Federally Chartered Corporation | ||||||||
(State or other jurisdiction of incorporation) | (IRS employer identification number) | |||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
None | None | None |
☐ | Large accelerated filer | ☐ | Accelerated filer | Emerging growth company | |||||||||||||
x | Smaller reporting company |
Shares outstanding as of October 31, 2020 | |||||
Class B Stock, par value $100 |
Table of Contents | Page | |||||||
Number | ||||||||
Special Note Regarding Forward-Looking Statements | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | FINANCIAL STATEMENTS (unaudited) | |||||||
Statements of Condition as of September 30, 2020 and December 31, 2019 | ||||||||
Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019 | ||||||||
Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019 | ||||||||
Statements of Capital for the Three and Nine Months Ended September 30, 2020 and 2019 | ||||||||
Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 | ||||||||
Notes to Financial Statements: | ||||||||
Note 1 - Summary of Significant Accounting Policies | ||||||||
Note 2 - Recently Adopted and Issued Accounting Guidance | ||||||||
Note 3 - Investments | ||||||||
Note 4 - Advances | ||||||||
Note 5 - Mortgage Loans Held for Portfolio | ||||||||
Note 6 - Derivatives and Hedging Activities | ||||||||
Note 7 - Consolidated Obligations | ||||||||
Note 8 - Affordable Housing Program | ||||||||
Note 9 - Capital | ||||||||
Note 10 - Accumulated Other Comprehensive Income | ||||||||
Note 11 - Segment Information | ||||||||
Note 12 - Estimated Fair Values | ||||||||
Note 13 - Commitments and Contingencies | ||||||||
Note 14 - Related Party and Other Transactions | ||||||||
Defined Terms | ||||||||
Item 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||
Presentation | ||||||||
Executive Summary | ||||||||
Selected Financial Data | ||||||||
Results of Operations and Changes in Financial Condition | ||||||||
Operating Segments | ||||||||
Analysis of Financial Condition | ||||||||
Liquidity and Capital Resources | ||||||||
Off-Balance Sheet Arrangements | ||||||||
Critical Accounting Policies and Estimates | ||||||||
Recent Accounting and Regulatory Developments | ||||||||
Risk Management | ||||||||
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 |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits (Note 3) | |||||||||||
Securities purchased under agreements to resell (Note 3) | |||||||||||
Federal funds sold (Note 3) | |||||||||||
Trading securities (Note 3) | |||||||||||
Available-for-sale securities, amortized cost of $ | |||||||||||
Held-to-maturity securities, net (estimated fair values of $ | |||||||||||
Advances (Note 4) | |||||||||||
Mortgage loans held for portfolio, net (Note 5) | |||||||||||
Accrued interest receivable | |||||||||||
Premises, software, and equipment, net | |||||||||||
Derivative assets, net (Note 6) | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities: | |||||||||||
Deposits | $ | $ | |||||||||
Consolidated obligations (Note 7): | |||||||||||
Discount notes | |||||||||||
Bonds | |||||||||||
Total consolidated obligations, net | |||||||||||
Accrued interest payable | |||||||||||
Affordable Housing Program payable (Note 8) | |||||||||||
Derivative liabilities, net (Note 6) | |||||||||||
Mandatorily redeemable capital stock (Note 9) | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Capital (Note 9): | |||||||||||
Capital stock (putable at par value of $ | |||||||||||
Class B issued and outstanding shares: | |||||||||||
Retained earnings: | |||||||||||
Unrestricted | |||||||||||
Restricted | |||||||||||
Total retained earnings | |||||||||||
Total accumulated other comprehensive income (loss) (Note 10) | |||||||||||
Total capital | |||||||||||
Total liabilities and capital | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Advances | $ | $ | $ | $ | |||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||
Securities purchased under agreements to resell | |||||||||||||||||||||||
Federal funds sold | |||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
Mortgage loans held for portfolio | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Consolidated obligation discount notes | |||||||||||||||||||||||
Consolidated obligation bonds | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Mandatorily redeemable capital stock | |||||||||||||||||||||||
Other interest expense | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for (reversal of) credit losses | ( | ( | |||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Other Income: | |||||||||||||||||||||||
Net realized gains from sale of available-for-sale securities | |||||||||||||||||||||||
Net gains (losses) on trading securities | ( | ||||||||||||||||||||||
Net losses on derivatives and hedging activities | ( | ( | ( | ( | |||||||||||||||||||
Service fees | |||||||||||||||||||||||
Standby letters of credit fees | |||||||||||||||||||||||
Other, net | |||||||||||||||||||||||
Total other income (loss) | ( | ( | |||||||||||||||||||||
Other Expenses: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Federal Housing Finance Agency | |||||||||||||||||||||||
Office of Finance | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other expenses | |||||||||||||||||||||||
Income before assessments | |||||||||||||||||||||||
Affordable Housing Program assessments | |||||||||||||||||||||||
Net income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income: | |||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale securities | ( | ||||||||||||||||||||||
Pension benefits, net | ( | ( | |||||||||||||||||||||
Total other comprehensive income (loss) | ( | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | ||||||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | ( | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | ||||||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | $ | $ |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | ||||||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Partial recovery of prior capital distribution to Financing Corporation | — | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | ||||||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Amortization and depreciation | |||||||||||
Changes in net derivative and hedging activities | ( | ( | |||||||||
Provision for (reversal of) credit losses | ( | ||||||||||
Net gains on trading securities | ( | ( | |||||||||
Net realized gains from sale of available-for-sale securities | ( | ||||||||||
Changes in: | |||||||||||
Accrued interest receivable | ( | ||||||||||
Other assets | ( | ( | |||||||||
Accrued interest payable | ( | ( | |||||||||
Other liabilities | |||||||||||
Total adjustments, net | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Investing Activities: | |||||||||||
Net change in: | |||||||||||
Interest-bearing deposits | ( | ||||||||||
Securities purchased under agreements to resell | ( | ( | |||||||||
Federal funds sold | |||||||||||
Trading securities: | |||||||||||
Proceeds from maturities | |||||||||||
Purchases | ( | ( | |||||||||
Available-for-sale securities: | |||||||||||
Proceeds from maturities | |||||||||||
Proceeds from sales | |||||||||||
Purchases | ( | ( | |||||||||
Held-to-maturity securities: | |||||||||||
Proceeds from maturities | |||||||||||
Purchases | ( | ( | |||||||||
Advances: | |||||||||||
Principal repayments | |||||||||||
Disbursements to members | ( | ( | |||||||||
Mortgage loans held for portfolio: | |||||||||||
Principal collections | |||||||||||
Purchases from members | ( | ( | |||||||||
Purchases of premises, software, and equipment | ( | ( | |||||||||
Loans to other Federal Home Loan Banks: | |||||||||||
Principal repayments | |||||||||||
Disbursements | ( | ||||||||||
Net cash provided by (used in) investing activities | ( |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Financing Activities: | |||||||||||
Changes in deposits | |||||||||||
Net payments on derivative contracts with financing elements | ( | ||||||||||
Net proceeds from issuance of consolidated obligations: | |||||||||||
Discount notes | |||||||||||
Bonds | |||||||||||
Payments for matured and retired consolidated obligations: | |||||||||||
Discount notes | ( | ( | |||||||||
Bonds | ( | ( | |||||||||
Loans from other Federal Home Loan Banks: | |||||||||||
Proceeds from borrowings | |||||||||||
Principal repayments | ( | ||||||||||
Proceeds from issuance of capital stock | |||||||||||
Proceeds from issuance of mandatorily redeemable capital stock | |||||||||||
Payments for redemption/repurchase of capital stock | ( | ||||||||||
Payments for redemption/repurchase of mandatorily redeemable capital stock | ( | ( | |||||||||
Partial recovery of prior capital distribution to Financing Corporation | |||||||||||
Dividend payments on capital stock | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash and due from banks | ( | ( | |||||||||
Cash and due from banks at beginning of period | |||||||||||
Cash and due from banks at end of period | $ | $ | |||||||||
Supplemental Disclosures: | |||||||||||
Cash activities: | |||||||||||
Interest payments | $ | $ | |||||||||
Affordable Housing Program payments | |||||||||||
Non-cash activities: | |||||||||||
Purchases of investment securities, traded but not yet settled | |||||||||||
Capitalized interest on certain held-to-maturity securities | |||||||||||
Par value of shares reclassified to mandatorily redeemable capital stock, net | |||||||||||
Security Type | September 30, 2020 | December 31, 2019 | ||||||||||||
Non-mortgage-backed securities: | ||||||||||||||
U.S. Treasury obligations | $ | $ | ||||||||||||
Total trading securities at estimated fair value | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2019 | 2020 | 2019 | ||||||||||||||||||||||||
Net unrealized gains (losses) on trading securities held at period end | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Net realized gains on trading securities that matured/sold during the period | ||||||||||||||||||||||||||
Net gains (losses) on trading securities | $ | ( | $ | $ | $ |
Gross | Gross | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||||
September 30, 2020 | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||
GSE and TVA debentures | $ | $ | $ | $ | ||||||||||||||||||||||
GSE MBS | ( | |||||||||||||||||||||||||
Total AFS securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
GSE and TVA debentures | $ | $ | $ | $ | ||||||||||||||||||||||
GSE MBS | ( | |||||||||||||||||||||||||
Total AFS securities | $ | $ | $ | ( | $ |
Less than 12 months | 12 months or More | Total | ||||||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||||||||||||
September 30, 2020 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||||||||||||||
GSE MBS | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Total impaired AFS securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
GSE MBS | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Total impaired AFS securities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||
Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Total MBS | ||||||||||||||||||||||||||
Total AFS securities | $ | $ | $ | $ |
Gross | Gross | |||||||||||||||||||||||||
Unrecognized | Unrecognized | |||||||||||||||||||||||||
Amortized | Holding | Holding | Estimated | |||||||||||||||||||||||
September 30, 2020 | Cost (1) | Gains (2) | Losses (2) | Fair Value | ||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||
Other U.S. obligations - guaranteed MBS | $ | $ | $ | ( | $ | |||||||||||||||||||||
GSE MBS | ( | |||||||||||||||||||||||||
Total HTM securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||
Other U.S. obligations - guaranteed MBS | $ | $ | $ | ( | $ | |||||||||||||||||||||
GSE MBS | ( | |||||||||||||||||||||||||
Total HTM securities | $ | $ | $ | ( | $ |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Redemption Term | Amount | WAIR % | Amount | WAIR % | ||||||||||||||||||||||
Overdrawn demand and overnight 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 advances, par value | ||||||||||||||||||||||||||
Fair-value hedging adjustments, net | ||||||||||||||||||||||||||
Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | ||||||||||||||||||||||||||
Total advances (1) | $ | $ |
Earlier of Redemption or Next Call Date | Earlier of Redemption or Next Put Date | |||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Overdrawn demand and overnight 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 advances, par value | $ | $ | $ | $ |
Term | September 30, 2020 | December 31, 2019 | ||||||||||||
Fixed-rate long-term mortgages | $ | $ | ||||||||||||
Fixed-rate medium-term (1) mortgages | ||||||||||||||
Total mortgage loans held for portfolio, UPB | ||||||||||||||
Unamortized premiums | ||||||||||||||
Unamortized discounts | ( | ( | ||||||||||||
Fair-value hedging adjustments, net | ||||||||||||||
Total mortgage loans held for portfolio | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Total mortgage loans held for portfolio, net (2) | $ | $ |
Type | September 30, 2020 | December 31, 2019 | ||||||||||||
Conventional | $ | $ | ||||||||||||
Government-guaranteed or -insured | ||||||||||||||
Total mortgage loans held for portfolio, UPB | $ | $ |
Product | September 30, 2020 | December 31, 2019 | ||||||||||||
MPP | $ | $ | ||||||||||||
MPF Program | ||||||||||||||
Total mortgage loans held for portfolio, UPB | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
LRA Activity | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Liability, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Claims paid | ( | ( | ( | ( | ||||||||||||||||||||||
Distributions to PFIs | ( | ( | ( | ( | ||||||||||||||||||||||
Liability, end of period | $ | $ | $ | $ |
Origination Year | ||||||||||||||||||||
Payment Status as of September 30, 2020 | Prior to 2016 | 2016 to 2020 | Total | |||||||||||||||||
Past due: | ||||||||||||||||||||
30-59 days | $ | $ | $ | |||||||||||||||||
60-89 days | ||||||||||||||||||||
90 days or more | ||||||||||||||||||||
Total past due | ||||||||||||||||||||
Total current | ||||||||||||||||||||
Total conventional mortgage loans, amortized cost (1) | $ | $ | $ |
Payment Status as of December 31, 2019 | Total | ||||||||||
Past due: | |||||||||||
30-59 days | $ | ||||||||||
60-89 days | |||||||||||
90 days or more | |||||||||||
Total past due | |||||||||||
Total current | |||||||||||
Total conventional mortgage loans, recorded investment (1)(2) | $ |
Other Delinquency Statistics as of September 30, 2020 | Conventional | Government | Total | |||||||||||||||||
In process of foreclosure (3) | $ | $ | $ | |||||||||||||||||
Serious delinquency rate (1)(4) | % | % | % | |||||||||||||||||
Past due 90 days or more still accruing interest (1)(5) | $ | $ | $ | |||||||||||||||||
On non-accrual status (6) | $ | $ | $ | |||||||||||||||||
Other Delinquency Statistics as of December 31, 2019 | ||||||||||||||||||||
In process of foreclosure (3) | $ | $ | $ | |||||||||||||||||
Serious delinquency rate (1)(4) | % | % | % | |||||||||||||||||
Past due 90 days or more still accruing interest (1)(5) | $ | $ | $ | |||||||||||||||||
On non-accrual status | $ | $ | $ |
Components of Allowance | September 30, 2020 | December 31, 2019 | ||||||||||||
MPP estimated losses remaining after borrower's equity, before credit enhancements | $ | $ | ||||||||||||
Portion of estimated expected losses recoverable from credit enhancements: | ||||||||||||||
PMI | ( | ( | ||||||||||||
LRA (1) | ( | ( | ||||||||||||
SMI | ( | ( | ||||||||||||
Total portion recoverable from credit enhancements | ( | ( | ||||||||||||
Allowance for unrecoverable PMI/SMI | ||||||||||||||
Allowance for MPP credit losses | ||||||||||||||
Allowance for MPF Program credit losses | ||||||||||||||
Allowance for credit losses | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Rollforward of Allowance | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Provision for (reversal of) credit losses | ( | ( | ||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||
Notional | of Derivative | of Derivative | ||||||||||||||||||
September 30, 2020 | Amount | Assets | Liabilities | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest-rate swaps | $ | $ | $ | |||||||||||||||||
Total derivatives designated as hedging instruments | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest-rate swaps | ||||||||||||||||||||
Swaptions | ||||||||||||||||||||
Interest-rate caps/floors | ||||||||||||||||||||
Interest-rate forwards | ||||||||||||||||||||
MDCs | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||||||||
Total derivatives before adjustments | $ | |||||||||||||||||||
Netting adjustments and cash collateral (1) | ( | |||||||||||||||||||
Total derivatives, net | $ | $ | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest-rate swaps | $ | $ | $ | |||||||||||||||||
Total derivatives designated as hedging instruments | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest-rate swaps | ||||||||||||||||||||
Swaptions | ||||||||||||||||||||
Interest-rate caps/floors | ||||||||||||||||||||
Interest-rate forwards | ||||||||||||||||||||
MDCs | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||||||||
Total derivatives before adjustments | $ | |||||||||||||||||||
Netting adjustments and cash collateral (1) | ( | |||||||||||||||||||
Total derivatives, net | $ | $ |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Derivative instruments meeting netting requirements: | ||||||||||||||||||||||||||
Gross recognized amount | ||||||||||||||||||||||||||
Uncleared | $ | $ | $ | $ | ||||||||||||||||||||||
Cleared | ||||||||||||||||||||||||||
Total gross recognized amount | ||||||||||||||||||||||||||
Gross amounts of netting adjustments and cash collateral | ||||||||||||||||||||||||||
Uncleared | ( | ( | ( | |||||||||||||||||||||||
Cleared | ( | ( | ||||||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | ( | ( | ||||||||||||||||||||||||
Net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||||
Uncleared | ||||||||||||||||||||||||||
Cleared | ||||||||||||||||||||||||||
Total net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||||
Derivative instruments not meeting netting requirements (1) | ||||||||||||||||||||||||||
Total derivatives, at estimated fair value | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Type of Hedge | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net gain (loss) on derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest-rate swaps | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Swaptions | ( | ( | ( | |||||||||||||||||||||||
Interest-rate caps/floors | ( | ( | ( | |||||||||||||||||||||||
Interest-rate forwards | ( | ( | ( | ( | ||||||||||||||||||||||
Net interest settlements | ( | ( | ( | |||||||||||||||||||||||
MDCs | ||||||||||||||||||||||||||
Total net gains (losses) on derivatives not designated as hedging instruments | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Three Months Ended September 30, 2020 | Advances | Investments | CO Bonds | Total | ||||||||||||||||||||||
Changes in estimated fair value: | ||||||||||||||||||||||||||
Hedged items (attributable to risk being hedged) | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Derivatives | ( | |||||||||||||||||||||||||
Net changes in estimated fair value before price alignment interest | ( | ( | ( | |||||||||||||||||||||||
Price alignment interest (1) | ( | |||||||||||||||||||||||||
Net interest settlements on derivatives (2) | ( | ( | ( | |||||||||||||||||||||||
Amortization/accretion of gains (losses) on active hedging relationships | ||||||||||||||||||||||||||
Net gains (losses) on qualifying fair-value hedging relationships | ( | ( | ( | |||||||||||||||||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | ||||||||||||||||||||||||||
Net gains (losses) on derivatives and hedging activities in net interest income (3) | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Changes in estimated fair value: | ||||||||||||||||||||||||||
Hedged items (attributable to risk being hedged) | $ | $ | $ | ( | $ | |||||||||||||||||||||
Derivatives | ( | ( | ( | |||||||||||||||||||||||
Net changes in estimated fair value before price alignment interest | ( | ( | ( | |||||||||||||||||||||||
Price alignment interest (1) | ( | |||||||||||||||||||||||||
Net interest settlements on derivatives (2) | ( | |||||||||||||||||||||||||
Amortization/accretion of gains (losses) on active hedging relationships | ||||||||||||||||||||||||||
Net gains (losses) on qualifying fair-value hedging relationships | ( | ( | ||||||||||||||||||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | ( | ( | ||||||||||||||||||||||||
Net gains (losses) on derivatives and hedging activities in net interest income (3) | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, 2020 | Advances | Investments | CO Bonds | Total | ||||||||||||||||||||||
Changes in estimated fair value: | ||||||||||||||||||||||||||
Hedged items (attributable to risk being hedged) | $ | $ | $ | ( | $ | |||||||||||||||||||||
Derivatives | ( | ( | ( | |||||||||||||||||||||||
Net changes in estimated fair value before price alignment interest | ( | ( | ( | |||||||||||||||||||||||
Price alignment interest (1) | ( | |||||||||||||||||||||||||
Net interest settlements on derivatives (2) | ( | ( | ( | |||||||||||||||||||||||
Amortization/accretion of gains (losses) on active hedging relationships | ( | |||||||||||||||||||||||||
Net gains (losses) on qualifying fair-value hedging relationships | ( | ( | ( | |||||||||||||||||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | ( | ( | ||||||||||||||||||||||||
Net gains (losses) on derivatives and hedging activities in net interest income (3) | $ | ( | $ | ( | $ | $ | ( |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Changes in estimated fair value: | ||||||||||||||||||||||||||
Hedged items (attributable to risk being hedged) | $ | $ | $ | ( | $ | |||||||||||||||||||||
Derivatives | ( | ( | ( | |||||||||||||||||||||||
Net changes in estimated fair value before price alignment interest | ( | ( | ( | |||||||||||||||||||||||
Price alignment interest (1) | ( | ( | ( | |||||||||||||||||||||||
Net interest settlements on derivatives (2) | ( | |||||||||||||||||||||||||
Amortization/accretion of gains (losses) on active hedging relationships | ||||||||||||||||||||||||||
Net gains (losses) on qualifying fair-value hedging relationships | ( | |||||||||||||||||||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | ( | ( | ||||||||||||||||||||||||
Net gains (losses) on derivatives and hedging activities in net interest income (3) | $ | $ | $ | ( | $ | |||||||||||||||||||||
September 30, 2020 | Advances | Investments | CO Bonds | |||||||||||||||||
Amortized cost of hedged items (1) | $ | $ | $ | |||||||||||||||||
Cumulative basis adjustments included in amortized cost: | ||||||||||||||||||||
For active fair-value hedging relationships (2) | $ | $ | $ | |||||||||||||||||
For discontinued fair-value hedging relationships | ||||||||||||||||||||
Total cumulative fair-value hedging basis adjustments on hedged items | $ | $ | $ |
December 31, 2019 | ||||||||||||||||||||
Amortized cost of hedged items (1) | $ | $ | $ | |||||||||||||||||
Cumulative basis adjustments included in amortized cost: | ||||||||||||||||||||
For active fair-value hedging relationships (2) | $ | $ | $ | |||||||||||||||||
For discontinued fair-value hedging relationships | ( | |||||||||||||||||||
Total cumulative fair-value hedging basis adjustments on hedged items | $ | $ | $ |
Discount Notes | September 30, 2020 | December 31, 2019 | ||||||||||||
Book value | $ | $ | ||||||||||||
Par value | $ | $ | ||||||||||||
Weighted average effective interest rate | % | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | ||||||||||||||||||||||
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 CO bonds, par value | ||||||||||||||||||||||||||
Unamortized premiums | ||||||||||||||||||||||||||
Unamortized discounts | ( | ( | ||||||||||||||||||||||||
Unamortized concessions | ( | ( | ||||||||||||||||||||||||
Fair-value hedging adjustments, net | ||||||||||||||||||||||||||
Total CO bonds | $ | $ |
Redemption Feature | September 30, 2020 | December 31, 2019 | ||||||||||||
