Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 03, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Federal Home Loan Bank of Topeka | |
Entity Central Index Key | 1,325,878 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,986,547 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,064,699 |
Statements Of Condition
Statements Of Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and due from banks | $ 65,006 | $ 682,670 | |
Interest-bearing deposits | 351,130 | 100,594 | |
Securities purchased under agreements to resell (Note 10) | 2,760,000 | 3,945,000 | |
Federal funds sold | 2,330,000 | 2,000,000 | |
Investment securities: | |||
Trading securities (Note 3) | 2,281,970 | 2,294,606 | |
Available-for-sale securities (Note 3) | [1] | 839,159 | 495,063 |
Held-to-maturity securities (Note 3) | [2] | 4,572,056 | 4,770,817 |
Total investment securities | 7,693,185 | 7,560,486 | |
Advances (Notes 4, 6) | 25,435,390 | 23,580,371 | |
Mortgage loans held for portfolio, net: | |||
Mortgage loans held for portfolio (Notes 5, 6) | 6,411,561 | 6,392,680 | |
Less allowance for credit losses on mortgage loans (Note 6) | (1,607) | (1,972) | |
Mortgage loans held for portfolio, net | 6,409,954 | 6,390,708 | |
Accrued interest receivable | 71,574 | 79,233 | |
Premises, software and equipment, net | 9,558 | 8,306 | |
Derivative assets, net (Notes 7, 10) | 53,016 | 51,591 | |
Other assets | 25,618 | 27,174 | |
TOTAL ASSETS | 45,204,431 | 44,426,133 | |
LIABILITIES | |||
Deposits (Note 8) | 726,016 | 759,366 | |
Consolidated obligations, net: | |||
Discount notes (Note 9) | 25,159,376 | 21,813,446 | |
Bonds (Note 9) | 17,150,133 | 19,866,034 | |
Total consolidated obligations, net | 42,309,509 | 41,679,480 | |
Mandatorily redeemable capital stock (Note 11) | 3,433 | 2,739 | |
Accrued interest payable | 63,125 | 52,281 | |
Affordable Housing Program payable | 29,537 | 28,011 | |
Derivative liabilities, net (Notes 7, 10) | 40,280 | 31,492 | |
Other liabilities | 26,658 | 31,012 | |
TOTAL LIABILITIES | $ 43,198,558 | $ 42,584,381 | |
Commitments and contingencies (Note 14) | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 11) | [3] | $ 1,346,446 | $ 1,208,947 |
Retained earnings: | |||
Unrestricted | 573,391 | 560,166 | |
Restricted | 99,711 | 91,616 | |
Total retained earnings | 673,102 | 651,782 | |
Accumulated other comprehensive income (loss) (Note 12) | (13,675) | (18,977) | |
TOTAL CAPITAL | 2,005,873 | 1,841,752 | |
TOTAL LIABILITIES AND CAPITAL | 45,204,431 | 44,426,133 | |
Class A [Member] | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 11) | [3] | 209,479 | 179,683 |
Class B [Member] | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 11) | [3] | $ 1,136,967 | $ 1,029,264 |
[1] | Amortized cost: $842,994 and $503,640 as of March 31, 2016 and December 31, 2015, respectively. | ||
[2] | Fair value: $4,563,519 and $4,765,095 as of March 31, 2016 and December 31, 2015, respectively. | ||
[3] | Putable |
Statements Of Condition (Parent
Statements Of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities: | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 842,994 | $ 503,640 |
Held-to-maturity Securities, Fair Value | $ 4,563,519 | $ 4,765,095 |
Capital stock outstanding - putable: | ||
Common Stock, par value per share | $ 100 | |
Class A [Member] | ||
Capital stock outstanding - putable: | ||
Common Stock, par value per share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 2,095 | 1,797 |
Common Stock, Shares Outstanding | 2,095 | 1,797 |
Class B [Member] | ||
Capital stock outstanding - putable: | ||
Common Stock, par value per share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 11,370 | 10,293 |
Common Stock, Shares Outstanding | 11,370 | 10,293 |
Statements Of Income
Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME: | ||
Interest-bearing deposits | $ 332 | $ 54 |
Securities purchased under agreements to resell | 3,029 | 565 |
Federal funds sold | 1,395 | 659 |
Trading securities | 18,181 | 12,362 |
Available-for-sale securities | 2,022 | 0 |
Held-to-maturity securities | 11,532 | 10,059 |
Advances | 53,199 | 31,751 |
Prepayment fees on terminated advances | 489 | 756 |
Mortgage loans held for portfolio | 52,301 | 52,016 |
Other | 327 | 352 |
Total interest income | 142,807 | 108,574 |
INTEREST EXPENSE: | ||
Deposits | 226 | 164 |
Consolidated obligations: | ||
Discount notes | 20,907 | 3,502 |
Bonds | 56,729 | 48,225 |
Mandatorily redeemable capital stock (Note 11) | 9 | 11 |
Other | 66 | 58 |
Total interest expense | 77,937 | 51,960 |
NET INTEREST INCOME | 64,870 | 56,614 |
(Reversal) provision for credit losses on mortgage loans (Note 6) | (257) | (802) |
NET INTEREST INCOME AFTER MORTGAGE LOAN LOSS (REVERSAL) PROVISION | 65,127 | 57,416 |
OTHER INCOME (LOSS): | ||
Total other-than-temporary impairment losses on held-to-maturity securities | (64) | 0 |
Net amount of impairment losses on held-to-maturity securities reclassified to/(from) accumulated other comprehensive income (loss) | 37 | (187) |
Net other-than-temporary impairment losses on held-to-maturity securities (Note 3) | (27) | (187) |
Net gain (loss) on trading securities (Note 3) | 49,204 | (5,844) |
Net gain (loss) on derivatives and hedging activities (Note 7) | (58,486) | (5,963) |
Standby bond purchase agreement commitment fees | 1,380 | 1,481 |
Letters of credit fees | 852 | 789 |
Other | 561 | 508 |
Total other income (loss) | (6,516) | (9,216) |
OTHER EXPENSES: | ||
Compensation and benefits | 7,751 | 8,029 |
Other operating | 3,341 | 3,611 |
Federal Housing Finance Agency | 809 | 615 |
Office of Finance | 712 | 578 |
Other | 1,026 | 787 |
Total other expenses | 13,639 | 13,620 |
INCOME BEFORE ASSESSMENTS | 44,972 | 34,580 |
Affordable Housing Program | 4,498 | 3,459 |
NET INCOME | $ 40,474 | $ 31,121 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 40,474 | $ 31,121 |
Net unrealized gain (loss) on available-for-sale securities: | ||
Unrealized gain (loss) | 4,742 | 0 |
Total net realized gains/losses on available-for-sale securities | 4,742 | 0 |
Net non-credit portion of other than temporary impairment losses on held-to-maturity securities: | ||
Non-credit portion | (62) | 0 |
Reclassification of non-credit portion included in net income | 25 | 187 |
Accretion of non-credit portion | 550 | 952 |
Total net non-credit portion of other-than-temporary impairment losses on held-to-maturity securities | 513 | 1,139 |
Defined benefit pension plan: | ||
Amortization of net loss | 47 | 98 |
Total defined benefit pension plan | 47 | 98 |
Total other comprehensive income | 5,302 | 1,237 |
TOTAL COMPREHENSIVE INCOME | $ 45,776 | $ 32,358 |
Statements Of Capital
Statements Of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Balance at the beginning of the period | $ 1,841,752 | $ 1,585,267 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Proceeds from issuance of capital stock | 395,121 | 335,643 | |
Repurchase/redemption of capital stock | (116,469) | (117,955) | |
Comprehensive income | 45,776 | 32,358 | |
Net reclassification of shares to mandatorily redeemable capital stock | (160,234) | (108,023) | |
Net transfer of shares between Class A and Class B | 0 | 0 | |
Dividends on capital stock | |||
Cash payment | (73) | (74) | |
Stock issued | 0 | 0 | |
Balance at the end of the period | $ 2,005,873 | $ 1,727,216 | |
Capital Stock [Member] | |||
Shares, beginning balance | [1] | 12,090 | 9,740 |
Balance at the beginning of the period | [1] | $ 1,208,947 | $ 974,041 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Proceeds from issuance of capital stock, shares | [1] | 3,951 | 3,356 |
Proceeds from issuance of capital stock | [1] | $ 395,121 | $ 335,643 |
Repurchase/redemption of capital stock, shares | [1] | (1,165) | (1,179) |
Repurchase/redemption of capital stock | [1] | $ (116,469) | $ (117,955) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (1,602) | (1,080) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (160,234) | $ (108,023) |
Net transfer of shares between Class A and Class B, shares | [1] | 0 | 0 |
Net transfer of shares between Class A and Class B | [1] | $ 0 | $ 0 |
Dividends on capital stock | |||
Stock issued, shares | [1] | 191 | 146 |
Stock issued | [1] | $ 19,081 | $ 14,613 |
Shares, ending balance | [1] | 13,465 | 10,983 |
Balance at the end of the period | [1] | $ 1,346,446 | $ 1,098,319 |
Total Retained Earnings [Member] | |||
Balance at the beginning of the period | 651,782 | 627,133 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Comprehensive income | 40,474 | 31,121 | |
Dividends on capital stock | |||
Cash payment | (73) | (74) | |
Stock issued | (19,081) | (14,613) | |
Balance at the end of the period | 673,102 | 643,567 | |
Unrestricted Retained Earnings [Member] | |||
Balance at the beginning of the period | 560,166 | 554,189 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Comprehensive income | 32,379 | 24,897 | |
Dividends on capital stock | |||
Cash payment | (73) | (74) | |
Stock issued | (19,081) | (14,613) | |
Balance at the end of the period | 573,391 | 564,399 | |
Restricted Retained Earnings [Member] | |||
Balance at the beginning of the period | 91,616 | 72,944 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Comprehensive income | 8,095 | 6,224 | |
Dividends on capital stock | |||
Balance at the end of the period | 99,711 | 79,168 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Balance at the beginning of the period | (18,977) | (15,907) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Comprehensive income | 5,302 | 1,237 | |
Dividends on capital stock | |||
Balance at the end of the period | $ (13,675) | $ (14,670) | |
Class A [Member] | Capital Stock [Member] | |||
Shares, beginning balance | [1] | 1,797 | 2,083 |
Balance at the beginning of the period | [1] | $ 179,683 | $ 208,273 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Proceeds from issuance of capital stock, shares | [1] | 11 | 0 |
Proceeds from issuance of capital stock | [1] | $ 1,074 | $ 0 |
Repurchase/redemption of capital stock, shares | [1] | (1,158) | (1,164) |
Repurchase/redemption of capital stock | [1] | $ (115,815) | $ (116,437) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (35) | (16) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (3,509) | $ (1,574) |
Net transfer of shares between Class A and Class B, shares | [1] | 1,480 | 839 |
Net transfer of shares between Class A and Class B | [1] | $ 148,046 | $ 83,961 |
Dividends on capital stock | |||
Shares, ending balance | [1] | 2,095 | 1,742 |
Balance at the end of the period | [1] | $ 209,479 | $ 174,223 |
Class B [Member] | Capital Stock [Member] | |||
Shares, beginning balance | [1] | 10,293 | 7,657 |
Balance at the beginning of the period | [1] | $ 1,029,264 | $ 765,768 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Proceeds from issuance of capital stock, shares | [1] | 3,940 | 3,356 |
Proceeds from issuance of capital stock | [1] | $ 394,047 | $ 335,643 |
Repurchase/redemption of capital stock, shares | [1] | (7) | (15) |
Repurchase/redemption of capital stock | [1] | $ (654) | $ (1,518) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (1,567) | (1,064) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (156,725) | $ (106,449) |
Net transfer of shares between Class A and Class B, shares | [1] | (1,480) | (839) |
Net transfer of shares between Class A and Class B | [1] | $ (148,046) | $ (83,961) |
Dividends on capital stock | |||
Stock issued, shares | [1] | 191 | 146 |
Stock issued | [1] | $ 19,081 | $ 14,613 |
Shares, ending balance | [1] | 11,370 | 9,241 |
Balance at the end of the period | [1] | $ 1,136,967 | $ 924,096 |
[1] | Putable |
Statements Of Capital (Parenthe
Statements Of Capital (Parenthetical) - Capital Stock [Member] | 3 Months Ended | |
Mar. 31, 2016Rate | Mar. 31, 2015Rate | |
Class A [Member] | ||
Stock dividend rate percentage | 1.00% | 1.00% |
Class B [Member] | ||
Stock dividend rate percentage | 6.00% | 6.00% |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 40,474 | $ 31,121 |
Adjustments to reconcile income (loss) to net cash provided by (used in) operating activities: | ||
Premiums and discounts on consolidated obligations, net | (1,000) | (3,810) |
Concessions on consolidated obligations | 2,001 | 1,831 |
Premiums and discounts on investments, net | 549 | 75 |
Premiums, discounts and commitment fees on advances, net | (1,622) | (2,687) |
Premiums, discounts and deferred loan costs on mortgage loans, net | 4,091 | 4,207 |
Fair value adjustments on hedged assets or liabilities | 1,392 | 2,558 |
Premises, software and equipment | 517 | 550 |
Other | 47 | 98 |
(Reversal) provision for credit losses on mortgage loans | (257) | (802) |
Non-cash interest on mandatorily redeemable capital stock | 6 | 10 |
Net other-than-temporary impairment losses on held-to-maturity securities | 27 | 187 |
Net realized (gain) loss on sale of premises and equipment | (21) | (6) |
Other Adjustments | (157) | 344 |
Net (gain) loss on trading securities | (49,204) | 5,844 |
(Gain) loss due to change in net fair value adjustment on derivative and hedging activities | 72,104 | 19,493 |
(Increase) decrease in accrued interest receivable | 7,640 | 6,983 |
Change in net accrued interest included in derivative assets | (9,067) | (2,512) |
(Increase) decrease in other assets | 749 | 811 |
Increase (decrease) in accrued interest payable | 10,843 | 10,243 |
Change in net accrued interest included in derivative liabilities | (6,740) | (12,797) |
Increase (decrease) in Affordable Housing Program liability | 1,526 | 681 |
Increase (decrease) in other liabilities | (4,519) | (3,852) |
Total adjustments | 28,905 | 27,449 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 69,379 | 58,570 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net (increase) decrease in interest-bearing deposits | (341,009) | (12,471) |
Net (increase) decrease in securities purchased under resale agreements | 1,185,000 | (1,125,000) |
Net (increase) decrease in Federal funds sold | (330,000) | (55,000) |
Net (increase) decrease in short-term trading securities | 0 | (475,000) |
Proceeds from maturities of and principal repayments on long-term trading securities | 255,284 | 125,111 |
Purchases of long-term trading securities | (193,445) | 0 |
Proceeds from maturities of and principal repayments on long-term available-for-sale securities | 447 | 0 |
Purchases of long-term available-for-sale securities | (318,669) | 0 |
Proceeds from maturities of and principal repayments on long-term held-to-maturity securities | 217,454 | 348,981 |
Purchases of long-term held-to-maturity securities | (18,425) | (457,100) |
Principal collected on advances | 33,241,537 | 21,244,909 |
Advances made | (35,041,019) | (24,189,916) |
Principal collected on mortgage loans | 200,093 | 216,541 |
Purchase of mortgage loans | (222,757) | (275,240) |
Proceeds from sale of foreclosed assets | 797 | 1,524 |
Principal collected on other loans made | 578 | 551 |
Proceeds from sale of premises, software and equipment | 1 | 22 |
Purchases of premises, software and equipment | (1,749) | (71) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,365,882) | (4,652,159) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | (46,151) | 151,930 |
Net proceeds from issuance of consolidated obligations: | ||
Discount notes | 140,349,601 | 75,744,493 |
Bonds | 1,416,303 | 2,863,629 |
Payments for maturing and retired consolidated obligations: | ||
Discount notes | (137,005,650) | (72,206,340) |
Bonds | (4,138,750) | (3,715,000) |
Proceeds from financing derivatives | 9,517 | 11 |
Net interest payments received (paid) for financing derivatives | (25,064) | (21,900) |
Proceeds from issuance of capital stock | 395,121 | 335,643 |
Payments for repurchase/redemption of capital stock | (116,469) | (117,955) |
Payments for repurchase of mandatorily redeemable capital stock | (159,546) | (107,675) |
Cash dividends paid | (73) | (74) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 678,839 | 2,926,762 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (617,664) | (1,666,827) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 682,670 | 2,545,311 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 65,006 | 878,484 |
Supplemental disclosures: | ||
Interest paid | 69,437 | 49,747 |
Affordable Housing Program payments | 3,290 | 2,815 |
Net transfers of mortgage loans to real estate owned | $ 223 | $ 1,054 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | BASIS OF PRESENTATION | Basis of Presentation: The accompanying interim financial statements of the FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the FHLBank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. The FHLBank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2015 . The interim financial statements presented herein should be read in conjunction with the FHLBank’s audited financial statements and notes thereto, which are included in the FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 10, 2016 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K. Use of Estimates : The preparation of financial statements under GAAP requires management to make estimates and assumptions as of the date of the financial statements in determining the reported amounts of assets, liabilities and estimated fair values and in determining the disclosure of any contingent assets or liabilities. Estimates and assumptions by management also affect the reported amounts of income and expense during the reporting period. The most significant of these estimates include the fair value of trading and available-for-sale securities, the fair value of derivatives and the allowance for credit losses. Many of the estimates and assumptions, including those used in financial models, are based on financial market conditions as of the date of the financial statements. Because of the volatility of the financial markets, as well as other factors that affect management estimates, actual results may vary from these estimates. Reclassifications: Certain amounts in the financial statements and related footnotes have been reclassified to conform to current period presentations. On January 1, 2016, the FHLBank adopted the guidance, Simplifying the Presentation of Debt Issuance Costs , issued by Financial Accounting Standards Board (FASB) in April 2015. This guidance requires a retrospective reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. As a result, debt issuance costs of $ 9,221,000 and $ 300,000 on consolidated obligation bonds and discount notes, respectively, were reclassified from other assets to consolidated obligations as of December 31, 2015, resulting in a decrease in total assets and total liabilities. The adoption of this amendment did not have an impact on the FHLBank's results of operations or cash flows. See Note 2 - Recently Issued Accounting Standards and Interpretations and Changes in and Adoptions of Accounting Principles for discussion of this guidance. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles | RECENTLY ISSUED ACCOUNTING STANDARDS AND INTERPRETATIONS AND CHANGES IN AND ADOPTIONS OF ACCOUNTING PRINCIPLES Contingent Put and Call Options in Debt Instruments. In March 2016, FASB issued amendments to resolve current diversity in practice by clarifying the steps required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, which is January 1, 2017 for the FHLBank. Early adoption is permitted. This guidance is not expected to affect the FHLBank's financial condition, results of operations or cash flows. Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. In March 2016, FASB issued amendments to clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under GAAP does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. The FHLBank elected to early adopt the guidance prospectively on January 1, 2016. The adoption of this guidance had no effect on the FHLBank’s financial condition, results of operations or cash flows. Leases. In February 2016, FASB issued amendments to lease accounting guidance. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases in the statement of financial condition, which effectively removes a source of off-balance sheet financing for operating leases. A distinction remains between finance leases and operating leases, but the assets and liabilities arising from operating leases are now also required to be recognized in the statement of financial condition. Lessor accounting is largely unchanged. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which is January 1, 2019 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, FASB issued amendments to improve the recognition, measurement, presentation and disclosure of financial instruments through changes to existing GAAP. The provisions impacting the FHLBank include the elimination of the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost, the requirement to use the notion of exit price when measuring the fair value of financial instruments for disclosure purposes, and the separate presentation of financial assets and financial liabilities by measurement category and form of asset (i.e., securities or loans and receivables) on the statement of financial condition or in the notes to financial statements. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, which is January 1, 2018 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. I n April 2015, FASB issued amendments to clarify the accounting for cloud computing arrangements. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license and how to account for it. This guidance is effective for interim and annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The FHLBank elected to adopt the amendments prospectively to all arrangements entered into or materially modified after the effective date. The adoption of this guidance did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued guidance that requires a reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. The recognition and measurement guidance for debt issuance costs did not change as a result of this amendment. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The period-specific effects as a result of applying this guidance are required to be adjusted retrospectively to each individual period presented on the statement of condition. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Amendments to the Consolidation Analysis. In February 2015, FASB issued guidance that impacts reporting entities that are required to evaluate whether they must consolidate certain legal entities. Under the amended guidance, in a consolidation evaluation, more emphasis is placed on variable interests other than fee arrangements, such as principal investment risk or guarantees of the value of the assets or liabilities of the variable interest entity. The amendments emphasize risk of loss in the determination of a controlling financial interest and provide a scope exception for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investments Company Act of 1940 for registered money market funds. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Revenue Recognition. In May 2014, FASB issued guidance to introduce a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, FASB voted to defer the effective date of the new standard by one year. In addition, in March 2016, FASB issued amendments to clarify the implementation guidance on principal versus agent considerations, in particular, relating to how an entity should determine whether the entity is a principal or an agent for each specified good or service promised to the customer and the nature of each specified good or services. The amendments do not change the core principle in the new revenue standard. The standard is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for the FHLBank), including interim periods within that reporting period. The FHLBank is currently evaluating the new guidance to determine the impact it will have, if any, on its financial condition, results of operations or cash flows. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Trading Securities: Trading securities by major security type as of March 31, 2016 and December 31, 2015 are summarized in Table 3.1 (in thousands): Table 3.1 Fair Value 03/31/2016 12/31/2015 Non-mortgage-backed securities: GSE obligations 1 $ 1,292,257 $ 1,338,639 Non-mortgage-backed securities 1,292,257 1,338,639 Mortgage-backed securities: U.S. obligation MBS 2 774 801 GSE MBS 3 988,939 955,166 Mortgage-backed securities 989,713 955,967 TOTAL $ 2,281,970 $ 2,294,606 1 Represents debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Bank (Farm Credit) and Federal Agricultural Mortgage Corporation (Farmer Mac). GSE securities are not guaranteed by the U.S. government. 2 Represents single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government. 