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 June 30, 2018

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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

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 July 31, 2018, the registrant had 42,709,284 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 77

Table of Contents

	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited):
	Statements of Condition - June 30, 2018 and December 31, 2017	3
	Statements of Income - Three and six months ended June 30, 2018 and 2017	4
	Statements of Comprehensive Income - Three and six months ended June 30, 2018 and 2017	5
	Statements of Capital - Six months ended June 30, 2018 and 2017	6
	Statements of Cash Flows - Six months ended June 30, 2018 and 2017	7
	Notes to Unaudited Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	73
	PART II - OTHER INFORMATION
Item 1A.	Risk Factors	74
Item 5.	Other Information	74
Item 6.	Exhibits	75
Signatures		76

2

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements.

FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF CONDITION

(Unaudited)

(In thousands, except par value)

	June 30, 2018			December 31, 2017
ASSETS
Cash and due from banks	$	15,674		$	26,550
Interest-bearing deposits	205			140
Securities purchased under agreements to resell	4,133,322			7,701,929
Federal funds sold	13,670,000			3,650,000
Investment securities:
Trading securities	690			781
Available-for-sale securities	2,900,220			899,876
Held-to-maturity securities (includes $0 and $0 pledged as collateral at June 30, 2018 and December 31, 2017, respectively, that may be repledged) (a)	16,677,453			14,804,970
Total investment securities	19,578,363			15,705,627
Advances (includes $4,970 and $15,013 at fair value under fair value option at June 30, 2018 and December 31, 2017, respectively)	60,558,979			69,918,224
Mortgage loans held for portfolio:
Mortgage loans held for portfolio	9,845,058			9,682,130
Less: allowance for credit losses on mortgage loans	953			1,190
Mortgage loans held for portfolio, net	9,844,105			9,680,940
Accrued interest receivable	187,414			128,561
Premises, software, and equipment, net	8,663			8,896
Derivative assets	67,900			60,695
Other assets	7,274			13,652
TOTAL ASSETS	$	108,071,899		$	106,895,214
LIABILITIES
Deposits	$	741,411		$	650,531
Consolidated Obligations:
Discount Notes	50,062,566			46,210,458
Bonds (includes $6,186,288 and $5,577,315 at fair value under fair value option at June 30, 2018 and December 31, 2017, respectively)	51,172,974			54,163,061
Total Consolidated Obligations	101,235,540			100,373,519
Mandatorily redeemable capital stock	23,241			30,031
Accrued interest payable	130,870			128,652
Affordable Housing Program payable	117,224			109,877
Derivative liabilities	1,787			2,893
Other liabilities	314,351			435,198
Total liabilities	102,564,424			101,730,701
Commitments and contingencies
CAPITAL
Capital stock Class B putable ($100 par value); issued and outstanding shares: 45,391 shares at June 30, 2018 and 42,411 shares at December 31, 2017	4,539,115			4,241,140
Retained earnings:
Unrestricted	627,182			617,034
Restricted	356,521			322,999
Total retained earnings	983,703			940,033
Accumulated other comprehensive loss	(15,343		)	(16,660		)
Total capital	5,507,475			5,164,513
TOTAL LIABILITIES AND CAPITAL	$	108,071,899		$	106,895,214

(a) Fair values: $16,405,711 and $14,682,329 at June 30, 2018 and December 31, 2017, respectively.

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

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FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF INCOME

(Unaudited)

(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
INTEREST INCOME:
Advances	$	349,054		$	215,191		$	667,475		$	396,444
Prepayment fees on Advances, net	421			98			461			445
Interest-bearing deposits	152			25			255			41
Securities purchased under agreements to resell	10,310			6,633			17,267			11,359
Federal funds sold	51,275			11,315			86,013			21,765
Investment securities:
Trading securities	5			6			10			10
Available-for-sale securities	10,176			967			13,455			2,749
Held-to-maturity securities	94,857			76,149			177,777			148,904
Total investment securities	105,038			77,122			191,242			151,663
Mortgage loans held for portfolio	77,675			74,279			155,421			146,716
Loans to other FHLBanks	—			—			20			—
Total interest income	593,925			384,663			1,118,154			728,433
INTEREST EXPENSE:
Consolidated Obligations:
Discount Notes	215,069			79,687			396,440			136,336
Bonds	246,739			197,573			469,207			380,186
Total Consolidated Obligations	461,808			277,260			865,647			516,522
Deposits	2,566			1,021			4,451			1,785
Loans from other FHLBanks	5			6			5			6
Mandatorily redeemable capital stock	355			608			800			1,079
Total interest expense	464,734			278,895			870,903			519,392
NET INTEREST INCOME	129,191			105,768			247,251			209,041
NON-INTEREST (LOSS) INCOME:
Net losses on trading securities	(3		)	(1		)	(5		)	(4		)
Net (losses) gains on financial instruments held under fair value option	(3,894		)	(6,397		)	15,831			(12,458		)
Net (losses) gains on derivatives and hedging activities	(11,592		)	13,260			(37,965		)	5,144
Other, net	2,680			3,194			5,473			6,661
Total non-interest (loss) income	(12,809		)	10,056			(16,666		)	(657		)
NON-INTEREST EXPENSE:
Compensation and benefits	11,457			9,561			24,150			20,609
Other operating expenses	4,967			4,412			10,095			9,574
Finance Agency	1,565			1,641			3,129			3,281
Office of Finance	1,097			1,018			2,434			2,120
Other	3,055			2,908			4,457			4,022
Total non-interest expense	22,141			19,540			44,265			39,606
INCOME BEFORE ASSESSMENTS	94,241			96,284			186,320			168,778
Affordable Housing Program assessments	9,460			9,690			18,712			16,986
NET INCOME	$	84,781		$	86,594		$	167,608		$	151,792

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

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FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Net income	$	84,781	$	86,594	$	167,608	$	151,792
Other comprehensive income adjustments:
Net unrealized gains (losses) on available-for-sale securities	201		7		344		(19		)
Pension and postretirement benefits	487		511		973		853
Total other comprehensive income adjustments	688		518		1,317		834
Comprehensive income	$	85,469	$	87,112	$	168,925	$	152,626

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

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FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF CAPITAL

(Unaudited)

(In thousands)	Capital Stock Class B - Putable					Retained Earnings								Accumulated Other Comprehensive			Total
	Shares		Par Value			Unrestricted			Restricted		Total			Loss			Capital
BALANCE, DECEMBER 31, 2016	41,569		$	4,156,944		$	574,122		$	260,285	$	834,407		$	(13,256	)	$	4,978,095
Comprehensive income						121,433			30,359		151,792			834			152,626
Proceeds from sale of capital stock	2,502		250,196														250,196
Net shares reclassified to mandatorily    redeemable capital stock	(1,874	)	(187,405		)												(187,405		)
Cash dividends on capital stock						(95,629		)			(95,629		)				(95,629		)
BALANCE, JUNE 30, 2017	42,197		$	4,219,735		$	599,926		$	290,644	$	890,570		$	(12,422	)	$	5,097,883
BALANCE, DECEMBER 31, 2017	42,411		$	4,241,140		$	617,034		$	322,999	$	940,033		$	(16,660	)	$	5,164,513
Comprehensive income						134,086			33,522		167,608			1,317			168,925
Proceeds from sale of capital stock	2,958		295,832														295,832
Net shares reclassified from mandatorily redeemable capital stock	22		2,143														2,143
Cash dividends on capital stock						(123,938		)			(123,938		)				(123,938		)
BALANCE, JUNE 30, 2018	45,391		$	4,539,115		$	627,182		$	356,521	$	983,703		$	(15,343	)	$	5,507,475

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

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FEDERAL HOME LOAN BANK OF CINCINNATI

STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)	Six Months Ended June 30,
	2018			2017
OPERATING ACTIVITIES:
Net income	$	167,608		$	151,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,682			24,521
Net change in derivative and hedging activities	44,713			7,937
Net change in fair value adjustments on trading securities	5			4
Net change in fair value adjustments on financial instruments held under fair value option	(15,831		)	12,458
Net change in:
Accrued interest receivable	(58,868		)	(8,593		)
Other assets	6,378			29,486
Accrued interest payable	5,995			2,723
Other liabilities	10,312			2,234
Total adjustments	35,386			70,770
Net cash provided by operating activities	202,994			222,562
INVESTING ACTIVITIES:
Net change in:
Interest-bearing deposits	(1,247		)	31,358
Securities purchased under agreements to resell	3,568,607			(636,212		)
Federal funds sold	(10,020,000		)	(2,773,000		)
Premises, software, and equipment	(1,248		)	(954		)
Trading securities:
Proceeds from maturities of long-term	87			84
Available-for-sale securities:
Net (increase) decrease in short-term	(2,000,000		)	950,000
Held-to-maturity securities:
Net decrease (increase) in short-term	859			(1,510		)
Proceeds from maturities of long-term	1,279,858			1,067,947
Purchases of long-term	(3,279,323		)	(1,695,542		)
Advances:
Repaid	1,747,810,892			1,061,870,216
Originated	(1,738,498,377		)	(1,063,075,660		)
Mortgage loans held for portfolio:
Principal collected	547,468			605,081
Purchases	(732,583		)	(925,134		)
Net cash used in investing activities	(1,325,007		)	(4,583,326		)
The accompanying notes are an integral part of these financial statements.

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(continued from previous page)
FEDERAL HOME LOAN BANK OF CINCINNATI
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)	Six Months Ended June 30,
	2018			2017
FINANCING ACTIVITIES:
Net change in deposits and pass-through reserves	$	95,110		$	(71,905	)
Net payments on derivative contracts with financing elements	(693		)	(2,898		)
Net proceeds from issuance of Consolidated Obligations:
Discount Notes	282,305,387			293,476,586
Bonds	14,027,224			13,680,336
Payments for maturing and retiring Consolidated Obligations:
Discount Notes	(278,490,713		)	(288,823,225		)
Bonds	(16,992,425		)	(13,505,000		)
Proceeds from issuance of capital stock	295,832			250,196
Payments for repurchase/redemption of mandatorily redeemable capital stock	(4,647		)	(186,218		)
Cash dividends paid	(123,938		)	(95,629		)
Net cash provided by financing activities	1,111,137			4,722,243
Net (decrease) increase in cash and cash equivalents	(10,876		)	361,479
Cash and cash equivalents at beginning of the period	26,550			8,737
Cash and cash equivalents at end of the period	$	15,674		$	370,216
Supplemental Disclosures:
Interest paid	$	836,775		$	510,622
Affordable Housing Program payments, net	$	11,365		$	14,548

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

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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 11 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 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, 2017 filed with the Securities and Exchange Commission (SEC). Results for the six months endedJune 30, 2018 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 2017 Annual Report on Form 10-K.

The FHLB did not hold any equity securities as of June 30, 2018 and December 31, 2017.

Reclassifications.Certain amounts in the 2017 financial statements and footnotes have been reclassified to conform to the presentation as of June 30, 2018. Specifically, due to a change in presentation, variation margin on certain cleared derivatives has been reclassified from netting adjustments and cash collateral and allocated to the individual derivative instruments. Refer to Note 10 for additional information.

Subsequent Events.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

Targeted Improvements to Accounting for Hedging Activities. On August 28, 2017, the Financial Accounting Standards Board (FASB) issued amended guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This guidance requires that, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness be presented in the

9

same income statement line that is used to present the earnings effect of the hedged item. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness must be recorded in other comprehensive income. In addition, the amendments include certain targeted improvements to the assessment of hedge effectiveness. This guidance becomes effective for the FHLB for interim and annual periods beginning on January 1, 2019, and early adoption is permitted. The amended presentation and disclosure guidance is required only prospectively. The FHLB does not intend to adopt the new guidance early. 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 has not yet been determined.

Premium Amortization on Purchased Callable Debt Securities. On March 30, 2017, the FASB issued amended guidance to shorten the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. This guidance is effective for the FHLB for interim and annual periods beginning on January 1, 2019, and early adoption is permitted. This guidance should be applied using a modified retrospective method through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The FHLB does not intend to adopt this guidance early. The FHLB is in the process of evaluating this guidance, but its effect on the FHLB’s financial condition, results of operations, and cash flows is not expected to be material.

Improving the Presentation of Net Periodic Pension and Postretirement Benefit Cost. On March 10, 2017, the FASB issued amended guidance that requires an employer to disaggregate the service cost component from the other components of net periodic pension and postretirement benefit costs (net benefit costs). The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit costs in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2018, and was adopted retrospectively, for the presentation of the service cost component and the other components of net benefit costs in the income statement. For the capitalization of the service cost component of net benefit costs, this guidance was applied prospectively on and after the effective date. As a result of the adoption, $918,000 and $1,635,000 of other components of net benefit costs were reclassified from "Compensation and benefits" to "Other" within the non-interest expense section of the Statements of Income for the three and six months ended June 30, 2017, respectively. The adoption of this guidance had no effect on the FHLB's financial condition and cash flows.

Classification of Certain Cash Receipts and Cash Payments. On August 26, 2016, the FASB issued amendments to clarify guidance on the classification of certain cash receipts and payments in the Statement of Cash Flows. This guidance is intended to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified on the Statement of Cash Flows. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2018. The adoption of this guidance had no effect on the FHLB's financial condition, results of operations, and cash flows.

Measurement of Credit Losses on Financial Instruments. On June 16, 2016, the FASB issued amended guidance for the accounting of credit losses on financial instruments. The amendments require entities to immediately record the full amount of expected credit losses in their loan portfolios. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The guidance also requires, among other things, credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses and expanded disclosure requirements. The guidance is effective for the FHLB for interim and annual periods beginning on January 1, 2020. Early application is permitted as of the interim and annual reporting periods beginning after December 15, 2018. The guidance should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In addition, entities are required to use a prospective transition approach for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The FHLB does not intend to adopt the new guidance early. While the FHLB is still in the process of evaluating this guidance, the FHLB expects the guidance will result in an increase in the allowance for credit losses given the requirement to estimate losses for the entire estimated life of the financial asset. The extent of the impact on the FHLB’s financial condition, results of operations, and cash flows will depend upon the composition of the FHLB’s financial assets at the adoption date and the economic conditions and forecasts at that time.

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Leases. On February 25, 2016, the FASB issued guidance which requires recognition of lease assets and lease liabilities on the Statement of Condition and disclosure of key information about leasing arrangements. In particular, this guidance requires a lessee, of operating or finance leases, to recognize on the Statement of Condition a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. However, for leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The guidance becomes effective for the FHLB for the interim and annual periods beginning on January 1, 2019, and early application is permitted. As amended, the guidance allows lessors and lessees to recognize and measure leases at the adoption date by recognizing a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The FHLB does not intend to adopt the new guidance early. Upon adoption, the FHLB expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities on its Statement of Condition. While the FHLB is still in the process of evaluating this guidance, the FHLB does not expect the new guidance to have a material impact on its financial condition, results of operations, and cash flows.

Recognition and Measurement of Financial Assets and Financial Liabilities. On January 5, 2016, the FASB issued amended guidance on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance includes, but is not limited to, the following:

▪ Requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected the fair value option.

▪ Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the Statement of Condition or the accompanying notes to the financial statements.

▪ Eliminates the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the Statement of Condition.

The guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2018. While the adoption of this guidance affected the FHLB's disclosures, the requirement to present the instrument-specific credit risk in other comprehensive income did not have any effect on the FHLB's financial condition, results of operations, and cash flows.

Revenue from Contracts with Customers. On May 28, 2014, the FASB issued guidance on revenue from contracts with customers. This guidance applies to all contracts with customers except those that are within the scope of certain other standards, such as financial instruments, certain guarantees, insurance contracts, and lease contracts. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2018. Given that the majority of the FHLB's financial instruments and other contractual rights that generate revenue are covered by other GAAP, the adoption of this guidance did not have any effect on the FHLB's financial condition, results of operations, and cash flows.

Note 3 - Trading Securities

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

Fair Value	June 30, 2018		December 31, 2017
Mortgage-backed securities (MBS):
U.S. obligation single-family MBS	$	690	$	781
Total	$	690	$	781

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

	Six Months Ended June 30,
	2018			2017
Net losses on trading securities held at period end	$	(5	)	$	(4	)
Net losses on trading securities	$	(5	)	$	(4	)

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Note 4 - Available-for-Sale Securities

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

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	2,900,000	$	282	$	(62	)	$	2,900,220
Total	$	2,900,000	$	282	$	(62	)	$	2,900,220
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	900,000	$	—	$	(124	)	$	899,876
Total	$	900,000	$	—	$	(124	)	$	899,876

All securities outstanding with gross unrealized losses at June 30, 2018 and December 31, 2017 were in a continuous unrealized loss position for less than 12 months.

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

	June 30, 2018				December 31, 2017
Year of Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,900,000	$	2,900,220	$	900,000	$	899,876

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

	June 30, 2018		December 31, 2017
Amortized cost of available-for-sale securities:
Fixed-rate	$	2,900,000	$	900,000

Realized Gains and Losses. The FHLB had no sales of securities out of its available-for-sale portfolio for the six months endedJune 30, 2018 or 2017.

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Note 5 - Held-to-Maturity Securities

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

	June 30, 2018
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-MBS:
U.S. Treasury obligations	$	33,174	$	—	$	(7	)	$	33,167
Total non-MBS	33,174		—		(7		)	33,167
MBS:
U.S. obligation single-family MBS	2,250,289		1,937		(66,479		)	2,185,747
Government-sponsored enterprises (GSE)    single-family MBS	6,091,868		12,031		(219,617		)	5,884,282
GSE multi-family MBS	8,302,122		5,087		(4,694		)	8,302,515
Total MBS	16,644,279		19,055		(290,790		)	16,372,544
Total	$	16,677,453	$	19,055	$	(290,797	)	$	16,405,711
	December 31, 2017
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-MBS:
U.S. Treasury obligations	$	34,033	$	—	$	(6	)	$	34,027
Total non-MBS	34,033		—		(6		)	34,027
MBS:
U.S. obligation single-family MBS	2,483,446		1,974		(23,547		)	2,461,873
GSE single-family MBS	6,703,367		37,265		(138,960		)	6,601,672
GSE multi-family MBS	5,584,124		4,956		(4,323		)	5,584,757
Total MBS	14,770,937		44,195		(166,830		)	14,648,302
Total	$	14,804,970	$	44,195	$	(166,836	)	$	14,682,329

(1) Carrying value equals amortized cost.

Table 5.2 - Net Purchased Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands)

	June 30, 2018			December 31, 2017
Premiums	$	46,029		$	49,713
Discounts	(22,078		)	(24,243		)
Net purchased premiums	$	23,951		$	25,470

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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)

	June 30, 2018
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-MBS:
U.S. Treasury obligations	$	33,167	$	(7	)	$	—	$	—		$	33,167	$	(7	)
Total non-MBS	33,167		(7		)	—		—			33,167		(7		)
MBS:
U.S. obligation single-family MBS	1,187,267		(38,419		)	591,655		(28,060		)	1,778,922		(66,479		)
GSE single-family MBS	1,771,774		(37,882		)	3,194,252		(181,735		)	4,966,026		(219,617		)
GSE multi-family MBS	3,918,603		(4,660		)	31,845		(34		)	3,950,448		(4,694		)
Total MBS	6,877,644		(80,961		)	3,817,752		(209,829		)	10,695,396		(290,790		)
Total	$	6,910,811	$	(80,968	)	$	3,817,752	$	(209,829	)	$	10,728,563	$	(290,797	)
	December 31, 2017
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-MBS:
U.S. Treasury obligations	$	34,027	$	(6	)	$	—	$	—		$	34,027	$	(6	)
Total non-MBS	34,027		(6		)	—		—			34,027		(6		)
MBS:
U.S. obligation single-family MBS	1,193,566		(10,455		)	657,209		(13,092		)	1,850,775		(23,547		)
GSE single-family MBS	1,169,590		(14,171		)	3,578,537		(124,789		)	4,748,127		(138,960		)
GSE multi-family MBS	1,133,452		(4,307		)	136,051		(16		)	1,269,503		(4,323		)
Total MBS	3,496,608		(28,933		)	4,371,797		(137,897		)	7,868,405		(166,830		)
Total	$	3,530,635	$	(28,939	)	$	4,371,797	$	(137,897	)	$	7,902,432	$	(166,836	)

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

	June 30, 2018				December 31, 2017
Year of Maturity	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Non-MBS:
Due in 1 year or less	$	33,174	$	33,167	$	34,033	$	34,027
Due after 1 year through 5 years	—		—		—		—
Due after 5 years through 10 years	—		—		—		—
Due after 10 years	—		—		—		—
Total non-MBS	33,174		33,167		34,033		34,027
MBS (2)	16,644,279		16,372,544		14,770,937		14,648,302
Total	$	16,677,453	$	16,405,711	$	14,804,970	$	14,682,329

(1) Carrying value equals amortized cost.

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

	June 30, 2018		December 31, 2017
Amortized cost of non-MBS:
Fixed-rate	$	33,174	$	34,033
Total amortized cost of non-MBS	33,174		34,033
Amortized cost of MBS:
Fixed-rate	7,298,340		8,003,906
Variable-rate	9,345,939		6,767,031
Total amortized cost of MBS	16,644,279		14,770,937
Total	$	16,677,453	$	14,804,970

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 six months endedJune 30, 2018 and 2017, the FHLB did not sell any held-to-maturity securities.

Note 6 - Other-Than-Temporary Impairment Analysis

The FHLB evaluates any of 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 U.S. obligations and GSE investments (MBS and non-MBS), the FHLB has 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 June 30, 2018, 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 June 30, 2018.

The FHLB also reviewed its available-for-sale securities that have experienced unrealized losses at June 30, 2018 and determined that the unrealized losses are due primarily to interest rate volatility and/or illiquidity. These losses are considered temporary as the FHLB expects to 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 June 30, 2018.

The FHLB did not consider any of its investments to be other-than-temporarily impaired at December 31, 2017.

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. 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)

	June 30, 2018					December 31, 2017
Redemption Term	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Overdrawn demand deposit accounts	$	—		—	%	$	1,302		1.55	%
Due in 1 year or less	35,313,912			2.09		40,473,141			1.55
Due after 1 year through 2 years	15,314,072			2.31		15,655,118			1.69
Due after 2 years through 3 years	2,985,467			2.12		6,537,170			1.74
Due after 3 years through 4 years	1,701,851			2.26		1,980,655			2.00
Due after 4 years through 5 years	977,076			2.52		893,283			2.07
Thereafter	4,373,507			2.80		4,437,731			2.17
Total principal amount	60,665,885			2.21		69,978,400			1.66
Commitment fees	(498		)			(510		)
Discount on Affordable Housing Program (AHP) Advances	(5,071		)			(5,795		)
Premiums	1,651					1,789
Discounts	(3,645		)			(4,252		)
Hedging adjustments	(99,313		)			(51,421		)
Fair value option valuation adjustments and accrued interest	(30		)			13
Total	$	60,558,979				$	69,918,224

The FHLB offers certain fixed and variable-rate 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 to members. 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.

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

Year of Contractual Maturity or Next Call Date	June 30, 2018		December 31, 2017
Overdrawn demand deposit accounts	$	—	$	1,302
Due in 1 year or less	44,738,694		46,390,733
Due after 1 year through 2 years	9,048,897		15,054,889
Due after 2 years through 3 years	3,788,467		3,768,534
Due after 3 years through 4 years	1,054,698		2,903,655
Due after 4 years through 5 years	661,622		506,557
Thereafter	1,373,507		1,352,730
Total principal amount	$	60,665,885	$	69,978,400

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 put option when interest rates increase relative to contractual rates.

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

Year of Contractual Maturity or Next Put Date	June 30, 2018		December 31, 2017
Overdrawn demand deposit accounts	$	—	$	1,302
Due in 1 year or less	35,423,912		40,588,641
Due after 1 year through 2 years	15,314,072		15,649,618
Due after 2 years through 3 years	2,985,467		6,537,170
Due after 3 years through 4 years	1,701,851		1,980,655
Due after 4 years through 5 years	977,076		893,283
Thereafter	4,263,507		4,327,731
Total principal amount	$	60,665,885	$	69,978,400

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

	June 30, 2018		December 31, 2017
Total fixed-rate (1)	$	32,877,236	$	36,615,777
Total variable-rate (1)	27,788,649		33,362,623
Total principal amount	$	60,665,885	$	69,978,400

(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)

June 30, 2018					December 31, 2017
	Principal		% of Total Principal Amount of Advances			Principal		% of Total Principal Amount of Advances
JPMorgan Chase Bank, N.A.	$	19,500	32	%	JPMorgan Chase Bank, N.A.	$	23,950	34	%
U.S. Bank, N.A.	8,575		14		U.S. Bank, N.A.	8,975		13
Third Federal Savings and Loan Association	3,661		6		Third Federal Savings and Loan Association	3,756		5
Total	$	31,736	52	%	The Huntington National Bank	3,732		5
					Total	$	40,413	57	%

Note 8 - Mortgage Loans Held for Portfolio

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

	June 30, 2018			December 31, 2017
Unpaid principal balance:
Fixed rate medium-term single-family mortgage loans (1)	$	1,031,171		$	1,128,749
Fixed rate long-term single-family mortgage loans	8,591,947			8,325,465
Total unpaid principal balance	9,623,118			9,454,214
Premiums	217,615			217,716
Discounts	(2,900		)	(3,173		)
Hedging basis adjustments (2)	7,225			13,373
Total mortgage loans held for portfolio	$	9,845,058		$	9,682,130

(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)

	June 30, 2018		December 31, 2017
Unpaid principal balance:
Conventional mortgage loans	$	9,324,960	$	9,129,003
Federal Housing Administration (FHA) mortgage loans	298,158		325,211
Total unpaid principal balance	$	9,623,118	$	9,454,214

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)

	June 30, 2018					December 31, 2017
	Principal		% of Total			Principal		% of Total
Union Savings Bank	$	3,310	34	%	Union Savings Bank	$	3,247	34	%
Guardian Savings Bank FSB	948		10		Guardian Savings Bank FSB	933		10
Huntington National Bank	498		5		PNC Bank, N.A. (1)	516		5

(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, ongoing review of each borrower's financial condition, coupled with 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 law 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, agriculture loans and community development 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 over-collateralization, 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 June 30, 2018 and December 31, 2017, 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 June 30, 2018 and December 31, 2017, 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 six months endedJune 30, 2018 or 2017.

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 and the repayment history on credit products, the FHLB did not record any credit losses on credit products as of June 30, 2018 or December 31, 2017. Accordingly, the FHLB did not record any allowance for credit losses on Advances.

At June 30, 2018 and December 31, 2017, the FHLB did not record any liability to reflect an allowance for credit losses for off-balance sheet credit exposures. 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. The FHLB expects to recover any losses from such loans 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 FHLB determines the allowance for conventional loans through 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 FHLB performs the credit risk analysis of all conventional mortgage loans 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 a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally 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 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. The FHLB removes specifically identified loans evaluated for impairment 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 June 30,
	2018			2017
Balance, beginning of period	$	1,068		$	880
Net (charge offs) recoveries	(115		)	90
Balance, end of period	$	953		$	970
	Six Months Ended June 30,
	2018			2017
Balance, beginning of period	$	1,190		$	1,142
Net charge offs	(237		)	(172		)
Balance, end of period	$	953		$	970

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

	June 30, 2018		December 31, 2017
Allowance for credit losses:
Collectively evaluated for impairment	$	953	$	1,190
Individually evaluated for impairment	—		—
Total allowance for credit losses	$	953	$	1,190
Recorded investment:
Collectively evaluated for impairment	$	9,564,267	$	9,373,393
Individually evaluated for impairment	10,290		10,109
Total recorded investment	$	9,574,557	$	9,383,502

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. The LRA is recorded in other liabilities in the Statements of Condition. 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)

	Six Months Ended
	June 30, 2018
LRA at beginning of year	$	200,745
Additions	8,923
Claims	(117		)
Scheduled distributions	(5,628		)
LRA at end of period	$	203,923

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Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, loans in process of foreclosure, and non-accrual loans. 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)

	June 30, 2018
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	30,029		$	15,750		$	45,779
Past due 60-89 days delinquent	5,866			5,403			11,269
Past due 90 days or more delinquent	12,558			9,492			22,050
Total past due	48,453			30,645			79,098
Total current mortgage loans	9,526,104			271,665			9,797,769
Total mortgage loans	$	9,574,557		$	302,310		$	9,876,867
Other delinquency statistics:
In process of foreclosure, included above (1)	$	8,437		$	4,580		$	13,017
Serious delinquency rate (2)	0.13		%	3.14		%	0.23		%
Past due 90 days or more still accruing interest (3)	$	11,134		$	9,492		$	20,626
Loans on non-accrual status, included above	$	2,805		$	—		$	2,805
	December 31, 2017
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	36,662		$	20,992		$	57,654
Past due 60-89 days delinquent	8,040			6,974			15,014
Past due 90 days or more delinquent	16,702			10,484			27,186
Total past due	61,404			38,450			99,854
Total current mortgage loans	9,322,098			291,371			9,613,469
Total mortgage loans	$	9,383,502		$	329,821		$	9,713,323
Other delinquency statistics:
In process of foreclosure, included above (1)	$	10,039		$	4,767		$	14,806
Serious delinquency rate (2)	0.19		%	3.19		%	0.29		%
Past due 90 days or more still accruing interest (3)	$	15,431		$	10,484		$	25,915
Loans on non-accrual status, included above	$	2,713		$	—		$	2,713

(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 June 30, 2018 or December 31, 2017.

21

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)

	June 30, 2018						December 31, 2017
Conventional MPP loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance	$	10,290	$	10,083	$	—	$	10,109	$	9,912	$	—
With an allowance	—		—		—		—		—		—
Total	$	10,290	$	10,083	$	—	$	10,109	$	9,912	$	—

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

	Three Months Ended June 30,
	2018				2017
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	10,070	$	115	$	9,529	$	113
	Six Months Ended June 30,
	2018				2017
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	9,914	$	228	$	9,284	$	221

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 estimating expected cash shortfalls incurred as of the reporting date.

The FHLB's recorded investment in modified loans considered troubled debt restructurings was (in thousands) $10,290 and $10,109 at June 30, 2018 and December 31, 2017, respectively. The amount of troubled debt restructurings is not considered material to the FHLB's financial condition, results of operations, or cash flows.

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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 interest-bearing liabilities 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 interest-bearing liabilities. The FHLB uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives. See Note 11 - Derivatives and Hedging Activities in the FHLB's 2017 Annual Report on Form 10-K for additional information on the FHLB's derivative transactions.

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 (uncleared 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 executing counterparty is replaced with the Clearinghouse. The FHLB is not a derivative dealer and does not trade derivatives for short-term profit.

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 counterparties, the types of derivatives, the items being hedged and any offsets between the derivatives and the items being hedged.

23

Table 10.1 summarizes the notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.

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

	June 30, 2018
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	6,077,037	$	2,393		$	5,131
Derivatives not designated as hedging instruments:
Interest rate swaps	6,400,840		2,948			1,061
Interest rate swaptions	2,089,000		8,278			—
Forward rate agreements	334,000		7			1,076
Mortgage delivery commitments	368,849		1,017			47
Total derivatives not designated as hedging instruments	9,192,689		12,250			2,184
Total derivatives before adjustments	$	15,269,726	14,643			7,315
Netting adjustments and cash collateral (1)			53,257			(5,528		)
Total derivative assets and total derivative liabilities			$	67,900		$	1,787
	December 31, 2017 (2)
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	5,992,762	$	58,027		$	9,190
Derivatives not designated as hedging instruments:
Interest rate swaps	5,789,265		2,639			363
Interest rate swaptions	2,316,000		3,171			—
Forward rate agreements	212,000		27			230
Mortgage delivery commitments	218,651		453			17
Total derivatives not designated as hedging instruments	8,535,916		6,290			610
Total derivatives before adjustments	$	14,528,678	64,317			9,800
Netting adjustments and cash collateral (1)			(3,622		)	(6,907		)
Total derivative assets and total derivative liabilities			$	60,695		$	2,893

(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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

24

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

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

	Three Months Ended June 30,
	2018			2017
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	1,570		$	(205	)
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	5,504			16,380
Interest rate swaptions	(3,909		)	(2,053		)
Forward rate agreements	455			(3,136		)
Net interest settlements	(14,857		)	(1,451		)
Mortgage delivery commitments	(336		)	3,582
Total net (losses) gains related to derivatives not designated as hedging instruments	(13,143		)	13,322
Other (1)	(19		)	143
Net (losses) gains on derivatives and hedging activities	$	(11,592	)	$	13,260
	Six Months Ended June 30,
	2018			2017
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	2,562		$	140
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	(18,973		)	12,833
Interest rate swaptions	749			(10,369		)
Forward rate agreements	4,484			(3,513		)
Net interest settlements	(22,181		)	(1,083		)
Mortgage delivery commitments	(4,585		)	6,877
Total net (losses) gains related to derivatives not designated as hedging instruments	(40,506		)	4,745
Other (1)	(21		)	259
Net (losses) gains on derivatives and hedging activities	$	(37,965	)	$	5,144

(1) Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract.

