.3 summarizes the delinquency aging and key credit quality indicators for all of the FHLBank’s portfolio segments as of June 30, 2016 (dollar amounts in thousands): Table 6.3
Table 6.4 summarizes the key credit quality indicators for all of the FHLBank’s portfolio segments as of December 31, 2015 (dollar amounts in thousands): Table 6.4
Individually Evaluated Impaired Loans: Table 6.5 presents the recorded investment, UPB, and related allowance of impaired conventional mortgage loans individually assessed for impairment as of June 30, 2016 and December 31, 2015 (in thousands): Table 6.5
Table 6.6 presents the average recorded investment and related interest income recognized on these individually evaluated impaired loans during the three and six months ended June 30, 2016 and 2015 (in thousands): Table 6.6
The FHLBank had $2,576,000 and $3,922,000 classified as real estate owned (REO) recorded in other assets as of June 30, 2016 and December 31, 2015, respectively. |
Derivatives And Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives And Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Table 7.1 represents outstanding notional balances and fair values (includes net accrued interest receivable or payable on the derivatives) of the derivatives outstanding by type of derivative and by hedge designation as of June 30, 2016 and December 31, 2015 (in thousands): Table 7.1
The following tables provide information regarding gains and losses on derivatives and hedging activities by type of hedge and type of derivative and gains and losses by hedged item for fair value hedges. For the three and six months ended June 30, 2016 and 2015, the FHLBank recorded net gain (loss) on derivatives and hedging activities as presented in Table 7.2 (in thousands): Table 7.2
The FHLBank carries derivative instruments at fair value on its Statements of Condition. Any change in the fair value of derivatives designated under a fair value hedging relationship is recorded each period in current period earnings. Fair value hedge accounting allows for the offsetting fair value of the hedged risk in the hedged item to also be recorded in current period earnings. For the three months ended June 30, 2016 and 2015, the FHLBank recorded net gain (loss) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLBank’s net interest income as presented in Table 7.3 (in thousands): Table 7.3
For the six months ended June 30, 2016 and 2015, the FHLBank recorded net gain (loss) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLBank’s net interest income as presented in Table 7.4 (in thousands): Table 7.4
Based on credit analyses and collateral requirements, FHLBank management does not anticipate any credit losses on its derivative agreements. The maximum credit risk applicable to a single counterparty was $828,000 and $24,670,000 as of June 30, 2016 and December 31, 2015, respectively. The counterparty was different for each period. Certain of the FHLBank’s uncleared derivative instruments contain provisions that require the FHLBank to post additional collateral with its counterparties if there is deterioration in the FHLBank’s credit rating. If the FHLBank’s credit rating is lowered by a Nationally Recognized Statistical Rating Organization (NRSRO), the FHLBank may be required to deliver additional collateral on uncleared derivative instruments in net liability positions. The aggregate fair value of all uncleared derivative instruments with derivative counterparties containing credit-risk-related contingent features that were in a net derivative liability position (before cash collateral and related accrued interest) as of June 30, 2016 and December 31, 2015 was $84,797,000 and $36,302,000, respectively, for which the FHLBank has posted collateral with a fair value of $37,028,000 and $6,622,000, respectively, in the normal course of business. If the FHLBank’s credit rating had been lowered one level (e.g., from double-A to single-A), the FHLBank would have been required to deliver an additional $33,200,000 and $17,500,000 of collateral to its uncleared derivative counterparties as of June 30, 2016 and December 31, 2015, respectively. For cleared derivatives, the Clearinghouse determines initial margin requirements and generally, credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including but not limited to credit rating downgrades. The FHLBank was not required to post additional initial margin by its clearing agents as of June 30, 2016 and December 31, 2015. The FHLBank’s net exposure on derivative agreements is presented in Note 10. |
Deposits |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | DEPOSITS The FHLBank offers demand, overnight and short-term deposit programs to its members and to other qualifying non-members. Table 8.1 details the types of deposits held by the FHLBank as of June 30, 2016 and December 31, 2015 (in thousands): Table 8.1
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Consolidated Obligations |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations | CONSOLIDATED OBLIGATIONS Consolidated Obligation Bonds: Table 9.1 presents the FHLBank’s participation in consolidated obligation bonds outstanding as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands): Table 9.1
The FHLBank’s participation in consolidated obligation bonds outstanding as of June 30, 2016 and December 31, 2015 includes callable bonds totaling $5,417,500,000 and $6,758,500,000, respectively. The FHLBank uses the unswapped callable bonds for financing its callable fixed rate advances (Note 4), MBS (Note 3) and mortgage loans (Note 5). Contemporaneous with a portion of its fixed rate callable bond issuances, the FHLBank will also enter into interest rate swap agreements (in which the FHLBank generally pays a variable rate and receives a fixed rate) with call features that mirror the options in the callable bonds (a sold callable swap). The combined sold callable swap and callable debt transaction allows the FHLBank to obtain attractively priced variable rate financing. Table 9.2 summarizes the FHLBank’s participation in consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of June 30, 2016 and December 31, 2015 (in thousands): Table 9.2
Table 9.3 summarizes interest rate payment terms for consolidated obligation bonds as of June 30, 2016 and December 31, 2015 (in thousands): Table 9.3
Consolidated Discount Notes: Consolidated discount notes are issued to raise short-term funds. Consolidated discount notes are consolidated obligations with original maturities of up to one year. These consolidated discount notes are generally issued at less than their face amount and redeemed at par value when they mature. Table 9.4 summarizes the FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 9.4
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Assets and Liabilities Subject to Offsetting |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Subject to Offsetting | ASSETS AND LIABILITIES SUBJECT TO OFFSETTING The FHLBank presents certain financial instruments, including derivatives, repurchase agreements and securities purchased under agreements to resell, on a net basis by clearing agent by Clearinghouse, or by counterparty, when it has met the netting requirements. For these financial instruments, the FHLBank has elected to offset its asset and liability positions, as well as cash collateral, including initial and variation margin, received or pledged, and associated accrued interest. Tables 10.1 and 10.2 present the fair value of financial assets, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of June 30, 2016 and December 31, 2015 (in thousands): Table 10.1
Table 10.2
Tables 10.3 and 10.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of June 30, 2016 and December 31, 2015 (in thousands): Table 10.3
Table 10.4
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Capital |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | CAPITAL Capital Requirements: The FHLBank is subject to three capital requirements under the provisions of the Gramm-Leach-Bliley Act (GLB Act) and the Finance Agency’s capital structure regulation. Regulatory capital does not include AOCI but does include mandatorily redeemable capital stock.
Table 11.1 illustrates that the FHLBank was in compliance with its regulatory capital requirements as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands): Table 11.1
Mandatorily Redeemable Capital Stock: The FHLBank is a cooperative whose members and former members own all of the FHLBank’s capital stock. Member shares cannot be purchased or sold except between the FHLBank and its members at a price equal to the $100 per share par value. If a member cancels its written notice of redemption or notice of withdrawal, the FHLBank will reclassify mandatorily redeemable capital stock from a liability to equity. After the reclassification, dividends on the capital stock would no longer be classified as interest expense. Table 11.2 presents a roll-forward of mandatorily redeemable capital stock for the three and six months ended June 30, 2016 and 2015 (in thousands): Table 11.2
Table 11.3 shows the amount of mandatorily redeemable capital stock by contractual year of redemption as of June 30, 2016 and December 31, 2015 (in thousands). The year of redemption in Table 11.3 is the end of the redemption period in accordance with the FHLBank’s capital plan. The FHLBank is not required to redeem or repurchase membership stock until six months (for Class A Common Stock) or five years (for Class B Common Stock) after the FHLBank receives notice for withdrawal. Additionally, the FHLBank is not required to redeem or repurchase activity-based stock until any activity-based stock becomes excess stock as a result of an activity no longer remaining outstanding. However, the FHLBank intends to repurchase the excess activity-based stock of non-members to the extent that it can do so and still meet its regulatory capital requirements. Table 11.3
Excess Capital Stock: Excess capital stock is defined as the amount of stock held by a member (or former member) in excess of that institution’s minimum stock purchase requirement. Finance Agency rules limit the ability of the FHLBank to create excess member stock under certain circumstances. For example, the FHLBank may not pay dividends in the form of capital stock or issue new excess stock to members if the FHLBank’s excess stock exceeds one percent of its total assets or if the issuance of excess stock would cause the FHLBank’s excess stock to exceed one percent of its total assets. As of June 30, 2016, the FHLBank’s excess stock was less than one percent of total assets. Capital Classification Determination: The Finance Agency implemented the prompt corrective action (PCA) provisions of the Housing and Economic Recovery Act of 2008. The rule established four capital classifications (i.e., adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized) for FHLBanks and implemented the PCA provisions that apply to FHLBanks that are not deemed to be adequately capitalized. The Finance Agency determines each FHLBank’s capital classification on at least a quarterly basis. If an FHLBank is determined to be other than adequately capitalized, the FHLBank becomes subject to additional supervisory authority by the Finance Agency. Before implementing a reclassification, the Director of the Finance Agency is required to provide the FHLBank with written notice of the proposed action and an opportunity to submit a response. As of the most recent review by the Finance Agency for the first quarter of 2016, the FHLBank has been classified as adequately capitalized. |
Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME Table 12.1 summarizes the changes in AOCI for the three months ended June 30, 2016 and 2015 (in thousands): Table 12.1
Table 12.2 summarizes the changes in AOCI for the six months ended June 30, 2016 and 2015 (in thousands): Table 12.2
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Fair Values |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values | FAIR VALUES The fair value amounts recorded on the Statements of Condition and presented in the note disclosures have been determined by the FHLBank using available market and other pertinent information and reflect the FHLBank’s best judgment of appropriate valuation methods. Although the FHLBank uses its best judgment in estimating the fair value of its financial instruments, there are inherent limitations in any valuation technique. Therefore, the fair values may not be indicative of the amounts that would have been realized in market transactions as of June 30, 2016 and December 31, 2015. Subjectivity of Estimates: Estimates of the fair value of advances with options, mortgage instruments, derivatives with embedded options and consolidated obligation bonds with options are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows, prepayment speed assumptions, expected interest rate volatility, methods to determine possible distributions of future interest rates used to value options, and the selection of discount rates that appropriately reflect market and credit risks. The use of different assumptions could have a material effect on the fair value estimates. Fair Value Hierarchy: The FHLBank records trading securities, available-for-sale securities, derivative assets and derivative liabilities at fair value on a recurring basis and on occasion, certain private-label MBS, impaired mortgage loans held for portfolio and non-financial assets on a non-recurring basis. The fair value hierarchy requires the FHLBank to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of the market observability of the fair value measurement for the asset or liability. The FHLBank must disclose the level within the fair value hierarchy in which the measurements are classified for all assets and liabilities. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels:
The FHLBank 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. There were no reclassifications of assets or liabilities recorded at fair value on a recurring basis during the three and six months ended June 30, 2016 and 2015. The carrying value and fair value of the FHLBank’s financial assets and liabilities as of June 30, 2016 and December 31, 2015 are summarized in Tables 13.1 and 13.2 (in thousands). These values do not represent an estimate of the overall market value of the FHLBank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. Table 13.1
Table 13.2
