QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Federally chartered corporation of the | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated Filer ☐ | Accelerated Filer ☐ | ||||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Page 1 of |
PART I - FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements (Unaudited): | |||||||
Statements of Condition - June 30, 2023 and December 31, 2022 | ||||||||
Statements of Income - Three and six months ended June 30, 2023 and 2022 | ||||||||
Statements of Comprehensive Income (Loss) - Three and six months ended June 30, 2023 and 2022 | ||||||||
Statements of Capital - Three and six months ended June 30, 2023 and 2022 | ||||||||
Statements of Cash Flows - Six months ended June 30, 2023 and 2022 | ||||||||
Notes to Unaudited Financial Statements | ||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |||||||
Item 4. | Controls and Procedures | |||||||
PART II - OTHER INFORMATION | ||||||||
Item 1. | Legal Proceedings | |||||||
Item 1A. | Risk Factors | |||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Item 3. | Defaults Upon Senior Securities | |||||||
Item 4. | Mine Safety Disclosures | |||||||
Item 5. | Other Information | |||||||
Item 6. | Exhibits | |||||||
Signatures | ||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits | |||||||||||
Securities purchased under agreements to resell | |||||||||||
Federal funds sold | |||||||||||
Investment securities: | |||||||||||
Trading securities | |||||||||||
Available-for-sale securities (amortized cost of $ | |||||||||||
Held-to-maturity securities (fair value of $ | |||||||||||
Total investment securities | |||||||||||
Advances (includes $ | |||||||||||
Mortgage loans held for portfolio, net of allowance for credit losses of $ | |||||||||||
Accrued interest receivable | |||||||||||
Derivative assets | |||||||||||
Other assets, net | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES | |||||||||||
Deposits | $ | $ | |||||||||
Consolidated Obligations: | |||||||||||
Discount Notes (includes $ | |||||||||||
Bonds (includes $ | |||||||||||
Total Consolidated Obligations | |||||||||||
Mandatorily redeemable capital stock | |||||||||||
Accrued interest payable | |||||||||||
Affordable Housing Program payable | |||||||||||
Derivative liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
CAPITAL | |||||||||||
Capital stock Class B putable ($ | |||||||||||
Retained earnings: | |||||||||||
Unrestricted | |||||||||||
Restricted | |||||||||||
Total retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total capital | |||||||||||
TOTAL LIABILITIES AND CAPITAL | $ | $ |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||
Advances | $ | $ | $ | $ | |||||||||||||||||||
Prepayment fees on Advances, net | |||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||
Securities purchased under agreements to resell | |||||||||||||||||||||||
Federal funds sold | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
Total investment securities | |||||||||||||||||||||||
Mortgage loans held for portfolio | |||||||||||||||||||||||
Loans to other FHLBanks | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||
Discount Notes | |||||||||||||||||||||||
Bonds | |||||||||||||||||||||||
Total Consolidated Obligations | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Mandatorily redeemable capital stock | |||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||||||||
NON-INTEREST INCOME (LOSS): | |||||||||||||||||||||||
Net gains (losses) on investment securities | ( | ( | ( | ( | |||||||||||||||||||
Net gains (losses) on financial instruments held under fair value option | |||||||||||||||||||||||
Net gains (losses) on derivatives | ( | ( | |||||||||||||||||||||
Other, net | |||||||||||||||||||||||
Total non-interest income (loss) | ( | ||||||||||||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Finance Agency | |||||||||||||||||||||||
Office of Finance | |||||||||||||||||||||||
Voluntary housing contributions | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total non-interest expense | |||||||||||||||||||||||
INCOME BEFORE ASSESSMENTS | |||||||||||||||||||||||
Affordable Housing Program assessments | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss) adjustments: | |||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | ( | ( | |||||||||||||||||||||
Pension and postretirement benefits | ( | ( | |||||||||||||||||||||
Total other comprehensive income (loss) adjustments | ( | ( | |||||||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ |
(In thousands) | Capital Stock Class B - Putable | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | Capital | ||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of capital stock | |||||||||||||||||||||||||||||||||||||||||
Net shares reclassified to mandatorily redeemable capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
BALANCE, JUNE 30, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of capital stock | |||||||||||||||||||||||||||||||||||||||||
Repurchase of capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net shares reclassified to mandatorily redeemable capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
BALANCE, JUNE 30, 2023 | $ | $ | $ | $ | $ | ( | $ |
(In thousands) | Capital Stock Class B - Putable | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | Capital | ||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of capital stock | |||||||||||||||||||||||||||||||||||||||||
Net shares reclassified to mandatorily redeemable capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
BALANCE, JUNE 30, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of capital stock | |||||||||||||||||||||||||||||||||||||||||
Repurchase of capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net shares reclassified to mandatorily redeemable capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
BALANCE, JUNE 30, 2023 | $ | $ | $ | $ | $ | ( | $ |
(In thousands) | Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization/(accretion) | |||||||||||
Net change in derivative and hedging activities | |||||||||||
Net change in fair value adjustments on trading securities | |||||||||||
Net change in fair value adjustments on financial instruments held under fair value option | ( | ( | |||||||||
Other adjustments, net | |||||||||||
Net change in: | |||||||||||
Accrued interest receivable | ( | ( | |||||||||
Other assets | |||||||||||
Accrued interest payable | |||||||||||
Other liabilities | ( | ||||||||||
Total adjustments | |||||||||||
Net cash provided by (used in) operating activities | |||||||||||
INVESTING ACTIVITIES: | |||||||||||
Net change in: | |||||||||||
Interest-bearing deposits | ( | ( | |||||||||
Securities purchased under agreements to resell | ( | ( | |||||||||
Federal funds sold | ( | ( | |||||||||
Premises, software, and equipment | ( | ( | |||||||||
Trading securities: | |||||||||||
Proceeds from maturities and paydowns | |||||||||||
Proceeds from sales | |||||||||||
Available-for-sale securities: | |||||||||||
Purchases | ( | ( | |||||||||
Held-to-maturity securities: | |||||||||||
Proceeds from maturities and paydowns | |||||||||||
Purchases | ( | ( | |||||||||
Advances: | |||||||||||
Repaid | |||||||||||
Originated | ( | ( | |||||||||
Mortgage loans held for portfolio: | |||||||||||
Principal collected | |||||||||||
Purchases | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
The accompanying notes are an integral part of these financial statements. | |||||||||||
(continued from previous page) | |||||||||||
FEDERAL HOME LOAN BANK OF CINCINNATI | |||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
FINANCING ACTIVITIES: | |||||||||||
Net change in deposits and pass-through reserves | $ | $ | ( | ||||||||
Net proceeds from issuance of Consolidated Obligations: | |||||||||||
Discount Notes | |||||||||||
Bonds | |||||||||||
Bonds transferred from other FHLBanks | |||||||||||
Payments for maturing and retiring Consolidated Obligations: | |||||||||||
Discount Notes | ( | ( | |||||||||
Bonds | ( | ( | |||||||||
Proceeds from issuance of capital stock | |||||||||||
Payments for repurchase of capital stock | ( | ||||||||||
Payments for repurchase/redemption of mandatorily redeemable capital stock | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Net cash provided by (used in) financing activities | |||||||||||
Net increase (decrease) in cash and due from banks | |||||||||||
Cash and due from banks at beginning of the period | |||||||||||
Cash and due from banks at end of the period | $ | $ | |||||||||
Supplemental Disclosures: | |||||||||||
Interest paid | $ | $ | |||||||||
Affordable Housing Program payments, net | $ | $ | |||||||||
Fair Value | June 30, 2023 | December 31, 2022 | |||||||||
Non-mortgage-backed securities (non-MBS): | |||||||||||
U.S. Treasury obligations | $ | $ | |||||||||
GSE obligations | |||||||||||
Total non-MBS | |||||||||||
Mortgage-backed securities (MBS): | |||||||||||
U.S. obligation single-family | |||||||||||
Total MBS | |||||||||||
Total | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net unrealized gains (losses) on trading securities held at period end | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net gains (losses) on trading securities sold/matured during the period | ( | ( | |||||||||||||||||||||
Net gains (losses) on trading securities | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2023 | |||||||||||||||||||||||
Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE obligations | ( | ||||||||||||||||||||||
Total non-MBS | ( | ||||||||||||||||||||||
MBS: | |||||||||||||||||||||||
GSE multi-family | ( | ||||||||||||||||||||||
Total MBS | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE obligations | ( | ||||||||||||||||||||||
Total non-MBS | ( | ||||||||||||||||||||||
MBS: | |||||||||||||||||||||||
GSE multi-family | ( | ||||||||||||||||||||||
Total MBS | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
GSE obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total non-MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
MBS: | |||||||||||||||||||||||||||||||||||
GSE multi-family MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
GSE obligations | ( | ( | |||||||||||||||||||||||||||||||||
Total non-MBS | ( | ( | |||||||||||||||||||||||||||||||||
MBS: | |||||||||||||||||||||||||||||||||||
GSE multi-family MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Year of Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||
Due in 1 year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after 1 year through 5 years | |||||||||||||||||||||||
Due after 5 years through 10 years | |||||||||||||||||||||||
Due after 10 years | |||||||||||||||||||||||
Total non-MBS | |||||||||||||||||||||||
MBS (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Amortized cost of non-MBS: | |||||||||||
Fixed-rate | $ | $ | |||||||||
Total amortized cost of non-MBS | |||||||||||
Amortized cost of MBS: | |||||||||||
Fixed-rate | |||||||||||
Total amortized cost of MBS | |||||||||||
Total | $ | $ |
June 30, 2023 | |||||||||||||||||||||||
Amortized Cost (1) | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Fair Value | ||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||
GSE obligations | $ | $ | $ | $ | |||||||||||||||||||
Total non-MBS | |||||||||||||||||||||||
MBS: | |||||||||||||||||||||||
U.S. obligation single-family | ( | ||||||||||||||||||||||
GSE single-family | ( | ||||||||||||||||||||||
GSE multi-family | ( | ||||||||||||||||||||||
Total MBS | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Amortized Cost (1) | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Fair Value | ||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | ( | $ | ||||||||||||||||||
Total non-MBS | ( | ||||||||||||||||||||||
MBS: | |||||||||||||||||||||||
U.S. obligation single-family | ( | ||||||||||||||||||||||
GSE single-family | ( | ||||||||||||||||||||||
GSE multi-family | ( | ||||||||||||||||||||||
Total MBS | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Year of Maturity | Amortized Cost (1) | Fair Value | Amortized Cost (1) | Fair Value | |||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||
Due in 1 year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after 1 year through 5 years | |||||||||||||||||||||||
Due after 5 years through 10 years | |||||||||||||||||||||||
Due after 10 years | |||||||||||||||||||||||
Total non-MBS | |||||||||||||||||||||||
MBS (2) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Amortized cost of non-MBS: | |||||||||||
Fixed-rate | $ | $ | |||||||||
Total amortized cost of non-MBS | |||||||||||
Amortized cost of MBS: | |||||||||||
Fixed-rate | |||||||||||
Variable-rate | |||||||||||
Total amortized cost of MBS | |||||||||||
Total | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Redemption Term | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||
Overdrawn demand deposit accounts | $ | % | $ | % | |||||||||||||||||||
Due in 1 year or less | |||||||||||||||||||||||
Due after 1 year through 2 years | |||||||||||||||||||||||
Due after 2 years through 3 years | |||||||||||||||||||||||
Due after 3 years through 4 years | |||||||||||||||||||||||
Due after 4 years through 5 years | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total principal amount | |||||||||||||||||||||||
Commitment fees | ( | ( | |||||||||||||||||||||
Discounts | ( | ( | |||||||||||||||||||||
Fair value hedging adjustments | ( | ( | |||||||||||||||||||||
Fair value option valuation adjustments and accrued interest | ( | ( | |||||||||||||||||||||
Total (1) | $ | $ |
Redemption Term or Next Call Date | June 30, 2023 | December 31, 2022 | |||||||||
Overdrawn demand deposit accounts | $ | $ | |||||||||
Due in 1 year or less | |||||||||||
Due after 1 year through 2 years | |||||||||||
Due after 2 years through 3 years | |||||||||||
Due after 3 years through 4 years | |||||||||||
Due after 4 years through 5 years | |||||||||||
Thereafter | |||||||||||
Total principal amount | $ | $ |
Redemption Term or Next Put Date | June 30, 2023 | December 31, 2022 | |||||||||
Overdrawn demand deposit accounts | $ | $ | |||||||||
Due in 1 year or less | |||||||||||
Due after 1 year through 2 years | |||||||||||
Due after 2 years through 3 years | |||||||||||
Due after 3 years through 4 years | |||||||||||
Due after 4 years through 5 years | |||||||||||
Thereafter | |||||||||||
Total principal amount | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Total fixed-rate (1) | $ | $ | |||||||||
Total variable-rate (1) | |||||||||||
Total principal amount | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Principal | % of Total Principal Amount of Advances | Principal | % of Total Principal Amount of Advances | |||||||||||||||||||||||
U.S. Bank, N.A. | $ | % | U.S. Bank, N.A. | $ | % | |||||||||||||||||||||
Keybank, N.A. | Keybank, N.A. | |||||||||||||||||||||||||
The Huntington National Bank | Third Federal Savings and Loan Association | |||||||||||||||||||||||||
Third Federal Savings and Loan Association | Fifth Third Bank | |||||||||||||||||||||||||
Fifth Third Bank | Nationwide Life Insurance Company | |||||||||||||||||||||||||
Total | $ | % | Total | $ | % | |||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Fixed rate medium-term single-family mortgage loans (1) | $ | $ | |||||||||
Fixed rate long-term single-family mortgage loans (2) | |||||||||||
Total unpaid principal balance | |||||||||||
Premiums | |||||||||||
Discounts | ( | ( | |||||||||
Hedging basis adjustments (3) | |||||||||||
Total mortgage loans held for portfolio (4) | |||||||||||
Allowance for credit losses on mortgage loans | ( | ( | |||||||||
Mortgage loans held for portfolio, net | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Conventional mortgage loans | $ | $ | |||||||||
Federal Housing Administration (FHA) mortgage loans | |||||||||||
Total unpaid principal balance | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Principal | % of Total | Principal | % of Total | |||||||||||||||||||||||
Union Savings Bank | $ | % | Union Savings Bank | $ | % | |||||||||||||||||||||
FirstBank | FirstBank | |||||||||||||||||||||||||
Guardian Savings Bank FSB | Guardian Savings Bank FSB | |||||||||||||||||||||||||
The Huntington National Bank |
Six Months Ended | |||||
June 30, 2023 | |||||
LRA at beginning of year | $ | ||||
Additions | |||||
Claims | ( | ||||
Scheduled distributions | ( | ||||
LRA at end of period | $ |
June 30, 2023 | |||||||||||||||||
Origination Year | |||||||||||||||||
Payment status, at amortized cost: | Prior to 2019 | 2019 to June 30, 2023 | Total | ||||||||||||||
Past due 30-59 days | $ | $ | $ | ||||||||||||||
Past due 60-89 days | |||||||||||||||||
Past due 90 days or more | |||||||||||||||||
Total past due mortgage loans | |||||||||||||||||
Current mortgage loans | |||||||||||||||||
Total conventional mortgage loans | $ | $ | $ | ||||||||||||||
December 31, 2022 | |||||||||||||||||
Origination Year | |||||||||||||||||
Payment status, at amortized cost: | Prior to 2018 | 2018 to 2022 | Total | ||||||||||||||
Past due 30-59 days | $ | $ | $ | ||||||||||||||
Past due 60-89 days | |||||||||||||||||
Past due 90 days or more | |||||||||||||||||
Total past due mortgage loans | |||||||||||||||||
Current mortgage loans | |||||||||||||||||
Total conventional mortgage loans | $ | $ | $ |
June 30, 2023 | |||||||||||||||||
Amortized Cost: | Conventional MPP Loans | FHA Loans | Total | ||||||||||||||
In process of foreclosure (1) | $ | $ | $ | ||||||||||||||
Serious delinquency rate (2) | % | % | % | ||||||||||||||
Past due 90 days or more still accruing interest (3) | $ | $ | $ | ||||||||||||||
Loans on non-accrual status (4) | $ | $ | $ | ||||||||||||||
December 31, 2022 | |||||||||||||||||
Amortized Cost: | Conventional MPP Loans | FHA Loans | Total | ||||||||||||||
In process of foreclosure (1) | $ | $ | $ | ||||||||||||||
Serious delinquency rate (2) | % | % | % | ||||||||||||||
Past due 90 days or more still accruing interest (3) | $ | $ | $ | ||||||||||||||
Loans on non-accrual status (4) | $ | $ | $ |
June 30, 2023 | |||||||||||||||||
Notional Amount of Derivatives | Derivative Assets | Derivative Liabilities | |||||||||||||||
Derivatives designated as fair value hedging instruments: | |||||||||||||||||
Interest rate swaps | $ | $ | $ | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | |||||||||||||||||
Interest rate swaptions | |||||||||||||||||
Mortgage delivery commitments | |||||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||
Total derivatives before adjustments | $ | ||||||||||||||||
Netting adjustments and cash collateral (1) | ( | ||||||||||||||||
Total derivative assets and total derivative liabilities | $ | $ | |||||||||||||||
December 31, 2022 | |||||||||||||||||
Notional Amount of Derivatives | Derivative Assets | Derivative Liabilities | |||||||||||||||
Derivatives designated as fair value hedging instruments: | |||||||||||||||||
Interest rate swaps | $ | $ | $ | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | |||||||||||||||||
Interest rate swaptions | |||||||||||||||||
Mortgage delivery commitments | |||||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||
Total derivatives before adjustments | $ | ||||||||||||||||
Netting adjustments and cash collateral (1) | ( | ||||||||||||||||
Total derivative assets and total derivative liabilities | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||
Advances | Available-for-Sale Securities | Consolidated Bonds | |||||||||||||||
Total interest income (expense) recorded in the Statements of Income | $ | $ | $ | ( | |||||||||||||
Impact of Fair Value Hedging Relationships | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Net interest settlements | $ | $ | $ | ( | |||||||||||||
Gain (loss) on derivatives | ( | ||||||||||||||||
Gain (loss) on hedged items | ( | ( | |||||||||||||||
Effect on net interest income | $ | $ | $ | ( |
Three Months Ended June 30, 2022 | |||||||||||||||||
Advances | Available-for-Sale Securities | Consolidated Bonds | |||||||||||||||
Total interest income (expense) recorded in the Statements of Income | $ | $ | $ | ( | |||||||||||||
Impact of Fair Value Hedging Relationships | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Net interest settlements | $ | ( | $ | ( | $ | ||||||||||||
Gain (loss) on derivatives | ( | ||||||||||||||||
Gain (loss) on hedged items | ( | ( | |||||||||||||||
