10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________.

Commission File No. 000-51399

FEDERAL HOME LOAN BANK OF CINCINNATI

(Exact name of registrant as specified in its charter)

Federally chartered corporation	31-6000228
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
600 Atrium Two, P.O. Box 598,
Cincinnati, Ohio	45201-0598
(Address of principal executive offices)	(Zip Code)

(513) 852-7500

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

x Yes   o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    

x Yes   o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o	Non-accelerated filer x	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes   x No

As of April 30, 2015, the registrant had 43,874,183 shares of capital stock outstanding, which included stock classified as mandatorily redeemable. The capital stock of the registrant is not listed on any securities exchange or quoted on any automated quotation system, only may be owned by members and former members and is transferable only at its par value of $100 per share.

Page 1 of 72

Table of Contents

	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited):
	Statements of Condition - March 31, 2015 and December 31, 2014	3
	Statements of Income - Three months ended March 31, 2015 and 2014	4
	Statements of Comprehensive Income - Three months ended March 31, 2015 and 2014	5
	Statements of Capital - Three months ended March 31, 2015 and 2014	6
	Statements of Cash Flows - Three months ended March 31, 2015 and 2014	7
	Notes to Unaudited Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	70
Item 4.	Controls and Procedures	70
	PART II - OTHER INFORMATION	70
Item 1A.	Risk Factors	70
Item 6.	Exhibits	71
Signatures		71

2

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF CONDITION

(In thousands, except par value)

(Unaudited)

	March 31, 2015			December 31, 2014
ASSETS
Cash and due from banks	$	116,471		$	3,109,970
Interest-bearing deposits	228			119
Securities purchased under agreements to resell	3,950,000			3,343,000
Federal funds sold	5,705,000			6,600,000
Investment securities:
Trading securities	1,302			1,341
Available-for-sale securities	549,968			1,349,977
Held-to-maturity securities (includes $0 and $0 pledged as collateral at March 31, 2015 and December 31, 2014, respectively, that may be repledged) (a)	14,458,216			14,712,271
Total investment securities	15,009,486			16,063,589
Advances (includes $15,182 and $15,042 at fair value under fair value option at March 31, 2015 and December 31, 2014, respectively)	66,731,484			70,405,616
Mortgage loans held for portfolio:
Mortgage loans held for portfolio	7,264,697			6,989,602
Less: allowance for credit losses on mortgage loans	2,162			4,919
Mortgage loans held for portfolio, net	7,262,535			6,984,683
Accrued interest receivable	81,626			81,384
Premises, software, and equipment, net	10,833			11,282
Derivative assets	20,668			14,699
Other assets	21,129			26,077
TOTAL ASSETS	$	98,909,460		$	106,640,419
LIABILITIES
Deposits	$	841,921		$	729,936
Consolidated Obligations, net:
Discount Notes	45,627,418			41,232,127
Bonds (includes $3,449,764 and $4,209,640 at fair value under fair value option at March 31, 2015 and December 31, 2014, respectively)	46,927,301			59,216,557
Total Consolidated Obligations, net	92,554,719			100,448,684
Mandatorily redeemable capital stock	61,560			62,963
Accrued interest payable	112,273			114,781
Affordable Housing Program payable	101,973			98,103
Derivative liabilities	59,023			63,767
Other liabilities	184,475			183,177
Total liabilities	93,915,944			101,701,411
Commitments and contingencies
CAPITAL
Capital stock Class B putable ($100 par value); issued and outstanding shares: 43,024 shares at March 31, 2015 and 42,665 shares at December 31, 2014	4,302,416			4,266,543
Retained earnings:
Unrestricted	535,203			529,367
Restricted	171,884			159,694
Total retained earnings	707,087			689,061
Accumulated other comprehensive loss	(15,987		)	(16,596		)
Total capital	4,993,516			4,939,008
TOTAL LIABILITIES AND CAPITAL	$	98,909,460		$	106,640,419

(a) Fair values: $14,622,625 and $14,794,326 at March 31, 2015 and December 31, 2014, respectively.

The accompanying notes are an integral part of these financial statements.

3

FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF INCOME

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
INTEREST INCOME:
Advances	$	84,797		$	76,151
Prepayment fees on Advances, net	1,030			996
Interest-bearing deposits	21			19
Securities purchased under agreements to resell	469			296
Federal funds sold	1,865			1,129
Trading securities	6			7
Available-for-sale securities	487			760
Held-to-maturity securities	80,435			89,253
Mortgage loans held for portfolio	56,199			60,265
Total interest income	225,309			228,876
INTEREST EXPENSE:
Consolidated Obligations - Discount Notes	9,940			8,449
Consolidated Obligations - Bonds	137,283			142,157
Deposits	93			63
Mandatorily redeemable capital stock	632			1,193
Total interest expense	147,948			151,862
NET INTEREST INCOME	77,361			77,014
NON-INTEREST INCOME:
Net losses on trading securities	(5		)	(2		)
Net (losses) gains on financial instruments held under fair value option	(1,169		)	1,360
Net gains (losses) on derivatives and hedging activities	5,302			(1,083		)
Standby Letters of Credit fees	3,043			2,344
Other, net	961			1,125
Total non-interest income	8,132			3,744
NON-INTEREST EXPENSE:
Compensation and benefits	10,107			9,286
Other operating expenses	4,709			4,402
Finance Agency	1,676			1,939
Office of Finance	926			1,047
Other	285			402
Total non-interest expense	17,703			17,076
INCOME BEFORE ASSESSMENTS	67,790			63,682
Affordable Housing Program assessments	6,842			6,488
NET INCOME	$	60,948		$	57,194

The accompanying notes are an integral part of these financial statements.

4

FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
Net income	$	60,948		$	57,194
Other comprehensive income adjustments:
Net unrealized losses on available-for-sale securities	(8		)	(39		)
Pension and postretirement benefits	617			313
Total other comprehensive income adjustments	609			274
Comprehensive income	$	61,557		$	57,468

The accompanying notes are an integral part of these financial statements.

5

FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF CAPITAL

(In thousands)

(Unaudited)

	Capital Stock Class B - Putable					Retained Earnings								Accumulated Other Comprehensive			Total
	Shares		Par Value			Unrestricted			Restricted		Total			Loss			Capital
BALANCE, DECEMBER 31, 2013	46,980		$	4,697,985		$	510,321		$	110,843	$	621,164		$	(9,042	)	$	5,310,107
Proceeds from sale of capital stock	100		10,006														10,006
Repurchase of capital stock	(4,979	)	(497,875		)												(497,875		)
Net shares reclassified to mandatorily    redeemable capital stock	(108	)	(10,844		)												(10,844		)
Comprehensive income						45,755			11,439		57,194			274			57,468
Cash dividends on capital stock						(47,324		)			(47,324		)				(47,324		)
BALANCE, MARCH 31, 2014	41,993		$	4,199,272		$	508,752		$	122,282	$	631,034		$	(8,768	)	$	4,821,538
BALANCE, DECEMBER 31, 2014	42,665		$	4,266,543		$	529,367		$	159,694	$	689,061		$	(16,596	)	$	4,939,008
Proceeds from sale of capital stock	411		41,100														41,100
Net shares reclassified to mandatorily    redeemable capital stock	(52	)	(5,227		)												(5,227		)
Comprehensive income						48,758			12,190		60,948			609			61,557
Cash dividends on capital stock						(42,922		)			(42,922		)				(42,922		)
BALANCE, MARCH 31, 2015	43,024		$	4,302,416		$	535,203		$	171,884	$	707,087		$	(15,987	)	$	4,993,516

The accompanying notes are an integral part of these financial statements.

6

FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
OPERATING ACTIVITIES:
Net income	$	60,948		$	57,194
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,146			1,950
Net change in derivative and hedging activities	(9,100		)	6,731
Net change in fair value adjustments on trading securities	5			2
Net change in fair value adjustments on financial instruments held under fair value option	1,169			(1,360		)
Other adjustments	—			110
Net change in:
Accrued interest receivable	(241		)	1,488
Other assets	4,414			5,094
Accrued interest payable	(693		)	2,657
Other liabilities	4,946			(2,457		)
Total adjustments	8,646			14,215
Net cash provided by operating activities	69,594			71,409
INVESTING ACTIVITIES:
Net change in:
Interest-bearing deposits	(9,027		)	5,681
Securities purchased under agreements to resell	(607,000		)	(3,150,000		)
Federal funds sold	895,000			(2,455,000		)
Premises, software, and equipment	(206		)	(140		)
Trading securities:
Proceeds from maturities of long-term	34			59
Available-for-sale securities:
Net decrease (increase) in short-term	800,000			(355,000		)
Held-to-maturity securities:
Net (increase) decrease in short-term	(5,642		)	1,440
Proceeds from maturities of long-term	543,927			465,827
Purchases of long-term	(283,570		)	(561,789		)
Advances:
Proceeds	231,457,294			207,347,064
Made	(227,773,585		)	(207,639,145		)
Mortgage loans held for portfolio:
Principal collected	345,085			230,027
Purchases	(628,067		)	(111,428		)
Net cash provided by (used in) investing activities	4,734,243			(6,222,404		)
The accompanying notes are an integral part of these financial statements.

7

(continued from previous page)
FEDERAL HOME LOAN BANK OF CINCINNATI
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Three Months Ended March 31,
	2015			2014
FINANCING ACTIVITIES:
Net increase (decrease) in deposits and pass-through reserves	$	111,586		$	(43,457	)
Net payments on derivative contracts with financing elements	(7,567		)	(7,657		)
Net proceeds from issuance of Consolidated Obligations:
Discount Notes	57,318,356			35,297,040
Bonds	2,855,959			14,942,177
Payments for maturing and retiring Consolidated Obligations:
Discount Notes	(52,925,621		)	(40,283,314		)
Bonds	(15,141,597		)	(11,677,200		)
Proceeds from issuance of capital stock	41,100			10,006
Payments for repurchase/redemption of mandatorily redeemable capital stock	(6,630		)	(11,864		)
Payments for repurchase of capital stock	—			(497,875		)
Cash dividends paid	(42,922		)	(47,324		)
Net cash used in financing activities	(7,797,336		)	(2,319,468		)
Net decrease in cash and cash equivalents	(2,993,499		)	(8,470,463		)
Cash and cash equivalents at beginning of the period	3,109,970			8,598,933
Cash and cash equivalents at end of the period	$	116,471		$	128,470
Supplemental Disclosures:
Interest paid	$	158,511		$	157,055
Affordable Housing Program payments, net	$	2,972		$	1,854

The accompanying notes are an integral part of these financial statements.

8

FEDERAL HOME LOAN BANK OF CINCINNATI

NOTES TO UNAUDITED FINANCIAL STATEMENTS

Background Information

The Federal Home Loan Bank of Cincinnati (the FHLB), a federally chartered corporation, is one of 12 District Federal Home Loan Banks (FHLBanks). The FHLBanks serve the public by enhancing the availability of credit for residential mortgages and targeted community development. The FHLB is regulated by the Federal Housing Finance Agency (Finance Agency).

Note 1 - Basis of Presentation

The accompanying interim financial statements of the FHLB have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates. These assumptions and estimates affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ from these estimates. The interim financial statements presented are unaudited, but they include all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations, and cash flows for such periods. These financial statements do not include all disclosures associated with annual financial statements and accordingly should be read in conjunction with the audited financial statements and notes included in the FHLB's annual report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (SEC). Results for the three months endedMarch 31, 2015 are not necessarily indicative of operating results for the full year.

The FHLB presents certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when it has a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these instruments, the FHLB has elected to offset its asset and liability positions, as well as cash collateral received or pledged, when it has met the netting requirements. The FHLB did not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented.

The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time this collateral is received or pledged. Likewise, there may be a delay for excess collateral to be returned. For derivative instruments that meet the requirements for netting, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset. Additional information regarding these agreements is provided in Note 10. Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. For more information about the FHLB's investments in securities purchased under agreements to resell, see “Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies” in the FHLB's 2014 Form 10-K.

The FHLB has evaluated subsequent events for potential recognition or disclosure through the issuance of these financial statements and believes there have been no material subsequent events requiring additional disclosure or recognition in these financial statements.

Note 2 - Recently Issued Accounting Standards and Interpretations

Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. On April 15, 2015, the Financial Accounting Standards Board (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 becomes effective for the FHLB for the interim and annual periods beginning after December 15, 2015. The FHLB is in the process of evaluating this guidance and its effect on the FHLB's financial condition, results of operations, and cash flows.

Simplifying the Presentation of Debt Issuance Costs. On April 7, 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the statement of condition as a direct deduction from the carrying amount of the liability, consistent with the presentation of debt discounts. This guidance becomes effective for the FHLB for the interim and annual periods beginning after December 15,

9

2015. The guidance is required to be applied on a retrospective basis to each individual period presented on the statement of condition. The FHLB is in the process of evaluating this guidance and its effect on the FHLB's financial condition and cash flows.

Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. On August 8, 2014, the FASB issued amended guidance relating to the classification and measurement of certain government-guaranteed mortgage loans upon foreclosure. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2015, and was adopted prospectively. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Repurchase-to Maturity Transactions, Repurchase Financings, and Disclosures. On June 12, 2014, the FASB issued amended guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. This amendment requires secured borrowing accounting treatment for repurchase-to-maturity transactions and provides guidance on accounting for repurchase financing arrangements. In addition, this guidance requires additional disclosures, particularly on transfers accounted for as sales that are economically similar to repurchase agreements and on the nature of collateral pledged in repurchase agreements accounted for as secured borrowings. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2015. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. On January 17, 2014, the FASB issued guidance clarifying when consumer mortgage loans collateralized by real estate should be reclassified to real estate owned. Specifically, such collateralized mortgage loans should be reclassified to real estate owned when either the creditor obtains legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveys all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2015, and was adopted prospectively. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention. On April 9, 2012, the Finance Agency issued an advisory bulletin that establishes a standard and uniform methodology for adverse classification and identification of special mention assets and off-balance sheet credit exposures at the FHLBanks, excluding investment securities. The adverse classification requirements were implemented as of January 1, 2014; this implementation did not have a material effect on the FHLB's financial condition, results of operations, or cash flows. The charge-off requirements were implemented on January 1, 2015. The adoption of these requirements had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Note 3 - Trading Securities

Table 3.1 - Trading Securities by Major Security Types (in thousands)

Fair Value	March 31, 2015		December 31, 2014
Mortgage-backed securities:
Other U.S. obligation single-family mortgage-backed securities (1)	$	1,302	$	1,341
Total	$	1,302	$	1,341

(1) Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities.

Table 3.2 - Net Losses on Trading Securities (in thousands)

	Three Months Ended March 31,
	2015			2014
Net losses on trading securities held at period end	$	(5	)	$	(2	)
Net losses on trading securities	$	(5	)	$	(2	)

10

Note 4 - Available-for-Sale Securities

Table 4.1 - Available-for-Sale Securities by Major Security Types (in thousands)

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	550,000	$	—	$	(32	)	$	549,968
Total	$	550,000	$	—	$	(32	)	$	549,968
	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	1,350,001	$	3	$	(27	)	$	1,349,977
Total	$	1,350,001	$	3	$	(27	)	$	1,349,977

All securities outstanding with gross unrealized losses at March 31, 2015 and December 31, 2014 have been in a continuous unrealized loss position for less than 12 months.

Table 4.2 - Available-for-Sale Securities by Contractual Maturity (in thousands)

	March 31, 2015				December 31, 2014
Year of Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	550,000	$	549,968	$	1,350,001	$	1,349,977

Table 4.3 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands)

	March 31, 2015		December 31, 2014
Amortized cost of available-for-sale securities:
Fixed-rate	$	550,000	$	1,350,001

Realized Gains and Losses. The FHLB had no sales of securities out of its available-for-sale portfolio for the three months endedMarch 31, 2015 or 2014.

11

Note 5 - Held-to-Maturity Securities

Table 5.1 - Held-to-Maturity Securities by Major Security Types (in thousands)

	March 31, 2015
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-mortgage-backed securities:
Government-sponsored enterprises (GSE) (2)	$	31,741	$	1	$	—		$	31,742
Total non-mortgage-backed securities	31,741		1		—			31,742
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (3)	2,249,445		18,242		—			2,267,687
GSE single-family mortgage-backed securities (4)	12,177,030		209,467		(63,301		)	12,323,196
Total mortgage-backed securities	14,426,475		227,709		(63,301		)	14,590,883
Total	$	14,458,216	$	227,710	$	(63,301	)	$	14,622,625
	December 31, 2014
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-mortgage-backed securities:
GSE (2)	$	26,099	$	—	$	—		$	26,099
Total non-mortgage-backed securities	26,099		—		—			26,099
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (3)	2,038,960		10,021		(1,017		)	2,047,964
GSE single-family mortgage-backed securities (4)	12,647,212		191,870		(118,819		)	12,720,263
Total mortgage-backed securities	14,686,172		201,891		(119,836		)	14,768,227
Total	$	14,712,271	$	201,891	$	(119,836	)	$	14,794,326

(1) Carrying value equals amortized cost.

(2) Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

(3) Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government.

(4) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

Table 5.2 - Net Purchased Discounts Included in the Amortized Cost of Mortgage-backed Securities Classified as Held-to-Maturity (in thousands)

	March 31, 2015			December 31, 2014
Premiums	$	30,225		$	24,473
Discounts	(47,820		)	(51,357		)
Net purchased discounts	$	(17,595	)	$	(26,884	)

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Table 5.3 summarizes the held-to-maturity securities with unrealized losses, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.

Table 5.3 - Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands)

	March 31, 2015
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities:
GSE single-family mortgage-backed securities (1)	$	2,551,512	$	(17,919	)	$	2,328,130	$	(45,382	)	$	4,879,642	$	(63,301	)
Total	$	2,551,512	$	(17,919	)	$	2,328,130	$	(45,382	)	$	4,879,642	$	(63,301	)
	December 31, 2014
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (2)	$	—	$	—		$	197,625	$	(1,017	)	$	197,625	$	(1,017	)
GSE single-family mortgage-backed securities (1)	631,907		(1,348		)	5,555,049		(117,471		)	6,186,956		(118,819		)
Total	$	631,907	$	(1,348	)	$	5,752,674	$	(118,488	)	$	6,384,581	$	(119,836	)

(1) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

(2) Consists of Ginnie Mae mortgage-backed securities.

Table 5.4 - Held-to-Maturity Securities by Contractual Maturity (in thousands)

	March 31, 2015				December 31, 2014
Year of Maturity	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Non-mortgage-backed securities:
Due in 1 year or less	$	31,741	$	31,742	$	26,099	$	26,099
Due after 1 year through 5 years	—		—		—		—
Due after 5 years through 10 years	—		—		—		—
Due after 10 years	—		—		—		—
Total non-mortgage-backed securities	31,741		31,742		26,099		26,099
Mortgage-backed securities (2)	14,426,475		14,590,883		14,686,172		14,768,227
Total	$	14,458,216	$	14,622,625	$	14,712,271	$	14,794,326

(1) Carrying value equals amortized cost.

(2) Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Table 5.5 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands)

	March 31, 2015		December 31, 2014
Amortized cost of non-mortgage-backed securities:
Fixed-rate	$	31,741	$	26,099
Total amortized cost of non-mortgage-backed securities	31,741		26,099
Amortized cost of mortgage-backed securities:
Fixed-rate	11,941,056		12,091,591
Variable-rate	2,485,419		2,594,581
Total amortized cost of mortgage-backed securities	14,426,475		14,686,172
Total	$	14,458,216	$	14,712,271

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Realized Gains and Losses. From time to time the FHLB may sell securities out of its held-to-maturity portfolio. These securities, generally, have less than 15 percent of the acquired principal outstanding at the time of the sale. These sales are considered maturities for the purposes of security classification. For the three months endedMarch 31, 2015 or 2014, the FHLB did not sell any held-to-maturity securities.

Note 6 - Other-Than-Temporary Impairment Analysis

The FHLB evaluates its individual available-for-sale and held-to-maturity investment securities holdings in an unrealized loss position for other-than-temporary impairment on a quarterly basis.

For its Other U.S. obligations and GSE investments (mortgage-backed securities and non-mortgage-backed securities), the FHLB determined that the strength of the issuers' guarantees through direct obligations or support from the U.S. government is sufficient to protect the FHLB from losses based on current expectations. As a result, the FHLB determined that, as of March 31, 2015, all of the gross unrealized losses on these investments were temporary as the declines in market value of these securities were not attributable to credit quality. Furthermore, the FHLB does not intend to sell the investments, and it is not more likely than not that the FHLB will be required to sell the investments before recovery of their amortized cost bases. As a result, the FHLB did not consider any of these investments to be other-than-temporarily impaired at March 31, 2015.

The FHLB also reviewed its available-for-sale securities that have experienced unrealized losses at March 31, 2015 and determined that the unrealized losses were temporary, based on the creditworthiness of the issuers and the related collateral characteristics, and that the FHLB will recover its entire amortized cost basis. Additionally, because the FHLB does not intend to sell these securities, nor is it more likely than not that the FHLB will be required to sell the securities before recovery, it did not consider the investments to be other-than-temporarily impaired at March 31, 2015.

The FHLB did not consider any of its investments to be other-than-temporarily impaired at December 31, 2014.

Note 7 - Advances

The FHLB offers a wide range of fixed- and variable-rate Advance products with different maturities, interest rates, payment characteristics and optionality. At March 31, 2015 and December 31, 2014, the FHLB had Advances outstanding, including Affordable Housing Program (AHP) Advances (see Note 13), at interest rates ranging from 0.00 percent to 8.85 percent and from 0.00 percent to 9.20, respectively. Advances with interest rates of 0.00 percent are AHP Advances. The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules.

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Table 7.1 - Advance Redemption Terms (dollars in thousands)

	March 31, 2015					December 31, 2014
Redemption Term	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	13,611,355		0.38	%	$	14,139,630		0.40	%
Due after 1 year through 2 years	16,060,019			0.60		14,810,847			0.54
Due after 2 years through 3 years	10,065,632			0.81		12,829,760			0.69
Due after 3 years through 4 years	14,382,943			0.56		14,222,722			0.60
Due after 4 years through 5 years	10,529,952			0.59		10,724,619			0.54
Thereafter	1,964,965			2.33		3,570,929			1.51
Total par value	66,614,866			0.63		70,298,507			0.60
Commitment fees	(692		)			(699		)
Discount on AHP Advances	(11,342		)			(12,110		)
Premiums	2,981					3,058
Discounts	(10,912		)			(12,572		)
Hedging adjustments	136,401					129,390
Fair value option valuation adjustments and accrued interest	182					42
Total	$	66,731,484				$	70,405,616

The FHLB offers Advances to members that may be prepaid on specified dates (call dates) without incurring prepayment or termination fees (callable Advances). If the call option is exercised, replacement funding may be available. Other Advances may only be prepaid subject to a prepayment fee paid to the FHLB that makes the FHLB financially indifferent to the prepayment of the Advance. At March 31, 2015 and December 31, 2014, the FHLB had callable Advances (in thousands) of $13,254,749 and $15,098,357.

Table 7.2 - Advances by Year of Contractual Maturity or Next Call Date for Callable Advances (in thousands)

Year of Contractual Maturity or Next Call Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	19,986,769	$	23,003,946
Due after 1 year through 2 years	12,788,302		12,159,384
Due after 2 years through 3 years	11,087,732		9,659,975
Due after 3 years through 4 years	11,379,467		12,295,893
Due after 4 years through 5 years	9,768,631		9,970,280
Thereafter	1,603,965		3,209,029
Total par value	$	66,614,866	$	70,298,507

The FHLB also offers putable Advances. With a putable Advance, the FHLB effectively purchases put options from the member that allows the FHLB to terminate the Advance at predetermined dates. The FHLB normally would exercise its option when interest rates increase relative to contractual rates. At March 31, 2015 and December 31, 2014, the FHLB had putable Advances, excluding those where the related put options have expired, totaling (in thousands) $1,579,900 and $1,617,400.

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Table 7.3 - Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances (in thousands)

Year of Contractual Maturity or Next Put/Convert Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	15,177,255	$	15,753,030
Due after 1 year through 2 years	15,739,519		14,663,847
Due after 2 years through 3 years	9,180,732		12,115,860
Due after 3 years through 4 years	14,192,443		13,649,722
Due after 4 years through 5 years	10,529,952		10,715,119
Thereafter	1,794,965		3,400,929
Total par value	$	66,614,866	$	70,298,507

Table 7.4 - Advances by Interest Rate Payment Terms (in thousands)

	March 31, 2015		December 31, 2014
Total fixed-rate (1)	$	17,105,017	$	17,945,050
Total variable-rate (1)	49,509,849		52,353,457
Total par value	$	66,614,866	$	70,298,507

(1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance.

Table 7.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions)

March 31, 2015					December 31, 2014
	Principal		% of Total			Principal		% of Total
JPMorgan Chase Bank, N.A.	$	38,300	57	%	JPMorgan Chase Bank, N.A.	$	41,300	59	%
U.S. Bank, N.A.	8,298		12		U.S. Bank, N.A.	8,338		12
Total	$	46,598	69	%	Total	$	49,638	71	%

Note 8 - Mortgage Loans Held for Portfolio

Table 8.1 - Mortgage Loans Held for Portfolio (in thousands)

	March 31, 2015			December 31, 2014
Unpaid principal balance:
Fixed rate medium-term single-family mortgage loans (1)	$	1,376,759		$	1,393,525
Fixed rate long-term single-family mortgage loans	5,683,026			5,402,479
Total unpaid principal balance	7,059,785			6,796,004
Premiums	184,415			179,540
Discounts	(2,258		)	(2,460		)
Hedging basis adjustments (2)	22,755			16,518
Total mortgage loans held for portfolio	$	7,264,697		$	6,989,602

(1) Medium-term is defined as a term of 15 years or less.

(2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly.

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Table 8.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands)

	March 31, 2015		December 31, 2014
Unpaid principal balance:
Conventional mortgage loans	$	6,492,346	$	6,203,318
Federal Housing Administration (FHA) mortgage loans	567,439		592,686
Total unpaid principal balance	$	7,059,785	$	6,796,004

For information related to the FHLB's credit risk on mortgage loans and allowance for credit losses, see Note 9.

Table 8.3 - Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions)

	March 31, 2015					December 31, 2014
	Principal		% of Total			Principal		% of Total
Union Savings Bank	$	1,768	25	%	Union Savings Bank	$	1,593	23	%
PNC Bank, N.A.(1)	1,020		14		PNC Bank, N.A. (1)	1,074		16
Guardian Savings Bank FSB	470		7		Guardian Savings Bank FSB	406		6

(1) Former member.

Note 9 - Allowance for Credit Losses

The FHLB has established an allowance methodology for each of the FHLB's portfolio segments: credit products (Advances, Letters of Credit and other extensions of credit to members); FHA mortgage loans held for portfolio; and conventional mortgage loans held for portfolio.

Credit products

The FHLB manages its credit exposure to credit products through an integrated approach that includes establishing a credit limit for each borrower, includes an ongoing review of each borrower's financial condition and is coupled with detailed collateral and lending policies to limit risk of loss while balancing borrowers' needs for a reliable source of funding. In addition, the FHLB lends to eligible borrowers in accordance with federal statutes, including the FHLBank Act, and Finance Agency regulations, which require the FHLB to obtain sufficient collateral to fully secure credit products. The estimated value of the collateral required to secure each member's credit products is calculated by applying collateral discounts, or haircuts, to the value of the collateral. The FHLB accepts certain investment securities, residential mortgage loans, deposits, and other real estate related assets as collateral. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business and agriculture loans. The FHLB's capital stock owned by its member borrowers is also pledged as collateral. Collateral arrangements and a member’s borrowing capacity vary based on the financial condition and performance of the institution, the types of collateral pledged and the overall quality of those assets. The FHLB can also require additional or substitute collateral to protect its security interest. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from credit products.

Members experiencing financial difficulties are subject to FHLB-performed “stress tests” of the impact of poorly performing assets on the member’s capital and loss reserve positions. Depending on the results of these tests and the level of overcollateralization, a member may be allowed to maintain pledged loan assets in its custody, may be required to deliver those loans into the custody of the FHLB or its agent, and/or may be required to provide details on these loans to facilitate an estimate of their fair value. The FHLB perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the FHLB by a member priority over the claims or rights of any other party except for claims or rights of a third party that would be entitled to priority under otherwise applicable law and that are held by a bona fide purchaser for value or by a secured party holding a prior perfected security interest.

Using a risk-based approach, the FHLB considers the payment status, collateralization levels, and borrower's financial condition to be indicators of credit quality for its credit products. At March 31, 2015 and December 31, 2014, the FHLB had rights to collateral on a member-by-member basis with an estimated value in excess of its outstanding extensions of credit.

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The FHLB evaluates and makes changes to its collateral guidelines, as necessary, based on current market conditions. At March 31, 2015 and December 31, 2014, the FHLB did not have any Advances that were past due, in non-accrual status, or impaired. In addition, there were no troubled debt restructurings related to credit products of the FHLB during the three months endedMarch 31, 2015 or 2014.

The FHLB has not experienced any credit losses on Advances since it was founded in 1932. Based upon the collateral held as security, its credit extension and collateral policies, management's credit analysis and the repayment history on credit products, the FHLB did not record any credit losses on credit products as of March 31, 2015 or December 31, 2014. Accordingly, the FHLB did not record any allowance for credit losses on Advances.

At March 31, 2015 and December 31, 2014, no liability to reflect an allowance for credit losses for off-balance sheet credit exposures was recorded. See Note 19 for additional information on the FHLB's off-balance sheet credit exposure.

MortgageLoans Held for Portfolio- FHA

The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. Any losses from such loans are expected to be recovered from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status.

Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP)

The allowance for conventional loans is determined by analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors.

Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The credit risk analysis of all conventional mortgage loans is performed at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a member in which the member agrees to make every attempt to sell a specific dollar amount of loans to the FHLB over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates, based on historical experience, how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses.

Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. Specifically identified loans evaluated for impairment are removed from the collectively evaluated mortgage loan population.

Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above.

Rollforward of Allowance for Credit Losses on Mortgage Loans. The following tables present a rollforward of the allowance for credit losses on conventional mortgage loans as well as the recorded investment in mortgage loans by impairment methodology. The recorded investment in a loan is the unpaid principal balance of the loan adjusted for accrued interest,

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unamortized premiums or discounts, hedging basis adjustments and direct write-downs. The recorded investment is not net of any allowance.

Table 9.1 - Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands)

	Three Months Ended March 31,
	2015			2014
Balance, beginning of period	$	4,919		$	7,233
Charge-offs, net of recoveries (1)	(2,757		)	(578		)
Balance, end of period	$	2,162		$	6,655

(1) On January 1, 2015, the FHLB adopted the charge off provisions of the Finance Agency's Advisory Bulletin 2012-02, which require the FHLB to charge off the estimated loss portion of loans 180 days or more past due and certain loans in which the borrower has filed for bankruptcy.

Table 9.2 - Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands)

	March 31, 2015		December 31, 2014
Allowance for credit losses, end of period:
Collectively evaluated for impairment	$	2,162	$	4,766
Individually evaluated for impairment	—		153
Total	$	2,162	$	4,919
Recorded investment, end of period:
Collectively evaluated for impairment	$	6,704,384	$	6,402,994
Individually evaluated for impairment	8,933		8,639
Total recorded investment	$	6,713,317	$	6,411,633

Credit Enhancements. The conventional mortgage loans under the MPP are supported by some combination of credit enhancements (primary mortgage insurance (PMI), supplemental mortgage insurance (SMI) and the Lender Risk Account (LRA), including pooled LRA for those members participating in an aggregated MPP pool). The amount of credit enhancements needed to protect the FHLB against credit losses is determined through use of a third-party default model. These credit enhancements apply after a homeowner's equity is exhausted. Beginning in February 2011, the FHLB discontinued the use of SMI for all new loan purchases and replaced it with expanded use of the LRA. The LRA is funded by the FHLB as a portion of the purchase proceeds to cover expected losses. Excess funds over required balances are distributed to the member in accordance with a step-down schedule that is established upon execution of a Master Commitment Contract, subject to performance of the related loan pool. The LRA established for a pool of loans is limited to only covering losses of that specific pool of loans.

Table 9.3 - Changes in the LRA (in thousands)

	Three Months Ended
	March 31, 2015
LRA at beginning of year	$	129,213
Additions	9,062
Claims	(329		)
Scheduled distributions	(844		)
LRA at end of period	$	137,102

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Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, non-accrual loans, and loans in process of foreclosure. The table below summarizes the FHLB's key credit quality indicators for mortgage loans.

Table 9.4 - Recorded Investment in Delinquent Mortgage Loans (dollars in thousands)

	March 31, 2015
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	44,397		$	33,335		$	77,732
Past due 60-89 days delinquent	8,307			9,465			17,772
Past due 90 days or more delinquent	39,521			22,468			61,989
Total past due	92,225			65,268			157,493
Total current mortgage loans	6,621,092			511,375			7,132,467
Total mortgage loans	$	6,713,317		$	576,643		$	7,289,960
Other delinquency statistics:
In process of foreclosure, included above (1)	$	31,689		$	11,267		$	42,956
Serious delinquency rate (2)	0.59		%	3.98		%	0.86		%
Past due 90 days or more still accruing interest (3)	$	32,614		$	22,468		$	55,082
Loans on non-accrual status, included above	$	7,335		$	—		$	7,335
	December 31, 2014
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	49,053		$	42,744		$	91,797
Past due 60-89 days delinquent	13,597			12,881			26,478
Past due 90 days or more delinquent	42,991			25,045			68,036
Total past due	105,641			80,670			186,311
Total current mortgage loans	6,305,992			522,042			6,828,034
Total mortgage loans	$	6,411,633		$	602,712		$	7,014,345
Other delinquency statistics:
In process of foreclosure, included above (1)	$	34,854		$	11,687		$	46,541
Serious delinquency rate (2)	0.68		%	4.27		%	0.99		%
Past due 90 days or more still accruing interest (3)	$	41,857		$	25,045		$	66,902
Loans on non-accrual status, included above	$	3,574		$	—		$	3,574

(1) Includes loans where the decision of foreclosure or a 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.

(2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount.

(3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status.

The FHLB did not have any real estate owned at March 31, 2015 or December 31, 2014.

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Individually Evaluated Impaired Loans. Table 9.5 presents the recorded investment, unpaid principal balance, and related allowance associated with loans individually evaluated for investment.

Table 9.5 - Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands)

	March 31, 2015						December 31, 2014
Conventional MPP loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance	$	8,933	$	8,745	$	—	$	5,297	$	5,165	$	—
With an allowance	—		—		—		3,342		3,293		153
Total	$	8,933	$	8,745	$	—	$	8,639	$	8,458	$	153

Table 9.6 - Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands)

	Three Months Ended March 31,
	2015				2014
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	8,491	$	112	$	7,710	$	100

Troubled Debt Restructurings. A troubled debt restructuring is considered to have occurred when a concession is granted to a borrower for economic or legal reasons related to the borrower's financial difficulties and that concession would not have been considered otherwise. The FHLB's troubled debt restructurings primarily involve loans where an agreement permits the recapitalization of past due amounts up to the original loan amount and certain loans discharged in Chapter 7 bankruptcy. A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls (i.e., loss severity rate) incurred as of the reporting date.

The FHLB's recorded investment in modified loans considered troubled debt restructurings was (in thousands) $8,933 and $8,639 at March 31, 2015 and December 31, 2014, respectively. The amount of troubled debt restructurings is not considered material to the FHLB's financial condition, results of operations, or cash flows.

Note 10 - Derivatives and Hedging Activities

Nature of Business Activity

The FHLB is exposed to interest rate risk primarily from the effect of interest rate changes on its interest-earning assets and on the funding sources that finance these assets. The goal of the FHLB's interest-rate risk management strategy is not to eliminate interest-rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the FHLB has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. In addition, the FHLB monitors the risk to its interest income, net interest margin and average maturity of interest-earning assets and funding sources.

The FHLB transacts its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute Consolidated Obligations. Derivative transactions may be either executed with a counterparty (bilateral derivatives) or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization (cleared derivatives).

Once a derivative transaction has been accepted for clearing by a Derivative Clearing Organization (Clearinghouse), the derivative transaction is novated and the executing counterparty is replaced with the Clearinghouse.

Consistent with Finance Agency regulations, the FHLB enters into derivatives to manage the interest rate risk exposures inherent in otherwise unhedged assets and funding positions, to achieve the FHLB's risk management objectives and to act as

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an intermediary between its members and counterparties. The use of derivatives is an integral part of the FHLB's financial management strategy. However, Finance Agency regulations and the FHLB's financial management policy prohibit trading in, or the speculative use of, derivative instruments and limit credit risk arising from them.

The most common ways in which the FHLB uses derivatives are to:

▪ reduce the interest rate sensitivity and repricing gaps of assets and liabilities;

▪ manage embedded options in assets and liabilities;

▪ reduce funding costs by combining a derivative with a Consolidated Obligation Bond, as the cost of a combined funding structure can be lower than the cost of a comparable Consolidated Obligation Bond;

▪ preserve a favorable interest rate spread between the yield of an asset (e.g., an Advance) and the cost of the related liability (e.g., the Consolidated Obligation Bond used to fund the Advance); without the use of derivatives, this interest rate spread could be reduced or eliminated when a change in the interest rate on the Advance does not match a change in the interest rate on the Bond; and

▪ protect the value of existing asset or liability positions.

Types of Derivatives

The FHLB may enter into interest rate swaps (including callable and putable swaps), swaptions, interest rate cap and floor agreements, calls, puts, futures, and forward contracts to manage its exposure to changes in interest rates.

An interest rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be paid and the manner in which the cash flows will be calculated. One of the simplest forms of an interest rate swap involves the promise by one party to pay cash flows equivalent to the interest on a notional principal amount at a predetermined fixed rate for a given period of time. In return for this promise, this party receives cash flows equivalent to the interest on the same notional principal amount at a variable-rate index for the same period of time. The variable-rate transacted by the FHLB in its derivatives is LIBOR.

Application of Interest Rate Swaps

The FHLB may use derivatives as fair value hedges of associated financial instruments. However, because the FHLB uses interest rate swaps when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives, it may enter into interest rate swaps that do not necessarily qualify for hedge accounting (economic hedges). The FHLB re-evaluates its hedging strategies from time to time and may change the hedging techniques it uses or adopt new strategies.

Types of Hedged Items

The FHLB documents at inception all relationships between derivatives designated as hedging instruments and the hedged items, its risk management objectives and strategies for undertaking various hedge transactions, and its method of assessing effectiveness. This process includes linking all derivatives that are designated as fair value hedges to assets and liabilities on the Statements of Condition. The FHLB also formally assesses (both at the hedge's inception and at least quarterly) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of the hedged items and whether those derivatives may be expected to remain effective in future periods. The FHLB currently uses regression analyses to assess the effectiveness of its hedges.The types of assets and liabilities currently hedged with derivatives are:

▪ Consolidated Obligations

▪ Advances

▪ Firm Commitments

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Financial Statement Effect and Additional Financial Information

The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. The notional amount reflects the FHLB's involvement in the various classes of financial instruments and represents neither the actual amounts exchanged nor the overall exposure of the FHLB to credit and market risk; the overall risk is much smaller. The risks of derivatives only can be measured meaningfully on a portfolio basis that takes into account the derivatives, the items being hedged and any offsets between the derivatives and the items being hedged.

Table 10.1 summarizes the fair value of derivative instruments, including the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.

Table 10.1 - Fair Value of Derivative Instruments (in thousands)

	March 31, 2015
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	4,729,797	$	21,372		$	142,830
Derivatives not designated as hedging instruments:
Interest rate swaps	3,855,000		4,256			6,242
Forward rate agreements	613,000		—			4,209
Mortgage delivery commitments	583,233		3,961			15
Total derivatives not designated as hedging instruments	5,051,233		8,217			10,466
Total derivatives before netting and collateral adjustments	$	9,781,030	29,589			153,296
Netting adjustments and cash collateral (1)			(8,921		)	(94,273		)
Total derivative assets and total derivative liabilities			$	20,668		$	59,023
	December 31, 2014
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	4,301,547	$	19,826		$	138,150
Derivatives not designated as hedging instruments:
Interest rate swaps	4,635,000		900			6,559
Forward rate agreements	439,000		6			4,924
Mortgage delivery commitments	451,292		3,799			1
Total derivatives not designated as hedging instruments	5,525,292		4,705			11,484
Total derivatives before netting and collateral adjustments	$	9,826,839	24,531			149,634
Netting adjustments and cash collateral (1)			(9,832		)	(85,867		)
Total derivative assets and total derivative liabilities			$	14,699		$	63,767

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

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Table 10.2 presents the components of net gains (losses) on derivatives and hedging activities as presented in the Statements of Income.

Table 10.2 - Net Gains (Losses) on Derivatives and Hedging Activities (in thousands)

	Three Months Ended March 31,
	2015			2014
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	852		$	284
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	2,192			157
Forward rate agreements	(7,581		)	(496		)
Net interest settlements	1,989			249
Mortgage delivery commitments	7,850			(1,277		)
Total net gains (losses) related to derivatives not designated as hedging instruments	4,450			(1,367		)
Net gains (losses) on derivatives and hedging activities	$	5,302		$	(1,083	)

Table 10.3 presents by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLB's net interest income.

Table 10.3 - Effect of Fair Value Hedge-Related Derivative Instruments (in thousands)

	Three Months Ended March 31,
2015	Gain/(Loss) on Derivative			Gain/(Loss) on Hedged Item			Net Fair Value Hedge Ineffectiveness		Effect of Derivatives on Net Interest Income(1)
Hedged Item Type:
Advances	$	(7,471	)	$	7,923		$	452	$	(20,616	)
Consolidated Bonds	702			(302		)	400		4,516
Total	$	(6,769	)	$	7,621		$	852	$	(16,100	)
2014
Hedged Item Type:
Advances	$	18,716		$	(18,464	)	$	252	$	(23,489	)
Consolidated Bonds	(4,109		)	4,141			32		4,852
Total	$	14,607		$	(14,323	)	$	284	$	(18,637	)

(1) The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(911) and $(879) of (amortization)/accretion related to fair value hedging activities for the three months endedMarch 31, 2015 and 2014.

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Offsetting of Derivative Assets and Derivative Liabilities

The FHLB presents derivative instruments, related cash collateral, including initial and variation margin, received or pledged, and associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements.

Table 10.4 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. At March 31, 2015 and December 31, 2014, the FHLB did not receive or pledge any non-cash collateral. Any overcollateralization under an individual clearing agent and/or counterparty level is not included in the determination of the net unsecured amount.

Table 10.4 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands)

	March 31, 2015						December 31, 2014
	Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Liabilities
Derivative instruments meeting netting requirements:
Gross recognized amount:
Bilateral derivatives	$	22,286		$	135,716		$	19,585		$	141,352
Cleared derivatives	3,342			13,356			1,141			3,357
Total gross recognized amount	25,628			149,072			20,726			144,709
Gross amounts of netting adjustments and cash collateral:
Bilateral derivatives	(20,802		)	(80,917		)	(19,544		)	(82,510		)
Cleared derivatives	11,881			(13,356		)	9,712			(3,357		)
Total gross amounts of netting adjustments and cash collateral	(8,921		)	(94,273		)	(9,832		)	(85,867		)
Net amounts after netting adjustments and cash collateral:
Bilateral derivatives	1,484			54,799			41			58,842
Cleared derivatives	15,223			—			10,853			—
Total net amounts after netting adjustments and cash collateral	16,707			54,799			10,894			58,842
Derivative instruments not meeting netting requirements(1):
Bilateral derivatives	3,961			4,224			3,805			4,925
Total derivative instruments not meeting netting requirements (1)	3,961			4,224			3,805			4,925
Total derivative assets and total derivative liabilities:
Bilateral derivatives	5,445			59,023			3,846			63,767
Cleared derivatives	15,223			—			10,853			—
Total derivative assets and total derivative liabilities	$	20,668		$	59,023		$	14,699		$	63,767

(1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement.

Credit Risk on Derivatives

The FHLB is subject to credit risk due to the risk of non-performance by counterparties to its derivative transactions, and manages credit risk through credit analysis, collateral requirements and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For bilateral derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in these contracts to mitigate the risk. The FHLB requires collateral agreements with collateral delivery thresholds on the majority of its bilateral derivatives.

For cleared derivatives, the Clearinghouse is the FHLB's counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin and the clearing agent in turn notifies the FHLB. The requirement that the FHLB post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the FHLB to credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral for changes in the value of cleared derivatives is posted daily through a clearing agent.

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The FHLB has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the FHLB's clearing agent, or both. Based on this analysis, the FHLB presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse.

Certain of the FHLB's bilateral interest rate swap contracts contain provisions that require the FHLB to post additional collateral with its counterparties if there is deterioration in the FHLB's credit ratings. The aggregate fair value of all bilateral interest rate swaps with credit-risk-related contingent features that were in a liability position at March 31, 2015 was (in thousands) $114,914, for which the FHLB had posted collateral with a fair value of (in thousands) $60,115 in the normal course of business.

If one of the FHLB's credit ratings had been lowered to the next lower rating that would have triggered additional collateral to be delivered, the FHLB would have been required to deliver up to an additional (in thousands) $12,822 of collateral at fair value to its derivatives counterparties at March 31, 2015.

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. At March 31, 2015, the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations.

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Note 11 - Deposits

Table 11.1- Deposits (in thousands)

	March 31, 2015		December 31, 2014
Interest bearing:
Demand and overnight	$	695,071	$	624,446
Term	141,150		99,600
Other	5,171		5,592
Total interest bearing	841,392		729,638
Non-interest bearing:
Other	529		298
Total non-interest bearing	529		298
Total deposits	$	841,921	$	729,936

The average interest rates paid on interest bearing deposits were 0.04 percent and 0.03 percent in the three months endedMarch 31, 2015 and 2014, respectively.

Note 12 - Consolidated Obligations

Table 12.1 - Consolidated Discount Notes Outstanding (dollars in thousands)

	Book Value		Par Value		Weighted Average Interest Rate (1)
March 31, 2015	$	45,627,418	$	45,631,636	0.07	%
December 31, 2014	$	41,232,127	$	41,238,122	0.09	%

(1) Represents an implied rate without consideration of concessions.

Table 12.2 - Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands)

	March 31, 2015					December 31, 2014
Year of Contractual Maturity	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	20,895,000		0.34	%	$	32,477,000		0.24	%
Due after 1 year through 2 years	5,777,000			1.32		6,918,000			1.19
Due after 2 years through 3 years	5,142,000			1.53		4,594,000			1.56
Due after 3 years through 4 years	4,016,000			1.82		4,245,000			1.79
Due after 4 years through 5 years	3,202,000			2.05		2,647,000			2.08
Thereafter	7,777,000			2.84		8,217,000			2.79
Index amortizing notes	23,700			5.07		25,297			5.07
Total par value	46,832,700			1.25		59,123,297			1.00
Premiums	100,428					103,477
Discounts	(24,197		)			(25,161		)
Hedging adjustments	15,606					15,304
Fair value option valuation adjustment and    accrued interest	2,764					(360		)
Total	$	46,927,301				$	59,216,557

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Table 12.3 - Consolidated Bonds Outstanding by Call Features (in thousands)

	March 31, 2015		December 31, 2014
Par value of Consolidated Bonds:
Non-callable	$	36,543,700	$	49,976,297
Callable	10,289,000		9,147,000
Total par value	$	46,832,700	$	59,123,297

Table 12.4 - Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands)

Year of Contractual Maturity or Next Call Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	28,379,000	$	40,774,000
Due after 1 year through 2 years	5,172,000		5,413,000
Due after 2 years through 3 years	3,560,000		3,317,000
Due after 3 years through 4 years	2,829,000		2,685,000
Due after 4 years through 5 years	2,317,000		1,992,000
Thereafter	4,552,000		4,917,000
Index amortizing notes	23,700		25,297
Total par value	$	46,832,700	$	59,123,297

Table 12.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands)

	March 31, 2015		December 31, 2014
Par value of Consolidated Bonds:
Fixed-rate	$	29,530,700	$	31,363,297
Variable-rate	17,050,000		27,610,000
Step-up	252,000		150,000
Total par value	$	46,832,700	$	59,123,297

Concessions on Consolidated Obligations. Unamortized concessions included in other assets were (in thousands) $13,650 and $14,184 at March 31, 2015 and December 31, 2014. The amortization of these concessions is included in Consolidated Obligation interest expense and totaled (in thousands) $2,130 and $1,789 during the three months endedMarch 31, 2015 and 2014, respectively.

