Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Federal Home Loan Bank of Cincinnati | |
Entity Central Index Key | 1,326,771 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,601,414 |
Statements of Condition
Statements of Condition - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | ||
ASSETS | ||||
Cash and due from banks | $ 1,853,185 | $ 26,550 | ||
Interest-bearing deposits | 250 | 140 | ||
Securities purchased under agreements to resell | 1,636,078 | 7,701,929 | ||
Federal funds sold | 17,775,000 | 3,650,000 | ||
Investment securities: | ||||
Trading securities | 725 | 781 | ||
Available-for-sale securities | 500,019 | 899,876 | ||
Held-to-maturity securities (includes $0 and $0 pledged as collateral at March 31, 2018 and December 31, 2017, respectively, that may be repledged) | [1] | 16,100,460 | 14,804,970 | |
Total investment securities | 16,601,204 | 15,705,627 | ||
Advances (includes $4,971 and $15,013 at fair value under fair value option at March 31, 2018 and December 31. 2017, respectively) | 63,882,874 | 69,918,224 | ||
Mortgage loans held for portfolio: | ||||
Mortgage loans held for portfolio | 9,732,239 | 9,682,130 | ||
Less: allowance for credit losses on mortgage loans | 1,068 | 1,190 | ||
Mortgage loans held for portfolio, net | 9,731,171 | 9,680,940 | ||
Accrued interest receivable | 148,807 | 128,561 | ||
Premises, software, and equipment, net | 9,043 | 8,896 | ||
Derivative assets | 61,877 | 60,695 | [2],[3] | |
Other assets | 9,806 | 13,652 | ||
TOTAL ASSETS | 111,709,295 | 106,895,214 | ||
LIABILITIES | ||||
Deposits | 683,398 | 650,531 | ||
Consolidated Obligations: | ||||
Discount Notes | 53,089,129 | 46,210,458 | ||
Bonds (includes $5,966,827 and $5,577,315 at fair value under fair value option at March 31, 2018 and December 31, 2017, respectively) | 51,767,306 | 54,163,061 | ||
Total Consolidated Obligations | 104,856,435 | 100,373,519 | ||
Mandatorily redeemable capital stock | 28,098 | 30,031 | ||
Accrued interest payable | 128,586 | 128,652 | ||
Affordable Housing Program payable | 114,564 | 109,877 | ||
Derivative liabilities | 3,111 | 2,893 | [2],[3] | |
Other Liabilities | 426,156 | 435,198 | ||
Total liabilities | 106,240,348 | 101,730,701 | ||
Commitments and contingencies | ||||
CAPITAL | ||||
Capital stock Class B putable ($100 par value); issued and outstanding shares: 45,235 shares March 31, 2018 and 42,411 shares at December 31, 2017 | 4,523,490 | 4,241,140 | ||
Retained earnings: | ||||
Unrestricted | 621,924 | 617,034 | ||
Restricted | 339,564 | 322,999 | ||
Total retained earnings | 961,488 | 940,033 | ||
Accumulated other comprehensive loss | (16,031) | (16,660) | ||
Total capital | 5,468,947 | 5,164,513 | ||
TOTAL LIABILITIES AND CAPITAL | $ 111,709,295 | $ 106,895,214 | ||
[1] | Fair values: $15,860,830 and $14,682,329 at March 31, 2018 and December 31, 2017, respectively. | |||
[2] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. | |||
[3] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. |
Statements of Condition (Parent
Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Held-to-maturity Securities Pledged as Collateral | $ 0 | $ 0 | |||
Advances, Fair Value Disclosure | [1] | $ 4,971 | $ 15,013 | ||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 | |||
Common Stock, Shares, Issued | 45,235 | 42,411 | |||
Common Stock, Shares, Outstanding | 45,235 | 42,411 | |||
Held-to-maturity Securities, Fair Value | $ 15,860,830 | $ 14,682,329 | |||
Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | 5,966,827 | 5,577,315 | |||
Fair Value | |||||
Held-to-maturity Securities, Fair Value | 15,860,830 | 14,682,329 | |||
Fair Value | Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | $ 51,413,846 | [2] | $ 54,095,627 | [3] | |
[1] | At March 31, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[2] | Includes (in thousands) $5,966,827 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2018. | ||||
[3] | Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017. |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
INTEREST INCOME: | ||
Advances | $ 318,421 | $ 181,253 |
Prepayment fees on Advances, net | 40 | 347 |
Interest-bearing deposits | 103 | 16 |
Securities purchased under agreements to resell | 6,957 | 4,726 |
Federal funds sold | 34,738 | 10,450 |
Investment securities: | ||
Trading securities | 5 | 4 |
Available-for-sale securities | 3,279 | 1,782 |
Held-to-maturity securities | 82,920 | 72,755 |
Total investment securities | 86,204 | 74,541 |
Mortgage loans held for portfolio | 77,746 | 72,437 |
Loans to other FHLBanks | 20 | 0 |
Total interest income | 524,229 | 343,770 |
Consolidated Obligations: | ||
Discount Notes | 181,371 | 56,649 |
Bonds | 222,468 | 182,613 |
Total Consolidated Obligations | 403,839 | 239,262 |
Deposits | 1,885 | 764 |
Mandatorily redeemable capital stock | 445 | 471 |
Total interest expense | 406,169 | 240,497 |
NET INTEREST INCOME | 118,060 | 103,273 |
NON-INTEREST (LOSS) INCOME: | ||
Net losses on trading securities | (2) | (3) |
Net gains (losses) on financial instruments held under fair value option | 19,725 | (6,061) |
Net losses on derivatives and hedging activities | (26,373) | (8,116) |
Other, net | 2,793 | 3,467 |
Total non-interest (loss) income | (3,857) | (10,713) |
NON-INTEREST EXPENSE: | ||
Compensation and benefits | 12,693 | 11,048 |
Other operating expenses | 5,128 | 5,162 |
Finance Agency | 1,564 | 1,640 |
Office of Finance | 1,337 | 1,102 |
Other | 1,402 | 1,114 |
Total non-interest expense | 22,124 | 20,066 |
INCOME BEFORE ASSESSMENTS | 92,079 | 72,494 |
Affordable Housing Program assessments | 9,252 | 7,296 |
NET INCOME | $ 82,827 | $ 65,198 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 82,827 | $ 65,198 |
Other comprehensive income adjustments: | ||
Net unrealized gains (losses) on available-for-sale securities | 143 | (26) |
Pension and postretirement benefits | 486 | 342 |
Total other comprehensive income adjustments | 629 | 316 |
Comprehensive income | $ 83,456 | $ 65,514 |
Statement of Equity
Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings, Unrestricted [Member] | Retained Earnings, Restricted [Member] | Retained Earnings, Total [Member] | Accumulated Other Comprehensive Loss [Member] |
Shares, Issued beginning balance at Dec. 31, 2016 | 41,569 | |||||
Beginning balance at Dec. 31, 2016 | $ 4,978,095 | $ 4,156,944 | $ 574,122 | $ 260,285 | $ 834,407 | $ (13,256) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive Income | 65,514 | 52,158 | 13,040 | 65,198 | 316 | |
Proceeds from sale of capital stock, shares | 183 | |||||
Proceeds from sale of capital stock, par value | 18,291 | $ 18,291 | ||||
Net shares reclassified to mandatorily redeemable capital stock, shares | (16) | |||||
Net shares reclassified to mandatorily redeemable capital stock, par value | (1,594) | $ (1,594) | ||||
Cash dividends on capital stock | (46,847) | (46,847) | (46,847) | |||
Shares, Issued ending balance at Mar. 31, 2017 | 41,736 | |||||
Ending balance at Mar. 31, 2017 | 5,013,459 | $ 4,173,641 | 579,433 | 273,325 | 852,758 | (12,940) |
Shares, Issued beginning balance at Dec. 31, 2017 | 42,411 | |||||
Beginning balance at Dec. 31, 2017 | 5,164,513 | $ 4,241,140 | 617,034 | 322,999 | 940,033 | (16,660) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive Income | 83,456 | 66,262 | 16,565 | 82,827 | 629 | |
Proceeds from sale of capital stock, shares | 2,824 | |||||
Proceeds from sale of capital stock, par value | 282,415 | $ 282,415 | ||||
Net shares reclassified to mandatorily redeemable capital stock, shares | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock, par value | (65) | $ (65) | ||||
Cash dividends on capital stock | (61,372) | (61,372) | (61,372) | |||
Shares, Issued ending balance at Mar. 31, 2018 | 45,235 | |||||
Ending balance at Mar. 31, 2018 | $ 5,468,947 | $ 4,523,490 | $ 621,924 | $ 339,564 | $ 961,488 | $ (16,031) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES: | ||
Net income | $ 82,827 | $ 65,198 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,327 | 8,079 |
Net change in derivative and hedging activities | 36,698 | 7,222 |
Net change in fair value adjustments on trading securities | 2 | 3 |
Net change in fair value adjustments on financial instruments held under fair value option | (19,725) | 6,061 |
Net change in: | ||
Accrued interest receivable | (20,247) | (2,630) |
Other assets | 3,847 | 29,343 |
Accrued interest payable | 1,077 | 6,728 |
Other liabilities | (543) | (4,976) |
Total adjustments | 22,436 | 49,830 |
Net cash provided by operating activities | 105,263 | 115,028 |
Net change in: | ||
Interest-bearing deposits | 2,574 | 22,418 |
Securities purchased under agreements to resell | 6,065,851 | 770,959 |
Federal funds sold | (14,125,000) | (1,483,000) |
Premises, software, and equipment | (888) | (383) |
Trading securities: | ||
Proceeds from maturities of long-term | 55 | 44 |
Available-for-sale securities: | ||
Net decrease in short-term | 400,000 | 1,150,000 |
Held-to-maturity securities: | ||
Net decrease (increase) in short-term | 992 | (1,460) |
Proceeds from maturities of long-term | 556,816 | 557,070 |
Purchases of long-term | (1,857,422) | (1,343,696) |
Advances: | ||
Repaid | 1,062,801,343 | 426,150,933 |
Originated | (1,056,807,749) | (417,564,160) |
Mortgage loans held for portfolio: | ||
Principal collected | 255,683 | 321,672 |
Purchases | (317,562) | (482,513) |
Net cash (used in) provided by investing activities | (3,025,307) | 8,097,884 |
FINANCING ACTIVITIES: | ||
Net change in deposits and pass-through reserves | 38,218 | (94,590) |
Net payments on derivative contracts with financing elements | (409) | (1,716) |
Net proceeds from issuance of Consolidated Obligations: | ||
Discount Notes | 116,799,928 | 102,823,446 |
Bonds | 6,310,660 | 7,815,958 |
Payments for maturing and retiring Consolidated Obligations: | ||
Discount Notes | (109,940,338) | (111,218,858) |
Bonds | (8,680,425) | (7,504,000) |
Proceeds from issuance of capital stock | 282,415 | 18,291 |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (1,998) | (4,420) |
Cash dividends paid | (61,372) | (46,847) |
Net cash provided by (used in) financing activities | 4,746,679 | (8,212,736) |
Net increase in cash and cash equivalents | 1,826,635 | 176 |
Cash and cash equivalents at beginning of the period | 26,550 | 8,737 |
Cash and cash equivalents at end of the period | 1,853,185 | 8,913 |
Supplemental Disclosures: | ||
Interest paid | 392,372 | 237,088 |
Affordable Housing Program payments, net | $ 4,565 | $ 5,361 |
Background Information
Background Information | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Background Information The Federal Home Loan Bank of Cincinnati (the FHLB), a federally chartered corporation, is one of 11 District Federal Home Loan Banks (FHLBanks). The FHLBanks serve the public by enhancing the availability of credit for residential mortgages and targeted community development. The FHLB is regulated by the Federal Housing Finance Agency (Finance Agency). |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates. These assumptions and estimates affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ from these estimates. The interim financial statements presented are unaudited, but they include all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations, and cash flows for such periods. These financial statements do not include all disclosures associated with annual financial statements and accordingly should be read in conjunction with the audited financial statements and notes included in the FHLB's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission (SEC). Results for the three months ended March 31, 2018 are not necessarily indicative of operating results for the full year. The FHLB presents certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when it has a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these instruments, the FHLB has elected to offset its asset and liability positions, as well as cash collateral received or pledged, when it has met the netting requirements. The FHLB did not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time this collateral is received or pledged. Likewise, there may be a delay for excess collateral to be returned. For derivative instruments that meet the requirements for netting, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset. Additional information regarding these agreements is provided in Note 10. Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. For more information about the FHLB's investments in securities purchased under agreements to resell, see “Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies” in the FHLB's 2017 Annual Report on Form 10-K. The FHLB did not hold any equity securities as of March 31, 2018 and December 31, 2017 . Reclassifications. Certain amounts in the 2017 financial statements and footnotes have been reclassified to conform to the presentation as of March 31, 2018 . Specifically, due to a change in presentation, variation margin on certain cleared derivatives has been reclassified from netting adjustments and cash collateral and allocated to the individual derivative instruments. Refer to Note 10 for additional information. Subsequent Events. The FHLB has evaluated subsequent events for potential recognition or disclosure through the issuance of these financial statements and believes there have been no material subsequent events requiring additional disclosure or recognition in these financial statements. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards and Interpretations | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards and Interpretations [Text Block] | Recently Issued Accounting Standards and Interpretations Targeted Improvements to Accounting for Hedging Activities. On August 28, 2017, the Financial Accounting Standards Board (FASB) issued amended guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This guidance requires that, for fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness be presented in the same income statement line that is used to present the earnings effect of the hedged item. For cash flow hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness must be recorded in other comprehensive income. In addition, the amendments include certain targeted improvements to the assessment of hedge effectiveness. This guidance becomes effective for the FHLB for interim and annual periods beginning on January 1, 2019, and early adoption is permitted. The amended presentation and disclosure guidance is required only prospectively. The FHLB does not intend to adopt the new guidance early. The FHLB is in the process of evaluating this guidance, and its effect on the FHLB’s financial condition, results of operations, and cash flows has not yet been determined. Premium Amortization on Purchased Callable Debt Securities. On March 30, 2017, the FASB issued amended guidance to shorten the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. This guidance is effective for the FHLB for interim and annual periods beginning on January 1, 2019, and early adoption is permitted. This guidance should be applied using a modified retrospective method through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The FHLB does not intend to adopt this guidance early. The FHLB is in the process of evaluating this guidance, but its effect on the FHLB’s financial condition, results of operations, and cash flows is not expected to be material. Improving the Presentation of Net Periodic Pension and Postretirement Benefit Cost. On March 10, 2017, the FASB issued amended guidance that requires an employer to disaggregate the service cost component from the other components of net periodic pension and postretirement benefit costs (net benefit costs). The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit costs in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2018, and was adopted retrospectively, for the presentation of the service cost component and the other components of net benefit costs in the income statement. For the capitalization of the service cost component of net benefit costs, this guidance was applied prospectively on and after the effective date. As a result of the adoption, $ 717,000 of other components of net benefit costs were reclassified from "Compensation and benefits" to "Other" within the non-interest expense section of the Statements of Income for the three months ended March 31, 2017. The adoption of this guidance had no effect on the FHLB's financial condition and cash flows. Classification of Certain Cash Receipts and Cash Payments. On August 26, 2016, the FASB issued amendments to clarify guidance on the classification of certain cash receipts and payments in the Statement of Cash Flows. This guidance is intended to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified on the Statement of Cash Flows. This guidance became effective for the FHLB for interim and annual periods beginning on January 1, 2018. The adoption of this guidance had no effect on the FHLB's financial condition, results of operations, and cash flows. Measurement of Credit Losses on Financial Instruments. On June 16, 2016, the FASB issued amended guidance for the accounting of credit losses on financial instruments. The amendments require entities to immediately record the full amount of expected credit losses in their loan portfolios. