Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-52004 | |
Entity Registrant Name | FEDERAL HOME LOAN BANK OF TOPEKA | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 48-0561319 | |
Entity Address, Address Line One | 500 SW Wanamaker Road | |
Entity Address, City or Town | Topeka | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66606 | |
City Area Code | 785 | |
Local Phone Number | 233.0507 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001325878 | |
Current Fiscal Year End Date | --12-31 | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,106,935 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 22,973,997 |
Statements Of Condition
Statements Of Condition - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Cash and due from banks | $ 26,652 | $ 25,964 | |
Interest-bearing deposits | 1,698,340 | 2,039,852 | |
Securities purchased under agreements to resell (Note 9) | 1,825,000 | 2,350,000 | |
Federal funds sold | 4,400,000 | 3,750,000 | |
Investment securities: | |||
Trading securities (Note 3) | 899,023 | 1,421,453 | |
Available-for-sale securities, amortized cost of $10,997,936 and $9,438,859 (Note 3) | 10,868,344 | 9,354,416 | |
Held-to-maturity securities, fair value of $271,634 and $340,259 (Note 3) | 276,457 | 345,430 | |
Total investment securities | 12,043,824 | 11,121,299 | |
Advances (Note 4) | 44,322,221 | 44,262,750 | |
Mortgage loans held for portfolio, net of allowance for credit losses of $6,212 and $6,378 (Note 5) | 8,207,138 | 7,905,135 | |
Accrued interest receivable | 201,430 | 186,594 | |
Derivative assets, net (Notes 6, 9) | 331,896 | 272,076 | |
Other assets | 79,791 | 79,172 | |
TOTAL ASSETS | 73,136,292 | 71,992,842 | |
LIABILITIES | |||
Deposits (Note 7) | 751,952 | 711,061 | |
Consolidated obligations, net: | |||
Discount notes (Note 8) | 17,892,734 | 24,775,405 | |
Bonds (Note 8) | 50,098,873 | 42,505,839 | |
Total consolidated obligations, net | 67,991,607 | 67,281,244 | |
Mandatorily redeemable capital stock (Note 10) | 253 | 280 | |
Accrued interest payable | 357,213 | 197,175 | |
Affordable Housing Program payable | 72,735 | 53,635 | |
Derivative liabilities, net (Notes 6, 9) | 803 | 2,359 | |
Other liabilities | 70,111 | 70,544 | |
TOTAL LIABILITIES | 69,244,674 | 68,316,298 | |
Commitments and contingencies (Note 13) | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 10) | [1] | 2,649,451 | 2,507,709 |
Retained earnings: | |||
Unrestricted | 976,588 | 914,716 | |
Restricted | 394,998 | 338,389 | |
Total retained earnings | 1,371,586 | 1,253,105 | |
Accumulated other comprehensive income (loss) (Note 11) | (129,419) | (84,270) | |
TOTAL CAPITAL | 3,891,618 | 3,676,544 | |
TOTAL LIABILITIES AND CAPITAL | 73,136,292 | 71,992,842 | |
Class A [Member] | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 10) | [1] | 357,963 | 238,777 |
Class B [Member] | |||
Capital stock outstanding - putable: | |||
Total capital stock (Note 10) | [1] | $ 2,291,488 | $ 2,268,932 |
[1]Putable |
Statements Of Condition (Parent
Statements Of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Allowance for credit losses on mortgage loans | $ 6,212 | $ 6,378 | |
Investment securities: | |||
Available-for-sale securities, amortized cost of $10,997,936 and $9,438,859 (Note 3) | 10,997,936 | 9,438,859 | |
Held-to-maturity, Fair Value | $ 271,634 | $ 340,259 | |
Capital stock outstanding - putable: | |||
Common Stock, par value per share | $ 100 | ||
Class A [Member] | |||
Capital stock outstanding - putable: | |||
Common Stock, par value per share | [1] | $ 100 | $ 100 |
Common Stock, Shares, Issued | [1] | 3,580 | 2,388 |
Common Stock, Shares Outstanding | [1] | 3,580 | 2,388 |
Class B [Member] | |||
Capital stock outstanding - putable: | |||
Common Stock, par value per share | [1] | $ 100 | $ 100 |
Common Stock, Shares, Issued | [1] | 22,915 | 22,689 |
Common Stock, Shares Outstanding | [1] | 22,915 | 22,689 |
[1]Putable |
Statements Of Income
Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
INTEREST INCOME: | ||||
Interest-bearing deposits | $ 37,569 | $ 7,538 | $ 104,953 | $ 10,281 |
Securities purchased under agreements to resell | 27,969 | 14,870 | 90,607 | 20,657 |
Federal funds sold | 49,772 | 22,017 | 150,058 | 29,171 |
Trading securities | 7,497 | 15,651 | 27,477 | 45,882 |
Available-for-sale securities | 159,499 | 59,920 | 421,079 | 100,664 |
Held-to-maturity securities | 3,866 | 2,559 | 12,140 | 5,062 |
Advances | 634,899 | 211,173 | 1,785,223 | 326,928 |
Mortgage loans held for portfolio | 66,871 | 58,045 | 190,515 | 168,982 |
Other | 286 | 217 | 1,237 | 709 |
Total interest income | 988,228 | 391,990 | 2,783,289 | 708,336 |
INTEREST EXPENSE: | ||||
Deposits | 8,720 | 3,353 | 23,469 | 4,476 |
Consolidated obligations: | ||||
Discount notes | 284,947 | 117,644 | 836,651 | 147,678 |
Bonds | 579,352 | 175,920 | 1,581,173 | 292,252 |
Mandatorily redeemable capital stock | 3 | 3 | 11 | 5 |
Other | 298 | 275 | 1,007 | 829 |
Total interest expense | 873,320 | 297,195 | 2,442,311 | 445,240 |
NET INTEREST INCOME | 114,908 | 94,795 | 340,978 | 263,096 |
Provision (reversal) for credit losses on mortgage loans | (33) | 115 | 311 | (300) |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION (REVERSAL) | 114,941 | 94,680 | 340,667 | 263,396 |
OTHER INCOME (LOSS): | ||||
Net gains (losses) on trading securities | 2,216 | (30,249) | 6,599 | (113,076) |
Net gains (losses) on sale of held-to-maturity securities | 0 | (89) | 0 | (89) |
Net gains (losses) on derivatives | 5,232 | 26,198 | 25,001 | 85,575 |
Standby bond purchase agreement commitment fees | 715 | 682 | 2,085 | 1,958 |
Letters of credit fees | 2,141 | 1,625 | 6,085 | 4,746 |
Other | 623 | 659 | 1,795 | 2,551 |
Total other income (loss) | 10,927 | (1,174) | 41,565 | (18,335) |
OTHER EXPENSES: | ||||
Compensation and benefits | 11,892 | 9,743 | 35,368 | 31,051 |
Other operating | 6,988 | 5,112 | 18,261 | 14,976 |
Federal Housing Finance Agency | 1,531 | 1,328 | 4,593 | 4,068 |
Office of Finance | 1,195 | 1,080 | 3,254 | 3,223 |
Mortgage loans transaction service fees | 1,618 | 1,523 | 4,768 | 4,566 |
Other | 425 | 363 | 1,496 | 868 |
Total other expenses | 23,649 | 19,149 | 67,740 | 58,752 |
INCOME BEFORE ASSESSMENTS | 102,219 | 74,357 | 314,492 | 186,309 |
Affordable Housing Program | 10,222 | 7,436 | 31,450 | 18,632 |
NET INCOME | $ 91,997 | $ 66,921 | $ 283,042 | $ 167,677 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 91,997 | $ 66,921 | $ 283,042 | $ 167,677 |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on available-for-sale securities | (45,590) | (29,088) | (45,149) | (124,880) |
Defined benefit pension plan | 0 | 63 | 0 | 187 |
Total other comprehensive income (loss) | (45,590) | (29,025) | (45,149) | (124,693) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 46,407 | $ 37,896 | $ 237,893 | $ 42,984 |
Statements Of Capital
Statements Of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period | $ 3,896,486 | $ 2,994,766 | $ 3,676,544 | $ 2,714,266 | |
Comprehensive income | 46,407 | 37,896 | 237,893 | 42,984 | |
Proceeds from issuance of capital stock | 847,428 | 996,320 | 2,510,801 | 2,551,462 | |
Repurchase/redemption of capital stock | (745,454) | (588,725) | (1,886,743) | (1,409,978) | |
Net reclassification of shares to mandatorily redeemable capital stock | (153,179) | (144,680) | (646,676) | (603,043) | |
Net transfer of shares between Class A and Class B | 0 | 0 | 0 | 0 | |
Dividends on capital stock | |||||
Cash payment | (70) | (66) | (201) | (180) | |
Stock issued | 0 | 0 | 0 | 0 | |
Balance at the end of the period | $ 3,891,618 | $ 3,295,511 | $ 3,891,618 | $ 3,295,511 | |
Capital Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period, shares | [1] | 26,442 | 18,210 | 25,077 | 14,993 |
Balance at the beginning of the period | [1] | $ 2,644,249 | $ 1,821,016 | $ 2,507,709 | $ 1,499,301 |
Proceeds from issuance of capital stock, shares | [1] | 8,474 | 9,963 | 25,108 | 25,514 |
Proceeds from issuance of capital stock | [1] | $ 847,428 | $ 996,320 | $ 2,510,801 | $ 2,551,462 |
Repurchase/redemption of capital stock, shares | [1] | (7,454) | (5,887) | (18,867) | (14,099) |
Repurchase/redemption of capital stock | [1] | $ (745,454) | $ (588,725) | $ (1,886,743) | $ (1,409,978) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (1,531) | (1,447) | (6,467) | (6,030) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (153,179) | $ (144,680) | $ (646,676) | $ (603,043) |
Net transfer of shares between Class A and Class B, shares | [1] | 0 | 0 | 0 | 0 |
Net transfer of shares between Class A and Class B | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
Dividends on capital stock | |||||
Stock issued, shares | [1] | 564 | 364 | 1,644 | 825 |
Stock issued | [1] | $ 56,407 | $ 36,342 | $ 164,360 | $ 82,531 |
Balance at the end of the period, shares | [1] | 26,495 | 21,203 | 26,495 | 21,203 |
Balance at the end of the period | [1] | $ 2,649,451 | $ 2,120,273 | $ 2,649,451 | $ 2,120,273 |
Total Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period | 1,336,066 | 1,197,103 | 1,253,105 | 1,142,650 | |
Comprehensive income | 91,997 | 66,921 | 283,042 | 167,677 | |
Dividends on capital stock | |||||
Cash payment | (70) | (66) | (201) | (180) | |
Stock issued | (56,407) | (36,342) | (164,360) | (82,531) | |
Balance at the end of the period | 1,371,586 | 1,227,616 | 1,371,586 | 1,227,616 | |
Unrestricted Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period | 959,468 | 886,710 | 914,716 | 852,408 | |
Comprehensive income | 73,597 | 53,537 | 226,433 | 134,142 | |
Dividends on capital stock | |||||
Cash payment | (70) | (66) | (201) | (180) | |
Stock issued | (56,407) | (36,342) | (164,360) | (82,531) | |
Balance at the end of the period | 976,588 | 903,839 | 976,588 | 903,839 | |
Restricted Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period | 376,598 | 310,393 | 338,389 | 290,242 | |
Comprehensive income | 18,400 | 13,384 | 56,609 | 33,535 | |
Dividends on capital stock | |||||
Balance at the end of the period | 394,998 | 323,777 | 394,998 | 323,777 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period | (83,829) | (23,353) | (84,270) | 72,315 | |
Comprehensive income | (45,590) | (29,025) | (45,149) | (124,693) | |
Dividends on capital stock | |||||
Balance at the end of the period | $ (129,419) | $ (52,378) | $ (129,419) | $ (52,378) | |
Class A [Member] | Capital Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period, shares | [1] | 3,522 | 2,716 | 2,388 | 2,342 |
Balance at the beginning of the period | [1] | $ 352,169 | $ 271,621 | $ 238,777 | $ 234,190 |
Proceeds from issuance of capital stock, shares | [1] | 15 | 0 | 35 | 20 |
Proceeds from issuance of capital stock | [1] | $ 1,504 | $ 0 | $ 3,491 | $ 2,019 |
Repurchase/redemption of capital stock, shares | [1] | (7,035) | (5,198) | (17,157) | (12,102) |
Repurchase/redemption of capital stock | [1] | $ (703,482) | $ (519,803) | $ (1,715,747) | $ (1,210,207) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (544) | (168) | (3,569) | (2,796) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (54,428) | $ (16,805) | $ (356,968) | $ (279,625) |
Net transfer of shares between Class A and Class B, shares | [1] | 7,622 | 5,403 | 21,883 | 15,289 |
Net transfer of shares between Class A and Class B | [1] | $ 762,200 | $ 540,283 | $ 2,188,410 | $ 1,528,919 |
Dividends on capital stock | |||||
Balance at the end of the period, shares | [1] | 3,580 | 2,753 | 3,580 | 2,753 |
Balance at the end of the period | [1] | $ 357,963 | $ 275,296 | $ 357,963 | $ 275,296 |
Class B [Member] | Capital Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at the beginning of the period, shares | [1] | 22,920 | 15,494 | 22,689 | 12,651 |
Balance at the beginning of the period | [1] | $ 2,292,080 | $ 1,549,395 | $ 2,268,932 | $ 1,265,111 |
Proceeds from issuance of capital stock, shares | [1] | 8,459 | 9,963 | 25,073 | 25,494 |
Proceeds from issuance of capital stock | [1] | $ 845,924 | $ 996,320 | $ 2,507,310 | $ 2,549,443 |
Repurchase/redemption of capital stock, shares | [1] | (419) | (689) | (1,710) | (1,997) |
Repurchase/redemption of capital stock | [1] | $ (41,972) | $ (68,922) | $ (170,996) | $ (199,771) |
Net reclassification of shares to mandatorily redeemable capital stock, shares | [1] | (987) | (1,279) | (2,898) | (3,234) |
Net reclassification of shares to mandatorily redeemable capital stock | [1] | $ (98,751) | $ (127,875) | $ (289,708) | $ (323,418) |
Net transfer of shares between Class A and Class B, shares | [1] | (7,622) | (5,403) | (21,883) | (15,289) |
Net transfer of shares between Class A and Class B | [1] | $ (762,200) | $ (540,283) | $ (2,188,410) | $ (1,528,919) |
Dividends on capital stock | |||||
Stock issued, shares | [1] | 564 | 364 | 1,644 | 825 |
Stock issued | [1] | $ 56,407 | $ 36,342 | $ 164,360 | $ 82,531 |
Balance at the end of the period, shares | [1] | 22,915 | 18,450 | 22,915 | 18,450 |
Balance at the end of the period | [1] | $ 2,291,488 | $ 1,844,977 | $ 2,291,488 | $ 1,844,977 |
[1]Putable |
Statements Of Capital (Parenthe
Statements Of Capital (Parenthetical) - Capital Stock [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 Rate | Sep. 30, 2022 Rate | Sep. 30, 2023 Rate | Sep. 30, 2022 Rate | |
Class A [Member] | ||||
Dividends on capital stock, percentage rate | 4.50% | 2.30% | 4.10% | 1.20% |
Class B [Member] | ||||
Dividends on capital stock, percentage rate | 9.20% | 7.70% | 9% | 6.70% |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 283,042 | $ 167,677 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Premiums and discounts on consolidated obligations, net | 59,694 | 79,424 |
Concessions on consolidated obligations | 4,355 | 3,537 |
Premiums and discounts on investments, net | (18,821) | 1,279 |
Premiums, discounts and commitment fees on advances, net | (2,191) | (2,876) |
Premiums, discounts and deferred loan costs on mortgage loans, net | 9,930 | 16,484 |
Fair value adjustments on hedged assets or liabilities | (2,294) | 1,126 |
Premises, software and equipment | 2,288 | 2,409 |
Other | 0 | 187 |
Provision (reversal) for credit losses on mortgage loans | 311 | (300) |
Non-cash interest on mandatorily redeemable capital stock | 10 | 3 |
Net gains (losses) on sale of held-to-maturity securities | 0 | 89 |
Net realized (gains) losses on disposal of premises, software and equipment | 9 | 16 |
Other adjustments, net | (7) | (207) |
Net (gains) losses on trading securities | (6,599) | 113,076 |
Net change in derivatives and hedging activities | 271,936 | 706,873 |
(Increase) decrease in accrued interest receivable | (14,838) | (46,922) |
Change in net accrued interest included in derivative assets | (103,031) | (36,850) |
(Increase) decrease in other assets | 1,339 | 949 |
Increase (decrease) in accrued interest payable | 159,549 | 75,642 |
Change in net accrued interest included in derivative liabilities | (7,336) | 72 |
Increase (decrease) in Affordable Housing Program liability | 19,100 | 5,640 |
Increase (decrease) in other liabilities | (409) | (1,204) |
Total adjustments | 372,995 | 918,447 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 656,037 | 1,086,124 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net (increase) decrease in interest-bearing deposits | 401,452 | (474,438) |
Net (increase) decrease in securities purchased under resale agreements | 525,000 | (1,750,000) |
Net (increase) decrease in Federal funds sold | (650,000) | (1,345,000) |
Proceeds from sale of trading securities | 0 | 12,448 |
Proceeds from maturities of and principal repayments on trading securities | 529,029 | 2,830,436 |
Purchases of trading securities | 0 | (2,790,000) |
Proceeds from maturities of and principal repayments on available-for-sale securities | 1,400,514 | 1,145,236 |
Purchases of available-for-sale securities | (3,015,515) | (2,515,529) |
Proceeds from sale of held-to-maturity securities | 0 | 19,930 |
Proceeds from maturities of and principal repayments on held-to-maturity securities | 68,945 | 65,164 |
Advances repaid | 661,546,972 | 439,317,000 |
Advances originated | (661,737,932) | (451,622,000) |
Principal collected on mortgage loans | 575,207 | 970,568 |
Purchases of mortgage loans | (888,729) | (858,581) |
Net proceeds from sale of foreclosed assets | 251 | 687 |
Other investing activities | 0 | 1,876 |
Purchases of premises, software and equipment | (3,774) | (1,349) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,248,580) | (16,993,552) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 32,021 | (223,283) |
Net proceeds from issuance of consolidated obligations: | ||
Discount notes | 316,686,971 | 245,269,000 |
Bonds | 39,927,572 | 31,195,723 |
Payments for maturing, retired and transferred consolidated obligations: | ||
Discount notes | (323,660,623) | (229,225,000) |
Bonds | (31,386,663) | (31,636,400) |
Bonds transferred to other FHLBanks | (999,987) | 0 |
Net interest payments received (paid) for financing derivatives | 16,796 | (10,507) |
Proceeds from issuance of capital stock | 2,510,801 | 2,551,462 |
Payments for repurchase/redemption of capital stock | (1,886,743) | (1,409,978) |
Payments for repurchase of mandatorily redeemable capital stock | (646,713) | (603,336) |
Cash dividends paid | (201) | (180) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 593,231 | 15,907,501 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 688 | 73 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 25,964 | 25,841 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 26,652 | 25,914 |
Supplemental disclosures: | ||
Interest paid | 827,474 | 299,832 |
Affordable Housing Program payments | 12,624 | 13,131 |
Net transfers of mortgage loans to other assets | $ 786 | $ 213 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Basis of Presentation: The accompanying interim financial statements of 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 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. 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, 2022. The interim financial statements presented herein should be read in conjunction with FHLBank’s audited financial statements and notes thereto, which are included in FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 20, 2023 (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 and the fair value of derivatives. 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. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards And Interpretations And Changes In And Adoptions Of Accounting Principles | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [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 Disclosure Improvements (Accounting Standards Update (ASU) 2023-06). In October 2023, the Financial Accounting Standards Board (FASB) issued amendments to modify the disclosure or presentation requirements in response to the SEC Release No. 33-10532, Disclosure Update and Simplification, issued August 17, 2018. The amendments represent clarifications or technical corrections of the current requirements to incorporate several SEC disclosure requirements into US GAAP. The ASU adds interim and annual disclosure requirements to a variety of topics, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. For all entities subject to the SEC existing disclosure requirements, each amendment shall become effective on the date that the SEC’s removal of the related guidance from Regulation S-X or Regulation S-K becomes effective. FHLBank will adopt the guidance as it becomes effective with all pending content expected to transition by June 30, 2027. The adoption of this guidance is not expected to have a material effect on FHLBank’s current disclosures. Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02). In March 2022, the FASB issued amendments to eliminate the accounting guidance for troubled debt restructurings by creditors in Accounting Standards Codification (ASC) 310 for entities that have adopted ASU 2016-13, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amended guidance requires that an entity apply the loan refinancing and restructuring guidance in ASC 310-20-35-9 through ASC 310-20-35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. Additionally, the amendments require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. FHLBank adopted this guidance as of January 1, 2023. While this guidance is intended to enhance disclosures, the adoption of this guidance did not have a material effect on FHLBank’s financial condition, results of operations, cash flows, or disclosures. Fair Value Hedging – Portfolio Layer Method (ASU 2022-01). In March 2022, the FASB issued an amendment to clarify the application of the guidance in ASC 815 related to fair value hedging of interest rate risk for portfolios of financial assets. The ASU expands the scope and application of the portfolio layer method and provides guidance on the accounting for and disclosure of hedge basis adjustments. FHLBank adopted this guidance as of January 1, 2023. FHLBank does not currently hedge interest rate risk for portfolios of financial assets so adoption of this guidance had no effect on FHLBank’s financial condition, results of operations, cash flows, or disclosures given current strategies. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04) . In March 2020, the FASB issued temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include: (1) contract modifications; (2) hedging relationships; and (3) sale or transfer of debt securities classified as held-to-maturity. This guidance was effective upon issuance and through December 31, 2024, as amended, except for certain optional expedients elected for hedging relationships, which should be retained for the duration of the hedge term. As of June 30, 2023, FHLBank transitioned all outstanding London Interbank Offered Rate (LIBOR) settings to convert to reference the secured overnight financing rate (SOFR), either to start or to fall back, beginning July 3, 2023 or at the beginning of the next reset period. As a result of finalizing transition, FHLBank adopted certain practical expedients in ASC 848 for qualifying contract modifications related to reference rate reform, including with respect to qualifying hedge relationships. Application of this guidance did not have a material impact on the FHLBank’s financial condition, results of operations, cash flows, or disclosures. For qualifying hedge relationships, FHLBank does not expect that the practical expedients elected for the duration of the hedge term will have a material impact on the financial statements. As all of FHLBank’s qualifying contracts transitioned at June 30, 2023, FHLBank does not expect to further elect provisions or expedients of this guidance through its ending date of December 31, 2024 because FHLBank has no outstanding LIBOR exposure. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENTS FHLBank's investment portfolio consists of interest-bearing deposits, securities purchased under agreements to resell, Federal funds sold, and debt securities. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold: FHLBank invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide short-term liquidity. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a Nationally Recognized Statistical Rating Organization (NRSRO). These may differ from internal ratings of the investments, if applicable. As of September 30, 2023, approximately 23 percent of these overnight investments were with counterparties not rated by an NRSRO. All transactions with unrated counterparties are secured transactions. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Federal Housing Finance Agency (FHFA) regulations include a limit on the amount of unsecured credit FHLBank may extend to a counterparty. As of September 30, 2023 and December 31, 2022, all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to the contractual terms. No allowance for credit losses was recorded for these assets as of September 30, 2023 and December 31, 2022. Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). Based upon the collateral held as security and collateral maintenance provisions with its counterparties, FHLBank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of September 30, 2023 and December 31, 2022. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable Debt Securities: FHLBank invests in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. FHLBank is prohibited by FHFA regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality, other than certain investments targeted at low-income persons or communities, but FHLBank is not required to divest instruments that experience credit deterioration after their purchase. FHLBank's debt securities include the following major security types, which are based on the issuer and the risk characteristics of the security: ▪ U.S. Treasury obligations - sovereign debt of the United States; ▪ GSE debentures - debentures issued by other FHLBanks, Federal National Mortgage Association (Fannie Mae), Federal Farm Credit Bank and Federal Agricultural Mortgage Corporation. GSE securities are not guaranteed by the U.S. government; ▪ State or local housing agency obligations - municipal bonds issued by housing finance agencies; ▪ U.S. obligation MBS - single-family MBS issued by Government National Mortgage Association (Ginnie Mae), which are guaranteed by the U.S. government; and ▪ GSE MBS - single-family and multifamily MBS issued by Fannie Mae and Federal Home Loan Mortgage Corporation (Freddie Mac). Trading Securities: Trading securities by major security type as of September 30, 2023 and December 31, 2022 are summarized in Table 3.1 (in thousands): Table 3.1 Fair Value 09/30/2023 12/31/2022 Non-mortgage-backed securities: U.S. Treasury obligations $ — $ 396,233 GSE debentures 285,509 388,955 Non-mortgage-backed securities 285,509 785,188 Mortgage-backed securities: GSE MBS 613,514 636,265 Mortgage-backed securities 613,514 636,265 TOTAL $ 899,023 $ 1,421,453 Net gains (losses) on trading securities during the three and nine months ended September 30, 2023 and 2022 are shown in Table 3.2 (in thousands): Table 3.2 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Net gains (losses) on trading securities held as of September 30, 2023 $ 717 $ (25,177) $ 1,354 $ (79,681) Net gains (losses) on trading securities sold or matured prior to September 30, 2023 1,499 (5,072) 5,245 (33,395) NET GAINS (LOSSES) ON TRADING SECURITIES $ 2,216 $ (30,249) $ 6,599 $ (113,076) Available-for-sale Securities: Available-for-sale securities by major security type as of September 30, 2023 are summarized in Table 3.3 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable Table 3.3 09/30/2023 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 2,925,749 $ 46 $ (35,408) $ 2,890,387 Non-mortgage-backed securities 2,925,749 46 (35,408) 2,890,387 Mortgage-backed securities: U.S. obligation MBS 113,689 — (2,343) 111,346 GSE MBS 7,958,498 26,305 (118,192) 7,866,611 Mortgage-backed securities 8,072,187 26,305 (120,535) 7,977,957 TOTAL $ 10,997,936 $ 26,351 $ (155,943) $ 10,868,344 Available-for-sale securities by major security type as of December 31, 2022 are summarized in Table 3.4 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable Table 3.4 12/31/2022 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 3,332,244 $ 1,493 $ (18,381) $ 3,315,356 Non-mortgage-backed securities 3,332,244 1,493 (18,381) 3,315,356 Mortgage-backed securities: U.S. obligation MBS 40,881 — (842) 40,039 GSE MBS 6,065,734 26,457 (93,170) 5,999,021 Mortgage-backed securities 6,106,615 26,457 (94,012) 6,039,060 TOTAL $ 9,438,859 $ 27,950 $ (112,393) $ 9,354,416 Table 3.5 summarizes the available-for-sale securities with gross unrealized losses as of September 30, 2023 (in thousands). The gross 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 09/30/2023 Less Than 12 Months 12 Months or More Total Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses Non-mortgage-backed securities: U.S. Treasury obligations $ 1,254,983 $ (9,465) $ 1,385,882 $ (25,943) $ 2,640,865 $ (35,408) Non-mortgage-backed securities 1,254,983 (9,465) 1,385,882 (25,943) 2,640,865 (35,408) Mortgage-backed securities: U.S. obligation MBS 74,703 (1,137) 36,643 (1,206) 111,346 (2,343) GSE MBS 2,831,073 (30,513) 3,149,749 (87,679) 5,980,822 (118,192) Mortgage-backed securities 2,905,776 (31,650) 3,186,392 (88,885) 6,092,168 (120,535) TOTAL $ 4,160,759 $ (41,115) $ 4,572,274 $ (114,828) $ 8,733,033 $ (155,943) Table 3.6 summarizes the available-for-sale securities with gross unrealized losses as of December 31, 2022 (in thousands). The gross 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 12/31/2022 Less Than 12 Months 12 Months or More Total Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses Non-mortgage-backed securities: U.S. Treasury obligations $ 1,540,880 $ (6,384) $ 532,968 $ (11,997) $ 2,073,848 $ (18,381) Non-mortgage-backed securities 1,540,880 (6,384) 532,968 (11,997) 2,073,848 (18,381) Mortgage-backed securities: U.S. obligation MBS 35,008 (766) 5,032 (76) 40,040 (842) GSE MBS 3,743,089 (56,545) 881,963 (36,625) 4,625,052 (93,170) Mortgage-backed securities 3,778,097 (57,311) 886,995 (36,701) 4,665,092 (94,012) TOTAL $ 5,318,977 $ (63,695) $ 1,419,963 $ (48,698) $ 6,738,940 $ (112,393) The amortized cost and fair values of available-for-sale securities by contractual maturity as of September 30, 2023 and December 31, 2022 are shown in Table 3.7 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.7 09/30/2023 12/31/2022 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ 249,477 $ 249,522 $ 1,240,015 $ 1,241,508 Due after one year through five years 2,676,272 2,640,865 1,876,301 1,858,697 Due after five years through ten years — — 215,928 215,151 Due after ten years — — — — Non-mortgage-backed securities 2,925,749 2,890,387 3,332,244 3,315,356 Mortgage-backed securities 8,072,187 7,977,957 6,106,615 6,039,060 TOTAL $ 10,997,936 $ 10,868,344 $ 9,438,859 $ 9,354,416 Held-to-maturity Securities: Held-to-maturity securities by major security type as of September 30, 2023 are summarized in Table 3.8 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable Table 3.8 09/30/2023 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 39,515 $ — $ (745) $ 38,770 Non-mortgage-backed securities 39,515 — (745) 38,770 Mortgage-backed securities: GSE MBS 236,942 119 (4,197) 232,864 Mortgage-backed securities 236,942 119 (4,197) 232,864 TOTAL $ 276,457 $ 119 $ (4,942) $ 271,634 Held-to-maturity securities by major security type as of December 31, 2022 are summarized in Table 3.9 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable Table 3.9 12/31/2022 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 70,505 $ — $ (1,737) $ 68,768 Non-mortgage-backed securities 70,505 — (1,737) 68,768 Mortgage-backed securities: GSE MBS 274,925 695 (4,129) 271,491 Mortgage-backed securities 274,925 695 (4,129) 271,491 TOTAL $ 345,430 $ 695 $ (5,866) $ 340,259 The amortized cost and fair values of held-to-maturity securities by contractual maturity as of September 30, 2023 and December 31, 2022 are shown in Table 3.10 (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 3.10 09/30/2023 12/31/2022 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ — $ — $ — $ — Due after one year through five years — — — — Due after five years through ten years 39,515 38,770 40,505 40,036 Due after ten years — — 30,000 28,732 Non-mortgage-backed securities 39,515 38,770 70,505 68,768 Mortgage-backed securities 236,942 232,864 274,925 271,491 TOTAL $ 276,457 $ 271,634 $ 345,430 $ 340,259 Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities: FHLBank evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. As of September 30, 2023 and 2022, FHLBank did not recognize a provision for credit losses associated with available-for-sale investments or held-to-maturity investments. Although certain available-for-sale securities were in an unrealized loss position, these losses are considered temporary as FHLBank expects to recover the entire amortized cost basis on these available-for-sale investment securities. FHLBank neither intends to sell these securities nor considers it more likely than not that it will be required to sell these securities before its anticipated recovery of each security's remaining amortized cost basis. FHLBank's held-to-maturity and available-for-sale securities: (1) were all highly rated and/or had short remaining terms to maturity; (2) had not experienced, nor did FHLBank expect, any payment default on the instruments; (3) in the case of U.S. obligations, carry an explicit government guarantee such that FHLBank considers the risk of nonpayment to be zero; and (4) in the case of GSE debentures or MBS, the securities are purchased under an assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. |
Advances
Advances | 9 Months Ended |
Sep. 30, 2023 | |
Advances [Abstract] | |
Advances | ADVANCES General Terms: FHLBank offers fixed and variable rate advance products with different maturities, interest rates, payment characteristics and optionality. As of both September 30, 2023 and December 31, 2022, FHLBank had advances outstanding at interest rates ranging from 0.40 percent to 7.20 percent and 0.29 percent to 7.20 percent, respectively. Table 4.1 presents advances summarized by redemption term as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands). The redemption term represents the period in which principal amounts are contractually due. Carrying amounts exclude accrued interest receivable Table 4.1 09/30/2023 12/31/2022 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 28,428,307 5.27 % $ 31,796,396 4.31 % Due after one year through two years 4,565,464 4.21 3,147,406 3.24 Due after two years through three years 3,640,809 3.72 2,784,200 3.30 Due after three years through four years 3,100,931 4.06 2,625,365 3.64 Due after four years through five years 3,153,385 3.98 1,894,308 3.52 Thereafter 1,956,778 3.04 2,407,040 3.07 Total par value 44,845,674 4.77 % 44,654,715 4.03 % Discounts (10,950) (13,141) Hedging adjustments (512,503) (378,824) TOTAL $ 44,322,221 $ 44,262,750 FHLBank offers advances that may be prepaid without prepayment or termination fees on predetermined exercise dates (call dates) prior to the stated advance maturity (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 generally exercises its call options on these advances when interest rates decline (fixed rate advances) or spreads change (adjustable rate advances). FHLBank also offers fixed rate advances that include a put option held by FHLBank. On the date FHLBank exercises its put option, the borrower has the option to prepay the advance in full without a fee or roll into another advance product. FHLBank would generally exercise its put option when interest rates increase. Other advances are prepayable with a prepayment fee that makes FHLBank economically indifferent to the prepayment. Convertible advances allow FHLBank to convert an advance from one interest payment term structure to another. When issuing convertible advances, FHLBank purchases put options from a member that allow 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. Convertible advances are no longer a current product offering; however, $155,900,000 remain outstanding at September 30, 2023. Table 4.2 presents advances summarized by redemption term or next call date and by redemption term or next put or conversion date as of September 30, 2023 and December 31, 2022 (in thousands): Table 4.2 Redemption Term Redemption Term or Next Put or Conversion Date Redemption Term 09/30/2023 12/31/2022 09/30/2023 12/31/2022 Due in one year or less $ 29,643,598 $ 33,289,458 $ 29,874,107 $ 31,992,646 Due after one year through two years 4,118,259 2,709,465 4,776,864 3,240,306 Due after two years through three years 3,524,932 2,552,756 3,730,809 2,801,700 Due after three years through four years 2,738,648 2,403,502 2,792,431 2,625,365 Due after four years through five years 2,993,229 1,568,168 2,063,885 1,884,308 Thereafter 1,827,008 2,131,366 1,607,578 2,110,390 TOTAL PAR VALUE $ 44,845,674 $ 44,654,715 $ 44,845,674 $ 44,654,715 Interest Rate Payment Terms : Table 4.3 details additional interest rate payment and redemption terms for advances as of September 30, 2023 and December 31, 2022 (in thousands): Table 4.3 Redemption Term 09/30/2023 12/31/2022 Fixed rate: Due in one year or less $ 27,506,807 $ 31,307,096 Due after one year through three years 6,221,523 3,984,356 Due after three years through five years 5,070,706 3,050,314 Due after five years through fifteen years 1,831,206 2,050,428 Due after fifteen years 32,770 35,010 Total fixed rate 40,663,012 40,427,204 Variable rate: Due in one year or less 921,500 489,300 Due after one year through three years 1,984,750 1,947,250 Due after three years through five years 1,183,610 1,469,360 Due after five years through fifteen years 90,302 319,101 Due after fifteen years 2,500 2,500 Total variable rate 4,182,662 4,227,511 TOTAL PAR VALUE $ 44,845,674 $ 44,654,715 Credit Risk Exposure and Security Terms: FHLBank manages its credit exposure to advances through an integrated approach that includes establishing a credit limit for each borrower. This approach includes an ongoing review of each borrower's financial condition, in conjunction with FHLBank's collateral and lending policies to limit risk of loss, while balancing borrowers' needs for a reliable source of funding. Using a risk-based approach and taking into consideration each borrower's financial strength, FHLBank considers the types and level of collateral to be the primary indicator of credit quality on advances. As of September 30, 2023 and December 31, 2022, FHLBank had rights to collateral on a borrower-by-borrower basis with an estimated value greater than its outstanding advances. FHLBank continues to evaluate and make changes to its collateral guidelines, as necessary, based on current market conditions. As of September 30, 2023 and December 31, 2022, no advances were past due, on nonaccrual status, or considered impaired. Based on the collateral held as security, FHLBank's credit extension and collateral policies, and repayment history on advances, no losses are expected on advances as of September 30, 2023 and December 31, 2022, and therefore no allowance for credit losses on advances was recorded. |
Mortgage Loans
Mortgage Loans | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Mortgage Loans | MORTGAGE LOANS Mortgage loans held for portfolio consist of loans obtained through the MPF Program and are either conventional mortgage loans or government-guaranteed or -insured mortgage loans. Under the MPF Program, FHLBank purchases single-family mortgage loans that are originated or acquired by participating financial institutions (PFI). These mortgage loans are credit-enhanced by PFIs or are guaranteed or insured by Federal agencies. Mortgage Loans Held for Portfolio: Table 5.1 presents information as of September 30, 2023 and December 31, 2022 on mortgage loans held for portfolio (in thousands). Carrying amounts exclude accrued interest receivable Table 5.1 09/30/2023 12/31/2022 Real estate: Fixed rate, medium-term 1 , single-family mortgages $ 1,080,329 $ 1,189,428 Fixed rate, long-term, single-family mortgages 7,058,115 6,640,750 Total unpaid principal balance 8,138,444 7,830,178 Premiums 94,040 97,210 Discounts (4,981) (2,230) Deferred loan costs, net 41 46 Hedging adjustments (14,194) (13,691) Total before allowance for credit losses on mortgage loans 8,213,350 7,911,513 Allowance for credit losses on mortgage loans (6,212) (6,378) MORTGAGE LOANS HELD FOR PORTFOLIO, NET $ 8,207,138 $ 7,905,135 1 Medium-term defined as a term of 15 years or less at origination. Table 5.2 presents information as of September 30, 2023 and December 31, 2022 on the outstanding unpaid principal balance of mortgage loans held for portfolio (in thousands): Table 5.2 09/30/2023 12/31/2022 Conventional loans $ 7,804,699 $ 7,486,591 Government-guaranteed or -insured loans 333,745 343,587 TOTAL UNPAID PRINCIPAL BALANCE $ 8,138,444 $ 7,830,178 Payment Status of Mortgage Loans: Payment status is the key credit quality indicator for conventional mortgage loans and allows FHLBank to monitor borrower performance. A past due loan is one where the borrower has failed to make a full payment of principal and interest within 30 days of its due date. Other delinquency statistics include nonaccrual loans and loans in process of foreclosure. Table 5.3 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of September 30, 2023 (dollar amounts in thousands): Table 5.3 09/30/2023 Conventional Loans Government Total Origination Year Subtotal Prior to 2019 2019 2020 2021 2022 2023 Amortized Cost: 1 Past due 30-59 days delinquent $ 18,870 $ 7,262 $ 3,715 $ 7,197 $ 3,702 $ 2,035 $ 42,781 $ 8,996 $ 51,777 Past due 60-89 days delinquent 4,476 1,979 1,115 280 2,391 — 10,241 2,717 12,958 Past due 90 days or more delinquent 7,899 4,485 1,214 816 203 — 14,617 3,157 17,774 Total past due 31,245 13,726 6,044 8,293 6,296 2,035 67,639 14,870 82,509 Total current loans 1,828,719 998,957 1,540,115 1,752,186 856,909 830,859 7,807,745 323,096 8,130,841 Total mortgage loans $ 1,859,964 $ 1,012,683 $ 1,546,159 $ 1,760,479 $ 863,205 $ 832,894 $ 7,875,384 $ 337,966 $ 8,213,350 Other delinquency statistics: In process of foreclosure 2 $ 4,598 $ 637 $ 5,235 Serious delinquency rate 3 0.2 % 0.9 % 0.2 % Past due 90 days or more and still accruing interest $ — $ 3,157 $ 3,157 Loans on nonaccrual status 4 $ 18,332 $ — $ 18,332 1 Excludes accrued interest receivable. 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 amortized cost for the portfolio class. 4 Includes $9,818,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans. Table 5.4 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of December 31, 2022 (dollar amounts in thousands): Table 5.4 12/31/2022 Conventional Loans Government Total Origination Year Subtotal Prior to 2018 2018 2019 2020 2021 2022 Amortized Cost: 1 Past due 30-59 days delinquent $ 18,393 $ 3,969 $ 7,382 $ 4,264 $ 8,120 $ 4,437 $ 46,565 $ 10,381 $ 56,946 Past due 60-89 days delinquent 3,586 1,125 1,023 674 920 698 8,026 1,460 9,486 Past due 90 days or more delinquent 6,546 3,930 6,810 1,509 928 — 19,723 4,169 23,892 Total past due 28,525 9,024 15,215 6,447 9,968 5,135 74,314 16,010 90,324 Total current loans 1,744,631 280,448 1,074,312 1,646,404 1,857,020 886,268 7,489,083 332,106 7,821,189 Total mortgage loans $ 1,773,156 $ 289,472 $ 1,089,527 $ 1,652,851 $ 1,866,988 $ 891,403 $ 7,563,397 $ 348,116 $ 7,911,513 Other delinquency statistics: In process of foreclosure 2 $ 8,431 $ 920 $ 9,351 Serious delinquency rate 3 0.3 % 1.2 % 0.3 % Past due 90 days or more and still accruing interest $ — $ 4,169 $ 4,169 Loans on nonaccrual status 4 $ 22,542 $ — $ 22,542 1 Excludes accrued interest receivable. 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 amortized cost for the portfolio class. 4 Includes $13,288,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans. Allowance for Credit Losses: Conventional Mortgage Loans: Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. FHLBank determines its allowance for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current economic conditions, and reasonable and supportable forecasts of expected economic conditions. FHLBank uses a third-party projected cash flow model to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior. The forecasts used in the calculation of expected credit losses cover the contractual terms of the loans rather than a reversion to historical trends after a forecasted period. FHLBank also incorporates associated credit enhancements, as available, to determine its estimate of expected credit losses. Certain conventional loans may be evaluated for credit losses using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. FHLBank may estimate the fair value of this collateral by applying an appropriate loss severity rate or by using third party estimates or property valuation model(s). The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. FHLBank records a direct charge-off of the loan balance if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. FHLBank established an allowance for credit losses on its conventional mortgage loans held for portfolio. Table 5.5 presents a roll-forward of the allowance for credit losses on mortgage loans for the three and nine months ended September 30, 2023 and 2022. Table 5.5 Three Months Ended Nine Months Ended Conventional Loans 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Balance, beginning of the period $ 6,630 $ 5,202 $ 6,378 $ 5,317 Net (charge-offs) recoveries (385) 51 (477) 351 Provision (reversal) for credit losses (33) 115 311 (300) Balance, end of the period $ 6,212 $ 5,368 $ 6,212 $ 5,368 Government-Guaranteed or -Insured Mortgage Loans: FHLBank invests in fixed rate mortgage loans that are insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and/or the Department of Housing and Urban Development. The servicer provides and maintains insurance or a guarantee from the applicable government agency. The servicer is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable guarantee or insurance with respect to defaulted government-guaranteed or -insured mortgage loans. Based on FHLBank's assessment of its servicers and the collateral backing the loans, the risk of loss was immaterial; consequently, no allowance for credit losses for government-guaranteed or -insured mortgage loans was recorded as of September 30, 2023 and December 31, 2022. Furthermore, none of these mortgage loans have been placed on nonaccrual status because of the U.S. government guarantee or insurance on these loans and the contractual obligation of the loan servicer to repurchase the loans when certain criteria are met. |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives And Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Table 6.1 presents outstanding notional amounts and fair values of the derivatives outstanding by type of derivative and by hedge designation as of September 30, 2023 and December 31, 2022 (in thousands). Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. Table 6.1 09/30/2023 12/31/2022 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps $ 44,925,032 $ 213,040 $ 575,808 $ 34,967,420 $ 134,299 $ 609,555 Total derivatives designated as hedging relationships 44,925,032 213,040 575,808 34,967,420 134,299 609,555 Derivatives not designated as hedging instruments: Interest rate swaps 4,871,030 32,866 593 14,149,543 34,187 1,257 Interest rate caps/floors 304,000 1,811 — 304,000 1,727 — Mortgage delivery commitments 48,915 27 135 33,882 24 173 Total derivatives not designated as hedging instruments 5,223,945 34,704 728 14,487,425 35,938 1,430 TOTAL $ 50,148,977 247,744 576,536 $ 49,454,845 170,237 610,985 Netting adjustments and cash collateral 1 84,152 (575,733) 101,839 (608,626) DERIVATIVE ASSETS AND LIABILITIES $ 331,896 $ 803 $ 272,076 $ 2,359 1 Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively. FHLBank carries derivative instruments at fair value on its Statements of Condition. Changes in fair value of the derivative hedging instrument and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item. Gains (losses) on fair value hedges include unrealized changes in fair value as well as net interest settlements. For the three months ended September 30, 2023 and 2022, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.2 (in thousands): Table 6.2 Three Months Ended 09/30/2023 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 634,899 $ 159,499 $ 284,947 $ 579,352 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 149,032 $ 134,941 $ (2,660) $ (66,086) Hedged items 2 (72,773) (85,579) (6,153) (26,480) NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ 76,259 $ 49,362 $ (8,813) $ (92,566) Three Months Ended 09/30/2022 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 211,173 $ 59,920 $ 117,644 $ 175,920 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 184,879 $ 215,644 $ (21,255) $ (240,632) Hedged items 2 (174,839) (204,404) 21,121 224,576 NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ 10,040 $ 11,240 $ (134) $ (16,056) 1 Includes net interest settlements in interest income/expense. 2 Includes amortization/accretion on closed fair value relationships in interest income. For the nine months ended September 30, 2023 and 2022, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.3 (in thousands): Table 6.3 Nine Months Ended 09/30/2023 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 1,785,223 $ 421,079 $ 836,651 $ 1,581,173 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 311,358 $ 218,729 $ (5,569) $ (180,366) Hedged items 2 (133,680) (74,802) (23,902) (55,142) NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ 177,678 $ 143,927 $ (29,471) $ (235,508) Nine Months Ended 09/30/2022 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 326,928 $ 100,664 $ 147,678 $ 292,252 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 462,228 $ 541,165 $ (33,973) $ (593,986) Hedged items 2 (474,731) (562,165) 41,948 607,335 NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ (12,503) $ (21,000) $ 7,975 $ 13,349 1 Includes net interest settlements in interest income/expense. 2 Includes amortization/accretion on closed fair value relationships in interest income. Table 6.4 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items as of September 30, 2023 and December 31, 2022 (in thousands): Table 6.4 09/30/2023 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 12,633,547 $ (502,711) $ (9,792) $ (512,503) Available-for-sale securities 6,052,223 (493,786) — (493,786) Consolidated obligation discount notes (4,135,294) 6,963 — 6,963 Consolidated obligation bonds (20,709,096) 555,487 (6,034) 549,453 12/31/2022 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 8,161,351 $ (387,377) $ 8,553 $ (378,824) Available-for-sale securities 5,959,781 (418,984) — (418,984) Consolidated discount notes (7,562,117) 30,865 — 30,865 Consolidated obligation bonds (11,657,093) 604,595 — 604,595 1 Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded). 2 Included in amortized cost of the hedged asset/liability. Table 6.5 provides information regarding net gains (losses) on derivatives recorded in non-interest income (in thousands). Table 6.5 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ (2,202) $ 28,284 $ 882 $ 109,271 Interest rate caps/floors (93) 780 32 1,865 Net interest settlements 8,393 (1,201) 25,948 (17,045) Price alignment interest (216) (36) (607) (33) Mortgage delivery commitments (650) (1,629) (1,254) (8,483) NET GAINS (LOSSES) ON DERIVATIVES $ 5,232 $ 26,198 $ 25,001 $ 85,575 FHLBank utilizes two Derivative Clearing Organizations (Clearinghouse) for all cleared derivative transactions, LCH Limited and CME Clearing. At both Clearinghouses, initial margin is considered cash collateral. 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. FHLBank was not required to post additional initial margin by its clearing agents as of September 30, 2023 and December 31, 2022. FHLBank’s net exposure on derivative agreements is presented in Note 9. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Deposits [Abstract] | |