Note 13 - Affordable Housing Program (AHP)

Table 13.1 - Analysis of AHP Liability (in thousands)

Balance at December 31, 2014	$	98,103
Assessments (current year additions)	6,842
Subsidy uses, net	(2,972		)
Balance at March 31, 2015	$	101,973

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Note 14 - Capital

Table 14.1 - Capital Requirements (dollars in thousands)

	March 31, 2015						December 31, 2014
	Minimum Requirement			Actual			Minimum Requirement			Actual
Risk-based capital	$	462,764		$	5,071,063		$	481,835		$	5,018,567
Capital-to-assets ratio (regulatory)	4.00		%	5.13		%	4.00		%	4.71		%
Regulatory capital	$	3,956,378		$	5,071,063		$	4,265,617		$	5,018,567
Leverage capital-to-assets ratio (regulatory)	5.00		%	7.69		%	5.00		%	7.06		%
Leverage capital	$	4,945,473		$	7,606,594		$	5,332,021		$	7,527,851

Restricted Retained Earnings. At March 31, 2015 and December 31, 2014 the FHLB had (in thousands) $171,884 and $159,694 in restricted retained earnings. These restricted retained earnings are not available to pay dividends but are available to absorb unexpected losses, if any, that the FHLB may experience.

Table 14.2 - Mandatorily Redeemable Capital Stock Roll Forward (in thousands)

Balance, December 31, 2014	$	62,963
Capital stock subject to mandatory redemption reclassified    from equity	5,227
Redemption (or other reduction) of mandatorily redeemable    capital stock	(6,630		)
Balance, March 31, 2015	$	61,560

Table 14.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands)

Contractual Year of Redemption	March 31, 2015		December 31, 2014
Year 1	$	130	$	130
Year 2	—		—
Year 3	—		—
Year 4	2,325		55
Year 5	633		2,278
Past contractual redemption date due to remaining activity(1)	58,472		60,500
Total	$	61,560	$	62,963

(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.

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Note 15 - Accumulated Other Comprehensive (Loss) Income

The following tables summarize the changes in accumulated other comprehensive (loss) income for the three months endedMarch 31, 2015 and 2014.

Table 15.1 - Accumulated Other Comprehensive (Loss) Income (in thousands)

	Net unrealized losses on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, DECEMBER 31, 2013	$	(121	)	$	(8,921	)	$	(9,042	)
Other comprehensive income before reclassification:
Net unrealized losses	(39		)	—			(39		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			313			313
Net current period other comprehensive (loss) income	(39		)	313			274
BALANCE, MARCH 31, 2014	$	(160	)	$	(8,608	)	$	(8,768	)
BALANCE, DECEMBER 31, 2014	$	(24	)	$	(16,572	)	$	(16,596	)
Other comprehensive income before reclassification:
Net unrealized losses	(8		)	—			(8		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			617			617
Net current period other comprehensive (loss) income	(8		)	617			609
BALANCE, MARCH 31, 2015	$	(32	)	$	(15,955	)	$	(15,987	)

Note 16 - Pension and Postretirement Benefit Plans

Qualified Defined Benefit Multi-employer Plan. The FHLB participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra Defined Benefit Plan), a tax-qualified defined benefit pension plan. Under the Pentegra Defined Benefit Plan, contributions made by one participating employer may be used to provide benefits to employees of other participating employers because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer. Also, in the event a participating employer is unable to meet its contribution requirements, the required contributions for the other participating employers could increase proportionately. The Pentegra Defined Benefit Plan covers substantially all officers and employees of the FHLB who meet certain eligibility requirements. Contributions to the Pentegra Defined Benefit Plan charged to compensation and benefit expense were $1,500,000 and $1,529,000 in the three months ended March 31, 2015 and 2014, respectively.

Qualified Defined Contribution Plan. The FHLB also participates in the Pentegra Defined Contribution Plan for Financial Institutions, a tax-qualified, defined contribution pension plan. The FHLB contributes a percentage of the participants' compensation by making a matching contribution equal to a percentage of voluntary employee contributions, subject to certain limitations. The FHLB contributed $374,000 and $373,000 in the three months ended March 31, 2015 and 2014, respectively.

Nonqualified Supplemental Defined Benefit Retirement Plan. The FHLB maintains a nonqualified, unfunded defined benefit plan. The plan ensures that participants receive the full amount of benefits to which they would have been entitled under the qualified defined benefit plan in the absence of limits on benefit levels imposed by the IRS. There are no funded plan assets. The FHLB has established a grantor trust, which is included in held-to-maturity securities on the Statements of Condition, to meet future benefit obligations and current payments to beneficiaries.

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Postretirement Benefits Plan. The FHLB also sponsors a postretirement benefits plan that includes health care and life insurance benefits for eligible retirees. Future retirees are eligible for the postretirement benefits plan if they were hired prior to August 1, 1990, are age 55 or older, and their age plus years of continuous service at retirement are greater than or equal to 80. Spouses are covered subject to required contributions. There are no funded plan assets that have been designated to provide postretirement benefits.

Table 16.1 - Net Periodic Benefit Cost (in thousands)

	Three Months Ended March 31,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2015		2014		2015		2014
Net Periodic Benefit Cost
Service cost	$	158	$	108	$	19	$	8
Interest cost	298		273		51		27
Amortization of net loss	601		313		16		—
Net periodic benefit cost	$	1,057	$	694	$	86	$	35

Note 17 - Segment Information

The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders.

Table 17.1 - Financial Performance by Operating Segment (in thousands)

	Three Months Ended March 31,
	Traditional Member Finance		MPP			Total
2015
Net interest income	$	61,129	$	16,232		$	77,361
Non-interest income	7,862		270			8,132
Non-interest expense	15,215		2,488			17,703
Income before assessments	53,776		14,014			67,790
Affordable Housing Program assessments	5,441		1,401			6,842
Net income	$	48,335	$	12,613		$	60,948
Average assets	$	95,681,343	$	7,174,181		$	102,855,524
Total assets	$	91,620,651	$	7,288,809		$	98,909,460
2014
Net interest income	$	57,181	$	19,833		$	77,014
Non-interest income (loss)	5,517		(1,773		)	3,744
Non-interest expense	14,739		2,337			17,076
Income before assessments	47,959		15,723			63,682
Affordable Housing Program assessments	4,916		1,572			6,488
Net income	$	43,043	$	14,151		$	57,194
Average assets	$	95,414,179	$	6,781,934		$	102,196,113
Total assets	$	94,185,748	$	6,716,410		$	100,902,158

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Note 18 - Fair Value Disclosures

The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values.

Fair Value Hierarchy. The FHLB records trading securities, available-for-sale securities, derivative assets, derivative liabilities, certain Advances and certain Consolidated Obligation Bonds at fair value on a recurring basis. GAAP establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the measurement is determined. This overall level is an indication of how market observable the fair value measurement is. An entity must disclose the level within the fair value hierarchy in which the measurements are classified.

The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels:

Level 1 Inputs - Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity 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 or liabilities in active markets; (2) quoted prices for identical or similar assets or 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.

The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. The FHLB did not have any transfers of assets or liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2015 or 2014.

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Table 18.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. These values do not represent an estimate of the overall market value of the FHLB as a going concern, which would take into account future business opportunities and the net profitability of assets versus liabilities.

Table 18.1 - Fair Value Summary (in thousands)

	March 31, 2015
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Assets:
Cash and due from banks	$	116,471	$	116,471	$	116,471	$	—	$	—	$	—
Interest-bearing deposits	228		228		—		228		—		—
Securities purchased under agreements to resell	3,950,000		3,950,000		—		3,950,000		—		—
Federal funds sold	5,705,000		5,705,000		—		5,705,000		—		—
Trading securities	1,302		1,302		—		1,302		—		—
Available-for-sale securities	549,968		549,968		—		549,968		—		—
Held-to-maturity securities	14,458,216		14,622,625		—		14,622,625		—		—
Advances (2)	66,731,484		66,722,775		—		66,722,775		—		—
Mortgage loans held for portfolio, net	7,262,535		7,534,450		—		7,496,126		38,324		—
Accrued interest receivable	81,626		81,626		—		81,626		—		—
Derivative assets	20,668		20,668		—		29,589		—		(8,921		)
Liabilities:
Deposits	841,921		841,835		—		841,835		—		—
Consolidated Obligations:
Discount Notes	45,627,418		45,620,151		—		45,620,151		—		—
Bonds (3)	46,927,301		47,442,972		—		47,442,972		—		—
Mandatorily redeemable capital stock	61,560		61,560		61,560		—		—		—
Accrued interest payable	112,273		112,273		—		112,273		—		—
Derivative liabilities	59,023		59,023		—		153,296		—		(94,273		)
Other:
Standby bond purchase agreements	—		979		—		979		—		—

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

(2) Includes (in thousands) $15,182 of Advances recorded under the fair value option at March 31, 2015.

(3) Includes (in thousands) $3,449,764 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2015.

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	December 31, 2014
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Assets:
Cash and due from banks	$	3,109,970	$	3,109,970	$	3,109,970	$	—	$	—	$	—
Interest-bearing deposits	119		119		—		119		—		—
Securities purchased under agreements to resell	3,343,000		3,343,002		—		3,343,002		—		—
Federal funds sold	6,600,000		6,600,000		—		6,600,000		—		—
Trading securities	1,341		1,341		—		1,341		—		—
Available-for-sale securities	1,349,977		1,349,977		—		1,349,977		—		—
Held-to-maturity securities	14,712,271		14,794,326		—		14,794,326		—		—
Advances (2)	70,405,616		70,279,438		—		70,279,438		—		—
Mortgage loans held for portfolio, net	6,984,683		7,219,198		—		7,178,047		41,151		—
Accrued interest receivable	81,384		81,384		—		81,384		—		—
Derivative assets	14,699		14,699		—		24,531		—		(9,832		)
Liabilities:
Deposits	729,936		729,782		—		729,782		—		—
Consolidated Obligations:
Discount Notes	41,232,127		41,224,739		—		41,224,739		—		—
Bonds (3)	59,216,557		59,496,247		—		59,496,247		—		—
Mandatorily redeemable capital stock	62,963		62,963		62,963		—		—		—
Accrued interest payable	114,781		114,781		—		114,781		—		—
Derivative liabilities	63,767		63,767		—		149,634		—		(85,867		)
Other:
Standby bond purchase agreements	—		1,381		—		1,381		—		—

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

(2) Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014.

(3) Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014.

Summary of Valuation Methodologies and Primary Inputs.

A description of the valuation methodologies and primary inputs is disclosed in Note 19 - Fair Value Disclosures in the FHLB's 2014 Form 10-K. There have been no changes in the valuation methodologies during 2015.

34

Fair Value Measurements.

Table 18.2 presents the fair value of financial assets and liabilities that are recorded on a recurring or nonrecurring basis at March 31, 2015 or December 31, 2014, by level within the fair value hierarchy. The FHLB records nonrecurring fair value adjustments to reflect partial write-downs on certain mortgage loans. The FHLB estimates the fair value of these assets based primarily on property values obtained from a third-party pricing vendor.

Table 18.2 - Fair Value Measurements (in thousands)

	Fair Value Measurements at March 31, 2015
	Total		Level 1		Level 2		Level 3		Netting Adjustment and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
Other U.S. obligation single-family mortgage-backed securities	$	1,302	$	—	$	1,302	$	—	$	—
Available-for-sale securities:
Certificates of deposit	549,968		—		549,968		—		—
Advances	15,182		—		15,182		—		—
Derivative assets:
Interest rate swaps	16,707		—		25,628		—		(8,921		)
Mortgage delivery commitments	3,961		—		3,961		—		—
Total derivative assets	20,668		—		29,589		—		(8,921		)
Total assets at fair value	$	587,120	$	—	$	596,041	$	—	$	(8,921	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	3,449,764	$	—	$	3,449,764	$	—	$	—
Derivative liabilities:
Interest rate swaps	54,799		—		149,072		—		(94,273		)
Forward rate agreement	4,209		—		4,209		—		—
Mortgage delivery commitments	15		—		15		—		—
Total derivative liabilities	59,023		—		153,296		—		(94,273		)
Total liabilities at fair value	$	3,508,787	$	—	$	3,603,060	$	—	$	(94,273	)
Nonrecurring fair value measurements - Assets
Mortgage loans held for portfolio	$	6,715	$	—	$	—	$	6,715

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

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	Fair Value Measurements at December 31, 2014
	Total		Level 1		Level 2		Level 3		Netting Adjustment and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
Other U.S. obligation single-family mortgage-backed securities	$	1,341	$	—	$	1,341	$	—	$	—
Available-for-sale securities:
Certificates of deposit	1,349,977		—		1,349,977		—		—
Advances	15,042		—		15,042		—		—
Derivative assets:
Interest rate swaps	10,894		—		20,726		—		(9,832		)
Forward rate agreements	6		—		6		—		—
Mortgage delivery commitments	3,799		—		3,799		—		—
Total derivative assets	14,699		—		24,531		—		(9,832		)
Total assets at fair value	$	1,381,059	$	—	$	1,390,891	$	—	$	(9,832	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	4,209,640	$	—	$	4,209,640	$	—	$	—
Derivative liabilities:
Interest rate swaps	58,842		—		144,709		—		(85,867		)
Forward rate agreements	4,924		—		4,924		—		—
Mortgage delivery commitments	1		—		1		—		—
Total derivative liabilities	63,767		—		149,634		—		(85,867		)
Total liabilities at fair value	$	4,273,407	$	—	$	4,359,274	$	—	$	(85,867	)

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

Fair Value Option. The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires a company to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities and commitments, with the changes in fair value recognized in net income. If elected, interest income and interest expense on Advances and Consolidated Bonds carried at fair value are recognized based solely on the contractual amount of interest due or unpaid. Any transaction fees or costs are immediately recognized into other non-interest income or other non-interest expense.

The FHLB has elected the fair value option for certain Advances and Consolidated Obligation Bonds that either do not qualify for hedge accounting or may be at risk for not meeting hedge effectiveness requirements. These fair value elections were made primarily in an effort to mitigate the potential income statement volatility that can arise from economic hedging relationships in which the carrying value of the hedged item is not adjusted for changes in fair value.

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Table 18.3 – Fair Value Option - Financial Assets and Liabilities (in thousands)

	Three Months Ended March 31,
	2015					2014
	Advances		Consolidated Bonds			Advances		Consolidated Bonds
Balance at beginning of period	$	15,042	$	(4,209,640	)	$	—	$	(4,018,370	)
New transactions elected for fair value option	—		(1,732,000		)	—		(1,250,000		)
Maturities and terminations	—		2,495,000			—		3,000,000
Net gains (losses) on financial instruments held under fair value option	140		(1,309		)	—		1,360
Change in accrued interest	—		(1,815		)	—		1,551
Balance at end of period	$	15,182	$	(3,449,764	)	$	—	$	(2,265,459	)

Table 18.4 – Changes in Fair Values for Items Measured at Fair Value Pursuant to the Election of the Fair Value Option (in thousands)

	Three Months Ended March 31,
	2015					2014
	Advances		Consolidated Bonds			Advances		Consolidated Bonds
Interest income (expense)	$	63	$	(3,693	)	$	—	$	(1,598	)
Net gains (losses) on changes in fair value under fair value option	140		(1,309		)	—		1,360
Total changes in fair value included in current period earnings	$	203	$	(5,002	)	$	—	$	(238	)

For instruments recorded under the fair value option, the related contractual interest income and contractual interest expense are recorded as part of net interest income on the Statements of Income. The remaining changes in fair value for instruments in which the fair value option has been elected are recorded as “Net (losses) gains on financial instruments held under fair value option” in the Statements of Income. The FHLB has determined that no adjustments to the fair values of its instruments recorded under the fair value option for instrument-specific credit risk were necessary as of March 31, 2015 or December 31, 2014.

The following table reflects the difference between the aggregate unpaid principal balance outstanding and the aggregate fair value for Advances and Consolidated Bonds for which the fair value option has been elected.

Table 18.5 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)

	March 31, 2015						December 31, 2014
	Aggregate Unpaid Principal Balance		Aggregate Fair Value		Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance		Aggregate Unpaid Principal Balance		Aggregate Fair Value		Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance
Advances (1)	$	15,000	$	15,182	$	182	$	15,000	$	15,042	$	42
Consolidated Bonds	3,447,000		3,449,764		2,764		4,210,000		4,209,640		(360		)

(1) At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Note 19 - Commitments and Contingencies

Table 19.1 - Off-Balance Sheet Commitments (in thousands)

	March 31, 2015						December 31, 2014
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	$	16,367,028	$	537,861	$	16,904,889	$	17,233,206	$	546,385	$	17,779,591
Commitments for standby bond purchases	60,705		118,765		179,470		37,490		149,705		187,195
Commitments to purchase mortgage loans	583,233		—		583,233		451,292		—		451,292
Unsettled Consolidated Bonds, at par (1)(2)	40,000		—		40,000		17,000		—		17,000
Unsettled Consolidated Discount Notes, at par (1)	—		—		—		5,000		—		5,000

(1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations.

(2) Of the total unsettled Consolidated Bonds, $15,000 and $17,000 (in thousands) were hedged with associated interest rate swaps at March 31, 2015 and December 31, 2014, respectively.

Legal Proceedings. From time to time, the FHLB is subject to legal proceedings arising in the normal course of business. In March 2010, the FHLB was advised by representatives of the Lehman Brothers Holdings, Inc. bankruptcy estate that they believed that the FHLB had been unjustly enriched in connection with the close out of its interest rate swap transactions with Lehman at the time of the Lehman bankruptcy in 2008 and that the bankruptcy estate was entitled to the $43 million difference between the settlement amount the FHLB paid Lehman in connection with the close-out transactions and the market value payment the FHLB received when replacing the swaps with other counterparties. In May 2010, the FHLB received a Derivatives Alternative Dispute Resolution notice from the Lehman bankruptcy estate with a settlement demand of $65.8 million, plus interest accruing primarily at LIBOR plus 14.5 percent since the bankruptcy filing, based on their view of how the settlement amount should have been calculated. In accordance with the Alternative Dispute Resolution Order of the Bankruptcy Court administering the Lehman estate, senior management of the FHLB participated in a non-binding mediation in New York in August 2010, and counsel for the FHLB continued discussions with the court-appointed mediator for several weeks thereafter. The mediation concluded in October 2010 without a settlement of the claims asserted by the Lehman bankruptcy estate. In April 2013, Lehman Brothers Special Financing Inc., through Lehman Brothers Holdings Inc. and the Plan Administrator under the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors, filed an adversary complaint in the United States Bankruptcy Court for the Southern District of New York against the FHLB seeking (a) a declaratory judgment on the interpretation of certain provisions and the calculation of amounts due under the agreement governing the 2008 swap transactions described above, and (b) additional amounts alleged as due as part of the termination of such transactions. The FHLB believes that it correctly calculated, and fully satisfied its obligation to Lehman in September 2008, and the FHLB intends to vigorously defend itself.

The FHLB also is subject to other legal proceedings arising in the normal course of business. The FHLB would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the FHLB's financial condition or results of operations.

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Note 20 - Transactions with Other FHLBanks

The FHLB notes all transactions with other FHLBanks on the face of its financial statements. Occasionally, the FHLB loans short-term funds to and borrows short-term funds from other FHLBanks. These loans and borrowings are transacted at then current market rates when traded. There were no such loans or borrowings outstanding at March 31, 2015 or December 31, 2014. The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the three months endedMarch 31, 2015 and 2014.

Table 20.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands)

	Average Daily Balances for the Three Months Ended March 31,
	2015		2014
Loans to other FHLBanks	$	—	$	333
Borrowings from other FHLBanks	—		—

The FHLB may, from time to time, assume the outstanding primary liability for Consolidated Obligations of another FHLBank (at then current market rates on the day when the transfer is traded) rather than issuing new debt for which the FHLB is the primary obligor. The FHLB then becomes the primary obligor on the transferred debt. There were no Consolidated Obligations transferred to the FHLB during the three months endedMarch 31, 2015 or 2014. The FHLB had no Consolidated Obligations transferred to other FHLBanks during these periods.

Note 21 - Transactions with Stockholders

Transactions with Directors' Financial Institutions. In the ordinary course of its business, the FHLB may provide products and services to members whose officers or directors serve as directors of the FHLB (Directors' Financial Institutions). Finance Agency regulations require that transactions with Directors' Financial Institutions be made on the same terms as those with any other member. The following table reflects balances with Directors' Financial Institutions for the items indicated below. The FHLB had no mortgage-backed securities or derivatives transactions with Directors' Financial Institutions at March 31, 2015 or December 31, 2014.

Table 21.1 - Transactions with Directors' Financial Institutions (dollars in millions)

	March 31, 2015				December 31, 2014
	Balance		% of Total(1)		Balance		% of Total (1)
Advances	$	2,809	4.2	%	$	2,929	4.2	%
MPP	164		2.3		154		2.3
Regulatory capital stock	228		5.2		225		5.2

(1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock.

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Concentrations. The following table shows regulatory capital stock balances, outstanding Advance principal balances, and unpaid principal balances of mortgage loans held for portfolio at the dates indicated to stockholders holding five percent or more of regulatory capital stock and include any known affiliates that are members of the FHLB.

Table 21.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions)

	Regulatory Capital Stock				Advance		MPP Unpaid
March 31, 2015	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,533	35	%	$	38,300	$	—
U.S. Bank, N.A.	475		11		8,298		37
Fifth Third Bank	248		6		22		3

	Regulatory Capital Stock				Advance		MPP Unpaid
December 31, 2014	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,533	35	%	$	41,300	$	—
U.S. Bank, N.A.	475		11		8,338		38
Fifth Third Bank	248		6		24		3

Nonmember Affiliates. The FHLB has relationships with three nonmember affiliates, the Kentucky Housing Corporation, the Ohio Housing Finance Agency and the Tennessee Housing Development Agency. The FHLB had no investments in or borrowings to any of these nonmember affiliates at March 31, 2015 or December 31, 2014. The FHLB has executed standby bond purchase agreements with one state housing authority whereby the FHLB, for a fee, agrees as a liquidity provider if required, to purchase and hold the authority's 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. During the first three months of 2015 and 2014, the FHLB was not required to purchase any bonds under these agreements.

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations.

This document contains forward-looking statements that describe the objectives, expectations, estimates, and assessments of the Federal Home Loan Bank of Cincinnati (the FHLB). These statements use words such as “anticipates,” “expects,” “believes,” “could,” “estimates,” “may,” and “should.” By their nature, forward-looking statements relate to matters involving risks or uncertainties, some of which we may not be able to know, control, or completely manage. Actual future results could differ materially from those expressed or implied in forward-looking statements or could affect the extent to which we are able to realize an objective, expectation, estimate, or assessment. Some of the risks and uncertainties that could affect our forward-looking statements include the following:

▪ the effects of economic, financial, credit, market, and member conditions on our financial condition and results of operations, including changes in economic growth, general liquidity conditions, inflation and deflation, interest rates, interest rate spreads, interest rate volatility, mortgage originations, prepayment activity, housing prices, asset delinquencies, and members' mergers and consolidations, deposit flows, liquidity needs, and loan demand;

▪ political events, including legislative, regulatory, federal government, judicial or other developments that could affect us, our members, our counterparties, other Federal Home Loan Banks (FHLBanks) and other government-sponsored enterprises (GSEs), and/or investors in the Federal Home Loan Bank System's (FHLBank System) debt securities, which are called Consolidated Obligations or Obligations;

▪ competitive forces, including those related to other sources of funding available to members, to purchases of mortgage loans, and to our issuance of Consolidated Obligations;

▪ the financial results and actions of other FHLBanks that could affect our ability, in relation to the FHLBank System's joint and several liability for Consolidated Obligations, to access the capital markets on favorable terms or preserve our profitability, or could alter the regulations and legislation to which we are subject;

▪ changes in ratings assigned to FHLBank System Obligations or the FHLB that could raise our funding cost;

▪ changes in investor demand for Obligations;

▪ the volatility of market prices, interest rates, credit quality, and other indices that could affect the value of investments and collateral we hold as security for member obligations and/or for counterparty obligations;

▪ the ability to attract and retain skilled management and other key employees;

▪ the ability to develop and support technology and information systems that effectively manage the risks we face (including cybersecurity risks);

▪ the risk of loss arising from failures or interruptions in our ongoing business operations, internal controls, information systems or other operating technologies;

▪ the ability to successfully manage new products and services; and

▪ the risk of loss arising from litigation filed against us or one or more other FHLBanks.

We do not undertake any obligation to update any forward-looking statements made in this document.

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EXECUTIVE OVERVIEW

The following table presents selected Statement of Condition data, Statement of Income data and financial ratios for the periods indicated.

(Dollars in millions)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
STATEMENT OF CONDITION DATA AT PERIOD END:
Total assets	$	98,909		$	106,640		$	99,967		$	101,258		$	100,902
Advances	66,731			70,406			71,442			69,485			65,545
Mortgage loans held for portfolio	7,265			6,989			6,909			6,702			6,698
Allowance for credit losses on mortgage loans	2			5			5			6			7
Investments (1)	24,665			26,007			20,641			24,735			28,418
Consolidated Obligations, net:
Discount Notes	45,628			41,232			36,880			35,390			33,225
Bonds	46,927			59,217			56,881			59,653			61,413
Total Consolidated Obligations, net	92,555			100,449			93,761			95,043			94,638
Mandatorily redeemable capital stock	62			63			110			112			115
Capital:
Capital stock - putable	4,302			4,267			4,231			4,215			4,199
Retained earnings	707			689			667			647			631
Accumulated other comprehensive loss	(16		)	(17		)	(7		)	(9		)	(8		)
Total capital	4,993			4,939			4,891			4,853			4,822
STATEMENT OF INCOME DATA FOR THE QUARTER:
Net interest income	$	78		$	80		$	83		$	77		$	77
Provision (reversal) for credit losses	—			1			—			(1		)	—
Non-interest income	8			9			4			7			4
Non-interest expenses	18			17			18			17			17
Assessments	7			7			7			7			7
Net income	$	61		$	64		$	62		$	61		$	57
FINANCIAL RATIOS:
Dividend payout ratio (2)	70.4		%	66.5		%	67.3		%	73.4		%	82.7		%
Weighted average dividend rate (3)	4.00			4.00			4.00			4.00			4.00
Return on average equity	4.97			5.14			5.07			5.00			4.51
Return on average assets	0.24			0.25			0.25			0.24			0.23
Net interest margin (4)	0.31			0.31			0.33			0.30			0.31
Average equity to average assets	4.83			4.86			4.93			4.79			5.03
Regulatory capital ratio (5)	5.13			4.71			5.01			4.91			4.90
Operating expense to average assets	0.058			0.054			0.056			0.050			0.054

(1) Investments include interest bearing deposits in banks, securities purchased under agreements to resell, Federal funds sold, trading securities, available-for-sale securities, and held-to-maturity securities.

(2) Dividend payout ratio is dividends declared in the period as a percentage of net income.

(3) Weighted average dividend rates are dividends paid divided by the average number of shares of capital stock eligible for dividends.

(4) Net interest margin is net interest income before (reversal)/provision for credit losses as a percentage of average earning assets.

(5) Regulatory capital ratio is period-end regulatory capital (capital stock, mandatorily redeemable capital stock and retained earnings) as a percentage of period-end total assets.

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Financial Condition

Mission Asset Activity

The following table summarizes our financial condition.

	Ending Balances						Average Balances
	March 31,				December 31,		Three Months Ended March 31,				Year Ended December 31,
(In millions)	2015		2014		2014		2015		2014		2014
Total Assets	$	98,909	$	100,902	$	106,640	$	102,856	$	102,196	$	101,157
Mission Asset Activity:
Advances (principal)	66,615		65,385		70,299		69,047		65,162		66,492
Mortgage Purchase Program (MPP):
Mortgage loans held for portfolio (principal)	7,060		6,521		6,796		6,948		6,583		6,620
Mandatory Delivery Contracts (notional)	583		166		451		527		71		273
Total MPP	7,643		6,687		7,247		7,475		6,654		6,893
Letters of Credit (notional)	16,905		13,603		17,780		16,874		13,577		15,154
Total Mission Asset Activity	$	91,163	$	85,675	$	95,326	$	93,396	$	85,393	$	88,539

In the first quarter of 2015, the FHLB fulfilled its mission by providing readily available and competitively priced wholesale funding to its member financial institutions, supporting its commitment to affordable housing, and paying stockholders a competitive dividend return on their capital investment. The majority of our members continued to have modest demand for new Advance borrowings due to measured economic growth and significant amounts of liquidity made available as a result of the actions of the Federal Reserve System.

Total assets at March 31, 2015decreased$7.7 billion (seven percent) from year-end 2014. Average asset balances were $0.7 billion (one percent) higher in the first three months of 2015 than the same period of 2014. The balance of Mission Asset Activity – comprising Advances, Letters of Credit, and total MPP – was $91.2 billion at March 31, 2015, a decrease of $4.2 billion (four percent) from year-end 2014. Mission Asset Activity on this date constituted 83 percent of adjusted Consolidated Obligations (which equal Obligations plus Letters of Credit and Mandatory Delivery Contracts), exceeding our internal benchmark.

The decline in ending balances of Mission Asset Activity from year-end 2014 to March 31, 2015 was driven by a decrease in the principal balance of Advances, primarily from a few larger members. As of March 31, 2015, members funded on average 3.1 percent of their assets with Advances, and the penetration rate was relatively stable with 65-70 percent of members holding Mission Asset Activity.

The principal balance of mortgage loans held for portfolio at March 31, 2015rose$0.3 billion (four percent) from year-end 2014. During the first three months of 2015, we purchased $0.6 billion of mortgage loans, while principal reductions totaled $0.3 billion. Residual credit risk exposure in the mortgage loan portfolio continued to be modest.

Based on earnings in the first quarter of 2015, we contributed $7 million to the Affordable Housing Program (AHP) pool of funds to be awarded to members in 2016. In addition, we continued our voluntary sponsorship of two other housing programs, which provide resources to pay for accessibility rehabilitation and emergency repairs for special needs and elderly homeowners and to help members aid their communities following natural disasters.

Investments and Other Assets

The balance of investments at March 31, 2015 was $24.7 billion, a decrease of $1.3 billion (five percent) from year-end 2014. At March 31, 2015, investments included $14.4 billion of mortgage-backed securities and $10.3 billion of other investments, which are mostly short-term instruments we hold for liquidity.

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Investment balances averaged $26.4 billion in the first three months of 2015, a decrease of $3.5 billion (12 percent) from the same period in 2014. This decline occurred from both liquidity investments and mortgage-backed securities. All of our mortgage-backed securities held at March 31, 2015 were issued and guaranteed by Fannie Mae, Freddie Mac or a U.S. agency.

The balance of cash and due from banks at March 31, 2015 was $0.1 billion, a decrease of $3.0 billion (96 percent) from year-end 2014. The larger than normal balance of cash and due from banks at December 31, 2014 was a result of holding $3.1 billion in deposits at the Federal Reserve due to narrower spreads and fewer eligible counterparties at that time for certain types of liquidity investments.

We maintained an adequate amount of asset liquidity throughout the first three months of 2015 under a variety of liquidity measures as discussed in the "Liquidity Risk" section of "Quantitative and Qualitative Disclosures About Risk Management."

Capital

Capital adequacy remained strong in the first three months of 2015, exceeding all minimum regulatory capital requirements. The GAAP capital-to-assets ratio at March 31, 2015 was 5.05 percent, while the regulatory capital-to-assets ratio was 5.13 percent. Both ratios exceeded the regulatory required minimum of four percent. Regulatory capital includes mandatorily redeemable capital stock accounted for as a liability under GAAP.

The amounts of GAAP and regulatory capital increased $54 million and $52 million, respectively, in the first three months of 2015 primarily driven by purchases of capital stock in the first quarter.

Total retained earnings were $707 million at March 31, 2015, an increase of $18 million (three percent) from year-end 2014. We believe the amount of retained earnings is sufficient to protect against members' impairment risk of their capital stock investment in the FHLB and to provide the opportunity to stabilize future dividends. Our Capital Plan also has safeguards to prevent financial leverage ratios from falling below regulatory minimum levels.

Results of Operations

Overall Results

The table below summarizes our results of operations.

	Three Months Ended March 31,						Year Ended December 31,
(Dollars in millions)	2015			2014			2014
Net income	$	61		$	57		$	244
Affordable Housing Program accrual	7			7			28
Return on average equity (ROE)	4.97		%	4.51		%	4.93		%
Return on average assets	0.24			0.23			0.24
Weighted average dividend rate	4.00			4.00			4.00
Average 3-month LIBOR	0.26			0.24			0.23
Average overnight Federal funds effective rate	0.11			0.07			0.09
ROE spread to 3-month LIBOR	4.71			4.27			4.70
Dividend rate spread to 3-month LIBOR	3.74			3.76			3.77
ROE spread to Federal funds effective rate	4.86			4.44			4.84
Dividend rate spread to Federal funds effective rate	3.89			3.93			3.91

The spreads between ROE and short-term interest rates, for which we use 3-month LIBOR and Federal funds as proxies, are market benchmarks we believe member stockholders use to assess the competitiveness of the return on their capital investment in our company. Earnings continued to be sufficient to provide competitive returns on stockholders' capital investment. Consistent with experience over the last several years, ROE was significantly above short-term rates, resulting in the ROE spreads being wider than the long-term historical average spread.

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The higher net income and ROE in the first three months of 2015 compared to the same period of 2014 resulted primarily from the following factors:

▪ gains on derivatives and hedging activities;

▪ an increase in the spread between LIBOR and Discount Notes;

▪ higher average Advance balances; and

▪ growth in the MPP portfolio.

The following factors decreased income, offsetting a portion of the impact from the favorable factors:

▪ an increase in net amortization related to mortgage loans; and

▪ a decrease in the average balance of mortgage-backed securities.

Effect of Interest Rate Environment

Trends in market interest rates strongly influence the results of operations via how they affect members' demand for Mission Asset Activity, spreads on assets, funding costs and decisions in managing the tradeoffs in our market risk/return profile. The following tables present key market interest rates (obtained from Bloomberg L.P.).

	Quarter 1 2015		Year 2014		Quarter 1 2014
	Ending	Average	Ending	Average	Ending	Average
Federal funds target	0-0.25%	0-0.25%	0-0.25%	0-0.25%	0-0.25%	0-0.25%
Federal funds effective	0.06	0.11	0.06	0.09	0.06	0.07
3-month LIBOR	0.27	0.26	0.26	0.23	0.23	0.24
2-year LIBOR	0.81	0.84	0.90	0.62	0.55	0.49
10-year LIBOR	2.02	2.09	2.28	2.65	2.84	2.87
2-year U.S. Treasury	0.56	0.59	0.67	0.45	0.42	0.36
10-year U.S. Treasury	1.92	1.97	2.17	2.53	2.72	2.76
15-year mortgage current coupon (1)	1.97	1.96	2.10	2.34	2.52	2.51
30-year mortgage current coupon (1)	2.68	2.71	2.85	3.23	3.45	3.45

(1) Simple average of current coupon rates of Fannie Mae and Freddie Mac par mortgage-backed security indications.

Short-term interest rates remained close to zero in the first three months of 2015. The low interest rate environment continued to have a favorable overall effect on our results of operations in the first three months of 2015. The Federal Reserve maintained the overnight Federal funds target and effective rates between zero and 0.25 percent, with other short-term interest rates generally consistent with their historical relationships to Federal funds.

Effect of Economy and Financial Markets on Mission Asset Activity

Our business is cyclical and Mission Asset Activity normally grows slowly, stabilizes, or declines in periods of difficult macro-economic conditions, when financial institutions have ample liquidity, or when there is significant growth in the money supply. In the last several years, measured economic growth has resulted in relatively slow growth in consumer, mortgage and commercial loans across the broad membership both in absolute terms and relative to deposit growth. Other important factors continuing to constrain widespread demand for Advances are the extremely low levels of interest rates resulting in favorable broad-based funding levels and the Federal Reserve's ongoing actions to provide an extraordinary amount of deposit-based liquidity to attempt to stimulate economic growth. We would expect to see a broad-based increase in Advance demand when the economy experiences a sustained improvement or if changes in Federal Reserve policy reduce other sources of liquidity available to our members.

The relative balance between loan and deposit growth provides an indication of potential member Advance demand. From December 31, 2013 to December 31, 2014 (the most recent period for which data are available), aggregate loan portfolios of Fifth District depository institutions grew $57.4 billion (4.7 percent) while their aggregate deposit balances rose $153.6 billion (7.5 percent). The data include the effect of large mergers and acquisitions only when they are available for both comparison dates. Most of the loan and deposit growth in this period occurred from our largest members, which is consistent with the concentration of financial activity.

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Excluding the five members with over $50 billion of assets and recent acquisitions, aggregate loans increased $13.6 billion (7.1 percent) in the 12-month period while aggregate deposits grew $7.5 billion (3.1 percent). These members' faster loan growth than deposit growth could over time produce increased demand for Advances.

Business Conditions and Outlook and Risk Management

Our major business strategies, outlook for our business, and risk profiles and management have not changed substantially since our 2014 Form 10-K filing. “Quantitative and Qualitative Disclosures About Risk Management” provides details on current risk exposures. We have no material updates to the regulatory or legislative environment since the 2014 Form 10-K filing.

ANALYSIS OF FINANCIAL CONDITION

Mission Asset Activity

We regularly monitor the dollar and percentage amount of our balance sheet that is Mission Asset Activity, which we define as Advances, Letters of Credit, and total MPP. These are the primary means by which we fulfill our mission with direct connections to members. We measure Mission Asset Activity against Consolidated Obligations because the latter reflects the major source of our franchise value as a GSE. At March 31, 2015, the principal balance of Mission Asset Activity of $91.2 billion constituted 83 percent of adjusted Obligations (which equal Obligations plus Letters of Credit and Mandatory Delivery Contracts). The daily average percentage in the first three months of 2015 was 82 percent. These percentages exceeded our internal benchmark.

Credit Services

Credit Activity and Advance Composition

The table below shows trends in Advance balances by major programs and in the notional amount of Letters of Credit.

(Dollars in millions)	March 31, 2015				December 31, 2014				March 31, 2014
	Balance		Percent(1)		Balance		Percent(1)		Balance		Percent(1)
Adjustable/Variable-Rate Indexed:
LIBOR	$	49,103	73	%	$	51,839	74	%	$	49,269	75	%
Other	407		1		515		1		389		1
Total	49,510		74		52,354		75		49,658		76
Fixed-Rate:
REPO	4,061		6		5,201		7		4,465		7
Regular Fixed-Rate	7,977		12		7,398		11		5,903		9
Putable (2)	1,580		3		1,617		2		2,138		3
Amortizing/Mortgage Matched	2,662		4		2,734		4		2,618		4
Other	825		1		995		1		603		1
Total	17,105		26		17,945		25		15,727		24
Total Advances Principal	$	66,615	100	%	$	70,299	100	%	$	65,385	100	%
Letters of Credit (notional)	$	16,905			$	17,780			$	13,603

(1) As a percentage of total Advances principal.    

(2) Excludes Putable Advances where the related put options have expired. Such Advances are classified based on their current terms.

The decline in Advances since the end of 2014 came from a few larger members and was comprised primarily of variable-rate and short-term repurchase (REPO) Advances.

Members reduced their available lines in the Letters of Credit program by $0.9 billion (five percent) in the first three months of 2015. We earn fees on Letters of Credit based on the actual notional amount of the Letters utilized, which normally is less than the available lines.

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Advance Usage

In addition to analyzing Advance balances by dollar trends and the number of members utilizing them, we monitor the degree to which members use Advances to fund their balance sheets. The following table shows the unweighted, average ratio of each member's Advance balance to its most-recently available figures for total assets.

	March 31, 2015		December 31, 2014
Average Advances-to-Assets for Members
Assets less than $1.0 billion (632 members)	3.06	%	3.24	%
Assets over $1.0 billion (68 members)	3.08		3.75
All members	3.06		3.29

Overall Advance usage ratios declined in the first quarter of 2015. Larger members typically utilize Advances to fund a modestly larger proportion of their assets than smaller members.

The following tables present principal balances for our top five Advance borrowers.

(Dollars in millions)
March 31, 2015					December 31, 2014
Name	Par Value of Advances		Percent of Total Par Value of Advances		Name	Par Value of Advances		Percent of Total Par Value of Advances
JPMorgan Chase Bank, N.A.	$	38,300	57	%	JPMorgan Chase Bank, N.A.	$	41,300	59	%
U.S. Bank, N.A.	8,298		12		U.S. Bank, N.A.	8,338		12
Nationwide Life Insurance Company	1,898		3		The Huntington National Bank	2,083		3
Third Federal Savings and Loan Association	1,666		3		Nationwide Life Insurance Company	1,761		3
Western-Southern Life Assurance Co	1,652		2		Western-Southern Life Assurance Co	1,623		2
Total of Top 5	$	51,814	77	%	Total of Top 5	$	55,105	79	%

Advance concentration ratios are influenced by, and generally similar to, concentration ratios of financial activity among our Fifth District financial institutions. We believe that having large financial institutions that actively use our Mission Asset Activity augments the value of membership to all members. It improves our operating efficiency, increases our earnings and thereby contributions to housing and community investment programs, may enable us over time to obtain more favorable funding costs, and helps us maintain competitively priced Mission Asset Activity.

Mortgage Loans Held for Portfolio (Mortgage Purchase Program, or "MPP")

MPP balances continue to be driven primarily by activity from two larger sellers and a Finance Agency regulation requiring that if purchases in a calendar year exceed $2.5 billion, we will be subject to Finance Agency established housing goals. Given the uncertainty of the housing goal requirements and possible operational and economic impacts, we continue to limit our calendar year purchases to less than $2.5 billion until we receive further guidance from the Finance Agency and we confirm our ability to meet the goals. The number of regular sellers remained at a high level in the first three months of 2015 compared to historical trends.

The table below shows principal purchases and reductions of loans in the MPP for the first three months of 2015.

(In millions)	MPP Principal
Balance at December 31, 2014	$	6,796
Principal purchases	611
Principal reductions	(347		)
Balance at March 31, 2015	$	7,060

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The increase in principal loan balance in the first quarter of 2015 reflected purchase activity exceeding principal reductions. Purchases resulted from sales by 79 participating financial institutions (PFIs) during the year, with the number of monthly sellers averaging 62. All loans acquired in the first quarter of 2015 were conventional loans.

We closely track the refinancing incentives of our mortgage assets (including those in the MPP and mortgage-backed securities) because the option for homeowners to change their principal payments normally represents a large portion of our market risk exposure. MPP principal paydowns in the first three months of 2015 equated to a 15 percent annual constant prepayment rate, up from the 12 percent rate for all of 2014, as the refinancing incentives for many of our mortgage assets increased.

The MPP's composition of balances by loan type, original final maturity, and weighted-average mortgage note rate did not change materially in the first three months of 2015. The weighted average mortgage note rate fell from 4.36 percent at the end of 2014 to 4.27 percent at March 31, 2015. This decline reflected a continuing trend of prepayments of higher rate mortgages and purchases of lower rate mortgages. MPP yields earned during the first three months of 2015, relative to funding costs, continued to offer favorable returns relative to their market risk exposure.

Investments

The table below presents the ending and average balances of the investment portfolio.

(In millions)	Three Months Ended				Year Ended
	March 31, 2015				December 31, 2014
	Ending Balance		Average Balance		Ending Balance		Average Balance
Liquidity investments	$	10,237	$	11,699	$	11,319	$	11,856
Mortgage-backed securities	14,428		14,573		14,688		15,594
Other investments (1)	—		90		—		98
Total investments	$	24,665	$	26,362	$	26,007	$	27,548

(1) The average balance includes the rights or obligations to cash collateral, which are included in the fair value of derivative assets or derivative liabilities on the Statements of Condition at period end.

We continued to maintain an ample amount of asset liquidity. Liquidity investment levels can vary significantly based on liquidity needs, the availability of acceptable net spreads, the number of eligible counterparties that meet our unsecured credit risk criteria, and changes in the amount of Mission Assets. It is normal for liquidity investments to vary up to several billion dollars on a daily basis.

Our overarching strategy for mortgage-backed securities is to keep holdings as close as possible to the regulatory maximum of three times regulatory capital, subject to the availability of securities that we believe provide acceptable risk/return tradeoffs. The balance of mortgage-backed securities at March 31, 2015 represented a 2.85 multiple of regulatory capital and consisted of $12.2 billion of securities issued by Fannie Mae or Freddie Mac (of which $1.5 billion were floating-rate securities), $1.0 billion of floating-rate securities issued by the National Credit Union Administration (NCUA), and $1.2 billion of securities issued by Ginnie Mae. We held no private-label mortgage-backed securities.

The table below shows principal purchases and paydowns of our mortgage-backed securities for the first three months of 2015.

(In millions)	Mortgage-backed Securities Principal
Balance at December 31, 2014	$	14,715
Principal purchases	274
Principal paydowns	(544		)
Balance at March 31, 2015	$	14,445

Principal paydowns in the first three months of 2015 equated to a 14 percent annual constant prepayment rate, similar to the 13 percent rate in 2014. Purchases fell short of paydowns due to market constraints on the availability of securities that fit our parameters for risks and return.

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Consolidated Obligations

The table below presents the ending and average balances of our participations in Consolidated Obligations.

	Three Months Ended						Year Ended
(In millions)	March 31, 2015						December 31, 2014
	Ending Balance			Average Balance			Ending Balance			Average Balance
Discount Notes:
Par	$	45,632		$	42,447		$	41,238		$	35,996
Discount	(4		)	(5		)	(6		)	(4		)
Total Discount Notes	45,628			42,442			41,232			35,992
Bonds:
Unswapped fixed-rate	24,907			25,327			26,124			25,513
Unswapped adjustable-rate	17,050			22,355			27,610			29,355
Swapped fixed-rate	4,876			6,122			5,390			3,697
Total par Bonds	46,833			53,804			59,124			58,565
Other items (1)	94			95			93			116
Total Bonds	46,927			53,899			59,217			58,681
Total Consolidated Obligations (2)	$	92,555		$	96,341		$	100,449		$	94,673

(1) Includes unamortized premiums/discounts, fair value option valuation adjustments, hedging and other basis adjustments.