3 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. Net gains (losses) on trading securities during the three months ended March 31, 2016 and 2015 are shown in Table 3.2 (in thousands): Table 3.2 Three Months Ended 03/31/2016 03/31/2015 Net gains (losses) on trading securities held as of March 31, 2016 $ 49,669 $ (3,327 ) Net gains (losses) on trading securities sold or matured prior to March 31, 2016 (465 ) (2,517 ) NET GAIN (LOSS) ON TRADING SECURITIES $ 49,204 $ (5,844 ) Available-for-sale Securities: Available-for-sale securities by major security type as of March 31, 2016 are summarized in Table 3.3 (in thousands). Table 3.3 3/31/2016 Amortized Cost OTTI Recognized in OCI Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage-backed securities: GSE MBS 1 $ 842,994 $ — $ 1,736 $ (5,571 ) $ 839,159 TOTAL $ 842,994 $ — $ 1,736 $ (5,571 ) $ 839,159 1 Represents fixed rate multi-family MBS issued by Fannie Mae . Available-for-sale securities by major security type as of December 31, 2015 are summarized in Table 3.4 (in thousands): Table 3.4 12/31/2015 Amortized OTTI Gross Gross Fair Value Mortgage-backed securities: GSE MBS 1 $ 503,640 $ — $ — $ (8,577 ) $ 495,063 TOTAL $ 503,640 $ — $ — $ (8,577 ) $ 495,063 1 Represents fixed rate multi-family MBS issued by Fannie Mae . Table 3.5 summarizes the available-for-sale securities with unrealized losses as of March 31, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.5 03/31/2016 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Mortgage-backed securities: GSE MBS 1 $ 540,024 $ (5,571 ) $ — $ — $ 540,024 $ (5,571 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 540,024 $ (5,571 ) $ — $ — $ 540,024 $ (5,571 ) 1 Represents fixed rate multi-family MBS issued by Fannie Mae . Table 3.6 summarizes the available-for-sale securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.6 12/31/2015 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Mortgage-backed securities: GSE MBS 1 $ 495,063 $ (8,577 ) $ — $ — $ 495,063 $ (8,577 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 495,063 $ (8,577 ) $ — $ — $ 495,063 $ (8,577 ) 1 Represents fixed rate multi-family MBS issued by Fannie Mae . All available-for-sale securities are GSE MBS and as such do not have a single maturity date. The expected maturities of these securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Held-to-maturity Securities: Held-to-maturity securities by major security type as of March 31, 2016 are summarized in Table 3.7 (in thousands): Table 3.7 03/31/2016 Amortized Cost OTTI Recognized in OCI Carrying Value Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Non-mortgage-backed securities: State or local housing agency obligations $ 110,350 $ — $ 110,350 $ 127 $ (5,133 ) $ 105,344 Non-mortgage-backed securities 110,350 — 110,350 127 (5,133 ) 105,344 Mortgage-backed securities: U.S. obligation MBS 1 45,418 — 45,418 7 (33 ) 45,392 GSE MBS 2 4,267,985 — 4,267,985 16,910 (19,979 ) 4,264,916 Private-label residential MBS 155,740 (7,437 ) 148,303 5,458 (5,894 ) 147,867 Mortgage-backed securities 4,469,143 (7,437 ) 4,461,706 22,375 (25,906 ) 4,458,175 TOTAL $ 4,579,493 $ (7,437 ) $ 4,572,056 $ 22,502 $ (31,039 ) $ 4,563,519 1 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 2 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. Held-to-maturity securities by major security type as of December 31, 2015 are summarized in Table 3.8 (in thousands): Table 3.8 12/31/2015 Amortized Cost OTTI Recognized in OCI Carrying Value Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Non-mortgage-backed securities: State or local housing agency obligations $ 111,655 $ — $ 111,655 $ 138 $ (5,164 ) $ 106,629 Non-mortgage-backed securities 111,655 — 111,655 138 (5,164 ) 106,629 Mortgage-backed securities: U.S obligation MBS 1 47,234 — 47,234 66 (23 ) 47,277 GSE MBS 2 4,452,533 — 4,452,533 19,740 (21,639 ) 4,450,634 Private-label residential MBS 167,345 (7,950 ) 159,395 6,665 (5,505 ) 160,555 Mortgage-backed securities 4,667,112 (7,950 ) 4,659,162 26,471 (27,167 ) 4,658,466 TOTAL $ 4,778,767 $ (7,950 ) $ 4,770,817 $ 26,609 $ (32,331 ) $ 4,765,095 1 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 2 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. Table 3.9 summarizes the held-to-maturity securities with unrealized losses as of March 31, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.9 03/31/2016 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 1 Non-mortgage-backed securities: State or local housing agency obligations $ — $ — $ 36,072 $ (5,133 ) $ 36,072 $ (5,133 ) Non-mortgage-backed securities — — 36,072 (5,133 ) 36,072 (5,133 ) Mortgage-backed securities: U.S. obligation MBS 2 43,473 (33 ) — — 43,473 (33 ) GSE MBS 3 1,321,301 (8,130 ) 1,314,657 (11,849 ) 2,635,958 (19,979 ) Private-label residential MBS 4,461 (24 ) 103,134 (9,638 ) 107,595 (9,662 ) Mortgage-backed securities 1,369,235 (8,187 ) 1,417,791 (21,487 ) 2,787,026 (29,674 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 1,369,235 $ (8,187 ) $ 1,453,863 $ (26,620 ) $ 2,823,098 $ (34,807 ) 1 Total unrealized losses in Table 3.9 will not agree to total gross unrecognized losses in Table 3.7 . Total unrealized losses in Table 3.9 include non-credit-related other-than-temporary impairment (OTTI) recognized in accumulated other comprehensive income (AOCI) and gross unrecognized gains on previously other-than-temporarily impaired securities. 2 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 3 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. Table 3.10 summarizes the held-to-maturity securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.10 12/31/2015 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 1 Non-mortgage-backed securities: State or local housing agency obligations $ — $ — $ 37,211 $ (5,164 ) $ 37,211 $ (5,164 ) Non-mortgage-backed securities — — 37,211 (5,164 ) 37,211 (5,164 ) Mortgage-backed securities: U.S obligation MBS 2 19,189 (23 ) — — 19,189 (23 ) GSE MBS 3 1,697,226 (7,806 ) 1,012,199 (13,833 ) 2,709,425 (21,639 ) Private-label residential MBS 5,215 (28 ) 110,744 (8,826 ) 115,959 (8,854 ) Mortgage-backed securities 1,721,630 (7,857 ) 1,122,943 (22,659 ) 2,844,573 (30,516 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 1,721,630 $ (7,857 ) $ 1,160,154 $ (27,823 ) $ 2,881,784 $ (35,680 ) 1 Total unrealized losses in Table 3.10 will not agree to total gross unrecognized losses in Table 3.8 . Total unrealized losses in Table 3.10 include non-credit-related OTTI recognized in AOCI and gross unrecognized gains on previously other-than-temporarily impaired securities. 2 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 3 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. The amortized cost, carrying value and fair values of held-to-maturity securities by contractual maturity as of March 31, 2016 and December 31, 2015 are shown in Table 3.11 (in thousands). Expected maturities of certain securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.11 03/31/2016 12/31/2015 Amortized Cost Carrying Value Fair Value Amortized Cost Carrying Value Fair Value Non-mortgage-backed securities: Due in one year or less $ — $ — $ — $ — $ — $ — Due after one year through five years 3,125 3,125 3,125 3,260 3,260 3,260 Due after five years through 10 years 11,205 11,205 11,143 12,375 12,375 12,356 Due after 10 years 96,020 96,020 91,076 96,020 96,020 91,013 Non-mortgage-backed securities 110,350 110,350 105,344 111,655 111,655 106,629 Mortgage-backed securities 4,469,143 4,461,706 4,458,175 4,667,112 4,659,162 4,658,466 TOTAL $ 4,579,493 $ 4,572,056 $ 4,563,519 $ 4,778,767 $ 4,770,817 $ 4,765,095 Table 3.12 details interest rate payment terms for the amortized cost of held-to-maturity securities as of March 31, 2016 and December 31, 2015 (in thousands): Table 3.12 03/31/2016 12/31/2015 Non-mortgage-backed securities: Variable rate $ 110,350 $ 111,655 Non-mortgage-backed securities 110,350 111,655 Mortgage-backed securities: Fixed rate 304,760 324,177 Variable rate 4,164,383 4,342,935 Mortgage-backed securities 4,469,143 4,667,112 TOTAL $ 4,579,493 $ 4,778,767 Other-than-temporary Impairment: For the 20 outstanding private-label securities with OTTI during the lives of the securities, the FHLBank’s reported balances as of March 31, 2016 are presented in Table 3.13 (in thousands): Table 3.13 03/31/2016 Unpaid Principal Balance Amortized Cost Carrying Value Fair Value Private-label residential MBS: Prime $ 12,109 $ 11,108 $ 10,333 $ 11,077 Alt-A 36,399 32,564 25,902 30,238 TOTAL $ 48,508 $ 43,672 $ 36,235 $ 41,315 Table 3.14 presents a roll-forward of OTTI activity for the three months ended March 31, 2016 and 2015 related to credit losses recognized in earnings (in thousands): Table 3.14 Three Months Ended 03/31/2016 03/31/2015 Balance, beginning of period $ 7,785 $ 9,406 Additional charge on securities for which OTTI was previously recognized 1 27 187 Amortization of credit component of OTTI 2 (36 ) (226 ) Balance, end of period $ 7,776 $ 9,367 1 For the three months ended March 31, 2016 and 2015, securities previously impaired represent all securities that were impaired prior to January 1, 2016 and 2015, respectively. 2 The FHLBank amortizes the credit component based on estimated cash flows prospectively up to the amount of expected principal to be recovered. The discounted cash flows will move from the discounted loss value to the ultimate principal to be written off at the projected date of loss. If the expected cash flows improve, the amount of expected loss decreases which causes a corresponding decrease in the calculated amortization. Based on the level of improvement in the cash flows, the amortization could become a positive adjustment to income. As of March 31, 2016 , the fair value of a portion of the FHLBank's available-for-sale and held-to-maturity MBS were below the amortized cost of the securities due to interest rate volatility and/or illiquidity. However, the decline in fair value of these securities is considered temporary as the FHLBank expects to recover the entire amortized cost basis on the remaining securities in unrecognized loss positions and neither intends to sell these securities nor is it more likely than not that the FHLBank will be required to sell these securities before its anticipated recovery of the remaining amortized cost basis. For state and local housing agency obligations, the FHLBank determined that all of the gross unrealized losses on these bonds were temporary because the strength of the underlying collateral and credit enhancements was sufficient to protect the FHLBank from losses based on current expectations. |
Advances
Advances | 3 Months Ended |
Mar. 31, 2016 | |
Advances [Abstract] | |
Advances | ADVANCES General Terms: The FHLBank offers a wide range of fixed and variable rate advance products with different maturities, interest rates, payment characteristics and optionality. As of March 31, 2016 and December 31, 2015 , the FHLBank had advances outstanding at interest rates ranging from 0.24 percent to 7.41 percent and 0.22 percent to 7.41 percent , respectively. Table 4.1 presents advances summarized by year of contractual maturity as of March 31, 2016 and December 31, 2015 (dollars in thousands): Table 4.1 03/31/2016 12/31/2015 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 12,858,653 0.69 % $ 11,230,853 0.65 % Due after one year through two years 2,716,601 2.45 2,465,866 2.49 Due after two years through three years 1,645,587 1.79 1,816,690 2.02 Due after three years through four years 809,643 1.82 970,726 1.43 Due after four years through five years 1,006,670 2.11 803,465 1.84 Thereafter 6,236,002 1.12 6,186,074 1.17 Total par value 25,273,156 1.15 % 23,473,674 1.16 % Discounts (16,244 ) (17,866 ) Hedging adjustments 178,478 124,563 TOTAL $ 25,435,390 $ 23,580,371 The FHLBank’s advances outstanding include advances that contain call options that may be exercised with or without prepayment fees at the borrower’s discretion on specific dates (call dates) before the stated advance maturities (callable advances). In exchange for receiving the right to call the advance on a predetermined call schedule, the borrower may pay a higher fixed rate for the advance relative to an equivalent maturity, non-callable, fixed rate advance. The borrower normally exercises its call options on these advances when interest rates decline (fixed rate advances) or spreads change (adjustable rate advances). The FHLBank’s advances as of March 31, 2016 and December 31, 2015 include callable advances totaling $6,688,693,000 and $6,326,747,000 , respectively. Of these callable advances, there were $6,573,268,000 and $6,213,293,000 of variable rate advances as of March 31, 2016 and December 31, 2015 , respectively. Convertible advances allow the FHLBank to convert an advance from one interest payment term structure to another. When issuing convertible advances, the FHLBank may purchase put options from a member that allow the FHLBank to convert the fixed rate advance to a variable rate advance at the current market rate or another structure after an agreed-upon lockout period. A convertible advance carries a lower interest rate than a comparable-maturity fixed rate advance without the conversion feature. As of March 31, 2016 and December 31, 2015 , the FHLBank had convertible advances outstanding totaling $1,497,692,000 and $1,472,842,000 , respectively. Table 4.2 presents advances summarized by contractual maturity or next call date (for callable advances) and by contractual maturity or next conversion date (for convertible advances) as of March 31, 2016 and December 31, 2015 (in thousands): Table 4.2 Year of Contractual Maturity or Next Call Date Year of Contractual Maturity or Next Conversion Date Redemption Term 03/31/2016 12/31/2015 03/31/2016 12/31/2015 Due in one year or less $ 18,706,361 $ 16,894,032 $ 13,997,895 $ 12,454,894 Due after one year through two years 2,172,333 2,037,166 1,765,859 1,573,624 Due after two years through three years 1,231,187 1,464,854 1,568,587 1,577,890 Due after three years through four years 687,678 630,463 826,643 1,033,226 Due after four years through five years 927,420 622,489 1,104,320 830,265 Thereafter 1,548,177 1,824,670 6,009,852 6,003,775 TOTAL PAR VALUE $ 25,273,156 $ 23,473,674 $ 25,273,156 $ 23,473,674 Interest Rate Payment Terms : Table 4.3 details additional interest rate payment terms for advances as of March 31, 2016 and December 31, 2015 (in thousands): Table 4.3 03/31/2016 12/31/2015 Fixed rate: Due in one year or less $ 2,163,118 $ 2,012,929 Due after one year 6,631,031 6,612,853 Total fixed rate 8,794,149 8,625,782 Variable rate: Due in one year or less 10,695,535 9,217,924 Due after one year 5,783,472 5,629,968 Total variable rate 16,479,007 14,847,892 TOTAL PAR VALUE $ 25,273,156 $ 23,473,674 See Note 6 for information related to the FHLBank’s credit risk on advances and allowance for credit losses. |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans | MORTGAGE LOANS The MPF Program involves the FHLBank investing in mortgage loans, which have been funded by the FHLBank through or purchased from its participating members. These mortgage loans are government-insured or guaranteed loans (by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Rural Housing Service of the Department of Agriculture (RHS) and/or the Department of Housing and Urban Development (HUD)) and conventional residential loans credit-enhanced by participating financial institutions (PFIs). Depending upon a member’s product selection, the servicing rights can be retained or sold by the participating member. The FHLBank does not buy or own any mortgage servicing rights. Mortgage Loans Held for Portfolio: Table 5.1 presents information as of March 31, 2016 and December 31, 2015 on mortgage loans held for portfolio (in thousands): Table 5.1 03/31/2016 12/31/2015 Real estate: Fixed rate, medium-term 1 , single-family mortgages $ 1,421,537 $ 1,456,406 Fixed rate, long-term, single-family mortgages 4,883,163 4,830,091 Total unpaid principal balance 6,304,700 6,286,497 Premiums 100,427 100,502 Discounts (2,313 ) (2,440 ) Deferred loan costs, net 554 596 Other deferred fees (111 ) (118 ) Hedging adjustments 8,304 7,643 Total before Allowance for Credit Losses on Mortgage Loans 6,411,561 6,392,680 Allowance for Credit Losses on Mortgage Loans (1,607 ) (1,972 ) MORTGAGE LOANS HELD FOR PORTFOLIO, NET $ 6,409,954 $ 6,390,708 1 Medium-term defined as a term of 15 years or less at origination. Table 5.2 presents information as of March 31, 2016 and December 31, 2015 on the outstanding unpaid principal balance (UPB) of mortgage loans held for portfolio (in thousands): Table 5.2 03/31/2016 12/31/2015 Conventional loans $ 5,677,178 $ 5,663,709 Government-guaranteed or insured loans 627,522 622,788 TOTAL UNPAID PRINCIPAL BALANCE $ 6,304,700 $ 6,286,497 See Note 6 for information related to the FHLBank’s credit risk on mortgage loans and allowance for credit losses. |
Allowance For Credit Losses
Allowance For Credit Losses | 3 Months Ended |
Mar. 31, 2016 | |
Allowance For Credit Losses [Abstract] | |
Allowance For Credit Losses | ALLOWANCE FOR CREDIT LOSSES The FHLBank has established an allowance methodology for each of its portfolio segments: credit products (advances, letters of credit and other extensions of credit to borrowers); government mortgage loans held for portfolio; conventional mortgage loans held for portfolio; the direct financing lease receivable; term Federal funds sold; and term securities purchased under agreements to resell. Based on management's analyses of each portfolio segment, the FHLBank has only established an allowance for credit losses on its conventional mortgage loans held for portfolio. Roll-forward of Allowance for Credit Losses : Table 6.1 presents a roll-forward of the allowance for credit losses for the three months ended March 31, 2016 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of March 31, 2016 (in thousands): Table 6.1 03/31/2016 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Allowance for credit losses: Balance, beginning of three-month period $ 1,972 $ — $ — $ — $ 1,972 Net charge-offs (108 ) — — — (108 ) (Reversal) provision for credit losses (257 ) — — — (257 ) Balance, end of three-month period $ 1,607 $ — $ — $ — $ 1,607 Allowance for credit losses, end of period: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 1,607 — — — 1,607 Recorded investment 2 , end of period: Individually evaluated for impairment $ 12,204 $ — $ 25,460,813 $ 19,189 $ 25,492,206 Collectively evaluated for impairment 5,786,733 643,747 — — 6,430,480 Total $ 5,798,937 $ 643,747 $ 25,460,813 $ 19,189 $ 31,922,686 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. Table 6.2 presents a roll-forward of the allowance for credit losses for the three months ended March 31, 2015 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of March 31, 2015 (in thousands): Table 6.2 03/31/2015 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Allowance for credit losses: Balance, beginning of three-month period $ 4,550 $ — $ — $ — $ 4,550 Net charge-offs (411 ) — — — (411 ) (Reversal) provision for credit losses (802 ) — — — (802 ) Balance, end of three-month period $ 3,337 $ — $ — $ — $ 3,337 Allowance for credit losses, end of period: Individually evaluated for impairment $ 23 $ — $ — $ — $ 23 Collectively evaluated for impairment 3,314 — — — 3,314 Recorded investment 2 , end of period: Individually evaluated for impairment $ 15,124 $ — $ 21,286,420 $ 21,459 $ 21,323,003 Collectively evaluated for impairment 5,661,184 642,079 — — 6,303,263 Total $ 5,676,308 $ 642,079 $ 21,286,420 $ 21,459 $ 27,626,266 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. Credit Quality Indicators: The FHLBank’s key credit quality indicators include the migration of: (1) past due loans; (2) non-accrual loans; (3) loans in process of foreclosure; and (4) impaired loans, all of which are used either on an individual or pool basis to determine the allowance for credit losses. Table 6.3 summarizes the delinquency aging and key credit quality indicators for all of the FHLBank’s portfolio segments as of March 31, 2016 (dollar amounts in thousands): Table 6.3 03/31/2016 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Recorded investment 2 : Past due 30-59 days delinquent $ 36,644 $ 15,811 $ — $ — $ 52,455 Past due 60-89 days delinquent 6,897 4,938 — — 11,835 Past due 90 days or more delinquent 12,472 7,296 — — 19,768 Total past due 56,013 28,045 — — 84,058 Total current loans 5,742,924 615,702 25,460,813 19,189 31,838,628 Total recorded investment $ 5,798,937 $ 643,747 $ 25,460,813 $ 19,189 $ 31,922,686 Other delinquency statistics: In process of foreclosure, included above 3 $ 4,277 $ 2,629 $ — $ — $ 6,906 Serious delinquency rate 4 0.2 % 1.1 % — % — % 0.1 % Past due 90 days or more and still accruing interest $ — $ 7,296 $ — $ — $ 7,296 Loans on non-accrual status 5 $ 16,553 $ — $ — $ — $ 16,553 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. 3 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 4 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. 5 Loans on non-accrual status include $1,344,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Table 6.4 summarizes the key credit quality indicators for all of the FHLBank’s portfolio segments as of December 31, 2015 (dollar amounts in thousands): Table 6.4 12/31/2015 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Recorded investment 2 : Past due 30-59 days delinquent $ 39,016 $ 19,426 $ — $ — $ 58,442 Past due 60-89 days delinquent 7,093 4,696 — — 11,789 Past due 90 days or more delinquent 12,475 8,021 — — 20,496 Total past due 58,584 32,143 — — 90,727 Total current loans 5,726,268 606,941 23,603,691 19,771 29,956,671 Total recorded investment $ 5,784,852 $ 639,084 $ 23,603,691 $ 19,771 $ 30,047,398 Other delinquency statistics: In process of foreclosure, included above 3 $ 3,661 $ 2,947 $ — $ — $ 6,608 Serious delinquency rate 4 0.2 % 1.3 % — % — % 0.1 % Past due 90 days or more and still accruing interest $ — $ 8,021 $ — $ — $ 8,021 Loans on non-accrual status 5 $ 15,976 $ — $ — $ — $ 15,976 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. 3 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 4 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. 5 Loans on non-accrual status include $1,320,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Individually Evaluated Impaired Loans: Table 6.5 presents the recorded investment, UPB, and related allowance of impaired conventional mortgage loans individually assessed for impairment as of March 31, 2016 and December 31, 2015 (in thousands): Table 6.5 03/31/2016 12/31/2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance $ 12,204 $ 12,149 $ — $ 11,456 $ 11,417 $ — With an allowance — — — — — — TOTAL $ 12,204 $ 12,149 $ — $ 11,456 $ 11,417 $ — Table 6.6 presents the average recorded investment and related interest income recognized on these individually evaluated impaired loans during the three months ended March 31, 2016 and 2015 (in thousands): Table 6.6 Three Months Ended 03/31/2016 03/31/2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance $ 11,322 $ 82 $ 14,946 $ 88 With an allowance — — 183 — TOTAL $ 11,322 $ 82 $ 15,129 $ 88 The FHLBank had $3,324,000 and $3,922,000 classified as real estate owned (REO) recorded in other assets as of March 31, 2016 and December 31, 2015 , respectively. |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives And Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Table 7.1 represents outstanding notional balances and fair values (includes net accrued interest receivable or payable on the derivatives) of the derivatives outstanding by type of derivative and by hedge designation as of March 31, 2016 and December 31, 2015 (in thousands): Table 7.1 03/31/2016 12/31/2015 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 9,513,106 $ 62,061 $ 215,065 $ 10,338,768 $ 59,828 $ 136,261 Interest rate caps/floors — — — 60,000 — 94 Total derivatives designated as hedging relationships 9,513,106 62,061 215,065 10,398,768 59,828 136,355 Derivatives not designated as hedging instruments: Interest rate swaps 2,258,829 2,451 112,634 3,158,851 589 78,238 Interest rate caps/floors 2,930,800 3,699 2 2,930,800 5,798 9 Mortgage delivery commitments 93,996 456 2 66,045 71 64 Total derivatives not designated as hedging instruments 5,283,625 6,606 112,638 6,155,696 6,458 78,311 TOTAL $ 14,796,731 68,667 327,703 $ 16,554,464 66,286 214,666 Netting adjustments and cash collateral 1 (15,651 ) (287,423 ) (14,695 ) (183,174 ) DERIVATIVE ASSETS AND LIABILITIES $ 53,016 $ 40,280 $ 51,591 $ 31,492 1 Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015 , respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015 , respectively. The following tables provide information regarding gains and losses on derivatives and hedging activities by type of hedge and type of derivative and gains and losses by hedged item for fair value hedges. For the three months ended March 31, 2016 and 2015 , the FHLBank recorded net gain (loss) on derivatives and hedging activities as presented in Table 7.2 (in thousands): Table 7.2 Three Months Ended 03/31/2016 03/31/2015 Derivatives designated as hedging instruments: Interest rate swaps $ (2,490 ) $ (833 ) Total net gain (loss) related to fair value hedge ineffectiveness (2,490 ) (833 ) Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps (43,208 ) 5,556 Interest rate caps/floors (2,093 ) (1,859 ) Net interest settlements (12,244 ) (9,551 ) Mortgage delivery commitments 1,549 724 Total net gain (loss) related to derivatives not designated as hedging instruments (55,996 ) (5,130 ) NET GAIN (LOSS) ON DERIVATIVES AND HEDGING ACTIVITIES $ (58,486 ) $ (5,963 ) The FHLBank carries derivative instruments at fair value on its Statements of Condition. Any change in the fair value of derivatives designated under a fair value hedging relationship is recorded each period in current period earnings. Fair value hedge accounting allows for the offsetting fair value of the hedged risk in the hedged item to also be recorded in current period earnings. For the three months ended March 31, 2016 and 2015 , the FHLBank recorded net gain (loss) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLBank’s net interest income as presented in Table 7.3 (in thousands): Table 7.3 Three Months Ended 03/31/2016 03/31/2015 Gain (Loss) on Derivatives Gain (Loss) on Hedged Items Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income 1 Gain (Loss) on Derivatives Gain (Loss) on Hedged Items Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income 1 Advances $ (55,659 ) $ 55,225 $ (434 ) $ (25,434 ) $ (17,985 ) $ 17,654 $ (331 ) $ (32,918 ) Investments (22,815 ) 21,462 (1,353 ) (2,337 ) — — — — Consolidated obligation bonds 6,737 (7,153 ) (416 ) 11,547 15,985 (16,623 ) (638 ) 21,149 Consolidated obligation discount notes 84 (371 ) (287 ) (60 ) 49 87 136 9 TOTAL $ (71,653 ) $ 69,163 $ (2,490 ) $ (16,284 ) $ (1,951 ) $ 1,118 $ (833 ) $ (11,760 ) 1 The differentials between accruals of interest receivables and payables on derivatives designated as fair value hedges as well as the amortization/accretion of hedging activities are recognized as adjustments to the interest income or expense of the designated underlying hedged item. Based on credit analyses and collateral requirements, FHLBank management does not anticipate any credit losses on its derivative agreements. The maximum credit risk applicable to a single counterparty was $10,954,000 and $24,670,000 as of March 31, 2016 and December 31, 2015 , respectively. The counterparty was the same each period. Certain of the FHLBank’s uncleared derivative instruments contain provisions that require the FHLBank to post additional collateral with its counterparties if there is deterioration in the FHLBank’s credit rating. If the FHLBank’s credit rating is lowered