Fair Value Measurements: Tables 13.3 and 13.4 present, for each hierarchy level, the FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended June 30, 2016 and December 31, 2015 (in thousands). The FHLBank measures certain held-to-maturity securities at fair value on a nonrecurring basis due to the recognition of a credit loss. For held-to-maturity securities that had credit impairment recorded during a period for which no total impairment was recorded (the full amount of additional credit impairment was a reclassification from non-credit impairment previously recorded in AOCI), these securities were recorded at their carrying values and not fair value. The FHLBank measures certain impaired mortgage loans held for portfolio at fair value on a nonrecurring basis when, upon individual evaluation for impairment, the estimated fair value less costs to sell is lower than the carrying amount. REO is measured at fair value when the asset’s fair value less costs to sell is lower than its carrying amount. Table 13.3
Table 13.4
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Commitments And Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Joint and Several Liability: As provided by the Federal Home Loan Bank Act of 1932, as amended (Bank Act) or Finance Agency regulation, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. The par amounts for which FHLBank Topeka is jointly and severally liable were approximately $920,212,833,000 and $863,556,912,000 as of June 30, 2016 and December 31, 2015, respectively. Off-balance Sheet Commitments: As of June 30, 2016 and December 31, 2015, off-balance sheet commitments are presented in Table 14.1 (in thousands): Table 14.1
Commitments to Extend Credit: Standby letters of credit are executed for members for a fee. A standby letter of credit is a short-term financing arrangement between the FHLBank and its member or non-member housing associate. If the FHLBank is required to make payment for a beneficiary’s draw, these amounts are converted into a collateralized advance to the member. As of June 30, 2016, outstanding standby letters of credit had original terms of 3 days to 10 years with a final expiration in 2020. As of December 31, 2015, outstanding standby letters of credit had original terms of 6 days to 10 years with a final expiration in 2020. Unearned fees as well as the value of the guarantees related to standby letters of credit are recorded in other liabilities and amounted to $1,040,000 and $1,078,000 as of June 30, 2016 and December 31, 2015, respectively. Standby letters of credit are fully collateralized with assets allowed by the FHLBank’s Member Products Policy (MPP). Advance commitments legally bind and unconditionally obligate the FHLBank for additional advances up to 24 months in the future. Based upon management’s credit analysis of members and collateral requirements under the MPP, the FHLBank does not expect to incur any credit losses on the outstanding letters of credit or advance commitments. Standby Bond-Purchase Agreements: The FHLBank has entered into standby bond purchase agreements with state housing authorities whereby the FHLBank, for a fee, agrees to purchase and hold the authorities’ bonds until the designated marketing agent can find a suitable investor or the housing authority repurchases the bond according to a schedule established by the standby agreement. Each standby agreement dictates the specific terms that would require the FHLBank to purchase the bond. The bond purchase commitments entered into by the FHLBank expire no later than 2020, though some are renewable at the option of the FHLBank. As of June 30, 2016 and December 31, 2015, the total commitments for bond purchases were with two in-district and one out-of-district state housing authorities as well as one participation interest in a standby bond purchase agreement between another FHLBank and a state housing authority in its district. The FHLBank was not required to purchase any bonds under any agreements during the three and six months ended June 30, 2016 and 2015. Commitments to Purchase Mortgage Loans: These commitments that unconditionally obligate the FHLBank to purchase mortgage loans from participating FHLBank Topeka members in the MPF Program are generally for periods not to exceed 60 calendar days. Certain commitments are recorded as derivatives at their fair values on the Statements of Condition. The FHLBank recorded mortgage delivery commitment net derivative asset (liability) balances of $827,000 and $7,000 as of June 30, 2016 and December 31, 2015, respectively. Commitments to Issue Consolidated Obligations: The FHLBank enters into commitments to issue consolidated obligation bonds and discount notes outstanding in the normal course of its business. All settle within the shortest period possible and are considered regular way trades; thus, the commitments are appropriately not recorded as derivatives. |
Transactions With Stockholders And Housing Associates |
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Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions With Stockholders And Housing Associates | TRANSACTIONS WITH STOCKHOLDERS The FHLBank is a cooperative whose members own the capital stock of the FHLBank and generally receive dividends on their investments. In addition, certain former members that still have outstanding transactions are also required to maintain their investments in FHLBank capital stock until the transactions mature or are paid off. Nearly all outstanding advances are with current members, and the majority of outstanding mortgage loans held for portfolio were purchased from current or former members. The FHLBank also maintains demand deposit accounts for members primarily to facilitate settlement activities that are directly related to advances and mortgage loan purchases. Transactions with members are entered into in the ordinary course of business. In instances where members also have officers or directors who are directors of the FHLBank, transactions with those members are subject to the same eligibility and credit criteria, as well as the same terms and conditions, as other transactions with members. For financial reporting and disclosure purposes, the FHLBank defines related parties as FHLBank directors’ financial institutions and members with capital stock investments in excess of 10 percent of the FHLBank’s total regulatory capital stock outstanding, which includes mandatorily redeemable capital stock. Activity with Members that Exceed a 10 Percent Ownership in FHLBank Capital Stock: Tables 15.1 and 15.2 present information as of June 30, 2016 and December 31, 2015 on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock in 2016 or 2015 (dollar amounts in thousands). None of the officers or directors of these members currently serve on the FHLBank’s board of directors. Table 15.1
Table 15.2
Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of June 30, 2016 and December 31, 2015 are summarized in Table 15.3 (dollar amounts in thousands). Table 15.3
Bank of Oklahoma, NA and MidFirst Bank did not sell any mortgage loans into the MPF Program during the three and six months ended June 30, 2016 and 2015. Transactions with FHLBank Directors’ Financial Institutions: Table 15.4 presents information as of June 30, 2016 and December 31, 2015 for members that had an officer or director serving on the FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on the FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 15.4
Table 15.5 presents mortgage loans acquired during the three and six months ended June 30, 2016 and 2015 for members that had an officer or director serving on the FHLBank’s board of directors in 2016 or 2015 (dollar amounts in thousands). Table 15.5
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Summary Of Significant Accounting Policies (Policy) |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation: The accompanying interim financial statements of the FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the FHLBank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. The FHLBank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2015. The interim financial statements presented herein should be read in conjunction with the FHLBank’s audited financial statements and notes thereto, which are included in the FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 10, 2016 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K. |
Use Of Estimates, Policy | Use of Estimates: The preparation of financial statements under GAAP requires management to make estimates and assumptions as of the date of the financial statements in determining the reported amounts of assets, liabilities and estimated fair values and in determining the disclosure of any contingent assets or liabilities. Estimates and assumptions by management also affect the reported amounts of income and expense during the reporting period. The most significant of these estimates include the fair value of trading and available-for-sale securities, the fair value of derivatives and the allowance for credit losses. Many of the estimates and assumptions, including those used in financial models, are based on financial market conditions as of the date of the financial statements. Because of the volatility of the financial markets, as well as other factors that affect management estimates, actual results may vary from these estimates. |
Reclassification, Policy | Reclassifications: Certain amounts in the financial statements and related footnotes have been reclassified to conform to current period presentations. On January 1, 2016, the FHLBank adopted the guidance, Simplifying the Presentation of Debt Issuance Costs, issued by Financial Accounting Standards Board (FASB) in April 2015. This guidance requires a retrospective reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. As a result, debt issuance costs of $9,221,000 and $300,000 on consolidated obligation bonds and discount notes, respectively, were reclassified from other assets to consolidated obligations as of December 31, 2015, resulting in a decrease in total assets and total liabilities. The adoption of this amendment did not have an impact on the FHLBank's results of operations or cash flows. See Note 2 - Recently Issued Accounting Standards and Interpretations and Changes in and Adoptions of Accounting Principles for discussion of this guidance. |
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounint Priciples (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Measurement of Credit Losses on Financial Instruments. In June 2016, FASB issued amended guidance for the accounting of credit losses on financial instruments. The amendments require entities to measure expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Additionally, under the new guidance, a financial asset, or a group of financial assets, measured at amortized cost basis is required to be presented at the net amount expected to be collected. The guidance also requires:
The guidance is effective for the FHLBank for interim and annual periods beginning on January 1, 2020. Early application is permitted as of the interim and annual reporting periods beginning after December 15, 2018. The guidance should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In addition, entities are required to use a prospective transition approach for debt securities for which an other-than-temporary impairment (OTTI) had been recognized before the effective date. The FHLBank is currently evaluating this guidance to determine the impact on the FHLBank's financial condition, results of operations and cash flows. Contingent Put and Call Options in Debt Instruments. In March 2016, FASB issued amendments to resolve current diversity in practice by clarifying the steps required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, which is January 1, 2017 for the FHLBank. Early adoption is permitted. This guidance is not expected to affect the FHLBank's financial condition, results of operations or cash flows. Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. In March 2016, FASB issued amendments to clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under GAAP does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. The FHLBank elected to early adopt the guidance prospectively on January 1, 2016. The adoption of this guidance had no effect on the FHLBank’s financial condition, results of operations or cash flows. Leases. In February 2016, FASB issued amendments to lease accounting guidance. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases in the statement of financial condition, which effectively removes a source of off-balance sheet financing for operating leases. A distinction remains between finance leases and operating leases, but the assets and liabilities arising from operating leases are now also required to be recognized in the statement of financial condition. Lessor accounting is largely unchanged. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which is January 1, 2019 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, FASB issued amendments to improve the recognition, measurement, presentation and disclosure of financial instruments through changes to existing GAAP. The provisions impacting the FHLBank include the elimination of the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost, the requirement to use the notion of exit price when measuring the fair value of financial instruments for disclosure purposes, and the separate presentation of financial assets and financial liabilities by measurement category and form of asset (i.e., securities or loans and receivables) on the statement of financial condition or in the notes to financial statements. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, which is January 1, 2018 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. In April 2015, FASB issued amendments to clarify the accounting for cloud computing arrangements. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license and how to account for it. This guidance is effective for interim and annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The FHLBank elected to adopt the amendments prospectively to all arrangements entered into or materially modified after the effective date. The adoption of this guidance did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued guidance that requires a reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. The recognition and measurement guidance for debt issuance costs did not change as a result of this amendment. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The period-specific effects as a result of applying this guidance are required to be adjusted retrospectively to each individual period presented on the statement of condition. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Amendments to the Consolidation Analysis. In February 2015, FASB issued guidance that impacts reporting entities that are required to evaluate whether they must consolidate certain legal entities. Under the amended guidance, in a consolidation evaluation, more emphasis is placed on variable interests other than fee arrangements, such as principal investment risk or guarantees of the value of the assets or liabilities of the variable interest entity. The amendments emphasize risk of loss in the determination of a controlling financial interest and provide a scope exception for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investments Company Act of 1940 for registered money market funds. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Revenue Recognition. In May 2014, FASB issued guidance to introduce a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, FASB voted to defer the effective date of the new standard by one year. In addition, in March 2016, FASB issued amendments to clarify the implementation guidance on principal versus agent considerations, in particular, relating to how an entity should determine whether the entity is a principal or an agent for each specified good or service promised to the customer and the nature of each specified good or services. The amendments do not change the core principle in the new revenue standard. The standard is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for the FHLBank), including interim periods within that reporting period. The FHLBank is currently evaluating the new guidance to determine the impact it will have, if any, on its financial condition, results of operations or cash flows, but any effect is not expected to be material. |