(2) The 12 FHLBanks have joint and several liability for the par amount of all of the Consolidated Obligations issued on their behalves. The par amount of the outstanding Consolidated Obligations of all 12 FHLBanks was (in millions) $812,197 and $847,175 at March 31, 2015 and December 31, 2014, respectively.

The composition of unswapped fixed-rate Bonds, which typically have maturities greater than one year, was relatively stable in the first three months of 2015 compared to 2014. During this same time period, there was a shift in the composition of unswapped adjustable-rate and swapped bonds to Discount Notes, which provided us more favorable funding costs.

Deposits

Total deposits with us are normally a relatively minor source of low-cost funding. Total interest bearing deposits at March 31, 2015 were $0.8 billion, an increase of 15 percent from year-end 2014. The average balance of total interest bearing deposits in the first three months of 2015 was $0.9 billion, an increase of one percent from the average balance during the same period of 2014.

Derivatives Hedging Activity and Liquidity

Our use of and accounting for derivatives is discussed in the "Effect of the Use of Derivatives on Net Interest Income" section in "Results of Operations." Liquidity is discussed in the "Liquidity Risk" section in “Quantitative and Qualitative Disclosures About Risk Management.” We did not change our strategy of using derivatives to manage market risk exposure in the first three months of 2015.

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Capital Resources

The following tables present capital amounts and capital-to-assets ratios, on both a GAAP and regulatory basis.

	Three Months Ended				Year Ended
(In millions)	March 31, 2015				December 31, 2014
	Period End		Average		Period End		Average
GAAP and Regulatory Capital
GAAP Capital Stock	$	4,302	$	4,277	$	4,267	$	4,298
Mandatorily Redeemable Capital Stock	62		64		63		105
Regulatory Capital Stock	4,364		4,341		4,330		4,403
Retained Earnings	707		711		689		666
Regulatory Capital	$	5,071	$	5,052	$	5,019	$	5,069

	Three Months Ended				Year Ended
	March 31, 2015				December 31, 2014
	Period End		Average		Period End		Average
GAAP and Regulatory Capital-to-Assets Ratio
GAAP	5.05	%	4.83	%	4.63	%	4.90	%
Regulatory	5.13		4.91		4.71		5.01

Both GAAP and regulatory capital-to-assets ratios remained above the regulatory required minimum of four percent. We consider the regulatory ratio to be a better representation of financial leverage than the GAAP ratio because, although the GAAP ratio treats mandatorily redeemable capital stock as a liability, it protects investors in our debt in the same way that GAAP capital stock and retained earnings do.

A portion of capital stock is excess, meaning it is not required as a condition of being a member and not required to capitalize Mission Asset Activity. Excess capital stock provides a base of capital to manage financial leverage at prudent levels, augment loss protections for bondholders, and capitalize a portion of growth in Mission Assets. The amount of excess capital stock, as defined by our Capital Plan, was $658 million at March 31, 2015, an increase of $154 million from year-end 2014.

Membership and Stockholders

In the first three months of 2015, we added four new member stockholders and lost nine members, ending the quarter at 700. The nine lost members included eight that merged with other Fifth District members and one that merged out of the District. The impact on our earnings and Mission Asset Activity from the members lost was negligible. We will continue to recruit the remaining institutions eligible for membership in order to maintain and expand our customer base.

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RESULTS OF OPERATIONS

Components of Earnings and Return on Equity

The following table is a summary income statement for the three months endedMarch 31, 2015 and 2014. Each ROE percentage is computed by dividing income or expense for the category by the average amount of stockholders' equity for the period. Factors determining the level of, and changes in, net income and ROE are explained in the remainder of this section.

	Three Months Ended March 31,
(Dollars in millions)	2015				2014
	Amount		ROE (1)		Amount			ROE (1)
Net interest income	$	78	6.31	%	$	77		6.08	%
Net gains (losses) on derivatives and hedging activities	5		0.43		(1		)	(0.09	)
Other non-interest income	3		0.23		5			0.38
Total non-interest income	8		0.66		4			0.29
Total revenue	86		6.97		81			6.37
Total non-interest expense	18		1.44		17			1.35
Assessments	7		0.56		7			0.51
Net income	$	61	4.97	%	$	57		4.51	%

(1) The ROE amounts have been computed using dollars in thousands. Accordingly, recalculations based upon the disclosed amounts (millions) in this table may produce nominally different results.

Net income increased$4 million (seven percent) in the first three months of 2015 compared to the same period in 2014. ROE increased more (10 percent) due to our redemption and repurchase of $500 million of excess stock in February 2014. Profitability remained competitive as ROE continued to significantly exceed our benchmarks relative to short-term interest rates. Details on the individual factors contributing to the increase in profitability are in the sections below.

Net Interest Income

Components of Net Interest Income

The following table shows the major components of net interest income. Reasons for the variance in net interest income between the periods are discussed below.

	Three Months Ended March 31,
(Dollars in millions)	2015					2014
	Amount			Percent of Earning Assets		Amount			Percent of Earning Assets
Components of net interest rate spread:
Net (amortization)/accretion (1) (2)	$	(7	)	(0.03	)%	$	(2	)	(0.01	)%
Prepayment fees on Advances, net (2)	1			—		1			—
Other components of net interest rate spread	76			0.30		69			0.28
Total net interest rate spread	70			0.27		68			0.27
Earnings from funding assets with interest-free capital	8			0.04		9			0.04
Total net interest income/net interest margin (3)	$	78		0.31	%	$	77		0.31	%

(1) Includes (amortization)/accretion of premiums/discounts on mortgage assets and Consolidated Obligations and deferred transaction costs (concession fees) for Consolidated Obligations.

(2) These components of net interest rate spread have been segregated here to display their relative impact.

(3) Net interest margin is net interest income before (reversal)/provision for credit losses as a percentage of average total interest earning assets.

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Net Amortization/Accretion: Net amortization/accretion (generally referred to as "amortization") includes monthly recognition of premiums and discounts paid on purchases of mortgage assets, as well as premiums, discounts and concessions paid on Consolidated Obligations. Periodic amortization adjustments do not necessarily indicate a trend in economic return over the entire life of mortgage assets, although amortization over the entire life is one component of lifetime economic returns.

While net amortization has been large and volatile in several periods over the last five years, it was moderate in the first three months of both 2015 and 2014.

Prepayment Fees on Advances: Fees for members' early repayment of certain Advances are designed to make us economically indifferent to whether members hold Advances to maturity or repay them before maturity. Although Advance prepayment fees can be and have been significant in the past, they were minimal in the three months ended March 31, 2015 and 2014, reflecting a low amount of member prepayments of Advances.

Other Components of Net Interest Rate Spread: Excluding net amortization and prepayment fees, the total other components of net interest rate spread increased $7 million in the first three months of 2015 compared to the same period of 2014. The following factors are presented in approximate order of impact from largest to smallest.

▪ LIBOR Advance funding-Favorable: Net interest income increased $3 million primarily because of a transition from floating-rate bonds to lower-cost Discount Note funding and favorable changes in market spreads between LIBOR and Discount Notes.

▪ Advance growth-Favorable: The $3.8 billion growth in average Advance balances at higher spreads improved net interest income by an estimated $2 million.

▪ Mortgage Purchase Program growth-Favorable: The average balance of the mortgage purchase program portfolio increased $0.4 billion, which increased net interest income by an estimated $2 million.

▪ Lower balances on mortgage-backed securities-Unfavorable: The average balance of the mortgage-backed security portfolio decreased $1.6 billion, which decreased net interest income by an estimated $2 million.

▪ Other factors-Favorable: Various other factors including, but not limited to, increased short-funding and higher spreads on liquidity investments, increased net interest income by an estimated $2 million.

Earnings from Capital: The earnings from funding assets with interest-free capital declined in the first three months of 2015 compared to the same period of 2014 due to the stock repurchase in February 2014 and the continued low interest rate environment.

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Average Balance Sheet and Rates

The following table provides average rates and average balances for major balance sheet accounts, which determine the changes in the net interest rate spread. All data include the impact of interest rate swaps, which we allocate to each asset and liability category according to their designated hedging relationship. The changes in the net interest rate spread and net interest margin between the two periods shown occurred mostly from the net impact of the factors discussed above in “Components of Net Interest Income.”

(Dollars in millions)	Three Months Ended						Three Months Ended
	March 31, 2015						March 31, 2014
	Average Balance		Interest		Average Rate (1)		Average Balance		Interest		Average Rate (1)
Assets:
Advances	$	69,165	$	86	0.50	%	$	65,340	$	77	0.48	%
Mortgage loans held for portfolio (2)	7,150		56		3.19		6,763		60		3.61
Federal funds sold and securities purchased under resale agreements	10,429		2		0.09		11,340		2		0.05
Interest-bearing deposits in banks (3) (4) (5)	1,315		1		0.16		2,329		1		0.14
Mortgage-backed securities	14,573		81		2.24		16,163		89		2.24
Other investments	45		—		0.09		26		—		0.06
Loans to other FHLBanks	—		—				—		—		—
Total earning assets	102,677		226		0.89		101,961		229		0.91
Less: allowance for credit losses on mortgage loans	3						7
Other assets	182						242
Total assets	$	102,856					$	102,196
Liabilities and Capital:
Term deposits	$	166	—		0.18		$	87	—		0.18
Other interest bearing deposits (5)	735		—		0.01		806		—		0.01
Short-term borrowings	42,442		10		0.09		37,397		9		0.09
Unswapped fixed-rate Bonds	25,406		125		2.00		25,223		132		2.12
Unswapped adjustable-rate Bonds	22,354		7		0.13		28,933		8		0.11
Swapped Bonds	6,139		5		0.30		3,878		2		0.20
Mandatorily redeemable capital stock	64		1		4.00		121		1		4.00
Other borrowings	—		—		—		—		—		—
Total interest-bearing liabilities	97,306		148		0.62		96,445		152		0.64
Non-interest bearing deposits	1						14
Other liabilities	577						599
Total capital	4,972						5,138
Total liabilities and capital	$	102,856					$	102,196
Net interest rate spread					0.27	%					0.27	%
Net interest income and net interest margin (6)			$	78	0.31	%			$	77	0.31	%
Average interest-earning assets to interest-bearing liabilities					105.52	%					105.72	%

(1) Amounts used to calculate average rates are based on dollars in thousands. Accordingly, recalculations based upon the disclosed amounts (millions) may not produce the same results.

(2) Non-accrual loans are included in average balances used to determine average rate.

(3) Includes certificates of deposit and bank notes that are classified as available-for-sale securities.

(4) Includes available-for-sale securities based on their amortized costs. The yield information does not give effect to changes in fair value that are reflected as a component of stockholders' equity for available-for-sale securities.

(5) The average balance amounts include the rights or obligations to cash collateral, which are included in the fair value of derivative assets or derivative liabilities on the Statements of Condition at period end.

(6) Net interest margin is net interest income before (reversal)/provision for credit losses as a percentage of average total interest earning assets.

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The net interest spread and net interest margin remained the same due to an increase in net amortization which was offset by the net effect of the other earnings factors discussed in the previous section.

The decline in the average rates on total earning assets and total interest-bearing liabilities resulted from the continued low interest rate environment and an increase in the balance sheet composition of Advances, which tend to carry lower interest rates. The low rate environment particularly resulted in a decline in the average rate of long-term assets (such as certain Advances and mortgage loans held for portfolio) and long-term liabilities (unswapped fixed-rate Bonds). This is because a substantial portion of the principal paid down on these assets and liabilities, which had higher rates, was replaced with new assets and liabilities at lower rates.

Rates on short-term assets (Federal funds sold and securities purchased under resale agreements) and certain liabilities (unswapped adjustable-rate Bonds and swapped Bonds) increased slightly in the first three months of 2015 compared to the same period of 2014 due to marginally higher short-term interest rates.

Volume/Rate Analysis

Changes in both average balances (volume) and interest rates influence changes in net interest income. The following table summarizes these changes and trends in interest income and interest expense.

(In millions)	Three Months Ended March 31, 2015 over 2014
	Volume (1)(3)			Rate (2)(3)			Total
Increase (decrease) in interest income
Advances	$	5		$	4		$	9
Mortgage loans held for portfolio	3			(7		)	(4		)
Federal funds sold and securities purchased under resale agreements	(1		)	1			—
Interest-bearing deposits in banks	—			—			—
Mortgage-backed securities	(8		)	—			(8		)
Other investments	—			—			—
Loans to other FHLBanks	—			—			—
Total	(1		)	(2		)	(3		)
Increase (decrease) in interest expense
Term deposits	—			—			—
Other interest-bearing deposits	—			—			—
Short-term borrowings	1			—			1
Unswapped fixed-rate Bonds	1			(8		)	(7		)
Unswapped adjustable-rate Bonds	(2		)	1			(1		)
Swapped Bonds	1			2			3
Mandatorily redeemable capital stock	—			—			—
Other borrowings	—			—			—
Total	1			(5		)	(4		)
Increase (decrease) in net interest income	$	(2	)	$	3		$	1

(1) Volume changes are calculated as the change in volume multiplied by the prior year rate.

(2) Rate changes are calculated as the change in rate multiplied by the prior year average balance.

(3) Changes that are not identifiable as either volume-related or rate-related, but rather are equally attributable to both volume and rate changes, have been allocated to the volume and rate categories based upon the proportion of the absolute value of the volume and rate changes.

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Effect of the Use of Derivatives on Net Interest Income

The following table shows the effect of using derivatives on net interest income. The effect on earnings from the non-interest components of derivatives related to market value adjustments is provided in the next section “Non-Interest Income and Non-Interest Expense.”

(In millions)	Three Months Ended March 31,
	2015			2014
Advances:
Amortization/accretion of hedging activities in net interest income	$	(1	)	$	(1	)
Net interest settlements included in net interest income	(21		)	(23		)
Mortgage loans:
Amortization of derivative fair value adjustments in net interest income	(1		)	(1		)
Consolidated Obligation Bonds:
Net interest settlements included in net interest income	5			5
Decrease to net interest income	$	(18	)	$	(20	)

Most of our derivatives synthetically convert the intermediate- and long-term fixed interest rates on certain Advances and Bonds to adjustable-coupon rates tied to short-term LIBOR (mostly one- and three-month repricing resets). These adjustable-rate coupons normally carry lower interest rates than the fixed rates. The use of derivatives lowered net interest income in each period primarily because the Advances that were swapped to short-term LIBOR had higher fixed interest rates than the Bonds that were swapped to short-term LIBOR. This reduction in earnings was acceptable because it enabled us, as we designed, to significantly lower market risk exposure by creating a much closer match of actual cash flows between assets and liabilities than would occur otherwise. The reduction in earnings was similar in the first three months of both 2015 and 2014.

Non-Interest Income and Non-Interest Expense

The following table presents non-interest income and non-interest expense for each of the three months endedMarch 31, 2015 and 2014.

	Three Months Ended March 31,
(Dollars in millions)	2015			2014
Non-interest income
Net gains (losses) on derivatives and hedging activities	$	5		$	(1	)
Other non-interest income, net	3			5
Total non-interest income	$	8		$	4
Non-interest expense
Compensation and benefits	$	10		$	9
Other operating expense	5			5
Finance Agency	2			2
Office of Finance	1			1
Other	—			—
Total non-interest expense	$	18		$	17
Average total assets	$	102,856		$	102,196
Average regulatory capital	5,052			5,267
Total other expense to average total assets (1)	0.07		%	0.07		%
Total other expense to average regulatory capital (1)	1.42			1.31

(1) Amounts used to calculate percentages are based on dollars in thousands. Accordingly, recalculations based upon the disclosed amounts (millions) may not produce the same results.

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Non-interest income increased in the first three months of 2015 compared to the same period of 2014 primarily from gains on derivatives and hedging activities in 2015 compared to losses in 2014, as presented in the table below. Non-interest expense was relatively stable.

Effect of Derivatives and Hedging Activities

(In millions)	Three Months Ended March 31,
	2015			2014
Net gains (losses) on derivatives and hedging activities
Advances:
Losses on derivatives not receiving hedge accounting	$	(1	)	$	—
Mortgage loans:
Losses on derivatives not receiving hedge accounting	—			(2		)
Consolidated Obligation Bonds:
Gains on fair value hedges	1			—
Gains on derivatives not receiving hedge accounting	5			1
Total net gains (losses) on derivatives and hedging activities	5			(1		)
Net (losses) gains on financial instruments held at fair value (1)	(1		)	1
Total net effect of derivatives and hedging activities	$	4		$	—

(1) Includes only those gains or losses on financial instruments held at fair value that have an economic derivative "assigned."

The amounts of income volatility in overall derivatives and hedging activities were modest compared to the notional principal amounts, well within the range of normal historical fluctuation, and consistent with the close hedging relationships of our derivative transactions.

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Segment Information

Note 17 of the Notes to Unaudited Financial Statements presents information on our two operating business segments. We manage financial operations and market risk exposure primarily at the macro level, and within the context of the entire balance sheet, rather than exclusively at the level of individual segments. Under this approach, the market risk/return profile of each segment may not match, or possibly even have the same trends as, what would occur if we managed each segment on a stand-alone basis. The table below summarizes each segment's operating results for the periods shown.

(Dollars in millions)	Traditional Member Finance			MPP			Total
Three Months Ended March 31, 2015
Net interest income	$	61		$	17		$	78
Net income	$	48		$	13		$	61
Average assets	$	95,682		$	7,174		$	102,856
Assumed average capital allocation	$	4,625		$	347		$	4,972
Return on average assets (1)	0.20		%	0.71		%	0.24		%
Return on average equity (1)	4.24		%	14.76		%	4.97		%
Three Months Ended March 31, 2014
Net interest income	$	57		$	20		$	77
Net income	$	43		$	14		$	57
Average assets	$	95,414		$	6,782		$	102,196
Assumed average capital allocation	$	4,797		$	341		$	5,138
Return on average assets (1)	0.18		%	0.85		%	0.23		%
Return on average equity (1)	3.64		%	16.82		%	4.51		%

(1) Amounts used to calculate returns are based on numbers in thousands. Accordingly, recalculations based upon the disclosed amounts (millions) may not produce the same results.

Traditional Member Finance Segment

The increase in net income in the first three months of 2015, compared to the same period of 2014, was due primarily to higher spreads on Advances, average Advance growth that was partially offset by lower balances on mortgage-backed securities, and unrealized net gains on derivatives and hedging activities.

The increase in ROE in the first three months of 2015, compared to the same period of 2014, was more than the increase in net income due to our repurchase of excess stock in February 2014.

MPP Segment

The MPP continued to earn a substantial level of profitability compared to market interest rates, with a moderate amount of market risk and credit risk. In the first quarter of 2015, the MPP averaged seven percent of total average assets while accounting for 21 percent of earnings.

Net interest income decreased in the first three months of 2015, compared to the same period of 2014, as a result of higher net amortization expense which was partially offset by a higher average balance of the MPP portfolio. Net income decreased by a smaller amount because the factors above were partially offset by a small gain in the first three months of 2015 compared to losses in the same period of 2014 on derivatives and hedging activities.

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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT

Market Risk

Market Value of Equity and Duration of Equity - Entire Balance Sheet

Two key measures of long-term market risk exposure are the sensitivities of the market value of equity and the duration of equity to changes in interest rates and other variables, as presented in the following tables for various instantaneous and permanent interest rate shocks. Average results are compiled using data for each month end. Given the current very low level of rates, the down rate shocks are nonparallel scenarios, with short-term rates decreasing less than long-term rates so that no rate falls below zero.

Market Value of Equity

(Dollars in millions)	Down 300			Down 200			Down 100			Flat Rates		Up 100			Up 200			Up 300
Average Results
2015 Year-to-Date
Market Value of Equity	$	4,748		$	4,805		$	4,949		$	4,945	$	4,854		$	4,703		$	4,530
% Change from Flat Case	(4.0		)%	(2.8		)%	0.1		%	—		(1.8		)%	(4.9		)%	(8.4		)%
2014 Full Year
Market Value of Equity	$	4,763		$	4,908		$	4,961		$	4,889	$	4,771		$	4,626		$	4,479
% Change from Flat Case	(2.6		)%	0.4		%	1.5		%	—		(2.4		)%	(5.4		)%	(8.4		)%
Month-End Results
March 31, 2015
Market Value of Equity	$	4,777		$	4,840		$	4,983		$	4,965	$	4,862		$	4,706		$	4,531
% Change from Flat Case	(3.8		)%	(2.5		)%	0.3		%	—		(2.1		)%	(5.2		)%	(8.8		)%
December 31, 2014
Market Value of Equity	$	4,714		$	4,824		$	4,938		$	4,920	$	4,835		$	4,688		$	4,524
% Change from Flat Case	(4.2		)%	(2.0		)%	0.4		%	—		(1.7		)%	(4.7		)%	(8.1		)%

Duration of Equity

(In years)	Down 300		Down 200		Down 100		Flat Rates	Up 100	Up 200	Up 300
Average Results
2015 Year-to-Date	(4.0	)	(3.5	)	(1.0	)	1.1	2.8	3.6	3.9
2014 Full Year	(3.7	)	(2.1	)	1.0		2.0	3.0	3.3	3.3
Month-End Results
March 31, 2015	(3.9	)	(3.4	)	(0.9	)	1.4	2.9	3.7	3.9
December 31, 2014	(3.8	)	(3.4	)	(0.2	)	1.0	2.6	3.5	3.7

During the first three months of 2015, as in 2014, consistent with our historical practice and risk appetite, we positioned market risk exposure to higher interest rates at a moderate level. Market risk exposure continued to benefit from exposure to lower rates by way of relatively subdued mortgage prepayment speeds (given the level of rates and composition of mortgage assets) over the last several years.

Based on the totality of our risk analysis, we expect that profitability, defined as the level of ROE compared with short-term market rates, will remain competitive unless interest rates change by extremely large amounts in a short period of time. Decreases in long-term interest rates even up to two percentage points (which would put fixed-rate mortgages below two percent) would still result in profitability being well above market interest rates. Similarly, we believe that profitability would not become uncompetitive in a rising rate environment unless long-term rates were to permanently increase in a short period of time by more than five percentage points or more, combined with short-term rates increasing to at least eight percent.

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Market Risk Exposure of the Mortgage Assets Portfolio

The mortgage assets portfolio normally accounts for almost all market risk exposure because of prepayment volatility that we cannot completely hedge while maintaining positive net spreads. Sensitivities of the market value of equity allocated to the mortgage assets portfolio under interest rate shocks (in basis points) are shown below. At March 31, 2015, the mortgage assets portfolio had an assumed capital allocation of $1.1 billion based on the entire balance sheet's regulatory capital-to-assets ratio. Average results are compiled using data for each month-end. The market value sensitivities are one measure we use to analyze the portfolio's estimated market risk exposure.

% Change in Market Value of Equity-Mortgage Assets Portfolio

	Down 300		Down 200		Down 100		Flat Rates	Up 100		Up 200		Up 300
Average Results
2015 Year-to-Date	(24.9	)%	(18.8	)%	(2.6	)%	—	(7.4	)%	(20.6	)%	(36.2	)%
2014 Full Year	(19.1	)%	(3.9	)%	3.6	%	—	(9.7	)%	(22.1	)%	(35.0	)%
Month-End Results
March 31, 2015	(24.4	)%	(17.5	)%	(1.5	)%	—	(8.1	)%	(21.4	)%	(36.8	)%
December 31, 2014	(25.0	)%	(13.7	)%	(1.0	)%	—	(7.9	)%	(21.4	)%	(36.6	)%

The risk exposure of the mortgage assets portfolio to higher interest rates was similar in the first three months of 2015 compared to 2014. The dollar amount of exposure for any individual rate shock can be obtained by multiplying the percentage change by the assumed equity allocation. We believe the mortgage assets portfolio continues to have an acceptable amount of market risk exposure relative to the inherent market risks of owning mortgages and relative to their actual and expected profitability. We believe this exposure is consistent with our risk appetite philosophy and cooperative business model.

Capital Adequacy

Retained Earnings

We must hold sufficient capital to protect against exposure to various risks including market, credit, and operational. We regularly conduct a variety of measurements and assessments for capital adequacy. At March 31, 2015, the $707 million of retained earnings substantially exceeded our policy minimum of $450 million and was comprised of $535 million unrestricted (an increase of $6 million from year-end 2014) and $172 million restricted (an increase of $12 million), which by regulation we are not permitted to distribute as dividends.

Given the regulatory environment and history of paying a competitive dividend return, we carry a greater amount of retained earnings than required by the policy. We will continue to bolster capital adequacy over time by allocating a portion of earnings to a separate restricted retained earnings account in accordance with the FHLBank System's Joint Capital Enhancement Agreement. We believe that the amount of retained earnings is sufficient to protect against members' impairment risk of their capital stock investment and to provide the opportunity to stabilize dividends.

Market Capitalization Ratios

We measure two sets of market capitalization ratios. One measures the market value of capital (i.e., stockholder equity) relative to the par value of regulatory capital stock (capital stock and mandatorily redeemable capital stock). The other measures the market value of capital relative to the book value of total capital, which includes retained earnings, and mandatorily redeemable capital stock. The measures provide a point-in-time indication of the FHLB's liquidation or franchise value and also serve as a measure of realized or potential market risk exposure.

The following table presents the market value of equity to regulatory capital stock (excluding retained earnings) for the interest rate environments for which we have policy limits. A base case value below par could indicate that, in the event of an immediate liquidation scenario, capital stock may be impaired and returned at some value less than par.

	March 31, 2015		December 31, 2014
Market Value of Equity to Par Value of Regulatory Capital Stock - Base Case (Flat Rates) Scenario	114	%	114	%
Market Value of Equity to Par Value of Regulatory Capital Stock - Down Shock (1)	114		114
Market Value of Equity to Par Value of Regulatory Capital Stock - Up Shock (2)	108		108

(1) Represents a down shock of 100 basis points.

(2) Represents an up shock of 200 basis points.

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In the first three months of 2015, the market capitalization ratios in the scenarios presented continued to be above minimum policy limits. The ratios remained stable during the first quarter given the declines in long-term interest rates. The ratios remained at favorable levels because retained earnings were 16 percent of regulatory capital stock at March 31, 2015 and we maintained market risk exposure at moderate levels.

The following table presents the market value of equity to the book value of total capital and mandatorily redeemable capital stock for the same interest rate environments. A base case value below par could indicate that interest rate risk has been or could be incurred in the future or that, in the event of an immediate liquidation scenario, a portion of retained earnings would need to be utilized in order to return regulatory capital stock at par. The base case ratio of 98 percent at March 31, 2015 indicates that approximately $106 million of retained earnings would be required in order to return regulatory capital stock at par.

	March 31, 2015		December 31, 2014
Market Value of Equity to Book Value of Capital - Base Case (Flat Rates) Scenario (1)	98	%	98	%
Market Value of Equity to Book Value of Capital - Down Shock (1)(2)	99		99
Market Value of Equity to Book Value of Capital - Up Shock (1)(3)	93		94

(1) Capital includes total capital and mandatorily redeemable capital stock.

(2) Represents a down shock of 100 basis points.

(3) Represents an up shock of 200 basis points.

Credit Risk

Overview

Our business entails a significant amount of inherent credit risk exposure. We believe our risk management practices, discussed below, bring the amount of residual credit risk to a minimal level. We have no loan loss reserves or impairment recorded for Credit Services, investments, and derivatives and a modest amount of legacy credit risk exposure to the MPP.

Credit Services

Overview: We have policies and practices to manage credit risk exposure from our secured lending activities, which include Advances and Letters of Credit. The objective of our credit risk management is to equalize risk exposure across members and counterparties to a zero level of expected losses, consistent with our conservative risk management principles and desire to have virtually no residual credit risk related to member borrowings.

Collateral: We require each member to provide us a security interest in eligible collateral before it can undertake any secured borrowing. At March 31, 2015, our policy of over-collateralization resulted in total collateral pledged of $256.7 billion to serve members' total borrowing capacity of $214.0 billion. The estimated value of pledged collateral is discounted in order to offset market, credit, and liquidity risks that may affect the collateral's realizable value in the event it must be liquidated. Over-collateralization by one member is not applied to another member.

The table below shows the total pledged collateral (unadjusted for Collateralized Maintenance Requirements).

	March 31, 2015				December 31, 2014
(Dollars in billions)			Percent of Total				Percent of Total
	Collateral Amount		Pledged Collateral		Collateral Amount		Pledged Collateral
Single-family loans	$	139.8	54	%	$	140.4	55	%
Multi-family loans	39.1		15		38.2		15
Commercial real estate	29.5		12		29.5		12
Home equity loans/lines of credit	22.4		9		22.0		9
Bond securities	25.3		10		22.3		9
Farm real estate	0.6		—		0.6		—
Total	$	256.7	100	%	$	253.0	100	%

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At March 31, 2015, 63 percent of collateral was related to residential mortgage lending in single-family loans and home equity loans/lines of credit. The collateral composition remained relatively constant compared to the end of 2014.

Borrowing Capacity/Lendable Value: We determine borrowing capacity against pledged collateral by establishing minimum levels of over-collateralization (Collateralized Maintenance Requirements or CMRs). CMRs result in a lendable value, or borrowing capacity that is less than the amount of pledged collateral.

CMRs are determined by statistical analysis and management assumptions relating to historical price volatility, inherent credit risks, liquidation costs, and the current credit and economic environment. We apply CMR results to the estimated values of pledged assets. CMRs vary among pledged assets and members based on the financial strength of the member institution, the issuer of bond collateral or the quality of securitized assets, the marketability of the pledged assets, the payment performance of pledged loan collateral, and the quality of loan collateral as reflected in the manner in which it was underwritten and is administered.

The table below indicates the range of lendable values remaining after the application of CMRs for each major collateral type pledged at March 31, 2015. These ranges did not change from the end of 2014.

	Lending Values Applied to Collateral
Blanket Status:
Prime 1-4 family loans	67-87%
Multi-family loans	53-77%
Prime home equity loans/lines of credit	57-77%
Commercial real estate loans	61-80%
Farm real estate loans	65-83%
Listing Status/Physical Delivery:
Cash/U.S. Government/U.S. Treasury/U.S. agency securities	79-100%
U.S. agency mortgage-backed securities/collateralized mortgage obligations	79-98%
Private-label residential mortgage-backed securities	43-87%
Private-label commercial mortgage-backed securities	33-86%
Municipal securities	25-93%
Small Business Administration certificates	88-93%
1-4 family loans	67-94%
Multi-family loans	57-87%
Home equity loans/lines of credit	63-87%
Commercial real estate loans	65-91%
Farm real estate loans	67-91%

The ranges of lendable values exclude subprime and nontraditional mortgage loan collateral. Loans pledged by lower risk members for which we require only high level, summary reporting of eligible balances are generally discounted more heavily than loans on which we have detailed loan structure and underwriting information.

Subprime and Nontraditional Mortgage Loan Collateral:We have policies and processes to identify subprime and nontraditional residential mortgage loans pledged by members. We perform collateral reviews, sometimes engaging third parties, to determine whether the pledged loans meet our definition of subprime, nontraditional, or both. Depending on the quality of underwriting and administration, we may subject these loans to higher CMRs. We also limit the overall percentage of borrowing capacity that members can receive from subprime and nontraditional collateral.

Collateralization of Former Members: Former members may maintain existing Advances up to their maturity date as long as the members meet certain requirements. Underwriting criteria, including the forms of collateral that may be pledged, are generally the same for members and former members. One exception is that former members with outstanding Advances must deliver sufficient collateral into our custody, regardless of whether they would qualify for Blanket or Listing status as a member. Alternatively, if a former member is acquired by a member of another FHLBank, we may allow its outstanding Advances to be covered by that FHLBank's collateral under the terms and conditions of an intercreditor agreement. On March 31, 2015, we had $0.6 billion of Advances outstanding to former members. This amount continued to be

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overcollateralized through a combination of subordination or other intercreditor security agreements with other FHLBanks, as well as marketable securities and loan collateral held in our custody.

Internal Credit Ratings: We perform credit underwriting of our members and nonborrower members and assign them an internal credit rating on a scale of one to seven, with a higher number representing a less favorable assessment of the institution's credit and overall financial condition. The credit ratings are based on internal credit analysis and consideration of available credit ratings from independent credit rating organizations. The credit ratings are used in conjunction with other measures of the credit risk and pledged collateral, as described above, in managing credit risk exposure to member and nonmember borrowers.

The following tables show the distribution of internal credit ratings we assigned to member and nonmember borrowers, which we use to help manage credit risk exposure.

(Dollars in billions)
March 31, 2015				December 31, 2014
	Borrowers				Borrowers
		Collateral-Based				Collateral-Based
Credit		Borrowing		Credit		Borrowing
Rating	Number	Capacity		Rating	Number	Capacity
1-3	551	$	136.2	1-3	547	$	131.1
4	103	73.9		4	107	74.9
5	36	3.6		5	37	3.6
6	11	0.2		6	14	0.2
7	11	0.1		7	12	0.3
Total	712	$	214.0	Total	717	$	210.1

A “4” rating is our assessment of the lowest level of satisfactory performance. At March 31, 2015, 58 borrowers (eight percent of the total) had credit ratings of "5" through "7," a net decrease of five from the end of 2014. These members had $3.9 billion of borrowing capacity at March 31, 2015. There was a net decrease of four members who had a "4" credit rating and a net increase of four members with credit ratings of "1," "2," or "3." These trends indicate a general improvement in the overall financial condition of our members during the recovery cycle for the overall economy and housing market.

Member Failures, Closures, and Receiverships: There were no member failures in 2015 through the date of this filing.

MPP

Overview: We believe that the residual amount of credit risk exposure to loans in the MPP is modest, based on the same factors described in the 2014 Form 10-K. We believe based on our analysis that future credit losses will not harm capital adequacy and will not significantly affect profitability except under the most extreme and unlikely credit conditions.

Portfolio Loan Characteristics:The following tables show loan-to-value ratios for conventional loans based on values estimated at the origination dates and current values estimated at the noted periods. The estimated current ratios are based on original loan values, principal paydowns that have occurred since origination, and a third-party estimate of changes in historical home prices for the zip code in which each loan resides. Both measures are weighted by current unpaid principal.

	Based on Estimated Origination Value					Based On Estimated Current Value
Loan-to-Value	March 31, 2015		December 31, 2014		Loan-to-Value	March 31, 2015		December 31, 2014
<= 60%	17	%	17	%	<= 60%	34	%	34	%
> 60% to 70%	16		16		> 60% to 70%	24		25
> 70% to 80%	55		55		> 70% to 80%	27		25
> 80% to 90%	7		7		> 80% to 90%	11		12
> 90%	5		5		> 90% to 100%	3		3
					> 100%	1		1
Weighted Average	72	%	72	%	Weighted Average	65	%	65	%

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The levels of loan-to-value ratios and overall positive trends in the last several years are consistent with the portfolio's excellent credit quality. The positive trends reflect the sustained recovery and improvement in the overall housing market. At March 31, 2015, we estimated that 15 percent of loans have current loan-to-value ratios above 80 percent, down from 16 percent at the end of 2014.

Based on the available data, we believe we have little exposure to loans in the MPP considered to have characteristics of “subprime” or “alternative/nontraditional” loans. Further, we do not knowingly purchase any loan that violates the terms of our Anti-Predatory Lending Policy.

Lender Risk Account (LRA): Conventional mortgage loans are supported against credit losses by various combinations of primary mortgage insurance (PMI), supplemental mortgage insurance (SMI) (for loans purchased before February 2011), and the LRA. The LRA is a holdback of a portion of the initial purchase price to cover expected credit losses for a specific pool of loans. Starting after five years from the loan purchase date, we may return the holdback to PFIs if they manage credit risk to predefined acceptable levels of exposure on the loan pools they sell to us. As a result, some pools of loans may have sufficient credit enhancements to recapture all losses while other pools of loans may not.

The amount of loss claims against the LRA in the first three months of 2015 was $0.3 million. The LRA had balances of $137 million and $129 million at March 31, 2015 and December 31, 2014, respectively. For more information, see Note 9 of the Notes to Unaudited Financial Statements.

Credit Performance: The table below provides an analysis of conventional loans delinquent or in foreclosure, along with the national average serious delinquency rate.

	Conventional Loan Delinquencies
(Dollars in millions)	March 31, 2015			December 31, 2014
Early stage delinquencies - unpaid principal balance (1)	$	51		$	61
Serious delinquencies - unpaid principal balance (2)	$	39		$	43
Early stage delinquency rate (3)	0.8		%	1.0		%
Serious delinquency rate (4)	0.6		%	0.7		%
National average serious delinquency rate (5)	2.3		%	2.4		%

(1) Includes conventional loans 30 to 89 days delinquent and not in foreclosure.

(2) Includes conventional loans that are 90 days or more past due or where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported.

(3) Early stage delinquencies expressed as a percentage of the total conventional loan portfolio.

(4) Serious delinquencies expressed as a percentage of the total conventional loan portfolio.

(5) National average number of fixed-rate prime conventional loans that are 90 days or more past due or in the process of foreclosure is based on the most recent national delinquency data available. The March 31, 2015 rate is based on December 31, 2014 data.

The MPP has experienced a relatively small amount of delinquencies and foreclosures, with rates continuing to be well below national averages.

We consider a high risk loan as having a current loan-to-value ratio above 100 percent. At March 31, 2015, high risk loans had experienced a moderate amount of serious delinquencies (i.e., delinquencies that are 90 days or more past due or in the process of foreclosure). For example, of the $41 million of conventional principal balances with current estimated loan-to-values above 100 percent, $3 million (seven percent) were seriously delinquent. We believe these data further support our view that the overall portfolio is comprised of high-quality, well-performing loans.

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Credit Losses: The following table shows the effects of credit enhancements on the FHLB's estimation of credit losses at the noted periods. Credit losses after credit enhancements, which totaled $1.1 million in the first three months of 2015, are accounted for in the allowance for credit loss or as a charge off (i.e., a reduction to the principal of mortgage loans held for portfolio).

(In millions)	March 31, 2015			December 31, 2014
Estimated incurred credit losses, before credit enhancements	$	(19	)	$	(23	)
Estimated amounts deemed recoverable by:
Primary mortgage insurance	2			2
Supplemental mortgage insurance	10			13
Lender Risk Account	3			3
Estimated incurred credit losses, after credit enhancements	$	(4	)	$	(5	)

The data presented above provide further information on the aggregate health of the portfolio. Credit risk exposure depends on the actual and potential credit performance of the loans in each pool compared to the pool's equity (on individual loans) and credit enhancements, including PMI (for individual loans), the LRA, and SMI.

The estimate of credit losses at March 31, 2015 decreased from the end of 2014 due to realized credit losses as problem loans continued to liquidate and as delinquency trends and housing prices improved.

In addition to the allowance for credit losses recorded, we regularly analyze potential ranges of additional lifetime credit risk exposure for the loans in the MPP. Even under adverse scenarios for either home prices or unemployment rates, we expect that further credit losses would not significantly decrease profitability. For example, assuming a 20 percent decline in all home prices in each of the next two years, we estimate that our lifetime credit losses, net of the effect of credit enhancements, could increase by approximately $11 million, which would decrease annual ROE by 0.04 percentage points over the next five years (most of the losses are estimated to occur in the next five years).

Credit Risk Exposure to Insurance Providers

PMI

Some of our conventional loans carry PMI as a credit enhancement feature. Based on the guidelines of the MPP, we have assessed that we do not have any credit risk exposure to our PMI providers.

SMI

Another credit enhancement feature on some conventional loans is SMI purchased from Genworth and Mortgage Guaranty Insurance Corporation (MGIC). Beginning February 1, 2011, we discontinued use of SMI as a credit enhancement for new loan purchases; instead, we now augment credit enhancements with a greater amount of the purchase proceeds added to the LRA. At March 31, 2015, we had $1.8 billion of conventional loans purchased prior to February 2011 with outstanding SMI coverage through Genworth and MGIC that are paying down over time. Both providers have experienced weak financial condition in recent years; however, the most recent available information indicates there has been improvements in their financial health. Due to the uncertainty of MGIC and Genworth's financial condition, we estimate that $0.3 million of payments are not probable at March 31, 2015. The estimation of SMI exposure, similar to overall trends of our loan losses, has declined over the last several years.

Investments

Liquidity Investments: Liquidity investments are either unsecured, guaranteed by the U.S. government, or secured (i.e., collateralized). For unsecured liquidity investments, we invest in the debt securities of highly rated, investment-grade institutions, have appropriate and conservative limits on dollar and maturity exposure to each institution, and have strong credit underwriting practices, including active monitoring of credit quality of our counterparties and of the environment in which they operate. We purchased liquidity investments from counterparties that have a strong ability to repay principal and interest.

Our unsecured liquidity investments to a counterparty or group of affiliated counterparties are limited by Finance Agency regulations to maturities of no more than nine months and limited to a dollar amount based on a percentage of eligible regulatory capital (defined as the lessor of our regulatory capital or the eligible amount of a counterparty's Tier 1 capital). The permissible percentage ranges from one percent to 15 percent based on the counterparty's lowest long-term credit rating of its debt from a nationally recognized statistical rating organization (NRSRO). In addition, pursuant to a Finance Agency

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regulation, we complement reliance on NRSRO ratings for unsecured investment activity by also considering internal credit risk analytics on unsecured counterparties.

The lowest long-term credit rating for a counterparty to which we are permitted to extend credit is double-B. In practice, for many years, we have generally invested funds only in those eligible institutions with long-term credit ratings of at least single-A. In addition, we restrict maturities, reduce dollar exposure, and avoid new investments with counterparties we deem to represent elevated credit risk.

The following table presents the carrying value of liquidity investments outstanding in relation to the counterparties' lowest long-term credit ratings provided by Standard & Poor's, Moody's, and/or Fitch Advisory Services. For resale agreements, the ratings shown are based on ratings of the associated collateral.

(In millions)	March 31, 2015
	Long-Term Rating
	AA		A		Total
Unsecured Liquidity Investments
Federal funds sold	$	1,875	$	3,830	$	5,705
Certificates of deposit	550		—		550
Total unsecured liquidity investments	2,425		3,830		6,255
Guaranteed/Secured Liquidity Investments
Securities purchased under agreements to resell	3,950		—		3,950
Government-sponsored enterprises (1)	32		—		32
Total guaranteed/secured liquidity investments	3,982		—		3,982
Total liquidity investments	$	6,407	$	3,830	$	10,237

	December 31, 2014
	Long-Term Rating
	AA		A		Total
Unsecured Liquidity Investments
Federal funds sold	$	2,100	$	4,500	$	6,600
Certificates of deposit	950		400		1,350
Total unsecured liquidity investments	3,050		4,900		7,950
Guaranteed/Secured Liquidity Investments
Securities purchased under agreements to resell	3,343		—		3,343
Government-sponsored enterprises (1)	26		—		26
Total guaranteed/secured liquidity investments	3,369		—		3,369
Total liquidity investments	$	6,419	$	4,900	$	11,319

(1) Consists of securities that are issued and effectively guaranteed by Fannie Mae and/or Freddie Mac, which have the support of the U.S. government, although they are not obligations of the U.S. government.

During the first quarter, we purchased a portion of our total liquidity investments from counterparties for which the investments are secured with collateral (secured resale agreements). We believe these investments present little or no credit risk exposure to us.

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The following table presents credit ratings of our unsecured investment credit exposures by the domicile of the counterparty or the domicile of the counterparty's parent for U.S. branches and agency offices of foreign commercial banks.

(In millions)	March 31, 2015
		Counterparty Rating (1)
Domicile of Counterparty	Sovereign Rating (1)	AA		A		Total
Domestic	AA+	$	—	$	455	$	455
U.S. branches and agency offices of foreign commercial banks:
Canada	AAA	1,260		1,055		2,315
Germany	AAA	—		1,010		1,010
Sweden	AAA	—		855		855
Australia	AAA	710		—		710
Finland	AAA	455		—		455
Netherlands	AAA	—		455		455
Total U.S. branches and agency offices of foreign commercial banks		2,425		3,375		5,800
Total unsecured investment credit exposure		$	2,425	$	3,830	$	6,255

(1) Represents the lowest long-term credit rating provided by Standard & Poor's, Moody's, and/or Fitch Advisory Services.

The following table presents the remaining contractual maturity of our unsecured investment credit exposure by the domicile of the counterparty or the domicile of the counterparty's parent for U.S. branches and agency offices of foreign commercial banks.

(In millions)	March 31, 2015
Domicile of Counterparty	Overnight		Due 2 days through 30 days		Due 31 days through 90 days		Due 91 days through 180 days		Total
Domestic	$	455	$	—	$	—	$	—	$	455
U.S. branches and agency offices of foreign commercial banks:
Canada	1,765		—		300		250		2,315
Germany	1,010		—		—		—		1,010
Sweden	855		—		—		—		855
Australia	710		—		—		—		710
Finland	455		—		—		—		455
Netherlands	455		—		—		—		455
Total U.S. branches and agency offices of foreign commercial banks	5,250		—		300		250		5,800
Total unsecured investment credit exposure	$	5,705	$	—	$	300	$	250	$	6,255

At March 31, 2015, all of the $6.3 billion of unsecured investment exposure was to counterparties with holding companies domiciled in countries receiving either AAA or AA+ long-term sovereign ratings. Furthermore, we restrict a significant portion of unsecured lending to overnight maturities, which further limits risk exposure to these counterparties. By Finance Agency regulation, all counterparties exposed to non-U.S. countries are required to be domestic U.S. branches of foreign counterparties. We also limit exposure to counterparties and countries that could have significant direct or indirect exposure to European sovereign debt.

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Mortgage-Backed Securities.

GSE Mortgage-Backed Securities

At March 31, 2015, $12.2 billion of mortgage-backed securities held were single-family GSE securities issued by Fannie Mae and Freddie Mac, which provide credit safeguards by guaranteeing either timely or ultimate payments of principal and interest. We believe that the conservatorships of Fannie Mae and Freddie Mac lower the chance that they would not be able to fulfill their credit guarantees and that the securities issued by these two GSEs are effectively government guaranteed. In addition, based on the data available to us and our purchase practices, we believe that most of the mortgage loans backing our GSE mortgage-backed securities are of high quality with acceptable credit performance.

Mortgage-Backed Securities Issued by Other Government Agencies

We also invest in mortgage-backed securities issued and guaranteed by Ginnie Mae and the NCUA. These investments totaled $2.2 billion at March 31, 2015. The majority of the Ginnie Mae securities are fixed rate. The NCUA securities have floating rate coupons tied to one-month LIBOR with interest rate caps ranging from seven to eight percent. We believe that the strength of the issuers' guarantees and backing by the full faith and credit of the U.S. government is sufficient to protect us against credit losses on these securities.

Private-Label Mortgage-Backed Securities

We held no private-label mortgage-backed securities at March 31, 2015.

Derivatives

Credit Risk Exposure: We mitigate most of the credit risk exposure resulting from interest rate swap transactions through collateralization. The table below presents the derivative positions to which we had credit risk exposure at March 31, 2015.

(In millions)
Credit Rating (1)	Total Notional		Net Derivatives Fair Value Before Collateral			Cash Collateral Pledged To (From) Counterparty		Net Credit Exposure to Counterparties
Non-member counterparties:
Asset positions with credit exposure:
Bilateral derivatives:
AA	$	170	$	1		$	—	$	1
A	1,125		1			—		1
Liability positions with credit exposure:
Cleared derivatives (2)	2,518		(10		)	25		15
Total derivative positions with credit exposure to non-member counterparties	3,813		(8		)	25		17
Member institutions (3)	528		4			—		4
Total	$	4,341	$	(4	)	$	25	$	21

(1) Each category includes the related plus (+) and minus (-) ratings (i.e., “A” includes “A+” and “A-” ratings).