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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 June 30,
2018	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	$	7,257		$	(5,406	)	$	1,851		$	6,541
Consolidated Bonds	1,276			(1,557		)	(281		)	(1,607		)
Total	$	8,533		$	(6,963	)	$	1,570		$	4,934
2017
Hedged Item Type:
Advances	$	(9,666	)	$	9,279		$	(387	)	$	(4,744	)
Consolidated Bonds	806			(624		)	182			(157		)
Total	$	(8,860	)	$	8,655		$	(205	)	$	(4,901	)
	Six Months Ended June 30,
2018	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	$	50,310		$	(47,569	)	$	2,741		$	7,434
Consolidated Bonds	865			(1,044		)	(179		)	(2,850		)
Total	$	51,175		$	(48,613	)	$	2,562		$	4,584
2017
Hedged Item Type:
Advances	$	(299	)	$	110		$	(189	)	$	(11,445	)
Consolidated Bonds	(264		)	593			329			266
Total	$	(563	)	$	703		$	140		$	(11,179	)

(1) For fair value hedge relationships, the net effect of derivatives 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) $(152) and $(683) of (amortization)/accretion related to fair value hedging activities for the three months endedJune 30, 2018 and 2017 and (in thousands) $(323) and $(1,287) for the six months endedJune 30, 2018 and 2017.

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 uncleared 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 on its uncleared 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 FHLB utilizes two Clearinghouses for all cleared derivative transactions, LCH Ltd. and CME Clearing. Effective January 16, 2018, LCH Ltd. made certain amendments to its rulebook changing the legal characterization of variation margin payments to be daily settlement payments, rather than collateral. CME Clearing made the same change to its rulebook on January 3, 2017. As a result, at both

26

Clearinghouses, variation margin is characterized as daily settlement payments, rather than cash collateral. At both Clearinghouses, initial margin continues to be considered collateral. 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/payments for changes in the value of cleared derivatives is posted daily through a clearing agent.

Certain of the FHLB's uncleared derivative contracts contain credit-risk-related contingent features 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 such uncleared derivatives in a net liability position (before cash collateral and related accrued interest) at June 30, 2018 was (in thousands) $564, for which the FHLB was not required to post any collateral. If the FHLB's credit ratings had been lowered to the next lower rating, the FHLB would not have been required to deliver any additional collateral at June 30, 2018.

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 June 30, 2018, the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations.

Offsetting of Derivative Assets and Derivative Liabilities

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

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.

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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 June 30, 2018 and December 31, 2017, the FHLB did not receive or pledge any non-cash collateral. Any over-collateralization 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)

	June 30, 2018
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	12,870	$	(11,280	)	$	1,024	$	2,614
Cleared	749		64,537			—		65,286
Total								$	67,900
Derivative Liabilities:
Uncleared	$	6,040	$	(5,376	)	$	1,123	$	1,787
Cleared	152		(152		)	—		—
Total								$	1,787
	December 31, 2017 (2)
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	5,239	$	(5,215	)	$	480	$	504
Cleared	58,598		1,593			—		60,191
Total								$	60,695
Derivative Liabilities:
Uncleared	$	8,773	$	(6,127	)	$	247	$	2,893
Cleared	780		(780		)	—		—
Total								$	2,893

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

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

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Note 11 - Deposits

Table 11.1 - Deposits (in thousands)

	June 30, 2018		December 31, 2017
Interest bearing:
Demand and overnight	$	679,594	$	590,617
Term	54,850		52,600
Other	3,705		5,509
Total interest bearing	738,149		648,726
Non-interest bearing:
Other	3,262		1,805
Total non-interest bearing	3,262		1,805
Total deposits	$	741,411	$	650,531

The average interest rates paid on interest bearing deposits were 1.52 percent and 0.59 percent in the three months endedJune 30, 2018 and 2017, respectively, and 1.38 percent and 0.49 percent in the six months endedJune 30, 2018 and 2017, respectively.

Note 12 - Consolidated Obligations

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

	Book Value		Principal Amount		Weighted Average Interest Rate (1)
June 30, 2018	$	50,062,566	$	50,159,754	1.87	%
December 31, 2017	$	46,210,458	$	46,258,644	1.23	%

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

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

	June 30, 2018					December 31, 2017
Year of Contractual Maturity	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	26,989,640		1.77	%	$	28,940,265		1.34	%
Due after 1 year through 2 years	6,523,565			2.03		5,841,800			1.74
Due after 2 years through 3 years	5,829,000			1.85		4,770,565			1.89
Due after 3 years through 4 years	4,257,000			2.25		6,017,000			1.92
Due after 4 years through 5 years	1,954,620			2.32		2,244,620			2.24
Thereafter	5,629,055			2.78		6,343,055			2.72
Total principal amount	51,182,880			1.99		54,157,305			1.69
Premiums	80,332					86,521
Discounts	(28,583		)			(30,669		)
Hedging adjustments	(2,102		)			(3,146		)
Fair value option valuation adjustment and    accrued interest	(59,553		)			(46,950		)
Total	$	51,172,974				$	54,163,061

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

	June 30, 2018		December 31, 2017
Principal Amount of Consolidated Bonds:
Non-callable	$	44,139,880	$	47,155,305
Callable	7,043,000		7,002,000
Total principal amount	$	51,182,880	$	54,157,305

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

Year of Contractual Maturity or Next Call Date	June 30, 2018		December 31, 2017
Due in 1 year or less	$	33,117,640	$	35,029,265
Due after 1 year through 2 years	5,548,565		5,369,800
Due after 2 years through 3 years	4,794,000		3,715,565
Due after 3 years through 4 years	2,907,000		4,388,000
Due after 4 years through 5 years	1,528,620		1,823,620
Thereafter	3,287,055		3,831,055
Total principal amount	$	51,182,880	$	54,157,305

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

	June 30, 2018		December 31, 2017
Principal Amount of Consolidated Bonds:
Fixed-rate	$	33,117,880	$	33,252,305
Variable-rate	18,005,000		20,895,000
Step-up	60,000		10,000
Total principal amount	$	51,182,880	$	54,157,305

Note 13 - Affordable Housing Program (AHP)

The FHLBank Act requires each FHLBank to establish an AHP. Each FHLBank provides subsidies in the form of direct grants and below-market interest rate AHP Advances to members who use the funds to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Annually, the FHLBanks must set aside for the AHP the greater of $100 million or 10 percent of net earnings. For purposes of the AHP calculation, net earnings is defined as net income before assessments, plus interest expense related to mandatorily redeemable capital stock. The FHLB accrues AHP expense monthly based on its net earnings. The FHLB reduces the AHP liability as members use subsidies.

Table 13.1 - Analysis of AHP Liability (in thousands)

Balance at December 31, 2017	$	109,877
Assessments (current year additions)	18,712
Subsidy uses, net	(11,365		)
Balance at June 30, 2018	$	117,224

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Note 14 - Capital

Table 14.1 - Capital Requirements (dollars in thousands)

	June 30, 2018						December 31, 2017
	Minimum Requirement			Actual			Minimum Requirement			Actual
Risk-based capital	$	1,014,458		$	5,546,059		$	886,033		$	5,211,204
Capital-to-assets ratio (regulatory)	4.00		%	5.13		%	4.00		%	4.88		%
Regulatory capital	$	4,322,876		$	5,546,059		$	4,275,809		$	5,211,204
Leverage capital-to-assets ratio (regulatory)	5.00		%	7.70		%	5.00		%	7.31		%
Leverage capital	$	5,403,595		$	8,319,089		$	5,344,761		$	7,816,806

Restricted Retained Earnings. At June 30, 2018 and December 31, 2017 the FHLB had (in thousands) $356,521 and $322,999 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, 2017	$	30,031
Capital stock subject to mandatory redemption reclassified from equity	3,456
Capital stock previously subject to mandatory redemption reclassified to capital	(5,599		)
Redemption (or other reduction) of mandatorily redeemable capital stock	(4,647		)
Balance, June 30, 2018	$	23,241

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

Contractual Year of Redemption	June 30, 2018		December 31, 2017
Year 1	$	1,673	$	20
Year 2	408		1,811
Year 3	20		439
Year 4	1,734		2,912
Year 5	1,799		5,257
Thereafter (1)	624		610
Past contractual redemption date due to remaining activity (2)	16,983		18,982
Total	$	23,241	$	30,031

(1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB members on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination.

(2) 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 and six months endedJune 30, 2018 and 2017.

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

	Net unrealized (losses) gains on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, MARCH 31, 2017	$	(3	)	$	(12,937	)	$	(12,940	)
Other comprehensive income before reclassification:
Net unrealized gains	7			—			7
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			511			511
Net current period other comprehensive income	7			511			518
BALANCE, JUNE 30, 2017	$	4		$	(12,426	)	$	(12,422	)
BALANCE, MARCH 31, 2018	$	19		$	(16,050	)	$	(16,031	)
Other comprehensive income before reclassification:
Net unrealized gains	201			—			201
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			487			487
Net current period other comprehensive income	201			487			688
BALANCE, JUNE 30, 2018	$	220		$	(15,563	)	$	(15,343	)

	Net unrealized gains (losses) on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, DECEMBER 31, 2016	$	23		$	(13,279	)	$	(13,256	)
Other comprehensive income before reclassification:
Net unrealized losses	(19		)	—			(19		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			853			853
Net current period other comprehensive (loss) income	(19		)	853			834
BALANCE, JUNE 30, 2017	$	4		$	(12,426	)	$	(12,422	)
BALANCE, DECEMBER 31, 2017	$	(124	)	$	(16,536	)	$	(16,660	)
Other comprehensive income before reclassification:
Net unrealized gains	344			—			344
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			973			973
Net current period other comprehensive income	344			973			1,317
BALANCE, JUNE 30, 2018	$	220		$	(15,563	)	$	(15,343	)

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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 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 $2,525,000 and $1,644,000 in the three months endedJune 30, 2018 and 2017, respectively, and $5,051,000 and $3,289,000 in the six months endedJune 30, 2018 and 2017, 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 $290,000 and $268,000 in the three months endedJune 30, 2018 and 2017, respectively, and $767,000 and $721,000 in the six months endedJune 30, 2018 and 2017, respectively.

Nonqualified Supplemental Defined Benefit Retirement Plan (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 June 30,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2018		2017		2018		2017
Net Periodic Benefit Cost
Service cost	$	277	$	237	$	4	$	7
Interest cost	331		359		42		48
Amortization of net loss	487		509		—		2
Net periodic benefit cost	$	1,095	$	1,105	$	46	$	57
	Six Months Ended June 30,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2018		2017		2018		2017
Net Periodic Benefit Cost
Service cost	$	553	$	441	$	9	$	14
Interest cost	663		684		83		98
Amortization of net loss	973		850		—		3
Net periodic benefit cost	$	2,189	$	1,975	$	92	$	115

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For the Defined Benefit Retirement Plan and the Postretirement Benefits Plan, the related service cost is recorded as part of Non-Interest Expense - Compensation and Benefits on the Statements of Income. The non-service related components of interest cost and amortization of net loss are recorded as Non-Interest Expense - Other in the Statements of Income.

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 June 30,
	Traditional Member Finance			MPP			Total
2018
Net interest income	$	103,643		$	25,548		$	129,191
Non-interest loss	(10,737		)	(2,072		)	(12,809		)
Non-interest expense	19,381			2,760			22,141
Income before assessments	73,525			20,716			94,241
Affordable Housing Program assessments	7,388			2,072			9,460
Net income	$	66,137		$	18,644		$	84,781
2017
Net interest income	$	82,116		$	23,652		$	105,768
Non-interest income (loss)	10,639			(583		)	10,056
Non-interest expense	16,980			2,560			19,540
Income before assessments	75,775			20,509			96,284
Affordable Housing Program assessments	7,639			2,051			9,690
Net income	$	68,136		$	18,458		$	86,594

	Six Months Ended June 30,
	Traditional Member Finance			MPP			Total
2018
Net interest income	$	196,727		$	50,524		$	247,251
Non-interest (loss) income	(16,927		)	261			(16,666		)
Non-interest expense	38,245			6,020			44,265
Income before assessments	141,555			44,765			186,320
Affordable Housing Program assessments	14,235			4,477			18,712
Net income	$	127,320		$	40,288		$	167,608
2017
Net interest income	$	161,990		$	47,051		$	209,041
Non-interest income (loss)	1,074			(1,731		)	(657		)
Non-interest expense	34,120			5,486			39,606
Income before assessments	128,944			39,834			168,778
Affordable Housing Program assessments	13,002			3,984			16,986
Net income	$	115,942		$	35,850		$	151,792

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Table 17.2 - Asset Balances by Operating Segment (in thousands)

	Assets
	Traditional Member Finance		MPP		Total
June 30, 2018	$	96,271,130	$	11,800,769	$	108,071,899
December 31, 2017	95,525,754		11,369,460		106,895,214

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. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values.

Fair Value Hierarchy. 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 six months endedJune 30, 2018 or 2017.

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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. 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, and on occasion, certain mortgage loans held for portfolio on a nonrecurring basis. The FHLB records all other financial assets and liabilities at amortized cost. Refer to Table 18.2 for further details about the financial assets and liabilities held at fair value on either a recurring or non-recurring basis.

Table 18.1 - Fair Value Summary (in thousands)

	June 30, 2018
			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	$	15,674	$	15,674	$	15,674	$	—	$	—	$	—
Interest-bearing deposits	205		205		—		205		—		—
Securities purchased under agreements to resell	4,133,322		4,133,342		—		4,133,342		—		—
Federal funds sold	13,670,000		13,670,000		—		13,670,000		—		—
Trading securities	690		690		—		690		—		—
Available-for-sale securities	2,900,220		2,900,220		—		2,900,220		—		—
Held-to-maturity securities	16,677,453		16,405,711		—		16,405,711		—		—
Advances (2)	60,558,979		60,499,801		—		60,499,801		—		—
Mortgage loans held for portfolio, net	9,844,105		9,621,088		—		9,604,893		16,195		—
Accrued interest receivable	187,414		187,414		—		187,414		—		—
Derivative assets	67,900		67,900		—		14,643		—		53,257
Liabilities:
Deposits	741,411		741,269		—		741,269		—		—
Consolidated Obligations:
Discount Notes	50,062,566		50,065,134		—		50,065,134		—		—
Bonds (3)	51,172,974		50,717,065		—		50,717,065		—		—
Mandatorily redeemable capital stock	23,241		23,241		23,241		—		—		—
Accrued interest payable	130,870		130,870		—		130,870		—		—
Derivative liabilities	1,787		1,787		—		7,315		—		(5,528		)
Other:
Commitments to extend credit for Advances	—		3		—		3		—		—
Standby bond purchase agreements	—		641		—		641		—		—

(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) $4,970 of Advances recorded under the fair value option at June 30, 2018.

(3) Includes (in thousands) $6,186,288 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2018.

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	December 31, 2017
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)(2)
Assets:
Cash and due from banks	$	26,550	$	26,550	$	26,550	$	—	$	—	$	—
Interest-bearing deposits	140		140		—		140		—		—
Securities purchased under agreements to resell	7,701,929		7,701,934		—		7,701,934		—		—
Federal funds sold	3,650,000		3,650,000		—		3,650,000		—		—
Trading securities	781		781		—		781		—		—
Available-for-sale securities	899,876		899,876		—		899,876		—		—
Held-to-maturity securities	14,804,970		14,682,329		—		14,682,329		—		—
Advances (3)	69,918,224		69,894,641		—		69,894,641		—		—
Mortgage loans held for portfolio, net	9,680,940		9,731,947		—		9,714,802		17,145		—
Accrued interest receivable	128,561		128,561		—		128,561		—		—
Derivative assets	60,695		60,695		—		64,317		—		(3,622		)
Liabilities:
Deposits	650,531		650,422		—		650,422		—		—
Consolidated Obligations:
Discount Notes	46,210,458		46,209,716		—		46,209,716		—		—
Bonds (4)	54,163,061		54,095,627		—		54,095,627		—		—
Mandatorily redeemable capital stock	30,031		30,031		30,031		—		—		—
Accrued interest payable	128,652		128,652		—		128,652		—		—
Derivative liabilities	2,893		2,893		—		9,800		—		(6,907		)
Other:
Commitments to extend credit for Advances	—		4		—		4		—		—
Standby bond purchase agreements	—		354		—		354		—		—

(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) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

(3) Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017.

(4) Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017.

Summary of Valuation Methodologies and Primary Inputs.

A description of the valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statement of Condition are disclosed in Note 19 - Fair Value Disclosures in the FHLB's 2017 Annual Report on Form 10-K. There have been no changes in the valuation methodologies during 2018.

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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 June 30, 2018 and December 31, 2017, by level within the fair value hierarchy. The FHLB records nonrecurring fair value adjustments to reflect partial write-downs on certain mortgage loans.

Table 18.2 - Fair Value Measurements (in thousands)

	Fair Value Measurements at June 30, 2018
	Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
U.S. obligation single-family MBS	$	690	$	—	$	690	$	—	$	—
Available-for-sale securities:
Certificates of deposit	2,900,220		—		2,900,220		—		—
Advances	4,970		—		4,970		—		—
Derivative assets:
Interest rate related	66,876		—		13,619		—		53,257
Forward rate agreements	7		—		7		—		—
Mortgage delivery commitments	1,017		—		1,017		—		—
Total derivative assets	67,900		—		14,643		—		53,257
Total assets at fair value	$	2,973,780	$	—	$	2,920,523	$	—	$	53,257
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	6,186,288	$	—	$	6,186,288	$	—	$	—
Derivative liabilities:
Interest rate related	664		—		6,192		—		(5,528		)
Forward rate agreement	1,076		—		1,076		—		—
Mortgage delivery commitments	47		—		47		—		—
Total derivative liabilities	1,787		—		7,315		—		(5,528		)
Total liabilities at fair value	$	6,188,075	$	—	$	6,193,603	$	—	$	(5,528	)
Nonrecurring fair value measurements - Assets (2)
Mortgage loans held for portfolio	$	323	$	—	$	—	$	323

(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) The fair value information presented is as of the date the fair value adjustment was recorded during the six months endedJune 30, 2018.

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	Fair Value Measurements at December 31, 2017
	Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)(2)
Recurring fair value measurements - Assets
Trading securities:
U.S. obligation single-family MBS	$	781	$	—	$	781	$	—	$	—
Available-for-sale securities:
Certificates of deposit	899,876		—		899,876		—		—
Advances	15,013		—		15,013		—		—
Derivative assets:
Interest rate related	60,215		—		63,837		—		(3,622		)
Forward rate agreements	27		—		27		—		—
Mortgage delivery commitments	453		—		453		—		—
Total derivative assets	60,695		—		64,317		—		(3,622		)
Total assets at fair value	$	976,365	$	—	$	979,987	$	—	$	(3,622	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	5,577,315	$	—	$	5,577,315	$	—	$	—
Derivative liabilities:
Interest rate related	2,646		—		9,553		—		(6,907		)
Forward rate agreements	230		—		230		—		—
Mortgage delivery commitments	17		—		17		—		—
Total derivative liabilities	2,893		—		9,800		—		(6,907		)
Total liabilities at fair value	$	5,580,208	$	—	$	5,587,115	$	—	$	(6,907	)
Nonrecurring fair value measurements - Assets (3)
Mortgage loans held for portfolio	$	598	$	—	$	—	$	598

(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) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

(3) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017.

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 financial instruments 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 presents net (losses) gains recognized in earnings related to financial assets and liabilities in which the fair value option was elected during the six months endedJune 30, 2018 and 2017.

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

	Three Months Ended June 30,						Six Months Ended June 30,
Net (Losses) Gains from Changes in Fair Value Recognized in Earnings	2018			2017			2018			2017
Advances	$	(2	)	$	(13	)	$	(30	)	$	(29	)
Consolidated Bonds	(3,892		)	(6,384		)	15,861			(12,429		)
Total net (losses) gains	$	(3,894	)	$	(6,397	)	$	15,831		$	(12,458	)

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, except for changes in fair value related to instrument specific credit risk, which are recorded in accumulated other comprehensive income in the Statement of Condition. The FHLB has determined that none of the remaining changes in fair value were related to instrument-specific credit risk for the six months endedJune 30, 2018 or 2017. In determining that there has been no change in instrument-specific credit risk period to period, the FHLB primarily considered the following factors:

▪ The FHLB is a federally chartered GSE, and as a result of this status, the FHLB’s Consolidated Obligations have historically received the same credit ratings as the government bond credit rating of the United States, even though they are not Obligations of the United States and are not guaranteed by the United States.

▪ The FHLB is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all Consolidated Obligations of each of the other FHLBanks.

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 18.4 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)

	June 30, 2018							December 31, 2017
	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)	$	5,000	$	4,970	$	(30	)	$	15,000	$	15,013	$	13
Consolidated Bonds	6,245,841		6,186,288		(59,553		)	5,624,265		5,577,315		(46,950		)

(1) At June 30, 2018 and December 31, 2017, 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)

	June 30, 2018						December 31, 2017
Notional Amount	Expire within one year		Expire after one year		Total		Expire within one year		Expire after one year		Total
Standby Letters of Credit	$	14,163,172	$	318,446	$	14,481,618	$	14,388,745	$	302,237	$	14,690,982
Commitments for standby bond purchases	23,510		56,175		79,685		27,230		44,645		71,875
Commitments to fund additional Advances	45,000		—		45,000		5,000		—		5,000
Commitments to purchase mortgage loans	368,849		—		368,849		218,651		—		218,651
Unsettled Consolidated Discount Notes, principal amount (1)	5,000		—		5,000		309,662		—		309,662

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

Legal Proceedings. From time to time, the FHLB is subject to 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 could be reasonably estimated. After consultation with legal counsel, management does not anticipate that ultimate liability, if any, arising out of any matters will have a material effect on the FHLB's financial condition or results of operations.

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 June 30, 2018 or December 31, 2017. The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the six months endedJune 30, 2018 and 2017.

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

	Average Daily Balances for the Six Months Ended June 30,
	2018		2017
Loans to other FHLBanks	$	2,762	$	28
Borrowings from other FHLBanks	552		1,381

In addition, 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 six months ended June 30, 2018 or 2017. The FHLB had no Consolidated Obligations transferred to other FHLBanks during these periods.

Note 21 - Transactions with Stockholders

As a cooperative, the FHLB's capital stock is owned by its members, by former members that retain the stock as provided in the FHLB's Capital Plan and by nonmember institutions that have acquired members and must retain the stock to support Advances or other activities with the FHLB. All Advances are issued to members and all mortgage loans held for portfolio are purchased from members. The FHLB also maintains demand deposit accounts for members, primarily to facilitate settlement activities that are directly related to Advances and mortgage loan purchases. Additionally, the FHLB may enter into interest rate swaps with its stockholders. The FHLB may not invest in any equity securities issued by its stockholders and it has not purchased any MBS securitized by, or other direct long-term investments in, its stockholders.

For financial statement purposes, the FHLB defines related parties as those members with more than 10 percent of the voting interests of the FHLB capital stock outstanding. Federal statute prescribes the voting rights of members in the election of both

41

Member and Independent directors. For Member directorships, the Finance Agency designates the number of Member directorships in a given year and an eligible voting member may vote only for candidates seeking election in its respective state. For Independent directors, the FHLB's Board of Directors nominates candidates to be placed on the ballot in an at-large election. For both Member and Independent director elections, a member is entitled to vote one share of required capital stock, subject to a statutory limitation, for each applicable directorship. Under this limitation, the total number of votes that a member may cast is limited to the average number of shares of the FHLB's capital stock that were required to be held by all members in that state as of the record date for voting. Nonmember stockholders are not eligible to vote in director elections. Due to these statutory limitations, no member owned more than 10 percent of the voting interests of the FHLB at June 30, 2018 or December 31, 2017.

All transactions with stockholders are entered into in the ordinary course of business. Finance Agency regulations require the FHLB to offer the same pricing for Advances and other services to all members regardless of asset or transaction size, charter type, or geographic location. However, the FHLB may, in pricing its Advances, distinguish among members based upon its assessment of the credit and other risks to the FHLB of lending to any particular member or upon other reasonable criteria that may be applied equally to all members. The FHLB's policies and procedures require that such standards and criteria be applied consistently and without discrimination to all members applying for Advances.

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 MBS or derivatives transactions with Directors' Financial Institutions at June 30, 2018 or December 31, 2017.

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

	June 30, 2018				December 31, 2017
	Balance		% of Total(1)		Balance		% of Total (1)
Advances	$	5,171	8.5	%	$	3,558	5.1	%
MPP	598		6.2		112		1.2
Regulatory capital stock	460		10.1		187		4.4

(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 of stockholders holding five percent or more of regulatory capital stock and includes 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
June 30, 2018	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,059	23	%	$	19,500	$	—
U.S. Bank, N.A.	836		18		8,575		21
The Huntington National Bank	282		6		1,631		498
Fifth Third Bank	248		5		1,211		2

	Regulatory Capital Stock				Advance		MPP Unpaid
December 31, 2017	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,059	25	%	$	23,950	$	—
U.S. Bank, N.A.	593		14		8,975		23
The Huntington National Bank	282		7		3,732		456
Fifth Third Bank	248		6		3,140		2

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 June 30, 2018 or December 31, 2017. The FHLB has executed standby

42

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 six months of 2018 and 2017, the FHLB was not required to purchase any bonds under these agreements.

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)	June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
STATEMENT OF CONDITION DATA AT PERIOD END:
Total assets	$	108,072		$	111,709		$	106,895		$	105,251		$	109,053
Advances	60,559			63,883			69,918			67,943			71,088
Mortgage loans held for portfolio	9,845			9,732			9,682			9,505			9,448
Allowance for credit losses on mortgage loans	1			1			1			1			1
Investments (1)	37,382			36,012			27,058			27,575			27,934
Consolidated Obligations, net:
Discount Notes	50,063			53,089			46,211			49,540			49,360
Bonds	51,173			51,767			54,163			49,298			53,359
Total Consolidated Obligations, net	101,236			104,856			100,374			98,838			102,719
Mandatorily redeemable capital stock	23			28			30			32			36
Capital:
Capital stock - putable	4,539			4,524			4,241			4,229			4,220
Retained earnings	984			961			940			915			890
Accumulated other comprehensive loss	(16		)	(16		)	(16		)	(12		)	(12		)
Total capital	5,507			5,469			5,165			5,132			5,098
STATEMENT OF INCOME DATA FOR THE QUARTER:
Net interest income after provision for credit losses	$	129		$	118		$	110		$	110		$	106
Non-interest (loss) income	(13		)	(4		)	2			(3		)	10
Non-interest expense	22			22			19			20			20
Affordable Housing Program assessments	9			9			9			9			9
Net income	$	85		$	83		$	84		$	78		$	87
FINANCIAL RATIOS FOR THE QUARTER:
Dividend payout ratio (2)	73.8		%	74.1		%	69.7		%	69.1		%	56.3		%
Weighted average dividend rate (3)	5.75			5.75			5.50			5.25			4.75
Return on average equity	6.15			6.23			6.42			5.97			6.94
Return on average assets	0.32			0.30			0.33			0.30			0.35
Net interest margin (4)	0.48			0.44			0.43			0.42			0.42
Average equity to average assets	5.15			4.89			5.10			4.95			4.99
Regulatory capital ratio (5)	5.13			4.94			4.88			4.92			4.72
Operating expense to average assets (6)	0.061			0.066			0.058			0.061			0.056

(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 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.

(6) Operating expenses comprise compensation and benefits and other operating expenses, which are included in non-interest expense.

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Financial Condition

Mission Asset Activity

In the first six months of 2018, the FHLB fulfilled its mission by providing a key source of readily available and competitively priced wholesale funding to its member financial institutions, supporting its commitment to affordable housing and community investment, and paying stockholders a competitive dividend return on their capital investment.

Mission Assets, which we define as Advances, Letters of Credit, and total MPP (including purchase commitments), are the primary means by which we fulfill our mission with direct connections to members. We regularly monitor our balance sheet concentration of Mission Asset Activity. In the first six months of 2018, our Primary Mission Asset ratio, which measures the sum of average Advances and mortgage loans as a percentage of average Consolidated Obligations, was 77 percent, well above the Federal Housing Finance Agency (Finance Agency) preferred ratio of 70 percent. In assessing overall mission achievement, we also consider supplemental sources of Mission Asset Activity, the most significant of which is Letters of Credit issued to members.

The following table summarizes our Mission Asset Activity.

	Ending Balances						Average Balances
	June 30,				December 31,		Six Months Ended June 30,				Year Ended December 31,
(In millions)	2018		2017		2017		2018		2017		2017
Mission Asset Activity:
Advances (principal)	$	60,666	$	71,112	$	69,978	$	69,456	$	67,562	$	67,683
Mortgage Purchase Program (MPP):
Mortgage loans held for portfolio (principal)	9,623		9,224		9,454		9,527		9,102		9,224
Mandatory Delivery Contracts (notional)	369		264		219		269		294		293
Total MPP	9,992		9,488		9,673		9,796		9,396		9,517
Letters of Credit (notional)	14,482		17,175		14,691		15,306		16,920		16,457
Total Mission Asset Activity	$	85,140	$	97,775	$	94,342	$	94,558	$	93,878	$	93,657

The balance of Mission Asset Activity was $85.1 billion at June 30, 2018, a decrease of $9.2 billion (10 percent) from year-end 2017, primarily driven by lower Advance balances. Advance principal balances decreased $9.3 billion (13 percent) primarily due to a reduction in borrowings from a few large-asset members. However, average Advance principal balances for the six months ended 2018 were up $1.9 billion compared to the same period of 2017. At June 30, 2018, 71 percent of members held Mission Asset Activity, which was relatively stable compared to prior periods.

Based on the most-recently available figures, members funded an average of 3.4 percent of their assets with Advances. As in recent years, most members continued to have modest demand for Advance borrowings. Demand for Advances is affected by the accessibility and cost of other sources of liquidity, such as deposits, available to members.

The MPP principal balance rose $0.2 billion (two percent) from year-end 2017. During the first six months of 2018, we purchased $0.7 billion of mortgage loans, while principal reductions totaled $0.5 billion.

Based on earnings in the first six months of 2018, we accrued $19 million for the Affordable Housing Program (AHP) pool of funds to be available to members in 2019. In addition to the required AHP assessment, 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 June 30, 2018 was $37.4 billion, an increase of $10.3 billion (38 percent) from year-end 2017. Investments averaged $29.4 billion in the first six months of 2018, an increase of $5.8 billion (25 percent) from the average balance during the same period of 2017. The increases in the ending and average balances of investments were driven by higher liquidity investments, which can vary by up to several billion dollars on a daily basis during times of volatility in Advance balances. At June 30, 2018, investments included $16.7 billion of mortgage-backed securities (MBS) and $20.7 billion of other

45

investments, which were mostly short-term instruments held for liquidity. All of our MBS held at June 30, 2018 were issued and guaranteed by Fannie Mae, Freddie Mac or a U.S. agency.

We maintained a robust amount of asset liquidity throughout the first six months of 2018 across 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 six months of 2018, surpassing all minimum regulatory capital requirements. The GAAP capital-to-assets ratio at June 30, 2018 was 5.10 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 $342 million and $335 million, respectively, in the first six months of 2018, due to purchases of capital stock associated with Advance activity and the growth in retained earnings.

Retained earnings totaled $984 million at June 30, 2018, an increase of $44 million (five percent) from year-end 2017. 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 or augment future dividends. Our capital policies and Capital Plan also have safeguards to ensure we meet regulatory and prudential capital requirements.

Results of Operations

Overall Results

The table below summarizes our results of operations.

	Three Months Ended June 30,						Six Months Ended June 30,						Year Ended December 31,
(Dollars in millions)	2018			2017			2018			2017			2017
Net income	$	85		$	87		$	168		$	152		$	314
Affordable Housing Program assessments	9			9			19			17			35
Return on average equity (ROE)	6.15		%	6.94		%	6.19		%	6.10		%	6.15		%
Return on average assets	0.32			0.35			0.31			0.30			0.31
Weighted average dividend rate	5.75			4.75			5.75			4.62			5.00
Average 3-month LIBOR	2.34			1.20			2.13			1.14			1.26
ROE spread to 3-month LIBOR	3.81			5.74			4.06			4.96			4.89
Dividend rate spread to 3-month LIBOR	3.41			3.55			3.62			3.48			3.74

Net income decreased $2 million (two percent) in the three-month comparison period and increased $16 million (10 percent) in the six-month comparison period. The increase in net income and ROE in the year-to-date comparison period was primarily the result of higher net interest income. Net interest income was higher in both comparison periods primarily due to the rise in short-term interest rates, which improved earnings from funding assets with interest-free capital. However, net income and ROE were lower in the quarter-to-date comparison period due to a net decline in unrealized fair value gains related to derivatives, hedged items and other financial instruments carried at fair value.

Earnings levels continued to represent competitive returns on stockholders' capital investment. ROE was significantly higher than short-term rates in the periods presented above, while we maintained risk exposures in line with our appetite for a moderate to low risk profile. The spread between ROE and 3-month LIBOR is a market benchmark we believe member stockholders use to assess the competitiveness of the return on their capital investment.