Deposits | DEPOSITS FHLBank offers demand, overnight and short-term deposit programs to its members and to other qualifying non-members. A member that services mortgage loans may also deposit funds collected in connection with the mortgage loans, pending disbursement of these funds to the owners of the mortgage loans. FHLBank classifies these funds as other deposits. Deposits classified as demand and overnight pay interest based on a daily interest rate. Term deposits pay interest based on a fixed rate determined at the issuance of the deposit. Table 7.1 details the types of deposits held by FHLBank as of September 30, 2023 and December 31, 2022 (in thousands): Table 7.1 09/30/2023 12/31/2022 Interest-bearing: Demand $ 280,042 $ 301,073 Overnight 413,600 352,400 Term 5,700 12,000 Total interest-bearing 699,342 665,473 Non-interest-bearing: Other 52,610 45,588 Total non-interest-bearing 52,610 45,588 TOTAL DEPOSITS $ 751,952 $ 711,061 |
Consolidated Obligations
Consolidated Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations | CONSOLIDATED OBLIGATIONS Consolidated Obligation Bonds: Table 8.1 presents FHLBank’s participation in consolidated obligation bonds outstanding as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): Table 8.1 09/30/2023 12/31/2022 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 28,996,115 4.89 % $ 21,936,100 3.77 % Due after one year through two years 9,631,390 3.97 7,074,505 2.97 Due after two years through three years 3,289,220 1.84 3,508,370 1.95 Due after three years through four years 2,960,110 2.10 4,254,750 1.74 Due after four years through five years 1,466,350 2.92 1,694,660 1.79 Thereafter 4,306,650 2.41 4,638,150 1.99 Total par value 50,649,835 4.09 % 43,106,535 3.02 % Premiums 13,563 18,950 Discounts (3,818) (3,789) Concession fees (11,254) (11,262) Hedging adjustments (549,453) (604,595) TOTAL $ 50,098,873 $ 42,505,839 FHLBank issues optional principal redemption bonds (callable bonds) that may be redeemed in whole or in part at the discretion of FHLBank on predetermined call dates in accordance with terms of bond offerings. FHLBank’s consolidated obligation bonds outstanding as of September 30, 2023 and December 31, 2022 includes callable bonds totaling $22,663,000,000 and $16,008,000,000, respectively. Table 8.2 summarizes FHLBank’s consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of September 30, 2023 and December 31, 2022 (in thousands): Table 8.2 Year of Maturity or Next Call Date 09/30/2023 12/31/2022 Due in one year or less $ 42,513,115 $ 35,682,600 Due after one year through two years 5,843,390 4,789,005 Due after two years through three years 755,220 940,370 Due after three years through four years 679,110 1,067,750 Due after four years through five years 552,850 256,660 Thereafter 306,150 370,150 TOTAL PAR VALUE $ 50,649,835 $ 43,106,535 Table 8.3 summarizes interest rate payment terms for consolidated obligation bonds as of September 30, 2023 and December 31, 2022 (in thousands): Table 8.3 09/30/2023 12/31/2022 Fixed rate $ 28,594,335 $ 19,194,535 Simple variable rate 20,218,500 21,625,000 Step 1,837,000 2,287,000 TOTAL PAR VALUE $ 50,649,835 $ 43,106,535 Consolidated Discount Notes: Table 8.4 summarizes FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 8.4 Carrying Value Par Value Weighted Average Interest Rate 1 September 30, 2023 $ 17,892,734 $ 18,052,225 5.12 % December 31, 2022 $ 24,775,405 $ 24,997,018 3.81 % 1 Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subject
Assets and Liabilities Subject to Offsetting | 9 Months Ended |
Sep. 30, 2023 | |
Offsetting [Abstract] | |
Assets and Liabilities Subject to Offsetting | ASSETS AND LIABILITIES SUBJECT TO OFFSETTING 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, FHLBank has elected to offset its asset and liability positions, as well as cash collateral received or pledged, including associated accrued interest. FHLBank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or clearing agent, or both. Based on this analysis, FHLBank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. Tables 9.1 and 9.2 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 FHLBank’s master netting arrangements or similar agreements as of September 30, 2023 and December 31, 2022 (in thousands): Table 9.1 09/30/2023 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 244,197 $ (241,265) $ 2,932 $ (27) $ 2,905 Cleared derivatives 3,547 325,417 328,964 — 328,964 Total derivative assets 247,744 84,152 331,896 (27) 331,869 Securities purchased under agreements to resell 1,825,000 — 1,825,000 (1,825,000) — TOTAL $ 2,072,744 $ 84,152 $ 2,156,896 $ (1,825,027) $ 331,869 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.2 12/31/2022 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 154,844 $ (153,125) $ 1,719 $ (24) $ 1,695 Cleared derivatives 15,393 254,964 270,357 — 270,357 Total derivative assets 170,237 101,839 272,076 (24) 272,052 Securities purchased under agreements to resell 2,350,000 — 2,350,000 (2,350,000) — TOTAL $ 2,520,237 $ 101,839 $ 2,622,076 $ (2,350,024) $ 272,052 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Tables 9.3 and 9.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of September 30, 2023 and December 31, 2022 (in thousands): Table 9.3 09/30/2023 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 560,769 $ (559,966) $ 803 $ (135) $ 668 Cleared derivatives 15,767 (15,767) — — — Total derivative liabilities 576,536 (575,733) 803 (135) 668 TOTAL $ 576,536 $ (575,733) $ 803 $ (135) $ 668 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.4 12/31/2022 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 609,169 $ (606,810) $ 2,359 $ (173) $ 2,186 Cleared derivatives 1,816 (1,816) — — — Total derivative liabilities 610,985 (608,626) 2,359 (173) 2,186 TOTAL $ 610,985 $ (608,626) $ 2,359 $ (173) $ 2,186 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital
Capital | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Capital | CAPITAL Capital Requirements: FHLBank is subject to three capital requirements under the provisions of the Gramm-Leach-Bliley Act (GLB Act) and the FHFA's capital structure regulation. Regulatory capital does not include AOCI but does include mandatorily redeemable capital stock. • Risk-based capital. FHLBank must maintain at all times permanent capital in an amount at least equal to the sum of its credit risk, market risk and operational risk capital requirements. The risk-based capital requirements are all calculated in accordance with the rules and regulations of the FHFA. Only permanent capital, defined as the amounts paid-in for Class B Common Stock and retained earnings, can be used by FHLBank to satisfy its risk-based capital requirement. The FHFA may require FHLBank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined, but the FHFA has not placed any such requirement on FHLBank to date. • Total regulatory capital. The GLB Act requires 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 FHFA as available to absorb losses. • Leverage capital. 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 10.1 illustrates that FHLBank was in compliance with its regulatory capital requirements as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): Table 10.1 09/30/2023 12/31/2022 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 754,537 $ 3,663,076 $ 481,076 $ 3,522,040 Total regulatory capital-to-asset ratio 4.0 % 5.5 % 4.0 % 5.2 % Total regulatory capital $ 2,925,452 $ 4,021,290 $ 2,879,714 $ 3,761,094 Leverage capital ratio 5.0 % 8.0 % 5.0 % 7.7 % Leverage capital $ 3,656,815 $ 5,852,828 $ 3,599,642 $ 5,522,115 Mandatorily Redeemable Capital Stock: FHLBank is a cooperative whose members own most of FHLBank’s capital stock. Former members (including certain non-members that own FHLBank capital stock as a result of merger or acquisition, relocation, charter termination, or involuntary termination of an FHLBank member) own the remaining capital stock to support business transactions still carried on FHLBank's Statements of Condition. Shares cannot be purchased or sold except between FHLBank and its members at a price equal to the $100 per share par value. Table 10.2 presents a roll-forward of mandatorily redeemable capital stock for the three and nine months ended September 30, 2023 and 2022 (in thousands): Table 10.2 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Balance, beginning of period $ 263 $ 537 $ 280 $ 582 Capital stock subject to mandatory redemption reclassified from equity during the period 153,179 144,680 646,676 603,043 Redemption or repurchase of mandatorily redeemable capital stock during the period (153,192) (144,926) (646,713) (603,336) Stock dividend classified as mandatorily redeemable capital stock during the period 3 1 10 3 Balance, end of period $ 253 $ 292 $ 253 $ 292 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. FHFA rules limit the ability of FHLBank to create excess member stock under certain circumstances. For example, FHLBank may not pay dividends in the form of capital stock or issue new excess stock to members if FHLBank’s excess stock exceeds one percent of its total assets or if the issuance of excess stock would cause FHLBank’s excess stock to exceed one percent of its total assets. As of September 30, 2023, FHLBank’s excess stock was less than one percent of total assets. Capital Classification Determination: The FHFA determines each FHLBank’s capital classification on at least a quarterly basis. If an FHLBank is determined to be other than adequately capitalized, that FHLBank becomes subject to additional supervisory authority by the FHFA. Before implementing a reclassification, the Director of the FHFA is required to provide an FHLBank with written notice of the proposed action and an opportunity to submit a response. As of the most recent review by the FHFA, FHLBank Topeka was classified as adequately capitalized. Stock Dividends: FHLBank’s board of directors may declare and pay non-cumulative dividends, expressed as a percentage rate per annum based upon the par value of capital stock on shares of Class A Common Stock outstanding and on shares of Class B Common Stock outstanding, out of previously unrestricted retained earnings and current earnings in either cash or Class B Common Stock. There is no dividend preference between Class A Common Stockholders and Class B Common Stockholders up to the Dividend Parity Threshold (DPT). Dividend rates in excess of the DPT may be paid on Class A Common Stock or Class B Common Stock at the discretion of the board of directors, provided, however, that the dividend rate paid per annum on the Class B Common Stock equals or exceeds the dividend rate per annum paid on the Class A Common Stock for any dividend period. The DPT can be changed at any time by the board of directors but will only be effective for dividends paid at least 90 days after the date members are notified by FHLBank. The DPT effective for dividends paid during 2022 and the first quarter of 2023 was equal to the average overnight Federal funds effective rate minus 100 basis points. On March 24, 2023, the board of directors revised the DPT as the average effective overnight Federal funds rate for a dividend period minus 200 basis points. This DPT became effective for the second quarter of 2023 and will continue to be effective until such time as it may be changed by the board of directors. When the overnight Federal funds effective rate is below 2.00 percent, the DPT is zero for that dividend period (DPT is floored at zero). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME Table 11.1 summarizes the changes in AOCI for the three months ended September 30, 2023 and 2022 (in thousands): Table 11.1 Three Months Ended Net Unrealized Gains (Losses) on Available-for-sale Securities Defined Benefit Pension Plan Total AOCI Balance at June 30, 2022 $ (21,103) $ (2,250) $ (23,353) Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (29,088) (29,088) Reclassifications from other comprehensive income (loss) to net income: Amortization of net losses - defined benefit pension plan 1 63 63 Net current period other comprehensive income (loss) (29,088) 63 (29,025) Balance at September 30, 2022 $ (50,191) $ (2,187) $ (52,378) Balance at June 30, 2023 $ (84,002) $ 173 $ (83,829) Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (45,590) (45,590) Net current period other comprehensive income (loss) (45,590) — (45,590) Balance at September 30, 2023 $ (129,592) $ 173 $ (129,419) 1 Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). Table 11.2 summarizes the changes in AOCI for the nine months ended September 30, 2023 and 2022 (in thousands): Table 11.2 Nine Months Ended Net Unrealized Gains (Losses) on Available-for-sale Securities Defined Benefit Pension Plan Total AOCI Balance at December 31, 2021 $ 74,689 $ (2,374) $ 72,315 Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (124,880) (124,880) Reclassifications from other comprehensive income (loss) to net income: Amortization of net losses - defined benefit pension plan 1 187 187 Net current period other comprehensive income (loss) (124,880) 187 (124,693) Balance at September 30, 2022 $ (50,191) $ (2,187) $ (52,378) Balance at December 31, 2022 $ (84,443) $ 173 $ (84,270) Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (45,149) (45,149) Net current period other comprehensive income (loss) (45,149) — (45,149) Balance at September 30, 2023 $ (129,592) $ 173 $ (129,419) 1 Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2023 | |
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 FHLBank using available market and other pertinent information and reflect FHLBank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Although 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 September 30, 2023 and December 31, 2022. Additionally, these values do not represent an estimate of the overall market value of FHLBank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. Subjectivity of Estimates: Estimates of the fair value of advances with options, mortgage instruments, and derivatives with embedded options are 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 fair value hierarchy requires 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. 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 FHLBank can access on the measurement date. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 Inputs – Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets 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. Valuations are derived from techniques that use significant assumptions not observable in the market, which include pricing models, discounted cash flow models using an unobservable discount rate, or similar techniques. 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 transfers of assets or liabilities between fair value levels during the three and nine months ended September 30, 2023 and 2022. Tables 12.1 and 12.2 present the carrying value, fair value and fair value hierarchy of financial assets and liabilities as of September 30, 2023 and December 31, 2022. FHLBank records trading securities, available-for-sale securities, derivative assets, and derivative liabilities at fair value on a recurring basis, and on occasion certain mortgage loans held for portfolio and certain other assets at fair value on a nonrecurring basis. FHLBank measures all other financial assets and liabilities at amortized cost. Further details about the financial assets and liabilities held at fair value on either a recurring or non-recurring basis are presented in Tables 12.3 and 12.4. The carrying value, fair value and fair value hierarchy of FHLBank’s financial assets and liabilities as of September 30, 2023 and December 31, 2022 are summarized in Tables 12.1 and 12.2 (in thousands): Table 12.1 09/30/2023 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 26,652 $ 26,652 $ 26,652 $ — $ — $ — Interest-bearing deposits 1,698,340 1,698,340 — 1,698,340 — — Securities purchased under agreements to resell 1,825,000 1,825,000 — 1,825,000 — — Federal funds sold 4,400,000 4,400,000 — 4,400,000 — — Trading securities 899,023 899,023 — 899,023 — — Available-for-sale securities 10,868,344 10,868,344 — 10,868,344 — — Held-to-maturity securities 276,457 271,634 — 232,864 38,770 — Advances 44,322,221 44,281,186 — 44,281,186 — — Mortgage loans held for portfolio, net of allowance 8,207,138 6,901,866 — 6,899,367 2,499 — Accrued interest receivable 201,430 201,430 — 201,430 — — Derivative assets 331,896 331,896 — 247,744 — 84,152 Liabilities: Deposits 751,952 751,953 — 751,953 — — Consolidated obligation discount notes 17,892,734 17,892,180 — 17,892,180 — — Consolidated obligation bonds 50,098,873 48,815,150 — 48,815,150 — — Mandatorily redeemable capital stock 253 253 253 — — — Accrued interest payable 357,213 357,213 — 357,213 — — Derivative liabilities 803 803 — 576,536 — (575,733) Other Asset (Liability): Industrial revenue bonds 35,000 31,643 — 31,643 — — Financing obligation payable (35,000) (31,643) — (31,643) — — 1 Represents the effect of legally enforceable master netting agreements that allow 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. Table 12.2 12/31/2022 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 25,964 $ 25,964 $ 25,964 $ — $ — $ — Interest-bearing deposits 2,039,852 2,039,852 — 2,039,852 — — Securities purchased under agreements to resell 2,350,000 2,350,000 — 2,350,000 — — Federal funds sold 3,750,000 3,750,000 — 3,750,000 — — Trading securities 1,421,453 1,421,453 — 1,421,453 — — Available-for-sale securities 9,354,416 9,354,416 — 9,354,416 — — Held-to-maturity securities 345,430 340,259 — 271,491 68,768 — Advances 44,262,750 44,173,791 — 44,173,791 — — Mortgage loans held for portfolio, net of allowance 7,905,135 6,639,257 — 6,638,132 1,125 — Accrued interest receivable 186,594 186,594 — 186,594 — — Derivative assets 272,076 272,076 — 170,237 — 101,839 Liabilities: Deposits 711,061 711,052 — 711,052 — — Consolidated obligation discount notes 24,775,405 24,630,686 — 24,630,686 — — Consolidated obligation bonds 42,505,839 41,258,883 — 41,258,883 — — Mandatorily redeemable capital stock 280 280 280 — — — Accrued interest payable 197,175 197,175 — 197,175 — — Derivative liabilities 2,359 2,359 — 610,985 — (608,626) Other Asset (Liability): Industrial revenue bonds 35,000 31,948 — 31,948 — — Financing obligation payable (35,000) (31,948) — (31,948) — — 1 Represents the effect of legally enforceable master netting agreements that allow 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. Fair Value Measurements: Tables 12.3 and 12.4 present, for each hierarchy level, 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 September 30, 2023 and December 31, 2022 (in thousands). Table 12.3 09/30/2023 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: GSE debentures $ 285,509 $ — $ 285,509 $ — $ — GSE MBS 613,514 — 613,514 — — Total trading securities 899,023 — 899,023 — — Available-for-sale securities: U.S. Treasury obligations 2,890,387 — 2,890,387 — — U.S. obligation MBS 111,346 — 111,346 — — GSE MBS 7,866,611 — 7,866,611 — — Total available-for-sale securities 10,868,344 — 10,868,344 — — Derivative assets: Interest-rate related 331,869 — 247,717 — 84,152 Mortgage delivery commitments 27 — 27 — — Total derivative assets 331,896 — 247,744 — 84,152 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 12,099,263 $ — $ 12,015,111 $ — $ 84,152 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 668 $ — $ 576,401 $ — $ (575,733) Mortgage delivery commitments 135 — 135 — — Total derivative liabilities 803 — 576,536 — (575,733) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 803 $ — $ 576,536 $ — $ (575,733) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 2,537 $ — $ — $ 2,537 $ — Real estate owned 43 — — 43 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 2,580 $ — $ — $ 2,580 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the nine months ended September 30, 2023 and still outstanding as of September 30, 2023. Table 12.4 12/31/2022 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: U.S. Treasury obligations $ 396,233 $ — $ 396,233 $ — $ — GSE debentures 388,955 — 388,955 — — GSE MBS 636,265 — 636,265 — — Total trading securities 1,421,453 — 1,421,453 — — Available-for-sale securities: U.S. Treasury obligations 3,315,356 — 3,315,356 — — U.S. obligation MBS 40,039 — 40,039 — — GSE MBS 5,999,021 — 5,999,021 — — Total available-for-sale securities 9,354,416 — 9,354,416 — — Derivative assets: Interest-rate related 272,052 — 170,213 — 101,839 Mortgage delivery commitments 24 — 24 — — Total derivative assets 272,076 — 170,237 — 101,839 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 11,047,945 $ — $ 10,946,106 $ — $ 101,839 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 2,186 $ — $ 610,812 $ — $ (608,626) Mortgage delivery commitments 173 — 173 — — Total derivative liabilities 2,359 — 610,985 — (608,626) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 2,359 $ — $ 610,985 $ — $ (608,626) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 1,164 $ — $ — $ 1,164 $ — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 1,164 $ — $ — $ 1,164 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the year ended December 31, 2022 and still outstanding as of December 31, 2022. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Joint and Several Liability: As provided in the Bank Act or in FHFA regulations, 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 $1,161,172,587,000 and $1,113,638,974,000 as of September 30, 2023 and December 31, 2022, respectively. Off-balance Sheet Commitments: Table 13.1 presents off-balance sheet commitments at September 30, 2023 and December 31, 2022 (in thousands). No allowance for credit losses was recorded on these commitments at September 30, 2023 and December 31, 2022. Table 13.1 09/30/2023 12/31/2022 Notional Amount Expire Expire Total Expire Expire Total Standby letters of credit outstanding $ 6,692,755 $ 9,516 $ 6,702,271 $ 6,475,917 $ 250 $ 6,476,167 Advance commitments outstanding 86,496 3,615 90,111 173,959 2,505 176,464 Principal commitments for standby bond purchase agreements 326,965 595,520 922,485 212,705 646,165 858,870 Commitments to fund or purchase mortgage loans 48,915 — 48,915 33,882 — 33,882 Commitments to issue consolidated bonds, at par 766,500 — 766,500 501,000 — 501,000 Commitments to issue consolidated discount notes, at par — — — 7,500 — 7,500 Commitments to Extend Credit: FHLBank issues standby letters of credit on behalf of its members to support certain obligations of the members to third-party beneficiaries. These standby letters of credit are subject to the same collateralization and borrowing limits that are applicable to advances and are fully collateralized at the time of issuance with assets allowed by FHLBank’s Member Products Policy (MPP). Standby letters of credit may be offered to assist members and non-member housing associates in facilitating residential housing finance, community lending, and asset-liability management, and to provide liquidity. In particular, members often use standby letters of credit as collateral for deposits from federal and state government agencies. Standby letters of credit are executed for members for a fee. If FHLBank is required to make payment for a beneficiary's draw, the member either reimburses FHLBank for the amount drawn or, subject to FHLBank's discretion, the amount drawn may be converted into a collateralized advance to the member. However, standby letters of credit usually expire without being drawn upon. FHLBank's current outstanding standby letters of credit expire no later than 2027. Unearned fees as well as the value of the guarantees related to standby letters of credit are recorded in other liabilities and amounted to $2,497,000 and $1,878,000 as of September 30, 2023 and December 31, 2022, respectively. Advance commitments legally bind and unconditionally obligate 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, FHLBank does not expect to incur any credit losses on the outstanding letters of credit or advance commitments. Standby Bond-Purchase Agreements: FHLBank has entered into standby bond purchase agreements with state housing authorities whereby 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 FHLBank to purchase the bond and typically allows FHLBank to terminate the agreement upon the occurrence of a default event of the issuer. The bond purchase commitments entered into by FHLBank expire no later than 2028, though some are renewable at the option of FHLBank. As of September 30, 2023 and December 31, 2022, the total commitments for bond purchases included agreements with two in-district state housing authorities. FHLBank was not required to purchase any bonds under any agreements during the nine months ended September 30, 2023 and 2022. Commitments to Purchase Mortgage Loans: These commitments that unconditionally obligate 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. FHLBank recorded mortgage delivery commitment net derivative asset (liability) balances of $(108,000) and $(149,000) as of September 30, 2023 and December 31, 2022, respectively. Commitments to Issue Consolidated Obligations: FHLBank enters into commitments to issue consolidated obligation bonds and discount notes outstanding in the normal course of its business. Most settle within the shortest period possible and are considered regular way trades; however, certain commitments are recorded as derivatives at their fair values on the Statements of Condition. |
Transactions With Stockholders
Transactions With Stockholders | 9 Months Ended |
Sep. 30, 2023 | |
Federal Home Loan Banks [Abstract] | |
Transactions With Stockholders | TRANSACTIONS WITH STOCKHOLDERS FHLBank is a cooperative whose members own most of the capital stock of 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. 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 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, FHLBank defines related parties as FHLBank directors’ financial institutions and members with capital stock investments in excess of 10 percent of FHLBank’s total regulatory capital stock outstanding, which includes mandatorily redeemable capital stock. Activity with Members that Exceed a 10 Percent Ownership in FHLBank Regulatory Capital Stock: Tables 14.1 and 14.2 present information on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands). None of the officers or directors of these members currently serve on FHLBank’s board of directors. Table 14.1 09/30/2023 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 MidFirst Bank OK $ 24,133 6.7 % $ 482,957 21.1 % $ 507,090 19.1 % BOKF, N.A. OK 80,493 22.5 278,945 12.2 359,438 13.6 TOTAL $ 104,626 29.2 % $ 761,902 33.3 % $ 866,528 32.7 % Table 14.2 12/31/2022 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 MidFirst Bank OK $ 500 0.2 % $ 493,412 21.7 % $ 493,912 19.7 % TOTAL $ 500 0.2 % $ 493,412 21.7 % $ 493,912 19.7 % Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of September 30, 2023 and December 31, 2022 are summarized in Table 14.3 (dollar amounts in thousands). Table 14.3 09/30/2023 12/31/2022 09/30/2023 12/31/2022 Member Name Outstanding Advances Percent of Total Outstanding Advances Percent of Total Outstanding Deposits Percent of Total Outstanding Deposits Percent of Total MidFirst Bank $ 10,530,000 23.5 % $ 10,740,000 24.1 % $ 760 0.1 % $ 530 0.1 % BOKF, N.A. 6,175,000 13.8 21,391 2.8 TOTAL $ 16,705,000 37.3 % $ 10,740,000 24.1 % $ 22,151 2.9 % $ 530 0.1 % BOKF, N.A. sold $5,905,000 and $15,989,000 mortgage loans into the MPF Program during the three and nine months ended September 30, 2023. MidFirst Bank did not sell any mortgage loans into the MPF Program during the same periods. Transactions with FHLBank Directors’ Financial Institutions: Table 14.4 presents information as of September 30, 2023 and December 31, 2022 for members that had an officer or director serving on FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 14.4 09/30/2023 12/31/2022 Outstanding Amount Percent of Total Outstanding Amount Percent of Total Advances $ 250,516 0.6 % $ 185,535 0.4 % Deposits $ 6,963 0.9 % $ 7,322 1.0 % Class A Common Stock $ 4,335 1.2 % $ 4,151 1.7 % Class B Common Stock 14,099 0.6 11,793 0.5 TOTAL CAPITAL STOCK $ 18,434 0.7 % $ 15,944 0.6 % Table 14.5 presents mortgage loans acquired during the three and nine months ended September 30, 2023 and 2022 for members that had an officer or director serving on FHLBank’s board of directors in 2023 or 2022 (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Table 14.5 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Amount Percent of Total Amount Percent of Total Amount Percent of Total Amount Percent of Total Mortgage loans acquired $ 5,476 1.5 % $ 4,736 1.9 % $ 14,461 1.6 % $ 16,032 1.9 % |
Transactions With Other FHLBank
Transactions With Other FHLBanks | 9 Months Ended |
Sep. 30, 2023 | |
Federal Home Loan Banks [Abstract] | |
Transactions With Other Fhlbanks | TRANSACTIONS WITH OTHER FHLBANKS From time to time, one FHLBank may transfer to another FHLBank the consolidated obligations for which the transferring FHLBank was originally the primary obligor but upon transfer the assuming FHLBank becomes the primary obligor. During the first quarter of 2023, FHLBank Topeka transferred debt obligations with a par amount of $1,000,000,000 to another FHLBank. There were no transfers of debt obligations to other FHLBanks during the three months ended September, 30, 2023 or the three and nine months ended September 30, 2022. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation: The accompanying interim financial statements of 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 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. 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, 2022. The interim financial statements presented herein should be read in conjunction with FHLBank’s audited financial statements and notes thereto, which are included in FHLBank’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 20, 2023 (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 and the fair value of derivatives. 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. |
New Accounting Pronouncements, Policy | Disclosure Improvements (Accounting Standards Update (ASU) 2023-06). In October 2023, the Financial Accounting Standards Board (FASB) issued amendments to modify the disclosure or presentation requirements in response to the SEC Release No. 33-10532, Disclosure Update and Simplification, issued August 17, 2018. The amendments represent clarifications or technical corrections of the current requirements to incorporate several SEC disclosure requirements into US GAAP. The ASU adds interim and annual disclosure requirements to a variety of topics, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. For all entities subject to the SEC existing disclosure requirements, each amendment shall become effective on the date that the SEC’s removal of the related guidance from Regulation S-X or Regulation S-K becomes effective. FHLBank will adopt the guidance as it becomes effective with all pending content expected to transition by June 30, 2027. The adoption of this guidance is not expected to have a material effect on FHLBank’s current disclosures. Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02). In March 2022, the FASB issued amendments to eliminate the accounting guidance for troubled debt restructurings by creditors in Accounting Standards Codification (ASC) 310 for entities that have adopted ASU 2016-13, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amended guidance requires that an entity apply the loan refinancing and restructuring guidance in ASC 310-20-35-9 through ASC 310-20-35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. Additionally, the amendments require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. FHLBank adopted this guidance as of January 1, 2023. While this guidance is intended to enhance disclosures, the adoption of this guidance did not have a material effect on FHLBank’s financial condition, results of operations, cash flows, or disclosures. Fair Value Hedging – Portfolio Layer Method (ASU 2022-01). In March 2022, the FASB issued an amendment to clarify the application of the guidance in ASC 815 related to fair value hedging of interest rate risk for portfolios of financial assets. The ASU expands the scope and application of the portfolio layer method and provides guidance on the accounting for and disclosure of hedge basis adjustments. FHLBank adopted this guidance as of January 1, 2023. FHLBank does not currently hedge interest rate risk for portfolios of financial assets so adoption of this guidance had no effect on FHLBank’s financial condition, results of operations, cash flows, or disclosures given current strategies. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04) . In March 2020, the FASB issued temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include: (1) contract modifications; (2) hedging relationships; and (3) sale or transfer of debt securities classified as held-to-maturity. This guidance was effective upon issuance and through December 31, 2024, as amended, except for certain optional expedients elected for hedging relationships, which should be retained for the duration of the hedge term. As of June 30, 2023, FHLBank transitioned all outstanding London Interbank Offered Rate (LIBOR) settings to convert to reference the secured overnight financing rate (SOFR), either to start or to fall back, beginning July 3, 2023 or at the beginning of the next reset period. As a result of finalizing transition, FHLBank adopted certain practical expedients in ASC 848 for qualifying contract modifications related to reference rate reform, including with respect to qualifying hedge relationships. Application of this guidance did not have a material impact on the FHLBank’s financial condition, results of operations, cash flows, or disclosures. For qualifying hedge relationships, FHLBank does not expect that the practical expedients elected for the duration of the hedge term will have a material impact on the financial statements. As all of FHLBank’s qualifying contracts transitioned at June 30, 2023, FHLBank does not expect to further elect provisions or expedients of this guidance through its ending date of December 31, 2024 because FHLBank has no outstanding LIBOR exposure. |
Credit Loss, Financial Instrument, Policy | Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold: FHLBank invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide short-term liquidity. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a Nationally Recognized Statistical Rating Organization (NRSRO). These may differ from internal ratings of the investments, if applicable. As of September 30, 2023, approximately 23 percent of these overnight investments were with counterparties not rated by an NRSRO. All transactions with unrated counterparties are secured transactions. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Federal Housing Finance Agency (FHFA) regulations include a limit on the amount of unsecured credit FHLBank may extend to a counterparty. As of September 30, 2023 and December 31, 2022, all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to the contractual terms. No allowance for credit losses was recorded for these assets as of September 30, 2023 and December 31, 2022. Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). Based upon the collateral held as security and collateral maintenance provisions with its counterparties, FHLBank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of September 30, 2023 and December 31, 2022. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities: FHLBank evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. As of September 30, 2023 and 2022, FHLBank did not recognize a provision for credit losses associated with available-for-sale investments or held-to-maturity investments. Although certain available-for-sale securities were in an unrealized loss position, these losses are considered temporary as FHLBank expects to recover the entire amortized cost basis on these available-for-sale investment securities. FHLBank neither intends to sell these securities nor considers it more likely than not that it will be required to sell these securities before its anticipated recovery of each security's remaining amortized cost basis. FHLBank's held-to-maturity and available-for-sale securities: (1) were all highly rated and/or had short remaining terms to maturity; (2) had not experienced, nor did FHLBank expect, any payment default on the instruments; (3) in the case of U.S. obligations, carry an explicit government guarantee such that FHLBank considers the risk of nonpayment to be zero; and (4) in the case of GSE debentures or MBS, the securities are purchased under an assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. Allowance for Credit Losses: Conventional Mortgage Loans: Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. FHLBank determines its allowance for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current economic conditions, and reasonable and supportable forecasts of expected economic conditions. FHLBank uses a third-party projected cash flow model to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates as well as historical borrower behavior. The forecasts used in the calculation of expected credit losses cover the contractual terms of the loans rather than a reversion to historical trends after a forecasted period. FHLBank also incorporates associated credit enhancements, as available, to determine its estimate of expected credit losses. Certain conventional loans may be evaluated for credit losses using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. FHLBank may estimate the fair value of this collateral by applying an appropriate loss severity rate or by using third party estimates or property valuation model(s). The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. FHLBank records a direct charge-off of the loan balance if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. Government-Guaranteed or -Insured Mortgage Loans: FHLBank invests in fixed rate mortgage loans that are insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and/or the Department of Housing and Urban Development. The servicer provides and maintains insurance or a guarantee from the applicable government agency. The servicer is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable guarantee or insurance with respect to defaulted government-guaranteed or -insured mortgage loans. Based on FHLBank's assessment of its servicers and the collateral backing the loans, the risk of loss was immaterial; consequently, no allowance for credit losses for government-guaranteed or -insured mortgage loans was recorded as of September 30, 2023 and December 31, 2022. Furthermore, none of these mortgage loans have been placed on nonaccrual status because of the U.S. government guarantee or insurance on these loans and the contractual obligation of the loan servicer to repurchase the loans when certain criteria are met. |
Derivatives, Offsetting Fair Value Amounts, Policy | 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, FHLBank has elected to offset its asset and liability positions, as well as cash collateral received or pledged, including associated accrued interest. FHLBank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or clearing agent, or both. Based on this analysis, FHLBank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. |
Fair Value of Financial Instruments, Policy | The fair value amounts recorded on the Statements of Condition and presented in the note disclosures have been determined by FHLBank using available market and other pertinent information and reflect FHLBank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Although FHLBank uses its best judgment in estimating the fair value of its financial instruments, there are inherent limitations in any valuation technique. |
Fair Value Transfer, Policy | 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) | 9 Months Ended |
Sep. 30, 2023 | |
Investment Holdings [Line Items] | |
Trading Securities by Major Security Type | Trading securities by major security type as of September 30, 2023 and December 31, 2022 are summarized in Table 3.1 (in thousands): Table 3.1 Fair Value 09/30/2023 12/31/2022 Non-mortgage-backed securities: U.S. Treasury obligations $ — $ 396,233 GSE debentures 285,509 388,955 Non-mortgage-backed securities 285,509 785,188 Mortgage-backed securities: GSE MBS 613,514 636,265 Mortgage-backed securities 613,514 636,265 TOTAL $ 899,023 $ 1,421,453 |
Net Gains (Losses) on Trading Securities | Net gains (losses) on trading securities during the three and nine months ended September 30, 2023 and 2022 are shown in Table 3.2 (in thousands): Table 3.2 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Net gains (losses) on trading securities held as of September 30, 2023 $ 717 $ (25,177) $ 1,354 $ (79,681) Net gains (losses) on trading securities sold or matured prior to September 30, 2023 1,499 (5,072) 5,245 (33,395) NET GAINS (LOSSES) ON TRADING SECURITIES $ 2,216 $ (30,249) $ 6,599 $ (113,076) |
Available-for-sale Securities by Major Security Type | Available-for-sale securities by major security type as of September 30, 2023 are summarized in Table 3.3 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable Table 3.3 09/30/2023 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 2,925,749 $ 46 $ (35,408) $ 2,890,387 Non-mortgage-backed securities 2,925,749 46 (35,408) 2,890,387 Mortgage-backed securities: U.S. obligation MBS 113,689 — (2,343) 111,346 GSE MBS 7,958,498 26,305 (118,192) 7,866,611 Mortgage-backed securities 8,072,187 26,305 (120,535) 7,977,957 TOTAL $ 10,997,936 $ 26,351 $ (155,943) $ 10,868,344 Available-for-sale securities by major security type as of December 31, 2022 are summarized in Table 3.4 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable Table 3.4 12/31/2022 Amortized Gross Gross Fair Non-mortgage-backed securities: U.S. Treasury obligations $ 3,332,244 $ 1,493 $ (18,381) $ 3,315,356 Non-mortgage-backed securities 3,332,244 1,493 (18,381) 3,315,356 Mortgage-backed securities: U.S. obligation MBS 40,881 — (842) 40,039 GSE MBS 6,065,734 26,457 (93,170) 5,999,021 Mortgage-backed securities 6,106,615 26,457 (94,012) 6,039,060 TOTAL $ 9,438,859 $ 27,950 $ (112,393) $ 9,354,416 |
Available-for-sale securities with unrealized losses, fair value | Table 3.5 summarizes the available-for-sale securities with gross unrealized losses as of September 30, 2023 (in thousands). The gross 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 09/30/2023 Less Than 12 Months 12 Months or More Total Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses Non-mortgage-backed securities: U.S. Treasury obligations $ 1,254,983 $ (9,465) $ 1,385,882 $ (25,943) $ 2,640,865 $ (35,408) Non-mortgage-backed securities 1,254,983 (9,465) 1,385,882 (25,943) 2,640,865 (35,408) Mortgage-backed securities: U.S. obligation MBS 74,703 (1,137) 36,643 (1,206) 111,346 (2,343) GSE MBS 2,831,073 (30,513) 3,149,749 (87,679) 5,980,822 (118,192) Mortgage-backed securities 2,905,776 (31,650) 3,186,392 (88,885) 6,092,168 (120,535) TOTAL $ 4,160,759 $ (41,115) $ 4,572,274 $ (114,828) $ 8,733,033 $ (155,943) Table 3.6 summarizes the available-for-sale securities with gross unrealized losses as of December 31, 2022 (in thousands). The gross 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 12/31/2022 Less Than 12 Months 12 Months or More Total Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses Non-mortgage-backed securities: U.S. Treasury obligations $ 1,540,880 $ (6,384) $ 532,968 $ (11,997) $ 2,073,848 $ (18,381) Non-mortgage-backed securities 1,540,880 (6,384) 532,968 (11,997) 2,073,848 (18,381) Mortgage-backed securities: U.S. obligation MBS 35,008 (766) 5,032 (76) 40,040 (842) GSE MBS 3,743,089 (56,545) 881,963 (36,625) 4,625,052 (93,170) Mortgage-backed securities 3,778,097 (57,311) 886,995 (36,701) 4,665,092 (94,012) TOTAL $ 5,318,977 $ (63,695) $ 1,419,963 $ (48,698) $ 6,738,940 $ (112,393) |