Fair Values (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Transfer, Policy | The FHLBank 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. |
Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trading Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities by Major Security Type | Trading securities by major security type as of June 30, 2016 and December 31, 2015 are summarized in Table 3.1 (in thousands): Table 3.1
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Net Gains (Losses) on Trading Securities | Net gains (losses) on trading securities during the three and six months ended June 30, 2016 and 2015 are shown in Table 3.2 (in thousands): Table 3.2
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Available-for-sale Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities by Major Security Type | Available-for-sale securities by major security type as of June 30, 2016 are summarized in Table 3.3 (in thousands): Table 3.3
Available-for-sale securities by major security type as of December 31, 2015 are summarized in Table 3.4 (in thousands): Table 3.4
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Securities in A Continous Unrealized Loss Postion | Table 3.5 summarizes the available-for-sale securities with unrealized losses as of June 30, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.5
Table 3.6 summarizes the available-for-sale securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.6
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Held-to-maturity Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in A Continous Unrealized Loss Postion | Table 3.9 summarizes the held-to-maturity securities with unrealized losses as of June 30, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.9
Table 3.10 summarizes the held-to-maturity securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.10
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Held-To-Maturity Securities by Major Security Type | Held-to-maturity securities by major security type as of June 30, 2016 are summarized in Table 3.7 (in thousands): Table 3.7
Held-to-maturity securities by major security type as of December 31, 2015 are summarized in Table 3.8 (in thousands): Table 3.8
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Held-To-Maturity Securities Classified By Contractual Maturity | The amortized cost, carrying value and fair values of held-to-maturity securities by contractual maturity as of June 30, 2016 and December 31, 2015 are shown in Table 3.11 (in thousands). Expected maturities of certain securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.11
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Interest Rate Payment Terms of Held to Maturity Securities | Table 3.12 details interest rate payment terms for the amortized cost of held-to-maturity securities as of June 30, 2016 and December 31, 2015 (in thousands): Table 3.12
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Other than Temporary Impairment Losses, Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Securities Other-Than-Temporarily Impaired during the Life of the Security | Other-than-temporary Impairment: For the 21 outstanding private-label securities with OTTI during the lives of the securities, the FHLBank’s reported balances as of June 30, 2016 are presented in Table 3.13 (in thousands): Table 3.13
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Rollforward of OTTI Activity Related to Credit Losses | Table 3.14 presents a roll-forward of OTTI activity for the three and six months ended June 30, 2016 and 2015 related to credit losses recognized in earnings (in thousands): Table 3.14
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Advances (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances Table | Table 4.2 presents advances summarized by contractual maturity or next call date (for callable advances) and by contractual maturity or next conversion date (for convertible advances) as of June 30, 2016 and December 31, 2015 (in thousands): Table 4.2
Interest Rate Payment Terms: Table 4.3 details additional interest rate payment terms for advances as of June 30, 2016 and December 31, 2015 (in thousands): Table 4.3
Table 4.1 presents advances summarized by year of contractual maturity as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands): Table 4.1
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Mortgage Loans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held For Portfolio | Table 5.1 presents information as of June 30, 2016 and December 31, 2015 on mortgage loans held for portfolio (in thousands): Table 5.1
Table 5.2 presents information as of June 30, 2016 and December 31, 2015 on the outstanding unpaid principal balance (UPB) of mortgage loans held for portfolio (in thousands): Table 5.2
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Allowance For Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of Allowance for Credit Losses on Mortgage Loans | Table 6.1 presents a roll-forward of the allowance for credit losses for the three and six months ended June 30, 2016 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of June 30, 2016 (in thousands): Table 6.1
Table 6.2 presents a roll-forward of the allowance for credit losses for the three and six months ended June 30, 2015 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of June 30, 2015 (in thousands): Table 6.2
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Recorded Investment in Delinquent Mortgage Loans | Table 6.3 summarizes the delinquency aging and key credit quality indicators for all of the FHLBank’s portfolio segments as of June 30, 2016 (dollar amounts in thousands): Table 6.3
Table 6.4 summarizes the key credit quality indicators for all of the FHLBank’s portfolio segments as of December 31, 2015 (dollar amounts in thousands): Table 6.4
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Individually Evaluated Impaired Loan Statistics By Product Class Level | Table 6.5 presents the recorded investment, UPB, and related allowance of impaired conventional mortgage loans individually assessed for impairment as of June 30, 2016 and December 31, 2015 (in thousands): Table 6.5
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Impaired Financing Receivables | Table 6.6 presents the average recorded investment and related interest income recognized on these individually evaluated impaired loans during the three and six months ended June 30, 2016 and 2015 (in thousands): Table 6.6
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Derivatives And Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | Table 7.1 represents outstanding notional balances and fair values (includes net accrued interest receivable or payable on the derivatives) of the derivatives outstanding by type of derivative and by hedge designation as of June 30, 2016 and December 31, 2015 (in thousands): Table 7.1
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Net Gains(Losses) on Derivatives and Hedging Activities | For the three and six months ended June 30, 2016 and 2015, the FHLBank recorded net gain (loss) on derivatives and hedging activities as presented in Table 7.2 (in thousands): Table 7.2
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Effect of Fair Value Hedge-Related Derivative Instruments | For the three months ended June 30, 2016 and 2015, the FHLBank recorded net gain (loss) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLBank’s net interest income as presented in Table 7.3 (in thousands): Table 7.3
For the six months ended June 30, 2016 and 2015, the FHLBank recorded net gain (loss) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLBank’s net interest income as presented in Table 7.4 (in thousands): Table 7.4
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Table 8.1 details the types of deposits held by the FHLBank as of June 30, 2016 and December 31, 2015 (in thousands): Table 8.1
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Consolidated Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Bonds Obligations Outstanding By Contractual Maturity | Table 9.1 presents the FHLBank’s participation in consolidated obligation bonds outstanding as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands): Table 9.1
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Consolidated Bonds Obligations By Contractual Maturity Or Next Call Date | Table 9.2 summarizes the FHLBank’s participation in consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of June 30, 2016 and December 31, 2015 (in thousands): Table 9.2
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Consolidated Bonds By Interest-Rate Payment Type | Table 9.3 summarizes interest rate payment terms for consolidated obligation bonds as of June 30, 2016 and December 31, 2015 (in thousands): Table 9.3
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Consolidated Discount Notes Outstanding | Table 9.4 summarizes the FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 9.4
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Assets and Liabilities Subject to Offsetting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting Assets | Tables 10.1 and 10.2 present the fair value of financial assets, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of June 30, 2016 and December 31, 2015 (in thousands): Table 10.1
Table 10.2
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Schedule of Offsetting Liabilities | Tables 10.3 and 10.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of June 30, 2016 and December 31, 2015 (in thousands): Table 10.3
Table 10.4
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Capital (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | Table 11.1 illustrates that the FHLBank was in compliance with its regulatory capital requirements as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands): Table 11.1
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Mandatorily Redeemable Capital Stock Rollforward | Table 11.2 presents a roll-forward of mandatorily redeemable capital stock for the three and six months ended June 30, 2016 and 2015 (in thousands): Table 11.2
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Mandatorily Redeemable Capital Stock By Contractual Year Of Repurchase | Table 11.3 shows the amount of mandatorily redeemable capital stock by contractual year of redemption as of June 30, 2016 and December 31, 2015 (in thousands). The year of redemption in Table 11.3 is the end of the redemption period in accordance with the FHLBank’s capital plan. The FHLBank is not required to redeem or repurchase membership stock until six months (for Class A Common Stock) or five years (for Class B Common Stock) after the FHLBank receives notice for withdrawal. Additionally, the FHLBank is not required to redeem or repurchase activity-based stock until any activity-based stock becomes excess stock as a result of an activity no longer remaining outstanding. However, the FHLBank intends to repurchase the excess activity-based stock of non-members to the extent that it can do so and still meet its regulatory capital requirements. Table 11.3
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Or Loss | Table 12.1 summarizes the changes in AOCI for the three months ended June 30, 2016 and 2015 (in thousands): Table 12.1
Table 12.2 summarizes the changes in AOCI for the six months ended June 30, 2016 and 2015 (in thousands): Table 12.2
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Fair Values (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Summary | The carrying value and fair value of the FHLBank’s financial assets and liabilities as of June 30, 2016 and December 31, 2015 are summarized in Tables 13.1 and 13.2 (in thousands). These values do not represent an estimate of the overall market value of the FHLBank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. Table 13.1
Table 13.2
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Hierarchy Level for Financial Assets and Liabilities - Recurring and Nonrecurring | Tables 13.3 and 13.4 present, for each hierarchy level, the FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended June 30, 2016 and December 31, 2015 (in thousands). The FHLBank measures certain held-to-maturity securities at fair value on a nonrecurring basis due to the recognition of a credit loss. For held-to-maturity securities that had credit impairment recorded during a period for which no total impairment was recorded (the full amount of additional credit impairment was a reclassification from non-credit impairment previously recorded in AOCI), these securities were recorded at their carrying values and not fair value. The FHLBank measures certain impaired mortgage loans held for portfolio at fair value on a nonrecurring basis when, upon individual evaluation for impairment, the estimated fair value less costs to sell is lower than the carrying amount. REO is measured at fair value when the asset’s fair value less costs to sell is lower than its carrying amount. Table 13.3
Table 13.4
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Commitments And Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off Balance Sheet Commitments | As of June 30, 2016 and December 31, 2015, off-balance sheet commitments are presented in Table 14.1 (in thousands): Table 14.1