In June 2018, we paid stockholders a quarterly 5.75 percent annualized dividend rate on their capital investment in our company, the same rate paid in March 2018.

We believe that our operations and financial condition will continue to generate competitive profitability, reflecting the combination of a stable business model, and a consistent and conservative management of risk. Our business model is structured to be able to absorb sharp changes in Mission Asset Activity because we can undertake commensurate changes in liability balances and capital. Key factors that can cause significant periodic earnings volatility are changes in the level of interest rates, changes in spreads between LIBOR and our short-term funding costs, recognition of net amortization, and unrealized fair value adjustments related to the use of derivatives and the associated hedged items.

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Effect of Interest Rate Environment

Trends in market interest rates and the resulting shapes of the market yield curves strongly influence the results of operations and profitability because of 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 table presents key market interest rates (obtained from Bloomberg L.P.).

									Six Months Ended June 30,
	Quarter 2 2018				Quarter 1 2018				2018		2017		Year 2017
	Ending		Average		Ending		Average		Average		Average		Ending		Average
Federal funds effective	1.91	%	1.74	%	1.67	%	1.45	%	1.59	%	0.82	%	1.33	%	1.00	%
3-month LIBOR	2.34		2.34		2.31		1.93		2.13		1.14		1.69		1.26
2-year LIBOR	2.79		2.74		2.58		2.40		2.57		1.55		2.08		1.65
10-year LIBOR	2.93		2.96		2.79		2.77		2.87		2.30		2.40		2.29
2-year U.S. Treasury	2.53		2.47		2.27		2.15		2.31		1.26		1.89		1.39
10-year U.S. Treasury	2.86		2.92		2.74		2.76		2.84		2.35		2.41		2.33
15-year mortgage current coupon (1)	3.18		3.20		3.03		2.93		3.07		2.42		2.52		2.40
30-year mortgage current coupon (1)	3.61		3.64		3.47		3.40		3.52		3.09		3.00		3.03

(1) Simple average of current coupon rates of Fannie Mae and Freddie Mac par MBS indications.

In June 2018, the target overnight Federal funds increased from a 1.50 to 1.75 percent range to a 1.75 to 2.00 percent range. Average short-term rates were approximately 0.80 to 1.00 percentage points higher in the first six months of 2018 compared to the same period of 2017, while average long-term rates increased approximately 0.40 to 0.60 percentage points during that same period. The gradually rising, but relatively low, interest rate environment continued to benefit income during the first six months of 2018 primarily because of earnings generated by funding assets with interest-free capital. However, the trends of rising short-term interest rates and flatter market yield curves could lower earnings if they were to continue for a prolonged period or if market yield curves were inverted between certain maturity points. For example, earnings may decrease as a consequence of a flat to inverted yield curve due to narrower spreads between the book yields of new mortgage assets and the costs of new Consolidated Obligations.

Business Outlook and Risk Management

Our major business strategies, outlook for our business, and risk profiles and management have not changed substantially since our 2017 Annual Report on Form 10-K. “Quantitative and Qualitative Disclosures About Risk Management” provides details on current risk exposures.

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ANALYSIS OF FINANCIAL CONDITION

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)	June 30, 2018				March 31, 2018				December 31, 2017
	Balance		Percent(1)		Balance		Percent(1)		Balance		Percent(1)
Adjustable/Variable-Rate Indexed:
LIBOR	$	26,659	44	%	$	31,646	50	%	$	32,420	47	%
Other	1,130		2		781		1		941		1
Total	27,789		46		32,427		51		33,361		48
Fixed-Rate:
Repurchase based (REPO)	15,355		25		14,540		23		19,890		28
Regular Fixed-Rate	12,059		20		11,677		18		11,191		16
Putable (2)	110		—		175		—		280		—
Amortizing/Mortgage Matched	2,821		5		2,810		4		2,776		4
Other	2,532		4		2,355		4		2,479		4
Total	32,877		54		31,557		49		36,616		52
Other Advances	—		—		1		—		1		—
Total Advances Principal	$	60,666	100	%	$	63,985	100	%	$	69,978	100	%
Letters of Credit (notional)	$	14,482			$	15,606			$	14,691

(1) As a percentage of total Advances principal.    

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

Advance balances at June 30, 2018 decreased 13 percent compared to year-end 2017, as a result of lower variable-rate and REPO borrowings by a few large-asset members. However, the average Advance principal balance of $69.5 billion during the first six months of 2018 was significantly higher than the ending balance at June 30, 2018. REPOs tend to have the most volatile balances because a majority of them have overnight maturities allowing our members the most flexibility as their liquidity needs may change daily.

Letters of Credit balances at June 30, 2018 decreased by one percent compared to the end of 2017. However, average Letters of Credit balances decreased 10 percent in the first six months of 2018 compared to the same period of 2017. We normally earn fees on Letters of Credit based on the actual average amount of the Letters utilized, which generally is less than the notional amount issued.

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Advance Usage

In addition to analyzing Advance balances by dollar trends, 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.

	June 30, 2018		March 31, 2018		December 31, 2017
Average Advances-to-assets for members
Assets less than $1.0 billion (565 members)	3.18	%	2.86	%	3.04	%
Assets over $1.0 billion (88 members)	4.85		4.10		4.95
All members	3.41		3.03		3.28

The following tables present principal balances for the five members with the largest Advance borrowings.

(Dollars in millions)
June 30, 2018					December 31, 2017
Name	Principal Amount of Advances		Percent of Total Principal Amount of Advances		Name	Principal Amount of Advances		Percent of Total Principal Amount of Advances
JPMorgan Chase Bank, N.A.	$	19,500	32	%	JPMorgan Chase Bank, N.A.	$	23,950	34	%
U.S. Bank, N.A.	8,575		14		U.S. Bank, N.A.	8,975		13
Third Federal Savings and Loan Association	3,661		6		Third Federal Savings and Loan Association	3,756		5
First Tennessee Bank, N.A.	1,700		3		The Huntington National Bank	3,732		5
Nationwide Life Insurance Company	1,656		3		Fifth Third Bank	3,140		4
Total of Top 5	$	35,092	58	%	Total of Top 5	$	43,553	61	%

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. For example, such activity improves our operating efficiency, increases our earnings and thereby contributions to housing and community investment programs. This activity may enable us 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)

The table below shows principal purchases and reductions of loans in the MPP for the first six months of 2018.

(In millions)	MPP Principal
Balance at December 31, 2017	$	9,454
Principal purchases	717
Principal reductions	(548		)
Balance at June 30, 2018	$	9,623

Most of the principal purchases resulted from activity of our four largest sellers. In the first six months of 2018, 81 of the 104 members approved to participate in the MPP sold us mortgage loans. All loans acquired in the first six months of 2018 were conventional loans.

We closely track the refinancing incentives of our mortgage assets (including loans in the MPP and MBS) because the option for homeowners to change their principal payments normally represents the largest portion of our market risk exposure and can affect MPP balances. MPP principal paydowns in the first six months of 2018 equated to an eight percent annual constant prepayment rate, down from the nine percent rate for all of 2017 due to a sustained increase in mortgage rates.

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 six months of 2018. MPP yields earned in the first six months of 2018, after consideration of funding and hedging costs, continued to offer favorable returns relative to their market and credit risk exposure.

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Investments

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

	Six Months Ended				Year Ended
(In millions)	June 30, 2018				December 31, 2017
	Ending Balance		Average Balance		Ending Balance		Average Balance
Liquidity investments	$	20,737	$	13,962	$	12,286	$	9,757
MBS	16,645		15,424		14,772		14,710
Other investments (1)	—		62		—		84
Total investments	$	37,382	$	29,448	$	27,058	$	24,551

(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 a robust amount of asset liquidity. Liquidity investment levels can vary significantly based on changes in the amount of Advances, liquidity needs, the availability of acceptable net spreads, and the number of eligible counterparties that meet our unsecured credit risk criteria. It is normal for liquidity investments to vary by up to several billion dollars on a daily basis. The higher amount of liquidity investments at June 30, 2018 was primarily due to volatility in Advance activity as there was a reduction in short-term Advance borrowings at the end of the quarter.

Our overarching strategy for balances of MBS 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 ratio of MBS to regulatory capital was 3.00 at June 30, 2018. The balance of MBS at June 30, 2018 consisted of $14.4 billion of securities issued by Fannie Mae or Freddie Mac (of which $8.9 billion were floating-rate securities), $0.4 billion of floating-rate securities issued by the National Credit Union Administration (NCUA), and $1.9 billion of securities issued by Ginnie Mae (which are primarily fixed rate). We held no private-label MBS.

The table below shows principal purchases and paydowns of our MBS for the first six months of 2018.

(In millions)	MBS Principal
Balance at December 31, 2017	$	14,746
Principal purchases	3,155
Principal paydowns	(1,280		)
Balance at June 30, 2018	$	16,621

Principal paydowns in the first six months of 2018 equated to a 15 percent annual constant prepayment rate, the same rate for all of 2017.

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Consolidated Obligations

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

	Six Months Ended						Year Ended
(In millions)	June 30, 2018						December 31, 2017
	Ending Balance			Average Balance			Ending Balance			Average Balance
Discount Notes:
Par	$	50,160		$	50,190		$	46,259		$	43,166
Discount	(97		)	(81		)	(48		)	(42		)
Total Discount Notes	50,063			50,109			46,211			43,124
Bonds:
Unswapped fixed-rate	26,468			26,798			26,710			26,707
Unswapped adjustable-rate	18,005			18,466			20,895			18,500
Swapped fixed-rate	6,710			6,749			6,552			7,131
Total par Bonds	51,183			52,013			54,157			52,338
Other items (1)	(10		)	(14		)	6			29
Total Bonds	51,173			51,999			54,163			52,367
Total Consolidated Obligations (2)	$	101,236		$	102,108		$	100,374		$	95,491

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

(2) The 11 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 for all of the FHLBanks was (in millions) $1,059,859 and $1,034,260 at June 30, 2018 and December 31, 2017, respectively.

We fund LIBOR-indexed assets with Discount Notes, adjustable-rate Bonds, and swapped fixed-rate Bonds because they give us the ability to effectively match the LIBOR reset periods embedded in these assets. The balance of Discount Notes was higher in the first six months of 2018 due to the large amount of Advance activity throughout the first two quarters and the higher liquidity investments at June 30, 2018.

Deposits

Total deposits with us are normally a relatively minor source of low-cost funding. Total interest bearing deposits at June 30, 2018 were $0.7 billion, an increase of 14 percent from year-end 2017. The average balance of total interest bearing deposits in the first six months of 2018 was $0.7 billion, a decrease of 11 percent from the average balance during the same period of 2017.

Derivatives Hedging Activity and Liquidity

Our use of 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.”

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Capital Resources

The following tables present capital amounts and capital-to-assets ratios, on both a GAAP and regulatory basis. 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 manner as GAAP capital stock and retained earnings.

	Six Months Ended				Year Ended
(In millions)	June 30, 2018				December 31, 2017
	Period End		Average		Period End		Average
GAAP and Regulatory Capital
GAAP Capital Stock	$	4,539	$	4,476	$	4,241	$	4,183
Mandatorily Redeemable Capital Stock	23		27		30		46
Regulatory Capital Stock	4,562		4,503		4,271		4,229
Retained Earnings	984		1,001		940		928
Regulatory Capital	$	5,546	$	5,504	$	5,211	$	5,157

	Six Months Ended				Year Ended
	June 30, 2018				December 31, 2017
	Period End		Average		Period End		Average
GAAP and Regulatory Capital-to-Assets Ratio
GAAP	5.10	%	5.02	%	4.83	%	5.00	%
Regulatory (1)	5.13		5.06		4.88		5.06

(1) At all times, the FHLBanks must maintain at least a four percent minimum regulatory capital-to-assets ratio.

GAAP capital stock increased $0.3 billion (seven percent) from year-end 2017 due to members' purchases of capital stock required to capitalize Advance activity in the first six months of 2018. Most of the Advance activity requiring the capital stock purchases related to short-term or overnight Advances that matured prior to June 30, 2018.

A portion of capital stock is excess, meaning it is not required as a condition to 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, augments loss protections for bondholders, and capitalizes a portion of growth in Mission Assets. The amount of excess capital stock, as defined by our Capital Plan, was $1.0 billion at June 30, 2018, an increase of $0.6 billion from December 31, 2017. The reduction in Advance balances by the end of the second quarter resulted in the increase in excess stock. In July 2018, we repurchased $297 million of excess capital stock as part of our ongoing efforts to manage our capital and financial performance to levels that are efficient and effective. We could repurchase all excess stock on a timely basis and continue to meet our regulatory and prudential capital requirements. See the "Capital Adequacy" section in “Quantitative and Qualitative Disclosures About Risk Management” for discussion of our retained earnings.

Membership and Stockholders

In the first six months of 2018, we added four new member stockholders and lost 11 member stockholders, ending the quarter at 653 member stockholders. Of the members lost, 10 merged with other Fifth District members and one merged out of the District.

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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 and six months endedJune 30, 2018 and 2017. Each ROE percentage is computed by dividing income or expense for the category by the average amount of stockholders' equity for the period.

	Three Months Ended June 30,										Six Months Ended June 30,
(Dollars in millions)	2018					2017					2018					2017
	Amount			ROE (1)		Amount			ROE (1)		Amount			ROE (1)		Amount			ROE (1)
Net interest income	$	129		9.37	%	$	106		8.48	%	$	247		9.13	%	$	209		8.40	%
Non-interest (loss) income:
Net (losses) gains on derivatives and hedging activities	(12		)	(0.84	)	13			1.06		(38		)	(1.40	)	5			0.20
Net (losses) gains on financial instruments held under fair value option	(4		)	(0.28	)	(6		)	(0.51	)	16			0.58		(13		)	(0.50	)
Other non-interest income, net	3			0.19		3			0.26		6			0.20		7			0.27
Total non-interest (loss) income	(13		)	(0.93	)	10			0.81		(16		)	(0.62	)	(1		)	(0.03	)
Total income	116			8.44		116			9.29		231			8.51		208			8.37
Non-interest expense	22			1.60		20			1.57		44			1.63		39			1.59
Affordable Housing Program assessments	9			0.69		9			0.78		19			0.69		17			0.68
Net income	$	85		6.15	%	$	87		6.94	%	$	168		6.19	%	$	152		6.10	%

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

Details on the individual factors contributing to the level and changes in profitability are explained in the sections below.

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Net Interest Income

Components of Net Interest Income

The following table shows selected components of net interest income.

	Three Months Ended June 30,										Six Months Ended June 30,
(Dollars in millions)	2018					2017					2018					2017
	Amount			% of Earning Assets		Amount			% of Earning Assets		Amount			% of Earning Assets		Amount			% of Earning Assets
Components of net interest rate spread:
Net (amortization)/accretion (1) (2)	$	(4	)	(0.02	)%	$	(4	)	(0.02	)%	$	(8	)	(0.01	)%	$	(10	)	(0.02	)%
Prepayment fees on Advances, net (2)	—			—		—			—		—			—		1			—
Other components of net interest rate spread	106			0.40		94			0.38		206			0.38		189			0.38
Total net interest rate spread	102			0.38		90			0.36		198			0.37		180			0.36
Earnings from funding assets with interest-free capital	27			0.10		16			0.06		49			0.09		29			0.06
Total net interest income/net interest margin (3)	$	129		0.48	%	$	106		0.42	%	$	247		0.46	%	$	209		0.42	%

(1) Includes monthly recognition of premiums and discounts paid on purchases of mortgage assets, premiums, discounts and concessions paid on Consolidated Obligations and other hedging basis adjustments.

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

(3) Net interest margin is net interest income as a percentage of average total interest earning assets.

Net Amortization/Accretion (generally referred to as "amortization"): While net amortization has been substantial and volatile in several periods over the last five years, it was moderate in the first six months of both 2018 and 2017. Periodic amortization adjustments do not necessarily indicate a trend in economic return over the entire life of mortgage assets, although it is one component of lifetime economic returns.

Prepayment Fees on Advances: Fees for members' early repayment of certain Advances, which are included in net interest income, 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 and six months endedJune 30, 2018 and 2017, 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$12 million and $17 million in the three- and six-month comparison periods, respectively. The net increase was primarily due to the factors below.

Six-Months Comparison

▪ Growth in average asset balances-Favorable: The $8.1 billion increase in average asset balances increased net interest income by an estimated $11 million. The increase was driven primarily by a $5.1 billion increase in liquidity investments and a $1.8 billion increase in average Advance balances.

▪ Higher spreads on mortgage assets-Favorable: Higher spreads earned on mortgage assets increased net interest income by an estimated $6 million. Spreads improved primarily due to the rising interest rate environment.

▪ Higher spreads on Advances-Favorable: Higher spreads earned on certain Advances increased net interest income by an estimated $4 million. However, the increase in Advance net interest income was more than offset by higher net interest payments on related derivatives not receiving hedge accounting, which are reflected in other non-interest income. The net interest payments relate to derivatives used to limit the market risk exposure of Advances to acceptable levels.

▪ Lower spreads on liquidity investments-Unfavorable: Lower spreads earned on liquidity investments decreased net interest income by an estimated $6 million.

Three-Months Comparison

For the three-months comparison, the same factors generally affected the other components of net interest rate spread as in the

six-months comparison and in approximately the same relative magnitude.

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Earnings from funding assets with capital (“earnings from capital”): Because of our relatively low net interest rate spread compared to other financial institutions, we have historically derived a substantial portion of net interest income from using interest-free capital to fund interest-earning assets. Earnings from capital typically moves in the same direction as short-term interest rates and helps control market risk exposure. Earnings from capital increased$11 million and $20 million in the three and six months ended June 30, 2018, respectively, compared to the same periods in 2017 primarily due to higher short-term interest rates.

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Average Balance Sheet and Rates

The following tables provide average balances and rates for major balance sheet accounts, which determine the changes in net interest rate spreads. The average rates are affected by the inclusion or exclusion of net interest income or expense associated with our use of derivatives. For example, if derivatives qualify for fair value hedge accounting, the net interest settlements of interest receivables or payables associated with the derivatives is included in net interest income and interest rate spread. If the derivatives do not qualify for fair value hedge accounting, the net interest settlements of interest receivables or payables associated with the derivatives is excluded from net interest income and from the calculation of interest rate spread and is recorded in “Non-interest (loss) income” as “Net (losses) gains on derivatives and hedging activities.” Amortization associated with some hedging related basis adjustments is also reflected in net interest income, which affects interest rate spread.

(Dollars in millions)	Three Months Ended						Three Months Ended
	June 30, 2018						June 30, 2017
	Average Balance		Interest		Average Rate (1)		Average Balance		Interest		Average Rate (1)
Assets:
Advances	$	65,630	$	349	2.14	%	$	67,749	$	216	1.27	%
Mortgage loans held for portfolio (2)	9,781		78		3.19		9,363		74		3.18
Federal funds sold and securities purchased under resale agreements	13,861		62		1.78		7,578		18		0.95
Interest-bearing deposits in banks (3) (4) (5)	1,884		10		2.20		437		1		0.91
Mortgage-backed securities	16,052		95		2.37		14,834		76		2.06
Other investments	33		—		1.61		33		—		0.62
Loans to other FHLBanks	—		—		—		—		—		—
Total interest-earning assets	107,241		594		2.22		99,994		385		1.54
Less: allowance for credit losses on mortgage loans	1						1
Other assets	278						256
Total assets	$	107,518					$	100,249
Liabilities and Capital:
Term deposits	$	87	1		1.67		$	54	—		0.76
Other interest bearing deposits (5)	589		2		1.50		637		1		0.58
Discount Notes	48,469		215		1.78		39,101		80		0.82
Unswapped fixed-rate Bonds	26,827		138		2.06		26,516		130		1.97
Unswapped adjustable-rate Bonds	18,706		87		1.87		21,026		49		0.93
Swapped Bonds	6,689		22		1.31		7,277		19		1.04
Mandatorily redeemable capital stock	25		—		5.76		50		—		4.87
Other borrowings	1		—		1.82		3		—		0.88
Total interest-bearing liabilities	101,393		465		1.84		94,664		279		1.18
Non-interest bearing deposits	4						2
Other liabilities	589						581
Total capital	5,532						5,002
Total liabilities and capital	$	107,518					$	100,249
Net interest rate spread					0.38	%					0.36	%
Net interest income and net interest margin (6)			$	129	0.48	%			$	106	0.42	%
Average interest-earning assets to interest-bearing liabilities					105.77	%					105.63	%

(1) Amounts used to calculate average rates are based on dollars in thousands. Accordingly, recalculations based upon the disclosed amounts in 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 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 as a percentage of average total interest earning assets.

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(Dollars in millions)	Six Months Ended						Six Months Ended
	June 30, 2018						June 30, 2017
	Average Balance		Interest		Average Rate (1)		Average Balance		Interest		Average Rate (1)
Assets:
Advances	$	69,359	$	668	1.94	%	$	67,537	$	397	1.19	%
Mortgage loans held for portfolio (2)	9,750		155		3.21		9,322		146		3.17
Federal funds sold and securities purchased under resale agreements	12,614		103		1.65		8,277		33		0.81
Interest-bearing deposits in banks (3) (4) (5)	1,377		14		2.01		658		3		0.86
Mortgage-backed securities	15,424		178		2.32		14,643		149		2.05
Other investments	33		—		1.57		32		—		0.59
Loans to other FHLBanks	3		—		1.46		—		—		—
Total interest-earning assets	108,560		1,118		2.08		100,469		728		1.46
Less: allowance for credit losses on mortgage loans	1						1
Other assets	274						268
Total assets	$	108,833					$	100,736
Liabilities and Capital:
Term deposits	$	70	1		1.54		$	93	—		0.56
Other interest bearing deposits (5)	580		4		1.36		640		2		0.48
Discount Notes	50,109		396		1.60		40,571		136		0.68
Unswapped fixed-rate Bonds	26,851		273		2.05		26,315		257		1.97
Unswapped adjustable-rate Bonds	18,467		154		1.68		19,871		85		0.86
Swapped Bonds	6,681		42		1.27		7,597		38		1.01
Mandatorily redeemable capital stock	27		1		5.90		43		1		5.04
Other borrowings	1		—		1.82		2		—		0.88
Total interest-bearing liabilities	102,786		871		1.71		95,132		519		1.10
Non-interest bearing deposits	4						2
Other liabilities	582						584
Total capital	5,461						5,018
Total liabilities and capital	$	108,833					$	100,736
Net interest rate spread					0.37	%					0.36	%
Net interest income and net interest margin (6)			$	247	0.46	%			$	209	0.42	%
Average interest-earning assets to interest-bearing liabilities					105.62	%					105.61	%

(1) Amounts used to calculate average rates are based on dollars in thousands. Accordingly, recalculations based upon the disclosed amounts in 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 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 as a percentage of average total interest earning assets.

Rates on short-term and adjustable-rate assets and liabilities rose in the three and six months ended June 30, 2018 compared to the same periods in 2017 due to the increases in short-term LIBOR and the Federal funds target rate. The result was an increase of more than 0.60 percentage points in the average rates on total interest-earning assets and total interest-bearing liabilities in the three- and six-months comparison periods.

There was a small increase in the net interest rate spread in the three- and six-months comparison periods due to the net effect of the favorable earnings factors discussed in the previous section. The increase in interest margin in the three and six months

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ended June 30, 2018 compared to the same periods in 2017 was primarily driven by higher earnings from funding assets with interest-free capital.

Volume/Rate Analysis

Changes in both average balances (volume) and interest rates influence changes in net interest income, as shown in the following table.

(In millions)	Three Months Ended June 30, 2018 over 2017							Six Months Ended June 30, 2018 over 2017
	Volume (1)(3)			Rate (2)(3)		Total		Volume (1)(3)			Rate (2)(3)		Total
Increase (decrease) in interest income
Advances	$	(7	)	$	140	$	133	$	11		$	260	$	271
Mortgage loans held for portfolio	4			—		4		7			2		9
Federal funds sold and securities purchased under resale agreements	21			23		44		23			47		70
Interest-bearing deposits in banks	6			3		9		5			6		11
MBS	7			12		19		9			20		29
Other investments	—			—		—		—			—		—
Loans to other FHLBanks	—			—		—		—			—		—
Total	31			178		209		55			335		390
Increase (decrease) in interest expense
Term deposits	—			1		1		—			1		1
Other interest-bearing deposits	—			1		1		—			2		2
Discount Notes	23			112		135		38			222		260
Unswapped fixed-rate Bonds	2			6		8		5			11		16
Unswapped adjustable-rate Bonds	(6		)	44		38		(6		)	75		69
Swapped Bonds	(2		)	5		3		(5		)	9		4
Mandatorily redeemable capital stock	—			—		—		—			—		—
Other borrowings	—			—		—		—			—		—
Total	17			169		186		32			320		352
Increase (decrease) in net interest income	$	14		$	9	$	23	$	23		$	15	$	38

(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 impact on net interest income from the effect of derivatives and hedging activities. For derivatives designated as a fair value hedge, the net interest settlements of interest receivables or payables related to such derivatives are recognized as adjustments to the interest income or expense of the designated hedged item. The effect on earnings from other components of derivatives, including market value adjustments and net interest settlements on derivatives not receiving hedge accounting, is provided in “Non-Interest Income and Non-Interest Expense.”

(In millions)	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Advances:
Amortization of hedging activities in net interest income	$	—		$	(1	)	$	—		$	(1	)
Net interest settlements included in net interest income	7			(5		)	7			(11		)
Mortgage loans:
Amortization of derivative fair value adjustments in net interest income	(1		)	—			(1		)	(2		)
Consolidated Obligation Bonds:
Net interest settlements included in net interest income	(2		)	—			(3		)	—
Increase (decrease) to net interest income	$	4		$	(6	)	$	3		$	(14	)

Most of our use of 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 (one- and three-month repricing resets). The positive net effect of derivatives on net interest income in the 2018 comparison periods was primarily due to increases in short-term LIBOR, which resulted in higher net interest settlements received on certain Advances where the fixed interest rates were converted to adjustable-coupon rates. The fluctuation in earnings from the use of derivatives was acceptable because it enabled us to lower market risk exposure by matching actual cash flows between assets and liabilities more closely than would otherwise occur.

Non-Interest Income and Non-Interest Expense

The following table presents non-interest income and non-interest expense.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in millions)	2018			2017			2018			2017
Non-interest (loss) income
Net (losses) gains on derivatives and hedging activities	$	(12	)	$	13		$	(38	)	$	5
Net (losses) gains on financial instruments held under fair value option	(4		)	(6		)	16			(13		)
Other non-interest income, net	3			3			6			7
Total non-interest (loss) income	$	(13	)	$	10		$	(16	)	$	(1	)
Non-interest expense
Compensation and benefits	$	11		$	10		$	24		$	20
Other operating expense	5			4			10			10
Finance Agency	2			2			3			3
Office of Finance	1			1			2			2
Other	3			3			5			4
Total non-interest expense	$	22		$	20		$	44		$	39
Average total assets	$	107,518		$	100,249		$	108,833		$	100,736
Average regulatory capital	5,572			5,064			5,504			5,074
Total non-interest expense to average total assets (1)	0.08		%	0.08		%	0.08		%	0.08		%
Total non-interest expense to average regulatory capital (1)	1.59			1.55			1.62			1.57

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

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Non-interest (loss) income decreased $23 million and $15 million in the three- and six-months comparison periods, respectively, primarily due to losses from derivatives and hedging activities, net of (losses) gains on financial instruments held under the fair value option. The table below presents further information on the net effect of derivatives and hedging activities on non-interest income. The increase in non-interest expense in the three- and six-months comparison periods was driven in part by increased contributions to the defined benefit pension plan, which are recorded as compensation and benefit expenses.

Effect of Derivatives and Hedging Activities on Non-Interest Income

The following tables present the net effect of derivatives and hedging activities on non-interest income.

(In millions)	Advances		Mortgage Loans		Consolidated Obligation Bonds			Balance Sheet (1)			Total
Three Months Ended June 30, 2018
Net effect of derivatives and hedging activities
Gains on fair value hedges	$	2	$	—	$	—		$	—		$	2
Gains (losses) on derivatives not receiving hedge accounting	—		—		5			(4		)	1
Net interest settlements on derivatives not receiving hedge accounting	—		—		(15		)	—			(15		)
Net gains (losses) on derivatives and hedging activities	2		—		(10		)	(4		)	(12		)
Losses on financial instruments held under fair value option (2)	—		—		(4		)	—			(4		)
Total net effect on non-interest income	$	2	$	—	$	(14	)	$	(4	)	$	(16	)
Three Months Ended June 30, 2017
Net effect of derivatives and hedging activities
Gains (losses) on derivatives not receiving hedge accounting	$	—	$	—	$	16		$	(2	)	$	14
Net interest settlements on derivatives not receiving hedge accounting	—		—		(1		)	—			(1		)
Net gains (losses) on derivatives and hedging activities	—		—		15			(2		)	13
Losses on financial instruments held under fair value option (2)	—		—		(6		)	—			(6		)
Total net effect on non-interest income	$	—	$	—	$	9		$	(2	)	$	7

(In millions)	Advances		Mortgage Loans		Consolidated Obligation Bonds			Balance Sheet (1)			Total
Six Months Ended June 30, 2018
Net effect of derivatives and hedging activities
Gains on fair value hedges	$	3	$	—	$	—		$	—		$	3
Gains (losses) on derivatives not receiving hedge accounting	2		—		(21		)	—			(19		)
Net interest settlements on derivatives not receiving hedge accounting	—		—		(22		)	—			(22		)
Net gains (losses) on derivatives and hedging activities	5		—		(43		)	—			(38		)
Gains on financial instruments held under fair value option (2)	—		—		16			—			16
Total net effect on non-interest income	$	5	$	—	$	(27	)	$	—		$	(22	)
Six Months Ended June 30, 2017
Net effect of derivatives and hedging activities
Gains (losses) on derivatives not receiving hedge accounting	$	—	$	3	$	13		$	(10	)	$	6
Net interest settlements on derivatives not receiving hedge accounting	—		—		(1		)	—			(1		)
Net gains (losses) on derivatives and hedging activities	—		3		12			(10		)	5
Losses on financial instruments held under fair value option (2)	—		—		(13		)	—			(13		)
Total net effect on non-interest income	$	—	$	3	$	(1	)	$	(10	)	$	(8	)

(1) Balance sheet includes swaptions, which are not designated as hedging a specific financial instrument.

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

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The total amount of income volatility in derivatives and hedging activities was moderate compared to the notional principal amounts and consistent with the close hedging relationships of our derivative transactions. The higher net losses in the 2018 comparison periods were primarily the result of increases in short-term LIBOR, which drove larger net interest settlement payments associated with certain Bonds where the fixed interest rates were converted to adjustable-coupon rates. The fluctuation in net interest settlements was acceptable because it enabled us to lower market risk exposure by matching actual cash flows between assets and liabilities more closely than would otherwise occur. The volatility was also a result of both unrealized fair value gains and losses on instruments we expect to hold to maturity and the realized costs of utilizing swaptions to hedge market risk exposure associated with mortgage assets.

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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 tables below summarize each segment's operating results for the periods shown.

(Dollars in millions)	Traditional Member Finance			MPP			Total
Three Months Ended June 30, 2018
Net interest income	$	104		$	25		$	129
Net income	$	66		$	19		$	85
Average assets	$	95,732		$	11,786		$	107,518
Assumed average capital allocation	$	4,925		$	607		$	5,532
Return on average assets (1)	0.28		%	0.63		%	0.32		%
Return on average equity (1)	5.39		%	12.32		%	6.15		%
Three Months Ended June 30, 2017
Net interest income	$	82		$	24		$	106
Net income	$	68		$	19		$	87
Average assets	$	89,892		$	10,357		$	100,249
Assumed average capital allocation	$	4,485		$	517		$	5,002
Return on average assets (1)	0.30		%	0.71		%	0.35		%
Return on average equity (1)	6.09		%	14.32		%	6.94		%

(Dollars in millions)	Traditional Member Finance			MPP			Total
Six Months Ended June 30, 2018
Net interest income	$	197		$	50		$	247
Net income	$	128		$	40		$	168
Average assets	$	97,182		$	11,651		$	108,833
Assumed average capital allocation	$	4,876		$	585		$	5,461
Return on average assets (1)	0.26		%	0.70		%	0.31		%
Return on average equity (1)	5.27		%	13.88		%	6.19		%
Six Months Ended June 30, 2017
Net interest income	$	162		$	47		$	209
Net income	$	116		$	36		$	152
Average assets	$	90,685		$	10,051		$	100,736
Assumed average capital allocation	$	4,517		$	501		$	5,018
Return on average assets (1)	0.26		%	0.72		%	0.30		%
Return on average equity (1)	5.18		%	14.44		%	6.10		%

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

Traditional Member Finance Segment

The increase in net income in the six-months comparison period was due primarily to higher earnings from funding assets with interest-free capital and the growth in average Advance and investment balances. Net income in the three-months comparison period also benefited from these positive factors. However, net income in the three-months comparison period was lower due to

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a net decline in unrealized fair value gains related to derivatives, hedged items and other financial instruments carried at fair value.