by a Nationally Recognized Statistical Rating Organization (NRSRO), the FHLBank may be required to deliver additional collateral on uncleared derivative instruments in net liability positions. The aggregate fair value of all uncleared derivative instruments with derivative counterparties containing credit-risk-related contingent features that were in a net derivative liability position (before cash collateral and related accrued interest) as of March 31, 2016 and December 31, 2015 was $55,293,000 and $36,302,000 , respectively, for which the FHLBank has posted collateral with a fair value of $16,925,000 and $6,622,000 , respectively, in the normal course of business. If the FHLBank’s credit rating had been lowered one level (e.g., from double-A to single-A), the FHLBank would have been required to deliver an additional $26,800,000 and $17,500,000 of collateral to its uncleared derivative counterparties as of March 31, 2016 and December 31, 2015 , respectively. For cleared derivatives, the Clearinghouse determines initial margin requirements and generally, credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including but not limited to credit rating downgrades. The FHLBank was not required to post additional initial margin by its clearing agents as of March 31, 2016 and December 31, 2015 . The FHLBank’s net exposure on derivative agreements is presented in Note 10 . |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits | DEPOSITS The FHLBank offers demand, overnight and short-term deposit programs to its members and to other qualifying non-members. Table 8.1 details the types of deposits held by the FHLBank as of March 31, 2016 and December 31, 2015 (in thousands): Table 8.1 03/31/2016 12/31/2015 Interest-bearing: Demand $ 227,741 $ 235,547 Overnight 421,300 462,500 Term 20,900 18,400 Total interest-bearing 669,941 716,447 Non-interest-bearing: Demand 56,075 42,919 Total non-interest-bearing 56,075 42,919 TOTAL DEPOSITS $ 726,016 $ 759,366 |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations | CONSOLIDATED OBLIGATIONS Consolidated Obligation Bonds: Table 9.1 presents the FHLBank’s participation in consolidated obligation bonds outstanding as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Table 9.1 03/31/2016 12/31/2015 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 7,723,870 0.77 % $ 9,276,390 0.58 % Due after one year through two years 1,723,135 2.02 2,317,615 1.71 Due after two years through three years 1,452,690 1.75 1,760,440 1.71 Due after three years through four years 952,800 1.71 823,250 1.72 Due after four years through five years 982,050 1.68 1,008,600 1.59 Thereafter 4,266,500 2.65 4,637,500 2.60 Total par value 17,101,045 1.55 % 19,823,795 1.39 % Premiums 19,070 19,895 Discounts (3,124 ) (3,483 ) Concession fees 1 (9,059 ) (9,221 ) Hedging adjustments 42,201 35,048 TOTAL $ 17,150,133 $ 19,866,034 1 December 31, 2015 balances modified for change in accounting principle related to the reclassification of concessions on consolidated obligations. The FHLBank’s participation in consolidated obligation bonds outstanding as of March 31, 2016 and December 31, 2015 includes callable bonds totaling $6,348,500,000 and $6,758,500,000 , respectively. The FHLBank uses the unswapped callable bonds for financing its callable fixed rate advances (Note 4 ), MBS (Note 3 ) and mortgage loans (Note 5 ). Contemporaneous with a portion of its fixed rate callable bond issuances, the FHLBank will also enter into interest rate swap agreements (in which the FHLBank generally pays a variable rate and receives a fixed rate) with call features that mirror the options in the callable bonds (a sold callable swap). The combined sold callable swap and callable debt transaction allows the FHLBank to obtain attractively priced variable rate financing. Table 9.2 summarizes the FHLBank’s participation in consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of March 31, 2016 and December 31, 2015 (in thousands): Table 9.2 Year of Maturity or Next Call Date 03/31/2016 12/31/2015 Due in one year or less $ 13,767,370 $ 15,594,890 Due after one year through two years 1,415,135 2,364,615 Due after two years through three years 992,690 990,440 Due after three years through four years 249,800 215,250 Due after four years through five years 127,050 138,600 Thereafter 549,000 520,000 TOTAL PAR VALUE $ 17,101,045 $ 19,823,795 Table 9.3 summarizes interest rate payment terms for consolidated obligation bonds as of March 31, 2016 and December 31, 2015 (in thousands): Table 9.3 03/31/2016 12/31/2015 Fixed rate $ 11,896,045 $ 12,068,795 Simple variable rate 4,240,000 6,400,000 Step up/step down 585,000 895,000 Fixed to variable rate 330,000 370,000 Range 50,000 90,000 TOTAL PAR VALUE $ 17,101,045 $ 19,823,795 Consolidated Discount Notes: Consolidated discount notes are issued to raise short-term funds. Consolidated discount notes are consolidated obligations with original maturities of up to one year. These consolidated discount notes are generally issued at less than their face amount and redeemed at par value when they mature. Table 9.4 summarizes the FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 9.4 Book Value Par Value Weighted Average Interest Rate 1 March 31, 2016 $ 25,159,376 $ 25,169,892 0.33 % December 31, 2015 $ 21,813,446 $ 21,821,045 0.27 % 1 Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subject
Assets and Liabilities Subject to Offsetting | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting [Abstract] | |
Assets and Liabilities Subject to Offsetting | ASSETS AND LIABILITIES SUBJECT TO OFFSETTING The FHLBank presents certain financial instruments, including derivatives, repurchase agreements and securities purchased under agreements to resell, on a net basis by clearing agent by Clearinghouse, or by counterparty, when it has met the netting requirements. For these financial instruments, the FHLBank has elected to offset its asset and liability positions, as well as cash collateral, including initial and variation margin, received or pledged, and associated accrued interest. Tables 10.1 and 10.2 present the fair value of financial assets, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of March 31, 2016 and December 31, 2015 (in thousands): Table 10.1 03/31/2016 Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Condition Net Amounts of Assets Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative assets: Uncleared derivatives $ 66,634 $ (59,654 ) $ 6,980 $ (456 ) $ 6,524 Cleared derivatives 2,033 44,003 46,036 — 46,036 Total derivative assets 68,667 (15,651 ) 53,016 (456 ) 52,560 Securities purchased under agreements to resell 2,760,000 — 2,760,000 (2,760,000 ) — TOTAL $ 2,828,667 $ (15,651 ) $ 2,813,016 $ (2,760,456 ) $ 52,560 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 10.2 12/31/2015 Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Condition Net Amounts of Assets Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative assets: Uncleared derivatives $ 62,102 $ (53,171 ) $ 8,931 $ (71 ) $ 8,860 Cleared derivatives 4,184 38,476 42,660 — 42,660 Total derivative assets 66,286 (14,695 ) 51,591 (71 ) 51,520 Securities purchased under agreements to resell 3,945,000 — 3,945,000 (3,945,000 ) — TOTAL $ 4,011,286 $ (14,695 ) $ 3,996,591 $ (3,945,071 ) $ 51,520 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Tables 10.3 and 10.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of March 31, 2016 and December 31, 2015 (in thousands): Table 10.3 03/31/2016 Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of Liabilities Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative liabilities: Uncleared derivatives $ 213,593 $ (173,313 ) $ 40,280 $ (4 ) $ 40,276 Cleared derivatives 114,110 (114,110 ) — — — Total derivative liabilities 327,703 (287,423 ) 40,280 (4 ) 40,276 TOTAL $ 327,703 $ (287,423 ) $ 40,280 $ (4 ) $ 40,276 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 10.4 12/31/2015 Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of Liabilities Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative liabilities: Uncleared derivatives $ 159,334 $ (127,842 ) $ 31,492 $ (73 ) $ 31,419 Cleared derivatives 55,332 (55,332 ) — — — Total derivative liabilities 214,666 (183,174 ) 31,492 (73 ) 31,419 TOTAL $ 214,666 $ (183,174 ) $ 31,492 $ (73 ) $ 31,419 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital
Capital | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital | CAPITAL Capital Requirements: The FHLBank is subject to three capital requirements under the provisions of the Gramm-Leach-Bliley Act (GLB Act) and the Finance Agency’s capital structure regulation. Regulatory capital does not include AOCI but does include mandatorily redeemable capital stock. • Risk-based capital. The FHLBank must maintain at all times permanent capital in an amount at least equal to the sum of its credit risk, market risk and operations risk capital requirements. The risk-based capital requirements are all calculated in accordance with the rules and regulations of the Finance Agency. Only permanent capital, defined as Class B Common Stock and retained earnings, can be used by the FHLBank to satisfy its risk-based capital requirement. The Finance Agency may require the FHLBank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined, but the Finance Agency has not placed any such requirement on the FHLBank to date. • Total regulatory capital. The GLB Act requires the FHLBank to maintain at all times at least a 4.0 percent total capital-to-asset ratio. Total regulatory capital is defined as the sum of permanent capital, Class A Common Stock, any general loss allowance, if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the Finance Agency as available to absorb losses. • Leverage capital. The FHLBank is required to maintain at all times a leverage capital-to-assets ratio of at least 5.0 percent , with the leverage capital ratio defined as the sum of permanent capital weighted 1.5 times and non-permanent capital (currently only Class A Common Stock) weighted 1.0 times, divided by total assets. Table 11.1 illustrates that the FHLBank was in compliance with its regulatory capital requirements as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Table 11.1 03/31/2016 12/31/2015 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 294,430 $ 1,811,282 $ 331,821 $ 1,681,247 Total regulatory capital-to-asset ratio 4.0 % 4.5 % 4.0 % 4.2 % Total regulatory capital $ 1,808,177 $ 2,022,981 $ 1,777,426 $ 1,863,468 Leverage capital ratio 5.0 % 6.5 % 5.0 % 6.1 % Leverage capital $ 2,260,222 $ 2,928,622 $ 2,221,783 $ 2,704,091 Mandatorily Redeemable Capital Stock: The FHLBank is a cooperative whose members and former members own all of the FHLBank’s capital stock. Member shares cannot be purchased or sold except between the FHLBank and its members at a price equal to the $100 per share par value. If a member cancels its written notice of redemption or notice of withdrawal, the FHLBank will reclassify mandatorily redeemable capital stock from a liability to equity. After the reclassification, dividends on the capital stock would no longer be classified as interest expense. Table 11.2 presents a roll-forward of mandatorily redeemable capital stock for the three months ended March 31, 2016 and 2015 (in thousands): Table 11.2 Three Months Ended 03/31/2016 03/31/2015 Balance, beginning of period $ 2,739 $ 4,187 Capital stock subject to mandatory redemption reclassified from equity during the period 160,234 108,023 Redemption or repurchase of mandatorily redeemable capital stock during the period (159,546 ) (107,675 ) Stock dividend classified as mandatorily redeemable capital stock during the period 6 10 Balance, end of period $ 3,433 $ 4,545 Table 11.3 shows the amount of mandatorily redeemable capital stock by contractual year of redemption as of March 31, 2016 and December 31, 2015 (in thousands). The year of redemption in Table 11.3 is the end of the redemption period in accordance with the FHLBank’s capital plan. The FHLBank is not required to redeem or repurchase membership stock until six months (for Class A Common Stock) or five years (for Class B Common Stock) after the FHLBank receives notice for withdrawal. Additionally, the FHLBank is not required to redeem or repurchase activity-based stock until any activity-based stock becomes excess stock as a result of an activity no longer remaining outstanding. However, the FHLBank intends to repurchase the excess activity-based stock of non-members to the extent that it can do so and still meet its regulatory capital requirements. Table 11.3 Contractual Year of Repurchase 03/31/2016 12/31/2015 Year 1 $ — $ 407 Year 2 1 184 1 Year 3 1 1 Year 4 — — Year 5 — 196 After Year 5 1 1,208 — Past contractual redemption date due to remaining activity 2 2,040 2,134 TOTAL $ 3,433 $ 2,739 1 Includes mandatorily redeemable capital stock for three members subject to imminent involuntary termination in 2017 due to regulatory rulemaking regarding captive insurance members. 2 Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. Excess Capital Stock: Excess capital stock is defined as the amount of stock held by a member (or former member) in excess of that institution’s minimum stock purchase requirement. Finance Agency rules limit the ability of the FHLBank to create excess member stock under certain circumstances. For example, the FHLBank may not pay dividends in the form of capital stock or issue new excess stock to members if the FHLBank’s excess stock exceeds one percent of its total assets or if the issuance of excess stock would cause the FHLBank’s excess stock to exceed one percent of its total assets. As of March 31, 2016 , the FHLBank’s excess stock was less than one percent of total assets. Capital Classification Determination: The Finance Agency implemented the prompt corrective action (PCA) provisions of the Housing and Economic Recovery Act of 2008. The rule established four capital classifications (i.e., adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized) for FHLBanks and implemented the PCA provisions that apply to FHLBanks that are not deemed to be adequately capitalized. The Finance Agency determines each FHLBank’s capital classification on at least a quarterly basis. If an FHLBank is determined to be other than adequately capitalized, the FHLBank becomes subject to additional supervisory authority by the Finance Agency. Before implementing a reclassification, the Director of the Finance Agency is required to provide the FHLBank with written notice of the proposed action and an opportunity to submit a response. As of the most recent review by the Finance Agency for the fourth quarter of 2015, the FHLBank has been classified as adequately capitalized. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME Table 12.1 summarizes the changes in AOCI for the three months ended March 31, 2016 and 2015 (in thousands): Table 12.1 Three Months Ended Net Unrealized Gain (Loss) on Available-for-Sale Securities Net Non-credit Portion of OTTI Losses on Defined Benefit Pension Plan Total AOCI Balance at December 31, 2014 $ — $ (11,774 ) $ (4,133 ) $ (15,907 ) Other comprehensive income (loss) before reclassification: Accretion of non-credit loss 952 952 Reclassifications from other comprehensive income (loss) to net income: Non-credit OTTI to credit OTTI 1 187 187 Amortization of net loss - defined benefit pension plan 2 98 98 Net current period other comprehensive income (loss) — 1,139 98 1,237 Balance at March 31, 2015 $ — $ (10,635 ) $ (4,035 ) $ (14,670 ) Balance at December 31, 2015 $ (8,577 ) $ (7,950 ) $ (2,450 ) $ (18,977 ) Other comprehensive income (loss) before reclassification: Unrealized gain (loss) 4,742 4,742 Non-credit OTTI losses (62 ) (62 ) Accretion of non-credit loss 550 550 Reclassifications from other comprehensive income (loss) to net income: Non-credit OTTI to credit OTTI 1 25 25 Amortization of net loss - defined benefit pension plan 2 47 47 Net current period other comprehensive income (loss) 4,742 513 47 5,302 Balance at March 31, 2016 $ (3,835 ) $ (7,437 ) $ (2,403 ) $ (13,675 ) 1 Recorded in “Net other-than-temporary impairment losses on held-to-maturity securities” on the Statements of Income. Amount represents a debit (decrease to other income (loss)). 2 Recorded in “Compensation and benefits” on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values
Fair Values | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values | FAIR VALUES The fair value amounts recorded on the Statements of Condition and presented in the note disclosures have been determined by the FHLBank using available market and other pertinent information and reflect the FHLBank’s best judgment of appropriate valuation methods. Although the FHLBank uses its best judgment in estimating the fair value of its financial instruments, there are inherent limitations in any valuation technique. Therefore, the fair values may not be indicative of the amounts that would have been realized in market transactions as of March 31, 2016 and December 31, 2015 . Subjectivity of Estimates: Estimates of the fair value of advances with options, mortgage instruments, derivatives with embedded options and consolidated obligation bonds with options are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows, prepayment speed assumptions, expected interest rate volatility, methods to determine possible distributions of future interest rates used to value options, and the selection of discount rates that appropriately reflect market and credit risks. The use of different assumptions could have a material effect on the fair value estimates. Fair Value Hierarchy: The FHLBank records trading securities, available-for-sale securities, derivative assets and derivative liabilities at fair value on a recurring basis and on occasion, certain private-label MBS, impaired mortgage loans held for portfolio and non-financial assets on a non-recurring basis. The fair value hierarchy requires the FHLBank to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of the market observability of the fair value measurement for the asset or liability. The FHLBank must disclose the level within the fair value hierarchy in which the measurements are classified for all assets and liabilities. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: • Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the FHLBank can access on the measurement date. • Level 2 Inputs – Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets and liabilities in active markets; (2) quoted prices for similar assets and liabilities in markets that are not active; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Unobservable inputs for the asset or liability. The FHLBank reviews its fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. There were no reclassifications of assets or liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2016 and 2015 . The carrying value and fair value of the FHLBank’s financial assets and liabilities as of March 31, 2016 and December 31, 2015 are summarized in Tables 13.1 and 13.2 (in thousands). These values do not represent an estimate of the overall market value of the FHLBank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. Table 13.1 03/31/2016 Carrying Value Total Fair Value Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral Assets: Cash and due from banks $ 65,006 $ 65,006 $ 65,006 $ — $ — $ — Interest-bearing deposits 351,130 351,130 — 351,130 — — Securities purchased under agreements to resell 2,760,000 2,760,000 — 2,760,000 — — Federal funds sold 2,330,000 2,330,000 — 2,330,000 — — Trading securities 2,281,970 2,281,970 — 2,281,970 — — Available-for-sale securities 839,159 839,159 — 839,159 — — Held-to-maturity securities 4,572,056 4,563,519 — 4,310,308 253,211 — Advances 25,435,390 25,493,567 — 25,493,567 — — Mortgage loans held for portfolio, net of allowance 6,409,954 6,682,373 — 6,680,526 1,847 — Accrued interest receivable 71,574 71,574 — 71,574 — — Derivative assets 53,016 53,016 — 68,667 — (15,651 ) Liabilities: Deposits 726,016 726,016 — 726,016 — — Consolidated obligation discount notes 25,159,376 25,160,309 — 25,160,309 — — Consolidated obligation bonds 17,150,133 17,225,633 — 17,225,633 — — Mandatorily redeemable capital stock 3,433 3,433 3,433 — — — Accrued interest payable 63,125 63,125 — 63,125 — — Derivative liabilities 40,280 40,280 — 327,703 — (287,423 ) Other Asset (Liability): Standby letters of credit (936 ) (936 ) — (936 ) — — Standby bond purchase agreements 82 7,101 — 7,101 — — Advance commitments — (465 ) — (465 ) — — Table 13.2 12/31/2015 Carrying Value Total Fair Value Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral Assets: Cash and due from banks $ 682,670 $ 682,670 $ 682,670 $ — $ — $ — Interest-bearing deposits 100,594 100,594 — 100,594 — — Securities purchased under agreements to resell 3,945,000 3,945,000 — 3,945,000 — — Federal funds sold 2,000,000 2,000,000 — 2,000,000 — — Trading securities 2,294,606 2,294,606 — 2,294,606 — — Available-for-sale securities 495,063 495,063 — 495,063 — — Held-to-maturity securities 4,770,817 4,765,095 — 4,497,911 267,184 — Advances 23,580,371 23,609,868 — 23,609,868 — — Mortgage loans held for portfolio, net of allowance 6,390,708 6,571,563 — 6,569,749 1,814 — Accrued interest receivable 79,233 79,233 — 79,233 — — Derivative assets 51,591 51,591 — 66,286 — (14,695 ) Liabilities: Deposits 759,366 759,366 — 759,366 — — Consolidated obligation discount notes 21,813,446 21,813,507 — 21,813,507 — — Consolidated obligation bonds 19,866,034 19,851,097 — 19,851,097 — — Mandatorily redeemable capital stock 2,739 2,739 2,739 — — — Accrued interest payable 52,281 52,281 — 52,281 — — Derivative liabilities 31,492 31,492 — 214,666 — (183,174 ) Other Asset (Liability): Standby letters of credit (1,078 ) (1,078 ) — (1,078 ) — — Standby bond purchase agreements 98 6,995 — 6,995 — — Advance commitments — (3,737 ) — (3,737 ) — — Fair Value Measurements: Tables 13.3 and 13.4 present, for each hierarchy level, the FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended March 31, 2016 and December 31, 2015 (in thousands). The FHLBank measures certain held-to-maturity securities at fair value on a nonrecurring basis due to the recognition of a credit loss. For held-to-maturity securities that had credit impairment recorded during a period for which no total impairment was recorded (the full amount of additional credit impairment was a reclassification from non-credit impairment previously recorded in AOCI), these securities were recorded at their carrying values and not fair value. The FHLBank measures certain impaired mortgage loans held for portfolio at fair value on a nonrecurring basis when, upon individual evaluation for impairment, the estimated fair value less costs to sell is lower than the carrying amount. REO is measured at fair value when the asset’s fair value less costs to sell is lower than its carrying amount. Table 13.3 03/31/2016 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: GSE obligations 2 $ 1,292,257 $ — $ 1,292,257 $ — $ — U.S. obligation MBS 3 774 — 774 — — GSE MBS 4 988,939 — 988,939 — — Total trading securities 2,281,970 — 2,281,970 — — Available-for-sale securities: GSE MBS 5 839,159 — 839,159 — — Total available-for-sale securities 839,159 — 839,159 — — Derivative assets: Interest-rate related 52,560 — 68,211 — (15,651 ) Mortgage delivery commitments 456 — 456 — — Total derivative assets 53,016 — 68,667 — (15,651 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 3,174,145 $ — $ 3,189,796 $ — $ (15,651 ) Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 40,278 $ — $ 327,701 $ — $ (287,423 ) Mortgage delivery commitments 2 — 2 — — Total derivative liabilities 40,280 — 327,703 — (287,423 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 40,280 $ — $ 327,703 $ — $ (287,423 ) Nonrecurring fair value measurements - Assets 6 : Held-to-maturity securities: Private-label residential MBS $ 4,459 $ — $ — $ 4,459 $ — Impaired mortgage loans 1,854 — — 1,854 — Real estate owned 382 — — 382 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 6,695 $ — $ — $ 6,695 $ — 1 Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. 2 Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac, Farm Credit and Farmer Mac. GSE securities are not guaranteed by the U.S. government. 3 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 4 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. 5 Represents multi-family MBS issued by Fannie Mae. 6 Includes assets adjusted to fair value during the three months ended March 31, 2016 and still outstanding as of March 31, 2016 . Table 13.4 12/31/2015 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: GSE obligations 2 $ 1,338,639 $ — $ 1,338,639 $ — $ — U.S. obligation MBS 3 801 — 801 — — GSE MBS 4 955,166 — 955,166 — — Total trading securities 2,294,606 — 2,294,606 — — Available-for-sale securities: GSE MBS 5 495,063 — 495,063 — — Total available-for-sale securities 495,063 — 495,063 — — Derivative assets: Interest-rate related 51,520 — 66,215 — (14,695 ) Mortgage delivery commitments 71 — 71 — — Total derivative assets 51,591 — 66,286 — (14,695 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 2,841,260 $ — $ 2,855,955 $ — $ (14,695 ) Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 31,428 $ — $ 214,602 $ — $ (183,174 ) Mortgage delivery commitments 64 — 64 — — Total derivative liabilities 31,492 — 214,666 — (183,174 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 31,492 $ — $ 214,666 $ — $ (183,174 ) Nonrecurring fair value measurements - Assets 6 : Held-to-maturity securities: Private-label residential MBS $ 6,151 $ — $ — $ 6,151 $ — Impaired mortgage loans 1,823 $ 1,823 Real estate owned 2,168 — — 2,168 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 10,142 $ — $ — $ 10,142 $ — 1 Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. 2 Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac and Farm Credit. GSE securities are not guaranteed by the U.S. government. 3 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 4 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. 