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The guidance also requires, among other things, credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses and expanded disclosure requirements. The guidance is effective for the FHLB for interim and annual periods beginning on January 1, 2020. Early application is permitted as of the interim and annual reporting periods beginning after December 15, 2018. The guidance should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. In addition, entities are required to use a prospective transition approach for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The FHLB does not intend to adopt the new guidance early. While the FHLB is still in the process of evaluating this guidance, the FHLB expects the guidance will result in an increase in the allowance for credit losses given the requirement to estimate losses for the entire estimated life of the financial asset. The extent of the impact on the FHLB’s financial condition, results of operations, and cash flows will depend upon the composition of the FHLB’s financial assets at the adoption date and the economic conditions and forecasts at that time. Leases. On February 25, 2016, the FASB issued guidance which requires recognition of lease assets and lease liabilities on the Statement of Condition and disclosure of key information about leasing arrangements. In particular, this guidance requires a lessee, of operating or finance leases, to recognize on the Statement of Condition a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. However, for leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The guidance becomes effective for the FHLB for the interim and annual periods beginning on January 1, 2019, and early application is permitted. The guidance requires lessors and lessees to recognize and measure leases at the beginning of the earliest period presented in the financial statements using a modified retrospective approach. The FHLB does not intend to adopt the new guidance early. Upon adoption, the FHLB expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities on its Statement of Condition. While the FHLB is still in the process of evaluating this guidance, the FHLB does not expect the new guidance to have a material impact on its financial condition, results of operations, and cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities. On January 5, 2016, the FASB issued amended guidance on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance includes, but is not limited to, the following: ▪ Requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected the fair value option. ▪ Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the Statement of Condition or the accompanying notes to the financial statements. ▪ Eliminates the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the Statement of Condition. The guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2018. While the adoption of this guidance affected the FHLB's disclosures, the requirement to present the instrument-specific credit risk in other comprehensive income did not have any effect on the FHLB's financial condition, results of operations, and cash flows. Revenue from Contracts with Customers. On May 28, 2014, the FASB issued guidance on revenue from contracts with customers. This guidance applies to all contracts with customers except those that are within the scope of certain other standards, such as financial instruments, certain guarantees, insurance contracts, and lease contracts. This guidance became effective for the FHLB for the interim and annual periods beginning on January 1, 2018. Given that the majority of the FHLB's financial instruments and other contractual rights that generate revenue are covered by other GAAP, the adoption of this guidance did not have any effect on the FHLB's financial condition, results of operations, and cash flows. |
Trading Securities
Trading Securities | 3 Months Ended |
Mar. 31, 2018 | |
Trading Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Trading Securities Table 3.1 - Trading Securities by Major Security Types (in thousands) Fair Value March 31, 2018 December 31, 2017 Mortgage-backed securities (MBS): U.S. obligation single-family MBS $ 725 $ 781 Total $ 725 $ 781 Table 3.2 - Net Losses on Trading Securities (in thousands) Three Months Ended March 31, 2018 2017 Net losses on trading securities held at period end $ (2 ) $ (3 ) Net losses on trading securities $ (2 ) $ (3 ) |
Available-for-Sale Securities
Available-for-Sale Securities | 3 Months Ended |
Mar. 31, 2018 | |
Available-for-sale Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Available-for-Sale Securities Table 4.1 - Available-for-Sale Securities by Major Security Types (in thousands) March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 500,000 $ 25 $ (6 ) $ 500,019 Total $ 500,000 $ 25 $ (6 ) $ 500,019 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 900,000 $ — $ (124 ) $ 899,876 Total $ 900,000 $ — $ (124 ) $ 899,876 All securities outstanding with gross unrealized losses at March 31, 2018 and December 31, 2017 were in a continuous unrealized loss position for less than 12 months. Table 4.2 - Available-for-Sale Securities by Contractual Maturity (in thousands) March 31, 2018 December 31, 2017 Year of Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 500,000 $ 500,019 $ 900,000 $ 899,876 Table 4.3 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands) March 31, 2018 December 31, 2017 Amortized cost of available-for-sale securities: Fixed-rate $ 500,000 $ 900,000 Realized Gains and Losses. The FHLB had no sales of securities out of its available-for-sale portfolio for the three months ended March 31, 2018 or 2017 . |
Held-to-Maturity Securities
Held-to-Maturity Securities | 3 Months Ended |
Mar. 31, 2018 | |
Held-to-maturity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Held-to-Maturity Securities Table 5.1 - Held-to-Maturity Securities by Major Security Types (in thousands) March 31, 2018 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 33,040 $ — $ (15 ) $ 33,025 Total non-MBS 33,040 — (15 ) 33,025 MBS: U.S. obligation single-family MBS 2,362,654 1,802 (60,732 ) 2,303,724 Government-sponsored enterprises (GSE) single-family MBS 6,405,233 16,946 (201,778 ) 6,220,401 GSE multi-family MBS 7,299,533 5,960 (1,813 ) 7,303,680 Total MBS 16,067,420 24,708 (264,323 ) 15,827,805 Total $ 16,100,460 $ 24,708 $ (264,338 ) $ 15,860,830 December 31, 2017 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 34,033 $ — $ (6 ) $ 34,027 Total non-MBS 34,033 — (6 ) 34,027 MBS: U.S. obligation single-family MBS 2,483,446 1,974 (23,547 ) 2,461,873 GSE single-family MBS 6,703,367 37,265 (138,960 ) 6,601,672 GSE multi-family MBS 5,584,124 4,956 (4,323 ) 5,584,757 Total MBS 14,770,937 44,195 (166,830 ) 14,648,302 Total $ 14,804,970 $ 44,195 $ (166,836 ) $ 14,682,329 (1) Carrying value equals amortized cost. Table 5.2 - Net Purchased Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands) March 31, 2018 December 31, 2017 Premiums $ 48,196 $ 49,713 Discounts (23,401 ) (24,243 ) Net purchased premiums $ 24,795 $ 25,470 Table 5.3 summarizes the held-to-maturity securities with unrealized losses, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. Table 5.3 - Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands) March 31, 2018 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-MBS: U.S. Treasury obligations $ 33,025 $ (15 ) $ — $ — $ 33,025 $ (15 ) Total non-MBS 33,025 (15 ) — — 33,025 (15 ) MBS: U.S. obligation single-family MBS 1,252,047 (34,690 ) 619,380 (26,042 ) 1,871,427 (60,732 ) GSE single-family MBS 1,299,031 (31,181 ) 3,375,484 (170,597 ) 4,674,515 (201,778 ) GSE multi-family MBS 2,807,226 (1,778 ) 31,845 (35 ) 2,839,071 (1,813 ) Total MBS 5,358,304 (67,649 ) 4,026,709 (196,674 ) 9,385,013 (264,323 ) Total $ 5,391,329 $ (67,664 ) $ 4,026,709 $ (196,674 ) $ 9,418,038 $ (264,338 ) December 31, 2017 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-MBS: U.S. Treasury obligations $ 34,027 $ (6 ) $ — $ — $ 34,027 $ (6 ) Total non-MBS 34,027 (6 ) — — 34,027 (6 ) MBS: U.S. obligation single-family MBS 1,193,566 (10,455 ) 657,209 (13,092 ) 1,850,775 (23,547 ) GSE single-family MBS 1,169,590 (14,171 ) 3,578,537 (124,789 ) 4,748,127 (138,960 ) GSE multi-family MBS 1,133,452 (4,307 ) 136,051 (16 ) 1,269,503 (4,323 ) Total MBS 3,496,608 (28,933 ) 4,371,797 (137,897 ) 7,868,405 (166,830 ) Total $ 3,530,635 $ (28,939 ) $ 4,371,797 $ (137,897 ) $ 7,902,432 $ (166,836 ) Table 5.4 - Held-to-Maturity Securities by Contractual Maturity (in thousands) March 31, 2018 December 31, 2017 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-MBS: Due in 1 year or less $ 33,040 $ 33,025 $ 34,033 $ 34,027 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-MBS 33,040 33,025 34,033 34,027 MBS (2) 16,067,420 15,827,805 14,770,937 14,648,302 Total $ 16,100,460 $ 15,860,830 $ 14,804,970 $ 14,682,329 (1) Carrying value equals amortized cost. (2) MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 5.5 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) March 31, 2018 December 31, 2017 Amortized cost of non-MBS: Fixed-rate $ 33,040 $ 34,033 Total amortized cost of non-MBS 33,040 34,033 Amortized cost of MBS: Fixed-rate 7,659,880 8,003,906 Variable-rate 8,407,540 6,767,031 Total amortized cost of MBS 16,067,420 14,770,937 Total $ 16,100,460 $ 14,804,970 Realized Gains and Losses. From time to time the FHLB may sell securities out of its held-to-maturity portfolio. These securities, generally, have less than 15 percent of the acquired principal outstanding at the time of the sale. These sales are considered maturities for the purposes of security classification. For the three months ended March 31, 2018 and 2017, the FHLB did not sell any held-to-maturity securities. |
Other-Than-Temporary Impairment
Other-Than-Temporary Impairment Analysis | 3 Months Ended |
Mar. 31, 2018 | |
Other than Temporary Impairment Losses, Investments [Abstract] | |
Other than Temporary Impairment Analysis [Text Block] | Other-Than-Temporary Impairment Analysis The FHLB evaluates any of its individual available-for-sale and held-to-maturity investment securities holdings in an unrealized loss position for other-than-temporary impairment on a quarterly basis. For its U.S. obligations and GSE investments (MBS and non-MBS), the FHLB has determined that the strength of the issuers' guarantees through direct obligations or support from the U.S. government is sufficient to protect the FHLB from losses based on current expectations. As a result, the FHLB determined that, as of March 31, 2018 , all of the gross unrealized losses on these investments were temporary as the declines in market value of these securities were not attributable to credit quality. Furthermore, the FHLB does not intend to sell the investments, and it is not more likely than not that the FHLB will be required to sell the investments before recovery of their amortized cost bases. As a result, the FHLB did not consider any of these investments to be other-than-temporarily impaired at March 31, 2018 . The FHLB also reviewed its available-for-sale securities that have experienced unrealized losses at March 31, 2018 and determined that the unrealized losses are due primarily to interest rate volatility and/or illiquidity. These losses are considered temporary as the FHLB expects to recover its entire amortized cost basis. Additionally, because the FHLB does not intend to sell these securities, nor is it more likely than not that the FHLB will be required to sell the securities before recovery, it did not consider the investments to be other-than-temporarily impaired at March 31, 2018 . The FHLB did not consider any of its investments to be other-than-temporarily impaired at December 31, 2017 . |
Advances
Advances | 3 Months Ended |
Mar. 31, 2018 | |
Advances [Abstract] | |
Advances [Text Block] | Advances The FHLB offers a wide range of fixed- and variable-rate Advance products with different maturities, interest rates, payment characteristics and optionality. The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules. Table 7.1 - Advance Redemption Terms (dollars in thousands) March 31, 2018 December 31, 2017 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Overdrawn demand deposit accounts $ 668 1.92 % $ 1,302 1.55 % Due in 1 year or less 33,424,607 1.89 40,473,141 1.55 Due after 1 year through 2 years 18,399,404 2.02 15,655,118 1.69 Due after 2 years through 3 years 4,951,832 2.01 6,537,170 1.74 Due after 3 years through 4 years 1,875,121 2.11 1,980,655 2.00 Due after 4 years through 5 years 896,613 2.26 893,283 2.07 Thereafter 4,436,561 2.48 4,437,731 2.17 Total principal amount 63,984,806 1.99 69,978,400 1.66 Commitment fees (504 ) (510 ) Discount on Affordable Housing Program (AHP) Advances (5,429 ) (5,795 ) Premiums 1,720 1,789 Discounts (3,935 ) (4,252 ) Hedging adjustments (93,755 ) (51,421 ) Fair value option valuation adjustments and accrued interest (29 ) 13 Total $ 63,882,874 $ 69,918,224 The FHLB offers certain fixed and variable-rate Advances to Members that may be prepaid on specified dates (call dates) without incurring prepayment or termination fees (callable Advances). If the call option is exercised, replacement funding may be available to Members. Other Advances may only be prepaid subject to a prepayment fee paid to the FHLB that makes the FHLB financially indifferent to the prepayment of the Advance. Table 7.2 - Advances by Year of Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date March 31, 2018 December 31, 2017 Overdrawn demand deposit accounts $ 668 $ 1,302 Due in 1 year or less 43,251,473 46,390,733 Due after 1 year through 2 years 13,771,445 15,054,889 Due after 2 years through 3 years 3,771,032 3,768,534 Due after 3 years through 4 years 1,331,911 2,903,655 Due after 4 years through 5 years 506,716 506,557 Thereafter 1,351,561 1,352,730 Total principal amount $ 63,984,806 $ 69,978,400 The FHLB also offers putable Advances. With a putable Advance, the FHLB effectively purchases put options from the Member that allows the FHLB to terminate the Advance at predetermined dates. The FHLB normally would exercise its put option when interest rates increase relative to contractual rates. Table 7.3 - Advances by Year of Contractual Maturity or Next Put Date for Putable Advances (in thousands) Year of Contractual Maturity or Next Put Date March 31, 2018 December 31, 2017 Overdrawn demand deposit accounts $ 668 $ 1,302 Due in 1 year or less 33,534,607 40,588,641 Due after 1 year through 2 years 18,399,404 15,649,618 Due after 2 years through 3 years 4,951,832 6,537,170 Due after 3 years through 4 years 1,875,121 1,980,655 Due after 4 years through 5 years 896,613 893,283 Thereafter 4,326,561 4,327,731 Total principal amount $ 63,984,806 $ 69,978,400 Table 7.4 - Advances by Interest Rate Payment Terms (in thousands) March 31, 2018 December 31, 2017 Total fixed-rate (1) $ 31,556,746 $ 36,615,777 Total variable-rate (1) 32,428,060 33,362,623 Total principal amount $ 63,984,806 $ 69,978,400 (1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. Table 7.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions) March 31, 2018 December 31, 2017 Principal % of Total Principal Amount of Advances Principal % of Total Principal Amount of Advances JPMorgan Chase Bank, N.A. $ 24,200 38 % JPMorgan Chase Bank, N.A. $ 23,950 34 % U.S. Bank, N.A. 9,475 15 U.S. Bank, N.A. 8,975 13 Third Federal Savings and Loan Association 3,714 6 Third Federal Savings and Loan Association 3,756 5 Total $ 37,389 59 % The Huntington National Bank 3,732 5 Total $ 40,413 57 % |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 3 Months Ended |
Mar. 31, 2018 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans Held for Portfolio [Text Block] | Mortgage Loans Held for Portfolio Table 8.1 - Mortgage Loans Held for Portfolio (in thousands) March 31, 2018 December 31, 2017 Unpaid principal balance: Fixed rate medium-term single-family mortgage loans (1) $ 1,080,073 $ 1,128,749 Fixed rate long-term single-family mortgage loans 8,428,893 8,325,465 Total unpaid principal balance 9,508,966 9,454,214 Premiums 217,080 217,716 Discounts (3,063 ) (3,173 ) Hedging basis adjustments (2) 9,256 13,373 Total mortgage loans held for portfolio $ 9,732,239 $ 9,682,130 (1) Medium-term is defined as a term of 15 years or less. (2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. Table 8.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands) March 31, 2018 December 31, 2017 Unpaid principal balance: Conventional mortgage loans $ 9,197,041 $ 9,129,003 Federal Housing Administration (FHA) mortgage loans 311,925 325,211 Total unpaid principal balance $ 9,508,966 $ 9,454,214 For information related to the FHLB's credit risk on mortgage loans and allowance for credit losses, see Note 9 . Table 8.3 - Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions) March 31, 2018 December 31, 2017 Principal % of Total Principal % of Total Union Savings Bank $ 3,279 34 % Union Savings Bank $ 3,247 34 % Guardian Savings Bank FSB 943 10 Guardian Savings Bank FSB 933 10 PNC Bank, N.A. (1) 491 5 PNC Bank, N.A. (1) 516 5 Huntington National Bank 482 5 (1) Former M ember. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Credit Losses The FHLB has established an allowance methodology for each of the FHLB's portfolio segments: credit products (Advances, Letters of Credit and other extensions of credit to Members); FHA mortgage loans held for portfolio; and conventional mortgage loans held for portfolio. Credit Products The FHLB manages its credit exposure to credit products through an integrated approach that includes establishing a credit limit for each borrower, ongoing review of each borrower's financial condition, coupled with collateral and lending policies to limit risk of loss while balancing borrowers' needs for a reliable source of funding. In addition, the FHLB lends to eligible borrowers in accordance with federal law and Finance Agency regulations, which require the FHLB to obtain sufficient collateral to fully secure credit products. The estimated value of the collateral required to secure each Member's credit products is calculated by applying collateral discounts, or haircuts, to the value of the collateral. The FHLB accepts certain investment securities, residential mortgage loans, deposits and other real estate related assets as collateral. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business, agriculture loans and community development loans. The FHLB's capital stock owned by its Member borrowers is also pledged as collateral. Collateral arrangements and a Member’s borrowing capacity vary based on the financial condition and performance of the institution, the types of collateral pledged and the overall quality of those assets. The FHLB can also require additional or substitute collateral to protect its security interest. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from credit products. Members experiencing financial difficulties are subject to FHLB-performed “stress tests” of the impact of poorly performing assets on the Member’s capital and loss reserve positions. Depending on the results of these tests and the level of over-collateralization, a Member may be allowed to maintain pledged loan assets in its custody, may be required to deliver those loans into the custody of the FHLB or its agent, and/or may be required to provide details on these loans to facilitate an estimate of their fair value. The FHLB perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the FHLB by a Member priority over the claims or rights of any other party except for claims or rights of a third party that would be entitled to priority under otherwise applicable law and that are held by a bona fide purchaser for value or by a secured party holding a prior perfected security interest. Using a risk-based approach, the FHLB considers the payment status, collateralization levels, and borrower's financial condition to be indicators of credit quality for its credit products. At March 31, 2018 and December 31, 2017 , the FHLB had rights to collateral on a Member-by-Member basis with an estimated value in excess of its outstanding extensions of credit. The FHLB evaluates and makes changes to its collateral guidelines, as necessary, based on current market conditions. At March 31, 2018 and December 31, 2017 , the FHLB did not have any Advances that were past due, in non-accrual status or impaired. In addition, there were no troubled debt restructurings related to credit products of the FHLB during the three months ended March 31, 2018 or 2017 . The FHLB has not experienced any credit losses on Advances since it was founded in 1932. Based upon the collateral held as security, its credit extension and collateral policies and the repayment history on credit products, the FHLB did not record any credit losses on credit products as of March 31, 2018 or December 31, 2017 . Accordingly, the FHLB did not record any allowance for credit losses on Advances. At March 31, 2018 and December 31, 2017 , the FHLB did not record any liability to reflect an allowance for credit losses for off-balance sheet credit exposures. See Note 19 for additional information on the FHLB's off-balance sheet credit exposure. Mortgage Loans Held for Portfolio - FHA The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. The FHLB expects to recover any losses from such loans from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status. Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP) The FHLB determines the allowance for conventional loans through analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors. Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The FHLB performs the credit risk analysis of all conventional mortgage loans at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a Member in which the Member agrees to make a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses. Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. The FHLB removes specifically identified loans evaluated for impairment from the collectively evaluated mortgage loan population. Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above. Rollforward of Allowance for Credit Losses on Mortgage Loans. The following tables present a rollforward of the allowance for credit losses on conventional mortgage loans as well as the recorded investment in mortgage loans by impairment methodology. The recorded investment in a loan is the unpaid principal balance of the loan adjusted for accrued interest, unamortized premiums or discounts, hedging basis adjustments and direct write-downs. The recorded investment is not net of any allowance. Table 9.1 - Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands) Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 1,190 $ 1,142 Net charge offs (122 ) (262 ) Balance, end of period $ 1,068 $ 880 Table 9.2 - Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands) March 31, 2018 December 31, 2017 Allowance for credit losses: Collectively evaluated for impairment $ 1,068 $ 1,190 Individually evaluated for impairment — — Total allowance for credit losses $ 1,068 $ 1,190 Recorded investment: Collectively evaluated for impairment $ 9,436,634 $ 9,373,393 Individually evaluated for impairment 10,747 10,109 Total recorded investment $ 9,447,381 $ 9,383,502 Credit Enhancements. The conventional mortgage loans under the MPP are supported by some combination of credit enhancements (primary mortgage insurance (PMI), supplemental mortgage insurance (SMI) and the Lender Risk Account (LRA), including pooled LRA for those Members participating in an aggregated MPP pool). The amount of credit enhancements needed to protect the FHLB against credit losses is determined through use of a third-party default model. These credit enhancements apply after a homeowner's equity is exhausted. Beginning in February 2011, the FHLB discontinued the use of SMI for all new loan purchases and replaced it with expanded use of the LRA. The LRA is funded by the FHLB as a portion of the purchase proceeds to cover expected losses. The LRA is recorded in other liabilities in the Statements of Condition. Excess funds over required balances are distributed to the Member in accordance with a step-down schedule that is established upon execution of a Master Commitment Contract, subject to performance of the related loan pool. The LRA established for a pool of loans is limited to only covering losses of that specific pool of loans. Table 9.3 - Changes in the LRA (in thousands) Three Months Ended March 31, 2018 LRA at beginning of year $ 200,745 Additions 3,812 Claims (24 ) Scheduled distributions (4,215 ) LRA at end of period $ 200,318 Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, loans in process of foreclosure, and non-accrual loans. The table below summarizes the FHLB's key credit quality indicators for mortgage loans. Table 9.4 - Recorded Investment in Delinquent Mortgage Loans (dollars in thousands) March 31, 2018 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 40,449 $ 21,029 $ 61,478 Past due 60-89 days delinquent 6,401 5,973 12,374 Past due 90 days or more delinquent 16,810 11,041 27,851 Total past due 63,660 38,043 101,703 Total current mortgage loans 9,383,721 278,241 9,661,962 Total mortgage loans $ 9,447,381 $ 316,284 $ 9,763,665 Other delinquency statistics: In process of foreclosure, included above (1) $ 9,303 $ 5,114 $ 14,417 Serious delinquency rate (2) 0.19 % 3.49 % 0.29 % Past due 90 days or more still accruing interest (3) $ 15,322 $ 11,041 $ 26,363 Loans on non-accrual status, included above $ 2,882 $ — $ 2,882 December 31, 2017 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 36,662 $ 20,992 $ 57,654 Past due 60-89 days delinquent 8,040 6,974 15,014 Past due 90 days or more delinquent 16,702 10,484 27,186 Total past due 61,404 38,450 99,854 Total current mortgage loans 9,322,098 291,371 9,613,469 Total mortgage loans $ 9,383,502 $ 329,821 $ 9,713,323 Other delinquency statistics: In process of foreclosure, included above (1) $ 10,039 $ 4,767 $ 14,806 Serious delinquency rate (2) 0.19 % 3.19 % 0.29 % Past due 90 days or more still accruing interest (3) $ 15,431 $ 10,484 $ 25,915 Loans on non-accrual status, included above $ 2,713 $ — $ 2,713 (1) Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. (2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount. (3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. The FHLB did not have any real estate owned at March 31, 2018 or December 31, 2017 . Individually Evaluated Impaired Loans. Table 9.5 presents the recorded investment, unpaid principal balance, and related allowance associated with loans individually evaluated for investment. Table 9.5 - Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands) March 31, 2018 December 31, 2017 Conventional MPP loans Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance $ 10,747 $ 10,536 $ — $ 10,109 $ 9,912 $ — With an allowance — — — — — — Total $ 10,747 $ 10,536 $ — $ 10,109 $ 9,912 $ — Table 9.6 - Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands) Three Months Ended March 31, 2018 2017 Individually impaired loans Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Conventional MPP Loans $ 10,654 $ 124 $ 9,356 $ 111 Troubled Debt Restructurings . A troubled debt restructuring is considered to have occurred when a concession is granted to a borrower for economic or legal reasons related to the borrower's financial difficulties and that concession would not have been considered otherwise. The FHLB's troubled debt restructurings primarily involve loans where an agreement permits the recapitalization of past due amounts up to the original loan amount and certain loans discharged in Chapter 7 bankruptcy. A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by estimating expected cash shortfalls incurred as of the reporting date. The FHLB's recorded investment in modified loans considered troubled debt restructurings was (in thousands) $10,747 and $10,109 at March 31, 2018 and December 31, 2017 , respectively. The amount of troubled debt restructurings is not considered material to the FHLB's financial condition, results of operations, or cash flows. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities Nature of Business Activity The FHLB is exposed to interest rate risk primarily from the effect of interest rate changes on its interest-earning assets and on the interest-bearing liabilities that finance these assets. The goal of the FHLB's interest-rate risk management strategy is not to eliminate interest-rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the FHLB has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. In addition, the FHLB monitors the risk to its interest income, net interest margin and average maturity of interest-earning assets and interest-bearing liabilities. The FHLB uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives. See Note 11 - Derivatives and Hedging Activities in the FHLB's 2017 Annual Report on Form 10-K for additional information on the FHLB's derivative transactions. The FHLB transacts its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute Consolidated Obligations. Derivative transactions may be either executed with a counterparty (uncleared derivatives) or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization (cleared derivatives). Once a derivative transaction has been accepted for clearing by a Derivative Clearing Organization (Clearinghouse), the executing counterparty is replaced with the Clearinghouse. The FHLB is not a derivative dealer and does not trade derivatives for short-term profit. Financial Statement Effect and Additional Financial Information The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. The notional amount reflects the FHLB's involvement in the various classes of financial instruments and represents neither the actual amounts exchanged nor the overall exposure of the FHLB to credit and market risk; the overall risk is much smaller. The risks of derivatives only can be measured meaningfully on a portfolio basis that takes into account the counterparties, the types of derivatives, the items being hedged and any offsets between the derivatives and the items being hedged. Table 10.1 summarizes the notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. Table 10.1 - Fair Value of Derivative Instruments (in thousands) March 31, 2018 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 6,269,438 $ 2,188 $ 6,454 Derivatives not designated as hedging instruments: Interest rate swaps 6,187,840 3,053 1,239 Interest rate swaptions 1,840,000 8,891 — Forward rate agreements 196,000 — 1,269 Mortgage delivery commitments 252,298 377 566 Total derivatives not designated as hedging instruments 8,476,138 12,321 3,074 Total derivatives before adjustments $ 14,745,576 14,509 9,528 Netting adjustments and cash collateral (1) 47,368 (6,417 ) Total derivative assets and total derivative liabilities $ 61,877 $ 3,111 December 31, 2017 (2) Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 5,992,762 $ 58,027 $ 9,190 Derivatives not designated as hedging instruments: Interest rate swaps 5,789,265 2,639 363 Interest rate swaptions 2,316,000 3,171 — Forward rate agreements 212,000 27 230 Mortgage delivery commitments 218,651 453 17 Total derivatives not designated as hedging instruments 8,535,916 6,290 610 Total derivatives before adjustments $ 14,528,678 64,317 9,800 Netting adjustments and cash collateral (1) (3,622 ) (6,907 ) Total derivative assets and total derivative liabilities $ 60,695 $ 2,893 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $61,409 and $64,079 at March 31, 2018 and December 31, 2017 . Cash collateral received and related accrued interest was (in thousands) $7,624 and $60,794 at March 31, 2018 and December 31, 2017 . (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. Table 10.2 presents the components of net losses on derivatives and hedging activities as presented in the Statements of Income. Table 10.2 - Net Losses on Derivatives and Hedging Activities (in thousands) Three Months Ended March 31, 2018 2017 Derivatives and hedged items in fair value hedging relationships: Interest rate swaps $ 992 $ 345 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps (24,477 ) (3,547 ) Interest rate swaptions 4,658 (8,316 ) Forward rate agreements 4,029 (377 ) Net interest settlements (7,324 ) 368 Mortgage delivery commitments (4,249 ) 3,295 Total net losses related to derivatives not designated as hedging instruments (27,363 ) (8,577 ) Other (1) (2 ) 116 Net losses on derivatives and hedging activities $ (26,373 ) $ (8,116 ) (1) Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract. Table 10.3 presents by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the FHLB's net interest income. Table 10.3 - Effect of Fair Value Hedge-Related Derivative Instruments (in thousands) Three Months Ended March 31, 2018 Gain/(Loss) on Derivative Gain/(Loss) on Hedged Item Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income (1) Hedged Item Type: Advances $ 43,053 $ (42,163 ) $ 890 $ 893 Consolidated Bonds (411 ) 513 102 (1,243 ) Total $ 42,642 $ (41,650 ) $ 992 $ (350 ) 2017 Hedged Item Type: Advances $ 9,367 $ (9,169 ) $ 198 $ (6,701 ) Consolidated Bonds (1,070 ) 1,217 147 423 Total $ 8,297 $ (7,952 ) $ 345 $ (6,278 ) (1) For fair value hedge relationships, the net effect of derivatives on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(171) and $(604) of (amortization)/accretion related to fair value hedging activities for the three months ended March 31, 2018 and 2017 . Credit Risk on Derivatives The FHLB is subject to credit risk due to the risk of non-performance by counterparties to its derivative transactions, and manages credit risk through credit analysis, collateral requirements and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in these contracts to mitigate the risk. The FHLB requires collateral agreements with collateral delivery thresholds on the majority of its uncleared derivatives. For cleared derivatives, the Clearinghouse is the FHLB's counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin and the clearing agent in turn notifies the FHLB. The FHLB utilizes two Clearinghouses for all cleared derivative transactions, LCH Ltd. and CME Clearing. Effective January 16, 2018, LCH Ltd. made certain amendments to its rulebook changing the legal characterization of variation margin payments to be daily settlement payments, rather than collateral. CME Clearing made the same change to its rulebook on January 3, 2017. As a result, at both Clearinghouses, variation margin is characterized as daily settlement payments, rather than cash collateral. At both Clearinghouses, initial margin continues to be considered collateral. The requirement that the FHLB post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the FHLB to credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral/payments for changes in the value of cleared derivatives is posted daily through a clearing agent. Certain of the FHLB's uncleared derivative contracts contain credit-risk-related contingent features that require the FHLB to post additional collateral with its counterparties if there is deterioration in the FHLB's credit ratings. The aggregate fair value of such uncleared derivatives in a net liability position (before cash collateral and related accrued interest) at March 31, 2018 was (in thousands) $874 , for which the FHLB was not required to post any collateral. If the FHLB's credit ratings had been lowered to the next lower rating, the FHLB would not have been required to deliver any additional collateral at March 31, 2018 . For cleared derivatives, the Clearinghouse determines initial margin requirements and generally credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including, but not limited to, credit rating downgrades. At March 31, 2018 , the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations. Offsetting of Derivative Assets and Derivative Liabilities The FHLB presents derivative instruments, related cash collateral received or pledged, and associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. The FHLB has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the FHLB's clearing agent, or both. Based on this analysis, the FHLB presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. Table 10.4 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. At March 31, 2018 and December 31, 2017 , the FHLB did not receive or pledge any non-cash collateral. Any over-collateralization under an individual clearing agent and/or counterparty level is not included in the determination of the net unsecured amount. Table 10.4 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2018 Derivative Instruments Meeting Netting Requirements Amount Recognized Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 13,138 $ (12,931 ) $ 377 $ 584 Cleared 994 60,299 — 61,293 Total $ 61,877 Derivative Liabilities: Uncleared $ 6,733 $ (5,457 ) $ 1,835 $ 3,111 Cleared 960 (960 ) — — Total $ 3,111 December 31, 2017 (2) Derivative Instruments Meeting Netting Requirements Amount Recognized Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 5,239 $ (5,215 ) $ 480 $ 504 Cleared 58,598 1,593 — 60,191 Total $ 60,695 Derivative Liabilities: Uncleared $ 8,773 $ (6,127 ) $ 247 $ 2,893 Cleared 780 (780 ) — — Total $ 2,893 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2018 | |