Non-callable / non-putable | $ | $ | ||||||||||||
Callable | ||||||||||||||
Total CO bonds, par value | $ | $ |
Year of Contractual Maturity or Next Call Date | September 30, 2020 | December 31, 2019 | ||||||||||||
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 CO bonds, par value | $ | $ |
Interest-Rate Payment Type | September 30, 2020 | December 31, 2019 | ||||||||||||
Fixed-rate | $ | $ | ||||||||||||
Step-up | ||||||||||||||
Simple variable-rate | ||||||||||||||
Total CO bonds, par value | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
AHP Activity | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Liability at beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Assessment (expense) | ||||||||||||||||||||||||||
Subsidy usage, net (1) | ( | ( | ( | ( | ||||||||||||||||||||||
Liability at end of period | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Prior capital plan | |||||||||||
Class B-1 issued and outstanding shares: 0 and | $ | — | $ | ||||||||
Class B-2 issued and outstanding shares: 0 and | — | ||||||||||
Amended capital plan | |||||||||||
Class B-1 issued and outstanding shares: | — | ||||||||||
Class B-2 issued and outstanding shares: | — | ||||||||||
Total Class B issued and outstanding shares: | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
MRCS Activity | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Liability at beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Reclassification from capital stock | ||||||||||||||||||||||||||
Proceeds from issuance (1) | ||||||||||||||||||||||||||
Redemptions/repurchases | ( | ( | ( | ( | ||||||||||||||||||||||
Accrued distributions | ||||||||||||||||||||||||||
Liability at end of period | $ | $ | $ | $ |
MRCS Contractual Year of Redemption | September 30, 2020 | December 31, 2019 | ||||||||||||
Year 1 (1) | $ | $ | ||||||||||||
Year 2 | ||||||||||||||
Year 3 | ||||||||||||||
Year 4 | ||||||||||||||
Year 5 | ||||||||||||||
Thereafter (2) | ||||||||||||||
Total MRCS | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
MRCS Distributions | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Recorded as interest expense | $ | $ | $ | $ | ||||||||||||||||||||||
Recorded as distributions from retained earnings | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Regulatory Capital Requirements | Required | Actual | Required | Actual | ||||||||||||||||||||||
Risk-based capital | $ | $ | $ | $ | ||||||||||||||||||||||
Total regulatory capital | $ | $ | $ | $ | ||||||||||||||||||||||
Total regulatory capital-to-asset ratio | ||||||||||||||||||||||||||
Leverage capital | $ | $ | $ | $ | ||||||||||||||||||||||
Leverage ratio |
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI | |||||||||||||||||
Balance, June 30, 2020 | $ | $ | ( | $ | ( | |||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | ||||||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | ||||||||||||||||||||
Total other comprehensive income | ||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | ( | $ | ||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ | ||||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | ( | ( | ||||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | ||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Balance, September 30, 2019 | $ | $ | ( | $ |
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI | |||||||||||||||||
Balance, December 31, 2019 | $ | $ | ( | $ | ||||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | ||||||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | ( | ( | ||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||
Balance, September 30, 2020 | $ | $ | ( | $ | ||||||||||||||||
Balance, December 31, 2018 | $ | $ | ( | $ | ||||||||||||||||
OCI before reclassifications: | ||||||||||||||||||||
Net change in unrealized gains (losses) | ||||||||||||||||||||
Reclassifications from OCI to net income: | ||||||||||||||||||||
Pension benefits, net | ( | ( | ||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||
Balance, September 30, 2019 | $ | $ | ( | $ |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | |||||||||||||||||||||||||||||||||
Net interest income | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||
Other income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||||||||||||
Income before assessments | ( | |||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | ( | |||||||||||||||||||||||||||||||||||||
Net income | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | |||||||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||
Other income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||||||||||||
Income before assessments | ( | |||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | ( | |||||||||||||||||||||||||||||||||||||
Net income | $ | $ | ( | $ | $ | $ | $ |
By Date | Traditional | Mortgage Loans | Total | |||||||||||||||||
September 30, 2020 | $ | $ | $ | |||||||||||||||||
December 31, 2019 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
Carrying | Netting | |||||||||||||||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | $ | — | |||||||||||||||||||||||||||||||
Interest-bearing deposits | — | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | |||||||||||||||||||||||||||||||||||||
Federal funds sold | — | |||||||||||||||||||||||||||||||||||||
Trading securities | — | |||||||||||||||||||||||||||||||||||||
AFS securities | — | |||||||||||||||||||||||||||||||||||||
HTM securities | — | |||||||||||||||||||||||||||||||||||||
Advances | — | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | — | |||||||||||||||||||||||||||||||||||||
Accrued interest receivable | — | |||||||||||||||||||||||||||||||||||||
Derivative assets, net | ||||||||||||||||||||||||||||||||||||||
Grantor trust assets (2) | — | |||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | — | |||||||||||||||||||||||||||||||||||||
Consolidated obligations: | ||||||||||||||||||||||||||||||||||||||
Discount notes | — | |||||||||||||||||||||||||||||||||||||
Bonds | — | |||||||||||||||||||||||||||||||||||||
Accrued interest payable | — | |||||||||||||||||||||||||||||||||||||
Derivative liabilities, net | ( | |||||||||||||||||||||||||||||||||||||
MRCS | — |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
Carrying | Netting | |||||||||||||||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | $ | — | |||||||||||||||||||||||||||||||
Interest-bearing deposits | — | |||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | |||||||||||||||||||||||||||||||||||||
Federal funds sold | — | |||||||||||||||||||||||||||||||||||||
Trading securities | — | |||||||||||||||||||||||||||||||||||||
AFS securities | — | |||||||||||||||||||||||||||||||||||||
HTM securities | — | |||||||||||||||||||||||||||||||||||||
Advances | — | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | — | |||||||||||||||||||||||||||||||||||||
Accrued interest receivable | — | |||||||||||||||||||||||||||||||||||||
Derivative assets, net | ||||||||||||||||||||||||||||||||||||||
Grantor trust assets (2) | — | |||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | — | |||||||||||||||||||||||||||||||||||||
Consolidated obligations: | ||||||||||||||||||||||||||||||||||||||
Discount notes | — | |||||||||||||||||||||||||||||||||||||
Bonds | — | |||||||||||||||||||||||||||||||||||||
Accrued interest payable | — | |||||||||||||||||||||||||||||||||||||
Derivative liabilities, net | ( | |||||||||||||||||||||||||||||||||||||
MRCS | — |
Netting | ||||||||||||||||||||||||||||||||
September 30, 2020 | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||
Total trading securities | — | |||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||
GSE and TVA debentures | — | |||||||||||||||||||||||||||||||
GSE MBS | — | |||||||||||||||||||||||||||||||
Total AFS securities | — | |||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest-rate related | ||||||||||||||||||||||||||||||||
MDCs | ||||||||||||||||||||||||||||||||
Total derivative assets, net | ||||||||||||||||||||||||||||||||
Grantor trust assets (2) | — | |||||||||||||||||||||||||||||||
Total assets at recurring estimated fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest-rate related | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
MDCs | ||||||||||||||||||||||||||||||||
Total derivative liabilities, net | ( | |||||||||||||||||||||||||||||||
Total liabilities at recurring estimated fair value | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
Mortgage loans held for portfolio (3) | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||
Total assets at non-recurring estimated fair value | $ | $ | $ | $ | $ | — |
Netting | ||||||||||||||||||||||||||||||||
December 31, 2019 | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||
Total trading securities | — | |||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||
GSE and TVA debentures | — | |||||||||||||||||||||||||||||||
GSE MBS | — | |||||||||||||||||||||||||||||||
Total AFS securities | — | |||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest-rate related | ||||||||||||||||||||||||||||||||
MDCs | — | |||||||||||||||||||||||||||||||
Total derivative assets, net | ||||||||||||||||||||||||||||||||
Grantor trust assets (2) | — | |||||||||||||||||||||||||||||||
Total assets at recurring estimated fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest-rate related | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
MDCs | ||||||||||||||||||||||||||||||||
Total derivative liabilities, net | ( | |||||||||||||||||||||||||||||||
Total liabilities at recurring estimated fair value | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||
Total assets at non-recurring estimated fair value | $ | $ | $ | $ | $ | — |
September 30, 2020 | ||||||||||||||||||||
Type of Commitment | Expire within one year | Expire after one year | Total | |||||||||||||||||
Standby letters of credit outstanding | $ | $ | $ | |||||||||||||||||
Unused lines of credit (1) | ||||||||||||||||||||
Commitments to fund additional advances (2) | ||||||||||||||||||||
Commitments to fund or purchase mortgage loans, net (3) | ||||||||||||||||||||
Unsettled CO bonds, at par | ||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Balances with Directors' Financial Institutions | Par value | % of Total | Par value | % of Total | ||||||||||||||||||||||
Capital stock | $ | % | $ | % | ||||||||||||||||||||||
Advances | % | % |
Transactions with Directors' Financial Institutions | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net capital stock issuances (redemptions and repurchases) | $ | $ | $ | $ | ||||||||||||||||||||||
Net advances (repayments) | ( | ( | ||||||||||||||||||||||||
Mortgage loan purchases |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Loans to other FHLBanks | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Disbursements | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Principal repayments | ||||||||||||||||||||||||||
Borrowings from other FHLBanks | ||||||||||||||||||||||||||
Proceeds from borrowings | $ | $ | $ | $ | ||||||||||||||||||||||
Principal repayments | ( | ( |
As of and for the Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||
Statement of Condition: | ||||||||||||||||||||||||||||||||
Advances | $ | 31,264 | $ | 34,848 | $ | 38,927 | $ | 32,480 | $ | 32,487 | ||||||||||||||||||||||
Mortgage loans held for portfolio, net | 9,237 | 10,083 | 10,649 | 10,815 | 11,104 | |||||||||||||||||||||||||||
Cash and short-term investments | 5,639 | 5,791 | 8,085 | 5,079 | 5,521 | |||||||||||||||||||||||||||
Investment securities | 19,695 | 19,817 | 20,487 | 18,718 | 17,754 | |||||||||||||||||||||||||||
Total assets | 66,342 | 71,070 | 78,666 | 67,511 | 67,262 | |||||||||||||||||||||||||||
Discount notes | 19,462 | 28,234 | 29,653 | 17,677 | 15,300 | |||||||||||||||||||||||||||
CO bonds | 41,148 | 36,973 | 42,079 | 44,715 | 47,169 | |||||||||||||||||||||||||||
Total consolidated obligations | 60,610 | 65,207 | 71,732 | 62,392 | 62,469 | |||||||||||||||||||||||||||
MRCS | 262 | 300 | 323 | 323 | 324 | |||||||||||||||||||||||||||
Capital stock | 2,224 | 2,194 | 2,098 | 1,974 | 1,939 | |||||||||||||||||||||||||||
Retained earnings | 1,124 | 1,128 | 1,124 | 1,115 | 1,091 | |||||||||||||||||||||||||||
AOCI | 74 | (4) | (81) | 68 | 56 | |||||||||||||||||||||||||||
Total capital | 3,422 | 3,318 | 3,141 | 3,157 | 3,086 | |||||||||||||||||||||||||||
Statement of Income: | ||||||||||||||||||||||||||||||||
Net interest income | $ | 61 | $ | 67 | $ | 63 | $ | 70 | $ | 50 | ||||||||||||||||||||||
Provision for (reversal of) credit losses | — | — | — | — | — | |||||||||||||||||||||||||||
Other income (loss) | (17) | (25) | (5) | 11 | 3 | |||||||||||||||||||||||||||
Other expenses | 27 | 26 | 26 | 28 | 24 | |||||||||||||||||||||||||||
AHP assessments | 2 | 2 | 3 | 6 | 3 | |||||||||||||||||||||||||||
Net income | $ | 15 | $ | 14 | $ | 29 | $ | 47 | $ | 26 | ||||||||||||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||||||||||
Net interest margin (1) | 0.35 | % | 0.37 | % | 0.36 | % | 0.41 | % | 0.29 | % | ||||||||||||||||||||||
Return on average equity (2) | 1.70 | % | 1.64 | % | 3.81 | % | 6.05 | % | 3.31 | % | ||||||||||||||||||||||
Return on average assets (2) | 0.08 | % | 0.07 | % | 0.17 | % | 0.28 | % | 0.15 | % | ||||||||||||||||||||||
Weighted average dividend rate (3) | 3.50 | % | 4.00 | % | 4.25 | % | 4.75 | % | 5.50 | % | ||||||||||||||||||||||
Dividend payout ratio (4) | 126.01 | % | 150.84 | % | 70.91 | % | 48.35 | % | 106.89 | % | ||||||||||||||||||||||
Total capital ratio (5) | 5.16 | % | 4.67 | % | 3.99 | % | 4.68 | % | 4.59 | % | ||||||||||||||||||||||
Total regulatory capital ratio (6) | 5.44 | % | 5.10 | % | 4.51 | % | 5.05 | % | 4.99 | % | ||||||||||||||||||||||
Average equity to average assets | 4.86 | % | 4.39 | % | 4.43 | % | 4.66 | % | 4.55 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 61 | $ | 50 | $ | 11 | 21 | % | $ | 191 | $ | 167 | $ | 24 | 14 | % | ||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 61 | 50 | 11 | 20 | % | 191 | 167 | 24 | 14 | % | ||||||||||||||||||||||||||||||||||||||||
Other income (loss) | (17) | 3 | (20) | (47) | 9 | (56) | ||||||||||||||||||||||||||||||||||||||||||||
Other expenses | 27 | 24 | 3 | 79 | 71 | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | 17 | 29 | (12) | (42) | % | 65 | 105 | (40) | (38) | % | ||||||||||||||||||||||||||||||||||||||||
AHP assessments | 2 | 3 | (1) | 7 | 11 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | 15 | 26 | (11) | (42) | % | 58 | 94 | (36) | (39) | % | ||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | 78 | (2) | 80 | 6 | 14 | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | 93 | $ | 24 | $ | 69 | 284 | % | $ | 64 | $ | 108 | $ | (44) | (40) | % |
Condensed Statements of Condition | September 30, 2020 | December 31, 2019 | $ Change | % Change | ||||||||||||||||||||||
Advances | $ | 31,264 | $ | 32,480 | $ | (1,216) | (4) | % | ||||||||||||||||||
Mortgage loans held for portfolio, net | 9,237 | 10,815 | (1,578) | (15) | % | |||||||||||||||||||||
Cash and short-term investments (1) | 5,639 | 5,079 | 560 | 11 | % | |||||||||||||||||||||
Investment securities and other assets (2) | 20,202 | 19,137 | 1,065 | 6 | % | |||||||||||||||||||||
Total assets | $ | 66,342 | $ | 67,511 | $ | (1,169) | (2) | % | ||||||||||||||||||
Consolidated obligations | $ | 60,610 | $ | 62,392 | $ | (1,782) | (3) | % | ||||||||||||||||||
MRCS | 262 | 323 | (61) | (19) | % | |||||||||||||||||||||
Other liabilities | 2,048 | 1,639 | 409 | 25 | % | |||||||||||||||||||||
Total liabilities | 62,920 | 64,354 | (1,434) | (2) | % | |||||||||||||||||||||
Capital stock | 2,224 | 1,974 | 250 | 13 | % | |||||||||||||||||||||
Retained earnings (3) | 1,124 | 1,115 | 9 | 1 | % | |||||||||||||||||||||
AOCI | 74 | 68 | 6 | 10 | % | |||||||||||||||||||||
Total capital | 3,422 | 3,157 | 265 | 8 | % | |||||||||||||||||||||
Total liabilities and capital | $ | 66,342 | $ | 67,511 | $ | (1,169) | (2) | % | ||||||||||||||||||
Total regulatory capital (4) | $ | 3,610 | $ | 3,412 | $ | 198 | 6 | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense (1) | Average Yield (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield (1) (2) | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | $ | 5,945 | $ | 2 | 0.09 | % | $ | 5,944 | $ | 34 | 2.29 | % | |||||||||||||||||||||||
Investment securities (3) | 19,860 | 56 | 1.12 | % | 17,430 | 104 | 2.35 | % | |||||||||||||||||||||||||||
Advances (4) | 32,990 | 45 | 0.54 | % | 32,100 | 207 | 2.56 | % | |||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) (5) | 9,673 | 48 | 1.99 | % | 11,275 | 87 | 3.09 | % | |||||||||||||||||||||||||||
Other assets (interest-earning) (6) | 1,528 | — | 0.09 | % | 1,298 | 7 | 2.12 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 69,996 | 151 | 0.86 | % | 68,047 | 439 | 2.56 | % | |||||||||||||||||||||||||||
Other assets (7) | (639) | (6) | |||||||||||||||||||||||||||||||||
Total assets | $ | 69,357 | $ | 68,041 | |||||||||||||||||||||||||||||||
Liabilities and Capital: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,264 | — | 0.01 | % | $ | 743 | 4 | 1.95 | % | |||||||||||||||||||||||||
Discount notes | 24,479 | 11 | 0.18 | % | 19,185 | 110 | 2.28 | % | |||||||||||||||||||||||||||
CO bonds (4) | 38,965 | 77 | 0.79 | % | 43,996 | 271 | 2.45 | % | |||||||||||||||||||||||||||
MRCS | 280 | 2 | 2.90 | % | 273 | 4 | 5.10 | % | |||||||||||||||||||||||||||
Other borrowings | — | — | — | % | 6 | — | 2.28 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 64,988 | 90 | 0.55 | % | 64,203 | 389 | 2.40 | % | |||||||||||||||||||||||||||
Other liabilities | 999 | 740 | |||||||||||||||||||||||||||||||||
Total capital | 3,370 | 3,098 | |||||||||||||||||||||||||||||||||
Total liabilities and capital | $ | 69,357 | $ | 68,041 | |||||||||||||||||||||||||||||||
Net interest income | $ | 61 | $ | 50 | |||||||||||||||||||||||||||||||
Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.31 | % | 0.16 | % | |||||||||||||||||||||||||||||||
Net interest margin (8) | 0.35 | % | 0.29 | % | |||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.06 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense (1) | Average Yield (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield (1) (2) | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | $ | 5,450 | $ | 21 | 0.52 | % | $ | 6,697 | $ | 120 | 2.41 | % | |||||||||||||||||||||||
Investment securities (3) | 19,913 | 205 | 1.37 | % | 15,848 | 303 | 2.55 | % | |||||||||||||||||||||||||||
Advances (4) | 33,977 | 291 | 1.14 | % | 32,077 | 641 | 2.67 | % | |||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) (5) | 10,277 | 189 | 2.46 | % | 11,355 | 277 | 3.27 | % | |||||||||||||||||||||||||||
Other assets (interest-earning) (6) | 1,563 | 5 | 0.46 | % | 1,011 | 17 | 2.20 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 71,180 | 711 | 1.34 | % | 66,988 | 1,358 | 2.71 | % | |||||||||||||||||||||||||||
Other assets (7) | 55 | 218 | |||||||||||||||||||||||||||||||||
Total assets | $ | 71,235 | $ | 67,206 | |||||||||||||||||||||||||||||||
Liabilities and Capital: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,392 | 3 | 0.27 | % | $ | 647 | 10 | 2.10 | % | |||||||||||||||||||||||||
Discount notes | 24,772 | 111 | 0.60 | % | 20,586 | 369 | 2.40 | % | |||||||||||||||||||||||||||
CO bonds (4) | 40,503 | 398 | 1.31 | % | 41,870 | 803 | 2.57 | % | |||||||||||||||||||||||||||
MRCS | 302 | 8 | 3.44 | % | 207 | 9 | 5.54 | % | |||||||||||||||||||||||||||
Other borrowings | — | — | — | % | 2 | — | 2.31 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 66,969 | 520 | 1.04 | % | 63,312 | 1,191 | 2.51 | % | |||||||||||||||||||||||||||
Other liabilities | 1,020 | 783 | |||||||||||||||||||||||||||||||||
Total capital | 3,246 | 3,111 | |||||||||||||||||||||||||||||||||
Total liabilities and capital | $ | 71,235 | $ | 67,206 | |||||||||||||||||||||||||||||||
Net interest income | $ | 191 | $ | 167 | |||||||||||||||||||||||||||||||
Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.30 | % | 0.20 | % | |||||||||||||||||||||||||||||||
Net interest margin (8) | 0.36 | % | 0.33 | % | |||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 1.06 | 1.06 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Components | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net gains (losses) on trading securities (1) | $ | (19) | $ | 6 | $ | 2 | $ | 26 | ||||||||||||||||||
Net gains (losses) on derivatives hedging trading securities | 14 | (3) | (7) | (20) | ||||||||||||||||||||||
Net gains (losses) on trading securities, net of associated derivatives | (5) | 3 | (5) | 6 | ||||||||||||||||||||||
Net interest settlements on derivatives | (12) | — | (40) | (5) | ||||||||||||||||||||||
Net gains (losses) on other derivatives not designated as hedging instruments | (2) | (1) | (5) | 4 | ||||||||||||||||||||||
Net realized gains from sale of available-for-sale securities | 1 | — | 1 | — | ||||||||||||||||||||||
Change in fair value of investments indirectly funding our SERP | 1 | — | — | 2 | ||||||||||||||||||||||
Other, net | — | 1 | 2 | 2 | ||||||||||||||||||||||
Total other income (loss) | $ | (17) | $ | 3 | $ | (47) | $ | 9 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Components | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Compensation and benefits | $ | 15 | $ | 12 | $ | 44 | $ | 40 | ||||||||||||||||||
Other operating expenses | 8 | 8 | 23 | 21 | ||||||||||||||||||||||
Finance Agency and Office of Finance | 2 | 3 | 7 | 7 | ||||||||||||||||||||||
Other | 2 | 1 | 5 | 3 | ||||||||||||||||||||||
Total other expenses | $ | 27 | $ | 24 | $ | 79 | $ | 71 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Traditional | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net interest income | $ | 65 | $ | 38 | $ | 177 | $ | 121 | ||||||||||||||||||
Provision for (reversal of) credit losses | — | — | — | — | ||||||||||||||||||||||
Other income (loss) | (17) | 3 | (44) | 9 | ||||||||||||||||||||||
Other expenses | 23 | 21 | 68 | 61 | ||||||||||||||||||||||
Income before assessments | 25 | 20 | 65 | 69 | ||||||||||||||||||||||
AHP assessments | 2 | 2 | 7 | 7 | ||||||||||||||||||||||
Net income | $ | 23 | $ | 18 | $ | 58 | $ | 62 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Mortgage Loans | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net interest income | $ | (4) | $ | 12 | $ | 14 | $ | 46 | ||||||||||||||||||
Provision for (reversal of) credit losses | — | — | — | — | ||||||||||||||||||||||
Other income (loss) | — | — | (3) | — | ||||||||||||||||||||||
Other expenses | 4 | 3 | 12 | 10 | ||||||||||||||||||||||
Income before assessments | (8) | 9 | (1) | 36 | ||||||||||||||||||||||
AHP assessments | — | 1 | — | 4 | ||||||||||||||||||||||
Net income | $ | (8) | $ | 8 | $ | (1) | $ | 32 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Major Asset Categories | Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||||
Advances | $ | 31,264 | 47 | % | $ | 32,480 | 48 | % | ||||||||||||||||||
Mortgage loans held for portfolio, net | 9,237 | 14 | % | 10,815 | 16 | % | ||||||||||||||||||||
Cash and short-term investments | 5,639 | 8 | % | 5,079 | 8 | % | ||||||||||||||||||||
Trading securities | 5,059 | 8 | % | 5,017 | 7 | % | ||||||||||||||||||||
Other investment securities | 14,636 | 22 | % | 13,701 | 20 | % | ||||||||||||||||||||
Other assets (1) | 507 | 1 | % | 419 | 1 | % | ||||||||||||||||||||
Total assets | $ | 66,342 | 100 | % | $ | 67,511 | 100 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Borrower Type | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||
Depository institutions: | ||||||||||||||||||||||||||
Commercial banks and savings institutions | $ | 13,567 | 44 | % | $ | 13,663 | 42 | % | ||||||||||||||||||
Credit unions | 2,793 | 9 | % | 2,798 | 9 | % | ||||||||||||||||||||
Former members - depositories | 480 | 2 | % | 540 | 2 | % | ||||||||||||||||||||
Total depository institutions | 16,840 | 55 | % | 17,001 | 53 | % | ||||||||||||||||||||
Insurance companies: | ||||||||||||||||||||||||||
Captive insurance companies (1) | 326 | 1 | % | 2,724 | 8 | % | ||||||||||||||||||||
Other insurance companies | 13,293 | 44 | % | 12,541 | 39 | % | ||||||||||||||||||||