|
Transactions With Stockholders And Housing Associates (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions, by Balance Sheet Grouping | Tables 15.1 and 15.2 present information as of June 30, 2016 and December 31, 2015 on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock in 2016 or 2015 (dollar amounts in thousands). None of the officers or directors of these members currently serve on the FHLBank’s board of directors. Table 15.1
Table 15.2
Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of June 30, 2016 and December 31, 2015 are summarized in Table 15.3 (dollar amounts in thousands). Table 15.3
|
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Related Party Transactions, by Balance Sheet Grouping - Directors' | Table 15.4 presents information as of June 30, 2016 and December 31, 2015 for members that had an officer or director serving on the FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on the FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 15.4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Related Party Transactions, Mortgage Loans Disclosure | Table 15.5 presents mortgage loans acquired during the three and six months ended June 30, 2016 and 2015 for members that had an officer or director serving on the FHLBank’s board of directors in 2016 or 2015 (dollar amounts in thousands). Table 15.5
|
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Details) - Accounting Standards Update 2015-03 [Member] |
Dec. 31, 2015
USD ($)
|
---|---|
Consolidated Obligation Discount Notes [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 300,000 |
Consolidated Obligation Bonds [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 9,221,000 |
Investment Securities (Narrative) (Details) |
Jun. 30, 2016 |
---|---|
Private-label residential MBS [Member] | Residential MBS [Member] | |
Investment [Line Items] | |
Held-to-Maturity Securities, Other Than Temporarily Impaired, Number of Securities, Life to Date | 21 |
Investment Securities Investment Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Trading securities | $ 2,494,963 | $ 2,294,606 | |||||||
GSE obligations [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Trading securities | [1] | 1,493,441 | 1,338,639 | ||||||
Non-mortgage-backed securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Trading securities | 1,493,441 | 1,338,639 | |||||||
U.S. obligation MBS [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Trading securities | [2] | 744 | 801 | ||||||
GSE MBS [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Trading securities | [3] | 1,000,778 | 955,166 | ||||||
Mortgage-backed securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Trading securities | $ 1,001,522 | $ 955,967 | |||||||
|
Investment Securities (Net Gains (Losses) on Trading Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Trading Securities [Abstract] | ||||
Net unrealized gains (losses) on trading securities held as of current period end | $ 18,526 | $ (17,674) | $ 68,195 | $ (21,001) |
Net gains (losses) on trading securities sold or matured prior to current period end | 0 | (2,697) | (465) | (5,214) |
NET GAIN (LOSS) ON TRADING SECURITIES | $ 18,526 | $ (20,371) | $ 67,730 | $ (26,215) |
Investment Securities Investment Securities (Available-For-Sale Securities by Major Security Type) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amortized Cost | $ 1,064,198 | $ 503,640 | |||||
OTTI Recognized in OCI | 0 | 0 | |||||
Gross Unrecognized Gains | 1,562 | 0 | |||||
Gross Unrecognized Losses | (7,837) | (8,577) | |||||
Fair Value | [1] | 1,057,923 | 495,063 | ||||
Fixed rate [Member] | GSE MBS [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amortized Cost | [2] | 1,064,198 | 503,640 | ||||
OTTI Recognized in OCI | [2] | 0 | 0 | ||||
Gross Unrecognized Gains | [2] | 1,562 | 0 | ||||
Gross Unrecognized Losses | [2] | (7,837) | (8,577) | ||||
Fair Value | [2] | $ 1,057,923 | $ 495,063 | ||||
|
Investment Securities Investment Securites (Available-For-Sale Securities in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 Months, Fair Value | $ 762,592 | $ 495,063 | |||
Less than 12 Months, Unrealized Losses | (7,837) | (8,577) | |||
12 Months or More, Fair Value | 0 | 0 | |||
12 Months or More, Unrealized Losses | 0 | 0 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 762,592 | 495,063 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (7,837) | (8,577) | |||
GSE MBS [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 Months, Fair Value | [1] | 762,592 | 495,063 | ||
Less than 12 Months, Unrealized Losses | [1] | (7,837) | (8,577) | ||
12 Months or More, Fair Value | [1] | 0 | 0 | ||
12 Months or More, Unrealized Losses | [1] | 0 | 0 | ||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | [1] | 762,592 | 495,063 | ||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | [1] | $ (7,837) | $ (8,577) | ||
|
Investment Securities (Held-To-Maturity Securities by Major Security Type) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | $ 4,710,350 | $ 4,778,767 | |||||||
OTTI Recognized in OCI | (6,908) | (7,950) | |||||||
Carrying Value | [1] | 4,703,442 | 4,770,817 | ||||||
Gross Unrecognized Gains | 19,784 | 26,609 | |||||||
Gross Unrecognized Losses | (27,777) | (32,331) | |||||||
Held-to-maturity Securities, Fair Value | 4,695,449 | 4,765,095 | |||||||
State or local housing agency obligations [Member] | |||||||||
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | 109,590 | 111,655 | |||||||
OTTI Recognized in OCI | 0 | 0 | |||||||
Carrying Value | 109,590 | 111,655 | |||||||
Gross Unrecognized Gains | 129 | 138 | |||||||
Gross Unrecognized Losses | (4,908) | (5,164) | |||||||
Held-to-maturity Securities, Fair Value | 104,811 | 106,629 | |||||||
Non-mortgage-backed securities [Member] | |||||||||
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | 109,590 | 111,655 | |||||||
OTTI Recognized in OCI | 0 | 0 | |||||||
Carrying Value | 109,590 | 111,655 | |||||||
Gross Unrecognized Gains | 129 | 138 | |||||||
Gross Unrecognized Losses | (4,908) | (5,164) | |||||||
Held-to-maturity Securities, Fair Value | 104,811 | 106,629 | |||||||
U.S. obligation MBS [Member] | |||||||||
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | [2] | 42,822 | 47,234 | ||||||
OTTI Recognized in OCI | [2] | 0 | 0 | ||||||
Carrying Value | [2] | 42,822 | 47,234 | ||||||
Gross Unrecognized Gains | [2] | 6 | 66 | ||||||
Gross Unrecognized Losses | [2] | (70) | (23) | ||||||
Held-to-maturity Securities, Fair Value | [2] | 42,758 | 47,277 | ||||||
GSE MBS [Member] | |||||||||
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | [3] | 4,412,962 | 4,452,533 | ||||||
OTTI Recognized in OCI | [3] | 0 | 0 | ||||||
Carrying Value | [3] | 4,412,962 | 4,452,533 | ||||||
Gross Unrecognized Gains | [3] | 14,578 | 19,740 | ||||||
Gross Unrecognized Losses | [3] | (17,314) | (21,639) | ||||||
Held-to-maturity Securities, Fair Value | [3] | 4,410,226 | 4,450,634 | ||||||
Private-label residential MBS [Member] | Residential MBS [Member] | |||||||||
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | 144,976 | 167,345 | |||||||
OTTI Recognized in OCI | (6,908) | (7,950) | |||||||
Carrying Value | 138,068 | 159,395 | |||||||
Gross Unrecognized Gains | 5,071 | 6,665 | |||||||
Gross Unrecognized Losses | (5,485) | (5,505) | |||||||
Held-to-maturity Securities, Fair Value | 137,654 | 160,555 | |||||||
Mortgage-backed securities [Member] | |||||||||
Held-to-maturity Securities, Unclassified [Abstract] | |||||||||
Amortized Cost | 4,600,760 | 4,667,112 | |||||||
OTTI Recognized in OCI | (6,908) | (7,950) | |||||||
Carrying Value | 4,593,852 | 4,659,162 | |||||||
Gross Unrecognized Gains | 19,655 | 26,471 | |||||||
Gross Unrecognized Losses | (22,869) | (27,167) | |||||||
Held-to-maturity Securities, Fair Value | $ 4,590,638 | $ 4,658,466 | |||||||
|
Investment Securities (Held-To-Maturity Securities in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | $ 1,290,871 | $ 1,721,630 | |||||||||||
Less Than 12 Months, Unrealized Losses | (4,868) | (7,857) | |||||||||||
12 Months or More, Fair Value | 1,766,590 | 1,160,154 | |||||||||||
12 Months or More, Unrealized Losses | (26,167) | (27,823) | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 3,057,461 | 2,881,784 | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (31,035) | [1] | (35,680) | [2] | |||||||||
State or local housing agency obligations [Member] | |||||||||||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | 0 | 0 | |||||||||||
Less Than 12 Months, Unrealized Losses | 0 | 0 | |||||||||||
12 Months or More, Fair Value | 36,297 | 37,211 | |||||||||||
12 Months or More, Unrealized Losses | (4,908) | (5,164) | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 36,297 | 37,211 | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (4,908) | [1] | (5,164) | [2] | |||||||||
Non-mortgage-backed securities [Member] | |||||||||||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | 0 | 0 | |||||||||||
Less Than 12 Months, Unrealized Losses | 0 | 0 | |||||||||||
12 Months or More, Fair Value | 36,297 | 37,211 | |||||||||||
12 Months or More, Unrealized Losses | (4,908) | (5,164) | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 36,297 | 37,211 | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (4,908) | [1] | (5,164) | [2] | |||||||||
U.S. obligation MBS [Member] | |||||||||||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | [3] | 40,939 | 19,189 | ||||||||||
Less Than 12 Months, Unrealized Losses | [3] | (70) | (23) | ||||||||||
12 Months or More, Fair Value | [3] | 0 | 0 | ||||||||||
12 Months or More, Unrealized Losses | [3] | 0 | 0 | ||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | [3] | 40,939 | 19,189 | ||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | [3] | (70) | [1] | (23) | [2] | ||||||||
GSE MBS [Member] | |||||||||||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | [4] | 1,245,375 | 1,697,226 | ||||||||||
Less Than 12 Months, Unrealized Losses | [4] | (4,778) | (7,806) | ||||||||||
12 Months or More, Fair Value | [4] | 1,633,953 | 1,012,199 | ||||||||||
12 Months or More, Unrealized Losses | [4] | (12,536) | (13,833) | ||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | [4] | 2,879,328 | 2,709,425 | ||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | [4] | (17,314) | [1] | (21,639) | [2] | ||||||||
Private-label residential MBS [Member] | Residential MBS [Member] | |||||||||||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | 4,557 | 5,215 | |||||||||||
Less Than 12 Months, Unrealized Losses | (20) | (28) | |||||||||||
12 Months or More, Fair Value | 96,340 | 110,744 | |||||||||||
12 Months or More, Unrealized Losses | (8,723) | (8,826) | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 100,897 | 115,959 | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (8,743) | [1] | (8,854) | [2] | |||||||||
Mortgage-backed securities [Member] | |||||||||||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||||||||||
Less Than 12 Months, Fair Value | 1,290,871 | 1,721,630 | |||||||||||
Less Than 12 Months, Unrealized Losses | (4,868) | (7,857) | |||||||||||
12 Months or More, Fair Value | 1,730,293 | 1,122,943 | |||||||||||
12 Months or More, Unrealized Losses | (21,259) | (22,659) | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 3,021,164 | 2,844,573 | |||||||||||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | $ (26,127) | [1] | $ (30,516) | [2] | |||||||||
|
Investment Securities (Held-To-Maturity Securities Classified By Contractual Maturity) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Held-to-maturity Securities, Debt Maturities [Abstract] | ||||
Amortized Cost | $ 4,710,350 | $ 4,778,767 | ||
Carrying Value | [1] | 4,703,442 | 4,770,817 | |
Fair Value | 4,695,449 | 4,765,095 | ||
Non-mortgage-backed securities [Member] | ||||
Held-to-maturity Securities, Debt Maturities [Abstract] | ||||
Due in one year or less, Amortized Cost | 0 | 0 | ||
Due after one year through five years, Amortized Cost | 2,990 | 3,260 | ||
Due after five years through 10 years, Amortized Cost | 11,205 | 12,375 | ||
Due after 10 years, Amortized Cost | 95,395 | 96,020 | ||
Amortized Cost | 109,590 | 111,655 | ||
Due in one year or less, Carrying Value | 0 | 0 | ||
Due after one year through five years, Carrying Value | 2,990 | 3,260 | ||
Due after five years through 10 years, Carrying Value | 11,205 | 12,375 | ||
Due after 10 years, Carrying Value | 95,395 | 96,020 | ||
Carrying Value | 109,590 | 111,655 | ||
Due in one year or less, Fair Value | 0 | 0 | ||
Due after one year through five years, Fair Value | 2,990 | 3,260 | ||
Due after five years through 10 years, Fair Value | 11,166 | 12,356 | ||
Due after 10 years, Fair Value | 90,655 | 91,013 | ||
Fair Value | 104,811 | 106,629 | ||
Mortgage-backed securities [Member] | ||||
Held-to-maturity Securities, Debt Maturities [Abstract] | ||||
Amortized Cost | 4,600,760 | 4,667,112 | ||
Carrying Value | 4,593,852 | 4,659,162 | ||
Fair Value | $ 4,590,638 | $ 4,658,466 | ||
|
Investment Securities (Interest Rate Payment Terms of Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | $ 4,710,350 | $ 4,778,767 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 109,590 | 111,655 |
Non-mortgage-backed securities [Member] | Variable Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 109,590 | 111,655 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 4,600,760 | 4,667,112 |
Mortgage-backed securities [Member] | Fixed Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 284,387 | 324,177 |
Mortgage-backed securities [Member] | Variable Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | $ 4,316,373 | $ 4,342,935 |
Investment Securities (Total Securities Other-Than-Temporary Impairment during the Life of the Security) (Details) - Held-to-maturity Securities [Member] - Residential MBS [Member] - Private-label residential MBS [Member] $ in Thousands |
Jun. 30, 2016
USD ($)
|
---|---|
Schedule of Held-to-maturity Securities [Line Items] | |
Unpaid Principal Balance | $ 44,598 |
Amortized Cost | 40,167 |
Carrying Value | 33,259 |
Fair Value | 37,976 |
Prime [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unpaid Principal Balance | 11,671 |
Amortized Cost | 10,711 |
Carrying Value | 9,977 |
Fair Value | 10,647 |
Alt-A [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unpaid Principal Balance | 32,927 |
Amortized Cost | 29,456 |
Carrying Value | 23,282 |
Fair Value | $ 27,329 |
Investment Securities (Rollforward of OTTI Activity Related to Credit Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||||||||
Balance, beginning of period | $ 7,776 | $ 9,367 | $ 7,785 | $ 9,406 | |||||
Additional charge on securities for which OTTI was not previously recognized | 1 | 0 | 1 | 0 | |||||