Deposits [Abstract] | |
Deposit [Text Block] | Deposits Table 11.1 - Deposits (in thousands) March 31, 2018 December 31, 2017 Interest bearing: Demand and overnight $ 620,839 $ 590,617 Term 51,850 52,600 Other 6,706 5,509 Total interest bearing 679,395 648,726 Non-interest bearing: Other 4,003 1,805 Total non-interest bearing 4,003 1,805 Total deposits $ 683,398 $ 650,531 The average interest rates paid on interest bearing deposits were 1.23 percent and 0.40 percent in the three months ended March 31, 2018 and 2017 , respectively. |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations [Text Block] | Consolidated Obligations Table 12.1 - Consolidated Discount Notes Outstanding (dollars in thousands) Book Value Principal Amount Weighted Average Interest Rate (1) March 31, 2018 $ 53,089,129 $ 53,188,117 1.63 % December 31, 2017 $ 46,210,458 $ 46,258,644 1.23 % (1) Represents an implied rate without consideration of concessions. Table 12.2 - Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands) March 31, 2018 December 31, 2017 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 26,535,640 1.63 % $ 28,940,265 1.34 % Due after 1 year through 2 years 6,471,000 1.89 5,841,800 1.74 Due after 2 years through 3 years 6,156,565 1.77 4,770,565 1.89 Due after 3 years through 4 years 4,354,000 2.18 6,017,000 1.92 Due after 4 years through 5 years 2,283,620 2.27 2,244,620 2.24 Thereafter 5,982,055 2.76 6,343,055 2.72 Total principal amount 51,782,880 1.88 54,157,305 1.69 Premiums 83,967 86,521 Discounts (29,870 ) (30,669 ) Hedging adjustments (3,658 ) (3,146 ) Fair value option valuation adjustment and accrued interest (66,013 ) (46,950 ) Total $ 51,767,306 $ 54,163,061 Table 12.3 - Consolidated Bonds Outstanding by Call Features (in thousands) March 31, 2018 December 31, 2017 Principal Amount of Consolidated Bonds: Non-callable $ 44,684,880 $ 47,155,305 Callable 7,098,000 7,002,000 Total principal amount $ 51,782,880 $ 54,157,305 Table 12.4 - Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date March 31, 2018 December 31, 2017 Due in 1 year or less $ 32,721,640 $ 35,029,265 Due after 1 year through 2 years 5,973,000 5,369,800 Due after 2 years through 3 years 5,066,565 3,715,565 Due after 3 years through 4 years 2,662,000 4,388,000 Due after 4 years through 5 years 1,879,620 1,823,620 Thereafter 3,480,055 3,831,055 Total principal amount $ 51,782,880 $ 54,157,305 Table 12.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands) March 31, 2018 December 31, 2017 Principal Amount of Consolidated Bonds: Fixed-rate $ 33,672,880 $ 33,252,305 Variable-rate 18,100,000 20,895,000 Step-up 10,000 10,000 Total principal amount $ 51,782,880 $ 54,157,305 |
Affordable Housing Program (AHP
Affordable Housing Program (AHP) | 3 Months Ended |
Mar. 31, 2018 | |
Affordable Housing Program (AHP) [Abstract] | |
Affordable Housing Program (AHP) [Text Block] | Affordable Housing Program (AHP) The FHLBank Act requires each FHLBank to establish an AHP. Each FHLBank provides subsidies in the form of direct grants and below-market interest rate Advances to Members who use the funds to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Annually, the FHLBanks must set aside for the AHP the greater of $ 100 million or 10 percent of net earnings. For purposes of the AHP calculation, net earnings is defined as net income before assessments, plus interest expense related to mandatorily redeemable capital stock. The FHLB accrues AHP expense monthly based on its net earnings. The FHLB reduces the AHP liability as Members use subsidies. Table 13.1 - Analysis of AHP Liability (in thousands) Balance at December 31, 2017 $ 109,877 Assessments (current year additions) 9,252 Subsidy uses, net (4,565 ) Balance at March 31, 2018 $ 114,564 |
Capital
Capital | 3 Months Ended |
Mar. 31, 2018 | |
Capital [Abstract] | |
Capital [Text Block] | Capital Table 14.1 - Capital Requirements (dollars in thousands) March 31, 2018 December 31, 2017 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 949,326 $ 5,513,076 $ 886,033 $ 5,211,204 Capital-to-assets ratio (regulatory) 4.00 % 4.94 % 4.00 % 4.88 % Regulatory capital $ 4,468,372 $ 5,513,076 $ 4,275,809 $ 5,211,204 Leverage capital-to-assets ratio (regulatory) 5.00 % 7.40 % 5.00 % 7.31 % Leverage capital $ 5,585,465 $ 8,269,614 $ 5,344,761 $ 7,816,806 Restricted Retained Earnings. At March 31, 2018 and December 31, 2017 the FHLB had (in thousands) $339,564 and $ 322,999 in restricted retained earnings. These restricted retained earnings are not available to pay dividends but are available to absorb unexpected losses, if any, that the FHLB may experience. Table 14.2 - Mandatorily Redeemable Capital Stock Roll Forward (in thousands) Balance, December 31, 2017 $ 30,031 Capital stock subject to mandatory redemption reclassified from equity 65 Redemption (or other reduction) of mandatorily redeemable capital stock (1,998 ) Balance, March 31, 2018 $ 28,098 Table 14.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands) Contractual Year of Redemption March 31, 2018 December 31, 2017 Year 1 $ 1,677 $ 20 Year 2 206 1,811 Year 3 224 439 Year 4 2,827 2,912 Year 5 4,586 5,257 Thereafter (1) 624 610 Past contractual redemption date due to remaining activity (2) 17,954 18,982 Total $ 28,098 $ 30,031 (1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB Members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB M embers on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the Member's termination. (2) Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income [Text Block] | Accumulated Other Comprehensive (Loss) Income The following tables summarize the changes in accumulated other comprehensive (loss) income for the three months ended March 31, 2018 and 2017 . Table 15.1 - Accumulated Other Comprehensive (Loss) Income (in thousands) Net unrealized gains (losses) on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive (loss) income BALANCE, DECEMBER 31, 2016 $ 23 $ (13,279 ) $ (13,256 ) Other comprehensive income before reclassification: Net unrealized losses (26 ) — (26 ) Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 342 342 Net current period other comprehensive (loss) income (26 ) 342 316 BALANCE, MARCH 31, 2017 $ (3 ) $ (12,937 ) $ (12,940 ) BALANCE, DECEMBER 31, 2017 $ (124 ) $ (16,536 ) $ (16,660 ) Other comprehensive income before reclassification: Net unrealized gains 143 — 143 Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 486 486 Net current period other comprehensive income 143 486 629 BALANCE, MARCH 31, 2018 $ 19 $ (16,050 ) $ (16,031 ) |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Postretirement Benefit Plans Qualified Defined Benefit Multi-employer Plan. The FHLB participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra Defined Benefit Plan), a tax-qualified defined benefit pension plan. Under the Pentegra Defined Benefit Plan, contributions made by one participating employer may be used to provide benefits to employees of other participating employers because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer. Also, in the event a participating employer is unable to meet its contribution requirements, the required contributions for the other participating employers could increase proportionately. The Pentegra Defined Benefit Plan covers all officers and employees of the FHLB who meet certain eligibility requirements. Contributions to the Pentegra Defined Benefit Plan charged to compensation and benefit expense were $2,526,000 and $1,645,000 in the three months ended March 31, 2018 and 2017 , respectively. Qualified Defined Contribution Plan. The FHLB also participates in the Pentegra Defined Contribution Plan for Financial Institutions, a tax-qualified, defined contribution pension plan. The FHLB contributes a percentage of the participants' compensation by making a matching contribution equal to a percentage of voluntary employee contributions, subject to certain limitations. The FHLB contributed $477,000 and $453,000 in the three months ended March 31, 2018 and 2017 , respectively. Nonqualified Supplemental Defined Benefit Retirement Plan (Defined Benefit Retirement Plan) . The FHLB maintains a nonqualified, unfunded defined benefit plan. The plan ensures that participants receive the full amount of benefits to which they would have been entitled under the qualified defined benefit plan in the absence of limits on benefit levels imposed by the IRS. There are no funded plan assets. The FHLB has established a grantor trust, which is included in held-to-maturity securities on the Statements of Condition, to meet future benefit obligations and current payments to beneficiaries. Postretirement Benefits Plan . The FHLB also sponsors a Postretirement Benefits Plan that includes health care and life insurance benefits for eligible retirees. Future retirees are eligible for the postretirement benefits plan if they were hired prior to August 1, 1990, are age 55 or older, and their age plus years of continuous service at retirement are greater than or equal to 80. Spouses are covered subject to required contributions. There are no funded plan assets that have been designated to provide postretirement benefits. Table 16.1 - Net Periodic Benefit Cost (in thousands) Three Months Ended March 31, Defined Benefit Retirement Plan Postretirement Benefits Plan 2018 2017 2018 2017 Net Periodic Benefit Cost Service cost $ 276 $ 204 $ 5 $ 7 Interest cost 332 325 41 50 Amortization of net loss 486 341 — 1 Net periodic benefit cost $ 1,094 $ 870 $ 46 $ 58 For the Defined Benefit Retirement Plan and the Postretirement Benefits Plan, the related service cost is recorded as part of Non-Interest Expense - Compensation and Benefits on the Statements of Income. The non-service related components of interest cost and amortization of net loss are recorded as Non-Interest Expense - Other in the Statements of Income. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | Segment Information The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to Member stockholders. Table 17.1 - Financial Performance by Operating Segment (in thousands) Three Months Ended March 31, Traditional Member Finance MPP Total 2018 Net interest income $ 93,084 $ 24,976 $ 118,060 Non-interest (loss) income (6,190 ) 2,333 (3,857 ) Non-interest expense 18,864 3,260 22,124 Income before assessments 68,030 24,049 92,079 Affordable Housing Program assessments 6,847 2,405 9,252 Net income $ 61,183 $ 21,644 $ 82,827 2017 Net interest income $ 79,874 $ 23,399 $ 103,273 Non-interest (loss) income (9,565 ) (1,148 ) (10,713 ) Non-interest expense 17,140 2,926 20,066 Income before assessments 53,169 19,325 72,494 Affordable Housing Program assessments 5,363 1,933 7,296 Net income $ 47,806 $ 17,392 $ 65,198 Table 17.2 - Asset Balances by Operating Segment (in thousands) Assets Traditional Member MPP Total March 31, 2018 $ 100,063,445 $ 11,645,850 $ 111,709,295 December 31, 2017 95,525,754 11,369,460 106,895,214 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Disclosures The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. Fair Value Hierarchy . GAAP establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the measurement is determined. This overall level is an indication of how market observable the fair value measurement is. An entity must disclose the level within the fair value hierarchy in which the measurements are classified. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: Level 1 Inputs - Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity can access on the measurement date. Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals, and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs - Unobservable inputs for the asset or liability. The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. The FHLB did not have any transfers of assets or liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2018 or 2017 . Table 18.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. The FHLB records trading securities, available-for-sale securities, derivative assets, derivative liabilities, certain Advances and certain Consolidated Obligation Bonds at fair value on a recurring basis, and on occasion, certain mortgage loans held for portfolio on a nonrecurring basis. The FHLB records all other financial assets and liabilities at amortized cost. Refer to Table 18.2 for further details about the financial assets and liabilities held at fair value on either a recurring or non-recurring basis. Table 18.1 - Fair Value Summary (in thousands) March 31, 2018 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 1,853,185 $ 1,853,185 $ 1,853,185 $ — $ — $ — Interest-bearing deposits 250 250 — 250 — — Securities purchased under agreements to resell 1,636,078 1,636,084 — 1,636,084 — — Federal funds sold 17,775,000 17,775,000 — 17,775,000 — — Trading securities 725 725 — 725 — — Available-for-sale securities 500,019 500,019 — 500,019 — — Held-to-maturity securities 16,100,460 15,860,830 — 15,860,830 — — Advances (2) 63,882,874 63,781,530 — 63,781,530 — — Mortgage loans held for portfolio, net 9,731,171 9,564,262 — 9,546,737 17,525 — Accrued interest receivable 148,807 148,807 — 148,807 — — Derivative assets 61,877 61,877 — 14,509 — 47,368 Liabilities: Deposits 683,398 683,225 — 683,225 — — Consolidated Obligations: Discount Notes 53,089,129 53,090,142 — 53,090,142 — — Bonds (3) 51,767,306 51,413,846 — 51,413,846 — — Mandatorily redeemable capital stock 28,098 28,098 28,098 — — — Accrued interest payable 128,586 128,586 — 128,586 — — Derivative liabilities 3,111 3,111 — 9,528 — (6,417 ) Other: Standby bond purchase agreements — 513 — 513 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) Includes (in thousands) $4,971 of Advances recorded under the fair value option at March 31, 2018 . (3) Includes (in thousands) $5,966,827 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2018 . December 31, 2017 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1)(2) Assets: Cash and due from banks $ 26,550 $ 26,550 $ 26,550 $ — $ — $ — Interest-bearing deposits 140 140 — 140 — — Securities purchased under agreements to resell 7,701,929 7,701,934 — 7,701,934 — — Federal funds sold 3,650,000 3,650,000 — 3,650,000 — — Trading securities 781 781 — 781 — — Available-for-sale securities 899,876 899,876 — 899,876 — — Held-to-maturity securities 14,804,970 14,682,329 — 14,682,329 — — Advances (3) 69,918,224 69,894,641 — 69,894,641 — — Mortgage loans held for portfolio, net 9,680,940 9,731,947 — 9,714,802 17,145 — Accrued interest receivable 128,561 128,561 — 128,561 — — Derivative assets 60,695 60,695 — 64,317 — (3,622 ) Liabilities: Deposits 650,531 650,422 — 650,422 — — Consolidated Obligations: Discount Notes 46,210,458 46,209,716 — 46,209,716 — — Bonds (4) 54,163,061 54,095,627 — 54,095,627 — — Mandatorily redeemable capital stock 30,031 30,031 30,031 — — — Accrued interest payable 128,652 128,652 — 128,652 — — Derivative liabilities 2,893 2,893 — 9,800 — (6,907 ) Other: Commitments to extend credit for Advances — 4 — 4 — — Standby bond purchase agreements — 354 — 354 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017 . Previously, this amount was included with Netting Adjustments and Cash Collateral. (3) Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017 . (4) Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017 . Summary of Valuation Methodologies and Primary Inputs . A description of the valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statement of Condition are disclosed in Note 19 - Fair Value Disclosures in the FHLB's 2017 Annual Report on Form 10-K. There have been no changes in the valuation methodologies during 2018 . Fair Value Measurements . Table 18.2 presents the fair value of financial assets and liabilities that are recorded on a recurring or nonrecurring basis at March 31, 2018 and December 31, 2017 , by level within the fair value hierarchy. The FHLB records nonrecurring fair value adjustments to reflect partial write-downs on certain mortgage loans. Table 18.2 - Fair Value Measurements (in thousands) Fair Value Measurements at March 31, 2018 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. obligation single-family MBS $ 725 $ — $ 725 $ — $ — Available-for-sale securities: Certificates of deposit 500,019 — 500,019 — — Advances 4,971 — 4,971 — — Derivative assets: Interest rate related 61,500 — 14,132 — 47,368 Mortgage delivery commitments 377 — 377 — — Total derivative assets 61,877 — 14,509 — 47,368 Total assets at fair value $ 567,592 $ — $ 520,224 $ — $ 47,368 Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 5,966,827 $ — $ 5,966,827 $ — $ — Derivative liabilities: Interest rate related 1,276 — 7,693 — (6,417 ) Forward rate agreement 1,269 — 1,269 — — Mortgage delivery commitments 566 — 566 — — Total derivative liabilities 3,111 — 9,528 — (6,417 ) Total liabilities at fair value $ 5,969,938 $ — $ 5,976,355 $ — $ (6,417 ) Nonrecurring fair value measurements - Assets (2) Mortgage loans held for portfolio $ 325 $ — $ — $ 325 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) The fair value information presented is as of the date the fair value adjustment was recorded during the three months ended March 31, 2018 . Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1)(2) Recurring fair value measurements - Assets Trading securities: U.S. obligation single-family MBS $ 781 $ — $ 781 $ — $ — Available-for-sale securities: Certificates of deposit 899,876 — 899,876 — — Advances 15,013 — 15,013 — — Derivative assets: Interest rate related 60,215 — 63,837 — (3,622 ) Forward rate agreements 27 — 27 — — Mortgage delivery commitments 453 — 453 — — Total derivative assets 60,695 — 64,317 — (3,622 ) Total assets at fair value $ 976,365 $ — $ 979,987 $ — $ (3,622 ) Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 5,577,315 $ — $ 5,577,315 $ — $ — Derivative liabilities: Interest rate related 2,646 — 9,553 — (6,907 ) Forward rate agreements 230 — 230 — — Mortgage delivery commitments 17 — 17 — — Total derivative liabilities 2,893 — 9,800 — (6,907 ) Total liabilities at fair value $ 5,580,208 $ — $ 5,587,115 $ — $ (6,907 ) Nonrecurring fair value measurements - Assets (3) Mortgage loans held for portfolio $ 598 $ — $ — $ 598 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017 . Previously, this amount was included with Netting Adjustments and Cash Collateral. (3) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017 . Fair Value Option . The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires a company to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities and commitments, with the changes in fair value recognized in net income. If elected, interest income and interest expense on Advances and Consolidated Bonds carried at fair value are recognized based solely on the contractual amount of interest due or unpaid. Any transaction fees or costs are immediately recognized into other non-interest income or other non-interest expense. The FHLB has elected the fair value option for certain financial instruments that either do not qualify for hedge accounting or may be at risk for not meeting hedge effectiveness requirements. These fair value elections were made primarily in an effort to mitigate the potential income statement volatility that can arise from economic hedging relationships in which the carrying value of the hedged item is not adjusted for changes in fair value. Table 18.3 presents net gains (losses) recognized in earnings related to financial assets and liabilities in which the fair value option was elected during the three months ended March 31, 2018 and 2017 . Table 18.3 – Fair Value Option - Financial Assets and Liabilities (in thousands) Three Months Ended March 31, Net Gains (Losses) from Changes in Fair Value Recognized in Earnings 2018 2017 Advances $ (28 ) $ (16 ) Consolidated Bonds 19,753 (6,045 ) Total net gains (losses) $ 19,725 $ (6,061 ) For instruments recorded under the fair value option, the related contractual interest income and contractual interest expense are recorded as part of net interest income on the Statements of Income. The remaining changes in fair value for instruments in which the fair value option has been elected are recorded as “Net gains (losses) on financial instruments held under fair value option” in the Statements of Income, except for changes in fair value related to instrument specific credit risk, which are recorded in accumulated other comprehensive income in the Statement of Condition. The FHLB has determined that none of the remaining changes in fair value were related to instrument-specific credit risk for the three months ended March 31, 2018 or 2017 . In determining that there has been no change in instrument-specific credit risk period to period, the FHLB primarily considered the following factors: ▪ The FHLB is a federally chartered GSE, and as a result of this status, the FHLB’s Consolidated Obligations have historically received the same credit ratings as the government bond credit rating of the United States, even though they are not Obligations of the United States and are not guaranteed by the United States. ▪ The FHLB is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all Consolidated Obligations of each of the other FHLBanks. The following table reflects the difference between the aggregate unpaid principal balance outstanding and the aggregate fair value for Advances and Consolidated Bonds for which the fair value option has been elected. Table 18.4 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands) March 31, 2018 December 31, 2017 Aggregate Unpaid Principal Balance Aggregate Fair Value Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance Aggregate Unpaid Principal Balance Aggregate Fair Value Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance Advances (1) $ 5,000 $ 4,971 $ (29 ) $ 15,000 $ 15,013 $ 13 Consolidated Bonds 6,032,840 5,966,827 (66,013 ) 5,624,265 5,577,315 (46,950 ) (1) At March 31, 2018 and December 31, 2017 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Table 19.1 - Off-Balance Sheet Commitments (in thousands) March 31, 2018 December 31, 2017 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Standby Letters of Credit $ 15,284,254 $ 321,485 $ 15,605,739 $ 14,388,745 $ 302,237 $ 14,690,982 Commitments for standby bond purchases 23,510 48,365 71,875 27,230 44,645 71,875 Commitments to fund additional Advances — — — 5,000 — 5,000 Commitments to purchase mortgage loans 252,298 — 252,298 218,651 — 218,651 Unsettled Consolidated Discount Notes, principal amount (1) — — — 309,662 — 309,662 (1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. Legal Proceedings . From time to time, the FHLB is subject to legal proceedings arising in the normal course of business. The FHLB would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount could be reasonably estimated. After consultation with legal counsel, management does not anticipate that ultimate liability, if any, arising out of any matters will have a material effect on the FHLB's financial condition or results of operations. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 3 Months Ended |
Mar. 31, 2018 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions with Other FHLBanks [Text Block] | Transactions with Other FHLBanks The FHLB notes all transactions with other FHLBanks on the face of its financial statements. Occasionally, the FHLB loans short-term funds to and borrows short-term funds from other FHLBanks. These loans and borrowings are transacted at then current market rates when traded. There were no such loans or borrowings outstanding at March 31, 2018 or December 31, 2017 . The following table details the average daily balance of lending and borrowing between the FHLB and other FHLBanks for the three months ended March 31 , 2018 and 2017. Table 20.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands) Average Daily Balances for the Three Months Ended March 31, 2018 2017 Loans to other FHLBanks $ 5,556 $ 56 In addition, the FHLB may, from time to time, assume the outstanding primary liability for Consolidated Obligations of another FHLBank (at then current market rates on the day when the transfer is traded) rather than issuing new debt for which the FHLB is the primary obligor. The FHLB then becomes the primary obligor on the transferred debt. There were no Consolidated Obligations transferred to the FHLB during the three months ended March 31, 2018 or 2017. The FHLB had no Consolidated Obligations transferred to other FHLBanks during these periods. |
Transactions with Stockholders
Transactions with Stockholders | 3 Months Ended |
Mar. 31, 2018 | |
Transactions with Stockholders [Abstract] | |
Transactions with Stockholders [Text Block] | Transactions with Stockholders As a cooperative, the FHLB's capital stock is owned by its Members, by former Members that retain the stock as provided in the FHLB's Capital Plan and by nonmember institutions that have acquired Members and must retain the stock to support Advances or other activities with the FHLB. All Advances are issued to Members and all mortgage loans held for portfolio are purchased from Members. The FHLB also maintains demand deposit accounts for Members, primarily to facilitate settlement activities that are directly related to Advances and mortgage loan purchases. Additionally, the FHLB may enter into interest rate swaps with its stockholders. The FHLB may not invest in any equity securities issued by its stockholders and it has not purchased any MBS securitized by, or other direct long-term investments in, its stockholders. For financial statement purposes, the FHLB defines related parties as those Members with more than 10 percent of the voting interests of the FHLB capital stock outstanding. Federal statute prescribes the voting rights of Members in the election of both Member and independent directors. For Member directorships, the Finance Agency designates the number of Member directorships in a given year and an eligible voting Member may vote only for candidates seeking election in its respective state. For independent directors, the FHLB's Board of Directors nominates candidates to be placed on the ballot in an at-large election. For both Member and independent director elections, a Member is entitled to vote one share of required capital stock, subject to a statutory limitation, for each applicable directorship. Under this limitation, the total number of votes that a Member may cast is limited to the average number of shares of the FHLB's capital stock that were required to be held by all Members in that state as of the record date for voting. Nonmember stockholders are not eligible to vote in director elections. Due to these statutory limitations, no Member owned more than 10 percent of the voting interests of the FHLB at March 31, 2018 or December 31, 2017 . All transactions with stockholders are entered into in the ordinary course of business. Finance Agency regulations require the FHLB to offer the same pricing for Advances and other services to all Members regardless of asset or transaction size, charter type, or geographic location. However, the FHLB may, in pricing its Advances, distinguish among Members based upon its assessment of the credit and other risks to the FHLB of lending to any particular Member or upon other reasonable criteria that may be applied equally to all Members. The FHLB's policies and procedures require that such standards and criteria be applied consistently and without discrimination to all Members applying for Advances. Transactions with Directors' Financial Institutions. In the ordinary course of its business, the FHLB may provide products and services to Members whose officers or directors serve as directors of the FHLB (Directors' Financial Institutions). Finance Agency regulations require that transactions with Directors' Financial Institutions be made on the same terms as those with any other Member. The following table reflects balances with Directors' Financial Institutions for the items indicated below. The FHLB had no MBS or derivatives transactions with Directors' Financial Institutions at March 31, 2018 or December 31, 2017 . Table 21.1 - Transactions with Directors' Financial Institutions (dollars in millions) March 31, 2018 December 31, 2017 Balance % of Total (1) Balance % of Total (1) Advances $ 4,992 7.8 % $ 3,558 5.1 % MPP 582 6.1 112 1.2 Regulatory capital stock 458 10.1 187 4.4 (1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. Concentrations. The following table shows regulatory capital stock balances, outstanding Advance principal balances, and unpaid principal balances of mortgage loans held for portfolio of stockholders holding five percent or more of regulatory capital stock and includes any known affiliates that are Members of the FHLB. Table 21.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions) Regulatory Capital Stock Advance MPP Unpaid March 31, 2018 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,059 23 % $ 24,200 $ — U.S. Bank, N.A. 836 18 9,475 22 The Huntington National Bank 282 6 1,681 482 Fifth Third Bank 248 5 415 2 Regulatory Capital Stock Advance MPP Unpaid December 31, 2017 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,059 25 % $ 23,950 $ — U.S. Bank, N.A. 593 14 8,975 23 The Huntington National Bank 282 7 3,732 456 Fifth Third Bank 248 6 3,140 2 Nonmember Affiliates. The FHLB has relationships with three nonmember affiliates, the Kentucky Housing Corporation, the Ohio Housing Finance Agency and the Tennessee Housing Development Agency. The FHLB had no investments in or borrowings to any of these nonmember affiliates at March 31, 2018 or December 31, 2017 . The FHLB has executed standby bond purchase agreements with one state housing authority whereby the FHLB, for a fee, agrees as a liquidity provider if required, to purchase and hold the authority's bonds until the designated marketing agent can find a suitable investor or the housing authority repurchases the bond according to a schedule established by the standby agreement. During the first three months of 2018 and 2017 , the FHLB was not required to purchase any bonds under these agreements. |
Recently Issued Accounting St30
Recently Issued Accounting Standards and Interpretations Recently Issued Accounting Standards and Interpretations (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Nonperforming Loans Policy [Policy Text Block] | Mortgage Loans Held for Portfolio - FHA The FHLB invests in fixed-rate mortgage loans secured by one-to-four family residential properties insured by the FHA. The FHLB expects to recover any losses from such loans from the FHA. Any losses from these loans that are not recovered from the FHA would be due to a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance. As a result, the FHLB did not establish an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status. Mortgage Loans Held for Portfolio - Conventional Mortgage Purchase Program (MPP) The FHLB determines the allowance for conventional loans through analyses that include consideration of various data observations such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, industry data, and prevailing economic conditions. The measurement of the allowance for credit losses consists of: (1) collectively evaluating homogeneous pools of residential mortgage loans; (2) reviewing specifically identified loans for impairment; and (3) considering other relevant qualitative factors. Collectively Evaluated Mortgage Loans. The credit risk analysis of conventional loans evaluated collectively for impairment considers historical delinquency migration, applies estimated loss severities, and incorporates the associated credit enhancements in order to determine the FHLB's best estimate of probable incurred losses at the reporting date. The FHLB performs the credit risk analysis of all conventional mortgage loans at the individual Master Commitment Contract level to properly determine the credit enhancements available to recover losses on loans under each individual Master Commitment Contract. The Master Commitment Contract is an agreement with a Member in which the Member agrees to make a best efforts attempt to sell a specific dollar amount of loans to the FHLB generally over a one-year period. Migration analysis is a methodology for determining, through the FHLB's experience over a historical period, the rate of default on loans. The FHLB applies migration analysis to loans based on payment status categories such as current, 30, 60, and 90 days past due. The FHLB then estimates how many loans in these categories may migrate to a loss realization event and applies a current loss severity to estimate losses. The estimated losses are then reduced by the probable cash flows resulting from available credit enhancements. Any credit enhancement cash flows that are projected and assessed as not probable of receipt do not reduce estimated losses. Individually Evaluated Mortgage Loans. Conventional mortgage loans that are considered troubled debt restructurings are specifically identified for purposes of calculating the allowance for credit losses. The FHLB measures impairment of these specifically identified loans by either estimating the present value of expected cash flows, estimating the loan's observable market price, or estimating the fair value of the collateral if the loan is collateral dependent. The FHLB removes specifically identified loans evaluated for impairment from the collectively evaluated mortgage loan population. Qualitative Factors. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, that is intended to cover other incurred losses that may not otherwise be captured in the methodology described above. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | A loan considered a troubled debt restructuring is individually evaluated for impairment when determining its related allowance for credit losses. Credit loss is measured by estimating expected cash shortfalls incurred as of the reporting date. |
Segment Reporting, Policy [Policy Text Block] | The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to Member stockholders. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. |
Fair Value Transfer, Policy [Policy Text Block] | The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. |
Trading Securities (Tables)
Trading Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Trading Securities (and Certain Trading Assets) [Table Text Block] | Trading Securities by Major Security Types (in thousands) Fair Value March 31, 2018 December 31, 2017 Mortgage-backed securities (MBS): U.S. obligation single-family MBS $ 725 $ 781 Total $ 725 $ 781 |
Trading Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Gain (Loss) on Investments [Table Text Block] | Net Losses on Trading Securities (in thousands) Three Months Ended March 31, 2018 2017 Net losses on trading securities held at period end $ (2 ) $ (3 ) Net losses on trading securities $ (2 ) $ (3 ) |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities by Major Security Types (in thousands) March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 500,000 $ 25 $ (6 ) $ 500,019 Total $ 500,000 $ 25 $ (6 ) $ 500,019 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 900,000 $ — $ (124 ) $ 899,876 Total $ 900,000 $ — $ (124 ) $ 899,876 |