5 Represents multi-family MBS issued by Fannie Mae. 6 Includes assets adjusted to fair value during the year ended December 31, 2015 and still outstanding as of December 31, 2015 . |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Joint and Several Liability: As provided by the Federal Home Loan Bank Act of 1932, as amended (Bank Act) or Finance Agency regulation, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. The par amounts for which FHLBank Topeka is jointly and severally liable were approximately $854,556,380,000 and $863,556,912,000 as of March 31, 2016 and December 31, 2015 , respectively. Off-balance Sheet Commitments: As of March 31, 2016 and December 31, 2015 , off-balance sheet commitments are presented in Table 14.1 (in thousands): Table 14.1 03/31/2016 12/31/2015 Notional Amount Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit outstanding $ 2,914,378 $ 15,366 $ 2,929,744 $ 2,795,968 $ 16,598 $ 2,812,566 Advance commitments outstanding 109,346 64,975 174,321 104,473 24,950 129,423 Commitments for standby bond purchases 476,958 901,054 1,378,012 314,742 1,108,133 1,422,875 Commitments to fund or purchase mortgage loans 93,996 — 93,996 66,045 — 66,045 Commitments to issue consolidated bonds, at par 40,000 — 40,000 55,000 — 55,000 Commitments to issue consolidated discount notes, at par 200,000 — 200,000 1,154,355 — 1,154,355 Commitments to Extend Credit: Standby letters of credit are executed for members for a fee. A standby letter of credit is a short-term financing arrangement between the FHLBank and its member or non-member housing associate. If the FHLBank is required to make payment for a beneficiary’s draw, these amounts are converted into a collateralized advance to the member. As of March 31, 2016 , outstanding standby letters of credit had original terms of 4 days to 10 years with a final expiration in 2020 . As of December 31, 2015 , outstanding standby letters of credit had original terms of 6 days to 10 years with a final expiration in 2020 . Unearned fees as well as the value of the guarantees related to standby letters of credit are recorded in other liabilities and amounted to $936,000 and $1,078,000 as of March 31, 2016 and December 31, 2015 , respectively. Standby letters of credit are fully collateralized with assets allowed by the FHLBank’s Member Products Policy (MPP). Advance commitments legally bind and unconditionally obligate the FHLBank for additional advances up to 24 months in the future. Based upon management’s credit analysis of members and collateral requirements under the MPP, the FHLBank does not expect to incur any credit losses on the outstanding letters of credit or advance commitments. Standby Bond-Purchase Agreements: The FHLBank has entered into standby bond purchase agreements with state housing authorities whereby the FHLBank, for a fee, agrees to purchase and hold the authorities’ bonds until the designated marketing agent can find a suitable investor or the housing authority repurchases the bond according to a schedule established by the standby agreement. Each standby agreement dictates the specific terms that would require the FHLBank to purchase the bond. The bond purchase commitments entered into by the FHLBank expire no later than 2020 , though some are renewable at the option of the FHLBank. As of March 31, 2016 and December 31, 2015 , the total commitments for bond purchases were with two in-district and one out-of-district state housing authorities as well as one participation interest in a standby bond purchase agreement between another FHLBank and a state housing authority in its district. The FHLBank was not required to purchase any bonds under any agreements during the three months ended March 31, 2016 and 2015 . Commitments to Purchase Mortgage Loans: These commitments that unconditionally obligate the FHLBank to purchase mortgage loans from participating FHLBank Topeka members in the MPF Program are generally for periods not to exceed 60 calendar days. Certain commitments are recorded as derivatives at their fair values on the Statements of Condition. The FHLBank recorded mortgage delivery commitment net derivative asset (liability) balances of $454,000 and $7,000 as of March 31, 2016 and December 31, 2015 , respectively. Commitments to Issue Consolidated Obligations: The FHLBank enters into commitments to issue consolidated obligation bonds and discount notes outstanding in the normal course of its business. All settle within the shortest period possible and are considered regular way trades; thus, the commitments are appropriately not recorded as derivatives. |
Transactions With Stockholders
Transactions With Stockholders And Housing Associates | 3 Months Ended |
Mar. 31, 2016 | |
Federal Home Loan Banks [Abstract] | |
Transactions With Stockholders And Housing Associates | TRANSACTIONS WITH STOCKHOLDERS The FHLBank is a cooperative whose members own the capital stock of the FHLBank and generally receive dividends on their investments. In addition, certain former members that still have outstanding transactions are also required to maintain their investments in FHLBank capital stock until the transactions mature or are paid off. Nearly all outstanding advances are with current members, and the majority of outstanding mortgage loans held for portfolio were purchased from current or former members. The FHLBank also maintains demand deposit accounts for members primarily to facilitate settlement activities that are directly related to advances and mortgage loan purchases. Transactions with members are entered into in the ordinary course of business. In instances where members also have officers or directors who are directors of the FHLBank, transactions with those members are subject to the same eligibility and credit criteria, as well as the same terms and conditions, as other transactions with members. For financial reporting and disclosure purposes, the FHLBank defines related parties as FHLBank directors’ financial institutions and members with capital stock investments in excess of 10 percent of the FHLBank’s total regulatory capital stock outstanding, which includes mandatorily redeemable capital stock. Activity with Members that Exceed a 10 Percent Ownership in FHLBank Capital Stock: Tables 15.1 and 15.2 present information as of March 31, 2016 and December 31, 2015 on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock in 2016 or 2015 (dollar amounts in thousands). None of the officers or directors of these members currently serve on the FHLBank’s board of directors. Table 15.1 03/31/2016 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock Bank of Oklahoma, NA OK $ 22,950 10.8 % $ 255,321 22.4 % $ 278,271 20.6 % MidFirst Bank OK 500 0.2 185,954 16.3 186,454 13.8 TOTAL $ 23,450 11.0 % $ 441,275 38.7 % $ 464,725 34.4 % Table 15.2 12/31/2015 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock Bank of Oklahoma, NA OK $ 500 0.3 % $ 218,915 21.3 % $ 219,415 18.1 % MidFirst Bank OK 500 0.3 172,718 16.8 173,218 14.3 TOTAL $ 1,000 0.6 % $ 391,633 38.1 % $ 392,633 32.4 % Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2016 and December 31, 2015 are summarized in Table 15.3 (dollar amounts in thousands). Table 15.3 03/31/2016 12/31/2015 03/31/2016 12/31/2015 Member Name Outstanding Advances Percent of Total Outstanding Advances Percent of Total Outstanding Deposits Percent of Total Outstanding Deposits Percent of Total Bank of Oklahoma, NA $ 5,600,000 22.2 % $ 4,800,000 20.4 % $ 4,599 0.6 % $ 21,492 2.8 % MidFirst Bank 4,079,000 16.1 3,779,000 16.1 613 0.1 541 0.1 TOTAL $ 9,679,000 38.3 % $ 8,579,000 36.5 % $ 5,212 0.7 % $ 22,033 2.9 % Bank of Oklahoma, NA and MidFirst Bank did no t sell any mortgage loans into the MPF Program during the three months ended March 31, 2016 and 2015 . Transactions with FHLBank Directors’ Financial Institutions: Table 15.4 presents information as of March 31, 2016 and December 31, 2015 for members that had an officer or director serving on the FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on the FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 15.4 03/31/2016 12/31/2015 Outstanding Amount Percent of Total Outstanding Amount Percent of Total Advances $ 141,726 0.6 % $ 150,566 0.6 % Deposits $ 10,677 1.5 % $ 7,895 1.0 % Class A Common Stock $ 3,936 1.9 % $ 4,023 2.2 % Class B Common Stock 3,888 0.3 4,725 0.5 TOTAL CAPITAL STOCK $ 7,824 0.6 % $ 8,748 0.7 % Table 15.5 presents mortgage loans acquired during the three months ended March 31, 2016 and 2015 for members that had an officer or director serving on the FHLBank’s board of directors in 2016 or 2015 (dollar amounts in thousands). Table 15.5 Three Months Ended 03/31/2016 03/31/2015 Amount Percent of Total Amount Percent of Total Mortgage loans acquired $ 12,101 5.5 % $ 26,791 9.9 % |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation: The accompanying interim financial statements of the FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the FHLBank’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. The FHLBank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2015 . The interim financial statements presented herein should be read in conjunction with the FHLBank’s audited financial statements and notes thereto, which are included in the FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 10, 2016 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K. |
Use Of Estimates, Policy | Use of Estimates : The preparation of financial statements under GAAP requires management to make estimates and assumptions as of the date of the financial statements in determining the reported amounts of assets, liabilities and estimated fair values and in determining the disclosure of any contingent assets or liabilities. Estimates and assumptions by management also affect the reported amounts of income and expense during the reporting period. The most significant of these estimates include the fair value of trading and available-for-sale securities, the fair value of derivatives and the allowance for credit losses. Many of the estimates and assumptions, including those used in financial models, are based on financial market conditions as of the date of the financial statements. Because of the volatility of the financial markets, as well as other factors that affect management estimates, actual results may vary from these estimates. |
Reclassification, Policy | Reclassifications: Certain amounts in the financial statements and related footnotes have been reclassified to conform to current period presentations. On January 1, 2016, the FHLBank adopted the guidance, Simplifying the Presentation of Debt Issuance Costs , issued by Financial Accounting Standards Board (FASB) in April 2015. This guidance requires a retrospective reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. As a result, debt issuance costs of $ 9,221,000 and $ 300,000 on consolidated obligation bonds and discount notes, respectively, were reclassified from other assets to consolidated obligations as of December 31, 2015, resulting in a decrease in total assets and total liabilities. The adoption of this amendment did not have an impact on the FHLBank's results of operations or cash flows. See Note 2 - Recently Issued Accounting Standards and Interpretations and Changes in and Adoptions of Accounting Principles for discussion of this guidance. |
Recently Issued Accounting St25
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounint Priciples (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Contingent Put and Call Options in Debt Instruments. In March 2016, FASB issued amendments to resolve current diversity in practice by clarifying the steps required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, which is January 1, 2017 for the FHLBank. Early adoption is permitted. This guidance is not expected to affect the FHLBank's financial condition, results of operations or cash flows. Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. In March 2016, FASB issued amendments to clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under GAAP does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. The FHLBank elected to early adopt the guidance prospectively on January 1, 2016. The adoption of this guidance had no effect on the FHLBank’s financial condition, results of operations or cash flows. Leases. In February 2016, FASB issued amendments to lease accounting guidance. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases in the statement of financial condition, which effectively removes a source of off-balance sheet financing for operating leases. A distinction remains between finance leases and operating leases, but the assets and liabilities arising from operating leases are now also required to be recognized in the statement of financial condition. Lessor accounting is largely unchanged. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which is January 1, 2019 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, FASB issued amendments to improve the recognition, measurement, presentation and disclosure of financial instruments through changes to existing GAAP. The provisions impacting the FHLBank include the elimination of the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost, the requirement to use the notion of exit price when measuring the fair value of financial instruments for disclosure purposes, and the separate presentation of financial assets and financial liabilities by measurement category and form of asset (i.e., securities or loans and receivables) on the statement of financial condition or in the notes to financial statements. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, which is January 1, 2018 for the FHLBank. The FHLBank is currently evaluating these amendments to determine the impact, if any, on the FHLBank's financial condition, results of operations or cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. I n April 2015, FASB issued amendments to clarify the accounting for cloud computing arrangements. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license and how to account for it. This guidance is effective for interim and annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The FHLBank elected to adopt the amendments prospectively to all arrangements entered into or materially modified after the effective date. The adoption of this guidance did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued guidance that requires a reclassification of debt issuance costs related to a recognized debt liability from other assets to a reduction of the carrying amount of the liability consistent with the presentation of debt discounts. The recognition and measurement guidance for debt issuance costs did not change as a result of this amendment. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The period-specific effects as a result of applying this guidance are required to be adjusted retrospectively to each individual period presented on the statement of condition. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Amendments to the Consolidation Analysis. In February 2015, FASB issued guidance that impacts reporting entities that are required to evaluate whether they must consolidate certain legal entities. Under the amended guidance, in a consolidation evaluation, more emphasis is placed on variable interests other than fee arrangements, such as principal investment risk or guarantees of the value of the assets or liabilities of the variable interest entity. The amendments emphasize risk of loss in the determination of a controlling financial interest and provide a scope exception for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investments Company Act of 1940 for registered money market funds. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, which was January 1, 2016 for the FHLBank. The adoption of this amendment did not have a material impact on the FHLBank's financial condition, results of operations or cash flows. Revenue Recognition. In May 2014, FASB issued guidance to introduce a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, FASB voted to defer the effective date of the new standard by one year. In addition, in March 2016, FASB issued amendments to clarify the implementation guidance on principal versus agent considerations, in particular, relating to how an entity should determine whether the entity is a principal or an agent for each specified good or service promised to the customer and the nature of each specified good or services. The amendments do not change the core principle in the new revenue standard. The standard is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for the FHLBank), including interim periods within that reporting period. The FHLBank is currently evaluating the new guidance to determine the impact it will have, if any, on its financial condition, results of operations or cash flows. |
Fair Values (Policies)
Fair Values (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Transfer, Policy | The FHLBank reviews its fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Trading Securities [Member] | |
Investment Holdings [Line Items] | |
Trading Securities by Major Security Type | Trading securities by major security type as of March 31, 2016 and December 31, 2015 are summarized in Table 3.1 (in thousands): Table 3.1 Fair Value 03/31/2016 12/31/2015 Non-mortgage-backed securities: GSE obligations 1 $ 1,292,257 $ 1,338,639 Non-mortgage-backed securities 1,292,257 1,338,639 Mortgage-backed securities: U.S. obligation MBS 2 774 801 GSE MBS 3 988,939 955,166 Mortgage-backed securities 989,713 955,967 TOTAL $ 2,281,970 $ 2,294,606 1 Represents debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Bank (Farm Credit) and Federal Agricultural Mortgage Corporation (Farmer Mac). GSE securities are not guaranteed by the U.S. government. 2 Represents single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government. 3 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Net Gains (Losses) on Trading Securities | Net gains (losses) on trading securities during the three months ended March 31, 2016 and 2015 are shown in Table 3.2 (in thousands): Table 3.2 Three Months Ended 03/31/2016 03/31/2015 Net gains (losses) on trading securities held as of March 31, 2016 $ 49,669 $ (3,327 ) Net gains (losses) on trading securities sold or matured prior to March 31, 2016 (465 ) (2,517 ) NET GAIN (LOSS) ON TRADING SECURITIES $ 49,204 $ (5,844 ) |
Available-for-sale Securities [Member] | |
Investment Holdings [Line Items] | |
Available-for-sale Securities by Major Security Type | Available-for-sale securities by major security type as of March 31, 2016 are summarized in Table 3.3 (in thousands). Table 3.3 3/31/2016 Amortized Cost OTTI Recognized in OCI Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage-backed securities: GSE MBS 1 $ 842,994 $ — $ 1,736 $ (5,571 ) $ 839,159 TOTAL $ 842,994 $ — $ 1,736 $ (5,571 ) $ 839,159 1 Represents fixed rate multi-family MBS issued by Fannie Mae . Available-for-sale securities by major security type as of December 31, 2015 are summarized in Table 3.4 (in thousands): Table 3.4 12/31/2015 Amortized OTTI Gross Gross Fair Value Mortgage-backed securities: GSE MBS 1 $ 503,640 $ — $ — $ (8,577 ) $ 495,063 TOTAL $ 503,640 $ — $ — $ (8,577 ) $ 495,063 1 Represents fixed rate multi-family MBS issued by Fannie Mae . |
Securities in A Continous Unrealized Loss Postion | Table 3.5 summarizes the available-for-sale securities with unrealized losses as of March 31, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.5 03/31/2016 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Mortgage-backed securities: GSE MBS 1 $ 540,024 $ (5,571 ) $ — $ — $ 540,024 $ (5,571 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 540,024 $ (5,571 ) $ — $ — $ 540,024 $ (5,571 ) 1 Represents fixed rate multi-family MBS issued by Fannie Mae . Table 3.6 summarizes the available-for-sale securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.6 12/31/2015 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Mortgage-backed securities: GSE MBS 1 $ 495,063 $ (8,577 ) $ — $ — $ 495,063 $ (8,577 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 495,063 $ (8,577 ) $ — $ — $ 495,063 $ (8,577 ) 1 Represents fixed rate multi-family MBS issued by Fannie Mae . |
Held-to-maturity Securities [Member] | |
Investment Holdings [Line Items] | |
Securities in A Continous Unrealized Loss Postion | Table 3.9 summarizes the held-to-maturity securities with unrealized losses as of March 31, 2016 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.9 03/31/2016 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 1 Non-mortgage-backed securities: State or local housing agency obligations $ — $ — $ 36,072 $ (5,133 ) $ 36,072 $ (5,133 ) Non-mortgage-backed securities — — 36,072 (5,133 ) 36,072 (5,133 ) Mortgage-backed securities: U.S. obligation MBS 2 43,473 (33 ) — — 43,473 (33 ) GSE MBS 3 1,321,301 (8,130 ) 1,314,657 (11,849 ) 2,635,958 (19,979 ) Private-label residential MBS 4,461 (24 ) 103,134 (9,638 ) 107,595 (9,662 ) Mortgage-backed securities 1,369,235 (8,187 ) 1,417,791 (21,487 ) 2,787,026 (29,674 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 1,369,235 $ (8,187 ) $ 1,453,863 $ (26,620 ) $ 2,823,098 $ (34,807 ) 1 Total unrealized losses in Table 3.9 will not agree to total gross unrecognized losses in Table 3.7 . Total unrealized losses in Table 3.9 include non-credit-related other-than-temporary impairment (OTTI) recognized in accumulated other comprehensive income (AOCI) and gross unrecognized gains on previously other-than-temporarily impaired securities. 2 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 3 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. Table 3.10 summarizes the held-to-maturity securities with unrealized losses as of December 31, 2015 (in thousands). The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 3.10 12/31/2015 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 1 Non-mortgage-backed securities: State or local housing agency obligations $ — $ — $ 37,211 $ (5,164 ) $ 37,211 $ (5,164 ) Non-mortgage-backed securities — — 37,211 (5,164 ) 37,211 (5,164 ) Mortgage-backed securities: U.S obligation MBS 2 19,189 (23 ) — — 19,189 (23 ) GSE MBS 3 1,697,226 (7,806 ) 1,012,199 (13,833 ) 2,709,425 (21,639 ) Private-label residential MBS 5,215 (28 ) 110,744 (8,826 ) 115,959 (8,854 ) Mortgage-backed securities 1,721,630 (7,857 ) 1,122,943 (22,659 ) 2,844,573 (30,516 ) TOTAL TEMPORARILY IMPAIRED SECURITIES $ 1,721,630 $ (7,857 ) $ 1,160,154 $ (27,823 ) $ 2,881,784 $ (35,680 ) 1 Total unrealized losses in Table 3.10 will not agree to total gross unrecognized losses in Table 3.8 . Total unrealized losses in Table 3.10 include non-credit-related OTTI recognized in AOCI and gross unrecognized gains on previously other-than-temporarily impaired securities. 2 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 3 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Held-To-Maturity Securities by Major Security Type | Held-to-maturity securities by major security type as of March 31, 2016 are summarized in Table 3.7 (in thousands): Table 3.7 03/31/2016 Amortized Cost OTTI Recognized in OCI Carrying Value Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Non-mortgage-backed securities: State or local housing agency obligations $ 110,350 $ — $ 110,350 $ 127 $ (5,133 ) $ 105,344 Non-mortgage-backed securities 110,350 — 110,350 127 (5,133 ) 105,344 Mortgage-backed securities: U.S. obligation MBS 1 45,418 — 45,418 7 (33 ) 45,392 GSE MBS 2 4,267,985 — 4,267,985 16,910 (19,979 ) 4,264,916 Private-label residential MBS 155,740 (7,437 ) 148,303 5,458 (5,894 ) 147,867 Mortgage-backed securities 4,469,143 (7,437 ) 4,461,706 22,375 (25,906 ) 4,458,175 TOTAL $ 4,579,493 $ (7,437 ) $ 4,572,056 $ 22,502 $ (31,039 ) $ 4,563,519 1 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 2 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. Held-to-maturity securities by major security type as of December 31, 2015 are summarized in Table 3.8 (in thousands): Table 3.8 12/31/2015 Amortized Cost OTTI Recognized in OCI Carrying Value Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Non-mortgage-backed securities: State or local housing agency obligations $ 111,655 $ — $ 111,655 $ 138 $ (5,164 ) $ 106,629 Non-mortgage-backed securities 111,655 — 111,655 138 (5,164 ) 106,629 Mortgage-backed securities: U.S obligation MBS 1 47,234 — 47,234 66 (23 ) 47,277 GSE MBS 2 4,452,533 — 4,452,533 19,740 (21,639 ) 4,450,634 Private-label residential MBS 167,345 (7,950 ) 159,395 6,665 (5,505 ) 160,555 Mortgage-backed securities 4,667,112 (7,950 ) 4,659,162 26,471 (27,167 ) 4,658,466 TOTAL $ 4,778,767 $ (7,950 ) $ 4,770,817 $ 26,609 $ (32,331 ) $ 4,765,095 1 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 2 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Held-To-Maturity Securities Classified By Contractual Maturity | The amortized cost, carrying value and fair values of held-to-maturity securities by contractual maturity as of March 31, 2016 and December 31, 2015 are shown in Table 3.11 (in thousands). Expected maturities of certain securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.11 03/31/2016 12/31/2015 Amortized Cost Carrying Value Fair Value Amortized Cost Carrying Value Fair Value Non-mortgage-backed securities: Due in one year or less $ — $ — $ — $ — $ — $ — Due after one year through five years 3,125 3,125 3,125 3,260 3,260 3,260 Due after five years through 10 years 11,205 11,205 11,143 12,375 12,375 12,356 Due after 10 years 96,020 96,020 91,076 96,020 96,020 91,013 Non-mortgage-backed securities 110,350 110,350 105,344 111,655 111,655 106,629 Mortgage-backed securities 4,469,143 4,461,706 4,458,175 4,667,112 4,659,162 4,658,466 TOTAL $ 4,579,493 $ 4,572,056 $ 4,563,519 $ 4,778,767 $ 4,770,817 $ 4,765,095 |
Interest Rate Payment Terms of Held to Maturity Securities | Table 3.12 details interest rate payment terms for the amortized cost of held-to-maturity securities as of March 31, 2016 and December 31, 2015 (in thousands): Table 3.12 03/31/2016 12/31/2015 Non-mortgage-backed securities: Variable rate $ 110,350 $ 111,655 Non-mortgage-backed securities 110,350 111,655 Mortgage-backed securities: Fixed rate 304,760 324,177 Variable rate 4,164,383 4,342,935 Mortgage-backed securities 4,469,143 4,667,112 TOTAL $ 4,579,493 $ 4,778,767 |
Other than Temporary Impairment Losses, Investments [Abstract] | |