Additional charge on securities for which OTTI was previously recognized | [1] | 4 | 252 | 31 | 439 | ||||
Amortization of credit component of OTTI | [2] | (185) | (194) | (221) | (420) | ||||
Balance, end of period | $ 7,596 | $ 9,425 | $ 7,596 | $ 9,425 | |||||
|
Advances (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 26,003,737 | $ 23,473,674 |
Federal Home Loan Bank, Advances, Variable Rate | $ 17,119,777 | $ 14,847,892 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 0.28% | 0.22% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 7.41% | 7.41% |
Advances, Callable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 6,631,427 | $ 6,326,747 |
Federal Home Loan Bank, Advances, Variable Rate | 6,517,518 | 6,213,293 |
Advances, Convertible Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 1,479,942 | $ 1,472,842 |
Advances (Advances Redemption Terms) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Amount | ||
Due in one year or less | $ 13,464,206 | $ 11,230,853 |
Due after one year through two years | 2,549,990 | 2,465,866 |
Due after two years through three years | 1,580,982 | 1,816,690 |
Due after three years through four years | 775,011 | 970,726 |
Due after four years through five years | 1,018,499 | 803,465 |
Thereafter | 6,615,049 | 6,186,074 |
TOTAL PAR VALUE | 26,003,737 | 23,473,674 |
Discounts | (14,661) | (17,866) |
Hedging adjustments | 193,486 | 124,563 |
TOTAL | $ 26,182,562 | $ 23,580,371 |
Weighted Average Interest Rate | ||
Due in one year or less | 0.75% | 0.65% |
Due after one year through two years | 2.28% | 2.49% |
Due after two years through three years | 1.57% | 2.02% |
Due after three years through four years | 1.98% | 1.43% |
Due after four years through five years | 2.13% | 1.84% |
Thereafter | 1.08% | 1.17% |
Total par value | 1.13% | 1.16% |
Advances (Advances by Year if Contractual Maturity, Next Call Date, or Next Convert Date) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Redemption Term, Year of Contractual Maturity or Next Call Date | ||
Due in one year or less | $ 19,720,504 | $ 16,894,032 |
Due after one year through two years | 1,918,508 | 2,037,166 |
Due after two years through three years | 1,163,293 | 1,464,854 |
Due after three years through four years | 688,335 | 630,463 |
Due after four years through five years | 921,049 | 622,489 |
Thereafter | 1,592,048 | 1,824,670 |
TOTAL PAR VALUE | 26,003,737 | 23,473,674 |
Redemption Term, Year of Contractual Maturity or Next Conversion Date | ||
Due in one year or less | 14,500,399 | 12,454,894 |
Due after one year through two years | 1,677,298 | 1,573,624 |
Due after two years through three years | 1,543,982 | 1,577,890 |
Due after three years through four years | 792,111 | 1,033,226 |
Due after four years through five years | 1,124,549 | 830,265 |
Thereafter | 6,365,398 | 6,003,775 |
TOTAL PAR VALUE | $ 26,003,737 | $ 23,473,674 |
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fixed rate: | ||
Due in one year or less | $ 2,526,652 | $ 2,012,929 |
Due after one year | 6,357,308 | 6,612,853 |
Total fixed rate | 8,883,960 | 8,625,782 |
Variable rate: | ||
Due in one year or less | 10,937,554 | 9,217,924 |
Due after one year | 6,182,223 | 5,629,968 |
Total variable rate | 17,119,777 | 14,847,892 |
TOTAL PAR VALUE | $ 26,003,737 | $ 23,473,674 |
Mortgage Loans (Mortgage Loans Held For Portfolio) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Real estate: | ||||
Total unpaid principal balance | $ 6,365,751 | $ 6,286,497 | ||
Premiums | 101,268 | 100,502 | ||
Discounts | (2,188) | (2,440) | ||
Deferred loan costs, net | 492 | 596 | ||
Other deferred fees | (105) | (118) | ||
Hedging adjustments | 8,679 | 7,643 | ||
Total before Allowance for Credit Losses on Mortgage Loans | 6,473,897 | 6,392,680 | ||
Allowance for Credit Losses on Mortgage Loans | (1,298) | (1,972) | ||
MORTGAGE LOANS HELD FOR PORTFOLIO, NET | 6,472,599 | 6,390,708 | ||
Fixed rates, medium-term [Member] | Single-family mortgage [Member] | ||||
Real estate: | ||||
Total unpaid principal balance | [1] | 1,384,809 | 1,456,406 | |
Fixed rates, long-term [Member] | Single-family mortgage [Member] | ||||
Real estate: | ||||
Total unpaid principal balance | $ 4,980,942 | $ 4,830,091 | ||
|
Mortgage Loans (Mortgage Loans Held For Portfolio by Collateral or Guarantee Type) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Mortgage Loans on Real Estate [Line Items] | ||
Total unpaid principal balance | $ 6,365,751 | $ 6,286,497 |
Government-guaranteed or insured loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total unpaid principal balance | 643,175 | 622,788 |
Conventional Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total unpaid principal balance | $ 5,722,576 | $ 5,663,709 |
Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Real estate owned | $ 2,576 | $ 3,922 |
Allowance For Credit Losses (Rollforward of Allowance For Credit Losses On Mortgage Loans) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Allowance for credit losses: | |||||||||
Balance, beginning of period | $ 1,607 | $ 3,337 | $ 1,972 | $ 4,550 | |||||
Net (charge-offs) recoveries | 45 | ||||||||
Net charge-offs | (97) | (205) | (366) | ||||||
(Reversal) provision for credit losses | (212) | (992) | (469) | (1,794) | |||||
Balance, end of period | 1,298 | 2,390 | 1,298 | 2,390 | |||||
Allowance for credit losses, end of period: | |||||||||
Individually evaluated for impairment | 0 | 21 | 0 | 21 | |||||
Collectively evaluated for impairment | 1,298 | 2,369 | 1,298 | 2,369 | |||||
Individually evaluated for impairment | [1] | 26,239,616 | 23,343,062 | 26,239,616 | 23,343,062 | ||||
Collectively evaluated for impairment | [1] | 6,492,177 | 6,334,441 | 6,492,177 | 6,334,441 | ||||
Total | [1] | 32,731,793 | 29,677,503 | 32,731,793 | 29,677,503 | ||||
Credit Products [Member] | |||||||||
Allowance for credit losses: | |||||||||
Balance, beginning of period | [2] | 0 | 0 | 0 | 0 | ||||
Net (charge-offs) recoveries | 0 | ||||||||
Net charge-offs | [2] | 0 | 0 | 0 | |||||
(Reversal) provision for credit losses | [2] | 0 | 0 | 0 | 0 | ||||
Balance, end of period | [2] | 0 | 0 | 0 | 0 | ||||
Allowance for credit losses, end of period: | |||||||||
Individually evaluated for impairment | [2] | 0 | 0 | 0 | 0 | ||||
Collectively evaluated for impairment | [2] | 0 | 0 | 0 | 0 | ||||
Individually evaluated for impairment | [1],[2] | 26,208,296 | 23,308,952 | 26,208,296 | 23,308,952 | ||||
Collectively evaluated for impairment | [1],[2] | 0 | 0 | 0 | 0 | ||||
Total | [1],[2] | 26,208,296 | 23,308,952 | 26,208,296 | 23,308,952 | ||||
Direct Financing Lease Receivable [Member] | |||||||||
Allowance for credit losses: | |||||||||
Balance, beginning of period | 0 | 0 | 0 | 0 | |||||
Net (charge-offs) recoveries | 0 | ||||||||
Net charge-offs | 0 | 0 | 0 | ||||||
(Reversal) provision for credit losses | 0 | 0 | 0 | 0 | |||||
Balance, end of period | 0 | 0 | 0 | 0 | |||||
Allowance for credit losses, end of period: | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||
Collectively evaluated for impairment | 0 | 0 | 0 | 0 | |||||
Individually evaluated for impairment | [1] | 18,598 | 20,906 | 18,598 | 20,906 | ||||
Collectively evaluated for impairment | [1] | 0 | 0 | 0 | 0 | ||||
Total | [1] | 18,598 | 20,906 | 18,598 | 20,906 | ||||
Government Loans [Member] | Single-family Residential Loans [Member] | |||||||||
Allowance for credit losses: | |||||||||
Balance, beginning of period | 0 | 0 | 0 | 0 | |||||
Net (charge-offs) recoveries | 0 | ||||||||
Net charge-offs | 0 | 0 | 0 | ||||||
(Reversal) provision for credit losses | 0 | 0 | 0 | 0 | |||||
Balance, end of period | 0 | 0 | 0 | 0 | |||||
Allowance for credit losses, end of period: | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||
Collectively evaluated for impairment | 0 | 0 | 0 | 0 | |||||
Individually evaluated for impairment | [1] | 0 | 0 | 0 | 0 | ||||
Collectively evaluated for impairment | [1] | 659,475 | 631,547 | 659,475 | 631,547 | ||||
Total | [1] | 659,475 | 631,547 | 659,475 | 631,547 | ||||
Conventional Loan [Member] | Single-family Residential Loans [Member] | |||||||||
Allowance for credit losses: | |||||||||
Balance, beginning of period | 1,607 | 3,337 | 1,972 | 4,550 | |||||
Net (charge-offs) recoveries | 45 | ||||||||
Net charge-offs | (97) | (205) | (366) | ||||||
(Reversal) provision for credit losses | (212) | (992) | (469) | (1,794) | |||||
Balance, end of period | 1,298 | 2,390 | 1,298 | 2,390 | |||||
Allowance for credit losses, end of period: | |||||||||
Individually evaluated for impairment | 0 | 21 | 0 | 21 | |||||
Collectively evaluated for impairment | 1,298 | 2,369 | 1,298 | 2,369 | |||||
Individually evaluated for impairment | [1] | 12,722 | 13,204 | 12,722 | 13,204 | ||||
Collectively evaluated for impairment | [1] | 5,832,702 | 5,702,894 | 5,832,702 | 5,702,894 | ||||
Total | [1] | $ 5,845,424 | $ 5,716,098 | $ 5,845,424 | $ 5,716,098 | ||||
|
Allowance For Credit Losses (Recorded Investment in Delinquent Mortgage Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Recorded investment: | |||||||||||||||||
Total past due | [1] | $ 78,501 | $ 90,727 | ||||||||||||||
Total current loans | [1] | 32,653,292 | 29,956,671 | ||||||||||||||
Total recorded investment | [1] | 32,731,793 | 30,047,398 | ||||||||||||||
In process of foreclosure, included above | [2] | $ 6,837 | $ 6,608 | ||||||||||||||
Serious delinquency rate | [3] | 0.10% | 0.10% | ||||||||||||||
Past due 90 days or more and still accruing interest | $ 5,021 | $ 8,021 | |||||||||||||||
Loans on non-accrual status | 15,445 | [4] | 15,976 | [5] | |||||||||||||
Troubled debt restructurings included in non-accrual loans | 1,319 | 1,320 | |||||||||||||||
Past due 30-59 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 52,166 | 58,442 | ||||||||||||||
Past due 60-89 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 10,456 | 11,789 | ||||||||||||||
Past due 90 days or more delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 15,879 | 20,496 | ||||||||||||||
Credit Products [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1],[6] | 0 | 0 | ||||||||||||||
Total current loans | [1],[6] | 26,208,296 | 23,603,691 | ||||||||||||||
Total recorded investment | [1],[6] | 26,208,296 | 23,603,691 | ||||||||||||||
In process of foreclosure, included above | [2],[6] | $ 0 | $ 0 | ||||||||||||||
Serious delinquency rate | [3],[6] | 0.00% | 0.00% | ||||||||||||||
Past due 90 days or more and still accruing interest | [6] | $ 0 | $ 0 | ||||||||||||||
Loans on non-accrual status | [6] | 0 | [4] | 0 | [5] | ||||||||||||
Credit Products [Member] | Past due 30-59 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1],[6] | 0 | 0 | ||||||||||||||
Credit Products [Member] | Past due 60-89 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1],[6] | 0 | 0 | ||||||||||||||
Credit Products [Member] | Past due 90 days or more delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1],[6] | 0 | 0 | ||||||||||||||
Direct Financing Lease Receivable [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 0 | 0 | ||||||||||||||
Total current loans | [1] | 18,598 | 19,771 | ||||||||||||||
Total recorded investment | [1] | 18,598 | 19,771 | ||||||||||||||
In process of foreclosure, included above | [2] | $ 0 | $ 0 | ||||||||||||||
Serious delinquency rate | [3] | 0.00% | 0.00% | ||||||||||||||
Past due 90 days or more and still accruing interest | $ 0 | $ 0 | |||||||||||||||
Loans on non-accrual status | 0 | [4] | 0 | [5] | |||||||||||||
Direct Financing Lease Receivable [Member] | Past due 30-59 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 0 | 0 | ||||||||||||||
Direct Financing Lease Receivable [Member] | Past due 60-89 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 0 | 0 | ||||||||||||||
Direct Financing Lease Receivable [Member] | Past due 90 days or more delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 0 | 0 | ||||||||||||||
Government Loans [Member] | Single-family Residential Loans [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 24,845 | 32,143 | ||||||||||||||
Total current loans | [1] | 634,630 | 606,941 | ||||||||||||||
Total recorded investment | [1] | 659,475 | 639,084 | ||||||||||||||
In process of foreclosure, included above | [2] | $ 2,507 | $ 2,947 | ||||||||||||||
Serious delinquency rate | [3] | 0.80% | 1.30% | ||||||||||||||
Past due 90 days or more and still accruing interest | $ 5,021 | $ 8,021 | |||||||||||||||
Loans on non-accrual status | 0 | [4] | 0 | [5] | |||||||||||||
Government Loans [Member] | Single-family Residential Loans [Member] | Past due 30-59 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 15,558 | 19,426 | ||||||||||||||
Government Loans [Member] | Single-family Residential Loans [Member] | Past due 60-89 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 4,266 | 4,696 | ||||||||||||||
Government Loans [Member] | Single-family Residential Loans [Member] | Past due 90 days or more delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 5,021 | 8,021 | ||||||||||||||
Conventional Loan [Member] | Single-family Residential Loans [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 53,656 | 58,584 | ||||||||||||||
Total current loans | [1] | 5,791,768 | 5,726,268 | ||||||||||||||
Total recorded investment | [1] | 5,845,424 | 5,784,852 | ||||||||||||||
In process of foreclosure, included above | [2] | $ 4,330 | $ 3,661 | ||||||||||||||
Serious delinquency rate | [3] | 0.20% | 0.20% | ||||||||||||||
Past due 90 days or more and still accruing interest | $ 0 | $ 0 | |||||||||||||||
Loans on non-accrual status | 15,445 | [4] | 15,976 | [5] | |||||||||||||
Conventional Loan [Member] | Single-family Residential Loans [Member] | Past due 30-59 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 36,608 | 39,016 | ||||||||||||||
Conventional Loan [Member] | Single-family Residential Loans [Member] | Past due 60-89 days delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | 6,190 | 7,093 | ||||||||||||||
Conventional Loan [Member] | Single-family Residential Loans [Member] | Past due 90 days or more delinquent [Member] | |||||||||||||||||
Recorded investment: | |||||||||||||||||
Total past due | [1] | $ 10,858 | $ 12,475 | ||||||||||||||
|
Allowance For Credit Losses (Individually Evaluated Impaired Statistic By Product Class Level) (Details) - Conventional Mortgage Loan [Member] - Single-family Residential Loans [Member] - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, Recorded Investment | $ 12,722 | $ 11,456 |
With an allowance, Recorded Investment | 0 | 0 |
TOTAL, Recorded Investment | 12,722 | 11,456 |
With no related allowance, Unpaid Principal Balance | 12,640 | 11,417 |
With an allowance, Unpaid Principal Balance | 0 | 0 |
TOTAL, Unpaid Principal Balance | 12,640 | 11,417 |
With an allowance, Related Allowance | $ 0 | $ 0 |