Available-for-sale Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available-for-Sale Securities by Contractual Maturity (in thousands) March 31, 2018 December 31, 2017 Year of Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 500,000 $ 500,019 $ 900,000 $ 899,876 |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | Interest Rate Payment Terms of Available-for-Sale Securities (in thousands) March 31, 2018 December 31, 2017 Amortized cost of available-for-sale securities: Fixed-rate $ 500,000 $ 900,000 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity Securities [Table Text Block] | Held-to-Maturity Securities by Major Security Types (in thousands) March 31, 2018 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 33,040 $ — $ (15 ) $ 33,025 Total non-MBS 33,040 — (15 ) 33,025 MBS: U.S. obligation single-family MBS 2,362,654 1,802 (60,732 ) 2,303,724 Government-sponsored enterprises (GSE) single-family MBS 6,405,233 16,946 (201,778 ) 6,220,401 GSE multi-family MBS 7,299,533 5,960 (1,813 ) 7,303,680 Total MBS 16,067,420 24,708 (264,323 ) 15,827,805 Total $ 16,100,460 $ 24,708 $ (264,338 ) $ 15,860,830 December 31, 2017 Amortized Cost (1) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 34,033 $ — $ (6 ) $ 34,027 Total non-MBS 34,033 — (6 ) 34,027 MBS: U.S. obligation single-family MBS 2,483,446 1,974 (23,547 ) 2,461,873 GSE single-family MBS 6,703,367 37,265 (138,960 ) 6,601,672 GSE multi-family MBS 5,584,124 4,956 (4,323 ) 5,584,757 Total MBS 14,770,937 44,195 (166,830 ) 14,648,302 Total $ 14,804,970 $ 44,195 $ (166,836 ) $ 14,682,329 (1) Carrying value equals amortized cost. |
Held-to-maturity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Premiums (Discounts) Included in Amortized Cost of Securities [Table Text Block] | Net Purchased Premiums Included in the Amortized Cost of MBS Classified as Held-to-Maturity (in thousands) March 31, 2018 December 31, 2017 Premiums $ 48,196 $ 49,713 Discounts (23,401 ) (24,243 ) Net purchased premiums $ 24,795 $ 25,470 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Held-to-Maturity Securities in a Continuous Unrealized Loss Position (in thousands) March 31, 2018 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-MBS: U.S. Treasury obligations $ 33,025 $ (15 ) $ — $ — $ 33,025 $ (15 ) Total non-MBS 33,025 (15 ) — — 33,025 (15 ) MBS: U.S. obligation single-family MBS 1,252,047 (34,690 ) 619,380 (26,042 ) 1,871,427 (60,732 ) GSE single-family MBS 1,299,031 (31,181 ) 3,375,484 (170,597 ) 4,674,515 (201,778 ) GSE multi-family MBS 2,807,226 (1,778 ) 31,845 (35 ) 2,839,071 (1,813 ) Total MBS 5,358,304 (67,649 ) 4,026,709 (196,674 ) 9,385,013 (264,323 ) Total $ 5,391,329 $ (67,664 ) $ 4,026,709 $ (196,674 ) $ 9,418,038 $ (264,338 ) December 31, 2017 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-MBS: U.S. Treasury obligations $ 34,027 $ (6 ) $ — $ — $ 34,027 $ (6 ) Total non-MBS 34,027 (6 ) — — 34,027 (6 ) MBS: U.S. obligation single-family MBS 1,193,566 (10,455 ) 657,209 (13,092 ) 1,850,775 (23,547 ) GSE single-family MBS 1,169,590 (14,171 ) 3,578,537 (124,789 ) 4,748,127 (138,960 ) GSE multi-family MBS 1,133,452 (4,307 ) 136,051 (16 ) 1,269,503 (4,323 ) Total MBS 3,496,608 (28,933 ) 4,371,797 (137,897 ) 7,868,405 (166,830 ) Total $ 3,530,635 $ (28,939 ) $ 4,371,797 $ (137,897 ) $ 7,902,432 $ (166,836 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-Maturity Securities by Contractual Maturity (in thousands) March 31, 2018 December 31, 2017 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-MBS: Due in 1 year or less $ 33,040 $ 33,025 $ 34,033 $ 34,027 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-MBS 33,040 33,025 34,033 34,027 MBS (2) 16,067,420 15,827,805 14,770,937 14,648,302 Total $ 16,100,460 $ 15,860,830 $ 14,804,970 $ 14,682,329 (1) Carrying value equals amortized cost. (2) MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) March 31, 2018 December 31, 2017 Amortized cost of non-MBS: Fixed-rate $ 33,040 $ 34,033 Total amortized cost of non-MBS 33,040 34,033 Amortized cost of MBS: Fixed-rate 7,659,880 8,003,906 Variable-rate 8,407,540 6,767,031 Total amortized cost of MBS 16,067,420 14,770,937 Total $ 16,100,460 $ 14,804,970 |
Advances Advances (Tables)
Advances Advances (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Advances [Abstract] | |
Schedule Of Federal Home Loan Bank Advances By Year Of Contractual Maturity [Table Text Block] | Advances by Year of Contractual Maturity or Next Put Date for Putable Advances (in thousands) Year of Contractual Maturity or Next Put Date March 31, 2018 December 31, 2017 Overdrawn demand deposit accounts $ 668 $ 1,302 Due in 1 year or less 33,534,607 40,588,641 Due after 1 year through 2 years 18,399,404 15,649,618 Due after 2 years through 3 years 4,951,832 6,537,170 Due after 3 years through 4 years 1,875,121 1,980,655 Due after 4 years through 5 years 896,613 893,283 Thereafter 4,326,561 4,327,731 Total principal amount $ 63,984,806 $ 69,978,400 Advances by Interest Rate Payment Terms (in thousands) March 31, 2018 December 31, 2017 Total fixed-rate (1) $ 31,556,746 $ 36,615,777 Total variable-rate (1) 32,428,060 33,362,623 Total principal amount $ 63,984,806 $ 69,978,400 (1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. Advances by Year of Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date March 31, 2018 December 31, 2017 Overdrawn demand deposit accounts $ 668 $ 1,302 Due in 1 year or less 43,251,473 46,390,733 Due after 1 year through 2 years 13,771,445 15,054,889 Due after 2 years through 3 years 3,771,032 3,768,534 Due after 3 years through 4 years 1,331,911 2,903,655 Due after 4 years through 5 years 506,716 506,557 Thereafter 1,351,561 1,352,730 Total principal amount $ 63,984,806 $ 69,978,400 Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions) March 31, 2018 December 31, 2017 Principal % of Total Principal Amount of Advances Principal % of Total Principal Amount of Advances JPMorgan Chase Bank, N.A. $ 24,200 38 % JPMorgan Chase Bank, N.A. $ 23,950 34 % U.S. Bank, N.A. 9,475 15 U.S. Bank, N.A. 8,975 13 Third Federal Savings and Loan Association 3,714 6 Third Federal Savings and Loan Association 3,756 5 Total $ 37,389 59 % The Huntington National Bank 3,732 5 Total $ 40,413 57 % Advance Redemption Terms (dollars in thousands) March 31, 2018 December 31, 2017 Redemption Term Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Overdrawn demand deposit accounts $ 668 1.92 % $ 1,302 1.55 % Due in 1 year or less 33,424,607 1.89 40,473,141 1.55 Due after 1 year through 2 years 18,399,404 2.02 15,655,118 1.69 Due after 2 years through 3 years 4,951,832 2.01 6,537,170 1.74 Due after 3 years through 4 years 1,875,121 2.11 1,980,655 2.00 Due after 4 years through 5 years 896,613 2.26 893,283 2.07 Thereafter 4,436,561 2.48 4,437,731 2.17 Total principal amount 63,984,806 1.99 69,978,400 1.66 Commitment fees (504 ) (510 ) Discount on Affordable Housing Program (AHP) Advances (5,429 ) (5,795 ) Premiums 1,720 1,789 Discounts (3,935 ) (4,252 ) Hedging adjustments (93,755 ) (51,421 ) Fair value option valuation adjustments and accrued interest (29 ) 13 Total $ 63,882,874 $ 69,918,224 |
Mortgage Loans Held for Portf35
Mortgage Loans Held for Portfolio (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans Held for Portfolio [Table Text Block] | Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands) March 31, 2018 December 31, 2017 Unpaid principal balance: Conventional mortgage loans $ 9,197,041 $ 9,129,003 Federal Housing Administration (FHA) mortgage loans 311,925 325,211 Total unpaid principal balance $ 9,508,966 $ 9,454,214 Mortgage Loans Held for Portfolio (in thousands) March 31, 2018 December 31, 2017 Unpaid principal balance: Fixed rate medium-term single-family mortgage loans (1) $ 1,080,073 $ 1,128,749 Fixed rate long-term single-family mortgage loans 8,428,893 8,325,465 Total unpaid principal balance 9,508,966 9,454,214 Premiums 217,080 217,716 Discounts (3,063 ) (3,173 ) Hedging basis adjustments (2) 9,256 13,373 Total mortgage loans held for portfolio $ 9,732,239 $ 9,682,130 (1) Medium-term is defined as a term of 15 years or less. (2) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. |
Members Selling Five Percent or more of Total Unpaid Principal [Table Text Block] | Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions) March 31, 2018 December 31, 2017 Principal % of Total Principal % of Total Union Savings Bank $ 3,279 34 % Union Savings Bank $ 3,247 34 % Guardian Savings Bank FSB 943 10 Guardian Savings Bank FSB 933 10 PNC Bank, N.A. (1) 491 5 PNC Bank, N.A. (1) 516 5 Huntington National Bank 482 5 (1) Former M ember. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands) March 31, 2018 December 31, 2017 Allowance for credit losses: Collectively evaluated for impairment $ 1,068 $ 1,190 Individually evaluated for impairment — — Total allowance for credit losses $ 1,068 $ 1,190 Recorded investment: Collectively evaluated for impairment $ 9,436,634 $ 9,373,393 Individually evaluated for impairment 10,747 10,109 Total recorded investment $ 9,447,381 $ 9,383,502 Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands) Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 1,190 $ 1,142 Net charge offs (122 ) (262 ) Balance, end of period $ 1,068 $ 880 |
Changes in LRA [Table Text Block] | Changes in the LRA (in thousands) Three Months Ended March 31, 2018 LRA at beginning of year $ 200,745 Additions 3,812 Claims (24 ) Scheduled distributions (4,215 ) LRA at end of period $ 200,318 |
Past Due Financing Receivables [Table Text Block] | Recorded Investment in Delinquent Mortgage Loans (dollars in thousands) March 31, 2018 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 40,449 $ 21,029 $ 61,478 Past due 60-89 days delinquent 6,401 5,973 12,374 Past due 90 days or more delinquent 16,810 11,041 27,851 Total past due 63,660 38,043 101,703 Total current mortgage loans 9,383,721 278,241 9,661,962 Total mortgage loans $ 9,447,381 $ 316,284 $ 9,763,665 Other delinquency statistics: In process of foreclosure, included above (1) $ 9,303 $ 5,114 $ 14,417 Serious delinquency rate (2) 0.19 % 3.49 % 0.29 % Past due 90 days or more still accruing interest (3) $ 15,322 $ 11,041 $ 26,363 Loans on non-accrual status, included above $ 2,882 $ — $ 2,882 December 31, 2017 Conventional MPP Loans FHA Loans Total Past due 30-59 days delinquent $ 36,662 $ 20,992 $ 57,654 Past due 60-89 days delinquent 8,040 6,974 15,014 Past due 90 days or more delinquent 16,702 10,484 27,186 Total past due 61,404 38,450 99,854 Total current mortgage loans 9,322,098 291,371 9,613,469 Total mortgage loans $ 9,383,502 $ 329,821 $ 9,713,323 Other delinquency statistics: In process of foreclosure, included above (1) $ 10,039 $ 4,767 $ 14,806 Serious delinquency rate (2) 0.19 % 3.19 % 0.29 % Past due 90 days or more still accruing interest (3) $ 15,431 $ 10,484 $ 25,915 Loans on non-accrual status, included above $ 2,713 $ — $ 2,713 (1) Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. (2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount. (3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. |
Impaired Financing Receivables [Table Text Block] | Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands) Three Months Ended March 31, 2018 2017 Individually impaired loans Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Conventional MPP Loans $ 10,654 $ 124 $ 9,356 $ 111 Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands) March 31, 2018 December 31, 2017 Conventional MPP loans Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance $ 10,747 $ 10,536 $ — $ 10,109 $ 9,912 $ — With an allowance — — — — — — Total $ 10,747 $ 10,536 $ — $ 10,109 $ 9,912 $ — |
Derivatives and Hedging Activ37
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments (in thousands) March 31, 2018 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 6,269,438 $ 2,188 $ 6,454 Derivatives not designated as hedging instruments: Interest rate swaps 6,187,840 3,053 1,239 Interest rate swaptions 1,840,000 8,891 — Forward rate agreements 196,000 — 1,269 Mortgage delivery commitments 252,298 377 566 Total derivatives not designated as hedging instruments 8,476,138 12,321 3,074 Total derivatives before adjustments $ 14,745,576 14,509 9,528 Netting adjustments and cash collateral (1) 47,368 (6,417 ) Total derivative assets and total derivative liabilities $ 61,877 $ 3,111 December 31, 2017 (2) Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 5,992,762 $ 58,027 $ 9,190 Derivatives not designated as hedging instruments: Interest rate swaps 5,789,265 2,639 363 Interest rate swaptions 2,316,000 3,171 — Forward rate agreements 212,000 27 230 Mortgage delivery commitments 218,651 453 17 Total derivatives not designated as hedging instruments 8,535,916 6,290 610 Total derivatives before adjustments $ 14,528,678 64,317 9,800 Netting adjustments and cash collateral (1) (3,622 ) (6,907 ) Total derivative assets and total derivative liabilities $ 60,695 $ 2,893 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $61,409 and $64,079 at March 31, 2018 and December 31, 2017 . Cash collateral received and related accrued interest was (in thousands) $7,624 and $60,794 at March 31, 2018 and December 31, 2017 . (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Net Losses on Derivatives and Hedging Activities (in thousands) Three Months Ended March 31, 2018 2017 Derivatives and hedged items in fair value hedging relationships: Interest rate swaps $ 992 $ 345 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps (24,477 ) (3,547 ) Interest rate swaptions 4,658 (8,316 ) Forward rate agreements 4,029 (377 ) Net interest settlements (7,324 ) 368 Mortgage delivery commitments (4,249 ) 3,295 Total net losses related to derivatives not designated as hedging instruments (27,363 ) (8,577 ) Other (1) (2 ) 116 Net losses on derivatives and hedging activities $ (26,373 ) $ (8,116 ) (1) Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract. |
Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Effect of Fair Value Hedge-Related Derivative Instruments (in thousands) Three Months Ended March 31, 2018 Gain/(Loss) on Derivative Gain/(Loss) on Hedged Item Net Fair Value Hedge Ineffectiveness Effect of Derivatives on Net Interest Income (1) Hedged Item Type: Advances $ 43,053 $ (42,163 ) $ 890 $ 893 Consolidated Bonds (411 ) 513 102 (1,243 ) Total $ 42,642 $ (41,650 ) $ 992 $ (350 ) 2017 Hedged Item Type: Advances $ 9,367 $ (9,169 ) $ 198 $ (6,701 ) Consolidated Bonds (1,070 ) 1,217 147 423 Total $ 8,297 $ (7,952 ) $ 345 $ (6,278 ) (1) For fair value hedge relationships, the net effect of derivatives on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(171) and $(604) of (amortization)/accretion related to fair value hedging activities for the three months ended March 31, 2018 and 2017 . |
Offsetting Assets [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2018 Derivative Instruments Meeting Netting Requirements Amount Recognized Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 13,138 $ (12,931 ) $ 377 $ 584 Cleared 994 60,299 — 61,293 Total $ 61,877 Derivative Liabilities: Uncleared $ 6,733 $ (5,457 ) $ 1,835 $ 3,111 Cleared 960 (960 ) — — Total $ 3,111 December 31, 2017 (2) Derivative Instruments Meeting Netting Requirements Amount Recognized Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 5,239 $ (5,215 ) $ 480 $ 504 Cleared 58,598 1,593 — 60,191 Total $ 60,695 Derivative Liabilities: Uncleared $ 8,773 $ (6,127 ) $ 247 $ 2,893 Cleared 780 (780 ) — — Total $ 2,893 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2018 Derivative Instruments Meeting Netting Requirements Amount Recognized Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 13,138 $ (12,931 ) $ 377 $ 584 Cleared 994 60,299 — 61,293 Total $ 61,877 Derivative Liabilities: Uncleared $ 6,733 $ (5,457 ) $ 1,835 $ 3,111 Cleared 960 (960 ) — — Total $ 3,111 December 31, 2017 (2) Derivative Instruments Meeting Netting Requirements Amount Recognized Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Derivative Assets: Uncleared $ 5,239 $ (5,215 ) $ 480 $ 504 Cleared 58,598 1,593 — 60,191 Total $ 60,695 Derivative Liabilities: Uncleared $ 8,773 $ (6,127 ) $ 247 $ 2,893 Cleared 780 (780 ) — — Total $ 2,893 (1) Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deposits [Abstract] | |
Deposit Liabilities, Type [Table Text Block] | Deposits (in thousands) March 31, 2018 December 31, 2017 Interest bearing: Demand and overnight $ 620,839 $ 590,617 Term 51,850 52,600 Other 6,706 5,509 Total interest bearing 679,395 648,726 Non-interest bearing: Other 4,003 1,805 Total non-interest bearing 4,003 1,805 Total deposits $ 683,398 $ 650,531 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Consolidated Discount Notes Outstanding (dollars in thousands) Book Value Principal Amount Weighted Average Interest Rate (1) March 31, 2018 $ 53,089,129 $ 53,188,117 1.63 % December 31, 2017 $ 46,210,458 $ 46,258,644 1.23 % (1) Represents an implied rate without consideration of concessions. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Consolidated Bonds Outstanding by Contractual Maturity (dollars in thousands) March 31, 2018 December 31, 2017 Year of Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 26,535,640 1.63 % $ 28,940,265 1.34 % Due after 1 year through 2 years 6,471,000 1.89 5,841,800 1.74 Due after 2 years through 3 years 6,156,565 1.77 4,770,565 1.89 Due after 3 years through 4 years 4,354,000 2.18 6,017,000 1.92 Due after 4 years through 5 years 2,283,620 2.27 2,244,620 2.24 Thereafter 5,982,055 2.76 6,343,055 2.72 Total principal amount 51,782,880 1.88 54,157,305 1.69 Premiums 83,967 86,521 Discounts (29,870 ) (30,669 ) Hedging adjustments (3,658 ) (3,146 ) Fair value option valuation adjustment and accrued interest (66,013 ) (46,950 ) Total $ 51,767,306 $ 54,163,061 Consolidated Bonds Outstanding by Contractual Maturity or Next Call Date (in thousands) Year of Contractual Maturity or Next Call Date March 31, 2018 December 31, 2017 Due in 1 year or less $ 32,721,640 $ 35,029,265 Due after 1 year through 2 years 5,973,000 5,369,800 Due after 2 years through 3 years 5,066,565 3,715,565 Due after 3 years through 4 years 2,662,000 4,388,000 Due after 4 years through 5 years 1,879,620 1,823,620 Thereafter 3,480,055 3,831,055 Total principal amount $ 51,782,880 $ 54,157,305 |
Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block] | Consolidated Bonds Outstanding by Call Features (in thousands) March 31, 2018 December 31, 2017 Principal Amount of Consolidated Bonds: Non-callable $ 44,684,880 $ 47,155,305 Callable 7,098,000 7,002,000 Total principal amount $ 51,782,880 $ 54,157,305 Consolidated Bonds by Interest-rate Payment Type (in thousands) March 31, 2018 December 31, 2017 Principal Amount of Consolidated Bonds: Fixed-rate $ 33,672,880 $ 33,252,305 Variable-rate 18,100,000 20,895,000 Step-up 10,000 10,000 Total principal amount $ 51,782,880 $ 54,157,305 |
Affordable Housing Program (A40
Affordable Housing Program (AHP) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Affordable Housing Program (AHP) [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | Analysis of AHP Liability (in thousands) Balance at December 31, 2017 $ 109,877 Assessments (current year additions) 9,252 Subsidy uses, net (4,565 ) Balance at March 31, 2018 $ 114,564 |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Capital Requirements (dollars in thousands) March 31, 2018 December 31, 2017 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 949,326 $ 5,513,076 $ 886,033 $ 5,211,204 Capital-to-assets ratio (regulatory) 4.00 % 4.94 % 4.00 % 4.88 % Regulatory capital $ 4,468,372 $ 5,513,076 $ 4,275,809 $ 5,211,204 Leverage capital-to-assets ratio (regulatory) 5.00 % 7.40 % 5.00 % 7.31 % Leverage capital $ 5,585,465 $ 8,269,614 $ 5,344,761 $ 7,816,806 |
Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block] | Mandatorily Redeemable Capital Stock Roll Forward (in thousands) Balance, December 31, 2017 $ 30,031 Capital stock subject to mandatory redemption reclassified from equity 65 Redemption (or other reduction) of mandatorily redeemable capital stock (1,998 ) Balance, March 31, 2018 $ 28,098 Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands) Contractual Year of Redemption March 31, 2018 December 31, 2017 Year 1 $ 1,677 $ 20 Year 2 206 1,811 Year 3 224 439 Year 4 2,827 2,912 Year 5 4,586 5,257 Thereafter (1) 624 610 Past contractual redemption date due to remaining activity (2) 17,954 18,982 Total $ 28,098 $ 30,031 (1) Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB Members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB M embers on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the Member's termination. (2) Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive (Loss) Income (in thousands) Net unrealized gains (losses) on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive (loss) income BALANCE, DECEMBER 31, 2016 $ 23 $ (13,279 ) $ (13,256 ) Other comprehensive income before reclassification: Net unrealized losses (26 ) — (26 ) Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 342 342 Net current period other comprehensive (loss) income (26 ) 342 316 BALANCE, MARCH 31, 2017 $ (3 ) $ (12,937 ) $ (12,940 ) BALANCE, DECEMBER 31, 2017 $ (124 ) $ (16,536 ) $ (16,660 ) Other comprehensive income before reclassification: Net unrealized gains 143 — 143 Reclassifications from other comprehensive income to net income: Amortization - pension and postretirement benefits — 486 486 Net current period other comprehensive income 143 486 629 BALANCE, MARCH 31, 2018 $ 19 $ (16,050 ) $ (16,031 ) |
Pension and Postretirement Be43
Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net Periodic Benefit Cost (in thousands) Three Months Ended March 31, Defined Benefit Retirement Plan Postretirement Benefits Plan 2018 2017 2018 2017 Net Periodic Benefit Cost Service cost $ 276 $ 204 $ 5 $ 7 Interest cost 332 325 41 50 Amortization of net loss 486 341 — 1 Net periodic benefit cost $ 1,094 $ 870 $ 46 $ 58 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Asset Balances by Operating Segment (in thousands) Assets Traditional Member MPP Total March 31, 2018 $ 100,063,445 $ 11,645,850 $ 111,709,295 December 31, 2017 95,525,754 11,369,460 106,895,214 Financial Performance by Operating Segment (in thousands) Three Months Ended March 31, Traditional Member Finance MPP Total 2018 Net interest income $ 93,084 $ 24,976 $ 118,060 Non-interest (loss) income (6,190 ) 2,333 (3,857 ) Non-interest expense 18,864 3,260 22,124 Income before assessments 68,030 24,049 92,079 Affordable Housing Program assessments 6,847 2,405 9,252 Net income $ 61,183 $ 21,644 $ 82,827 2017 Net interest income $ 79,874 $ 23,399 $ 103,273 Non-interest (loss) income (9,565 ) (1,148 ) (10,713 ) Non-interest expense 17,140 2,926 20,066 Income before assessments 53,169 19,325 72,494 Affordable Housing Program assessments 5,363 1,933 7,296 Net income $ 47,806 $ 17,392 $ 65,198 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Summary (in thousands) March 31, 2018 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 1,853,185 $ 1,853,185 $ 1,853,185 $ — $ — $ — Interest-bearing deposits 250 250 — 250 — — Securities purchased under agreements to resell 1,636,078 1,636,084 — 1,636,084 — — Federal funds sold 17,775,000 17,775,000 — 17,775,000 — — Trading securities 725 725 — 725 — — Available-for-sale securities 500,019 500,019 — 500,019 — — Held-to-maturity securities 16,100,460 15,860,830 — 15,860,830 — — Advances (2) 63,882,874 63,781,530 — 63,781,530 — — Mortgage loans held for portfolio, net 9,731,171 9,564,262 — 9,546,737 17,525 — Accrued interest receivable 148,807 148,807 — 148,807 — — Derivative assets 61,877 61,877 — 14,509 — 47,368 Liabilities: Deposits 683,398 683,225 — 683,225 — — Consolidated Obligations: Discount Notes 53,089,129 53,090,142 — 53,090,142 — — Bonds (3) 51,767,306 51,413,846 — 51,413,846 — — Mandatorily redeemable capital stock 28,098 28,098 28,098 — — — Accrued interest payable 128,586 128,586 — 128,586 — — Derivative liabilities 3,111 3,111 — 9,528 — (6,417 ) Other: Standby bond purchase agreements — 513 — 513 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) Includes (in thousands) $4,971 of Advances recorded under the fair value option at March 31, 2018 . (3) Includes (in thousands) $5,966,827 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2018 . December 31, 2017 Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1)(2) Assets: Cash and due from banks $ 26,550 $ 26,550 $ 26,550 $ — $ — $ — Interest-bearing deposits 140 140 — 140 — — Securities purchased under agreements to resell 7,701,929 7,701,934 — 7,701,934 — — Federal funds sold 3,650,000 3,650,000 — 3,650,000 — — Trading securities 781 781 — 781 — — Available-for-sale securities 899,876 899,876 — 899,876 — — Held-to-maturity securities 14,804,970 14,682,329 — 14,682,329 — — Advances (3) 69,918,224 69,894,641 — 69,894,641 — — Mortgage loans held for portfolio, net 9,680,940 9,731,947 — 9,714,802 17,145 — Accrued interest receivable 128,561 128,561 — 128,561 — — Derivative assets 60,695 60,695 — 64,317 — (3,622 ) Liabilities: Deposits 650,531 650,422 — 650,422 — — Consolidated Obligations: Discount Notes 46,210,458 46,209,716 — 46,209,716 — — Bonds (4) 54,163,061 54,095,627 — 54,095,627 — — Mandatorily redeemable capital stock 30,031 30,031 30,031 — — — Accrued interest payable 128,652 128,652 — 128,652 — — Derivative liabilities 2,893 2,893 — 9,800 — (6,907 ) Other: Commitments to extend credit for Advances — 4 — 4 — — Standby bond purchase agreements — 354 — 354 — — (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017 . Previously, this amount was included with Netting Adjustments and Cash Collateral. (3) Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017 . (4) Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017 . |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements (in thousands) Fair Value Measurements at March 31, 2018 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. obligation single-family MBS $ 725 $ — $ 725 $ — $ — Available-for-sale securities: Certificates of deposit 500,019 — 500,019 — — Advances 4,971 — 4,971 — — Derivative assets: Interest rate related 61,500 — 14,132 — 47,368 Mortgage delivery commitments 377 — 377 — — Total derivative assets 61,877 — 14,509 — 47,368 Total assets at fair value $ 567,592 $ — $ 520,224 $ — $ 47,368 Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 5,966,827 $ — $ 5,966,827 $ — $ — Derivative liabilities: Interest rate related 1,276 — 7,693 — (6,417 ) Forward rate agreement 1,269 — 1,269 — — Mortgage delivery commitments 566 — 566 — — Total derivative liabilities 3,111 — 9,528 — (6,417 ) Total liabilities at fair value $ 5,969,938 $ — $ 5,976,355 $ — $ (6,417 ) Nonrecurring fair value measurements - Assets (2) Mortgage loans held for portfolio $ 325 $ — $ — $ 325 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) The fair value information presented is as of the date the fair value adjustment was recorded during the three months ended March 31, 2018 . Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1)(2) Recurring fair value measurements - Assets Trading securities: U.S. obligation single-family MBS $ 781 $ — $ 781 $ — $ — Available-for-sale securities: Certificates of deposit 899,876 — 899,876 — — Advances 15,013 — 15,013 — — Derivative assets: Interest rate related 60,215 — 63,837 — (3,622 ) Forward rate agreements 27 — 27 — — Mortgage delivery commitments 453 — 453 — — Total derivative assets 60,695 — 64,317 — (3,622 ) Total assets at fair value $ 976,365 $ — $ 979,987 $ — $ (3,622 ) Recurring fair value measurements - Liabilities Consolidated Obligation Bonds $ 5,577,315 $ — $ 5,577,315 $ — $ — Derivative liabilities: Interest rate related 2,646 — 9,553 — (6,907 ) Forward rate agreements 230 — 230 — — Mortgage delivery commitments 17 — 17 — — Total derivative liabilities 2,893 — 9,800 — (6,907 ) Total liabilities at fair value $ 5,580,208 $ — $ 5,587,115 $ — $ (6,907 ) Nonrecurring fair value measurements - Assets (3) Mortgage loans held for portfolio $ 598 $ — $ — $ 598 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (2) To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017 . Previously, this amount was included with Netting Adjustments and Cash Collateral. (3) The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017 . |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Aggregate Unpaid Balance and Aggregate Fair Value (in thousands) March 31, 2018 December 31, 2017 Aggregate Unpaid Principal Balance Aggregate Fair Value Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance Aggregate Unpaid Principal Balance Aggregate Fair Value Aggregate Fair Value Over/(Under) Aggregate Unpaid Principal Balance Advances (1) $ 5,000 $ 4,971 $ (29 ) $ 15,000 $ 15,013 $ 13 Consolidated Bonds 6,032,840 5,966,827 (66,013 ) 5,624,265 5,577,315 (46,950 ) (1) At March 31, 2018 and December 31, 2017 , none of the Advances were 90 days or more past due or had been placed on non-accrual status. Fair Value Option - Financial Assets and Liabilities (in thousands) Three Months Ended March 31, Net Gains (Losses) from Changes in Fair Value Recognized in Earnings 2018 2017 Advances $ (28 ) $ (16 ) Consolidated Bonds 19,753 (6,045 ) Total net gains (losses) $ 19,725 $ (6,061 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments [Table Text Block] | Off-Balance Sheet Commitments (in thousands) March 31, 2018 December 31, 2017 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Standby Letters of Credit $ 15,284,254 $ 321,485 $ 15,605,739 $ 14,388,745 $ 302,237 $ 14,690,982 Commitments for standby bond purchases 23,510 48,365 71,875 27,230 44,645 71,875 Commitments to fund additional Advances — — — 5,000 — 5,000 Commitments to purchase mortgage loans 252,298 — 252,298 218,651 — 218,651 Unsettled Consolidated Discount Notes, principal amount (1) — — — 309,662 — 309,662 (1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. |
Transactions with Other FHLBa47
Transactions with Other FHLBanks Transactions with Other FHLBanks (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other FHLBanks [Member] | |
Schedule of Other Transactions [Line Items] | |
Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block] | Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands) Average Daily Balances for the Three Months Ended March 31, 2018 2017 Loans to other FHLBanks $ 5,556 $ 56 |
Transactions with Stockholders
Transactions with Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Other Transactions [Line Items] | |
Schedule of Transactions with Members and Former Members [Table Text Block] | Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions) Regulatory Capital Stock Advance MPP Unpaid March 31, 2018 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,059 23 % $ 24,200 $ — U.S. Bank, N.A. 836 18 9,475 22 The Huntington National Bank 282 6 1,681 482 Fifth Third Bank 248 5 415 2 Regulatory Capital Stock Advance MPP Unpaid December 31, 2017 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 1,059 25 % $ 23,950 $ — U.S. Bank, N.A. 593 14 8,975 23 The Huntington National Bank 282 7 3,732 456 Fifth Third Bank 248 6 3,140 2 |
Director [Member] | |
Schedule of Other Transactions [Line Items] | |
Schedule of Other Transactions by Balance Sheet Grouping [Table Text Block] | Transactions with Directors' Financial Institutions (dollars in millions) March 31, 2018 December 31, 2017 Balance % of Total (1) Balance % of Total (1) Advances $ 4,992 7.8 % $ 3,558 5.1 % MPP 582 6.1 112 1.2 Regulatory capital stock 458 10.1 187 4.4 (1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Background Information (Details
Background Information (Details) | Mar. 31, 2018Banks |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Recently Issued Accounting St50
Recently Issued Accounting Standards and Interpretations New Accounting Pronouncements (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Labor and Related Expense | $ (12,693,000) | $ (11,048,000) |
Other Noninterest Expense | $ 1,402,000 | 1,114,000 |
Accounting Standards Update 2017-07 [Member] | Restatement Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Labor and Related Expense | 717,000 | |
Other Noninterest Expense | $ 717,000 |
Trading Securities (Trading Sec
Trading Securities (Trading Securities by Major Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 725 | $ 781 |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 725 | $ 781 |
Trading Securities (Net (Losses
Trading Securities (Net (Losses) Gains on Trading Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Trading Securities [Abstract] | ||
Net losses on trading securities held at period end | $ (2) | $ (3) |
Net losses on trading securities | $ (2) | $ (3) |
Available-for-Sale Securities53
Available-for-Sale Securities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 500,000,000 | $ 900,000,000 | |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 25,000 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | (6,000) | (124,000) | |
Available-for-sale securities | 500,019,000 | 899,876,000 | |
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis | 500,000,000 | 900,000,000 | |
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 500,019,000 | 899,876,000 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 0 | $ 0 | |
Fixed-rate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 500,000,000 | 900,000,000 | |
Certificates of Deposit [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 500,000,000 | 900,000,000 | |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 25,000 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | (6,000) | (124,000) | |
Available-for-sale securities | $ 500,019,000 | $ 899,876,000 |
Held-to-Maturity Securities Nar
Held-to-Maturity Securities Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Held-to-maturity Securities, Unclassified [Abstract] | ||
Held-to-maturity Securities, Sold Security, Realized Gain (Loss), Excluding Other than Temporary Impairments | $ 0 | $ 0 |
Held-to-Maturity Securities (Ma
Held-to-Maturity Securities (Major Security Types) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | $ 16,100,460 | $ 14,804,970 |
Held-to-maturity Securities | [3] | 16,100,460 | 14,804,970 |
Held-to-maturity Securities, Unrecognized Holding Gain | 24,708 | 44,195 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (264,338) | (166,836) | |
Held-to-maturity Securities, Fair Value | 15,860,830 | 14,682,329 | |
US Treasury Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1] | 33,040 | 34,033 |
Held-to-maturity Securities | 33,040 | 34,033 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (15) | (6) | |
Held-to-maturity Securities, Fair Value | 33,025 | 34,027 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 33,040 | 34,033 |
Held-to-maturity Securities | 33,040 | 34,033 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (15) | (6) | |
Held-to-maturity Securities, Fair Value | 33,025 | 34,027 | |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1] | 2,362,654 | 2,483,446 |
Held-to-maturity Securities | 2,362,654 | 2,483,446 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 1,802 | 1,974 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (60,732) | (23,547) | |
Held-to-maturity Securities, Fair Value | 2,303,724 | 2,461,873 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2],[4] | 16,067,420 | 14,770,937 |
Held-to-maturity Securities | [4] | 16,067,420 | 14,770,937 |
Held-to-maturity Securities, Unrecognized Holding Gain | 24,708 | 44,195 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (264,323) | (166,830) | |
Held-to-maturity Securities, Fair Value | [4] | 15,827,805 | 14,648,302 |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1] | 6,405,233 | 6,703,367 |