Effect on net interest income | $ | ( | $ | ( | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||
Advances | Available-for-Sale Securities | Consolidated Bonds | |||||||||||||||
Total interest income (expense) recorded in the Statements of Income | $ | $ | $ | ( | |||||||||||||
Impact of Fair Value Hedging Relationships | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Net interest settlements | $ | $ | $ | ( | |||||||||||||
Gain (loss) on derivatives | ( | ||||||||||||||||
Gain (loss) on hedged items | ( | ( | ( | ||||||||||||||
Effect on net interest income | $ | $ | $ | ( |
Six Months Ended June 30, 2022 | |||||||||||||||||
Advances | Available-for-Sale Securities | Consolidated Bonds | |||||||||||||||
Total interest income (expense) recorded in the Statements of Income | $ | $ | $ | ( | |||||||||||||
Impact of Fair Value Hedging Relationships | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Net interest settlements | $ | ( | $ | ( | $ | ||||||||||||
Gain (loss) on derivatives | ( | ||||||||||||||||
Gain (loss) on hedged items | ( | ( | |||||||||||||||
Effect on net interest income | $ | ( | $ | ( | $ | ||||||||||||
June 30, 2023 | ||||||||||||||||||||
Advances | Available-for-Sale Securities | Consolidated Bonds | ||||||||||||||||||
Amortized cost of hedged asset or liability (1) | $ | $ | $ | |||||||||||||||||
Fair value hedging adjustments | ||||||||||||||||||||
Basis adjustments for active hedging relationships included in amortized cost | $ | ( | $ | ( | $ | ( | ||||||||||||||
Basis adjustments for discontinued hedging relationships included in amortized cost | ||||||||||||||||||||
Total amount of fair value hedging basis adjustments | $ | ( | $ | ( | $ | ( | ||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Advances | Available-for-Sale Securities | Consolidated Bonds | ||||||||||||||||||
Amortized cost of hedged asset or liability (1) | $ | $ | $ | |||||||||||||||||
Fair value hedging adjustments | ||||||||||||||||||||
Basis adjustments for active hedging relationships included in amortized cost | $ | ( | $ | ( | $ | ( | ||||||||||||||
Basis adjustments for discontinued hedging relationships included in amortized cost | ||||||||||||||||||||
Total amount of fair value hedging basis adjustments | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Economic hedges: | |||||||||||
Interest rate swaps | $ | $ | |||||||||
Interest rate swaptions | ( | ||||||||||
Net interest settlements | ( | ( | |||||||||
Mortgage delivery commitments | ( | ( | |||||||||
Total net gains (losses) related to derivatives not designated as hedging instruments | ( | ||||||||||
Price alignment amount (1) | ( | ||||||||||
Net gains (losses) on derivatives | $ | ( | $ | ||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Economic hedges: | |||||||||||
Interest rate swaps | $ | $ | |||||||||
Interest rate swaptions | ( | ||||||||||
Net interest settlements | ( | ( | |||||||||
Mortgage delivery commitments | ( | ( | |||||||||
Total net gains (losses) related to derivatives not designated as hedging instruments | ( | ||||||||||
Price alignment amount (1) | ( | ||||||||||
Net gains (losses) on derivatives | $ | ( | $ |
June 30, 2023 | |||||||||||||||||||||||
Derivative Instruments Meeting Netting Requirements | |||||||||||||||||||||||
Gross Recognized Amount | 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 | $ | $ | ( | $ | $ | ||||||||||||||||||
Cleared | |||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||
Uncleared | $ | $ | ( | $ | $ | ||||||||||||||||||
Cleared | ( | ||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Derivative Instruments Meeting Netting Requirements | |||||||||||||||||||||||
Gross Recognized Amount | 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 | $ | $ | ( | $ | $ | ||||||||||||||||||
Cleared | |||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||
Uncleared | $ | $ | ( | $ | $ | ||||||||||||||||||
Cleared | ( | ||||||||||||||||||||||
Total | $ |
Carrying Value | Principal Amount | Weighted Average Interest Rate (1) | |||||||||||||||
June 30, 2023 | $ | $ | % | ||||||||||||||
December 31, 2022 | $ | $ | % |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Year of Original Contractual Maturity | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||||||||||||||||||
Due in 1 year or less | $ | % | $ | % | ||||||||||||||||||||||
Due after 1 year through 2 years | ||||||||||||||||||||||||||
Due after 2 years through 3 years | ||||||||||||||||||||||||||
Due after 3 years through 4 years | ||||||||||||||||||||||||||
Due after 4 years through 5 years | ||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||
Total principal amount | ||||||||||||||||||||||||||
Premiums | ||||||||||||||||||||||||||
Discounts | ( | ( | ||||||||||||||||||||||||
Fair value hedging adjustments | ( | ( | ||||||||||||||||||||||||
Fair value option valuation adjustment and accrued interest | ( | |||||||||||||||||||||||||
Total | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Principal Amount of Consolidated Bonds: | |||||||||||
Non-callable | $ | $ | |||||||||
Callable | |||||||||||
Total principal amount | $ | $ |
Year of Original Contractual Maturity or Next Call Date | June 30, 2023 | December 31, 2022 | ||||||||||||
Due in 1 year or less | $ | $ | ||||||||||||
Due after 1 year through 2 years | ||||||||||||||
Due after 2 years through 3 years | ||||||||||||||
Due after 3 years through 4 years | ||||||||||||||
Due after 4 years through 5 years | ||||||||||||||
Thereafter | ||||||||||||||
Total principal amount | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Principal Amount of Consolidated Bonds: | |||||||||||
Fixed-rate | $ | $ | |||||||||
Variable-rate | |||||||||||
Step-up | |||||||||||
Total principal amount | $ | $ |
Balance at December 31, 2022 | $ | ||||
Assessments (current year additions) | |||||
Voluntary contribution | |||||
Subsidy uses, net | ( | ||||
Balance at June 30, 2023 | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Minimum Requirement | Actual | Minimum Requirement | Actual | ||||||||||||||||||||
Risk-based capital | $ | $ | $ | $ | |||||||||||||||||||
Capital-to-assets ratio (regulatory) | 4.00 | % | % | 4.00 | % | % | |||||||||||||||||
Regulatory capital | $ | $ | $ | $ | |||||||||||||||||||
Leverage capital-to-assets ratio (regulatory) | 5.00 | % | % | 5.00 | % | % | |||||||||||||||||
Leverage capital | $ | $ | $ | $ |
Balance, December 31, 2022 | $ | ||||
Capital stock subject to mandatory redemption reclassified from equity | |||||
Repurchase/redemption of mandatorily redeemable capital stock | ( | ||||
Balance, June 30, 2023 | $ |
Contractual Year of Redemption | June 30, 2023 | December 31, 2022 | ||||||||||||
Year 1 | $ | $ | ||||||||||||
Year 2 | ||||||||||||||
Year 3 | ||||||||||||||
Year 4 | ||||||||||||||
Year 5 | ||||||||||||||
Past contractual redemption date due to remaining activity (1) | ||||||||||||||
Total | $ | $ |
Net unrealized gains (losses) on available-for-sale securities | Pension and postretirement benefits | Total accumulated other comprehensive income (loss) | |||||||||||||||
BALANCE, MARCH 31, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income before reclassification: | |||||||||||||||||
Net unrealized gains (losses) | ( | ( | |||||||||||||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||||||||||
Amortization - pension and postretirement benefits (1) | |||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | |||||||||||||||
BALANCE, JUNE 30, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
BALANCE, MARCH 31, 2023 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income before reclassification: | |||||||||||||||||
Net unrealized gains (losses) | |||||||||||||||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||||||||||
Amortization - pension and postretirement benefits (1) | ( | ( | |||||||||||||||
Net current period other comprehensive income (loss) | ( | ||||||||||||||||
BALANCE, JUNE 30, 2023 | $ | ( | $ | ( | $ | ( |
Net unrealized gains (losses) on available-for-sale securities | Pension and postretirement benefits | Total accumulated other comprehensive income (loss) | |||||||||||||||
BALANCE, DECEMBER 31, 2021 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income before reclassification: | |||||||||||||||||
Net unrealized gains (losses) | ( | ( | |||||||||||||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||||||||||
Amortization - pension and postretirement benefits (1) | |||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | |||||||||||||||
BALANCE, JUNE 30, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
BALANCE, DECEMBER 31, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income before reclassification: | |||||||||||||||||
Net unrealized gains (losses) | |||||||||||||||||
Reclassifications from other comprehensive income (loss) to net income: | |||||||||||||||||
Amortization - pension and postretirement benefits (1) | ( | ( | |||||||||||||||
Net current period other comprehensive income (loss) | ( | ||||||||||||||||
BALANCE, JUNE 30, 2023 | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | |||||||||||||||||
Traditional Member Finance | MPP | Total | |||||||||||||||
2023 | |||||||||||||||||
Net interest income (loss) | $ | $ | $ | ||||||||||||||
Non-interest income (loss) | ( | ||||||||||||||||
Non-interest expense | |||||||||||||||||
Income (loss) before assessments | |||||||||||||||||
Affordable Housing Program assessments | |||||||||||||||||
Net income (loss) | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
Net interest income (loss) | $ | $ | $ | ||||||||||||||
Non-interest income (loss) | ( | ||||||||||||||||
Non-interest expense | |||||||||||||||||
Income (loss) before assessments | |||||||||||||||||
Affordable Housing Program assessments | |||||||||||||||||
Net income (loss) | $ | $ | $ | ||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
Traditional Member Finance | MPP | Total | |||||||||||||||
2023 | |||||||||||||||||
Net interest income (loss) | $ | $ | $ | ||||||||||||||
Non-interest income (loss) | ( | ||||||||||||||||
Non-interest expense | |||||||||||||||||
Income (loss) before assessments | |||||||||||||||||
Affordable Housing Program assessments | |||||||||||||||||
Net income (loss) | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
Net interest income (loss) | $ | $ | $ | ||||||||||||||
Non-interest income (loss) | ( | ( | ( | ||||||||||||||
Non-interest expense | |||||||||||||||||
Income (loss) before assessments | |||||||||||||||||
Affordable Housing Program assessments | |||||||||||||||||
Net income (loss) | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Traditional Member Finance | MPP | Total | |||||||||||||||
June 30, 2023 | $ | $ | $ | ||||||||||||||
December 31, 2022 |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||
Financial Instruments | Carrying Value (1) | Total | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral (2) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||||
Interest-bearing deposits | — | ||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | ||||||||||||||||||||||||||||||||||
Federal funds sold | — | ||||||||||||||||||||||||||||||||||
Trading securities | — | ||||||||||||||||||||||||||||||||||
Available-for-sale securities | — | ||||||||||||||||||||||||||||||||||
Held-to-maturity securities | — | ||||||||||||||||||||||||||||||||||
Advances (3) | — | ||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio | — | ||||||||||||||||||||||||||||||||||
Accrued interest receivable | — | ||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | — | ||||||||||||||||||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||||||||||||
Discount Notes (4) | — | ||||||||||||||||||||||||||||||||||
Bonds (5) | — | ||||||||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | — | ||||||||||||||||||||||||||||||||||
Accrued interest payable | — | ||||||||||||||||||||||||||||||||||
Derivative liabilities | ( |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||
Financial Instruments | Carrying Value (1) | Total | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral (2) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||||
Interest-bearing deposits | — | ||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | ||||||||||||||||||||||||||||||||||
Federal funds sold | — | ||||||||||||||||||||||||||||||||||
Trading securities | — | ||||||||||||||||||||||||||||||||||
Available-for-sale securities | — | ||||||||||||||||||||||||||||||||||
Held-to-maturity securities | — | ||||||||||||||||||||||||||||||||||
Advances (3) | — | ||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio | — | ||||||||||||||||||||||||||||||||||
Accrued interest receivable | — | ||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | — | ||||||||||||||||||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||||||||||||
Discount Notes (4) | — | ||||||||||||||||||||||||||||||||||
Bonds (5) | — | ||||||||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | — | ||||||||||||||||||||||||||||||||||
Accrued interest payable | — | ||||||||||||||||||||||||||||||||||
Derivative liabilities | ( |
Fair Value Measurements at June 30, 2023 | |||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral (1) | |||||||||||||||||||||||||
Recurring fair value measurements - Assets | |||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | $ | — | |||||||||||||||||||||||
GSE obligations | — | ||||||||||||||||||||||||||||
U.S. obligation single-family MBS | — | ||||||||||||||||||||||||||||
Total trading securities | — | ||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | — | ||||||||||||||||||||||||||||
GSE obligations | — | ||||||||||||||||||||||||||||
GSE multi-family MBS | — | ||||||||||||||||||||||||||||
Total available-for-sale securities | — | ||||||||||||||||||||||||||||
Advances | — | ||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate related | |||||||||||||||||||||||||||||
Mortgage delivery commitments | — | ||||||||||||||||||||||||||||
Total derivative assets | |||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Recurring fair value measurements - Liabilities | |||||||||||||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||||||
Discount Notes | $ | $ | $ | $ | $ | — | |||||||||||||||||||||||
Bonds | — | ||||||||||||||||||||||||||||
Total Consolidated Obligations | — | ||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate related | ( | ||||||||||||||||||||||||||||
Mortgage delivery commitments | — | ||||||||||||||||||||||||||||
Total derivative liabilities | ( | ||||||||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2022 | |||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral (1) | |||||||||||||||||||||||||
Recurring fair value measurements - Assets | |||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | $ | — | |||||||||||||||||||||||
GSE obligations | — | ||||||||||||||||||||||||||||
U.S. obligation single-family MBS | — | ||||||||||||||||||||||||||||
Total trading securities | — | ||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | — | ||||||||||||||||||||||||||||
GSE obligations | — | ||||||||||||||||||||||||||||
GSE multi-family MBS | — | ||||||||||||||||||||||||||||
Total available-for-sale securities | — | ||||||||||||||||||||||||||||
Advances | — | ||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate related | |||||||||||||||||||||||||||||
Mortgage delivery commitments | — | ||||||||||||||||||||||||||||
Total derivative assets | |||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Recurring fair value measurements - Liabilities | |||||||||||||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||||||
Discount Notes | $ | $ | $ | $ | $ | — | |||||||||||||||||||||||
Bonds | — | ||||||||||||||||||||||||||||
Total Consolidated Obligations | — | ||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate related | ( | ||||||||||||||||||||||||||||
Mortgage delivery commitments | — | ||||||||||||||||||||||||||||
Total derivative liabilities | ( | ||||||||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Net Gains (Losses) from Changes in Fair Value Recognized in Earnings | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Advances | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Consolidated Discount Notes | ( | ||||||||||||||||||||||
Consolidated Bonds | |||||||||||||||||||||||
Total net gains (losses) | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Consolidated Discount Notes | ( | ( | |||||||||||||||||||||||||||||||||
Consolidated Bonds | ( |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Notional Amount | Expire within one year | Expire after one year | Total | Expire within one year | Expire after one year | Total | |||||||||||||||||||||||||||||
Letters of Credit | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commitments for standby bond purchases | |||||||||||||||||||||||||||||||||||
Commitments to purchase mortgage loans | |||||||||||||||||||||||||||||||||||
Unsettled Consolidated Bonds, principal amount (1) | |||||||||||||||||||||||||||||||||||
Unsettled Consolidated Discount Notes, principal amount (1) |
Average Daily Balances for the Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Loans to other FHLBanks | $ | $ | |||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Balance | % of Total (1) | Balance | % of Total (1) | ||||||||||||||||||||
Advances | $ | % | $ | % | |||||||||||||||||||
MPP | |||||||||||||||||||||||
Regulatory capital stock | |||||||||||||||||||||||
Regulatory Capital Stock | Advance | MPP Unpaid | |||||||||||||||||||||
June 30, 2023 | Balance | % of Total | Principal | Principal Balance | |||||||||||||||||||
U.S. Bank, N.A. | $ | % | $ | $ | |||||||||||||||||||
Keybank, N.A. | |||||||||||||||||||||||
The Huntington National Bank | |||||||||||||||||||||||
Fifth Third Bank | |||||||||||||||||||||||
First Horizon Bank | |||||||||||||||||||||||
Regulatory Capital Stock | Advance | MPP Unpaid | |||||||||||||||||||||
December 31, 2022 | Balance | % of Total | Principal | Principal Balance | |||||||||||||||||||
U.S. Bank, N.A. | $ | % | $ | $ | |||||||||||||||||||
Keybank, N.A. | |||||||||||||||||||||||
Fifth Third Bank | |||||||||||||||||||||||
The Huntington National Bank | |||||||||||||||||||||||
Ending Balances | Average Balances | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2022 | 2023 | 2022 | 2022 | |||||||||||||||||||||||||||||
Primary Mission Assets (1): | |||||||||||||||||||||||||||||||||||
Advances | $ | 87,402 | $ | 56,002 | $ | 67,428 | $ | 93,089 | $ | 38,678 | $ | 52,367 | |||||||||||||||||||||||
Mortgage loans held for portfolio | 6,847 | 7,234 | 7,006 | 6,920 | 7,391 | 7,263 | |||||||||||||||||||||||||||||
Total Primary Mission Assets | $ | 94,249 | $ | 63,236 | $ | 74,434 | $ | 100,009 | $ | 46,069 | $ | 59,630 | |||||||||||||||||||||||
Supplemental Mission Activities (2): | |||||||||||||||||||||||||||||||||||
Letters of Credit (notional) | $ | 45,738 | $ | 37,009 | $ | 41,345 | $ | 41,755 | $ | 35,238 | $ | 36,887 | |||||||||||||||||||||||
Mandatory Delivery Contracts (notional) | 65 | 55 | 14 | 28 | 62 | 45 | |||||||||||||||||||||||||||||
Standby bond purchase agreements (notional) | — | 12 | 11 | 3 | 19 | 15 | |||||||||||||||||||||||||||||
Total Supplemental Mission Activities | $ | 45,803 | $ | 37,076 | $ | 41,370 | $ | 41,786 | $ | 35,319 | $ | 36,947 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||||||||||
Net income | $ | 218 | $ | 41 | $ | 345 | $ | 57 | $ | 252 | |||||||||||||||||||
Affordable Housing Program assessments | 24 | 4 | 38 | 6 | 29 | ||||||||||||||||||||||||
Return on average equity (ROE) | 10.71 | % | 3.38 | % | 9.53 | % | 2.48 | % | 4.78 | % | |||||||||||||||||||
Return on average assets | 0.52 | 0.19 | 0.48 | 0.14 | 0.25 | ||||||||||||||||||||||||
Weighted average dividend rate | 7.25 | 3.00 | 6.62 | 2.56 | 4.31 | ||||||||||||||||||||||||
Dividend payout ratio (1) | 41.1 | 56.4 | 47.4 | 62.2 | 57.1 | ||||||||||||||||||||||||
Average overnight interest rates (2) | 4.98 | 0.74 | 4.74 | 0.42 | 1.67 | ||||||||||||||||||||||||
ROE spread to average overnight interest rates | 5.73 | 2.64 | 4.79 | 2.06 | 3.11 | ||||||||||||||||||||||||
Dividend rate spread to average overnight interest rates | 2.27 | 2.26 | 1.88 | 2.14 | 2.64 | ||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter 2 2023 | Quarter 1 2023 | 2023 | 2022 | Year 2022 | |||||||||||||||||||||||||||||||||||||||||||