(2) Represents derivative transactions cleared with clearinghouses, which are not rated.

(3) Represents Mandatory Delivery Contracts.

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Based on both the gross and net exposures, we had a minimal amount of residual credit risk exposure on bilateral derivatives throughout the first three months of 2015. Gross exposure would likely increase if interest rates rise and could increase if the composition of our derivatives change. However, contractual collateral provisions in these derivatives would limit net exposure to acceptable levels.

The following tables present counterparties that provided 10 percent or more of the total notional amount of bilateral interest rate swap derivatives outstanding.

(In millions)
March 31, 2015						December 31, 2014
Counterparty	Credit Rating Category	Notional Principal		Net Unsecured Exposure		Counterparty	Credit Rating Category	Notional Principal		Net Unsecured Exposure
Deutsche Bank AG	A	$	2,012	$	—	Wells Fargo Bank, N.A.	AA	$	1,104	$	—
Wells Fargo Bank, N.A.	AA	1,294		—		Deutsche Bank AG	A	1,049		—
HSBC Bank USA, N.A.	A	1,125		1		HSBC Bank USA, N.A.	A	1,000		—

Although we cannot predict if we will realize credit risk losses from any of our derivatives counterparties, we believe that all of them will be able to continue making timely interest payments and, more generally, to continue to satisfy the terms and conditions of their derivative contracts with us. As of March 31, 2015, we had $0.2 billion of notional principal of interest rate swaps outstanding to one member, JPMorgan Chase Bank, N.A. (JPMorgan), which also had outstanding credit services with us. Due to the amount of market value collateralization, we had no outstanding credit exposure to this counterparty related to interest rate swaps outstanding.

Lehman Brothers Derivatives: See Note 19 of the Notes to Unaudited Financial Statements for information on derivatives we had with Lehman Brothers at the time of their bankruptcy in September 2008.

Exposure to Member Concentration

We regularly assess concentration risks from business activity. We believe that the current concentration of Advance activity is consistent with our risk management philosophy, and the impact of borrower concentration on market risk, credit risk, and operational risk, after considering mitigating controls, is small.

Liquidity Risk

Liquidity Overview

As shown on the Statements of Cash Flows, in the first three months of 2015, our portion of the System's debt issuances totaled $57.3 billion for Discount Notes and $2.9 billion for Bonds. The System's favorable debt ratings, the implicit U.S. government backing of our debt, and our effective risk management have been instrumental in ensuring satisfactory access to the capital markets.

Our liquidity position remained strong during the first three months of 2015 and our overall ability to fund our operations through debt issuances at acceptable interest costs remained sufficient. Although we can make no assurances, we expect this to continue to be the case, and we believe the possibility of a liquidity or funding crisis in the FHLBank System that would impair the FHLB's ability to participate, on a cost-effective basis, in issuances of new debt, service outstanding debt, maintain adequate capitalization, or pay competitive dividends is remote.

We must meet both operational and contingency liquidity requirements. We satisfied the operational liquidity requirement by both meeting a contingency liquidity requirement, discussed below, and because we were able to adequately access the capital markets to issue debt. The amount of overnight liquidity was generally in the range of $5 billion to $15 billion during the first three months of 2015. In addition, Finance Agency guidance requires us to target at least 5 to 15 consecutive days of positive liquidity based on specific assumptions under two scenarios. We target holding at least three extra days of positive liquidity under each scenario, although as market conditions warrant we may hold, and often do hold, additional amounts.

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Contingency Liquidity Requirement

Contingency liquidity risk is the potential inability to meet liquidity needs because our access to the capital markets to issue Consolidated Obligations is restricted or suspended for a period of time due to a market disruption, operational failure, or real or perceived credit quality problems. We continued to hold an ample amount of liquidity reserves to protect against contingency liquidity risk.

(In millions)	March 31, 2015			December 31, 2014
Contingency Liquidity Requirement
Total Contingency Liquidity Reserves (1)	$	25,345		$	30,594
Total Requirement (2)	(13,355		)	(12,155		)
Excess Contingency Liquidity Available	$	11,990		$	18,439

(1) Includes, among others, cash, overnight Federal funds, overnight deposits, self-liquidating term Federal funds, 95 percent of the market value of available-for-sale negotiable securities, and 75 percent of the market value of certain held-to-maturity obligations, including obligations of the United States, U.S. government agency obligations and mortgage-backed securities.

(2) Includes net liabilities maturing in the next seven business days, assets traded not yet settled, Advance commitments outstanding, Advances maturing in the next seven business days, and a three percent hypothetical increase in Advances.

Deposit Reserve Requirement

To support our member deposits, we also must meet a statutory deposit reserve requirement. The sum of our investments in obligations of the United States, deposits in eligible banks or trust companies, and Advances with a final maturity not exceeding five years must equal or exceed the current amount of member deposits. The following table presents the components of this liquidity requirement.

(In millions)	March 31, 2015			December 31, 2014
Deposit Reserve Requirement
Total Eligible Deposit Reserves	$	70,319		$	77,920
Total Member Deposits	(841		)	(730		)
Excess Deposit Reserves	$	69,478		$	77,190

Contractual Obligations

The following table summarizes our contractual obligations at March 31, 2015. The allocations according to the expiration terms and payment due dates of these obligations were not materially different from those at the end of 2014. Changes reflected normal business variations. We believe that, as in the past, we will continue to have sufficient liquidity, including from access to the debt markets to issue Consolidated Obligations, to satisfy these obligations on a timely basis.

(In millions)	< 1 year		1<3 years		3<5 years		> 5 years		Total
Contractual Obligations
Long-term debt (Bonds) - par (1)	$	20,919	$	10,919	$	7,218	$	7,777	$	46,833
Operating leases (include premises and equipment)	1		2		1		6		10
Mandatorily redeemable capital stock	59		—		3		—		62
Commitments to fund mortgage loans	583		—		—		—		583
Pension and other postretirement benefit obligations	3		5		5		25		38
Total Contractual Obligations	$	21,565	$	10,926	$	7,227	$	7,808	$	47,526

(1) Does not include Discount Notes and contractual interest payments related to Bonds. Total is based on contractual maturities; the actual timing of payments could be affected by factors affecting redemptions.

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Off-Balance Sheet Arrangements

The following table summarizes our off-balance sheet items at March 31, 2015. The allocations according to the expiration terms and payment due dates of these items were not materially different from those at the end of 2014, and changes reflected normal business variations.

(In millions)	< 1 year		1<3 years		3<5 years		> 5 years		Total
Off-balance sheet items(1)
Standby Letters of Credit	$	16,367	$	474	$	20	$	44	$	16,905
Standby bond purchase agreements	60		119		—		—		179
Consolidated Obligations traded, not yet settled	—		—		40		—		40
Total off-balance sheet items	$	16,427	$	593	$	60	$	44	$	17,124

(1) Represents notional amount of off-balance sheet obligations.

Operational Risk

There were no material developments regarding our operational risk exposure during the first three months of 2015.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Information required by this Item is set forth under the caption “Quantitative and Qualitative Disclosures About Risk Management” in Part I, Item 2, of this filing.

Item 4. Controls and Procedures.

DISCLOSURE CONTROLS AND PROCEDURES

As of March 31, 2015, the FHLB's management, including its principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon that evaluation, these two officers each concluded that, as of March 31, 2015, the FHLB maintained effective disclosure controls and procedures designed to ensure that information required to be disclosed in the reports that it files under the Exchange Act is (1) accumulated and communicated to management as appropriate to allow timely decisions regarding disclosure and (2) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

As of March 31, 2015, the FHLB's management, including its principal executive officer and principal financial officer, evaluated the FHLB's internal control over financial reporting. Based upon that evaluation, these two officers each concluded that there were no changes in the FHLB's internal control over financial reporting that occurred during the quarter ended March 31, 2015 that materially affected, or are reasonably likely to materially affect, the FHLB's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1A. Risk Factors.

For a discussion of the FHLB's risk factors, see Part I, Item 1A. "Risk Factors" in the FHLB's 2014 Form 10-K. There have been no material changes from the risk factors in the FHLB's 2014 Form 10-K.

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Item 6. Exhibits.

(a) Exhibits.

See Index of Exhibits

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of the 7th day of May 2015.

FEDERAL HOME LOAN BANK OF CINCINNATI

(Registrant)

By:	/s/ Andrew S. Howell
	Andrew S. Howell
	President and Chief Executive Officer
	(principal executive officer)
By:	/s/ Donald R. Able
	Donald R. Able
	Executive Vice President - Chief Operating Officer and Chief Financial Officer
	(principal financial officer)

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INDEX OF EXHIBITS

Exhibit Number (1)	Description of exhibit	Document filed or furnished, as indicated below
4	Capital Plan, as of April 17, 2015	Filed Herewith
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer	Filed Herewith
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer	Filed Herewith
32	Section 1350 Certifications	Furnished Herewith
101.INS	XBRL Instance Document	Filed Herewith
101.SCH	XBRL Taxonomy Extension Schema Document	Filed Herewith
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Filed Herewith
101.LAB	XBRL Taxonomy Extension Label Linkbase Document	Filed Herewith
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document	Filed Herewith
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Filed Herewith

(1) Numbers coincide with Item 601 of Regulation S-K.

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EX-4

FEDERAL HOME LOAN BANKOF CINCINNATI

CAPITAL PLAN

As amended through November 25, 2013.

TABLE OF CONTENTS

	Page
ARTICLE I PURPOSE	1
ARTICLE II DEFINITIONS	1
ARTICLE III BANK DIRECTOR DESIGNATIONS AND ELECTIONS	4
1.    Designation of Directorships	4
2.    Number of Votes	5
ARTICLE IV MEMBERS OF THE BANK	5
1.    In General	5
2.Additional Eligibility Requirements for Qualified Thrift Lenders	5
3.Limited Exemption for Community Financial Institutions	6
4.Ownership Rights	6
ARTICLE V BANK CAPITAL REQUIREMENTS	6
1.Total Capital Requirements	6
2.Risk-Based Capital Requirement	6
3.Credit Risk Capital Requirement	6
4.Market Risk Capital Requirement	6
5.Operations Risk Capital Requirement	7
ARTICLE VI CAPITAL STOCK	7
1.Issuance of Stock	7
2.Allocation of Class B Stock	7
3.[Intentionally left blank]	8
4.Minimum Investment by Members	8
5.Dividends	12
6.Transfer of Capital Stock	13
7.Redemption and Repurchase of Capital Stock	13
8.Termination of Membership	15
9.Consolidation of Members	18
10.Failure to Meet Capital Requirements	19
11.Capital Impairment	19
12.Bank’s Discretion to Suspend Redemption	19
13.Transition Provision	19
ARTICLE VII LIQUIDATION OR MERGER OF THE BANK	20
ARTICLE VIII PERIODIC REVIEW AND AMENDMENT	20
1.Periodic Review	20
2.Amendment	20

- i-

ARTICLE IX MISCELLANEOUS	21
1.Prompt Compliance: Use of Member Demand Deposit Accounts	21
2.Maintenance and Interpretation of the Plan	21
3.Errors Discovered in Capital Stock Calculations	21
4.Liquidation of Claims Against a Member	21
5.Calculation of Time Periods	21
6.Limitation on Discretion	21
7.Good Faith Determination	21
ARTICLE X RESTRICTED RETAINED EARNINGS	22
1.Definitions Applicable to This Article X of the Capital Plan	22
2.Establishment of Restricted Retained Earnings	25
3.Limitation on Dividends, Stock Purchase and Stock Redemption	27
4.Termination of Retained Earnings Capital Plan Amendment Obligations	27
SCHEDULE A - Membership Stock Requirements

- ii-

Capital Plan of theFederal Home Loan Bank of Cincinnati

ARTICLE I

PURPOSE

The purpose of this Capital Plan is to provide for the governance and the regulation of the capital structure of the Federal Home Loan Bank of Cincinnati, consistent with the requirements of the Federal Home Loan Bank Act, as amended, and the Regulations of the Federal Housing Finance Agency under that Act.

ARTICLE II

DEFINITIONS

"Act" means the Federal Home Loan Bank Act, as amended, 12 U.S.C. § 1421, et seq.

"Activity Stock" means the actual number of shares of Class B Stock owned by a Member and used to capitalize, as applicable, the Member’s three types of Mission Asset Activity with the Bank.

"Activity Stock Account" means the account maintained by the Bank on the Bank’s books and records for each Member, which account reflects the actual number of shares of Activity Stock owned by the Member.

"Bank" means the Federal Home Loan Bank of Cincinnati.

"Bank Excess Stock" means the total par value (or resulting number of shares) of Class B Stock owned by all Members minus the sum of (i) the par value of Class B Stock allocated by the Bank to the Members’ Membership Stock Accounts, (ii) the total of the par value of Class B Stock resulting from multiplying each type of Members’ Mission Asset Activity by its applicable Maximum Allocation Percentage, (iii) the par value of shares of Member Excess Stock which are reserved for Members’ exclusive use as provided in Section VI.5.c. and (iv) the par value of shares of Member Excess Stock which are the subject of outstanding Redemption and Withdrawal Notices.

"Bank’s Board" means the Board of Directors of the Federal Home Loan Bank of Cincinnati.

"Cancellation Fee" means the fee the Bank charges a Member when the Member cancels a Redemption Notice pursuant to Section VI.7.d. or a Withdrawal Notice pursuant to Section VI.8.b. or when a Redemption Notice automatically is cancelled pursuant to Section VI.7.e. of this Capital Plan.

"Cancellation Notice" means the written notice, substantially in the appropriate form prescribed by the Bank from time to time, given to the Bank by any Member to cancel a Redemption Notice or a Withdrawal Notice, as the case may be.

"Capital Plan" means this Capital Plan.

"Capital Requirements" means the minimum permissible capital-to-assets ratios to be maintained by the Bank under the Finance Agency’s capital rule.

“Charges Against the Capital of the Bank” means an other than temporary decline in the Bank’s total equity that causes the value of total equity to fall below the Bank’s aggregate capital stock amount.

"Class B Stock" means the Class B Stock issued under this Capital Plan to the Members of the Bank.

“Director” means the Director of the Federal Housing Finance Agency.

"Effective Date" means December 30, 2002.

“Excluded Mission Asset Activity” means the aggregate of the current unpaid principal balance and the current dollar amount of mandatory delivery contracts under the Mortgage Purchase Program purchased or traded, and recorded on the books and records of the Bank, as of the earlier of (i) the Effective Date; or (ii) a date determined by the Bank in its sole discretion. Notwithstanding any other provision of this Capital Plan, a Member’s Excluded Mission Asset Activity shall be disregarded in all allocations of shares of Class B Stock to that Member’s Membership Stock, Activity Stock and Member Excess Stock Accounts and in any calculation of that Member’s Required Shares of Membership Stock and Activity Stock. No Member shall be required to purchase any shares of the Bank’s capital stock to capitalize its Excluded Mission Asset Activity.

"Finance Agency" means the Federal Housing Finance Agency, successor to the Federal Housing Finance Board, or any successor thereto.

“GAAP” means accounting principles generally accepted in the United States of America.

"Maximum Allocation Percentage" means for each Member and for each type of Mission Asset Activity, the highest permissible percentage (as established pursuant to Section VI.4.a.iii.) of the Member’s par value of Class B Stock in its Activity Stock Account allocated to support that type of Mission Asset Activity.

"Maximum Dollar Amount" means the maximum par value of Bank Excess Stock that may be designated by the Bank to capitalize the total of all types of a single Member’s Mission Asset Activity.

- 2-

"Member" means an institution that has been approved for membership in the Bank and has purchased the requisite number of shares of Class B Stock to satisfy such institution’s Membership Stock Account.

"Member Excess Stock" means the total par value (or resulting number of shares) of Class B Stock owned by any Member minus the sum of (i) the par value of Class B Stock allocated by the Bank to the Member’s Membership Stock Account; and (ii) the total of the par value of Class B Stock resulting from multiplying each type of the Member’s Mission Asset Activity by its applicable Maximum Allocation Percentage. If this calculation results in a negative number, the Bank shall, for internal bookkeeping purposes only, show a negative number of shares of Excess Stock for the Member; however, the Member’s Member Excess Stock Account shall reflect that the Member actually owns no shares of Member Excess Stock.

"Member Excess Stock Account" means the account maintained by the Bank on the Bank’s books and records for each Member, which account reflects the actual number of shares of Member Excess Stock owned by the Member.

"Membership Stock" means the actual number of shares of Class B Stock owned by each Member as is required to become a Member or to maintain membership status with the Bank.

"Membership Stock Account" means the account maintained by the Bank on the Bank’s books and records for each Member, which account reflects the actual number of shares of Membership Stock owned by the Member.

"Minimum Allocation Percentage" means for each Member and for each type of Mission Asset Activity, the lowest permissible percentage (as established pursuant to Section VI.4.a.iii.) of the Member’s par value of Class B Stock owned and in its Activity Stock Account allocated to support that type of Mission Asset Activity.

"Mission Asset Activity" means the following three types of Member activity: (i) the unpaid principal balance of advances, (ii) funds and rate advance commitments and (iii) the unpaid principal balance of purchases of mortgage loans and mandatory delivery contracts under the Mortgage Purchase Program, in each case as held on the books and records of the Bank. Mission Asset Activity does not include Excluded Mission Asset Activity.

"Permanent Capital" means the retained earnings of the Bank, determined in accordance with GAAP, plus the amount paid-in for the Bank’s Class B Stock.

“Protected Excess Stock” means the portion of each Member’s “Member Excess Stock” (as determined in Section VI.7.b) that is shielded from a Bank-initiated repurchase of stock, excluding any stock subject to an outstanding Redemption or Withdrawal Notice.

"Redemption Notice" means the written notice, substantially in the form prescribed by the Bank from time to time, required to be submitted by a Member intending to redeem shares of its Class B Stock. Unless it has been cancelled, a Redemption Notice shall become effective at the end of its Redemption Period.

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“Redemption Period” means the five- (5-) year period beginning on the date a Redemption Notice is received by the Bank.

"Regulations" means the Code of Federal Regulations Title 12 - Banks and Banking, Chapters IX “Federal Housing Finance Board” and XII “Federal Housing Finance Agency.” Reference to any particular Section of the Regulations means that Section as it may be amended from time to time or such other applicable successor Section, rule, order or procedure then in effect.

"Required Shares" means the total number of shares of Class B Stock actually owned by a Member pursuant to this Capital Plan in the Member’s Membership Stock Account and Activity Stock Account and shall not include any shares of Member Excess Stock or Bank Excess Stock.

"Risk-Based Capital Requirement" means the dollar-amount sum of the Bank’s credit risk, market risk, and operations risk, to be measured by the Bank in accordance with the Act, the Regulations and any applicable rulings of the Finance Agency.

"Stock Dividend" means the dividends declared by the Bank’s Board and paid to Members in the form of additional shares of Class B Stock.

"Total Assets" means a Member’s total assets as disclosed by the Member pursuant to applicable industry standard regulatory reporting requirements.

"Withdrawal Notice" means the written notice, substantially in the form prescribed by the Bank from time to time, required to be submitted by a Member intending to withdraw as a Member of the Bank. Unless it has been cancelled, a Withdrawal Notice shall become effective at the end of its Withdrawal Period.

“Withdrawal Period” means the five- (5-) year period beginning on the date a Withdrawal Notice is received by the Bank.

ARTICLE III

BANK DIRECTOR DESIGNATIONS AND ELECTIONS

1.Designation of Directorships. The Bank’s Board shall consist of thirteen (13) directors or such other number of directors as the Finance Agency may determine from time to time. A majority of the directors shall be member directors and the remaining directors shall be independent directors (as each such term is defined in the Act). In no event shall the independent directors comprise less than two-fifths of all of the directors. Each Member shall be entitled to vote with respect to those member directors designated by the Finance Agency to represent the state in which such Member is organized and/or located, and each member director shall be elected by a plurality of such votes. Independent directors shall be elected by a plurality of the votes of the Members at large.

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2.Number of Votes. In an election of directors, each Member located in the state to be represented by a member director, or in the case of the election of an independent director each Member, shall be entitled to cast one vote for each Required Share of Class B Stock determined by the Bank to be owned by the Member based upon its position as of December 31 of the preceding calendar year; provided, however, that the number of votes any Member may cast for any one directorship shall not exceed the average number of the Required Shares determined by the Bank to be owned by all Members located in the Member’s state, based upon each Member’s position as of December 31 of the preceding calendar year.

ARTICLE IV

MEMBERS OF THE BANK

1.In General. Any building and loan association, savings and loan association, cooperative bank, homestead association, insurance company, savings bank, community development financial institution, or insured depository institution (as defined in Section 1422 of the Act) shall be eligible to be or become a Member of the Bank, provided such institution:

a.is already a Member of the Bank in good standing; or

b.is duly organized under the laws of (i) the United States, (ii) the states of Kentucky, Ohio or Tennessee or (iii) such other states as are located within the Bank’s district; and

c.is subject to inspection and regulation under the banking laws, or under similar laws, of the state in which it is organized and/or located, or of the United States, or, in the case of a community development financial institution, is certified as such under the Community Development Banking and Financial Institutions Act of 1994; and

d.makes such home mortgage loans as, in the judgment of the Finance Agency, are long-term loans (except that in the case of a savings bank, this Section IV.1.d. shall apply only if, in the judgment of the Finance Agency, such savings bank’s time deposits, as defined in Section 19 of the Federal Reserve Act, warrant making such loans); and

2.Additional Eligibility Requirements for Qualified Thrift Lenders. An insured depository institution that was not a Member on January 1, 1989 may become a Member only if it:

a.has at least ten percent of its total assets in residential mortgage loans or, for an institution that commences initial business operations after January 1, 1989, meets this requirement within one year after the commencement of operations;    

b.has a financial condition such that advances may be safely made to such institution; and

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c.the character of its management and its home-financing policy are consistent with sound and economical home financing.

3.Limited Exemption for Community Financial Institutions. An insured depository institution that is also a community financial institution and that meets the requirements set forth in Sections IV.2.b. and IV.2.c. need not satisfy the requirement set forth in Section IV.2.a.

4.Ownership Rights. The Bank’s retained earnings, surplus, undivided profits, and equity reserves are owned by the holders of the Bank’s Class B Stock. Each such item is allocated to those holders according to each holder’s proportionate share of total Class B Stock. The holders’ interest in such items will be realized at the time the Bank is liquidated, or periodically as declared by the Bank through dividend (pursuant to Section VI.5.b.) and/or capital distributions, and then only to such holders as are currently holding shares of Class B Stock in proportion to each holder’s then current Class B Stock holdings.

ARITICLE V

BANK CAPITAL REQUIREMENTS

1.Total Capital Requirements. The Bank shall maintain at all times: (a) total capital in an amount at least equal to four percent (4%) of the Bank’s total assets; and (b) a leverage ratio of total capital to total assets of at least five percent (5%) of the Bank’s total assets. For purposes of determining the leverage ratio, total capital shall be computed by multiplying the Bank’s Permanent Capital by one hundred fifty percent (150%) and adding to the product thereof all other components of capital. The Bank acknowledges the Finance Agency may from time to time adjust the Capital Requirements, and if it does so, this Section V.2. shall be deemed to automatically be amended to reflect the same.

2.Risk-Based Capital Requirement. The Bank shall maintain at all times Permanent Capital in an amount at least equal to the sum of its credit risk capital requirement, its market risk capital requirement, and its operations risk capital requirement, calculated in accordance with the rules and Regulations of the Finance Agency.

3.Credit Risk Capital Requirement. The Bank’s credit risk capital requirement shall be equal to the sum of the Bank’s credit risk capital charges for all assets, off-balance sheet items and derivative contracts in compliance with the rules and Regulations of the Finance Agency.

4.Market Risk Capital Requirement. The Bank’s market risk capital requirement shall equal the sum of: (i) the market value of the Bank’s portfolio at risk from movements in interest rates, foreign exchange rates, commodity prices, and equity prices that could occur during periods of market stress, where such market value of the Bank’s portfolio at risk is determined using an internal market risk model approved by the Finance Agency; and (ii) the amount, if any, by which the Bank’s current market value of total capital is less than eighty-five percent (85%) of the Bank’s book value of total capital, where: (A) the current market value of the total capital is calculated by the Bank using the internal market risk model approved by the

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Finance Agency; and (B) the book value of total capital is the same as the amount of total capital reported by the Bank to the Finance Agency under Section 932.7 of the Regulations.

5.Operations Risk Capital Requirement. Except as approved by the Finance Agency, the Bank’s operations risk capital requirement shall at all times equal thirty percent (30%) of the sum of the Bank’s credit risk capital requirement and market risk capital requirement.

ARTICLE VI

CAPITAL STOCK

1.Issuance of Stock. The capital stock of the Bank may be issued only in accordance with Section 931.2 of the Regulations and only to Members of the Bank and may be held only by Members and, as provided in Section VI.8.d., former Members of the Bank. The Bank shall initially issue one class of capital stock, Class B Stock, as such stock is defined by the Act. There shall be no Class A Stock, as such stock is defined in the Act, or subclasses of Class B Stock issued. Subject to Section III.2, all shares of Class B Stock shall have the same rights and preferences. Each share of Class B Stock shall be issued at a par value of One Hundred Dollars ($100) per share. The Bank shall be entitled to issue an unlimited number of shares of Class B Stock. Any shares of Class B Stock which are repurchased, redeemed or otherwise reacquired by the Bank shall be deemed cancelled and subsequently may be reissued. The Bank reserves the right to authorize the issuance of Class A Stock and/or subclasses of Class B Stock, subject to Finance Agency approval. A Member shall not be permitted to purchase shares of Class B Stock other than as set forth in this Capital Plan. Shares of the Bank’s capital stock shall not be certificated, but rather held in book entry form on the records of the Bank. The Bank shall serve as transfer agent for all shares of its capital stock on its capital stock register.

2.Allocation of Class B Stock. Each Member’s Class B Stock shall be allocated by the Bank to one (1) of three (3) distinct accounts: a Membership Stock Account, an Activity Stock Account, and a Member Excess Stock Account. Each share of Class B Stock may be allocated to only one (1) of the three (3) distinct accounts at a time; and a Member’s total number of shares of Class B Stock shall be determined by adding the number of shares of Class B Stock in each of the Member’s three (3) distinct accounts. Additionally, each share of Class B Stock allocated to a Member’s Activity Stock Account may be allocated to only one (1) of the three (3) distinct types of Mission Asset Activity at a time. Shares may be reallocated from time to time among the types of Mission Asset Activity as the Member’s activity changes. A Member’s shares of Class B Stock (whether acquired on the Effective Date or later acquired through purchase or by Stock Dividend) shall be first allocated to its Membership Stock Account. Once a Member’s Membership Stock Account requirement is satisfied, the Member’s remaining Class B Stock shall be next allocated to its Activity Stock Account, and then to its Member Excess Stock Account. Transfers made between and among the accounts for any particular Member shall be made by the Bank based upon the following rules:

a.Membership Stock Account. Membership Stock is the actual number of shares of Class B Stock owned by a Member as required to become a Member of or to

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retain membership status in the Bank. The number of shares of a Member’s Class B Stock allocated to the Member’s Membership Stock Account shall be calculated as a percentage, or range of percentages, of the Member’s Total Assets and shall be determined by the Bank yearly or more frequently as directed by the Bank’s Board, in accordance with Section VI.4.a.

b.Activity Stock Account. Activity Stock is the actual number of shares of Class B Stock owned by a Member and used to capitalize (in whole or in part) the Member’s Mission Asset Activity with the Bank. The number of shares of Class B Stock allocated to a Member’s Activity Stock Account at any time shall ensure that, for each type of Mission Asset Activity, the ratio of the par value of the Member’s Activity Stock to that type of Member’s Mission Asset Activity is at least as large as its applicable Minimum Allocation Percentage, and no larger than its applicable Maximum Allocation Percentage. For each type of Mission Asset Activity, the Minimum Allocation Percentage and the Maximum Allocation Percentage may be adjusted by the Bank’s Board to facilitate compliance with the Bank’s Capital Requirements as specified in the Act and the Regulations or as directed by the Finance Agency.

c.Member Excess Stock Account. A Member’s Member Excess Stock is the total par value of Class B Stock owned by the Member minus the sum of (i) the par value of Class B Stock allocated by the Bank to the Member’s Membership Stock Account, and (ii) the total of the par values of Class B Stock that results from multiplying each type of the Member’s Mission Asset Activity by its applicable Maximum Allocation Percentage. If a Member’s Member Excess Stock is a positive number, the Member actually owns Member Excess Stock equal to such positive number. If a Member’s Member Excess Stock is a negative number, the Member actually owns no excess stock and is, by definition, utilizing some portion of the Bank Excess Stock to capitalize its Mission Asset Activity.

d.Timing of Transactions. All transactions affecting the Bank’s capital stock made on the books and records of the Bank shall be made and deemed effective at the end of the applicable business day.

3.[Intentionally left blank.]

4.Minimum Investment by Members.

a.Required Shares. Each Member shall own at all times its Required Shares of Class B Stock. There are two components to Required Shares: Membership Stock and Activity Stock.

(i)Required Shares of Membership Stock. The sum of the Membership Stock of all Members shall capitalize the Bank’s investment securities and minimum liquidity (as determined by the Bank). The number of shares of a Member’s Class B Stock allocated to the Member’s Membership Stock Account shall be calculated on the basis of the Member’s Total Assets

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within a range of declining percentages from no more than three-tenths of one percent (0.30%) to no less than three-hundredths of one percent (0.03%), subject, however, to a minimum Membership Stock investment requirement of no less than One Thousand Dollars ($1,000) or more than Fifty Thousand Dollars ($50,000) and a maximum Membership Stock investment requirement of no less than Twenty-Five Million Dollars ($25,000,000) or more than Two Hundred Million Dollars ($200,000,000). The Bank’s Board of Directors may set different applicable percentages and different minimum and maximum Membership Stock investment requirements within each of the foregoing ranges, as illustrated on Schedule A to this Capital Plan. The amounts set from time to time shall be subject to periodic review and adjustment as determined by the Bank’s Board. The initial range of percentages and initial minimum and maximum Membership Stock investment requirements in effect as of the effective date of this amended Section VI.4.a.i. shall be fifteen-hundredths of one percent (0.15%)** to three hundredths of one percent (0.03%), and One Thousand Dollars ($1,000) and One Hundred Million Dollars ($100,000,000)*, respectively. Any change to such percentages or maximum or minimum Membership Stock investment requirement shall be announced with at least thirty (30) days prior written notice to all Members before implementation of the change.

If the number of shares of Class B Stock a Member is required to hold in its Membership Stock Account decreases, such shares shall be first allocated to the Member’s Activity Stock Account, up to the applicable Maximum Allocation Percentages as applied to each type of the Member’s Mission Asset Activity. Any remaining shares of Class B Stock shall then be allocated to the Member’s Excess Stock Account. If the number of shares of Class B Stock a Member is required to hold in its Membership Stock Account increases, such additional shares shall be allocated from the Member’s Excess Stock Account to the Member’s Membership Stock Account. If, at the time of such increase, the Member has no or an insufficient amount of Member Excess Stock to satisfy its Membership Stock Account requirement or there is insufficient amount of Bank Excess Stock, or the Bank is not then in compliance with the requirements of this Capital Plan, the Act or the Regulations, the Member shall be required to purchase (on the effective date of the change specified in the notice) additional shares of Class B Stock to satisfy its Membership Stock Account requirement. A Member may not utilize any other Member’s portion of Bank Excess Stock or its own Activity Stock to satisfy its Membership Stock Account requirement.

(ii)New Member Membership Stock Purchase Requirement. From the date of approval of an institution’s membership application by the Bank, the

^* The Maximum Membership Stock requirement was reduced by Board of Directors’ action to Twenty-Five Million Dollars ($25,000,000) effective November 28^th, 2011. The previous Maximum Membership Stock requirement was Fifty Million Dollars ($50,000,000) and became effective August 16^th, 2010.

^** The first tier of the Percentage for Membership Stock Allocation was reduced by the Board of Directors’ action to 0.12 percent effective April 17^th, 2015.

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institution shall be granted sixty (60) calendar days in which to purchase the number of shares of Class B Stock necessary to satisfy its Membership Stock Account. The institution may not, however, engage in any Mission Asset Activity with the Bank until the institution has purchased all of its Required Shares.

(iii)Required Shares of Activity Stock. The number of shares of Class B Stock allocated to a Member’s Activity Stock Account at any time shall ensure that, for each type of Mission Asset Activity, the ratio of the par value of the Member’s Activity Stock to that type of the Member’s Mission Asset Activity is at least as large as its applicable Minimum Allocation Percentage and no larger than its applicable Maximum Allocation Percentage. For types i and ii of a Member’s Mission Asset Activity, the Minimum Allocation Percentage shall be two percent (2%) and the Maximum Allocation Percentage shall be four percent (4%); and for type iii of a Member’s Mission Asset Activity, the Minimum Allocation Percentage shall be zero percent (0%) and the Maximum Allocation Percentage shall be four percent (4%). Such percentages may be periodically adjusted between one percent (1%) and six percent (6%), inclusive, for types i and ii of the Member’s Mission Asset Activity, and between zero percent (0%) and six percent (6%), inclusive, for type iii of the Member’s Mission Asset Activity as determined by the Bank’s Board, with at least thirty (30) days prior written notice to all members.

The number of shares of Class B Stock a Member shall hold in its Activity Stock Account may fluctuate with the Member’s Mission Asset Activity. An increase in any type of a Member’s Mission Asset Activity first shall be capitalized, pursuant to Section VI.4.b., by a reallocation of the Member’s Member Excess Stock (to the extent the Member holds a sufficient number of shares of Member Excess Stock and provided there are sufficient shares of Bank Excess Stock available) to the Member’s Activity Stock Account at the appropriate Maximum Allocation Percentage for that type of Mission Asset Activity. In such an event, the Member shall not be permitted to purchase additional shares of Class B Stock; and the Member’s Member Excess Stock Account shall be reduced by the number of shares of Member Excess Stock reallocated to its Activity Stock Account. To the extent a Member has an insufficient number of shares of Member Excess Stock to capitalize all of an increase to its Mission Asset Activity, the portion of the incremental Mission Asset Activity not so capitalized by the Member’s Activity Stock shall be capitalized by Bank Excess Stock at the appropriate Maximum Allocation Percentage for that type of Mission Asset Activity pursuant to Section VI.4.b. In such an event, the Member shall not be permitted to purchase additional shares of Class B Stock, and the amount of Bank Excess Stock shall be reduced by the number of shares allocated from the Member’s Member Excess Stock and by the number of additional shares of other Members’ portion of the Bank Excess Stock used to capitalize the incremental Mission Asset Activity. If the Bank has insufficient Bank Excess Stock, in the Bank’s sole discretion, to permit utilization of the Bank Excess Stock to capitalize all or a portion of a Member’s incremental

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Mission Asset Activity, the Member, regardless of whether it holds Member Excess Stock, shall be required to purchase (on the effective date of the change specified in the notice) additional shares of Class B Stock, at the appropriate Maximum Allocation Percentage for that type of Mission Asset Activity, to capitalize the portion of the incremental Mission Asset Activity not capitalized with Bank Excess Stock.

If, after a decrease in a Member’s Mission Asset Activity, the number of shares of Class B Stock in the Member’s Activity Stock Account is less than the number required to capitalize the Member’s remaining Mission Asset Activity at the applicable Maximum Allocation Percentages for the different types of Mission Asset Activity, the number of shares of Class B Stock in the Member’s Activity Stock Account shall not change. If, after a decrease in a Member’s Mission Asset Activity, the number of shares in the Member’s Activity Stock Account is greater than the number required to capitalize the Member’s remaining Mission Asset Activity at the applicable Maximum Allocation Percentages for the different types of Mission Asset Activity, the extra shares shall be allocated to the Member’s Member Excess Stock Account.

b.Bank Excess Stock. Bank Excess Stock is the total par value of Class B Stock owned by all Members minus the sum of (i) the par value of Class B Stock allocated by the Bank to the Members’ Membership Stock Accounts, (ii) the total of the par values of Class B Stock resulting from multiplying each type of Members’ Mission Asset Activity by its applicable Maximum Allocation Percentage, (iii) the par value of shares of Member Excess Stock which are reserved for Members’ exclusive use as provided in Section VI.5.c. and (iv) the par value of shares of Member Excess Stock which are the subject of outstanding Redemption and Withdrawal Notices. Other Members’ portions of Bank Excess Stock may not be utilized, under any circumstances, to satisfy a Member’s Membership Stock Account. Each Member’s Member Excess Stock (not otherwise reserved for its exclusive use or excluded from Bank Excess Stock because it is the subject of an outstanding Redemption or Withdrawal Notice) shall be pooled into Bank Excess Stock and made available to all Members to capitalize Mission Asset Activity at a rate equal to the applicable Maximum Allocation Percentage for each type of Mission Asset Activity. If at any time the Bank, in its sole discretion, has determined that Bank Excess Stock may not be used to capitalize incremental Mission Asset Activity, or if any of the Bank’s Capital Requirements are not satisfied, a Member (regardless of whether the Member has shares of Class B Stock allocated to its Member Excess Stock Account) seeking to capitalize an increase in its Mission Asset Activity shall be required to purchase an additional amount of Class B Stock at a rate at least equal to the applicable Maximum Allocation Percentage of the type of Member’s incremental Mission Asset Activity. With respect to utilization of Bank Excess Stock by the Members, the following shall apply:

(i)Percentage Limitation. Each Member must at all times retain in its own Activity Stock Account a number of shares of Class B Stock sufficient to satisfy the Minimum Allocation Percentages for each type of Mission Asset

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Activity then engaged in by the Member. If a Member is at the Minimum Allocation Percentage for a type of Mission Asset Activity and desires to increase that type of Mission Asset Activity and is not at the applicable Minimum Allocation Percentage for the other type(s) of Mission Asset Activity, the Member’s Activity Stock will be reallocated from the other type(s) of Mission Asset Activity to the respective Minimum Allocation Percentage(s). If such reallocation does not provide sufficient Class B Stock to support the Member’s increased Mission Asset Activity, the Member shall be required to purchase additional shares of Class B Stock in an amount that will maintain the applicable Minimum Allocation Percentage.

(ii)Maximum Dollar Amount. No Member may use more than Two Hundred Million Dollars ($200,000,000) (exclusive of the par value of the Member’s Member Excess Stock Account) of available Bank Excess Stock as the Maximum Dollar Amount. If a Member reaches the Maximum Dollar Amount and desires to increase its Mission Asset Activity, the Member shall be required to purchase additional shares of Class B Stock, at the applicable Maximum Allocation Percentage for the specific type of Mission Asset Activity, to capitalize that type of incremental Mission Asset Activity. The Bank shall retain sole discretion to adjust the Maximum Dollar Amount from time to time.

5.Dividends.

a.In General. The Bank may pay dividends on its capital stock only out of previously retained earnings or current net earnings (as determined by the Bank in accordance with GAAP). The Bank’s Board shall determine the dividend rates.

b.Scheduled Dividend Payments. Dividends shall be paid at the Bank’s discretion to Members based upon the average total number of shares of Class B Stock actually owned by a Member during the period for which the distribution is to be made. The number of shares of Class B Stock actually owned by a Member in such period shall be determined based upon the number of days or the percentage of the period each share of Class B Stock was owned by the Member (regardless of whether the Member holds such share on the date the dividend is paid). Dividends, if declared and paid, shall be paid quarterly, except as otherwise declared by the Bank’s Board, and shall be noncumulative. Dividends earned in respect of any given period shall be paid on such schedule as shall be determined from time to time by the Board. Dividends may be paid in the form of additional shares of Class B Stock, in cash, in any combination thereof, or in such other form as the Bank may determine at the time of such dividend distribution.

c.Period of Exclusive Use. Stock Dividends paid shall be first allocated to a Member’s Membership Stock Account. If, after a Member’s Membership Stock Account is satisfied, the Member has additional shares of Class B Stock resulting from a Stock Dividend, the Bank shall allocate such additional shares to the Member’s Activity Stock Account to the extent the Member’s Mission Asset Activity is capitalized by the Member’s Activity Stock at less than the Maximum Allocation Percentage. If, after a Member’s Membership Stock Account is satisfied and the total number of shares in its

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Activity Stock Account satisfies the Maximum Allocation Percentages for each type of the Member’s Mission Asset Activity, the Member has additional shares of Class B Stock resulting from a Stock Dividend, such shares shall be allocated to the Member’s Member Excess Stock Account. A Member receiving such Stock Dividends, and having incremental shares of Class B Stock in its Member Excess Stock Account as a result of such Stock Dividends, shall have, for the three- (3)- month period immediately following the Stock Dividend payment, exclusive rights to utilize such Stock Dividends to capitalize the Member’s (and only the Member’s) incremental Mission Asset Activity.

d.Limitation of Issuance. The Bank shall not, under any circumstances, declare or pay any dividends on its capital stock if in doing so (and taking into account the effect of any such dividend) the Bank would fail to meet any of its Capital Requirements. Nor shall the Bank declare any dividend on its capital stock if (i) the Bank is not then in compliance with any one or more of its Capital Requirements; or (ii) the Bank determines that to do so would create a safety and soundness issue for the Bank.

e.Dividends Made In Error. If any dividends are paid in error by the Bank in contravention of Section VI.5.d., the Members receiving such dividends shall return to the Bank all such dividends within thirty (30) calendar days of written notification by the Bank. In requiring the return of such distributions, the Bank shall incur no liability to its Members.

6.Transfer of Capital Stock. Any stock issued by the Bank shall be tradable and transferable only between the Bank and its Members. Any transfer shall be undertaken only in accordance with Section 931.6 of the Regulations. Upon application of the Member as set forth below and the approval of the Bank, a Member may transfer any number of shares of Class B Stock actually held in the Member’s Excess Stock Account to another Member of the Bank or to an institution that has been approved for and has satisfied all the conditions of membership in the Bank other than the purchase of Required Shares. Such transfers shall be made at the par value of One Hundred Dollars ($100) per share. The Bank shall serve as transfer agent for the Class B Stock.

A Member wishing to transfer all or a portion of its Member Excess Stock to another Member must submit a request in writing to the Bank at least thirty (30) days prior to the date the transfer is desired to take place (“Transfer Request”). The Transfer Request shall include: (1) the names of the Members wishing to consummate the transfer; (2) the number of shares of Class B Stock to be transferred; (3) the desired date of transfer; (4) a brief statement as to the reason(s) for the transfer; and (5) the authorized signature of each party to the proposed transaction indicating its respective desire to execute the transfer. Upon receipt of the Transfer Request, the Bank shall evaluate the request and, no later than the third business day prior to the date of transfer, in its sole discretion, either approve or disapprove the transfer.

7.Redemption and Repurchase of Capital Stock.

a.Redemption of Member Excess Stock. A Member may request that the Bank redeem all or any portion of the Member’s shares of Class B Stock, without

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affecting the Member’s membership status, by submitting a Redemption Notice to the Bank. The Redemption Notice shall state the number of shares of Class B Stock targeted for redemption, and a Member may not have more than one Redemption Notice outstanding at any time covering the same shares of Class B Stock. Until the shares are redeemed, or earlier repurchased pursuant to Section VI.7.b., a Member shall continue to receive dividends on the shares of Class B Stock targeted for redemption. Subject to Sections VI.10., 11. and 12., at the end of the Redemption Period (unless the Redemption Notice has been cancelled), the Bank shall redeem, in accordance with Section VI.7.c., all of the shares of Class B Stock covered by the Redemption Notice that are Member Excess Stock on the date the Redemption Notice becomes effective. If the Bank is unable to redeem all or any portion of those shares of Class B Stock at the end of the Redemption Period because of restrictions set forth in this Capital Plan, the Act or the Regulations, the Bank may redeem the shares, without further notice or waiting period, when and as permitted by this Capital Plan and, if applicable, permitted or required by the Finance Agency. If at any time the Bank is able to redeem some, but not all, of the shares of Class B Stock that are covered by effective Redemption Notices, the Bank shall honor the redemption requests on a first come/first served basis, based upon the date and time such Redemption Notices were marked received by the Bank.

b.Repurchase of Member Excess Stock. Subject to Sections VI.10., 11. and 12., the Bank shall have the right at any time to repurchase, in accordance with Section VI.7.c., all or any portion of its Members’ Member Excess Stock, above their Protected Excess Stock. Any such repurchase shall be at the sole discretion of the Bank and shall be initiated by giving each affected Member no less than five (5) calendar days’ prior written notice. If and when the Bank determines to repurchase Member Excess Stock, the Bank shall first purchase any shares of Class B Stock for which Redemption Notices have become effective but have not been fully honored, in the order in which those Redemption Notices became effective. To the extent the Bank has determined to repurchase more shares of Class B Stock, it then shall repurchase those shares for which Redemption Notices have been filed but not yet become effective, in the order in which those Notices were filed. In the event the Bank determines to repurchase more shares of Class B Stock than are currently covered by outstanding Redemption Notices, the Bank shall repurchase the additional shares from each Member having a positive number of shares in its Member Excess Stock Account after removing each Member’s applicable Protected Excess Stock, in proportion to the total number of shares of Class B Stock then allocated to each Member’s Excess Stock Account after removing each Member’s applicable Excess Stock. Protected Excess Stock shall be the greater of a) twenty-five percent (25.0%) of a Member’s Required Shares or b) fifteen thousand (15,000) shares of Member Excess Stock with a par value of One Million Five-Hundred Thousand Dollars ($1,500,000). The Protected Excess Stock percentage and numerical levels may be set from time to time and shall be subject to periodic review and adjustment as determined by the Bank’s Board of Directors in their sole discretion within the aforesaid ranges. The range of percentages and levels of Protected Excess Stock shall be zero percent (0.0%) to thirty percent (30.0%), and the numerical level range shall be between zero and thirty

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thousand (30,000) shares of Member Excess Stock with a maximum par value of Three Million Dollars ($3,000,000).

c.Redemption and Repurchase Price. All redemptions and repurchases of shares of Class B Stock shall be made by the Bank in immediately available funds at the par value of One Hundred Dollars ($100) per share. Once a share is redeemed or repurchased, pursuant to Sections VI.7.a. and VI.7.b. and subject to Section VI.5.b., the Member’s rights and privileges and the Bank’s obligations with respect to such share shall immediately terminate and the Member shall be deemed to have surrendered the share to the Bank.

d.Cancellation of Redemption Notice. A Member shall have five (5) calendar days from the date the Bank receives a Redemption Notice from the Member to submit a Cancellation Notice to the Bank and to cancel that Redemption Notice without penalty or fee. If a Member desires to cancel a Redemption Notice after the five (5) calendar day grace period has expired, the Member may do so by providing a Cancellation Notice to the Bank, but the Bank shall charge a Cancellation Fee, as a percent of the par value of the Class B Stock referenced in the Redemption Notice, based upon the year in which the Redemption Notice is cancelled according to the following schedule: two percent (2%) in the first year, three percent (3%) in the second year, four percent (4%) in the third year, five percent (5%) in the fourth year, and six percent (6%) in the fifth year. To be effective, the Cancellation Notice must be received by the Bank before the Redemption Notice to which it relates becomes effective and before the Bank repurchases the shares of stock referenced in the Redemption Notice. From time to time, the Bank’s Board, in its sole discretion, may waive the Cancellation Fee if it has a bona fide business purpose for doing so and the waiver is consistent with Section 1427(j) of the Act or may change the Cancellation Fee schedule to reduce all or any portion of the Fee.

e.Automatic Cancellation of Redemption. A Member’s Redemption Notice shall automatically be cancelled to the extent the Bank is prevented from redeeming any Class B Stock which is the subject of the Notice within five (5) business days after the end of the Redemption Period because the Member would fail to maintain its minimum investment in the stock of the Bank after such redemption. The automatic cancellation of a Member’s Redemption Notice shall have the same effect as if the Member had cancelled its Redemption Notice pursuant to Section VI.7.d., including the applicability of the Cancellation Fee specified therein.