Allowance For Credit Losses (Average Recorded Investment of Individually Impaired Loan and Related Interest Income Recognized) (Details) - Conventional Mortgage Loan [Member] - Single-family Residential Loans [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Financing Receivable, Impaired [Line Items] | ||||
With no related allowance, Average Recorded Investment | $ 12,661 | $ 13,166 | $ 11,991 | $ 14,056 |
With an allowance, Average Recorded Investment | 0 | 180 | 0 | 182 |
TOTAL, Average Recorded Investment | 12,661 | 13,346 | 11,991 | 14,238 |
With no related allowance, Interest Income Recognized | 65 | 93 | 147 | 181 |
With an allowance, Interest Income Recognized | 0 | 0 | 0 | 0 |
TOTAL, Interest Income Recognized | $ 65 | $ 93 | $ 147 | $ 181 |
Derivatives And Hedging Activities (Narrative) (Details) - Uncleared derivatives [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Derivative [Line Items] | ||
Derivative instruments with credit-risk-related contingent features, aggregate fair value | $ 84,797 | $ 36,302 |
Derivative instruments with credit-risk-related contingent features, collateral already posted | 37,028 | 6,622 |
Derivative instruments with credit-risk-related contingent features, collateral to be posted if credit rating is lowered one level | 33,200 | 17,500 |
Counterparty One [Member] | ||
Derivative [Line Items] | ||
Maximum credit risk applicable to a single counterparty | $ 828 | $ 24,670 |
Derivatives And Hedging Activities (Fair Values of Derivatives Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 13,698,220 | $ 16,554,464 | |||
TOTAL, Derivative Assets | 54,379 | 66,286 | |||
TOTAL, Derivative Liabilities | 397,764 | 214,666 | |||
Netting adjustments and cash collateral, Derivative Assets | [1] | 7,368 | |||
Netting adjustments and cash collateral, Derivative Assets | [1] | (14,695) | |||
Netting adustments and cash collateral, Derivative Liabilities | [1] | (349,801) | (183,174) | ||
DERIVATIVE ASSETS | 61,747 | 51,591 | |||
DERIVATIVE LIABILITIES | 47,963 | 31,492 | |||
Cash collateral posted | 357,369 | 190,483 | |||
Cash collateral received | 200 | 22,004 | |||
Derivatives designated as hedging instruments: [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 8,491,308 | 10,398,768 | |||
TOTAL, Derivative Assets | 49,630 | 59,828 | |||
TOTAL, Derivative Liabilities | 258,703 | 136,355 | |||
Derivatives not designated as hedging instruments: [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 5,206,912 | 6,155,696 | |||
TOTAL, Derivative Assets | 4,749 | 6,458 | |||
TOTAL, Derivative Liabilities | 139,061 | 78,311 | |||
Interest rate swaps [Member] | Derivatives designated as hedging instruments: [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 8,491,308 | 10,338,768 | |||
TOTAL, Derivative Assets | 49,630 | 59,828 | |||
TOTAL, Derivative Liabilities | 258,703 | 136,261 | |||
Interest rate swaps [Member] | Derivatives not designated as hedging instruments: [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 2,153,489 | 3,158,851 | |||
TOTAL, Derivative Assets | 1,850 | 589 | |||
TOTAL, Derivative Liabilities | 139,061 | 78,238 | |||
Interest rate caps/floors [Member] | Derivatives designated as hedging instruments: [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 0 | 60,000 | |||
TOTAL, Derivative Assets | 0 | 0 | |||
TOTAL, Derivative Liabilities | 0 | 94 | |||
Interest rate caps/floors [Member] | Derivatives not designated as hedging instruments: [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 2,922,800 | 2,930,800 | |||
TOTAL, Derivative Assets | 2,072 | 5,798 | |||
TOTAL, Derivative Liabilities | 0 | 9 | |||
Mortgage delivery commitments [Member] | Derivatives not designated as hedging instruments: [Member] | Mortgages [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 130,623 | 66,045 | |||
TOTAL, Derivative Assets | 827 | 71 | |||
TOTAL, Derivative Liabilities | $ 0 | $ 64 | |||
|
Derivatives And Hedging Activities (Net Gains Or Losses On Derivatives And Hedging Activities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) related to fair value hedge ineffectiveness | $ (1,820) | $ (592) | $ (4,310) | $ (1,425) |
Net gain (loss) related to derivatives not designated as hedging instruments | (33,476) | 4,909 | (89,472) | (221) |
NET GAIN(LOSS) ON DERIVATIVES AND HEDGING ACTIVITIES | (35,296) | 4,317 | (93,782) | (1,646) |
Interest rate swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) related to fair value hedge ineffectiveness | (1,820) | (592) | (4,310) | (1,425) |
Net gain (loss) related to derivatives not designated as hedging instruments | (21,421) | 15,470 | (64,629) | 21,026 |
Interest rate caps/floors [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) related to derivatives not designated as hedging instruments | (1,623) | 518 | (3,716) | (1,341) |
Net interest settlements [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) related to derivatives not designated as hedging instruments | (11,871) | (9,879) | (24,115) | (19,430) |
Mortgage delivery commitments [Member] | Mortgages [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) related to derivatives not designated as hedging instruments | $ 1,439 | $ (1,200) | $ 2,988 | $ (476) |
Derivatives And Hedging Activities (Effect of Fair Value Hedge-Related Derivative Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives | $ (43,370) | $ 27,338 | $ (115,145) | $ 25,387 |
Gain (Loss) on Hedged Items | 41,550 | (27,930) | 110,835 | (26,812) |
Net Fair Value Hedge Ineffectiveness | (1,820) | (592) | (4,310) | (1,425) |
Effect of Derivatives on Net Interest Income | (17,729) | (14,260) | (34,013) | (26,020) |
Advances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives | (16,092) | 42,525 | (71,873) | 24,540 |
Gain (Loss) on Hedged Items | 16,217 | (41,682) | 71,564 | (24,028) |
Net Fair Value Hedge Ineffectiveness | 125 | 843 | (309) | 512 |
Effect of Derivatives on Net Interest Income | (23,758) | (32,130) | (49,192) | (65,048) |
Investments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives | (23,405) | 0 | (46,220) | 0 |
Gain (Loss) on Hedged Items | 21,650 | 0 | 43,112 | 0 |
Net Fair Value Hedge Ineffectiveness | (1,755) | 0 | (3,108) | 0 |
Effect of Derivatives on Net Interest Income | (3,000) | 0 | (5,337) | 0 |
Consolidated obligations bonds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives | (3,971) | (15,196) | 2,766 | 789 |
Gain (Loss) on Hedged Items | 3,771 | 13,854 | (3,382) | (2,769) |
Net Fair Value Hedge Ineffectiveness | (200) | (1,342) | (616) | (1,980) |
Effect of Derivatives on Net Interest Income | 9,014 | 17,820 | 20,561 | 38,969 |
Consolidated obligations discount notes [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivatives | 98 | 9 | 182 | 58 |
Gain (Loss) on Hedged Items | (88) | (102) | (459) | (15) |
Net Fair Value Hedge Ineffectiveness | 10 | (93) | (277) | 43 |
Effect of Derivatives on Net Interest Income | $ 15 | $ 50 | $ (45) | $ 59 |
Deposits (Types Of Deposits) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Interest-bearing: | ||
Demand | $ 295,325 | $ 235,547 |
Overnight | 310,500 | 462,500 |
Term | 0 | 18,400 |
Total interest-bearing | 605,825 | 716,447 |
Non-interest-bearing: | ||
Demand | 55,530 | 42,919 |
Total non-interest-bearing | 55,530 | 42,919 |
TOTAL DEPOSITS | $ 661,355 | $ 759,366 |
Consolidated Obligations (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Par value | $ 16,699,645 | $ 19,823,795 |
Federal Home Loan Bank, Consolidated Obligations, Callable Option [Member] | ||
Debt Instrument [Line Items] | ||
Par value | $ 5,417,500 | $ 6,758,500 |
Consolidated Obligations (Consolidated Bond Obligations Outstanding By Contractual Maturity) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Federal Home Loan Bank, Consolidated Obligations [Abstract] | ||||
Due in one year or less | $ 6,227,420 | $ 9,276,390 | ||
Due in one year or less, Weighted Average Interest Rate | 0.80% | 0.58% | ||
Due after one year through two years | $ 3,432,125 | $ 2,317,615 | ||
Due after one year through two years, Weighted Average Interest Rate | 1.30% | 1.71% | ||
Due after two years through three years | $ 1,241,500 | $ 1,760,440 | ||
Due after two years through three years, Weighted Average Interest Rate | 1.48% | 1.71% | ||
Due after three years through four years | $ 919,150 | $ 823,250 | ||
Due after three years through four years, Weighted Average Interest Rate | 1.64% | 1.72% | ||
Due after four years through five years | $ 939,950 | $ 1,008,600 | ||
Due after four years through five years, Weighted Average Interest Rate | 1.67% | 1.59% | ||
Thereafter | $ 3,939,500 | $ 4,637,500 | ||
Thereafter, Weighted Average Interest Rate | 2.59% | 2.60% | ||
Total par value | $ 16,699,645 | $ 19,823,795 | ||
Total par value, Weighted Average Interest Rate | 1.47% | 1.39% | ||
Premium | $ 27,989 | $ 19,895 | ||
Discounts | (2,743) | (3,483) | ||
Concession fees | [1] | (9,330) | (9,221) | |
Hedging adjustments | 38,429 | 35,048 | ||
TOTAL | $ 16,753,990 | $ 19,866,034 | ||
|
Consolidated Obligations (Consolidated Bond Obligations By Contractual Maturity Or Next Call Date) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Federal Home Loan Bank, Consolidated Obligations [Abstract] | ||
Due in one year or less | $ 11,482,920 | $ 15,594,890 |
Due after one year through two years | 3,124,125 | 2,364,615 |
Due after two years through three years | 915,500 | 990,440 |
Due after three years through four years | 349,150 | 215,250 |
Due after four years through five years | 204,950 | 138,600 |
Thereafter | 623,000 | 520,000 |
Total par value | $ 16,699,645 | $ 19,823,795 |
Consolidated Obligations (Consolidated Bonds By Interest-Rate Payment Type) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Federal Home Loan Bank, Consolidated Obligations [Abstract] | ||
Fixed rate | $ 10,794,645 | $ 12,068,795 |
Simple variable rate | 5,430,000 | 6,400,000 |
Fixed to variable rate | 235,000 | 370,000 |
Step up / step down | 220,000 | 895,000 |
Range | 20,000 | 90,000 |
Total par value | $ 16,699,645 | $ 19,823,795 |
Consolidated Obligations (Consolidated Discount Notes Outstanding) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Federal Home Loan Bank, Consolidated Obligations [Abstract] | ||||
Book Value | $ 26,887,678 | $ 21,813,446 | ||
Par Value | $ 26,897,615 | $ 21,821,045 | ||
Weighted Average Interest Rate | [1] | 0.34% | 0.27% | |
|
Assets and Liabilities Subject to Offsetting Assets Subject to Offsetting (Schedule of Offsetting Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Offsetting Assets [Line Items] | |||||||
Derivative assets, Gross Amounts of Recognized Assets | $ 54,379 | $ 66,286 | |||||
Derivative assets, Gross Amounts Offset in the Statement of Condition | [1] | (14,695) | |||||
Derivative assets, Gross Amounts Offset in the Statement of Condition | [1] | 7,368 | |||||
Total derivative assets | 61,747 | 51,591 | |||||
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [2] | (827) | (71) | ||||
Derivative assets, Net Amount | 60,920 | 51,520 | |||||
Securities purchased under agreements to resell, Gross Amounts of Recognized Assets | 2,993,427 | 3,945,000 | |||||
Securities purchased under agreements to resell, Gross Amounts Offset in the Statement of Condition | 0 | 0 | |||||
Securities purchased under agreements to resell, Net Amounts of Assets Presented in the Statement of Condition | 2,993,427 | 3,945,000 | |||||
Securities purchased under agreements to resell, Gross Amounts Not Offset in the Statement of Condition | [2] | (2,993,427) | (3,945,000) | ||||
Securities purchased under agreements to resell, Net Amount | 0 | 0 | |||||
TOTAL, Gross Amounts of Recognized Assets | 3,047,806 | 4,011,286 | |||||
TOTAL, Gross Amounts Offset in the Statement of Condition | 7,368 | (14,695) | |||||
TOTAL, Net Amounts of Assets Presented in the Statement of Condition | 3,055,174 | 3,996,591 | |||||
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [2] | (2,994,254) | (3,945,071) | ||||
TOTAL, Net Amount | 60,920 | 51,520 | |||||
Uncleared derivatives [Member] | |||||||
Offsetting Assets [Line Items] | |||||||
Derivative assets, Gross Amounts of Recognized Assets | 52,218 | 62,102 | |||||
Derivative assets, Gross Amounts Offset in the Statement of Condition | (44,892) | (53,171) | |||||
Total derivative assets | 7,326 | 8,931 | |||||
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [2] | (827) | (71) | ||||
Derivative assets, Net Amount | 6,499 | 8,860 | |||||
Cleared derivatives [Member] | |||||||
Offsetting Assets [Line Items] | |||||||
Derivative assets, Gross Amounts of Recognized Assets | 2,161 | 4,184 | |||||
Derivative assets, Gross Amounts Offset in the Statement of Condition | 52,260 | 38,476 | |||||
Total derivative assets | 54,421 | 42,660 | |||||
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | 0 | ||||
Derivative assets, Net Amount | $ 54,421 | $ 42,660 | |||||
|
Assets and Liabilities Subject to Offsetting Liabilities Subject to Offsetting (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Offsetting Liabilities [Line Items] | |||||||
Derivative liabilities, Gross Amounts of Recognized Liabilities | $ 397,764 | $ 214,666 | |||||
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | [1] | (349,801) | (183,174) | ||||
Total derivative liabilities | 47,963 | 31,492 | |||||
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | (73) | ||||
Derivative liabilities, Net Amount | 47,963 | 31,419 | |||||
TOTAL, Gross Amounts of Recognized Liabilities | 397,764 | 214,666 | |||||
TOTAL, Gross Amounts Offset in the Statement of Condition | (349,801) | (183,174) | |||||
TOTAL, Net Amounts of Liabilities Presented in the Statement of Condition | 47,963 | 31,492 | |||||
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | (73) | ||||
TOTAL, Net Amount | 47,963 | 31,419 | |||||
Uncleared derivatives [Member] | |||||||
Offsetting Liabilities [Line Items] | |||||||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 254,500 | 159,334 | |||||
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (206,537) | (127,842) | |||||
Total derivative liabilities | 47,963 | 31,492 | |||||
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | (73) | ||||
Derivative liabilities, Net Amount | 47,963 | 31,419 | |||||
Cleared derivatives [Member] | |||||||
Offsetting Liabilities [Line Items] | |||||||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 143,264 | 55,332 | |||||
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (143,264) | (55,332) | |||||
Total derivative liabilities | 0 | 0 | |||||
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | 0 | ||||
Derivative liabilities, Net Amount | $ 0 | $ 0 | |||||
|
Capital (Narrative) (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2016
$ / shares
Rate
|
Dec. 31, 2015
$ / shares
Rate
|
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Number of Finance Agency Regulatory Capital Requirements | 3 | |