Ending | Average | Ending | Average | Average | Average | Ending | Average | ||||||||||||||||||||||||||||||||||||||||
Federal funds effective | 5.08 | % | 4.99 | % | 4.83 | % | 4.51 | % | 4.75 | % | 0.45 | % | 4.33 | % | 1.69 | % | |||||||||||||||||||||||||||||||
SOFR | 5.09 | 4.97 | 4.87 | 4.49 | 4.73 | 0.40 | 4.30 | 1.65 | |||||||||||||||||||||||||||||||||||||||
3-month London InterBank Offered Rate (LIBOR) | 5.55 | 5.38 | 5.19 | 4.92 | 5.15 | 1.01 | 4.77 | 2.39 | |||||||||||||||||||||||||||||||||||||||
2-year LIBOR | 5.10 | 4.53 | 4.36 | 4.65 | 4.59 | 2.33 | 4.71 | 3.27 | |||||||||||||||||||||||||||||||||||||||
10-year LIBOR | 3.86 | 3.61 | 3.46 | 3.64 | 3.62 | 2.50 | 3.84 | 3.00 | |||||||||||||||||||||||||||||||||||||||
2-year U.S. Treasury | 4.90 | 4.28 | 4.03 | 4.36 | 4.32 | 2.08 | 4.43 | 2.98 | |||||||||||||||||||||||||||||||||||||||
10-year U.S. Treasury | 3.84 | 3.60 | 3.47 | 3.65 | 3.62 | 2.43 | 3.88 | 2.95 | |||||||||||||||||||||||||||||||||||||||
15-year mortgage current coupon (1) | 5.25 | 4.84 | 4.53 | 4.54 | 4.69 | 2.84 | 4.71 | 3.60 | |||||||||||||||||||||||||||||||||||||||
30-year mortgage current coupon (1) | 5.63 | 5.32 | 5.05 | 5.17 | 5.25 | 3.50 | 5.39 | 4.25 |
(Dollars in millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Balance | Percent(1) | Balance | Percent(1) | ||||||||||||||||||||
Adjustable/Variable-Rate Indexed: | |||||||||||||||||||||||
LIBOR | $ | — | — | % | $ | 3,012 | 4 | % | |||||||||||||||
SOFR | 21,042 | 24 | 10,170 | 15 | |||||||||||||||||||
Other | 5,329 | 6 | 2,785 | 4 | |||||||||||||||||||
Total | 26,371 | 30 | 15,967 | 23 | |||||||||||||||||||
Fixed-Rate: | |||||||||||||||||||||||
Repurchase based (REPO) | 36,699 | 42 | 26,436 | 39 | |||||||||||||||||||
Regular Fixed-Rate | 21,249 | 24 | 19,505 | 29 | |||||||||||||||||||
Putable (2) | 725 | 1 | 1,020 | 2 | |||||||||||||||||||
Amortizing/Mortgage Matched | 1,290 | 2 | 1,358 | 2 | |||||||||||||||||||
Other | 1,066 | 1 | 3,142 | 5 | |||||||||||||||||||
Total | 61,029 | 70 | 51,461 | 77 | |||||||||||||||||||
Other Advances | 2 | — | — | — | |||||||||||||||||||
Total Advances Principal | $ | 87,402 | 100 | % | $ | 67,428 | 100 | % | |||||||||||||||
Letters of Credit (notional) (3) | $ | 45,738 | $ | 41,345 |
(Dollars in millions) | ||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Name | Principal Amount of Advances | Percent of Total Principal Amount of Advances | Name | Principal Amount of Advances | Percent of Total Principal Amount of Advances | |||||||||||||||||||||||||||
U.S. Bank, N.A. | $ | 20,500 | 23 | % | U.S. Bank, N.A. | $ | 19,000 | 28 | % | |||||||||||||||||||||||
Keybank, N.A. | 15,339 | 18 | Keybank, N.A. | 11,344 | 17 | |||||||||||||||||||||||||||
The Huntington National Bank | 6,501 | 7 | Third Federal Savings and Loan Association | 4,826 | 7 | |||||||||||||||||||||||||||
Third Federal Savings and Loan Association | 5,428 | 6 | Fifth Third Bank | 4,301 | 6 | |||||||||||||||||||||||||||
Fifth Third Bank | 5,301 | 6 | Nationwide Life Insurance Company | 3,136 | 5 | |||||||||||||||||||||||||||
Total of Top 5 | $ | 53,069 | 60 | % | Total of Top 5 | $ | 42,607 | 63 | % |
(In millions) | MPP Principal | ||||
Balance, December 31, 2022 | $ | 7,006 | |||
Principal purchases | 136 | ||||
Principal reductions | (295) | ||||
Balance, June 30, 2023 | $ | 6,847 |
Six Months Ended | Year Ended | ||||||||||||||||||||||
(In millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Ending Balance | Average Balance | Ending Balance | Average Balance | ||||||||||||||||||||
Liquidity investments | $ | 37,949 | $ | 26,177 | $ | 17,028 | $ | 24,608 | |||||||||||||||
MBS | 17,910 | 17,234 | 16,577 | 13,678 | |||||||||||||||||||
Other investments (1) | — | 667 | — | 444 | |||||||||||||||||||
Total investments | $ | 55,859 | $ | 44,078 | $ | 33,605 | $ | 38,730 |
(In millions) | MBS Principal | ||||
Balance at December 31, 2022 | $ | 16,798 | |||
Principal purchases | 2,210 | ||||
Principal paydowns | (884) | ||||
Balance at June 30, 2023 | $ | 18,124 |
Six Months Ended | Year Ended | ||||||||||||||||||||||
(In millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Ending Balance | Average Balance | Ending Balance | Average Balance | ||||||||||||||||||||
Discount Notes: | |||||||||||||||||||||||
Unswapped | $ | 33,566 | $ | 30,101 | $ | 19,825 | $ | 24,931 | |||||||||||||||
Swapped | 15,281 | 26,578 | 21,183 | 21,692 | |||||||||||||||||||
Total par Discount Notes | 48,847 | 56,679 | 41,008 | 46,623 | |||||||||||||||||||
Other items (1) | (510) | (606) | (317) | (173) | |||||||||||||||||||
Total Discount Notes | 48,337 | 56,073 | 40,691 | 46,450 | |||||||||||||||||||
Bonds: | |||||||||||||||||||||||
Unswapped fixed-rate | 12,371 | 12,371 | 13,280 | 14,078 | |||||||||||||||||||
Unswapped adjustable-rate (2) | 60,272 | 54,592 | 39,621 | 22,834 | |||||||||||||||||||
Swapped fixed-rate | 20,501 | 11,939 | 6,842 | 7,062 | |||||||||||||||||||
Total par Bonds | 93,144 | 78,902 | 59,743 | 43,974 | |||||||||||||||||||
Other items (1) | 68 | (20) | (75) | (34) | |||||||||||||||||||
Total Bonds | 93,212 | 78,882 | 59,668 | 43,940 | |||||||||||||||||||
Total Consolidated Obligations (3) | $ | 141,549 | $ | 134,955 | $ | 100,359 | $ | 90,390 |
Six Months Ended | Year Ended | ||||||||||||||||||||||
(In millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Period End | Average | Period End | Average | ||||||||||||||||||||
GAAP and Regulatory Capital | |||||||||||||||||||||||
GAAP Capital Stock | $ | 5,849 | $ | 5,849 | $ | 5,151 | $ | 3,961 | |||||||||||||||
Mandatorily Redeemable Capital Stock | 16 | 34 | 17 | 115 | |||||||||||||||||||
Regulatory Capital Stock | 5,865 | 5,883 | 5,168 | 4,076 | |||||||||||||||||||
Retained Earnings | 1,582 | 1,496 | 1,401 | 1,339 | |||||||||||||||||||
Regulatory Capital | $ | 7,447 | $ | 7,379 | $ | 6,569 | $ | 5,415 |
Six Months Ended | Year Ended | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Period End | Average | Period End | Average | ||||||||||||||||||||
GAAP and Regulatory Capital-to-Assets Ratio | |||||||||||||||||||||||
GAAP | 4.89 | % | 5.02 | % | 5.99 | % | 5.33 | % | |||||||||||||||
Regulatory (1) | 4.93 | 5.08 | 6.05 | 5.47 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | ROE (1) | Amount | ROE (1) | Amount | ROE (1) | Amount | ROE (1) | ||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 247 | 12.14 | % | $ | 71 | 5.92 | % | $ | 427 | 11.80 | % | $ | 152 | 6.64 | % | |||||||||||||||||||||||||||||||
Non-interest income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on investment securities | (27) | (1.31) | (88) | (7.31) | (1) | (0.04) | (248) | (10.85) | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | (4) | (0.21) | 20 | 1.69 | (12) | (0.34) | 118 | 5.14 | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on financial instruments held under fair value option | 60 | 2.97 | 61 | 5.06 | 25 | 0.71 | 79 | 3.48 | |||||||||||||||||||||||||||||||||||||||
Other non-interest income, net | 8 | 0.37 | 7 | 0.57 | 14 | 0.40 | 14 | 0.61 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income (loss) | 37 | 1.82 | — | 0.01 | 26 | 0.73 | (37) | (1.62) | |||||||||||||||||||||||||||||||||||||||
Total income | 284 | 13.96 | 71 | 5.93 | 453 | 12.53 | 115 | 5.02 | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | 42 | 2.05 | 26 | 2.17 | 70 | 1.94 | 52 | 2.26 | |||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | 24 | 1.20 | 4 | 0.38 | 38 | 1.06 | 6 | 0.28 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 218 | 10.71 | % | $ | 41 | 3.38 | % | $ | 345 | 9.53 | % | $ | 57 | 2.48 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
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) | $ | (6) | (0.01) | % | $ | (8) | (0.04) | % | $ | (12) | (0.02) | % | $ | (19) | (0.05) | % | |||||||||||||||||||||||||||||||
Prepayment fees on Advances, net (2) | 2 | — | — | — | 2 | — | 3 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Other components of net interest rate spread | 146 | 0.36 | 64 | 0.30 | 260 | 0.37 | 146 | 0.36 | |||||||||||||||||||||||||||||||||||||||
Total net interest rate spread | 142 | 0.35 | 56 | 0.26 | 250 | 0.35 | 130 | 0.32 | |||||||||||||||||||||||||||||||||||||||
Earnings from funding assets with interest-free capital | 105 | 0.25 | 15 | 0.07 | 177 | 0.25 | 22 | 0.05 | |||||||||||||||||||||||||||||||||||||||
Total net interest income/net interest margin (3) | $ | 247 | 0.60 | % | $ | 71 | 0.33 | % | $ | 427 | 0.60 | % | $ | 152 | 0.37 | % |
(Dollars in millions) | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate (1) | Average Balance | Interest | Average Rate (1) | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Advances (2) | $ | 108,835 | $ | 1,441 | 5.31 | % | $ | 43,796 | $ | 121 | 1.11 | % | |||||||||||||||||||||||
Mortgage loans held for portfolio (3) | 7,028 | 52 | 2.97 | 7,492 | 51 | 2.72 | |||||||||||||||||||||||||||||
Securities purchased under agreements to resell | 4,722 | 59 | 5.04 | 1,405 | 2 | 0.69 | |||||||||||||||||||||||||||||
Federal funds sold | 14,929 | 188 | 5.06 | 10,409 | 20 | 0.77 | |||||||||||||||||||||||||||||
Interest-bearing deposits in banks (4) | 2,933 | 36 | 4.95 | 1,224 | 2 | 0.63 | |||||||||||||||||||||||||||||
MBS (5) | 17,708 | 218 | 4.94 | 12,545 | 37 | 1.18 | |||||||||||||||||||||||||||||
Other investments (5) | 9,525 | 119 | 5.01 | 10,536 | 44 | 1.67 | |||||||||||||||||||||||||||||
Loans to other FHLBanks | 28 | 1 | 4.98 | 33 | — | 1.34 | |||||||||||||||||||||||||||||
Total interest-earning assets | 165,708 | 2,114 | 5.12 | 87,440 | 277 | 1.27 | |||||||||||||||||||||||||||||
Other assets | 1,468 | 484 | |||||||||||||||||||||||||||||||||
Total assets | $ | 167,176 | $ | 87,924 | |||||||||||||||||||||||||||||||
Liabilities and Capital: | |||||||||||||||||||||||||||||||||||
Term deposits | $ | 67 | 1 | 3.28 | $ | 90 | — | 0.50 | |||||||||||||||||||||||||||
Other interest bearing deposits (4) | 1,057 | 12 | 4.43 | 1,408 | 2 | 0.47 | |||||||||||||||||||||||||||||
Discount Notes | 62,500 | 768 | 4.93 | 41,853 | 84 | 0.80 | |||||||||||||||||||||||||||||
Unswapped fixed-rate Bonds | 12,215 | 65 | 2.14 | 13,800 | 70 | 2.04 | |||||||||||||||||||||||||||||
Unswapped adjustable-rate Bonds | 63,644 | 811 | 5.11 | 18,736 | 32 | 0.70 | |||||||||||||||||||||||||||||
Swapped Bonds | 17,427 | 209 | 4.82 | 5,392 | 17 | 1.24 | |||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | 52 | 1 | 7.54 | 50 | 1 | 6.69 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 156,962 | 1,867 | 4.77 | 81,329 | 206 | 1.01 | |||||||||||||||||||||||||||||
Other liabilities | 2,064 | 1,777 | |||||||||||||||||||||||||||||||||
Total capital | 8,150 | 4,818 | |||||||||||||||||||||||||||||||||
Total liabilities and capital | $ | 167,176 | $ | 87,924 | |||||||||||||||||||||||||||||||
Net interest rate spread | 0.35 | % | 0.26 | % | |||||||||||||||||||||||||||||||
Net interest income and net interest margin (6) | $ | 247 | 0.60 | % | $ | 71 | 0.33 | % | |||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 105.57 | % | 107.51 | % |
(Dollars in millions) | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate (1) | Average Balance | Interest | Average Rate (1) | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Advances (2) | $ | 92,746 | $ | 2,338 | 5.08 | % | $ | 38,612 | $ | 169 | 0.88 | % | |||||||||||||||||||||||
Mortgage loans held for portfolio (3) | 7,073 | 105 | 2.99 | 7,566 | 99 | 2.65 | |||||||||||||||||||||||||||||
Securities purchased under agreements to resell | 3,403 | 83 | 4.91 | 1,761 | 4 | 0.38 | |||||||||||||||||||||||||||||
Federal funds sold | 11,385 | 276 | 4.89 | 10,045 | 23 | 0.47 | |||||||||||||||||||||||||||||
Interest-bearing deposits in banks (4) | 2,598 | 61 | 4.74 | 981 | 2 | 0.43 | |||||||||||||||||||||||||||||
MBS (5) | 17,286 | 408 | 4.76 | 11,833 | 62 | 1.05 | |||||||||||||||||||||||||||||
Other investments (5) | 9,451 | 224 | 4.79 | 10,934 | 86 | 1.58 | |||||||||||||||||||||||||||||
Loans to other FHLBanks | 34 | 1 | 4.81 | 17 | — | 1.34 | |||||||||||||||||||||||||||||
Total interest-earning assets | 143,976 | 3,496 | 4.90 | 81,749 | 445 | 1.10 | |||||||||||||||||||||||||||||
Other assets | 1,267 | 445 | |||||||||||||||||||||||||||||||||
Total assets | $ | 145,243 | $ | 82,194 | |||||||||||||||||||||||||||||||
Liabilities and Capital: | |||||||||||||||||||||||||||||||||||
Term deposits | $ | 74 | 1 | 3.21 | $ | 85 | — | 0.36 | |||||||||||||||||||||||||||
Other interest bearing deposits (4) | 1,080 | 23 | 4.25 | 1,518 | 2 | 0.24 | |||||||||||||||||||||||||||||
Discount Notes | 56,073 | 1,316 | 4.73 | 39,350 | 95 | 0.48 | |||||||||||||||||||||||||||||
Unswapped fixed-rate Bonds | 12,386 | 132 | 2.15 | 14,730 | 140 | 1.92 | |||||||||||||||||||||||||||||
Unswapped adjustable-rate Bonds | 54,591 | 1,329 | 4.91 | 14,359 | 36 | 0.50 | |||||||||||||||||||||||||||||
Swapped Bonds | 11,905 | 267 | 4.52 | 5,867 | 18 | 0.62 | |||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | 34 | 1 | 7.16 | 112 | 2 | 2.99 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 136,143 | 3,069 | 4.55 | 76,021 | 293 | 0.78 | |||||||||||||||||||||||||||||
Other liabilities | 1,802 | 1,563 | |||||||||||||||||||||||||||||||||
Total capital | 7,298 | 4,610 | |||||||||||||||||||||||||||||||||
Total liabilities and capital | $ | 145,243 | $ | 82,194 | |||||||||||||||||||||||||||||||
Net interest rate spread | 0.35 | % | 0.32 | % | |||||||||||||||||||||||||||||||
Net interest income and net interest margin (6) | $ | 427 | 0.60 | % | $ | 152 | 0.37 | % | |||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 105.75 | % | 107.53 | % |
(In millions) | Three Months Ended June 30, 2023 over 2022 | Six Months Ended June 30, 2023 over 2022 | |||||||||||||||||||||||||||||||||
Volume (1)(3) | Rate (2)(3) | Total | Volume (1)(3) | Rate (2)(3) | Total | ||||||||||||||||||||||||||||||
Increase (decrease) in interest income | |||||||||||||||||||||||||||||||||||
Advances | $ | 371 | $ | 949 | $ | 1,320 | $ | 494 | $ | 1,675 | $ | 2,169 | |||||||||||||||||||||||
Mortgage loans held for portfolio | (3) | 4 | 1 | (6) | 12 | 6 | |||||||||||||||||||||||||||||
Securities purchased under agreements to resell | 16 | 41 | 57 | 5 | 74 | 79 | |||||||||||||||||||||||||||||
Federal funds sold | 12 | 156 | 168 | 4 | 249 | 253 | |||||||||||||||||||||||||||||
Interest-bearing deposits in banks | 6 | 28 | 34 | 8 | 51 | 59 | |||||||||||||||||||||||||||||
MBS | 20 | 161 | 181 | 40 | 306 | 346 | |||||||||||||||||||||||||||||
Other investments | (5) | 80 | 75 | (14) | 152 | 138 | |||||||||||||||||||||||||||||
Loans to other FHLBanks | — | 1 | 1 | — | 1 | 1 | |||||||||||||||||||||||||||||
Total | 417 | 1,420 | 1,837 | 531 | 2,520 | 3,051 | |||||||||||||||||||||||||||||
Increase (decrease) in interest expense | |||||||||||||||||||||||||||||||||||
Term deposits | — | 1 | 1 | — | 1 | 1 | |||||||||||||||||||||||||||||
Other interest-bearing deposits | (1) | 11 | 10 | (1) | 22 | 21 | |||||||||||||||||||||||||||||
Discount Notes | 60 | 624 | 684 | 56 | 1,165 | 1,221 | |||||||||||||||||||||||||||||
Unswapped fixed-rate Bonds | (8) | 3 | (5) | (23) | 15 | (8) | |||||||||||||||||||||||||||||
Unswapped adjustable-rate Bonds | 214 | 565 | 779 | 314 | 979 | 1,293 | |||||||||||||||||||||||||||||
Swapped Bonds | 83 | 109 | 192 | 35 | 214 | 249 | |||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | — | — | — | (2) | 1 | (1) | |||||||||||||||||||||||||||||
Total | 348 | 1,313 | 1,661 | 379 | 2,397 | 2,776 | |||||||||||||||||||||||||||||
Increase (decrease) in net interest income | $ | 69 | $ | 107 | $ | 176 | $ | 152 | $ | 123 | $ | 275 |
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Advances: | |||||||||||||||||||||||
Gains (losses) on designated fair value hedges | $ | — | $ | 2 | $ | — | $ | 5 | |||||||||||||||
Net interest settlements included in net interest income | 84 | (13) | 142 | (35) | |||||||||||||||||||
Price alignment amount (1) | (4) | — | (9) | (1) | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Amortization of hedging activities in net interest income | — | — | (1) | — | |||||||||||||||||||
Gains (losses) on designated fair value hedges | 2 | — | 3 | — | |||||||||||||||||||
Net interest settlements included in net interest income | 85 | (10) | 156 | (24) | |||||||||||||||||||
Price alignment amount (1) | (11) | (1) | (22) | (1) | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||
Amortization of derivative fair value adjustments in net interest income | — | (1) | — | (2) | |||||||||||||||||||
Consolidated Obligation Bonds: | |||||||||||||||||||||||
Net interest settlements included in net interest income | (8) | 2 | (16) | 3 | |||||||||||||||||||
Increase (decrease) to net interest income | $ | 148 | $ | (21) | $ | 253 | $ | (55) |
(In millions) | Advances | Investment Securities | Mortgage Loans | Bonds | Discount Notes | Balance Sheet (1) | Other | Total | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Net effect of derivatives and hedging activities | |||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting | $ | 3 | $ | 31 | $ | (1) | $ | (22) | $ | (9) | $ | — | $ | — | $ | 2 | |||||||||||||||||||||||||||||||
Net interest settlements on derivatives not receiving hedge accounting | — | 13 | — | (7) | (11) | — | — | (5) | |||||||||||||||||||||||||||||||||||||||
Price alignment amount (2) | — | — | — | — | — | — | (1) | (1) | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | 3 | 44 | (1) | (29) | (20) | — | (1) | (4) | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on trading securities (3) | — | (27) | — | — | — | — | — | (27) | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on financial instruments held under fair value option (4) | (2) | — | — | 46 | 16 | — | — | 60 | |||||||||||||||||||||||||||||||||||||||
Total net effect on non-interest income | $ | 1 | $ | 17 | $ | (1) | $ | 17 | $ | (4) | $ | — | $ | (1) | $ | 29 | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Net effect of derivatives and hedging activities | |||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting | $ | 1 | $ | 78 | $ | (1) | $ | (30) | $ | (33) | $ | 5 | $ | — | $ | 20 | |||||||||||||||||||||||||||||||
Net interest settlements on derivatives not receiving hedge accounting | — | (17) | — | 7 | 10 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Price alignment amount (2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | 1 | 61 | (1) | (23) | (23) | 5 | — | 20 | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on trading securities (3) | — | (88) | — | — | — | — | — | (88) | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on financial instruments held under fair value option (4) | (1) | — | — | 33 | 29 | — | — | 61 | |||||||||||||||||||||||||||||||||||||||
Total net effect on non-interest income | $ | — | $ | (27) | $ | (1) | $ | 10 | $ | 6 | $ | 5 | $ | — | $ | (7) |
(In millions) | Advances | Investment Securities | Mortgage Loans | Bonds | Discount Notes | Balance Sheet (1) | Other | Total | |||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Net effect of derivatives and hedging activities | |||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting | $ | 3 | $ | (4) | $ | (5) | $ | (1) | $ | 7 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Net interest settlements on derivatives not receiving hedge accounting | — | 24 | — | (19) | (15) | — | — | (10) | |||||||||||||||||||||||||||||||||||||||
Price alignment amount (2) | — | — | — | — | — | — | (2) | (2) | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | 3 | 20 | (5) | (20) | (8) | — | (2) | (12) | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on trading securities (3) | — | (1) | — | — | — | — | — | (1) | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on financial instruments held under fair value option (4) | (2) | — | — | 27 | — | — | — | 25 | |||||||||||||||||||||||||||||||||||||||
Total net effect on non-interest income | $ | 1 | $ | 19 | $ | (5) | $ | 7 | $ | (8) | $ | — | $ | (2) | $ | 12 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Net effect of derivatives and hedging activities | |||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting | $ | 2 | $ | 224 | $ | (7) | $ | (35) | $ | (42) | $ | 7 | $ | — | $ | 149 | |||||||||||||||||||||||||||||||
Net interest settlements on derivatives not receiving hedge accounting | — | (49) | — | 7 | 11 | — | — | (31) | |||||||||||||||||||||||||||||||||||||||