Total Securities Other-Than-Temporarily Impaired during the Life of the Security | Other-than-temporary Impairment: For the 20 outstanding private-label securities with OTTI during the lives of the securities, the FHLBank’s reported balances as of March 31, 2016 are presented in Table 3.13 (in thousands): Table 3.13 03/31/2016 Unpaid Principal Balance Amortized Cost Carrying Value Fair Value Private-label residential MBS: Prime $ 12,109 $ 11,108 $ 10,333 $ 11,077 Alt-A 36,399 32,564 25,902 30,238 TOTAL $ 48,508 $ 43,672 $ 36,235 $ 41,315 |
Rollforward of OTTI Activity Related to Credit Losses | Table 3.14 presents a roll-forward of OTTI activity for the three months ended March 31, 2016 and 2015 related to credit losses recognized in earnings (in thousands): Table 3.14 Three Months Ended 03/31/2016 03/31/2015 Balance, beginning of period $ 7,785 $ 9,406 Additional charge on securities for which OTTI was previously recognized 1 27 187 Amortization of credit component of OTTI 2 (36 ) (226 ) Balance, end of period $ 7,776 $ 9,367 1 For the three months ended March 31, 2016 and 2015, securities previously impaired represent all securities that were impaired prior to January 1, 2016 and 2015, respectively. 2 The FHLBank amortizes the credit component based on estimated cash flows prospectively up to the amount of expected principal to be recovered. The discounted cash flows will move from the discounted loss value to the ultimate principal to be written off at the projected date of loss. If the expected cash flows improve, the amount of expected loss decreases which causes a corresponding decrease in the calculated amortization. Based on the level of improvement in the cash flows, the amortization could become a positive adjustment to income. |
Advances (Tables)
Advances (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Advances [Abstract] | |
Advances Table | Table 4.2 presents advances summarized by contractual maturity or next call date (for callable advances) and by contractual maturity or next conversion date (for convertible advances) as of March 31, 2016 and December 31, 2015 (in thousands): Table 4.2 Year of Contractual Maturity or Next Call Date Year of Contractual Maturity or Next Conversion Date Redemption Term 03/31/2016 12/31/2015 03/31/2016 12/31/2015 Due in one year or less $ 18,706,361 $ 16,894,032 $ 13,997,895 $ 12,454,894 Due after one year through two years 2,172,333 2,037,166 1,765,859 1,573,624 Due after two years through three years 1,231,187 1,464,854 1,568,587 1,577,890 Due after three years through four years 687,678 630,463 826,643 1,033,226 Due after four years through five years 927,420 622,489 1,104,320 830,265 Thereafter 1,548,177 1,824,670 6,009,852 6,003,775 TOTAL PAR VALUE $ 25,273,156 $ 23,473,674 $ 25,273,156 $ 23,473,674 Interest Rate Payment Terms : Table 4.3 details additional interest rate payment terms for advances as of March 31, 2016 and December 31, 2015 (in thousands): Table 4.3 03/31/2016 12/31/2015 Fixed rate: Due in one year or less $ 2,163,118 $ 2,012,929 Due after one year 6,631,031 6,612,853 Total fixed rate 8,794,149 8,625,782 Variable rate: Due in one year or less 10,695,535 9,217,924 Due after one year 5,783,472 5,629,968 Total variable rate 16,479,007 14,847,892 TOTAL PAR VALUE $ 25,273,156 $ 23,473,674 Table 4.1 presents advances summarized by year of contractual maturity as of March 31, 2016 and December 31, 2015 (dollars in thousands): Table 4.1 03/31/2016 12/31/2015 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 12,858,653 0.69 % $ 11,230,853 0.65 % Due after one year through two years 2,716,601 2.45 2,465,866 2.49 Due after two years through three years 1,645,587 1.79 1,816,690 2.02 Due after three years through four years 809,643 1.82 970,726 1.43 Due after four years through five years 1,006,670 2.11 803,465 1.84 Thereafter 6,236,002 1.12 6,186,074 1.17 Total par value 25,273,156 1.15 % 23,473,674 1.16 % Discounts (16,244 ) (17,866 ) Hedging adjustments 178,478 124,563 TOTAL $ 25,435,390 $ 23,580,371 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans Held For Portfolio | Table 5.1 presents information as of March 31, 2016 and December 31, 2015 on mortgage loans held for portfolio (in thousands): Table 5.1 03/31/2016 12/31/2015 Real estate: Fixed rate, medium-term 1 , single-family mortgages $ 1,421,537 $ 1,456,406 Fixed rate, long-term, single-family mortgages 4,883,163 4,830,091 Total unpaid principal balance 6,304,700 6,286,497 Premiums 100,427 100,502 Discounts (2,313 ) (2,440 ) Deferred loan costs, net 554 596 Other deferred fees (111 ) (118 ) Hedging adjustments 8,304 7,643 Total before Allowance for Credit Losses on Mortgage Loans 6,411,561 6,392,680 Allowance for Credit Losses on Mortgage Loans (1,607 ) (1,972 ) MORTGAGE LOANS HELD FOR PORTFOLIO, NET $ 6,409,954 $ 6,390,708 1 Medium-term defined as a term of 15 years or less at origination. Table 5.2 presents information as of March 31, 2016 and December 31, 2015 on the outstanding unpaid principal balance (UPB) of mortgage loans held for portfolio (in thousands): Table 5.2 03/31/2016 12/31/2015 Conventional loans $ 5,677,178 $ 5,663,709 Government-guaranteed or insured loans 627,522 622,788 TOTAL UNPAID PRINCIPAL BALANCE $ 6,304,700 $ 6,286,497 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance For Credit Losses [Abstract] | |
Rollforward of Allowance for Credit Losses on Mortgage Loans | Table 6.1 presents a roll-forward of the allowance for credit losses for the three months ended March 31, 2016 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of March 31, 2016 (in thousands): Table 6.1 03/31/2016 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Allowance for credit losses: Balance, beginning of three-month period $ 1,972 $ — $ — $ — $ 1,972 Net charge-offs (108 ) — — — (108 ) (Reversal) provision for credit losses (257 ) — — — (257 ) Balance, end of three-month period $ 1,607 $ — $ — $ — $ 1,607 Allowance for credit losses, end of period: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 1,607 — — — 1,607 Recorded investment 2 , end of period: Individually evaluated for impairment $ 12,204 $ — $ 25,460,813 $ 19,189 $ 25,492,206 Collectively evaluated for impairment 5,786,733 643,747 — — 6,430,480 Total $ 5,798,937 $ 643,747 $ 25,460,813 $ 19,189 $ 31,922,686 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. Table 6.2 presents a roll-forward of the allowance for credit losses for the three months ended March 31, 2015 as well as the method used to evaluate impairment relating to all portfolio segments regardless of whether or not an estimated credit loss has been recorded as of March 31, 2015 (in thousands): Table 6.2 03/31/2015 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Allowance for credit losses: Balance, beginning of three-month period $ 4,550 $ — $ — $ — $ 4,550 Net charge-offs (411 ) — — — (411 ) (Reversal) provision for credit losses (802 ) — — — (802 ) Balance, end of three-month period $ 3,337 $ — $ — $ — $ 3,337 Allowance for credit losses, end of period: Individually evaluated for impairment $ 23 $ — $ — $ — $ 23 Collectively evaluated for impairment 3,314 — — — 3,314 Recorded investment 2 , end of period: Individually evaluated for impairment $ 15,124 $ — $ 21,286,420 $ 21,459 $ 21,323,003 Collectively evaluated for impairment 5,661,184 642,079 — — 6,303,263 Total $ 5,676,308 $ 642,079 $ 21,286,420 $ 21,459 $ 27,626,266 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. |
Recorded Investment in Delinquent Mortgage Loans | Table 6.3 summarizes the delinquency aging and key credit quality indicators for all of the FHLBank’s portfolio segments as of March 31, 2016 (dollar amounts in thousands): Table 6.3 03/31/2016 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Recorded investment 2 : Past due 30-59 days delinquent $ 36,644 $ 15,811 $ — $ — $ 52,455 Past due 60-89 days delinquent 6,897 4,938 — — 11,835 Past due 90 days or more delinquent 12,472 7,296 — — 19,768 Total past due 56,013 28,045 — — 84,058 Total current loans 5,742,924 615,702 25,460,813 19,189 31,838,628 Total recorded investment $ 5,798,937 $ 643,747 $ 25,460,813 $ 19,189 $ 31,922,686 Other delinquency statistics: In process of foreclosure, included above 3 $ 4,277 $ 2,629 $ — $ — $ 6,906 Serious delinquency rate 4 0.2 % 1.1 % — % — % 0.1 % Past due 90 days or more and still accruing interest $ — $ 7,296 $ — $ — $ 7,296 Loans on non-accrual status 5 $ 16,553 $ — $ — $ — $ 16,553 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. 3 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 4 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. 5 Loans on non-accrual status include $1,344,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Table 6.4 summarizes the key credit quality indicators for all of the FHLBank’s portfolio segments as of December 31, 2015 (dollar amounts in thousands): Table 6.4 12/31/2015 Conventional Loans Government Loans Credit Products 1 Direct Financing Lease Receivable Total Recorded investment 2 : Past due 30-59 days delinquent $ 39,016 $ 19,426 $ — $ — $ 58,442 Past due 60-89 days delinquent 7,093 4,696 — — 11,789 Past due 90 days or more delinquent 12,475 8,021 — — 20,496 Total past due 58,584 32,143 — — 90,727 Total current loans 5,726,268 606,941 23,603,691 19,771 29,956,671 Total recorded investment $ 5,784,852 $ 639,084 $ 23,603,691 $ 19,771 $ 30,047,398 Other delinquency statistics: In process of foreclosure, included above 3 $ 3,661 $ 2,947 $ — $ — $ 6,608 Serious delinquency rate 4 0.2 % 1.3 % — % — % 0.1 % Past due 90 days or more and still accruing interest $ — $ 8,021 $ — $ — $ 8,021 Loans on non-accrual status 5 $ 15,976 $ — $ — $ — $ 15,976 1 The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. 2 The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. 3 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. 4 Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. 5 Loans on non-accrual status include $1,320,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. |
Individually Evaluated Impaired Loan Statistics By Product Class Level | Table 6.5 presents the recorded investment, UPB, and related allowance of impaired conventional mortgage loans individually assessed for impairment as of March 31, 2016 and December 31, 2015 (in thousands): Table 6.5 03/31/2016 12/31/2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance $ 12,204 $ 12,149 $ — $ 11,456 $ 11,417 $ — With an allowance — — — — — — TOTAL $ 12,204 $ 12,149 $ — $ 11,456 $ 11,417 $ — |
Impaired Financing Receivables | Table 6.6 presents the average recorded investment and related interest income recognized on these individually evaluated impaired loans during the three months ended March 31, 2016 and 2015 (in thousands): Table 6.6 Three Months Ended 03/31/2016 03/31/2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance $ 11,322 $ 82 $ 14,946 $ 88 With an allowance — — 183 — TOTAL $ 11,322 $ 82 $ 15,129 $ 88 |
Derivatives And Hedging Activ31
Derivatives And Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | Table 7.1 represents outstanding notional balances and fair values (includes net accrued interest receivable or payable on the derivatives) of the derivatives outstanding by type of derivative and by hedge designation as of March 31, 2016 and December 31, 2015 (in thousands): Table 7.1 03/31/2016 12/31/2015 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 9,513,106 $ 62,061 $ 215,065 $ 10,338,768 $ 59,828 $ 136,261 Interest rate caps/floors — — — 60,000 — 94 Total derivatives designated as hedging relationships 9,513,106 62,061 215,065 10,398,768 59,828 136,355 Derivatives not designated as hedging instruments: Interest rate swaps 2,258,829 2,451 112,634 3,158,851 589 78,238 Interest rate caps/floors 2,930,800 3,699 2 2,930,800 5,798 9 Mortgage delivery commitments 93,996 456 2 66,045 71 64 Total derivatives not designated as hedging instruments 5,283,625 6,606 112,638 6,155,696 6,458 78,311 TOTAL $ 14,796,731 68,667 327,703 $ 16,554,464 66,286 214,666 Netting adjustments and cash collateral 1 (15,651 ) (287,423 ) (14,695 ) (183,174 ) DERIVATIVE ASSETS AND LIABILITIES $ 53,016 $ 40,280 $ 51,591 $ 31,492 1 Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015 , respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015 , respectively. |
Net Gains(Losses) on Derivatives and Hedging Activities | For the three months ended March 31, 2016 and 2015 , the FHLBank recorded net gain (loss) on derivatives and hedging activities as presented in Table 7.2 (in thousands): Table 7.2 Three Months Ended 03/31/2016 03/31/2015 Derivatives designated as hedging instruments: Interest rate swaps $ (2,490 ) $ (833 ) Total net gain (loss) related to fair value hedge ineffectiveness (2,490 ) (833 ) Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps (43,208 ) 5,556 Interest rate caps/floors (2,093 ) (1,859 ) Net interest settlements (12,244 ) (9,551 ) Mortgage delivery commitments 1,549 724 Total net gain (loss) related to derivatives not designated as hedging instruments (55,996 ) (5,130 ) NET GAIN (LOSS) ON DERIVATIVES AND HEDGING ACTIVITIES $ (58,486 ) $ (5,963 ) |
Effect of Fair Value Hedge-Related Derivative Instruments | For the three months ended March 31, 2016 and 2015 , the FHLBank recorded net gain (loss) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLBank’s net interest income as presented in Table 7.3 (in thousands): Table 7.3 Three Months Ended 03/31/2016 03/31/2015 Gain (Loss) on Derivatives Gain (Loss) on Hedged Items Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income 1 Gain (Loss) on Derivatives Gain (Loss) on Hedged Items Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income 1 Advances $ (55,659 ) $ 55,225 $ (434 ) $ (25,434 ) $ (17,985 ) $ 17,654 $ (331 ) $ (32,918 ) Investments (22,815 ) 21,462 (1,353 ) (2,337 ) — — — — Consolidated obligation bonds 6,737 (7,153 ) (416 ) 11,547 15,985 (16,623 ) (638 ) 21,149 Consolidated obligation discount notes 84 (371 ) (287 ) (60 ) 49 87 136 9 TOTAL $ (71,653 ) $ 69,163 $ (2,490 ) $ (16,284 ) $ (1,951 ) $ 1,118 $ (833 ) $ (11,760 ) 1 The differentials between accruals of interest receivables and payables on derivatives designated as fair value hedges as well as the amortization/accretion of hedging activities are recognized as adjustments to the interest income or expense of the designated underlying hedged item. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Table 8.1 details the types of deposits held by the FHLBank as of March 31, 2016 and December 31, 2015 (in thousands): Table 8.1 03/31/2016 12/31/2015 Interest-bearing: Demand $ 227,741 $ 235,547 Overnight 421,300 462,500 Term 20,900 18,400 Total interest-bearing 669,941 716,447 Non-interest-bearing: Demand 56,075 42,919 Total non-interest-bearing 56,075 42,919 TOTAL DEPOSITS $ 726,016 $ 759,366 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Consolidated Bonds Obligations Outstanding By Contractual Maturity | Table 9.1 presents the FHLBank’s participation in consolidated obligation bonds outstanding as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Table 9.1 03/31/2016 12/31/2015 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 7,723,870 0.77 % $ 9,276,390 0.58 % Due after one year through two years 1,723,135 2.02 2,317,615 1.71 Due after two years through three years 1,452,690 1.75 1,760,440 1.71 Due after three years through four years 952,800 1.71 823,250 1.72 Due after four years through five years 982,050 1.68 1,008,600 1.59 Thereafter 4,266,500 2.65 4,637,500 2.60 Total par value 17,101,045 1.55 % 19,823,795 1.39 % Premiums 19,070 19,895 Discounts (3,124 ) (3,483 ) Concession fees 1 (9,059 ) (9,221 ) Hedging adjustments 42,201 35,048 TOTAL $ 17,150,133 $ 19,866,034 |
Consolidated Bonds Obligations By Contractual Maturity Or Next Call Date | Table 9.2 summarizes the FHLBank’s participation in consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of March 31, 2016 and December 31, 2015 (in thousands): Table 9.2 Year of Maturity or Next Call Date 03/31/2016 12/31/2015 Due in one year or less $ 13,767,370 $ 15,594,890 Due after one year through two years 1,415,135 2,364,615 Due after two years through three years 992,690 990,440 Due after three years through four years 249,800 215,250 Due after four years through five years 127,050 138,600 Thereafter 549,000 520,000 TOTAL PAR VALUE $ 17,101,045 $ 19,823,795 |
Consolidated Bonds By Interest-Rate Payment Type | Table 9.3 summarizes interest rate payment terms for consolidated obligation bonds as of March 31, 2016 and December 31, 2015 (in thousands): Table 9.3 03/31/2016 12/31/2015 Fixed rate $ 11,896,045 $ 12,068,795 Simple variable rate 4,240,000 6,400,000 Step up/step down 585,000 895,000 Fixed to variable rate 330,000 370,000 Range 50,000 90,000 TOTAL PAR VALUE $ 17,101,045 $ 19,823,795 |
Consolidated Discount Notes Outstanding | Table 9.4 summarizes the FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 9.4 Book Value Par Value Weighted Average Interest Rate 1 March 31, 2016 $ 25,159,376 $ 25,169,892 0.33 % December 31, 2015 $ 21,813,446 $ 21,821,045 0.27 % 1 Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subjec34
Assets and Liabilities Subject to Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets | Tables 10.1 and 10.2 present the fair value of financial assets, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of March 31, 2016 and December 31, 2015 (in thousands): Table 10.1 03/31/2016 Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Condition Net Amounts of Assets Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative assets: Uncleared derivatives $ 66,634 $ (59,654 ) $ 6,980 $ (456 ) $ 6,524 Cleared derivatives 2,033 44,003 46,036 — 46,036 Total derivative assets 68,667 (15,651 ) 53,016 (456 ) 52,560 Securities purchased under agreements to resell 2,760,000 — 2,760,000 (2,760,000 ) — TOTAL $ 2,828,667 $ (15,651 ) $ 2,813,016 $ (2,760,456 ) $ 52,560 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 10.2 12/31/2015 Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Condition Net Amounts of Assets Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative assets: Uncleared derivatives $ 62,102 $ (53,171 ) $ 8,931 $ (71 ) $ 8,860 Cleared derivatives 4,184 38,476 42,660 — 42,660 Total derivative assets 66,286 (14,695 ) 51,591 (71 ) 51,520 Securities purchased under agreements to resell 3,945,000 — 3,945,000 (3,945,000 ) — TOTAL $ 4,011,286 $ (14,695 ) $ 3,996,591 $ (3,945,071 ) $ 51,520 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Schedule of Offsetting Liabilities | Tables 10.3 and 10.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of the FHLBank’s master netting arrangements or similar agreements as of March 31, 2016 and December 31, 2015 (in thousands): Table 10.3 03/31/2016 Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of Liabilities Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative liabilities: Uncleared derivatives $ 213,593 $ (173,313 ) $ 40,280 $ (4 ) $ 40,276 Cleared derivatives 114,110 (114,110 ) — — — Total derivative liabilities 327,703 (287,423 ) 40,280 (4 ) 40,276 TOTAL $ 327,703 $ (287,423 ) $ 40,280 $ (4 ) $ 40,276 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 10.4 12/31/2015 Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of Liabilities Presented in the Statement of Condition Gross Amounts Not Offset in the Statement of Condition 1 Net Amount Derivative liabilities: Uncleared derivatives $ 159,334 $ (127,842 ) $ 31,492 $ (73 ) $ 31,419 Cleared derivatives 55,332 (55,332 ) — — — Total derivative liabilities 214,666 (183,174 ) 31,492 (73 ) 31,419 TOTAL $ 214,666 $ (183,174 ) $ 31,492 $ (73 ) $ 31,419 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Regulatory Capital Requirements | Table 11.1 illustrates that the FHLBank was in compliance with its regulatory capital requirements as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Table 11.1 03/31/2016 12/31/2015 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 294,430 $ 1,811,282 $ 331,821 $ 1,681,247 Total regulatory capital-to-asset ratio 4.0 % 4.5 % 4.0 % 4.2 % Total regulatory capital $ 1,808,177 $ 2,022,981 $ 1,777,426 $ 1,863,468 Leverage capital ratio 5.0 % 6.5 % 5.0 % 6.1 % Leverage capital $ 2,260,222 $ 2,928,622 $ 2,221,783 $ 2,704,091 |
Mandatorily Redeemable Capital Stock Rollforward | Table 11.2 presents a roll-forward of mandatorily redeemable capital stock for the three months ended March 31, 2016 and 2015 (in thousands): Table 11.2 Three Months Ended 03/31/2016 03/31/2015 Balance, beginning of period $ 2,739 $ 4,187 Capital stock subject to mandatory redemption reclassified from equity during the period 160,234 108,023 Redemption or repurchase of mandatorily redeemable capital stock during the period (159,546 ) (107,675 ) Stock dividend classified as mandatorily redeemable capital stock during the period 6 10 Balance, end of period $ 3,433 $ 4,545 |
Mandatorily Redeemable Capital Stock By Contractual Year Of Repurchase | Table 11.3 shows the amount of mandatorily redeemable capital stock by contractual year of redemption as of March 31, 2016 and December 31, 2015 (in thousands). The year of redemption in Table 11.3 is the end of the redemption period in accordance with the FHLBank’s capital plan. The FHLBank is not required to redeem or repurchase membership stock until six months (for Class A Common Stock) or five years (for Class B Common Stock) after the FHLBank receives notice for withdrawal. Additionally, the FHLBank is not required to redeem or repurchase activity-based stock until any activity-based stock becomes excess stock as a result of an activity no longer remaining outstanding. However, the FHLBank intends to repurchase the excess activity-based stock of non-members to the extent that it can do so and still meet its regulatory capital requirements. Table 11.3 Contractual Year of Repurchase 03/31/2016 12/31/2015 Year 1 $ — $ 407 Year 2 1 184 1 Year 3 1 1 Year 4 — — Year 5 — 196 After Year 5 1 1,208 — Past contractual redemption date due to remaining activity 2 2,040 2,134 TOTAL $ 3,433 $ 2,739 1 Includes mandatorily redeemable capital stock for three members subject to imminent involuntary termination in 2017 due to regulatory rulemaking regarding captive insurance members. 2 Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income Or Loss | Table 12.1 summarizes the changes in AOCI for the three months ended March 31, 2016 and 2015 (in thousands): Table 12.1 Three Months Ended Net Unrealized Gain (Loss) on Available-for-Sale Securities Net Non-credit Portion of OTTI Losses on Defined Benefit Pension Plan Total AOCI Balance at December 31, 2014 $ — $ (11,774 ) $ (4,133 ) $ (15,907 ) Other comprehensive income (loss) before reclassification: Accretion of non-credit loss 952 952 Reclassifications from other comprehensive income (loss) to net income: Non-credit OTTI to credit OTTI 1 187 187 Amortization of net loss - defined benefit pension plan 2 98 98 Net current period other comprehensive income (loss) — 1,139 98 1,237 Balance at March 31, 2015 $ — $ (10,635 ) $ (4,035 ) $ (14,670 ) Balance at December 31, 2015 $ (8,577 ) $ (7,950 ) $ (2,450 ) $ (18,977 ) Other comprehensive income (loss) before reclassification: Unrealized gain (loss) 4,742 4,742 Non-credit OTTI losses (62 ) (62 ) Accretion of non-credit loss 550 550 Reclassifications from other comprehensive income (loss) to net income: Non-credit OTTI to credit OTTI 1 25 25 Amortization of net loss - defined benefit pension plan 2 47 47 Net current period other comprehensive income (loss) 4,742 513 47 5,302 Balance at March 31, 2016 $ (3,835 ) $ (7,437 ) $ (2,403 ) $ (13,675 ) 1 Recorded in “Net other-than-temporary impairment losses on held-to-maturity securities” on the Statements of Income. Amount represents a debit (decrease to other income (loss)). 2 Recorded in “Compensation and benefits” on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values (Tables)
Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Summary | The carrying value and fair value of the FHLBank’s financial assets and liabilities as of March 31, 2016 and December 31, 2015 are summarized in Tables 13.1 and 13.2 (in thousands). These values do not represent an estimate of the overall market value of the FHLBank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. Table 13.1 03/31/2016 Carrying Value Total Fair Value Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral Assets: Cash and due from banks $ 65,006 $ 65,006 $ 65,006 $ — $ — $ — Interest-bearing deposits 351,130 351,130 — 351,130 — — Securities purchased under agreements to resell 2,760,000 2,760,000 — 2,760,000 — — Federal funds sold 2,330,000 2,330,000 — 2,330,000 — — Trading securities 2,281,970 2,281,970 — 2,281,970 — — Available-for-sale securities 839,159 839,159 — 839,159 — — Held-to-maturity securities 4,572,056 4,563,519 — 4,310,308 253,211 — Advances 25,435,390 25,493,567 — 25,493,567 — — Mortgage loans held for portfolio, net of allowance 6,409,954 6,682,373 — 6,680,526 1,847 — Accrued interest receivable 71,574 71,574 — 71,574 — — Derivative assets 53,016 53,016 — 68,667 — (15,651 ) Liabilities: Deposits 726,016 726,016 — 726,016 — — Consolidated obligation discount notes 25,159,376 25,160,309 — 25,160,309 — — Consolidated obligation bonds 17,150,133 17,225,633 — 17,225,633 — — Mandatorily redeemable capital stock 3,433 3,433 3,433 — — — Accrued interest payable 63,125 63,125 — 63,125 — — Derivative liabilities 40,280 40,280 — 327,703 — (287,423 ) Other Asset (Liability): Standby letters of credit (936 ) (936 ) — (936 ) — — Standby bond purchase agreements 82 7,101 — 7,101 — — Advance commitments — (465 ) — (465 ) — — Table 13.2 12/31/2015 Carrying Value Total Fair Value Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral Assets: Cash and due from banks $ 682,670 $ 682,670 $ 682,670 $ — $ — $ — Interest-bearing deposits 100,594 100,594 — 100,594 — — Securities purchased under agreements to resell 3,945,000 3,945,000 — 3,945,000 — — Federal funds sold 2,000,000 2,000,000 — 2,000,000 — — Trading securities 2,294,606 2,294,606 — 2,294,606 — — Available-for-sale securities 495,063 495,063 — 495,063 — — Held-to-maturity securities 4,770,817 4,765,095 — 4,497,911 267,184 — Advances 23,580,371 23,609,868 — 23,609,868 — — Mortgage loans held for portfolio, net of allowance 6,390,708 6,571,563 — 6,569,749 1,814 — Accrued interest receivable 79,233 79,233 — 79,233 — — Derivative assets 51,591 51,591 — 66,286 — (14,695 ) Liabilities: Deposits 759,366 759,366 — 759,366 — — Consolidated obligation discount notes 21,813,446 21,813,507 — 21,813,507 — — Consolidated obligation bonds 19,866,034 19,851,097 — 19,851,097 — — Mandatorily redeemable capital stock 2,739 2,739 2,739 — — — Accrued interest payable 52,281 52,281 — 52,281 — — Derivative liabilities 31,492 31,492 — 214,666 — (183,174 ) Other Asset (Liability): Standby letters of credit (1,078 ) (1,078 ) — (1,078 ) — — Standby bond purchase agreements 98 6,995 — 6,995 — — Advance commitments — (3,737 ) — (3,737 ) — — |