Former members - insurance | 6 | — | % | 6 | — | % | ||||||||||||||||||||
Total insurance companies | 13,625 | 45 | % | 15,271 | 47 | % | ||||||||||||||||||||
CDFIs | — | — | % | — | — | % | ||||||||||||||||||||
Total advances | $ | 30,465 | 100 | % | $ | 32,272 | 100 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Product Type and Redemption Term | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||
Fixed-rate: | ||||||||||||||||||||||||||
Fixed-rate (1) | ||||||||||||||||||||||||||
Due in 1 year or less | $ | 8,840 | 29 | % | $ | 11,167 | 35 | % | ||||||||||||||||||
Due after 1 year | 8,500 | 28 | % | 7,479 | 23 | % | ||||||||||||||||||||
Total | 17,340 | 57 | % | 18,646 | 58 | % | ||||||||||||||||||||
Callable or prepayable | ||||||||||||||||||||||||||
Due in 1 year or less | — | — | % | — | — | % | ||||||||||||||||||||
Due after 1 year | 24 | — | % | 34 | — | % | ||||||||||||||||||||
Total | 24 | — | % | 34 | — | % | ||||||||||||||||||||
Putable | ||||||||||||||||||||||||||
Due in 1 year or less | — | — | % | — | — | % | ||||||||||||||||||||
Due after 1 year | 7,578 | 25 | % | 6,094 | 19 | % | ||||||||||||||||||||
Total | 7,578 | 25 | % | 6,094 | 19 | % | ||||||||||||||||||||
Other (2) | ||||||||||||||||||||||||||
Due in 1 year or less | 41 | — | % | 50 | — | % | ||||||||||||||||||||
Due after 1 year | 145 | — | % | 175 | 1 | % | ||||||||||||||||||||
Total | 186 | — | % | 225 | 1 | % | ||||||||||||||||||||
Total fixed-rate | 25,128 | 82 | % | 24,999 | 78 | % | ||||||||||||||||||||
Variable-rate: | ||||||||||||||||||||||||||
Variable-rate (1) | ||||||||||||||||||||||||||
Due in 1 year or less | 40 | — | % | 442 | 1 | % | ||||||||||||||||||||
Due after 1 year | — | — | % | — | — | % | ||||||||||||||||||||
Total | 40 | — | % | 442 | 1 | % | ||||||||||||||||||||
Callable or prepayable | ||||||||||||||||||||||||||
Due in 1 year or less | 156 | 1 | % | 133 | — | % | ||||||||||||||||||||
Due after 1 year | 5,141 | 17 | % | 6,698 | 21 | % | ||||||||||||||||||||
Total | 5,297 | 18 | % | 6,831 | 21 | % | ||||||||||||||||||||
Total variable-rate | 5,337 | 18 | % | 7,273 | 22 | % | ||||||||||||||||||||
Overdrawn demand and overnight deposit accounts | — | — | % | — | — | % | ||||||||||||||||||||
Total advances | $ | 30,465 | 100 | % | $ | 32,272 | 100 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Product Type | UPB | % of Total | UPB | % of Total | ||||||||||||||||||||||
MPP: | ||||||||||||||||||||||||||
Conventional Advantage | $ | 8,164 | 90 | % | $ | 9,526 | 90 | % | ||||||||||||||||||
Conventional Original | 456 | 5 | % | 561 | 5 | % | ||||||||||||||||||||
FHA | 235 | 3 | % | 276 | 3 | % | ||||||||||||||||||||
Total MPP | 8,855 | 98 | % | 10,363 | 98 | % | ||||||||||||||||||||
MPF Program: | ||||||||||||||||||||||||||
Conventional | 140 | 2 | % | 176 | 2 | % | ||||||||||||||||||||
Government | 38 | — | % | 47 | — | % | ||||||||||||||||||||
Total MPF Program | 178 | 2 | % | 223 | 2 | % | ||||||||||||||||||||
Total mortgage loans held for portfolio | $ | 9,033 | 100 | % | $ | 10,586 | 100 | % |
Components | September 30, 2020 | December 31, 2019 | Change | |||||||||||||||||
Cash and short-term investments: | ||||||||||||||||||||
Cash and due from banks | $ | 131 | $ | 220 | $ | (89) | ||||||||||||||
Interest-bearing deposits | 56 | 809 | (753) | |||||||||||||||||
Securities purchased under agreements to resell | 4,500 | 1,500 | 3,000 | |||||||||||||||||
Federal funds sold | 952 | 2,550 | (1,598) | |||||||||||||||||
Total cash and short-term investments | 5,639 | 5,079 | 560 | |||||||||||||||||
Trading securities: | ||||||||||||||||||||
U.S. Treasury obligations | 5,059 | 5,017 | 42 | |||||||||||||||||
Total trading securities | 5,059 | 5,017 | 42 | |||||||||||||||||
Other investment securities: | ||||||||||||||||||||
AFS securities: | ||||||||||||||||||||
GSE and TVA debentures | 4,026 | 3,927 | 99 | |||||||||||||||||
GSE MBS | 6,338 | 4,558 | 1,780 | |||||||||||||||||
Total AFS securities | 10,364 | 8,485 | 1,879 | |||||||||||||||||
HTM securities: | ||||||||||||||||||||
Other U.S. obligations - guaranteed MBS | 2,749 | 3,060 | (311) | |||||||||||||||||
GSE MBS | 1,523 | 2,156 | (633) | |||||||||||||||||
Total HTM securities | 4,272 | 5,216 | (944) | |||||||||||||||||
Total investment securities | 19,695 | 18,718 | 977 | |||||||||||||||||
Total cash and investments, carrying value | $ | 25,334 | $ | 23,797 | $ | 1,537 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Interest-Rate Payment Terms | Estimated Fair Value | % of Total | Estimated Fair Value | % of Total | ||||||||||||||||||||||
Trading Securities: | ||||||||||||||||||||||||||
U.S. Treasury obligations fixed-rate | $ | 5,059 | 100 | % | $ | 5,017 | 100 | % | ||||||||||||||||||
Total trading securities | $ | 5,059 | 100 | % | $ | 5,017 | 100 | % | ||||||||||||||||||
Amortized Cost | % of Total | Amortized Cost | % of Total | |||||||||||||||||||||||
AFS Securities: | ||||||||||||||||||||||||||
Total non-MBS fixed-rate | $ | 3,985 | 39 | % | $ | 3,885 | 46 | % | ||||||||||||||||||
Total MBS fixed-rate | 6,282 | 61 | % | 4,510 | 54 | % | ||||||||||||||||||||
Total AFS securities | $ | 10,267 | 100 | % | $ | 8,395 | 100 | % | ||||||||||||||||||
HTM Securities: | ||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||
Fixed-rate | $ | 302 | 7 | % | $ | 760 | 15 | % | ||||||||||||||||||
Variable-rate | 3,970 | 93 | % | 4,456 | 85 | % | ||||||||||||||||||||
Total MBS | 4,272 | 100 | % | 5,216 | 100 | % | ||||||||||||||||||||
Total HTM securities | $ | 4,272 | 100 | % | $ | 5,216 | 100 | % | ||||||||||||||||||
Total AFS and HTM securities: | ||||||||||||||||||||||||||
Total fixed-rate | $ | 10,569 | 73 | % | $ | 9,155 | 67 | % | ||||||||||||||||||
Total variable-rate | 3,970 | 27 | % | 4,456 | 33 | % | ||||||||||||||||||||
Total AFS and HTM securities | $ | 14,539 | 100 | % | $ | 13,611 | 100 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
By Term | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||
Consolidated obligations due in 1 year or less: | ||||||||||||||||||||||||||
Discount notes | $ | 19,466 | 32 | % | $ | 17,713 | 28 | % | ||||||||||||||||||
CO bonds | 28,157 | 47 | % | 23,405 | 38 | % | ||||||||||||||||||||
Total due in 1 year or less | 47,623 | 79 | % | 41,118 | 66 | % | ||||||||||||||||||||
Long-term CO bonds | 12,891 | 21 | % | 21,258 | 34 | % | ||||||||||||||||||||
Total consolidated obligations | $ | 60,514 | 100 | % | $ | 62,376 | 100 | % |
Hedged Item | September 30, 2020 | December 31, 2019 | ||||||||||||
Advances | $ | 18,696 | $ | 17,113 | ||||||||||
Investments | 15,138 | 13,917 | ||||||||||||
Mortgage loans | 523 | 991 | ||||||||||||
CO bonds | 13,074 | 17,031 | ||||||||||||
Discount notes | 2,150 | 1,350 | ||||||||||||
Total notional | $ | 49,581 | $ | 50,402 |
September 30, 2020 | Advances | Investments | CO Bonds | Total | ||||||||||||||||||||||
Cumulative fair-value hedging basis adjustments on hedged items | $ | 796 | $ | 734 | $ | (32) | $ | 1,498 | ||||||||||||||||||
Estimated fair value of associated derivatives, net | (791) | (751) | 31 | (1,511) | ||||||||||||||||||||||
Net cumulative fair-value hedging basis adjustments | $ | 5 | $ | (17) | $ | (1) | $ | (13) |
Components | September 30, 2020 | December 31, 2019 | ||||||||||||
Capital stock | 65 | % | 63 | % | ||||||||||
Retained earnings | 33 | % | 35 | % | ||||||||||
AOCI | 2 | % | 2 | % | ||||||||||
Total GAAP capital | 100 | % | 100 | % |
Reconciliation | September 30, 2020 | December 31, 2019 | ||||||||||||
Total GAAP capital | $ | 3,422 | $ | 3,157 | ||||||||||
Exclude: AOCI | (74) | (68) | ||||||||||||
Add: MRCS | 262 | 323 | ||||||||||||
Total regulatory capital | $ | 3,610 | $ | 3,412 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
By Type of Member Institution | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Capital Stock: | ||||||||||||||||||||||||||
Depository institutions: | ||||||||||||||||||||||||||
Commercial banks and savings institutions | $ | 1,105 | 44 | % | $ | 955 | 42 | % | ||||||||||||||||||
Credit unions | 298 | 12 | % | 277 | 12 | % | ||||||||||||||||||||
Total depository institutions | 1,403 | 56 | % | 1,232 | 54 | % | ||||||||||||||||||||
Insurance companies | 821 | 33 | % | 742 | 32 | % | ||||||||||||||||||||
CDFIs | — | — | % | — | — | % | ||||||||||||||||||||
Total capital stock, putable at par value | 2,224 | 89 | % | 1,974 | 86 | % | ||||||||||||||||||||
MRCS: | ||||||||||||||||||||||||||
Captive insurance companies | 62 | 3 | % | 136 | 6 | % | ||||||||||||||||||||
Former members (1) | 200 | 8 | % | 187 | 8 | % | ||||||||||||||||||||
Total MRCS | 262 | 11 | % | 323 | 14 | % | ||||||||||||||||||||
Total regulatory capital stock | $ | 2,486 | 100 | % | $ | 2,297 | 100 | % |
Components | September 30, 2020 | December 31, 2019 | ||||||||||||
Member capital stock not subject to outstanding redemption requests | $ | 661 | $ | 441 | ||||||||||
Member capital stock subject to outstanding redemption requests | — | 1 | ||||||||||||
MRCS | 225 | 175 | ||||||||||||
Total excess capital stock | $ | 886 | $ | 617 | ||||||||||
Excess stock as a percentage of regulatory capital stock | 36 | % | 27 | % |
Risk-Based Capital Components | September 30, 2020 | December 31, 2019 | ||||||||||||
Credit risk | $ | 167 | $ | 294 | ||||||||||
Market risk | 278 | 198 | ||||||||||||
Operations risk | 134 | 147 | ||||||||||||
Total risk-based capital requirement | $ | 579 | $ | 639 | ||||||||||
Permanent capital | $ | 3,610 | $ | 3,412 |
September 30, 2020 | A | Total | ||||||||||||
Domestic | $ | 143 | $ | 143 | ||||||||||
Australia | 865 | 865 | ||||||||||||
Total unsecured credit exposure | $ | 1,008 | $ | 1,008 |
Below | ||||||||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | AAA | AA | A | BBB | Grade | Total | ||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | — | $ | 56 | $ | — | $ | — | $ | 56 | ||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 4,500 | — | — | — | 4,500 | ||||||||||||||||||||||||||||||||
Federal funds sold | — | — | 952 | — | — | 952 | ||||||||||||||||||||||||||||||||
Total short-term investments | — | 4,500 | 1,008 | — | — | 5,508 | ||||||||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | — | 5,059 | — | — | — | 5,059 | ||||||||||||||||||||||||||||||||
Total trading securities | — | 5,059 | — | — | — | 5,059 | ||||||||||||||||||||||||||||||||
Other investment securities: | ||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | — | 4,026 | — | — | — | 4,026 | ||||||||||||||||||||||||||||||||
GSE MBS | — | 7,861 | — | — | — | 7,861 | ||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | — | 2,749 | — | — | — | 2,749 | ||||||||||||||||||||||||||||||||
Total other investment securities | — | 14,636 | — | — | — | 14,636 | ||||||||||||||||||||||||||||||||
Total investments, carrying value | $ | — | $ | 24,195 | $ | 1,008 | $ | — | $ | — | $ | 25,203 | ||||||||||||||||||||||||||
Percentage of total | — | % | 96 | % | 4 | % | — | % | — | % | 100 | % | ||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | — | $ | 809 | $ | — | $ | — | $ | 809 | ||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 1,500 | — | — | — | 1,500 | ||||||||||||||||||||||||||||||||
Federal funds sold | — | 1,090 | 1,460 | — | — | 2,550 | ||||||||||||||||||||||||||||||||
Total short-term investments | — | 2,590 | 2,269 | — | — | 4,859 | ||||||||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | — | 5,017 | — | — | — | 5,017 | ||||||||||||||||||||||||||||||||
Total trading securities | — | 5,017 | — | — | — | 5,017 | ||||||||||||||||||||||||||||||||
Other investment securities: | ||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | — | 3,927 | — | — | — | 3,927 | ||||||||||||||||||||||||||||||||
GSE MBS | — | 6,714 | — | — | — | 6,714 | ||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | — | 3,060 | — | — | — | 3,060 | ||||||||||||||||||||||||||||||||
Total other investment securities | — | 13,701 | — | — | — | 13,701 | ||||||||||||||||||||||||||||||||
Total investments, carrying value | $ | — | $ | 21,308 | $ | 2,269 | $ | — | $ | — | $ | 23,577 | ||||||||||||||||||||||||||
Percentage of total | — | % | 90 | % | 10 | % | — | % | — | % | 100 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||
LRA Activity | Original | Advantage | Total | |||||||||||||||||
Liability, beginning of period | $ | 6 | $ | 191 | $ | 197 | ||||||||||||||
Additions | — | 5 | 5 | |||||||||||||||||
Claims paid | — | — | — | |||||||||||||||||
Distributions to PFIs | (1) | — | (1) | |||||||||||||||||
Liability, end of period | $ | 5 | $ | 196 | $ | 201 |
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
LRA Activity | Original | Advantage | Total | |||||||||||||||||
Liability, beginning of period | $ | 7 | $ | 180 | $ | 187 | ||||||||||||||
Additions | — | 17 | 17 | |||||||||||||||||
Claims paid | — | — | — | |||||||||||||||||
Distributions to PFIs | (2) | (1) | (3) | |||||||||||||||||
Liability, end of period | $ | 5 | $ | 196 | $ | 201 |
September 30, 2020 | Notional Amount | Net Estimated Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure | ||||||||||||||||||||||
Non-member counterparties: | ||||||||||||||||||||||||||
Asset positions with credit exposure | ||||||||||||||||||||||||||
Uncleared derivatives - A | $ | 233 | $ | — | $ | — | $ | — | ||||||||||||||||||
Cleared derivatives (1) | 32,694 | 19 | 278 | 297 | ||||||||||||||||||||||
Liability positions with credit exposure | ||||||||||||||||||||||||||
Uncleared derivatives - A | 13,483 | (920) | 939 | 19 | ||||||||||||||||||||||
Uncleared derivatives - BBB | 580 | (9) | 11 | 2 | ||||||||||||||||||||||
Cleared derivatives (1) | 1,911 | — | 2 | 2 | ||||||||||||||||||||||
Total derivative positions with credit exposure to non-member counterparties | 48,901 | (910) | 1,230 | 320 | ||||||||||||||||||||||
Total derivative positions with credit exposure to member institutions (2) | 125 | — | — | — | ||||||||||||||||||||||
Subtotal - derivative positions with credit exposure | 49,026 | $ | (910) | $ | 1,230 | $ | 320 | |||||||||||||||||||
Derivative positions without credit exposure | 555 | |||||||||||||||||||||||||
Total derivative positions | $ | 49,581 |
LIBOR-Indexed Financial Instruments | Year of Maturity | |||||||||||||||||||||||||
September 30, 2020 | 2020 | 2021 | 2022 and thereafter | Total | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Advances, par value (1) | $ | — | $ | 175 | $ | 3,600 | $ | 3,775 | ||||||||||||||||||
Mortgage-backed securities, par value (2) | — | — | 3,867 | 3,867 | ||||||||||||||||||||||
Total | $ | — | $ | 175 | $ | 7,467 | $ | 7,642 | ||||||||||||||||||
Interest-rate swaps - receive leg, notional: | ||||||||||||||||||||||||||
Cleared | $ | 1,916 | $ | 2,162 | $ | 6,988 | $ | 11,066 | ||||||||||||||||||
Uncleared | 10 | 117 | 11,521 | 11,648 | ||||||||||||||||||||||
Total | $ | 1,926 | $ | 2,279 | $ | 18,509 | $ | 22,714 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
CO bonds, par value (2) | $ | 3,075 | $ | 6,450 | $ | — | $ | 9,525 | ||||||||||||||||||
Interest-rate swaps - pay leg, notional: | ||||||||||||||||||||||||||
Cleared | $ | 3,572 | $ | 9,344 | $ | 434 | $ | 13,350 | ||||||||||||||||||
Uncleared | 80 | 1,030 | 264 | 1,374 | ||||||||||||||||||||||
Total | $ | 3,652 | $ | 10,374 | $ | 698 | $ | 14,724 | ||||||||||||||||||
Other derivatives, notional: | ||||||||||||||||||||||||||
Interest-rate caps held | $ | — | $ | — | $ | 626 | $ | 626 |
December 31, 2019 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Advances, par value (1) | $ | 178 | $ | 311 | $ | 3,841 | $ | 4,330 | ||||||||||||||||||
Mortgage-backed securities, par value (2) | 12 | — | 4,437 | 4,449 | ||||||||||||||||||||||
Total | $ | 190 | $ | 311 | $ | 8,278 | $ | 8,779 | ||||||||||||||||||
Interest-rate swaps - receive leg, notional: | ||||||||||||||||||||||||||
Cleared | $ | 4,364 | $ | 1,871 | $ | 7,087 | $ | 13,322 | ||||||||||||||||||
Uncleared | 279 | 117 | 10,814 | 11,210 | ||||||||||||||||||||||
Total | $ | 4,643 | $ | 1,988 | $ | 17,901 | $ | 24,532 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
CO bonds, par value (2) | $ | 10,235 | $ | 1,050 | $ | — | $ | 11,285 | ||||||||||||||||||
Interest-rate swaps - pay leg, notional: | ||||||||||||||||||||||||||
Cleared | $ | 4,520 | $ | 849 | $ | 234 | $ | 5,603 | ||||||||||||||||||
Uncleared | 2,737 | 2,445 | 6,248 | 11,430 | ||||||||||||||||||||||
Total | $ | 7,257 | $ | 3,294 | $ | 6,482 | $ | 17,033 | ||||||||||||||||||
Other derivatives, notional: | ||||||||||||||||||||||||||
Interest-rate caps held | $ | 43 | $ | — | $ | 626 | $ | 669 |
Date | VaR | |||||||
September 30, 2020 | $ | 278 | ||||||
December 31, 2019 | 198 |
September 30, 2020 | Down 200 (1) | Down 100 (1) | Base | Up 100 | Up 200 | |||||||||||||||||||||||||||
MVE | $ | 3,685 | $ | 3,696 | $ | 3,623 | $ | 3,601 | $ | 3,535 | ||||||||||||||||||||||
Percent change in MVE from base | 1.7 | % | 2.0 | % | 0 | % | (0.6) | % | (2.4) | % | ||||||||||||||||||||||
MVE/Book value of equity | 100.0 | % | 100.3 | % | 98.4 | % | 97.7 | % | 96.0 | % | ||||||||||||||||||||||
Duration of equity (2) | (0.1) | 0.3 | 1.6 | 1.3 | 2.2 |
December 31, 2019 | ||||||||||||||||||||||||||||||||
MVE | $ | 3,353 | $ | 3,285 | $ | 3,237 | $ | 3,175 | $ | 3,171 | ||||||||||||||||||||||
Percent change in MVE from base | 3.6 | % | 1.5 | % | 0 | % | (1.9) | % | (2.0) | % | ||||||||||||||||||||||
MVE/Book value of equity | 96.4 | % | 94.4 | % | 93.0 | % | 91.2 | % | 91.1 | % | ||||||||||||||||||||||
Duration of equity (2) | 2.0 | 0.5 | 2.4 | 0.5 | 0.5 |
Exhibit Number | Description | |||||||
3.1* | ||||||||
3.2* | ||||||||
4.1* | ||||||||
4.2* | ||||||||
10.1* | ||||||||
10.2* | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
FEDERAL HOME LOAN BANK OF INDIANAPOLIS | ||||||||
November 10, 2020 | By: | /s/ CINDY L. KONICH | ||||||
Name: | Cindy L. Konich | |||||||
Title: | President - Chief Executive Officer | |||||||
November 10, 2020 | By: | /s/ GREGORY L. TEARE | ||||||
Name: | Gregory L. Teare | |||||||
Title: | Executive Vice President - Chief Financial Officer | |||||||
November 10, 2020 | By: | /s/ K. LOWELL SHORT, JR. | ||||||
Name: | K. Lowell Short, Jr. | |||||||
Title: | Senior Vice President - Chief Accounting Officer |
Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Amortized cost | [1] | $ 10,266,677 | $ 8,394,665 | |
Estimated fair value | $ 4,296,287 | $ 5,216,206 | ||
Common stock putable, par value per share (usd per share) | $ 100 | $ 100 | ||
Class B | ||||
Common stock issued (in shares) | 22,236,699 | 19,740,755 | ||
Common stock outstanding (in shares) | 22,236,699 | 19,740,755 | ||
|
Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Interest Income: | ||||
Advances | $ 45,084 | $ 207,226 | $ 291,030 | $ 641,126 |
Interest-bearing deposits | 364 | 6,923 | 5,396 | 16,610 |
Securities purchased under agreements to resell | 820 | 24,212 | 10,879 | 69,872 |
Federal funds sold | 542 | 10,163 | 10,155 | 50,678 |
Trading securities | 22,335 | 18,441 | 71,651 | 31,896 |
Available-for-sale securities | 22,539 | 48,360 | 72,682 | 154,627 |
Held-to-maturity securities | 11,201 | 36,388 | 60,147 | 116,245 |
Mortgage loans held for portfolio | 48,268 | 87,741 | 189,496 | 277,440 |
Total interest income | 151,153 | 439,454 | 711,436 | 1,358,494 |
Interest Expense: | ||||
Consolidated obligation discount notes | 10,967 | 110,286 | 111,056 | 368,799 |
Consolidated obligation bonds | 77,398 | 271,639 | 398,449 | 803,497 |
Deposits | 32 | 3,655 | 2,821 | 10,170 |
Mandatorily redeemable capital stock | 2,037 | 3,514 | 7,777 | 8,585 |
Other interest expense | 0 | 36 | 0 | 36 |
Total interest expense | 90,434 | 389,130 | 520,103 | 1,191,087 |
Net interest income | 60,719 | 50,324 | 191,333 | 167,407 |
Provision for (reversal of) credit losses | 124 | (180) | 172 | (166) |
Net interest income after provision for credit losses | 60,595 | 50,504 | 191,161 | 167,573 |
Other Income: | ||||
Net realized gains from sale of available-for-sale securities | 504 | 0 | 504 | 0 |
Net gains (losses) on trading securities | (19,331) | 5,601 | 1,975 | 26,257 |
Net losses on derivatives and hedging activities | (297) | (3,612) | (52,124) | (21,399) |
Other, net | 1,931 | 410 | 1,911 | 3,328 |
Total other income (loss) | (16,877) | 2,786 | (46,803) | 9,270 |
Other Expenses: | ||||
Compensation and benefits | 14,519 | 12,698 | 44,156 | 40,255 |
Other operating expenses | 7,847 | 7,925 | 22,881 | 21,045 |
Federal Housing Finance Agency | 1,181 | 1,012 | 3,516 | 3,009 |
Office of Finance | 1,293 | 1,370 | 3,604 | 3,515 |
Other | 2,053 | 1,154 | 5,244 | 3,526 |
Total other expenses | 26,893 | 24,159 | 79,401 | 71,350 |
Income before assessments | 16,825 | 29,131 | 64,957 | 105,493 |
Affordable Housing Program assessments | 1,886 | 3,265 | 7,273 | 11,408 |
Net income | 14,939 | 25,866 | 57,684 | 94,085 |
Service fees | ||||
Other Income: | ||||
Fees | 128 | 186 | 425 | 581 |
Standby letters of credit fees | ||||
Other Income: | ||||
Fees | $ 188 | $ 201 | $ 506 | $ 503 |
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 14,939 | $ 25,866 | $ 57,684 | $ 94,085 |
Other Comprehensive Income: | ||||
Net change in unrealized gains (losses) on available-for-sale securities | 77,290 | (2,139) | 7,479 | 16,842 |
Pension benefits, net | 867 | 486 | (807) | (2,882) |
Total other comprehensive income (loss) | 78,157 | (1,653) | 6,672 | 13,960 |
Total comprehensive income | $ 93,096 | $ 24,213 | $ 64,356 | $ 108,045 |
Statements of Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 3,317,941 | $ 3,198,876 | $ 3,156,760 | $ 3,050,449 |
Total comprehensive income (loss) | 93,096 | 24,213 | 64,356 | 108,045 |
Proceeds from issuance of capital stock | 30,432 | 39,796 | 264,022 | 159,476 |
Redemption/repurchase of capital stock | (585) | (585) | ||
Shares reclassified to mandatorily redeemable capital stock, net | (496) | (148,870) | (13,843) | (150,979) |
Partial recovery of prior capital distribution to Financing Corporation | 10,574 | |||
Cash dividends on capital stock | (18,825) | (28,339) | (59,721) | (81,315) |
Ending Balance | $ 3,421,563 | $ 3,085,676 | $ 3,421,563 | $ 3,085,676 |
Capital Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 21,943 | 20,485 | 19,741 | 19,310 |
Beginning Balance | $ 2,194,319 | $ 2,048,523 | $ 1,974,076 | $ 1,930,952 |
Proceeds from issuance of capital stock (in shares) | 305 | 398 | 2,640 | 1,594 |
Proceeds from issuance of capital stock | $ 30,432 | $ 39,796 | $ 264,022 | $ 159,476 |
Redemption/repurchase of capital stock (in shares) | (6) | (6) | ||
Redemption/repurchase of capital stock | $ (585) | $ (585) | ||
Shares reclassified to mandatorily redeemable capital stock, net (in shares) | (5) | (1,489) | (138) | (1,510) |
Shares reclassified to mandatorily redeemable capital stock, net | $ (496) | $ (148,870) | $ (13,843) | $ (150,979) |
Ending Balance | $ 2,223,670 | $ 1,939,449 | $ 2,223,670 | $ 1,939,449 |
Ending Balance (in shares) | 22,237 | 19,394 | 22,237 | 19,394 |
Retained Earnings Total | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 1,127,731 | $ 1,093,053 | $ 1,115,308 | $ 1,077,810 |
Total comprehensive income (loss) | 14,939 | 25,866 | 57,684 | 94,085 |
Partial recovery of prior capital distribution to Financing Corporation | 10,574 | |||
Cash dividends on capital stock | (18,825) | (28,339) | (59,721) | (81,315) |
Ending Balance | 1,123,845 | 1,090,580 | 1,123,845 | 1,090,580 |
Retained Earnings, Unrestricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 868,328 | 856,911 | 864,454 | 855,311 |
Total comprehensive income (loss) | 11,952 | 20,692 | 46,148 | 75,268 |
Partial recovery of prior capital distribution to Financing Corporation | 10,574 | |||
Cash dividends on capital stock | (18,825) | (28,339) | (59,721) | (81,315) |
Ending Balance | 861,455 | 849,264 | 861,455 | 849,264 |
Retained Earnings, Restricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 259,403 | 236,142 | 250,854 | 222,499 |
Total comprehensive income (loss) | 2,987 | 5,174 | 11,536 | 18,817 |
Ending Balance | 262,390 | 241,316 | 262,390 | 241,316 |
Accumulated Other Comprehensive Income (Loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (4,109) | 57,300 | 67,376 | 41,687 |