Price alignment amount (2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | 2 | 175 | (7) | (28) | (31) | 7 | — | 118 | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on trading securities (3) | — | (248) | — | — | — | — | — | (248) | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on financial instruments held under fair value option (4) | (2) | — | — | 43 | 38 | — | — | 79 | |||||||||||||||||||||||||||||||||||||||
Total net effect on non-interest income | $ | — | $ | (73) | $ | (7) | $ | 15 | $ | 7 | $ | 7 | $ | — | $ | (51) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Compensation and benefits | $ | 13 | $ | 13 | $ | 28 | $ | 27 | |||||||||||||||
Other operating expense | 8 | 6 | 15 | 12 | |||||||||||||||||||
Finance Agency | 3 | 2 | 5 | 4 | |||||||||||||||||||
Office of Finance | 2 | 1 | 3 | 3 | |||||||||||||||||||
Voluntary housing contributions | 15 | 1 | 15 | 2 | |||||||||||||||||||
Other | 1 | 3 | 4 | 4 | |||||||||||||||||||
Total non-interest expense | $ | 42 | $ | 26 | $ | 70 | $ | 52 | |||||||||||||||
(Dollars in millions) | Traditional Member Finance | MPP | Total | ||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||
Net interest income (loss) | $ | 212 | $ | 35 | $ | 247 | |||||||||||
Net income (loss) | $ | 191 | $ | 27 | $ | 218 | |||||||||||
Average assets | $ | 158,374 | $ | 8,802 | $ | 167,176 | |||||||||||
Assumed average capital allocation | $ | 7,721 | $ | 429 | $ | 8,150 | |||||||||||
Return on average assets (1) | 0.48 | % | 1.22 | % | 0.52 | % | |||||||||||
Return on average equity (1) | 9.91 | % | 25.07 | % | 10.71 | % | |||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||
Net interest income (loss) | $ | 60 | $ | 11 | $ | 71 | |||||||||||
Net income (loss) | $ | 31 | $ | 10 | $ | 41 | |||||||||||
Average assets | $ | 77,949 | $ | 9,975 | $ | 87,924 | |||||||||||
Assumed average capital allocation | $ | 4,271 | $ | 547 | $ | 4,818 | |||||||||||
Return on average assets (1) | 0.16 | % | 0.41 | % | 0.19 | % | |||||||||||
Return on average equity (1) | 2.86 | % | 7.43 | % | 3.38 | % |
(Dollars in millions) | Traditional Member Finance | MPP | Total | ||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||
Net interest income (loss) | $ | 358 | $ | 69 | $ | 427 | |||||||||||
Net income (loss) | $ | 294 | $ | 51 | $ | 345 | |||||||||||
Average assets | $ | 136,391 | $ | 8,852 | $ | 145,243 | |||||||||||
Assumed average capital allocation | $ | 6,851 | $ | 447 | $ | 7,298 | |||||||||||
Return on average assets (1) | 0.44 | % | 1.15 | % | 0.48 | % | |||||||||||
Return on average equity (1) | 8.66 | % | 22.87 | % | 9.53 | % | |||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||
Net interest income (loss) | $ | 137 | $ | 15 | $ | 152 | |||||||||||
Net income (loss) | $ | 51 | $ | 6 | $ | 57 | |||||||||||
Average assets | $ | 72,023 | $ | 10,171 | $ | 82,194 | |||||||||||
Assumed average capital allocation | $ | 4,038 | $ | 572 | $ | 4,610 | |||||||||||
Return on average assets (1) | 0.14 | % | 0.12 | % | 0.14 | % | |||||||||||
Return on average equity (1) | 2.53 | % | 2.14 | % | 2.48 | % |
(Dollars in millions) | Down 300 | Down 200 | Down 100 | Flat Rates | Up 100 | Up 200 | Up 300 | ||||||||||||||||||||||||||||||||||
Average Results | |||||||||||||||||||||||||||||||||||||||||
2023 Year-to-Date | |||||||||||||||||||||||||||||||||||||||||
Market Value of Equity | $ | 7,488 | $ | 7,301 | $ | 7,199 | $ | 7,084 | $ | 6,962 | $ | 6,844 | $ | 6,737 | |||||||||||||||||||||||||||
% Change from Flat Case | 5.7 | % | 3.1 | % | 1.6 | % | — | (1.7) | % | (3.4) | % | (4.9) | % | ||||||||||||||||||||||||||||
2022 Full Year | |||||||||||||||||||||||||||||||||||||||||
Market Value of Equity | $ | 5,643 | $ | 5,498 | $ | 5,408 | $ | 5,317 | $ | 5,207 | $ | 5,101 | $ | 5,012 | |||||||||||||||||||||||||||
% Change from Flat Case | 6.1 | % | 3.4 | % | 1.7 | % | — | (2.1) | % | (4.1) | % | (5.7) | % | ||||||||||||||||||||||||||||
Month-End Results | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Market Value of Equity | $ | 7,418 | $ | 7,347 | $ | 7,249 | $ | 7,144 | $ | 7,026 | $ | 6,912 | $ | 6,810 | |||||||||||||||||||||||||||
% Change from Flat Case | 3.8 | % | 2.8 | % | 1.5 | % | — | (1.7) | % | (3.2) | % | (4.7) | % | ||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Market Value of Equity | $ | 6,517 | $ | 6,402 | $ | 6,283 | $ | 6,160 | $ | 6,042 | $ | 5,937 | $ | 5,844 | |||||||||||||||||||||||||||
% Change from Flat Case | 5.8 | % | 3.9 | % | 2.0 | % | — | (1.9) | % | (3.6) | % | (5.1) | % |
(In years) | Down 300 | Down 200 | Down 100 | Flat Rates | Up 100 | Up 200 | Up 300 | ||||||||||||||||||||||||||||||||||
Average Results | |||||||||||||||||||||||||||||||||||||||||
2023 Year-to-Date | 2.5 | 1.4 | 1.7 | 1.8 | 1.9 | 1.7 | 1.6 | ||||||||||||||||||||||||||||||||||
2022 Full Year | 2.6 | 1.9 | 1.5 | 2.0 | 2.2 | 2.0 | 1.7 | ||||||||||||||||||||||||||||||||||
Month-End Results | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | 1.0 | 1.4 | 1.7 | 1.7 | 1.7 | 1.5 | 1.3 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | 1.8 | 2.0 | 2.1 | 2.1 | 2.0 | 1.8 | 1.6 |
(In millions) | June 30, 2023 | December 31, 2022 | |||||||||
Unrestricted retained earnings | $ | 953 | $ | 841 | |||||||
Restricted retained earnings (1) | 629 | 560 | |||||||||
Total retained earnings | $ | 1,582 | $ | 1,401 |
June 30, 2023 | December 31, 2022 | ||||||||||
Market Value of Equity to Par Value of Regulatory Capital Stock - Base Case (Flat Rates) Scenario | 122 | % | 119 | % | |||||||
Market Value of Equity to Par Value of Regulatory Capital Stock - Down Shock (1) | 125 | 124 | |||||||||
Market Value of Equity to Par Value of Regulatory Capital Stock - Up Shock (2) | 118 | 115 |
June 30, 2023 | December 31, 2022 | ||||||||||
Market Value of Equity to Book Value of Capital - Base Case (Flat Rates) Scenario (1) | 96 | % | 94 | % | |||||||
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) | 93 | 91 |
Conventional Loan Delinquencies | |||||||||||
(Dollars in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Early stage delinquencies - unpaid principal balance (1) | $ | 29 | $ | 31 | |||||||
Serious delinquencies - unpaid principal balance (2) | $ | 9 | $ | 12 | |||||||
Early stage delinquency rate (3) | 0.4 | % | 0.5 | % | |||||||
Serious delinquency rate (4) | 0.1 | % | 0.2 | % | |||||||
National average serious delinquency rate (5) | 1.2 | % | 1.4 | % |
(In millions) | June 30, 2023 | ||||||||||||||||||||||
Long-Term Rating | |||||||||||||||||||||||
AA | A | Unrated | Total | ||||||||||||||||||||
Unsecured Liquidity Investments | |||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | 2,245 | $ | — | $ | 2,245 | |||||||||||||||
Federal funds sold | 8,372 | 5,781 | — | 14,153 | |||||||||||||||||||
Total unsecured liquidity investments | 8,372 | 8,026 | — | 16,398 | |||||||||||||||||||
Guaranteed/Secured Liquidity Investments | |||||||||||||||||||||||
Securities purchased under agreements to resell | 9,770 | 1,435 | 1,000 | 12,205 | |||||||||||||||||||
U.S. Treasury obligations | 7,696 | — | — | 7,696 | |||||||||||||||||||
GSE obligations | 1,650 | — | — | 1,650 | |||||||||||||||||||
Total guaranteed/secured liquidity investments | 19,116 | 1,435 | 1,000 | 21,551 | |||||||||||||||||||
Total liquidity investments | $ | 27,488 | $ | 9,461 | $ | 1,000 | $ | 37,949 |
(In millions) | June 30, 2023 | |||||||||||||||||||
Counterparty Rating | ||||||||||||||||||||
Domicile of Counterparty | AA | A | Total | |||||||||||||||||
Domestic | $ | 1,500 | $ | 2,595 | $ | 4,095 | ||||||||||||||
U.S. branches and agency offices of foreign commercial banks: | ||||||||||||||||||||
Canada | 4,325 | 250 | 4,575 | |||||||||||||||||
Netherlands | — | 1,500 | 1,500 | |||||||||||||||||
Norway | 1,500 | — | 1,500 | |||||||||||||||||
Finland | 1,047 | — | 1,047 | |||||||||||||||||
France | — | 750 | 750 | |||||||||||||||||
Australia | — | 650 | 650 | |||||||||||||||||
Belgium | — | 650 | 650 | |||||||||||||||||
United Kingdom | — | 600 | 600 | |||||||||||||||||
Germany | — | 531 | 531 | |||||||||||||||||
Sweden | — | 500 | 500 | |||||||||||||||||
Total U.S. branches and agency offices of foreign commercial banks | 6,872 | 5,431 | 12,303 | |||||||||||||||||
Total unsecured investment credit exposure | $ | 8,372 | $ | 8,026 | $ | 16,398 |
(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: | ||||||||||||||||||||||||||
A-rated | $ | 6,255 | $ | 25 | $ | (23) | $ | 2 | ||||||||||||||||||
BBB-rated | 10,725 | 44 | (35) | 9 | ||||||||||||||||||||||
Total uncleared derivatives | 16,980 | 69 | (58) | 11 | ||||||||||||||||||||||
Liability positions with credit exposure: | ||||||||||||||||||||||||||
Uncleared derivatives: | ||||||||||||||||||||||||||
A-rated | 3,918 | (9) | 14 | 5 | ||||||||||||||||||||||
Total uncleared derivatives | 3,918 | (9) | 14 | 5 | ||||||||||||||||||||||
Cleared derivatives (1) | 44,495 | (19) | 705 | 686 | ||||||||||||||||||||||
Member institutions (2) | 19 | — | — | — | ||||||||||||||||||||||
Total | $ | 65,412 | $ | 41 | $ | 661 | $ | 702 |
(In millions) | June 30, 2023 | December 31, 2022 | |||||||||
Deposit Reserve Requirement | |||||||||||
Total Eligible Deposit Reserves | $ | 109,944 | $ | 80,428 | |||||||
Total Member Deposits | (1,156) | (1,043) | |||||||||
Excess Deposit Reserves | $ | 108,788 | $ | 79,385 |
Exhibit Number (1) | Description of exhibit | Document filed or furnished, as indicated below | ||||||||||||
Filed Herewith | ||||||||||||||
Filed Herewith | ||||||||||||||
Furnished Herewith | ||||||||||||||
101.INS | XBRL Instance Document | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | 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 | ||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Filed Herewith |
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) |
/s/ Andrew S. Howell | ||
Andrew S. Howell | ||
President and Chief Executive Officer |
/s/ Stephen J. Sponaugle | ||
Stephen J. Sponaugle | ||
Executive Vice President, Chief Financial Officer |
/s/ Andrew S. Howell | ||
Andrew S. Howell | ||
President and Chief Executive Officer | ||
August 10, 2023 | ||
/s/ Stephen J. Sponaugle | ||
Stephen J. Sponaugle | ||
Executive Vice President, Chief Financial Officer | ||
August 10, 2023 |
Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | $ 9,726,311 | $ 8,680,491 | |||||||||||
Debt Securities, Held-to-maturity, Fair Value | $ 15,516,658 | $ 14,983,043 | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 100 | |||||||||||||
Common Stock, Shares, Issued | 58,484 | 51,507 | ||||||||||||
Common Stock, Shares, Outstanding | 58,484 | 51,507 | ||||||||||||
Mortgage Purchase Program [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 338 | $ 301 | ||||||||||||
Fair Value Option Election | ||||||||||||||
Advances, Fair Value Disclosure | 103,313 | 4,954 | ||||||||||||
Fair Value Option Election | Consolidated Obligation Bonds [Member] | ||||||||||||||
Consolidated Obligations, Bonds | 19,291,817 | 5,469,583 | ||||||||||||
Fair Value Option Election | Discount Notes [Member] | ||||||||||||||
Consolidated Obligations, Discount Notes | 15,143,932 | 21,010,746 | ||||||||||||
Estimate of Fair Value Measurement [Member] | ||||||||||||||
Debt Securities, Held-to-maturity, Fair Value | 15,516,658 | 14,983,043 | ||||||||||||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | ||||||||||||||
Consolidated Obligations, Bonds | 92,192,711 | [2] | 58,698,959 | [3] | ||||||||||
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | ||||||||||||||
Consolidated Obligations, Discount Notes | $ 48,328,883 | [4] | $ 40,680,714 | [5] | ||||||||||
|
Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
INTEREST INCOME: | ||||
Advances | $ 1,439,257 | $ 120,653 | $ 2,335,866 | $ 165,971 |
Prepayment fees on Advances, net | 1,703 | 304 | 1,734 | 3,003 |
Interest-bearing deposits | 36,180 | 1,924 | 61,030 | 2,103 |
Securities purchased under agreements to resell | 59,281 | 2,404 | 82,798 | 3,332 |
Federal funds sold | 188,295 | 19,982 | 276,164 | 23,207 |
Investment securities: | ||||
Trading securities | 17,296 | 29,744 | 35,750 | 67,570 |
Available-for-sale securities | 129,326 | 16,944 | 236,437 | 21,962 |
Held-to-maturity securities | 190,568 | 33,909 | 360,465 | 57,817 |
Total investment securities | 337,190 | 80,597 | 632,652 | 147,349 |
Mortgage loans held for portfolio | 52,023 | 50,848 | 104,815 | 99,424 |
Loans to other FHLBanks | 341 | 112 | 823 | 112 |
Total interest income | 2,114,270 | 276,824 | 3,495,882 | 444,501 |
Consolidated Obligations: | ||||
Discount Notes | 768,292 | 83,780 | 1,315,733 | 94,582 |
Bonds | 1,086,138 | 119,330 | 1,728,134 | 194,405 |
Total Consolidated Obligations | 1,854,430 | 203,110 | 3,043,867 | 288,987 |
Deposits | 12,227 | 1,760 | 23,945 | 1,939 |
Mandatorily redeemable capital stock | 972 | 831 | 1,228 | 1,662 |
Other borrowings | 1 | 0 | 1 | 0 |
Total interest expense | 1,867,630 | 205,701 | 3,069,041 | 292,588 |
NET INTEREST INCOME | 246,640 | 71,123 | 426,841 | 151,913 |
NON-INTEREST INCOME (LOSS): | ||||
Net gains (losses) on investment securities | (26,646) | (87,823) | (1,286) | (247,986) |
Net gains (losses) on financial instruments held under fair value option | 60,435 | 60,753 | 25,623 | 79,431 |
Net gains (losses) on derivatives | (4,363) | 20,369 | (12,279) | 117,474 |
Other, net | 7,493 | 6,801 | 14,483 | 13,988 |
Total non-interest income (loss) | 36,919 | 100 | 26,541 | (37,093) |
NON-INTEREST EXPENSE: | ||||
Compensation and benefits | 13,634 | 13,020 | 27,718 | 27,126 |
Other operating expenses | 7,649 | 5,831 | 15,071 | 11,993 |
Finance Agency | 2,744 | 1,650 | 5,488 | 3,447 |
Office of Finance | 1,919 | 1,405 | 3,239 | 3,164 |
Voluntary housing contributions | 14,394 | 1,238 | 14,816 | 1,561 |
Other | 1,389 | 2,913 | 3,623 | 4,369 |
Total non-interest expense | 41,729 | 26,057 | 69,955 | 51,660 |
INCOME BEFORE ASSESSMENTS | 241,830 | 45,166 | 383,427 | 63,160 |
Affordable Housing Program assessments | 24,281 | 4,599 | 38,466 | 6,482 |
NET INCOME | $ 217,549 | $ 40,567 | $ 344,961 | $ 56,678 |
Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Net income | $ 217,549 | $ 40,567 | $ 344,961 | $ 56,678 |
Other comprehensive income (loss) adjustments: | ||||
Net unrealized gains (losses) on available-for-sale securities | 18,408 | (9,988) | 15,362 | (47,760) |
Pension and postretirement benefits | (98) | 509 | (196) | 1,018 |
Total other comprehensive income (loss) adjustments | 18,310 | (9,479) | 15,166 | (46,742) |
Comprehensive income (loss) | $ 235,859 | $ 31,088 | $ 360,127 | $ 9,936 |
Statements of Capital - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 8,007,206 | $ 4,272,899 | $ 6,502,231 | $ 3,795,901 |
Comprehensive Income (loss) | 235,859 | 31,088 | 360,127 | 9,936 |
Proceeds from sale of capital stock, par value | 520,862 | 1,432,185 | 3,629,524 | 3,343,863 |
Repurchase of capital stock, par value | (965,108) | (2,618,405) | ||
Net shares reclassified to mandatorily redeemable capital stock, par value | (312,763) | (18,191) | (313,383) | (1,419,350) |
Cash dividends on capital stock | (89,499) | (22,896) | (163,537) | (35,265) |
Ending balance | $ 7,396,557 | $ 5,695,085 | $ 7,396,557 | $ 5,695,085 |
Capital Stock Class B - Putable [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares, Issued beginning balance | 66,054 | 30,005 | 51,507 | 24,900 |
Proceeds from sale of capital stock, shares | 5,209 | 14,322 | 36,295 | 33,439 |
Repurchase of capital stock, shares | (9,651) | (26,184) | ||
Net shares reclassified to mandatorily redeemable capital stock, shares | (3,128) | (182) | (3,134) | (14,194) |
Shares, Issued ending balance | 58,484 | 44,145 | 58,484 | 44,145 |
Beginning balance | $ 6,605,424 | $ 3,000,535 | $ 5,150,679 | $ 2,490,016 |
Proceeds from sale of capital stock, par value | 520,862 | 1,432,185 | 3,629,524 | 3,343,863 |
Repurchase of capital stock, par value | (965,108) | (2,618,405) | ||
Net shares reclassified to mandatorily redeemable capital stock, par value | (312,763) | (18,191) | (313,383) | (1,419,350) |
Ending balance | 5,848,415 | 4,414,529 | 5,848,415 | 4,414,529 |
Retained Earnings, Unrestricted [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 868,665 | 783,592 | 840,774 | 783,072 |
Comprehensive Income (loss) | 174,039 | 32,454 | 275,968 | 45,343 |
Cash dividends on capital stock | (89,499) | (22,896) | (163,537) | (35,265) |
Ending balance | 953,205 | 793,150 | 953,205 | 793,150 |
Retained Earnings, Restricted [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 585,601 | 512,941 | 560,118 | 509,719 |
Comprehensive Income (loss) | 43,510 | 8,113 | 68,993 | 11,335 |
Ending balance | 629,111 | 521,054 | 629,111 | 521,054 |
Retained Earnings, Total [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,454,266 | 1,296,533 | 1,400,892 | 1,292,791 |
Comprehensive Income (loss) | 217,549 | 40,567 | 344,961 | 56,678 |
Cash dividends on capital stock | (89,499) | (22,896) | (163,537) | (35,265) |
Ending balance | 1,582,316 | 1,314,204 | 1,582,316 | 1,314,204 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (52,484) | (24,169) | (49,340) | 13,094 |
Comprehensive Income (loss) | 18,310 | (9,479) | 15,166 | (46,742) |
Ending balance | $ (34,174) | $ (33,648) | $ (34,174) | $ (33,648) |
Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
OPERATING ACTIVITIES: | ||
Net income | $ 344,961 | $ 56,678 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization/(accretion) | 347,249 | 79,455 |
Net change in derivative and hedging activities | 36,237 | 889,605 |
Net change in fair value adjustments on trading securities | 1,286 | 247,986 |
Net change in fair value adjustments on financial instruments held under fair value option | (25,623) | (79,431) |
Other adjustments, net | 491 | 460 |
Net change in: | ||
Accrued interest receivable | (353,946) | (46,903) |
Other assets | 4,485 | 4,885 |
Accrued interest payable | 338,261 | 40,285 |
Other liabilities | 34,172 | (7,193) |
Total adjustments | 382,612 | 1,129,149 |
Net cash provided by (used in) operating activities | 727,573 | 1,185,827 |
Net change in: | ||
Interest-bearing deposits | (659,209) | (639,919) |
Securities purchased under agreements to resell | (11,685,950) | (1,244,990) |
Federal funds sold | (8,754,000) | (4,665,000) |
Premises, software, and equipment | (2,953) | (606) |
Trading securities: | ||
Proceeds from maturities and paydowns | 250,038 | 2,975,051 |
Proceeds from sales | 0 | 500,976 |
Available-for-sale securities: | ||
Purchases | (933,804) | (2,965,670) |
Held-to-maturity securities: | ||
Proceeds from maturities and paydowns | 930,667 | 873,299 |
Purchases | (1,460,737) | (2,706,277) |
Advances: | ||
Repaid | 1,102,625,432 | 547,226,216 |
Originated | (1,122,599,388) | (580,273,996) |
Mortgage loans held for portfolio: | ||
Principal collected | 295,371 | 708,097 |
Purchases | (138,398) | (547,855) |
Net cash provided by (used in) investing activities | (42,132,931) | (40,760,674) |
FINANCING ACTIVITIES: | ||
Net change in deposits and pass-through reserves | 163,655 | (188,052) |
Net proceeds from issuance of Consolidated Obligations: | ||
Discount Notes | 137,487,809 | 164,158,139 |
Bonds | 80,740,832 | 30,512,545 |
Bonds transferred from other FHLBanks | 249,999 | 0 |
Payments for maturing and retiring Consolidated Obligations: | ||
Discount Notes | (130,182,033) | (136,942,872) |
Bonds | (47,586,945) | (17,135,750) |
Proceeds from issuance of capital stock | 3,629,524 | 3,343,863 |
Payments for repurchase of capital stock | (2,618,405) | 0 |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (314,871) | (1,420,863) |
Cash dividends paid | (163,537) | (35,265) |
Net cash provided by (used in) financing activities | 41,406,028 | 42,291,745 |
Net increase (decrease) in cash and due from banks | 670 | 2,716,898 |
Cash and due from banks at beginning of the period | 19,604 | 167,822 |
Cash and due from banks at end of the period | 20,274 | 2,884,720 |
Supplemental Disclosures: | ||
Interest paid | 2,518,784 | 216,905 |
Affordable Housing Program payments, net | $ 12,409 | $ 11,510 |
Background Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
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 are government-sponsored enterprises (GSEs) that were organized under the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), to 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). The FHLBanks are financial cooperatives that provide a readily available, competitively-priced source of funds to their member institutions.