Hierarchy Level for Financial Assets and Liabilities - Recurring and Nonrecurring | Tables 13.3 and 13.4 present, for each hierarchy level, the FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended March 31, 2016 and December 31, 2015 (in thousands). The FHLBank measures certain held-to-maturity securities at fair value on a nonrecurring basis due to the recognition of a credit loss. For held-to-maturity securities that had credit impairment recorded during a period for which no total impairment was recorded (the full amount of additional credit impairment was a reclassification from non-credit impairment previously recorded in AOCI), these securities were recorded at their carrying values and not fair value. The FHLBank measures certain impaired mortgage loans held for portfolio at fair value on a nonrecurring basis when, upon individual evaluation for impairment, the estimated fair value less costs to sell is lower than the carrying amount. REO is measured at fair value when the asset’s fair value less costs to sell is lower than its carrying amount. Table 13.3 03/31/2016 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: GSE obligations 2 $ 1,292,257 $ — $ 1,292,257 $ — $ — U.S. obligation MBS 3 774 — 774 — — GSE MBS 4 988,939 — 988,939 — — Total trading securities 2,281,970 — 2,281,970 — — Available-for-sale securities: GSE MBS 5 839,159 — 839,159 — — Total available-for-sale securities 839,159 — 839,159 — — Derivative assets: Interest-rate related 52,560 — 68,211 — (15,651 ) Mortgage delivery commitments 456 — 456 — — Total derivative assets 53,016 — 68,667 — (15,651 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 3,174,145 $ — $ 3,189,796 $ — $ (15,651 ) Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 40,278 $ — $ 327,701 $ — $ (287,423 ) Mortgage delivery commitments 2 — 2 — — Total derivative liabilities 40,280 — 327,703 — (287,423 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 40,280 $ — $ 327,703 $ — $ (287,423 ) Nonrecurring fair value measurements - Assets 6 : Held-to-maturity securities: Private-label residential MBS $ 4,459 $ — $ — $ 4,459 $ — Impaired mortgage loans 1,854 — — 1,854 — Real estate owned 382 — — 382 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 6,695 $ — $ — $ 6,695 $ — 1 Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. 2 Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac, Farm Credit and Farmer Mac. GSE securities are not guaranteed by the U.S. government. 3 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 4 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. 5 Represents multi-family MBS issued by Fannie Mae. 6 Includes assets adjusted to fair value during the three months ended March 31, 2016 and still outstanding as of March 31, 2016 . Table 13.4 12/31/2015 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: GSE obligations 2 $ 1,338,639 $ — $ 1,338,639 $ — $ — U.S. obligation MBS 3 801 — 801 — — GSE MBS 4 955,166 — 955,166 — — Total trading securities 2,294,606 — 2,294,606 — — Available-for-sale securities: GSE MBS 5 495,063 — 495,063 — — Total available-for-sale securities 495,063 — 495,063 — — Derivative assets: Interest-rate related 51,520 — 66,215 — (14,695 ) Mortgage delivery commitments 71 — 71 — — Total derivative assets 51,591 — 66,286 — (14,695 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 2,841,260 $ — $ 2,855,955 $ — $ (14,695 ) Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 31,428 $ — $ 214,602 $ — $ (183,174 ) Mortgage delivery commitments 64 — 64 — — Total derivative liabilities 31,492 — 214,666 — (183,174 ) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 31,492 $ — $ 214,666 $ — $ (183,174 ) Nonrecurring fair value measurements - Assets 6 : Held-to-maturity securities: Private-label residential MBS $ 6,151 $ — $ — $ 6,151 $ — Impaired mortgage loans 1,823 $ 1,823 Real estate owned 2,168 — — 2,168 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 10,142 $ — $ — $ 10,142 $ — 1 Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. 2 Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac and Farm Credit. GSE securities are not guaranteed by the U.S. government. 3 Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. 4 Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. 5 Represents multi-family MBS issued by Fannie Mae. 6 Includes assets adjusted to fair value during the year ended December 31, 2015 and still outstanding as of December 31, 2015 . |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off Balance Sheet Commitments | As of March 31, 2016 and December 31, 2015 , off-balance sheet commitments are presented in Table 14.1 (in thousands): Table 14.1 03/31/2016 12/31/2015 Notional Amount Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit outstanding $ 2,914,378 $ 15,366 $ 2,929,744 $ 2,795,968 $ 16,598 $ 2,812,566 Advance commitments outstanding 109,346 64,975 174,321 104,473 24,950 129,423 Commitments for standby bond purchases 476,958 901,054 1,378,012 314,742 1,108,133 1,422,875 Commitments to fund or purchase mortgage loans 93,996 — 93,996 66,045 — 66,045 Commitments to issue consolidated bonds, at par 40,000 — 40,000 55,000 — 55,000 Commitments to issue consolidated discount notes, at par 200,000 — 200,000 1,154,355 — 1,154,355 |
Transactions With Stockholder39
Transactions With Stockholders And Housing Associates (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions, by Balance Sheet Grouping | Tables 15.1 and 15.2 present information as of March 31, 2016 and December 31, 2015 on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock in 2016 or 2015 (dollar amounts in thousands). None of the officers or directors of these members currently serve on the FHLBank’s board of directors. Table 15.1 03/31/2016 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock Bank of Oklahoma, NA OK $ 22,950 10.8 % $ 255,321 22.4 % $ 278,271 20.6 % MidFirst Bank OK 500 0.2 185,954 16.3 186,454 13.8 TOTAL $ 23,450 11.0 % $ 441,275 38.7 % $ 464,725 34.4 % Table 15.2 12/31/2015 Member Name State Total Class A Stock Par Value Percent of Total Class A Total Class B Stock Par Value Percent of Total Class B Total Capital Stock Par Value Percent of Total Capital Stock Bank of Oklahoma, NA OK $ 500 0.3 % $ 218,915 21.3 % $ 219,415 18.1 % MidFirst Bank OK 500 0.3 172,718 16.8 173,218 14.3 TOTAL $ 1,000 0.6 % $ 391,633 38.1 % $ 392,633 32.4 % Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2016 and December 31, 2015 are summarized in Table 15.3 (dollar amounts in thousands). Table 15.3 03/31/2016 12/31/2015 03/31/2016 12/31/2015 Member Name Outstanding Advances Percent of Total Outstanding Advances Percent of Total Outstanding Deposits Percent of Total Outstanding Deposits Percent of Total Bank of Oklahoma, NA $ 5,600,000 22.2 % $ 4,800,000 20.4 % $ 4,599 0.6 % $ 21,492 2.8 % MidFirst Bank 4,079,000 16.1 3,779,000 16.1 613 0.1 541 0.1 TOTAL $ 9,679,000 38.3 % $ 8,579,000 36.5 % $ 5,212 0.7 % $ 22,033 2.9 % |
Related Party Transactions, by Balance Sheet Grouping - Directors' | Table 15.4 presents information as of March 31, 2016 and December 31, 2015 for members that had an officer or director serving on the FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on the FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 15.4 03/31/2016 12/31/2015 Outstanding Amount Percent of Total Outstanding Amount Percent of Total Advances $ 141,726 0.6 % $ 150,566 0.6 % Deposits $ 10,677 1.5 % $ 7,895 1.0 % Class A Common Stock $ 3,936 1.9 % $ 4,023 2.2 % Class B Common Stock 3,888 0.3 4,725 0.5 TOTAL CAPITAL STOCK $ 7,824 0.6 % $ 8,748 0.7 % |
Schedule Of Related Party Transactions, Mortgage Loans Disclosure | Table 15.5 presents mortgage loans acquired during the three months ended March 31, 2016 and 2015 for members that had an officer or director serving on the FHLBank’s board of directors in 2016 or 2015 (dollar amounts in thousands). Table 15.5 Three Months Ended 03/31/2016 03/31/2015 Amount Percent of Total Amount Percent of Total Mortgage loans acquired $ 12,101 5.5 % $ 26,791 9.9 % |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Details) - Accounting Standards Update 2015-03 [Member] | Dec. 31, 2015USD ($) |
Consolidated Obligation Discount Notes [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 300,000 |
Consolidated Obligation Bonds [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 9,221,000 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | Mar. 31, 2016 |
Private-label residential MBS [Member] | Residential MBS [Member] | |
Investment [Line Items] | |
Held-to-Maturity Securities, Other Than Temporarily Impaired, Number of Securities, Life to Date | 20 |
Investment Securities Investmen
Investment Securities Investment Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | $ 2,281,970 | $ 2,294,606 | |
GSE obligations [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | [1] | 1,292,257 | 1,338,639 |
Non-mortgage-backed securities [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | 1,292,257 | 1,338,639 | |
U.S. obligation MBS [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | [2] | 774 | 801 |
GSE MBS [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | [3] | 988,939 | 955,166 |
Mortgage-backed securities [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Trading securities | $ 989,713 | $ 955,967 | |
[1] | Represents debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Bank (Farm Credit) and Federal Agricultural Mortgage Corporation (Farmer Mac). GSE securities are not guaranteed by the U.S. government. | ||
[2] | Represents single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government. | ||
[3] | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Investment Securities (Net Gain
Investment Securities (Net Gains (Losses) on Trading Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Trading Securities [Abstract] | ||
Net unrealized gains (losses) on trading securities held as of current period end | $ 49,669 | $ (3,327) |
Net gains (losses) on trading securities sold or matured prior to current period end | (465) | (2,517) |
NET GAIN (LOSS) ON TRADING SECURITIES | $ 49,204 | $ (5,844) |
Investment Securities Investm44
Investment Securities Investment Securities (Available-For-Sale Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 842,994 | $ 503,640 | |
OTTI Recognized in OCI | 0 | 0 | |
Gross Unrecognized Gains | 1,736 | 0 | |
Gross Unrecognized Losses | (5,571) | (8,577) | |
Fair Value | [1] | 839,159 | 495,063 |
Fixed rate [Member] | GSE MBS [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | [2] | 842,994 | 503,640 |
OTTI Recognized in OCI | [2] | 0 | 0 |
Gross Unrecognized Gains | [2] | 1,736 | 0 |
Gross Unrecognized Losses | [2] | (5,571) | (8,577) |
Fair Value | $ 839,159 | $ 495,063 | |
[1] | Amortized cost: $842,994 and $503,640 as of March 31, 2016 and December 31, 2015, respectively. | ||
[2] | Represents fixed rate multi-family MBS issued by Fannie Mae. |
Investment Securities Investm45
Investment Securities Investment Securites (Available-For-Sale Securities in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 Months, Fair Value | $ 540,024 | $ 495,063 | |
Less than 12 Months, Unrealized Losses | (5,571) | (8,577) | |
12 Months or More, Fair Value | 0 | 0 | |
12 Months or More, Unrealized Losses | 0 | 0 | |
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 540,024 | 495,063 | |
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (5,571) | (8,577) | |
GSE MBS [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 Months, Fair Value | [1] | 540,024 | 495,063 |
Less than 12 Months, Unrealized Losses | [1] | (5,571) | (8,577) |
12 Months or More, Fair Value | [1] | 0 | 0 |
12 Months or More, Unrealized Losses | [1] | 0 | 0 |
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | [1] | 540,024 | 495,063 |
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | [1] | $ (5,571) | $ (8,577) |
[1] | Represents fixed rate multi-family MBS issued by Fannie Mae. |
Investment Securities (Held-To-
Investment Securities (Held-To-Maturity Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | $ 4,579,493 | $ 4,778,767 | |
OTTI Recognized in OCI | (7,437) | (7,950) | |
Carrying Value | [1] | 4,572,056 | 4,770,817 |
Gross Unrecognized Gains | 22,502 | 26,609 | |
Gross Unrecognized Losses | (31,039) | (32,331) | |
Held-to-maturity Securities, Fair Value | 4,563,519 | 4,765,095 | |
State or local housing agency obligations [Member] | |||
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | 110,350 | 111,655 | |
OTTI Recognized in OCI | 0 | 0 | |
Carrying Value | 110,350 | 111,655 | |
Gross Unrecognized Gains | 127 | 138 | |
Gross Unrecognized Losses | (5,133) | (5,164) | |
Held-to-maturity Securities, Fair Value | 105,344 | 106,629 | |
Non-mortgage-backed securities [Member] | |||
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | 110,350 | 111,655 | |
OTTI Recognized in OCI | 0 | 0 | |
Carrying Value | 110,350 | 111,655 | |
Gross Unrecognized Gains | 127 | 138 | |
Gross Unrecognized Losses | (5,133) | (5,164) | |
Held-to-maturity Securities, Fair Value | 105,344 | 106,629 | |
U.S. obligation MBS [Member] | |||
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | [2] | 45,418 | 47,234 |
OTTI Recognized in OCI | [2] | 0 | 0 |
Carrying Value | [2] | 45,418 | 47,234 |
Gross Unrecognized Gains | [2] | 7 | 66 |
Gross Unrecognized Losses | [2] | (33) | (23) |
Held-to-maturity Securities, Fair Value | [2] | 45,392 | 47,277 |
GSE MBS [Member] | |||
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | [3] | 4,267,985 | 4,452,533 |
OTTI Recognized in OCI | [3] | 0 | 0 |
Carrying Value | [3] | 4,267,985 | 4,452,533 |
Gross Unrecognized Gains | [3] | 16,910 | 19,740 |
Gross Unrecognized Losses | [3] | (19,979) | (21,639) |
Held-to-maturity Securities, Fair Value | [3] | 4,264,916 | 4,450,634 |
Private-label residential MBS [Member] | Residential MBS [Member] | |||
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | 155,740 | 167,345 | |
OTTI Recognized in OCI | (7,437) | (7,950) | |
Carrying Value | 148,303 | 159,395 | |
Gross Unrecognized Gains | 5,458 | 6,665 | |
Gross Unrecognized Losses | (5,894) | (5,505) | |
Held-to-maturity Securities, Fair Value | 147,867 | 160,555 | |
Mortgage-backed securities [Member] | |||
Held-to-maturity Securities, Unclassified [Abstract] | |||
Amortized Cost | 4,469,143 | 4,667,112 | |
OTTI Recognized in OCI | (7,437) | (7,950) | |
Carrying Value | 4,461,706 | 4,659,162 | |
Gross Unrecognized Gains | 22,375 | 26,471 | |
Gross Unrecognized Losses | (25,906) | (27,167) | |
Held-to-maturity Securities, Fair Value | $ 4,458,175 | $ 4,658,466 | |
[1] | Fair value: $4,563,519 and $4,765,095 as of March 31, 2016 and December 31, 2015, respectively. | ||
[2] | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. | ||
[3] | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Investment Securities (Held-T47
Investment Securities (Held-To-Maturity Securities in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | $ 1,369,235 | $ 1,721,630 | |||
Less Than 12 Months, Unrealized Losses | (8,187) | (7,857) | |||
12 Months or More, Fair Value | 1,453,863 | 1,160,154 | |||
12 Months or More, Unrealized Losses | (26,620) | (27,823) | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 2,823,098 | 2,881,784 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (34,807) | [1] | (35,680) | [2] | |
State or local housing agency obligations [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | 0 | 0 | |||
Less Than 12 Months, Unrealized Losses | 0 | 0 | |||
12 Months or More, Fair Value | 36,072 | 37,211 | |||
12 Months or More, Unrealized Losses | (5,133) | (5,164) | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 36,072 | 37,211 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (5,133) | [1] | (5,164) | [2] | |
Non-mortgage-backed securities [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | 0 | 0 | |||
Less Than 12 Months, Unrealized Losses | 0 | 0 | |||
12 Months or More, Fair Value | 36,072 | 37,211 | |||
12 Months or More, Unrealized Losses | (5,133) | (5,164) | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 36,072 | 37,211 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (5,133) | [1] | (5,164) | [2] | |
U.S. obligation MBS [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | [3] | 43,473 | 19,189 | ||
Less Than 12 Months, Unrealized Losses | [3] | (33) | (23) | ||
12 Months or More, Fair Value | [3] | 0 | 0 | ||
12 Months or More, Unrealized Losses | [3] | 0 | 0 | ||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | [3] | 43,473 | 19,189 | ||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | [3] | (33) | [1] | (23) | [2] |
GSE MBS [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | [4] | 1,321,301 | 1,697,226 | ||
Less Than 12 Months, Unrealized Losses | [4] | (8,130) | (7,806) | ||
12 Months or More, Fair Value | [4] | 1,314,657 | 1,012,199 | ||
12 Months or More, Unrealized Losses | [4] | (11,849) | (13,833) | ||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | [4] | 2,635,958 | 2,709,425 | ||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | [4] | (19,979) | [1] | (21,639) | [2] |
Private-label residential MBS [Member] | Residential MBS [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | 4,461 | 5,215 | |||
Less Than 12 Months, Unrealized Losses | (24) | (28) | |||
12 Months or More, Fair Value | 103,134 | 110,744 | |||
12 Months or More, Unrealized Losses | (9,638) | (8,826) | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 107,595 | 115,959 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | (9,662) | [1] | (8,854) | [2] | |
Mortgage-backed securities [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less Than 12 Months, Fair Value | 1,369,235 | 1,721,630 | |||
Less Than 12 Months, Unrealized Losses | (8,187) | (7,857) | |||
12 Months or More, Fair Value | 1,417,791 | 1,122,943 | |||
12 Months or More, Unrealized Losses | (21,487) | (22,659) | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Fair Value | 2,787,026 | 2,844,573 | |||
TOTAL TEMPORARILY IMPAIRED SECURITIES, Unrealized Losses | $ (29,674) | [1] | $ (30,516) | [2] | |
[1] | Total unrealized losses in Table 3.9 will not agree to total gross unrecognized losses in Table 3.7. Total unrealized losses in Table 3.9 include non-credit-related other-than-temporary impairment (OTTI) recognized in accumulated other comprehensive income (AOCI) and gross unrecognized gains on previously other-than-temporarily impaired securities. | ||||
[2] | Total unrealized losses in Table 3.10 will not agree to total gross unrecognized losses in Table 3.8. Total unrealized losses in Table 3.10 include non-credit-related OTTI recognized in AOCI and gross unrecognized gains on previously other-than-temporarily impaired securities. | ||||
[3] | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. | ||||
[4] | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. |
Investment Securities (Held-T48
Investment Securities (Held-To-Maturity Securities Classified By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Amortized Cost | $ 4,579,493 | $ 4,778,767 | |
Carrying Value | [1] | 4,572,056 | 4,770,817 |
Fair Value | 4,563,519 | 4,765,095 | |
Non-mortgage-backed securities [Member] | |||
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Due in one year or less, Amortized Cost | 0 | 0 | |
Due after one year through five years, Amortized Cost | 3,125 | 3,260 | |
Due after five years through 10 years, Amortized Cost | 11,205 | 12,375 | |
Due after 10 years, Amortized Cost | 96,020 | 96,020 | |
Amortized Cost | 110,350 | 111,655 | |
Due in one year or less, Carrying Value | 0 | 0 | |
Due after one year through five years, Carrying Value | 3,125 | 3,260 | |
Due after five years through 10 years, Carrying Value | 11,205 | 12,375 | |
Due after 10 years, Carrying Value | 96,020 | 96,020 | |
Carrying Value | 110,350 | 111,655 | |
Due in one year or less, Fair Value | 0 | 0 | |
Due after one year through five years, Fair Value | 3,125 | 3,260 | |
Due after five years through 10 years, Fair Value | 11,143 | 12,356 | |
Due after 10 years, Fair Value | 91,076 | 91,013 | |
Fair Value | 105,344 | 106,629 | |
Mortgage-backed securities [Member] | |||
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Amortized Cost | 4,469,143 | 4,667,112 | |
Carrying Value | 4,461,706 | 4,659,162 | |
Fair Value | $ 4,458,175 | $ 4,658,466 | |
[1] | Fair value: $4,563,519 and $4,765,095 as of March 31, 2016 and December 31, 2015, respectively. |
Investment Securities (Interest
Investment Securities (Interest Rate Payment Terms of Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | $ 4,579,493 | $ 4,778,767 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 110,350 | 111,655 |
Non-mortgage-backed securities [Member] | Variable Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 110,350 | 111,655 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 4,469,143 | 4,667,112 |
Mortgage-backed securities [Member] | Fixed Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | 304,760 | 324,177 |
Mortgage-backed securities [Member] | Variable Rate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
TOTAL | $ 4,164,383 | $ 4,342,935 |
Investment Securities (Total Se
Investment Securities (Total Securities Other-Than-Temporary Impairment during the Life of the Security) (Details) - Held-to-maturity Securities [Member] - Residential MBS [Member] - Private-label residential MBS [Member] $ in Thousands | Mar. 31, 2016USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Unpaid Principal Balance | $ 48,508 |
Amortized Cost | 43,672 |
Carrying Value | 36,235 |
Fair Value | 41,315 |
Prime [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unpaid Principal Balance | 12,109 |
Amortized Cost | 11,108 |
Carrying Value | 10,333 |
Fair Value | 11,077 |
Alt-A [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unpaid Principal Balance | 36,399 |
Amortized Cost | 32,564 |
Carrying Value | 25,902 |
Fair Value | $ 30,238 |
Investment Securities (Rollforw
Investment Securities (Rollforward of OTTI Activity Related to Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance, beginning of period | $ 7,785 | $ 9,406 | |
Additional charge on securities for which OTTI was previously recognized | [1] | 27 | 187 |
Amortization of credit component of OTTI | [2] | (36) | (226) |
Balance, end of period | $ 7,776 | $ 9,367 | |
[1] | For the three months ended March 31, 2016 and 2015, securities previously impaired represent all securities that were impaired prior to January 1, 2016 and 2015, respectively. | ||
[2] | The FHLBank amortizes the credit component based on estimated cash flows prospectively up to the amount of expected principal to be recovered. The discounted cash flows will move from the discounted loss value to the ultimate principal to be written off at the projected date of loss. If the expected cash flows improve, the amount of expected loss decreases which causes a corresponding decrease in the calculated amortization. Based on the level of improvement in the cash flows, the amortization could become a positive adjustment to income. |
Advances (Narrative) (Details)
Advances (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 25,273,156 | $ 23,473,674 |
Federal Home Loan Bank, Advances, Variable Rate | $ 16,479,007 | $ 14,847,892 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 0.24% | 0.22% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 7.41% | 7.41% |
Advances, Callable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 6,688,693 | $ 6,326,747 |
Federal Home Loan Bank, Advances, Variable Rate | 6,573,268 | 6,213,293 |
Advances, Convertible Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 1,497,692 | $ 1,472,842 |
Advances (Advances Redemption T
Advances (Advances Redemption Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amount | ||
Due in one year or less | $ 12,858,653 | $ 11,230,853 |
Due after one year through two years | 2,716,601 | 2,465,866 |
Due after two years through three years | 1,645,587 | 1,816,690 |
Due after three years through four years | 809,643 | 970,726 |
Due after four years through five years | 1,006,670 | 803,465 |
Thereafter | 6,236,002 | 6,186,074 |
TOTAL PAR VALUE | 25,273,156 | 23,473,674 |
Discounts | (16,244) | (17,866) |
Hedging adjustments | 178,478 | 124,563 |
TOTAL | $ 25,435,390 | $ 23,580,371 |
Weighted Average Interest Rate | ||
Due in one year or less | 0.69% | 0.65% |
Due after one year through two years | 2.45% | 2.49% |
Due after two years through three years | 1.79% | 2.02% |
Due after three years through four years | 1.82% | 1.43% |
Due after four years through five years | 2.11% | 1.84% |
Thereafter | 1.12% | 1.17% |
Total par value | 1.15% | 1.16% |
Advances (Advances by Year if C
Advances (Advances by Year if Contractual Maturity, Next Call Date, or Next Convert Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Redemption Term, Year of Contractual Maturity or Next Call Date | ||
Due in one year or less | $ 18,706,361 | $ 16,894,032 |
Due after one year through two years | 2,172,333 | 2,037,166 |
Due after two years through three years | 1,231,187 | 1,464,854 |
Due after three years through four years | 687,678 | 630,463 |
Due after four years through five years | 927,420 | 622,489 |
Thereafter | 1,548,177 | 1,824,670 |
TOTAL PAR VALUE | 25,273,156 | 23,473,674 |
Redemption Term, Year of Contractual Maturity or Next Conversion Date | ||
Due in one year or less | 13,997,895 | 12,454,894 |
Due after one year through two years | 1,765,859 | 1,573,624 |
Due after two years through three years | 1,568,587 | 1,577,890 |
Due after three years through four years | 826,643 | 1,033,226 |
Due after four years through five years | 1,104,320 | 830,265 |
Thereafter | 6,009,852 | 6,003,775 |
TOTAL PAR VALUE | $ 25,273,156 | $ 23,473,674 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fixed rate: | ||
Due in one year or less | $ 2,163,118 | $ 2,012,929 |
Due after one year | 6,631,031 | 6,612,853 |