Total regulatory capital-to-asset ratio, required | Rate | 4.00% | 4.00% |
Leverage capital ratio, required | Rate | 5.00% | 5.00% |
Leverage capital, permanent capital weight | 1.5 | |
Common Stock, par value per share | $ 100 | |
Class A [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage capital, non-permanent capital weight | 1.0 | |
Minimum period after which redemption is required | 6 months | |
Common Stock, par value per share | $ 100 | $ 100 |
Class B [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum period after which redemption is required | 5 years | |
Common Stock, par value per share | $ 100 | $ 100 |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory stock dividend payment restriction threshold | 1.00% |
Capital (Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Capital [Abstract] | ||
Risk-based capital, Required | $ 308,738 | $ 331,821 |
Risk-based capital, Actual | $ 1,846,430 | $ 1,681,247 |
Total regulatory capital-to-asset ratio, Required | 4.00% | 4.00% |
Total regulatory capital-to-asset ratio, Actual | 4.40% | 4.20% |
Total regulatory capital, Required | $ 1,859,645 | $ 1,777,426 |
Total regulatory capital, Actual | $ 2,036,665 | $ 1,863,468 |
Leverage capital ratio, Required | 5.00% | 5.00% |
Leverage capital ratio, Actual | 6.40% | 6.10% |
Leverage capital, Required | $ 2,324,557 | $ 2,221,783 |
Leverage capital, Actual | $ 2,959,881 | $ 2,704,091 |
Capital (Mandatorily Redeemable Capital Stock Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Capital [Abstract] | ||||
Balance, beginning of period | $ 3,433 | $ 4,545 | $ 2,739 | $ 4,187 |
Capital stock subject to mandatory redemption reclassified from equity during the period | 191,986 | 74,936 | 352,220 | 182,959 |
Redemption or repurchase of mandatorily redeemable capital stock during the period | (191,094) | (75,291) | (350,640) | (182,966) |
Stock dividend classified as mandatorily redeemable capital stock during the period | 31 | 10 | 37 | 20 |
Balance, end of period | $ 4,356 | $ 4,200 | $ 4,356 | $ 4,200 |
Capital (Mandatorily Redeemable Capital Stock By Contractual Year Of Redemption) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|---|---|---|---|
Capital [Abstract] | ||||||||
Year 1 | $ 251 | $ 407 | ||||||
Year 2 | 192 | 1 | ||||||
Year 3 | 1 | 1 | ||||||
Year 4 | 0 | 0 | ||||||
Year 5 | 2,011 | 196 | ||||||
Past contractual redemption date due to remaining activity | [1] | 1,901 | 2,134 | |||||
TOTAL | $ 4,356 | $ 3,433 | $ 2,739 | $ 4,200 | $ 4,545 | $ 4,187 | ||
|
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Or Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Balance, beginning of the period | $ (18,977) | ||||||||
Other comprehensive income (loss) before reclassification: | |||||||||
Unrealized gain (loss) | $ (2,440) | $ 0 | 2,302 | $ 0 | |||||
Non-credit portion | 0 | (181) | (62) | (181) | |||||
Accretion of non-credit loss | 525 | 789 | 1,075 | 1,741 | |||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||
Non-credit OTTI to credit OTTI, HTM | 4 | 248 | 29 | 435 | |||||
Amortization of net loss - defined benefit pension plan | 48 | 100 | 95 | 198 | |||||
Total other comprehensive income | (1,863) | 956 | 3,439 | 2,193 | |||||
Balance, end of the period | (15,538) | (15,538) | |||||||
Net Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Balance, beginning of the period | (3,835) | 0 | (8,577) | 0 | |||||
Other comprehensive income (loss) before reclassification: | |||||||||
Unrealized gain (loss) | (2,440) | 2,302 | |||||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||
Total other comprehensive income | (2,440) | 0 | 2,302 | 0 | |||||
Balance, end of the period | (6,275) | 0 | (6,275) | 0 | |||||
Defined Benefit Pension Plan [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Balance, beginning of the period | (2,403) | (4,035) | (2,450) | (4,133) | |||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||
Amortization of net loss - defined benefit pension plan | [1] | 48 | 100 | 95 | 198 | ||||
Total other comprehensive income | 48 | 100 | 95 | 198 | |||||
Balance, end of the period | (2,355) | (3,935) | (2,355) | (3,935) | |||||
Total AOCI [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Balance, beginning of the period | (13,675) | (14,670) | (18,977) | (15,907) | |||||
Other comprehensive income (loss) before reclassification: | |||||||||
Unrealized gain (loss) | (2,440) | 2,302 | |||||||
Non-credit portion | 0 | (181) | (62) | (181) | |||||
Accretion of non-credit loss | 525 | 789 | 1,075 | 1,741 | |||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||
Non-credit OTTI to credit OTTI, HTM | [2] | 4 | 248 | 29 | 435 | ||||
Amortization of net loss - defined benefit pension plan | [1] | 48 | 100 | 95 | 198 | ||||
Total other comprehensive income | (1,863) | 956 | 3,439 | 2,193 | |||||
Balance, end of the period | (15,538) | (13,714) | (15,538) | (13,714) | |||||
Held-to-maturity Securities [Member] | Net Non-credit Portion of OTTI Losses on Held-to-maturity Securities [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Balance, beginning of the period | (7,437) | (10,635) | (7,950) | (11,774) | |||||
Other comprehensive income (loss) before reclassification: | |||||||||
Non-credit portion | 0 | (181) | (62) | (181) | |||||
Accretion of non-credit loss | 525 | 789 | 1,075 | 1,741 | |||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||
Non-credit OTTI to credit OTTI, HTM | [2] | 4 | 248 | 29 | 435 | ||||
Total other comprehensive income | 529 | 856 | 1,042 | 1,995 | |||||
Balance, end of the period | $ (6,908) | $ (9,779) | $ (6,908) | $ (9,779) | |||||
|
Fair Values (Fair Value Summary) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Assets: | |||||||||
Cash and due from banks | $ 214,023 | $ 682,670 | |||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||
Available-for-sale securities | [1] | 1,057,923 | 495,063 | ||||||
Held-to-maturity securities, Carrying Value | [2] | 4,703,442 | 4,770,817 | ||||||
Held-to-maturity securities | 4,695,449 | 4,765,095 | |||||||
Accrued interest receivable | 77,918 | 79,233 | |||||||
Derivative assets | 61,747 | 51,591 | |||||||
Netting adjustments and cash collateral, Derivative Assets | [3] | 7,368 | |||||||
Netting adjustments and cash collateral, Derivative Assets | [3] | (14,695) | |||||||
Liabilities: | |||||||||
Accrued interest payable | 43,539 | 52,281 | |||||||
Derivative liabilities | 47,963 | 31,492 | |||||||
Netting adustments and cash collateral, Derivative Liabilities | [3] | (349,801) | (183,174) | ||||||
Carrying Value [Member] | |||||||||
Assets: | |||||||||
Cash and due from banks | 214,023 | 682,670 | |||||||
Interest-bearing deposits | 371,834 | 100,594 | |||||||
Securities purchased under agreements to resell | 2,993,427 | 3,945,000 | |||||||
Federal funds sold | 1,823,000 | 2,000,000 | |||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||
Held-to-maturity securities, Carrying Value | 4,703,442 | 4,770,817 | |||||||
Advances | 26,182,562 | 23,580,371 | |||||||
Mortgage loans held for portfolio, net of allowance | 6,472,599 | 6,390,708 | |||||||
Accrued interest receivable | 77,918 | 79,233 | |||||||
Derivative assets | 61,747 | 51,591 | |||||||
Liabilities: | |||||||||
Deposits | 661,355 | 759,366 | |||||||
Mandatorily redeemable capital stock | 4,356 | 2,739 | |||||||
Accrued interest payable | 43,539 | 52,281 | |||||||
Derivative liabilities | 47,963 | 31,492 | |||||||
Carrying Value [Member] | Standby letters of credit [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | (1,040) | (1,078) | |||||||
Carrying Value [Member] | Standby bond purchase agreements [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), asset | 17 | 98 | |||||||
Carrying Value [Member] | Advance commitments [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | 0 | ||||||||
Other asset (liability), asset | 0 | ||||||||
Carrying Value [Member] | Consolidated Obligation Discount Notes [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation discount notes | 26,887,678 | 21,813,446 | |||||||
Carrying Value [Member] | Consolidated Obligation Bonds [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation bonds | 16,753,990 | 19,866,034 | |||||||
Fair Value [Member] | |||||||||
Assets: | |||||||||
Cash and due from banks | 214,023 | 682,670 | |||||||
Interest-bearing deposits | 371,834 | 100,594 | |||||||
Securities purchased under agreements to resell | 2,993,427 | 3,945,000 | |||||||
Federal funds sold | 1,823,000 | 2,000,000 | |||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||
Held-to-maturity securities | 4,695,449 | 4,765,095 | |||||||
Advances | 26,249,464 | 23,609,868 | |||||||
Mortgage loans held for portfolio, net of allowance | 6,781,026 | 6,571,563 | |||||||
Accrued interest receivable | 77,918 | 79,233 | |||||||
Derivative assets | 61,747 | 51,591 | |||||||
Liabilities: | |||||||||
Deposits | 661,355 | 759,366 | |||||||
Mandatorily redeemable capital stock | 4,356 | 2,739 | |||||||
Accrued interest payable | 43,539 | 52,281 | |||||||
Derivative liabilities | 47,963 | 31,492 | |||||||
Fair Value [Member] | Standby letters of credit [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | (1,040) | (1,078) | |||||||
Fair Value [Member] | Standby bond purchase agreements [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), asset | 7,113 | 6,995 | |||||||
Fair Value [Member] | Advance commitments [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | (3,737) | ||||||||
Other asset (liability), asset | 4,953 | ||||||||
Fair Value [Member] | Consolidated Obligation Discount Notes [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation discount notes | 26,889,115 | 21,813,507 | |||||||
Fair Value [Member] | Consolidated Obligation Bonds [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation bonds | 16,860,815 | 19,851,097 | |||||||
Level 1 [Member] | |||||||||
Assets: | |||||||||
Cash and due from banks | 214,023 | 682,670 | |||||||
Interest-bearing deposits | 0 | 0 | |||||||
Securities purchased under agreements to resell | 0 | 0 | |||||||
Federal funds sold | 0 | 0 | |||||||
Trading securities | 0 | 0 | |||||||
Available-for-sale securities | 0 | 0 | |||||||
Held-to-maturity securities | 0 | 0 | |||||||
Advances | 0 | 0 | |||||||
Mortgage loans held for portfolio, net of allowance | 0 | 0 | |||||||
Accrued interest receivable | 0 | 0 | |||||||
Derivative assets | 0 | 0 | |||||||
Liabilities: | |||||||||
Deposits | 0 | 0 | |||||||
Mandatorily redeemable capital stock | 4,356 | 2,739 | |||||||
Accrued interest payable | 0 | 0 | |||||||
Derivative liabilities | 0 | 0 | |||||||
Level 1 [Member] | Standby letters of credit [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | 0 | 0 | |||||||
Level 1 [Member] | Standby bond purchase agreements [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), asset | 0 | 0 | |||||||
Level 1 [Member] | Advance commitments [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | 0 | ||||||||
Other asset (liability), asset | 0 | ||||||||
Level 1 [Member] | Consolidated Obligation Discount Notes [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation discount notes | 0 | 0 | |||||||
Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation bonds | 0 | 0 | |||||||
Level 2 [Member] | |||||||||
Assets: | |||||||||
Cash and due from banks | 0 | 0 | |||||||
Interest-bearing deposits | 371,834 | 100,594 | |||||||
Securities purchased under agreements to resell | 2,993,427 | 3,945,000 | |||||||
Federal funds sold | 1,823,000 | 2,000,000 | |||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||
Held-to-maturity securities | 4,452,984 | 4,497,911 | |||||||
Advances | 26,249,464 | 23,609,868 | |||||||
Mortgage loans held for portfolio, net of allowance | 6,779,138 | 6,569,749 | |||||||
Accrued interest receivable | 77,918 | 79,233 | |||||||
Derivative assets | 54,379 | 66,286 | |||||||
Liabilities: | |||||||||
Deposits | 661,355 | 759,366 | |||||||
Mandatorily redeemable capital stock | 0 | 0 | |||||||
Accrued interest payable | 43,539 | 52,281 | |||||||
Derivative liabilities | 397,764 | 214,666 | |||||||
Level 2 [Member] | Standby letters of credit [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | (1,040) | (1,078) | |||||||
Level 2 [Member] | Standby bond purchase agreements [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), asset | 7,113 | 6,995 | |||||||
Level 2 [Member] | Advance commitments [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | (3,737) | ||||||||
Other asset (liability), asset | 4,953 | ||||||||
Level 2 [Member] | Consolidated Obligation Discount Notes [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation discount notes | 26,889,115 | 21,813,507 | |||||||
Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation bonds | 16,860,815 | 19,851,097 | |||||||
Level 3 [Member] | |||||||||
Assets: | |||||||||
Cash and due from banks | 0 | 0 | |||||||
Interest-bearing deposits | 0 | 0 | |||||||
Securities purchased under agreements to resell | 0 | 0 | |||||||
Federal funds sold | 0 | 0 | |||||||
Trading securities | 0 | 0 | |||||||
Available-for-sale securities | 0 | 0 | |||||||
Held-to-maturity securities | 242,465 | 267,184 | |||||||
Advances | 0 | 0 | |||||||
Mortgage loans held for portfolio, net of allowance | 1,888 | 1,814 | |||||||
Accrued interest receivable | 0 | 0 | |||||||
Derivative assets | 0 | 0 | |||||||
Liabilities: | |||||||||
Deposits | 0 | 0 | |||||||
Mandatorily redeemable capital stock | 0 | 0 | |||||||
Accrued interest payable | 0 | 0 | |||||||
Derivative liabilities | 0 | 0 | |||||||
Level 3 [Member] | Standby letters of credit [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | 0 | 0 | |||||||
Level 3 [Member] | Standby bond purchase agreements [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), asset | 0 | 0 | |||||||
Level 3 [Member] | Advance commitments [Member] | |||||||||
Other Asset (Liability): | |||||||||
Other asset (liability), liability | 0 | ||||||||
Other asset (liability), asset | 0 | ||||||||
Level 3 [Member] | Consolidated Obligation Discount Notes [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation discount notes | 0 | 0 | |||||||
Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||||||
Liabilities: | |||||||||
Consolidated obligation bonds | $ 0 | $ 0 | |||||||
|
Fair Values (Hierarchy Level for Financial Assets And Liabilities - Recurring And Nonrecurring) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | $ 2,494,963 | $ 2,294,606 | |||||||||||||||||||||||||||
Available-for-sale securities | [1] | 1,057,923 | 495,063 | ||||||||||||||||||||||||||
Total derivative assets | 61,747 | 51,591 | |||||||||||||||||||||||||||
Netting adjustments and cash collateral, Derivative Assets | [2] | (14,695) | |||||||||||||||||||||||||||