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 a minimal amount of credit risk. In the first six months of 2018, the MPP averaged 11 percent of total average assets while accounting for 24 percent of earnings. Net income increased in the six-months comparison period primarily due to gains on derivative and hedging activities, the rising interest rate environment and growth in average MPP balances.

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 (in basis points). We compiled average results using data for each month end. Given the current low level of rates, the down rate shocks are nonparallel scenarios, with short-term rates decreasing less than long-term rates such 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
2018 Year-to-Date
Market Value of Equity	$	5,021		$	5,226		$	5,401		$	5,374	$	5,303		$	5,236		$	5,166
% Change from Flat Case	(6.6		)%	(2.7		)%	0.5		%	—		(1.3		)%	(2.6		)%	(3.9		)%
2017 Full Year
Market Value of Equity	$	4,702		$	4,765		$	4,973		$	5,021	$	4,956		$	4,881		$	4,815
% Change from Flat Case	(6.3		)%	(5.1		)%	(0.9		)%	—		(1.3		)%	(2.8		)%	(4.1		)%
Month-End Results
June 30, 2018
Market Value of Equity	$	5,100		$	5,320		$	5,470		$	5,425	$	5,349		$	5,281		$	5,215
% Change from Flat Case	(6.0		)%	(1.9		)%	0.8		%	—		(1.4		)%	(2.6		)%	(3.9		)%
December 31, 2017
Market Value of Equity	$	4,764		$	4,837		$	5,095		$	5,165	$	5,097		$	5,027		$	4,955
% Change from Flat Case	(7.8		)%	(6.3		)%	(1.3		)%	—		(1.3		)%	(2.7		)%	(4.1		)%

Duration of Equity

(In years)	Down 300		Down 200		Down 100		Flat Rates	Up 100	Up 200	Up 300
Average Results
2018 Year-to-Date	(4.2	)	(4.9	)	(1.1	)	1.4	1.1	1.3	1.3
2017 Full Year	(1.7	)	(4.2	)	(3.8	)	0.4	1.6	1.4	1.4
Month-End Results
June 30, 2018	(4.4	)	(4.6	)	(0.8	)	1.8	1.1	1.2	1.2
December 31, 2017	(2.0	)	(5.3	)	(4.4	)	0.5	1.5	1.4	1.5

The overall market risk exposure to changing interest rates was at a moderate level and well within policy limits. The durations of equity provide an estimate of the change in market value of equity for a 1.00 percentage point further change in interest rates from the rate shock level.

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.

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Decreases in long-term interest rates, even by two percentage points, 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 interest rates were to permanently increase in a short period of time by five percentage points or more and persist at the higher levels for a long period of time.

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 sufficient 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 June 30, 2018, the average mortgage assets portfolio had an assumed capital allocation of $1.3 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
2018 Year-to-Date	(35.7	)%	(16.9	)%	(0.6	)%	—	(3.0	)%	(5.9	)%	(9.2	)%
2017 Full Year	(36.1	)%	(29.1	)%	(6.8	)%	—	(3.8	)%	(8.6	)%	(12.8	)%
Month-End Results
June 30, 2018	(35.7	)%	(14.3	)%	1.2	%	—	(3.8	)%	(7.3	)%	(11.0	)%
December 31, 2017	(39.4	)%	(32.2	)%	(8.7	)%	—	(2.4	)%	(4.9	)%	(7.8	)%

The risk exposure of the mortgage assets portfolio during the first six months of 2018 compared to all of 2017 was lower in both the rising and declining rate scenarios driven by our preference to keep our exposure to market risk low along with normal changes in balance sheet composition. We believe the mortgage asset portfolio will continue to provide an acceptable risk adjusted return consistent with our risk appetite philosophy.

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 June 30, 2018, our capital management policy set forth a range of $250 million to $500 million as the minimum amount of retained earnings we believe is necessary to mitigate impairment risk from market risk exposure and to provide for dividend stability from factors that could cause earnings to be volatile. At June 30, 2018, the $984 million of retained earnings was comprised of $627 million unrestricted (an increase of $10 million from year-end 2017) and $357 million restricted (an increase of $34 million from year-end 2017), which pursuant to the FHLBank System's Joint Capital Enhancement Agreement we are not permitted to distribute as dividends.

We believe that the current amount of retained earnings, which exceeds the policy range, is sufficient to mitigate members' impairment risk of their capital stock investment and to provide for dividend stabilization. We will continue to carry a greater amount of retained earnings than required by the policy and will continue to bolster capital adequacy over time by allocating a portion of earnings to the required restricted retained earnings account.

Market Capitalization Ratios

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

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The following table presents the market value of equity to regulatory capital stock (excluding retained earnings) for several interest rate environments.

	June 30, 2018		December 31, 2017
Market Value of Equity to Par Value of Regulatory Capital Stock - Base Case (Flat Rates) Scenario	119	%	121	%
Market Value of Equity to Par Value of Regulatory Capital Stock - Down Shock (1)	120		119
Market Value of Equity to Par Value of Regulatory Capital Stock - Up Shock (2)	116		118

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

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

A base case value below 100 percent (par) could indicate that, in the remote event of an immediate liquidation scenario involving redemption of all capital stock, capital stock may be returned to stockholders at a value below par. This could be due to experiencing risks that lower the market value of capital and/or to having an insufficient amount of retained earnings. In the first six months of 2018, the market capitalization ratios in the scenarios presented continued to be above our policy requirements. Although the base case ratio of 119 percent was slightly lower at June 30, 2018 compared to the end of 2017, it was well above policy limits because retained earnings were 22 percent of regulatory capital stock at June 30, 2018 and we maintained risk exposures at moderate levels.

The following table presents the market value of equity to the book value of total capital.

	June 30, 2018		December 31, 2017
Market Value of Equity to Book Value of Capital - Base Case (Flat Rates) Scenario (1)	98	%	99	%
Market Value of Equity to Book Value of Capital - Down Shock (1)(2)	99		98
Market Value of Equity to Book Value of Capital - Up Shock (1)(3)	95		97

(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.

A base-case value below par indicates that we have realized or could realize risks (especially market risk) such that the market value of total capital owned by stockholders, which includes regulatory capital stock and retained earnings, is below par value (i.e., below 100 percent of the total book value). The base-case ratio of 98 percent at June 30, 2018 indicates that the market value of total capital is $121 million below the par value of total capital. In a scenario in which interest rates increase 200 basis points, the market value of total capital would be $265 million below the par value of total capital. This indicates that in a liquidation scenario, stockholders would not receive the full sum of their total equity ownership in the FHLB, which include both capital stock and retained earnings. We believe the likelihood of a liquidation scenario is extremely remote; and therefore, we accept the risk of diluting equity ownership in such a scenario.

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 minimal 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. Eligible collateral includes single-family loans, multi-family loans, home equity loans and lines of credit, commercial real estate, bond securities and farm real estate. The estimated value of pledged collateral is discounted in order to

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offset market, credit and liquidity risks that may affect the collateral's realizable value if it must be liquidated. Over-collateralization by one member is not applied to another member. At June 30, 2018, our policy of over-collateralization resulted in total collateral pledged of $336.4 billion to serve total borrowing capacity of $278.3 billion of which $203.1 billion was unused. The collateral composition remained relatively stable compared to the end of 2017.

Borrowing Capacity/Lendable Value: We determine borrowing capacity against pledged collateral by applying collateral discounts, or haircuts, to the value of the collateral. These haircuts result in Lendable Value Rates (LVRs) that are less than the amount of pledged collateral.

LVRs 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 LVR results to the estimated values of pledged assets. LVRs vary among pledged assets and members based on the member institution type, the financial strength of the member institution, the form of valuation, 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.

Internal Credit Ratings: We perform credit underwriting of our member and nonmember borrowers and assign them an internal credit rating. These credit ratings are based on internal ratings models, credit analyses and consideration of credit ratings from independent credit rating organizations. Credit ratings are used in conjunction with other measures of credit risk in managing secured credit risk exposure.

Member Failures, Closures, and Receiverships: There were no member failures in 2018 through the date of this filing.

MPP

Overview: We believe that the residual amount of credit risk exposure to loans in the MPP is minimal, based on the same factors described in the 2017 Annual Report on 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.

Conventional Loan Portfolio Characteristics:The levels of loan-to-value ratios 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 June 30, 2018, the weighted average loan-to-value ratios for conventional loans based on origination values and estimated current values were 74 percent and 60 percent, respectively. These ratios were similar at December 31, 2017.

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

	Conventional Loan Delinquencies
(Dollars in millions)	June 30, 2018			December 31, 2017
Early stage delinquencies - unpaid principal balance (1)	$	35		$	43
Serious delinquencies - unpaid principal balance (2)	$	13		$	17
Early stage delinquency rate (3)	0.4		%	0.5		%
Serious delinquency rate (4)	0.1		%	0.2		%
National average serious delinquency rate (5)	2.0		%	2.0		%

(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 and subprime 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 June 30, 2018 rate is based on March 31, 2018 data.

The MPP has experienced a small amount of delinquencies, with delinquency rates continuing to be well below national averages. This further supports our view that the overall portfolio is comprised of high-quality, well-performing loans.

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Credit Enhancements: 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 Lender Risk Account (LRA). The LRA is a hold back 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 hold back to Participating Financial Institutions (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 LRA had balances of $204 million and $201 million at June 30, 2018 and December 31, 2017, respectively. For more information, see Note 9 of the Notes to Unaudited Financial Statements.

Credit Losses: The following table shows the effects of credit enhancements on the estimation of credit losses at the noted periods. Estimated incurred credit losses, after credit enhancements, are accounted for in the allowance for credit losses or as a charge off (i.e., a reduction to the principal of mortgage loans held for portfolio).

(In millions)	June 30, 2018			December 31, 2017
Estimated incurred credit losses, before credit enhancements	$	(4	)	$	(6	)
Estimated amounts deemed recoverable by:
Primary mortgage insurance	—			1
Supplemental mortgage insurance	2			3
Lender Risk Account	1			1
Estimated incurred credit losses, after credit enhancements	$	(1	)	$	(1	)

The minimal amount of incurred losses provides further support 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, the LRA, and SMI. We have assessed that we do not have any credit risk exposure to our PMI providers, and our estimation of credit exposure to SMI providers was not material at June 30, 2018 or December 31, 2017.

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 macroeconomic scenarios, we expect that further credit losses would not significantly decrease profitability.

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Investments

Liquidity Investments: We purchase liquidity investments from counterparties that have a strong ability to repay principal and interest. 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.

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)	June 30, 2018
	Long-Term Rating
	AA		A		Total
Unsecured Liquidity Investments
Federal funds sold	$	5,065	$	8,605	$	13,670
Certificates of deposit	1,600		1,300		2,900
Total unsecured liquidity investments	6,665		9,905		16,570
Guaranteed/Secured Liquidity Investments
Securities purchased under agreements to resell	4,134		—		4,134
U.S. Treasury obligations	33		—		33
Total guaranteed/secured liquidity investments	4,167		—		4,167
Total liquidity investments	$	10,832	$	9,905	$	20,737

	December 31, 2017
	Long-Term Rating
	AA		A		Total
Unsecured Liquidity Investments
Federal funds sold	$	1,465	$	2,185	$	3,650
Certificates of deposit	800		100		900
Total unsecured liquidity investments	2,265		2,285		4,550
Guaranteed/Secured Liquidity Investments
Securities purchased under agreements to resell	7,702		—		7,702
U.S. Treasury obligations	34		—		34
Total guaranteed/secured liquidity investments	7,736		—		7,736
Total liquidity investments	$	10,001	$	2,285	$	12,286

During the first six months of 2018, 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 virtually no credit risk exposure to us.

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The following table presents credit ratings 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)	June 30, 2018
	Counterparty Rating (1)
Domicile of Counterparty	AA		A		Total
Domestic	$	3,065	$	2,190	$	5,255
U.S. branches and agency offices of foreign commercial banks:
Sweden	2,100		900		3,000
Canada	—		2,465		2,465
Germany	—		1,900		1,900
Australia	1,500		—		1,500
Norway	—		1,000		1,000
Netherlands	—		1,000		1,000
Belgium	—		300		300
France	—		150		150
Total U.S. branches and agency offices of foreign commercial banks	3,600		7,715		11,315
Total unsecured investment credit exposure	$	6,665	$	9,905	$	16,570

(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)	June 30, 2018
Domicile of Counterparty	Overnight		Due 2 days through 30 days		Due 31 days through 90 days		Total
Domestic	$	4,855	$	—	$	400	$	5,255
U.S. branches and agency offices of foreign commercial banks:
Sweden	1,900		500		600		3,000
Canada	2,165		—		300		2,465
Germany	1,500		—		400		1,900
Australia	1,400		100		—		1,500
Norway	700		—		300		1,000
Netherlands	1,000		—		—		1,000
Belgium	—		—		300		300
France	150		—		—		150
Total U.S. branches and agency offices of foreign commercial banks	8,815		600		1,900		11,315
Total unsecured investment credit exposure	$	13,670	$	600	$	2,300	$	16,570

At June 30, 2018, all of the $16.6 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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MBS:

GSE MBS

At June 30, 2018, $14.4 billion of MBS held were 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 MBS are of high quality with acceptable credit performance.

MBS Issued by Other Government Agencies

We also invest in MBS issued and guaranteed by Ginnie Mae and the NCUA. These investments totaled $2.3 billion at June 30, 2018. 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.

Derivatives

Credit Risk Exposure: We mitigate most of the credit risk exposure resulting from derivative transactions through collateralization or use of daily settled contracts. The table below presents the credit ratings for derivative positions to which we had credit risk exposure at June 30, 2018.

(In millions)
	Total Notional		Net Derivatives Fair Value Before Collateral		Cash Collateral Pledged to (from) Counterparties			Net Credit Exposure to Counterparties
Nonmember counterparties:
Asset positions with credit exposure:
Uncleared derivatives:
AA	$	269	$	2	$	(2	)	$	—
A	2,049		4		(3		)	1
Total uncleared derivatives	2,318		6		(5		)	1
Cleared derivatives (1)	11,834		1		65			66
Total derivative positions with credit exposure to nonmember counterparties	14,152		7		60			67
Member institutions (2)	338		1		—			1
Total	$	14,490	$	8	$	60		$	68

(1) Represents derivative transactions cleared with LCH Ltd. and CME Clearing, the FHLB's clearinghouses, which are not rated. LCH Ltd.'s ultimate parent, London Stock Exchange Group Plc is rated A3 by Moody's and A- by Standard & Poor's. CME Clearing's parent, CME Group Inc. is rated Aa3 by Moody's and AA- by Standard & Poor's.

(2) Represents Mandatory Delivery Contracts.

Our exposure to cleared derivatives is primarily associated with our requirement to post initial margin through the clearing agent to the Derivatives Clearing Organizations. The amount of cash collateral pledged as initial margin has increased from our use of cleared derivatives. However, the use of cleared derivatives mitigates credit risk exposure because a central counterparty is substituted for individual counterparties.

At June 30, 2018, the gross exposure of uncleared derivatives with residual credit risk exposure was $6 million with the net exposure being less than $2 million after consideration of the collateral pledged. 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.

Although we cannot predict if we will realize credit risk losses from any of our derivatives counterparties, we believe that all of the counterparties 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 June 30, 2018, we had $64 million of notional principal of interest rate swaps with one member, JPMorgan Chase Bank, N.A., which also had outstanding credit services with us. Due to the

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amount of market value collateralization, we had a de minimis amount of outstanding credit exposure to this counterparty related to interest rate swaps outstanding.

Liquidity Risk

Liquidity Overview

We strive to be in a liquidity position at all times to meet the borrowing needs of our members and to meet all current and future financial commitments. This objective is achieved by managing liquidity positions to maintain stable, reliable, and cost-effective sources of funds while taking into account market conditions, member demand, and the maturity profile of assets and liabilities. Our liquidity position complies with the FHLBank Act, Finance Agency regulations, and internal policies.

The FHLBank System's primary source of funds is the sale of Consolidated Obligations in the capital markets. Our ability to obtain funds through the sale of Consolidated Obligations at acceptable interest costs depends on the financial market's perceived riskiness of the Obligations and on prevailing conditions in the capital markets, particularly the short-term capital markets. The System's favorable debt ratings, the implicit U.S. government backing of our debt, and our effective risk management practices are instrumental in ensuring stable and satisfactory access to the capital markets.

We believe our liquidity position, as well as that of the System, continued to be strong during the first six months of 2018. Our overall ability to effectively fund our operations through debt issuances remained sufficient. Investor demand for System debt was robust in the first six months of 2018. Although we can make no assurances, we expect this to continue to be the case. We believe the possibility of a liquidity or funding crisis in the System that would impair our ability to participate, on a cost-effective basis, in issuances of debt, service outstanding debt, maintain adequate capitalization, or pay competitive dividends is remote.

The System works collectively to manage and monitor the System-wide liquidity and funding risks. Liquidity risk includes the risk the System could have difficulty rolling over short-term Obligations when market conditions change, also called refinancing risk. The System has a large reliance on short-term funding; therefore, it has a sharp focus on managing liquidity risk to very low levels. As shown on the Statements of Cash Flows, in the first six months of 2018, our portion of the System's debt issuances totaled $282.3 billion for Discount Notes and $14.0 billion for Bonds. Access to short-term debt markets has been reliable because investors, driven by increased liquidity preferences and risk aversion, including the effects of money market fund reform, have sought the System’s short-term debt, which has led to increased utilization of debt maturing in one year or less.

See the Notes to Unaudited Financial Statements for more detailed information regarding maturities of certain financial assets and liabilities which are instrumental in determining the amount of liquidity risk. In addition to contractual maturities, other assumptions regarding cash flows such as estimated prepayments, embedded call optionality, and scheduled amortization are considered when managing liquidity risks.

Liquidity Management and Regulatory Requirements

We manage liquidity risk by ensuring compliance with our regulatory liquidity requirements and regularly monitoring other metrics. In particular, Finance Agency guidance requires us to target at least 5 to 15 consecutive days of a positive amount of 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. We also meet 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. In addition, we focus on maintaining an adequate liquidity balance and a funding balance between our financial assets and financial liabilities.

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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. The following table presents the components of the contingency liquidity requirement.

(In millions)	June 30, 2018			December 31, 2017
Contingency Liquidity Requirement
Total Contingency Liquidity Reserves (1)	$	42,170		$	40,850
Total Requirement (2)	(22,206		)	(32,349		)
Excess Contingency Liquidity Available	$	19,964		$	8,501

(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 MBS.

(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.

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)	June 30, 2018			December 31, 2017
Deposit Reserve Requirement
Total Eligible Deposit Reserves	$	76,216		$	73,728
Total Member Deposits	(739		)	(649		)
Excess Deposit Reserves	$	75,477		$	73,079

Contractual Obligations

The following table summarizes our contractual obligations at June 30, 2018. 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)	$	26,990	$	12,352	$	6,212	$	5,629	$	51,183
Operating leases (include premises and equipment)	1		2		2		3		8
Mandatorily redeemable capital stock	19		—		3		1		23
Commitments to fund mortgage loans	369		—		—		—		369
Pension and other postretirement benefit obligations	2		5		5		31		43
Total Contractual Obligations	$	27,381	$	12,359	$	6,222	$	5,664	$	51,626

(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 June 30, 2018. For more information, see Note 19 of the Notes to Unaudited Financial Statements.

(In millions)	< 1 year		1 < 3 years		3 < 5 years		> 5 years		Total
Off-balance sheet items(1)
Commitments to fund additional Advances	$	45	$	—	$	—	$	—	$	45
Standby Letters of Credit	14,163		111		184		24		14,482
Standby bond purchase agreements	24		56		—		—		80
Consolidated Obligations traded, not yet settled	5		—		—		—		5
Total off-balance sheet items	$	14,237	$	167	$	184	$	24	$	14,612

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

Member Concentration Risk

We regularly assess concentration risks from business activity. We believe that the 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 minimal.

Operational Risks

There were no material developments regarding our operational risk exposure during the first six months of 2018.

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 Report.

Item 4. Controls and Procedures.

DISCLOSURE CONTROLS AND PROCEDURES

As of June 30, 2018, 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 June 30, 2018, 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 June 30, 2018, 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 June 30, 2018 that materially affected, or are reasonably likely to materially affect, the FHLB's internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1A. Risk Factors.

For a discussion of our risk factors, see Part I, Item 1A. "Risk Factors" in our 2017 Annual Report on Form 10-K. There have been no material changes from the risk factors in our 2017 Annual Report on Form 10-K.

Item 5. Other Information.

PricewaterhouseCoopers LLP (PwC) serves as the independent registered public accounting firm for the FHLB. Rule 201(c)(1)(ii)(A) of SEC Regulation S-X (the Loan Rule) prohibits an accounting firm, such as PwC, from having certain financial relationships with its audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a covered person in the firm receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” A covered person in the firm includes personnel on the audit engagement team, personnel in the chain of command, partners and managers who provide ten or more hours of non-audit services to the audit client, and partners in the office where the lead engagement partner practices in connection with the client.

PwC has advised the FHLB that for the period ended June 30, 2018, PwC and certain covered persons had borrowing relationships with two FHLB members (referred below as the “lenders”) who own more than ten percent of the FHLB’s capital stock, which under the Loan Rule, may reasonably be thought to bear on PwC’s independence with respect to the FHLB. The FHLB is providing this disclosure to explain the facts and circumstances, as well as PwC’s and the Audit Committee’s conclusions, concerning PwC’s objectivity and impartiality with respect to the audit of the FHLB.

PwC advised the Audit Committee of the Board that it believes that, in light of the facts of these borrowing relationships, its ability to exercise objective and impartial judgment on all matters encompassed within PwC’s audit engagement has not been impaired and that a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion. PwC has advised the Audit Committee that this conclusion is based in part on the following considerations:

▪ the firm's borrowings are in good standing and neither lender has the right to take action against PwC, as borrower, in connection with the financings;

▪ the debt balances outstanding are immaterial to PwC and to each lender;

▪ PwC has borrowing relationships with a diverse group of lenders, therefore PwC is not dependent on any single lender or group of lenders; and

▪ the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight or ability to influence the PwC audit engagement team.

Additionally, the Audit Committee assessed PwC’s ability to perform an objective and impartial audit, including consideration of the ownership structure of the FHLB, the limited voting rights of members and the composition of the Board of Directors. In addition to the above listed considerations, the Audit Committee considered the following:

▪ although the lenders owned more than ten percent of the FHLB’s capital stock, the lenders' voting rights are each less than ten percent;

▪ no individual officer or director that serves on the Board of Directors has the ability to significantly influence the FHLB based on the composition of the Board of Directors; and

▪ as of June 30, 2018, and as of the date of the filing of this Form 10-Q, no officer or director of either lender served on the Board of Directors of the FHLB.

Based on this evaluation, the Audit Committee has concluded that PwC’s ability to exercise objective and impartial judgment on all issues encompassed within PwC’s audit engagement has not been impaired.

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Item 6. Exhibits.

(a) Exhibits.

See Index of Exhibits

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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 9th day of August 2018.

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/ Stephen J. Sponaugle
	Stephen J. Sponaugle
	Executive Vice President - 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 June 21, 2018	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

Exhibit 4

CAPITAL PLAN

As amended through June 21, 2018

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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	14
8.Termination of Membership	16
9.Consolidation of Members	18
10.Failure to Meet Capital Requirements	19
11.Capital Impairment	19
12.Bank’s Discretion to Suspend Redemption	20
13.Transition Provision	20

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ARTICLE VII LIQUIDATION OR MERGER OF THE BANK	20
ARTICLE VIII PERIODIC REVIEW AND AMENDMENT	21
1.Periodic Review	21
2.Amendment	21
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	22
4.Liquidation of Claims Against a Member	22
5.Calculation of Time Periods	22
6.Limitation on Discretion	22
7.Good Faith Determination	22
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	28
SCHEDULE A - Membership Stock Requirements

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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.

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"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.

ARTICLE 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:

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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 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.

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(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 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

^* 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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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 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

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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 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

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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 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 One Hundred Million Dollars ($100,000,000) (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.

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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 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

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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 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

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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) ten percent (10.0%) of a Member’s Required Shares or b) thirty thousand (30,000) shares of Member Excess Stock with a par value of Three Million Dollars ($3,000,000). 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 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

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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 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

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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 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

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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.

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

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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 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.

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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.

ARTICLE VIILIQUIDATION 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

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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, 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

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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 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 XRESTRICTED RETAINED EARNINGS

The provisions of Sections 1 through 4 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.

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“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.

“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

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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.

“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;

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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.

“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

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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 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

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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 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.

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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 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

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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 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

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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: August 9, 2018

  /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, Stephen J. Sponaugle, 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: August 9, 2018

/s/ Stephen J. Sponaugle

Stephen J. Sponaugle

Executive Vice President-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 June 30, 2018 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

August 9, 2018

  /s/ Stephen J. Sponaugle

Stephen J. Sponaugle

Executive Vice President-Chief Financial Officer

August 9, 2018

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Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
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		42,709,284

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Statements of Condition - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and due from banks		$ 15,674	$ 26,550
Interest-bearing deposits		205	140
Securities purchased under agreements to resell		4,133,322	7,701,929
Federal funds sold		13,670,000	3,650,000
Investment securities:
Trading securities		690	781
Available-for-sale securities		2,900,220	899,876
Held-to-maturity securities (includes $0 and $0 pledged as collateral at June 30, 2018 and December 31, 2017, respectively, that may be repledged) (a)	[1]	16,677,453	14,804,970
Total investment securities		19,578,363	15,705,627
Advances (includes $4,970 and $15,013 at fair value under fair value option at June 30, 2018 and December 31, 2017, respectively)		60,558,979	69,918,224
Mortgage loans held for portfolio:
Mortgage loans held for portfolio		9,845,058	9,682,130
Less: allowance for credit losses on mortgage loans		953	1,190
Mortgage loans held for portfolio, net		9,844,105	9,680,940
Accrued interest receivable		187,414	128,561
Premises, software, and equipment, net		8,663	8,896
Derivative assets		67,900	60,695	[2],[3]
Other assets		7,274	13,652
TOTAL ASSETS		108,071,899	106,895,214
LIABILITIES
Deposits		741,411	650,531
Consolidated Obligations:
Discount Notes		50,062,566	46,210,458
Bonds (includes $6,186,288 and $5,577,315 at fair value under fair value option at June 30, 2018 and December 31, 2017, respectively)		51,172,974	54,163,061
Total Consolidated Obligations		101,235,540	100,373,519
Mandatorily redeemable capital stock		23,241	30,031
Accrued interest payable		130,870	128,652
Affordable Housing Program payable		117,224	109,877
Derivative liabilities		1,787	2,893	[2],[3]
Other liabilities		314,351	435,198
Total liabilities		102,564,424	101,730,701
Commitments and contingencies
CAPITAL
Capital stock Class B putable ($100 par value); issued and outstanding shares: 45,391 shares at June 30, 2018 and 42,411 shares at December 31, 2017		4,539,115	4,241,140
Retained earnings:
Unrestricted		627,182	617,034
Restricted		356,521	322,999
Total retained earnings		983,703	940,033
Accumulated other comprehensive loss		(15,343)	(16,660)
Total capital		5,507,475	5,164,513
TOTAL LIABILITIES AND CAPITAL		$ 108,071,899	$ 106,895,214

[1] Fair values: $16,405,711 and $14,682,329 at June 30, 2018 and December 31, 2017, respectively.

[2] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

[3] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

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Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Jun. 30, 2018		Dec. 31, 2017
Held-to-maturity Securities Pledged as Collateral		$ 0		$ 0
Advances, Fair Value Disclosure	[1]	$ 4,970		$ 15,013
Common Stock, Par or Stated Value Per Share		$ 100		$ 100
Common Stock, Shares, Issued		45,391		42,411
Common Stock, Shares, Outstanding		45,391		42,411
Held-to-maturity Securities, Fair Value		$ 16,405,711		$ 14,682,329
Consolidated Obligation Bonds [Member]
Consolidated Obligations, Bonds		6,186,288		5,577,315
Fair Value
Held-to-maturity Securities, Fair Value		16,405,711		14,682,329
Fair Value | Consolidated Obligation Bonds [Member]
Consolidated Obligations, Bonds		$ 50,717,065	[2]	$ 54,095,627	[3]

[1] At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

[2] Includes (in thousands) $6,186,288 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2018.

[3] Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017.

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Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
INTEREST INCOME:
Advances	$ 349,054	$ 215,191	$ 667,475	$ 396,444
Prepayment fees on Advances, net	421	98	461	445
Interest-bearing deposits	152	25	255	41
Securities purchased under agreements to resell	10,310	6,633	17,267	11,359
Federal funds sold	51,275	11,315	86,013	21,765
Investment securities:
Trading securities	5	6	10	10
Available-for-sale securities	10,176	967	13,455	2,749
Held-to-maturity securities	94,857	76,149	177,777	148,904
Total investment securities	105,038	77,122	191,242	151,663
Mortgage loans held for portfolio	77,675	74,279	155,421	146,716
Loans to other FHLBanks	0	0	20	0
Total interest income	593,925	384,663	1,118,154	728,433
Consolidated Obligations:
Discount Notes	215,069	79,687	396,440	136,336
Bonds	246,739	197,573	469,207	380,186
Total Consolidated Obligations	461,808	277,260	865,647	516,522
Deposits	2,566	1,021	4,451	1,785
Loans from other FHLBanks	5	6	5	6
Mandatorily redeemable capital stock	355	608	800	1,079
Total interest expense	464,734	278,895	870,903	519,392
NET INTEREST INCOME	129,191	105,768	247,251	209,041
NON-INTEREST (LOSS) INCOME:
Net losses on trading securities	(3)	(1)	(5)	(4)
Net (losses) gains on financial instruments held under fair value option	(3,894)	(6,397)	15,831	(12,458)
Net (losses) gains on derivatives and hedging activities	(11,592)	13,260	(37,965)	5,144
Other, net	2,680	3,194	5,473	6,661
Total non-interest (loss) income	(12,809)	10,056	(16,666)	(657)
NON-INTEREST EXPENSE:
Compensation and benefits	11,457	9,561	24,150	20,609
Other operating expenses	4,967	4,412	10,095	9,574
Finance Agency	1,565	1,641	3,129	3,281
Office of Finance	1,097	1,018	2,434	2,120
Other	3,055	2,908	4,457	4,022
Total non-interest expense	22,141	19,540	44,265	39,606
INCOME BEFORE ASSESSMENTS	94,241	96,284	186,320	168,778
Affordable Housing Program assessments	9,460	9,690	18,712	16,986
NET INCOME	$ 84,781	$ 86,594	$ 167,608	$ 151,792

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Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 84,781	$ 86,594	$ 167,608	$ 151,792
Other comprehensive income adjustments:
Net unrealized gains (losses) on available-for-sale securities	201	7	344	(19)
Pension and postretirement benefits	487	511	973	853
Total other comprehensive income adjustments	688	518	1,317	834
Comprehensive income	$ 85,469	$ 87,112	$ 168,925	$ 152,626

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Statement of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Retained Earnings, Unrestricted [Member]	Retained Earnings, Restricted [Member]	Retained Earnings, Total [Member]	Accumulated Other Comprehensive Loss [Member]
Shares, Issued beginning balance at Dec. 31, 2016		41,569
Beginning balance at Dec. 31, 2016	$ 4,978,095	$ 4,156,944	$ 574,122	$ 260,285	$ 834,407	$ (13,256)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income	152,626		121,433	30,359	151,792	834
Proceeds from sale of capital stock, shares		2,502
Proceeds from sale of capital stock, par value	250,196	$ 250,196
Net shares reclassified (to) from mandatorily redeemable capital stock, shares		(1,874)
Net shares reclassified (to) from mandatorily redeemable capital stock, par value	(187,405)	$ (187,405)
Cash dividends on capital stock	(95,629)		(95,629)		(95,629)
Shares, Issued ending balance at Jun. 30, 2017		42,197
Ending balance at Jun. 30, 2017	5,097,883	$ 4,219,735	599,926	290,644	890,570	(12,422)
Beginning balance at Mar. 31, 2017						(12,940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income	87,112
Shares, Issued ending balance at Jun. 30, 2017		42,197
Ending balance at Jun. 30, 2017	5,097,883	$ 4,219,735	599,926	290,644	890,570	(12,422)
Shares, Issued beginning balance at Dec. 31, 2017		42,411
Beginning balance at Dec. 31, 2017	5,164,513	$ 4,241,140	617,034	322,999	940,033	(16,660)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income	168,925		134,086	33,522	167,608	1,317
Proceeds from sale of capital stock, shares		2,958
Proceeds from sale of capital stock, par value	295,832	$ 295,832
Net shares reclassified (to) from mandatorily redeemable capital stock, shares		22
Net shares reclassified (to) from mandatorily redeemable capital stock, par value	2,143	$ 2,143
Cash dividends on capital stock	(123,938)		(123,938)		(123,938)
Shares, Issued ending balance at Jun. 30, 2018		45,391
Ending balance at Jun. 30, 2018	5,507,475	$ 4,539,115	627,182	356,521	983,703	(15,343)
Beginning balance at Mar. 31, 2018						(16,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income	85,469
Shares, Issued ending balance at Jun. 30, 2018		45,391
Ending balance at Jun. 30, 2018	$ 5,507,475	$ 4,539,115	$ 627,182	$ 356,521	$ 983,703	$ (15,343)

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Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES:
Net income	$ 167,608	$ 151,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,682	24,521
Net change in derivative and hedging activities	44,713	7,937
Net change in fair value adjustments on trading securities	5	4
Net change in fair value adjustments on financial instruments held under fair value option	(15,831)	12,458
Net change in:
Accrued interest receivable	(58,868)	(8,593)
Other assets	6,378	29,486
Accrued interest payable	5,995	2,723
Other liabilities	10,312	2,234
Total adjustments	35,386	70,770
Net cash provided by operating activities	202,994	222,562
Net change in:
Interest-bearing deposits	(1,247)	31,358
Securities purchased under agreements to resell	3,568,607	(636,212)
Federal funds sold	(10,020,000)	(2,773,000)
Premises, software, and equipment	(1,248)	(954)
Trading securities:
Proceeds from maturities of long-term	87	84
Available-for-sale securities:
Net (increase) decrease in short-term	(2,000,000)	950,000
Held-to-maturity securities:
Net decrease (increase) in short-term	859	(1,510)
Proceeds from maturities of long-term	1,279,858	1,067,947
Purchases of long-term	(3,279,323)	(1,695,542)
Advances:
Repaid	1,747,810,892	1,061,870,216
Originated	(1,738,498,377)	(1,063,075,660)
Mortgage loans held for portfolio:
Principal collected	547,468	605,081
Purchases	(732,583)	(925,134)
Net cash used in investing activities	(1,325,007)	(4,583,326)
FINANCING ACTIVITIES:
Net change in deposits and pass-through reserves	95,110	(71,905)
Net payments on derivative contracts with financing elements	(693)	(2,898)
Net proceeds from issuance of Consolidated Obligations:
Discount Notes	282,305,387	293,476,586
Bonds	14,027,224	13,680,336
Payments for maturing and retiring Consolidated Obligations:
Discount Notes	(278,490,713)	(288,823,225)
Bonds	(16,992,425)	(13,505,000)
Proceeds from issuance of capital stock	295,832	250,196
Payments for repurchase/redemption of mandatorily redeemable capital stock	(4,647)	(186,218)
Cash dividends paid	(123,938)	(95,629)
Net cash provided by financing activities	1,111,137	4,722,243
Net (decrease) increase in cash and cash equivalents	(10,876)	361,479
Cash and cash equivalents at beginning of the period	26,550	8,737
Cash and cash equivalents at end of the period	15,674	370,216
Supplemental Disclosures:
Interest paid	836,775	510,622
Affordable Housing Program payments, net	$ 11,365	$ 14,548

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Background Information

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations [Text Block]

Background Information

The Federal Home Loan Bank of Cincinnati (the FHLB), a federally chartered corporation, is one of 11 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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Basis of Presentation (Notes)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Accounting [Text Block]

Basis of Presentation

The accompanying interim financial statements 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, 2017 filed with the Securities and Exchange Commission (SEC). Results for the six months endedJune 30, 2018 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 2017 Annual Report on Form 10-K.