Held-To-Maturity Securities by Major Security Type | Held-to-maturity Securities: Held-to-maturity securities by major security type as of September 30, 2023 are summarized in Table 3.8 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable Table 3.8 09/30/2023 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 39,515 $ — $ (745) $ 38,770 Non-mortgage-backed securities 39,515 — (745) 38,770 Mortgage-backed securities: GSE MBS 236,942 119 (4,197) 232,864 Mortgage-backed securities 236,942 119 (4,197) 232,864 TOTAL $ 276,457 $ 119 $ (4,942) $ 271,634 Held-to-maturity securities by major security type as of December 31, 2022 are summarized in Table 3.9 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable Table 3.9 12/31/2022 Amortized Gross Gross Fair Non-mortgage-backed securities: State or local housing agency obligations $ 70,505 $ — $ (1,737) $ 68,768 Non-mortgage-backed securities 70,505 — (1,737) 68,768 Mortgage-backed securities: GSE MBS 274,925 695 (4,129) 271,491 Mortgage-backed securities 274,925 695 (4,129) 271,491 TOTAL $ 345,430 $ 695 $ (5,866) $ 340,259 |
Available-for-sale Securities [Member] | |
Investment Holdings [Line Items] | |
Securities Classified By Contractual Maturity | The amortized cost and fair values of available-for-sale securities by contractual maturity as of September 30, 2023 and December 31, 2022 are shown in Table 3.7 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.7 09/30/2023 12/31/2022 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ 249,477 $ 249,522 $ 1,240,015 $ 1,241,508 Due after one year through five years 2,676,272 2,640,865 1,876,301 1,858,697 Due after five years through ten years — — 215,928 215,151 Due after ten years — — — — Non-mortgage-backed securities 2,925,749 2,890,387 3,332,244 3,315,356 Mortgage-backed securities 8,072,187 7,977,957 6,106,615 6,039,060 TOTAL $ 10,997,936 $ 10,868,344 $ 9,438,859 $ 9,354,416 |
Held-to-maturity Securities [Member] | |
Investment Holdings [Line Items] | |
Securities Classified By Contractual Maturity | The amortized cost and fair values of held-to-maturity securities by contractual maturity as of September 30, 2023 and December 31, 2022 are shown in Table 3.10 (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 3.10 09/30/2023 12/31/2022 Amortized Fair Amortized Fair Non-mortgage-backed securities: Due in one year or less $ — $ — $ — $ — Due after one year through five years — — — — Due after five years through ten years 39,515 38,770 40,505 40,036 Due after ten years — — 30,000 28,732 Non-mortgage-backed securities 39,515 38,770 70,505 68,768 Mortgage-backed securities 236,942 232,864 274,925 271,491 TOTAL $ 276,457 $ 271,634 $ 345,430 $ 340,259 |
Advances (Tables)
Advances (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Advances [Abstract] | |
Advances Table | Table 4.1 presents advances summarized by redemption term as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands). The redemption term represents the period in which principal amounts are contractually due. Carrying amounts exclude accrued interest receivable Table 4.1 09/30/2023 12/31/2022 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 28,428,307 5.27 % $ 31,796,396 4.31 % Due after one year through two years 4,565,464 4.21 3,147,406 3.24 Due after two years through three years 3,640,809 3.72 2,784,200 3.30 Due after three years through four years 3,100,931 4.06 2,625,365 3.64 Due after four years through five years 3,153,385 3.98 1,894,308 3.52 Thereafter 1,956,778 3.04 2,407,040 3.07 Total par value 44,845,674 4.77 % 44,654,715 4.03 % Discounts (10,950) (13,141) Hedging adjustments (512,503) (378,824) TOTAL $ 44,322,221 $ 44,262,750 Table 4.2 presents advances summarized by redemption term or next call date and by redemption term or next put or conversion date as of September 30, 2023 and December 31, 2022 (in thousands): Table 4.2 Redemption Term Redemption Term or Next Put or Conversion Date Redemption Term 09/30/2023 12/31/2022 09/30/2023 12/31/2022 Due in one year or less $ 29,643,598 $ 33,289,458 $ 29,874,107 $ 31,992,646 Due after one year through two years 4,118,259 2,709,465 4,776,864 3,240,306 Due after two years through three years 3,524,932 2,552,756 3,730,809 2,801,700 Due after three years through four years 2,738,648 2,403,502 2,792,431 2,625,365 Due after four years through five years 2,993,229 1,568,168 2,063,885 1,884,308 Thereafter 1,827,008 2,131,366 1,607,578 2,110,390 TOTAL PAR VALUE $ 44,845,674 $ 44,654,715 $ 44,845,674 $ 44,654,715 Interest Rate Payment Terms : Table 4.3 details additional interest rate payment and redemption terms for advances as of September 30, 2023 and December 31, 2022 (in thousands): Table 4.3 Redemption Term 09/30/2023 12/31/2022 Fixed rate: Due in one year or less $ 27,506,807 $ 31,307,096 Due after one year through three years 6,221,523 3,984,356 Due after three years through five years 5,070,706 3,050,314 Due after five years through fifteen years 1,831,206 2,050,428 Due after fifteen years 32,770 35,010 Total fixed rate 40,663,012 40,427,204 Variable rate: Due in one year or less 921,500 489,300 Due after one year through three years 1,984,750 1,947,250 Due after three years through five years 1,183,610 1,469,360 Due after five years through fifteen years 90,302 319,101 Due after fifteen years 2,500 2,500 Total variable rate 4,182,662 4,227,511 TOTAL PAR VALUE $ 44,845,674 $ 44,654,715 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Mortgage Loans Held For Portfolio | Table 5.1 presents information as of September 30, 2023 and December 31, 2022 on mortgage loans held for portfolio (in thousands). Carrying amounts exclude accrued interest receivable Table 5.1 09/30/2023 12/31/2022 Real estate: Fixed rate, medium-term 1 , single-family mortgages $ 1,080,329 $ 1,189,428 Fixed rate, long-term, single-family mortgages 7,058,115 6,640,750 Total unpaid principal balance 8,138,444 7,830,178 Premiums 94,040 97,210 Discounts (4,981) (2,230) Deferred loan costs, net 41 46 Hedging adjustments (14,194) (13,691) Total before allowance for credit losses on mortgage loans 8,213,350 7,911,513 Allowance for credit losses on mortgage loans (6,212) (6,378) MORTGAGE LOANS HELD FOR PORTFOLIO, NET $ 8,207,138 $ 7,905,135 1 Medium-term defined as a term of 15 years or less at origination. Table 5.2 presents information as of September 30, 2023 and December 31, 2022 on the outstanding unpaid principal balance of mortgage loans held for portfolio (in thousands): Table 5.2 09/30/2023 12/31/2022 Conventional loans $ 7,804,699 $ 7,486,591 Government-guaranteed or -insured loans 333,745 343,587 TOTAL UNPAID PRINCIPAL BALANCE $ 8,138,444 $ 7,830,178 |
Financing Receivable Credit Quality Indicators | Table 5.3 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of September 30, 2023 (dollar amounts in thousands): Table 5.3 09/30/2023 Conventional Loans Government Total Origination Year Subtotal Prior to 2019 2019 2020 2021 2022 2023 Amortized Cost: 1 Past due 30-59 days delinquent $ 18,870 $ 7,262 $ 3,715 $ 7,197 $ 3,702 $ 2,035 $ 42,781 $ 8,996 $ 51,777 Past due 60-89 days delinquent 4,476 1,979 1,115 280 2,391 — 10,241 2,717 12,958 Past due 90 days or more delinquent 7,899 4,485 1,214 816 203 — 14,617 3,157 17,774 Total past due 31,245 13,726 6,044 8,293 6,296 2,035 67,639 14,870 82,509 Total current loans 1,828,719 998,957 1,540,115 1,752,186 856,909 830,859 7,807,745 323,096 8,130,841 Total mortgage loans $ 1,859,964 $ 1,012,683 $ 1,546,159 $ 1,760,479 $ 863,205 $ 832,894 $ 7,875,384 $ 337,966 $ 8,213,350 Other delinquency statistics: In process of foreclosure 2 $ 4,598 $ 637 $ 5,235 Serious delinquency rate 3 0.2 % 0.9 % 0.2 % Past due 90 days or more and still accruing interest $ — $ 3,157 $ 3,157 Loans on nonaccrual status 4 $ 18,332 $ — $ 18,332 1 Excludes accrued interest receivable. 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 amortized cost for the portfolio class. 4 Includes $9,818,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans. Table 5.4 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of December 31, 2022 (dollar amounts in thousands): Table 5.4 12/31/2022 Conventional Loans Government Total Origination Year Subtotal Prior to 2018 2018 2019 2020 2021 2022 Amortized Cost: 1 Past due 30-59 days delinquent $ 18,393 $ 3,969 $ 7,382 $ 4,264 $ 8,120 $ 4,437 $ 46,565 $ 10,381 $ 56,946 Past due 60-89 days delinquent 3,586 1,125 1,023 674 920 698 8,026 1,460 9,486 Past due 90 days or more delinquent 6,546 3,930 6,810 1,509 928 — 19,723 4,169 23,892 Total past due 28,525 9,024 15,215 6,447 9,968 5,135 74,314 16,010 90,324 Total current loans 1,744,631 280,448 1,074,312 1,646,404 1,857,020 886,268 7,489,083 332,106 7,821,189 Total mortgage loans $ 1,773,156 $ 289,472 $ 1,089,527 $ 1,652,851 $ 1,866,988 $ 891,403 $ 7,563,397 $ 348,116 $ 7,911,513 Other delinquency statistics: In process of foreclosure 2 $ 8,431 $ 920 $ 9,351 Serious delinquency rate 3 0.3 % 1.2 % 0.3 % Past due 90 days or more and still accruing interest $ — $ 4,169 $ 4,169 Loans on nonaccrual status 4 $ 22,542 $ — $ 22,542 1 Excludes accrued interest receivable. 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 amortized cost for the portfolio class. 4 Includes $13,288,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans. |
Financing Receivable, Past Due | Table 5.3 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of September 30, 2023 (dollar amounts in thousands): Table 5.3 09/30/2023 Conventional Loans Government Total Origination Year Subtotal Prior to 2019 2019 2020 2021 2022 2023 Amortized Cost: 1 Past due 30-59 days delinquent $ 18,870 $ 7,262 $ 3,715 $ 7,197 $ 3,702 $ 2,035 $ 42,781 $ 8,996 $ 51,777 Past due 60-89 days delinquent 4,476 1,979 1,115 280 2,391 — 10,241 2,717 12,958 Past due 90 days or more delinquent 7,899 4,485 1,214 816 203 — 14,617 3,157 17,774 Total past due 31,245 13,726 6,044 8,293 6,296 2,035 67,639 14,870 82,509 Total current loans 1,828,719 998,957 1,540,115 1,752,186 856,909 830,859 7,807,745 323,096 8,130,841 Total mortgage loans $ 1,859,964 $ 1,012,683 $ 1,546,159 $ 1,760,479 $ 863,205 $ 832,894 $ 7,875,384 $ 337,966 $ 8,213,350 Other delinquency statistics: In process of foreclosure 2 $ 4,598 $ 637 $ 5,235 Serious delinquency rate 3 0.2 % 0.9 % 0.2 % Past due 90 days or more and still accruing interest $ — $ 3,157 $ 3,157 Loans on nonaccrual status 4 $ 18,332 $ — $ 18,332 1 Excludes accrued interest receivable. 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 amortized cost for the portfolio class. 4 Includes $9,818,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans. Table 5.4 presents the payment status based on amortized cost as well as other delinquency statistics for FHLBank’s mortgage loans as of December 31, 2022 (dollar amounts in thousands): Table 5.4 12/31/2022 Conventional Loans Government Total Origination Year Subtotal Prior to 2018 2018 2019 2020 2021 2022 Amortized Cost: 1 Past due 30-59 days delinquent $ 18,393 $ 3,969 $ 7,382 $ 4,264 $ 8,120 $ 4,437 $ 46,565 $ 10,381 $ 56,946 Past due 60-89 days delinquent 3,586 1,125 1,023 674 920 698 8,026 1,460 9,486 Past due 90 days or more delinquent 6,546 3,930 6,810 1,509 928 — 19,723 4,169 23,892 Total past due 28,525 9,024 15,215 6,447 9,968 5,135 74,314 16,010 90,324 Total current loans 1,744,631 280,448 1,074,312 1,646,404 1,857,020 886,268 7,489,083 332,106 7,821,189 Total mortgage loans $ 1,773,156 $ 289,472 $ 1,089,527 $ 1,652,851 $ 1,866,988 $ 891,403 $ 7,563,397 $ 348,116 $ 7,911,513 Other delinquency statistics: In process of foreclosure 2 $ 8,431 $ 920 $ 9,351 Serious delinquency rate 3 0.3 % 1.2 % 0.3 % Past due 90 days or more and still accruing interest $ — $ 4,169 $ 4,169 Loans on nonaccrual status 4 $ 22,542 $ — $ 22,542 1 Excludes accrued interest receivable. 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 amortized cost for the portfolio class. 4 Includes $13,288,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans. |
Financing Receivable, Allowance for Credit Loss | Table 5.5 presents a roll-forward of the allowance for credit losses on mortgage loans for the three and nine months ended September 30, 2023 and 2022. Table 5.5 Three Months Ended Nine Months Ended Conventional Loans 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Balance, beginning of the period $ 6,630 $ 5,202 $ 6,378 $ 5,317 Net (charge-offs) recoveries (385) 51 (477) 351 Provision (reversal) for credit losses (33) 115 311 (300) Balance, end of the period $ 6,212 $ 5,368 $ 6,212 $ 5,368 |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Fair Value of Derivative Instruments | Table 6.1 presents outstanding notional amounts and fair values of the derivatives outstanding by type of derivative and by hedge designation as of September 30, 2023 and December 31, 2022 (in thousands). Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. Table 6.1 09/30/2023 12/31/2022 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps $ 44,925,032 $ 213,040 $ 575,808 $ 34,967,420 $ 134,299 $ 609,555 Total derivatives designated as hedging relationships 44,925,032 213,040 575,808 34,967,420 134,299 609,555 Derivatives not designated as hedging instruments: Interest rate swaps 4,871,030 32,866 593 14,149,543 34,187 1,257 Interest rate caps/floors 304,000 1,811 — 304,000 1,727 — Mortgage delivery commitments 48,915 27 135 33,882 24 173 Total derivatives not designated as hedging instruments 5,223,945 34,704 728 14,487,425 35,938 1,430 TOTAL $ 50,148,977 247,744 576,536 $ 49,454,845 170,237 610,985 Netting adjustments and cash collateral 1 84,152 (575,733) 101,839 (608,626) DERIVATIVE ASSETS AND LIABILITIES $ 331,896 $ 803 $ 272,076 $ 2,359 1 Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively. |
Net Gains or Losses on Derivatives and Hedging Activities | For the three months ended September 30, 2023 and 2022, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.2 (in thousands): Table 6.2 Three Months Ended 09/30/2023 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 634,899 $ 159,499 $ 284,947 $ 579,352 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 149,032 $ 134,941 $ (2,660) $ (66,086) Hedged items 2 (72,773) (85,579) (6,153) (26,480) NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ 76,259 $ 49,362 $ (8,813) $ (92,566) Three Months Ended 09/30/2022 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 211,173 $ 59,920 $ 117,644 $ 175,920 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 184,879 $ 215,644 $ (21,255) $ (240,632) Hedged items 2 (174,839) (204,404) 21,121 224,576 NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ 10,040 $ 11,240 $ (134) $ (16,056) 1 Includes net interest settlements in interest income/expense. 2 Includes amortization/accretion on closed fair value relationships in interest income. For the nine months ended September 30, 2023 and 2022, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.3 (in thousands): Table 6.3 Nine Months Ended 09/30/2023 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 1,785,223 $ 421,079 $ 836,651 $ 1,581,173 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 311,358 $ 218,729 $ (5,569) $ (180,366) Hedged items 2 (133,680) (74,802) (23,902) (55,142) NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ 177,678 $ 143,927 $ (29,471) $ (235,508) Nine Months Ended 09/30/2022 Interest Income/Expense Advances Available-for-sale Securities Consolidated Obligation Discount Notes Consolidated Obligation Bonds Total amounts presented in the Statements of Income $ 326,928 $ 100,664 $ 147,678 $ 292,252 Gains (losses) on fair value hedging relationships: Interest rate contracts: Derivatives 1 $ 462,228 $ 541,165 $ (33,973) $ (593,986) Hedged items 2 (474,731) (562,165) 41,948 607,335 NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS $ (12,503) $ (21,000) $ 7,975 $ 13,349 1 Includes net interest settlements in interest income/expense. 2 Includes amortization/accretion on closed fair value relationships in interest income. |
Cumulative Basis Adjustments for Fair Value Hedges | Table 6.4 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items as of September 30, 2023 and December 31, 2022 (in thousands): Table 6.4 09/30/2023 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 12,633,547 $ (502,711) $ (9,792) $ (512,503) Available-for-sale securities 6,052,223 (493,786) — (493,786) Consolidated obligation discount notes (4,135,294) 6,963 — 6,963 Consolidated obligation bonds (20,709,096) 555,487 (6,034) 549,453 12/31/2022 Line Item in Statements of Condition of Hedged Item Carrying Value of Hedged Asset/(Liability) 1 Basis Adjustments for Active Hedging Relationships 2 Basis Adjustments for Discontinued Hedging Relationships 2 Cumulative Amount of Fair Value Hedging Basis Adjustments 2 Advances $ 8,161,351 $ (387,377) $ 8,553 $ (378,824) Available-for-sale securities 5,959,781 (418,984) — (418,984) Consolidated discount notes (7,562,117) 30,865 — 30,865 Consolidated obligation bonds (11,657,093) 604,595 — 604,595 1 Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded). 2 Included in amortized cost of the hedged asset/liability. |
Net Gains or Losses on Derivatives Not Designated as Hedging Instruments | Table 6.5 provides information regarding net gains (losses) on derivatives recorded in non-interest income (in thousands). Table 6.5 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ (2,202) $ 28,284 $ 882 $ 109,271 Interest rate caps/floors (93) 780 32 1,865 Net interest settlements 8,393 (1,201) 25,948 (17,045) Price alignment interest (216) (36) (607) (33) Mortgage delivery commitments (650) (1,629) (1,254) (8,483) NET GAINS (LOSSES) ON DERIVATIVES $ 5,232 $ 26,198 $ 25,001 $ 85,575 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Table 7.1 details the types of deposits held by FHLBank as of September 30, 2023 and December 31, 2022 (in thousands): Table 7.1 09/30/2023 12/31/2022 Interest-bearing: Demand $ 280,042 $ 301,073 Overnight 413,600 352,400 Term 5,700 12,000 Total interest-bearing 699,342 665,473 Non-interest-bearing: Other 52,610 45,588 Total non-interest-bearing 52,610 45,588 TOTAL DEPOSITS $ 751,952 $ 711,061 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Consolidated Bonds Obligations Outstanding By Maturity | Table 8.1 presents FHLBank’s participation in consolidated obligation bonds outstanding as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): Table 8.1 09/30/2023 12/31/2022 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 28,996,115 4.89 % $ 21,936,100 3.77 % Due after one year through two years 9,631,390 3.97 7,074,505 2.97 Due after two years through three years 3,289,220 1.84 3,508,370 1.95 Due after three years through four years 2,960,110 2.10 4,254,750 1.74 Due after four years through five years 1,466,350 2.92 1,694,660 1.79 Thereafter 4,306,650 2.41 4,638,150 1.99 Total par value 50,649,835 4.09 % 43,106,535 3.02 % Premiums 13,563 18,950 Discounts (3,818) (3,789) Concession fees (11,254) (11,262) Hedging adjustments (549,453) (604,595) TOTAL $ 50,098,873 $ 42,505,839 Table 8.2 Year of Maturity or Next Call Date 09/30/2023 12/31/2022 Due in one year or less $ 42,513,115 $ 35,682,600 Due after one year through two years 5,843,390 4,789,005 Due after two years through three years 755,220 940,370 Due after three years through four years 679,110 1,067,750 Due after four years through five years 552,850 256,660 Thereafter 306,150 370,150 TOTAL PAR VALUE $ 50,649,835 $ 43,106,535 |
Consolidated Bonds by Interest-Rate Payment Type | Table 8.3 summarizes interest rate payment terms for consolidated obligation bonds as of September 30, 2023 and December 31, 2022 (in thousands): Table 8.3 09/30/2023 12/31/2022 Fixed rate $ 28,594,335 $ 19,194,535 Simple variable rate 20,218,500 21,625,000 Step 1,837,000 2,287,000 TOTAL PAR VALUE $ 50,649,835 $ 43,106,535 |
Consolidated Discount Notes Outstanding | Table 8.4 summarizes FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands): Table 8.4 Carrying Value Par Value Weighted Average Interest Rate 1 September 30, 2023 $ 17,892,734 $ 18,052,225 5.12 % December 31, 2022 $ 24,775,405 $ 24,997,018 3.81 % 1 Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subjec_2
Assets and Liabilities Subject to Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets | Tables 9.1 and 9.2 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 FHLBank’s master netting arrangements or similar agreements as of September 30, 2023 and December 31, 2022 (in thousands): Table 9.1 09/30/2023 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 244,197 $ (241,265) $ 2,932 $ (27) $ 2,905 Cleared derivatives 3,547 325,417 328,964 — 328,964 Total derivative assets 247,744 84,152 331,896 (27) 331,869 Securities purchased under agreements to resell 1,825,000 — 1,825,000 (1,825,000) — TOTAL $ 2,072,744 $ 84,152 $ 2,156,896 $ (1,825,027) $ 331,869 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.2 12/31/2022 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative assets: Uncleared derivatives $ 154,844 $ (153,125) $ 1,719 $ (24) $ 1,695 Cleared derivatives 15,393 254,964 270,357 — 270,357 Total derivative assets 170,237 101,839 272,076 (24) 272,052 Securities purchased under agreements to resell 2,350,000 — 2,350,000 (2,350,000) — TOTAL $ 2,520,237 $ 101,839 $ 2,622,076 $ (2,350,024) $ 272,052 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Schedule of Offsetting Liabilities | Tables 9.3 and 9.4 present the fair value of financial liabilities, including the related collateral received from or pledged to counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of September 30, 2023 and December 31, 2022 (in thousands): Table 9.3 09/30/2023 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 560,769 $ (559,966) $ 803 $ (135) $ 668 Cleared derivatives 15,767 (15,767) — — — Total derivative liabilities 576,536 (575,733) 803 (135) 668 TOTAL $ 576,536 $ (575,733) $ 803 $ (135) $ 668 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). Table 9.4 12/31/2022 Description Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Condition 1 Net Derivative liabilities: Uncleared derivatives $ 609,169 $ (606,810) $ 2,359 $ (173) $ 2,186 Cleared derivatives 1,816 (1,816) — — — Total derivative liabilities 610,985 (608,626) 2,359 (173) 2,186 TOTAL $ 610,985 $ (608,626) $ 2,359 $ (173) $ 2,186 1 Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital (Tables)
Capital (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Regulatory Capital Requirements | Table 10.1 illustrates that FHLBank was in compliance with its regulatory capital requirements as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): Table 10.1 09/30/2023 12/31/2022 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 754,537 $ 3,663,076 $ 481,076 $ 3,522,040 Total regulatory capital-to-asset ratio 4.0 % 5.5 % 4.0 % 5.2 % Total regulatory capital $ 2,925,452 $ 4,021,290 $ 2,879,714 $ 3,761,094 Leverage capital ratio 5.0 % 8.0 % 5.0 % 7.7 % Leverage capital $ 3,656,815 $ 5,852,828 $ 3,599,642 $ 5,522,115 |