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Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
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 presentation 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, 2022 filed with the Securities and Exchange Commission (SEC). Results for the six months ended June 30, 2023 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 6. 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 2022 Annual Report on Form 10-K. 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, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Standards and Interpretations [Text Block] | Recently Issued and Adopted Accounting Guidance Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the Financial Accounting Standards Board (FASB) issued guidance that eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses methodology while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. The guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2023. The adoption of this guidance affected the FHLB's disclosures, but did not have any effect on the FHLB's financial condition, results of operations, or cash flows. Fair Value Hedging - Portfolio Layer Method. In March 2022, the FASB issued guidance that expands fair value hedging under the current last-of-layer method by allowing multiple hedged layers of a single closed portfolio under the method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. Additionally, among other things, this guidance (1) expands the scope of the portfolio layer method to include nonprepayable assets, (2) specifies eligible hedging instruments in a single-layer hedge, (3) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and (4) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2023. The FHLB adopted this guidance as of January 1, 2023 and it did not have any effect on the FHLB's financial condition, results of operations, and cash flows. The FHLB may elect the fair value hedging portfolio layer method in the future. Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended. In March 2020, the FASB issued temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale and/or transfer of debt securities classified as held-to-maturity. This guidance became effective for the FHLB beginning March 12, 2020 and may be applied through December 31, 2024. The FHLB elected optional practical expedients specific to fair value hedging relationships and contract modifications, which did not have a material effect, and may elect additional optional expedients in the future.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The FHLB makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold and may make other investments in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold The FHLB invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide liquidity. Interest-bearing deposits and Federal funds sold are generally transacted with counterparties that have received a credit rating of single-A or greater by a nationally recognized statistical rating organization (NRSRO). The FHLB’s internal ratings of these counterparties may differ from those issued by an NRSRO. Finance Agency regulations include a limit on the amount of unsecured credit the FHLB may extend to a counterparty. At June 30, 2023 and December 31, 2022, all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to their respective contractual terms. No allowance for credit losses was recorded for these assets at June 30, 2023 and December 31, 2022. Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable of (in thousands) $9,627 and $1,993 as of June 30, 2023, and $5,524 and $1,299 as of December 31, 2022. Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with counterparties, the FHLB determined that no allowance for credit losses was needed for its securities purchased under agreements to resell at June 30, 2023 and December 31, 2022. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable of (in thousands) $1,793 and $232 as of June 30, 2023 and December 31, 2022, respectively. Debt Securities The FHLB invests in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. The FHLB is prohibited by Finance Agency regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality, other than certain investments targeted at low-income persons or communities. The FHLB is not required to divest instruments that experience credit deterioration after their purchase. Trading Securities Table 3.1 - Trading Securities by Major Security Types (in thousands)
Table 3.2 - Net Gains (Losses) on Trading Securities (in thousands)
Available-for-Sale Securities Table 3.3 - Available-for-Sale Securities by Major Security Types (in thousands)
(1)Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $38,902 and $40,246 at June 30, 2023 and December 31, 2022, respectively. Table 3.4 summarizes the available-for-sale securities with gross unrealized losses, which are aggregated by major security type and length of time that individual securities have been in a continuous gross unrealized loss position. Table 3.4 - Available-for-Sale Securities in a Continuous Gross Unrealized Loss Position (in thousands)
Table 3.5 - Available-for-Sale Securities by Contractual Maturity (in thousands)
(1)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 3.6 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands)
The FHLB had no sales of securities out of its available-for-sale portfolio for the six months ended June 30, 2023 or 2022. Held-to-Maturity Securities Table 3.7 - Held-to-Maturity Securities by Major Security Types (in thousands)
(1)Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $60,752 and $48,937 as of June 30, 2023 and December 31, 2022, respectively. Table 3.8 - Held-to-Maturity Securities by Contractual Maturity (in thousands)
(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 3.9 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands)
For the six months ended June 30, 2023 and 2022, the FHLB did not sell any held-to-maturity securities. Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities The FHLB evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. The FHLB’s available-for-sale and held-to-maturity securities are U.S. Treasury obligations, GSE obligations, and MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae that are backed by single-family or multi-family mortgage loans. The FHLB only purchases securities considered investment quality. At June 30, 2023 and December 31, 2022, all available-for-sale and held-to-maturity securities were rated single-A, or above, by an NRSRO, based on the lowest long-term credit rating for each security owned by the FHLB. The FHLB’s internal ratings of these securities may differ from those obtained from an NRSRO. The FHLB evaluates individual available-for-sale securities for impairment by comparing the security’s fair value to its amortized cost. Impairment may exist when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). At June 30, 2023 and December 31, 2022, certain available-for-sale securities were in an unrealized loss position. These losses are considered temporary as the FHLB expects to recover the entire amortized cost basis on these available-for-sale investment securities and does not intend to sell these securities nor considers it more likely than not that it will be required to sell these securities before the anticipated recovery of each security's remaining amortized cost basis. Further, the FHLB has not experienced any payment defaults on the instruments and all of these securities are highly-rated. In the case of U.S. obligations, they carry an explicit government guarantee. In the case of GSE securities, they are purchased under the assumption that the issuers' obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. As a result, no allowance for credit losses was recorded on these available-for-sale securities at June 30, 2023 and December 31, 2022. The FHLB evaluates its held-to-maturity securities for impairment on a collective, or pooled basis, unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. As of June 30, 2023 and December 31, 2022, the FHLB had not established an allowance for credit loss on any held-to-maturity securities because the securities: (1) were all highly-rated and/or had short remaining terms to maturity, (2) had not experienced, nor did the FHLB expect, any payment default on the instruments, (3) in the case of U.S. obligations, the securities carry an explicit government guarantee such that the FHLB considered the risk of nonpayment to be zero, and (4) in the case of GSE securities, they are purchased under an assumption that the issuers' obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs.
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Advances |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances [Text Block] | Advances The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules. Table 4.1 - Advances by Redemption Term (dollars in thousands)
(1)Carrying values exclude accrued interest receivable of (in thousands) $486,408 and $149,255 as of June 30, 2023 and December 31, 2022, respectively. 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). 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 4.2 - Advances by Redemption Term or Next Call Date (in thousands)
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 4.3 - Advances by Redemption Term or Next Put Date for Putable Advances (in thousands)
Table 4.4 - Advances by Interest Rate Payment Terms (in thousands)
(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. Credit Risk Exposure and Security Terms The FHLB manages its credit exposure to Advances through an integrated approach that includes establishing a credit limit for each borrower and 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. Under these regulations, collateral eligible to secure new or renewed Advances includes: ▪one-to-four family mortgage loans (delinquent for no more than 60 days) and multi-family mortgage loans (delinquent for no more than 30 days) and securities representing such mortgages; ▪loans and securities issued and insured, or guaranteed by the U.S. government or any U.S. government agency (for example, mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae); ▪cash or deposits in the FHLB; ▪certain other collateral that is real estate-related, provided that the collateral has a readily ascertainable value, can be reliably discounted to account for liquidation and other risks, can be liquidated in due course and the FHLB can perfect a security interest in it; and ▪certain qualifying securities representing undivided equity interests in eligible Advance collateral. Residential mortgage loans are the principal form of collateral for Advances. 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. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business and agribusiness 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. The FHLB also has policies and procedures for validating the reasonableness of its collateral valuations and makes changes to its collateral guidelines, as necessary, based on current market conditions. In addition, collateral verifications and reviews are performed by the FHLB based on the risk profile of the borrower. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from Advances. Members experiencing financial difficulties are subject to FHLB-performed “stress tests” to evaluate the impact of poorly performing assets on the member’s capital and loss reserve positions. Depending on the results of these tests, 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, or may be required to provide details on those 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 otherwise be entitled to priority under 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, 2023 and December 31, 2022, the FHLB did not have any Advances that were past due, in non-accrual status or considered impaired. In addition, there were no modifications of Advances with borrowers experiencing financial difficulty during the six months ended June 30, 2023 or 2022. At June 30, 2023 and December 31, 2022, the FHLB had rights to collateral on a member-by-member basis with an estimated value in excess of its outstanding extensions of credit. Based upon the collateral held as security, its credit extension and collateral policies and the repayment history on Advances, the FHLB did not expect any credit losses on Advances as of June 30, 2023 and, therefore, no allowance for credit losses on Advances was recorded. For the same reasons, the FHLB did not record any allowance for credit losses on Advances at December 31, 2022. Advance Concentrations Table 4.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions)
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Mortgage Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables [Text Block] | Mortgage Loans Total mortgage loans held for portfolio represent residential mortgage loans under the Mortgage Purchase Program (MPP) that the FHLB's members originate, credit enhance, and then sell to the FHLB. The FHLB does not service any of these loans. Table 5.1 - Mortgage Loans Held for Portfolio (in thousands)
(1)Medium-term is defined as a term of 15 years or less. (2)Long-term is defined as a term of greater than 15 years up to 30 years. (3)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. (4)Excludes accrued interest receivable of (in thousands) $21,564 and $21,846 at June 30, 2023 and December 31, 2022, respectively. Table 5.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands)
Table 5.3 - 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)
Credit Risk Exposure The FHLB manages credit risk exposure for conventional mortgage loans primarily though conservative underwriting and purchasing loans with characteristics consistent with favorable expected credit performance and by applying various credit enhancements. Credit Enhancements. The conventional mortgage loans under the MPP are primarily supported by some combination of credit enhancements (primary mortgage insurance (PMI) and the Lender Risk Account (LRA), including pooled LRA for those members participating in an aggregated MPP pool). These credit enhancements apply after a homeowner’s equity is exhausted. The LRA is funded by the FHLB upfront as a portion of the purchase proceeds. The LRA is recorded in other liabilities in the Statement of Condition. Excess funds from the LRA are released to the member in accordance with the terms of the Master Commitment Contract, which is typically after five years, 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. Because the FHA makes an explicit guarantee on FHA mortgage loans, the FHLB does not require any credit enhancements on these loans beyond primary mortgage insurance. Table 5.4 - Changes in the LRA (in thousands)
Payment Status of Mortgage Loans. The key credit quality indicator for conventional mortgage loans is payment status, which allows the FHLB to monitor borrower performance. Past due loans are those where the borrower has failed to make a full payment of principal and interest within one month of its due date. Table 5.5 presents the payment status of conventional mortgage loans. Table 5.5 - Credit Quality Indicator of Conventional Mortgage Loans (in thousands)
Other delinquency statistics include loans in process of foreclosure, serious delinquency rates, loans past due 90 days or more and still accruing interest, and non-accrual loans. Table 5.6 presents other delinquency statistics of mortgage loans. Table 5.6 - Other Delinquency Statistics (dollars in thousands)
(1)Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. (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. (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. (4)At June 30, 2023 and December 31, 2022, (in thousands) $986 and $971, respectively, of conventional MPP loans on non-accrual status do not have a related allowance because these loans were either previously charged off to their expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans. The FHLB did not have any real estate owned at June 30, 2023 or December 31, 2022. Mortgage Loan Modifications. Under certain circumstances, the FHLB offers loan modifications within its MPP. Most commonly, loan modifications consist of capitalization of any past due interest with a corresponding increase in unpaid principal and a recast of the monthly principal and interest payment. Less frequently, loan modifications may include interest rate reductions, term extensions, balloon payments, or a combination of these types. The amortized cost basis of mortgage loans modified with borrowers experiencing financial difficulty during the three and six months ended June 30, 2023 was (in thousands) $1,543 and $2,878, respectively. The financial effect of the modifications was not material to the FHLB’s financial condition or results of operations. Evaluation of Current Expected Credit Losses Mortgage Loans - 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 caused by 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, but in such instance, the FHLB would have recourse against the servicer for such failure. As a result, the FHLB did not record 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 - Conventional MPP. Conventional loans are evaluated collectively when similar risk characteristics exist; loans that do not share risk characteristics with other pools are removed from the collective evaluation and evaluated for expected credit losses on an individual basis. For loans with similar risk characteristics, the FHLB determines the allowance for credit losses through analyses that include considering various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The FHLB uses a model that employs a variety of methods, such as projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates, as well as historical borrower behavior experience. The FHLB’s calculation of expected credit losses includes a forecast of home prices over the entire contractual terms of its conventional loans rather than a reversion to historical home price trends after an initial forecast period. The FHLB also incorporates associated credit enhancements to determine estimated expected credit losses. Certain conventional loans may be evaluated for credit losses by using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. The FHLB may estimate the fair value of this collateral by either applying an appropriate loss severity rate, using third-party estimates, or using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The FHLB will either reserve for these estimated losses or record a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. 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, which is intended to cover other expected losses that may not otherwise be captured in the methodology described above. Allowance for Credit Losses on Conventional Mortgage Loans. At June 30, 2023 and December 31, 2022 the FHLB's allowance for credit losses on its conventional mortgage loans held for portfolio was (in thousands) $338 and $301, respectively.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities Nature of Business Activity The FHLB is exposed to interest rate risk primarily from the effect of changes in interest rates. 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 7 - Derivatives and Hedging Activities in the FHLB's 2022 Annual Report on Form 10-K for additional information on the FHLB's derivative transactions. The FHLB transacts its derivatives with counterparties that are 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 executed either with a counterparty, referred to as uncleared derivatives, or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization, referred to as cleared derivatives. 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 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 6.1 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 6.1 - Fair Value of Derivative Instruments (in thousands)
(1)Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $718,724 and $533,270 at June 30, 2023 and December 31, 2022, respectively. Cash collateral received, including accrued interest, was (in thousands) $57,528 and $5,917 at June 30, 2023 and December 31, 2022, respectively. Table 6.2 presents the impact of qualifying fair value hedging relationships on net interest income as well as the total interest income (expense) by product. Table 6.2 - Impact of Fair Value Hedging Relationships on Net Interest Income (in thousands)
Table 6.3 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. Table 6.3 - Cumulative Basis Adjustments for Fair Value Hedges (in thousands)
(1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. Table 6.4 presents net gains (losses) recorded in non-interest income (loss) on derivatives not designated as hedging instruments. Table 6.4 - Net Gains (Losses) Recorded in Non-interest Income (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands)
(1) This amount is for derivatives for which variation margin is characterized as a daily settled contract. Credit Risk on Derivatives The FHLB is subject to credit risk given the risk of non-performance by counterparties to its derivative transactions and manages credit risk through credit analyses of derivative counterparties, 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 this risk. The FHLB requires collateral agreements on its uncleared derivatives with the collateral delivery threshold set to zero. 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. At both Clearinghouses, variation margin is characterized as daily settlement payments, while initial margin is considered to be 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. On the Statements of Cash Flows, the variation margin cash payments, or daily settlement payments, are included in net change in derivative and hedging activities, as an operating activity. 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, 2023, 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 it expects that the exercise of those offsetting rights by a non-defaulting party under these transactions would 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 6.5 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral. At June 30, 2023 and December 31, 2022, 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 6.5 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands)
(1) Includes mortgage delivery commitments that are not subject to an enforceable netting agreement.