Total comprehensive income (loss) | 78,157 | (1,653) | 6,672 | 13,960 |
Ending Balance | $ 74,048 | $ 55,647 | $ 74,048 | $ 55,647 |
Statements of Capital (Unaudited) (Parenthetical) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||||
Annualized dividend rate on capital stock | 3.50% | 5.50% | 3.91% | 5.50% |
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
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Operating Activities: | ||||
Net income | $ 57,684 | $ 94,085 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Amortization and depreciation | 53,918 | 61,251 | ||
Changes in net derivative and hedging activities | (470,940) | (348,291) | ||
Provision for (reversal of) credit losses | 172 | (166) | ||
Net gains on trading securities | (1,975) | (26,257) | ||
Net realized gains from sale of available-for-sale securities | (504) | 0 | ||
Changes in: | ||||
Accrued interest receivable | 26,910 | (8,667) | ||
Other assets | (1,670) | (736) | ||
Accrued interest payable | (114,660) | (3,243) | ||
Other liabilities | 44,253 | 16,652 | ||
Total adjustments, net | (464,496) | (309,457) | ||
Net cash used in operating activities | (406,812) | (215,372) | ||
Net change in: | ||||
Interest-bearing deposits | (34,408) | 221,363 | ||
Securities purchased under agreements to resell | (3,000,000) | (337,274) | ||
Federal funds sold | 1,598,000 | 1,670,000 | ||
Trading securities: | ||||
Proceeds from maturities | 3,160,000 | 0 | ||
Purchases | (3,200,361) | (4,385,044) | ||
Available-for-sale securities: | ||||
Proceeds from maturities | 93,550 | 510,500 | ||
Proceeds from sales | 96,779 | 0 | ||
Purchases | (1,564,036) | (610,415) | ||
Held-to-maturity securities: | ||||
Proceeds from maturities | 1,128,834 | 813,026 | ||
Purchases | (125,019) | (109,369) | ||
Advances: | ||||
Principal repayments | 199,835,256 | 289,850,757 | ||
Disbursements to members | (198,028,162) | (289,182,302) | ||
Mortgage loans held for portfolio: | ||||
Principal collections | 3,175,183 | 1,211,661 | ||
Purchases from members | (1,509,048) | (876,635) | ||
Purchases of premises, software, and equipment | (3,889) | (4,596) | ||
Loans to other Federal Home Loan Banks: | ||||
Principal repayments | 80,000 | 0 | ||
Disbursements | (80,000) | 0 | ||
Net cash provided by (used in) investing activities | 1,622,679 | (1,228,328) | ||
Financing Activities: | ||||
Changes in deposits | 338,552 | 128,515 | ||
Net payments on derivative contracts with financing elements | (2,307) | 185 | ||
Net proceeds from issuance of consolidated obligations: | ||||
Discount notes | 238,137,022 | 245,285,750 | ||
Bonds | 37,468,384 | 28,145,595 | ||
Payments for matured and retired consolidated obligations: | ||||
Discount notes | (236,329,608) | (250,889,998) | ||
Bonds | (41,057,605) | (21,359,255) | ||
Loans from other Federal Home Loan Banks: | ||||
Proceeds from borrowings | 0 | 250,000 | ||
Principal repayments | 0 | (250,000) | ||
Proceeds from issuance of capital stock | 264,022 | 159,476 | ||
Proceeds from issuance of mandatorily redeemable capital stock | 0 | 3,704 | ||
Payments for redemption/repurchase of capital stock | (585) | 0 | ||
Payments for redemption/repurchase of mandatorily redeemable capital stock | (74,294) | (540) | ||
Partial recovery of prior capital distribution to Financing Corporation | 10,574 | 0 | ||
Dividend payments on capital stock | (59,721) | (80,622) | ||
Net cash provided by (used in) financing activities | (1,305,566) | 1,392,810 | ||
Net decrease in cash and due from banks | (89,699) | (50,890) | ||
Cash and due from banks at beginning of period | 220,294 | 100,735 | ||
Cash and due from banks at end of period | 130,595 | 49,845 | ||
Supplemental Disclosures: | ||||
Interest payments | 716,017 | 1,158,294 | ||
Affordable Housing Program payments | [1] | 10,776 | 15,085 | |
Purchases of investment securities, traded but not yet settled | 65,000 | 54,609 | ||
Capitalized interest on certain held-to-maturity securities | 1,349 | 3,900 | ||
Par value of shares reclassified to mandatorily redeemable capital stock, net | $ 13,843 | $ 150,979 | ||
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Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Unless the context otherwise requires, the terms "we," "us," "our," and "Bank" refer to the Federal Home Loan Bank of Indianapolis or its management. We use acronyms and terms throughout these Notes to Financial Statements that are defined in the Defined Terms. Basis of Presentation. The accompanying interim financial statements have been prepared in accordance with GAAP and SEC requirements for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Certain disclosures that would have substantially duplicated the disclosures in the financial statements, and notes thereto, included in our 2019 Form 10-K have been omitted unless the information contained in those disclosures materially changed. Therefore, these interim financial statements should be read in conjunction with our audited financial statements, and notes thereto, included in our 2019 Form 10-K. The financial statements contain all adjustments that are, in the opinion of management, necessary for a fair statement of our financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full calendar year or any other interim period. Use of Estimates. When preparing financial statements in accordance with GAAP, we are required to make subjective assumptions and estimates that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expense. Although the reported amounts and disclosures reflect our best estimates, actual results could differ significantly from these estimates. The most significant estimates pertain to derivatives and hedging activities, and the fair value of financial instruments. Significant Accounting Policies. Our significant accounting policies and certain other disclosures are set forth in our 2019 Form 10-K in Note 1 - Summary of Significant Accounting Policies. The adoption of ASU 2016-13, Measurement of Expected Credit Losses on Financial Instruments, resulted in the following revisions to our significant accounting policies. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold. These investments are evaluated quarterly for expected credit losses. If necessary, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. We use the collateral maintenance provision practical expedient for securities purchased under agreements to resell. Consequently, a credit loss would be recognized if there is a collateral shortfall which we do not believe the counterparty will replenish in accordance with its contractual terms. The credit loss would be limited to the difference between the estimated fair value of the collateral and the investment’s amortized cost. For more information on the allowance methodology related to these investments, see Note 3 - Investments. Investment Securities. HTM Securities. HTM securities are evaluated quarterly for expected credit losses on a collective, or pooled, basis unless an individual assessment is deemed necessary, e.g. the securities do not possess similar risk characteristics. If deemed necessary, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. For more information on the allowance methodology related to these investments, see Note 3 - Investments. AFS Securities. We individually evaluate our AFS securities for impairment on a quarterly basis. Impairment exists when the estimated fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, we consider whether there could be a shortfall in receiving all cash flows contractually due. When a shortfall is considered possible, we compare the present value of cash flows to be collected from the security with its amortized cost. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. The allowance is limited by the amount of the unrealized loss and excludes any uncollectible accrued interest receivable, which is measured separately. If we do not intend to sell an impaired AFS security and it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, any remaining difference between the security’s estimated fair value and amortized cost is recorded to net unrealized gains (losses) on AFS securities within OCI. If we intend to sell an impaired AFS security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses is charged off and the amortized cost basis is written down to the security’s estimated fair value at the reporting date with any such impairment reported in earnings as net gains (losses) on investment securities. For more information on the allowance methodology related to these investments, see Note 3 - Investments. Advances. Our advances are evaluated quarterly on a collective, or pooled, basis unless an individual assessment is deemed necessary, e.g. the advances do not possess similar risk characteristics. If any credit losses are expected, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. For more information on the allowance methodology related to advances, see Note 4 - Advances. Mortgage Loans Held for Portfolio. On a quarterly basis, we apply a systematic approach for estimating the allowance for expected credit losses on our conventional mortgage loans over their estimated remaining lives through analyses that include, among other considerations, various loan portfolio and collateral-related characteristics, past loan performance, current and historical economic conditions, and reasonable and supportable forecasts of expected economic conditions. An allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. We measure expected losses on our conventional mortgage loans on a collective basis, pooling loans with similar risk characteristics. If a mortgage loan no longer shares risk characteristics with other loans, it is removed from the pool and evaluated for expected losses on an individual basis. In addition, we individually evaluate all TDRs, any remaining exposure to delinquent conventional MPP loans paid in full by servicers, and collateral dependent loans. Loans are considered collateral dependent if repayment is expected to be provided solely by the sale of the underlying property, i.e., there is no other available and reliable source of repayment (including LRA and SMI). The Bank estimates expected losses on collateral dependent loans by applying a practical expedient that considers the expected loss of a collateral dependent loan to be equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. When developing the allowance for credit losses, we consider how credit enhancements are expected to mitigate credit losses and reduce the allowance accordingly. If a loan is purchased at a discount, the discount does not offset the allowance for credit losses. The allowance excludes uncollectible accrued interest receivable, as we charge off accrued interest receivable by reversing interest income if a mortgage loan is placed on nonaccrual status. For more information on the allowance methodology related to mortgage loans, see Note 5 - Mortgage Loans Held for Portfolio. Off-Balance Sheet Credit Exposures. We evaluate our off-balance sheet credit exposures on a quarterly basis for expected credit losses. If deemed necessary, an allowance for expected credit losses is recorded in other liabilities with a corresponding adjustment to the provision for credit losses. For more information about our off-balance sheet credit exposures, see Note 13 - Commitments and Contingencies.
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Recently Adopted and Issued Accounting Guidance |
9 Months Ended |
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Sep. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted and Issued Accounting Guidance | Note 2 - Recently Adopted and Issued Accounting Guidance Recently Adopted Accounting Guidance. Measurement of Credit Losses on Financial Instruments (ASU 2016-13). On June 16, 2016, the FASB issued guidance replacing the current incurred loss model. The guidance requires entities to measure expected credit losses based on consideration of a broad range of relevant information, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount of the financial instrument. This guidance was effective for the interim and annual periods beginning on January 1, 2020 and was applied using a modified-retrospective method. In spite of the requirement to measure expected credit losses over the estimated life of our financial instruments, i.e. interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, investment securities, advances, and mortgage loans held for portfolio, the adoption of this guidance had no effect on our allowance for credit losses given the specific terms, issuer guarantees, and/or collateralized/secured nature of the instruments, and therefore no cumulative-effect adjustment was recorded to retained earnings as of January 1, 2020. Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). On August 28, 2018, the FASB issued guidance to update the disclosure requirements for fair value measurement. This guidance was issued as part of the FASB's disclosure framework project and is intended to improve disclosure effectiveness. The guidance was effective for the interim and annual periods beginning on January 1, 2020. The adoption of this guidance will allow us to eliminate an annual disclosure related to the process for determining the estimated fair value of Level 3 impaired mortgage loans held for portfolio, but had no effect on our financial condition, results of operations or cash flows. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (ASU 2018-15). On August 29, 2018, the FASB issued guidance on implementation costs incurred in a hosting arrangement that is a service contract. The guidance aligns the requirements for capitalizing such costs with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. This guidance was effective for the interim and annual periods beginning on January 1, 2020. The adoption of this guidance on a prospective basis had no effect on our financial condition, results of operations, or cash flows. The CARES Act and Interagency Statement. On March 27, 2020, Section 4013 of the CARES Act was signed into law and provides optional, temporary relief from the accounting and reporting requirements for TDRs on certain conventional loan modifications related to COVID-19 that are offered by financial institutions, including a forbearance arrangement, an interest rate modification, a repayment plan, or any similar arrangement that defers or delays payment of principal or interest. To qualify for such relief, a loan must have been current as of December 31, 2019 and the modification must occur between March 1, 2020 and the earlier of December 31, 2020 or 60 days following the termination of the national emergency declared by the President of the United States. In addition to the CARES Act, the Board of Governors of the Federal Reserve System, the FDIC, National Credit Union Administration, OCC, CFPB and the State Banking Regulators (collectively, the "Banking Agencies") issued a Revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (the "Interagency Statement") in April 2020. The Interagency Statement primarily offers certain interpretations of existing GAAP relative to conventional loan modifications that occur in response to the COVID-19 pandemic. In the second quarter of 2020, we elected to apply the TDR relief that is provided by the CARES Act and further clarified by the Interagency Statement. As such, all qualifying COVID-related loan modifications considered to be formal, i.e. the legal terms of the loan were changed, are excluded from TDR classification and accounting. As of September 30, 2020, we had $1.8 million of loans outstanding with such formal modifications. For all informal COVID-related loan modifications, i.e. the legal terms of the loan were not changed, we continue to follow our existing past-due, non-accrual, TDR, and charge-off accounting policies as disclosed in Note 1 - Summary of Significant Accounting Policies in our 2019 Form 10-K. Recently Issued Accounting Guidance. Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). On August 28, 2018, the FASB issued guidance to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This guidance was issued as part of the FASB's disclosure framework project and is intended to improve disclosure effectiveness. The guidance is effective for the annual period ended December 31, 2020. The adoption of this guidance will require us to add a disclosure to describe the reasons for any significant gains and losses related to changes in our benefit obligation and remove an existing disclosure regarding amounts in AOCI expected to be recognized as components of net periodic benefit cost over the next fiscal year. The guidance will have no effect on our financial condition, results of operations or cash flows. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). On March 12, 2020, the FASB issued optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Specifically, the guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform, if certain criteria are met. These transactions include: (i) contract modifications, (ii) hedging relationships, and (iii) sales or transfers of debt securities classified as HTM. The guidance is effective from March 12, 2020 through December 31, 2022. We may elect to adopt the guidance for eligible contract modifications and hedging relationships existing as of January 1, 2020 and prospectively thereafter until the expiration date of the guidance. The one-time election to sell, transfer, or both sell and transfer debt securities classified as HTM may be made at any time after March 12, 2020, but no later than December 31, 2022. We expect that we will elect to apply certain of the expedients and exceptions provided in the guidance; however, we are still evaluating the guidance and have yet to apply any of its provisions. Therefore, the impact of the adoption of the guidance on our financial condition, results of operations, or cash flows has not yet been determined.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Note 3 - Investments Short-term Investments. We invest in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold to provide short-term liquidity. Allowance for Credit Losses. These investments are generally transacted with counterparties that maintain a credit rating of triple-B or higher (investment grade) by an NRSRO. At September 30, 2020, none of these investments were with counterparties rated below single-A and none were with unrated counterparties. The NRSRO ratings may differ from our internal ratings of the investments, if applicable. Interest-Bearing Deposits. Interest-bearing deposits are considered overnight investments given our ability to withdraw funds from these accounts at any time. As such, no allowance for credit losses was recorded for these investments at September 30, 2020 or December 31, 2019. The carrying values of interest-bearing deposits at September 30, 2020 and December 31, 2019 exclude accrued interest receivable of $15 and $1,080, respectively. Securities Purchased Under Agreements to Resell. Securities purchased under agreements to resell 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 our counterparties, no allowance for credit losses was recorded for securities purchased under agreements to resell at September 30, 2020 or December 31, 2019. The carrying values of securities purchased under agreements to resell as of September 30, 2020 and December 31, 2019 exclude accrued interest receivable of $10 and $65, respectively. Federal Funds Sold. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Finance Agency regulations include a limit on the amount of unsecured credit an individual FHLBank may extend to a counterparty. All investments in federal funds sold at September 30, 2020 and December 31, 2019 were repaid according to the contractual terms and, therefore, no allowance for credit losses was recorded. The carrying values of federal funds sold at September 30, 2020 and December 31, 2019 exclude accrued interest receivable of $3 and $111, respectively. Investment Securities. Trading Securities. Major Security Types. The following table presents our trading securities by type of security.
Net Gains (Losses) on Trading Securities. The following table presents net gains (losses) on trading securities, excluding any offsetting effect of gains (losses) on the associated derivatives.
Available-for-Sale Securities. Major Security Types. The following table presents our AFS securities by type of security.
(1) Includes adjustments made to the cost basis for accretion, amortization, net charge-offs, and, if applicable, fair-value hedging basis adjustments, and excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $30,237 and $32,963, respectively. Carrying value equals estimated fair value. Unrealized Loss Positions. The following table presents impaired AFS securities (i.e., in an unrealized loss position), aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.
Contractual Maturity. The amortized cost and estimated fair value of non-MBS AFS securities are presented below by contractual maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees.
Realized Gains and Losses. During the three and nine months ended September 30, 2020, for strategic, economic and operational reasons, we sold certain of our GSE MBS. Proceeds from the AFS sales totaled $96,779, resulting in net realized gains of $504, comprised of realized gains of $715 and realized losses of $211 determined by the specific identification method. There were no sales during the three or nine months ended September 30, 2019. Held-to-Maturity Securities. Major Security Types. The following table presents our HTM securities by type of security.
(1) Carrying value equals amortized cost, which includes adjustments made to the cost basis for accretion, amortization and/or net charge-offs and excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $2,819 and $7,156, respectively. (2) Gross unrecognized holding gains (losses) represent the cumulative increases (decreases) in estimated fair value. Contractual Maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees. Allowance for Credit Losses on Investment Securities. At September 30, 2020, 100% of our AFS and HTM securities were rated single-A, or above, by an NRSRO, based on the lowest long-term credit rating for each security. These may differ for any internal ratings of the securities, if applicable. AFS Securities. At September 30, 2020, certain of our AFS securities were in an unrealized loss position; however, we did not record an allowance for credit losses because these losses are considered temporary and we expect to recover the entire amortized cost basis on these securities based upon the following factors: (i) we had no intention of selling any of these securities nor did we consider it more likely than not that we will be required to sell any of these securities before recovery of each security's remaining amortized cost basis, (ii) all securities were highly-rated, (iii) we have not experienced, nor do we expect, any payment defaults on the securities, and (iv) the U.S., GSE, and other agency obligations carry an explicit or implicit government guarantee such that we consider the risk of nonpayment to be zero. HTM Securities. At September 30, 2020, we did not establish an allowance for credit losses on any of our HTM securities based on the following factors: (i) we had no intention of selling any of these securities nor did we consider it more likely than not that we will be required to sell any of these securities, (ii) all securities were highly-rated and/or had short remaining terms to maturity, (iii) we have not experienced, nor do we expect, any payment defaults on the securities, and (iv) the U.S., GSE, and other agency obligations carry an explicit or implicit government guarantee such that we consider the risk of nonpayment to be zero. Under the previous security impairment methodology for AFS and HTM securities, the Bank did not recognize any OTTI during the three or nine months ended September 30, 2019.