The FHLB did not hold any equity securities as of June 30, 2018 and December 31, 2017.

Reclassifications.Certain amounts in the 2017 financial statements and footnotes have been reclassified to conform to the presentation as of June 30, 2018. Specifically, due to a change in presentation, variation margin on certain cleared derivatives has been reclassified from netting adjustments and cash collateral and allocated to the individual derivative instruments. Refer to Note 10 for additional information.

Subsequent Events.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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Recently Issued Accounting Standards and Interpretations

6 Months Ended

Jun. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently Issued Accounting Standards and Interpretations [Text Block]

Recently Issued Accounting Standards and Interpretations

Targeted Improvements to Accounting for Hedging Activities. On August 28, 2017, the Financial Accounting Standards Board (FASB) issued amended guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This guidance requires that, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness be presented in the same income statement line that is used to present the earnings effect of the hedged item. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness must be recorded in other comprehensive income. In addition, the amendments include certain targeted improvements to the assessment of hedge effectiveness. This guidance becomes effective for the FHLB for interim and annual periods beginning on January 1, 2019, and early adoption is permitted. The amended presentation and disclosure guidance is required only prospectively. The FHLB does not intend to adopt the new guidance early. 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 has not yet been determined.

Premium Amortization on Purchased Callable Debt Securities. On March 30, 2017, the FASB issued amended guidance to shorten the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. This guidance is effective for the FHLB for interim and annual periods beginning on January 1, 2019, and early adoption is permitted. This guidance should be applied using a modified retrospective method through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The FHLB does not intend to adopt this guidance early. The FHLB is in the process of evaluating this guidance, but its effect on the FHLB’s financial condition, results of operations, and cash flows is not expected to be material.

Improving the Presentation of Net Periodic Pension and Postretirement Benefit Cost. On March 10, 2017, the FASB issued amended guidance that requires an employer to disaggregate the service cost component from the other components of net periodic pension and postretirement benefit costs (net benefit costs). The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit costs in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2018, and was adopted retrospectively, for the presentation of the service cost component and the other components of net benefit costs in the income statement. For the capitalization of the service cost component of net benefit costs, this guidance was applied prospectively on and after the effective date. As a result of the adoption, $918,000 and $1,635,000 of other components of net benefit costs were reclassified from "Compensation and benefits" to "Other" within the non-interest expense section of the Statements of Income for the three and six months ended June 30, 2017, respectively. The adoption of this guidance had no effect on the FHLB's financial condition and cash flows.

Classification of Certain Cash Receipts and Cash Payments. On August 26, 2016, the FASB issued amendments to clarify guidance on the classification of certain cash receipts and payments in the Statement of Cash Flows. This guidance is intended to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified on the Statement of Cash Flows. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2018. The adoption of this guidance had no effect on the FHLB's financial condition, results of operations, and cash flows.

Measurement of Credit Losses on Financial Instruments. On June 16, 2016, the FASB issued amended guidance for the accounting of credit losses on financial instruments. The amendments require entities to immediately record the full amount of expected credit losses in their loan portfolios. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The guidance also requires, among other things, credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses and expanded disclosure requirements. The guidance is effective for the FHLB for interim and annual periods beginning on January 1, 2020. Early application is permitted as of the interim and annual reporting periods beginning after December 15, 2018. The guidance should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In addition, entities are required to use a prospective transition approach for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The FHLB does not intend to adopt the new guidance early. While the FHLB is still in the process of evaluating this guidance, the FHLB expects the guidance will result in an increase in the allowance for credit losses given the requirement to estimate losses for the entire estimated life of the financial asset. The extent of the impact on the FHLB’s financial condition, results of operations, and cash flows will depend upon the composition of the FHLB’s financial assets at the adoption date and the economic conditions and forecasts at that time.

Leases. On February 25, 2016, the FASB issued guidance which requires recognition of lease assets and lease liabilities on the Statement of Condition and disclosure of key information about leasing arrangements. In particular, this guidance requires a lessee, of operating or finance leases, to recognize on the Statement of Condition a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. However, for leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The guidance becomes effective for the FHLB for the interim and annual periods beginning on January 1, 2019, and early application is permitted. As amended, the guidance allows lessors and lessees to recognize and measure leases at the adoption date by recognizing a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The FHLB does not intend to adopt the new guidance early. Upon adoption, the FHLB expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities on its Statement of Condition. While the FHLB is still in the process of evaluating this guidance, the FHLB does not expect the new guidance to have a material impact on its financial condition, results of operations, and cash flows.

Recognition and Measurement of Financial Assets and Financial Liabilities. On January 5, 2016, the FASB issued amended guidance on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance includes, but is not limited to, the following:

▪ Requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected the fair value option.

▪ Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the Statement of Condition or the accompanying notes to the financial statements.

▪ Eliminates the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the Statement of Condition.

The guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2018. While the adoption of this guidance affected the FHLB's disclosures, the requirement to present the instrument-specific credit risk in other comprehensive income did not have any effect on the FHLB's financial condition, results of operations, and cash flows.

Revenue from Contracts with Customers. On May 28, 2014, the FASB issued guidance on revenue from contracts with customers. This guidance applies to all contracts with customers except those that are within the scope of certain other standards, such as financial instruments, certain guarantees, insurance contracts, and lease contracts. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2018. Given that the majority of the FHLB's financial instruments and other contractual rights that generate revenue are covered by other GAAP, the adoption of this guidance did not have any effect on the FHLB's financial condition, results of operations, and cash flows.

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Trading Securities

6 Months Ended

Jun. 30, 2018

Trading Securities [Member]

Schedule of Trading Securities and Other Trading Assets [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Trading Securities

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

Fair Value	June 30, 2018		December 31, 2017
Mortgage-backed securities (MBS):
U.S. obligation single-family MBS	$	690	$	781
Total	$	690	$	781

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

	Six Months Ended June 30,
	2018			2017
Net losses on trading securities held at period end	$	(5	)	$	(4	)
Net losses on trading securities	$	(5	)	$	(4	)

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Available-for-Sale Securities

6 Months Ended

Jun. 30, 2018

Available-for-sale Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Available-for-Sale Securities

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

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	2,900,000	$	282	$	(62	)	$	2,900,220
Total	$	2,900,000	$	282	$	(62	)	$	2,900,220
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	900,000	$	—	$	(124	)	$	899,876
Total	$	900,000	$	—	$	(124	)	$	899,876

All securities outstanding with gross unrealized losses at June 30, 2018 and December 31, 2017 were in a continuous unrealized loss position for less than 12 months.

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

	June 30, 2018				December 31, 2017
Year of Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,900,000	$	2,900,220	$	900,000	$	899,876

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

	June 30, 2018		December 31, 2017
Amortized cost of available-for-sale securities:
Fixed-rate	$	2,900,000	$	900,000

Realized Gains and Losses. The FHLB had no sales of securities out of its available-for-sale portfolio for the six months endedJune 30, 2018 or 2017.

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Held-to-Maturity Securities

6 Months Ended

Jun. 30, 2018

Held-to-maturity Securities [Member]

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

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Held-to-Maturity Securities

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

	June 30, 2018
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-MBS:
U.S. Treasury obligations	$	33,174	$	—	$	(7	)	$	33,167
Total non-MBS	33,174		—		(7		)	33,167
MBS:
U.S. obligation single-family MBS	2,250,289		1,937		(66,479		)	2,185,747
Government-sponsored enterprises (GSE)    single-family MBS	6,091,868		12,031		(219,617		)	5,884,282
GSE multi-family MBS	8,302,122		5,087		(4,694		)	8,302,515
Total MBS	16,644,279		19,055		(290,790		)	16,372,544
Total	$	16,677,453	$	19,055	$	(290,797	)	$	16,405,711
	December 31, 2017
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-MBS:
U.S. Treasury obligations	$	34,033	$	—	$	(6	)	$	34,027
Total non-MBS	34,033		—		(6		)	34,027
MBS:
U.S. obligation single-family MBS	2,483,446		1,974		(23,547		)	2,461,873
GSE single-family MBS	6,703,367		37,265		(138,960		)	6,601,672
GSE multi-family MBS	5,584,124		4,956		(4,323		)	5,584,757
Total MBS	14,770,937		44,195		(166,830		)	14,648,302
Total	$	14,804,970	$	44,195	$	(166,836	)	$	14,682,329

(1) Carrying value equals amortized cost.

Table 5.2 - Net Purchased Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands)

	June 30, 2018			December 31, 2017
Premiums	$	46,029		$	49,713
Discounts	(22,078		)	(24,243		)
Net purchased premiums	$	23,951		$	25,470

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)

	June 30, 2018
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-MBS:
U.S. Treasury obligations	$	33,167	$	(7	)	$	—	$	—		$	33,167	$	(7	)
Total non-MBS	33,167		(7		)	—		—			33,167		(7		)
MBS:
U.S. obligation single-family MBS	1,187,267		(38,419		)	591,655		(28,060		)	1,778,922		(66,479		)
GSE single-family MBS	1,771,774		(37,882		)	3,194,252		(181,735		)	4,966,026		(219,617		)
GSE multi-family MBS	3,918,603		(4,660		)	31,845		(34		)	3,950,448		(4,694		)
Total MBS	6,877,644		(80,961		)	3,817,752		(209,829		)	10,695,396		(290,790		)
Total	$	6,910,811	$	(80,968	)	$	3,817,752	$	(209,829	)	$	10,728,563	$	(290,797	)
	December 31, 2017
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-MBS:
U.S. Treasury obligations	$	34,027	$	(6	)	$	—	$	—		$	34,027	$	(6	)
Total non-MBS	34,027		(6		)	—		—			34,027		(6		)
MBS:
U.S. obligation single-family MBS	1,193,566		(10,455		)	657,209		(13,092		)	1,850,775		(23,547		)
GSE single-family MBS	1,169,590		(14,171		)	3,578,537		(124,789		)	4,748,127		(138,960		)
GSE multi-family MBS	1,133,452		(4,307		)	136,051		(16		)	1,269,503		(4,323		)
Total MBS	3,496,608		(28,933		)	4,371,797		(137,897		)	7,868,405		(166,830		)
Total	$	3,530,635	$	(28,939	)	$	4,371,797	$	(137,897	)	$	7,902,432	$	(166,836	)

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

	June 30, 2018				December 31, 2017
Year of Maturity	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Non-MBS:
Due in 1 year or less	$	33,174	$	33,167	$	34,033	$	34,027
Due after 1 year through 5 years	—		—		—		—
Due after 5 years through 10 years	—		—		—		—
Due after 10 years	—		—		—		—
Total non-MBS	33,174		33,167		34,033		34,027
MBS (2)	16,644,279		16,372,544		14,770,937		14,648,302
Total	$	16,677,453	$	16,405,711	$	14,804,970	$	14,682,329

(1) Carrying value equals amortized cost.

(2) MBS 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)

	June 30, 2018		December 31, 2017
Amortized cost of non-MBS:
Fixed-rate	$	33,174	$	34,033
Total amortized cost of non-MBS	33,174		34,033
Amortized cost of MBS:
Fixed-rate	7,298,340		8,003,906
Variable-rate	9,345,939		6,767,031
Total amortized cost of MBS	16,644,279		14,770,937
Total	$	16,677,453	$	14,804,970

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 six months endedJune 30, 2018 and 2017, the FHLB did not sell any held-to-maturity securities.

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Other-Than-Temporary Impairment Analysis

6 Months Ended

Jun. 30, 2018

Other than Temporary Impairment Losses, Investments [Abstract]

Other than Temporary Impairment Analysis [Text Block]

Other-Than-Temporary Impairment Analysis

The FHLB evaluates any of 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 U.S. obligations and GSE investments (MBS and non-MBS), the FHLB has 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 June 30, 2018, 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 June 30, 2018.

The FHLB also reviewed its available-for-sale securities that have experienced unrealized losses at June 30, 2018 and determined that the unrealized losses are due primarily to interest rate volatility and/or illiquidity. These losses are considered temporary as the FHLB expects to 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 June 30, 2018.

The FHLB did not consider any of its investments to be other-than-temporarily impaired at December 31, 2017.

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Advances

6 Months Ended

Jun. 30, 2018

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. 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)

	June 30, 2018					December 31, 2017
Redemption Term	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Overdrawn demand deposit accounts	$	—		—	%	$	1,302		1.55	%
Due in 1 year or less	35,313,912			2.09		40,473,141			1.55
Due after 1 year through 2 years	15,314,072			2.31		15,655,118			1.69
Due after 2 years through 3 years	2,985,467			2.12		6,537,170			1.74
Due after 3 years through 4 years	1,701,851			2.26		1,980,655			2.00
Due after 4 years through 5 years	977,076			2.52		893,283			2.07
Thereafter	4,373,507			2.80		4,437,731			2.17
Total principal amount	60,665,885			2.21		69,978,400			1.66
Commitment fees	(498		)			(510		)
Discount on Affordable Housing Program (AHP) Advances	(5,071		)			(5,795		)
Premiums	1,651					1,789
Discounts	(3,645		)			(4,252		)
Hedging adjustments	(99,313		)			(51,421		)
Fair value option valuation adjustments and accrued interest	(30		)			13
Total	$	60,558,979				$	69,918,224

The FHLB offers certain fixed and variable-rate 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 to members. 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.

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

Year of Contractual Maturity or Next Call Date	June 30, 2018		December 31, 2017
Overdrawn demand deposit accounts	$	—	$	1,302
Due in 1 year or less	44,738,694		46,390,733
Due after 1 year through 2 years	9,048,897		15,054,889
Due after 2 years through 3 years	3,788,467		3,768,534
Due after 3 years through 4 years	1,054,698		2,903,655
Due after 4 years through 5 years	661,622		506,557
Thereafter	1,373,507		1,352,730
Total principal amount	$	60,665,885	$	69,978,400

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 put option when interest rates increase relative to contractual rates.

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

Year of Contractual Maturity or Next Put Date	June 30, 2018		December 31, 2017
Overdrawn demand deposit accounts	$	—	$	1,302
Due in 1 year or less	35,423,912		40,588,641
Due after 1 year through 2 years	15,314,072		15,649,618
Due after 2 years through 3 years	2,985,467		6,537,170
Due after 3 years through 4 years	1,701,851		1,980,655
Due after 4 years through 5 years	977,076		893,283
Thereafter	4,263,507		4,327,731
Total principal amount	$	60,665,885	$	69,978,400

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

	June 30, 2018		December 31, 2017
Total fixed-rate (1)	$	32,877,236	$	36,615,777
Total variable-rate (1)	27,788,649		33,362,623
Total principal amount	$	60,665,885	$	69,978,400

(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)

June 30, 2018					December 31, 2017
	Principal		% of Total Principal Amount of Advances			Principal		% of Total Principal Amount of Advances
JPMorgan Chase Bank, N.A.	$	19,500	32	%	JPMorgan Chase Bank, N.A.	$	23,950	34	%
U.S. Bank, N.A.	8,575		14		U.S. Bank, N.A.	8,975		13
Third Federal Savings and Loan Association	3,661		6		Third Federal Savings and Loan Association	3,756		5
Total	$	31,736	52	%	The Huntington National Bank	3,732		5
					Total	$	40,413	57	%

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Mortgage Loans Held for Portfolio

6 Months Ended

Jun. 30, 2018

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)

	June 30, 2018			December 31, 2017
Unpaid principal balance:
Fixed rate medium-term single-family mortgage loans (1)	$	1,031,171		$	1,128,749
Fixed rate long-term single-family mortgage loans	8,591,947			8,325,465
Total unpaid principal balance	9,623,118			9,454,214
Premiums	217,615			217,716
Discounts	(2,900		)	(3,173		)
Hedging basis adjustments (2)	7,225			13,373
Total mortgage loans held for portfolio	$	9,845,058		$	9,682,130

(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)

	June 30, 2018		December 31, 2017
Unpaid principal balance:
Conventional mortgage loans	$	9,324,960	$	9,129,003
Federal Housing Administration (FHA) mortgage loans	298,158		325,211
Total unpaid principal balance	$	9,623,118	$	9,454,214

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)

	June 30, 2018					December 31, 2017
	Principal		% of Total			Principal		% of Total
Union Savings Bank	$	3,310	34	%	Union Savings Bank	$	3,247	34	%
Guardian Savings Bank FSB	948		10		Guardian Savings Bank FSB	933		10
Huntington National Bank	498		5		PNC Bank, N.A. (1)	516		5

(1) Former member.

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Allowance for Credit Losses

6 Months Ended

Jun. 30, 2018

Receivables [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, ongoing review of each borrower's financial condition, coupled with 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 law 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, agriculture loans and community development 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 over-collateralization, 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 June 30, 2018 and December 31, 2017, 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 June 30, 2018 and December 31, 2017, 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 six months endedJune 30, 2018 or 2017.

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 and the repayment history on credit products, the FHLB did not record any credit losses on credit products as of June 30, 2018 or December 31, 2017. Accordingly, the FHLB did not record any allowance for credit losses on Advances.

At June 30, 2018 and December 31, 2017, the FHLB did not record any liability to reflect an allowance for credit losses for off-balance sheet credit exposures. 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. The FHLB expects to recover any losses from such loans 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 FHLB determines the allowance for conventional loans through 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 FHLB performs the credit risk analysis of all conventional mortgage loans 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 a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally 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 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. The FHLB removes specifically identified loans evaluated for impairment 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 June 30,
	2018			2017
Balance, beginning of period	$	1,068		$	880
Net (charge offs) recoveries	(115		)	90
Balance, end of period	$	953		$	970
	Six Months Ended June 30,
	2018			2017
Balance, beginning of period	$	1,190		$	1,142
Net charge offs	(237		)	(172		)
Balance, end of period	$	953		$	970

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

	June 30, 2018		December 31, 2017
Allowance for credit losses:
Collectively evaluated for impairment	$	953	$	1,190
Individually evaluated for impairment	—		—
Total allowance for credit losses	$	953	$	1,190
Recorded investment:
Collectively evaluated for impairment	$	9,564,267	$	9,373,393
Individually evaluated for impairment	10,290		10,109
Total recorded investment	$	9,574,557	$	9,383,502

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. The LRA is recorded in other liabilities in the Statements of Condition. 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)

	Six Months Ended
	June 30, 2018
LRA at beginning of year	$	200,745
Additions	8,923
Claims	(117		)
Scheduled distributions	(5,628		)
LRA at end of period	$	203,923

Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, loans in process of foreclosure, and non-accrual loans. 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)

	June 30, 2018
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	30,029		$	15,750		$	45,779
Past due 60-89 days delinquent	5,866			5,403			11,269
Past due 90 days or more delinquent	12,558			9,492			22,050
Total past due	48,453			30,645			79,098
Total current mortgage loans	9,526,104			271,665			9,797,769
Total mortgage loans	$	9,574,557		$	302,310		$	9,876,867
Other delinquency statistics:
In process of foreclosure, included above (1)	$	8,437		$	4,580		$	13,017
Serious delinquency rate (2)	0.13		%	3.14		%	0.23		%
Past due 90 days or more still accruing interest (3)	$	11,134		$	9,492		$	20,626
Loans on non-accrual status, included above	$	2,805		$	—		$	2,805
	December 31, 2017
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	36,662		$	20,992		$	57,654
Past due 60-89 days delinquent	8,040			6,974			15,014
Past due 90 days or more delinquent	16,702			10,484			27,186
Total past due	61,404			38,450			99,854
Total current mortgage loans	9,322,098			291,371			9,613,469
Total mortgage loans	$	9,383,502		$	329,821		$	9,713,323
Other delinquency statistics:
In process of foreclosure, included above (1)	$	10,039		$	4,767		$	14,806
Serious delinquency rate (2)	0.19		%	3.19		%	0.29		%
Past due 90 days or more still accruing interest (3)	$	15,431		$	10,484		$	25,915
Loans on non-accrual status, included above	$	2,713		$	—		$	2,713

(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 June 30, 2018 or December 31, 2017.

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)

	June 30, 2018						December 31, 2017
Conventional MPP loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance	$	10,290	$	10,083	$	—	$	10,109	$	9,912	$	—
With an allowance	—		—		—		—		—		—
Total	$	10,290	$	10,083	$	—	$	10,109	$	9,912	$	—

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

	Three Months Ended June 30,
	2018				2017
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	10,070	$	115	$	9,529	$	113
	Six Months Ended June 30,
	2018				2017
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	9,914	$	228	$	9,284	$	221

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 estimating expected cash shortfalls incurred as of the reporting date.

The FHLB's recorded investment in modified loans considered troubled debt restructurings was (in thousands) $10,290 and $10,109 at June 30, 2018 and December 31, 2017, respectively. The amount of troubled debt restructurings is not considered material to the FHLB's financial condition, results of operations, or cash flows.

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Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2018

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 interest-bearing liabilities 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 interest-bearing liabilities. The FHLB uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives. See Note 11 - Derivatives and Hedging Activities in the FHLB's 2017 Annual Report on Form 10-K for additional information on the FHLB's derivative transactions.

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 (uncleared 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 executing counterparty is replaced with the Clearinghouse. The FHLB is not a derivative dealer and does not trade derivatives for short-term profit.

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 counterparties, the types of derivatives, the items being hedged and any offsets between the derivatives and the items being hedged.

Table 10.1 summarizes the notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.

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

	June 30, 2018
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	6,077,037	$	2,393		$	5,131
Derivatives not designated as hedging instruments:
Interest rate swaps	6,400,840		2,948			1,061
Interest rate swaptions	2,089,000		8,278			—
Forward rate agreements	334,000		7			1,076
Mortgage delivery commitments	368,849		1,017			47
Total derivatives not designated as hedging instruments	9,192,689		12,250			2,184
Total derivatives before adjustments	$	15,269,726	14,643			7,315
Netting adjustments and cash collateral (1)			53,257			(5,528		)
Total derivative assets and total derivative liabilities			$	67,900		$	1,787
	December 31, 2017 (2)
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	5,992,762	$	58,027		$	9,190
Derivatives not designated as hedging instruments:
Interest rate swaps	5,789,265		2,639			363
Interest rate swaptions	2,316,000		3,171			—
Forward rate agreements	212,000		27			230
Mortgage delivery commitments	218,651		453			17
Total derivatives not designated as hedging instruments	8,535,916		6,290			610
Total derivatives before adjustments	$	14,528,678	64,317			9,800
Netting adjustments and cash collateral (1)			(3,622		)	(6,907		)
Total derivative assets and total derivative liabilities			$	60,695		$	2,893

(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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

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

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

	Three Months Ended June 30,
	2018			2017
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	1,570		$	(205	)
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	5,504			16,380
Interest rate swaptions	(3,909		)	(2,053		)
Forward rate agreements	455			(3,136		)
Net interest settlements	(14,857		)	(1,451		)
Mortgage delivery commitments	(336		)	3,582
Total net (losses) gains related to derivatives not designated as hedging instruments	(13,143		)	13,322
Other (1)	(19		)	143
Net (losses) gains on derivatives and hedging activities	$	(11,592	)	$	13,260
	Six Months Ended June 30,
	2018			2017
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	2,562		$	140
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	(18,973		)	12,833
Interest rate swaptions	749			(10,369		)
Forward rate agreements	4,484			(3,513		)
Net interest settlements	(22,181		)	(1,083		)
Mortgage delivery commitments	(4,585		)	6,877
Total net (losses) gains related to derivatives not designated as hedging instruments	(40,506		)	4,745
Other (1)	(21		)	259
Net (losses) gains on derivatives and hedging activities	$	(37,965	)	$	5,144

(1) Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract.

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 June 30,
2018	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	$	7,257		$	(5,406	)	$	1,851		$	6,541
Consolidated Bonds	1,276			(1,557		)	(281		)	(1,607		)
Total	$	8,533		$	(6,963	)	$	1,570		$	4,934
2017
Hedged Item Type:
Advances	$	(9,666	)	$	9,279		$	(387	)	$	(4,744	)
Consolidated Bonds	806			(624		)	182			(157		)
Total	$	(8,860	)	$	8,655		$	(205	)	$	(4,901	)
	Six Months Ended June 30,
2018	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	$	50,310		$	(47,569	)	$	2,741		$	7,434
Consolidated Bonds	865			(1,044		)	(179		)	(2,850		)
Total	$	51,175		$	(48,613	)	$	2,562		$	4,584
2017
Hedged Item Type:
Advances	$	(299	)	$	110		$	(189	)	$	(11,445	)
Consolidated Bonds	(264		)	593			329			266
Total	$	(563	)	$	703		$	140		$	(11,179	)

(1) For fair value hedge relationships, the net effect of derivatives 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) $(152) and $(683) of (amortization)/accretion related to fair value hedging activities for the three months endedJune 30, 2018 and 2017 and (in thousands) $(323) and $(1,287) for the six months endedJune 30, 2018 and 2017.

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 uncleared 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 on its uncleared 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 FHLB utilizes two Clearinghouses for all cleared derivative transactions, LCH Ltd. and CME Clearing. Effective January 16, 2018, LCH Ltd. made certain amendments to its rulebook changing the legal characterization of variation margin payments to be daily settlement payments, rather than collateral. CME Clearing made the same change to its rulebook on January 3, 2017. As a result, at both Clearinghouses, variation margin is characterized as daily settlement payments, rather than cash collateral. At both Clearinghouses, initial margin continues to be considered collateral. 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/payments for changes in the value of cleared derivatives is posted daily through a clearing agent.

Certain of the FHLB's uncleared derivative contracts contain credit-risk-related contingent features 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 such uncleared derivatives in a net liability position (before cash collateral and related accrued interest) at June 30, 2018 was (in thousands) $564, for which the FHLB was not required to post any collateral. If the FHLB's credit ratings had been lowered to the next lower rating, the FHLB would not have been required to deliver any additional collateral at June 30, 2018.

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 June 30, 2018, the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations.

Offsetting of Derivative Assets and Derivative Liabilities

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

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.

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 June 30, 2018 and December 31, 2017, the FHLB did not receive or pledge any non-cash collateral. Any over-collateralization 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)

	June 30, 2018
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	12,870	$	(11,280	)	$	1,024	$	2,614
Cleared	749		64,537			—		65,286
Total								$	67,900
Derivative Liabilities:
Uncleared	$	6,040	$	(5,376	)	$	1,123	$	1,787
Cleared	152		(152		)	—		—
Total								$	1,787
	December 31, 2017 (2)
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	5,239	$	(5,215	)	$	480	$	504
Cleared	58,598		1,593			—		60,191
Total								$	60,695
Derivative Liabilities:
Uncleared	$	8,773	$	(6,127	)	$	247	$	2,893
Cleared	780		(780		)	—		—
Total								$	2,893

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

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

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Deposits

6 Months Ended

Jun. 30, 2018

Deposits [Abstract]

Deposit [Text Block]

Deposits

Table 11.1 - Deposits (in thousands)

	June 30, 2018		December 31, 2017
Interest bearing:
Demand and overnight	$	679,594	$	590,617
Term	54,850		52,600
Other	3,705		5,509
Total interest bearing	738,149		648,726
Non-interest bearing:
Other	3,262		1,805
Total non-interest bearing	3,262		1,805
Total deposits	$	741,411	$	650,531

The average interest rates paid on interest bearing deposits were 1.52 percent and 0.59 percent in the three months endedJune 30, 2018 and 2017, respectively, and 1.38 percent and 0.49 percent in the six months endedJune 30, 2018 and 2017, respectively.

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Consolidated Obligations

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Consolidated Obligations [Text Block]

Consolidated Obligations

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

	Book Value		Principal Amount		Weighted Average Interest Rate (1)
June 30, 2018	$	50,062,566	$	50,159,754	1.87	%
December 31, 2017	$	46,210,458	$	46,258,644	1.23	%

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

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

	June 30, 2018					December 31, 2017
Year of Contractual Maturity	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	26,989,640		1.77	%	$	28,940,265		1.34	%
Due after 1 year through 2 years	6,523,565			2.03		5,841,800			1.74
Due after 2 years through 3 years	5,829,000			1.85		4,770,565			1.89
Due after 3 years through 4 years	4,257,000			2.25		6,017,000			1.92
Due after 4 years through 5 years	1,954,620			2.32		2,244,620			2.24
Thereafter	5,629,055			2.78		6,343,055			2.72
Total principal amount	51,182,880			1.99		54,157,305			1.69
Premiums	80,332					86,521
Discounts	(28,583		)			(30,669		)
Hedging adjustments	(2,102		)			(3,146		)
Fair value option valuation adjustment and    accrued interest	(59,553		)			(46,950		)
Total	$	51,172,974				$	54,163,061

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

	June 30, 2018		December 31, 2017
Principal Amount of Consolidated Bonds:
Non-callable	$	44,139,880	$	47,155,305
Callable	7,043,000		7,002,000
Total principal amount	$	51,182,880	$	54,157,305

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

Year of Contractual Maturity or Next Call Date	June 30, 2018		December 31, 2017
Due in 1 year or less	$	33,117,640	$	35,029,265
Due after 1 year through 2 years	5,548,565		5,369,800
Due after 2 years through 3 years	4,794,000		3,715,565
Due after 3 years through 4 years	2,907,000		4,388,000
Due after 4 years through 5 years	1,528,620		1,823,620
Thereafter	3,287,055		3,831,055
Total principal amount	$	51,182,880	$	54,157,305

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

	June 30, 2018		December 31, 2017
Principal Amount of Consolidated Bonds:
Fixed-rate	$	33,117,880	$	33,252,305
Variable-rate	18,005,000		20,895,000
Step-up	60,000		10,000
Total principal amount	$	51,182,880	$	54,157,305

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Affordable Housing Program (AHP)

6 Months Ended

Jun. 30, 2018

Affordable Housing Program (AHP) [Abstract]

Affordable Housing Program (AHP) [Text Block]

Affordable Housing Program (AHP)

The FHLBank Act requires each FHLBank to establish an AHP. Each FHLBank provides subsidies in the form of direct grants and below-market interest rate AHP Advances to members who use the funds to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Annually, the FHLBanks must set aside for the AHP the greater of $100 million or 10 percent of net earnings. For purposes of the AHP calculation, net earnings is defined as net income before assessments, plus interest expense related to mandatorily redeemable capital stock. The FHLB accrues AHP expense monthly based on its net earnings. The FHLB reduces the AHP liability as members use subsidies.