Total fixed rate | 8,794,149 | 8,625,782 |
Variable rate: | ||
Due in one year or less | 10,695,535 | 9,217,924 |
Due after one year | 5,783,472 | 5,629,968 |
Total variable rate | 16,479,007 | 14,847,892 |
TOTAL PAR VALUE | $ 25,273,156 | $ 23,473,674 |
Mortgage Loans (Mortgage Loans
Mortgage Loans (Mortgage Loans Held For Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Real estate: | |||
Total unpaid principal balance | $ 6,304,700 | $ 6,286,497 | |
Premiums | 100,427 | 100,502 | |
Discounts | (2,313) | (2,440) | |
Deferred loan costs, net | 554 | 596 | |
Other deferred fees | (111) | (118) | |
Hedging adjustments | 8,304 | 7,643 | |
Total before Allowance for Credit Losses on Mortgage Loans | 6,411,561 | 6,392,680 | |
Allowance for Credit Losses on Mortgage Loans | (1,607) | (1,972) | |
MORTGAGE LOANS HELD FOR PORTFOLIO, NET | 6,409,954 | 6,390,708 | |
Fixed rates, medium-term [Member] | Single-family mortgage [Member] | |||
Real estate: | |||
Total unpaid principal balance | [1] | 1,421,537 | 1,456,406 |
Fixed rates, long-term [Member] | Single-family mortgage [Member] | |||
Real estate: | |||
Total unpaid principal balance | $ 4,883,163 | $ 4,830,091 | |
[1] | Medium-term defined as a term of 15 years or less at origination. |
Mortgage Loans (Mortgage Loan57
Mortgage Loans (Mortgage Loans Held For Portfolio by Collateral or Guarantee Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Line Items] | ||
Total unpaid principal balance | $ 6,304,700 | $ 6,286,497 |
Government-guaranteed or insured loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total unpaid principal balance | 627,522 | 622,788 |
Conventional Loan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total unpaid principal balance | $ 5,677,178 | $ 5,663,709 |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructurings included in non-accrual loans | $ 1,344 | $ 1,320 |
Real estate owned | $ 3,324 | $ 3,922 |
Allowance For Credit Losses (Ro
Allowance For Credit Losses (Rollforward of Allowance For Credit Losses On Mortgage Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Allowance for credit losses: | |||
Balance, beginning of period | $ 1,972 | $ 4,550 | |
Net charge-offs | (108) | (411) | |
(Reversal) provision for credit losses | (257) | (802) | |
Balance, end of period | 1,607 | 3,337 | |
Allowance for credit losses, end of period: | |||
Individually evaluated for impairment | 0 | 23 | |
Collectively evaluated for impairment | 1,607 | 3,314 | |
Individually evaluated for impairment | [1] | 25,492,206 | 21,323,003 |
Collectively evaluated for impairment | [1] | 6,430,480 | 6,303,263 |
Total | [1] | 31,922,686 | 27,626,266 |
Credit Products [Member] | |||
Allowance for credit losses: | |||
Balance, beginning of period | [2] | 0 | 0 |
Net charge-offs | [2] | 0 | 0 |
(Reversal) provision for credit losses | [2] | 0 | 0 |
Balance, end of period | [2] | 0 | 0 |
Allowance for credit losses, end of period: | |||
Individually evaluated for impairment | [2] | 0 | 0 |
Collectively evaluated for impairment | [2] | 0 | 0 |
Individually evaluated for impairment | [1],[2] | 25,460,813 | 21,286,420 |
Collectively evaluated for impairment | [1],[2] | 0 | 0 |
Total | [1],[2] | 25,460,813 | 21,286,420 |
Direct Financing Lease Receivable [Member] | |||
Allowance for credit losses: | |||
Balance, beginning of period | 0 | 0 | |
Net charge-offs | 0 | 0 | |
(Reversal) provision for credit losses | 0 | 0 | |
Balance, end of period | 0 | 0 | |
Allowance for credit losses, end of period: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Individually evaluated for impairment | [1] | 19,189 | 21,459 |
Collectively evaluated for impairment | [1] | 0 | 0 |
Total | [1] | 19,189 | 21,459 |
Government Loans [Member] | Single-family Residential Loans [Member] | |||
Allowance for credit losses: | |||
Balance, beginning of period | 0 | 0 | |
Net charge-offs | 0 | 0 | |
(Reversal) provision for credit losses | 0 | 0 | |
Balance, end of period | 0 | 0 | |
Allowance for credit losses, end of period: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Individually evaluated for impairment | [1] | 0 | 0 |
Collectively evaluated for impairment | [1] | 643,747 | 642,079 |
Total | [1] | 643,747 | 642,079 |
Conventional Loan [Member] | Single-family Residential Loans [Member] | |||
Allowance for credit losses: | |||
Balance, beginning of period | 1,972 | 4,550 | |
Net charge-offs | (108) | (411) | |
(Reversal) provision for credit losses | (257) | (802) | |
Balance, end of period | 1,607 | 3,337 | |
Allowance for credit losses, end of period: | |||
Individually evaluated for impairment | 0 | 23 | |
Collectively evaluated for impairment | 1,607 | 3,314 | |
Individually evaluated for impairment | [1] | 12,204 | 15,124 |
Collectively evaluated for impairment | [1] | 5,786,733 | 5,661,184 |
Total | [1] | $ 5,798,937 | $ 5,676,308 |
[1] | The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. | ||
[2] | The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. |
Allowance For Credit Losses (Re
Allowance For Credit Losses (Recorded Investment in Delinquent Mortgage Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |||
Recorded investment: | |||||
Total past due | [1] | $ 84,058 | $ 90,727 | ||
Total current loans | [1] | 31,838,628 | 29,956,671 | ||
Total recorded investment | [1] | 31,922,686 | 30,047,398 | ||
In process of foreclosure, included above | [2] | $ 6,906 | $ 6,608 | ||
Serious delinquency rate | [3] | 0.10% | 0.10% | ||
Past due 90 days or more and still accruing interest | $ 7,296 | $ 8,021 | |||
Loans on non-accrual status | 16,553 | [4] | 15,976 | [5] | |
Troubled debt restructurings included in non-accrual loans | 1,344 | 1,320 | |||
Past due 30-59 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 52,455 | 58,442 | ||
Past due 60-89 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 11,835 | 11,789 | ||
Past due 90 days or more delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 19,768 | 20,496 | ||
Credit Products [Member] | |||||
Recorded investment: | |||||
Total past due | [1],[6] | 0 | 0 | ||
Total current loans | [1],[6] | 25,460,813 | 23,603,691 | ||
Total recorded investment | [1],[6] | 25,460,813 | 23,603,691 | ||
In process of foreclosure, included above | [2],[6] | $ 0 | $ 0 | ||
Serious delinquency rate | [3],[6] | 0.00% | 0.00% | ||
Past due 90 days or more and still accruing interest | [6] | $ 0 | $ 0 | ||
Loans on non-accrual status | [6] | 0 | [4] | 0 | [5] |
Credit Products [Member] | Past due 30-59 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1],[6] | 0 | 0 | ||
Credit Products [Member] | Past due 60-89 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1],[6] | 0 | 0 | ||
Credit Products [Member] | Past due 90 days or more delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1],[6] | 0 | 0 | ||
Direct Financing Lease Receivable [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 0 | 0 | ||
Total current loans | [1] | 19,189 | 19,771 | ||
Total recorded investment | [1] | 19,189 | 19,771 | ||
In process of foreclosure, included above | [2] | $ 0 | $ 0 | ||
Serious delinquency rate | [3] | 0.00% | 0.00% | ||
Past due 90 days or more and still accruing interest | $ 0 | $ 0 | |||
Loans on non-accrual status | 0 | [4] | 0 | [5] | |
Direct Financing Lease Receivable [Member] | Past due 30-59 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 0 | 0 | ||
Direct Financing Lease Receivable [Member] | Past due 60-89 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 0 | 0 | ||
Direct Financing Lease Receivable [Member] | Past due 90 days or more delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 0 | 0 | ||
Government Loans [Member] | Single-family Residential Loans [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 28,045 | 32,143 | ||
Total current loans | [1] | 615,702 | 606,941 | ||
Total recorded investment | [1] | 643,747 | 639,084 | ||
In process of foreclosure, included above | [2] | $ 2,629 | $ 2,947 | ||
Serious delinquency rate | [3] | 1.10% | 1.30% | ||
Past due 90 days or more and still accruing interest | $ 7,296 | $ 8,021 | |||
Loans on non-accrual status | 0 | [4] | 0 | [5] | |
Government Loans [Member] | Single-family Residential Loans [Member] | Past due 30-59 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 15,811 | 19,426 | ||
Government Loans [Member] | Single-family Residential Loans [Member] | Past due 60-89 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 4,938 | 4,696 | ||
Government Loans [Member] | Single-family Residential Loans [Member] | Past due 90 days or more delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 7,296 | 8,021 | ||
Conventional Loan [Member] | Single-family Residential Loans [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 56,013 | 58,584 | ||
Total current loans | [1] | 5,742,924 | 5,726,268 | ||
Total recorded investment | [1] | 5,798,937 | 5,784,852 | ||
In process of foreclosure, included above | [2] | $ 4,277 | $ 3,661 | ||
Serious delinquency rate | [3] | 0.20% | 0.20% | ||
Past due 90 days or more and still accruing interest | $ 0 | $ 0 | |||
Loans on non-accrual status | 16,553 | [4] | 15,976 | [5] | |
Conventional Loan [Member] | Single-family Residential Loans [Member] | Past due 30-59 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 36,644 | 39,016 | ||
Conventional Loan [Member] | Single-family Residential Loans [Member] | Past due 60-89 days delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | 6,897 | 7,093 | ||
Conventional Loan [Member] | Single-family Residential Loans [Member] | Past due 90 days or more delinquent [Member] | |||||
Recorded investment: | |||||
Total past due | [1] | $ 12,472 | $ 12,475 | ||
[1] | The recorded investment in a financing receivable is the UPB, adjusted for accrued interest, net deferred loan fees or costs, unamortized premiums or discounts, fair value hedging adjustments and direct write-downs. The recorded investment is not net of any valuation allowance. | ||||
[2] | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. | ||||
[3] | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total recorded investment for the portfolio class. | ||||
[4] | Loans on non-accrual status include $1,344,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. | ||||
[5] | Loans on non-accrual status include $1,320,000 of troubled debt restructurings. Troubled debt restructurings are restructurings in which the FHLBank, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. | ||||
[6] | The recorded investment for credit products includes only advances. The recorded investment for all other credit products is insignificant. |
Allowance For Credit Losses (In
Allowance For Credit Losses (Individually Evaluated Impaired Statistic By Product Class Level) (Details) - Conventional Mortgage Loan [Member] - Single-family Residential Loans [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, Recorded Investment | $ 12,204 | $ 11,456 |
With an allowance, Recorded Investment | 0 | 0 |
TOTAL, Recorded Investment | 12,204 | 11,456 |
With no related allowance, Unpaid Principal Balance | 12,149 | 11,417 |
With an allowance, Unpaid Principal Balance | 0 | 0 |
TOTAL, Unpaid Principal Balance | 12,149 | 11,417 |
With an allowance, Related Allowance | $ 0 | $ 0 |
Allowance For Credit Losses (Av
Allowance For Credit Losses (Average Recorded Investment of Individually Impaired Loan and Related Interest Income Recognized) (Details) - Conventional Mortgage Loan [Member] - Single-family Residential Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, Average Recorded Investment | $ 11,322 | $ 14,946 |
With an allowance, Average Recorded Investment | 0 | 183 |
TOTAL, Average Recorded Investment | 11,322 | 15,129 |
With no related allowance, Interest Income Recognized | 82 | 88 |
With an allowance, Interest Income Recognized | 0 | 0 |
TOTAL, Interest Income Recognized | $ 82 | $ 88 |
Derivatives And Hedging Activ63
Derivatives And Hedging Activities (Narrative) (Details) - Uncleared derivatives [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Derivative instruments with credit-risk-related contingent features, aggregate fair value | $ 55,293 | $ 36,302 |
Derivative instruments with credit-risk-related contingent features, collateral already posted | 16,925 | 6,622 |
Derivative instruments with credit-risk-related contingent features, collateral to be posted if credit rating is lowered one level | 26,800 | 17,500 |
Counterparty One [Member] | ||
Derivative [Line Items] | ||
Maximum credit risk applicable to a single counterparty | $ 10,954 | $ 24,670 |
Derivatives And Hedging Activ64
Derivatives And Hedging Activities (Fair Values of Derivatives Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 14,796,731 | $ 16,554,464 | |
TOTAL, Derivative Assets | 68,667 | 66,286 | |
TOTAL, Derivative Liabilities | 327,703 | 214,666 | |
Netting adjustments and cash collateral, Derivative Assets | [1] | (15,651) | (14,695) |
Netting adustments and cash collateral, Derivative Liabilities | [1] | (287,423) | (183,174) |
DERIVATIVE ASSETS | 53,016 | 51,591 | |
DERIVATIVE LIABILITIES | 40,280 | 31,492 | |
Cash collateral posted | 280,975 | 190,483 | |
Cash collateral received | 9,203 | 22,004 | |
Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 9,513,106 | 10,398,768 | |
TOTAL, Derivative Assets | 62,061 | 59,828 | |
TOTAL, Derivative Liabilities | 215,065 | 136,355 | |
Derivatives not designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 5,283,625 | 6,155,696 | |
TOTAL, Derivative Assets | 6,606 | 6,458 | |
TOTAL, Derivative Liabilities | 112,638 | 78,311 | |
Interest rate swaps [Member] | Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 9,513,106 | 10,338,768 | |
TOTAL, Derivative Assets | 62,061 | 59,828 | |
TOTAL, Derivative Liabilities | 215,065 | 136,261 | |
Interest rate swaps [Member] | Derivatives not designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 2,258,829 | 3,158,851 | |
TOTAL, Derivative Assets | 2,451 | 589 | |
TOTAL, Derivative Liabilities | 112,634 | 78,238 | |
Interest rate caps/floors [Member] | Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | 60,000 | |
TOTAL, Derivative Assets | 0 | 0 | |
TOTAL, Derivative Liabilities | 0 | 94 | |
Interest rate caps/floors [Member] | Derivatives not designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 2,930,800 | 2,930,800 | |
TOTAL, Derivative Assets | 3,699 | 5,798 | |
TOTAL, Derivative Liabilities | 2 | 9 | |
Mortgage delivery commitments [Member] | Derivatives not designated as hedging instruments: [Member] | Mortgages [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 93,996 | 66,045 | |
TOTAL, Derivative Assets | 456 | 71 | |
TOTAL, Derivative Liabilities | $ 2 | $ 64 | |
[1] | Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015, respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015, respectively. |
Derivatives And Hedging Activ65
Derivatives And Hedging Activities (Net Gains Or Losses On Derivatives And Hedging Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) related to fair value hedge ineffectiveness | $ (2,490) | $ (833) |
Net gain (loss) related to derivatives not designated as hedging instruments | (55,996) | (5,130) |
NET GAIN(LOSS) ON DERIVATIVES AND HEDGING ACTIVITIES | (58,486) | (5,963) |
Interest rate swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) related to fair value hedge ineffectiveness | (2,490) | (833) |
Net gain (loss) related to derivatives not designated as hedging instruments | (43,208) | 5,556 |
Interest rate caps/floors [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) related to derivatives not designated as hedging instruments | (2,093) | (1,859) |
Net interest settlements [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) related to derivatives not designated as hedging instruments | (12,244) | (9,551) |
Mortgage delivery commitments [Member] | Mortgages [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) related to derivatives not designated as hedging instruments | $ 1,549 | $ 724 |
Derivatives And Hedging Activ66
Derivatives And Hedging Activities (Effect of Fair Value Hedge-Related Derivative Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Derivatives | $ (71,653) | $ (1,951) |
Gain (Loss) on Hedged Items | 69,163 | 1,118 |
Net Fair Value Hedge Ineffectiveness | (2,490) | (833) |
Effect of Derivatives on Net Interest Income | (16,284) | (11,760) |
Advances [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Derivatives | (55,659) | (17,985) |
Gain (Loss) on Hedged Items | 55,225 | 17,654 |
Net Fair Value Hedge Ineffectiveness | (434) | (331) |
Effect of Derivatives on Net Interest Income | (25,434) | (32,918) |
Investments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Derivatives | (22,815) | 0 |
Gain (Loss) on Hedged Items | 21,462 | 0 |
Net Fair Value Hedge Ineffectiveness | (1,353) | 0 |
Effect of Derivatives on Net Interest Income | (2,337) | 0 |
Consolidated obligations bonds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Derivatives | 6,737 | 15,985 |
Gain (Loss) on Hedged Items | (7,153) | (16,623) |
Net Fair Value Hedge Ineffectiveness | (416) | (638) |
Effect of Derivatives on Net Interest Income | 11,547 | 21,149 |
Consolidated obligations discount notes [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Derivatives | 84 | 49 |
Gain (Loss) on Hedged Items | (371) | 87 |
Net Fair Value Hedge Ineffectiveness | (287) | 136 |
Effect of Derivatives on Net Interest Income | $ (60) | $ 9 |
Deposits (Types Of Deposits) (D
Deposits (Types Of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Interest-bearing: | ||
Demand | $ 227,741 | $ 235,547 |
Overnight | 421,300 | 462,500 |
Term | 20,900 | 18,400 |
Total interest-bearing | 669,941 | 716,447 |
Non-interest-bearing: | ||
Demand | 56,075 | 42,919 |
Total non-interest-bearing | 56,075 | 42,919 |
TOTAL DEPOSITS | $ 726,016 | $ 759,366 |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Par value | $ 17,101,045 | $ 19,823,795 |
Federal Home Loan Bank, Consolidated Obligations, Callable Option [Member] | ||
Debt Instrument [Line Items] | ||
Par value | $ 6,348,500 | $ 6,758,500 |
Consolidated Obligations (Conso
Consolidated Obligations (Consolidated Bond Obligations Outstanding By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Consolidated Obligations [Abstract] | |||
Due in one year or less | $ 7,723,870 | $ 9,276,390 | |
Due in one year or less, Weighted Average Interest Rate | 0.77% | 0.58% | |
Due after one year through two years | $ 1,723,135 | $ 2,317,615 | |
Due after one year through two years, Weighted Average Interest Rate | 2.02% | 1.71% | |
Due after two years through three years | $ 1,452,690 | $ 1,760,440 | |
Due after two years through three years, Weighted Average Interest Rate | 1.75% | 1.71% | |
Due after three years through four years | $ 952,800 | $ 823,250 | |
Due after three years through four years, Weighted Average Interest Rate | 1.71% | 1.72% | |
Due after four years through five years | $ 982,050 | $ 1,008,600 | |
Due after four years through five years, Weighted Average Interest Rate | 1.68% | 1.59% | |
Thereafter | $ 4,266,500 | $ 4,637,500 | |
Thereafter, Weighted Average Interest Rate | 2.65% | 2.60% | |
Total par value | $ 17,101,045 | $ 19,823,795 | |
Total par value, Weighted Average Interest Rate | 1.55% | 1.39% | |
Premium | $ 19,070 | $ 19,895 | |
Discounts | (3,124) | (3,483) | |
Concession fees | [1] | (9,059) | (9,221) |
Hedging adjustments | 42,201 | 35,048 | |
TOTAL | $ 17,150,133 | $ 19,866,034 | |
[1] | December 31, 2015 balances modified for change in accounting principle related to the reclassification of concessions on consolidated obligations. |
Consolidated Obligations (Con70
Consolidated Obligations (Consolidated Bond Obligations By Contractual Maturity Or Next Call Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Consolidated Obligations [Abstract] | ||
Due in one year or less | $ 13,767,370 | $ 15,594,890 |
Due after one year through two years | 1,415,135 | 2,364,615 |
Due after two years through three years | 992,690 | 990,440 |
Due after three years through four years | 249,800 | 215,250 |
Due after four years through five years | 127,050 | 138,600 |
Thereafter | 549,000 | 520,000 |
Total par value | $ 17,101,045 | $ 19,823,795 |
Consolidated Obligations (Con71
Consolidated Obligations (Consolidated Bonds By Interest-Rate Payment Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Consolidated Obligations [Abstract] | ||
Fixed rate | $ 11,896,045 | $ 12,068,795 |
Simple variable rate | 4,240,000 | 6,400,000 |
Step up / step down | 585,000 | 895,000 |
Fixed to variable rate | 330,000 | 370,000 |
Range | 50,000 | 90,000 |
Total par value | $ 17,101,045 | $ 19,823,795 |
Consolidated Obligations (Con72
Consolidated Obligations (Consolidated Discount Notes Outstanding) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Consolidated Obligations [Abstract] | |||
Book Value | $ 25,159,376 | $ 21,813,446 | |
Par Value | $ 25,169,892 | $ 21,821,045 | |
Weighted Average Interest Rate | [1] | 0.33% | 0.27% |
[1] | Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subjec73
Assets and Liabilities Subject to Offsetting Assets Subject to Offsetting (Schedule of Offsetting Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | $ 68,667 | $ 66,286 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | [1] | (15,651) | (14,695) |
Total derivative assets | 53,016 | 51,591 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [2] | (456) | (71) |
Derivative assets, Net Amount | 52,560 | 51,520 | |
Securities purchased under agreements to resell, Gross Amounts of Recognized Assets | 2,760,000 | 3,945,000 | |
Securities purchased under agreements to resell, Gross Amounts Offset in the Statement of Condition | 0 | 0 | |
Securities purchased under agreements to resell, Net Amounts of Assets Presented in the Statement of Condition | 2,760,000 | 3,945,000 | |
Securities purchased under agreements to resell, Gross Amounts Not Offset in the Statement of Condition | [2] | (2,760,000) | (3,945,000) |
Securities purchased under agreements to resell, Net Amount | 0 | 0 | |
TOTAL, Gross Amounts of Recognized Assets | 2,828,667 | 4,011,286 | |
TOTAL, Gross Amounts Offset in the Statement of Condition | (15,651) | (14,695) | |
TOTAL, Net Amounts of Assets Presented in the Statement of Condition | 2,813,016 | 3,996,591 | |
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [2] | (2,760,456) | (3,945,071) |
TOTAL, Net Amount | 52,560 | 51,520 | |
Uncleared derivatives [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | 66,634 | 62,102 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | (59,654) | (53,171) | |
Total derivative assets | 6,980 | 8,931 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [2] | (456) | (71) |
Derivative assets, Net Amount | 6,524 | 8,860 | |
Cleared derivatives [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | 2,033 | 4,184 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | 44,003 | 38,476 | |
Total derivative assets | 46,036 | 42,660 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | 0 |
Derivative assets, Net Amount | $ 46,036 | $ 42,660 | |
[1] | Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015, respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015, respectively. | ||
[2] | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Assets and Liabilities Subjec74
Assets and Liabilities Subject to Offsetting Liabilities Subject to Offsetting (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | $ 327,703 | $ 214,666 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | [1] | (287,423) | (183,174) |
Total derivative liabilities | 40,280 | 31,492 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [2] | (4) | (73) |
Derivative liabilities, Net Amount | 40,276 | 31,419 | |
TOTAL, Gross Amounts of Recognized Liabilities | 327,703 | 214,666 | |
TOTAL, Gross Amounts Offset in the Statement of Condition | (287,423) | (183,174) | |
TOTAL, Net Amounts of Liabilities Presented in the Statement of Condition | 40,280 | 31,492 | |
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [2] | (4) | (73) |
TOTAL, Net Amount | 40,276 | 31,419 | |
Uncleared derivatives [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 213,593 | 159,334 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (173,313) | (127,842) | |
Total derivative liabilities | 40,280 | 31,492 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [2] | (4) | (73) |
Derivative liabilities, Net Amount | 40,276 | 31,419 | |
Cleared derivatives [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 114,110 | 55,332 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (114,110) | (55,332) | |
Total derivative liabilities | 0 | 0 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [2] | 0 | 0 |
Derivative liabilities, Net Amount | $ 0 | $ 0 | |
[1] | Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015, respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015, respectively. | ||
[2] | Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statement of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital (Narrative) (Details)
Capital (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016$ / sharesRate | Dec. 31, 2015$ / sharesRate | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Number of Finance Agency Regulatory Capital Requirements | 3 | |
Total regulatory capital-to-asset ratio, required | Rate | 4.00% | 4.00% |
Leverage capital ratio, required | Rate | 5.00% | 5.00% |
Leverage capital, permanent capital weight | 1.5 | |
Common Stock, par value per share | $ 100 | |
Class A [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage capital, non-permanent capital weight | 1 | |
Minimum period after which redemption is required | 6 months | |
Common Stock, par value per share | $ 100 | $ 100 |
Class B [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum period after which redemption is required | 5 years | |
Common Stock, par value per share | $ 100 | $ 100 |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory stock dividend payment restriction threshold | 1.00% |
Capital (Regulatory Capital Req
Capital (Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Capital [Abstract] | ||
Risk-based capital, Required | $ 294,430 | $ 331,821 |
Risk-based capital, Actual | $ 1,811,282 | $ 1,681,247 |
Total regulatory capital-to-asset ratio, Required | 4.00% | 4.00% |
Total regulatory capital-to-asset ratio, Actual | 4.50% | 4.20% |