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Advances | Note 4 - Advances The following table presents advances outstanding by redemption term.
(1) Carrying value equals amortized cost, which includes adjustments made to the cost basis for accretion, amortization and/or net charge-offs and excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $16,409 and $27,019, respectively. The following table presents advances outstanding by the earlier of the redemption date or the next call date and next put date.
At September 30, 2020 and December 31, 2019, our top five borrowers held 38% and 42%, respectively, of total advances outstanding at par. Allowance for Credit Losses on Advances. Our evaluation of credit losses on advances utilizes a basic framework that considers the adequacy of the advances' associated collateral and the associated members' willingness and ability to pledge additional collateral to satisfy any current or anticipated future deficiency. Our agreements with borrowers allow us, at any time and in our sole discretion, to require substitution of collateral, adjust the over-collateralization requirements applied to collateral, or refuse to make extensions of credit against any collateral. We also may require borrowers to pledge additional collateral regardless of whether the collateral would be eligible to originate a new extension of credit. Our agreements with our borrowers also afford us the right, in our sole discretion, to declare any borrower to be in default if we deem our Bank to be inadequately secured. We determine the estimated value of the collateral required to secure each member's advances by applying collateral discounts, or haircuts, to the market value or UPB of the collateral, as applicable. Using a risk-based approach, we consider the amount and quality of the collateral pledged and the borrower's financial condition to be the primary indicators of an advance's credit quality. At September 30, 2020 and December 31, 2019, we had rights to collateral on a borrower-by-borrower basis with an estimated value, after haircuts, equal to or in excess of our advances outstanding. At September 30, 2020 and December 31, 2019, we did not have any advances that were past due, on non-accrual status, or considered impaired. In addition, there were no TDRs related to advances during the three or nine months ended September 30, 2020 or 2019. Based upon the collateral held as security, our credit extension and collateral policies, our credit analysis and the repayment history on advances, we have not recorded an allowance for credit losses on advances.
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Portfolio | Note 5 - Mortgage Loans Held for Portfolio Mortgage loans held for portfolio consist of residential loans acquired from our members through the MPP and participating interests purchased in 2012 - 2014 from the FHLBank of Topeka in residential loans that were originated by certain of its PFIs through their participation in the MPF Program offered by the FHLBank of Chicago. The balances also reflect the sale of a 90% participating interest in a $100 million MCC of certain newly acquired MPP loans to another FHLBank in 2016. The MPP and MPF Program loans are fixed rate and either credit enhanced by PFIs, if conventional, or guaranteed or insured by government agencies. The following tables present information on mortgage loans held for portfolio by term, type and product.
(1) Defined as a term of 15 years or less at origination. (2) Excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $38,057 and $47,722, respectively.
Conventional Mortgage Loans. We invest in conventional mortgage loans primarily through the MPP. Additionally, we hold participating interests in conventional mortgage loans that were originated by PFIs of the FHLBank of Topeka through the MPF Program. Conventional MPP. The following table presents the activity in the LRA, which is reported in other liabilities.
Credit Quality Indicators for Conventional Mortgage Loans and Other Delinquency Statistics. Payment status is the key credit quality indicator for conventional mortgage loans and allows us to monitor the migration of past due loans. Past due loans are those where the borrower has failed to make timely payments of principal and/or interest in accordance with the terms of the loan. Other delinquency statistics include non-accrual loans and loans in process of foreclosure. The tables below present the key credit quality indicators for our mortgage loans held for portfolio.
The Bank continues to apply its existing accounting policies for past due, non-accrual, and charge-offs for COVID-related loan modifications considered to be informal, i.e. the legal terms of the loan were not changed. Based on the most recent information received from our mortgage servicers, as of September 30, 2020, the UPB of conventional loans in an informal forbearance arrangement totaled $184,936, or 2.1% of our total conventional loans outstanding. The payment status as of September 30, 2020 includes such loans 30 to 59 days past due of $15,684, 60-89 days past due of $24,359, and 90 days or more past due of $105,295, for total past due of $145,338. Such loans with a current payment status totaled $39,598. For more information, see Note 2 - Recently Adopted and Issued Accounting Guidance.
(1) Based on the amortized cost at September 30, 2020, which excludes accrued interest receivable. Based on the recorded investment at December 31, 2019, which includes accrued interest receivable. (2) The recorded investment in a loan is the UPB of the loan, adjusted for accrued interest, net of any unamortized premiums or discounts (which may include the basis adjustment related to any gain or loss on a delivery commitment prior to being funded) and direct charge-offs. The recorded investment is not net of any valuation allowance. (3) Includes loans for which the decision of foreclosure or similar alternative, such as pursuit of deed-in-lieu of foreclosure, has been reported. Loans in process of foreclosure are included in past due categories depending on their delinquency status, but are not necessarily considered to be on non-accrual status. (4) Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total mortgage loans. The percentage excludes principal and interest amounts previously paid in full by the servicers on conventional loans that are pending resolution of potential loss claims. Our servicers repurchase seriously delinquent government loans, including FHA loans, when certain criteria are met. (5) Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the loan's delinquency status, we do not consider these loans to be on non-accrual status. (6) As of September 30, 2020, $93,082 of these conventional mortgage loans on non-accrual status did not have a specifically assigned allowance for credit losses and $79,779 of UPB of these conventional mortgage loans were in informal forbearance related to the COVID-19 pandemic. Allowance for Credit Losses. Collectively Evaluated Mortgage Loans. Conventional loans current to 179 days past due are collectively evaluated at the pool level using a recognized third-party credit and prepayment model, which considers both current and historical information and events and reasonable and supportable forecasts that rely upon certain key inputs and assumptions, to estimate potential ranges of credit loss exposure. One such key input is a 3-year forecast of housing prices before full reversion to historical inputs over 5 years. Additionally, the evaluation is based upon distinct underlying loan characteristics, including loan vintage (year of origination), geographic location, credit support features and other factors, and a projected migration of loans through the various stages of delinquency. Seriously delinquent conventional loans 180 days or more past due are also collectively evaluated at the pool level based on current and historical information and events and reasonable and supportable forecasts. Prior to January 1, 2020, our allowance was based on our best estimate of probable losses over a loss emergence period of 24 months. For information on the prior methodology for evaluating credit losses, see Notes to Financial Statements - Note 7 - Allowance for Credit Losses in the 2019 Form 10-K. Individually Evaluated Mortgage Loans. Certain conventional mortgage loans, primarily TDRs, are specifically identified for purposes of calculating the allowance for loan losses. The measurement of our allowance for individually evaluated loans considers loan-specific attribution data similar to homogeneous pools of delinquent loans evaluated on a collective basis, including the use of loan-level property values from a third-party. We also individually evaluate any remaining exposure to delinquent MPP conventional loans paid in full by the servicers. An estimate of the loss, if any, is equal to the estimated cost associated with maintaining and disposing of the property (which includes the UPB, interest owed on the delinquent loan to date, and estimated costs associated with disposing of the collateral) less the estimated fair value of the collateral (net of estimated selling costs) and the amount of credit enhancements including the PMI, LRA and SMI. The estimated fair value of the collateral is obtained from HUD statements, sales listings or other evidence of current expected liquidation amounts. Interest income recognized on impaired MPP conventional loans was not material for the periods presented. Qualitative Factors. We also assess qualitative factors in the estimation of credit losses. These factors represent a subjective management judgment based on facts and circumstances that exist as of the reporting date that are not ascribed to any specific measurable economic or credit event and are intended to address other inherent losses that may not otherwise be captured in our methodology. Components and Rollforward of Allowance for Credit Losses. The following table presents the components of the allowance for credit losses, including the credit enhancement waterfall for MPP.
(1) Amounts recoverable are limited to (i) the estimated losses remaining after borrower's equity and PMI and (ii) the remaining balance in each pool's portion of the LRA. The remainder of the total LRA balance is available to cover any losses not yet incurred and to distribute any excess funds to the PFIs. The table below presents a rollforward of our allowance for credit losses.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Note 6 - Derivatives and Hedging Activities Managing Credit Risk on Derivatives. We are subject to credit risk due to the risk of nonperformance by the counterparties to our derivative transactions. Uncleared Derivatives. For certain of our uncleared derivatives, we have credit support agreements that contain provisions requiring us to post additional collateral with our counterparties if there is deterioration in our credit rating. If our credit rating is lowered by an NRSRO, we could be required to deliver additional collateral on uncleared derivative instruments in net liability positions. The aggregate estimated fair value of all uncleared derivative instruments with credit-risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest on cash collateral) at September 30, 2020 was $5,777, for which we have posted collateral in cash, including accrued interest, of $894 in the normal course of business. If our credit rating had been lowered by an NRSRO (from an S&P equivalent of AA+ to AA), we would have been required to deliver additional collateral of $650 to our uncleared derivative counterparties at September 30, 2020. Cleared Derivatives. The clearinghouse determines margin requirements which are generally not based on credit ratings. However, clearing agents may require additional margin to be posted by us based on credit considerations, including but not limited to any credit rating downgrades. At September 30, 2020, we were not required by our clearing agents to post any additional margin. Financial Statement Effect and Additional Financial Information. We record derivative instruments, related cash collateral received or pledged/posted and associated accrued interest on a net basis, by clearing agent and/or by counterparty when the netting requirements have been met. The following table presents the notional amount and estimated fair value of derivative assets and liabilities.
(1) Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. Cash collateral pledged to counterparties at September 30, 2020 and December 31, 2019, including accrued interest, totaled $1,251,375 and $464,187, respectively. Cash collateral received from counterparties and held at September 30, 2020 and December 31, 2019, including accrued interest, totaled $894 and $1,265, respectively. At September 30, 2020 and December 31, 2019, no securities were pledged as collateral. The following table presents separately the estimated fair value of derivative instruments meeting and not meeting netting requirements, including the effect of the related collateral.
(1) Includes MDCs and certain interest-rate forwards. The following table presents the components of net gains (losses) on derivatives and hedging activities reported in other income.
The following table presents, by type of hedged item, the net gains (losses) on derivatives and the related hedged items in qualifying fair-value hedging relationships and the impact on net interest income.
(1) Relates to derivatives for which variation margin payments are characterized as daily settled contracts. (2) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (3) Excludes the interest income/expense of the respective hedged items recorded in net interest income. The following table presents the amortized cost of, and the related cumulative basis adjustments on, hedged items in qualifying fair-value hedging relationships.
(1) Includes only the portion of the amortized cost of the hedged items in qualifying fair-value hedging relationships. (2) Excludes any offsetting effect of the net estimated fair value of the associated derivatives.
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Consolidated Obligations |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations | Note 7 - Consolidated Obligations In addition to being the primary obligor for all consolidated obligations issued on our behalf, we are jointly and severally liable with each of the other FHLBanks for the payment of the principal and interest on all of the FHLBanks' consolidated obligations outstanding. The par values of the FHLBanks' consolidated obligations outstanding at September 30, 2020 and December 31, 2019 totaled $819.9 billion and $1.0 trillion, respectively. As provided by the Bank Act and Finance Agency regulations, consolidated obligations are backed only by the financial resources of all FHLBanks. Discount Notes. The following table presents our discount notes outstanding, all of which are due within one year of issuance.
CO Bonds. The following table presents our CO bonds outstanding by contractual maturity.
The following tables present the par value of our CO bonds outstanding by redemption feature and the earlier of the year of contractual maturity or next call date.
The following table presents the par value of our CO bonds outstanding by interest-rate payment type.
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Affordable Housing Program |
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Affordable Housing Program [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program | Note 8 - Affordable Housing Program The following table summarizes the activity in our AHP funding obligation.
(1) Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies.
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Capital |
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Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Note 9 - Capital Classes of Capital Stock. We amended and restated our capital plan effective September 26, 2020. The amended plan, like the prior plan, divides our Class B stock into two sub-series: Class B-1 and Class B-2. However, under the amended plan, any Class B stock supporting activity requirements is classified as B-2, while all other Class B stock is classified as B-1. A member's Class B-1 stock is reclassified as B-2 as needed to help fulfill the member's activity stock requirement, and the member may be required to purchase additional Class B-2 stock to fully meet that requirement. Any excess stock is automatically classified as Class B-1. Under the amended capital plan, PFIs may opt in to an activity stock (i.e., Class B-2 stock) requirement in connection with their sales of mortgage loans to us under Advantage MPP. PFIs may elect this stock requirement under an MCC until such election is withdrawn. As of September 30, 2020, no such shares of Class B-2 stock were issued and outstanding. The amended capital plan also permits the board of directors to authorize the issuance of Class A stock although, as of September 30, 2020, the board of directors had not authorized such issuance. If authorized, a member may elect to purchase Class A stock, rather than Class B-2 stock, to satisfy the member’s activity stock requirement, subject to certain restrictions. Under our prior capital plan, Class B-1 was stock held by our members that was not subject to a redemption request. Class B-2 stock consisted solely of required stock that was subject to a redemption request. The following table presents the capital stock outstanding by sub-series under the prior and amended capital plan.
Dividends. Our board of directors may, but is not required to, declare and pay dividends on our capital stock in either cash or capital stock or a combination thereof, as long as we are in compliance with Finance Agency regulations. The amount of the dividend to be paid is based on the average number of shares of each sub-series held by the member during the dividend payment period (applicable quarter). Under our prior capital plan, which was in effect through September 25, 2020, the Class B-2 dividend was calculated at 80% of the amount of the Class B-1 dividend. The amended plan, however, does not mandate a specific difference between Class B-1 and Class B-2 dividend rates. Rather, the board of directors may set a dividend rate on Class B-2 stock that is equal to or greater than the rate on Class B-1 stock. The plan also authorizes the board of directors to set a dividend rate on Class A stock (if issued and outstanding) that is equal to or less than the rate on Class B-2 stock. Mandatorily Redeemable Capital Stock. The following table presents the activity in our MRCS.
(1) Represents a purchase of capital stock by a captive insurance company member, which is considered mandatorily redeemable as a result of the Final Membership Rule. The following table presents MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the five-year redemption period, or (ii) the first year in which a non-member no longer has an activity-based stock requirement.
(1) Balances at September 30, 2020 and December 31, 2019 include $637 and $680, respectively, of Class B stock that had reached the end of the five-year redemption period but will not be redeemed until the associated credit products and other obligations are no longer outstanding. (2) Represents the five-year redemption period of Class B stock held by certain captive insurance companies which begins immediately upon their respective terminations of membership no later than February 19, 2021, in accordance with the Final Membership Rule. However, upon their respective terminations, we currently intend to repurchase their excess stock (if any) in accordance with our capital plan, the balances of which at September 30, 2020 and December 31, 2019 totaled $48,682 and $61,642, respectively. The following table presents the distributions related to MRCS.
Capital Requirements. We are subject to three capital requirements under our capital plan and Finance Agency regulations as disclosed in Note 13 - Capital in our 2019 Form 10-K. As presented in the following table, we were in compliance with those requirements at September 30, 2020 and December 31, 2019.
Partial Recovery of Prior Capital Distribution to Financing Corporation. The Competitive Equality Banking Act of 1987 was enacted in August 1987, which, among other things, provided for the recapitalization of the Federal Savings and Loan Insurance Corporation through a newly-chartered entity, FICO. The capitalization of FICO was provided by capital distributions from the FHLBanks to FICO in 1987, 1988 and 1989 that aggregated to $680 million in exchange for FICO nonvoting capital stock. Upon passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the Bank's previous investment in capital stock of FICO was determined to be non-redeemable and, therefore, the Bank charged-off its prior capital distributions to FICO directly against retained earnings. Upon the dissolution of FICO in October 2019, FICO determined that excess funds aggregating to $200 million were available for distribution to its sole stockholders, the FHLBanks. Specifically, the Bank received $10,574 during the nine months ended September 30, 2020 which was determined based on our proportionate ownership of FICO's nonvoting capital stock. The Bank treated the receipt of these funds as a partial recovery of the prior capital distributions made by the Bank to FICO. These funds have been credited to unrestricted retained earnings.
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Accumulated Other Comprehensive Income |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Note 10 - Accumulated Other Comprehensive Income The following table presents a summary of the changes in the components of AOCI.
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Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 11 - Segment Information The following table presents our financial performance by operating segment.
The following table presents our asset balances by operating segment.
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Estimated Fair Values |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values | Note 12 - Estimated Fair Values The following tables present the carrying value and estimated fair value of each of our financial instruments. The total of the estimated fair values does not represent an estimate of our overall market value as a going concern, which would take into account, among other considerations, future business opportunities and the net profitability of assets and liabilities.
(1) Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. (2) Included in other assets on the statement of condition. Summary of Valuation Techniques and Significant Inputs. A description of the valuation techniques, significant inputs, and levels of fair value hierarchy is disclosed in Note 17 - Estimated Fair Values in our 2019 Form 10-K. No changes have been made in the current year. Estimated Fair Value Measurements. The following tables present, by level within the fair value hierarchy, the estimated fair value of our financial assets and liabilities that are recorded at estimated fair value on a recurring or non-recurring basis on our statement of condition.
(1) Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. (2) Included in other assets on the statement of condition. (3) Amounts are as of the date the fair-value adjustment was recorded during the nine months ended September 30, 2020. (4) Amounts are as of the date the fair-value adjustment was recorded during the year ended December 31, 2019.
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Commitments and Contingencies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Note 13 - Commitments and Contingencies The following table presents our off-balance-sheet commitments at their notional amounts.
(1) Maximum line of credit amount per member is $50,000. (2) Generally for periods up to six months. (3) Generally for periods up to 91 days. Liability for Credit Losses. We monitor the creditworthiness of our members that have standby letters of credit and lines of credit. As standby letters of credit and lines of credit are subject to the same collateralization and borrowing limits that apply to advances and are fully collateralized at the time of issuance, we have not recorded a liability for credit losses on these credit products. Legal Proceedings. We are subject to legal proceedings arising in the normal course of business. We record an accrual for a loss contingency when it is probable that a loss for which we could be liable has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these proceedings could have a material effect on our financial condition, results of operations or cash flows. Additional discussion of other commitments and contingencies is provided in Note 4 - Advances; Note 5 - Mortgage Loans Held for Portfolio; Note 6 - Derivatives and Hedging Activities; Note 7 - Consolidated Obligations; Note 9 - Capital; and Note 12 - Estimated Fair Values.
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Related Party and Other Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party and Other Transactions | Note 14 - Related Party and Other Transactions Transactions with Related Parties. The following table presents the aggregate balances of capital stock and advances outstanding for directors' financial institutions and their balances as a percent of the total balances on our statement of condition.
The par values at September 30, 2020 reflect changes in the composition of directors' financial institutions effective January 1, 2020, due to changes in board membership resulting from the 2019 director election. The following table presents our transactions with directors' financial institutions, taking into account the beginning and ending dates of the directors' terms, merger activity and other changes in the composition of directors' financial institutions.
Transactions with Other FHLBanks. Occasionally, we loan or borrow short-term funds to/from other FHLBanks. The following table presents the loans to/borrowings from other FHLBanks.
There were no loans to or borrowings from other FHLBanks outstanding at September 30, 2020 or December 31, 2019.
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Summary of Significant Accounting Policies (Policies) |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying interim financial statements have been prepared in accordance with GAAP and SEC requirements for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Certain disclosures that would have substantially duplicated the disclosures in the financial statements, and notes thereto, included in our 2019 Form 10-K have been omitted unless the information contained in those disclosures materially changed. Therefore, these interim financial statements should be read in conjunction with our audited financial statements, and notes thereto, included in our 2019 Form 10-K. The financial statements contain all adjustments that are, in the opinion of management, necessary for a fair statement of our financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full calendar year or any other interim period.
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Use of Estimates | Use of Estimates. When preparing financial statements in accordance with GAAP, we are required to make subjective assumptions and estimates that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expense. Although the reported amounts and disclosures reflect our best estimates, actual results could differ significantly from these estimates. The most significant estimates pertain to derivatives and hedging activities, and the fair value of financial instruments. |
Significant Accounting Policies | Significant Accounting Policies. Our significant accounting policies and certain other disclosures are set forth in our 2019 Form 10-K in Note 1 - Summary of Significant Accounting Policies. The adoption of ASU 2016-13, Measurement of Expected Credit Losses on Financial Instruments, resulted in the following revisions to our significant accounting policies. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold. These investments are evaluated quarterly for expected credit losses. If necessary, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. We use the collateral maintenance provision practical expedient for securities purchased under agreements to resell. Consequently, a credit loss would be recognized if there is a collateral shortfall which we do not believe the counterparty will replenish in accordance with its contractual terms. The credit loss would be limited to the difference between the estimated fair value of the collateral and the investment’s amortized cost. For more information on the allowance methodology related to these investments, see Note 3 - Investments. Investment Securities. HTM Securities. HTM securities are evaluated quarterly for expected credit losses on a collective, or pooled, basis unless an individual assessment is deemed necessary, e.g. the securities do not possess similar risk characteristics. If deemed necessary, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. For more information on the allowance methodology related to these investments, see Note 3 - Investments. AFS Securities. We individually evaluate our AFS securities for impairment on a quarterly basis. Impairment exists when the estimated fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, we consider whether there could be a shortfall in receiving all cash flows contractually due. When a shortfall is considered possible, we compare the present value of cash flows to be collected from the security with its amortized cost. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. The allowance is limited by the amount of the unrealized loss and excludes any uncollectible accrued interest receivable, which is measured separately. If we do not intend to sell an impaired AFS security and it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, any remaining difference between the security’s estimated fair value and amortized cost is recorded to net unrealized gains (losses) on AFS securities within OCI. If we intend to sell an impaired AFS security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses is charged off and the amortized cost basis is written down to the security’s estimated fair value at the reporting date with any such impairment reported in earnings as net gains (losses) on investment securities. For more information on the allowance methodology related to these investments, see Note 3 - Investments. Advances. Our advances are evaluated quarterly on a collective, or pooled, basis unless an individual assessment is deemed necessary, e.g. the advances do not possess similar risk characteristics. If any credit losses are expected, an allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. For more information on the allowance methodology related to advances, see Note 4 - Advances. Mortgage Loans Held for Portfolio. On a quarterly basis, we apply a systematic approach for estimating the allowance for expected credit losses on our conventional mortgage loans over their estimated remaining lives through analyses that include, among other considerations, various loan portfolio and collateral-related characteristics, past loan performance, current and historical economic conditions, and reasonable and supportable forecasts of expected economic conditions. An allowance for credit losses is recorded with a corresponding adjustment to the provision for credit losses. We measure expected losses on our conventional mortgage loans on a collective basis, pooling loans with similar risk characteristics. If a mortgage loan no longer shares risk characteristics with other loans, it is removed from the pool and evaluated for expected losses on an individual basis. In addition, we individually evaluate all TDRs, any remaining exposure to delinquent conventional MPP loans paid in full by servicers, and collateral dependent loans. Loans are considered collateral dependent if repayment is expected to be provided solely by the sale of the underlying property, i.e., there is no other available and reliable source of repayment (including LRA and SMI). The Bank estimates expected losses on collateral dependent loans by applying a practical expedient that considers the expected loss of a collateral dependent loan to be equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. When developing the allowance for credit losses, we consider how credit enhancements are expected to mitigate credit losses and reduce the allowance accordingly. If a loan is purchased at a discount, the discount does not offset the allowance for credit losses. The allowance excludes uncollectible accrued interest receivable, as we charge off accrued interest receivable by reversing interest income if a mortgage loan is placed on nonaccrual status. For more information on the allowance methodology related to mortgage loans, see Note 5 - Mortgage Loans Held for Portfolio. Off-Balance Sheet Credit Exposures. We evaluate our off-balance sheet credit exposures on a quarterly basis for expected credit losses. If deemed necessary, an allowance for expected credit losses is recorded in other liabilities with a corresponding adjustment to the provision for credit losses. For more information about our off-balance sheet credit exposures, see Note 13 - Commitments and Contingencies.