Mandatorily Redeemable Capital Stock Rollforward | Table 10.2 presents a roll-forward of mandatorily redeemable capital stock for the three and nine months ended September 30, 2023 and 2022 (in thousands): Table 10.2 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Balance, beginning of period $ 263 $ 537 $ 280 $ 582 Capital stock subject to mandatory redemption reclassified from equity during the period 153,179 144,680 646,676 603,043 Redemption or repurchase of mandatorily redeemable capital stock during the period (153,192) (144,926) (646,713) (603,336) Stock dividend classified as mandatorily redeemable capital stock during the period 3 1 10 3 Balance, end of period $ 253 $ 292 $ 253 $ 292 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income Or Loss | Table 11.1 summarizes the changes in AOCI for the three months ended September 30, 2023 and 2022 (in thousands): Table 11.1 Three Months Ended Net Unrealized Gains (Losses) on Available-for-sale Securities Defined Benefit Pension Plan Total AOCI Balance at June 30, 2022 $ (21,103) $ (2,250) $ (23,353) Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (29,088) (29,088) Reclassifications from other comprehensive income (loss) to net income: Amortization of net losses - defined benefit pension plan 1 63 63 Net current period other comprehensive income (loss) (29,088) 63 (29,025) Balance at September 30, 2022 $ (50,191) $ (2,187) $ (52,378) Balance at June 30, 2023 $ (84,002) $ 173 $ (83,829) Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (45,590) (45,590) Net current period other comprehensive income (loss) (45,590) — (45,590) Balance at September 30, 2023 $ (129,592) $ 173 $ (129,419) 1 Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). Table 11.2 summarizes the changes in AOCI for the nine months ended September 30, 2023 and 2022 (in thousands): Table 11.2 Nine Months Ended Net Unrealized Gains (Losses) on Available-for-sale Securities Defined Benefit Pension Plan Total AOCI Balance at December 31, 2021 $ 74,689 $ (2,374) $ 72,315 Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (124,880) (124,880) Reclassifications from other comprehensive income (loss) to net income: Amortization of net losses - defined benefit pension plan 1 187 187 Net current period other comprehensive income (loss) (124,880) 187 (124,693) Balance at September 30, 2022 $ (50,191) $ (2,187) $ (52,378) Balance at December 31, 2022 $ (84,443) $ 173 $ (84,270) Other comprehensive income (loss) before reclassification: Unrealized gains (losses) (45,149) (45,149) Net current period other comprehensive income (loss) (45,149) — (45,149) Balance at September 30, 2023 $ (129,592) $ 173 $ (129,419) 1 Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Summary | The carrying value, fair value and fair value hierarchy of FHLBank’s financial assets and liabilities as of September 30, 2023 and December 31, 2022 are summarized in Tables 12.1 and 12.2 (in thousands): Table 12.1 09/30/2023 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 26,652 $ 26,652 $ 26,652 $ — $ — $ — Interest-bearing deposits 1,698,340 1,698,340 — 1,698,340 — — Securities purchased under agreements to resell 1,825,000 1,825,000 — 1,825,000 — — Federal funds sold 4,400,000 4,400,000 — 4,400,000 — — Trading securities 899,023 899,023 — 899,023 — — Available-for-sale securities 10,868,344 10,868,344 — 10,868,344 — — Held-to-maturity securities 276,457 271,634 — 232,864 38,770 — Advances 44,322,221 44,281,186 — 44,281,186 — — Mortgage loans held for portfolio, net of allowance 8,207,138 6,901,866 — 6,899,367 2,499 — Accrued interest receivable 201,430 201,430 — 201,430 — — Derivative assets 331,896 331,896 — 247,744 — 84,152 Liabilities: Deposits 751,952 751,953 — 751,953 — — Consolidated obligation discount notes 17,892,734 17,892,180 — 17,892,180 — — Consolidated obligation bonds 50,098,873 48,815,150 — 48,815,150 — — Mandatorily redeemable capital stock 253 253 253 — — — Accrued interest payable 357,213 357,213 — 357,213 — — Derivative liabilities 803 803 — 576,536 — (575,733) Other Asset (Liability): Industrial revenue bonds 35,000 31,643 — 31,643 — — Financing obligation payable (35,000) (31,643) — (31,643) — — 1 Represents the effect of legally enforceable master netting agreements that allow 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. Table 12.2 12/31/2022 Carrying Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Assets: Cash and due from banks $ 25,964 $ 25,964 $ 25,964 $ — $ — $ — Interest-bearing deposits 2,039,852 2,039,852 — 2,039,852 — — Securities purchased under agreements to resell 2,350,000 2,350,000 — 2,350,000 — — Federal funds sold 3,750,000 3,750,000 — 3,750,000 — — Trading securities 1,421,453 1,421,453 — 1,421,453 — — Available-for-sale securities 9,354,416 9,354,416 — 9,354,416 — — Held-to-maturity securities 345,430 340,259 — 271,491 68,768 — Advances 44,262,750 44,173,791 — 44,173,791 — — Mortgage loans held for portfolio, net of allowance 7,905,135 6,639,257 — 6,638,132 1,125 — Accrued interest receivable 186,594 186,594 — 186,594 — — Derivative assets 272,076 272,076 — 170,237 — 101,839 Liabilities: Deposits 711,061 711,052 — 711,052 — — Consolidated obligation discount notes 24,775,405 24,630,686 — 24,630,686 — — Consolidated obligation bonds 42,505,839 41,258,883 — 41,258,883 — — Mandatorily redeemable capital stock 280 280 280 — — — Accrued interest payable 197,175 197,175 — 197,175 — — Derivative liabilities 2,359 2,359 — 610,985 — (608,626) Other Asset (Liability): Industrial revenue bonds 35,000 31,948 — 31,948 — — Financing obligation payable (35,000) (31,948) — (31,948) — — 1 Represents the effect of legally enforceable master netting agreements that allow 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. |
Hierarchy Level for Financial Assets and Liabilities - Recurring and Nonrecurring | Tables 12.3 and 12.4 present, for each hierarchy level, 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 September 30, 2023 and December 31, 2022 (in thousands). Table 12.3 09/30/2023 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: GSE debentures $ 285,509 $ — $ 285,509 $ — $ — GSE MBS 613,514 — 613,514 — — Total trading securities 899,023 — 899,023 — — Available-for-sale securities: U.S. Treasury obligations 2,890,387 — 2,890,387 — — U.S. obligation MBS 111,346 — 111,346 — — GSE MBS 7,866,611 — 7,866,611 — — Total available-for-sale securities 10,868,344 — 10,868,344 — — Derivative assets: Interest-rate related 331,869 — 247,717 — 84,152 Mortgage delivery commitments 27 — 27 — — Total derivative assets 331,896 — 247,744 — 84,152 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 12,099,263 $ — $ 12,015,111 $ — $ 84,152 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 668 $ — $ 576,401 $ — $ (575,733) Mortgage delivery commitments 135 — 135 — — Total derivative liabilities 803 — 576,536 — (575,733) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 803 $ — $ 576,536 $ — $ (575,733) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 2,537 $ — $ — $ 2,537 $ — Real estate owned 43 — — 43 — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 2,580 $ — $ — $ 2,580 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the nine months ended September 30, 2023 and still outstanding as of September 30, 2023. Table 12.4 12/31/2022 Total Level 1 Level 2 Level 3 Netting Adjustment and Cash Collateral 1 Recurring fair value measurements - Assets: Trading securities: U.S. Treasury obligations $ 396,233 $ — $ 396,233 $ — $ — GSE debentures 388,955 — 388,955 — — GSE MBS 636,265 — 636,265 — — Total trading securities 1,421,453 — 1,421,453 — — Available-for-sale securities: U.S. Treasury obligations 3,315,356 — 3,315,356 — — U.S. obligation MBS 40,039 — 40,039 — — GSE MBS 5,999,021 — 5,999,021 — — Total available-for-sale securities 9,354,416 — 9,354,416 — — Derivative assets: Interest-rate related 272,052 — 170,213 — 101,839 Mortgage delivery commitments 24 — 24 — — Total derivative assets 272,076 — 170,237 — 101,839 TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 11,047,945 $ — $ 10,946,106 $ — $ 101,839 Recurring fair value measurements - Liabilities: Derivative liabilities: Interest-rate related $ 2,186 $ — $ 610,812 $ — $ (608,626) Mortgage delivery commitments 173 — 173 — — Total derivative liabilities 2,359 — 610,985 — (608,626) TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES $ 2,359 $ — $ 610,985 $ — $ (608,626) Nonrecurring fair value measurements - Assets 2 : Impaired mortgage loans $ 1,164 $ — $ — $ 1,164 $ — TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS $ 1,164 $ — $ — $ 1,164 $ — 1 Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. 2 Includes assets adjusted to fair value during the year ended December 31, 2022 and still outstanding as of December 31, 2022. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off Balance Sheet Commitments | Table 13.1 presents off-balance sheet commitments at September 30, 2023 and December 31, 2022 (in thousands). No allowance for credit losses was recorded on these commitments at September 30, 2023 and December 31, 2022. Table 13.1 09/30/2023 12/31/2022 Notional Amount Expire Expire Total Expire Expire Total Standby letters of credit outstanding $ 6,692,755 $ 9,516 $ 6,702,271 $ 6,475,917 $ 250 $ 6,476,167 Advance commitments outstanding 86,496 3,615 90,111 173,959 2,505 176,464 Principal commitments for standby bond purchase agreements 326,965 595,520 922,485 212,705 646,165 858,870 Commitments to fund or purchase mortgage loans 48,915 — 48,915 33,882 — 33,882 Commitments to issue consolidated bonds, at par 766,500 — 766,500 501,000 — 501,000 Commitments to issue consolidated discount notes, at par — — — 7,500 — 7,500 |
Transactions With Stockholders
Transactions With Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions, by Balance Sheet Grouping | Tables 14.1 and 14.2 present information on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands). None of the officers or directors of these members currently serve on FHLBank’s board of directors. Table 14.1 09/30/2023 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 MidFirst Bank OK $ 24,133 6.7 % $ 482,957 21.1 % $ 507,090 19.1 % BOKF, N.A. OK 80,493 22.5 278,945 12.2 359,438 13.6 TOTAL $ 104,626 29.2 % $ 761,902 33.3 % $ 866,528 32.7 % Table 14.2 12/31/2022 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 MidFirst Bank OK $ 500 0.2 % $ 493,412 21.7 % $ 493,912 19.7 % TOTAL $ 500 0.2 % $ 493,412 21.7 % $ 493,912 19.7 % Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of September 30, 2023 and December 31, 2022 are summarized in Table 14.3 (dollar amounts in thousands). Table 14.3 09/30/2023 12/31/2022 09/30/2023 12/31/2022 Member Name Outstanding Advances Percent of Total Outstanding Advances Percent of Total Outstanding Deposits Percent of Total Outstanding Deposits Percent of Total MidFirst Bank $ 10,530,000 23.5 % $ 10,740,000 24.1 % $ 760 0.1 % $ 530 0.1 % BOKF, N.A. 6,175,000 13.8 21,391 2.8 TOTAL $ 16,705,000 37.3 % $ 10,740,000 24.1 % $ 22,151 2.9 % $ 530 0.1 % |
Related Party Transactions, by Balance Sheet Grouping - Directors' | Table 14.4 presents information as of September 30, 2023 and December 31, 2022 for members that had an officer or director serving on FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock. Table 14.4 09/30/2023 12/31/2022 Outstanding Amount Percent of Total Outstanding Amount Percent of Total Advances $ 250,516 0.6 % $ 185,535 0.4 % Deposits $ 6,963 0.9 % $ 7,322 1.0 % Class A Common Stock $ 4,335 1.2 % $ 4,151 1.7 % Class B Common Stock 14,099 0.6 11,793 0.5 TOTAL CAPITAL STOCK $ 18,434 0.7 % $ 15,944 0.6 % |
Schedule Of Related Party Transactions, Mortgage Loans Disclosure | Table 14.5 presents mortgage loans acquired during the three and nine months ended September 30, 2023 and 2022 for members that had an officer or director serving on FHLBank’s board of directors in 2023 or 2022 (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Table 14.5 Three Months Ended Nine Months Ended 09/30/2023 09/30/2022 09/30/2023 09/30/2022 Amount Percent of Total Amount Percent of Total Amount Percent of Total Amount Percent of Total Mortgage loans acquired $ 5,476 1.5 % $ 4,736 1.9 % $ 14,461 1.6 % $ 16,032 1.9 % |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Marketable Securities [Line Items] | |||
Interest-Bearing Deposits, Securities Purchased Under Agreements to Resell, and Federal Funds Sold, Percentage Unrated | 23% | ||
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | $ 0 | $ 0 | |
Debt Securities, Held-to-maturity, Credit Loss Expense (Reversal) | 0 | $ 0 | |
Available-for-sale Securities [Member] | |||
Marketable Securities [Line Items] | |||
Provision for Other Credit Losses | 0 | $ 0 | |
Interest-bearing Deposits and Federal Funds Sold [Member] | |||
Marketable Securities [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Interest-bearing Deposits [Member] | |||
Marketable Securities [Line Items] | |||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 3,292 | $ 2,278 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Federal Funds Sold [Member] | |||
Marketable Securities [Line Items] | |||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 1,306 | $ 903 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Securities Borrowed or Purchased under Agreements to Resell [Member] | |||
Marketable Securities [Line Items] | |||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 541 | $ 565 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Investment Securities Investmen
Investment Securities Investment Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 899,023 | $ 1,421,453 |
U.S. Treasury obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 0 | 396,233 |
GSE Debenture [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 285,509 | 388,955 |
Non-mortgage-backed securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 285,509 | 785,188 |
GSE MBS [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 613,514 | 636,265 |
Mortgage-backed securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 613,514 | $ 636,265 |
Investment Securities (Net Gain
Investment Securities (Net Gains (Losses) on Trading Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains (losses) on trading securities held as of September 30, 2023 | $ 717 | $ (25,177) | $ 1,354 | $ (79,681) |
Net gains (losses) on trading securities sold or matured prior to September 30, 2023 | 1,499 | (5,072) | 5,245 | (33,395) |
NET GAINS (LOSSES) ON TRADING SECURITIES | $ 2,216 | $ (30,249) | $ 6,599 | $ (113,076) |
Investment Securities (Availabl
Investment Securities (Available-For-Sale Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 36,238 | $ 28,784 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Total, Amortized Cost | $ 10,997,936 | $ 9,438,859 |
Gross Unrecognized Gains | 26,351 | 27,950 |
Gross Unrecognized Losses | (155,943) | (112,393) |
Fair Value | 10,868,344 | 9,354,416 |
U.S. Treasury obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Amortized Cost | 2,925,749 | 3,332,244 |
Gross Unrecognized Gains | 46 | 1,493 |
Gross Unrecognized Losses | (35,408) | (18,381) |
Fair Value | 2,890,387 | 3,315,356 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Amortized Cost | 2,925,749 | 3,332,244 |
Gross Unrecognized Gains | 46 | 1,493 |
Gross Unrecognized Losses | (35,408) | (18,381) |
Fair Value | 2,890,387 | 3,315,356 |
U.S. obligation MBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Amortized Cost | 113,689 | 40,881 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (2,343) | (842) |
Fair Value | 111,346 | 40,039 |
GSE MBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Amortized Cost | 7,958,498 | 6,065,734 |
Gross Unrecognized Gains | 26,305 | 26,457 |
Gross Unrecognized Losses | (118,192) | (93,170) |
Fair Value | 7,866,611 | 5,999,021 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Amortized Cost | 8,072,187 | 6,106,615 |
Gross Unrecognized Gains | 26,305 | 26,457 |
Gross Unrecognized Losses | (120,535) | (94,012) |
Fair Value | $ 7,977,957 | $ 6,039,060 |
Investment Securities (Availa_2
Investment Securities (Available-for-sale securities with unrealized losses, fair value) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | $ 4,160,759 | $ 5,318,977 |
Less than 12 Months, Unrealized Losses | (41,115) | (63,695) |
12 Months or More, Fair Value | 4,572,274 | 1,419,963 |
12 Months or More, Unrealized Losses | (114,828) | (48,698) |
TOTAL, Fair Value | 8,733,033 | 6,738,940 |
TOTAL, Unrealized Losses | (155,943) | (112,393) |
U.S. Treasury obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 1,254,983 | 1,540,880 |
Less than 12 Months, Unrealized Losses | (9,465) | (6,384) |
12 Months or More, Fair Value | 1,385,882 | 532,968 |
12 Months or More, Unrealized Losses | (25,943) | (11,997) |
TOTAL, Fair Value | 2,640,865 | 2,073,848 |
TOTAL, Unrealized Losses | (35,408) | (18,381) |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 1,254,983 | 1,540,880 |
Less than 12 Months, Unrealized Losses | (9,465) | (6,384) |
12 Months or More, Fair Value | 1,385,882 | 532,968 |
12 Months or More, Unrealized Losses | (25,943) | (11,997) |
TOTAL, Fair Value | 2,640,865 | 2,073,848 |
TOTAL, Unrealized Losses | (35,408) | (18,381) |
U.S. obligation MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 74,703 | 35,008 |
Less than 12 Months, Unrealized Losses | (1,137) | (766) |
12 Months or More, Fair Value | 36,643 | 5,032 |
12 Months or More, Unrealized Losses | (1,206) | (76) |
TOTAL, Fair Value | 111,346 | 40,040 |
TOTAL, Unrealized Losses | (2,343) | (842) |
GSE MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 2,831,073 | 3,743,089 |
Less than 12 Months, Unrealized Losses | (30,513) | (56,545) |
12 Months or More, Fair Value | 3,149,749 | 881,963 |
12 Months or More, Unrealized Losses | (87,679) | (36,625) |
TOTAL, Fair Value | 5,980,822 | 4,625,052 |
TOTAL, Unrealized Losses | (118,192) | (93,170) |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 2,905,776 | 3,778,097 |
Less than 12 Months, Unrealized Losses | (31,650) | (57,311) |
12 Months or More, Fair Value | 3,186,392 | 886,995 |
12 Months or More, Unrealized Losses | (88,885) | (36,701) |
TOTAL, Fair Value | 6,092,168 | 4,665,092 |
TOTAL, Unrealized Losses | $ (120,535) | $ (94,012) |
Investment Securities (Availa_3
Investment Securities (Available-For-Sale Securities Classified By Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost | $ 10,997,936 | $ 9,438,859 |
Fair Value | 10,868,344 | 9,354,416 |
Non-mortgage-backed securities [Member] | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due in one year or less, Amortized Cost | 249,477 | 1,240,015 |
Due after one year through five years, Amortized Cost | 2,676,272 | 1,876,301 |
Due after five years through ten years, Amortized Cost | 0 | 215,928 |
Due after ten years, Amortized Cost | 0 | 0 |
Amortized Cost | 2,925,749 | 3,332,244 |
Due in one year or less, Fair Value | 249,522 | 1,241,508 |
Due after one year through five years, Fair Value | 2,640,865 | 1,858,697 |
Due after five years though ten years, Fair Value | 0 | 215,151 |
Due after ten years, Fair Value | 0 | 0 |
Fair Value | 2,890,387 | 3,315,356 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Mortgage-backed securities, Amortized Cost | 8,072,187 | 6,106,615 |
Mortgage-backed securities, Fair Value | 7,977,957 | 6,039,060 |
Fair Value | $ 7,977,957 | $ 6,039,060 |
Investment Securities (Held-To-
Investment Securities (Held-To-Maturity Securities by Major Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 631 | $ 896 |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Amortized Cost | $ 276,457 | $ 345,430 |
Gross Unrecognized Gains | 119 | 695 |
Gross Unrecognized Losses | (4,942) | (5,866) |
Held-to-maturity, Fair Value | 271,634 | 340,259 |
State or local housing agency obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 39,515 | 70,505 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (745) | (1,737) |
Held-to-maturity, Fair Value | 38,770 | 68,768 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 39,515 | 70,505 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (745) | (1,737) |
Held-to-maturity, Fair Value | 38,770 | 68,768 |
GSE MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 236,942 | 274,925 |
Gross Unrecognized Gains | 119 | 695 |
Gross Unrecognized Losses | (4,197) | (4,129) |
Held-to-maturity, Fair Value | 232,864 | 271,491 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 236,942 | 274,925 |
Gross Unrecognized Gains | 119 | 695 |
Gross Unrecognized Losses | (4,197) | (4,129) |
Held-to-maturity, Fair Value | $ 232,864 | $ 271,491 |
Investment Securities (Held-T_2
Investment Securities (Held-To-Maturity Securities Classified By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Rolling Maturity [Abstract] | ||
Amortized Cost | $ 276,457 | $ 345,430 |
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
TOTAL | 271,634 | 340,259 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Rolling Maturity [Abstract] | ||
Non-mortgage-backed securities | 39,515 | 70,505 |
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Due in one year or less, Fair Value | 0 | 0 |
Due after one year through five years, Fair Value | 0 | 0 |
Due after five years through ten years, Fair Value | 38,770 | 40,036 |
Due after ten years, Fair Value | 0 | 28,732 |
Non-mortgage-backed securities | 38,770 | 68,768 |
TOTAL | 38,770 | 68,768 |
Non-mortgage-backed securities [Member] | Amortized Cost Before Allowance For Credit Losses And Non-Credit Other-Than-Temporary Impairment [Member] | ||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Rolling Maturity [Abstract] | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due after one year through five years, Amortized Cost | 0 | 0 |
Due after five years through ten years, Amortized Cost | 39,515 | 40,505 |
Due after ten years, Amortized Cost | 0 | 30,000 |
Mortgage-backed securities [Member] | ||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Rolling Maturity [Abstract] | ||
Mortgage-backed securities | 236,942 | 274,925 |
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Mortgage-backed securities | 232,864 | 271,491 |
TOTAL | $ 232,864 | $ 271,491 |
Advances (Narrative) (Details)
Advances (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 44,845,674 | $ 44,654,715 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 0.40% | 0.29% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, outstanding interest rate | 7.20% | 7.20% |
Federal Home Loan Bank Advances Receivable [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 0 | $ 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 |
FinancialAssetPastDue [Member] | Federal Home Loan Bank Advances Receivable [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | $ 0 |
Federal Home Loan Bank, Advances, Convertible Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 155,900 |
Advances (Advances Redemption T
Advances (Advances Redemption Terms) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amount | ||
Due in one year or less | $ 28,428,307 | $ 31,796,396 |
Due after one year through two years | 4,565,464 | 3,147,406 |
Due after two years through three years | 3,640,809 | 2,784,200 |
Due after three years through four years | 3,100,931 | 2,625,365 |
Due after four years through five years | 3,153,385 | 1,894,308 |
Thereafter | 1,956,778 | 2,407,040 |
TOTAL PAR VALUE | 44,845,674 | 44,654,715 |
Discounts | (10,950) | (13,141) |
Hedging adjustments | (512,503) | (378,824) |
TOTAL | $ 44,322,221 | $ 44,262,750 |
Weighted Average Interest Rate | ||
Due in one year or less | 5.27% | 4.31% |
Due after one year through two years | 4.21% | 3.24% |
Due after two years through three years | 3.72% | 3.30% |
Due after three years through four years | 4.06% | 3.64% |
Due after four years through five years | 3.98% | 3.52% |
Thereafter | 3.04% | 3.07% |
Total par value | 4.77% | 4.03% |
Federal Home Loan Bank Advances Receivable [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances, Accrued Interest, after Allowance for Credit Loss | $ 113,328 | $ 108,891 |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | true |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Advances (Advances by Year of R
Advances (Advances by Year of Redemption Term, Next Call Date, or Next Convert Date) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Redemption Term, Year of Redemption Term or Next Call Date | ||
Due in one year or less | $ 29,643,598 | $ 33,289,458 |
Due after one year through two years | 4,118,259 | 2,709,465 |
Due after two years through three years | 3,524,932 | 2,552,756 |
Due after three years through four years | 2,738,648 | 2,403,502 |
Due after four years through five years | 2,993,229 | 1,568,168 |
Thereafter | 1,827,008 | 2,131,366 |
TOTAL PAR VALUE | 44,845,674 | 44,654,715 |
Redemption Term, Year of Redemption Term or Next Conversion Date | ||
Due in one year or less | 29,874,107 | 31,992,646 |
Due after one year through two years | 4,776,864 | 3,240,306 |
Due after two years through three years | 3,730,809 | 2,801,700 |
Due after three years through four years | 2,792,431 | 2,625,365 |
Due after four years through five years | 2,063,885 | 1,884,308 |
Thereafter | 1,607,578 | 2,110,390 |
TOTAL PAR VALUE | $ 44,845,674 | $ 44,654,715 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fixed rate: | ||