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Consolidated Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations [Text Block] | Consolidated Obligations Table 7.1 - Consolidated Discount Notes Outstanding (dollars in thousands)
(1)Represents an implied rate without consideration of concessions. Table 7.2 - Consolidated Bonds Outstanding by Original Contractual Maturity (dollars in thousands)
Table 7.3 - Consolidated Bonds Outstanding by Call Features (in thousands)
Table 7.4 - Consolidated Bonds Outstanding by Original Contractual Maturity or Next Call Date (in thousands)
Consolidated Bonds, beyond having fixed-rate or variable-rate interest-rate payment terms, may also have a step-up interest-rate payment type. Step-up bonds pay interest at increasing fixed rates for specified intervals over the life of the Consolidated Bond. These Consolidated Bonds generally contain provisions enabling the FHLB to call the Consolidated Bonds at its option on the step-up dates. Table 7.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands)
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Affordable Housing Program (AHP) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
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 or below-market interest rates on Advances to members who provide the funds to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Each FHLBank recognizes AHP assessment expense equal to the greater of 10 percent of its annual income subject to assessment or the prorated sum required to ensure the aggregate contribution by the FHLBanks is no less than $100 million for each year. For purposes of the AHP calculation, income subject to assessment is defined as net income before AHP assessments, plus interest expense related to mandatorily redeemable capital stock. The FHLB accrues AHP expense monthly based on its income subject to assessment. The FHLB reduces the AHP liability as members use subsidies. In addition to the required AHP assessment, the Board of Directors may elect to make voluntary contributions to the AHP. Table 8.1 - Rollforward of the AHP Liability (in thousands)
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Capital |
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Banking Regulation, Total Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital [Text Block] | Capital Table 9.1 - Capital Requirements (dollars in thousands)
Restricted Retained Earnings. At June 30, 2023 and December 31, 2022 the FHLB had (in thousands) $629,111 and $560,118, respectively, 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 9.2 - Rollforward of Mandatorily Redeemable Capital Stock (in thousands)
Table 9.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands)
(1)Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates.
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Accumulated Other Comprehensive (Loss) Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income [Text Block] | Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022. Table 10.1 - Accumulated Other Comprehensive Income (Loss) (in thousands)
(1)Included in Non-Interest Expense - Other in the Statements of Income.
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Segment Information |
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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 11.1 - Financial Performance by Operating Segment (in thousands)
Table 11.2 - Asset Balances by Operating Segment (in thousands)
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Fair Value Disclosures |
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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. 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. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (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, which are supported by limited to no market activity and reflect the FHLB's own assumptions. 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. The FHLB did not have any transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the six months ended June 30, 2023 or 2022. Table 12.1 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 Obligations 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 12.2 for further details about the financial assets and liabilities held at fair value on either a recurring or nonrecurring basis. Table 12.1 - Fair Value Summary (in thousands)
(1)For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (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)Includes (in thousands) $103,313 of Advances recorded under the fair value option at June 30, 2023. (4)Includes (in thousands) $15,143,932 of Consolidated Obligation Discount Notes recorded under the fair value option at June 30, 2023. (5)Includes (in thousands) $19,291,817 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2023.
(1)For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (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)Includes (in thousands) $4,954 of Advances recorded under the fair value option at December 31, 2022. (4)Includes (in thousands) $21,010,746 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2022. (5)Includes (in thousands) $5,469,583 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2022. Summary of Valuation Methodologies and Primary Inputs. The valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statement of Condition are disclosed in Note 15 - Fair Value Disclosures in the FHLB's 2022 Annual Report on Form 10-K. There have been no significant changes in the valuation methodologies during the six months ended June 30, 2023. Fair Value Measurements. Table 12.2 presents the fair value of financial assets and liabilities that are recorded on a recurring basis at June 30, 2023 and December 31, 2022, by level within the fair value hierarchy. Table 12.2 - Fair Value Measurements (in thousands)
(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.
(1)Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. Fair Value Option. The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires a company to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities and commitments, with the changes in fair value recognized in net income. If elected, interest income and interest expense on Advances and Consolidated Obligations 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 12.3 presents net gains (losses) recognized in earnings related to financial assets and liabilities in which the fair value option was elected during the three and six months ended June 30, 2023 and 2022. Table 12.3 – Fair Value Option - Financial Assets and Liabilities (in thousands)
For instruments recorded under the fair value option, the related contractual interest income, contractual interest expense and the discount amortization on Discount Notes 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 gains (losses) 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 (loss) 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 ended June 30, 2023 or 2022. 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 Obligations for which the fair value option has been elected. Table 12.4 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands)
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Text Block] | Commitments and Contingencies Off-Balance Sheet Commitments. Table 13.1 represents off-balance sheet commitments at June 30, 2023 and December 31, 2022. The FHLB has deemed it unnecessary to record any liabilities for credit losses on these commitments at June 30, 2023 and December 31, 2022. Table 13.1 - Off-Balance Sheet Commitments (in thousands)
(1)Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. The carrying value of guarantees related to Letters of Credit are recorded in other liabilities and were (in thousands) $9,038 and $9,691 at June 30, 2023 and December 31, 2022. 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 the ultimate liability and the range of reasonably possible losses, 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 |
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Transactions with Other FHLBanks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Other FHLBanks [Text Block] | Transactions with Other FHLBanks The FHLB notes 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 current market rates when traded. There were no such loans or borrowings outstanding at June 30, 2023 or December 31, 2022. The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the six months ended June 30, 2023 and 2022. Table 14.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands)
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Transactions with Stockholders |
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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 capital-requiring activities with the FHLB. All Advances were issued to members and all mortgage loans held for portfolio were purchased from members during the six months ended June 30, 2023 and 2022. 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. At June 30, 2023 and December 31, 2022, the FHLB did not own any MBS securitized by, or other investment securities issued by, 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. Given these statutory limitations, no member owned more than 10 percent of the voting interests of the FHLB at June 30, 2023 or December 31, 2022. 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 and other services. Transactions with Directors' Financial Institutions. In the ordinary course of its business, the FHLB provides 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, 2023 or December 31, 2022. Table 15.1 - Transactions with Directors' Financial Institutions (dollars in millions)
(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 15.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions)
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Recently Issued Accounting Standards and Interpretations (Policies) |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Credit Loss, Financial Instrument [Policy Text Block] | Mortgage Loans - 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 caused by 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, but in such instance, the FHLB would have recourse against the servicer for such failure. As a result, the FHLB did not record 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 - Conventional MPP. Conventional loans are evaluated collectively when similar risk characteristics exist; loans that do not share risk characteristics with other pools are removed from the collective evaluation and evaluated for expected credit losses on an individual basis. For loans with similar risk characteristics, the FHLB determines the allowance for credit losses through analyses that include considering various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The FHLB uses a model that employs a variety of methods, such as projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates, as well as historical borrower behavior experience. The FHLB’s calculation of expected credit losses includes a forecast of home prices over the entire contractual terms of its conventional loans rather than a reversion to historical home price trends after an initial forecast period. The FHLB also incorporates associated credit enhancements to determine estimated expected credit losses. Certain conventional loans may be evaluated for credit losses by using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. The FHLB may estimate the fair value of this collateral by either applying an appropriate loss severity rate, using third-party estimates, or using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The FHLB will either reserve for these estimated losses or record a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. 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, which is intended to cover other expected losses that may not otherwise be captured in the methodology described above.
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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 | 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. |
Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Trading Securities by Major Security Types (in thousands)
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Gain (Loss) on Securities [Table Text Block] | Net Gains (Losses) on Trading Securities (in thousands)
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Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities by Major Security Types (in thousands)
(1)Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $38,902 and $40,246 at June 30, 2023 and December 31, 2022, respectively.
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Available-for-Sale Securities in a Continuous Gross Unrealized Loss Position (in thousands)
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Investments Classified by Contractual Maturity Date [Table Text Block] | Available-for-Sale Securities by Contractual Maturity (in thousands)
(1)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. Held-to-Maturity Securities by Contractual Maturity (in thousands)
(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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Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | Interest Rate Payment Terms of Available-for-Sale Securities (in thousands)
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Debt Securities, Held-to-maturity [Table Text Block] | Held-to-Maturity Securities by Major Security Types (in thousands)
(1)Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $60,752 and $48,937 as of June 30, 2023 and December 31, 2022, respectively.
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Advances Advances (Tables) |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Federal Home Loan Bank Advances By Year Of Contractual Maturity [Table Text Block] | Advances by Redemption Term (dollars in thousands)
(1)Carrying values exclude accrued interest receivable of (in thousands) $486,408 and $149,255 as of June 30, 2023 and December 31, 2022, respectively. Advances by Redemption Term or Next Call Date (in thousands)
(1)Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions)
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Mortgage Loans (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Portfolio [Table Text Block] | Mortgage Loans Held for Portfolio (in thousands)
(1)Medium-term is defined as a term of 15 years or less. (2)Long-term is defined as a term of greater than 15 years up to 30 years. (3)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. (4)Excludes accrued interest receivable of (in thousands) $21,564 and $21,846 at June 30, 2023 and December 31, 2022, respectively. Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands)
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Members Holding 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)
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Changes in LRA [Table Text Block] | Changes in the LRA (in thousands)
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Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Quality Indicator of Conventional Mortgage Loans (in thousands)
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Financing Receivable, Past Due [Table Text Block] | Other Delinquency Statistics (dollars in thousands)
(1)Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. (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. (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. (4)At June 30, 2023 and December 31, 2022, (in thousands) $986 and $971, respectively, of conventional MPP loans on non-accrual status do not have a related allowance because these loans were either previously charged off to their expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans.
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Derivatives and Hedging Activities (Tables) |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments (in thousands)
(1)Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $718,724 and $533,270 at June 30, 2023 and December 31, 2022, respectively. Cash collateral received, including accrued interest, was (in thousands) $57,528 and $5,917 at June 30, 2023 and December 31, 2022, respectively.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Impact of Fair Value Hedging Relationships on Net Interest Income (in thousands)
(1) This amount is for derivatives for which variation margin is characterized as a daily settled contract.
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Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Cumulative Basis Adjustments for Fair Value Hedges (in thousands)
(1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships.
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Offsetting Assets [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands)
(1) Includes mortgage delivery commitments that are not subject to an enforceable netting agreement.
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Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands)
(1) Includes mortgage delivery commitments that are not subject to an enforceable netting agreement.
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Consolidated Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Short-term Debt [Table Text Block] | Consolidated Discount Notes Outstanding (dollars in thousands)
(1)Represents an implied rate without consideration of concessions.
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Schedule of Maturities of Long-term Debt [Table Text Block] | Consolidated Bonds Outstanding by Original Contractual Maturity (dollars in thousands)
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Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block] | Consolidated Bonds Outstanding by Call Features (in thousands)
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Affordable Housing Program (AHP) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Affordable Housing Program (AHP) [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | Rollforward of the AHP Liability (in thousands)
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Capital (Tables) |
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Banking Regulation, Total Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Capital Requirements (dollars in thousands)
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Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block] | Rollforward of Mandatorily Redeemable Capital Stock (in thousands)
(1)Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates.
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) (in thousands)
(1)Included in Non-Interest Expense - Other in the Statements of Income.
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Performance by Operating Segment (in thousands)
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Fair Value Disclosures Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Summary (in thousands)
(1)For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (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)Includes (in thousands) $103,313 of Advances recorded under the fair value option at June 30, 2023. (4)Includes (in thousands) $15,143,932 of Consolidated Obligation Discount Notes recorded under the fair value option at June 30, 2023. (5)Includes (in thousands) $19,291,817 of Consolidated Obligation Bonds recorded under the fair value option at June 30, 2023.
(1)For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (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)Includes (in thousands) $4,954 of Advances recorded under the fair value option at December 31, 2022. (4)Includes (in thousands) $21,010,746 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2022. (5)Includes (in thousands) $5,469,583 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2022.
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Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements (in thousands)
(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.
(1)Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty.
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Fair Value Option, Disclosures [Table Text Block] | Fair Value Option - Financial Assets and Liabilities (in thousands)
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Commitments and Contingencies (Tables) |
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Off-Balance Sheet Commitments [Table Text Block] | Off-Balance Sheet Commitments (in thousands)
(1)Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations.
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Transactions with Other FHLBanks (Tables) |
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Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block] | Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands)
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Transactions with Stockholders (Tables) |
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Schedule of Transactions with Members and Former Members [Table Text Block] | Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions)
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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)
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Background Information (Details) |
Jun. 30, 2023
Banks
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Investments Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) | 0 | $ 0 | |
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Amortized Cost, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Interest-bearing Deposits [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 9,627 | $ 5,524 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Federal Funds Sold [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 1,993 | $ 1,299 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Securities Borrowed or Purchased under Agreements to Resell [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 1,793 | $ 232 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Investments Trading Securities by Major Security Type (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 1,728,492 | $ 1,979,816 |
US Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 244,612 | 491,464 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,483,801 | 1,488,235 |
Other Than Mortgage Backed Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,728,413 | 1,979,699 |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 79 | 117 |
Collateralized Mortgage Backed Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 79 | $ 117 |
Investments Trading Securities Net Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Debt Securities, Trading, Unrealized Gain (Loss) | $ (27,033) | $ (82,502) | $ (2,693) | $ (225,331) |
Debt Securities, Trading, Realized Gain (Loss) | 387 | (5,321) | 1,407 | (22,655) |
Debt Securities, Trading, Gain (Loss) | $ (26,646) | $ (87,823) | $ (1,286) | $ (247,986) |
Investments AFS Securities by Major Security Type (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 9,726,311 | $ 8,680,491 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 11,279 | 4,310 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (44,643) | (53,036) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 38,902 | $ 40,246 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | ||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 7,446,523 | $ 7,202,715 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7,858 | 3,584 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,721) | (12,028) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 7,451,660 | 7,194,271 | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 117,165 | 117,555 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 741 | 726 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (69) | (199) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 117,837 | 118,082 | ||
Other Than Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 7,563,688 | 7,320,270 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8,599 | 4,310 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,790) | (12,227) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 7,569,497 | 7,312,353 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,162,623 | 1,360,221 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,680 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (41,853) | (40,809) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,123,450 | 1,319,412 | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,162,623 | 1,360,221 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,680 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (41,853) | (40,809) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 2,123,450 | $ 1,319,412 | ||
|
Investments AFS Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 2,688,489 | $ 5,594,203 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9,137) | (34,746) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,903,706 | 359,991 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (35,506) | (18,290) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 4,592,195 | 5,954,194 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (44,643) | (53,036) |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,812,209 | 4,624,895 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,225) | (12,028) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 885,591 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,496) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,697,800 | 4,624,895 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,721) | (12,028) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,677 | 9,887 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7) | (199) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,401 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (62) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 8,078 | 9,887 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (69) | (199) |
Other Than Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,815,886 | 4,634,782 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,232) | (12,227) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 889,992 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,558) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,705,878 | 4,634,782 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,790) | (12,227) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 872,603 | 959,421 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,905) | (22,519) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,013,714 | 359,991 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (33,948) | (18,290) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,886,317 | 1,319,412 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (41,853) | (40,809) |
Collateralized Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 872,603 | 959,421 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,905) | (22,519) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,013,714 | 359,991 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (33,948) | (18,290) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,886,317 | 1,319,412 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (41,853) | $ (40,809) |
Investments AFS Securities by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 9,726,311 | $ 8,680,491 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Total | 9,692,947 | 8,631,765 | ||||