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Investments (Tables) |
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Debt and Equity Securities, FV-NI [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities by Major Security Type | The following table presents our trading securities by type of security.
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Available-for-Sale (AFS) Securities by Major Security Type | The following table presents our AFS securities by type of security.
(1) Includes adjustments made to the cost basis for accretion, amortization, net charge-offs, and, if applicable, fair-value hedging basis adjustments, and excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $30,237 and $32,963, respectively. Carrying value equals estimated fair value.
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Available-for-sale (AFS) Securities in an Unrealized Loss Position | The following table presents impaired AFS securities (i.e., in an unrealized loss position), aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.
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HTM Securities by Major Security Type | The following table presents our HTM securities by type of security.
(1) Carrying value equals amortized cost, which includes adjustments made to the cost basis for accretion, amortization and/or net charge-offs and excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $2,819 and $7,156, respectively. (2) Gross unrecognized holding gains (losses) represent the cumulative increases (decreases) in estimated fair value.
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AFS Securities by Contractual Maturity | The amortized cost and estimated fair value of non-MBS AFS securities are presented below by contractual maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees.
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Trading Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Gain (Loss) on Securities | The following table presents net gains (losses) on trading securities, excluding any offsetting effect of gains (losses) on the associated derivatives.
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Advances (Tables) |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Advances Redemption Terms | The following table presents advances outstanding by redemption term.
(1) Carrying value equals amortized cost, which includes adjustments made to the cost basis for accretion, amortization and/or net charge-offs and excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $16,409 and $27,019, respectively. The following table presents advances outstanding by the earlier of the redemption date or the next call date and next put date.
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Mortgage Loans Held for Portfolio (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Portfolio | The following tables present information on mortgage loans held for portfolio by term, type and product.
(1) Defined as a term of 15 years or less at origination. (2) Excludes accrued interest receivable at September 30, 2020 and December 31, 2019 of $38,057 and $47,722, respectively.
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Changes in Lender Risk Account | The following table presents the activity in the LRA, which is reported in other liabilities.
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Recorded Investment in Delinquent Mortgage Loans | The tables below present the key credit quality indicators for our mortgage loans held for portfolio.
The Bank continues to apply its existing accounting policies for past due, non-accrual, and charge-offs for COVID-related loan modifications considered to be informal, i.e. the legal terms of the loan were not changed. Based on the most recent information received from our mortgage servicers, as of September 30, 2020, the UPB of conventional loans in an informal forbearance arrangement totaled $184,936, or 2.1% of our total conventional loans outstanding. The payment status as of September 30, 2020 includes such loans 30 to 59 days past due of $15,684, 60-89 days past due of $24,359, and 90 days or more past due of $105,295, for total past due of $145,338. Such loans with a current payment status totaled $39,598. For more information, see Note 2 - Recently Adopted and Issued Accounting Guidance.
(1) Based on the amortized cost at September 30, 2020, which excludes accrued interest receivable. Based on the recorded investment at December 31, 2019, which includes accrued interest receivable. (2) The recorded investment in a loan is the UPB of the loan, adjusted for accrued interest, net of any unamortized premiums or discounts (which may include the basis adjustment related to any gain or loss on a delivery commitment prior to being funded) and direct charge-offs. The recorded investment is not net of any valuation allowance. (3) Includes loans for which the decision of foreclosure or similar alternative, such as pursuit of deed-in-lieu of foreclosure, has been reported. Loans in process of foreclosure are included in past due categories depending on their delinquency status, but are not necessarily considered to be on non-accrual status. (4) Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total mortgage loans. The percentage excludes principal and interest amounts previously paid in full by the servicers on conventional loans that are pending resolution of potential loss claims. Our servicers repurchase seriously delinquent government loans, including FHA loans, when certain criteria are met. (5) Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the loan's delinquency status, we do not consider these loans to be on non-accrual status. (6) As of September 30, 2020, $93,082 of these conventional mortgage loans on non-accrual status did not have a specifically assigned allowance for credit losses and $79,779 of UPB of these conventional mortgage loans were in informal forbearance related to the COVID-19 pandemic.
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Impact of MPP Risk Sharing Structure on Allowance for Credit Losses | The following table presents the components of the allowance for credit losses, including the credit enhancement waterfall for MPP.
(1) Amounts recoverable are limited to (i) the estimated losses remaining after borrower's equity and PMI and (ii) the remaining balance in each pool's portion of the LRA. The remainder of the total LRA balance is available to cover any losses not yet incurred and to distribute any excess funds to the PFIs.
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Rollforward of Allowance for Credit Losses on Mortgage Loans | The table below presents a rollforward of our allowance for credit losses.
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Derivatives and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount and Estimated Fair Value of Derivative Instruments | The following table presents the notional amount and estimated fair value of derivative assets and liabilities.
(1) Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. Cash collateral pledged to counterparties at September 30, 2020 and December 31, 2019, including accrued interest, totaled $1,251,375 and $464,187, respectively. Cash collateral received from counterparties and held at September 30, 2020 and December 31, 2019, including accrued interest, totaled $894 and $1,265, respectively. At September 30, 2020 and December 31, 2019, no securities were pledged as collateral.
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Offsetting of Derivative Assets and Derivative Liabilities | The following table presents separately the estimated fair value of derivative instruments meeting and not meeting netting requirements, including the effect of the related collateral.
(1) Includes MDCs and certain interest-rate forwards.
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Components of Net Gains (Losses) on Derivatives and Hedging Activities | The following table presents the components of net gains (losses) on derivatives and hedging activities reported in other income.
The following table presents, by type of hedged item, the net gains (losses) on derivatives and the related hedged items in qualifying fair-value hedging relationships and the impact on net interest income.
(1) Relates to derivatives for which variation margin payments are characterized as daily settled contracts. (2) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (3) Excludes the interest income/expense of the respective hedged items recorded in net interest income.
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Effect of Fair Value Hedge-Related Derivative Instruments | The following table presents the amortized cost of, and the related cumulative basis adjustments on, hedged items in qualifying fair-value hedging relationships.
(1) Includes only the portion of the amortized cost of the hedged items in qualifying fair-value hedging relationships. (2) Excludes any offsetting effect of the net estimated fair value of the associated derivatives.
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Consolidated Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount Notes | The following table presents our discount notes outstanding, all of which are due within one year of issuance.
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CO Bonds by Year of Contractual Maturity | The following table presents our CO bonds outstanding by contractual maturity.
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CO Bonds by Redemption Feature | The following tables present the par value of our CO bonds outstanding by redemption feature and the earlier of the year of contractual maturity or next call date.
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CO Bonds Outstanding by Interest Payment Type | The following table presents the par value of our CO bonds outstanding by interest-rate payment type.
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Affordable Housing Program (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Affordable Housing Program Obligation | The following table summarizes the activity in our AHP funding obligation.
(1) Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies.
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Capital (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Capital Stock Outstanding by Sub-series | The following table presents the capital stock outstanding by sub-series under the prior and amended capital plan.
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Mandatorily Redeemable Capital Stock | The following table presents the activity in our MRCS.
(1) Represents a purchase of capital stock by a captive insurance company member, which is considered mandatorily redeemable as a result of the Final Membership Rule. The following table presents MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the five-year redemption period, or (ii) the first year in which a non-member no longer has an activity-based stock requirement.
(1) Balances at September 30, 2020 and December 31, 2019 include $637 and $680, respectively, of Class B stock that had reached the end of the five-year redemption period but will not be redeemed until the associated credit products and other obligations are no longer outstanding. (2) Represents the five-year redemption period of Class B stock held by certain captive insurance companies which begins immediately upon their respective terminations of membership no later than February 19, 2021, in accordance with the Final Membership Rule. However, upon their respective terminations, we currently intend to repurchase their excess stock (if any) in accordance with our capital plan, the balances of which at September 30, 2020 and December 31, 2019 totaled $48,682 and $61,642, respectively.
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Schedule of Distributions on Mandatorily Redeemable Capital Stock | The following table presents the distributions related to MRCS.
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Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | As presented in the following table, we were in compliance with those requirements at September 30, 2020 and December 31, 2019.
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Components of AOCI | The following table presents a summary of the changes in the components of AOCI.
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Performance by Operating Segment | The following table presents our financial performance by operating segment.
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Schedule of Segment Assets by Segment | The following table presents our asset balances by operating segment.
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Estimated Fair Values (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The following tables present the carrying value and estimated fair value of each of our financial instruments. The total of the estimated fair values does not represent an estimate of our overall market value as a going concern, which would take into account, among other considerations, future business opportunities and the net profitability of assets and liabilities.
(1) Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. (2) Included in other assets on the statement of condition.
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The following tables present, by level within the fair value hierarchy, the estimated fair value of our financial assets and liabilities that are recorded at estimated fair value on a recurring or non-recurring basis on our statement of condition.
(1) Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. (2) Included in other assets on the statement of condition. (3) Amounts are as of the date the fair-value adjustment was recorded during the nine months ended September 30, 2020. (4) Amounts are as of the date the fair-value adjustment was recorded during the year ended December 31, 2019.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Commitments | The following table presents our off-balance-sheet commitments at their notional amounts.
(1) Maximum line of credit amount per member is $50,000. (2) Generally for periods up to six months. (3) Generally for periods up to 91 days.
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Related Party and Other Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Other FHLBanks | The following table presents the loans to/borrowings from other FHLBanks.
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Directors' Financial Institutions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Balances and Balance as a Percent of Total Balance with Respect to Transactions with Related Parties | The following table presents the aggregate balances of capital stock and advances outstanding for directors' financial institutions and their balances as a percent of the total balances on our statement of condition.
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Directors' Financial institutions Activity | The following table presents our transactions with directors' financial institutions, taking into account the beginning and ending dates of the directors' terms, merger activity and other changes in the composition of directors' financial institutions.
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Recently Adopted and Issued Accounting Guidance Targeted Improvements to Accounting for Hedging Activities (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jan. 01, 2020 |
Sep. 30, 2020 |
|
Loan Modifications Excluded from TDR Classification | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loans with formal COVID-related modifications under the CARES Act | $ 1,800 | |
Accounting Standards Update 2016-13 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect on retained earnings | $ 0 |
Investments - Short-term Investments (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Cash and Cash Equivalents [Line Items] | ||
Investments with counter parties rated below single-A (percent) | 0.00% | |
Investments with unrated counterparties (percent) | 0.00% | |
Securities purchased under agreements to resell, allowance for credit loss | $ 0 | $ 0 |
Federal funds sold | 952,000,000 | 2,550,000,000 |
Interest-bearing Deposits | ||
Cash and Cash Equivalents [Line Items] | ||
Allowance for credit losses | 0 | 0 |
Accrued interest receivable excluded | 15,000 | 1,080,000 |
Securities Purchased under Agreements to Resell | ||
Cash and Cash Equivalents [Line Items] | ||
Accrued interest receivable excluded | 10,000 | 65,000 |
Federal Funds Sold | ||
Cash and Cash Equivalents [Line Items] | ||
Allowance for credit losses | 0 | 0 |
Accrued interest receivable excluded | $ 3,000 | $ 111,000 |
Investments Trading Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total trading securities at estimated fair value | $ 5,058,984 | $ 5,058,984 | $ 5,016,649 | ||
Debt Securities, Trading, Gain (Loss) [Abstract] | |||||
Net unrealized gains (losses) on trading securities held at period end | (27,983) | $ 5,601 | (19,333) | $ 26,257 | |
Net realized gains on trading securities that matured/sold during the period | 8,652 | 0 | 21,308 | 0 | |
Net gains (losses) on trading securities | (19,331) | $ 5,601 | 1,975 | $ 26,257 | |
U.S. Treasury securities | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total trading securities at estimated fair value | $ 5,058,984 | $ 5,058,984 | $ 5,016,649 |
Investments AFS Securities - Major Security Types (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | $ 10,266,677 | $ 8,394,665 | |
Gross Unrealized Gains | 104,716 | 93,040 | ||
Gross Unrealized Losses | (7,424) | (3,227) | ||
Estimated Fair Value | 10,363,969 | 8,484,478 | ||
Accrued interest receivable excluded | 30,237 | 32,963 | ||
GSE and TVA debentures | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 3,985,296 | 3,885,012 | |
Gross Unrealized Gains | 40,308 | 41,840 | ||
Gross Unrealized Losses | 0 | 0 | ||
Estimated Fair Value | 4,025,604 | 3,926,852 | ||
GSE MBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 6,281,381 | 4,509,653 | |
Gross Unrealized Gains | 64,408 | 51,200 | ||
Gross Unrealized Losses | (7,424) | (3,227) | ||
Estimated Fair Value | $ 6,338,365 | $ 4,557,626 | ||
|
Investments AFS Securities - Unrealized Loss Positions (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | $ 691,312 | $ 339,981 |
Less than 12 Months, Unrealized Losses | (4,636) | (1,134) |
12 Months or More, Estimated Fair Value | 453,630 | 519,446 |
12 Months or More, Unrealized Losses | (2,788) | (2,093) |
Total Estimated Fair Value | 1,144,942 | 859,427 |
Total Unrealized Losses | (7,424) | (3,227) |
GSE MBS | ||
Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 691,312 | 339,981 |
Less than 12 Months, Unrealized Losses | (4,636) | (1,134) |
12 Months or More, Estimated Fair Value | 453,630 | 519,446 |
12 Months or More, Unrealized Losses | (2,788) | (2,093) |
Total Estimated Fair Value | 1,144,942 | 859,427 |
Total Unrealized Losses | $ (7,424) | $ (3,227) |
Investments AFS Securities - Redemption Terms (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [1] | $ 10,266,677 | $ 8,394,665 | |
Fair value | 10,363,969 | 8,484,478 | ||
Available for Sale Securities Other Than MBS and ABS [Member] | ||||
Available-for-sale Securities [Line Items] | ||||
Due in 1 year or less, Amortized cost | 1,208,283 | 570,209 | ||
Due after 1 year through 5 years, Amortized cost | 1,166,278 | 1,729,664 | ||
Due after 5 years through 10 years, Amortized cost | 1,610,735 | 1,489,144 | ||
Due after 10 years, Amortized cost | 0 | 95,995 | ||
Amortized Cost | 3,985,296 | 3,885,012 | ||
Due in 1 year or less, Fair value | 1,209,339 | 571,588 | ||
Due in 1 year through 5 years, Fair value | 1,176,543 | 1,742,681 | ||
Due in 5 years through 10 years, Fair value | 1,639,722 | 1,514,978 | ||
Due after 10 years, Fair value | 0 | 97,605 | ||
Fair value | 4,025,604 | 3,926,852 | ||
Mortgage Backed Securities [Member] | ||||
Available-for-sale Securities [Line Items] | ||||
Total MBS, Amortized cost | 6,281,381 | 4,509,653 | ||
Total MBS, Fair value | $ 6,338,365 | $ 4,557,626 | ||
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Investments HTM Securities - Major Security Types (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | [1] | $ 4,272,457 | $ 5,216,401 | |||
Gross Unrecognized Holding Gains | [2] | 31,092 | 17,065 | |||
Gross Unrecognized Holding Losses | [2] | (7,262) | (17,260) | |||
Estimated fair value | 4,296,287 | 5,216,206 | ||||
Accrued interest receivable excluded | 2,819 | 7,156 | ||||
Other U.S. obligations - guaranteed MBS | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | [1] | 2,749,359 | 3,059,875 | |||
Gross Unrecognized Holding Gains | [2] | 5,890 | 6,948 | |||
Gross Unrecognized Holding Losses | [2] | (6,902) | (13,217) | |||
Estimated fair value | 2,748,347 | 3,053,606 | ||||
GSE MBS | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | [1] | 1,523,098 | 2,156,526 | |||
Gross Unrecognized Holding Gains | [2] | 25,202 | 10,117 | |||
Gross Unrecognized Holding Losses | [2] | (360) | (4,043) | |||
Estimated fair value | $ 1,547,940 | $ 2,162,600 | ||||
|
Investments - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Proceeds from sales | $ 96,779,000 | $ 0 | $ 96,779,000 | $ 0 |
Net realized gains on AFS securities | 504,000 | 504,000 | ||
Gain on sale of AFS securities | 715,000 | 715,000 | ||
Loss on sales of AFS securities | $ (211,000) | $ (211,000) | ||
AFS and HTM securities, based on amortized cost, rated single-A or above (percent) | 100.00% | 100.00% | ||
AFS securities allowance for credit loss | $ 0 | $ 0 | ||
HTM securities allowance for credit loss | $ 0 | $ 0 | ||
OTTI recognized | $ 0 | $ 0 |
Advances - Advances by Year of Contractual Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Year of Contractual Maturity, Amount | ||||
Overdrawn demand and overnight deposit accounts | $ 0 | $ 37 | ||
Due in 1 year or less | 9,075,746 | 11,791,716 | ||
Due after 1 year through 2 years | 2,304,357 | 2,106,315 | ||
Due after 2 years through 3 years | 2,965,939 | 2,505,693 | ||
Due after 3 years through 4 years | 4,017,918 | 2,625,446 | ||
Due after 4 years through 5 years | 2,751,069 | 4,076,103 | ||
Thereafter | 9,349,544 | 9,166,357 | ||
Total advances, par value | $ 30,464,573 | $ 32,271,667 | ||
Year of Contractual Maturity, WAIR % | ||||
Overdrawn demand and overnight deposit accounts | 0.00% | 3.99% | ||
Due in 1 year or less | 0.83% | 1.85% | ||
Due after 1 year through 2 years | 1.72% | 2.12% | ||
Due after 2 years through 3 years | 1.80% | 2.16% | ||
Due after 3 years through 4 years | 1.56% | 2.44% | ||
Due after 4 years through 5 years | 1.46% | 2.08% | ||
Thereafter | 1.11% | 1.89% | ||
Total advances, par value | 1.23% | 1.98% | ||
Fair-value hedging adjustments, net | $ 795,676 | $ 207,111 | ||
Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 3,997 | 1,330 | ||
Total Advances | [1] | 31,264,246 | 32,480,108 | |
Excluded accrued interest receivable | $ 16,409 | $ 27,019 | ||
|
Advances - Advances Outstanding Earlier of Contractual Maturity or Next Call Date and Year of Contractual Maturity or Next Put Date (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Advances [Abstract] | ||
Overdrawn demand and overnight deposit accounts | $ 0 | $ 37 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, Rolling Year, Par Value [Abstract] | ||
Due in 1 year or less | 14,236,204 | 18,497,813 |
Due after 1 year through 2 years | 2,135,657 | 1,514,015 |
Due after 2 years through 3 years | 2,305,249 | 2,127,903 |
Due after 3 years through 4 years | 2,545,418 | 2,117,546 |
Due after 4 years through 5 years | 1,995,369 | 2,454,103 |
Thereafter | 7,246,676 | 5,560,250 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, Rolling Year, Par Value [Abstract] | ||
Due in 1 year or less | 13,580,996 | 14,560,066 |
Due after 1 year through 2 years | 3,360,257 | 3,329,315 |
Due after 2 years through 3 years | 3,496,144 | 3,254,093 |
Due after 3 years through 4 years | 4,341,918 | 3,025,551 |
Due after 4 years through 5 years | 2,123,719 | 3,481,353 |
Thereafter | 3,561,539 | 4,621,252 |
Total advances, par value | $ 30,464,573 | $ 32,271,667 |
Advances - Narrative (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Federal Home Loan Bank, Advances [Line Items] | |||
Percent of advances par value held by top five borrowers | 38.00% | 42.00% | |
Federal Home Loan Bank Advances Receivable | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Advances past due | $ 0 | $ 0 | |
On non-accrual status | 0 | 0 | |
Advances considered impaired | 0 | $ 0 | |
TDRs related to advances | $ 0 | $ 0 |