Table 13.1 - Analysis of AHP Liability (in thousands)

Balance at December 31, 2017	$	109,877
Assessments (current year additions)	18,712
Subsidy uses, net	(11,365		)
Balance at June 30, 2018	$	117,224

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Capital

6 Months Ended

Jun. 30, 2018

Capital [Abstract]

Capital [Text Block]

Capital

Table 14.1 - Capital Requirements (dollars in thousands)

	June 30, 2018						December 31, 2017
	Minimum Requirement			Actual			Minimum Requirement			Actual
Risk-based capital	$	1,014,458		$	5,546,059		$	886,033		$	5,211,204
Capital-to-assets ratio (regulatory)	4.00		%	5.13		%	4.00		%	4.88		%
Regulatory capital	$	4,322,876		$	5,546,059		$	4,275,809		$	5,211,204
Leverage capital-to-assets ratio (regulatory)	5.00		%	7.70		%	5.00		%	7.31		%
Leverage capital	$	5,403,595		$	8,319,089		$	5,344,761		$	7,816,806

Restricted Retained Earnings. At June 30, 2018 and December 31, 2017 the FHLB had (in thousands) $356,521 and $322,999 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, 2017	$	30,031
Capital stock subject to mandatory redemption reclassified from equity	3,456
Capital stock previously subject to mandatory redemption reclassified to capital	(5,599		)
Redemption (or other reduction) of mandatorily redeemable capital stock	(4,647		)
Balance, June 30, 2018	$	23,241

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

Contractual Year of Redemption	June 30, 2018		December 31, 2017
Year 1	$	1,673	$	20
Year 2	408		1,811
Year 3	20		439
Year 4	1,734		2,912
Year 5	1,799		5,257
Thereafter (1)	624		610
Past contractual redemption date due to remaining activity (2)	16,983		18,982
Total	$	23,241	$	30,031

(1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB members on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination.

(2) 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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Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2018

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 and six months endedJune 30, 2018 and 2017.

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

	Net unrealized (losses) gains on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, MARCH 31, 2017	$	(3	)	$	(12,937	)	$	(12,940	)
Other comprehensive income before reclassification:
Net unrealized gains	7			—			7
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			511			511
Net current period other comprehensive income	7			511			518
BALANCE, JUNE 30, 2017	$	4		$	(12,426	)	$	(12,422	)
BALANCE, MARCH 31, 2018	$	19		$	(16,050	)	$	(16,031	)
Other comprehensive income before reclassification:
Net unrealized gains	201			—			201
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			487			487
Net current period other comprehensive income	201			487			688
BALANCE, JUNE 30, 2018	$	220		$	(15,563	)	$	(15,343	)

	Net unrealized gains (losses) on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, DECEMBER 31, 2016	$	23		$	(13,279	)	$	(13,256	)
Other comprehensive income before reclassification:
Net unrealized losses	(19		)	—			(19		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			853			853
Net current period other comprehensive (loss) income	(19		)	853			834
BALANCE, JUNE 30, 2017	$	4		$	(12,426	)	$	(12,422	)
BALANCE, DECEMBER 31, 2017	$	(124	)	$	(16,536	)	$	(16,660	)
Other comprehensive income before reclassification:
Net unrealized gains	344			—			344
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			973			973
Net current period other comprehensive income	344			973			1,317
BALANCE, JUNE 30, 2018	$	220		$	(15,563	)	$	(15,343	)

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Pension and Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2018

Retirement Benefits [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 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 $2,525,000 and $1,644,000 in the three months endedJune 30, 2018 and 2017, respectively, and $5,051,000 and $3,289,000 in the six months endedJune 30, 2018 and 2017, 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 $290,000 and $268,000 in the three months endedJune 30, 2018 and 2017, respectively, and $767,000 and $721,000 in the six months endedJune 30, 2018 and 2017, respectively.

Nonqualified Supplemental Defined Benefit Retirement Plan (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 June 30,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2018		2017		2018		2017
Net Periodic Benefit Cost
Service cost	$	277	$	237	$	4	$	7
Interest cost	331		359		42		48
Amortization of net loss	487		509		—		2
Net periodic benefit cost	$	1,095	$	1,105	$	46	$	57
	Six Months Ended June 30,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2018		2017		2018		2017
Net Periodic Benefit Cost
Service cost	$	553	$	441	$	9	$	14
Interest cost	663		684		83		98
Amortization of net loss	973		850		—		3
Net periodic benefit cost	$	2,189	$	1,975	$	92	$	115

For the Defined Benefit Retirement Plan and the Postretirement Benefits Plan, the related service cost is recorded as part of Non-Interest Expense - Compensation and Benefits on the Statements of Income. The non-service related components of interest cost and amortization of net loss are recorded as Non-Interest Expense - Other in the Statements of Income.

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Segment Information

6 Months Ended

Jun. 30, 2018

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 June 30,
	Traditional Member Finance			MPP			Total
2018
Net interest income	$	103,643		$	25,548		$	129,191
Non-interest loss	(10,737		)	(2,072		)	(12,809		)
Non-interest expense	19,381			2,760			22,141
Income before assessments	73,525			20,716			94,241
Affordable Housing Program assessments	7,388			2,072			9,460
Net income	$	66,137		$	18,644		$	84,781
2017
Net interest income	$	82,116		$	23,652		$	105,768
Non-interest income (loss)	10,639			(583		)	10,056
Non-interest expense	16,980			2,560			19,540
Income before assessments	75,775			20,509			96,284
Affordable Housing Program assessments	7,639			2,051			9,690
Net income	$	68,136		$	18,458		$	86,594

	Six Months Ended June 30,
	Traditional Member Finance			MPP			Total
2018
Net interest income	$	196,727		$	50,524		$	247,251
Non-interest (loss) income	(16,927		)	261			(16,666		)
Non-interest expense	38,245			6,020			44,265
Income before assessments	141,555			44,765			186,320
Affordable Housing Program assessments	14,235			4,477			18,712
Net income	$	127,320		$	40,288		$	167,608
2017
Net interest income	$	161,990		$	47,051		$	209,041
Non-interest income (loss)	1,074			(1,731		)	(657		)
Non-interest expense	34,120			5,486			39,606
Income before assessments	128,944			39,834			168,778
Affordable Housing Program assessments	13,002			3,984			16,986
Net income	$	115,942		$	35,850		$	151,792

Table 17.2 - Asset Balances by Operating Segment (in thousands)

	Assets
	Traditional Member Finance		MPP		Total
June 30, 2018	$	96,271,130	$	11,800,769	$	108,071,899
December 31, 2017	95,525,754		11,369,460		106,895,214

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Fair Value Disclosures

6 Months Ended

Jun. 30, 2018

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. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values.

Fair Value Hierarchy. 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 six months endedJune 30, 2018 or 2017.

Table 18.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. 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, and on occasion, certain mortgage loans held for portfolio on a nonrecurring basis. The FHLB records all other financial assets and liabilities at amortized cost. Refer to Table 18.2 for further details about the financial assets and liabilities held at fair value on either a recurring or non-recurring basis.

Table 18.1 - Fair Value Summary (in thousands)

	June 30, 2018
			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	$	15,674	$	15,674	$	15,674	$	—	$	—	$	—
Interest-bearing deposits	205		205		—		205		—		—
Securities purchased under agreements to resell	4,133,322		4,133,342		—		4,133,342		—		—
Federal funds sold	13,670,000		13,670,000		—		13,670,000		—		—
Trading securities	690		690		—		690		—		—
Available-for-sale securities	2,900,220		2,900,220		—		2,900,220		—		—
Held-to-maturity securities	16,677,453		16,405,711		—		16,405,711		—		—
Advances (2)	60,558,979		60,499,801		—		60,499,801		—		—
Mortgage loans held for portfolio, net	9,844,105		9,621,088		—		9,604,893		16,195		—
Accrued interest receivable	187,414		187,414		—		187,414		—		—
Derivative assets	67,900		67,900		—		14,643		—		53,257
Liabilities:
Deposits	741,411		741,269		—		741,269		—		—
Consolidated Obligations:
Discount Notes	50,062,566		50,065,134		—		50,065,134		—		—
Bonds (3)	51,172,974		50,717,065		—		50,717,065		—		—
Mandatorily redeemable capital stock	23,241		23,241		23,241		—		—		—
Accrued interest payable	130,870		130,870		—		130,870		—		—
Derivative liabilities	1,787		1,787		—		7,315		—		(5,528		)
Other:
Commitments to extend credit for Advances	—		3		—		3		—		—
Standby bond purchase agreements	—		641		—		641		—		—

(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) $4,970 of Advances recorded under the fair value option at June 30, 2018.

(3) Includes (in thousands) $6,186,288 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2018.

	December 31, 2017
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)(2)
Assets:
Cash and due from banks	$	26,550	$	26,550	$	26,550	$	—	$	—	$	—
Interest-bearing deposits	140		140		—		140		—		—
Securities purchased under agreements to resell	7,701,929		7,701,934		—		7,701,934		—		—
Federal funds sold	3,650,000		3,650,000		—		3,650,000		—		—
Trading securities	781		781		—		781		—		—
Available-for-sale securities	899,876		899,876		—		899,876		—		—
Held-to-maturity securities	14,804,970		14,682,329		—		14,682,329		—		—
Advances (3)	69,918,224		69,894,641		—		69,894,641		—		—
Mortgage loans held for portfolio, net	9,680,940		9,731,947		—		9,714,802		17,145		—
Accrued interest receivable	128,561		128,561		—		128,561		—		—
Derivative assets	60,695		60,695		—		64,317		—		(3,622		)
Liabilities:
Deposits	650,531		650,422		—		650,422		—		—
Consolidated Obligations:
Discount Notes	46,210,458		46,209,716		—		46,209,716		—		—
Bonds (4)	54,163,061		54,095,627		—		54,095,627		—		—
Mandatorily redeemable capital stock	30,031		30,031		30,031		—		—		—
Accrued interest payable	128,652		128,652		—		128,652		—		—
Derivative liabilities	2,893		2,893		—		9,800		—		(6,907		)
Other:
Commitments to extend credit for Advances	—		4		—		4		—		—
Standby bond purchase agreements	—		354		—		354		—		—

(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) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

(3) Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017.

(4) Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017.

Summary of Valuation Methodologies and Primary Inputs.

A description of the valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statement of Condition are disclosed in Note 19 - Fair Value Disclosures in the FHLB's 2017 Annual Report on Form 10-K. There have been no changes in the valuation methodologies during 2018.

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 June 30, 2018 and December 31, 2017, by level within the fair value hierarchy. The FHLB records nonrecurring fair value adjustments to reflect partial write-downs on certain mortgage loans.

Table 18.2 - Fair Value Measurements (in thousands)

	Fair Value Measurements at June 30, 2018
	Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
U.S. obligation single-family MBS	$	690	$	—	$	690	$	—	$	—
Available-for-sale securities:
Certificates of deposit	2,900,220		—		2,900,220		—		—
Advances	4,970		—		4,970		—		—
Derivative assets:
Interest rate related	66,876		—		13,619		—		53,257
Forward rate agreements	7		—		7		—		—
Mortgage delivery commitments	1,017		—		1,017		—		—
Total derivative assets	67,900		—		14,643		—		53,257
Total assets at fair value	$	2,973,780	$	—	$	2,920,523	$	—	$	53,257
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	6,186,288	$	—	$	6,186,288	$	—	$	—
Derivative liabilities:
Interest rate related	664		—		6,192		—		(5,528		)
Forward rate agreement	1,076		—		1,076		—		—
Mortgage delivery commitments	47		—		47		—		—
Total derivative liabilities	1,787		—		7,315		—		(5,528		)
Total liabilities at fair value	$	6,188,075	$	—	$	6,193,603	$	—	$	(5,528	)
Nonrecurring fair value measurements - Assets (2)
Mortgage loans held for portfolio	$	323	$	—	$	—	$	323

(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) The fair value information presented is as of the date the fair value adjustment was recorded during the six months endedJune 30, 2018.

	Fair Value Measurements at December 31, 2017
	Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)(2)
Recurring fair value measurements - Assets
Trading securities:
U.S. obligation single-family MBS	$	781	$	—	$	781	$	—	$	—
Available-for-sale securities:
Certificates of deposit	899,876		—		899,876		—		—
Advances	15,013		—		15,013		—		—
Derivative assets:
Interest rate related	60,215		—		63,837		—		(3,622		)
Forward rate agreements	27		—		27		—		—
Mortgage delivery commitments	453		—		453		—		—
Total derivative assets	60,695		—		64,317		—		(3,622		)
Total assets at fair value	$	976,365	$	—	$	979,987	$	—	$	(3,622	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	5,577,315	$	—	$	5,577,315	$	—	$	—
Derivative liabilities:
Interest rate related	2,646		—		9,553		—		(6,907		)
Forward rate agreements	230		—		230		—		—
Mortgage delivery commitments	17		—		17		—		—
Total derivative liabilities	2,893		—		9,800		—		(6,907		)
Total liabilities at fair value	$	5,580,208	$	—	$	5,587,115	$	—	$	(6,907	)
Nonrecurring fair value measurements - Assets (3)
Mortgage loans held for portfolio	$	598	$	—	$	—	$	598

(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) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

(3) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017.

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 financial instruments 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 presents net (losses) gains recognized in earnings related to financial assets and liabilities in which the fair value option was elected during the six months endedJune 30, 2018 and 2017.

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

	Three Months Ended June 30,						Six Months Ended June 30,
Net (Losses) Gains from Changes in Fair Value Recognized in Earnings	2018			2017			2018			2017
Advances	$	(2	)	$	(13	)	$	(30	)	$	(29	)
Consolidated Bonds	(3,892		)	(6,384		)	15,861			(12,429		)
Total net (losses) gains	$	(3,894	)	$	(6,397	)	$	15,831		$	(12,458	)

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, except for changes in fair value related to instrument specific credit risk, which are recorded in accumulated other comprehensive income in the Statement of Condition. The FHLB has determined that none of the remaining changes in fair value were related to instrument-specific credit risk for the six months endedJune 30, 2018 or 2017. In determining that there has been no change in instrument-specific credit risk period to period, the FHLB primarily considered the following factors:

▪ The FHLB is a federally chartered GSE, and as a result of this status, the FHLB’s Consolidated Obligations have historically received the same credit ratings as the government bond credit rating of the United States, even though they are not Obligations of the United States and are not guaranteed by the United States.

▪ The FHLB is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all Consolidated Obligations of each of the other FHLBanks.

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 18.4 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)

	June 30, 2018							December 31, 2017
	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)	$	5,000	$	4,970	$	(30	)	$	15,000	$	15,013	$	13
Consolidated Bonds	6,245,841		6,186,288		(59,553		)	5,624,265		5,577,315		(46,950		)

(1) At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies [Text Block]

Commitments and Contingencies

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

	June 30, 2018						December 31, 2017
Notional Amount	Expire within one year		Expire after one year		Total		Expire within one year		Expire after one year		Total
Standby Letters of Credit	$	14,163,172	$	318,446	$	14,481,618	$	14,388,745	$	302,237	$	14,690,982
Commitments for standby bond purchases	23,510		56,175		79,685		27,230		44,645		71,875
Commitments to fund additional Advances	45,000		—		45,000		5,000		—		5,000
Commitments to purchase mortgage loans	368,849		—		368,849		218,651		—		218,651
Unsettled Consolidated Discount Notes, principal amount (1)	5,000		—		5,000		309,662		—		309,662

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

Legal Proceedings. From time to time, the FHLB is subject to 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 could be reasonably estimated. After consultation with legal counsel, management does not anticipate that ultimate liability, if any, arising out of any matters will have a material effect on the FHLB's financial condition or results of operations.

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Transactions with Other FHLBanks

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 or December 31, 2017. The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the six months endedJune 30, 2018 and 2017.

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

	Average Daily Balances for the Six Months Ended June 30,
	2018		2017
Loans to other FHLBanks	$	2,762	$	28
Borrowings from other FHLBanks	552		1,381

In addition, 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 six months ended June 30, 2018 or 2017. The FHLB had no Consolidated Obligations transferred to other FHLBanks during these periods.

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Transactions with Stockholders

6 Months Ended

Jun. 30, 2018

Transactions with Stockholders [Abstract]

Transactions with Stockholders [Text Block]

Transactions with Stockholders

As a cooperative, the FHLB's capital stock is owned by its members, by former members that retain the stock as provided in the FHLB's Capital Plan and by nonmember institutions that have acquired members and must retain the stock to support Advances or other activities with the FHLB. All Advances are issued to members and all mortgage loans held for portfolio are purchased from members. The FHLB also maintains demand deposit accounts for members, primarily to facilitate settlement activities that are directly related to Advances and mortgage loan purchases. Additionally, the FHLB may enter into interest rate swaps with its stockholders. The FHLB may not invest in any equity securities issued by its stockholders and it has not purchased any MBS securitized by, or other direct long-term investments in, its stockholders.

For financial statement purposes, the FHLB defines related parties as those members with more than 10 percent of the voting interests of the FHLB capital stock outstanding. Federal statute prescribes the voting rights of members in the election of both Member and Independent directors. For Member directorships, the Finance Agency designates the number of Member directorships in a given year and an eligible voting member may vote only for candidates seeking election in its respective state. For Independent directors, the FHLB's Board of Directors nominates candidates to be placed on the ballot in an at-large election. For both Member and Independent director elections, a member is entitled to vote one share of required capital stock, subject to a statutory limitation, for each applicable directorship. Under this limitation, the total number of votes that a member may cast is limited to the average number of shares of the FHLB's capital stock that were required to be held by all members in that state as of the record date for voting. Nonmember stockholders are not eligible to vote in director elections. Due to these statutory limitations, no member owned more than 10 percent of the voting interests of the FHLB at June 30, 2018 or December 31, 2017.

All transactions with stockholders are entered into in the ordinary course of business. Finance Agency regulations require the FHLB to offer the same pricing for Advances and other services to all members regardless of asset or transaction size, charter type, or geographic location. However, the FHLB may, in pricing its Advances, distinguish among members based upon its assessment of the credit and other risks to the FHLB of lending to any particular member or upon other reasonable criteria that may be applied equally to all members. The FHLB's policies and procedures require that such standards and criteria be applied consistently and without discrimination to all members applying for Advances.

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 MBS or derivatives transactions with Directors' Financial Institutions at June 30, 2018 or December 31, 2017.

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

	June 30, 2018				December 31, 2017
	Balance		% of Total(1)		Balance		% of Total (1)
Advances	$	5,171	8.5	%	$	3,558	5.1	%
MPP	598		6.2		112		1.2
Regulatory capital stock	460		10.1		187		4.4

(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 of stockholders holding five percent or more of regulatory capital stock and includes 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
June 30, 2018	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,059	23	%	$	19,500	$	—
U.S. Bank, N.A.	836		18		8,575		21
The Huntington National Bank	282		6		1,631		498
Fifth Third Bank	248		5		1,211		2

	Regulatory Capital Stock				Advance		MPP Unpaid
December 31, 2017	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,059	25	%	$	23,950	$	—
U.S. Bank, N.A.	593		14		8,975		23
The Huntington National Bank	282		7		3,732		456
Fifth Third Bank	248		6		3,140		2

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 June 30, 2018 or December 31, 2017. 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 six months of 2018 and 2017, the FHLB was not required to purchase any bonds under these agreements.

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Recently Issued Accounting Standards and Interpretations Recently Issued Accounting Standards and Interpretations (Policies)

6 Months Ended

Jun. 30, 2018

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. The FHLB expects to recover any losses from such loans 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 FHLB determines the allowance for conventional loans through 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 FHLB performs the credit risk analysis of all conventional mortgage loans 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 a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally 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 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. The FHLB removes specifically identified loans evaluated for impairment 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 estimating expected cash shortfalls incurred as of the reporting date.

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. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). 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)

6 Months Ended

Jun. 30, 2018

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	June 30, 2018		December 31, 2017
Mortgage-backed securities (MBS):
U.S. obligation single-family MBS	$	690	$	781
Total	$	690	$	781

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)

	Six Months Ended June 30,
	2018			2017
Net losses on trading securities held at period end	$	(5	)	$	(4	)
Net losses on trading securities	$	(5	)	$	(4	)

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Available-for-Sale Securities (Tables)

6 Months Ended

Jun. 30, 2018

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)

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	2,900,000	$	282	$	(62	)	$	2,900,220
Total	$	2,900,000	$	282	$	(62	)	$	2,900,220
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	900,000	$	—	$	(124	)	$	899,876
Total	$	900,000	$	—	$	(124	)	$	899,876

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)

	June 30, 2018				December 31, 2017
Year of Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,900,000	$	2,900,220	$	900,000	$	899,876

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

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

	June 30, 2018		December 31, 2017
Amortized cost of available-for-sale securities:
Fixed-rate	$	2,900,000	$	900,000

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Held-to-Maturity Securities (Tables)

6 Months Ended

Jun. 30, 2018

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)

	June 30, 2018
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-MBS:
U.S. Treasury obligations	$	33,174	$	—	$	(7	)	$	33,167
Total non-MBS	33,174		—		(7		)	33,167
MBS:
U.S. obligation single-family MBS	2,250,289		1,937		(66,479		)	2,185,747
Government-sponsored enterprises (GSE)    single-family MBS	6,091,868		12,031		(219,617		)	5,884,282
GSE multi-family MBS	8,302,122		5,087		(4,694		)	8,302,515
Total MBS	16,644,279		19,055		(290,790		)	16,372,544
Total	$	16,677,453	$	19,055	$	(290,797	)	$	16,405,711
	December 31, 2017
	Amortized Cost (1)		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses			Fair Value
Non-MBS:
U.S. Treasury obligations	$	34,033	$	—	$	(6	)	$	34,027
Total non-MBS	34,033		—		(6		)	34,027
MBS:
U.S. obligation single-family MBS	2,483,446		1,974		(23,547		)	2,461,873
GSE single-family MBS	6,703,367		37,265		(138,960		)	6,601,672
GSE multi-family MBS	5,584,124		4,956		(4,323		)	5,584,757
Total MBS	14,770,937		44,195		(166,830		)	14,648,302
Total	$	14,804,970	$	44,195	$	(166,836	)	$	14,682,329

(1) Carrying value equals amortized cost.

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 Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands)

	June 30, 2018			December 31, 2017
Premiums	$	46,029		$	49,713
Discounts	(22,078		)	(24,243		)
Net purchased premiums	$	23,951		$	25,470

Schedule of Unrealized Loss on Investments [Table Text Block]

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

	June 30, 2018
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-MBS:
U.S. Treasury obligations	$	33,167	$	(7	)	$	—	$	—		$	33,167	$	(7	)
Total non-MBS	33,167		(7		)	—		—			33,167		(7		)
MBS:
U.S. obligation single-family MBS	1,187,267		(38,419		)	591,655		(28,060		)	1,778,922		(66,479		)
GSE single-family MBS	1,771,774		(37,882		)	3,194,252		(181,735		)	4,966,026		(219,617		)
GSE multi-family MBS	3,918,603		(4,660		)	31,845		(34		)	3,950,448		(4,694		)
Total MBS	6,877,644		(80,961		)	3,817,752		(209,829		)	10,695,396		(290,790		)
Total	$	6,910,811	$	(80,968	)	$	3,817,752	$	(209,829	)	$	10,728,563	$	(290,797	)
	December 31, 2017
	Less than 12 Months					12 Months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-MBS:
U.S. Treasury obligations	$	34,027	$	(6	)	$	—	$	—		$	34,027	$	(6	)
Total non-MBS	34,027		(6		)	—		—			34,027		(6		)
MBS:
U.S. obligation single-family MBS	1,193,566		(10,455		)	657,209		(13,092		)	1,850,775		(23,547		)
GSE single-family MBS	1,169,590		(14,171		)	3,578,537		(124,789		)	4,748,127		(138,960		)
GSE multi-family MBS	1,133,452		(4,307		)	136,051		(16		)	1,269,503		(4,323		)
Total MBS	3,496,608		(28,933		)	4,371,797		(137,897		)	7,868,405		(166,830		)
Total	$	3,530,635	$	(28,939	)	$	4,371,797	$	(137,897	)	$	7,902,432	$	(166,836	)

Investments Classified by Contractual Maturity Date [Table Text Block]

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

	June 30, 2018				December 31, 2017
Year of Maturity	Amortized Cost (1)		Fair Value		Amortized Cost (1)		Fair Value
Non-MBS:
Due in 1 year or less	$	33,174	$	33,167	$	34,033	$	34,027
Due after 1 year through 5 years	—		—		—		—
Due after 5 years through 10 years	—		—		—		—
Due after 10 years	—		—		—		—
Total non-MBS	33,174		33,167		34,033		34,027
MBS (2)	16,644,279		16,372,544		14,770,937		14,648,302
Total	$	16,677,453	$	16,405,711	$	14,804,970	$	14,682,329

(1) Carrying value equals amortized cost.

(2) MBS 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)

	June 30, 2018		December 31, 2017
Amortized cost of non-MBS:
Fixed-rate	$	33,174	$	34,033
Total amortized cost of non-MBS	33,174		34,033
Amortized cost of MBS:
Fixed-rate	7,298,340		8,003,906
Variable-rate	9,345,939		6,767,031
Total amortized cost of MBS	16,644,279		14,770,937
Total	$	16,677,453	$	14,804,970

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Advances Advances (Tables)

6 Months Ended

Jun. 30, 2018

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 Put Date for Putable Advances (in thousands)

Year of Contractual Maturity or Next Put Date	June 30, 2018		December 31, 2017
Overdrawn demand deposit accounts	$	—	$	1,302
Due in 1 year or less	35,423,912		40,588,641
Due after 1 year through 2 years	15,314,072		15,649,618
Due after 2 years through 3 years	2,985,467		6,537,170
Due after 3 years through 4 years	1,701,851		1,980,655
Due after 4 years through 5 years	977,076		893,283
Thereafter	4,263,507		4,327,731
Total principal amount	$	60,665,885	$	69,978,400

Advances by Interest Rate Payment Terms (in thousands)

	June 30, 2018		December 31, 2017
Total fixed-rate (1)	$	32,877,236	$	36,615,777
Total variable-rate (1)	27,788,649		33,362,623
Total principal amount	$	60,665,885	$	69,978,400

(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.

Advances by Year of Contractual Maturity or Next Call Date (in thousands)

Year of Contractual Maturity or Next Call Date	June 30, 2018		December 31, 2017
Overdrawn demand deposit accounts	$	—	$	1,302
Due in 1 year or less	44,738,694		46,390,733
Due after 1 year through 2 years	9,048,897		15,054,889
Due after 2 years through 3 years	3,788,467		3,768,534
Due after 3 years through 4 years	1,054,698		2,903,655
Due after 4 years through 5 years	661,622		506,557
Thereafter	1,373,507		1,352,730
Total principal amount	$	60,665,885	$	69,978,400

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

June 30, 2018					December 31, 2017
	Principal		% of Total Principal Amount of Advances			Principal		% of Total Principal Amount of Advances
JPMorgan Chase Bank, N.A.	$	19,500	32	%	JPMorgan Chase Bank, N.A.	$	23,950	34	%
U.S. Bank, N.A.	8,575		14		U.S. Bank, N.A.	8,975		13
Third Federal Savings and Loan Association	3,661		6		Third Federal Savings and Loan Association	3,756		5
Total	$	31,736	52	%	The Huntington National Bank	3,732		5
					Total	$	40,413	57	%

Advance Redemption Terms (dollars in thousands)

	June 30, 2018					December 31, 2017
Redemption Term	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Overdrawn demand deposit accounts	$	—		—	%	$	1,302		1.55	%
Due in 1 year or less	35,313,912			2.09		40,473,141			1.55
Due after 1 year through 2 years	15,314,072			2.31		15,655,118			1.69
Due after 2 years through 3 years	2,985,467			2.12		6,537,170			1.74
Due after 3 years through 4 years	1,701,851			2.26		1,980,655			2.00
Due after 4 years through 5 years	977,076			2.52		893,283			2.07
Thereafter	4,373,507			2.80		4,437,731			2.17
Total principal amount	60,665,885			2.21		69,978,400			1.66
Commitment fees	(498		)			(510		)
Discount on Affordable Housing Program (AHP) Advances	(5,071		)			(5,795		)
Premiums	1,651					1,789
Discounts	(3,645		)			(4,252		)
Hedging adjustments	(99,313		)			(51,421		)
Fair value option valuation adjustments and accrued interest	(30		)			13
Total	$	60,558,979				$	69,918,224

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Mortgage Loans Held for Portfolio (Tables)

6 Months Ended

Jun. 30, 2018

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans Held for Portfolio [Table Text Block]

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

	June 30, 2018		December 31, 2017
Unpaid principal balance:
Conventional mortgage loans	$	9,324,960	$	9,129,003
Federal Housing Administration (FHA) mortgage loans	298,158		325,211
Total unpaid principal balance	$	9,623,118	$	9,454,214

Mortgage Loans Held for Portfolio (in thousands)

	June 30, 2018			December 31, 2017
Unpaid principal balance:
Fixed rate medium-term single-family mortgage loans (1)	$	1,031,171		$	1,128,749
Fixed rate long-term single-family mortgage loans	8,591,947			8,325,465
Total unpaid principal balance	9,623,118			9,454,214
Premiums	217,615			217,716
Discounts	(2,900		)	(3,173		)
Hedging basis adjustments (2)	7,225			13,373
Total mortgage loans held for portfolio	$	9,845,058		$	9,682,130

(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.

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)

	June 30, 2018					December 31, 2017
	Principal		% of Total			Principal		% of Total
Union Savings Bank	$	3,310	34	%	Union Savings Bank	$	3,247	34	%
Guardian Savings Bank FSB	948		10		Guardian Savings Bank FSB	933		10
Huntington National Bank	498		5		PNC Bank, N.A. (1)	516		5

(1) Former member.

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Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Allowance for Credit Losses on Financing Receivables [Table Text Block]

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

	June 30, 2018		December 31, 2017
Allowance for credit losses:
Collectively evaluated for impairment	$	953	$	1,190
Individually evaluated for impairment	—		—
Total allowance for credit losses	$	953	$	1,190
Recorded investment:
Collectively evaluated for impairment	$	9,564,267	$	9,373,393
Individually evaluated for impairment	10,290		10,109
Total recorded investment	$	9,574,557	$	9,383,502

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

	Three Months Ended June 30,
	2018			2017
Balance, beginning of period	$	1,068		$	880
Net (charge offs) recoveries	(115		)	90
Balance, end of period	$	953		$	970
	Six Months Ended June 30,
	2018			2017
Balance, beginning of period	$	1,190		$	1,142
Net charge offs	(237		)	(172		)
Balance, end of period	$	953		$	970

Changes in LRA [Table Text Block]

Changes in the LRA (in thousands)

	Six Months Ended
	June 30, 2018
LRA at beginning of year	$	200,745
Additions	8,923
Claims	(117		)
Scheduled distributions	(5,628		)
LRA at end of period	$	203,923

Past Due Financing Receivables [Table Text Block]

Recorded Investment in Delinquent Mortgage Loans (dollars in thousands)

	June 30, 2018
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	30,029		$	15,750		$	45,779
Past due 60-89 days delinquent	5,866			5,403			11,269
Past due 90 days or more delinquent	12,558			9,492			22,050
Total past due	48,453			30,645			79,098
Total current mortgage loans	9,526,104			271,665			9,797,769
Total mortgage loans	$	9,574,557		$	302,310		$	9,876,867
Other delinquency statistics:
In process of foreclosure, included above (1)	$	8,437		$	4,580		$	13,017
Serious delinquency rate (2)	0.13		%	3.14		%	0.23		%
Past due 90 days or more still accruing interest (3)	$	11,134		$	9,492		$	20,626
Loans on non-accrual status, included above	$	2,805		$	—		$	2,805
	December 31, 2017
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	36,662		$	20,992		$	57,654
Past due 60-89 days delinquent	8,040			6,974			15,014
Past due 90 days or more delinquent	16,702			10,484			27,186
Total past due	61,404			38,450			99,854
Total current mortgage loans	9,322,098			291,371			9,613,469
Total mortgage loans	$	9,383,502		$	329,821		$	9,713,323
Other delinquency statistics:
In process of foreclosure, included above (1)	$	10,039		$	4,767		$	14,806
Serious delinquency rate (2)	0.19		%	3.19		%	0.29		%
Past due 90 days or more still accruing interest (3)	$	15,431		$	10,484		$	25,915
Loans on non-accrual status, included above	$	2,713		$	—		$	2,713

(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.