Netting adjustments and cash collateral, Derivative Assets | [2] | 7,368 | |||||||||||||||||||||||||||
Total derivative liabilities | 47,963 | 31,492 | |||||||||||||||||||||||||||
Netting adustments and cash collateral, Derivative Liabilities | [2] | (349,801) | (183,174) | ||||||||||||||||||||||||||
Held-to-maturity securities | 4,695,449 | 4,765,095 | |||||||||||||||||||||||||||
GSE obligations [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [3] | 1,493,441 | 1,338,639 | ||||||||||||||||||||||||||
U.S. obligation MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [4] | 744 | 801 | ||||||||||||||||||||||||||
GSE MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [5] | 1,000,778 | 955,166 | ||||||||||||||||||||||||||
Residential MBS [Member] | Private-label residential MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Held-to-maturity securities | 137,654 | 160,555 | |||||||||||||||||||||||||||
Level 2 [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||||||||||||||||||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||||||||||||||||||||||
Total derivative assets | 54,379 | 66,286 | |||||||||||||||||||||||||||
Total derivative liabilities | 397,764 | 214,666 | |||||||||||||||||||||||||||
Held-to-maturity securities | 4,452,984 | 4,497,911 | |||||||||||||||||||||||||||
Mortgage loans held for portfolio | 6,779,138 | 6,569,749 | |||||||||||||||||||||||||||
Level 3 [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | 0 | 0 | |||||||||||||||||||||||||||
Available-for-sale securities | 0 | 0 | |||||||||||||||||||||||||||
Total derivative assets | 0 | 0 | |||||||||||||||||||||||||||
Total derivative liabilities | 0 | 0 | |||||||||||||||||||||||||||
Held-to-maturity securities | 242,465 | 267,184 | |||||||||||||||||||||||||||
Mortgage loans held for portfolio | 1,888 | 1,814 | |||||||||||||||||||||||||||
Fair Value [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||||||||||||||||||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||||||||||||||||||||||
Total derivative assets | 61,747 | 51,591 | |||||||||||||||||||||||||||
Total derivative liabilities | 47,963 | 31,492 | |||||||||||||||||||||||||||
Held-to-maturity securities | 4,695,449 | 4,765,095 | |||||||||||||||||||||||||||
Mortgage loans held for portfolio | 6,781,026 | 6,571,563 | |||||||||||||||||||||||||||
Recurring fair value measurements [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Netting adjustments and cash collateral, Derivative Assets | [6] | (14,695) | |||||||||||||||||||||||||||
Netting adjustments and cash collateral, Derivative Assets | [6] | 7,368 | |||||||||||||||||||||||||||
Netting adustments and cash collateral, Derivative Liabilities | [6] | (349,801) | (183,174) | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Interest-rate related [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Netting adjustments and cash collateral, Derivative Assets | [6] | (14,695) | |||||||||||||||||||||||||||
Netting adjustments and cash collateral, Derivative Assets | [6] | 7,368 | |||||||||||||||||||||||||||
Netting adustments and cash collateral, Derivative Liabilities | [6] | (349,801) | (183,174) | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Level 2 [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||||||||||||||||||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||||||||||||||||||||||
Total derivative assets | 54,379 | 66,286 | |||||||||||||||||||||||||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 3,607,265 | 2,855,955 | |||||||||||||||||||||||||||
Total derivative liabilities | 397,764 | 214,666 | |||||||||||||||||||||||||||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 397,764 | 214,666 | |||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Level 2 [Member] | Interest-rate related [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Total derivative assets | 53,552 | 66,215 | |||||||||||||||||||||||||||
Total derivative liabilities | 397,764 | 214,602 | |||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Level 2 [Member] | Mortgage delivery commitments [Member] | Mortgages [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Total derivative assets | 827 | 71 | |||||||||||||||||||||||||||
Total derivative liabilities | 64 | ||||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE obligations [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [7] | 1,493,441 | 1,338,639 | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Level 2 [Member] | U.S. obligation MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [8] | 744 | 801 | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [9] | 1,000,778 | 955,166 | ||||||||||||||||||||||||||
Available-for-sale securities | [10] | 1,057,923 | 495,063 | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Fair Value [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | 2,494,963 | 2,294,606 | |||||||||||||||||||||||||||
Available-for-sale securities | 1,057,923 | 495,063 | |||||||||||||||||||||||||||
Total derivative assets | 61,747 | 51,591 | |||||||||||||||||||||||||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 3,614,633 | 2,841,260 | |||||||||||||||||||||||||||
Total derivative liabilities | 47,963 | 31,492 | |||||||||||||||||||||||||||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 47,963 | 31,492 | |||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Fair Value [Member] | Interest-rate related [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Total derivative assets | 60,920 | 51,520 | |||||||||||||||||||||||||||
Total derivative liabilities | 47,963 | 31,428 | |||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Fair Value [Member] | Mortgage delivery commitments [Member] | Mortgages [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Total derivative assets | 827 | 71 | |||||||||||||||||||||||||||
Total derivative liabilities | 64 | ||||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE obligations [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [7] | 1,493,441 | 1,338,639 | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Fair Value [Member] | U.S. obligation MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [8] | 744 | 801 | ||||||||||||||||||||||||||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Trading securities | [9] | 1,000,778 | 955,166 | ||||||||||||||||||||||||||
Available-for-sale securities | [10] | 1,057,923 | 495,063 | ||||||||||||||||||||||||||
Nonrecurring fair value measurements - Assets: [Member] | Level 3 [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 7,483 | [11] | 10,142 | [12] | |||||||||||||||||||||||||
Mortgage loans held for portfolio | 1,895 | [11] | 1,823 | [12] | |||||||||||||||||||||||||
Real estate owned | 807 | [11] | 2,168 | [12] | |||||||||||||||||||||||||
Nonrecurring fair value measurements - Assets: [Member] | Level 3 [Member] | Residential MBS [Member] | Private-label residential MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Held-to-maturity securities | 4,781 | [11] | 6,151 | [12] | |||||||||||||||||||||||||
Nonrecurring fair value measurements - Assets: [Member] | Fair Value [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 7,483 | [11] | 10,142 | [12] | |||||||||||||||||||||||||
Mortgage loans held for portfolio | 1,895 | [11] | 1,823 | [12] | |||||||||||||||||||||||||
Real estate owned | 807 | [11] | 2,168 | [12] | |||||||||||||||||||||||||
Nonrecurring fair value measurements - Assets: [Member] | Fair Value [Member] | Residential MBS [Member] | Private-label residential MBS [Member] | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||
Held-to-maturity securities | $ 4,781 | [11] | $ 6,151 | [12] | |||||||||||||||||||||||||
|
Commitments And Contingencies (Narrative) (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Loss Contingencies [Line Items] | ||
Carrying value included in other liabilities | $ 44,423,000 | $ 31,012,000 |
Number of in-district state housing authorities with standby bond purchase agreements | 2 | 2 |
Number of out-of-district state housing authorities with standby bond purchase agreements | 1 | 1 |
Number of participation interests standby bond purchase agreements with another FHLBank and state housing authorities in its district | 1 | 1 |
Mortgage Delivery Commitments Derivative Asset (Liability) | $ 827,000 | $ 7,000 |
Consolidated obligations: | ||
Obligation with Joint and Several Liability Arrangement, Description | As provided by the Federal Home Loan Bank Act of 1932, as amended (Bank Act) or Finance Agency regulation, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. | |
Obligation with joint and several liability arrangement, off balance sheet amount | $ 920,212,833,000 | 863,556,912,000 |
Standby Letters of Credit Outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Carrying value included in other liabilities | $ 1,040,000 | $ 1,078,000 |
Standby Letters of Credit Outstanding [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Debt Instrument, original term | 3 days | 6 days |
Standby Letters of Credit Outstanding [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Debt Instrument, original term | 10 years | 10 years |
Commitment Expiration Year | 2020 | 2020 |
Commitments for standby bond purchases [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Expiration Year | 2020 | |
Forward Settling Advance Commitments [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Term | 24 months | |
Mortgages [Member] | Commitments to fund or purchase mortgage loans [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Term | 60 days |
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Standby letters of credit outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | $ 2,828,796 | $ 2,795,968 |
Expiring After One Year | 13,598 | 16,598 |
Total | 2,842,394 | 2,812,566 |
Advance commitments outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 106,846 | 104,473 |
Expiring After One Year | 66,975 | 24,950 |
Total | 173,821 | 129,423 |
Commitments for standby bond purchases [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 395,225 | 314,742 |
Expiring After One Year | 928,893 | 1,108,133 |
Total | 1,324,118 | 1,422,875 |
Commitments to issue consolidated bonds, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 530,000 | 55,000 |
Expiring After One Year | 0 | 0 |
Total | 530,000 | 55,000 |
Commitments to issue consolidated obligations discount notes, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 650,000 | 1,154,355 |
Expiring After One Year | 0 | 0 |
Total | 650,000 | 1,154,355 |
Mortgages [Member] | Commitments to fund or purchase mortgage loans [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 130,623 | 66,045 |
Expiring After One Year | 0 | 0 |
Total | $ 130,623 | $ 66,045 |
Transactions With Stockholders And Housing Associates (Narrative) (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
MidFirst Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Loans And Leases Receivable, Acquired or Funded With Related Party During Period | $ 0 | $ 0 |
Bank of Oklahoma, NA [Member] | ||
Related Party Transaction [Line Items] | ||
Loans And Leases Receivable, Acquired or Funded With Related Party During Period | $ 0 | $ 0 |
Transactions With Stockholders And Housing Associates (Related Party Transactions, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Related Party Transaction [Line Items] | ||
Outstanding Advances | $ 26,182,562 | $ 23,580,371 |
Outstanding Deposits | 661,355 | 759,366 |
Ten Percent Owner [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 484,196 | $ 392,633 |
Regulatory Capital Stock, Percent Of Total | 35.80% | 32.40% |
Outstanding Advances | $ 10,205,000 | $ 8,579,000 |
Outstanding Advances, Percent of Total | 39.20% | 36.50% |
Outstanding Deposits | $ 4,560 | $ 22,033 |
Outstanding Deposits, Percent of Total | 0.70% | 2.90% |
Ten Percent Owner [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 10,000 | $ 1,000 |
Regulatory Capital Stock, Percent Of Total | 5.30% | 0.60% |
Ten Percent Owner [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 474,196 | $ 391,633 |
Regulatory Capital Stock, Percent Of Total | 40.90% | 38.10% |
Bank of Oklahoma, NA [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 283,155 | $ 219,415 |
Regulatory Capital Stock, Percent Of Total | 20.90% | 18.10% |
Outstanding Advances | $ 5,800,000 | $ 4,800,000 |
Outstanding Advances, Percent of Total | 22.30% | 20.40% |
Outstanding Deposits | $ 3,938 | $ 21,492 |
Outstanding Deposits, Percent of Total | 0.60% | 2.80% |
Bank of Oklahoma, NA [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 9,500 | $ 500 |
Regulatory Capital Stock, Percent Of Total | 5.00% | 0.30% |
Bank of Oklahoma, NA [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 273,655 | $ 218,915 |
Regulatory Capital Stock, Percent Of Total | 23.60% | 21.30% |
MidFirst Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 201,041 | $ 173,218 |
Regulatory Capital Stock, Percent Of Total | 14.90% | 14.30% |
Outstanding Advances | $ 4,405,000 | $ 3,779,000 |
Outstanding Advances, Percent of Total | 16.90% | 16.10% |
Outstanding Deposits | $ 622 | $ 541 |
Outstanding Deposits, Percent of Total | 0.10% | 0.10% |
MidFirst Bank [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 500 | $ 500 |
Regulatory Capital Stock, Percent Of Total | 0.30% | 0.30% |
MidFirst Bank [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 200,541 | $ 172,718 |
Regulatory Capital Stock, Percent Of Total | 17.30% | 16.80% |
Transactions With Stockholders And Housing Associates (Related Party Transactions, by Balance Sheet Grouping-Directors) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Related Party Transaction [Line Items] | ||
Advances, Outstanding Amount | $ 26,182,562 | $ 23,580,371 |
Deposits, Outstanding Amount | 661,355 | 759,366 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 7,867 | $ 8,748 |
TOTAL CAPITAL STOCK, Percent Of Total | 0.60% | 0.70% |
Advances, Outstanding Amount | $ 141,898 | $ 150,566 |
Advances, Percent of Total | 0.50% | 0.60% |
Deposits, Outstanding Amount | $ 10,649 | $ 7,895 |
Deposits, Percent of Total | 1.60% | 1.00% |
Director [Member] | Class A [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 3,822 | $ 4,023 |
TOTAL CAPITAL STOCK, Percent Of Total | 2.00% | 2.20% |
Director [Member] | Class B [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 4,045 | $ 4,725 |
TOTAL CAPITAL STOCK, Percent Of Total | 0.30% | 0.50% |
Transactions With Stockholders And Housing Associates (Schedule Of Related Party Transactions, Mortgage Loans Disclosure) (Details) - Director [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Related Party Transaction [Line Items] | ||||
Mortgage loans acquired | $ 21,602 | $ 36,771 | $ 33,703 | $ 63,562 |
Mortgage loans aquired, Percent of Total | 6.60% | 11.50% | 6.10% | 10.80% |
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