Due in one year or less | $ 27,506,807 | $ 31,307,096 |
Due after one year through three years | 6,221,523 | 3,984,356 |
Due after three years through five years | 5,070,706 | 3,050,314 |
Due after five years through fifteen years | 1,831,206 | 2,050,428 |
Due after fifteen years | 32,770 | 35,010 |
Total fixed rate | 40,663,012 | 40,427,204 |
Variable rate: | ||
Due in one year or less | 921,500 | 489,300 |
Due after one year through three years | 1,984,750 | 1,947,250 |
Due after three years through five years | 1,183,610 | 1,469,360 |
Due after five years through fifteen years | 90,302 | 319,101 |
Due after fifteen years | 2,500 | 2,500 |
Total variable rate | 4,182,662 | 4,227,511 |
TOTAL PAR VALUE | $ 44,845,674 | $ 44,654,715 |
Mortgage Loans Mortgage Loans (
Mortgage Loans Mortgage Loans (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Interest-bearing Deposits and Federal Funds Sold [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 0 | $ 0 |
US Government Agency Insured Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans on non-accrual status | 0 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 0 | $ 0 |
Mortgage Loans (Mortgage Loans
Mortgage Loans (Mortgage Loans Held For Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Fixed rates, medium-term [Member] | Single-family mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total unpaid principal balance | [1] | $ 1,080,329 | $ 1,189,428 |
Fixed rates, long-term [Member] | Single-family mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total unpaid principal balance | 7,058,115 | 6,640,750 | |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 42,992 | $ 38,358 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Total unpaid principal balance | $ 8,138,444 | $ 7,830,178 | |
Premiums | 94,040 | 97,210 | |
Discounts | (4,981) | (2,230) | |
Deferred loan costs, net | 41 | 46 | |
Hedging adjustments | (14,194) | (13,691) | |
Total before allowance for credit losses on mortgage loans | 8,213,350 | 7,911,513 | |
Allowance for credit losses on mortgage loans | (6,212) | (6,378) | |
MORTGAGE LOANS HELD FOR PORTFOLIO, NET | $ 8,207,138 | $ 7,905,135 | |
[1]Medium-term defined as a term of 15 years or less at origination. |
Mortgage Loans (Mortgage Loan_2
Mortgage Loans (Mortgage Loans Held For Portfolio by Collateral or Guarantee Type) (Details) - Residential Portfolio Segment [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | $ 8,138,444 | $ 7,830,178 |
Government Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | 333,745 | 343,587 |
Conventional Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unpaid principal balance | $ 7,804,699 | $ 7,486,591 |
Mortgage Loans Mortgage Loans_2
Mortgage Loans Mortgage Loans (Credit Quality Indicator for Conventional Mortgage Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |||
Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 8,213,350 | $ 7,911,513 | ||
In process of foreclosure, included above | [2] | 5,235 | 9,351 | ||
Past due 90 days or more and still accruing interest | 3,157 | 4,169 | |||
Loans on non-accrual status | 18,332 | [3] | 22,542 | [4] | |
Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 1,859,964 | 1,773,156 | ||
Originated, Four Years before Current Year | [1] | 1,012,683 | 289,472 | ||
Originated, Three Years before Current Year | [1] | 1,546,159 | 1,089,527 | ||
Originated, Two Years before Current Year | [1] | 1,760,479 | 1,652,851 | ||
Originated, Fiscal Year before Current Year | [1] | 863,205 | 1,866,988 | ||
Originated, Current Year | [1] | 832,894 | 891,403 | ||
Total before allowance for credit losses on mortgage loans | [1] | 7,875,384 | 7,563,397 | ||
In process of foreclosure, included above | [2] | 4,598 | 8,431 | ||
Past due 90 days or more and still accruing interest | 0 | 0 | |||
Loans on non-accrual status | 18,332 | [3] | 22,542 | [4] | |
Financing Receivable, Nonaccrual, No Allowance | 9,818 | 13,288 | |||
Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 337,966 | 348,116 | ||
In process of foreclosure, included above | [2] | 637 | 920 | ||
Past due 90 days or more and still accruing interest | 3,157 | 4,169 | |||
Loans on non-accrual status | 0 | [3] | 0 | [4] | |
Financial Asset, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 51,777 | 56,946 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 18,870 | 18,393 | ||
Originated, Four Years before Current Year | [1] | 7,262 | 3,969 | ||
Originated, Three Years before Current Year | [1] | 3,715 | 7,382 | ||
Originated, Two Years before Current Year | [1] | 7,197 | 4,264 | ||
Originated, Fiscal Year before Current Year | [1] | 3,702 | 8,120 | ||
Originated, Current Year | [1] | 2,035 | 4,437 | ||
Total before allowance for credit losses on mortgage loans | [1] | 42,781 | 46,565 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 8,996 | 10,381 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 12,958 | 9,486 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 4,476 | 3,586 | ||
Originated, Four Years before Current Year | [1] | 1,979 | 1,125 | ||
Originated, Three Years before Current Year | [1] | 1,115 | 1,023 | ||
Originated, Two Years before Current Year | [1] | 280 | 674 | ||
Originated, Fiscal Year before Current Year | [1] | 2,391 | 920 | ||
Originated, Current Year | [1] | 0 | 698 | ||
Total before allowance for credit losses on mortgage loans | [1] | 10,241 | 8,026 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 2,717 | 1,460 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 17,774 | $ 23,892 | ||
Serious delinquency rate | [5] | 0.20% | 0.30% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | $ 7,899 | $ 6,546 | ||
Originated, Four Years before Current Year | [1] | 4,485 | 3,930 | ||
Originated, Three Years before Current Year | [1] | 1,214 | 6,810 | ||
Originated, Two Years before Current Year | [1] | 816 | 1,509 | ||
Originated, Fiscal Year before Current Year | [1] | 203 | 928 | ||
Originated, Current Year | [1] | 0 | 0 | ||
Total before allowance for credit losses on mortgage loans | [1] | $ 14,617 | $ 19,723 | ||
Serious delinquency rate | [5] | 0.20% | 0.30% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 3,157 | $ 4,169 | ||
Serious delinquency rate | [5] | 0.90% | 1.20% | ||
FinancialAssetPastDue [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 82,509 | $ 90,324 | ||
FinancialAssetPastDue [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 31,245 | 28,525 | ||
Originated, Four Years before Current Year | [1] | 13,726 | 9,024 | ||
Originated, Three Years before Current Year | [1] | 6,044 | 15,215 | ||
Originated, Two Years before Current Year | [1] | 8,293 | 6,447 | ||
Originated, Fiscal Year before Current Year | [1] | 6,296 | 9,968 | ||
Originated, Current Year | [1] | 2,035 | 5,135 | ||
Total before allowance for credit losses on mortgage loans | [1] | 67,639 | 74,314 | ||
FinancialAssetPastDue [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 14,870 | 16,010 | ||
Financial Asset, Not Past Due [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | 8,130,841 | 7,821,189 | ||
Financial Asset, Not Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated, More than Five Years before Current Year | [1] | 1,828,719 | 1,744,631 | ||
Originated, Four Years before Current Year | [1] | 998,957 | 280,448 | ||
Originated, Three Years before Current Year | [1] | 1,540,115 | 1,074,312 | ||
Originated, Two Years before Current Year | [1] | 1,752,186 | 1,646,404 | ||
Originated, Fiscal Year before Current Year | [1] | 856,909 | 1,857,020 | ||
Originated, Current Year | [1] | 830,859 | 886,268 | ||
Total before allowance for credit losses on mortgage loans | [1] | 7,807,745 | 7,489,083 | ||
Financial Asset, Not Past Due [Member] | Government Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total before allowance for credit losses on mortgage loans | [1] | $ 323,096 | $ 332,106 | ||
[1]Excludes accrued interest receivable.[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]Includes $9,818,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans.[4]Includes $13,288,000 of conventional mortgage loans on nonaccrual status that did not have an associated allowance for credit losses because either these loans were previously charged off to the expected recoverable value or the fair value of the underlying collateral was greater than the amortized cost of the loans.[5]Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total amortized cost for the portfolio class. |
Mortgage Loans (Rollforward of
Mortgage Loans (Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans) (Details) - Conventional Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for credit losses: | ||||
Balance, beginning of the period | $ 6,630 | $ 5,202 | $ 6,378 | $ 5,317 |
Net (charge-offs) recoveries | 385 | (51) | (477) | 351 |
Provision (reversal) for credit losses | (33) | 115 | 311 | (300) |
Balance, end of the period | $ 6,212 | $ 5,368 | $ 6,212 | $ 5,368 |
Derivatives And Hedging Activ_3
Derivatives And Hedging Activities (Fair Values of Derivatives Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 50,148,977 | $ 49,454,845 | |
TOTAL, Derivative Assets | 247,744 | 170,237 | |
TOTAL, Derivative Liabilities | 576,536 | 610,985 | |
Netting adjustments and cash collateral, Derivative Assets | [1],[2] | 84,152 | 101,839 |
Netting adjustments and cash collateral, Derivative Liabilities | [1],[2] | (575,733) | (608,626) |
DERIVATIVE ASSETS | 331,896 | 272,076 | |
DERIVATIVE LIABILITIES | 803 | 2,359 | |
Cash collateral posted | 702,290 | 761,704 | |
Cash collateral received | 42,405 | 51,239 | |
Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 44,925,032 | 34,967,420 | |
TOTAL, Derivative Assets | 213,040 | 134,299 | |
TOTAL, Derivative Liabilities | 575,808 | 609,555 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 5,223,945 | 14,487,425 | |
TOTAL, Derivative Assets | 34,704 | 35,938 | |
TOTAL, Derivative Liabilities | 728 | 1,430 | |
Interest rate swaps [Member] | Derivatives designated as hedging instruments: [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 44,925,032 | 34,967,420 | |
TOTAL, Derivative Assets | 213,040 | 134,299 | |
TOTAL, Derivative Liabilities | 575,808 | 609,555 | |
Interest rate swaps [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 4,871,030 | 14,149,543 | |
TOTAL, Derivative Assets | 32,866 | 34,187 | |
TOTAL, Derivative Liabilities | 593 | 1,257 | |
Interest rate caps/floors [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 304,000 | 304,000 | |
TOTAL, Derivative Assets | 1,811 | 1,727 | |
TOTAL, Derivative Liabilities | 0 | 0 | |
Mortgage delivery commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage Receivable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 48,915 | 33,882 | |
TOTAL, Derivative Assets | 27 | 24 | |
TOTAL, Derivative Liabilities | $ 135 | $ 173 | |
[1]Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively.[2]Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. |
Derivatives And Hedging Activ_4
Derivatives And Hedging Activities (Net Gains or Losses on Derivatives and Hedging Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Total amounts presented in the Statements of Income, Advances | $ 634,899 | $ 211,173 | $ 1,785,223 | $ 326,928 | |
Total amounts presented in the Statements of Income, Available-for-sale Securities | 159,499 | 59,920 | 421,079 | 100,664 | |
Total amounts presented in the Statements of Income, Consolidated Obligations Discount Notes | 284,947 | 117,644 | 836,651 | 147,678 | |
Total amounts presented in the Statements of Income, Consolidated Obligations Bonds | 579,352 | 175,920 | 1,581,173 | 292,252 | |
Interest Rate Contract [Member] | Advances [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS | $ 76,259 | $ 10,040 | $ 177,678 | $ (12,503) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total amounts presented in the Statements of Income, Advances | Total amounts presented in the Statements of Income, Advances | Total amounts presented in the Statements of Income, Advances | Total amounts presented in the Statements of Income, Advances | |
Interest Rate Contract [Member] | Advances [Member] | Interest Income [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives1 | [1] | $ 149,032 | $ 184,879 | $ 311,358 | $ 462,228 |
Hedged items2 | [2] | (72,773) | (174,839) | (133,680) | (474,731) |
Interest Rate Contract [Member] | Available-for-sale Securities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS | $ 49,362 | $ 11,240 | $ 143,927 | $ (21,000) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total amounts presented in the Statements of Income, Available-for-sale Securities | Total amounts presented in the Statements of Income, Available-for-sale Securities | Total amounts presented in the Statements of Income, Available-for-sale Securities | Total amounts presented in the Statements of Income, Available-for-sale Securities | |
Interest Rate Contract [Member] | Available-for-sale Securities [Member] | Interest Income [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives1 | [1] | $ 134,941 | $ 215,644 | $ 218,729 | $ 541,165 |
Hedged items2 | [2] | (85,579) | (204,404) | (74,802) | (562,165) |
Interest Rate Contract [Member] | Consolidated Obligations Discount Notes [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS | $ (8,813) | $ (134) | $ (29,471) | $ 7,975 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total amounts presented in the Statements of Income, Consolidated Obligations Discount Notes | Total amounts presented in the Statements of Income, Consolidated Obligations Discount Notes | Total amounts presented in the Statements of Income, Consolidated Obligations Discount Notes | Total amounts presented in the Statements of Income, Consolidated Obligations Discount Notes | |
Interest Rate Contract [Member] | Consolidated Obligations Discount Notes [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives1 | [1] | $ (2,660) | $ (21,255) | $ (5,569) | $ (33,973) |
Hedged items2 | [2] | (6,153) | 21,121 | (23,902) | 41,948 |
Interest Rate Contract [Member] | Consolidated Obligations Bonds [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS | $ (92,566) | $ (16,056) | $ (235,508) | $ 13,349 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total amounts presented in the Statements of Income, Consolidated Obligations Bonds | Total amounts presented in the Statements of Income, Consolidated Obligations Bonds | Total amounts presented in the Statements of Income, Consolidated Obligations Bonds | Total amounts presented in the Statements of Income, Consolidated Obligations Bonds | |
Interest Rate Contract [Member] | Consolidated Obligations Bonds [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives1 | [1] | $ (66,086) | $ (240,632) | $ (180,366) | $ (593,986) |
Hedged items2 | [2] | $ (26,480) | $ 224,576 | $ (55,142) | $ 607,335 |
[1]Includes net interest settlements in interest income/expense.[2]Includes amortization/accretion on closed fair value relationships in interest income. |
Derivatives And Hedging Activ_5
Derivatives And Hedging Activities Derivatives And Hedging Activities (Cumulative Basis Adjustments for Fair Value Hedges) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Asset, Fair Value Hedge1 | [1] | $ 12,633,547 | $ 8,161,351 |
Asset, Basis Adjustments for Active Hedging Relationships2 | [2] | (502,711) | (387,377) |
Hedged Asset, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | (9,792) | 8,553 |
Hedged Asset, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | (512,503) | (378,824) |
Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Asset, Fair Value Hedge1 | [1] | 6,052,223 | 5,959,781 |
Asset, Basis Adjustments for Active Hedging Relationships2 | [2] | (493,786) | (418,984) |
Hedged Asset, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | 0 | 0 |
Hedged Asset, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | (493,786) | (418,984) |
Consolidated Obligation Discount Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Liability, Fair Value Hedge1 | [1] | (4,135,294) | (7,562,117) |
Liability, Basis Adjustments for Active Hedging Relationships2 | [2] | 6,963 | 30,865 |
Hedged Liability, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | 0 | 0 |
Hedged Liability, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | 6,963 | 30,865 |
Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Value of Hedged Liability, Fair Value Hedge1 | [1] | (20,709,096) | (11,657,093) |
Liability, Basis Adjustments for Active Hedging Relationships2 | [2] | 555,487 | 604,595 |
Hedged Liability, Basis Adjustments for Discontinued Hedging Relationships2 | [2] | (6,034) | 0 |
Hedged Liability, Cumulative Amount of Fair Value Hedging Basis Adjustments2 | [2] | $ 549,453 | $ 604,595 |
[1]Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded).[2]Included in amortized cost of the hedged asset/liability. |
Derivatives And Hedging Activ_6
Derivatives And Hedging Activities (Net Gains Or Losses On Derivatives And Hedging Activities in Non-Interest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
NET GAINS (LOSSES) ON DERIVATIVES | $ 5,232 | $ 26,198 | $ 25,001 | $ 85,575 |
Interest rate swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
NET GAINS (LOSSES) ON DERIVATIVES | (2,202) | 28,284 | 882 | 109,271 |
Interest rate caps/floors [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
NET GAINS (LOSSES) ON DERIVATIVES | (93) | 780 | 32 | 1,865 |
Net Interest Settlements [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
NET GAINS (LOSSES) ON DERIVATIVES | 8,393 | (1,201) | 25,948 | (17,045) |
Price alignment interest | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
NET GAINS (LOSSES) ON DERIVATIVES | (216) | (36) | (607) | (33) |
Mortgage delivery commitments [Member] | Mortgage Receivable [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
NET GAINS (LOSSES) ON DERIVATIVES | $ (650) | $ (1,629) | $ (1,254) | $ (8,483) |
Deposits (Types Of Deposits) (D
Deposits (Types Of Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Interest-bearing: | ||
Demand | $ 280,042 | $ 301,073 |
Overnight | 413,600 | 352,400 |
Term Deposits | 5,700 | 12,000 |
Total interest-bearing | 699,342 | 665,473 |
Non-interest-bearing: | ||
Other | 52,610 | 45,588 |
Total non-interest-bearing | 52,610 | 45,588 |
TOTAL DEPOSITS | $ 751,952 | $ 711,061 |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Par value | $ 50,649,835 | $ 43,106,535 |
Federal Home Loan Bank, Consolidated Obligations, Callable Option [Member] | ||
Debt Instrument [Line Items] | ||
Par value | $ 22,663,000 | $ 16,008,000 |
Consolidated Obligations (Conso
Consolidated Obligations (Consolidated Bond Obligations Outstanding By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total par value | $ 50,649,835 | $ 43,106,535 |
Total par value, Weighted Average Interest Rate | 4.09% | 3.02% |
Premium | $ 13,563 | $ 18,950 |
Discounts | (3,818) | (3,789) |
Concession fees | (11,254) | (11,262) |
Hedging adjustments | (549,453) | (604,595) |
TOTAL | 50,098,873 | 42,505,839 |
Contractual Maturity Date, Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | $ 28,996,115 | $ 21,936,100 |
Due in one year or less, Weighted Average Interest Rate | 4.89% | 3.77% |
Due after one year through two years | $ 9,631,390 | $ 7,074,505 |
Due after one year through two years, Weighted Average Interest Rate | 3.97% | 2.97% |
Due after two years through three years | $ 3,289,220 | $ 3,508,370 |
Due after two years through three years, Weighted Average Interest Rate | 1.84% | 1.95% |
Due after three years through four years | $ 2,960,110 | $ 4,254,750 |
Due after three years through four years, Weighted Average Interest Rate | 2.10% | 1.74% |
Due after four years through five years | $ 1,466,350 | $ 1,694,660 |
Due after four years through five years, Weighted Average Interest Rate | 2.92% | 1.79% |
Thereafter | $ 4,306,650 | $ 4,638,150 |
Thereafter, Weighted Average Interest Rate | 2.41% | 1.99% |
Consolidated Obligations (Con_2
Consolidated Obligations (Consolidated Bond Obligations By Contractual Maturity Or Next Call Date) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total par value | $ 50,649,835 | $ 43,106,535 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 42,513,115 | 35,682,600 |
Due after one year through two years | 5,843,390 | 4,789,005 |
Due after two years through three years | 755,220 | 940,370 |
Due after three years through four years | 679,110 | 1,067,750 |
Due after four years through five years | 552,850 | 256,660 |
Thereafter | $ 306,150 | $ 370,150 |
Consolidated Obligations (Con_3
Consolidated Obligations (Consolidated Bonds By Interest-Rate Payment Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total par value | $ 50,649,835 | $ 43,106,535 |
Fixed rate [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 28,594,335 | 19,194,535 |
Simple variable rate [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 20,218,500 | 21,625,000 |
Step [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | $ 1,837,000 | $ 2,287,000 |
Consolidated Obligations (Con_4
Consolidated Obligations (Consolidated Discount Notes Outstanding) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | |||
Carrying Value | $ 17,892,734 | $ 24,775,405 | |
Consolidated Obligation Discount Notes [Member] | |||
Short-term Debt [Line Items] | |||
Par Value | $ 18,052,225 | $ 24,997,018 | |
Weighted Average Interest Rate | [1] | 5.12% | 3.81% |
[1]Represents yield to maturity excluding concession fees. |
Assets and Liabilities Subjec_3
Assets and Liabilities Subject to Offsetting Assets Subject to Offsetting (Schedule of Offsetting Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | $ 247,744 | $ 170,237 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | [1],[2] | 84,152 | 101,839 |
Total derivative assets | 331,896 | 272,076 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [3] | (27) | (24) |
Derivative assets, Net Amount | 331,869 | 272,052 | |
Securities purchased under agreements to resell, Gross Amounts of Recognized Assets | 1,825,000 | 2,350,000 | |
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 | 1,825,000 | 2,350,000 | |
Securities purchased under agreements to resell, Gross Amounts Not Offset in the Statement of Condition | [3] | (1,825,000) | (2,350,000) |
Securities purchased under agreements to resell, Net Amount | 0 | 0 | |
TOTAL, Gross Amounts of Recognized Assets | 2,072,744 | 2,520,237 | |
TOTAL, Gross Amounts Offset in the Statement of Condition | 84,152 | 101,839 | |
TOTAL, Net Amounts of Assets Presented in the Statement of Condition | 2,156,896 | 2,622,076 | |
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [3] | (1,825,027) | (2,350,024) |
TOTAL, Net Amount | 331,869 | 272,052 | |
Uncleared derivatives [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | 244,197 | 154,844 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | (241,265) | (153,125) | |
Total derivative assets | 2,932 | 1,719 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [3] | (27) | (24) |
Derivative assets, Net Amount | 2,905 | 1,695 | |
Cleared derivatives [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative assets, Gross Amounts of Recognized Assets | 3,547 | 15,393 | |
Derivative assets, Gross Amounts Offset in the Statement of Condition | 325,417 | 254,964 | |
Total derivative assets | 328,964 | 270,357 | |
Derivative assets, Gross Amounts Not Offset in the Statement of Condition | [3] | 0 | 0 |
Derivative assets, Net Amount | $ 328,964 | $ 270,357 | |
[1]Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively.[2]Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.[3]Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Assets and Liabilities Subjec_4
Assets and Liabilities Subject to Offsetting Liabilities Subject to Offsetting (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | $ 576,536 | $ 610,985 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | [1],[2] | (575,733) | (608,626) |