Impaired Financing Receivables [Table Text Block]

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

	Three Months Ended June 30,
	2018				2017
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	10,070	$	115	$	9,529	$	113
	Six Months Ended June 30,
	2018				2017
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	9,914	$	228	$	9,284	$	221

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

	June 30, 2018						December 31, 2017
Conventional MPP loans	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance	$	10,290	$	10,083	$	—	$	10,109	$	9,912	$	—
With an allowance	—		—		—		—		—		—
Total	$	10,290	$	10,083	$	—	$	10,109	$	9,912	$	—

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Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2018

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)

	June 30, 2018
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	6,077,037	$	2,393		$	5,131
Derivatives not designated as hedging instruments:
Interest rate swaps	6,400,840		2,948			1,061
Interest rate swaptions	2,089,000		8,278			—
Forward rate agreements	334,000		7			1,076
Mortgage delivery commitments	368,849		1,017			47
Total derivatives not designated as hedging instruments	9,192,689		12,250			2,184
Total derivatives before adjustments	$	15,269,726	14,643			7,315
Netting adjustments and cash collateral (1)			53,257			(5,528		)
Total derivative assets and total derivative liabilities			$	67,900		$	1,787
	December 31, 2017 (2)
	Notional Amount of Derivatives		Derivative Assets			Derivative Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	5,992,762	$	58,027		$	9,190
Derivatives not designated as hedging instruments:
Interest rate swaps	5,789,265		2,639			363
Interest rate swaptions	2,316,000		3,171			—
Forward rate agreements	212,000		27			230
Mortgage delivery commitments	218,651		453			17
Total derivatives not designated as hedging instruments	8,535,916		6,290			610
Total derivatives before adjustments	$	14,528,678	64,317			9,800
Netting adjustments and cash collateral (1)			(3,622		)	(6,907		)
Total derivative assets and total derivative liabilities			$	60,695		$	2,893

(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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

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

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

	Three Months Ended June 30,
	2018			2017
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	1,570		$	(205	)
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	5,504			16,380
Interest rate swaptions	(3,909		)	(2,053		)
Forward rate agreements	455			(3,136		)
Net interest settlements	(14,857		)	(1,451		)
Mortgage delivery commitments	(336		)	3,582
Total net (losses) gains related to derivatives not designated as hedging instruments	(13,143		)	13,322
Other (1)	(19		)	143
Net (losses) gains on derivatives and hedging activities	$	(11,592	)	$	13,260
	Six Months Ended June 30,
	2018			2017
Derivatives and hedged items in fair value hedging relationships:
Interest rate swaps	$	2,562		$	140
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps	(18,973		)	12,833
Interest rate swaptions	749			(10,369		)
Forward rate agreements	4,484			(3,513		)
Net interest settlements	(22,181		)	(1,083		)
Mortgage delivery commitments	(4,585		)	6,877
Total net (losses) gains related to derivatives not designated as hedging instruments	(40,506		)	4,745
Other (1)	(21		)	259
Net (losses) gains on derivatives and hedging activities	$	(37,965	)	$	5,144

(1) Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract.

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 June 30,
2018	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	$	7,257		$	(5,406	)	$	1,851		$	6,541
Consolidated Bonds	1,276			(1,557		)	(281		)	(1,607		)
Total	$	8,533		$	(6,963	)	$	1,570		$	4,934
2017
Hedged Item Type:
Advances	$	(9,666	)	$	9,279		$	(387	)	$	(4,744	)
Consolidated Bonds	806			(624		)	182			(157		)
Total	$	(8,860	)	$	8,655		$	(205	)	$	(4,901	)
	Six Months Ended June 30,
2018	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	$	50,310		$	(47,569	)	$	2,741		$	7,434
Consolidated Bonds	865			(1,044		)	(179		)	(2,850		)
Total	$	51,175		$	(48,613	)	$	2,562		$	4,584
2017
Hedged Item Type:
Advances	$	(299	)	$	110		$	(189	)	$	(11,445	)
Consolidated Bonds	(264		)	593			329			266
Total	$	(563	)	$	703		$	140		$	(11,179	)

(1) For fair value hedge relationships, the net effect of derivatives 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) $(152) and $(683) of (amortization)/accretion related to fair value hedging activities for the three months endedJune 30, 2018 and 2017 and (in thousands) $(323) and $(1,287) for the six months endedJune 30, 2018 and 2017.

Offsetting Assets [Table Text Block]

Offsetting of Derivative Assets and Derivative Liabilities (in thousands)

	June 30, 2018
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	12,870	$	(11,280	)	$	1,024	$	2,614
Cleared	749		64,537			—		65,286
Total								$	67,900
Derivative Liabilities:
Uncleared	$	6,040	$	(5,376	)	$	1,123	$	1,787
Cleared	152		(152		)	—		—
Total								$	1,787
	December 31, 2017 (2)
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	5,239	$	(5,215	)	$	480	$	504
Cleared	58,598		1,593			—		60,191
Total								$	60,695
Derivative Liabilities:
Uncleared	$	8,773	$	(6,127	)	$	247	$	2,893
Cleared	780		(780		)	—		—
Total								$	2,893

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

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

Offsetting Liabilities [Table Text Block]

Offsetting of Derivative Assets and Derivative Liabilities (in thousands)

	June 30, 2018
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	12,870	$	(11,280	)	$	1,024	$	2,614
Cleared	749		64,537			—		65,286
Total								$	67,900
Derivative Liabilities:
Uncleared	$	6,040	$	(5,376	)	$	1,123	$	1,787
Cleared	152		(152		)	—		—
Total								$	1,787
	December 31, 2017 (2)
	Derivative Instruments Meeting Netting Requirements
	Amount Recognized		Gross Amount of Netting Adjustments and Cash Collateral			Derivative Instruments Not Meeting Netting Requirements(1)		Total Derivative Assets and Total Derivative Liabilities
Derivative Assets:
Uncleared	$	5,239	$	(5,215	)	$	480	$	504
Cleared	58,598		1,593			—		60,191
Total								$	60,695
Derivative Liabilities:
Uncleared	$	8,773	$	(6,127	)	$	247	$	2,893
Cleared	780		(780		)	—		—
Total								$	2,893

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

(2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

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Deposits (Tables)

6 Months Ended

Jun. 30, 2018

Deposits [Abstract]

Deposit Liabilities, Type [Table Text Block]

Deposits (in thousands)

	June 30, 2018		December 31, 2017
Interest bearing:
Demand and overnight	$	679,594	$	590,617
Term	54,850		52,600
Other	3,705		5,509
Total interest bearing	738,149		648,726
Non-interest bearing:
Other	3,262		1,805
Total non-interest bearing	3,262		1,805
Total deposits	$	741,411	$	650,531

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Consolidated Obligations (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

Consolidated Discount Notes Outstanding (dollars in thousands)

	Book Value		Principal Amount		Weighted Average Interest Rate (1)
June 30, 2018	$	50,062,566	$	50,159,754	1.87	%
December 31, 2017	$	46,210,458	$	46,258,644	1.23	%

(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)

	June 30, 2018					December 31, 2017
Year of Contractual Maturity	Amount			Weighted Average Interest Rate		Amount			Weighted Average Interest Rate
Due in 1 year or less	$	26,989,640		1.77	%	$	28,940,265		1.34	%
Due after 1 year through 2 years	6,523,565			2.03		5,841,800			1.74
Due after 2 years through 3 years	5,829,000			1.85		4,770,565			1.89
Due after 3 years through 4 years	4,257,000			2.25		6,017,000			1.92
Due after 4 years through 5 years	1,954,620			2.32		2,244,620			2.24
Thereafter	5,629,055			2.78		6,343,055			2.72
Total principal amount	51,182,880			1.99		54,157,305			1.69
Premiums	80,332					86,521
Discounts	(28,583		)			(30,669		)
Hedging adjustments	(2,102		)			(3,146		)
Fair value option valuation adjustment and    accrued interest	(59,553		)			(46,950		)
Total	$	51,172,974				$	54,163,061

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

Year of Contractual Maturity or Next Call Date	June 30, 2018		December 31, 2017
Due in 1 year or less	$	33,117,640	$	35,029,265
Due after 1 year through 2 years	5,548,565		5,369,800
Due after 2 years through 3 years	4,794,000		3,715,565
Due after 3 years through 4 years	2,907,000		4,388,000
Due after 4 years through 5 years	1,528,620		1,823,620
Thereafter	3,287,055		3,831,055
Total principal amount	$	51,182,880	$	54,157,305

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

Consolidated Bonds Outstanding by Call Features (in thousands)

	June 30, 2018		December 31, 2017
Principal Amount of Consolidated Bonds:
Non-callable	$	44,139,880	$	47,155,305
Callable	7,043,000		7,002,000
Total principal amount	$	51,182,880	$	54,157,305

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

	June 30, 2018		December 31, 2017
Principal Amount of Consolidated Bonds:
Fixed-rate	$	33,117,880	$	33,252,305
Variable-rate	18,005,000		20,895,000
Step-up	60,000		10,000
Total principal amount	$	51,182,880	$	54,157,305

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Affordable Housing Program (AHP) (Tables)

6 Months Ended

Jun. 30, 2018

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, 2017	$	109,877
Assessments (current year additions)	18,712
Subsidy uses, net	(11,365		)
Balance at June 30, 2018	$	117,224

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Capital (Tables)

6 Months Ended

Jun. 30, 2018

Capital [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]

Capital Requirements (dollars in thousands)

	June 30, 2018						December 31, 2017
	Minimum Requirement			Actual			Minimum Requirement			Actual
Risk-based capital	$	1,014,458		$	5,546,059		$	886,033		$	5,211,204
Capital-to-assets ratio (regulatory)	4.00		%	5.13		%	4.00		%	4.88		%
Regulatory capital	$	4,322,876		$	5,546,059		$	4,275,809		$	5,211,204
Leverage capital-to-assets ratio (regulatory)	5.00		%	7.70		%	5.00		%	7.31		%
Leverage capital	$	5,403,595		$	8,319,089		$	5,344,761		$	7,816,806

Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block]

Mandatorily Redeemable Capital Stock Roll Forward (in thousands)

Balance, December 31, 2017	$	30,031
Capital stock subject to mandatory redemption reclassified from equity	3,456
Capital stock previously subject to mandatory redemption reclassified to capital	(5,599		)
Redemption (or other reduction) of mandatorily redeemable capital stock	(4,647		)
Balance, June 30, 2018	$	23,241

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

Contractual Year of Redemption	June 30, 2018		December 31, 2017
Year 1	$	1,673	$	20
Year 2	408		1,811
Year 3	20		439
Year 4	1,734		2,912
Year 5	1,799		5,257
Thereafter (1)	624		610
Past contractual redemption date due to remaining activity (2)	16,983		18,982
Total	$	23,241	$	30,031

(1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB members on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination.

(2) 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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Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2018

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) gains on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, MARCH 31, 2017	$	(3	)	$	(12,937	)	$	(12,940	)
Other comprehensive income before reclassification:
Net unrealized gains	7			—			7
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			511			511
Net current period other comprehensive income	7			511			518
BALANCE, JUNE 30, 2017	$	4		$	(12,426	)	$	(12,422	)
BALANCE, MARCH 31, 2018	$	19		$	(16,050	)	$	(16,031	)
Other comprehensive income before reclassification:
Net unrealized gains	201			—			201
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			487			487
Net current period other comprehensive income	201			487			688
BALANCE, JUNE 30, 2018	$	220		$	(15,563	)	$	(15,343	)

	Net unrealized gains (losses) on available-for-sale securities			Pension and postretirement benefits			Total accumulated other comprehensive (loss) income
BALANCE, DECEMBER 31, 2016	$	23		$	(13,279	)	$	(13,256	)
Other comprehensive income before reclassification:
Net unrealized losses	(19		)	—			(19		)
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			853			853
Net current period other comprehensive (loss) income	(19		)	853			834
BALANCE, JUNE 30, 2017	$	4		$	(12,426	)	$	(12,422	)
BALANCE, DECEMBER 31, 2017	$	(124	)	$	(16,536	)	$	(16,660	)
Other comprehensive income before reclassification:
Net unrealized gains	344			—			344
Reclassifications from other comprehensive income to net income:
Amortization - pension and postretirement benefits	—			973			973
Net current period other comprehensive income	344			973			1,317
BALANCE, JUNE 30, 2018	$	220		$	(15,563	)	$	(15,343	)

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Pension and Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

Net Periodic Benefit Cost (in thousands)

	Three Months Ended June 30,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2018		2017		2018		2017
Net Periodic Benefit Cost
Service cost	$	277	$	237	$	4	$	7
Interest cost	331		359		42		48
Amortization of net loss	487		509		—		2
Net periodic benefit cost	$	1,095	$	1,105	$	46	$	57
	Six Months Ended June 30,
	Defined Benefit Retirement Plan				Postretirement Benefits Plan
	2018		2017		2018		2017
Net Periodic Benefit Cost
Service cost	$	553	$	441	$	9	$	14
Interest cost	663		684		83		98
Amortization of net loss	973		850		—		3
Net periodic benefit cost	$	2,189	$	1,975	$	92	$	115

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Asset Balances by Operating Segment (in thousands)

	Assets
	Traditional Member Finance		MPP		Total
June 30, 2018	$	96,271,130	$	11,800,769	$	108,071,899
December 31, 2017	95,525,754		11,369,460		106,895,214

Financial Performance by Operating Segment (in thousands)

	Three Months Ended June 30,
	Traditional Member Finance			MPP			Total
2018
Net interest income	$	103,643		$	25,548		$	129,191
Non-interest loss	(10,737		)	(2,072		)	(12,809		)
Non-interest expense	19,381			2,760			22,141
Income before assessments	73,525			20,716			94,241
Affordable Housing Program assessments	7,388			2,072			9,460
Net income	$	66,137		$	18,644		$	84,781
2017
Net interest income	$	82,116		$	23,652		$	105,768
Non-interest income (loss)	10,639			(583		)	10,056
Non-interest expense	16,980			2,560			19,540
Income before assessments	75,775			20,509			96,284
Affordable Housing Program assessments	7,639			2,051			9,690
Net income	$	68,136		$	18,458		$	86,594

	Six Months Ended June 30,
	Traditional Member Finance			MPP			Total
2018
Net interest income	$	196,727		$	50,524		$	247,251
Non-interest (loss) income	(16,927		)	261			(16,666		)
Non-interest expense	38,245			6,020			44,265
Income before assessments	141,555			44,765			186,320
Affordable Housing Program assessments	14,235			4,477			18,712
Net income	$	127,320		$	40,288		$	167,608
2017
Net interest income	$	161,990		$	47,051		$	209,041
Non-interest income (loss)	1,074			(1,731		)	(657		)
Non-interest expense	34,120			5,486			39,606
Income before assessments	128,944			39,834			168,778
Affordable Housing Program assessments	13,002			3,984			16,986
Net income	$	115,942		$	35,850		$	151,792

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Fair Value Disclosures Fair Value (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Value Summary (in thousands)

	June 30, 2018
			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	$	15,674	$	15,674	$	15,674	$	—	$	—	$	—
Interest-bearing deposits	205		205		—		205		—		—
Securities purchased under agreements to resell	4,133,322		4,133,342		—		4,133,342		—		—
Federal funds sold	13,670,000		13,670,000		—		13,670,000		—		—
Trading securities	690		690		—		690		—		—
Available-for-sale securities	2,900,220		2,900,220		—		2,900,220		—		—
Held-to-maturity securities	16,677,453		16,405,711		—		16,405,711		—		—
Advances (2)	60,558,979		60,499,801		—		60,499,801		—		—
Mortgage loans held for portfolio, net	9,844,105		9,621,088		—		9,604,893		16,195		—
Accrued interest receivable	187,414		187,414		—		187,414		—		—
Derivative assets	67,900		67,900		—		14,643		—		53,257
Liabilities:
Deposits	741,411		741,269		—		741,269		—		—
Consolidated Obligations:
Discount Notes	50,062,566		50,065,134		—		50,065,134		—		—
Bonds (3)	51,172,974		50,717,065		—		50,717,065		—		—
Mandatorily redeemable capital stock	23,241		23,241		23,241		—		—		—
Accrued interest payable	130,870		130,870		—		130,870		—		—
Derivative liabilities	1,787		1,787		—		7,315		—		(5,528		)
Other:
Commitments to extend credit for Advances	—		3		—		3		—		—
Standby bond purchase agreements	—		641		—		641		—		—

(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) $4,970 of Advances recorded under the fair value option at June 30, 2018.

(3) Includes (in thousands) $6,186,288 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2018.

	December 31, 2017
			Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)(2)
Assets:
Cash and due from banks	$	26,550	$	26,550	$	26,550	$	—	$	—	$	—
Interest-bearing deposits	140		140		—		140		—		—
Securities purchased under agreements to resell	7,701,929		7,701,934		—		7,701,934		—		—
Federal funds sold	3,650,000		3,650,000		—		3,650,000		—		—
Trading securities	781		781		—		781		—		—
Available-for-sale securities	899,876		899,876		—		899,876		—		—
Held-to-maturity securities	14,804,970		14,682,329		—		14,682,329		—		—
Advances (3)	69,918,224		69,894,641		—		69,894,641		—		—
Mortgage loans held for portfolio, net	9,680,940		9,731,947		—		9,714,802		17,145		—
Accrued interest receivable	128,561		128,561		—		128,561		—		—
Derivative assets	60,695		60,695		—		64,317		—		(3,622		)
Liabilities:
Deposits	650,531		650,422		—		650,422		—		—
Consolidated Obligations:
Discount Notes	46,210,458		46,209,716		—		46,209,716		—		—
Bonds (4)	54,163,061		54,095,627		—		54,095,627		—		—
Mandatorily redeemable capital stock	30,031		30,031		30,031		—		—		—
Accrued interest payable	128,652		128,652		—		128,652		—		—
Derivative liabilities	2,893		2,893		—		9,800		—		(6,907		)
Other:
Commitments to extend credit for Advances	—		4		—		4		—		—
Standby bond purchase agreements	—		354		—		354		—		—

(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) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

(3) Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017.

(4) Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017.

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

Fair Value Measurements (in thousands)

	Fair Value Measurements at June 30, 2018
	Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)
Recurring fair value measurements - Assets
Trading securities:
U.S. obligation single-family MBS	$	690	$	—	$	690	$	—	$	—
Available-for-sale securities:
Certificates of deposit	2,900,220		—		2,900,220		—		—
Advances	4,970		—		4,970		—		—
Derivative assets:
Interest rate related	66,876		—		13,619		—		53,257
Forward rate agreements	7		—		7		—		—
Mortgage delivery commitments	1,017		—		1,017		—		—
Total derivative assets	67,900		—		14,643		—		53,257
Total assets at fair value	$	2,973,780	$	—	$	2,920,523	$	—	$	53,257
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	6,186,288	$	—	$	6,186,288	$	—	$	—
Derivative liabilities:
Interest rate related	664		—		6,192		—		(5,528		)
Forward rate agreement	1,076		—		1,076		—		—
Mortgage delivery commitments	47		—		47		—		—
Total derivative liabilities	1,787		—		7,315		—		(5,528		)
Total liabilities at fair value	$	6,188,075	$	—	$	6,193,603	$	—	$	(5,528	)
Nonrecurring fair value measurements - Assets (2)
Mortgage loans held for portfolio	$	323	$	—	$	—	$	323

(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) The fair value information presented is as of the date the fair value adjustment was recorded during the six months endedJune 30, 2018.

	Fair Value Measurements at December 31, 2017
	Total		Level 1		Level 2		Level 3		Netting Adjustments and Cash Collateral (1)(2)
Recurring fair value measurements - Assets
Trading securities:
U.S. obligation single-family MBS	$	781	$	—	$	781	$	—	$	—
Available-for-sale securities:
Certificates of deposit	899,876		—		899,876		—		—
Advances	15,013		—		15,013		—		—
Derivative assets:
Interest rate related	60,215		—		63,837		—		(3,622		)
Forward rate agreements	27		—		27		—		—
Mortgage delivery commitments	453		—		453		—		—
Total derivative assets	60,695		—		64,317		—		(3,622		)
Total assets at fair value	$	976,365	$	—	$	979,987	$	—	$	(3,622	)
Recurring fair value measurements - Liabilities
Consolidated Obligation Bonds	$	5,577,315	$	—	$	5,577,315	$	—	$	—
Derivative liabilities:
Interest rate related	2,646		—		9,553		—		(6,907		)
Forward rate agreements	230		—		230		—		—
Mortgage delivery commitments	17		—		17		—		—
Total derivative liabilities	2,893		—		9,800		—		(6,907		)
Total liabilities at fair value	$	5,580,208	$	—	$	5,587,115	$	—	$	(6,907	)
Nonrecurring fair value measurements - Assets (3)
Mortgage loans held for portfolio	$	598	$	—	$	—	$	598

(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) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

(3) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017.

Fair Value, Option, Quantitative Disclosures [Table Text Block]

Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)

	June 30, 2018							December 31, 2017
	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)	$	5,000	$	4,970	$	(30	)	$	15,000	$	15,013	$	13
Consolidated Bonds	6,245,841		6,186,288		(59,553		)	5,624,265		5,577,315		(46,950		)

(1) At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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

	Three Months Ended June 30,						Six Months Ended June 30,
Net (Losses) Gains from Changes in Fair Value Recognized in Earnings	2018			2017			2018			2017
Advances	$	(2	)	$	(13	)	$	(30	)	$	(29	)
Consolidated Bonds	(3,892		)	(6,384		)	15,861			(12,429		)
Total net (losses) gains	$	(3,894	)	$	(6,397	)	$	15,831		$	(12,458	)

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Off-Balance Sheet Commitments [Table Text Block]

Off-Balance Sheet Commitments (in thousands)

	June 30, 2018						December 31, 2017
Notional Amount	Expire within one year		Expire after one year		Total		Expire within one year		Expire after one year		Total
Standby Letters of Credit	$	14,163,172	$	318,446	$	14,481,618	$	14,388,745	$	302,237	$	14,690,982
Commitments for standby bond purchases	23,510		56,175		79,685		27,230		44,645		71,875
Commitments to fund additional Advances	45,000		—		45,000		5,000		—		5,000
Commitments to purchase mortgage loans	368,849		—		368,849		218,651		—		218,651
Unsettled Consolidated Discount Notes, principal amount (1)	5,000		—		5,000		309,662		—		309,662

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

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Transactions with Other FHLBanks Transactions with Other FHLBanks (Tables)

6 Months Ended

Jun. 30, 2018

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 Six Months Ended June 30,
	2018		2017
Loans to other FHLBanks	$	2,762	$	28
Borrowings from other FHLBanks	552		1,381

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Transactions with Stockholders (Tables)

6 Months Ended

Jun. 30, 2018

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
June 30, 2018	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,059	23	%	$	19,500	$	—
U.S. Bank, N.A.	836		18		8,575		21
The Huntington National Bank	282		6		1,631		498
Fifth Third Bank	248		5		1,211		2

	Regulatory Capital Stock				Advance		MPP Unpaid
December 31, 2017	Balance		% of Total		Principal		Principal Balance
JPMorgan Chase Bank, N.A.	$	1,059	25	%	$	23,950	$	—
U.S. Bank, N.A.	593		14		8,975		23
The Huntington National Bank	282		7		3,732		456
Fifth Third Bank	248		6		3,140		2

Director [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)

	June 30, 2018				December 31, 2017
	Balance		% of Total(1)		Balance		% of Total (1)
Advances	$	5,171	8.5	%	$	3,558	5.1	%
MPP	598		6.2		112		1.2
Regulatory capital stock	460		10.1		187		4.4

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

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Background Information (Details)	Jun. 30, 2018 Banks
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Federal Home Loan Banks	11

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Recently Issued Accounting Standards and Interpretations New Accounting Pronouncements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Labor and Related Expense	$ (11,457,000)	$ (9,561,000)	$ (24,150,000)	$ (20,609,000)
Other Noninterest Expense	$ 3,055,000	2,908,000	$ 4,457,000	4,022,000
Accounting Standards Update 2017-07 [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Labor and Related Expense		918,000		1,635,000
Other Noninterest Expense		$ 918,000		$ 1,635,000

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Trading Securities (Trading Securities by Major Type) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 690	$ 781
Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 690	$ 781

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Trading Securities (Net (Losses) Gains on Trading Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Trading Securities [Abstract]
Net losses on trading securities held at period end			$ (5)	$ (4)
Net losses on trading securities	$ (3)	$ (1)	$ (5)	$ (4)

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Available-for-Sale Securities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	$ 2,900,000,000		$ 900,000,000
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments	282,000		0
Available-for-sale Securities, Gross Unrealized Losses	(62,000)		(124,000)
Available-for-sale securities	2,900,220,000		899,876,000
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis	2,900,000,000		900,000,000
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value	2,900,220,000		899,876,000
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments	0	$ 0
Fixed-rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	2,900,000,000		900,000,000
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	2,900,000,000		900,000,000
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments	282,000		0
Available-for-sale Securities, Gross Unrealized Losses	(62,000)		(124,000)
Available-for-sale securities	$ 2,900,220,000		$ 899,876,000

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Held-to-Maturity Securities Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Held-to-maturity Securities, Unclassified [Abstract]
Held-to-maturity Securities, Sold Security, Realized Gain (Loss), Excluding Other than Temporary Impairments	$ 0	$ 0

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Held-to-Maturity Securities (Major Security Types) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2]	$ 16,677,453	$ 14,804,970
Held-to-maturity Securities	[3]	16,677,453	14,804,970
Held-to-maturity Securities, Unrecognized Holding Gain		19,055	44,195
Held-to-maturity Securities, Unrecognized Holding Loss		(290,797)	(166,836)
Held-to-maturity Securities, Fair Value		16,405,711	14,682,329
US Treasury Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[2]	33,174	34,033
Held-to-maturity Securities		33,174	34,033
Held-to-maturity Securities, Unrecognized Holding Gain		0	0
Held-to-maturity Securities, Unrecognized Holding Loss		(7)	(6)
Held-to-maturity Securities, Fair Value		33,167	34,027
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	[1],[2]	33,174	34,033
Held-to-maturity Securities		33,174	34,033
Held-to-maturity Securities, Unrecognized Holding Gain		0	0
Held-to-maturity Securities, Unrecognized Holding Loss		(7)	(6)
Held-to-maturity Securities, Fair Value		33,167	34,027
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]	2,250,289	2,483,446
Held-to-maturity Securities		2,250,289	2,483,446
Held-to-maturity Securities, Unrecognized Holding Gain		1,937	1,974
Held-to-maturity Securities, Unrecognized Holding Loss		(66,479)	(23,547)
Held-to-maturity Securities, Fair Value		2,185,747	2,461,873
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2],[4]	16,644,279	14,770,937
Held-to-maturity Securities	[4]	16,644,279	14,770,937
Held-to-maturity Securities, Unrecognized Holding Gain		19,055	44,195
Held-to-maturity Securities, Unrecognized Holding Loss		(290,790)	(166,830)
Held-to-maturity Securities, Fair Value	[4]	16,372,544	14,648,302
Single Family [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	[2]	6,091,868	6,703,367
Held-to-maturity Securities		6,091,868	6,703,367
Held-to-maturity Securities, Unrecognized Holding Gain		12,031	37,265
Held-to-maturity Securities, Unrecognized Holding Loss		(219,617)	(138,960)
Held-to-maturity Securities, Fair Value		5,884,282	6,601,672
Multifamily [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	[2]	8,302,122	5,584,124
Held-to-maturity Securities		8,302,122	5,584,124
Held-to-maturity Securities, Unrecognized Holding Gain		5,087	4,956
Held-to-maturity Securities, Unrecognized Holding Loss		(4,694)	(4,323)
Held-to-maturity Securities, Fair Value		$ 8,302,515	$ 5,584,757

[1] Carrying value equals amortized cost.

[2] Carrying value equals amortized cost.

[3] Fair values: $16,405,711 and $14,682,329 at June 30, 2018 and December 31, 2017, respectively.

[4] MBS 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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Held-to-Maturity Securities (Net Premuims) (Details) - Collateralized Mortgage Backed Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held To Maturity Securities, Premiums	$ 46,029	$ 49,713
Held-to-maturity Securities, Discounts	(22,078)	(24,243)
Held-to-maturity Securities, Premiums (Discounts), Net	$ 23,951	$ 25,470

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Held-to-Maturity Securities (Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 6,910,811	$ 3,530,635
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(80,968)	(28,939)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	3,817,752	4,371,797
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(209,829)	(137,897)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	10,728,563	7,902,432
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(290,797)	(166,836)
US Treasury Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	33,167	34,027
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(7)	(6)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	33,167	34,027
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(7)	(6)
Other Than Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	33,167	34,027
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(7)	(6)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	33,167	34,027
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(7)	(6)
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	1,187,267	1,193,566
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(38,419)	(10,455)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	591,655	657,209
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(28,060)	(13,092)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	1,778,922	1,850,775
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(66,479)	(23,547)
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	6,877,644	3,496,608
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(80,961)	(28,933)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	3,817,752	4,371,797
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(209,829)	(137,897)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	10,695,396	7,868,405
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(290,790)	(166,830)
Single Family [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	1,771,774	1,169,590
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(37,882)	(14,171)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	3,194,252	3,578,537
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(181,735)	(124,789)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	4,966,026	4,748,127
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	(219,617)	(138,960)
Multifamily [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	3,918,603	1,133,452
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss	(4,660)	(4,307)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	31,845	136,051
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(34)	(16)
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	3,950,448	1,269,503
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (4,694)	$ (4,323)

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Held-to-Maturity Securities (Contractual Maturity) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2]	$ 16,677,453	$ 14,804,970
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2]	16,677,453	14,804,970
Held-to-maturity Securities	[3]	16,677,453	14,804,970
Held-to-maturity Securities, Fair Value		16,405,711	14,682,329
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	[1]	33,174	34,033
Held-to-maturity Securities, Debt Maturities, After One Through Five Years Amortized Cost	[1]	0	0
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years Amortized Cost	[1]	0	0
Held-to-maturity Securities, Debt Maturities, After Ten Years Amortized Cost	[1]	0	0
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2]	33,174	34,033
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2]	33,174	34,033
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount		33,174	34,033
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount		0	0
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount		0	0
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount		0	0
Held-to-maturity Securities		33,174	34,033
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value		33,167	34,027
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value		0	0
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value		0	0
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value		0	0
Held-to-maturity Securities, Fair Value		33,167	34,027
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2],[4]	16,644,279	14,770,937
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2],[4]	16,644,279	14,770,937
Held-to-maturity Securities	[4]	16,644,279	14,770,937
Held-to-maturity Securities, Fair Value	[4]	$ 16,372,544	$ 14,648,302

[1] Carrying value equals amortized cost.

[2] Carrying value equals amortized cost.

[3] Fair values: $16,405,711 and $14,682,329 at June 30, 2018 and December 31, 2017, respectively.

[4] MBS 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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Held-to-Maturity Securities (Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2]	$ 16,677,453	$ 14,804,970
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	[1],[2]	33,174	34,033
Collateralized Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	[1],[2],[3]	16,644,279	14,770,937
Fixed-rate [Member] | 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		33,174	34,033
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		7,298,340	8,003,906
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		$ 9,345,939	$ 6,767,031

[1] Carrying value equals amortized cost.

[2] Carrying value equals amortized cost.

[3] MBS 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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Advances (Advance Redemption Terms) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Advances [Abstract]
Deposit Liabilities Reclassified as Loans Receivable		$ 0	$ 1,302
Due in 1 year or less		35,313,912	40,473,141
Due after 1 year through 2 years		15,314,072	15,655,118
Due after 2 years through 3 years		2,985,467	6,537,170
Due after 3 years through 4 years		1,701,851	1,980,655
Due after 4 years through 5 years		977,076	893,283
Thereafter		4,373,507	4,437,731
Federal Home Loan Bank, Advances, Par Value, Total		60,665,885	69,978,400
Commitment Fees on Advances		(498)	(510)
Discount on Affordable Housing Program Advances		(5,071)	(5,795)
Federal Home Loan Bank Advances, Premium		1,651	1,789
Federal Home Loan Bank Advances, Discount		(3,645)	(4,252)
Hedging adjustments		(99,313)	(51,421)
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option	[1]	(30)	13
Advances		$ 60,558,979	$ 69,918,224
Weighted Average Interest Rate on Overdrawn Demand Deposit		0.00%	1.55%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date		2.09%	1.55%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date		2.31%	1.69%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date		2.12%	1.74%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date		2.26%	2.00%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date		2.52%	2.07%
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date		2.80%	2.17%
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date		2.21%	1.66%

[1] At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Advances (Year of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Advances [Abstract]
Deposit Liabilities Reclassified as Loans Receivable	$ 0	$ 1,302
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months	44,738,694	46,390,733
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two	9,048,897	15,054,889
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three	3,788,467	3,768,534
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four	1,054,698	2,903,655
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five	661,622	506,557
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five	1,373,507	1,352,730
Federal Home Loan Bank, Advances, Par Value, Total	$ 60,665,885	$ 69,978,400

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Advances (Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Advances [Abstract]
Deposit Liabilities Reclassified as Loans Receivable	$ 0	$ 1,302
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date	35,423,912	40,588,641
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date	15,314,072	15,649,618
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date	2,985,467	6,537,170
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date	1,701,851	1,980,655
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date	977,076	893,283
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date	4,263,507	4,327,731
Federal Home Loan Bank, Advances, Par Value, Total	$ 60,665,885	$ 69,978,400

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Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Advances [Abstract]
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate	[1]	$ 32,877,236	$ 36,615,777
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate	[1]	27,788,649	33,362,623
Federal Home Loan Bank, Advances, Par Value, Total		$ 60,665,885	$ 69,978,400

[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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Advances (Borrowers Holding Five Percent or more of Total Advances) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 60,665,885	$ 69,978,400
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	$ 31,736,000	$ 40,413,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	52.00%	57.00%
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	$ 19,500,000	$ 23,950,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	32.00%	34.00%
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	$ 8,575,000	$ 8,975,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	14.00%	13.00%
Third Federal Savings and Loan 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	$ 3,661,000	$ 3,756,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance	6.00%	5.00%
The Huntington National Bank [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		$ 3,732,000
Concentration Risk, Percentage, Five Percent or More Of Principal Balance		5.00%

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Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance		$ 9,623,118	$ 9,454,214
Loans and Leases Receivable, Unamortized Premiums		217,615	217,716
Loans and Leases Receivable, Unamortized Discounts		(2,900)	(3,173)
Loans and Leases Receivable, Hedging Basis Adjustment	[1]	7,225	13,373
Loans and Leases Receivable, Gross, Consumer, Mortgage		9,845,058	9,682,130
Conventional Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance		9,324,960	9,129,003
Federal Housing Administration Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance		298,158	325,211
Single Family [Member] | Fixed rates medium-term single-family mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	[2]	1,031,171	1,128,749
Single Family [Member] | Fixed rates Long-term single-family mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance		$ 8,591,947	$ 8,325,465

[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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Mortgage Loans Held for Portfolio (Details 2) - USD ($) $ in Millions		Jun. 30, 2018	Dec. 31, 2017
Union Savings Bank [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total		$ 3,310	$ 3,247
Percent of Total		34.00%	34.00%
Guardian Saving Bank FSB [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total		$ 948	$ 933
Percent of Total		10.00%	10.00%
The Huntington National Bank [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total		$ 498
Percent of Total		5.00%
PNC Bank, N.A. [Member]
Participating Mortgage Loans [Line Items]
Unpaid Principal Balances Greater Than Five Percent of Total	[1]		$ 516
Percent of Total	[1]		5.00%

[1] Former member.