Mortgage Loans Held for Portfolio Mortgage Loans (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2016 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Participating interest in mortgages sold (percent) | 90.00% | ||||||||||
Principal amount of mortgage loans sold | $ 100,000,000 | ||||||||||
Mortgage loans held for portfolio | $ 9,033,184,000 | $ 10,585,534,000 | |||||||||
Unamortized premiums | 198,183,000 | 231,807,000 | |||||||||
Unamortized discounts | (1,813,000) | (2,158,000) | |||||||||
Fair-value hedging adjustments, net | 8,031,000 | 154,000 | |||||||||
Total | 9,237,585,000 | 10,815,337,000 | |||||||||
Allowance for credit losses | (400,000) | (300,000) | |||||||||
Loans and Leases Receivable, Net Amount, Total | [1] | 9,237,185,000 | 10,815,037,000 | ||||||||
Excluded accrued interest receivable | 16,409,000 | 27,019,000 | |||||||||
Government-guaranteed or -insured | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Mortgage loans held for portfolio | 273,340,000 | 322,285,000 | |||||||||
Allowance for credit losses | 0 | 0 | |||||||||
Real Estate Loan | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Excluded accrued interest receivable | 38,057,000 | 47,722,000 | |||||||||
Fixed-rate long-term mortgages | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Mortgage loans held for portfolio | 8,007,228,000 | 9,677,008,000 | |||||||||
Loans Receivable With Fixed Rates Of Interest Medium Term | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Mortgage loans held for portfolio | $ 1,025,956,000 | 908,526,000 | |||||||||
Loans Receivable With Fixed Rates Of Interest Medium Term | Maximum | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Origination term | 15 years | ||||||||||
Conventional | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Mortgage loans held for portfolio | $ 8,759,844,000 | 10,263,249,000 | |||||||||
Total | [2] | 8,960,892,000 | |||||||||
Allowance for credit losses | (400,000) | $ (325,000) | (300,000) | $ (450,000) | $ (600,000) | $ (600,000) | |||||
MPP | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Mortgage loans held for portfolio | 8,854,990,000 | 10,363,081,000 | |||||||||
MPP | Conventional | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Allowance for credit losses | (250,000) | (250,000) | |||||||||
MPF Program | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Mortgage loans held for portfolio | 178,194,000 | 222,453,000 | |||||||||
MPF Program | Conventional | |||||||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||||||
Allowance for credit losses | $ (150,000) | $ (50,000) | |||||||||
|
Mortgage Loans Held for Portfolio - Credit Enhancements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Change in Lender Risk Account Balance [Roll Forward] | ||||
Balance of LRA, beginning of period | $ 196,653 | $ 180,074 | $ 186,585 | $ 174,096 |
Additions | 5,344 | 3,402 | 17,658 | 10,392 |
Claims paid | (52) | (64) | (293) | (206) |
Distributions to PFIs | (891) | (823) | (2,896) | (1,693) |
Balance of LRA, end of period | $ 201,054 | $ 182,589 | $ 201,054 | $ 182,589 |
Mortgage Loans Held for Portfolio - Credit Quality Indicators (Details) - USD ($) |
9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | $ 9,237,585,000 | $ 10,815,337,000 | ||||||||||||||
In process of foreclosure | [1] | $ 2,594,000 | $ 2,071,000 | |||||||||||||
Serious delinquency rate | [2] | 1.40% | 0.13% | [3] | ||||||||||||
Delinquent loan receivable | 90 days | |||||||||||||||
Government | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
In process of foreclosure | [1] | $ 0 | $ 0 | |||||||||||||
Serious delinquency rate | [2],[3] | 2.99% | 0.94% | |||||||||||||
Past due 90 days or more still accruing interest | [3],[4] | $ 7,369,000 | $ 3,069,000 | |||||||||||||
On non-accrual status | 0 | [5] | 0 | |||||||||||||
Conventional | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total past due | 65,015,000 | |||||||||||||||
Total current | 10,470,495,000 | |||||||||||||||
Total conventional mortgage loans, recorded investment | [3],[6] | 10,535,510,000 | ||||||||||||||
Mortgages originated prior to 2016 | [3] | 2,948,212,000 | ||||||||||||||
Mortgages originated 2016 to 2020 | [3] | 6,012,680,000 | ||||||||||||||
Total | [3] | 8,960,892,000 | ||||||||||||||
In process of foreclosure | [1] | $ 2,594,000 | $ 2,071,000 | |||||||||||||
Serious delinquency rate | [2],[3] | 1.35% | 0.10% | |||||||||||||
Past due 90 days or more still accruing interest | [3],[4] | $ 40,210,000 | $ 10,127,000 | |||||||||||||
On non-accrual status | 93,137,000 | [5] | 1,063,000 | |||||||||||||
On non-accrual status with no associated allowance for credit losses | 93,082,000 | |||||||||||||||
Conventional | COVID-19 Pandemic | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
On non-accrual status, in forbearance | 79,779,000 | |||||||||||||||
Conventional | Past Due | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Mortgages originated prior to 2016 | 66,722,000 | |||||||||||||||
Mortgages originated 2016 to 2020 | 127,969,000 | |||||||||||||||
Total | 194,691,000 | |||||||||||||||
Conventional | Current | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Mortgages originated prior to 2016 | 2,881,490,000 | |||||||||||||||
Mortgages originated 2016 to 2020 | 5,884,711,000 | |||||||||||||||
Total | 8,766,201,000 | |||||||||||||||
Conventional | 30-59 days | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total past due | 44,479,000 | |||||||||||||||
Mortgages originated prior to 2016 | 20,307,000 | |||||||||||||||
Mortgages originated 2016 to 2020 | 23,459,000 | |||||||||||||||
Total | 43,766,000 | |||||||||||||||
Conventional | 60-89 days | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total past due | 9,868,000 | |||||||||||||||
Mortgages originated prior to 2016 | 8,495,000 | |||||||||||||||
Mortgages originated 2016 to 2020 | 21,688,000 | |||||||||||||||
Total | 30,183,000 | |||||||||||||||
Conventional | 90 days or more | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total past due | 10,668,000 | |||||||||||||||
Mortgages originated prior to 2016 | 37,920,000 | |||||||||||||||
Mortgages originated 2016 to 2020 | 82,822,000 | |||||||||||||||
Total | 120,742,000 | |||||||||||||||
Conventional Loans in an Informal Forbearance | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | $ 184,936,000 | |||||||||||||||
Informal loan modifications as percent of conventional loans outstanding (percent) | 2.10% | |||||||||||||||
Conventional Loans in an Informal Forbearance | Past Due | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | $ 145,338,000 | |||||||||||||||
Conventional Loans in an Informal Forbearance | Current | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | 39,598,000 | |||||||||||||||
Conventional Loans in an Informal Forbearance | 30-59 days | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | 15,684,000 | |||||||||||||||
Conventional Loans in an Informal Forbearance | 60-89 days | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | 24,359,000 | |||||||||||||||
Conventional Loans in an Informal Forbearance | 90 days or more | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Total | 105,295,000 | |||||||||||||||
Real Estate Loan | ||||||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||||||
Past due 90 days or more still accruing interest | [3],[4] | 47,579,000 | 13,196,000 | |||||||||||||
On non-accrual status | $ 93,137,000 | [5] | $ 1,063,000 | |||||||||||||
|
Mortgage Loans Held for Portfolio - Credit Waterfall (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 400 | $ 300 | ||||
Conventional | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 400 | $ 325 | 300 | $ 450 | $ 600 | $ 600 |
Mortgage Purchase Program | Conventional | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
MPP estimated losses remaining after borrower's equity, before credit enhancements | 12,484 | 4,410 | ||||
Total portion recoverable from credit enhancements | (12,256) | (4,175) | ||||
Allowance for unrecoverable PMI/SMI | 22 | 15 | ||||
Allowance for loan losses | 250 | 250 | ||||
Mortgage Purchase Program | Conventional | PMI | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portion recoverable from credit enhancements | (2,930) | (667) | ||||
Mortgage Purchase Program | Conventional | LRA | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portion recoverable from credit enhancements | (7,718) | (2,581) | ||||
Mortgage Purchase Program | Conventional | SMI | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portion recoverable from credit enhancements | (1,608) | (927) | ||||
Mortgage Partnership Finance Program | Conventional | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 150 | $ 50 | ||||
Minimum | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Period for collective evaluation at the pool level based on current and historical information and events | 180 days | |||||
Maximum | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Period for collective evaluation for impairment at the pool level using a recognized third-party credit model | 179 days |
Mortgage Loans Held for Portfolio - Rollforward (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||||
Rollforward of Allowance | |||||||||
Balance, beginning of period | $ 300,000 | ||||||||
Provision for (reversal of) credit losses | $ 124,000 | $ (180,000) | 172,000 | $ (166,000) | |||||
Balance, end of period | 400,000 | 400,000 | |||||||
Government-guaranteed or -insured | |||||||||
Rollforward of Allowance | |||||||||
Balance, beginning of period | 0 | ||||||||
Balance, end of period | 0 | 0 | |||||||
On non-accrual status | 0 | [1] | 0 | [1] | $ 0 | ||||
Conventional | |||||||||
Rollforward of Allowance | |||||||||
Balance, beginning of period | 325,000 | 600,000 | 300,000 | 600,000 | |||||
Charge-offs | (50,000) | (26,000) | (93,000) | (101,000) | |||||
Recoveries | 1,000 | 56,000 | 21,000 | 117,000 | |||||
Provision for (reversal of) credit losses | 124,000 | (180,000) | 172,000 | (166,000) | |||||
Balance, end of period | 400,000 | $ 450,000 | 400,000 | $ 450,000 | |||||
On non-accrual status | $ 93,137,000 | [1] | $ 93,137,000 | [1] | $ 1,063,000 | ||||
|
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net liability position, aggregate fair value | $ 5,777 |
Collateral posted, fair value | 894 |
Additional collateral, fair value | $ 650 |
Derivatives and Hedging Activities Derivative Notional Amounts (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 49,580,774 | $ 50,402,142 |
Estimated fair value of derivative assets | 24,966 | 60,941 |
Estimated fair value of derivative liabilities | 962,600 | 319,061 |
Netting adjustments and cash collateral, derivative asset | 294,872 | 147,067 |
Netting adjustments and cash collateral, derivative liability | (955,609) | (315,855) |
Total derivatives, at estimated fair value | 319,838 | 208,008 |
Total derivatives, at estimated fair value | 6,991 | 3,206 |
Cash collateral pledged to counterparties | 1,251,375 | 464,187 |
Cash collateral received from counterparties | 894 | 1,265 |
Securities pledged as collateral | 0 | 0 |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 39,270,303 | 41,108,749 |
Estimated fair value of derivative assets | 16,091 | 60,155 |
Estimated fair value of derivative liabilities | 962,018 | 318,815 |
Derivatives designated as hedging instruments | Interest-rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 39,270,303 | 41,108,749 |
Estimated fair value of derivative assets | 16,091 | 60,155 |
Estimated fair value of derivative liabilities | 962,018 | 318,815 |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 10,310,471 | 9,293,393 |
Estimated fair value of derivative assets | 8,875 | 786 |
Estimated fair value of derivative liabilities | 582 | 246 |
Derivatives not designated as hedging instruments | Interest-rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 9,162,000 | 7,634,000 |
Estimated fair value of derivative assets | 7,753 | 450 |
Estimated fair value of derivative liabilities | 324 | 27 |
Derivatives not designated as hedging instruments | Swaptions | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 0 | 850,000 |
Estimated fair value of derivative assets | 0 | 16 |
Estimated fair value of derivative liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Interest-rate caps/floors | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 625,500 | 668,500 |
Estimated fair value of derivative assets | 451 | 215 |
Estimated fair value of derivative liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Interest-rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 261,200 | 70,200 |
Estimated fair value of derivative assets | 470 | 0 |
Estimated fair value of derivative liabilities | 8 | 216 |
MDCs | Derivatives not designated as hedging instruments | Interest-rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 261,771 | 70,693 |
Estimated fair value of derivative assets | 201 | 105 |
Estimated fair value of derivative liabilities | $ 250 | $ 3 |
Derivatives and Hedging Activities Offsetting of Derivative Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Assets | ||
Gross recognized amount | $ 24,295 | $ 60,836 |
Gross amounts of netting adjustments and cash collateral | 294,872 | 147,067 |
Net amounts after netting adjustments and cash collateral | 319,167 | 207,903 |
Derivative instruments not meeting netting requirements | 671 | 105 |
Total derivatives, at estimated fair value | 319,838 | 208,008 |
Derivative Liabilities | ||
Gross recognized amount | 962,342 | 318,842 |
Gross amounts of netting adjustments and cash collateral | (955,609) | (315,855) |
Net amounts after netting adjustments and cash collateral | 6,733 | 2,987 |
Derivative instruments not meeting netting requirements | 258 | 219 |
Total derivatives, at estimated fair value | 6,991 | 3,206 |
Uncleared | ||
Derivative Assets | ||
Gross recognized amount | 4,517 | 51,955 |
Gross amounts of netting adjustments and cash collateral | 15,766 | (36,954) |
Net amounts after netting adjustments and cash collateral | 20,283 | 15,001 |
Derivative Liabilities | ||
Gross recognized amount | 961,467 | 318,023 |
Gross amounts of netting adjustments and cash collateral | (954,734) | (315,036) |
Net amounts after netting adjustments and cash collateral | 6,733 | 2,987 |
Cleared | ||
Derivative Assets | ||
Gross recognized amount | 19,778 | 8,881 |
Gross amounts of netting adjustments and cash collateral | 279,106 | 184,021 |
Net amounts after netting adjustments and cash collateral | 298,884 | 192,902 |
Derivative Liabilities | ||
Gross recognized amount | 875 | 819 |
Gross amounts of netting adjustments and cash collateral | (875) | (819) |
Net amounts after netting adjustments and cash collateral | $ 0 | $ 0 |
Derivatives and Hedging Activities Derivatives Reported in Other Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | $ (297) | $ (3,612) | $ (52,124) | $ (21,399) |
Economic Hedge | Interest-rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | 11,994 | (2,550) | (8,287) | (14,636) |
Economic Hedge | Swaptions | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | 0 | (430) | (323) | (1,023) |
Economic Hedge | Interest-rate caps/floors | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | (228) | (799) | 236 | (801) |
Economic Hedge | Interest-rate forwards | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | (917) | (268) | (11,840) | (1,487) |
Economic Hedge | Net interest settlements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | (11,579) | 127 | (40,491) | (4,961) |
MDCs | Interest-rate forwards | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gains (losses) on derivatives not designated as hedging instruments | $ 433 | $ 308 | $ 8,581 | $ 1,509 |
Derivatives and Hedging Activities Net Gains (Losses) on Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||
Change in unrealized gain (loss) on hedged item in fair value hedge | $ (141,559) | $ 231,744 | $ 1,093,948 | $ 830,633 | |||||||||
Change in unrealized gain (loss) on fair value hedging instruments | 139,148 | (240,802) | (1,118,748) | (862,142) | |||||||||
Net changes in fair value before price alignment interest | (2,411) | (9,058) | (24,800) | (31,509) | |||||||||
Price alignment interest | 155 | 836 | [1],[2] | 1,047 | (553) | [3] | |||||||
Net interest settlements on derivatives | (78,901) | 15,860 | (112,246) | [1],[2] | 54,332 | [1],[2] | |||||||
Amortization/accretion of gains (losses) on active hedging relationships | 2,015 | 304 | 3,973 | 665 | |||||||||
Net gains (losses) on qualifying fair-value hedging relationships | (79,142) | 7,942 | (132,026) | 22,935 | |||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | 0 | (512) | (36) | (6,678) | |||||||||
Net gains (losses) on derivatives and hedging activities in net interest income | (79,142) | 7,430 | [1] | (132,062) | [1] | 16,257 | [1] | ||||||
Advances | Interest Income | Interest-rate swaps | |||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (104,009) | 101,809 | 530,727 | 432,419 | |||||||||
Change in unrealized gain (loss) on fair value hedging instruments | 99,757 | (96,264) | (533,327) | (431,365) | |||||||||
Net changes in fair value before price alignment interest | (4,252) | 5,545 | (2,600) | 1,054 | |||||||||
Price alignment interest | 92 | 782 | 732 | [3] | 477 | [3] | |||||||
Net interest settlements on derivatives | (54,836) | 13,271 | (83,275) | [1],[2] | 56,729 | [1],[2] | |||||||
Amortization/accretion of gains (losses) on active hedging relationships | 1 | 0 | (13) | 0 | |||||||||
Net gains (losses) on qualifying fair-value hedging relationships | (58,995) | 19,598 | (85,156) | 58,260 | |||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | 0 | 2 | 0 | 0 | |||||||||
Net gains (losses) on derivatives and hedging activities in net interest income | (58,995) | 19,600 | [1] | (85,156) | [1] | 58,260 | [1] | ||||||
Investments | Interest Income | Interest-rate swaps | |||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (50,989) | 140,243 | 589,234 | 507,397 | |||||||||
Change in unrealized gain (loss) on fair value hedging instruments | 53,325 | (150,320) | (614,242) | (535,526) | |||||||||
Net changes in fair value before price alignment interest | 2,336 | (10,077) | (25,008) | (28,129) | |||||||||
Price alignment interest | 73 | 201 | 474 | [3] | (877) | [3] | |||||||
Net interest settlements on derivatives | (39,134) | 6,556 | (72,815) | [1],[2] | 32,167 | [1],[2] | |||||||
Amortization/accretion of gains (losses) on active hedging relationships | 1,263 | 117 | 1,902 | 293 | |||||||||
Net gains (losses) on qualifying fair-value hedging relationships | (35,462) | (3,203) | (95,447) | 3,454 | |||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | 0 | 0 | 0 | 0 | |||||||||
Net gains (losses) on derivatives and hedging activities in net interest income | (35,462) | (3,203) | [1] | (95,447) | [1] | 3,454 | [1] | ||||||
Unsettled CO bonds, at par | Interest Expense | Interest-rate swaps | |||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 13,439 | (10,308) | (26,013) | (109,183) | |||||||||
Change in unrealized gain (loss) on fair value hedging instruments | (13,934) | 5,782 | 28,821 | 104,749 | |||||||||
Net changes in fair value before price alignment interest | (495) | (4,526) | 2,808 | (4,434) | |||||||||
Price alignment interest | (10) | (147) | (159) | [3] | (153) | [3] | |||||||
Net interest settlements on derivatives | 15,069 | (3,967) | 43,844 | [1],[2] | (34,564) | [1],[2] | |||||||
Amortization/accretion of gains (losses) on active hedging relationships | 751 | 187 | 2,084 | 372 | |||||||||
Net gains (losses) on qualifying fair-value hedging relationships | 15,315 | (8,453) | 48,577 | (38,779) | |||||||||
Amortization/accretion of gains (losses) on discontinued fair-value hedging relationships | 0 | (514) | (36) | (6,678) | |||||||||
Net gains (losses) on derivatives and hedging activities in net interest income | $ 15,315 | $ (8,967) | [1] | $ 48,541 | [1] | $ (45,457) | [1] | ||||||
|
Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
|||
---|---|---|---|---|---|
Advances | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amortized cost of hedged items (1) | $ 19,491,639 | $ 17,320,223 | |||
For active fair-value hedging relationships (2) | 794,820 | 207,111 | |||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 856 | 0 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | [1] | 795,676 | 207,111 | ||
Investments | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amortized cost of hedged items (1) | 10,216,030 | 8,394,665 | |||
For active fair-value hedging relationships (2) | 682,858 | 150,372 | |||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 50,648 | 0 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | [1] | 733,506 | 150,372 | ||
Unsettled CO bonds, at par | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amortized cost of hedged items (1) | 13,114,608 | 17,039,657 | |||
For active fair-value hedging relationships (2) | 31,892 | 7,855 | |||
For discontinued fair-value hedging relationships | 0 | (36) | |||
Total cumulative fair-value hedging basis adjustments on hedged items | $ 31,892 | $ 7,819 | [1] | ||
|
Consolidated Obligations (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Schedule of Short-term and Long-term Debt [Line Items] | ||
FHLB system outstanding consolidated obligations | $ 819,900,000 | $ 1,000,000,000 |
Discount notes maturity period | 1 year | |
Discount Notes | ||
Book value | $ 19,461,386 | 17,676,793 |
CO Bonds [Abstract] | ||
Total CO bonds, par value | 41,048,115 | 44,662,920 |
Total CO bonds | 41,148,153 | 44,715,224 |
Year of Contractual Maturity or Next Call Date | ||
CO Bonds [Abstract] | ||
Due in 1 year or less, amount | 31,386,990 | 36,243,785 |
Due after 1 year through 2 years, amount | 5,223,700 | 4,484,620 |
Due after 2 years through 3 years, amount | 1,255,275 | 742,790 |
Due after 3 years through 4 years, amount | 380,100 | 516,375 |
Due after 4 years through 5 years, amount | 603,900 | 380,750 |
Thereafter, amount | 2,198,150 | 2,294,600 |
Total CO bonds, par value | 41,048,115 | 44,662,920 |
Unsettled CO bonds, at par | ||
CO Bonds [Abstract] | ||
Due in 1 year or less, amount | 28,157,490 | 23,404,785 |
Due after 1 year through 2 years, amount | 5,208,700 | 6,881,120 |
Due after 2 years through 3 years, amount | 1,325,275 | 4,020,790 |
Due after 3 years through 4 years, amount | 798,600 | 1,234,375 |
Due after 4 years through 5 years, amount | 919,900 | 3,471,250 |
Thereafter, amount | 4,638,150 | 5,650,600 |
Total CO bonds, par value | 41,048,115 | 44,662,920 |
Unamortized premiums | 89,220 | 67,708 |
Unamortized discounts | (12,815) | (13,321) |
Unamortized concessions | (8,259) | (9,902) |
Fair-value hedging adjustments, net | $ 31,892 | $ 7,819 |
Due in 1 year or less, WAIR % | 0.30% | 1.88% |
Due after 1 year through 2 years, WAIR % | 0.79% | 1.93% |
Due after 2 years through 3 years, WAIR % | 1.97% | 2.10% |
Due after 3 years through 4 years, WAIR % | 2.00% | 2.18% |
Due after 4 years through 5 years, WAIR % | 1.46% | 2.11% |
Thereafter, WAIR % | 3.01% | 3.11% |
Total CO bonds, par value, WAIR % | 0.78% | 2.09% |
Short-term Debt | ||
Discount Notes | ||
Book value | $ 19,461,386 | $ 17,676,793 |
Weighted average effective interest rate | 0.14% | 1.59% |
CO Bonds [Abstract] | ||
Total CO bonds, par value | $ 19,466,035 | $ 17,713,204 |
Non-callable / non-putable | ||
CO Bonds [Abstract] | ||
Total CO bonds, par value | 35,073,615 | 28,829,420 |
Callable | ||
CO Bonds [Abstract] | ||
Total CO bonds, par value | $ 5,974,500 | $ 15,833,500 |
Consolidated Obligations Interest-rate Payment Terms (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Total CO bonds, par value | $ 41,048,115 | $ 44,662,920 |
Fixed-rate | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | 20,805,115 | 27,565,920 |
Step-up | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | 15,000 | 30,000 |
Simple variable-rate | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | $ 20,228,000 | $ 17,067,000 |
Affordable Housing Program (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Affordable Housing Program Funding Obligation [Roll Forward] | ||||||
Balance at beginning of period | $ 36,661 | $ 40,247 | $ 38,084 | $ 40,747 | ||
Assessment (expense) | 1,886 | 3,265 | 7,273 | 11,408 | ||
Subsidy usage, net | [1] | (3,966) | (6,442) | (10,776) | (15,085) | |
Balance at end of period | $ 34,581 | $ 37,070 | $ 34,581 | $ 37,070 | ||
|
Capital - Class B Shares (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Class B | ||
Class of Stock [Line Items] | ||
Common stock issued (in shares) | 22,236,699 | 19,740,755 |
Common stock outstanding (in shares) | 22,236,699 | 19,740,755 |
Class B issued and outstanding | $ 2,223,670 | $ 1,974,076 |
Class B-1 | ||
Class of Stock [Line Items] | ||
Common stock issued (in shares) | 8,401,720 | 19,737,727 |