8.Termination of Membership.

a.Voluntary Withdrawal. Any Member may initiate its withdrawal from membership in the Bank by filing a Withdrawal Notice with the Bank. Within ten (10) calendar days of receiving such Withdrawal Notice, the Bank shall forward a copy of the Withdrawal Notice to the Finance Agency. During the Withdrawal Period, the Member shall be entitled to dividends, voting rights, and other membership rights commensurate with continuing stock ownership. Subject to Section VI.8.d. and Sections VI.10., 11. and 12., and provided that the Withdrawal Notice has not been cancelled in accordance with

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Section VI.8.b., at the expiration of the Withdrawal Period, (a) the institution’s membership in the Bank shall terminate, (b) the Bank shall redeem, in immediately available funds at their par value (less any obligations due and owing by the institution to the Bank), the shares of Class B Stock owned by the institution on the date the Withdrawal Notice was filed and (c) the institution shall not be entitled to any other rights or privileges accorded to Members; provided, however, that the institution may receive dividends earned pursuant to Section VI.5.b., to the extent that those dividend payments exceed any such obligations due and owing to the Bank. If the Bank is unable to redeem the shares of Class B Stock at the end of the Withdrawal Period because of restrictions set forth in this Capital Plan, the Act or the Regulations, the Bank may redeem the shares, without further notice or waiting period, when and as permitted by this Capital Plan and, if applicable, permitted or required by the Finance Agency. If at any time the Bank is able to redeem some, but not all, of the shares of Class B Stock subject to Withdrawal Notices, the Bank shall honor the Withdrawal Notices on a first come/first served basis, based upon the date and time such Withdrawal Notices became effective. The Withdrawal Period shall automatically commence for any additional shares of Class B Stock acquired by the institution (by purchase or in the form of Stock Dividends) after the date the Withdrawal Notice initially was filed on the date the additional shares are received. In its sole discretion, the Bank may repurchase such after-acquired shares from time to time, provided that they are not required to support any indebtedness of the institution to, or business transaction of the institution with, the Bank.

b.Cancellation of Withdrawal Notice. A Member shall have thirty (30) calendar days from the date the Bank receives the Member’s Withdrawal Notice to submit a Cancellation Notice to the Bank and to cancel the Withdrawal Notice without penalty or fee. If a Member desires to cancel a Withdrawal Notice after the thirty (30) calendar day grace period has expired, the Member may do so by providing a Cancellation Notice to the Bank, but the Bank shall charge a Cancellation Fee, as a percent of the par value of the Class B Stock referenced in the Withdrawal Notice, based upon the year in which the Withdrawal Notice is cancelled according to the following initial schedule: two percent (2%) in the first year, three percent (3%) in the second year, four percent (4%) in the third year, five percent (5%) in the fourth year, and six percent (6%) in the fifth year. To be effective, the Cancellation Notice must be received by the Bank before the Withdrawal Notice becomes effective. From time to time, the Bank’s Board, in its sole discretion, may waive the Cancellation Fee if it has a bona fide business purpose for doing so and the waiver is consistent with Section 1427(j) of the Act or may change the Cancellation Fee schedule to reduce all or any portion of the Fee. The Bank’s Board may, in its sole discretion, establish a Cancellation Fee applicable to Withdrawal Notices that is different than the Cancellation Fee applicable to Redemption Notices.

c.Involuntary Withdrawal. The Bank’s Board may terminate the membership of any institution that (i) fails to comply with any requirement of this Capital Plan, the Act or any Regulation prescribed under the Act, in effect from time to time, (ii) becomes insolvent or otherwise subject to the appointment of a conservator, receiver, or

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other legal custodian under federal law or state law applicable to the institution, or (iii) would jeopardize the safety or soundness of the Bank if it were to remain a Member. The institution’s membership in the Bank shall terminate as of the date the Bank’s Board acts, at which time a five- (5-) year redemption period for the shares of Class B Stock owned by the institution on that date shall commence and after which the institution shall not be entitled to any rights or privileges accorded to Members; provided, however, the institution may receive dividends earned pursuant to Section VI.5.b. until its Class B Stock is redeemed. At the end of the redemption period provided for in this Section VI.8.c., and subject to Section VI.8.d., the Bank shall redeem, in immediately available funds at their par value (less any obligations due and owing by the institution to the Bank), the shares of Class B Stock owned by the institution on the date the institution’s membership in the Bank terminated. A five- (5-) year redemption period shall automatically commence for any shares of Class B Stock acquired by the institution as Stock Dividends after the date on which the institution’s membership in the Bank terminated. In its sole discretion, the Bank may repurchase such after-acquired shares from time to time, provided that they are not required to support any indebtedness of the institution to, or business transaction of the institution with, the Bank.

d.Additional Conditions Relating to Withdrawal. A Member’s voluntary withdrawal pursuant to Section VI.3.a. or Section VI.8.a., or involuntary withdrawal pursuant to Section VI.8.c., as a Member of the Bank shall be effective as of the applicable date specified in each such Section and, thereafter, regardless of any shares of the Bank’s capital stock still held (as contemplated by the following sentence), the Member shall no longer be a Member and shall have no rights accorded to Members other than as are specified in the applicable Section. Notwithstanding the provisions of those Sections or any other provision of this Capital Plan, the Bank shall not redeem or repurchase shares of Class B Stock from an institution that has withdrawn from membership in the Bank, or that otherwise has had its membership in the Bank terminated, to the extent that those shares are required to support, at up to the Maximum Allocation Percentage in effect from time to time and applicable to the type of Mission Asset Activity, any indebtedness of the institution to, or business transaction of the institution with, the Bank until after such indebtedness or business transaction has been extinguished or settled.

For purposes of determining the number of shares of Class B Stock required to support an institution’s remaining indebtedness to or business transactions with the Bank, all shares of Membership Stock held by the institution on the effective date of withdrawal, as well as all shares subsequently received as Stock Dividends, shall be classified as Activity Stock. In particular, but without limitation, this Section VI.8.d. shall operate so that if a receiver or similar liquidating entity or legal custodian has been appointed for a Member and/or its assets, and the Bank has terminated the Member’s and/or the entity’s membership, the Member’s and/or entity’s Membership Stock obligation on the effective date of termination shall be zero, and all such Membership Stock shall by operation of this Section VI.8.d. be automatically converted to Activity Stock.

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e.Rejoining After Divestiture of All Shares of Stock. Except as provided herein, and notwithstanding any other provision of the Act, an institution that divests all shares of stock in the Bank or any other Federal Home Loan Bank may not, after such divestiture, acquire shares of the Bank before the end of a five (5) year period beginning on the date of the completion of such divestiture, except as provided in Section VI.9; provided, however, that if the divestiture was made prior to December 31, 1997, such institution may acquire shares of the Bank at any time after that date, subject to the Act and approval by the Bank and the Finance Agency.

9.Consolidation of Members.

a.Consolidation of Members of the Bank. Upon consolidation of two or more Members of the Bank into one institution operating under the charter of one of the consolidating institutions, the transfer of Class B Stock owned by the disappearing institution(s) to the consolidated institution shall be deemed approved by the Bank. All shares of Class B Stock shall be allocated to the consolidated institution’s stock accounts pursuant to Section VI.2. hereof and any share of Class B Stock thereby in such consolidated institution’s Member Excess Stock Account may be redeemed in a manner consistent with the terms and conditions of this Capital Plan.

b.Consolidation of a Member into a Member of Another Federal Home Loan Bank. If a Member is consolidated with and into a member of a Federal Home Loan Bank other than the Bank, and, after the consolidation, the Member is to operate under the charter of the consolidated institution, the Member’s membership in the Bank shall terminate upon cancellation of its charter; provided, however, that if more than eighty percent (80%) of the assets of the consolidated institution are derived from the assets of the disappearing Member, then the consolidated institution shall continue to be a Member of the Bank. In the event of a termination as provided in this Section VI.9.b., liquidation of the Member’s shares of Class B Stock shall be in accordance with the Act and Section 925.29 of the Regulations.

c.Consolidation of a Member into a Non-Member. If a Member is consolidated with and into an institution that is not a member of any Federal Home Loan Bank, the Member’s membership in the Bank shall terminate upon cancellation of the Member’s charter. In the event that the consolidated institution has its principal place of business within the District of the Bank, the consolidated institution shall have sixty (60) calendar days after the cancellation of the Member’s charter to notify the Bank that the consolidated institution intends to apply for membership in the Bank. The consolidated institution shall then have sixty (60) calendar days from the aforementioned notice to apply for membership in the Bank. Prior to membership approval for the consolidated institution, the disappearing institution may continue to hold any outstanding Bank advances and shares of Class B Stock, and the consolidated institution shall have the rights associated with such shares of Class B Stock. The consolidated institution shall, within sixty (60) calendar days of its approval for membership status, purchase shares of Class B Stock as necessary to satisfy the Member’s Membership Stock Account and Activity Stock Account requirements. If the consolidated institution does not apply for

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membership, or if its application for membership is denied, then the liquidation of any outstanding indebtedness owed to the Bank and the redemption of the Member’s shares of Class B Stock shall be carried out in accordance with the Act and Section 925.29 of the Regulations.

10.Failure to Meet Capital Requirements. Notwithstanding any other provision of this Capital Plan, the Bank may not redeem or repurchase any shares of its capital stock if the Bank is not then in compliance with any one or more of its Capital Requirements or if, as provided in Section 931.7(c) of the Regulations, following the redemption or repurchase, the Bank would fail to meet any of its Capital Requirements or the Member would fail to maintain its minimum investment in the capital stock of the Bank as required by the Regulations and this Capital Plan.

11.Capital Impairment. In accordance with Section 931.8(a) of the Regulations, the Bank may not and shall not redeem or repurchase any capital stock without the prior written approval of the Finance Agency, if the Finance Agency or the Bank’s Board has determined that the Bank has at the time of such proposed redemption or repurchase incurred, or is likely to incur, losses that result in, or are likely to result in, Charges Against the Capital of the Bank. This prohibition shall apply even if the Bank is in compliance with its Capital Requirements, and shall remain in effect for however long the Bank continues to incur such Charges, or until the Finance Agency determines such Charges are not expected to continue, or otherwise in accordance with the Act, the Regulations and any applicable rulings of the Finance Agency.

12.Bank’s Discretion to Suspend Redemption. In accordance with Section 931.8(b) of the Regulations, the Bank, upon the approval of the Bank’s Board, or a subcommittee thereof, may suspend the redemption of any of the Bank’s stock if the Bank reasonably believes that the continued redemption of stock would cause the Bank to fail to meet its Capital Requirements, would prevent the Bank from maintaining adequate capital against potential risk that may not be adequately reflected in its Capital Requirements, or would otherwise prevent the Bank from operating in a safe and sound manner. The Bank shall notify the Finance Agency within two business days of the date of its decision to suspend the redemption of stock, informing the Finance Agency of the reasons for the suspension and of the Bank’s strategies and timeframes for addressing the conditions that led to the suspension. The Finance Agency may require the Bank to re-institute the redemption of stock. The Bank shall not repurchase any stock without the written permission of the Finance Agency during any period in which the Bank has suspended redemption of stock under this Section VI.12.

13.    Transition Provision. The Bank shall comply with the minimum leverage and risk-based capital requirements specified in Sections 932.2 and 932.3 of the Regulations, respectively, and each Member shall comply with the minimum stock investment established in this Capital Plan, as of the Effective Date of this Capital Plan. Any Member who immediately prior to the Effective Date does not have sufficient Bank stock to exchange for new Class B Stock on the Effective Date to meet its minimum stock investment requirements as set forth in this Capital Plan shall, pursuant to Section VI.3., of this Capital Plan, bring itself into compliance with such requirements as of the Effective Date.

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ARTICLE VII

LIQUIDATION OR MERGER OF THE BANK

In the event that the Bank is liquidated, or is merged or otherwise consolidated with another Federal Home Loan Bank, the rights and obligations of the Members shall be as follows: (A) If the Bank is merged or otherwise consolidated into another Federal Home Loan Bank (an "FHLBank"), the Members shall have the option (after reasonable notice) to (1) receive par value for each share of Class B Stock then owned by the Members; provided, however, that (i) the Bank first meets its financial obligations to all non-Member creditors of the Bank (excluding the purchasing FHLBank and/or the FHLBank into which the Bank is to be merged) and (ii) the Bank retains sufficient reserve funds to accommodate reasonable debts that may arise or accrue after the date of the merger or consolidation (excluding debts related to the merger); (2) remain Members of the FHLBank into which the Bank is merged by converting or exchanging shares of Class B Stock for the stock of the surviving FHLBank and by satisfying the terms and conditions set by the surviving FHLBank and the Bank for such conversion or exchange, subject to the rights and obligations of Members of such surviving FHLBank; or (3) accept such other terms and conditions as may be presented to the Members at the time of the merger and/or consolidation. (B) If another FHLBank is merged or consolidated into the Bank, Members’ rights and obligations with respect to their Class B Stock shall continue to be as outlined in this Capital Plan as such Capital Plan may be modified and/or restated from time to time. (C) If the Bank is liquidated, the assets of the Bank shall be distributed as then directed by the Bank’s Board in compliance with this Capital Plan, the Act, the Regulations and any applicable rulings of the Finance Agency.

The provisions of this Article VII are subject to the right of the Finance Agency otherwise to liquidate, merge or consolidate the Bank in accordance with the authority granted to the Finance Agency by the Act and the Regulations.

ARTICLE VIII

PERIODIC REVIEW AND AMENDMENT

1.Periodic Review. The Bank’s Board shall monitor and adjust, as necessary, the numbers of shares of Class B Stock required to be held in Members’ Membership Stock Accounts and Activity Stock Accounts to ensure that the amounts invested are sufficient to allow the Bank to comply with its Capital Requirements. In addition, to maintain prudent capitalization and ongoing compliance with the Act and the Regulations, the Bank’s Board shall review the Bank’s Capital Plan at least once every calendar year to determine whether any amendments are required. Pursuant to and consistent with the Act and the Regulations of the Finance Agency, the Bank shall amend this Capital Plan as set forth in Section VIII.2. herein to effectuate any changes deemed necessary.

2.Amendment. The Bank’s Board may, from time to time, adopt amendments to this Capital Plan. All amendments shall be submitted to and approved by the Finance Agency before such amendments will be effective. After receipt of approval from the Finance Agency,

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such amendments shall be effective fifteen (15) days after the mailing or electronic posting of notice to the Members, unless another date is specified in the notice.

ARTICLE IX

MISCELLANEOUS

1.Prompt Compliance: Use of Member Demand Deposit Accounts. Each Member shall comply promptly with the terms and conditions of this Capital Plan and with any changes thereto that may be adopted by the Bank from time to time, including any changes that may lead to an increase in the number of a Member’s Required Shares. On or before the effective date of any such change, the Member shall place sufficient immediately available funds in its demand deposit account with the Bank to cover any necessary purchase of additional Required Shares. In order to effectuate prompt compliance, the Bank is authorized to issue stock in the name of a Member and to withdraw appropriate payment from the Member’s demand deposit account.

2.Maintenance and Interpretation of the Plan. The President of the Bank and/or his designees shall have the right and the responsibility to (a) establish operating procedures for implementation and maintenance of this Capital Plan and (b) interpret any issues that may arise with respect to the application of the Capital Plan and its effect on any one or more Members of the Bank in a manner consistent with the Act, the Regulations and any applicable rulings of the Finance Agency.

3.Errors Discovered in Capital Stock Calculations. In the event that any inadvertent error(s) are discovered regarding calculations made in reference to a Member’s Required Shares and/or its Member Excess Stock, the Bank shall immediately correct such errors and make such adjustments as are warranted to remedy the discovered error(s).

4.Liquidation of Claims Against a Member. Claims of the Bank against a Member, including claims for any applicable prepayment fees or penalties resulting from prepayment of advances prior to stated maturity, shall be liquidated in an orderly manner, as determined by the Bank.

5.Calculation of Time Periods. Except for time periods related to the calculation and payment of dividends, whenever any time period specified in this Capital Plan ends on a day on which the Bank is not open for business, the time period shall be deemed to end on the following business day.

6.Limitation on Discretion. Any discretion granted to the Bank’s Board under this Capital Plan shall be limited by applicable authority accorded to the Finance Agency pursuant to the Act and the Regulations.

7.Good Faith Determination. The Board of Directors of the Bank certifies that it has made a good faith determination that the Bank will be able to implement this Capital Plan

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and that the Bank will be in compliance with its regulatory total capital requirement and its regulatory risk-based capital requirement after this Capital Plan is implemented.

ARTICLE X

RESTRICTED RETAINED EARNINGS

The provisions of Sections 1 through4 of this Article X shall become effective upon, and only upon, the occurrence of the Interim Capital Plan Amendment Implementation Date as defined in this Retained Earnings Capital Plan Amendment. Until the Restriction Termination Date, in the event of any conflict between Sections X.1. through X.4. and the remainder of this Capital Plan, the applicable terms of Sections X.1. through X.4. shall govern and shall be interpreted in a manner such that the restrictions set forth therein are supplementary to, and not in lieu of, the requirements of the remainder of this Capital Plan.

1.Definitions Applicable to This Article X of the Capital Plan.

As used in this Article X, the following capitalized terms shall have the following meanings. Other capitalized terms used but not defined in this Article X, shall have the meanings set forth in Article II of this Capital Plan.

“Adjustment to Prior Net Income” means either an increase, or a decrease, to a prior calendar quarter’s Quarterly Net Income subsequent to the date on which any allocation to Restricted Retained Earnings for such calendar quarter was made.

“Agreement” means the Joint Capital Enhancement Agreement adopted by the FHLBanks on the Agreement Effective Date and amended on the date on which the Finance Agency has approved the Retained Earnings Capital Plan Amendments for all of the FHLBanks that have issued capital stock pursuant to a capital plan as of the Agreement Effective Date.

“Agreement Effective Date” means February 28, 2011.

“Allocation Termination Date” means the date the Bank’s obligation to make allocations to its Restricted Retained Earnings account is terminated permanently. That date is determined pursuant to Section X.4. of this Capital Plan.

“Automatic Termination Event” means (i) a change in the Act or another applicable statute, occurring subsequent to the Agreement Effective Date, that will have the effect of creating a new, or higher, assessment or taxation on the net income or capital of the FHLBanks, or (ii) a change in the Act, another applicable statute, or the Regulations, occurring subsequent to the Agreement Effective Date, that will result in a higher mandatory allocation of an FHLBank’s Quarterly Net Income to any Retained Earnings account than the annual amount, or total amount, specified in an FHLBank’s capital plan as in effect immediately prior to the Automatic Termination Event.

“Automatic Termination Event Declaration Date” means the date specified in Section X.1.a.i. or X.1.a.ii. of this Capital Plan.

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“Bank’s Total Consolidated Obligations” means the daily average carrying value for the calendar quarter, excluding the impact of fair value adjustments (i.e., fair value option and hedging adjustments), of the Bank’s portion of outstanding FHLBank System Consolidated Obligations for which it is the primary obligor.

“Declaration of Automatic Termination” means a signed statement, executed by officers authorized to sign on behalf of each FHLBank that is a signatory to the statement, in which at least two-thirds (2/3) of the then existing FHLBanks declare their concurrence that a specific statutory or regulatory change meets the definition of an Automatic Termination Event.

“Dividend” means a distribution of cash, stock or other property to a Stockholder with respect to its holdings of capital stock.

“Dividend Restriction Period” means any calendar quarter: (i) that includes the REFCORP Termination Date, or occurs subsequent to the REFCORP Termination Date; (ii) that occurs prior to an Allocation Termination Date; and (iii) during which the amount of the Bank’s Restricted Retained Earnings is less than the amount of the Bank’s RREM. If the amount of the Bank’s Restricted Retained Earnings is at least equal to the amount of the Bank’s RREM, and subsequently the Bank’s Restricted Retained Earnings becomes less than its RREM, the Bank shall be deemed to be in a Dividend Restriction Period (unless an Allocation Termination Date has occurred).

“FHLBank” means a Federal Home Loan Bank chartered under the Act.

“FHLBank System Consolidated Obligation” means any bond, debenture, or note authorized under the Regulations to be issued jointly by the FHLBanks pursuant to Section 11(a) of the Act, or any bond or note previously issued by the Federal Housing Finance Board on behalf of all FHLBanks pursuant to Section 11(c) of the Act, on which the FHLBanks are jointly and severally liable, or any other instrument issued through the Office of Finance, or any successor thereto, under the Act that is a joint and several liability of all the FHLBanks.

“Interim Capital Plan Amendment Implementation Date” means 31 days after the date by which the Finance Agency has approved a capital plan amendment substantially the same as the Retained Earnings Capital Plan Amendment for all the FHLBanks that have issued capital stock pursuant to a capital plan as of the Agreement Effective Date.

“Net Loss” means that the Quarterly Net Income of the Bank is negative, or that the annual net income of the Bank calculated on the same basis is negative.

“Quarterly Net Income” means the amount of net income of the Bank for a calendar quarter calculated in accordance with GAAP, after deducting the Bank’s required contributions for that quarter to the Affordable Housing Program under Section 10(j) of the Act, as reported in the Bank’s quarterly and annual financial statements filed with the Securities and Exchange Commission.

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“REFCORP Termination Date” means the last day of the calendar quarter in which the FHLBanks’ final regular payments are made on obligations to REFCORP in accordance with Section 997.5 of the Regulations and Section 21B(f) of the Act.

“Regular Contribution Amount” means the result of (i) 20 percent of Quarterly Net Income; plus (ii) 20 percent of a positive Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made in the current calendar quarter; minus (iii) 20 percent of the absolute value of a negative Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made in the current calendar quarter.

“Restricted Retained Earnings” means the cumulative amount of Quarterly Net Income and Adjustments to Prior Net Income allocated to the Bank’s Retained Earnings account restricted pursuant to the Retained Earnings Capital Plan Amendment, and does not include amounts retained in: (i) any accounts in existence at the Bank on the Agreement Effective Date; or (ii) any other Retained Earnings accounts subject to restrictions that are not part of the terms of the Retained Earnings Capital Plan Amendment.

“Restricted Retained Earnings Minimum” (“RREM”) means a level of Restricted Retained Earnings calculated as of the last day of each calendar quarter equal to one percent of the Bank’s Total Consolidated Obligations.

“Restriction Termination Date” means the date the restriction on the Bank paying Dividends out of the Restricted Retained Earnings account, or otherwise reallocating funds from the Restricted Retained Earnings account, is terminated permanently. That date is determined pursuant to Section X.4. of this Capital Plan.

“Retained Earnings” means the retained earnings of the Bank calculated pursuant to GAAP.

“Retained Earnings Capital Plan Amendment” means the amendment to this Capital Plan, made a part thereof, adopted effective on the Interim Capital Plan Amendment Implementation Date adding this Article X to the Capital Plan.

“Special Contribution Amount” means the result of: (i) 50 percent of Quarterly Net Income; plus (ii) 50 percent of a positive Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made in the current calendar quarter; minus (iii) 50 percent of the absolute value of a negative Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made by the current calendar quarter.

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“Stockholder” means: (i) an institution that has been approved for membership in the Bank, and has purchased capital stock in accordance with this Capital Plan and the Regulations; (ii) a former member of the Bank that continues to own capital stock; or (iii) a successor to an entity that was a member of the Bank that continues to own capital stock.

“Total Capital” means Retained Earnings, the amount paid-in for capital stock, the amount of any general allowance for losses, and the amount of other instruments that the Finance Agency has determined to be available to absorb losses incurred by the Bank.

2.Establishment of Restricted Retained Earnings.

a.Segregation of Account. No later than the REFCORP Termination Date, the Bank shall establish an account in its official books and records in which to allocate its Restricted Retained Earnings, with such account being segregated on its books and records from the Bank’s Retained Earnings that are not Restricted Retained Earnings for purposes of tracking the accumulation of Restricted Retained Earnings and enforcing the restrictions on the use of the Restricted Retained Earnings imposed in the Retained Earnings Capital Plan Amendment.

b.Funding of Account.

(i)Date on which Allocation Begins. The Bank shall allocate to its Restricted Retained Earnings account an amount at least equal to the Regular Contribution Amount beginning on the REFCORP Termination Date. The Bank shall allocate amounts to the Restricted Retained Earnings account only through contributions from its Quarterly Net Income or Adjustments to Prior Net Income occurring on or after the REFCORP Termination Date, but nothing in the Retained Earnings Capital Plan Amendment shall prevent the Bank from allocating a greater percentage of its Quarterly Net Income or positive Adjustment to Prior Net Income to its Restricted Retained Earnings account than the percentages set forth in the Retained Earning Capital Plan Amendment.

(ii)Ongoing Allocation. During any Dividend Restriction Period that occurs before the Allocation Termination Date, the Bank shall continue to allocate its Regular Contribution Amount (or when and if required under Section X.2.b.iv. below, its Special Contribution Amount) to its Restricted Retained Earnings.

(iii)Treatment of Quarterly Net Losses and Annual Net Losses. In the event the Bank sustains a Net Loss for a calendar quarter, the following shall apply: (A) to the extent that its cumulative calendar year-to-date net income is positive at the end of such quarter, the Bank may decrease the amount of its Restricted Retained Earnings such that the cumulative addition to the Restricted Retained Earnings account calendar year-to-date at the end of such quarter is equal to 20 percent of the amount of such cumulative calendar year-to-date net income; (B) to the extent that its cumulative calendar year-to-date net income is negative at the end of such quarter (x) the Bank may decrease the amount of its

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Restricted Retained Earnings account such that the cumulative addition calendar year-to-date to the Restricted Retained Earnings account at the end of such quarter is zero, and (y) the Bank shall apply any remaining portion of the Net Loss for the calendar quarter first to reduce Retained Earnings that are not Restricted Retained Earnings until such Retained Earnings are reduced to zero, and thereafter may apply any remaining portion of the Net Loss for the calendar quarter to reduce Restricted Retained Earnings; and (C) for any subsequent calendar quarter in the same calendar year, the Bank may decrease the amount of its quarterly allocation to its Restricted Retained Earnings account in that subsequent calendar quarter such that the cumulative addition to the Restricted Retained Earnings account calendar year-to-date is equal to 20 percent of the amount of such cumulative calendar year-to-date net income.

In the event the Bank sustains a Net Loss for a calendar year, any such Net Loss first shall be applied to reduce Retained Earnings that are not Restricted Retained Earnings until such Retained Earnings are reduced to zero, and thereafter any remaining portion of the Net Loss for the calendar year may be applied to reduce Restricted Retained Earnings.

(iv)Funding at the Special Contribution Amount. If during a Dividend Restriction Period, the amount of the Bank’s Restricted Retained Earnings decreases in any calendar quarter, except as provided in Sections X.2.b.iii.A. and X.2.b.iii.B.x. above, the Bank shall allocate the Special Contribution Amount to its Restricted Retained Earnings account beginning at the following calendar quarter-end (except as provided in the last sentence of this subsection). Thereafter, the Bank shall continue to allocate the Special Contribution Amount to its Restricted Retained Earnings account until the cumulative difference between: (A) the allocations made using the Special Contribution Amount; and (B) the allocations that would have been made if the Regular Contribution Amount applied, is equal to the amount of the prior decrease in the amount of its Restricted Retained Earnings account arising from the application of Section X.2.b.iii.B.y. If at any calendar quarter-end the allocation of the Special Contribution Amount would result in a cumulative allocation in excess of such prior decrease in the amount of Restricted Retained Earnings: (x) the Bank may allocate such percentage of Quarterly Net Income to the Restricted Retained Earnings account that shall exactly restore the amount of the prior decrease, plus the amount of the Regular Contribution Amount for that quarter; and (y) the Bank in subsequent quarters shall revert to paying at least the Regular Contribution Amount.

(v)Release of Restricted Retained Earnings. If the Bank’s RREM decreases from time to time due to fluctuations in the Bank’s Total Consolidated Obligations, amounts in the Restricted Retained Earnings account in excess of 150 percent of the RREM may be released by the Bank from the restrictions otherwise imposed on such amounts pursuant to the provisions of the Retained

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Earnings Capital Plan Amendment, and reallocated to its Retained Earnings that are not Restricted Retained Earnings. Until the Restriction Termination Date, the Bank may not otherwise reallocate amounts in its Restricted Retained Earnings account (provided that a reduction in the Restricted Retained Earnings account following a Net Loss pursuant to subsection (iii) above is not a reallocation).

(vi)No Effect on Rights of Shareholders as Owners of Retained Earnings. In the event of the liquidation of the Bank, or a taking of the Bank’s Retained Earnings by any future federal action, nothing in the Retained Earnings Capital Plan Amendment shall change the rights of the holders of the Bank’s Class B Stock that confer ownership of Retained Earnings, including Restricted Retained Earnings, as granted under Section 6(h) of the Act.

3.Limitation on Dividends, Stock Purchase and Stock Redemption.

a.General Rule on Dividends. From the REFCORP Termination Date through the Restriction Termination Date, the Bank may not pay Dividends, or otherwise reallocate funds (except as expressly provided in Section X.2.b.v., and further provided that a reduction in the Restricted Retained Earnings account following a Net Loss pursuant to Section X.2.b.iii. is not a reallocation), out of Restricted Retained Earnings. During a Dividend Restriction Period, the Bank may not pay Dividends out of the amount of Quarterly Net Income required to be allocated to Restricted Retained Earnings.

b.Limitations on Repurchase and Redemption. From the REFCORP Termination Date through the Restriction Termination Date, the Bank shall not engage in a repurchase or redemption transaction if following such transaction the Bank’s Total Capital as reported to the Finance Agency falls below the Bank’s aggregate paid-in amount of capital stock.

4.Termination of Retained Earnings Capital Plan Amendment Obligations.

a.Notice of Automatic Termination Event.

(i)Action by FHLBanks. If the Bank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the Bank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the Finance Agency) identifying the specific statutory or regulatory change that is the basis for the assertion. For the purposes of this section, “prompt written notice” means notice delivered no later than 90 calendar days subsequent to: (A) the date the specific statutory change takes effect; or (B) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register.

If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least two-thirds (2/3) of the then existing FHLBanks (including the Bank) execute a Declaration of Automatic Termination concurring that the

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specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered by the Bank to the Finance Agency within 10 calendar days of the date that the Declaration of Automatic Termination is executed. After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the Finance Agency, or is delivered to the Finance Agency by another FHLBank pursuant to the terms of its capital plan, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in section X.4.a.iii.

If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required two-thirds (2/3) of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the Bank may request a determination from the Finance Agency that the specific statutory or regulatory change constitutes an Automatic Termination Event. Such request must be filed with the Finance Agency within 10 calendar days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.

(ii)Action by Finance Agency. The Bank may request a determination from the Finance Agency that a specific statutory or regulatory change constitutes an Automatic Termination Event and may claim that an Automatic Termination Event has occurred, or will occur, with respect to a specific statutory or regulatory change only if the Bank has complied with the time limitations and procedures of Section X.4.a.i.

If within 60 calendar days after the Bank delivers such a request to the Finance Agency, or another FHLBank delivers such a request pursuant to its capital plan, the Finance Agency provides the requesting FHLBank with a written determination that a specific statutory or regulatory change is an Automatic Termination Event, then an Automatic Termination Event Declaration Date shall be deemed to occur as of the expiration of such 60 calendar day period (except as provided in Section X.4.a.iii). The date of the Automatic Termination Event Declaration Date shall be as of the expiration of such 60 calendar day period (except as provided in Section X.4.a.iii) no matter on which day prior to the expiration of the 60 calendar day period the Finance Agency has provided its written determination.

If the Finance Agency fails to make a determination within 60 calendar days after an FHLBank delivers such request to the Finance Agency, then an Automatic Termination Event Declaration Date shall be deemed to occur as of the date of the expiration of such 60 calendar day period (except as provided in subsection X.4.a.iii.); provided, however, that the Finance Agency may make a written

- 28-

request for information from that FHLBank, and toll such 60 calendar day period from the date that the Finance Agency transmits its request until that FHLBank delivers to the Finance Agency information responsive to its request.

If within 60 calendar days after an FHLBank delivers to the Finance Agency a request for determination that a specific statutory or regulatory change constitutes an Automatic Termination Event (or such longer period if the 60 calendar day period is tolled pursuant to the preceding sentence), the Finance Agency provides that FHLBank with a written determination that a specific statutory or regulatory change is not an Automatic Termination Event, then an Automatic Termination Event shall not have occurred with respect to such change.

(iii)Proviso as to Occurrence of Automatic Termination Event Declaration Date. In no case under this Section X.4.a. may an Automatic Termination Event Declaration Date be deemed to occur prior to: (A) the date the specific statutory change takes effect; or (B) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register.

b.Notice of Voluntary Termination. If the FHLBanks terminate the Agreement, then the FHLBanks shall provide written notice to the Finance Agency that the FHLBanks have voted to terminate the Agreement.

c.Consequences of an Automatic Termination Event or Vote to Terminate the Agreement.

(i)Consequences of Voluntary Termination. In the event the FHLBanks deliver written notice to the Finance Agency that the FHLBanks have voted to terminate the Agreement, then without any further action by the Bank or the Finance Agency: (A) the date of delivery of such notice shall be an Allocation Termination Date; and (B) one year from the date of delivery of such notice shall be a Restriction Termination Date.

(ii)Consequences of an Automatic Termination Event Declaration Date. If an Automatic Termination Event Declaration Date has occurred, then without further action by the Bank or the Finance Agency: (A) the date of the Automatic Termination Event Declaration Date shall be an Allocation Termination Date; and (B) one year from the date of the Automatic Termination Event Declaration Date shall be a Restriction Termination Date.

(iii)Deletion of Operative Provisions of Retained Earnings Capital Plan Amendment. Without any further action by the Bank or the Finance Agency, on the Restriction Termination Date, this Article X of the Capital Plan shall be deleted.

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Capital Plan of the Federal Home Loan Bank of CincinnatiSchedule A Relating to Section VI.4.a.i.: Membership Stock

Illustrative Allocations of Membership Stock Among Members

• The total amount of required Membership Stock shall be determined by the Bank and shall be allocated among Members based on a range of percentages applied to each Member’s Total Assets, subject, however, to a minimum Membership Stock investment requirement of no less than One Thousand Dollars ($1,000) or more than Fifty Thousand Dollars ($50,000) and a maximum Membership Stock investment requirement of no less than Twenty-Five Million Dollars ($25,000,000) or more than Two Hundred Million Dollars ($200,000,000).

• Illustrative minimum and maximum Membership Stock investment requirements follow:

Minimum -- $1,000 (One Thousand Dollars)Maximum -- $100,000,000 (One Hundred Million Dollars)*

• The range of percentages shall vary inversely with the amount of each Members’ Total Assets. Such percentages shall vary from three-tenths of one percent (0.30%) to three-hundredths of one percent (0.03%).

• An illustrative range of percentages follows:

Total Amount of Member’s Assets (Dollars in Billions)	Percentage for Membership Stock Allocation
$0 - $25	0.12 percent**
Greater than $25 to $50	0.10 percent
Greater than $50 to $75	0.07 percent
Greater than $75 to $100	0.05 percent
Greater than $100	0.03 percent

• The amount of Membership Stock computed from applying the range of percentages is cumulative. For example, a Member with Total Assets of $60.0 billion shall be required to hold Membership Stock as the sum of (i) the first $25.0 billion of Total Assets at a rate of 0.12 percent, (ii) the next $25.0 billion of Total Assets at a rate of 0.10 percent, and (iii) the last $10.0 billion of Total Assets at a rate of 0.07 percent. Such Member would be required to hold $69.5 million of Membership Stock.*

* The Maximum Membership Stock requirement was reduced by Board of Directors’ action to Twenty-Five Million Dollars ($25,000,000) effective November 28^th, 2011. The previous Maximum Membership Stock requirement was Fifty Million Dollars ($50,000,000) and became effective August 16^th, 2010. The current investment requirement for any Member with Total Assets in excess of $20.8 billion will be limited by the Maximum.

** The first tier of the Percentage for Membership Stock Allocation was reduced by the Board of Directors’ action to 0.12 percent effective April 17^th, 2015.

• If the maximum Membership Stock requirement is $100.0 million and the range of percentages is as given in the illustration above, any Member with Total Assets of $125.0 billion or greater would be required to hold the maximum of $100.0 million in Membership Stock.

Provision for Determination of Membership Stock Amount

The examples above are illustrative only. As specified in Article VI, Section 4.a.i., the actual range of percentages and minimum and maximum Membership Stock investment requirements shall be announced by the Bank’s Board of Directors with at least thirty (30) days prior written notice to all Members.

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EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Andrew S. Howell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Cincinnati;

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 the 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.

Date: May 7, 2015

  /s/ Andrew S. Howell

Andrew S. Howell

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Donald R. Able, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Cincinnati;

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 the 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.

Date: May 7, 2015

/s/ Donald R. Able

Donald R. Able

Executive Vice President - Chief Operating Officer and Chief Financial Officer

EX-32

Exhibit 32

SECTION 1350 CERTIFICATIONS

In connection with the Quarterly Report of the Federal Home Loan Bank of Cincinnati (the FHLB) on Form 10-Q for the period ending March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), each of the undersigned officers certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the FHLB.

  /s/ Andrew S. Howell

Andrew S. Howell

President and Chief Executive Officer

May 7, 2015

  /s/ Donald R. Able

Donald R. Able

Executive Vice President - Chief Operating Officer and Chief Financial Officer

May 7, 2015

XML

Consolidated Obligations (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

Consolidated Discount Notes Outstanding (dollars in thousands)

	Book Value		Par Value		Weighted Average Interest Rate (1)
March 31, 2015	$	45,627,418	$	45,631,636	0.07	%
December 31, 2014	$	41,232,127	$	41,238,122	0.09	%

(1) Represents an implied rate without consideration of concessions.

Schedule of Maturities of Long-term Debt [Table Text Block]

Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands)

	March 31, 2015					December 31, 2014
Year of Contractual Maturity	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	20,895,000		0.34	%	$	32,477,000		0.24	%
Due after 1 year through 2 years	5,777,000			1.32		6,918,000			1.19
Due after 2 years through 3 years	5,142,000			1.53		4,594,000			1.56
Due after 3 years through 4 years	4,016,000			1.82		4,245,000			1.79
Due after 4 years through 5 years	3,202,000			2.05		2,647,000			2.08
Thereafter	7,777,000			2.84		8,217,000			2.79
Index amortizing notes	23,700			5.07		25,297			5.07
Total par value	46,832,700			1.25		59,123,297			1.00
Premiums	100,428					103,477
Discounts	(24,197		)			(25,161		)
Hedging adjustments	15,606					15,304
Fair value option valuation adjustment and    accrued interest	2,764					(360		)
Total	$	46,927,301				$	59,216,557

Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block]

Consolidated Bonds Outstanding by Call Features (in thousands)

	March 31, 2015		December 31, 2014
Par value of Consolidated Bonds:
Non-callable	$	36,543,700	$	49,976,297
Callable	10,289,000		9,147,000
Total par value	$	46,832,700	$	59,123,297

Schedule Of Maturities of Consolidated Obligation Bonds By Contractual Or Next Call Date [Table Text Block]

Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands)

Year of Contractual Maturity or Next Call Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	28,379,000	$	40,774,000
Due after 1 year through 2 years	5,172,000		5,413,000
Due after 2 years through 3 years	3,560,000		3,317,000
Due after 3 years through 4 years	2,829,000		2,685,000
Due after 4 years through 5 years	2,317,000		1,992,000
Thereafter	4,552,000		4,917,000
Index amortizing notes	23,700		25,297
Total par value	$	46,832,700	$	59,123,297

Schedule Of Consolidated Obligation Bonds By Interest Rate Payment Terms [Table Text Block]

Consolidated Bonds by Interest-rate Payment Type (in thousands)

	March 31, 2015		December 31, 2014
Par value of Consolidated Bonds:
Fixed-rate	$	29,530,700	$	31,363,297
Variable-rate	17,050,000		27,610,000
Step-up	252,000		150,000
Total par value	$	46,832,700	$	59,123,297

XML

Held-to-Maturity Securities (Net Premuims) (Details) (Collateralized Mortgage Backed Securities [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held To Maturity Securities, Premiums	$ 30,225	$ 24,473
Held-to-maturity Securities, Discounts	(47,820)	(51,357)
Held-to-maturity Securities, Premiums (Discounts), Net	$ (17,595)	$ (26,884)

XML

Transactions with Stockholders (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Other Transactions [Line Items]

Schedule of Transactions with Members and Former Members [Table Text Block]

Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions)

	Regulatory Capital Stock				Advance		MPP Unpaid
March 31, 2015	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,533	35	%	$	38,300	$	—
U.S. Bank, N.A.	475		11		8,298		37
Fifth Third Bank	248		6		22		3

	Regulatory Capital Stock				Advance		MPP Unpaid
December 31, 2014	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,533	35	%	$	41,300	$	—
U.S. Bank, N.A.	475		11		8,338		38
Fifth Third Bank	248		6		24		3

Director Transaction [Member]

Schedule of Other Transactions [Line Items]

Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block]

Transactions with Directors' Financial Institutions (dollars in millions)

	March 31, 2015				December 31, 2014
	Balance		% of Total(1)		Balance		% of Total (1)
Advances	$	2,809	4.2	%	$	2,929	4.2	%
MPP	164		2.3		154		2.3
Regulatory capital stock	228		5.2		225		5.2

(1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock.

XML

Derivatives and Hedging Activities Narrative (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Net Liability Position, Aggregate Fair Value	$ 114,914
Collateral Already Posted, Aggregate Fair Value	60,115
Additional Collateral, Aggregate Fair Value	$ 12,822

XML

Held-to-Maturity Securities (Continuous Unrealized Loss Position) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 2,551,512		$ 631,907
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(17,919)		(1,348)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	2,328,130		5,752,674
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(45,382)		(118,488)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	4,879,642		6,384,581
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(63,301)		(119,836)
Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value			0	[1]
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss			0	[1]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value			197,625	[1]
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss			(1,017)	[1]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value			197,625	[1]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss			(1,017)	[1]
Single Family Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	2,551,512	[2]	631,907	[2]
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(17,919)	[2]	(1,348)	[2]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	2,328,130	[2]	5,555,049	[2]
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(45,382)	[2]	(117,471)	[2]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	4,879,642	[2]	6,186,956	[2]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (63,301)	[2]	$ (118,819)	[2]

[1] Consists of Ginnie Mae mortgage-backed securities.

[2] Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

XML

Capital (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Capital [Abstract]
Risk Based Capital Required	$ 462,764	$ 481,835
Risk Based Capital Actual	5,071,063	5,018,567
Regulatory Capital Ratio, Actual	5.13%	4.71%
Regulatory Capital, Required	3,956,378	4,265,617
Regulatory Capital, Actual	5,071,063	5,018,567
Leverage Ratio, Actual	7.69%	7.06%
Leverage Capital, Required	4,945,473	5,332,021
Leverage Capital, Actual	7,606,594	7,527,851
Retained Earnings, Appropriated	$ 171,884	$ 159,694

XML

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Off-Balance Sheet Commitments [Table Text Block]

Off-Balance Sheet Commitments (in thousands)

	March 31, 2015						December 31, 2014
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	$	16,367,028	$	537,861	$	16,904,889	$	17,233,206	$	546,385	$	17,779,591
Commitments for standby bond purchases	60,705		118,765		179,470		37,490		149,705		187,195
Commitments to purchase mortgage loans	583,233		—		583,233		451,292		—		451,292
Unsettled Consolidated Bonds, at par (1)(2)	40,000		—		40,000		17,000		—		17,000
Unsettled Consolidated Discount Notes, at par (1)	—		—		—		5,000		—		5,000

(1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations.

(2) Of the total unsettled Consolidated Bonds, $15,000 and $17,000 (in thousands) were hedged with associated interest rate swaps at March 31, 2015 and December 31, 2014, respectively.

XML

Held-to-Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Held-to-maturity Securities [Line Items]

Held-to-maturity Securities [Table Text Block]

Held-to-Maturity Securities by Major Security Types (in thousands)

	March 31, 2015
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-mortgage-backed securities:
Government-sponsored enterprises (GSE) (2)	$	31,741	$	1	$	—		$	31,742
Total non-mortgage-backed securities	31,741		1		—			31,742
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (3)	2,249,445		18,242		—			2,267,687
GSE single-family mortgage-backed securities (4)	12,177,030		209,467		(63,301		)	12,323,196
Total mortgage-backed securities	14,426,475		227,709		(63,301		)	14,590,883
Total	$	14,458,216	$	227,710	$	(63,301	)	$	14,622,625
	December 31, 2014
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-mortgage-backed securities:
GSE (2)	$	26,099	$	—	$	—		$	26,099
Total non-mortgage-backed securities	26,099		—		—			26,099
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (3)	2,038,960		10,021		(1,017		)	2,047,964
GSE single-family mortgage-backed securities (4)	12,647,212		191,870		(118,819		)	12,720,263
Total mortgage-backed securities	14,686,172		201,891		(119,836		)	14,768,227
Total	$	14,712,271	$	201,891	$	(119,836	)	$	14,794,326

(1) Carrying value equals amortized cost.

(2) Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

(3) Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government.

(4) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

Held-to-maturity Securities [Member]

Schedule of Held-to-maturity Securities [Line Items]

Premiums (Discounts) Included in Amortized Cost of Securities [Table Text Block]

Net Purchased Discounts Included in the Amortized Cost of Mortgage-backed Securities Classified as Held-to-Maturity (in thousands)

	March 31, 2015			December 31, 2014
Premiums	$	30,225		$	24,473
Discounts	(47,820		)	(51,357		)
Net purchased discounts	$	(17,595	)	$	(26,884	)

Schedule of Unrealized Loss on Investments [Table Text Block]

Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands)

	March 31, 2015
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities:
GSE single-family mortgage-backed securities (1)	$	2,551,512	$	(17,919	)	$	2,328,130	$	(45,382	)	$	4,879,642	$	(63,301	)
Total	$	2,551,512	$	(17,919	)	$	2,328,130	$	(45,382	)	$	4,879,642	$	(63,301	)
	December 31, 2014
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (2)	$	—	$	—		$	197,625	$	(1,017	)	$	197,625	$	(1,017	)
GSE single-family mortgage-backed securities (1)	631,907		(1,348		)	5,555,049		(117,471		)	6,186,956		(118,819		)
Total	$	631,907	$	(1,348	)	$	5,752,674	$	(118,488	)	$	6,384,581	$	(119,836	)

(1) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

(2) Consists of Ginnie Mae mortgage-backed securities.

Investments Classified by Contractual Maturity Date [Table Text Block]

Held-to-Maturity Securities by Contractual Maturity (in thousands)

	March 31, 2015				December 31, 2014
Year of Maturity	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Non-mortgage-backed securities:
Due in 1 year or less	$	31,741	$	31,742	$	26,099	$	26,099
Due after 1 year through 5 years	—		—		—		—
Due after 5 years through 10 years	—		—		—		—
Due after 10 years	—		—		—		—
Total non-mortgage-backed securities	31,741		31,742		26,099		26,099
Mortgage-backed securities (2)	14,426,475		14,590,883		14,686,172		14,768,227
Total	$	14,458,216	$	14,622,625	$	14,712,271	$	14,794,326

(1) Carrying value equals amortized cost.