Total derivative liabilities | 803 | 2,359 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [3] | (135) | (173) |
Derivative liabilities, Net Amount | 668 | 2,186 | |
TOTAL, Gross Amounts of Recognized Liabilities | 576,536 | 610,985 | |
TOTAL, Gross Amounts Offset in the Statement of Condition | (575,733) | (608,626) | |
TOTAL, Net Amounts of Liabilities Presented in the Statement of Condition | 803 | 2,359 | |
TOTAL, Gross Amounts Not Offset in the Statement of Condition | [3] | (135) | (173) |
TOTAL, Net Amount | 668 | 2,186 | |
Uncleared derivatives [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 560,769 | 609,169 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (559,966) | (606,810) | |
Total derivative liabilities | 803 | 2,359 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [3] | (135) | (173) |
Derivative liabilities, Net Amount | 668 | 2,186 | |
Cleared derivatives [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, Gross Amounts of Recognized Liabilities | 15,767 | 1,816 | |
Derivative liabilities, Gross Amounts Offset in the Statement of Condition | (15,767) | (1,816) | |
Total derivative liabilities | 0 | 0 | |
Derivative liabilities, Gross Amounts Not Offset in the Statement of Condition | [3] | 0 | 0 |
Derivative liabilities, Net Amount | $ 0 | $ 0 | |
[1]Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively.[2]Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.[3]Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments). |
Capital (Narrative) (Details)
Capital (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2023 $ / shares Rate | Dec. 31, 2022 $ / shares | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Leverage capital, permanent capital weight | 1.5 | ||
Common Stock, par value per share | $ 100 | ||
Dividend Parity Threshold Notification Period | 90 days | ||
Dividend Parity Threshold Adjustment | Rate | 2% | ||
Dividend Parity Threshold | 0% | ||
Dividend Parity Threshold Floor | 0% | ||
Excess Stock (less than) | Rate | 1% | ||
Class A [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Leverage capital, non-permanent capital weight | 1 | ||
Common Stock, par value per share | [1] | $ 100 | $ 100 |
Class B [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Stock, par value per share | [1] | $ 100 | $ 100 |
[1]Putable |
Capital (Regulatory Capital Req
Capital (Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Regulatory capital requirements: | ||
Risk-based capital, Required | $ 754,537 | $ 481,076 |
Risk-based capital, Actual | $ 3,663,076 | $ 3,522,040 |
Total regulatory capital-to-asset ratio, Actual | 5.50% | 5.20% |
Total regulatory capital, Required | $ 2,925,452 | $ 2,879,714 |
Total regulatory capital, Actual | $ 4,021,290 | $ 3,761,094 |
Leverage capital ratio, Actual | 8% | 7.70% |
Leverage capital, Required | $ 3,656,815 | $ 3,599,642 |
Leverage capital, Actual | $ 5,852,828 | $ 5,522,115 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Mandatorily Redeemable Capital Stock [Roll Forward] | ||||
Balance, beginning of period | $ 263 | $ 537 | $ 280 | $ 582 |
Capital stock subject to mandatory redemption reclassified from equity during the period | 153,179 | 144,680 | 646,676 | 603,043 |
Redemption or repurchase of mandatorily redeemable capital stock during the period | (153,192) | (144,926) | (646,713) | (603,336) |
Stock dividend classified as mandatorily redeemable capital stock during the period | 3 | 1 | 10 | 3 |
Balance, end of period | $ 253 | $ 292 | $ 253 | $ 292 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Or Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at the beginning of the period | $ 3,896,486 | $ 2,994,766 | $ 3,676,544 | $ 2,714,266 | |
Reclassifications from other comprehensive income (loss) to net income: | |||||
Total other comprehensive income (loss) | (45,590) | (29,025) | (45,149) | (124,693) | |
Balance at the end of the period | 3,891,618 | 3,295,511 | 3,891,618 | 3,295,511 | |
Total AOCI [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at the beginning of the period | (83,829) | (23,353) | (84,270) | 72,315 | |
Other comprehensive income (loss) before reclassification: | |||||
Unrealized gains (losses) | (45,590) | (29,088) | (45,149) | (124,880) | |
Reclassifications from other comprehensive income (loss) to net income: | |||||
Amortization of net losses - defined benefit pension plan | [1] | 63 | 187 | ||
Total other comprehensive income (loss) | (45,590) | (29,025) | (45,149) | (124,693) | |
Balance at the end of the period | (129,419) | (52,378) | (129,419) | (52,378) | |
Net Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at the beginning of the period | (84,002) | (21,103) | (84,443) | 74,689 | |
Other comprehensive income (loss) before reclassification: | |||||
Unrealized gains (losses) | (45,590) | (29,088) | (45,149) | (124,880) | |
Reclassifications from other comprehensive income (loss) to net income: | |||||
Total other comprehensive income (loss) | (45,590) | (29,088) | (45,149) | (124,880) | |
Balance at the end of the period | (129,592) | (50,191) | (129,592) | (50,191) | |
Defined Benefit Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at the beginning of the period | 173 | (2,250) | 173 | (2,374) | |
Reclassifications from other comprehensive income (loss) to net income: | |||||
Amortization of net losses - defined benefit pension plan | [1] | 63 | 187 | ||
Total other comprehensive income (loss) | 0 | 63 | 0 | 187 | |
Balance at the end of the period | $ 173 | $ (2,187) | $ 173 | $ (2,187) | |
[1]Recorded in “Other” non-interest expense on the Statements of Income. Amount represents a debit (increase to other expenses). |
Fair Values (Fair Value Summary
Fair Values (Fair Value Summary) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Assets: | |||
Cash and due from banks | $ 26,652 | $ 25,964 | |
Trading securities | 899,023 | 1,421,453 | |
Available-for-sale securities | 10,868,344 | 9,354,416 | |
Held-to-maturity securities, Carrying Value | 276,457 | 345,430 | |
Held-to-maturity securities | 271,634 | 340,259 | |
Accrued interest receivable | 201,430 | 186,594 | |
Derivative assets | 331,896 | 272,076 | |
Netting adjustments and cash collateral, Derivative Assets | [1],[2] | 84,152 | 101,839 |
Liabilities: | |||
Accrued interest payable | 357,213 | 197,175 | |
Derivative liabilities | 803 | 2,359 | |
Netting adjustments and cash collateral, Derivative Liabilities | [1],[2] | (575,733) | (608,626) |
Carrying Value [Member] | |||
Assets: | |||
Cash and due from banks | 26,652 | 25,964 | |
Interest-bearing deposits | 1,698,340 | 2,039,852 | |
Securities purchased under agreements to resell | 1,825,000 | 2,350,000 | |
Federal funds sold | 4,400,000 | 3,750,000 | |
Trading securities | 899,023 | 1,421,453 | |
Available-for-sale securities | 10,868,344 | 9,354,416 | |
Held-to-maturity securities, Carrying Value | 276,457 | 345,430 | |
Advances | 44,322,221 | 44,262,750 | |
Mortgage loans held for portfolio, net of allowance | 8,207,138 | 7,905,135 | |
Accrued interest receivable | 201,430 | 186,594 | |
Derivative assets | 331,896 | 272,076 | |
Liabilities: | |||
Deposits | 751,952 | 711,061 | |
Mandatorily redeemable capital stock | 253 | 280 | |
Accrued interest payable | 357,213 | 197,175 | |
Derivative liabilities | 803 | 2,359 | |
Carrying Value [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 35,000 | 35,000 | |
Carrying Value [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | (35,000) | (35,000) | |
Carrying Value [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 17,892,734 | 24,775,405 | |
Carrying Value [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 50,098,873 | 42,505,839 | |
Fair Value [Member] | |||
Assets: | |||
Cash and due from banks | 26,652 | 25,964 | |
Interest-bearing deposits | 1,698,340 | 2,039,852 | |
Securities purchased under agreements to resell | 1,825,000 | 2,350,000 | |
Federal funds sold | 4,400,000 | 3,750,000 | |
Trading securities | 899,023 | 1,421,453 | |
Available-for-sale securities | 10,868,344 | 9,354,416 | |
Held-to-maturity securities | 271,634 | 340,259 | |
Advances | 44,281,186 | 44,173,791 | |
Mortgage loans held for portfolio, net of allowance | 6,901,866 | 6,639,257 | |
Accrued interest receivable | 201,430 | 186,594 | |
Derivative assets | 331,896 | 272,076 | |
Liabilities: | |||
Deposits | 751,953 | 711,052 | |
Mandatorily redeemable capital stock | 253 | 280 | |
Accrued interest payable | 357,213 | 197,175 | |
Derivative liabilities | 803 | 2,359 | |
Fair Value [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 31,643 | 31,948 | |
Fair Value [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | (31,643) | (31,948) | |
Fair Value [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 17,892,180 | 24,630,686 | |
Fair Value [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 48,815,150 | 41,258,883 | |
Level 1 [Member] | |||
Assets: | |||
Cash and due from banks | 26,652 | 25,964 | |
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 | 253 | 280 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 1 [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 0 | 0 | |
Level 1 [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), 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 | 1,698,340 | 2,039,852 | |
Securities purchased under agreements to resell | 1,825,000 | 2,350,000 | |
Federal funds sold | 4,400,000 | 3,750,000 | |
Trading securities | 899,023 | 1,421,453 | |
Available-for-sale securities | 10,868,344 | 9,354,416 | |
Held-to-maturity securities | 232,864 | 271,491 | |
Advances | 44,281,186 | 44,173,791 | |
Mortgage loans held for portfolio, net of allowance | 6,899,367 | 6,638,132 | |
Accrued interest receivable | 201,430 | 186,594 | |
Derivative assets | 247,744 | 170,237 | |
Liabilities: | |||
Deposits | 751,953 | 711,052 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 357,213 | 197,175 | |
Derivative liabilities | 576,536 | 610,985 | |
Level 2 [Member] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 31,643 | 31,948 | |
Level 2 [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), liability | (31,643) | (31,948) | |
Level 2 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Liabilities: | |||
Consolidated obligation discount notes | 17,892,180 | 24,630,686 | |
Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||
Liabilities: | |||
Consolidated obligation bonds | 48,815,150 | 41,258,883 | |
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 | 38,770 | 68,768 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net of allowance | 2,499 | 1,125 | |
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] | Industrial revenue bond [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), asset | 0 | 0 | |
Level 3 [Member] | Financing lease payable [Member] | |||
Other Asset (Liability): | |||
Other asset (liability), 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]Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively.[2]Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty. |
Fair Values (Hierarchy Level fo
Fair Values (Hierarchy Level for Financial Assets And Liabilities - Recurring And Nonrecurring) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 899,023 | $ 1,421,453 | |||
Available-for-sale securities | 10,868,344 | 9,354,416 | |||
Total derivative assets | 331,896 | 272,076 | |||
Netting adjustments and cash collateral, Derivative Assets | [1],[2] | 84,152 | 101,839 | ||
Total derivative liabilities | 803 | 2,359 | |||
Netting adjustments and cash collateral, Derivative Liabilities | [1],[2] | (575,733) | (608,626) | ||
Held-to-maturity securities | 271,634 | 340,259 | |||
U.S. Treasury obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 396,233 | |||
Available-for-sale securities | 2,890,387 | 3,315,356 | |||
GSE Debenture [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 285,509 | 388,955 | |||
U.S. obligation MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 111,346 | 40,039 | |||
GSE MBS [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 613,514 | 636,265 | |||
Available-for-sale securities | 7,866,611 | 5,999,021 | |||
Held-to-maturity securities | 232,864 | 271,491 | |||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 899,023 | 1,421,453 | |||
Available-for-sale securities | 10,868,344 | 9,354,416 | |||
Total derivative assets | 247,744 | 170,237 | |||
Total derivative liabilities | 576,536 | 610,985 | |||
Held-to-maturity securities | 232,864 | 271,491 | |||
Mortgage loans held for portfolio | 6,899,367 | 6,638,132 | |||
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 | 38,770 | 68,768 | |||
Mortgage loans held for portfolio | 2,499 | 1,125 | |||
Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 899,023 | 1,421,453 | |||
Available-for-sale securities | 10,868,344 | 9,354,416 | |||
Total derivative assets | 331,896 | 272,076 | |||
Total derivative liabilities | 803 | 2,359 | |||
Held-to-maturity securities | 271,634 | 340,259 | |||
Mortgage loans held for portfolio | 6,901,866 | 6,639,257 | |||
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 | [2] | 84,152 | 101,839 | ||
Netting adjustments and cash collateral, Derivative Liabilities | [2] | (575,733) | (608,626) | ||
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 | [2] | 84,152 | 101,839 | ||
Netting adjustments and cash collateral, Derivative Liabilities | [2] | (575,733) | (608,626) | ||
Recurring fair value measurements [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 899,023 | 1,421,453 | |||
Available-for-sale securities | 10,868,344 | 9,354,416 | |||
Total derivative assets | 247,744 | 170,237 | |||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 12,015,111 | 10,946,106 | |||
Total derivative liabilities | 576,536 | 610,985 | |||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 576,536 | 610,985 | |||
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 | 247,717 | 170,213 | |||
Total derivative liabilities | 576,401 | 610,812 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | U.S. Treasury obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 396,233 | ||||
Available-for-sale securities | 2,890,387 | 3,315,356 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | GSE Debenture [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 285,509 | 388,955 | |||
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] | |||||
Available-for-sale securities | 111,346 | 40,039 | |||
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 | 613,514 | 636,265 | |||
Available-for-sale securities | 7,866,611 | 5,999,021 | |||
Recurring fair value measurements [Member] | Level 2 [Member] | Mortgage Receivable [Member] | Mortgage delivery commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 27 | 24 | |||
Total derivative liabilities | 135 | 173 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 899,023 | 1,421,453 | |||
Available-for-sale securities | 10,868,344 | 9,354,416 | |||
Total derivative assets | 331,896 | 272,076 | |||
TOTAL FAIR VALUE MEASUREMENTS - ASSETS | 12,099,263 | 11,047,945 | |||
Total derivative liabilities | 803 | 2,359 | |||
TOTAL FAIR VALUE MEASUREMENTS - LIABILITIES | 803 | 2,359 | |||
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 | 331,869 | 272,052 | |||
Total derivative liabilities | 668 | 2,186 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | U.S. Treasury obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 396,233 | ||||
Available-for-sale securities | 2,890,387 | 3,315,356 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | GSE Debenture [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 285,509 | 388,955 | |||
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] | |||||
Available-for-sale securities | 111,346 | 40,039 | |||
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 | 613,514 | 636,265 | |||
Available-for-sale securities | 7,866,611 | 5,999,021 | |||
Recurring fair value measurements [Member] | Fair Value [Member] | Mortgage Receivable [Member] | Mortgage delivery commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total derivative assets | 27 | 24 | |||
Total derivative liabilities | 135 | 173 | |||
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 | 2,580 | [3] | 1,164 | [4] | |
Mortgage loans held for portfolio | 2,537 | [3] | 1,164 | [4] | |
Real estate owned | [3] | 43 | |||
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 | 2,580 | [3] | 1,164 | [4] | |
Mortgage loans held for portfolio | 2,537 | [3] | $ 1,164 | [4] | |
Real estate owned | [3] | $ 43 | |||
[1]Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $702,290,000 and $761,704,000 as of September 30, 2023 and December 31, 2022, respectively. Cash collateral received was $42,405,000 and $51,239,000 as of September 30, 2023 and December 31, 2022, respectively.[2]Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.[3]Includes assets adjusted to fair value during the nine months ended September 30, 2023 and still outstanding as of September 30, 2023.[4]Includes assets adjusted to fair value during the year ended December 31, 2022 and still outstanding as of December 31, 2022. |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Off-balance Sheet Commitments: | |||
Obligation with Joint and Several Liability Arrangement, Description | As provided in the Bank Act or in FHFA regulations, 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 | $ 1,161,172,587 | $ 1,113,638,974 | |
Carrying value included in other liabilities | $ 70,111 | $ 70,544 | |
Number of in-district state housing authorities with standby bond purchase agreements | 2 | 2 | |
Stand by Bond Purchase Agreements, Aquired And Sold At Par, During the Period | $ 0 | $ 0 | |
Mortgage Delivery Commitments Derivative Asset (Liability) | $ (108) | $ (149) | |
Standby Letters of Credit Outstanding [Member] | |||
Off-balance Sheet Commitments: | |||
Commitment Expiration Year (no later than) | 2027 | ||
Carrying value included in other liabilities | $ 2,497 | $ 1,878 | |
Forward Settling Advance Commitments [Member] | |||
Off-balance Sheet Commitments: | |||
Term (up to) | 24 months | ||
Commitments for standby bond purchases [Member] | |||
Off-balance Sheet Commitments: | |||
Commitment Expiration Year (no later than) | 2028 | ||
Mortgage Receivable [Member] | Commitments to fund or purchase mortgage loans [Member] | |||
Off-balance Sheet Commitments: | |||
Term (up to) | 60 calendar days |
Commitments And Contingencies_3
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Standby letters of credit outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | $ 6,692,755 | $ 6,475,917 |
Expire After One Year | 9,516 | 250 |
Total | 6,702,271 | 6,476,167 |
Advance commitments outstanding [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 86,496 | 173,959 |
Expire After One Year | 3,615 | 2,505 |
Total | 90,111 | 176,464 |
Principal commitments for standby bond purchase agreements [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 326,965 | 212,705 |
Expire After One Year | 595,520 | 646,165 |
Total | 922,485 | 858,870 |
Commitments to issue consolidated bonds, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 766,500 | 501,000 |
Expire After One Year | 0 | 0 |
Total | 766,500 | 501,000 |
Commitments to issue consolidated obligations discount notes, at par [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 0 | 7,500 |
Expire After One Year | 0 | 0 |
Total | 0 | 7,500 |
Mortgage Receivable [Member] | Commitments to fund or purchase mortgage loans [Member] | ||
Loss Contingencies [Line Items] | ||
Expire Within One Year | 48,915 | 33,882 |
Expire After One Year | 0 | 0 |
Total | $ 48,915 | $ 33,882 |
Transactions With Stockholder_2
Transactions With Stockholders (Related Party Transactions, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Outstanding Advances | $ 44,322,221 | $ 44,322,221 | $ 44,262,750 |
Outstanding Deposits | 751,952 | 751,952 | 711,061 |
Ten Percent Owner [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 866,528 | $ 866,528 | $ 493,912 |
Regulatory Capital Stock, Percent Of Total | 32.70% | 32.70% | 19.70% |
Outstanding Advances | $ 16,705,000 | $ 16,705,000 | $ 10,740,000 |
Outstanding Advances, Percent of Total | 37.30% | 37.30% | 24.10% |
Outstanding Deposits | $ 22,151 | $ 22,151 | $ 530 |
Outstanding Deposits, Percent of Total | 2.90% | 2.90% | 0.10% |
Ten Percent Owner [Member] | Total Class A Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 104,626 | $ 104,626 | $ 500 |
Regulatory Capital Stock, Percent Of Total | 29.20% | 29.20% | 0.20% |
Ten Percent Owner [Member] | Total Class B Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 761,902 | $ 761,902 | $ 493,412 |
Regulatory Capital Stock, Percent Of Total | 33.30% | 33.30% | 21.70% |
MidFirst Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 507,090 | $ 507,090 | $ 493,912 |
Regulatory Capital Stock, Percent Of Total | 19.10% | 19.10% | 19.70% |
Outstanding Advances | $ 10,530,000 | $ 10,530,000 | $ 10,740,000 |
Outstanding Advances, Percent of Total | 23.50% | 23.50% | 24.10% |
Outstanding Deposits | $ 760 | $ 760 | $ 530 |
Outstanding Deposits, Percent of Total | 0.10% | 0.10% | 0.10% |
MidFirst Bank [Member] | Total Class A Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 24,133 | $ 24,133 | $ 500 |
Regulatory Capital Stock, Percent Of Total | 6.70% | 6.70% | 0.20% |
MidFirst Bank [Member] | Total Class B Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 482,957 | $ 482,957 | $ 493,412 |
Regulatory Capital Stock, Percent Of Total | 21.10% | 21.10% | 21.70% |
BOKF, N.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 359,438 | $ 359,438 | |
Regulatory Capital Stock, Percent Of Total | 13.60% | 13.60% | |
Outstanding Advances | $ 6,175,000 | $ 6,175,000 | |
Outstanding Advances, Percent of Total | 13.80% | 13.80% | |
Outstanding Deposits | $ 21,391 | $ 21,391 | |
Outstanding Deposits, Percent of Total | 2.80% | 2.80% | |
Loans And Leases Receivable, Acquired or Funded With Related Party During Period | $ 5,905 | $ 15,989 | |
BOKF, N.A. [Member] | Total Class A Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 80,493 | $ 80,493 | |
Regulatory Capital Stock, Percent Of Total | 22.50% | 22.50% | |
BOKF, N.A. [Member] | Total Class B Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Regulatory Capital Stock, Total Par Value | $ 278,945 | $ 278,945 | |
Regulatory Capital Stock, Percent Of Total | 12.20% | 12.20% |
Transactions With Stockholder_3
Transactions With Stockholders (Related Party Transactions, by Balance Sheet Grouping-Directors) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Advances, Outstanding Amount | $ 44,322,221 | $ 44,262,750 |
Deposits, Outstanding Amount | 751,952 | 711,061 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Advances, Outstanding Amount | $ 250,516 | $ 185,535 |
Advances, Percent of Total | 0.60% | 0.40% |
Deposits, Outstanding Amount | $ 6,963 | $ 7,322 |
Deposits, Percent of Total | 0.90% | 1% |
TOTAL CAPITAL STOCK, Outstanding Amount | $ 18,434 | $ 15,944 |
TOTAL CAPITAL STOCK, Percent Of Total | 0.70% | 0.60% |
Director [Member] | Class A [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 4,335 | $ 4,151 |
TOTAL CAPITAL STOCK, Percent Of Total | 1.20% | 1.70% |
Director [Member] | Class B [Member] | ||
Related Party Transaction [Line Items] | ||
TOTAL CAPITAL STOCK, Outstanding Amount | $ 14,099 | $ 11,793 |
TOTAL CAPITAL STOCK, Percent Of Total | 0.60% | 0.50% |
Transactions With Stockholder_4
Transactions With Stockholders (Schedule Of Related Party Transactions, Mortgage Loans Disclosure) (Details) - Director [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Mortgage loans acquired | $ 5,476 | $ 4,736 | $ 14,461 | $ 16,032 |
Mortgage loans acquired, Percent of Total | 1.50% | 1.90% | 1.60% | 1.90% |
Federal Home Loan Banks (Detail
Federal Home Loan Banks (Details2) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Federal Home Loan Banks [Abstract] | ||
Bonds Transferred to Other Federal Home Loan Banks, PAR | $ 1,000,000 | $ 0 |