Common stock outstanding (in shares) | 8,401,720 | 19,737,727 |
Class B issued and outstanding | $ 840,172 | $ 1,973,773 |
Class B-2 | ||
Class of Stock [Line Items] | ||
Common stock issued (in shares) | 13,834,979 | 3,028 |
Common stock outstanding (in shares) | 13,834,979 | 3,028 |
Class B issued and outstanding | $ 1,383,498 | $ 303 |
Capital (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
capital_requirement
numberOfSub-seriesOfStock
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
capital_requirement
numberOfSub-seriesOfStock
|
Sep. 25, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|||||||||
Capital [Abstract] | ||||||||||||||
Number of sub-series of Class B stock | numberOfSub-seriesOfStock | 2 | 2 | ||||||||||||
Class B-2 stock cividend as percentage of Class B-1 stock dividend (percent) | 80.00% | |||||||||||||
Redemption period | 5 years | |||||||||||||
Mandatorily Redeemable Capital Stock Activity [Roll Forward] | ||||||||||||||
Liability at beginning of period | $ 299,704 | $ 174,193 | $ 322,902 | $ 322,902 | $ 168,876 | |||||||||
Reclassification from capital stock | 496 | 148,870 | 13,843 | 150,979 | ||||||||||
Proceeds from issuance | 0 | 0 | 0 | [1] | 3,704 | [1] | ||||||||
Redemptions/repurchases | (37,750) | (43) | (74,331) | (540) | ||||||||||
Accrued distributions | 4 | 692 | 40 | 693 | ||||||||||
Liability at end of period | 262,454 | 323,712 | 262,454 | 323,712 | ||||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount [Abstract] | ||||||||||||||
Year 1 | [2] | 9,289 | 9,289 | $ 680 | ||||||||||
Year 2 | 0 | 0 | 8,649 | |||||||||||
Year 3 | 26,723 | 26,723 | 0 | |||||||||||
Year 4 | 150,957 | 150,957 | 26,723 | |||||||||||
Year 5 | 13,843 | 13,843 | 150,958 | |||||||||||
Thereafter | [3] | 61,642 | 61,642 | 135,892 | ||||||||||
Stock not redeemed after redemption period | 637 | 637 | 680 | |||||||||||
Financial instruments mandatory redemption capital plan | 48,682 | 48,682 | 61,642 | |||||||||||
Recorded as interest expense | 2,037 | 3,514 | 7,777 | 8,585 | ||||||||||
Recorded as distributions from retained earnings | 4 | 692 | 40 | 693 | ||||||||||
Total | $ 2,041 | $ 4,206 | $ 7,817 | $ 9,278 | ||||||||||
Regulatory Capital Requirements | ||||||||||||||
Number of regulatory capital requirements | capital_requirement | 3 | 3 | ||||||||||||
Risk-based capital, required | $ 578,760 | $ 578,760 | 639,495 | |||||||||||
Risk-based capital, actual | 3,609,969 | 3,609,969 | 3,412,286 | |||||||||||
Regulatory capital, required | 2,653,666 | 2,653,666 | 2,700,431 | |||||||||||
Regulatory capital, actual | $ 3,609,969 | $ 3,609,969 | $ 3,412,286 | |||||||||||
Regulatory permanent capital-to-asset ratio, required | 4.00% | 4.00% | 4.00% | |||||||||||
Regulatory permanent capital-to-asset ratio, actual | 5.44% | 5.44% | 5.05% | |||||||||||
Leverage capital, required | $ 3,317,083 | $ 3,317,083 | $ 3,375,539 | |||||||||||
Leverage capital, actual | $ 5,414,954 | $ 5,414,954 | $ 5,118,429 | |||||||||||
Leverage ratio, required | 5.00% | 5.00% | 5.00% | |||||||||||
Leverage ratio, actual | 8.16% | 8.16% | 7.58% | |||||||||||
|
Capital - Partial Recovery of Prior Capital Distribution to Financing Corporation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 36 Months Ended |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 1989 |
|
Capital [Abstract] | |||
Capital distributions from FHLBanks to FICO | $ 680,000 | ||
Excess FICO funds available for distribution to FHLBanks | $ 200,000 | ||
Partial recovery of prior capital distribution to Financing Corporation | $ 10,574 |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | $ 3,317,941 | $ 3,198,876 | $ 3,156,760 | $ 3,050,449 |
Net change in unrealized gains (losses) | 77,290 | (2,139) | 7,479 | 16,842 |
Pension benefits, net | 867 | 486 | (807) | (2,882) |
Total other comprehensive income (loss) | 78,157 | (1,653) | 6,672 | 13,960 |
Ending Balance | 3,421,563 | 3,085,676 | 3,421,563 | 3,085,676 |
Unrealized Gains (Losses) on AFS Securities | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | 20,002 | 71,967 | 89,813 | 52,986 |
Net change in unrealized gains (losses) | 77,290 | (2,139) | 7,479 | 16,842 |
Pension benefits, net | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 77,290 | (2,139) | 7,479 | 16,842 |
Ending Balance | 97,292 | 69,828 | 97,292 | 69,828 |
Pension Benefits | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | (24,111) | (14,667) | (22,437) | (11,299) |
Net change in unrealized gains (losses) | 0 | 0 | 0 | 0 |
Pension benefits, net | 867 | 486 | (807) | (2,882) |
Total other comprehensive income (loss) | 867 | 486 | (807) | (2,882) |
Ending Balance | (23,244) | (14,181) | (23,244) | (14,181) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | (4,109) | 57,300 | 67,376 | 41,687 |
Ending Balance | $ 74,048 | $ 55,647 | $ 74,048 | $ 55,647 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 60,719 | $ 50,324 | $ 191,333 | $ 167,407 | |
Provision for (reversal of) credit losses | 124 | (180) | 172 | (166) | |
Other income (loss) | (16,877) | 2,786 | (46,803) | 9,270 | |
Other expenses | 26,893 | 24,159 | 79,401 | 71,350 | |
Income before assessments | 16,825 | 29,131 | 64,957 | 105,493 | |
Affordable Housing Program assessments | 1,886 | 3,265 | 7,273 | 11,408 | |
Net income | 14,939 | 25,866 | 57,684 | 94,085 | |
Assets | 66,341,662 | 66,341,662 | $ 67,510,775 | ||
Traditional | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 65,392 | 38,149 | 177,645 | 121,594 | |
Provision for (reversal of) credit losses | 0 | 0 | 0 | 0 | |
Other income (loss) | (16,480) | 2,678 | (43,771) | 9,078 | |
Other expenses | 22,992 | 20,636 | 67,601 | 61,012 | |
Income before assessments | 25,920 | 20,191 | 66,273 | 69,660 | |
Affordable Housing Program assessments | 2,796 | 2,371 | 7,405 | 7,825 | |
Net income | 23,124 | 17,820 | 58,868 | 61,835 | |
Assets | 57,104,477 | 57,104,477 | 56,695,738 | ||
Mortgage Loans | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (4,673) | 12,175 | 13,688 | 45,813 | |
Provision for (reversal of) credit losses | 124 | (180) | 172 | (166) | |
Other income (loss) | (397) | 108 | (3,032) | 192 | |
Other expenses | 3,901 | 3,523 | 11,800 | 10,338 | |
Income before assessments | (9,095) | 8,940 | (1,316) | 35,833 | |
Affordable Housing Program assessments | (910) | 894 | (132) | 3,583 | |
Net income | (8,185) | $ 8,046 | (1,184) | $ 32,250 | |
Assets | $ 9,237,185 | $ 9,237,185 | $ 10,815,037 |
Estimated Fair Values - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|---|---|---|---|
Assets: | |||||||||
Cash and due from banks | $ 130,595 | $ 220,294 | |||||||
Trading securities | 5,058,984 | 5,016,649 | |||||||
AFS securities | 10,363,969 | 8,484,478 | |||||||
HTM securities | 4,272,457 | 5,216,401 | |||||||
HTM securities | 4,296,287 | 5,216,206 | |||||||
Accrued interest receivable | 105,170 | 131,822 | |||||||
Derivative assets, net | 319,838 | 208,008 | |||||||
Netting adjustments and cash collateral, derivative asset | 294,872 | 147,067 | |||||||
Consolidated Obligations: | |||||||||
Accrued interest payable | 64,322 | 178,981 | |||||||
Derivative liabilities, net | 6,991 | 3,206 | |||||||
Netting adjustments and cash collateral, derivative liability | (955,609) | (315,855) | |||||||
MRCS | 262,454 | $ 299,704 | 322,902 | $ 323,712 | $ 174,193 | $ 168,876 | |||
Level 1 | |||||||||
Assets: | |||||||||
Cash and due from banks | 130,595 | 220,294 | |||||||
Interest-bearing deposits | 56,007 | 809,000 | |||||||
Securities purchased under agreements to resell | 0 | 0 | |||||||
Federal funds sold | 0 | 0 | |||||||
Trading securities | 0 | 0 | |||||||
AFS securities | 0 | 0 | |||||||
HTM securities | 0 | 0 | |||||||
Advances | 0 | 0 | |||||||
Mortgage loans held for portfolio, net | 0 | 0 | |||||||
Accrued interest receivable | 0 | 0 | |||||||
Derivative assets, net | 0 | 0 | |||||||
Grantor trust assets | 27,428 | 26,050 | |||||||
Liabilities: | |||||||||
Deposits | 0 | 0 | |||||||
Consolidated Obligations: | |||||||||
Accrued interest payable | 0 | 0 | |||||||
Derivative liabilities, net | 0 | 0 | |||||||
MRCS | 262,454 | 322,902 | |||||||
Level 2 | |||||||||
Assets: | |||||||||
Cash and due from banks | 0 | 0 | |||||||
Interest-bearing deposits | 21 | 141 | |||||||
Securities purchased under agreements to resell | 4,500,000 | 1,500,000 | |||||||
Federal funds sold | 952,000 | 2,550,000 | |||||||
Trading securities | 5,058,984 | 5,016,649 | |||||||
AFS securities | 10,363,969 | 8,484,478 | |||||||
HTM securities | 4,296,287 | 5,216,206 | |||||||
Advances | 31,278,477 | 32,425,749 | |||||||
Mortgage loans held for portfolio, net | 9,599,563 | 10,935,787 | |||||||
Accrued interest receivable | 105,170 | 131,822 | |||||||
Derivative assets, net | 24,966 | 60,941 | |||||||
Grantor trust assets | 0 | 0 | |||||||
Liabilities: | |||||||||
Deposits | 1,299,227 | 960,304 | |||||||
Consolidated Obligations: | |||||||||
Accrued interest payable | 64,322 | 178,981 | |||||||
Derivative liabilities, net | 962,600 | 319,061 | |||||||
MRCS | 0 | 0 | |||||||
Level 3 | |||||||||
Assets: | |||||||||
Cash and due from banks | 0 | 0 | |||||||
Interest-bearing deposits | 0 | 0 | |||||||
Securities purchased under agreements to resell | 0 | 0 | |||||||
Federal funds sold | 0 | 0 | |||||||
Trading securities | 0 | 0 | |||||||
AFS securities | 0 | 0 | |||||||
HTM securities | 0 | 0 | |||||||
Advances | 0 | 0 | |||||||
Mortgage loans held for portfolio, net | 83,822 | 7,808 | |||||||
Accrued interest receivable | 0 | 0 | |||||||
Derivative assets, net | 0 | 0 | |||||||
Grantor trust assets | 0 | 0 | |||||||
Liabilities: | |||||||||
Deposits | 0 | 0 | |||||||
Consolidated Obligations: | |||||||||
Accrued interest payable | 0 | 0 | |||||||
Derivative liabilities, net | 0 | 0 | |||||||
MRCS | 0 | 0 | |||||||
Carrying value | |||||||||
Assets: | |||||||||
Cash and due from banks | 130,595 | 220,294 | |||||||
Interest-bearing deposits | 56,028 | 809,141 | |||||||
Securities purchased under agreements to resell | 4,500,000 | 1,500,000 | |||||||
Federal funds sold | 952,000 | 2,550,000 | |||||||
Trading securities | 5,058,984 | 5,016,649 | |||||||
AFS securities | 10,363,969 | 8,484,478 | |||||||
HTM securities | 4,272,457 | 5,216,401 | |||||||
Advances | 31,264,246 | 32,480,108 | |||||||
Mortgage loans held for portfolio, net | 9,237,185 | 10,815,037 | |||||||
Accrued interest receivable | 105,170 | 131,822 | |||||||
Derivative assets, net | 319,838 | 208,008 | |||||||
Grantor trust assets | 27,428 | 26,050 | |||||||
Liabilities: | |||||||||
Deposits | 1,299,227 | 960,304 | |||||||
Consolidated Obligations: | |||||||||
Accrued interest payable | 64,322 | 178,981 | |||||||
Derivative liabilities, net | 6,991 | 3,206 | |||||||
MRCS | 262,454 | 322,902 | |||||||
Fair Value | |||||||||
Assets: | |||||||||
Cash and due from banks | 130,595 | 220,294 | |||||||
Interest-bearing deposits | 56,028 | 809,141 | |||||||
Securities purchased under agreements to resell | 4,500,000 | 1,500,000 | |||||||
Federal funds sold | 952,000 | 2,550,000 | |||||||
Trading securities | 5,058,984 | 5,016,649 | |||||||
AFS securities | 10,363,969 | 8,484,478 | |||||||
HTM securities | 4,296,287 | 5,216,206 | |||||||
Advances | 31,278,477 | 32,425,749 | |||||||
Mortgage loans held for portfolio, net | 9,683,385 | 10,943,595 | |||||||
Accrued interest receivable | 105,170 | 131,822 | |||||||
Derivative assets, net | 319,838 | 208,008 | |||||||
Grantor trust assets | 27,428 | [1] | 26,050 | ||||||
Liabilities: | |||||||||
Deposits | 1,299,227 | 960,304 | |||||||
Consolidated Obligations: | |||||||||
Accrued interest payable | 64,322 | 178,981 | |||||||
Derivative liabilities, net | 6,991 | 3,206 | |||||||
MRCS | 262,454 | 322,902 | |||||||
Unsettled discount notes, at par | Level 1 | |||||||||
Consolidated Obligations: | |||||||||
Discount notes | 0 | 0 | |||||||
Unsettled discount notes, at par | Level 2 | |||||||||
Consolidated Obligations: | |||||||||
Discount notes | 19,463,824 | 17,679,210 | |||||||
Unsettled discount notes, at par | Level 3 | |||||||||
Consolidated Obligations: | |||||||||
Discount notes | 0 | 0 | |||||||
Unsettled discount notes, at par | Carrying value | |||||||||
Consolidated Obligations: | |||||||||
Discount notes | 19,461,386 | 17,676,793 | |||||||
Unsettled discount notes, at par | Fair Value | |||||||||
Consolidated Obligations: | |||||||||
Discount notes | 19,463,824 | 17,679,210 | |||||||
Unsettled CO bonds, at par | Level 1 | |||||||||
Consolidated Obligations: | |||||||||
Bonds | 0 | 0 | |||||||
Unsettled CO bonds, at par | Level 2 | |||||||||
Consolidated Obligations: | |||||||||
Bonds | 41,804,331 | 45,036,500 | |||||||
Unsettled CO bonds, at par | Level 3 | |||||||||
Consolidated Obligations: | |||||||||
Bonds | 0 | 0 | |||||||
Unsettled CO bonds, at par | Carrying value | |||||||||
Consolidated Obligations: | |||||||||
Bonds | 41,148,153 | 44,715,224 | |||||||
Unsettled CO bonds, at par | Fair Value | |||||||||
Consolidated Obligations: | |||||||||
Bonds | $ 41,804,331 | $ 45,036,500 | |||||||
|
Estimated Fair Values - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | $ 5,058,984 | $ 5,016,649 | ||||||||||||
AFS securities | 10,363,969 | 8,484,478 | ||||||||||||
Derivative assets, net | 319,838 | 208,008 | ||||||||||||
Netting adjustments and cash collateral, derivative asset | 294,872 | 147,067 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 6,991 | 3,206 | ||||||||||||
Netting adjustments and cash collateral, derivative liability | (955,609) | (315,855) | ||||||||||||
Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 5,058,984 | 5,016,649 | ||||||||||||
AFS securities | 10,363,969 | 8,484,478 | ||||||||||||
Derivative assets, net | 319,838 | 208,008 | ||||||||||||
Netting adjustments and cash collateral, derivative asset | 294,872 | [1] | 147,067 | [2] | ||||||||||
Grantor trust assets | 27,428 | [3] | 26,050 | |||||||||||
Total assets at estimated fair value | 15,770,219 | 13,735,185 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 6,991 | 3,206 | ||||||||||||
Netting adjustments and cash collateral, derivative liability | (955,609) | [1] | (315,855) | [2] | ||||||||||
Total liabilities at recurring estimated fair value | 6,991 | 3,206 | ||||||||||||
Fair Value, Measurements, Recurring | Interest-rate related | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Netting adjustments and cash collateral, derivative asset | 294,872 | 147,067 | [2] | |||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Netting adjustments and cash collateral, derivative liability | (955,609) | (315,855) | [2] | |||||||||||
Fair Value, Measurements, Nonrecurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Total assets at estimated fair value | 1,511 | 1,504 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Mortgage loans held for portfolio | 1,511 | [4] | 1,504 | |||||||||||
Level 1 | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||
AFS securities | 0 | 0 | ||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Grantor trust assets | 27,428 | 26,050 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Mortgage loans held for portfolio | 0 | 0 | ||||||||||||
Level 1 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||
AFS securities | 0 | 0 | ||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Grantor trust assets | 27,428 | 26,050 | ||||||||||||
Total assets at estimated fair value | 27,428 | 26,050 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Total liabilities at recurring estimated fair value | 0 | 0 | ||||||||||||
Level 1 | Fair Value, Measurements, Recurring | Interest-rate related | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Level 1 | Fair Value, Measurements, Nonrecurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Total assets at estimated fair value | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Mortgage loans held for portfolio | 0 | 0 | ||||||||||||
Level 2 | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 5,058,984 | 5,016,649 | ||||||||||||
AFS securities | 10,363,969 | 8,484,478 | ||||||||||||
Derivative assets, net | 24,966 | 60,941 | ||||||||||||
Grantor trust assets | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 962,600 | 319,061 | ||||||||||||
Mortgage loans held for portfolio | 9,599,563 | 10,935,787 | ||||||||||||
Level 2 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 5,058,984 | 5,016,649 | ||||||||||||
AFS securities | 10,363,969 | 8,484,478 | ||||||||||||
Derivative assets, net | 24,966 | 60,941 | ||||||||||||
Grantor trust assets | 0 | 0 | ||||||||||||
Total assets at estimated fair value | 15,447,919 | 13,562,068 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 962,600 | 319,061 | ||||||||||||
Total liabilities at recurring estimated fair value | 962,600 | 319,061 | ||||||||||||
Level 2 | Fair Value, Measurements, Recurring | Interest-rate related | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 24,765 | 60,836 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 962,350 | 319,058 | ||||||||||||
Level 2 | Fair Value, Measurements, Nonrecurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Total assets at estimated fair value | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Mortgage loans held for portfolio | 0 | 0 | ||||||||||||
Level 3 | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||
AFS securities | 0 | 0 | ||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Grantor trust assets | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Mortgage loans held for portfolio | 83,822 | 7,808 | ||||||||||||
Level 3 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||
AFS securities | 0 | 0 | ||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Grantor trust assets | 0 | 0 | ||||||||||||
Total assets at estimated fair value | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Total liabilities at recurring estimated fair value | 0 | 0 | ||||||||||||
Level 3 | Fair Value, Measurements, Recurring | Interest-rate related | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Total assets at estimated fair value | 1,511 | 1,504 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Mortgage loans held for portfolio | 1,511 | 1,504 | ||||||||||||
U.S. Treasury securities | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 5,058,984 | 5,016,649 | ||||||||||||
U.S. Treasury securities | Level 1 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||
U.S. Treasury securities | Level 2 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 5,058,984 | 5,016,649 | ||||||||||||
U.S. Treasury securities | Level 3 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||
GSE and TVA debentures | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 4,025,604 | 3,926,852 | ||||||||||||
GSE and TVA debentures | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 4,025,604 | 3,926,852 | ||||||||||||
GSE and TVA debentures | Level 1 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 0 | 0 | ||||||||||||
GSE and TVA debentures | Level 2 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 4,025,604 | 3,926,852 | ||||||||||||
GSE and TVA debentures | Level 3 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 0 | 0 | ||||||||||||
GSE MBS | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 6,338,365 | 4,557,626 | ||||||||||||
GSE MBS | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 6,338,365 | 4,557,626 | ||||||||||||
GSE MBS | Level 1 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 0 | 0 | ||||||||||||
GSE MBS | Level 2 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 6,338,365 | 4,557,626 | ||||||||||||
GSE MBS | Level 3 | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
AFS securities | 0 | 0 | ||||||||||||
MDCs | Fair Value, Measurements, Recurring | Interest-rate forwards | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Netting adjustments and cash collateral, derivative asset | 0 | |||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Netting adjustments and cash collateral, derivative liability | 0 | 0 | ||||||||||||
MDCs | Fair Value, Measurements, Recurring | Interest-rate forwards | Mortgages | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 201 | 105 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 250 | 3 | ||||||||||||
MDCs | Level 1 | Fair Value, Measurements, Recurring | Interest-rate forwards | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
MDCs | Level 2 | Fair Value, Measurements, Recurring | Interest-rate forwards | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 201 | 105 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 250 | 3 | ||||||||||||
MDCs | Level 3 | Fair Value, Measurements, Recurring | Interest-rate forwards | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 0 | 0 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 0 | 0 | ||||||||||||
Total | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | 5,058,984 | 5,016,649 | ||||||||||||
AFS securities | 10,363,969 | 8,484,478 | ||||||||||||
Derivative assets, net | 319,838 | 208,008 | ||||||||||||
Grantor trust assets | 27,428 | [5] | 26,050 | |||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 6,991 | 3,206 | ||||||||||||
Mortgage loans held for portfolio | 9,683,385 | 10,943,595 | ||||||||||||
Total | Fair Value, Measurements, Recurring | Interest-rate related | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Derivative assets, net | 319,637 | 207,903 | ||||||||||||
Derivative Liability [Abstract] | ||||||||||||||
Derivative liabilities, net | 6,741 | 3,203 | ||||||||||||
Total | U.S. Treasury securities | Fair Value, Measurements, Recurring | ||||||||||||||
Derivative Asset [Abstract] | ||||||||||||||
Trading securities | $ 5,058,984 | $ 5,016,649 | ||||||||||||
|
Commitments and Contingencies (Details) $ in Thousands |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
| ||||||||
Standby letters of credit outstanding | ||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||
Off-balance-sheet commitments expire within one year | $ 416,488 | |||||||
Off-balance-sheet commitments expire after one year | 100,152 | |||||||
Off-balance-sheet commitments, Total | 516,640 | |||||||
Unused lines of credit | ||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||
Off-balance-sheet commitments expire within one year | 949,984 | |||||||
Off-balance-sheet commitments expire after one year | 0 | |||||||
Off-balance-sheet commitments, Total | 949,984 | [1] | ||||||
Maximum line of credit | 50,000 | |||||||
Commitments to fund additional advances | ||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||
Off-balance-sheet commitments expire within one year | 10,500 | |||||||
Off-balance-sheet commitments expire after one year | 0 | |||||||
Off-balance-sheet commitments, Total | $ 10,500 | [2] | ||||||
Commitments to fund additional Advances are generally for periods up | 6 months | |||||||
Unsettled CO bonds, at par | ||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||
Off-balance-sheet commitments expire within one year | $ 250,000 | |||||||
Off-balance-sheet commitments expire after one year | 0 | |||||||
Off-balance-sheet commitments, Total | $ 250,000 | |||||||
Commitments to Extend Credit | ||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||
Period for mortgage loan commitments | 91 days | |||||||
Mortgage Receivable | Commitments to fund or purchase mortgage loans, net | ||||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||||
Off-balance-sheet commitments expire within one year | $ 261,771 | |||||||
Off-balance-sheet commitments expire after one year | 0 | |||||||
Off-balance-sheet commitments, Total | $ 261,771 | [3] | ||||||
|
Related Party and Other Transactions (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Related Party Transaction [Line Items] | |||||
Advances, par value | $ 30,464,573,000 | $ 30,464,573,000 | $ 32,271,667,000 | ||
Disbursements | (60,000,000) | $ 0 | (80,000,000) | $ 0 | |
Principal repayments | 60,000,000 | 0 | 80,000,000 | 0 | |
Proceeds from borrowings | 0 | 250,000,000 | 0 | 250,000,000 | |
Principal repayments | 0 | (250,000,000) | 0 | (250,000,000) | |
Loans to other FHLBanks | 0 | 0 | 0 | ||
Loans from other FHLBanks | 0 | 0 | 0 | ||
Directors' Financial Institutions | |||||
Related Party Transaction [Line Items] | |||||
Capital stock, par value | $ 423,986,000 | $ 423,986,000 | $ 57,133,000 | ||
Capital stock, % of total | 17.00% | 17.00% | 2.00% | ||
Advances, par value | $ 3,544,862,000 | $ 3,544,862,000 | $ 698,699,000 | ||
Advances, % of total | 12.00% | 12.00% | 2.00% | ||
Net capital stock issuances (redemptions and repurchases) | $ 450,000 | 268,000 | $ 78,071,000 | 4,836,000 | |
Net advances (repayments) | (784,706,000) | 57,019,000 | (1,504,938,000) | 142,464,000 | |
Mortgage loan purchases | $ 7,390,000 | $ 7,954,000 | $ 34,254,000 | $ 19,282,000 |
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