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Allowance for Credit Losses Narrative (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Real Estate Acquired Through Foreclosure	$ 0	$ 0

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Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	$ 953		$ 1,190		$ 953	$ 1,190
Total recorded investment					9,876,867	9,713,323
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of period			1,190
Balance, end of period	953		953
Conventional Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Credit Losses, Collectively Evaluated for Impairment					953	1,190
Allowance for Credit Losses, Individually Evaluated for Impairment					0	0
Loans and Leases Receivable, Allowance	1,068	$ 880	1,190	$ 1,142	953	1,190
Recorded Investment, Collectively Evaluated for Impairment					9,564,267	9,373,393
Recorded Investment, Individually Evaluated for Impairment					10,290	10,109
Total recorded investment					$ 9,574,557	$ 9,383,502
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of period	1,068	880	1,190	1,142
Allowance for Loan and Lease Losses Write-offs, Net	(115)	90	(237)	(172)
Balance, end of period	$ 953	$ 970	$ 953	$ 970

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Allowance for Credit Losses Rollforward of LRA (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Change in Lender Risk Account Balance [Roll Forward]
Lender Risk Account, Beginning Balance	$ 200,745
Lender Risk Account, Additions	8,923
Lender Risk Account, Claims	(117)
Lender Risk Account, Distributions	(5,628)
Lender Risk Account, Ending Balance	$ 203,923

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Allowance for Credit Losses Schedule of Loans Outstanding and Past Due (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		$ 79,098	$ 99,854
Financing Receivable, Recorded Investment, Current		9,797,769	9,613,469
Total recorded investment		9,876,867	9,713,323
Mortgage Loans In Process Of Foreclosure	[1]	$ 13,017	$ 14,806
Loans and Leases Receivable, Serious Delinquencies Ratio	[2]	0.23%	0.29%
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	[3]	$ 20,626	$ 25,915
Financing Receivable, Recorded Investment, Nonaccrual Status		2,805	2,713
Financing Receivable, Modifications, Recorded Investment		10,290	10,109
Conventional Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		48,453	61,404
Financing Receivable, Recorded Investment, Current		9,526,104	9,322,098
Total recorded investment		9,574,557	9,383,502
Mortgage Loans In Process Of Foreclosure	[1]	$ 8,437	$ 10,039
Loans and Leases Receivable, Serious Delinquencies Ratio	[2]	0.13%	0.19%
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	[3]	$ 11,134	$ 15,431
Financing Receivable, Recorded Investment, Nonaccrual Status		2,805	2,713
Federal Housing Administration Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		30,645	38,450
Financing Receivable, Recorded Investment, Current		271,665	291,371
Total recorded investment		302,310	329,821
Mortgage Loans In Process Of Foreclosure	[1]	$ 4,580	$ 4,767
Loans and Leases Receivable, Serious Delinquencies Ratio	[2]	3.14%	3.19%
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	[3]	$ 9,492	$ 10,484
Financing Receivable, Recorded Investment, Nonaccrual Status		0	0
Past due 30-59 days delinquent
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		45,779	57,654
Past due 30-59 days delinquent | Conventional Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		30,029	36,662
Past due 30-59 days delinquent | Federal Housing Administration Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		15,750	20,992
Past due 60-89 days delinquent
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		11,269	15,014
Past due 60-89 days delinquent | Conventional Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		5,866	8,040
Past due 60-89 days delinquent | Federal Housing Administration Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		5,403	6,974
Past due 90 days or more delinquent
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		22,050	27,186
Past due 90 days or more delinquent | Conventional Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		12,558	16,702
Past due 90 days or more delinquent | Federal Housing Administration Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Recorded Investment, Past Due		$ 9,492	$ 10,484

[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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Allowance for Credit Losses Individually Evaluated Impaired Loans (Details) - Conventional Loan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	$ 10,290		$ 10,290		$ 10,109
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0		0		0
Impaired Financing Receivable, Recorded Investment	10,290		10,290		10,109
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	10,083		10,083		9,912
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0		0		0
Impaired Financing Receivable, Unpaid Principal Balance	10,083		10,083		9,912
Impaired Financing Receivable, Related Allowance	0		0		$ 0
Impaired Financing Receivable, Average Recorded Investment	10,070	$ 9,529	9,914	$ 9,284
Impaired Financing Receivable, Interest Income, Accrual Method	$ 115	$ 113	$ 228	$ 221

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Derivatives and Hedging Activities Narrative (Details)	Jun. 30, 2018 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Net Liability Position, Aggregate Fair Value	$ 564,000
Collateral Already Posted, Aggregate Fair Value	0
Additional Collateral, Aggregate Fair Value	$ 0

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Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) - USD ($) $ in Thousands		Jun. 30, 2018		Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		$ 15,269,726		$ 14,528,678	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		14,643		64,317	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		7,315		9,800	[1]
Derivative Asset, Netting Adjustments And Cash Collateral	[3]	53,257	[2]	(3,622)	[1],[4],[5]
Derivative Liability, Netting Adjustments And Cash Collateral	[3]	(5,528)	[2]	(6,907)	[1],[4],[5]
Derivative assets		67,900		60,695	[1],[6]
Derivative liabilities		1,787		2,893	[1],[6]
Derivative, Collateral, Cash Posted And Related Accrued Interest		65,290		64,079
Derivative, Collateral, Cash Received And Related Accrued Interest		6,505		60,794
Variation Margin for Daily Settled Contracts, Net				74,431
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		6,077,037		5,992,762	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		2,393		58,027	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		5,131		9,190	[1]
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		6,400,840		5,789,265	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		2,948		2,639	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		1,061		363	[1]
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		2,089,000		2,316,000	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		8,278		3,171	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		0		0	[1]
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		334,000		212,000	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		7		27	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		1,076		230	[1]
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		9,192,689		8,535,916	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		12,250		6,290	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		2,184		610	[1]
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgages [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivatives		368,849		218,651	[1]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		1,017		453	[1]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		$ 47		$ 17	[1]

[1] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

[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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

[4] 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.

[5] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

[6] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

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Derivatives and Hedging Activities Derivatives in Statement of Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net		$ 1,570	$ (205)	$ 2,562	$ 140
Gain (Loss) on Derivatives not designated as hedging instruments		(13,143)	13,322	(40,506)	4,745
Derivative Instruments, Other Gain (Loss)	[1]	(19)	143	(21)	259
Net (losses) gains on derivatives and hedging activities		(11,592)	13,260	(37,965)	5,144
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net		1,570	(205)	2,562	140
Gain (Loss) on Derivatives not designated as hedging instruments		5,504	16,380	(18,973)	12,833
Interest Rate Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments		(3,909)	(2,053)	749	(10,369)
Forward Contracts [Member] | Mortgages [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments		(336)	3,582	(4,585)	6,877
Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments		455	(3,136)	4,484	(3,513)
Net Interest Settlements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives not designated as hedging instruments		$ (14,857)	$ (1,451)	$ (22,181)	$ (1,083)

[1] Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract.

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Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Interest (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		$ 8,533	$ (8,860)	$ 51,175	$ (563)
Gain (Loss) on Hedged Item		(6,963)	8,655	(48,613)	703
Net Fair Value Hedge Ineffectiveness		1,570	(205)	2,562	140
Effect of Derivatives on Net Interest Income	[1]	4,934	(4,901)	4,584	(11,179)
Amortization and Accretion of Hedged Items		(152)	(683)	(323)	(1,287)
Advances [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		7,257	(9,666)	50,310	(299)
Gain (Loss) on Hedged Item		(5,406)	9,279	(47,569)	110
Net Fair Value Hedge Ineffectiveness		1,851	(387)	2,741	(189)
Effect of Derivatives on Net Interest Income	[1]	6,541	(4,744)	7,434	(11,445)
Consolidated Obligation Bonds [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		1,276	806	865	(264)
Gain (Loss) on Hedged Item		(1,557)	(624)	(1,044)	593
Net Fair Value Hedge Ineffectiveness		(281)	182	(179)	329
Effect of Derivatives on Net Interest Income	[1]	$ (1,607)	$ (157)	$ (2,850)	$ 266

[1] For fair value hedge relationships, the net effect of derivatives 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) $(152) and $(683) of (amortization)/accretion related to fair value hedging activities for the three months ended June 30, 2018 and 2017 and (in thousands) $(323) and $(1,287) for the six months ended June 30, 2018 and 2017.

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Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2018		Dec. 31, 2017
Offsetting Assets [Line Items]
Derivative Asset, Netting Adjustments And Cash Collateral	[2]	$ 53,257	[1]	$ (3,622)	[3],[4],[5]
Derivative assets		67,900		60,695	[5],[6]
Derivative Liability, Netting Adjustments And Cash Collateral	[2]	(5,528)	[1]	(6,907)	[3],[4],[5]
Derivative liabilities		1,787		2,893	[5],[6]
Variation Margin for Daily Settled Contracts, Net				74,431
Uncleared derivatives
Offsetting Assets [Line Items]
Derivative Asset, Total Gross Amount		12,870		5,239	[6]
Derivative Asset, Netting Adjustments And Cash Collateral		(11,280)		(5,215)	[6]
Derivative Asset, Not Subject to Master Netting Arrangement	[7]	1,024		480	[6]
Derivative assets		2,614		504	[6]
Derivative Liability, Total Gross Amount		6,040		8,773	[6]
Derivative Liability, Netting Adjustments And Cash Collateral		(5,376)		(6,127)	[6]
Derivative Liability, Not Subject to Master Netting Arrangement	[7]	1,123		247	[6]
Derivative liabilities		1,787		2,893	[6]
Cleared derivatives
Offsetting Assets [Line Items]
Derivative Asset, Total Gross Amount		749		58,598	[6]
Derivative Asset, Netting Adjustments And Cash Collateral		64,537		1,593	[6]
Derivative Asset, Not Subject to Master Netting Arrangement	[7]	0		0	[6]
Derivative assets		65,286		60,191	[6]
Derivative Liability, Total Gross Amount		152		780	[6]
Derivative Liability, Netting Adjustments And Cash Collateral		(152)		(780)	[6]
Derivative Liability, Not Subject to Master Netting Arrangement	[7]	0		0	[6]
Derivative liabilities		$ 0		$ 0	[6]

[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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

[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 counterparty.

[4] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

[5] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

[6] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

[7] Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement.

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Deposits Deposits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Deposits [Abstract]
Interest bearing, demand and overnight	$ 679,594		$ 679,594		$ 590,617
Interest bearing, term	54,850		54,850		52,600
Interest bearing, other	3,705		3,705		5,509
Total interest-bearing	738,149		738,149		648,726
Non-interest bearing, other	3,262		3,262		1,805
Total non-interest bearing	3,262		3,262		1,805
Total deposits	$ 741,411		$ 741,411		$ 650,531
Weighted Average Rate, Interest-bearing Domestic Deposits, over Time	1.52%	0.59%	1.38%	0.49%

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Consolidated Obligations (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Schedule of Short-term and Long-term Debt [Line Items]
Discount Notes		$ 50,062,566	$ 46,210,458
Consolidated Obligations Bonds Total		51,172,974	54,163,061
Discount Notes [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt Instrument, Face Amount		$ 50,159,754	$ 46,258,644
Short-term Debt, Weighted Average Interest Rate, at Point in Time	[1]	1.87%	1.23%
Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Maturities, Repayments of Principal in Twelve Months		$ 26,989,640	$ 28,940,265
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two		6,523,565	5,841,800
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three		5,829,000	4,770,565
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four		4,257,000	6,017,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five		1,954,620	2,244,620
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five		5,629,055	6,343,055
Debt, Gross		51,182,880	54,157,305
Debt Instrument, Unamortized Premium		80,332	86,521
Debt Instrument, Unamortized Discount		(28,583)	(30,669)
Debt Valuation Adjustment for Hedging Activities		(2,102)	(3,146)
Fair value option valuation adjustment and accrued interest		(59,553)	(46,950)
Consolidated Obligations Bonds Total		$ 51,172,974	$ 54,163,061
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate		1.77%	1.34%
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate		2.03%	1.74%
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate		1.85%	1.89%
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate		2.25%	1.92%
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate		2.32%	2.24%
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate		2.78%	2.72%
Long-term Debt, Weighted Average Interest Rate, at Point in Time		1.99%	1.69%
Non Callable [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross		$ 44,139,880	$ 47,155,305
Callable [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross		7,043,000	7,002,000
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		33,117,640	35,029,265
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two		5,548,565	5,369,800
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three		4,794,000	3,715,565
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four		2,907,000	4,388,000
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five		1,528,620	1,823,620
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five		3,287,055	3,831,055
Fixed-rate [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross		33,117,880	33,252,305
Variable-rate [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross		18,005,000	20,895,000
Step-up [Member] | Consolidated Obligation Bonds [Member]
Schedule of Short-term and Long-term Debt [Line Items]
Debt, Gross		$ 60,000	$ 10,000

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

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Affordable Housing Program (AHP) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Affordable Housing Program [Roll Forward]
AHP Obligation, Beginning Balance			$ 109,877
AHP, Expense (Current Year Additions)	$ 9,460	$ 9,690	18,712	$ 16,986
AHP, Subsidy Uses, Net			(11,365)	$ (14,548)
AHP Obligation, Ending Balance	$ 117,224		$ 117,224

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Capital (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Capital [Abstract]
Risk Based Capital Required	$ 1,014,458	$ 886,033
Risk Based Capital Actual	$ 5,546,059	$ 5,211,204
Regulatory Capital Ratio, Actual	5.13%	4.88%
Regulatory Capital, Required	$ 4,322,876	$ 4,275,809
Regulatory Capital, Actual	$ 5,546,059	$ 5,211,204
Leverage Ratio, Actual	7.70%	7.31%
Leverage Capital, Required	$ 5,403,595	$ 5,344,761
Leverage Capital, Actual	8,319,089	7,816,806
Retained Earnings, Appropriated	$ 356,521	$ 322,999

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Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Mandatorily Redeemable Capital Stock [Roll Forward]
Balance at beginning period	$ 30,031
Shares Reclassified to Mandatorily Redeemable Capital Stock, Value	3,456
Capital stock previously subject to mandatory redemption reclassified to capital	(5,599)
Repayments of Mandatory Redeemable Capital Securities	(4,647)	$ (186,218)
Balance at end of period	$ 23,241

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Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Capital [Abstract]
Due in 1 year or less		$ 1,673	$ 20
Due after 1 year through 2 years		408	1,811
Due after 2 years through 3 years		20	439
Due after 3 years through 4 years		1,734	2,912
Due after 4 years through 5 years		1,799	5,257
Financial Instruments Subject to Mandatory Redemption, Redeemable After Year Five	[1]	624	610
Past contractual redemption date due to remaining activity	[2]	16,983	18,982
Total par value		$ 23,241	$ 30,031

[1] Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB members on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the member's termination.

[2] 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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Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 5,164,513	$ 4,978,095
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	$ 201	$ 7	344	(19)
Total other comprehensive income adjustments	688	518	1,317	834
Ending balance	5,507,475	5,097,883	5,507,475	5,097,883
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	19	(3)	(124)	23
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	201	7	344	(19)
Amortization - Pension and postretirement benefits	0	0	0	0
Total other comprehensive income adjustments	201	7	344	(19)
Ending balance	220	4	220	4
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(16,050)	(12,937)	(16,536)	(13,279)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	0	0	0	0
Amortization - Pension and postretirement benefits	487	511	973	853
Total other comprehensive income adjustments	487	511	973	853
Ending balance	(15,563)	(12,426)	(15,563)	(12,426)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(16,031)	(12,940)	(16,660)	(13,256)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	201	7	344	(19)
Amortization - Pension and postretirement benefits	487	511	973	853
Total other comprehensive income adjustments	688	518	1,317	834
Ending balance	$ (15,343)	$ (12,422)	$ (15,343)	$ (12,422)

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Pension and Postretirement Benefit Plans Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Multiemployer Plans [Line Items]
Defined Contribution Plan, Cost	$ 290,000	$ 268,000	$ 767,000	$ 721,000
Pentegra Defined Benefit Plan [Member]
Multiemployer Plans [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 2,525,000	$ 1,644,000	$ 5,051,000	$ 3,289,000

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Pension and Postretirement Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 277	$ 237	$ 553	$ 441
Defined Benefit Plan, Interest Cost	331	359	663	684
Defined Benefit Plan, Amortization of Gain (Loss)	487	509	973	850
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	1,095	1,105	2,189	1,975
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	4	7	9	14
Defined Benefit Plan, Interest Cost	42	48	83	98
Defined Benefit Plan, Amortization of Gain (Loss)	0	2	0	3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 46	$ 57	$ 92	$ 115

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Segment Information Financial Performance (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) Segment	Jun. 30, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | Segment			2
Net interest income	$ 129,191	$ 105,768	$ 247,251	$ 209,041
Non-interest income (loss)	(12,809)	10,056	(16,666)	(657)
Non-interest expense	22,141	19,540	44,265	39,606
Income before assessments	94,241	96,284	186,320	168,778
Affordable Housing Program assessments	9,460	9,690	18,712	16,986
Net income	84,781	86,594	167,608	151,792
Traditional Member Finance [Member]
Segment Reporting Information [Line Items]
Net interest income	103,643	82,116	196,727	161,990
Non-interest income (loss)	(10,737)	10,639	(16,927)	1,074
Non-interest expense	19,381	16,980	38,245	34,120
Income before assessments	73,525	75,775	141,555	128,944
Affordable Housing Program assessments	7,388	7,639	14,235	13,002
Net income	66,137	68,136	127,320	115,942
Mortgage Purchase Program [Member]
Segment Reporting Information [Line Items]
Net interest income	25,548	23,652	50,524	47,051
Non-interest income (loss)	(2,072)	(583)	261	(1,731)
Non-interest expense	2,760	2,560	6,020	5,486
Income before assessments	20,716	20,509	44,765	39,834
Affordable Housing Program assessments	2,072	2,051	4,477	3,984
Net income	$ 18,644	$ 18,458	$ 40,288	$ 35,850

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Segment Information Asset Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 108,071,899	$ 106,895,214
Traditional Member Finance [Member]
Segment Reporting Information [Line Items]
Total assets	96,271,130	95,525,754
Mortgage Purchase Program [Member]
Segment Reporting Information [Line Items]
Total assets	$ 11,800,769	$ 11,369,460

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Fair Value Disclosures Fair Value Summary (Details) - USD ($) $ in Thousands		Jun. 30, 2018		Dec. 31, 2017
Assets
Cash and Due from Banks		$ 15,674		$ 26,550
Trading securities		690		781
Available-for-sale securities		2,900,220		899,876
Held-to-maturity Securities	[1]	16,677,453		14,804,970
Held-to-maturity Securities, Fair Value		16,405,711		14,682,329
Accrued interest receivable		187,414		128,561
Derivative assets		67,900		60,695	[2],[3]
Derivative Asset, Netting Adjustments And Cash Collateral	[5]	53,257	[4]	(3,622)	[2],[6],[7]
Advances, Fair Value Disclosure	[8]	4,970		15,013
Liabilities
Mandatorily redeemable capital stock		23,241		30,031
Accrued Interest Payable, Fair Value Disclosure		130,870		128,652
Derivative liabilities		1,787		2,893	[2],[3]
Derivative Liability, Netting Adjustments And Cash Collateral	[5]	(5,528)	[4]	(6,907)	[2],[6],[7]
Variation Margin for Daily Settled Contracts, Net				74,431
Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds		6,186,288		5,577,315
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and Due from Banks		15,674		26,550
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	[9]	0	[10]
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		23,241		30,031
Accrued Interest Payable, Fair Value Disclosure		0		0
Derivative liabilities		0		0
Fair Value, Inputs, Level 1 [Member] | Loan Origination Commitments [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		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	[11]	0	[12]
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		205		140
Securities purchased under resale agreements		4,133,342		7,701,934
Federal funds sold		13,670,000		3,650,000
Trading securities		690		781
Available-for-sale securities		2,900,220		899,876
Held-to-maturity Securities, Fair Value		16,405,711		14,682,329
Advances		60,499,801	[9]	69,894,641	[10]
Mortgage loans held for portfolio, net		9,604,893		9,714,802
Accrued interest receivable		187,414		128,561
Derivative assets		14,643		64,317
Liabilities
Deposits		741,269		650,422
Mandatorily redeemable capital stock		0		0
Accrued Interest Payable, Fair Value Disclosure		130,870		128,652
Derivative liabilities		7,315		9,800
Fair Value, Inputs, Level 2 [Member] | Loan Origination Commitments [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		3		4
Fair Value, Inputs, Level 2 [Member] | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		641		354
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds		50,717,065	[11]	54,095,627	[12]
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes		50,065,134		46,209,716
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	[9]	0	[10]
Mortgage loans held for portfolio, net		16,195		17,145
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] | Loan Origination Commitments [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		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	[11]	0	[12]
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes		0		0
Carrying Value
Assets
Cash and Due from Banks		15,674		26,550
Interest-bearing deposits		205		140
Securities purchased under resale agreements		4,133,322		7,701,929
Federal funds sold		13,670,000		3,650,000
Trading securities		690		781
Available-for-sale securities		2,900,220		899,876
Held-to-maturity Securities		16,677,453		14,804,970
Advances		60,558,979	[9]	69,918,224	[10]
Mortgage loans held for portfolio, net		9,844,105		9,680,940
Accrued interest receivable		187,414		128,561
Derivative assets		67,900		60,695
Liabilities
Deposits		741,411		650,531
Mandatorily redeemable capital stock		23,241		30,031
Accrued Interest Payable, Fair Value Disclosure		130,870		128,652
Derivative liabilities		1,787		2,893
Carrying Value | Loan Origination Commitments [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		0		0
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		51,172,974	[11]	54,163,061	[12]
Carrying Value | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes		50,062,566		46,210,458
Fair Value
Assets
Cash and Due from Banks		15,674		26,550
Interest-bearing deposits		205		140
Securities purchased under resale agreements		4,133,342		7,701,934
Federal funds sold		13,670,000		3,650,000
Trading securities		690		781
Available-for-sale securities		2,900,220		899,876
Held-to-maturity Securities, Fair Value		16,405,711		14,682,329
Advances		60,499,801	[9]	69,894,641	[10]
Mortgage loans held for portfolio, net		9,621,088		9,731,947
Accrued interest receivable		187,414		128,561
Derivative assets		67,900		60,695
Liabilities
Deposits		741,269		650,422
Mandatorily redeemable capital stock		23,241		30,031
Accrued Interest Payable, Fair Value Disclosure		130,870		128,652
Derivative liabilities		1,787		2,893
Fair Value | Loan Origination Commitments [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		3		4
Fair Value | Financial Standby Letter of Credit [Member]
Other [Abstract]
Commitments, Fair Value Disclosure		641		354
Fair Value | Consolidated Obligation Bonds [Member]
Liabilities
Consolidated Obligations, Bonds		50,717,065	[11]	54,095,627	[12]
Fair Value | Discount Notes [Member]
Liabilities
Consolidated Obligations, Discount Notes		$ 50,065,134		$ 46,209,716

[1] Fair values: $16,405,711 and $14,682,329 at June 30, 2018 and December 31, 2017, respectively.

[2] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

[3] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

[4] 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.

[5] 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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

[6] 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.

[7] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

[8] At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

[9] Includes (in thousands) $4,970 of Advances recorded under the fair value option at June 30, 2018.

[10] Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017.

[11] Includes (in thousands) $6,186,288 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2018.

[12] Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017.

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Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands		Jun. 30, 2018		Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities		$ 690		$ 781
Available-for-sale securities		2,900,220		899,876
Advances, Fair Value Disclosure	[1]	4,970		15,013
Derivative assets		67,900		60,695	[2],[3]
Derivative Asset, Netting Adjustments And Cash Collateral	[5]	53,257	[4]	(3,622)	[2],[6],[7]
Derivative liabilities		1,787		2,893	[2],[3]
Derivative Liability, Netting Adjustments And Cash Collateral	[5]	(5,528)	[4]	(6,907)	[2],[6],[7]
Variation Margin for Daily Settled Contracts, Net				74,431
Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds		6,186,288		5,577,315
Single Family, Mortgage-backed Securities, Other US Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities		690		781
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		2,900,220		899,876
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances, Fair Value Disclosure		4,970		15,013
Derivative Asset, Netting Adjustments And Cash Collateral		53,257	[8]	(3,622)	[9],[10]
Derivative Liability, Netting Adjustments And Cash Collateral		(5,528)	[8]	(6,907)	[9],[10]
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		6,186,288		5,577,315
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Netting Adjustments And Cash Collateral		53,257	[8]	(3,622)	[9],[10]
Derivative Liability, Netting Adjustments And Cash Collateral		(5,528)	[8]	(6,907)	[9],[10]
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	[11]	0	[12]
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 Contract [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		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	[13]	0	[14]
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities		690		781
Available-for-sale securities		2,900,220		899,876
Derivative assets		14,643		64,317
Derivative liabilities		7,315		9,800
Mortgage loans held for portfolio, net		9,604,893		9,714,802
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		50,717,065	[11]	54,095,627	[12]
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		4,970		15,013
Derivative assets		14,643		64,317
Total assests at fair value		2,920,523		979,987
Derivative liabilities		7,315		9,800
Total liabilities at fair value		6,193,603		5,587,115
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		6,186,288		5,577,315
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		13,619		63,837
Derivative liabilities		6,192		9,553
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		1,017		453
Derivative liabilities		47		17
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		7		27
Derivative liabilities		1,076		230
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		690		781
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		2,900,220		899,876
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	[13]	0	[14]
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		16,195		17,145
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	[11]	0	[12]
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 Contract [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		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		323	[13]	598	[14]
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities		690		781
Available-for-sale securities		2,900,220		899,876
Derivative assets		67,900		60,695
Derivative liabilities		1,787		2,893
Mortgage loans held for portfolio, net		9,621,088		9,731,947
Fair Value | Consolidated Obligation Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consolidated Obligations, Bonds		50,717,065	[11]	54,095,627	[12]
Fair Value | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		67,900		60,695
Total assests at fair value		2,973,780		976,365
Derivative liabilities		1,787		2,893
Total liabilities at fair value		6,188,075		5,580,208
Fair Value | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		66,876		60,215
Derivative liabilities		664		2,646
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		1,017		453
Derivative liabilities		47		17
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		7		27
Derivative liabilities		1,076		230
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		690		781
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		2,900,220		899,876
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		$ 323	[13]	$ 598	[14]

[1] At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

[2] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral.

[3] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral.

[4] 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.

[5] 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) $65,290 and $64,079 at June 30, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $6,505 and $60,794 at June 30, 2018 and December 31, 2017.

[6] 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.

[7] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

[8] 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.

[9] 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.

[10] To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral.

[11] Includes (in thousands) $6,186,288 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2018.

[12] Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017.

[13] The fair value information presented is as of the date the fair value adjustment was recorded during the six months ended June 30, 2018.

[14] The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017.

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Fair Value Disclosures Fair Value Impact on Financial Performance (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (3,894,000)	$ (6,397,000)	$ 15,831,000	$ (12,458,000)
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax			0
Advances [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(2,000)	(13,000)	(30,000)	(29,000)
Consolidated Obligation Bonds [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (3,892,000)	$ (6,384,000)	$ 15,861,000	$ (12,429,000)

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Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Federal Home Loan Bank, Advances, Par Value	[1]	$ 5,000	$ 15,000
Advances, Fair Value Disclosure	[1]	4,970	15,013
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option	[1]	(30)	13
Consolidated Obligation Bonds [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate Unpaid Principal Balance		6,245,841	5,624,265
Aggregate Fair Value		6,186,288	5,577,315
Fair value option valuation adjustment and accrued interest		$ (59,553)	$ (46,950)

[1] At June 30, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status.

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Commitments and Contingencies (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year		$ 14,163,172	$ 14,388,745
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year		318,446	302,237
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability		14,481,618	14,690,982
Financial Standby Letter of Credit [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year		23,510	27,230
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year		56,175	44,645
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability		79,685	71,875
Loan Origination Commitments [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year		45,000	5,000
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		45,000	5,000
Forward Contracts [Member] | Mortgages [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year		368,849	218,651
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		368,849	218,651
Discount Notes [Member]
Loss Contingencies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year	[1]	5,000	309,662
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year	[1]	0	0
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	[1]	$ 5,000	$ 309,662

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

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Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
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	2,762	28
Other FHLBanks [Member]
Schedule of Other Transactions [Line Items]
Short-term Debt, Average Outstanding Amount	$ 552	$ 1,381

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Transactions with Stockholders (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Schedule of Other Transactions [Line Items]
Advances		$ 60,665,885	$ 69,978,400
Loans And Leases Receivable, Unpaid Principal Balance		9,623,118	9,454,214
Director [Member]
Schedule of Other Transactions [Line Items]
Advances		$ 5,171,000	$ 3,558,000
Federal Home Loan Bank Advances, Percent of Principal	[1]	8.50%	5.10%
Loans And Leases Receivable, Unpaid Principal Balance		$ 598,000	$ 112,000
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total	[1]	6.20%	1.20%
Regulatory Capital Stock, Value		$ 460,000	$ 187,000
Regulatory Capital Stock, Percent of Total	[1]	10.10%	4.40%

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

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Transactions with Stockholders (Concentrations) (Details) $ in Thousands	Jun. 30, 2018 USD ($) Banks	Dec. 31, 2017 USD ($)
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 60,665,885	$ 69,978,400
JPMorgan Chase Bank National Association [Member] | Capital Stock Ownership By Third Party [Member]
Concentration Risk [Line Items]
Regulatory Capital Stock, Value	$ 1,059,000	$ 1,059,000
Concentration Risk, Percentage	23.00%	25.00%
JPMorgan Chase Bank National Association [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 19,500,000	$ 23,950,000
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	$ 836,000	$ 593,000
Concentration Risk, Percentage	18.00%	14.00%
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 8,575,000	$ 8,975,000
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance	21,000	23,000
The Huntington National Bank [Member] | Capital Stock Ownership By Third Party [Member]
Concentration Risk [Line Items]
Regulatory Capital Stock, Value	$ 282,000	$ 282,000
Concentration Risk, Percentage	6.00%	7.00%
The Huntington National Bank [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 1,631,000	$ 3,732,000
The Huntington National Bank [Member] | Mortgage Purchase Program [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance	498,000	456,000
Fifth Third Bank [Member] | Capital Stock Ownership By Third Party [Member]
Concentration Risk [Line Items]
Regulatory Capital Stock, Value	$ 248,000	$ 248,000
Concentration Risk, Percentage	5.00%	6.00%
Fifth Third Bank [Member] | Advances to Members and Former Members [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances, Par Value	$ 1,211,000	$ 3,140,000
Fifth Third Bank [Member] | Mortgage Purchase Program [Member]
Concentration Risk [Line Items]
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance	$ 2,000	$ 2,000
Kentucky Housing Corporation, Ohio Housing Finance Agency, Tennessee Housing Development Agency [Member]
Concentration Risk [Line Items]
Number of Relationships With Non Member Affiliates | Banks	3