Total regulatory capital, Required | $ 1,808,177 | $ 1,777,426 |
Total regulatory capital, Actual | $ 2,022,981 | $ 1,863,468 |
Leverage capital ratio, Required | 5.00% | 5.00% |
Leverage capital ratio, Actual | 6.50% | 6.10% |
Leverage capital, Required | $ 2,260,222 | $ 2,221,783 |
Leverage capital, Actual | $ 2,928,622 | $ 2,704,091 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Capital [Abstract] | ||
Balance, beginning of period | $ 2,739 | $ 4,187 |
Capital stock subject to mandatory redemption reclassified from equity during the period | 160,234 | 108,023 |
Redemption or repurchase of mandatorily redeemable capital stock during the period | (159,546) | (107,675) |
Stock dividend classified as mandatorily redeemable capital stock during the period | 6 | 10 |
Balance, end of period | $ 3,433 | $ 4,545 |
Capital (Mandatorily Redeemab78
Capital (Mandatorily Redeemable Capital Stock By Contractual Year Of Redemption) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Capital [Abstract] | |||||
Year 1 | $ 0 | $ 407 | |||
Year 2 | [1] | 184 | 1 | ||
Year 3 | 1 | 1 | |||
Year 4 | 0 | 0 | |||
Year 5 | 0 | 196 | |||
After Year 5 | [1] | 1,208 | 0 | ||
Past contractual redemption date due to remaining activity | [2] | 2,040 | 2,134 | ||
TOTAL | $ 3,433 | $ 2,739 | $ 4,545 | $ 4,187 | |
[1] | Includes mandatorily redeemable capital stock for three members subject to imminent involuntary termination in 2017 due to regulatory rulemaking regarding captive insurance members. | ||||
[2] | Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Or Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of the period | $ (18,977) | ||
Other comprehensive income (loss) before reclassification: | |||
Unrealized gain (loss) | 4,742 | $ 0 | |
Non-credit portion | (62) | 0 | |
Accretion of non-credit loss | 550 | 952 | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Non-credit OTTI to credit OTTI, HTM | 25 | 187 | |
Amortization of net loss - defined benefit pension plan | 47 | 98 | |
Total other comprehensive income | 5,302 | 1,237 | |
Balance, end of the period | (13,675) | ||
Net Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of the period | (8,577) | 0 | |
Other comprehensive income (loss) before reclassification: | |||
Unrealized gain (loss) | 4,742 | ||
Reclassifications from other comprehensive income (loss) to net income: | |||
Total other comprehensive income | 4,742 | 0 | |
Balance, end of the period | (3,835) | 0 | |
Defined Benefit Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of the period | (2,450) | (4,133) | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Amortization of net loss - defined benefit pension plan | [1] | 47 | 98 |
Total other comprehensive income | 47 | 98 | |
Balance, end of the period | (2,403) | (4,035) | |
Total AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of the period | (18,977) | (15,907) | |
Other comprehensive income (loss) before reclassification: | |||
Unrealized gain (loss) | 4,742 | ||
Non-credit portion | (62) | ||
Accretion of non-credit loss | 550 | 952 | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Non-credit OTTI to credit OTTI, HTM | [2] | 25 | 187 |
Amortization of net loss - defined benefit pension plan | [1] | 47 | 98 |
Total other comprehensive income | 5,302 | 1,237 | |
Balance, end of the period | (13,675) | (14,670) | |
Held-to-maturity Securities [Member] | Net Non-credit Portion of OTTI Losses on Held-to-maturity Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of the period | (7,950) | (11,774) | |
Other comprehensive income (loss) before reclassification: | |||
Non-credit portion | (62) | ||
Accretion of non-credit loss | 550 | 952 | |
Reclassifications from other comprehensive income (loss) to net income: | |||
Non-credit OTTI to credit OTTI, HTM | [2] | 25 | 187 |
Total other comprehensive income | 513 | 1,139 | |
Balance, end of the period | $ (7,437) | $ (10,635) | |
[1] | Recorded in “Compensation and benefits” on the Statements of Income. Amount represents a debit (increase to other expenses). | ||
[2] | Recorded in “Net other-than-temporary impairment losses on held-to-maturity securities” on the Statements of Income. Amount represents a debit (decrease to other income (loss)). |
Fair Values (Fair Value Summary
Fair Values (Fair Value Summary) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Cash and due from banks | $ 65,006 | $ 682,670 | |
Trading securities | 2,281,970 | 2,294,606 | |
Available-for-sale securities | [1] | 839,159 | 495,063 |
Held-to-maturity securities, Carrying Value | [2] | 4,572,056 | 4,770,817 |
Held-to-maturity securities | 4,563,519 | 4,765,095 | |
Accrued interest receivable | 71,574 | 79,233 | |
Derivative assets | 53,016 | 51,591 | |
Netting adjustments and cash collateral, Derivative Assets | [3] | (15,651) | (14,695) |
Liabilities: | |||
Accrued interest payable | 63,125 | 52,281 | |
Derivative liabilities | 40,280 | 31,492 | |
Netting adustments and cash collateral, Derivative Liabilities | [3] | (287,423) | (183,174) |
Carrying Value [Member] | |||
Assets: | |||
Cash and due from banks | 65,006 | 682,670 | |
Interest-bearing deposits | 351,130 | 100,594 | |
Securities purchased under agreements to resell | 2,760,000 | 3,945,000 | |
Federal funds sold | 2,330,000 | 2,000,000 | |
Trading securities | 2,281,970 | 2,294,606 | |
Available-for-sale securities | 839,159 | 495,063 | |
Held-to-maturity securities, Carrying Value | 4,572,056 | 4,770,817 | |
Advances | 25,435,390 | 23,580,371 | |
Mortgage loans held for portfolio, net of allowance | 6,409,954 | 6,390,708 | |
Accrued interest receivable | 71,574 | 79,233 | |
Derivative assets | 53,016 | 51,591 | |
Liabilities: | |||
Deposits | 726,016 | 759,366 | |
Mandatorily redeemable capital stock | 3,433 | 2,739 | |
Accrued interest payable | 63,125 | 52,281 | |
Derivative liabilities | 40,280 | 31,492 | |
Carrying Value [Member] | Standby letters of credit [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | (936) | (1,078) | |
Carrying Value [Member] | Standby bond purchase agreements [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 82 | 98 | |
Carrying Value [Member] | Advance commitments [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Carrying Value [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 25,159,376 | 21,813,446 | |
Carrying Value [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 17,150,133 | 19,866,034 | |
Fair Value [Member] | |||
Assets: | |||
Cash and due from banks | 65,006 | 682,670 | |
Interest-bearing deposits | 351,130 | 100,594 | |
Securities purchased under agreements to resell | 2,760,000 | 3,945,000 | |
Federal funds sold | 2,330,000 | 2,000,000 | |
Trading securities | 2,281,970 | 2,294,606 | |
Available-for-sale securities | 839,159 | 495,063 | |
Held-to-maturity securities | 4,563,519 | 4,765,095 | |
Advances | 25,493,567 | 23,609,868 | |
Mortgage loans held for portfolio, net of allowance | 6,682,373 | 6,571,563 | |
Accrued interest receivable | 71,574 | 79,233 | |
Derivative assets | 53,016 | 51,591 | |
Liabilities: | |||
Deposits | 726,016 | 759,366 | |
Mandatorily redeemable capital stock | 3,433 | 2,739 | |
Accrued interest payable | 63,125 | 52,281 | |
Derivative liabilities | 40,280 | 31,492 | |
Fair Value [Member] | Standby letters of credit [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | (936) | (1,078) | |
Fair Value [Member] | Standby bond purchase agreements [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 7,101 | 6,995 | |
Fair Value [Member] | Advance commitments [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | (465) | (3,737) | |
Fair Value [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 25,160,309 | 21,813,507 | |
Fair Value [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 17,225,633 | 19,851,097 | |
Level 1 [Member] | |||
Assets: | |||
Cash and due from banks | 65,006 | 682,670 | |
Interest-bearing deposits | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Held-to-maturity securities | 0 | 0 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net of allowance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Liabilities: | |||
Deposits | 0 | 0 | |
Mandatorily redeemable capital stock | 3,433 | 2,739 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 1 [Member] | Standby letters of credit [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Level 1 [Member] | Standby bond purchase agreements [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Level 1 [Member] | Advance commitments [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Level 1 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 0 | 0 | |
Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 0 | 0 | |
Level 2 [Member] | |||
Assets: | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits | 351,130 | 100,594 | |
Securities purchased under agreements to resell | 2,760,000 | 3,945,000 | |
Federal funds sold | 2,330,000 | 2,000,000 | |
Trading securities | 2,281,970 | 2,294,606 | |
Available-for-sale securities | 839,159 | 495,063 | |
Held-to-maturity securities | 4,310,308 | 4,497,911 | |
Advances | 25,493,567 | 23,609,868 | |
Mortgage loans held for portfolio, net of allowance | 6,680,526 | 6,569,749 | |
Accrued interest receivable | 71,574 | 79,233 | |
Derivative assets | 68,667 | 66,286 | |
Liabilities: | |||
Deposits | 726,016 | 759,366 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 63,125 | 52,281 | |
Derivative liabilities | 327,703 | 214,666 | |
Level 2 [Member] | Standby letters of credit [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | (936) | (1,078) | |
Level 2 [Member] | Standby bond purchase agreements [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 7,101 | 6,995 | |
Level 2 [Member] | Advance commitments [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | (465) | (3,737) | |
Level 2 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 25,160,309 | 21,813,507 | |
Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 17,225,633 | 19,851,097 | |
Level 3 [Member] | |||
Assets: | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Held-to-maturity securities | 253,211 | 267,184 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net of allowance | 1,847 | 1,814 | |
Accrued interest receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Liabilities: | |||
Deposits | 0 | 0 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 3 [Member] | Standby letters of credit [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Level 3 [Member] | Standby bond purchase agreements [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Level 3 [Member] | Advance commitments [Member] | |||
Other Asset (Liability): | |||
Other asset (liability) | 0 | 0 | |
Level 3 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 0 | 0 | |
Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | $ 0 | $ 0 | |
[1] | Amortized cost: $842,994 and $503,640 as of March 31, 2016 and December 31, 2015, respectively. | ||
[2] | Fair value: $4,563,519 and $4,765,095 as of March 31, 2016 and December 31, 2015, respectively. | ||
[3] | Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015, respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015, respectively. |
Fair Values (Hierarchy Level fo
Fair Values (Hierarchy Level for Financial Assets And Liabilities - Recurring And Nonrecurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 2,281,970 | $ 2,294,606 | |||
Available-for-sale securities | [1] | 839,159 | 495,063 | ||
Total derivative assets | 53,016 | 51,591 | |||
Netting adjustments and cash collateral, Derivative Assets | [2] | (15,651) | (14,695) | ||
Total derivative liabilities | 40,280 | 31,492 | |||
Netting adustments and cash collateral, Derivative Liabilities | [2] | (287,423) | (183,174) | ||
Held-to-maturity securities | 4,563,519 | 4,765,095 | |||
GSE obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [3] | 1,292,257 | 1,338,639 | ||
Non-mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,292,257 | 1,338,639 | |||
U.S. obligation MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [4] | 774 | 801 | ||
GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [5] | 988,939 | 955,166 | ||
Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 989,713 | 955,967 | |||
Residential MBS [Member] | Private-label residential MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Held-to-maturity securities | 147,867 | 160,555 | |||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,281,970 | 2,294,606 | |||
Available-for-sale securities | 839,159 | 495,063 | |||
Total derivative assets | 68,667 | 66,286 | |||
Total derivative liabilities | 327,703 | 214,666 | |||
Held-to-maturity securities | 4,310,308 | 4,497,911 | |||
Mortgage loans held for portfolio | 6,680,526 | 6,569,749 | |||
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Total derivative assets | 0 | 0 | |||
Total derivative liabilities | 0 | 0 | |||
Held-to-maturity securities | 253,211 | 267,184 | |||
Mortgage loans held for portfolio | 1,847 | 1,814 | |||
Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,281,970 | 2,294,606 | |||
Available-for-sale securities | 839,159 | 495,063 | |||
Total derivative assets | 53,016 | 51,591 | |||
Total derivative liabilities | 40,280 | 31,492 | |||
Held-to-maturity securities | 4,563,519 | 4,765,095 | |||
Mortgage loans held for portfolio | 6,682,373 | 6,571,563 | |||
Recurring fair value measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Netting adjustments and cash collateral, Derivative Assets | [6] | (15,651) | (14,695) | ||
Netting adustments and cash collateral, Derivative Liabilities | [6] | (287,423) | (183,174) | ||
Recurring fair value measurements [Member] | Interest-rate related [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Netting adjustments and cash collateral, Derivative Assets | [6] | (15,651) | (14,695) | ||
Netting adustments and cash collateral, Derivative Liabilities | [6] | (287,423) | (183,174) | ||
Recurring fair value measurements [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,281,970 | 2,294,606 | |||
Available-for-sale securities | 839,159 | 495,063 | |||
Total derivative assets | 68,667 | 66,286 | |||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 3,189,796 | 2,855,955 | |||
Total derivative liabilities | 327,703 | 214,666 | |||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 327,703 | 214,666 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | Interest-rate related [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 68,211 | 66,215 | |||
Total derivative liabilities | 327,701 | 214,602 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | Mortgage delivery commitments [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 456 | 71 | |||
Total derivative liabilities | 2 | 64 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [7] | 1,292,257 | 1,338,639 | ||
Recurring fair value measurements [Member] | Level 2 [Member] | U.S. obligation MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [8] | 774 | 801 | ||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [9] | 988,939 | 955,166 | ||
Available-for-sale securities | [10] | 839,159 | 495,063 | ||
Recurring fair value measurements [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,281,970 | 2,294,606 | |||
Available-for-sale securities | 839,159 | 495,063 | |||
Total derivative assets | 53,016 | 51,591 | |||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 3,174,145 | 2,841,260 | |||
Total derivative liabilities | 40,280 | 31,492 | |||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 40,280 | 31,492 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | Interest-rate related [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 52,560 | 51,520 | |||
Total derivative liabilities | 40,278 | 31,428 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | Mortgage delivery commitments [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 456 | 71 | |||
Total derivative liabilities | 2 | 64 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [7] | 1,292,257 | 1,338,639 | ||
Recurring fair value measurements [Member] | Fair Value [Member] | U.S. obligation MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [8] | 774 | 801 | ||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | [9] | 988,939 | 955,166 | ||
Available-for-sale securities | [10] | 839,159 | 495,063 | ||
Nonrecurring fair value measurements - Assets: [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 6,695 | [11] | 10,142 | [12] | |
Mortgage loans held for portfolio | 1,854 | [11] | 1,823 | [12] | |
Real estate owned | 382 | [11] | 2,168 | [12] | |
Nonrecurring fair value measurements - Assets: [Member] | Level 3 [Member] | Residential MBS [Member] | Private-label residential MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Held-to-maturity securities | 4,459 | [11] | 6,151 | [12] | |
Nonrecurring fair value measurements - Assets: [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 6,695 | [11] | 10,142 | [12] | |
Mortgage loans held for portfolio | 1,854 | [11] | 1,823 | [12] | |
Real estate owned | 382 | [11] | 2,168 | [12] | |
Nonrecurring fair value measurements - Assets: [Member] | Fair Value [Member] | Residential MBS [Member] | Private-label residential MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Held-to-maturity securities | $ 4,459 | [11] | $ 6,151 | [12] | |
[1] | Amortized cost: $842,994 and $503,640 as of March 31, 2016 and December 31, 2015, respectively. | ||||
[2] | Amounts represent the application of the netting requirements that allow the FHLBank to settle positive and negative positions and also cash collateral, including initial or variation margin, and related accrued interest held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $280,975,000 and $190,483,000 as of March 31, 2016 and December 31, 2015, respectively. Cash collateral received was $9,203,000 and $22,004,000 as of March 31, 2016 and December 31, 2015, respectively. | ||||
[3] | Represents debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Bank (Farm Credit) and Federal Agricultural Mortgage Corporation (Farmer Mac). GSE securities are not guaranteed by the U.S. government. | ||||
[4] | Represents single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government. | ||||
[5] | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. | ||||
[6] | Represents the effect of legally enforceable master netting agreements that allow the FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty. | ||||
[7] | Represents debentures issued by other FHLBanks, Fannie Mae, Freddie Mac, Farm Credit and Farmer Mac. GSE securities are not guaranteed by the U.S. government. | ||||
[8] | Represents single-family MBS issued by Ginnie Mae, which are guaranteed by the U.S. government. | ||||
[9] | Represents single-family and multi-family MBS issued by Fannie Mae and Freddie Mac. | ||||
[10] | Represents multi-family MBS issued by Fannie Mae. | ||||
[11] | Includes assets adjusted to fair value during the three months ended March 31, 2016 and still outstanding as of March 31, 2016. | ||||
[12] | Includes assets adjusted to fair value during the year ended December 31, 2015 and still outstanding as of December 31, 2015. |
Commitments And Contingencies82
Commitments And Contingencies (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | ||
Carrying value included in other liabilities | $ 26,658,000 | $ 31,012,000 |
Number of in-district state housing authorities with standby bond purchase agreements | 2 | 2 |
Number of out-of-district state housing authorities with standby bond purchase agreements | 1 | 1 |
Number of participation interests standby bond purchase agreements with another FHLBank and state housing authorities in its district | 1 | 1 |
Mortgage Delivery Commitments Derivative Asset (Liability) | $ 454,000 | $ 7,000 |
Consolidated obligations: | ||
Obligation with Joint and Several Liability Arrangement, Description | As provided by the Federal Home Loan Bank Act of 1932, as amended (Bank Act) or Finance Agency regulation, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. | |
Obligation with joint and several liability arrangement, off balance sheet amount | $ 854,556,380,000 | 863,556,912,000 |
Standby Letters of Credit Outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Carrying value included in other liabilities | $ 936,000 | $ 1,078,000 |
Standby Letters of Credit Outstanding [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Debt Instrument, original term | 4 days | 6 days |
Standby Letters of Credit Outstanding [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Debt Instrument, original term | 10 years | 10 years |
Commitment Expiration Year | 2,020 | 2,020 |
Commitments for standby bond purchases [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Expiration Year | 2,020 | |
Forward Settling Advance Commitments [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Term | 24 months | |
Mortgages [Member] | Commitments to fund or purchase mortgage loans [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Term | 60 days |
Commitments And Contingencies83
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Standby letters of credit outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | $ 2,914,378 | $ 2,795,968 |
Expiring After One Year | 15,366 | 16,598 |
Total | 2,929,744 | 2,812,566 |
Advance commitments outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 109,346 | 104,473 |
Expiring After One Year | 64,975 | 24,950 |
Total | 174,321 | 129,423 |
Commitments for standby bond purchases [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 476,958 | 314,742 |
Expiring After One Year | 901,054 | 1,108,133 |
Total | 1,378,012 | 1,422,875 |
Commitments to issue consolidated bonds, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 40,000 | 55,000 |
Expiring After One Year | 0 | 0 |
Total | 40,000 | 55,000 |
Commitments to issue consolidated obligations discount notes, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 200,000 | 1,154,355 |
Expiring After One Year | 0 | 0 |
Total | 200,000 | 1,154,355 |
Mortgages [Member] | Commitments to fund or purchase mortgage loans [Member] | ||
Loss Contingencies [Line Items] | ||
Expiring Within One Year | 93,996 | 66,045 |
Expiring After One Year | 0 | 0 |
Total | $ 93,996 | $ 66,045 |
Transactions With Stockholder84
Transactions With Stockholders And Housing Associates (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
MidFirst Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Loans And Leases Receivable, Acquired or Funded With Related Party During Period | $ 0 | $ 0 |
Bank of Oklahoma, NA [Member] | ||
Related Party Transaction [Line Items] | ||
Loans And Leases Receivable, Acquired or Funded With Related Party During Period | $ 0 | $ 0 |
Transactions With Stockholder85
Transactions With Stockholders And Housing Associates (Related Party Transactions, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Outstanding Advances | $ 25,435,390 | $ 23,580,371 |
Outstanding Deposits | 726,016 | 759,366 |
Ten Percent Owner [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 464,725 | $ 392,633 |
Regulatory Capital Stock, Percent Of Total | 34.40% | 32.40% |
Outstanding Advances | $ 9,679,000 | $ 8,579,000 |
Outstanding Advances, Percent of Total | 38.30% | 36.50% |
Outstanding Deposits | $ 5,212 | $ 22,033 |
Outstanding Deposits, Percent of Total | 0.70% | 2.90% |
Ten Percent Owner [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 23,450 | $ 1,000 |
Regulatory Capital Stock, Percent Of Total | 11.00% | 0.60% |
Ten Percent Owner [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 441,275 | $ 391,633 |
Regulatory Capital Stock, Percent Of Total | 38.70% | 38.10% |
Bank of Oklahoma, NA [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 278,271 | $ 219,415 |
Regulatory Capital Stock, Percent Of Total | 20.60% | 18.10% |
Outstanding Advances | $ 5,600,000 | $ 4,800,000 |
Outstanding Advances, Percent of Total | 22.20% | 20.40% |
Outstanding Deposits | $ 4,599 | $ 21,492 |
Outstanding Deposits, Percent of Total | 0.60% | 2.80% |
Bank of Oklahoma, NA [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 22,950 | $ 500 |
Regulatory Capital Stock, Percent Of Total | 10.80% | 0.30% |
Bank of Oklahoma, NA [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 255,321 | $ 218,915 |
Regulatory Capital Stock, Percent Of Total | 22.40% | 21.30% |
MidFirst Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 186,454 | $ 173,218 |
Regulatory Capital Stock, Percent Of Total | 13.80% | 14.30% |
Outstanding Advances | $ 4,079,000 | $ 3,779,000 |
Outstanding Advances, Percent of Total | 16.10% | 16.10% |
Outstanding Deposits | $ 613 | $ 541 |
Outstanding Deposits, Percent of Total | 0.10% | 0.10% |
MidFirst Bank [Member] | Total Class A Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 500 | $ 500 |
Regulatory Capital Stock, Percent Of Total | 0.20% | 0.30% |
MidFirst Bank [Member] | Total Class B Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Regulatory Capital Stock, Total Par Value | $ 185,954 | $ 172,718 |
Regulatory Capital Stock, Percent Of Total | 16.30% | 16.80% |
Transactions With Stockholder86
Transactions With Stockholders And Housing Associates (Related Party Transactions, by Balance Sheet Grouping-Directors) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Advances, Outstanding Amount | $ 25,435,390 | $ 23,580,371 |
Deposits, Outstanding Amount | 726,016 | 759,366 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 7,824 | $ 8,748 |
TOTAL CAPITAL STOCK, Percent Of Total | 0.60% | 0.70% |
Advances, Outstanding Amount | $ 141,726 | $ 150,566 |
Advances, Percent of Total | 0.60% | 0.60% |
Deposits, Outstanding Amount | $ 10,677 | $ 7,895 |
Deposits, Percent of Total | 1.50% | 1.00% |
Director [Member] | Class A [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 3,936 | $ 4,023 |
TOTAL CAPITAL STOCK, Percent Of Total | 1.90% | 2.20% |
Director [Member] | Class B [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 3,888 | $ 4,725 |
TOTAL CAPITAL STOCK, Percent Of Total | 0.30% | 0.50% |
Transactions With Stockholder87
Transactions With Stockholders And Housing Associates (Schedule Of Related Party Transactions, Mortgage Loans Disclosure) (Details) - Director [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Mortgage loans acquired | $ 12,101 | $ 26,791 |
Mortgage loans aquired, Percent of Total | 5.50% | 9.90% |