Other Than Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 0 | 0 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 4,824,447 | 2,576,167 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 2,729,095 | 4,734,017 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 10,146 | 10,086 | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 7,563,688 | 7,320,270 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 0 | 0 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 4,828,548 | 2,577,121 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 2,730,862 | 4,725,345 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 10,087 | 9,887 | ||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Total | 7,569,497 | 7,312,353 | ||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,162,623 | 1,360,221 | |||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | [2] | 2,162,623 | 1,360,221 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Total | 2,123,450 | 1,319,412 | ||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | [2] | $ 2,123,450 | $ 1,319,412 | |||
|
Investments AFS Securities by Interest Rate Payment Terms (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | $ 9,726,311 | $ 8,680,491 | |
Other Than Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 7,563,688 | 7,320,270 | |
Collateralized Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 2,162,623 | 1,360,221 | |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 7,563,688 | 7,320,270 | ||
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | $ 2,162,623 | $ 1,360,221 | ||
|
Investments HTM Securities by Major Security Type (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 15,833,684 | $ 15,304,359 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | [2] | 15,833,684 | 15,304,359 | |||
Held-to-maturity Securities, Unrecognized Holding Gain | 3,257 | 4,672 | ||||
Held-to-maturity Securities, Unrecognized Holding Loss | (320,283) | (325,988) | ||||
Debt Securities, Held-to-maturity, Fair Value | 15,516,658 | 14,983,043 | ||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 60,752 | $ 48,937 | ||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | ||||
US Government-sponsored Enterprises Debt Securities [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 47,749 | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 47,749 | |||||
Held-to-maturity Securities, Unrecognized Holding Gain | 4 | |||||
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | |||||
Debt Securities, Held-to-maturity, Fair Value | 47,753 | |||||
US Treasury Securities [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 47,405 | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 47,405 | |||||
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | |||||
Held-to-maturity Securities, Unrecognized Holding Loss | (51) | |||||
Debt Securities, Held-to-maturity, Fair Value | 47,354 | |||||
Other Than Mortgage Backed Securities [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 47,749 | 47,405 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 47,749 | 47,405 | ||||
Held-to-maturity Securities, Unrecognized Holding Gain | 4 | 0 | ||||
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | (51) | ||||
Debt Securities, Held-to-maturity, Fair Value | 47,753 | 47,354 | ||||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 1,172,846 | 1,232,001 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 1,172,846 | 1,232,001 | ||||
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | ||||
Held-to-maturity Securities, Unrecognized Holding Loss | (147,234) | (147,423) | ||||
Debt Securities, Held-to-maturity, Fair Value | 1,025,612 | 1,084,578 | ||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 15,785,935 | 15,256,954 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 15,785,935 | 15,256,954 | ||||
Held-to-maturity Securities, Unrecognized Holding Gain | 3,253 | 4,672 | ||||
Held-to-maturity Securities, Unrecognized Holding Loss | (320,283) | (325,937) | ||||
Debt Securities, Held-to-maturity, Fair Value | 15,468,905 | 14,935,689 | ||||
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,314,864 | 1,632,099 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 2,314,864 | 1,632,099 | ||||
Held-to-maturity Securities, Unrecognized Holding Gain | 2,239 | 4,074 | ||||
Held-to-maturity Securities, Unrecognized Holding Loss | (106,383) | (101,140) | ||||
Debt Securities, Held-to-maturity, Fair Value | 2,210,720 | 1,535,033 | ||||
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 12,298,225 | 12,392,854 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 12,298,225 | 12,392,854 | ||||
Held-to-maturity Securities, Unrecognized Holding Gain | 1,014 | 598 | ||||
Held-to-maturity Securities, Unrecognized Holding Loss | (66,666) | (77,374) | ||||
Debt Securities, Held-to-maturity, Fair Value | $ 12,232,573 | $ 12,316,078 | ||||
|
Investments HTM Securitites by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Total | [1] | $ 15,833,684 | $ 15,304,359 | |||
Debt Securities, Held-to-maturity, Fair Value | 15,516,658 | 14,983,043 | ||||
Other Than Mortgage Backed Securities [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling within One Year | [1] | 47,749 | 47,405 | |||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling after One through Five Years | [1] | 0 | 0 | |||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years | [1] | 0 | 0 | |||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years | [1] | 0 | 0 | |||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | [1] | 47,749 | 47,405 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 47,749 | 47,405 | ||||
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value | 47,753 | 47,354 | ||||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 0 | 0 | ||||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 0 | 0 | ||||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | 0 | ||||
Debt Securities, Held-to-maturity, Fair Value | 47,753 | 47,354 | ||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, without Single Maturity Date | [1],[2] | 15,785,935 | 15,256,954 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 15,785,935 | 15,256,954 | ||||
Debt Securities, Held-to-maturity, Fair Value | 15,468,905 | 14,935,689 | ||||
Debt Securities, Held-to-maturity, Maturity, without Single Maturity Date, Fair Value | [2] | $ 15,468,905 | $ 14,935,689 | |||
|
Investments HTM Securities by Interest Rate Payment Terms (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | $ 15,833,684 | $ 15,304,359 | |
Other Than Mortgage Backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 47,749 | 47,405 | |
Collateralized Mortgage Backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 15,785,935 | 15,256,954 | |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 47,749 | 47,405 | ||
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 3,342,181 | 2,709,494 | ||
Variable-rate [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | $ 12,443,754 | $ 12,547,460 | ||
|
Advances Narrative (Details) - Federal Home Loan Bank Advances Receivable [Member] - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Federal Home Loan Bank, Advances [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 0 | $ 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 0 | $ 0 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Financial Asset, Past Due | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 0 | $ 0 |
Advances (Advance Redemption Terms) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||||
Overdrawn demand deposit accounts | $ 1,606 | $ 0 | ||
Due in 1 year or less | 60,453,871 | 51,491,191 | ||
Due after 1 year through 2 years | 10,743,878 | 5,904,109 | ||
Due after 2 years through 3 years | 5,854,782 | 2,969,160 | ||
Due after 3 years through 4 years | 4,007,375 | 2,418,222 | ||
Due after 4 years through 5 years | 4,440,625 | 2,462,903 | ||
Thereafter | 1,899,839 | 2,182,434 | ||
Federal Home Loan Bank, Advances, Par Value, Total | 87,401,976 | 67,428,019 | ||
Commitment Fees on Advances | (87) | (90) | ||
Federal Home Loan Bank Advances, Discount | (1,740) | (2,073) | ||
Hedging adjustments | (508,372) | (406,255) | ||
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | (1,307) | (46) | ||
Advances | [1] | $ 86,890,470 | $ 67,019,555 | |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 5.58% | 0.00% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date | 5.29% | 4.36% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date | 4.88% | 3.69% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date | 4.99% | 4.01% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date | 3.64% | 4.14% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date | 3.94% | 3.28% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date | 2.49% | 2.29% | ||
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date | 5.02% | 4.17% | ||
Federal Home Loan Bank Advances Receivable [Member] | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 486,408 | $ 149,255 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | ||
|
Advances (Year of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 1,606 | $ 0 |
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months | 66,454,371 | 54,497,542 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two | 7,743,378 | 5,901,058 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three | 2,877,402 | 1,465,860 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four | 4,007,375 | 918,222 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five | 4,418,005 | 2,462,903 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five | 1,899,839 | 2,182,434 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 87,401,976 | $ 67,428,019 |
Advances (Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 1,606 | $ 0 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date | 61,073,871 | 52,461,191 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date | 10,773,878 | 5,929,109 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date | 5,909,782 | 2,989,160 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date | 4,007,375 | 2,418,222 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date | 4,415,625 | 2,382,903 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date | 1,219,839 | 1,247,434 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 87,401,976 | $ 67,428,019 |
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Advances [Abstract] | ||||
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate | [1] | $ 61,028,690 | $ 51,461,334 | |
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate | [1] | 26,373,286 | 15,966,685 | |
Federal Home Loan Bank, Advances, Par Value, Total | $ 87,401,976 | $ 67,428,019 | ||
|
Advances (Borrowers Holding Five Percent or more of Total Advances) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 87,401,976 | $ 67,428,019 |
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 | $ 53,069,000 | $ 42,607,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 60.00% | 63.00% |
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 | $ 20,500,000 | $ 19,000,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 23.00% | 28.00% |
Keybank National Association | 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 | $ 15,339,000 | $ 11,344,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 18.00% | 17.00% |
The Huntington National Bank | 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 | $ 6,501,000 | |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 7.00% | |
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 | $ 5,428,000 | $ 4,826,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 6.00% | 7.00% |
Fifth Third Bank | 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 | $ 5,301,000 | $ 4,301,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 6.00% | 6.00% |
Nationwide Life Insurance Company [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 | $ 3,136,000 | |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 5.00% |
Mortgage Loans Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | $ 0 |
Mortgage Purchase Program [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 1,543 | 2,878 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 338 | 338 | 301 |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 338 | $ 338 | $ 301 |
Mortgage Loans Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans and Leases Receivable, Unamortized Premiums | $ 145,964 | $ 151,756 | ||||||||
Loans and Leases Receivable, Unamortized Discounts | (2,353) | (2,246) | ||||||||
Loans and Leases Receivable, Hedging Basis Adjustment | [1] | 6,238 | 6,819 | |||||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 6,996,186 | 7,162,509 | ||||||||
Conventional Mortgage Loan [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 6,741,813 | 6,893,552 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 6,890,914 | 7,049,049 | ||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (338) | (301) | ||||||||
Federal Housing Administration Loan [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 104,862 | 112,929 | ||||||||
Mortgage Purchase Program [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 6,846,675 | 7,006,481 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [2] | 6,996,524 | 7,162,810 | |||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (338) | (301) | ||||||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 6,996,186 | 7,162,509 | ||||||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 21,564 | $ 21,846 | ||||||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | ||||||||
Single Family [Member] | Loans Receivable With Fixed Rates Of Interest Medium Term [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | [3] | $ 487,009 | $ 530,956 | |||||||
Single Family [Member] | Loans Receivable With Fixed Rates Of Interest Long Term [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | [4] | $ 6,359,666 | $ 6,475,525 | |||||||
|
Mortgage Loans Members with Five Percent or More of Mortgage Loans (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Union Savings Bank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 1,576 | $ 1,651 |
Percent of Total | 23.00% | 24.00% |
FirstBank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 728 | $ 730 |
Percent of Total | 11.00% | 10.00% |
Guardian Saving Bank FSB [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 421 | $ 438 |
Percent of Total | 6.00% | 6.00% |
The Huntington National Bank | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 344 | |
Percent of Total | 5.00% |
Mortgage Loans Mortgage Loans Rollforward of LRA (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Receivables [Abstract] | |
Lender Risk Account, Beginning Balance | $ 244,254 |
Lender Risk Account, Additions | 1,626 |
Lender Risk Account, Claims | (160) |
Lender Risk Account, Distributions | (3,629) |
Lender Risk Account, Ending Balance | $ 242,091 |
Mortgage Loans Mortgage Loans Past Due (Details) - Conventional Mortgage Loan [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 2,492,158 | $ 2,428,287 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 4,398,756 | 4,620,762 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 6,890,914 | 7,049,049 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 28,743 | 24,197 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 10,787 | 19,873 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 39,530 | 44,070 |
Performing Financial Instruments [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2,463,415 | 2,404,090 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 4,387,969 | 4,600,889 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 6,851,384 | 7,004,979 |
Past due 30-59 days delinquent | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 17,382 | 12,643 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 7,806 | 14,440 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 25,188 | 27,083 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3,769 | 3,303 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 1,080 | 1,751 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 4,849 | 5,054 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7,592 | 8,251 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 1,901 | 3,682 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | $ 9,493 | $ 11,933 |
Mortgage Loans Mortgage Loans Other Delinquency Status (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Nonaccrual [Line Items] | ||||||||||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 5,995 | $ 7,567 | |||||||
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.15% | 0.19% | |||||||
Mortgage Purchase Program [Member] | ||||||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 9,842 | $ 12,869 | |||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 1,282 | 1,423 | |||||||
Conventional Mortgage Loan [Member] | ||||||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||||||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 5,774 | $ 7,206 | |||||||
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.14% | 0.18% | |||||||
Conventional Mortgage Loan [Member] | Mortgage Purchase Program [Member] | ||||||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 8,998 | $ 11,369 | |||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 1,282 | 1,423 | |||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance | 986 | 971 | ||||||||
Federal Housing Administration Loan [Member] | ||||||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||||||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 221 | $ 361 | |||||||
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.80% | 1.32% | |||||||
Federal Housing Administration Loan [Member] | Mortgage Purchase Program [Member] | ||||||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 844 | $ 1,500 | |||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | $ 0 | $ 0 | |||||||
|
Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||||||
Notional Amount of Derivatives | $ 65,458,809 | $ 50,786,568 | ||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 129,491 | 50,792 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 89,081 | 88,045 | ||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | 572,267 | [1] | 439,768 | [3] | |||||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (88,929) | [1] | (87,585) | [3] | |||||
Derivative assets | 701,758 | 490,560 | ||||||||
Derivative liabilities | 152 | 460 | ||||||||
Derivative, Collateral, Cash Posted And Related Accrued Interest | 718,724 | 533,270 | ||||||||
Derivative, Collateral, Cash Received And Related Accrued Interest | 57,528 | 5,917 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Notional Amount of Derivatives | 28,677,397 | 21,577,007 | ||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 10,375 | 37,175 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 52,849 | 32,630 | ||||||||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Notional Amount of Derivatives | 36,291,236 | 28,840,270 | ||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 114,688 | 5,839 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 36,080 | 55,327 | ||||||||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Notional Amount of Derivatives | 425,000 | 355,000 | ||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,391 | 7,766 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Notional Amount of Derivatives | 36,781,412 | 29,209,561 | ||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 119,116 | 13,617 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 36,232 | 55,415 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Notional Amount of Derivatives | 65,176 | 14,291 | ||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 37 | 12 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 152 | $ 88 | ||||||||
|
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, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income, Federal Home Loan Bank Advances | $ 1,439,257 | $ 120,653 | $ 2,335,866 | $ 165,971 |
Interest Income, Debt Securities, Available-for-sale, Operating | 129,326 | 16,944 | 236,437 | 21,962 |
Interest Expense, Consolidated Bonds | (1,086,138) | (119,330) | (1,728,134) | (194,405) |
Interest Income [Member] | Advances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Interest Settlements On Fair Value Hedges | 84,234 | (12,694) | 141,883 | (34,389) |
Gain (Loss) on Derivative | 255,292 | 111,768 | 93,061 | 334,259 |
Gain (Loss) on Hedged Item | (259,956) | (110,048) | (102,117) | (330,223) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 79,570 | (10,974) | 132,827 | (30,353) |
Interest Income [Member] | Available-for-sale Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Interest Settlements On Fair Value Hedges | 85,335 | (10,392) | 155,696 | (23,926) |
Gain (Loss) on Derivative | 208,035 | 204,402 | (11,659) | 541,563 |
Gain (Loss) on Hedged Item | (217,129) | (205,960) | (7,857) | (543,229) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 76,241 | (11,950) | 136,180 | (25,592) |
Interest Expense [Member] | Consolidated Obligation Bonds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Interest Settlements On Fair Value Hedges | (8,064) | 2,289 | (15,923) | 2,705 |
Gain (Loss) on Derivative | (5,913) | (11,999) | 6,140 | (22,778) |
Gain (Loss) on Hedged Item | 6,372 | 12,046 | (5,580) | 22,740 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (7,605) | $ 2,336 | $ (15,363) | $ 2,667 |
Derivatives and Hedging Activities Derivative Fair Value Hedges (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Advances [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged Asset, Fair Value Hedge | [1] | $ 16,177,509 | $ 10,199,624 | |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (509,074) | (407,137) | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 702 | 882 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (508,372) | (406,255) | ||
Available-for-sale Securities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged Asset, Fair Value Hedge | [1] | 9,704,490 | 8,668,634 | |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (996,983) | (989,810) | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 14,102 | 13,932 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (982,881) | (975,878) | ||
Consolidated Obligation Bonds [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedged Liability, Fair Value Hedge | [1] | 1,266,539 | 1,286,881 | |
Hedged Liability, Active Fair Value Hedge, Cumulative Increase (Decrease) | (36,165) | (41,745) | ||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (36,165) | $ (41,745) | ||
|
Derivatives and Hedging Activities Derivatives in Statement of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | $ (4,363) | $ 20,369 | $ (12,279) | $ 117,474 | ||
Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | 2,398 | 16,596 | 4,984 | 149,642 | ||
Interest Rate Swaption [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | (526) | 5,470 | (5,027) | 6,558 | ||
Net Interest Settlements [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | (4,932) | (267) | (9,941) | (31,441) | ||
Forward Contracts [Member] | Mortgage Receivable [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | (200) | (1,441) | (73) | (7,324) | ||
Derivatives Not Designated As Hedging Before Price Alignment [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | (3,260) | 20,358 | (10,057) | 117,435 | ||
Price Alignment Amount [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Derivatives not designated as hedging instruments | [1] | $ (1,103) | $ 11 | $ (2,222) | $ 39 | |
|
Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Offsetting Assets [Line Items] | ||||||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | $ 572,267 | [1] | $ 439,768 | [3] | |||||||
Derivative assets | 701,758 | 490,560 | ||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (88,929) | [1] | (87,585) | [3] | |||||||
Derivative liabilities | 152 | 460 | ||||||||||
Uncleared derivatives | ||||||||||||
Offsetting Assets [Line Items] | ||||||||||||
Derivative Asset, Total Gross Amount | 123,551 | 19,195 | ||||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | (107,449) | (12,600) | ||||||||||
Derivative Asset, Not Subject to Master Netting Arrangement | [4] | 37 | 12 | |||||||||
Derivative assets | 16,139 | 6,607 | ||||||||||
Derivative Liability, Total Gross Amount | 63,901 | 83,896 | ||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | (63,901) | (83,524) | ||||||||||
Derivative Liability, Not Subject to Master Netting Arrangement | [4] | 152 | 88 | |||||||||
Derivative liabilities | 152 | 460 | ||||||||||
Cleared derivatives | ||||||||||||
Offsetting Assets [Line Items] | ||||||||||||
Derivative Asset, Total Gross Amount | 5,903 | 31,585 | ||||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | 679,716 | 452,368 | ||||||||||
Derivative Asset, Not Subject to Master Netting Arrangement | [4] | 0 | 0 | |||||||||
Derivative assets | 685,619 | 483,953 | ||||||||||
Derivative Liability, Total Gross Amount | 25,028 | 4,061 | ||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | (25,028) | (4,061) | ||||||||||
Derivative Liability, Not Subject to Master Netting Arrangement | [4] | 0 | 0 | |||||||||
Derivative liabilities | $ 0 | $ 0 | ||||||||||
|
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Short-term Debt [Line Items] | ||||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | $ 48,336,904 | $ 40,691,180 | ||
Discount Notes [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Face Amount | $ 48,847,370 | $ 41,007,526 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | [1] | 4.89% | 3.95% | |
|
Consolidated Obligations Bonds by Original Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 93,212,525 | $ 59,667,745 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 77,660,580 | 48,105,620 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 7,211,000 | 3,056,405 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,202,000 | 2,815,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,168,500 | 934,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,312,500 | 1,586,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 3,590,140 | 3,246,140 |
Long-term Debt, Gross | 93,144,720 | 59,743,165 |
Debt Instrument, Unamortized Premium | 31,822 | 28,958 |
Debt Instrument, Unamortized Discount | (21,169) | (18,716) |
Debt Valuation Adjustment for Hedging Activities | (36,165) | (41,745) |
Fair Value, Option, Aggregate Differences, Consolidated Obligation Bonds | 93,317 | (43,917) |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 93,212,525 | $ 59,667,745 |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 4.98% | 4.00% |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 4.13% | 2.97% |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 1.71% | 1.70% |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 2.07% | 1.97% |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 2.17% | 1.94% |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 3.11% | 2.83% |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.69% | 3.69% |
Consolidated Obligations Bonds by Call Feature (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 93,144,720 | $ 59,743,165 |
Noncallable or Nonputable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 70,032,720 | 49,628,665 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 23,112,000 | $ 10,114,500 |
Consolidated Obligations Bonds by Contractual Maturity or Next Call Date (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 77,660,580 | $ 48,105,620 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 7,211,000 | 3,056,405 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,202,000 | 2,815,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,168,500 | 934,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,312,500 | 1,586,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 3,590,140 | 3,246,140 |