(2) Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Schedule of Interest Rate Payment Terms For Investments [Table Text Block]

Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands)

	March 31, 2015		December 31, 2014
Amortized cost of non-mortgage-backed securities:
Fixed-rate	$	31,741	$	26,099
Total amortized cost of non-mortgage-backed securities	31,741		26,099
Amortized cost of mortgage-backed securities:
Fixed-rate	11,941,056		12,091,591
Variable-rate	2,485,419		2,594,581
Total amortized cost of mortgage-backed securities	14,426,475		14,686,172
Total	$	14,458,216	$	14,712,271

XML

Capital (Mandatorily Redeemable Capital Stock) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Mandatorily Redeemable Capital Stock [Roll Forward]
Balance at beginning period	$ 62,963
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value	5,227	10,844
Repayments of Mandatory Redeemable Capital Securities	(6,630)	(11,864)
Balance at end of period	$ 61,560

XML

Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Interest (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	$ (6,769)		$ 14,607
Gain (Loss) on Hedged Item	7,621		(14,323)
Net Fair Value Hedge Ineffectiveness	852		284
Effect of Derivatives on Net Interest Income	(16,100)	[1]	(18,637)	[1]
Amortization and Accretion of Hedged Items	(911)		(879)
Advances [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	(7,471)		18,716
Gain (Loss) on Hedged Item	7,923		(18,464)
Net Fair Value Hedge Ineffectiveness	452		252
Effect of Derivatives on Net Interest Income	(20,616)	[1]	(23,489)	[1]
Consolidated Obligation Bonds [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	702		(4,109)
Gain (Loss) on Hedged Item	(302)		4,141
Net Fair Value Hedge Ineffectiveness	400		32
Effect of Derivatives on Net Interest Income	$ 4,516	[1]	$ 4,852	[1]

[1] The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(911) and $(879) of (amortization)/accretion related to fair value hedging activities for the three months ended March 31, 2015 and 2014.

XML

Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value Option, Principal Balance, Assets	$ 15,000	[1]	$ 15,000	[1]
Advances, Fair Value Disclosure	15,182	[1]	15,042	[1]	0	0
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option	182	[1]	42	[1]
Consolidated Obligation Bonds [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate Unpaid Principal Balance	3,447,000		4,210,000
Aggregate Fair Value	3,449,764		4,209,640		2,265,459	4,018,370
Fair value option valuation adjustment and accrued interest	$ 2,764		$ (360)

[1] At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

XML

Held-to-Maturity Securities (Interest Rate Payment Terms) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 14,458,216	[1]	$ 14,712,271	[1]
Held To Maturity Securities Other Than Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	31,741	[1]	26,099	[1]
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	14,426,475	[1],[2]	14,686,172	[1],[2]
Fixed-rate [Member] | Held To Maturity Securities Other Than Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	31,741		26,099
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	11,941,056		12,091,591
Variable-rate [Member] | Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 2,485,419		$ 2,594,581

[1] Carrying value equals amortized cost.

[2] Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

XML

Consolidated Obligations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014
Schedule of Short-term and Long-term Debt [Line Items]
Discount Notes	$ 45,627,418			$ 41,232,127
Consolidated Obligations Bonds Total	46,927,301			59,216,557
Unamortized Concessions Included in Other Assets	13,650			14,184
Amortization of Concessions Included in Consolidated Obligations Interest Expense During Period	2,130		1,789
Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Maturities, Repayments of Principal in Twelve Months	20,895,000			32,477,000
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate	0.34%			0.24%
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	5,777,000			6,918,000
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate	1.32%			1.19%
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three	5,142,000			4,594,000
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate	1.53%			1.56%
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four	4,016,000			4,245,000
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate	1.82%			1.79%
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	3,202,000			2,647,000
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate	2.05%			2.08%
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	7,777,000			8,217,000
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate	2.84%			2.79%
Index amortizing notes	23,700			25,297
Index amortizing notes, Weighted average interest rate	5.07%			5.07%
Debt, Gross	46,832,700			59,123,297
Long-term Debt, Weighted Average Interest Rate	1.25%			1.00%
Debt Instrument, Unamortized Premium	100,428			103,477
Debt Instrument, Unamortized Discount	(24,197)			(25,161)
Debt Valuation Adjustment for Hedging Activities	15,606			15,304
Fair value option valuation adjustment and accrued interest	2,764			(360)
Consolidated Obligations Bonds Total	46,927,301			59,216,557
Non Callable [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross	36,543,700			49,976,297
Callable [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross	10,289,000			9,147,000
Earlier of Contractual Maturity or Next Call Date [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Maturities, Repayments of Principal in Twelve Months	28,379,000			40,774,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	5,172,000			5,413,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three	3,560,000			3,317,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four	2,829,000			2,685,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	2,317,000			1,992,000
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	4,552,000			4,917,000
Index amortizing notes	23,700			25,297
Discount Notes [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt Instrument, Face Amount	45,631,636			41,238,122
Short-term Debt, Weighted Average Interest Rate	0.07%	[1]		0.09%	[1]
Fixed-rate [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross	29,530,700			31,363,297
Variable-rate [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross	17,050,000			27,610,000
Step-up [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross	$ 252,000			$ 150,000

[1] Represents an implied rate without consideration of concessions.

XML

Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 1,302		$ 1,341
Available-for-sale securities	549,968		1,349,977
Advances, Fair Value Disclosure	15,182	[1]	15,042	[1]	0	0
Derivative assets	20,668		14,699
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(8,921)	[2],[3]	(9,832)	[2],[3]
Derivative liabilities	59,023		63,767
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(94,273)	[2],[3]	(85,867)	[2],[3]
Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	3,449,764		4,209,640		2,265,459	4,018,370
Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	1,302	[4]	1,341	[4]
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	549,968		1,349,977
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances, Fair Value Disclosure	15,182		15,042
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(8,921)	[2]	(9,832)	[2]
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(94,273)	[2]	(85,867)	[2]
Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	3,449,764		4,209,640
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(8,921)	[2]	(9,832)	[2]
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(94,273)	[2]	(85,867)	[2]
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0		0
Available-for-sale securities	0		0
Derivative assets	0		0
Derivative liabilities	0		0
Mortgage loans held for portfolio, net	0		0
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	0	[5]	0	[6]
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances, Fair Value Disclosure	0		0
Derivative assets	0		0
Total assests at fair value	0		0
Derivative liabilities	0		0
Total liabilities at fair value	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets			0
Derivative liabilities	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for portfolio, net	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	1,302		1,341
Available-for-sale securities	549,968		1,349,977
Derivative assets	29,589		24,531
Derivative liabilities	153,296		149,634
Mortgage loans held for portfolio, net	7,496,126		7,178,047
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	47,442,972	[5]	59,496,247	[6]
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances, Fair Value Disclosure	15,182		15,042
Derivative assets	29,589		24,531
Total assests at fair value	596,041		1,390,891
Derivative liabilities	153,296		149,634
Total liabilities at fair value	3,603,060		4,359,274
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	3,449,764		4,209,640
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	25,628		20,726
Derivative liabilities	149,072		144,709
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,961		3,799
Derivative liabilities	15		1
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets			6
Derivative liabilities	4,209		4,924
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	1,302		1,341
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	549,968		1,349,977
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for portfolio, net	0
Fair Value, Inputs, 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
Derivative assets	0		0
Derivative liabilities	0		0
Mortgage loans held for portfolio, net	38,324		41,151
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	0	[5]	0	[6]
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances, Fair Value Disclosure	0		0
Derivative assets	0		0
Total assests at fair value	0		0
Derivative liabilities	0		0
Total liabilities at fair value	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets			0
Derivative liabilities	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for portfolio, net	6,715
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	1,302		1,341
Available-for-sale securities	549,968		1,349,977
Derivative assets	20,668		14,699
Derivative liabilities	59,023		63,767
Mortgage loans held for portfolio, net	7,534,450		7,219,198
Fair Value | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds	47,442,972	[5]	59,496,247	[6]
Fair Value | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	20,668		14,699
Total assests at fair value	587,120		1,381,059
Derivative liabilities	59,023		63,767
Total liabilities at fair value	3,508,787		4,273,407
Fair Value | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	16,707		10,894
Derivative liabilities	54,799		58,842
Fair Value | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,961		3,799
Derivative liabilities	15		1
Fair Value | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets			6
Derivative liabilities	4,209		4,924
Fair Value | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	1,302		1,341
Fair Value | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	549,968		1,349,977
Fair Value | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for portfolio, net	$ 6,715

[1] At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

[2] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

[3] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

[4] Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities.

[5] Includes (in thousands) $3,449,764 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2015.

[6] Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014.

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Accumulated Other Comprehensive (Loss) Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss, beginning of period	$ (16,596)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	(8)	(39)
Total other comprehensive income adjustments	609	274
Accumulated other comprehensive loss, end of period	(15,987)
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss, beginning of period	(24)	(121)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	(8)	(39)
Amortization - Pension and postretirement benefits	0	0
Total other comprehensive income adjustments	(8)	(39)
Accumulated other comprehensive loss, end of period	(32)	(160)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss, beginning of period	(16,572)	(8,921)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	0	0
Amortization - Pension and postretirement benefits	617	313
Total other comprehensive income adjustments	617	313
Accumulated other comprehensive loss, end of period	(15,955)	(8,608)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss, beginning of period	(16,596)	(9,042)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	(8)	(39)
Amortization - Pension and postretirement benefits	617	313
Total other comprehensive income adjustments	609	274
Accumulated other comprehensive loss, end of period	$ (15,987)	$ (8,768)

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Fair Value Disclosures Fair Value Option (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Roll Forward]
Advances, Fair Value Disclosure	$ 15,042	[1]	$ 0
Fair Value, Option, Quantitative Disclosures, Transactions Elected for Fair Value Option, Assets	0		0
Fair Value Option, Quantitative Disclosures, Maturities and Terminations, Assets	0		0
Net gains (losses) on instruments held under the fair value option	(1,169)		1,360
Fair Value Option, Quantitative Disclosures, Change in Accrued Interest, Assets	0		0
Advances, Fair Value Disclosure	15,182	[1]	0
Fair Value, Option, Quantitative Disclosures, Transactions Elected for Fair Value Option, Liabilities	(1,732,000)		(1,250,000)
Fair Value Option, Quantitative Disclosures, Maturities and Terminations, Liabilities	2,495,000		3,000,000
Fair Value Option, Quantitative Disclosures, Change in Accrued Interest, Liabilities	(1,815)		1,551
Advances [Member]
Fair Value, Option, Quantitative Disclosures [Roll Forward]
Net gains (losses) on instruments held under the fair value option	140		0
Consolidated Obligation Bonds [Member]
Fair Value, Option, Quantitative Disclosures [Roll Forward]
Net gains (losses) on instruments held under the fair value option	(1,309)		1,360
Consolidated Obligation Bonds [Member]
Fair Value, Option, Quantitative Disclosures [Roll Forward]
Debt Instrument, Fair Value Disclosure				(4,209,640)	(4,018,370)
Debt Instrument, Fair Value Disclosure	$ (3,449,764)		$ (2,265,459)	$ (4,209,640)	$ (4,018,370)

[1] At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Affordable Housing Program (AHP) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Affordable Housing Program [Roll Forward]
AHP Obligation, Beginning Balance	$ 98,103
AHP, Expense (Current Year Additions)	6,842	6,488
AHP, Subsidy Uses, Net	(2,972)	(1,854)
AHP Obligation, Ending Balance	$ 101,973

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Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives	$ 9,781,030		$ 9,826,839
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	29,589		24,531
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	153,296		149,634
Derivative Asset, Fair Value, Amount Offset Against Collateral	(8,921)	[1],[2]	(9,832)	[1],[2]
Derivative Liability, Fair Value, Amount Offset Against Collateral	(94,273)	[1],[2]	(85,867)	[1],[2]
Derivative assets	20,668		14,699
Derivative liabilities	59,023		63,767
Derivative, Collateral, Cash Posted And Related Accrued interest	87,672		78,755
Derivative, Collateral, Cash Received And Related Accrued Interest	2,320		2,720
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives	4,729,797		4,301,547
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	21,372		19,826
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	142,830		138,150
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives	5,051,233		5,525,292
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	8,217		4,705
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	10,466		11,484
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives	3,855,000		4,635,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	4,256		900
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	6,242		6,559
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgages [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives	583,233		451,292
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	3,961		3,799
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	15		1
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives	613,000		439,000
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0		6
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	$ 4,209		$ 4,924

[1] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

[2] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

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Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information [Text Block]

Segment Information

The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders.

Table 17.1 - Financial Performance by Operating Segment (in thousands)

	Three Months Ended March 31,
	Traditional Member Finance		MPP			Total
2015
Net interest income	$	61,129	$	16,232		$	77,361
Non-interest income	7,862		270			8,132
Non-interest expense	15,215		2,488			17,703
Income before assessments	53,776		14,014			67,790
Affordable Housing Program assessments	5,441		1,401			6,842
Net income	$	48,335	$	12,613		$	60,948
Average assets	$	95,681,343	$	7,174,181		$	102,855,524
Total assets	$	91,620,651	$	7,288,809		$	98,909,460
2014
Net interest income	$	57,181	$	19,833		$	77,014
Non-interest income (loss)	5,517		(1,773		)	3,744
Non-interest expense	14,739		2,337			17,076
Income before assessments	47,959		15,723			63,682
Affordable Housing Program assessments	4,916		1,572			6,488
Net income	$	43,043	$	14,151		$	57,194
Average assets	$	95,414,179	$	6,781,934		$	102,196,113
Total assets	$	94,185,748	$	6,716,410		$	100,902,158

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Trading Securities (Trading Securities by Major Type) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 1,302		$ 1,341
Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 1,302	[1]	$ 1,341	[1]

[1] Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities.

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Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Accumulated Other Comprehensive (Loss) Income (in thousands)

	Net unrealized losses on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, DECEMBER 31, 2013	$	(121	)	$	(8,921	)	$	(9,042	)
Other comprehensive income before reclassification:
Net unrealized losses	(39		)	—			(39		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			313			313
Net current period other comprehensive (loss) income	(39		)	313			274
BALANCE, MARCH 31, 2014	$	(160	)	$	(8,608	)	$	(8,768	)
BALANCE, DECEMBER 31, 2014	$	(24	)	$	(16,572	)	$	(16,596	)
Other comprehensive income before reclassification:
Net unrealized losses	(8		)	—			(8		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			617			617
Net current period other comprehensive (loss) income	(8		)	617			609
BALANCE, MARCH 31, 2015	$	(32	)	$	(15,955	)	$	(15,987	)

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Deposits Deposits (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Deposits [Abstract]
Interest bearing, demand and overnight	$ 695,071		$ 624,446
Interest bearing, term	141,150		99,600
Interest bearing, other	5,171		5,592
Total interest-bearing	841,392		729,638
Non-interest bearing, other	529		298
Total non-interest bearing	529		298
Total deposits	$ 841,921		$ 729,936
Weighted Average Rate Interest Bearing Deposits	0.04%	0.03%

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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Fair Value of Derivative Instruments (in thousands)

	March 31, 2015
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	4,729,797	$	21,372		$	142,830
Derivatives not designated as hedging instruments:
Interest rate swaps	3,855,000		4,256			6,242
Forward rate agreements	613,000		—			4,209
Mortgage delivery commitments	583,233		3,961			15
Total derivatives not designated as hedging instruments	5,051,233		8,217			10,466
Total derivatives before netting and collateral adjustments	$	9,781,030	29,589			153,296
Netting adjustments and cash collateral (1)			(8,921		)	(94,273		)
Total derivative assets and total derivative liabilities			$	20,668		$	59,023
	December 31, 2014
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	4,301,547	$	19,826		$	138,150
Derivatives not designated as hedging instruments:
Interest rate swaps	4,635,000		900			6,559
Forward rate agreements	439,000		6			4,924
Mortgage delivery commitments	451,292		3,799			1
Total derivatives not designated as hedging instruments	5,525,292		4,705			11,484
Total derivatives before netting and collateral adjustments	$	9,826,839	24,531			149,634
Netting adjustments and cash collateral (1)			(9,832		)	(85,867		)
Total derivative assets and total derivative liabilities			$	14,699		$	63,767

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Net Gains (Losses) on Derivatives and Hedging Activities (in thousands)

	Three Months Ended March 31,
	2015			2014
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	852		$	284
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	2,192			157
Forward rate agreements	(7,581		)	(496		)
Net interest settlements	1,989			249
Mortgage delivery commitments	7,850			(1,277		)
Total net gains (losses) related to derivatives not designated as hedging instruments	4,450			(1,367		)
Net gains (losses) on derivatives and hedging activities	$	5,302		$	(1,083	)

Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Effect of Fair Value Hedge-Related Derivative Instruments (in thousands)

	Three Months Ended March 31,
2015	Gain/(Loss) on Derivative			Gain/(Loss) on Hedged Item			Net Fair Value Hedge Ineffectiveness		Effect of Derivatives on Net Interest Income(1)
Hedged Item Type:
Advances	$	(7,471	)	$	7,923		$	452	$	(20,616	)
Consolidated Bonds	702			(302		)	400		4,516
Total	$	(6,769	)	$	7,621		$	852	$	(16,100	)
2014
Hedged Item Type:
Advances	$	18,716		$	(18,464	)	$	252	$	(23,489	)
Consolidated Bonds	(4,109		)	4,141			32		4,852
Total	$	14,607		$	(14,323	)	$	284	$	(18,637	)

(1) The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(911) and $(879) of (amortization)/accretion related to fair value hedging activities for the three months endedMarch 31, 2015 and 2014.

Offsetting Assets and Liabilities [Table Text Block]

Offsetting of Derivative Assets and Derivative Liabilities (in thousands)

	March 31, 2015						December 31, 2014
	Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Liabilities
Derivative instruments meeting netting requirements:
Gross recognized amount:
Bilateral derivatives	$	22,286		$	135,716		$	19,585		$	141,352
Cleared derivatives	3,342			13,356			1,141			3,357
Total gross recognized amount	25,628			149,072			20,726			144,709
Gross amounts of netting adjustments and cash collateral:
Bilateral derivatives	(20,802		)	(80,917		)	(19,544		)	(82,510		)
Cleared derivatives	11,881			(13,356		)	9,712			(3,357		)
Total gross amounts of netting adjustments and cash collateral	(8,921		)	(94,273		)	(9,832		)	(85,867		)
Net amounts after netting adjustments and cash collateral:
Bilateral derivatives	1,484			54,799			41			58,842
Cleared derivatives	15,223			—			10,853			—
Total net amounts after netting adjustments and cash collateral	16,707			54,799			10,894			58,842
Derivative instruments not meeting netting requirements(1):
Bilateral derivatives	3,961			4,224			3,805			4,925
Total derivative instruments not meeting netting requirements (1)	3,961			4,224			3,805			4,925
Total derivative assets and total derivative liabilities:
Bilateral derivatives	5,445			59,023			3,846			63,767
Cleared derivatives	15,223			—			10,853			—
Total derivative assets and total derivative liabilities	$	20,668		$	59,023		$	14,699		$	63,767

(1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement.

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Available-for-Sale Securities (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	$ 550,000	$ 1,350,001
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments	0	3
Available-for-sale Securities, Gross Unrealized Losses	(32)	(27)
Available-for-sale securities	549,968	1,349,977
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis	550,000	1,350,001
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value	549,968	1,349,977
Fixed-rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	550,000	1,350,001
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	550,000	1,350,001
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments	0	3
Available-for-sale Securities, Gross Unrealized Losses	(32)	(27)
Available-for-sale securities	$ 549,968	$ 1,349,977

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Allowance for Credit Losses Rollforward of LRA (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Change in Lender Risk Account Balance [Roll Forward]
Lender Risk Account, Beginning Balance	$ 129,213
Lender Risk Account, Additions	9,062
Lender Risk Account, Claims	(329)
Lender Risk Account, Distributions	(844)
Lender Risk Account, Ending Balance	$ 137,102

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Advances (Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Advances [Abstract]
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date	$ 15,177,255	$ 15,753,030
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date	15,739,519	14,663,847
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date	9,180,732	12,115,860
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date	14,192,443	13,649,722
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date	10,529,952	10,715,119
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date	1,794,965	3,400,929
Federal Home Loan Bank, Advances, Par Value, Total	$ 66,614,866	$ 70,298,507

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Transactions with Other FHLBanks (Tables) (Other FHLBanks [Member])

3 Months Ended

Mar. 31, 2015

Other FHLBanks [Member]

Schedule of Other Transactions [Line Items]

Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block]

Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands)

	Average Daily Balances for the Three Months Ended March 31,
	2015		2014
Loans to other FHLBanks	$	—	$	333
Borrowings from other FHLBanks	—		—

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Basis of Presentation [Abstract]

Basis of Accounting [Text Block]

Basis of Presentation

The accompanying interim financial statements of the FHLB have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates. These assumptions and estimates affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ from these estimates. The interim financial statements presented are unaudited, but they include all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations, and cash flows for such periods. These financial statements do not include all disclosures associated with annual financial statements and accordingly should be read in conjunction with the audited financial statements and notes included in the FHLB's annual report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (SEC). Results for the three months endedMarch 31, 2015 are not necessarily indicative of operating results for the full year.

The FHLB presents certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when it has a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these instruments, the FHLB has elected to offset its asset and liability positions, as well as cash collateral received or pledged, when it has met the netting requirements. The FHLB did not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented.

The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time this collateral is received or pledged. Likewise, there may be a delay for excess collateral to be returned. For derivative instruments that meet the requirements for netting, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset. Additional information regarding these agreements is provided in Note 10. Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. For more information about the FHLB's investments in securities purchased under agreements to resell, see “Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies” in the FHLB's 2014 Form 10-K.

The FHLB has evaluated subsequent events for potential recognition or disclosure through the issuance of these financial statements and believes there have been no material subsequent events requiring additional disclosure or recognition in these financial statements.

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Advances (Advances by Interest Rate Payment Terms) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Advances [Abstract]
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate	$ 17,105,017	[1]	$ 17,945,050	[1]
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate	49,509,849	[1]	52,353,457	[1]
Federal Home Loan Bank, Advances, Par Value, Total	$ 66,614,866		$ 70,298,507

[1] Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance.

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Pension and Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2015

Pension and Postretirement Benefit Plans [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

Net Periodic Benefit Cost (in thousands)

	Three Months Ended March 31,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2015		2014		2015		2014
Net Periodic Benefit Cost
Service cost	$	158	$	108	$	19	$	8
Interest cost	298		273		51		27
Amortization of net loss	601		313		16		—
Net periodic benefit cost	$	1,057	$	694	$	86	$	35

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Transactions with Stockholders

3 Months Ended

Mar. 31, 2015

Transactions with Stockholders [Abstract]

Transactions with Stockholders [Text Block]

Transactions with Stockholders

Transactions with Directors' Financial Institutions. In the ordinary course of its business, the FHLB may provide products and services to members whose officers or directors serve as directors of the FHLB (Directors' Financial Institutions). Finance Agency regulations require that transactions with Directors' Financial Institutions be made on the same terms as those with any other member. The following table reflects balances with Directors' Financial Institutions for the items indicated below. The FHLB had no mortgage-backed securities or derivatives transactions with Directors' Financial Institutions at March 31, 2015 or December 31, 2014.

Table 21.1 - Transactions with Directors' Financial Institutions (dollars in millions)

	March 31, 2015				December 31, 2014
	Balance		% of Total(1)		Balance		% of Total (1)
Advances	$	2,809	4.2	%	$	2,929	4.2	%
MPP	164		2.3		154		2.3
Regulatory capital stock	228		5.2		225		5.2

(1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock.

Concentrations. The following table shows regulatory capital stock balances, outstanding Advance principal balances, and unpaid principal balances of mortgage loans held for portfolio at the dates indicated to stockholders holding five percent or more of regulatory capital stock and include any known affiliates that are members of the FHLB.

Table 21.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions)

	Regulatory Capital Stock				Advance		MPP Unpaid
March 31, 2015	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,533	35	%	$	38,300	$	—
U.S. Bank, N.A.	475		11		8,298		37
Fifth Third Bank	248		6		22		3

	Regulatory Capital Stock				Advance		MPP Unpaid
December 31, 2014	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,533	35	%	$	41,300	$	—
U.S. Bank, N.A.	475		11		8,338		38
Fifth Third Bank	248		6		24		3

Nonmember Affiliates. The FHLB has relationships with three nonmember affiliates, the Kentucky Housing Corporation, the Ohio Housing Finance Agency and the Tennessee Housing Development Agency. The FHLB had no investments in or borrowings to any of these nonmember affiliates at March 31, 2015 or December 31, 2014. The FHLB has executed standby bond purchase agreements with one state housing authority whereby the FHLB, for a fee, agrees as a liquidity provider if required, to purchase and hold the authority's 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. During the first three months of 2015 and 2014, the FHLB was not required to purchase any bonds under these agreements.

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Transactions with Other FHLBanks

3 Months Ended

Mar. 31, 2015

Transactions with Other FHLBanks [Abstract]

Transactions with Other FHLBanks [Text Block]

Transactions with Other FHLBanks

The FHLB notes all transactions with other FHLBanks on the face of its financial statements. Occasionally, the FHLB loans short-term funds to and borrows short-term funds from other FHLBanks. These loans and borrowings are transacted at then current market rates when traded. There were no such loans or borrowings outstanding at March 31, 2015 or December 31, 2014. The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the three months endedMarch 31, 2015 and 2014.

Table 20.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands)

	Average Daily Balances for the Three Months Ended March 31,
	2015		2014
Loans to other FHLBanks	$	—	$	333
Borrowings from other FHLBanks	—		—

The FHLB may, from time to time, assume the outstanding primary liability for Consolidated Obligations of another FHLBank (at then current market rates on the day when the transfer is traded) rather than issuing new debt for which the FHLB is the primary obligor. The FHLB then becomes the primary obligor on the transferred debt. There were no Consolidated Obligations transferred to the FHLB during the three months endedMarch 31, 2015 or 2014. The FHLB had no Consolidated Obligations transferred to other FHLBanks during these periods.

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Held-to-Maturity Securities (Contractual Maturity) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	$ 14,458,216	[1]	$ 14,712,271	[1]
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	14,458,216	[2]	14,712,271	[2]
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
Held To Maturity Securities Other Than Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Debt Maturities, within One Year Amortized Cost	31,741	[2]	26,099	[2]
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount	31,741		26,099
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value	31,742		26,099
Held-to-maturity Securities, Debt Maturities, After One Through Five Years Amortized Cost	0	[2]	0	[2]
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount	0		0
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value	0		0
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years Amortized Cost	0	[2]	0	[2]
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount	0		0
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value	0		0
Held-to-maturity Securities, Debt Maturities, After Ten Years Amortized Cost	0	[2]	0	[2]
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount	0		0
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value	0		0
Held-to-maturity Securities, Debt Maturities, Amortized Cost	31,741	[2]	26,099	[2]
Held-to-maturity Securities	31,741		26,099
Held-to-maturity Securities, Fair Value	31,742		26,099
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	31,741	[2]	26,099	[2]
Held-to-maturity Securities, Fair Value	31,742		26,099
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities	14,426,475	[3]	14,686,172	[3]
Held-to-maturity Securities, Fair Value	14,590,883	[3]	14,768,227	[3]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	14,426,475	[2],[3]	14,686,172	[2],[3]
Held-to-maturity Securities, Fair Value	$ 14,590,883	[3]	$ 14,768,227	[3]

[1] Fair values: $14,622,625 and $14,794,326 at March 31, 2015 and December 31, 2014, respectively.

[2] Carrying value equals amortized cost.

[3] Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Financial Performance by Operating Segment (in thousands)

	Three Months Ended March 31,
	Traditional Member Finance		MPP			Total
2015
Net interest income	$	61,129	$	16,232		$	77,361
Non-interest income	7,862		270			8,132
Non-interest expense	15,215		2,488			17,703
Income before assessments	53,776		14,014			67,790
Affordable Housing Program assessments	5,441		1,401			6,842
Net income	$	48,335	$	12,613		$	60,948
Average assets	$	95,681,343	$	7,174,181		$	102,855,524
Total assets	$	91,620,651	$	7,288,809		$	98,909,460
2014
Net interest income	$	57,181	$	19,833		$	77,014
Non-interest income (loss)	5,517		(1,773		)	3,744
Non-interest expense	14,739		2,337			17,076
Income before assessments	47,959		15,723			63,682
Affordable Housing Program assessments	4,916		1,572			6,488
Net income	$	43,043	$	14,151		$	57,194
Average assets	$	95,414,179	$	6,781,934		$	102,196,113
Total assets	$	94,185,748	$	6,716,410		$	100,902,158

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Recently Issued Accounting Standards and Interpretations Recently Issued Accounting Standards and Interpretations (Policies)

3 Months Ended

Mar. 31, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Nonperforming Loans Policy [Policy Text Block]

MortgageLoans Held for Portfolio- FHA

The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. Any losses from such loans are expected to be recovered from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status.

Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP)

The allowance for conventional loans is determined by analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors.

Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The credit risk analysis of all conventional mortgage loans is performed at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a member in which the member agrees to make every attempt to sell a specific dollar amount of loans to the FHLB over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates, based on historical experience, how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses.

Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. Specifically identified loans evaluated for impairment are removed from the collectively evaluated mortgage loan population.

Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above.

Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block]

A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls (i.e., loss severity rate) incurred as of the reporting date.

Derivatives, Policy [Policy Text Block]

Types of Derivatives

The FHLB may enter into interest rate swaps (including callable and putable swaps), swaptions, interest rate cap and floor agreements, calls, puts, futures, and forward contracts to manage its exposure to changes in interest rates.

An interest rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be paid and the manner in which the cash flows will be calculated. One of the simplest forms of an interest rate swap involves the promise by one party to pay cash flows equivalent to the interest on a notional principal amount at a predetermined fixed rate for a given period of time. In return for this promise, this party receives cash flows equivalent to the interest on the same notional principal amount at a variable-rate index for the same period of time. The variable-rate transacted by the FHLB in its derivatives is LIBOR.

Application of Interest Rate Swaps

The FHLB may use derivatives as fair value hedges of associated financial instruments. However, because the FHLB uses interest rate swaps when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives, it may enter into interest rate swaps that do not necessarily qualify for hedge accounting (economic hedges). The FHLB re-evaluates its hedging strategies from time to time and may change the hedging techniques it uses or adopt new strategies.

Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block]

The FHLB documents at inception all relationships between derivatives designated as hedging instruments and the hedged items, its risk management objectives and strategies for undertaking various hedge transactions, and its method of assessing effectiveness. This process includes linking all derivatives that are designated as fair value hedges to assets and liabilities on the Statements of Condition.

Derivatives, Methods of Accounting, Hedge Effectiveness [Policy Text Block]

The FHLB also formally assesses (both at the hedge's inception and at least quarterly) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of the hedged items and whether those derivatives may be expected to remain effective in future periods. The FHLB currently uses regression analyses to assess the effectiveness of its hedges.

Segment Reporting, Policy [Policy Text Block]

The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders.

Fair Value of Financial Instruments, Policy [Policy Text Block]

The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values.

Fair Value Transfer, Policy [Policy Text Block]

The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur.

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Trading Securities (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Trading Securities and Other Trading Assets [Line Items]

Trading Securities (and Certain Trading Assets) [Table Text Block]

Trading Securities by Major Security Types (in thousands)

Fair Value	March 31, 2015		December 31, 2014
Mortgage-backed securities:
Other U.S. obligation single-family mortgage-backed securities (1)	$	1,302	$	1,341
Total	$	1,302	$	1,341

(1) Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities.

Trading Securities [Member]

Schedule of Trading Securities and Other Trading Assets [Line Items]

Gain (Loss) on Investments [Table Text Block]

Net Losses on Trading Securities (in thousands)

	Three Months Ended March 31,
	2015			2014
Net losses on trading securities held at period end	$	(5	)	$	(2	)
Net losses on trading securities	$	(5	)	$	(2	)

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Background Information

3 Months Ended

Mar. 31, 2015

Background Information [Abstract]

Nature of Operations [Text Block]

Background Information

The Federal Home Loan Bank of Cincinnati (the FHLB), a federally chartered corporation, is one of 12 District Federal Home Loan Banks (FHLBanks). The FHLBanks serve the public by enhancing the availability of credit for residential mortgages and targeted community development. The FHLB is regulated by the Federal Housing Finance Agency (Finance Agency).

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Available-for-Sale Securities (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Available-for-sale Securities [Line Items]

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

Available-for-Sale Securities by Major Security Types (in thousands)

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	550,000	$	—	$	(32	)	$	549,968
Total	$	550,000	$	—	$	(32	)	$	549,968
	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	1,350,001	$	3	$	(27	)	$	1,349,977
Total	$	1,350,001	$	3	$	(27	)	$	1,349,977

Available-for-sale Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Investments Classified by Contractual Maturity Date [Table Text Block]

Available-for-Sale Securities by Contractual Maturity (in thousands)

	March 31, 2015				December 31, 2014
Year of Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	550,000	$	549,968	$	1,350,001	$	1,349,977

Schedule of Interest Rate Payment Terms For Investments [Table Text Block]

Interest Rate Payment Terms of Available-for-Sale Securities (in thousands)

	March 31, 2015		December 31, 2014
Amortized cost of available-for-sale securities:
Fixed-rate	$	550,000	$	1,350,001

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Pension and Postretirement Benefit Plans Net Periodic Benefit Cost (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	$ 158	$ 108
Defined Benefit Plan, Interest Cost	298	273
Defined Benefit Plan, Amortization of net loss	601	313
Defined Benefit Plan, Net Periodic Benefit Cost	1,057	694
Other Postretirement Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	19	8
Defined Benefit Plan, Interest Cost	51	27
Defined Benefit Plan, Amortization of net loss	16	0
Defined Benefit Plan, Net Periodic Benefit Cost	$ 86	$ 35

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Affordable Housing Program (AHP) (Tables)

3 Months Ended

Mar. 31, 2015

Affordable Housing Program (AHP) [Abstract]

Schedule of Activity in Affordable Housing Program Obligation [Table Text Block]

Analysis of AHP Liability (in thousands)

Balance at December 31, 2014	$	98,103
Assessments (current year additions)	6,842
Subsidy uses, net	(2,972		)
Balance at March 31, 2015	$	101,973

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Held-to-Maturity Securities (Major Security Types) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	$ 14,458,216	[1]	$ 14,712,271	[1]
Held-to-maturity Securities	14,458,216	[2]	14,712,271	[2]
Held-to-maturity Securities, Unrecognized Holding Gain	227,710		201,891
Held-to-maturity Securities, Unrecognized Holding Loss	(63,301)		(119,836)
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
US Government-sponsored Enterprises Debt Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	31,741	[1],[3]	26,099	[1],[3]
Held-to-maturity Securities	31,741	[3]	26,099	[3]
Held-to-maturity Securities, Unrecognized Holding Gain	1	[3]	0	[3]
Held-to-maturity Securities, Unrecognized Holding Loss	0	[3]	0	[3]
Held-to-maturity Securities, Fair Value	31,742	[3]	26,099	[3]
Held To Maturity Securities Other Than Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	31,741	[1]	26,099	[1]
Held-to-maturity Securities	31,741		26,099
Held-to-maturity Securities, Unrecognized Holding Gain	1		0
Held-to-maturity Securities, Unrecognized Holding Loss	0		0
Held-to-maturity Securities, Fair Value	31,742		26,099
Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	2,249,445	[1],[4]	2,038,960	[1],[4]
Held-to-maturity Securities	2,249,445	[4]	2,038,960	[4]
Held-to-maturity Securities, Unrecognized Holding Gain	18,242	[4]	10,021	[4]
Held-to-maturity Securities, Unrecognized Holding Loss	0	[4]	(1,017)	[4]
Held-to-maturity Securities, Fair Value	2,267,687	[4]	2,047,964	[4]
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	14,426,475	[1],[5]	14,686,172	[1],[5]
Held-to-maturity Securities	14,426,475	[5]	14,686,172	[5]
Held-to-maturity Securities, Unrecognized Holding Gain	227,709		201,891
Held-to-maturity Securities, Unrecognized Holding Loss	(63,301)		(119,836)
Held-to-maturity Securities, Fair Value	14,590,883	[5]	14,768,227	[5]
Single Family Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	12,177,030	[1],[6]	12,647,212	[1],[6]
Held-to-maturity Securities	12,177,030	[6]	12,647,212	[6]
Held-to-maturity Securities, Unrecognized Holding Gain	209,467	[6]	191,870	[6]
Held-to-maturity Securities, Unrecognized Holding Loss	(63,301)	[6]	(118,819)	[6]
Held-to-maturity Securities, Fair Value	$ 12,323,196	[6]	$ 12,720,263	[6]

[1] Carrying value equals amortized cost.

[2] Fair values: $14,622,625 and $14,794,326 at March 31, 2015 and December 31, 2014, respectively.

[3] Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

[4] Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government.

[5] Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

[6] Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

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Derivatives and Hedging Activities Derivatives in Statement of Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ 852	$ 284
Gain (Loss) on Derivatives not designated as hedging instruments	4,450	(1,367)
Net gains (losses) on derivatives and hedging activities	5,302	(1,083)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	852	284
Gain (Loss) on Derivatives not designated as hedging instruments	2,192	157
Forward Contracts [Member] | Mortgages [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments	7,850	(1,277)
Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments	(7,581)	(496)
Net Interest Settlements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments	$ 1,989	$ 249

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Statements of Condition (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
ASSETS
Cash and due from banks	$ 116,471		$ 3,109,970
Interest-bearing deposits	228		119
Securities purchased under agreements to resell	3,950,000		3,343,000
Federal funds sold	5,705,000		6,600,000
Investment securities:
Trading securities	1,302		1,341
Available-for-sale securities	549,968		1,349,977
Held-to-maturity securities (includes $0 and $0 pledged as collateral at March 31, 2015 and December 31, 2014, respectively, that may be repledged)	14,458,216	[1]	14,712,271	[1]
Total investment securities	15,009,486		16,063,589
Advances (includes $15,182 and $15,042 at fair value under fair value option at March 31, 2015 and December 31, 2014, respectively)	66,731,484		70,405,616
Mortgage loans held for portfolio:
Mortgage loans held for portfolio	7,264,697		6,989,602
Less: allowance for credit losses on mortgage loans	2,162		4,919
Mortgage loans held for portfolio, net	7,262,535		6,984,683
Accrued interest receivable	81,626		81,384
Premises, software, and equipment, net	10,833		11,282
Derivative assets	20,668		14,699
Other assets	21,129		26,077
TOTAL ASSETS	98,909,460		106,640,419
LIABILITIES
Deposits	841,921		729,936
Consolidated Obligations, net:
Discount Notes	45,627,418		41,232,127
Bonds (includes $3,449,764 and $4,209,640 at fair value under fair value option at March 31, 2015 and December 31, 2014, respectively)	46,927,301		59,216,557
Total Consolidated Obligations, net	92,554,719		100,448,684
Mandatorily redeemable capital stock	61,560		62,963
Accrued interest payable	112,273		114,781
Affordable Housing Program payable	101,973		98,103
Derivative liabilities	59,023		63,767
Other liabilities	184,475		183,177
Total liabilities	93,915,944		101,701,411
Commitments and contingencies
CAPITAL
Capital stock Class B putable ($100 par value); issued and outstanding shares: 43,024 shares at March 31, 2015 and 42,665 shares at December 31, 2014	4,302,416		4,266,543
Retained earnings:
Unrestricted	535,203		529,367
Restricted	171,884		159,694
Total retained earnings	707,087		689,061
Accumulated other comprehensive loss	(15,987)		(16,596)
Total capital	4,993,516		4,939,008
TOTAL LIABILITIES AND CAPITAL	$ 98,909,460		$ 106,640,419

[1] Fair values: $14,622,625 and $14,794,326 at March 31, 2015 and December 31, 2014, respectively.

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Fair Value Disclosures Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Value Summary (in thousands)

	March 31, 2015
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Assets:
Cash and due from banks	$	116,471	$	116,471	$	116,471	$	—	$	—	$	—
Interest-bearing deposits	228		228		—		228		—		—
Securities purchased under agreements to resell	3,950,000		3,950,000		—		3,950,000		—		—
Federal funds sold	5,705,000		5,705,000		—		5,705,000		—		—
Trading securities	1,302		1,302		—		1,302		—		—
Available-for-sale securities	549,968		549,968		—		549,968		—		—
Held-to-maturity securities	14,458,216		14,622,625		—		14,622,625		—		—
Advances (2)	66,731,484		66,722,775		—		66,722,775		—		—
Mortgage loans held for portfolio, net	7,262,535		7,534,450		—		7,496,126		38,324		—
Accrued interest receivable	81,626		81,626		—		81,626		—		—
Derivative assets	20,668		20,668		—		29,589		—		(8,921		)
Liabilities:
Deposits	841,921		841,835		—		841,835		—		—
Consolidated Obligations:
Discount Notes	45,627,418		45,620,151		—		45,620,151		—		—
Bonds (3)	46,927,301		47,442,972		—		47,442,972		—		—
Mandatorily redeemable capital stock	61,560		61,560		61,560		—		—		—
Accrued interest payable	112,273		112,273		—		112,273		—		—
Derivative liabilities	59,023		59,023		—		153,296		—		(94,273		)
Other:
Standby bond purchase agreements	—		979		—		979		—		—

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

(2) Includes (in thousands) $15,182 of Advances recorded under the fair value option at March 31, 2015.

(3) Includes (in thousands) $3,449,764 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2015.

	December 31, 2014
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Assets:
Cash and due from banks	$	3,109,970	$	3,109,970	$	3,109,970	$	—	$	—	$	—
Interest-bearing deposits	119		119		—		119		—		—
Securities purchased under agreements to resell	3,343,000		3,343,002		—		3,343,002		—		—
Federal funds sold	6,600,000		6,600,000		—		6,600,000		—		—
Trading securities	1,341		1,341		—		1,341		—		—
Available-for-sale securities	1,349,977		1,349,977		—		1,349,977		—		—
Held-to-maturity securities	14,712,271		14,794,326		—		14,794,326		—		—
Advances (2)	70,405,616		70,279,438		—		70,279,438		—		—
Mortgage loans held for portfolio, net	6,984,683		7,219,198		—		7,178,047		41,151		—
Accrued interest receivable	81,384		81,384		—		81,384		—		—
Derivative assets	14,699		14,699		—		24,531		—		(9,832		)
Liabilities:
Deposits	729,936		729,782		—		729,782		—		—
Consolidated Obligations:
Discount Notes	41,232,127		41,224,739		—		41,224,739		—		—
Bonds (3)	59,216,557		59,496,247		—		59,496,247		—		—
Mandatorily redeemable capital stock	62,963		62,963		62,963		—		—		—
Accrued interest payable	114,781		114,781		—		114,781		—		—
Derivative liabilities	63,767		63,767		—		149,634		—		(85,867		)
Other:
Standby bond purchase agreements	—		1,381		—		1,381		—		—

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

(2) Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014.

(3) Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Fair Value Measurements (in thousands)

	Fair Value Measurements at March 31, 2015
	Total		Level 1		Level 2		Level 3		Netting Adjustment and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
Other U.S. obligation single-family mortgage-backed securities	$	1,302	$	—	$	1,302	$	—	$	—
Available-for-sale securities:
Certificates of deposit	549,968		—		549,968		—		—
Advances	15,182		—		15,182		—		—
Derivative assets:
Interest rate swaps	16,707		—		25,628		—		(8,921		)
Mortgage delivery commitments	3,961		—		3,961		—		—
Total derivative assets	20,668		—		29,589		—		(8,921		)
Total assets at fair value	$	587,120	$	—	$	596,041	$	—	$	(8,921	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	3,449,764	$	—	$	3,449,764	$	—	$	—
Derivative liabilities:
Interest rate swaps	54,799		—		149,072		—		(94,273		)
Forward rate agreement	4,209		—		4,209		—		—
Mortgage delivery commitments	15		—		15		—		—
Total derivative liabilities	59,023		—		153,296		—		(94,273		)
Total liabilities at fair value	$	3,508,787	$	—	$	3,603,060	$	—	$	(94,273	)
Nonrecurring fair value measurements - Assets
Mortgage loans held for portfolio	$	6,715	$	—	$	—	$	6,715

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

	Fair Value Measurements at December 31, 2014
	Total		Level 1		Level 2		Level 3		Netting Adjustment and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
Other U.S. obligation single-family mortgage-backed securities	$	1,341	$	—	$	1,341	$	—	$	—
Available-for-sale securities:
Certificates of deposit	1,349,977		—		1,349,977		—		—
Advances	15,042		—		15,042		—		—
Derivative assets:
Interest rate swaps	10,894		—		20,726		—		(9,832		)
Forward rate agreements	6		—		6		—		—
Mortgage delivery commitments	3,799		—		3,799		—		—
Total derivative assets	14,699		—		24,531		—		(9,832		)
Total assets at fair value	$	1,381,059	$	—	$	1,390,891	$	—	$	(9,832	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	4,209,640	$	—	$	4,209,640	$	—	$	—
Derivative liabilities:
Interest rate swaps	58,842		—		144,709		—		(85,867		)
Forward rate agreements	4,924		—		4,924		—		—
Mortgage delivery commitments	1		—		1		—		—
Total derivative liabilities	63,767		—		149,634		—		(85,867		)
Total liabilities at fair value	$	4,273,407	$	—	$	4,359,274	$	—	$	(85,867	)

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

Fair Value, Option, Quantitative Disclosures [Table Text Block]

Fair Value Option - Financial Assets and Liabilities (in thousands)

	Three Months Ended March 31,
	2015					2014
	Advances		Consolidated Bonds			Advances		Consolidated Bonds
Balance at beginning of period	$	15,042	$	(4,209,640	)	$	—	$	(4,018,370	)
New transactions elected for fair value option	—		(1,732,000		)	—		(1,250,000		)
Maturities and terminations	—		2,495,000			—		3,000,000
Net gains (losses) on financial instruments held under fair value option	140		(1,309		)	—		1,360
Change in accrued interest	—		(1,815		)	—		1,551
Balance at end of period	$	15,182	$	(3,449,764	)	$	—	$	(2,265,459	)

Fair Value, Option, Quantitative Disclosures, Change in Fair Value Included in Earnings [Table Text Block]

Changes in Fair Values for Items Measured at Fair Value Pursuant to the Election of the Fair Value Option (in thousands)

	Three Months Ended March 31,
	2015					2014
	Advances		Consolidated Bonds			Advances		Consolidated Bonds
Interest income (expense)	$	63	$	(3,693	)	$	—	$	(1,598	)
Net gains (losses) on changes in fair value under fair value option	140		(1,309		)	—		1,360
Total changes in fair value included in current period earnings	$	203	$	(5,002	)	$	—	$	(238	)

Fair Value Option, Quantitative Disclosure, Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding [Table Text Block]

Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)

	March 31, 2015						December 31, 2014
	Aggregate Unpaid Principal Balance		Aggregate Fair Value		Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance		Aggregate Unpaid Principal Balance		Aggregate Fair Value		Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance
Advances (1)	$	15,000	$	15,182	$	182	$	15,000	$	15,042	$	42
Consolidated Bonds	3,447,000		3,449,764		2,764		4,210,000		4,209,640		(360		)

(1) At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Statement of Equity (USD $) In Thousands, unless otherwise specified	Total	Common Stock [Member]	Retained Earnings, Unrestricted [Member]	Retained Earnings, Restricted [Member]	Retained Earnings, Total [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2013	$ 5,310,107	$ 4,697,985	$ 510,321	$ 110,843	$ 621,164	$ (9,042)
Shares, Issued beginning balance at Dec. 31, 2013		46,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from sale of capital stock, shares		100
Proceeds from sale of capital stock, par value	10,006	10,006
Repurchase of capital stock, shares		(4,979)
Repurchase of capital stock, par value	(497,875)	(497,875)
Net shares reclassified to mandatorily redeemable capital stock, shares		(108)
Net shares reclassified to mandatorily redeemable capital stock, par value	(10,844)	(10,844)
Comprehensive Income	57,468		45,755	11,439	57,194	274
Cash dividends on capital stock	(47,324)		(47,324)		(47,324)
Ending balance at Mar. 31, 2014	4,821,538	4,199,272	508,752	122,282	631,034	(8,768)
Shares, Issued ending balance at Mar. 31, 2014		41,993
Beginning balance at Dec. 31, 2014	4,939,008	4,266,543	529,367	159,694	689,061	(16,596)
Shares, Issued beginning balance at Dec. 31, 2014		42,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from sale of capital stock, shares		411
Proceeds from sale of capital stock, par value	41,100	41,100
Net shares reclassified to mandatorily redeemable capital stock, shares		(52)
Net shares reclassified to mandatorily redeemable capital stock, par value	(5,227)	(5,227)
Comprehensive Income	61,557		48,758	12,190	60,948	609
Cash dividends on capital stock	(42,922)		(42,922)		(42,922)
Ending balance at Mar. 31, 2015	$ 4,993,516	$ 4,302,416	$ 535,203	$ 171,884	$ 707,087	$ (15,987)
Shares, Issued ending balance at Mar. 31, 2015		43,024

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Transactions with Stockholders (Concentrations) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 66,614,866,000	$ 70,298,507,000
JPMorgan Chase Bank National Association [Member] | Capital Stock Ownership By Third Party [Member]
Concentration Risk [Line Items]
Regulatory Capital Stock, Value	1,533,000,000	1,533,000,000
Concentration Risk, Percentage	35.00%	35.00%
JPMorgan Chase Bank National Association [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	38,300,000,000	41,300,000,000
JPMorgan Chase Bank National Association [Member] | Mortgage Purchase Program [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance	0	0
U.S. Bank, N.A. [Member] | Capital Stock Ownership By Third Party [Member]
Concentration Risk [Line Items]
Regulatory Capital Stock, Value	475,000,000	475,000,000
Concentration Risk, Percentage	11.00%	11.00%
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	8,298,000,000	8,338,000,000
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance	37,000,000	38,000,000
Fifth Third Bank [Member] | Capital Stock Ownership By Third Party [Member]
Concentration Risk [Line Items]
Regulatory Capital Stock, Value	248,000,000	248,000,000
Concentration Risk, Percentage	6.00%	6.00%
Fifth Third Bank [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	22,000,000	24,000,000
Fifth Third Bank [Member] | Mortgage Purchase Program [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance	$ 3,000,000	$ 3,000,000
Kentucky Housing Corporation, Ohio Housing Finance Agency, Tennessee Housing Development Agency [Member]
Concentration Risk [Line Items]
Number of Relationships With Non Member Affiliates	3

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Advances (Advance Redemption Terms) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Advances [Abstract]
Due in 1 year or less	$ 13,611,355		$ 14,139,630
Due after 1 year through 2 years	16,060,019		14,810,847
Due after 2 years through 3 years	10,065,632		12,829,760
Due after 3 years through 4 years	14,382,943		14,222,722
Due after 4 years through 5 years	10,529,952		10,724,619
Thereafter	1,964,965		3,570,929
Federal Home Loan Bank, Advances, Par Value, Total	66,614,866		70,298,507
Commitment Fees on Advances	(692)		(699)
Discount on Affordable Housing Program Advances	(11,342)		(12,110)
Federal Home Loan Bank Advances, Premium	2,981		3,058
Federal Home Loan Bank Advances, Discount	(10,912)		(12,572)
Hedging adjustments	136,401		129,390
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option	182	[1]	42	[1]
Advances	$ 66,731,484		$ 70,405,616
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date	0.38%		0.40%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date	0.60%		0.54%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date	0.81%		0.69%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date	0.56%		0.60%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date	0.59%		0.54%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date	2.33%		1.51%
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date	0.63%		0.60%

[1] At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Mortgage Loans Held for Portfolio (Tables)

3 Months Ended

Mar. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans Held for Portfolio [Table Text Block]

Mortgage Loans Held for Portfolio (in thousands)

	March 31, 2015			December 31, 2014
Unpaid principal balance:
Fixed rate medium-term single-family mortgage loans (1)	$	1,376,759		$	1,393,525
Fixed rate long-term single-family mortgage loans	5,683,026			5,402,479
Total unpaid principal balance	7,059,785			6,796,004
Premiums	184,415			179,540
Discounts	(2,258		)	(2,460		)
Hedging basis adjustments (2)	22,755			16,518
Total mortgage loans held for portfolio	$	7,264,697		$	6,989,602

(1) Medium-term is defined as a term of 15 years or less.

(2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly.

Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands)

	March 31, 2015		December 31, 2014
Unpaid principal balance:
Conventional mortgage loans	$	6,492,346	$	6,203,318
Federal Housing Administration (FHA) mortgage loans	567,439		592,686
Total unpaid principal balance	$	7,059,785	$	6,796,004

Members Selling Five Percent or more of Total Unpaid Principal [Table Text Block]

Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions)

	March 31, 2015					December 31, 2014
	Principal		% of Total			Principal		% of Total
Union Savings Bank	$	1,768	25	%	Union Savings Bank	$	1,593	23	%
PNC Bank, N.A.(1)	1,020		14		PNC Bank, N.A. (1)	1,074		16
Guardian Savings Bank FSB	470		7		Guardian Savings Bank FSB	406		6

(1) Former member.

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Mortgage Loans Held for Portfolio (Details 2) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Union Savings Bank [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total	$ 1,768		$ 1,593
Percent of Total	25.00%		23.00%
PNC Bank, N.A. [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total	1,020	[1]	1,074	[1]
Percent of Total	14.00%	[1]	16.00%	[1]
Guardian Saving Bank FSB [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total	$ 470		$ 406
Percent of Total	7.00%		6.00%

[1] Former member.

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Capital

3 Months Ended

Mar. 31, 2015

Capital [Abstract]

Capital [Text Block]

Capital

Table 14.1 - Capital Requirements (dollars in thousands)

	March 31, 2015						December 31, 2014
	Minimum Requirement			Actual			Minimum Requirement			Actual
Risk-based capital	$	462,764		$	5,071,063		$	481,835		$	5,018,567
Capital-to-assets ratio (regulatory)	4.00		%	5.13		%	4.00		%	4.71		%
Regulatory capital	$	3,956,378		$	5,071,063		$	4,265,617		$	5,018,567
Leverage capital-to-assets ratio (regulatory)	5.00		%	7.69		%	5.00		%	7.06		%
Leverage capital	$	4,945,473		$	7,606,594		$	5,332,021		$	7,527,851

Restricted Retained Earnings. At March 31, 2015 and December 31, 2014 the FHLB had (in thousands) $171,884 and $159,694 in restricted retained earnings. These restricted retained earnings are not available to pay dividends but are available to absorb unexpected losses, if any, that the FHLB may experience.

Table 14.2 - Mandatorily Redeemable Capital Stock Roll Forward (in thousands)

Balance, December 31, 2014	$	62,963
Capital stock subject to mandatory redemption reclassified    from equity	5,227
Redemption (or other reduction) of mandatorily redeemable    capital stock	(6,630		)
Balance, March 31, 2015	$	61,560

Table 14.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands)

Contractual Year of Redemption	March 31, 2015		December 31, 2014
Year 1	$	130	$	130
Year 2	—		—
Year 3	—		—
Year 4	2,325		55
Year 5	633		2,278
Past contractual redemption date due to remaining activity(1)	58,472		60,500
Total	$	61,560	$	62,963

(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.

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Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2015

Allowance for Credit Losses [Abstract]

Allowance for Credit Losses on Financing Receivables [Table Text Block]

Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands)

	Three Months Ended March 31,
	2015			2014
Balance, beginning of period	$	4,919		$	7,233
Charge-offs, net of recoveries (1)	(2,757		)	(578		)
Balance, end of period	$	2,162		$	6,655

(1) On January 1, 2015, the FHLB adopted the charge off provisions of the Finance Agency's Advisory Bulletin 2012-02, which require the FHLB to charge off the estimated loss portion of loans 180 days or more past due and certain loans in which the borrower has filed for bankruptcy.

Allowance for Credit Losses and Recorded Investment by Impairment Methodology [Table Text Block]

Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands)

	March 31, 2015		December 31, 2014
Allowance for credit losses, end of period:
Collectively evaluated for impairment	$	2,162	$	4,766
Individually evaluated for impairment	—		153
Total	$	2,162	$	4,919
Recorded investment, end of period:
Collectively evaluated for impairment	$	6,704,384	$	6,402,994
Individually evaluated for impairment	8,933		8,639
Total recorded investment	$	6,713,317	$	6,411,633

Changes in LRA [Table Text Block]

Changes in the LRA (in thousands)

	Three Months Ended
	March 31, 2015
LRA at beginning of year	$	129,213
Additions	9,062
Claims	(329		)
Scheduled distributions	(844		)
LRA at end of period	$	137,102

Past Due Financing Receivables [Table Text Block]

Recorded Investment in Delinquent Mortgage Loans (dollars in thousands)

	March 31, 2015
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	44,397		$	33,335		$	77,732
Past due 60-89 days delinquent	8,307			9,465			17,772
Past due 90 days or more delinquent	39,521			22,468			61,989
Total past due	92,225			65,268			157,493
Total current mortgage loans	6,621,092			511,375			7,132,467
Total mortgage loans	$	6,713,317		$	576,643		$	7,289,960
Other delinquency statistics:
In process of foreclosure, included above (1)	$	31,689		$	11,267		$	42,956
Serious delinquency rate (2)	0.59		%	3.98		%	0.86		%
Past due 90 days or more still accruing interest (3)	$	32,614		$	22,468		$	55,082
Loans on non-accrual status, included above	$	7,335		$	—		$	7,335
	December 31, 2014
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	49,053		$	42,744		$	91,797
Past due 60-89 days delinquent	13,597			12,881			26,478
Past due 90 days or more delinquent	42,991			25,045			68,036
Total past due	105,641			80,670			186,311
Total current mortgage loans	6,305,992			522,042			6,828,034
Total mortgage loans	$	6,411,633		$	602,712		$	7,014,345
Other delinquency statistics:
In process of foreclosure, included above (1)	$	34,854		$	11,687		$	46,541
Serious delinquency rate (2)	0.68		%	4.27		%	0.99		%
Past due 90 days or more still accruing interest (3)	$	41,857		$	25,045		$	66,902
Loans on non-accrual status, included above	$	3,574		$	—		$	3,574

(1) Includes loans where the decision of foreclosure or a 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.

(2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount.

(3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status.

Individually Evaluated Impaired Loan Statistics by Product Class Level [Table Text Block]

Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands)

	March 31, 2015						December 31, 2014
Conventional MPP loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance	$	8,933	$	8,745	$	—	$	5,297	$	5,165	$	—
With an allowance	—		—		—		3,342		3,293		153
Total	$	8,933	$	8,745	$	—	$	8,639	$	8,458	$	153

Impaired Financing Receivables [Table Text Block]

Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands)

	Three Months Ended March 31,
	2015				2014
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	8,491	$	112	$	7,710	$	100

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Pension and Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2015

Pension and Postretirement Benefit Plans [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Pension and Postretirement Benefit Plans

Qualified Defined Benefit Multi-employer Plan. The FHLB participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra Defined Benefit Plan), a tax-qualified defined benefit pension plan. Under the Pentegra Defined Benefit Plan, contributions made by one participating employer may be used to provide benefits to employees of other participating employers because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer. Also, in the event a participating employer is unable to meet its contribution requirements, the required contributions for the other participating employers could increase proportionately. The Pentegra Defined Benefit Plan covers substantially all officers and employees of the FHLB who meet certain eligibility requirements. Contributions to the Pentegra Defined Benefit Plan charged to compensation and benefit expense were $1,500,000 and $1,529,000 in the three months ended March 31, 2015 and 2014, respectively.

Qualified Defined Contribution Plan. The FHLB also participates in the Pentegra Defined Contribution Plan for Financial Institutions, a tax-qualified, defined contribution pension plan. The FHLB contributes a percentage of the participants' compensation by making a matching contribution equal to a percentage of voluntary employee contributions, subject to certain limitations. The FHLB contributed $374,000 and $373,000 in the three months ended March 31, 2015 and 2014, respectively.

Nonqualified Supplemental Defined Benefit Retirement Plan. The FHLB maintains a nonqualified, unfunded defined benefit plan. The plan ensures that participants receive the full amount of benefits to which they would have been entitled under the qualified defined benefit plan in the absence of limits on benefit levels imposed by the IRS. There are no funded plan assets. The FHLB has established a grantor trust, which is included in held-to-maturity securities on the Statements of Condition, to meet future benefit obligations and current payments to beneficiaries.

Postretirement Benefits Plan. The FHLB also sponsors a postretirement benefits plan that includes health care and life insurance benefits for eligible retirees. Future retirees are eligible for the postretirement benefits plan if they were hired prior to August 1, 1990, are age 55 or older, and their age plus years of continuous service at retirement are greater than or equal to 80. Spouses are covered subject to required contributions. There are no funded plan assets that have been designated to provide postretirement benefits.

Table 16.1 - Net Periodic Benefit Cost (in thousands)

	Three Months Ended March 31,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2015		2014		2015		2014
Net Periodic Benefit Cost
Service cost	$	158	$	108	$	19	$	8
Interest cost	298		273		51		27
Amortization of net loss	601		313		16		—
Net periodic benefit cost	$	1,057	$	694	$	86	$	35

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Allowance for Credit Losses Schedule of Loans Outstanding and Past Due (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due	$ 77,732		$ 91,797
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due	17,772		26,478
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	61,989		68,036
Financing Receivable, Recorded Investment, Past Due	157,493		186,311
Financing Receivable, Recorded Investment, Current	7,132,467		6,828,034
Total recorded investment	7,289,960		7,014,345
Mortgage Loans In Process Of Foreclosure	42,956	[1]	46,541	[1]
Loans and Leases Receivable, Serious Delinquencies Ratio	0.86%	[2]	0.99%	[2]
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	55,082	[3]	66,902	[3]
Financing Receivable, Recorded Investment, Nonaccrual Status	7,335		3,574
Financing Receivable, Modifications, Recorded Investment	8,933		8,639
Conventional Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due	44,397		49,053
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due	8,307		13,597
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	39,521		42,991
Financing Receivable, Recorded Investment, Past Due	92,225		105,641
Financing Receivable, Recorded Investment, Current	6,621,092		6,305,992
Total recorded investment	6,713,317		6,411,633
Mortgage Loans In Process Of Foreclosure	31,689	[1]	34,854	[1]
Loans and Leases Receivable, Serious Delinquencies Ratio	0.59%	[2]	0.68%	[2]
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	32,614	[3]	41,857	[3]
Financing Receivable, Recorded Investment, Nonaccrual Status	7,335		3,574
Federal Housing Administration Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due	33,335		42,744
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due	9,465		12,881
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	22,468		25,045
Financing Receivable, Recorded Investment, Past Due	65,268		80,670
Financing Receivable, Recorded Investment, Current	511,375		522,042
Total recorded investment	576,643		602,712
Mortgage Loans In Process Of Foreclosure	11,267	[1]	11,687	[1]
Loans and Leases Receivable, Serious Delinquencies Ratio	3.98%	[2]	4.27%	[2]
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	22,468	[3]	25,045	[3]
Financing Receivable, Recorded Investment, Nonaccrual Status	$ 0		$ 0

[1] Includes loans where the decision of foreclosure or a 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.

[2] Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount.

[3] Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status.

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Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES:
Net income	$ 60,948	$ 57,194
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,146	1,950
Net change in derivative and hedging activities	(9,100)	6,731
Net change in fair value adjustments on trading securities	5	2
Net change in fair value adjustments on financial instruments held under fair value option	1,169	(1,360)
Other adjustments	0	110
Net change in:
Accrued interest receivable	(241)	1,488
Other assets	4,414	5,094
Accrued interest payable	(693)	2,657
Other liabilities	4,946	(2,457)
Total adjustments	8,646	14,215
Net cash provided by operating activities	69,594	71,409
Net change in:
Interest-bearing deposits	(9,027)	5,681
Securities purchased under agreements to resell	(607,000)	(3,150,000)
Federal funds sold	895,000	(2,455,000)
Premises, software, and equipment	(206)	(140)
Trading securities:
Proceeds from maturities of long-term	34	59
Available-for-sale securities:
Net decrease (increase) in short-term	800,000	(355,000)
Held-to-maturity securities:
Net (increase) decrease in short-term	(5,642)	1,440
Proceeds from maturities of long-term	543,927	465,827
Purchases of long-term	(283,570)	(561,789)
Advances:
Proceeds	231,457,294	207,347,064
Made	(227,773,585)	(207,639,145)
Mortgage loans held for portfolio:
Principal collected	345,085	230,027
Purchases	(628,067)	(111,428)
Net cash provided by (used in) investing activities	4,734,243	(6,222,404)
FINANCING ACTIVITIES:
Net increase (decrease) in deposits and pass-through reserves	111,586	(43,457)
Net payments on derivative contracts with financing elements	(7,567)	(7,657)
Net proceeds from issuance of Consolidated Obligations:
Discount Notes	57,318,356	35,297,040
Bonds	2,855,959	14,942,177
Payments for maturing and retiring Consolidated Obligations:
Discount Notes	(52,925,621)	(40,283,314)
Bonds	(15,141,597)	(11,677,200)
Proceeds from issuance of capital stock	41,100	10,006
Payments for repurchase/redemption of mandatorily redeemable capital stock	(6,630)	(11,864)
Payments for repurchase of capital stock	0	(497,875)
Cash dividends paid	(42,922)	(47,324)
Net cash used in financing activities	(7,797,336)	(2,319,468)
Net decrease in cash and cash equivalents	(2,993,499)	(8,470,463)
Cash and cash equivalents at beginning of the period	3,109,970	8,598,933
Cash and cash equivalents at end of the period	116,471	128,470
Supplemental Disclosures:
Interest paid	158,511	157,055
Affordable Housing Program payments, net	$ 2,972	$ 1,854

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Statements of Condition (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Held-to-maturity Securities Pledged as Collateral	$ 0		$ 0
Advances, Fair Value Disclosure	15,182	[1]	15,042	[1]
Common Stock, Par or Stated Value Per Share	$ 100		$ 100
Common Stock, Shares, Issued	43,024		42,665
Common Stock, Shares, Outstanding	43,024		42,665
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
Consolidated Obligation Bonds [Member]
Consolidated Obligations, Bonds	$ 3,449,764		$ 4,209,640

[1] At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Allowance for Credit Losses

3 Months Ended

Mar. 31, 2015

Allowance for Credit Losses [Abstract]

Allowance for Credit Losses [Text Block]

Allowance for Credit Losses

The FHLB has established an allowance methodology for each of the FHLB's portfolio segments: credit products (Advances, Letters of Credit and other extensions of credit to members); FHA mortgage loans held for portfolio; and conventional mortgage loans held for portfolio.

Credit products

The FHLB manages its credit exposure to credit products through an integrated approach that includes establishing a credit limit for each borrower, includes an ongoing review of each borrower's financial condition and is coupled with detailed collateral and lending policies to limit risk of loss while balancing borrowers' needs for a reliable source of funding. In addition, the FHLB lends to eligible borrowers in accordance with federal statutes, including the FHLBank Act, and Finance Agency regulations, which require the FHLB to obtain sufficient collateral to fully secure credit products. The estimated value of the collateral required to secure each member's credit products is calculated by applying collateral discounts, or haircuts, to the value of the collateral. The FHLB accepts certain investment securities, residential mortgage loans, deposits, and other real estate related assets as collateral. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business and agriculture loans. The FHLB's capital stock owned by its member borrowers is also pledged as collateral. Collateral arrangements and a member’s borrowing capacity vary based on the financial condition and performance of the institution, the types of collateral pledged and the overall quality of those assets. The FHLB can also require additional or substitute collateral to protect its security interest. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from credit products.

Members experiencing financial difficulties are subject to FHLB-performed “stress tests” of the impact of poorly performing assets on the member’s capital and loss reserve positions. Depending on the results of these tests and the level of overcollateralization, a member may be allowed to maintain pledged loan assets in its custody, may be required to deliver those loans into the custody of the FHLB or its agent, and/or may be required to provide details on these loans to facilitate an estimate of their fair value. The FHLB perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the FHLB by a member priority over the claims or rights of any other party except for claims or rights of a third party that would be entitled to priority under otherwise applicable law and that are held by a bona fide purchaser for value or by a secured party holding a prior perfected security interest.

Using a risk-based approach, the FHLB considers the payment status, collateralization levels, and borrower's financial condition to be indicators of credit quality for its credit products. At March 31, 2015 and December 31, 2014, the FHLB had rights to collateral on a member-by-member basis with an estimated value in excess of its outstanding extensions of credit.

The FHLB evaluates and makes changes to its collateral guidelines, as necessary, based on current market conditions. At March 31, 2015 and December 31, 2014, the FHLB did not have any Advances that were past due, in non-accrual status, or impaired. In addition, there were no troubled debt restructurings related to credit products of the FHLB during the three months endedMarch 31, 2015 or 2014.

The FHLB has not experienced any credit losses on Advances since it was founded in 1932. Based upon the collateral held as security, its credit extension and collateral policies, management's credit analysis and the repayment history on credit products, the FHLB did not record any credit losses on credit products as of March 31, 2015 or December 31, 2014. Accordingly, the FHLB did not record any allowance for credit losses on Advances.

At March 31, 2015 and December 31, 2014, no liability to reflect an allowance for credit losses for off-balance sheet credit exposures was recorded. See Note 19 for additional information on the FHLB's off-balance sheet credit exposure.

MortgageLoans Held for Portfolio- FHA

The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. Any losses from such loans are expected to be recovered from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status.

Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP)

The allowance for conventional loans is determined by analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors.

Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The credit risk analysis of all conventional mortgage loans is performed at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a member in which the member agrees to make every attempt to sell a specific dollar amount of loans to the FHLB over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates, based on historical experience, how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses.

Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. Specifically identified loans evaluated for impairment are removed from the collectively evaluated mortgage loan population.

Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above.

Rollforward of Allowance for Credit Losses on Mortgage Loans. The following tables present a rollforward of the allowance for credit losses on conventional mortgage loans as well as the recorded investment in mortgage loans by impairment methodology. The recorded investment in a loan is the unpaid principal balance of the loan adjusted for accrued interest, unamortized premiums or discounts, hedging basis adjustments and direct write-downs. The recorded investment is not net of any allowance.

Table 9.1 - Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands)

	Three Months Ended March 31,
	2015			2014
Balance, beginning of period	$	4,919		$	7,233
Charge-offs, net of recoveries (1)	(2,757		)	(578		)
Balance, end of period	$	2,162		$	6,655

(1) On January 1, 2015, the FHLB adopted the charge off provisions of the Finance Agency's Advisory Bulletin 2012-02, which require the FHLB to charge off the estimated loss portion of loans 180 days or more past due and certain loans in which the borrower has filed for bankruptcy.

Table 9.2 - Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands)

	March 31, 2015		December 31, 2014
Allowance for credit losses, end of period:
Collectively evaluated for impairment	$	2,162	$	4,766
Individually evaluated for impairment	—		153
Total	$	2,162	$	4,919
Recorded investment, end of period:
Collectively evaluated for impairment	$	6,704,384	$	6,402,994
Individually evaluated for impairment	8,933		8,639
Total recorded investment	$	6,713,317	$	6,411,633

Credit Enhancements. The conventional mortgage loans under the MPP are supported by some combination of credit enhancements (primary mortgage insurance (PMI), supplemental mortgage insurance (SMI) and the Lender Risk Account (LRA), including pooled LRA for those members participating in an aggregated MPP pool). The amount of credit enhancements needed to protect the FHLB against credit losses is determined through use of a third-party default model. These credit enhancements apply after a homeowner's equity is exhausted. Beginning in February 2011, the FHLB discontinued the use of SMI for all new loan purchases and replaced it with expanded use of the LRA. The LRA is funded by the FHLB as a portion of the purchase proceeds to cover expected losses. Excess funds over required balances are distributed to the member in accordance with a step-down schedule that is established upon execution of a Master Commitment Contract, subject to performance of the related loan pool. The LRA established for a pool of loans is limited to only covering losses of that specific pool of loans.

Table 9.3 - Changes in the LRA (in thousands)

	Three Months Ended
	March 31, 2015
LRA at beginning of year	$	129,213
Additions	9,062
Claims	(329		)
Scheduled distributions	(844		)
LRA at end of period	$	137,102

Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, non-accrual loans, and loans in process of foreclosure. The table below summarizes the FHLB's key credit quality indicators for mortgage loans.

Table 9.4 - Recorded Investment in Delinquent Mortgage Loans (dollars in thousands)

	March 31, 2015
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	44,397		$	33,335		$	77,732
Past due 60-89 days delinquent	8,307			9,465			17,772
Past due 90 days or more delinquent	39,521			22,468			61,989
Total past due	92,225			65,268			157,493
Total current mortgage loans	6,621,092			511,375			7,132,467
Total mortgage loans	$	6,713,317		$	576,643		$	7,289,960
Other delinquency statistics:
In process of foreclosure, included above (1)	$	31,689		$	11,267		$	42,956
Serious delinquency rate (2)	0.59		%	3.98		%	0.86		%
Past due 90 days or more still accruing interest (3)	$	32,614		$	22,468		$	55,082
Loans on non-accrual status, included above	$	7,335		$	—		$	7,335
	December 31, 2014
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	49,053		$	42,744		$	91,797
Past due 60-89 days delinquent	13,597			12,881			26,478
Past due 90 days or more delinquent	42,991			25,045			68,036
Total past due	105,641			80,670			186,311
Total current mortgage loans	6,305,992			522,042			6,828,034
Total mortgage loans	$	6,411,633		$	602,712		$	7,014,345
Other delinquency statistics:
In process of foreclosure, included above (1)	$	34,854		$	11,687		$	46,541
Serious delinquency rate (2)	0.68		%	4.27		%	0.99		%
Past due 90 days or more still accruing interest (3)	$	41,857		$	25,045		$	66,902
Loans on non-accrual status, included above	$	3,574		$	—		$	3,574

(1) Includes loans where the decision of foreclosure or a 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.

(2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount.

(3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status.

The FHLB did not have any real estate owned at March 31, 2015 or December 31, 2014.

Individually Evaluated Impaired Loans. Table 9.5 presents the recorded investment, unpaid principal balance, and related allowance associated with loans individually evaluated for investment.

Table 9.5 - Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands)

	March 31, 2015						December 31, 2014
Conventional MPP loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance	$	8,933	$	8,745	$	—	$	5,297	$	5,165	$	—
With an allowance	—		—		—		3,342		3,293		153
Total	$	8,933	$	8,745	$	—	$	8,639	$	8,458	$	153

Table 9.6 - Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands)

	Three Months Ended March 31,
	2015				2014
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	8,491	$	112	$	7,710	$	100

Troubled Debt Restructurings. A troubled debt restructuring is considered to have occurred when a concession is granted to a borrower for economic or legal reasons related to the borrower's financial difficulties and that concession would not have been considered otherwise. The FHLB's troubled debt restructurings primarily involve loans where an agreement permits the recapitalization of past due amounts up to the original loan amount and certain loans discharged in Chapter 7 bankruptcy. A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by factoring in expected cash shortfalls (i.e., loss severity rate) incurred as of the reporting date.

The FHLB's recorded investment in modified loans considered troubled debt restructurings was (in thousands) $8,933 and $8,639 at March 31, 2015 and December 31, 2014, respectively. The amount of troubled debt restructurings is not considered material to the FHLB's financial condition, results of operations, or cash flows.

XML

Transactions with Stockholders (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Schedule of Other Transactions [Line Items]
Advances	$ 66,614,866,000		$ 70,298,507,000
Loans And Leases Receivable, Unpaid Principal Balance	7,059,785,000		6,796,004,000
Director Transaction [Member]
Schedule of Other Transactions [Line Items]
Advances	2,809,000,000		2,929,000,000
Federal Home Loan Bank Advances, Percent of Principal	4.20%	[1]	4.20%	[1]
Loans And Leases Receivable, Unpaid Principal Balance	164,000,000		154,000,000
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total	2.30%	[1]	2.30%	[1]
Regulatory Capital Stock, Value	$ 228,000,000		$ 225,000,000
Regulatory Capital Stock, Percent of Total	5.20%	[1]	5.20%	[1]

[1] Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock.

XML

Commitments and Contingencies Legal Proceedings (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2008	May 01, 2010
Commitments and Contingencies Disclosure [Abstract]
Estimated Unjust Gain to the Bank on Lehman Swaps Automatically Terminated and Related to Lehmans 2008 Bankruptcy	$ 43
Loss Contingency, Damages Sought Through Derivative Alternative Dispute Resolution Notice From Lehman Bankruptcy Estate, Value		$ 65.8
Percent Over LIBOR That Settlement Demand Sought by Lehman Bankruptcy Estate is Accruing Interest		14.50%

XML

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	Federal Home Loan Bank of Cincinnati
Entity Central Index Key	0001326771
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		43,874,183

XML

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities [Text Block]

Derivatives and Hedging Activities

Nature of Business Activity

The FHLB is exposed to interest rate risk primarily from the effect of interest rate changes on its interest-earning assets and on the funding sources that finance these assets. The goal of the FHLB's interest-rate risk management strategy is not to eliminate interest-rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the FHLB has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. In addition, the FHLB monitors the risk to its interest income, net interest margin and average maturity of interest-earning assets and funding sources.

The FHLB transacts its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute Consolidated Obligations. Derivative transactions may be either executed with a counterparty (bilateral derivatives) or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization (cleared derivatives).

Once a derivative transaction has been accepted for clearing by a Derivative Clearing Organization (Clearinghouse), the derivative transaction is novated and the executing counterparty is replaced with the Clearinghouse.

Consistent with Finance Agency regulations, the FHLB enters into derivatives to manage the interest rate risk exposures inherent in otherwise unhedged assets and funding positions, to achieve the FHLB's risk management objectives and to act as an intermediary between its members and counterparties. The use of derivatives is an integral part of the FHLB's financial management strategy. However, Finance Agency regulations and the FHLB's financial management policy prohibit trading in, or the speculative use of, derivative instruments and limit credit risk arising from them.

The most common ways in which the FHLB uses derivatives are to:

▪ reduce the interest rate sensitivity and repricing gaps of assets and liabilities;

▪ manage embedded options in assets and liabilities;

▪ reduce funding costs by combining a derivative with a Consolidated Obligation Bond, as the cost of a combined funding structure can be lower than the cost of a comparable Consolidated Obligation Bond;

▪ preserve a favorable interest rate spread between the yield of an asset (e.g., an Advance) and the cost of the related liability (e.g., the Consolidated Obligation Bond used to fund the Advance); without the use of derivatives, this interest rate spread could be reduced or eliminated when a change in the interest rate on the Advance does not match a change in the interest rate on the Bond; and

▪ protect the value of existing asset or liability positions.

Types of Derivatives

The FHLB may enter into interest rate swaps (including callable and putable swaps), swaptions, interest rate cap and floor agreements, calls, puts, futures, and forward contracts to manage its exposure to changes in interest rates.

An interest rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be paid and the manner in which the cash flows will be calculated. One of the simplest forms of an interest rate swap involves the promise by one party to pay cash flows equivalent to the interest on a notional principal amount at a predetermined fixed rate for a given period of time. In return for this promise, this party receives cash flows equivalent to the interest on the same notional principal amount at a variable-rate index for the same period of time. The variable-rate transacted by the FHLB in its derivatives is LIBOR.

Application of Interest Rate Swaps

The FHLB may use derivatives as fair value hedges of associated financial instruments. However, because the FHLB uses interest rate swaps when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives, it may enter into interest rate swaps that do not necessarily qualify for hedge accounting (economic hedges). The FHLB re-evaluates its hedging strategies from time to time and may change the hedging techniques it uses or adopt new strategies.

Types of Hedged Items

The FHLB documents at inception all relationships between derivatives designated as hedging instruments and the hedged items, its risk management objectives and strategies for undertaking various hedge transactions, and its method of assessing effectiveness. This process includes linking all derivatives that are designated as fair value hedges to assets and liabilities on the Statements of Condition. The FHLB also formally assesses (both at the hedge's inception and at least quarterly) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of the hedged items and whether those derivatives may be expected to remain effective in future periods. The FHLB currently uses regression analyses to assess the effectiveness of its hedges.The types of assets and liabilities currently hedged with derivatives are:

▪ Consolidated Obligations

▪ Advances

▪ Firm Commitments

Financial Statement Effect and Additional Financial Information

The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. The notional amount reflects the FHLB's involvement in the various classes of financial instruments and represents neither the actual amounts exchanged nor the overall exposure of the FHLB to credit and market risk; the overall risk is much smaller. The risks of derivatives only can be measured meaningfully on a portfolio basis that takes into account the derivatives, the items being hedged and any offsets between the derivatives and the items being hedged.

Table 10.1 summarizes the fair value of derivative instruments, including the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.

Table 10.1 - Fair Value of Derivative Instruments (in thousands)

	March 31, 2015
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	4,729,797	$	21,372		$	142,830
Derivatives not designated as hedging instruments:
Interest rate swaps	3,855,000		4,256			6,242
Forward rate agreements	613,000		—			4,209
Mortgage delivery commitments	583,233		3,961			15
Total derivatives not designated as hedging instruments	5,051,233		8,217			10,466
Total derivatives before netting and collateral adjustments	$	9,781,030	29,589			153,296
Netting adjustments and cash collateral (1)			(8,921		)	(94,273		)
Total derivative assets and total derivative liabilities			$	20,668		$	59,023
	December 31, 2014
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	4,301,547	$	19,826		$	138,150
Derivatives not designated as hedging instruments:
Interest rate swaps	4,635,000		900			6,559
Forward rate agreements	439,000		6			4,924
Mortgage delivery commitments	451,292		3,799			1
Total derivatives not designated as hedging instruments	5,525,292		4,705			11,484
Total derivatives before netting and collateral adjustments	$	9,826,839	24,531			149,634
Netting adjustments and cash collateral (1)			(9,832		)	(85,867		)
Total derivative assets and total derivative liabilities			$	14,699		$	63,767

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

Table 10.2 presents the components of net gains (losses) on derivatives and hedging activities as presented in the Statements of Income.

Table 10.2 - Net Gains (Losses) on Derivatives and Hedging Activities (in thousands)

	Three Months Ended March 31,
	2015			2014
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	852		$	284
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	2,192			157
Forward rate agreements	(7,581		)	(496		)
Net interest settlements	1,989			249
Mortgage delivery commitments	7,850			(1,277		)
Total net gains (losses) related to derivatives not designated as hedging instruments	4,450			(1,367		)
Net gains (losses) on derivatives and hedging activities	$	5,302		$	(1,083	)

Table 10.3 presents by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLB's net interest income.

Table 10.3 - Effect of Fair Value Hedge-Related Derivative Instruments (in thousands)

	Three Months Ended March 31,
2015	Gain/(Loss) on Derivative			Gain/(Loss) on Hedged Item			Net Fair Value Hedge Ineffectiveness		Effect of Derivatives on Net Interest Income(1)
Hedged Item Type:
Advances	$	(7,471	)	$	7,923		$	452	$	(20,616	)
Consolidated Bonds	702			(302		)	400		4,516
Total	$	(6,769	)	$	7,621		$	852	$	(16,100	)
2014
Hedged Item Type:
Advances	$	18,716		$	(18,464	)	$	252	$	(23,489	)
Consolidated Bonds	(4,109		)	4,141			32		4,852
Total	$	14,607		$	(14,323	)	$	284	$	(18,637	)

(1) The net effect of derivatives, in fair value hedge relationships, on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(911) and $(879) of (amortization)/accretion related to fair value hedging activities for the three months endedMarch 31, 2015 and 2014.

Offsetting of Derivative Assets and Derivative Liabilities

The FHLB presents derivative instruments, related cash collateral, including initial and variation margin, received or pledged, and associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements.

Table 10.4 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. At March 31, 2015 and December 31, 2014, the FHLB did not receive or pledge any non-cash collateral. Any overcollateralization under an individual clearing agent and/or counterparty level is not included in the determination of the net unsecured amount.

Table 10.4 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands)

	March 31, 2015						December 31, 2014
	Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Liabilities
Derivative instruments meeting netting requirements:
Gross recognized amount:
Bilateral derivatives	$	22,286		$	135,716		$	19,585		$	141,352
Cleared derivatives	3,342			13,356			1,141			3,357
Total gross recognized amount	25,628			149,072			20,726			144,709
Gross amounts of netting adjustments and cash collateral:
Bilateral derivatives	(20,802		)	(80,917		)	(19,544		)	(82,510		)
Cleared derivatives	11,881			(13,356		)	9,712			(3,357		)
Total gross amounts of netting adjustments and cash collateral	(8,921		)	(94,273		)	(9,832		)	(85,867		)
Net amounts after netting adjustments and cash collateral:
Bilateral derivatives	1,484			54,799			41			58,842
Cleared derivatives	15,223			—			10,853			—
Total net amounts after netting adjustments and cash collateral	16,707			54,799			10,894			58,842
Derivative instruments not meeting netting requirements(1):
Bilateral derivatives	3,961			4,224			3,805			4,925
Total derivative instruments not meeting netting requirements (1)	3,961			4,224			3,805			4,925
Total derivative assets and total derivative liabilities:
Bilateral derivatives	5,445			59,023			3,846			63,767
Cleared derivatives	15,223			—			10,853			—
Total derivative assets and total derivative liabilities	$	20,668		$	59,023		$	14,699		$	63,767

(1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement.

Credit Risk on Derivatives

The FHLB is subject to credit risk due to the risk of non-performance by counterparties to its derivative transactions, and manages credit risk through credit analysis, collateral requirements and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For bilateral derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in these contracts to mitigate the risk. The FHLB requires collateral agreements with collateral delivery thresholds on the majority of its bilateral derivatives.

For cleared derivatives, the Clearinghouse is the FHLB's counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin and the clearing agent in turn notifies the FHLB. The requirement that the FHLB post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the FHLB to credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral for changes in the value of cleared derivatives is posted daily through a clearing agent.

The FHLB has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the FHLB's clearing agent, or both. Based on this analysis, the FHLB presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse.

Certain of the FHLB's bilateral interest rate swap contracts contain provisions that require the FHLB to post additional collateral with its counterparties if there is deterioration in the FHLB's credit ratings. The aggregate fair value of all bilateral interest rate swaps with credit-risk-related contingent features that were in a liability position at March 31, 2015 was (in thousands) $114,914, for which the FHLB had posted collateral with a fair value of (in thousands) $60,115 in the normal course of business.

If one of the FHLB's credit ratings had been lowered to the next lower rating that would have triggered additional collateral to be delivered, the FHLB would have been required to deliver up to an additional (in thousands) $12,822 of collateral at fair value to its derivatives counterparties at March 31, 2015.

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. At March 31, 2015, the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations.

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Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Capital [Abstract]
Due in 1 year or less	$ 130		$ 130
Due after 1 year through 2 years	0		0
Due after 2 years through 3 years	0		0
Due after 3 years through 4 years	2,325		55
Due after 4 years through 5 years	633		2,278
Past contractual redemption date due to remaining activity	58,472	[1]	60,500	[1]
Total par value	$ 61,560		$ 62,963

[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.

XML

Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year	$ 16,367,028		$ 17,233,206
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year	537,861		546,385
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	16,904,889		17,779,591
Financial Standby Letter of Credit [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year	60,705		37,490
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year	118,765		149,705
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	179,470		187,195
Forward Contracts [Member] | Mortgages [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year	583,233		451,292
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year	0		0
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	583,233		451,292
Consolidated Obligation Bonds [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year	40,000	[1],[2]	17,000	[1],[2]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year	0	[1],[2]	0	[1],[2]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	40,000	[1],[2]	17,000	[1],[2]
Consolidated Obligation Bonds [Member] | Interest Rate Swap [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	15,000		17,000
Discount Notes [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year	0	[1]	5,000	[1]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year	0	[1]	0	[1]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 0	[1]	$ 5,000	[1]

[1] Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations.

[2] Of the total unsettled Consolidated Bonds, $15,000 and $17,000 (in thousands) were hedged with associated interest rate swaps at March 31, 2015 and December 31, 2014, respectively.

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Statements of Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
INTEREST INCOME:
Advances	$ 84,797	$ 76,151
Prepayment fees on Advances, net	1,030	996
Interest-bearing deposits	21	19
Securities purchased under agreements to resell	469	296
Federal funds sold	1,865	1,129
Trading securities	6	7
Available-for-sale securities	487	760
Held-to-maturity securities	80,435	89,253
Mortgage loans held for portfolio	56,199	60,265
Total interest income	225,309	228,876
INTEREST EXPENSE:
Consolidated Obligations - Discount Notes	9,940	8,449
Consolidated Obligations - Bonds	137,283	142,157
Deposits	93	63
Mandatorily redeemable capital stock	632	1,193
Total interest expense	147,948	151,862
NET INTEREST INCOME	77,361	77,014
NON-INTEREST INCOME:
Net losses on trading securities	(5)	(2)
Net (losses) gains on financial instruments held under fair value option	(1,169)	1,360
Net gains (losses) on derivatives and hedging activities	5,302	(1,083)
Standby Letters of Credit fees	3,043	2,344
Other, net	961	1,125
Total non-interest income	8,132	3,744
NON-INTEREST EXPENSE:
Compensation and benefits	10,107	9,286
Other operating expenses	4,709	4,402
Finance Agency	1,676	1,939
Office of Finance	926	1,047
Other	285	402
Total non-interest expense	17,703	17,076
INCOME BEFORE ASSESSMENTS	67,790	63,682
Affordable Housing Program Assessments	6,842	6,488
NET INCOME	$ 60,948	$ 57,194

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Available-for-Sale Securities

3 Months Ended

Mar. 31, 2015

Available-for-sale Securities [Abstract]

Available for sale Securities [Text Block]

Available-for-Sale Securities

Table 4.1 - Available-for-Sale Securities by Major Security Types (in thousands)

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	550,000	$	—	$	(32	)	$	549,968
Total	$	550,000	$	—	$	(32	)	$	549,968
	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	1,350,001	$	3	$	(27	)	$	1,349,977
Total	$	1,350,001	$	3	$	(27	)	$	1,349,977

All securities outstanding with gross unrealized losses at March 31, 2015 and December 31, 2014 have been in a continuous unrealized loss position for less than 12 months.

Table 4.2 - Available-for-Sale Securities by Contractual Maturity (in thousands)

	March 31, 2015				December 31, 2014
Year of Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	550,000	$	549,968	$	1,350,001	$	1,349,977

Table 4.3 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands)

	March 31, 2015		December 31, 2014
Amortized cost of available-for-sale securities:
Fixed-rate	$	550,000	$	1,350,001

Realized Gains and Losses. The FHLB had no sales of securities out of its available-for-sale portfolio for the three months endedMarch 31, 2015 or 2014.

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Trading Securities

3 Months Ended

Mar. 31, 2015

Trading Securities [Abstract]

Trading Securities [Text Block]

Trading Securities

Table 3.1 - Trading Securities by Major Security Types (in thousands)

Fair Value	March 31, 2015		December 31, 2014
Mortgage-backed securities:
Other U.S. obligation single-family mortgage-backed securities (1)	$	1,302	$	1,341
Total	$	1,302	$	1,341

(1) Consists of Government National Mortgage Association (Ginnie Mae) mortgage-backed securities.

Table 3.2 - Net Losses on Trading Securities (in thousands)

	Three Months Ended March 31,
	2015			2014
Net losses on trading securities held at period end	$	(5	)	$	(2	)
Net losses on trading securities	$	(5	)	$	(2	)

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Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income [Text Block]

Accumulated Other Comprehensive (Loss) Income

The following tables summarize the changes in accumulated other comprehensive (loss) income for the three months endedMarch 31, 2015 and 2014.

Table 15.1 - Accumulated Other Comprehensive (Loss) Income (in thousands)

	Net unrealized losses on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, DECEMBER 31, 2013	$	(121	)	$	(8,921	)	$	(9,042	)
Other comprehensive income before reclassification:
Net unrealized losses	(39		)	—			(39		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			313			313
Net current period other comprehensive (loss) income	(39		)	313			274
BALANCE, MARCH 31, 2014	$	(160	)	$	(8,608	)	$	(8,768	)
BALANCE, DECEMBER 31, 2014	$	(24	)	$	(16,572	)	$	(16,596	)
Other comprehensive income before reclassification:
Net unrealized losses	(8		)	—			(8		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			617			617
Net current period other comprehensive (loss) income	(8		)	617			609
BALANCE, MARCH 31, 2015	$	(32	)	$	(15,955	)	$	(15,987	)

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Deposits

3 Months Ended

Mar. 31, 2015

Deposits [Abstract]

Deposit [Text Block]

Deposits

Table 11.1- Deposits (in thousands)

	March 31, 2015		December 31, 2014
Interest bearing:
Demand and overnight	$	695,071	$	624,446
Term	141,150		99,600
Other	5,171		5,592
Total interest bearing	841,392		729,638
Non-interest bearing:
Other	529		298
Total non-interest bearing	529		298
Total deposits	$	841,921	$	729,936

The average interest rates paid on interest bearing deposits were 0.04 percent and 0.03 percent in the three months endedMarch 31, 2015 and 2014, respectively.

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Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net interest income	$ 77,361	$ 77,014
Other income	8,132	3,744
Other expenses	17,703	17,076
Income before assessments	67,790	63,682
Affordable Housing Program Assessments	6,842	6,488
Net income	60,948	57,194
Average assets	102,855,524	102,196,113
Total assets	98,909,460	100,902,158	106,640,419
Traditional Member Finance [Member]
Segment Reporting Information [Line Items]
Net interest income	61,129	57,181
Other income	7,862	5,517
Other expenses	15,215	14,739
Income before assessments	53,776	47,959
Affordable Housing Program Assessments	5,441	4,916
Net income	48,335	43,043
Average assets	95,681,343	95,414,179
Total assets	91,620,651	94,185,748
Mortgage Purchase Program [Member]
Segment Reporting Information [Line Items]
Net interest income	16,232	19,833
Other income	270
Other Loss		(1,773)
Other expenses	2,488	2,337
Income before assessments	14,014	15,723
Affordable Housing Program Assessments	1,401	1,572
Net income	12,613	14,151
Average assets	7,174,181	6,781,934
Total assets	$ 7,288,809	$ 6,716,410

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Advances

3 Months Ended

Mar. 31, 2015

Advances [Abstract]

Advances [Text Block]

Advances

The FHLB offers a wide range of fixed- and variable-rate Advance products with different maturities, interest rates, payment characteristics and optionality. At March 31, 2015 and December 31, 2014, the FHLB had Advances outstanding, including Affordable Housing Program (AHP) Advances (see Note 13), at interest rates ranging from 0.00 percent to 8.85 percent and from 0.00 percent to 9.20, respectively. Advances with interest rates of 0.00 percent are AHP Advances. The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules.