Long-term Debt, Gross | 93,144,720 | 59,743,165 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 83,550,580 | 54,465,620 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 5,462,000 | 1,543,405 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 886,000 | 803,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 272,500 | 571,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 412,500 | 258,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 2,561,140 | $ 2,102,140 |
Consolidated Obligations Bonds by Interest-Rate Type (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 93,144,720 | $ 59,743,165 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 32,872,720 | 19,797,165 |
Adjustable Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 60,272,000 | 39,621,000 |
Step-up Interest Rate | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 0 | $ 325,000 |
Affordable Housing Program (AHP) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Affordable Housing Program [Roll Forward] | ||||
AHP Obligation, Beginning Balance | $ 87,923 | |||
AHP, Expense (Current Year Additions) | $ 24,281 | $ 4,599 | 38,466 | $ 6,482 |
AHP Voluntary Contribution Expense | 7,307 | |||
AHP, Subsidy Uses, Net | (12,409) | $ (11,510) | ||
AHP Obligation, Ending Balance | $ 121,287 | $ 121,287 |
Capital Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Banking Regulation, Total Capital [Abstract] | ||
Retained Earnings, Appropriated | $ 629,111 | $ 560,118 |
Capital (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Banking Regulation, Total Capital [Abstract] | ||
Risk Based Capital Required | $ 1,223,534 | $ 920,030 |
Risk Based Capital Actual | $ 7,446,696 | $ 6,569,024 |
Regulatory Capital Ratio, Actual | 4.93% | 6.05% |
Regulatory Capital, Required | $ 6,045,176 | $ 4,344,380 |
Regulatory Capital, Actual | $ 7,446,696 | $ 6,569,024 |
Leverage Ratio, Actual | 7.39% | 9.07% |
Leverage Capital, Required | $ 7,556,470 | $ 5,430,475 |
Leverage Capital, Actual | $ 11,170,044 | $ 9,853,536 |
Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Mandatorily Redeemable Capital Stock [Roll Forward] | ||
Balance at beginning period | $ 17,453 | |
Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | 313,383 | |
Repayments of Mandatory Redeemable Capital Securities | (314,871) | $ (1,420,863) |
Balance at end of period | $ 15,965 |
Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Banking Regulation, Total Capital [Abstract] | ||||
Due in 1 year or less | $ 0 | $ 1,148 | ||
Due after 1 year through 2 years | 9 | 29 | ||
Due after 2 years through 3 years | 0 | 5 | ||
Due after 3 years through 4 years | 8,297 | 5,853 | ||
Due after 4 years through 5 years | 560 | 3,313 | ||
Past contractual redemption date due to remaining activity | [1] | 7,099 | 7,105 | |
Total par value | $ 15,965 | $ 17,453 | ||
|
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | $ 8,007,206 | $ 4,272,899 | $ 6,502,231 | $ 3,795,901 | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 18,408 | (9,988) | 15,362 | (47,760) | ||
Total other comprehensive income (loss) adjustments | 18,310 | (9,479) | 15,166 | (46,742) | ||
Ending balance | 7,396,557 | 5,695,085 | 7,396,557 | 5,695,085 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (51,772) | (11,647) | (48,726) | 26,125 | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 18,408 | (9,988) | 15,362 | (47,760) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | [1] | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss) adjustments | 18,408 | (9,988) | 15,362 | (47,760) | ||
Ending balance | (33,364) | (21,635) | (33,364) | (21,635) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (712) | (12,522) | (614) | (13,031) | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | [1] | (98) | 509 | (196) | 1,018 | |
Total other comprehensive income (loss) adjustments | (98) | 509 | (196) | 1,018 | ||
Ending balance | (810) | (12,013) | (810) | (12,013) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (52,484) | (24,169) | (49,340) | 13,094 | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 18,408 | (9,988) | 15,362 | (47,760) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | [1] | (98) | 509 | (196) | 1,018 | |
Total other comprehensive income (loss) adjustments | 18,310 | (9,479) | 15,166 | (46,742) | ||
Ending balance | $ (34,174) | $ (33,648) | $ (34,174) | $ (33,648) | ||
|
Segment Information Financial Performance (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
Segment
|
Jun. 30, 2022
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of Operating Segments | Segment | 2 | |||
Net interest income | $ 246,640 | $ 71,123 | $ 426,841 | $ 151,913 |
Non-interest income (loss) | 36,919 | 100 | 26,541 | (37,093) |
Non-interest expense | 41,729 | 26,057 | 69,955 | 51,660 |
Income (loss) before assessments | 241,830 | 45,166 | 383,427 | 63,160 |
Affordable Housing Program assessments | 24,281 | 4,599 | 38,466 | 6,482 |
Net income | 217,549 | 40,567 | 344,961 | 56,678 |
Traditional Member Finance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 211,488 | 59,827 | 357,977 | 137,202 |
Non-interest income (loss) | 37,645 | (2,534) | 31,641 | (34,646) |
Non-interest expense | 37,070 | 23,371 | 62,519 | 46,122 |
Income (loss) before assessments | 212,063 | 33,922 | 327,099 | 56,434 |
Affordable Housing Program assessments | 21,304 | 3,475 | 32,833 | 5,810 |
Net income | 190,759 | 30,447 | 294,266 | 50,624 |
Mortgage Purchase Program [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 35,152 | 11,296 | 68,864 | 14,711 |
Non-interest income (loss) | (726) | 2,634 | (5,100) | (2,447) |
Non-interest expense | 4,659 | 2,686 | 7,436 | 5,538 |
Income (loss) before assessments | 29,767 | 11,244 | 56,328 | 6,726 |
Affordable Housing Program assessments | 2,977 | 1,124 | 5,633 | 672 |
Net income | $ 26,790 | $ 10,120 | $ 50,695 | $ 6,054 |
Segment Information Asset Balances (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 151,129,397 | $ 108,609,504 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 142,256,860 | 99,649,867 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 8,872,537 | $ 8,959,637 |
Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value Disclosures [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 |
Fair Value Disclosures Fair Value Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||||||||||||||||||||
Cash and Due from Banks | $ 20,274 | $ 19,604 | ||||||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | [1] | 15,833,684 | 15,304,359 | |||||||||||||||||||||||||
Debt Securities, Held-to-maturity, Fair Value | 15,516,658 | 14,983,043 | ||||||||||||||||||||||||||
Accrued interest receivable | 635,623 | 283,132 | ||||||||||||||||||||||||||
Derivative assets | 701,758 | 490,560 | ||||||||||||||||||||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | [3] | 572,267 | [2] | 439,768 | [4] | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | 15,965 | 17,453 | ||||||||||||||||||||||||||
Accrued Interest Payable, Fair Value Disclosure | 463,628 | 290,194 | ||||||||||||||||||||||||||
Derivative liabilities | 152 | 460 | ||||||||||||||||||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | [3] | (88,929) | [2] | (87,585) | [4] | |||||||||||||||||||||||
Fair Value Option Election | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Advances, Fair Value Disclosure | 103,313 | 4,954 | ||||||||||||||||||||||||||
Consolidated Obligation Bonds [Member] | Fair Value Option Election | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Bonds | 19,291,817 | 5,469,583 | ||||||||||||||||||||||||||
Discount Notes [Member] | Fair Value Option Election | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 15,143,932 | 21,010,746 | ||||||||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and Due from Banks | 20,274 | 19,604 | ||||||||||||||||||||||||||
Interest-bearing deposits | 0 | 0 | ||||||||||||||||||||||||||
Securities purchased under resale agreements | 0 | 0 | ||||||||||||||||||||||||||
Federal funds sold | 0 | 0 | ||||||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||||||||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | ||||||||||||||||||||||||||
Advances | 0 | [5] | 0 | [6] | ||||||||||||||||||||||||
Mortgage loans held for portfolio, net | 0 | 0 | ||||||||||||||||||||||||||
Accrued interest receivable | 0 | 0 | ||||||||||||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Deposits | 0 | 0 | ||||||||||||||||||||||||||
Mandatorily redeemable capital stock | 15,965 | 17,453 | ||||||||||||||||||||||||||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | ||||||||||||||||||||||||||
Derivative liabilities | 0 | 0 | ||||||||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Bonds | 0 | [7] | 0 | [8] | ||||||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 0 | [9] | 0 | [10] | ||||||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and Due from Banks | 0 | 0 | ||||||||||||||||||||||||||
Interest-bearing deposits | 2,245,131 | 1,770,194 | ||||||||||||||||||||||||||
Securities purchased under resale agreements | 12,205,494 | 519,545 | ||||||||||||||||||||||||||
Federal funds sold | 14,153,000 | 5,399,000 | ||||||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||||||||
Debt Securities, Held-to-maturity, Fair Value | 15,516,658 | 14,983,043 | ||||||||||||||||||||||||||
Advances | 86,859,905 | [5] | 66,907,691 | [6] | ||||||||||||||||||||||||
Mortgage loans held for portfolio, net | 6,220,785 | 6,259,805 | ||||||||||||||||||||||||||
Accrued interest receivable | 635,623 | 283,132 | ||||||||||||||||||||||||||
Derivative assets | 129,491 | 50,792 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Deposits | 1,151,255 | 1,038,580 | ||||||||||||||||||||||||||
Mandatorily redeemable capital stock | 0 | 0 | ||||||||||||||||||||||||||
Accrued Interest Payable, Fair Value Disclosure | 463,628 | 290,194 | ||||||||||||||||||||||||||
Derivative liabilities | 89,081 | 88,045 | ||||||||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Bonds | 92,192,711 | [7] | 58,698,959 | [8] | ||||||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 48,328,883 | [9] | 40,680,714 | [10] | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||||||||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | ||||||||||||||||||||||||||
Advances | 0 | [5] | 0 | [6] | ||||||||||||||||||||||||
Mortgage loans held for portfolio, net | 9,396 | 12,225 | ||||||||||||||||||||||||||
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] | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Bonds | 0 | [7] | 0 | [8] | ||||||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 0 | [9] | 0 | [10] | ||||||||||||||||||||||||
Carrying Value | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and Due from Banks | 20,274 | [11] | 19,604 | [12] | ||||||||||||||||||||||||
Interest-bearing deposits | 2,245,131 | [11] | 1,770,194 | [12] | ||||||||||||||||||||||||
Securities purchased under resale agreements | 12,205,490 | [11] | 519,540 | [12] | ||||||||||||||||||||||||
Federal funds sold | 14,153,000 | [11] | 5,399,000 | [12] | ||||||||||||||||||||||||
Trading securities | 1,728,492 | [11] | 1,979,816 | [12] | ||||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | [11] | 8,631,765 | [12] | ||||||||||||||||||||||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 15,833,684 | [11] | 15,304,359 | [12] | ||||||||||||||||||||||||
Advances | 86,890,470 | [5],[11] | 67,019,555 | [6],[12] | ||||||||||||||||||||||||
Mortgage loans held for portfolio, net | 6,996,186 | [11] | 7,162,509 | [12] | ||||||||||||||||||||||||
Accrued interest receivable | 635,623 | [11] | 283,132 | [12] | ||||||||||||||||||||||||
Derivative assets | 701,758 | [11] | 490,560 | [12] | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Deposits | 1,151,572 | [11] | 1,039,427 | [12] | ||||||||||||||||||||||||
Mandatorily redeemable capital stock | 15,965 | [11] | 17,453 | [12] | ||||||||||||||||||||||||
Accrued Interest Payable, Fair Value Disclosure | 463,628 | [11] | 290,194 | [12] | ||||||||||||||||||||||||
Derivative liabilities | 152 | [11] | 460 | [12] | ||||||||||||||||||||||||
Carrying Value | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Bonds | 93,212,525 | [7],[11] | 59,667,745 | [8],[12] | ||||||||||||||||||||||||
Carrying Value | Discount Notes [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 48,336,904 | [9],[11] | 40,691,180 | [10],[12] | ||||||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and Due from Banks | 20,274 | 19,604 | ||||||||||||||||||||||||||
Interest-bearing deposits | 2,245,131 | 1,770,194 | ||||||||||||||||||||||||||
Securities purchased under resale agreements | 12,205,494 | 519,545 | ||||||||||||||||||||||||||
Federal funds sold | 14,153,000 | 5,399,000 | ||||||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||||||||
Debt Securities, Held-to-maturity, Fair Value | 15,516,658 | 14,983,043 | ||||||||||||||||||||||||||
Advances | 86,859,905 | [5] | 66,907,691 | [6] | ||||||||||||||||||||||||
Mortgage loans held for portfolio, net | 6,230,181 | 6,272,030 | ||||||||||||||||||||||||||
Accrued interest receivable | 635,623 | 283,132 | ||||||||||||||||||||||||||
Derivative assets | 701,758 | 490,560 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Deposits | 1,151,255 | 1,038,580 | ||||||||||||||||||||||||||
Mandatorily redeemable capital stock | 15,965 | 17,453 | ||||||||||||||||||||||||||
Accrued Interest Payable, Fair Value Disclosure | 463,628 | 290,194 | ||||||||||||||||||||||||||
Derivative liabilities | 152 | 460 | ||||||||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Bonds | 92,192,711 | [7] | 58,698,959 | [8] | ||||||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Consolidated Obligations, Discount Notes | $ 48,328,883 | [9] | $ 40,680,714 | [10] | ||||||||||||||||||||||||
|
Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | $ 1,728,492 | $ 1,979,816 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||
Derivative assets | 701,758 | 490,560 | ||||||||||||||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | 572,267 | [1] | 439,768 | [3] | |||||||||||||||||
Derivative liabilities | 152 | 460 | ||||||||||||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (88,929) | [1] | (87,585) | [3] | |||||||||||||||||
US Treasury Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 244,612 | 491,464 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 7,451,660 | 7,194,271 | ||||||||||||||||||||
US Government-sponsored Enterprises Debt Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,483,801 | 1,488,235 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 117,837 | 118,082 | ||||||||||||||||||||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 79 | 117 | ||||||||||||||||||||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,123,450 | 1,319,412 | ||||||||||||||||||||
Fair Value Option Election | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Advances, Fair Value Disclosure | 103,313 | 4,954 | ||||||||||||||||||||
Fair Value Option Election | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Bonds | 19,291,817 | 5,469,583 | ||||||||||||||||||||
Fair Value Option Election | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 15,143,932 | 21,010,746 | ||||||||||||||||||||
Fair Value, Recurring [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Derivative Asset, Netting Adjustments And Cash Collateral | 572,267 | [4] | 439,768 | [5] | ||||||||||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | (88,929) | [4] | (87,585) | [5] | ||||||||||||||||||
Fair Value, 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 | 572,267 | [4] | 439,768 | [5] | ||||||||||||||||||
Derivative Liability, Netting Adjustments And Cash Collateral | (88,929) | [4] | (87,585) | [5] | ||||||||||||||||||
Fair Value, Recurring [Member] | Fair Value Option Election | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Advances, Fair Value Disclosure | 103,313 | 4,954 | ||||||||||||||||||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 34,435,749 | 26,480,329 | ||||||||||||||||||||
Fair Value, Recurring [Member] | Fair Value Option Election | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Bonds | 19,291,817 | 5,469,583 | ||||||||||||||||||||
Fair Value, Recurring [Member] | Fair Value Option Election | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 15,143,932 | 21,010,746 | ||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||||||||
Derivative liabilities | 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 | [6] | 0 | [7] | ||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 0 | [8] | 0 | [9] | ||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Advances, Fair Value Disclosure | 0 | 0 | ||||||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||||||||
Total assets at fair value | 0 | 0 | ||||||||||||||||||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | ||||||||||||||||||||
Derivative liabilities | 0 | 0 | ||||||||||||||||||||
Total liabilities at fair value | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [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, Recurring [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||
Derivative assets | 129,491 | 50,792 | ||||||||||||||||||||
Derivative liabilities | 89,081 | 88,045 | ||||||||||||||||||||
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 | 92,192,711 | [6] | 58,698,959 | [7] | ||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 48,328,883 | [8] | 40,680,714 | [9] | ||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||
Advances, Fair Value Disclosure | 103,313 | 4,954 | ||||||||||||||||||||
Derivative assets | 129,491 | 50,792 | ||||||||||||||||||||
Total assets at fair value | 11,654,243 | 10,667,327 | ||||||||||||||||||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 34,435,749 | 26,480,329 | ||||||||||||||||||||
Derivative liabilities | 89,081 | 88,045 | ||||||||||||||||||||
Total liabilities at fair value | 34,524,830 | 26,568,374 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Bonds | 19,291,817 | 5,469,583 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 15,143,932 | 21,010,746 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Derivative assets | 129,454 | 50,780 | ||||||||||||||||||||
Derivative liabilities | 88,929 | 87,957 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Derivative assets | 37 | 12 | ||||||||||||||||||||
Derivative liabilities | 152 | 88 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 244,612 | 491,464 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 7,451,660 | 7,194,271 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,483,801 | 1,488,235 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 117,837 | 118,082 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, 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 | 79 | 117 | ||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,123,450 | 1,319,412 | ||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||||||||
Derivative liabilities | 0 | 0 | ||||||||||||||||||||
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 | [6] | 0 | [7] | ||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 0 | [8] | 0 | [9] | ||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Advances, Fair Value Disclosure | 0 | 0 | ||||||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||||||||
Total assets at fair value | 0 | 0 | ||||||||||||||||||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | ||||||||||||||||||||
Derivative liabilities | 0 | 0 | ||||||||||||||||||||
Total liabilities at fair value | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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, Recurring [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [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, Recurring [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||
Derivative assets | 701,758 | 490,560 | ||||||||||||||||||||
Derivative liabilities | 152 | 460 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Bonds | 92,192,711 | [6] | 58,698,959 | [7] | ||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Consolidated Obligations, Discount Notes | 48,328,883 | [8] | 40,680,714 | [9] | ||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,728,492 | 1,979,816 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,692,947 | 8,631,765 | ||||||||||||||||||||
Derivative assets | 701,758 | 490,560 | ||||||||||||||||||||
Total assets at fair value | 12,226,510 | 11,107,095 | ||||||||||||||||||||
Derivative liabilities | 152 | 460 | ||||||||||||||||||||
Total liabilities at fair value | 34,435,901 | 26,480,789 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Derivative assets | 701,721 | 490,548 | ||||||||||||||||||||
Derivative liabilities | 0 | 372 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Derivative assets | 37 | 12 | ||||||||||||||||||||
Derivative liabilities | 152 | 88 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 244,612 | 491,464 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 7,451,660 | 7,194,271 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Trading securities | 1,483,801 | 1,488,235 | ||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 117,837 | 118,082 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, 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 | 79 | 117 | ||||||||||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 2,123,450 | $ 1,319,412 | ||||||||||||||||||||
|
Fair Value Disclosures Fair Value Impact on Financial Performance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 60,435 | $ 60,753 | $ 25,623 | $ 79,431 |
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) | (1,568) | (842) | (1,535) | (2,282) |
Discount Notes [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 16,214 | 29,094 | (334) | 38,294 |
Consolidated Obligation Bonds [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 45,789 | $ 32,501 | $ 27,492 | $ 43,419 |
Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 104,620 | $ 5,000 |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | (1,307) | (46) |
Fair Value Option Election | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Advances, Fair Value Disclosure | 103,313 | 4,954 |
Consolidated Obligation Bonds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option, Principle Balance, Consolidated Obligation Bonds | 19,198,500 | 5,513,500 |
Fair Value Option, Aggregate Differences, Consolidated Obligations Bonds | 93,317 | (43,917) |
Consolidated Obligation Bonds [Member] | Fair Value Option Election | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Consolidated Obligations, Bonds, Fair Value | 19,291,817 | 5,469,583 |
Discount Notes [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option, Principal Balance, Consolidated Obligation Discount Notes | 15,281,352 | 21,182,801 |
Fair Value Option, Aggregate Differences, Consolidated Obligation Discount Notes | (137,420) | (172,055) |
Discount Notes [Member] | Fair Value Option Election | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Consolidated Obligations, Discount Notes, Fair Value | $ 15,143,932 | $ 21,010,746 |
Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Loss Contingencies [Line Items] | ||
Other Liabilities | $ 430,807 | $ 312,891 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other Liabilities | $ 9,038 | $ 9,691 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Standby Letters of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | $ 45,345,606 | $ 41,122,833 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 392,604 | 222,439 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 45,738,210 | 41,345,272 | ||
Financial Standby Letter of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 0 | 11,015 | ||
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 | 0 | 11,015 | ||
Forward Contracts [Member] | Mortgage Receivable [Member] | ||||
Loss Contingencies [Line Items] | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 65,176 | 14,291 | ||
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 | 65,176 | 14,291 | ||
Consolidated Obligation Bonds [Member] | ||||
Loss Contingencies [Line Items] | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 0 | 3,000,000 | |
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] | 0 | 3,000,000 | |
Discount Notes [Member] | ||||
Loss Contingencies [Line Items] | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 0 | 182,205 | |
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] | $ 0 | $ 182,205 | |
|
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Schedule of Other Transactions [Line Items] | |||
Loans to other FHLBanks | $ 0 | $ 0 | |
Loans from Other Federal Home Loan Banks | 0 | $ 0 | |
Par Amount of Bonds Transferred from Other Federal Home Loan Banks | 250,000 | $ 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 | $ 34,530 | $ 16,851 |
Transactions with Stockholders (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Schedule of Other Transactions [Line Items] | ||||
Advances | $ 87,401,976 | $ 67,428,019 | ||
Mortgage Purchase Program [Member] | ||||
Schedule of Other Transactions [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 6,846,675 | 7,006,481 | ||
Director [Member] | ||||
Schedule of Other Transactions [Line Items] | ||||
Advances | $ 3,185,000 | $ 22,009,000 | ||
Federal Home Loan Bank Advances, Percent of Principal | [1] | 3.60% | 32.60% | |
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total | [1] | 0.10% | 0.80% | |
Regulatory Capital Stock, Value | $ 203,000 | $ 1,501,000 | ||
Regulatory Capital Stock, Percent of Total | [1] | 3.50% | 29.00% | |
Director [Member] | Mortgage Purchase Program [Member] | ||||
Schedule of Other Transactions [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | $ 10,000 | $ 56,000 | ||
|
Transactions with Stockholders (Concentrations) (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
Banks
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 87,401,976 | $ 67,428,019 |
U.S. Bank, N.A. [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 1,454,000 | $ 1,293,000 |
Concentration Risk, Percentage | 25.00% | 25.00% |
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 20,500,000 | $ 19,000,000 |
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 7,000 | 8,000 |
Keybank National Association | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 813,000 | $ 670,000 |
Concentration Risk, Percentage | 14.00% | 13.00% |
Keybank National Association | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 15,339,000 | $ 11,344,000 |
Keybank National Association | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 0 | 0 |
The Huntington National Bank | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 403,000 | $ 303,000 |
Concentration Risk, Percentage | 7.00% | 6.00% |
The Huntington National Bank | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 6,501,000 | $ 1,702,000 |
The Huntington National Bank | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 344,000 | 348,000 |
Fifth Third Bank | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 339,000 | $ 381,000 |
Concentration Risk, Percentage | 6.00% | 7.00% |
Fifth Third Bank | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 5,301,000 | $ 4,301,000 |
Fifth Third Bank | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 0 | $ 0 |
First Horizon Bank | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 327,000 | |
Concentration Risk, Percentage | 6.00% | |
First Horizon Bank | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 4,340,000 | |
First Horizon Bank | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | $ 0 | |
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 |
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