Table 7.1 - Advance Redemption Terms (dollars in thousands)

	March 31, 2015					December 31, 2014
Redemption Term	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	13,611,355		0.38	%	$	14,139,630		0.40	%
Due after 1 year through 2 years	16,060,019			0.60		14,810,847			0.54
Due after 2 years through 3 years	10,065,632			0.81		12,829,760			0.69
Due after 3 years through 4 years	14,382,943			0.56		14,222,722			0.60
Due after 4 years through 5 years	10,529,952			0.59		10,724,619			0.54
Thereafter	1,964,965			2.33		3,570,929			1.51
Total par value	66,614,866			0.63		70,298,507			0.60
Commitment fees	(692		)			(699		)
Discount on AHP Advances	(11,342		)			(12,110		)
Premiums	2,981					3,058
Discounts	(10,912		)			(12,572		)
Hedging adjustments	136,401					129,390
Fair value option valuation adjustments and accrued interest	182					42
Total	$	66,731,484				$	70,405,616

The FHLB offers Advances to members that may be prepaid on specified dates (call dates) without incurring prepayment or termination fees (callable Advances). If the call option is exercised, replacement funding may be available. Other Advances may only be prepaid subject to a prepayment fee paid to the FHLB that makes the FHLB financially indifferent to the prepayment of the Advance. At March 31, 2015 and December 31, 2014, the FHLB had callable Advances (in thousands) of $13,254,749 and $15,098,357.

Table 7.2 - Advances by Year of Contractual Maturity or Next Call Date for Callable Advances (in thousands)

Year of Contractual Maturity or Next Call Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	19,986,769	$	23,003,946
Due after 1 year through 2 years	12,788,302		12,159,384
Due after 2 years through 3 years	11,087,732		9,659,975
Due after 3 years through 4 years	11,379,467		12,295,893
Due after 4 years through 5 years	9,768,631		9,970,280
Thereafter	1,603,965		3,209,029
Total par value	$	66,614,866	$	70,298,507

The FHLB also offers putable Advances. With a putable Advance, the FHLB effectively purchases put options from the member that allows the FHLB to terminate the Advance at predetermined dates. The FHLB normally would exercise its option when interest rates increase relative to contractual rates. At March 31, 2015 and December 31, 2014, the FHLB had putable Advances, excluding those where the related put options have expired, totaling (in thousands) $1,579,900 and $1,617,400.

Table 7.3 - Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances (in thousands)

Year of Contractual Maturity or Next Put/Convert Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	15,177,255	$	15,753,030
Due after 1 year through 2 years	15,739,519		14,663,847
Due after 2 years through 3 years	9,180,732		12,115,860
Due after 3 years through 4 years	14,192,443		13,649,722
Due after 4 years through 5 years	10,529,952		10,715,119
Thereafter	1,794,965		3,400,929
Total par value	$	66,614,866	$	70,298,507

Table 7.4 - Advances by Interest Rate Payment Terms (in thousands)

	March 31, 2015		December 31, 2014
Total fixed-rate (1)	$	17,105,017	$	17,945,050
Total variable-rate (1)	49,509,849		52,353,457
Total par value	$	66,614,866	$	70,298,507

(1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance.

Table 7.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions)

March 31, 2015					December 31, 2014
	Principal		% of Total			Principal		% of Total
JPMorgan Chase Bank, N.A.	$	38,300	57	%	JPMorgan Chase Bank, N.A.	$	41,300	59	%
U.S. Bank, N.A.	8,298		12		U.S. Bank, N.A.	8,338		12
Total	$	46,598	69	%	Total	$	49,638	71	%

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Advances (Year of Contractual Maturity or Next Call Date) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Advances [Abstract]
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months	$ 19,986,769	$ 23,003,946
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two	12,788,302	12,159,384
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three	11,087,732	9,659,975
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four	11,379,467	12,295,893
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five	9,768,631	9,970,280
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five	1,603,965	3,209,029
Federal Home Loan Bank, Advances, Par Value, Total	$ 66,614,866	$ 70,298,507

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Held-to-Maturity Securities

3 Months Ended

Mar. 31, 2015

Held-to-maturity Securities, Unclassified [Abstract]

Held to Maturity Securities [Text Block]

Held-to-Maturity Securities

Table 5.1 - Held-to-Maturity Securities by Major Security Types (in thousands)

	March 31, 2015
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-mortgage-backed securities:
Government-sponsored enterprises (GSE) (2)	$	31,741	$	1	$	—		$	31,742
Total non-mortgage-backed securities	31,741		1		—			31,742
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (3)	2,249,445		18,242		—			2,267,687
GSE single-family mortgage-backed securities (4)	12,177,030		209,467		(63,301		)	12,323,196
Total mortgage-backed securities	14,426,475		227,709		(63,301		)	14,590,883
Total	$	14,458,216	$	227,710	$	(63,301	)	$	14,622,625
	December 31, 2014
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-mortgage-backed securities:
GSE (2)	$	26,099	$	—	$	—		$	26,099
Total non-mortgage-backed securities	26,099		—		—			26,099
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (3)	2,038,960		10,021		(1,017		)	2,047,964
GSE single-family mortgage-backed securities (4)	12,647,212		191,870		(118,819		)	12,720,263
Total mortgage-backed securities	14,686,172		201,891		(119,836		)	14,768,227
Total	$	14,712,271	$	201,891	$	(119,836	)	$	14,794,326

(1) Carrying value equals amortized cost.

(2) Consists of debt securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

(3) Consists of Ginnie Mae mortgage-backed securities and/or mortgage-backed securities issued or guaranteed by the National Credit Union Administration (NCUA) and the U.S. government.

(4) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

Table 5.2 - Net Purchased Discounts Included in the Amortized Cost of Mortgage-backed Securities Classified as Held-to-Maturity (in thousands)

	March 31, 2015			December 31, 2014
Premiums	$	30,225		$	24,473
Discounts	(47,820		)	(51,357		)
Net purchased discounts	$	(17,595	)	$	(26,884	)

Table 5.3 summarizes the held-to-maturity securities with unrealized losses, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.

Table 5.3 - Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands)

	March 31, 2015
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities:
GSE single-family mortgage-backed securities (1)	$	2,551,512	$	(17,919	)	$	2,328,130	$	(45,382	)	$	4,879,642	$	(63,301	)
Total	$	2,551,512	$	(17,919	)	$	2,328,130	$	(45,382	)	$	4,879,642	$	(63,301	)
	December 31, 2014
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities:
Other U.S. obligation single-family    mortgage-backed securities (2)	$	—	$	—		$	197,625	$	(1,017	)	$	197,625	$	(1,017	)
GSE single-family mortgage-backed securities (1)	631,907		(1,348		)	5,555,049		(117,471		)	6,186,956		(118,819		)
Total	$	631,907	$	(1,348	)	$	5,752,674	$	(118,488	)	$	6,384,581	$	(119,836	)

(1) Consists of mortgage-backed securities issued and effectively guaranteed by Freddie Mac and/or Fannie Mae, which have the support of the U.S. government, although they are not obligations of the U.S. government.

(2) Consists of Ginnie Mae mortgage-backed securities.

Table 5.4 - Held-to-Maturity Securities by Contractual Maturity (in thousands)

	March 31, 2015				December 31, 2014
Year of Maturity	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Non-mortgage-backed securities:
Due in 1 year or less	$	31,741	$	31,742	$	26,099	$	26,099
Due after 1 year through 5 years	—		—		—		—
Due after 5 years through 10 years	—		—		—		—
Due after 10 years	—		—		—		—
Total non-mortgage-backed securities	31,741		31,742		26,099		26,099
Mortgage-backed securities (2)	14,426,475		14,590,883		14,686,172		14,768,227
Total	$	14,458,216	$	14,622,625	$	14,712,271	$	14,794,326

(1) Carrying value equals amortized cost.

(2) Mortgage-backed securities are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Table 5.5 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands)

	March 31, 2015		December 31, 2014
Amortized cost of non-mortgage-backed securities:
Fixed-rate	$	31,741	$	26,099
Total amortized cost of non-mortgage-backed securities	31,741		26,099
Amortized cost of mortgage-backed securities:
Fixed-rate	11,941,056		12,091,591
Variable-rate	2,485,419		2,594,581
Total amortized cost of mortgage-backed securities	14,426,475		14,686,172
Total	$	14,458,216	$	14,712,271

Realized Gains and Losses. From time to time the FHLB may sell securities out of its held-to-maturity portfolio. These securities, generally, have less than 15 percent of the acquired principal outstanding at the time of the sale. These sales are considered maturities for the purposes of security classification. For the three months endedMarch 31, 2015 or 2014, the FHLB did not sell any held-to-maturity securities.

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Other-Than-Temporary Impairment Analysis

3 Months Ended

Mar. 31, 2015

Other than Temporary Impairment Losses, Investments [Abstract]

Other than Temporary Impairment Analysis [Text Block]

Other-Than-Temporary Impairment Analysis

The FHLB evaluates its individual available-for-sale and held-to-maturity investment securities holdings in an unrealized loss position for other-than-temporary impairment on a quarterly basis.

For its Other U.S. obligations and GSE investments (mortgage-backed securities and non-mortgage-backed securities), the FHLB determined that the strength of the issuers' guarantees through direct obligations or support from the U.S. government is sufficient to protect the FHLB from losses based on current expectations. As a result, the FHLB determined that, as of March 31, 2015, all of the gross unrealized losses on these investments were temporary as the declines in market value of these securities were not attributable to credit quality. Furthermore, the FHLB does not intend to sell the investments, and it is not more likely than not that the FHLB will be required to sell the investments before recovery of their amortized cost bases. As a result, the FHLB did not consider any of these investments to be other-than-temporarily impaired at March 31, 2015.

The FHLB also reviewed its available-for-sale securities that have experienced unrealized losses at March 31, 2015 and determined that the unrealized losses were temporary, based on the creditworthiness of the issuers and the related collateral characteristics, and that the FHLB will recover its entire amortized cost basis. Additionally, because the FHLB does not intend to sell these securities, nor is it more likely than not that the FHLB will be required to sell the securities before recovery, it did not consider the investments to be other-than-temporarily impaired at March 31, 2015.

The FHLB did not consider any of its investments to be other-than-temporarily impaired at December 31, 2014.

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Mortgage Loans Held for Portfolio

3 Months Ended

Mar. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans Held for Portfolio [Text Block]

Mortgage Loans Held for Portfolio

Table 8.1 - Mortgage Loans Held for Portfolio (in thousands)

	March 31, 2015			December 31, 2014
Unpaid principal balance:
Fixed rate medium-term single-family mortgage loans (1)	$	1,376,759		$	1,393,525
Fixed rate long-term single-family mortgage loans	5,683,026			5,402,479
Total unpaid principal balance	7,059,785			6,796,004
Premiums	184,415			179,540
Discounts	(2,258		)	(2,460		)
Hedging basis adjustments (2)	22,755			16,518
Total mortgage loans held for portfolio	$	7,264,697		$	6,989,602

(1) Medium-term is defined as a term of 15 years or less.

(2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly.

Table 8.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands)

	March 31, 2015		December 31, 2014
Unpaid principal balance:
Conventional mortgage loans	$	6,492,346	$	6,203,318
Federal Housing Administration (FHA) mortgage loans	567,439		592,686
Total unpaid principal balance	$	7,059,785	$	6,796,004

For information related to the FHLB's credit risk on mortgage loans and allowance for credit losses, see Note 9.

Table 8.3 - Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions)

	March 31, 2015					December 31, 2014
	Principal		% of Total			Principal		% of Total
Union Savings Bank	$	1,768	25	%	Union Savings Bank	$	1,593	23	%
PNC Bank, N.A.(1)	1,020		14		PNC Bank, N.A. (1)	1,074		16
Guardian Savings Bank FSB	470		7		Guardian Savings Bank FSB	406		6

(1) Former member.

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Mortgage Loans Held for Portfolio (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 7,059,785		$ 6,796,004
Loans and Leases Receivable, Unamortized Premiums	184,415		179,540
Loans and Leases Receivable, Unamortized Discounts	(2,258)		(2,460)
Loans and Leases Receivable, Hedging Basis Adjustment	22,755	[1]	16,518	[1]
Loans and Leases Receivable, Gross, Consumer, Mortgage	7,264,697		6,989,602
Fixed rates medium-term single-family mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	1,376,759	[2]	1,393,525	[2]
Fixed rates Long-term single-family mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	5,683,026		5,402,479
Conventional Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	6,492,346		6,203,318
Federal Housing Administration Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 567,439		$ 592,686

[1] Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly.

[2] Medium-term is defined as a term of 15 years or less.

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Fair Value Disclosures Fair Value Summary (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013
Assets
Trading securities	$ 1,302		$ 1,341
Available-for-sale securities	549,968		1,349,977
Held-to-maturity Securities	14,458,216	[1]	14,712,271	[1]
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
Derivative assets	20,668		14,699
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(8,921)	[2],[3]	(9,832)	[2],[3]
Advances, Fair Value Disclosure	15,182	[4]	15,042	[4]	0	0
Liabilities
Mandatorily redeemable capital stock	61,560		62,963
Derivative liabilities	59,023		63,767
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(94,273)	[2],[3]	(85,867)	[2],[3]
Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds	3,449,764		4,209,640		2,265,459	4,018,370
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and Due from Banks	116,471		3,109,970
Interest-bearing deposits	0		0
Securities purchased under resale agreements	0		0
Federal funds sold	0		0
Trading securities	0		0
Available-for-sale securities	0		0
Held-to-maturity Securities, Fair Value	0		0
Advances	0	[5]	0	[6]
Mortgage loans held for portfolio, net	0		0
Accrued interest receivable	0		0
Derivative assets	0		0
Liabilities
Deposits	0		0
Mandatorily redeemable capital stock	61,560		62,963
Accrued Interest Payable, Fair Value Disclosure	0		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 1 [Member] | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure	0		0
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds	0	[7]	0	[8]
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes	0		0
Fair Value, Inputs, Level 2 [Member]
Assets
Cash and Due from Banks	0		0
Interest-bearing deposits	228		119
Securities purchased under resale agreements	3,950,000		3,343,002
Federal funds sold	5,705,000		6,600,000
Trading securities	1,302		1,341
Available-for-sale securities	549,968		1,349,977
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
Advances	66,722,775	[5]	70,279,438	[6]
Mortgage loans held for portfolio, net	7,496,126		7,178,047
Accrued interest receivable	81,626		81,384
Derivative assets	29,589		24,531
Liabilities
Deposits	841,835		729,782
Mandatorily redeemable capital stock	0		0
Accrued Interest Payable, Fair Value Disclosure	112,273		114,781
Derivative liabilities	153,296		149,634
Fair Value, Inputs, Level 2 [Member] | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure	979		1,381
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds	47,442,972	[7]	59,496,247	[8]
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes	45,620,151		41,224,739
Fair Value, Inputs, Level 3 [Member]
Assets
Cash and Due from Banks	0		0
Interest-bearing deposits	0		0
Securities purchased under resale agreements	0		0
Federal funds sold	0		0
Trading securities	0		0
Available-for-sale securities	0		0
Held-to-maturity Securities, Fair Value	0		0
Advances	0	[5]	0	[6]
Mortgage loans held for portfolio, net	38,324		41,151
Accrued interest receivable	0		0
Derivative assets	0		0
Liabilities
Deposits	0		0
Mandatorily redeemable capital stock	0		0
Accrued Interest Payable, Fair Value Disclosure	0		0
Derivative liabilities	0		0
Fair Value, Inputs, Level 3 [Member] | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure	0		0
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds	0	[7]	0	[8]
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes	0		0
Carrying Value
Assets
Cash and Due from Banks	116,471		3,109,970
Interest-bearing deposits	228		119
Securities purchased under resale agreements	3,950,000		3,343,000
Federal funds sold	5,705,000		6,600,000
Trading securities	1,302		1,341
Available-for-sale securities	549,968		1,349,977
Held-to-maturity Securities	14,458,216		14,712,271
Advances	66,731,484	[5]	70,405,616	[6]
Mortgage loans held for portfolio, net	7,262,535		6,984,683
Accrued interest receivable	81,626		81,384
Derivative assets	20,668		14,699
Liabilities
Deposits	841,921		729,936
Mandatorily redeemable capital stock	61,560		62,963
Accrued Interest Payable, Fair Value Disclosure	112,273		114,781
Derivative liabilities	59,023		63,767
Carrying Value | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure	0		0
Carrying Value | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds	46,927,301	[7]	59,216,557	[8]
Carrying Value | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes	45,627,418		41,232,127
Fair Value
Assets
Cash and Due from Banks	116,471		3,109,970
Interest-bearing deposits	228		119
Securities purchased under resale agreements	3,950,000		3,343,002
Federal funds sold	5,705,000		6,600,000
Trading securities	1,302		1,341
Available-for-sale securities	549,968		1,349,977
Held-to-maturity Securities, Fair Value	14,622,625		14,794,326
Advances	66,722,775	[5]	70,279,438	[6]
Mortgage loans held for portfolio, net	7,534,450		7,219,198
Accrued interest receivable	81,626		81,384
Derivative assets	20,668		14,699
Liabilities
Deposits	841,835		729,782
Mandatorily redeemable capital stock	61,560		62,963
Accrued Interest Payable, Fair Value Disclosure	112,273		114,781
Derivative liabilities	59,023		63,767
Fair Value | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure	979		1,381
Fair Value | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds	47,442,972	[7]	59,496,247	[8]
Fair Value | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes	$ 45,620,151		$ 41,224,739

[1] Fair values: $14,622,625 and $14,794,326 at March 31, 2015 and December 31, 2014, respectively.

[2] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

[3] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

[4] At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

[5] Includes (in thousands) $15,182 of Advances recorded under the fair value option at March 31, 2015.

[6] Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014.

[7] Includes (in thousands) $3,449,764 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2015.

[8] Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014.

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Allowance for Credit Losses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	$ 2,162		$ 6,655
Total recorded investment	7,289,960				7,014,345
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance, beginning of period	4,919		7,233
Charge-offs	(2,757)	[1]	(578)	[1]
Balance, end of period	2,162		6,655
Conventional Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Credit Losses, Collectively Evaluated for Impairment	2,162				4,766
Allowance for Credit Losses, Individually Evaluated for Impairment	0				153
Loans and Leases Receivable, Allowance	2,162				4,919
Recorded Investment, Collectively Evaluated for Impairment	6,704,384				6,402,994
Recorded Investment, Individually Evaluated for Impairment	8,933				8,639
Total recorded investment	6,713,317				6,411,633
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance, beginning of period					4,919
Balance, end of period	$ 2,162				$ 4,919

[1] On January 1, 2015, the FHLB adopted the charge off provisions of the Finance Agency's Advisory Bulletin 2012-02, which require the FHLB to charge off the estimated loss portion of loans 180 days or more past due and certain loans in which the borrower has filed for bankruptcy.

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Advances (Borrowers Holding Five Percent or more of Total Advances) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 66,614,866	$ 70,298,507
Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	46,598,000	49,638,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	69.00%	71.00%
JPMorgan Chase Bank National Association [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	38,300,000	41,300,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	57.00%	59.00%
U.S. Bank, N.A. [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 8,298,000	$ 8,338,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	12.00%	12.00%

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Transactions with Other FHLBanks (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Other Transactions [Line Items]
Proceeds from Bonds Transferred from Other Federal Home Loan Banks	$ 0	$ 0
Payments for Bonds Transferred to Other Federal Home Loan Banks	0	0
Other FHLBanks [Member]
Schedule of Other Transactions [Line Items]
Loans Receivable, Average Outstanding Amount	0	333
Other FHLBanks [Member]
Schedule of Other Transactions [Line Items]
Short-term Debt, Average Outstanding Amount	$ 0	$ 0

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Advances Advances (Tables)

3 Months Ended

Mar. 31, 2015

Advances [Abstract]

Schedule Of Federal Home Loan Bank Advances By Year Of Contractual Maturity [Table Text Block]

Advances by Year of Contractual Maturity or Next Call Date for Callable Advances (in thousands)

Year of Contractual Maturity or Next Call Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	19,986,769	$	23,003,946
Due after 1 year through 2 years	12,788,302		12,159,384
Due after 2 years through 3 years	11,087,732		9,659,975
Due after 3 years through 4 years	11,379,467		12,295,893
Due after 4 years through 5 years	9,768,631		9,970,280
Thereafter	1,603,965		3,209,029
Total par value	$	66,614,866	$	70,298,507

Advance Redemption Terms (dollars in thousands)

	March 31, 2015					December 31, 2014
Redemption Term	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	13,611,355		0.38	%	$	14,139,630		0.40	%
Due after 1 year through 2 years	16,060,019			0.60		14,810,847			0.54
Due after 2 years through 3 years	10,065,632			0.81		12,829,760			0.69
Due after 3 years through 4 years	14,382,943			0.56		14,222,722			0.60
Due after 4 years through 5 years	10,529,952			0.59		10,724,619			0.54
Thereafter	1,964,965			2.33		3,570,929			1.51
Total par value	66,614,866			0.63		70,298,507			0.60
Commitment fees	(692		)			(699		)
Discount on AHP Advances	(11,342		)			(12,110		)
Premiums	2,981					3,058
Discounts	(10,912		)			(12,572		)
Hedging adjustments	136,401					129,390
Fair value option valuation adjustments and accrued interest	182					42
Total	$	66,731,484				$	70,405,616

Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances (in thousands)

Year of Contractual Maturity or Next Put/Convert Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	15,177,255	$	15,753,030
Due after 1 year through 2 years	15,739,519		14,663,847
Due after 2 years through 3 years	9,180,732		12,115,860
Due after 3 years through 4 years	14,192,443		13,649,722
Due after 4 years through 5 years	10,529,952		10,715,119
Thereafter	1,794,965		3,400,929
Total par value	$	66,614,866	$	70,298,507

Advances by Interest Rate Payment Terms (in thousands)

	March 31, 2015		December 31, 2014
Total fixed-rate (1)	$	17,105,017	$	17,945,050
Total variable-rate (1)	49,509,849		52,353,457
Total par value	$	66,614,866	$	70,298,507

(1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance.

Borrowers Holding Five Percent or more of Total Advances Including Known Affiliates that are Members of the FHLBank [Table Text Block]

Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions)

March 31, 2015					December 31, 2014
	Principal		% of Total			Principal		% of Total
JPMorgan Chase Bank, N.A.	$	38,300	57	%	JPMorgan Chase Bank, N.A.	$	41,300	59	%
U.S. Bank, N.A.	8,298		12		U.S. Bank, N.A.	8,338		12
Total	$	46,598	69	%	Total	$	49,638	71	%

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Trading Securities (Net (Losses) Gains on Trading Securities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Trading Securities [Abstract]
Net gains (losses) on trading securities held at period end	$ (5)	$ (2)
Net gains (losses) on trading securities	$ (5)	$ (2)

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Affordable Housing Program (AHP)

3 Months Ended

Mar. 31, 2015

Affordable Housing Program (AHP) [Abstract]

Affordable Housing Program (AHP) [Text Block]

Affordable Housing Program (AHP)

Table 13.1 - Analysis of AHP Liability (in thousands)

Balance at December 31, 2014	$	98,103
Assessments (current year additions)	6,842
Subsidy uses, net	(2,972		)
Balance at March 31, 2015	$	101,973

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Fair Value Disclosures

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Disclosures

The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values.

Fair Value Hierarchy. The FHLB records trading securities, available-for-sale securities, derivative assets, derivative liabilities, certain Advances and certain Consolidated Obligation Bonds at fair value on a recurring basis. GAAP establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the measurement is determined. This overall level is an indication of how market observable the fair value measurement is. An entity must disclose the level within the fair value hierarchy in which the measurements are classified.

The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels:

Level 1 Inputs - Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity 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 or liabilities in active markets; (2) quoted prices for identical or similar assets or 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.

The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. The FHLB did not have any transfers of assets or liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2015 or 2014.

Table 18.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. These values do not represent an estimate of the overall market value of the FHLB as a going concern, which would take into account future business opportunities and the net profitability of assets versus liabilities.

Table 18.1 - Fair Value Summary (in thousands)

	March 31, 2015
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Assets:
Cash and due from banks	$	116,471	$	116,471	$	116,471	$	—	$	—	$	—
Interest-bearing deposits	228		228		—		228		—		—
Securities purchased under agreements to resell	3,950,000		3,950,000		—		3,950,000		—		—
Federal funds sold	5,705,000		5,705,000		—		5,705,000		—		—
Trading securities	1,302		1,302		—		1,302		—		—
Available-for-sale securities	549,968		549,968		—		549,968		—		—
Held-to-maturity securities	14,458,216		14,622,625		—		14,622,625		—		—
Advances (2)	66,731,484		66,722,775		—		66,722,775		—		—
Mortgage loans held for portfolio, net	7,262,535		7,534,450		—		7,496,126		38,324		—
Accrued interest receivable	81,626		81,626		—		81,626		—		—
Derivative assets	20,668		20,668		—		29,589		—		(8,921		)
Liabilities:
Deposits	841,921		841,835		—		841,835		—		—
Consolidated Obligations:
Discount Notes	45,627,418		45,620,151		—		45,620,151		—		—
Bonds (3)	46,927,301		47,442,972		—		47,442,972		—		—
Mandatorily redeemable capital stock	61,560		61,560		61,560		—		—		—
Accrued interest payable	112,273		112,273		—		112,273		—		—
Derivative liabilities	59,023		59,023		—		153,296		—		(94,273		)
Other:
Standby bond purchase agreements	—		979		—		979		—		—

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

(2) Includes (in thousands) $15,182 of Advances recorded under the fair value option at March 31, 2015.

(3) Includes (in thousands) $3,449,764 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2015.

	December 31, 2014
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Assets:
Cash and due from banks	$	3,109,970	$	3,109,970	$	3,109,970	$	—	$	—	$	—
Interest-bearing deposits	119		119		—		119		—		—
Securities purchased under agreements to resell	3,343,000		3,343,002		—		3,343,002		—		—
Federal funds sold	6,600,000		6,600,000		—		6,600,000		—		—
Trading securities	1,341		1,341		—		1,341		—		—
Available-for-sale securities	1,349,977		1,349,977		—		1,349,977		—		—
Held-to-maturity securities	14,712,271		14,794,326		—		14,794,326		—		—
Advances (2)	70,405,616		70,279,438		—		70,279,438		—		—
Mortgage loans held for portfolio, net	6,984,683		7,219,198		—		7,178,047		41,151		—
Accrued interest receivable	81,384		81,384		—		81,384		—		—
Derivative assets	14,699		14,699		—		24,531		—		(9,832		)
Liabilities:
Deposits	729,936		729,782		—		729,782		—		—
Consolidated Obligations:
Discount Notes	41,232,127		41,224,739		—		41,224,739		—		—
Bonds (3)	59,216,557		59,496,247		—		59,496,247		—		—
Mandatorily redeemable capital stock	62,963		62,963		62,963		—		—		—
Accrued interest payable	114,781		114,781		—		114,781		—		—
Derivative liabilities	63,767		63,767		—		149,634		—		(85,867		)
Other:
Standby bond purchase agreements	—		1,381		—		1,381		—		—

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

(2) Includes (in thousands) $15,042 of Advances recorded under the fair value option at December 31, 2014.

(3) Includes (in thousands) $4,209,640 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2014.

Summary of Valuation Methodologies and Primary Inputs.

A description of the valuation methodologies and primary inputs is disclosed in Note 19 - Fair Value Disclosures in the FHLB's 2014 Form 10-K. There have been no changes in the valuation methodologies during 2015.

Fair Value Measurements.

Table 18.2 presents the fair value of financial assets and liabilities that are recorded on a recurring or nonrecurring basis at March 31, 2015 or December 31, 2014, by level within the fair value hierarchy. The FHLB records nonrecurring fair value adjustments to reflect partial write-downs on certain mortgage loans. The FHLB estimates the fair value of these assets based primarily on property values obtained from a third-party pricing vendor.

Table 18.2 - Fair Value Measurements (in thousands)

	Fair Value Measurements at March 31, 2015
	Total		Level 1		Level 2		Level 3		Netting Adjustment and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
Other U.S. obligation single-family mortgage-backed securities	$	1,302	$	—	$	1,302	$	—	$	—
Available-for-sale securities:
Certificates of deposit	549,968		—		549,968		—		—
Advances	15,182		—		15,182		—		—
Derivative assets:
Interest rate swaps	16,707		—		25,628		—		(8,921		)
Mortgage delivery commitments	3,961		—		3,961		—		—
Total derivative assets	20,668		—		29,589		—		(8,921		)
Total assets at fair value	$	587,120	$	—	$	596,041	$	—	$	(8,921	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	3,449,764	$	—	$	3,449,764	$	—	$	—
Derivative liabilities:
Interest rate swaps	54,799		—		149,072		—		(94,273		)
Forward rate agreement	4,209		—		4,209		—		—
Mortgage delivery commitments	15		—		15		—		—
Total derivative liabilities	59,023		—		153,296		—		(94,273		)
Total liabilities at fair value	$	3,508,787	$	—	$	3,603,060	$	—	$	(94,273	)
Nonrecurring fair value measurements - Assets
Mortgage loans held for portfolio	$	6,715	$	—	$	—	$	6,715

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

	Fair Value Measurements at December 31, 2014
	Total		Level 1		Level 2		Level 3		Netting Adjustment and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
Other U.S. obligation single-family mortgage-backed securities	$	1,341	$	—	$	1,341	$	—	$	—
Available-for-sale securities:
Certificates of deposit	1,349,977		—		1,349,977		—		—
Advances	15,042		—		15,042		—		—
Derivative assets:
Interest rate swaps	10,894		—		20,726		—		(9,832		)
Forward rate agreements	6		—		6		—		—
Mortgage delivery commitments	3,799		—		3,799		—		—
Total derivative assets	14,699		—		24,531		—		(9,832		)
Total assets at fair value	$	1,381,059	$	—	$	1,390,891	$	—	$	(9,832	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	4,209,640	$	—	$	4,209,640	$	—	$	—
Derivative liabilities:
Interest rate swaps	58,842		—		144,709		—		(85,867		)
Forward rate agreements	4,924		—		4,924		—		—
Mortgage delivery commitments	1		—		1		—		—
Total derivative liabilities	63,767		—		149,634		—		(85,867		)
Total liabilities at fair value	$	4,273,407	$	—	$	4,359,274	$	—	$	(85,867	)

(1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

Fair Value Option. The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires a company to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities and commitments, with the changes in fair value recognized in net income. If elected, interest income and interest expense on Advances and Consolidated Bonds carried at fair value are recognized based solely on the contractual amount of interest due or unpaid. Any transaction fees or costs are immediately recognized into other non-interest income or other non-interest expense.

The FHLB has elected the fair value option for certain Advances and Consolidated Obligation Bonds that either do not qualify for hedge accounting or may be at risk for not meeting hedge effectiveness requirements. These fair value elections were made primarily in an effort to mitigate the potential income statement volatility that can arise from economic hedging relationships in which the carrying value of the hedged item is not adjusted for changes in fair value.

Table 18.3 – Fair Value Option - Financial Assets and Liabilities (in thousands)

	Three Months Ended March 31,
	2015					2014
	Advances		Consolidated Bonds			Advances		Consolidated Bonds
Balance at beginning of period	$	15,042	$	(4,209,640	)	$	—	$	(4,018,370	)
New transactions elected for fair value option	—		(1,732,000		)	—		(1,250,000		)
Maturities and terminations	—		2,495,000			—		3,000,000
Net gains (losses) on financial instruments held under fair value option	140		(1,309		)	—		1,360
Change in accrued interest	—		(1,815		)	—		1,551
Balance at end of period	$	15,182	$	(3,449,764	)	$	—	$	(2,265,459	)

Table 18.4 – Changes in Fair Values for Items Measured at Fair Value Pursuant to the Election of the Fair Value Option (in thousands)

	Three Months Ended March 31,
	2015					2014
	Advances		Consolidated Bonds			Advances		Consolidated Bonds
Interest income (expense)	$	63	$	(3,693	)	$	—	$	(1,598	)
Net gains (losses) on changes in fair value under fair value option	140		(1,309		)	—		1,360
Total changes in fair value included in current period earnings	$	203	$	(5,002	)	$	—	$	(238	)

For instruments recorded under the fair value option, the related contractual interest income and contractual interest expense are recorded as part of net interest income on the Statements of Income. The remaining changes in fair value for instruments in which the fair value option has been elected are recorded as “Net (losses) gains on financial instruments held under fair value option” in the Statements of Income. The FHLB has determined that no adjustments to the fair values of its instruments recorded under the fair value option for instrument-specific credit risk were necessary as of March 31, 2015 or December 31, 2014.

The following table reflects the difference between the aggregate unpaid principal balance outstanding and the aggregate fair value for Advances and Consolidated Bonds for which the fair value option has been elected.

Table 18.5 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)

	March 31, 2015						December 31, 2014
	Aggregate Unpaid Principal Balance		Aggregate Fair Value		Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance		Aggregate Unpaid Principal Balance		Aggregate Fair Value		Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance
Advances (1)	$	15,000	$	15,182	$	182	$	15,000	$	15,042	$	42
Consolidated Bonds	3,447,000		3,449,764		2,764		4,210,000		4,209,640		(360		)

(1) At March 31, 2015 and December 31, 2014, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Background Information (Details)	Mar. 31, 2015 Banks
Background Information [Abstract]
Number of Federal Home Loan Banks	12

XML

Capital (Tables)

3 Months Ended

Mar. 31, 2015

Capital [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]

Capital Requirements (dollars in thousands)

	March 31, 2015						December 31, 2014
	Minimum Requirement			Actual			Minimum Requirement			Actual
Risk-based capital	$	462,764		$	5,071,063		$	481,835		$	5,018,567
Capital-to-assets ratio (regulatory)	4.00		%	5.13		%	4.00		%	4.71		%
Regulatory capital	$	3,956,378		$	5,071,063		$	4,265,617		$	5,018,567
Leverage capital-to-assets ratio (regulatory)	5.00		%	7.69		%	5.00		%	7.06		%
Leverage capital	$	4,945,473		$	7,606,594		$	5,332,021		$	7,527,851

Schedule of Mandatorily Redeemable Capital Stock [Table Text Block]

Mandatorily Redeemable Capital Stock Roll Forward (in thousands)

Balance, December 31, 2014	$	62,963
Capital stock subject to mandatory redemption reclassified    from equity	5,227
Redemption (or other reduction) of mandatorily redeemable    capital stock	(6,630		)
Balance, March 31, 2015	$	61,560

Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block]

Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands)

Contractual Year of Redemption	March 31, 2015		December 31, 2014
Year 1	$	130	$	130
Year 2	—		—
Year 3	—		—
Year 4	2,325		55
Year 5	633		2,278
Past contractual redemption date due to remaining activity(1)	58,472		60,500
Total	$	61,560	$	62,963

(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.

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Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net income	$ 60,948	$ 57,194
Other comprehensive income adjustments:
Net unrealized losses on available-for-sale securities	(8)	(39)
Pension and postretirement benefits	617	313
Total other comprehensive income adjustments	609	274
Comprehensive income	$ 61,557	$ 57,468

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Fair Value Disclosures Fair Value Impact on Financial Performance (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest and Dividend Income, Operating	$ 225,309	$ 228,876
Interest Expense	(147,948)	(151,862)
Net gains (losses) on instruments held under the fair value option	(1,169)	1,360
Advances [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest and Dividend Income, Operating	63	0
Net gains (losses) on instruments held under the fair value option	140	0
Fair Value Option, Total Change in Fair Value Included in Earnings	203	0
Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Expense	(3,693)	(1,598)
Net gains (losses) on instruments held under the fair value option	(1,309)	1,360
Fair Value Option, Total Change in Fair Value Included in Earnings	$ (5,002)	$ (238)

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Recently Issued Accounting Standards and Interpretations

3 Months Ended

Mar. 31, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently Issued Accounting Standards and Interpretations [Text Block]

Recently Issued Accounting Standards and Interpretations

Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. On April 15, 2015, the Financial Accounting Standards Board (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 becomes effective for the FHLB for the interim and annual periods beginning after December 15, 2015. The FHLB is in the process of evaluating this guidance and its effect on the FHLB's financial condition, results of operations, and cash flows.

Simplifying the Presentation of Debt Issuance Costs. On April 7, 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the statement of condition as a direct deduction from the carrying amount of the liability, consistent with the presentation of debt discounts. This guidance becomes effective for the FHLB for the interim and annual periods beginning after December 15, 2015. The guidance is required to be applied on a retrospective basis to each individual period presented on the statement of condition. The FHLB is in the process of evaluating this guidance and its effect on the FHLB's financial condition and cash flows.

Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. On August 8, 2014, the FASB issued amended guidance relating to the classification and measurement of certain government-guaranteed mortgage loans upon foreclosure. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2015, and was adopted prospectively. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Repurchase-to Maturity Transactions, Repurchase Financings, and Disclosures. On June 12, 2014, the FASB issued amended guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. This amendment requires secured borrowing accounting treatment for repurchase-to-maturity transactions and provides guidance on accounting for repurchase financing arrangements. In addition, this guidance requires additional disclosures, particularly on transfers accounted for as sales that are economically similar to repurchase agreements and on the nature of collateral pledged in repurchase agreements accounted for as secured borrowings. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2015. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. On January 17, 2014, the FASB issued guidance clarifying when consumer mortgage loans collateralized by real estate should be reclassified to real estate owned. Specifically, such collateralized mortgage loans should be reclassified to real estate owned when either the creditor obtains legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveys all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2015, and was adopted prospectively. The adoption of this guidance had no material effect on the FHLB's financial condition, results of operations, or cash flows.

Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention. On April 9, 2012, the Finance Agency issued an advisory bulletin that establishes a standard and uniform methodology for adverse classification and identification of special mention assets and off-balance sheet credit exposures at the FHLBanks, excluding investment securities. The adverse classification requirements were implemented as of January 1, 2014; this implementation did not have a material effect on the FHLB's financial condition, results of operations, or cash flows. The charge-off requirements were implemented on January 1, 2015. The adoption of these requirements had no material effect on the FHLB's financial condition, results of operations, or cash flows.

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Advances (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Interest Rate on Affordable Housing Program Subsidized Loans	0.00%
Federal Home Loan Bank, Advances, Par Value	$ 66,614,866	$ 70,298,507
Federal Home Loan Bank, Advances, Callable Option [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	13,254,749	15,098,357
Federal Home Loan Bank, Advances, Putable Option [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 1,579,900	$ 1,617,400
Minimum [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Interest Rate	0.00%	0.00%
Maximum [Member]
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Interest Rate	8.85%	9.20%

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Pension and Postretirement Benefit Plans Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Pension and Postretirement Benefit Plans [Abstract]
Multiemployer Plan, Period Contributions	$ 1,500,000	$ 1,529,000
Defined Contribution Plan, Cost Recognized	$ 374,000	$ 373,000

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Allowance for Credit Losses Individually Evaluated Impaired Loans (Details) (Residential, Prime, Financing Receivable [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Residential, Prime, Financing Receivable [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	$ 8,933		$ 5,297
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	8,745		5,165
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0		3,342
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0		3,293
Impaired Financing Receivable, Related Allowance	0		153
Impaired Financing Receivable, Recorded Investment	8,933		8,639
Impaired Financing Receivable, Unpaid Principal Balance	8,745		8,458
Impaired Financing Receivable, Average Recorded Investment	8,491	7,710
Impaired Financing Receivable, Interest Income, Accrual Method	$ 112	$ 100

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies [Text Block]

Commitments and Contingencies

Table 19.1 - Off-Balance Sheet Commitments (in thousands)

	March 31, 2015						December 31, 2014
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	$	16,367,028	$	537,861	$	16,904,889	$	17,233,206	$	546,385	$	17,779,591
Commitments for standby bond purchases	60,705		118,765		179,470		37,490		149,705		187,195
Commitments to purchase mortgage loans	583,233		—		583,233		451,292		—		451,292
Unsettled Consolidated Bonds, at par (1)(2)	40,000		—		40,000		17,000		—		17,000
Unsettled Consolidated Discount Notes, at par (1)	—		—		—		5,000		—		5,000

(1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations.

(2) Of the total unsettled Consolidated Bonds, $15,000 and $17,000 (in thousands) were hedged with associated interest rate swaps at March 31, 2015 and December 31, 2014, respectively.

Legal Proceedings. From time to time, the FHLB is subject to legal proceedings arising in the normal course of business. In March 2010, the FHLB was advised by representatives of the Lehman Brothers Holdings, Inc. bankruptcy estate that they believed that the FHLB had been unjustly enriched in connection with the close out of its interest rate swap transactions with Lehman at the time of the Lehman bankruptcy in 2008 and that the bankruptcy estate was entitled to the $43 million difference between the settlement amount the FHLB paid Lehman in connection with the close-out transactions and the market value payment the FHLB received when replacing the swaps with other counterparties. In May 2010, the FHLB received a Derivatives Alternative Dispute Resolution notice from the Lehman bankruptcy estate with a settlement demand of $65.8 million, plus interest accruing primarily at LIBOR plus 14.5 percent since the bankruptcy filing, based on their view of how the settlement amount should have been calculated. In accordance with the Alternative Dispute Resolution Order of the Bankruptcy Court administering the Lehman estate, senior management of the FHLB participated in a non-binding mediation in New York in August 2010, and counsel for the FHLB continued discussions with the court-appointed mediator for several weeks thereafter. The mediation concluded in October 2010 without a settlement of the claims asserted by the Lehman bankruptcy estate. In April 2013, Lehman Brothers Special Financing Inc., through Lehman Brothers Holdings Inc. and the Plan Administrator under the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors, filed an adversary complaint in the United States Bankruptcy Court for the Southern District of New York against the FHLB seeking (a) a declaratory judgment on the interpretation of certain provisions and the calculation of amounts due under the agreement governing the 2008 swap transactions described above, and (b) additional amounts alleged as due as part of the termination of such transactions. The FHLB believes that it correctly calculated, and fully satisfied its obligation to Lehman in September 2008, and the FHLB intends to vigorously defend itself.

The FHLB also is subject to other legal proceedings arising in the normal course of business. The FHLB would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the FHLB's financial condition or results of operations.

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Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement	$ 25,628		$ 20,726
Derivative Liability, Subject to Master Netting Arrangement	149,072		144,709
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(8,921)	[1],[2]	(9,832)	[1],[2]
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(94,273)	[1],[2]	(85,867)	[1],[2]
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment	16,707		10,894
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment	54,799		58,842
Derivative Asset, Not Subject to Master Netting Arrangement	3,961	[3]	3,805	[3]
Derivative Liability, Not Subject to Master Netting Arrangement	4,224	[3]	4,925	[3]
Derivative assets	20,668		14,699
Derivative liabilities	59,023		63,767
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement	22,286		19,585
Derivative Liability, Subject to Master Netting Arrangement	135,716		141,352
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(20,802)		(19,544)
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(80,917)		(82,510)
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment	1,484		41
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment	54,799		58,842
Derivative Asset, Not Subject to Master Netting Arrangement	3,961	[3]	3,805	[3]
Derivative Liability, Not Subject to Master Netting Arrangement	4,224	[3]	4,925	[3]
Derivative assets	5,445		3,846
Derivative liabilities	59,023		63,767
Exchange Cleared [Member]
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement	3,342		1,141
Derivative Liability, Subject to Master Netting Arrangement	13,356		3,357
DerivativeAssetFairValueGrossLiabilityAndRightToReclaimCashOffset	11,881		9,712
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(13,356)		(3,357)
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment	15,223		10,853
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment	0		0
Derivative assets	15,223		10,853
Derivative liabilities	$ 0		$ 0

[1] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.

[2] Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $87,672 and $78,755 at March 31, 2015 and December 31, 2014. Cash collateral received and related accrued interest was (in thousands) $2,320 and $2,720 at March 31, 2015 and December 31, 2014.

[3] Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement.

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Deposits (Tables)

3 Months Ended

Mar. 31, 2015

Deposits [Abstract]

Schedule of Deposit Liabilities by Component [Table Text Block]

Deposits (in thousands)

	March 31, 2015		December 31, 2014
Interest bearing:
Demand and overnight	$	695,071	$	624,446
Term	141,150		99,600
Other	5,171		5,592
Total interest bearing	841,392		729,638
Non-interest bearing:
Other	529		298
Total non-interest bearing	529		298
Total deposits	$	841,921	$	729,936

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Consolidated Obligations

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Consolidated Obligations [Text Block]

Consolidated Obligations

Table 12.1 - Consolidated Discount Notes Outstanding (dollars in thousands)

	Book Value		Par Value		Weighted Average Interest Rate (1)
March 31, 2015	$	45,627,418	$	45,631,636	0.07	%
December 31, 2014	$	41,232,127	$	41,238,122	0.09	%

(1) Represents an implied rate without consideration of concessions.

Table 12.2 - Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands)

	March 31, 2015					December 31, 2014
Year of Contractual Maturity	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	20,895,000		0.34	%	$	32,477,000		0.24	%
Due after 1 year through 2 years	5,777,000			1.32		6,918,000			1.19
Due after 2 years through 3 years	5,142,000			1.53		4,594,000			1.56
Due after 3 years through 4 years	4,016,000			1.82		4,245,000			1.79
Due after 4 years through 5 years	3,202,000			2.05		2,647,000			2.08
Thereafter	7,777,000			2.84		8,217,000			2.79
Index amortizing notes	23,700			5.07		25,297			5.07
Total par value	46,832,700			1.25		59,123,297			1.00
Premiums	100,428					103,477
Discounts	(24,197		)			(25,161		)
Hedging adjustments	15,606					15,304
Fair value option valuation adjustment and    accrued interest	2,764					(360		)
Total	$	46,927,301				$	59,216,557

Table 12.3 - Consolidated Bonds Outstanding by Call Features (in thousands)

	March 31, 2015		December 31, 2014
Par value of Consolidated Bonds:
Non-callable	$	36,543,700	$	49,976,297
Callable	10,289,000		9,147,000
Total par value	$	46,832,700	$	59,123,297

Table 12.4 - Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands)

Year of Contractual Maturity or Next Call Date	March 31, 2015		December 31, 2014
Due in 1 year or less	$	28,379,000	$	40,774,000
Due after 1 year through 2 years	5,172,000		5,413,000
Due after 2 years through 3 years	3,560,000		3,317,000
Due after 3 years through 4 years	2,829,000		2,685,000
Due after 4 years through 5 years	2,317,000		1,992,000
Thereafter	4,552,000		4,917,000
Index amortizing notes	23,700		25,297
Total par value	$	46,832,700	$	59,123,297

Table 12.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands)

	March 31, 2015		December 31, 2014
Par value of Consolidated Bonds:
Fixed-rate	$	29,530,700	$	31,363,297
Variable-rate	17,050,000		27,610,000
Step-up	252,000		150,000
Total par value	$	46,832,700	$	59,123,297

Concessions on Consolidated Obligations. Unamortized concessions included in other assets were (in thousands) $13,650 and $14,184 at March 31, 2015 and December 31, 2014. The amortization of these concessions is included in Consolidated Obligation interest expense and totaled (in thousands) $2,130 and $1,789 during the three months endedMarch 31, 2015 and 2014, respectively.