Held-to-maturity Securities | 6,405,233 | 6,703,367 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 16,946 | 37,265 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (201,778) | (138,960) | |
Held-to-maturity Securities, Fair Value | 6,220,401 | 6,601,672 | |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1] | 7,299,533 | 5,584,124 |
Held-to-maturity Securities | 7,299,533 | 5,584,124 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 5,960 | 4,956 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (1,813) | (4,323) | |
Held-to-maturity Securities, Fair Value | $ 7,303,680 | $ 5,584,757 | |
[1] | Carrying value equals amortized cost. | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Fair values: $15,860,830 and $14,682,329 at March 31, 2018 and December 31, 2017, respectively. | ||
[4] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Held-to-Maturity Securities (Ne
Held-to-Maturity Securities (Net Premuims) (Details) - Collateralized Mortgage Backed Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held To Maturity Securities, Premiums | $ 48,196 | $ 49,713 |
Held-to-maturity Securities, Discounts | (23,401) | (24,243) |
Held-to-maturity Securities, Premiums (Discounts), Net | $ 24,795 | $ 25,470 |
Held-to-Maturity Securities (Co
Held-to-Maturity Securities (Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 5,391,329 | $ 3,530,635 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (67,664) | (28,939) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,026,709 | 4,371,797 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (196,674) | (137,897) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 9,418,038 | 7,902,432 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (264,338) | (166,836) |
US Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,025 | 34,027 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (15) | (6) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 33,025 | 34,027 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15) | (6) |
Other Than Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,025 | 34,027 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (15) | (6) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 33,025 | 34,027 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15) | (6) |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,252,047 | 1,193,566 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (34,690) | (10,455) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 619,380 | 657,209 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (26,042) | (13,092) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,871,427 | 1,850,775 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (60,732) | (23,547) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,358,304 | 3,496,608 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (67,649) | (28,933) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,026,709 | 4,371,797 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (196,674) | (137,897) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 9,385,013 | 7,868,405 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (264,323) | (166,830) |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,299,031 | 1,169,590 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (31,181) | (14,171) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,375,484 | 3,578,537 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (170,597) | (124,789) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 4,674,515 | 4,748,127 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (201,778) | (138,960) |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,807,226 | 1,133,452 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | (1,778) | (4,307) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 31,845 | 136,051 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (35) | (16) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 2,839,071 | 1,269,503 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,813) | $ (4,323) |
Held-to-Maturity Securities (58
Held-to-Maturity Securities (Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | $ 16,100,460 | $ 14,804,970 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 16,100,460 | 14,804,970 |
Held-to-maturity Securities | [3] | 16,100,460 | 14,804,970 |
Held-to-maturity Securities, Fair Value | 15,860,830 | 14,682,329 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Debt Maturities, within One Year Amortized Cost | [2] | 33,040 | 34,033 |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years Amortized Cost | [2] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years Amortized Cost | [2] | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, After Ten Years Amortized Cost | [2] | 0 | 0 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 33,040 | 34,033 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 33,040 | 34,033 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 33,040 | 34,033 | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities | 33,040 | 34,033 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value | 33,025 | 34,027 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 33,025 | 34,027 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2],[4] | 16,067,420 | 14,770,937 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2],[4] | 16,067,420 | 14,770,937 |
Held-to-maturity Securities | [4] | 16,067,420 | 14,770,937 |
Held-to-maturity Securities, Fair Value | [4] | $ 15,827,805 | $ 14,648,302 |
[1] | Carrying value equals amortized cost. | ||
[2] | Carrying value equals amortized cost. | ||
[3] | Fair values: $15,860,830 and $14,682,329 at March 31, 2018 and December 31, 2017, respectively. | ||
[4] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Held-to-Maturity Securities (In
Held-to-Maturity Securities (Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | $ 16,100,460 | $ 14,804,970 |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2] | 33,040 | 34,033 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1],[2],[3] | 16,067,420 | 14,770,937 |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 33,040 | 34,033 | |
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 7,659,880 | 8,003,906 | |
Variable-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 8,407,540 | $ 6,767,031 | |
[1] | Carrying value equals amortized cost. | ||
[2] | Carrying value equals amortized cost. | ||
[3] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Advances (Advance Redemption Te
Advances (Advance Redemption Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Advances [Abstract] | |||
Deposit Liabilities Reclassified as Loans Receivable | $ 668 | $ 1,302 | |
Due in 1 year or less | 33,424,607 | 40,473,141 | |
Due after 1 year through 2 years | 18,399,404 | 15,655,118 | |
Due after 2 years through 3 years | 4,951,832 | 6,537,170 | |
Due after 3 years through 4 years | 1,875,121 | 1,980,655 | |
Due after 4 years through 5 years | 896,613 | 893,283 | |
Thereafter | 4,436,561 | 4,437,731 | |
Federal Home Loan Bank, Advances, Par Value, Total | 63,984,806 | 69,978,400 | |
Commitment Fees on Advances | (504) | (510) | |
Discount on Affordable Housing Program Advances | (5,429) | (5,795) | |
Federal Home Loan Bank Advances, Premium | 1,720 | 1,789 | |
Federal Home Loan Bank Advances, Discount | (3,935) | (4,252) | |
Hedging adjustments | (93,755) | (51,421) | |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | [1] | (29) | 13 |
Advances | $ 63,882,874 | $ 69,918,224 | |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 1.92% | 1.55% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date | 1.89% | 1.55% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date | 2.02% | 1.69% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date | 2.01% | 1.74% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date | 2.11% | 2.00% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date | 2.26% | 2.07% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date | 2.48% | 2.17% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date | 1.99% | 1.66% | |
[1] | At March 31, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Advances (Year of Contractual M
Advances (Year of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Advances [Abstract] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 668 | $ 1,302 |
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months | 43,251,473 | 46,390,733 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two | 13,771,445 | 15,054,889 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three | 3,771,032 | 3,768,534 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four | 1,331,911 | 2,903,655 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five | 506,716 | 506,557 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five | 1,351,561 | 1,352,730 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 63,984,806 | $ 69,978,400 |
Advances (Advances by Year of C
Advances (Advances by Year of Contractual Maturity or Next Put/Convert Date for Putable/Convertible Advances) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Advances [Abstract] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 668 | $ 1,302 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date | 33,534,607 | 40,588,641 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date | 18,399,404 | 15,649,618 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date | 4,951,832 | 6,537,170 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date | 1,875,121 | 1,980,655 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date | 896,613 | 893,283 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date | 4,326,561 | 4,327,731 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 63,984,806 | $ 69,978,400 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Advances [Abstract] | |||
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate | [1] | $ 31,556,746 | $ 36,615,777 |
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate | [1] | 32,428,060 | 33,362,623 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 63,984,806 | $ 69,978,400 | |
[1] | Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. |
Advances (Borrowers Holding Fiv
Advances (Borrowers Holding Five Percent or more of Total Advances) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 63,984,806 | $ 69,978,400 |
Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 37,389,000 | $ 40,413,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 59.00% | 57.00% |
JPMorgan Chase Bank National Association [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 24,200,000 | $ 23,950,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 38.00% | 34.00% |
U.S. Bank, N.A. [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 9,475,000 | $ 8,975,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 15.00% | 13.00% |
Third Federal Savings and Loan Association [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 3,714,000 | $ 3,756,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 6.00% | 5.00% |
The Huntington National Bank [Member] | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 3,732,000 | |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 5.00% |
Mortgage Loans Held for Portf65
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | $ 9,508,966 | $ 9,454,214 | |
Loans and Leases Receivable, Unamortized Premiums | 217,080 | 217,716 | |
Loans and Leases Receivable, Unamortized Discounts | (3,063) | (3,173) | |
Loans and Leases Receivable, Hedging Basis Adjustment | [1] | 9,256 | 13,373 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 9,732,239 | 9,682,130 | |
Conventional Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | 9,197,041 | 9,129,003 | |
Federal Housing Administration Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | 311,925 | 325,211 | |
Single Family [Member] | Fixed rates medium-term single-family mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | [2] | 1,080,073 | 1,128,749 |
Single Family [Member] | Fixed rates Long-term single-family mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Unpaid principal balance | $ 8,428,893 | $ 8,325,465 | |
[1] | Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. | ||
[2] | Medium-term is defined as a term of 15 years or less. |
Mortgage Loans Held for Portf66
Mortgage Loans Held for Portfolio (Details 2) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Union Savings Bank [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 3,279 | $ 3,247 | |
Percent of Total | 34.00% | 34.00% | |
Guardian Saving Bank FSB [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 943 | $ 933 | |
Percent of Total | 10.00% | 10.00% | |
PNC Bank, N.A. [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | [1] | $ 491 | $ 516 |
Percent of Total | [1] | 5.00% | 5.00% |
The Huntington National Bank [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 482 | ||
Percent of Total | 5.00% | ||
[1] | Former Member. |
Allowance for Credit Losses Nar
Allowance for Credit Losses Narrative (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance | $ 1,190 | $ 1,068 | $ 1,190 | |
Total recorded investment | 9,763,665 | 9,713,323 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 1,190 | |||
Balance, end of period | 1,068 | |||
Conventional Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,068 | 1,190 | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Loans and Leases Receivable, Allowance | 1,190 | $ 1,142 | 1,068 | 1,190 |
Recorded Investment, Collectively Evaluated for Impairment | 9,436,634 | 9,373,393 | ||
Recorded Investment, Individually Evaluated for Impairment | 10,747 | 10,109 | ||
Total recorded investment | $ 9,447,381 | $ 9,383,502 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 1,190 | 1,142 | ||
Allowance for Loan and Lease Losses Write-offs, Net | (122) | (262) | ||
Balance, end of period | $ 1,068 | $ 880 |
Allowance for Credit Losses Rol
Allowance for Credit Losses Rollforward of LRA (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Change in Lender Risk Account Balance [Roll Forward] | |
Lender Risk Account, Beginning Balance | $ 200,745 |
Lender Risk Account, Additions | 3,812 |
Lender Risk Account, Claims | (24) |
Lender Risk Account, Distributions | (4,215) |
Lender Risk Account, Ending Balance | $ 200,318 |
Allowance for Credit Losses Sch
Allowance for Credit Losses Schedule of Loans Outstanding and Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 101,703 | $ 99,854 | |
Financing Receivable, Recorded Investment, Current | 9,661,962 | 9,613,469 | |
Total recorded investment | 9,763,665 | 9,713,323 | |
Mortgage Loans In Process Of Foreclosure | [1] | $ 14,417 | $ 14,806 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.29% | 0.29% |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | [3] | $ 26,363 | $ 25,915 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,882 | 2,713 | |
Financing Receivable, Modifications, Recorded Investment | 10,747 | 10,109 | |
Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 63,660 | 61,404 | |
Financing Receivable, Recorded Investment, Current | 9,383,721 | 9,322,098 | |
Total recorded investment | 9,447,381 | 9,383,502 | |
Mortgage Loans In Process Of Foreclosure | [1] | $ 9,303 | $ 10,039 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.19% | 0.19% |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | [3] | $ 15,322 | $ 15,431 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,882 | 2,713 | |
Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 38,043 | 38,450 | |
Financing Receivable, Recorded Investment, Current | 278,241 | 291,371 | |
Total recorded investment | 316,284 | 329,821 | |
Mortgage Loans In Process Of Foreclosure | [1] | $ 5,114 | $ 4,767 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 3.49% | 3.19% |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | [3] | $ 11,041 | $ 10,484 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | |
Past due 30-59 days delinquent | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 61,478 | 57,654 | |
Past due 30-59 days delinquent | Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 40,449 | 36,662 | |
Past due 30-59 days delinquent | Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 21,029 | 20,992 | |
Past due 60-89 days delinquent | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 12,374 | 15,014 | |
Past due 60-89 days delinquent | Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 6,401 | 8,040 | |
Past due 60-89 days delinquent | Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 5,973 | 6,974 | |
Past due 90 days or more delinquent | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 27,851 | 27,186 | |
Past due 90 days or more delinquent | Conventional Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 16,810 | 16,702 | |
Past due 90 days or more delinquent | Federal Housing Administration Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 11,041 | $ 10,484 | |
[1] | Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status. | ||
[2] | Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount. | ||
[3] | Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. |
Allowance for Credit Losses Ind
Allowance for Credit Losses Individually Evaluated Impaired Loans (Details) - Conventional Loan [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 10,747 | $ 10,109 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | 10,747 | 10,109 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 10,536 | 9,912 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 10,536 | 9,912 | |
Impaired Financing Receivable, Related Allowance | 0 | $ 0 | |
Impaired Financing Receivable, Average Recorded Investment | 10,654 | $ 9,356 | |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 124 | $ 111 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities Narrative (Details) | Mar. 31, 2018USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 874,000 |
Collateral Already Posted, Aggregate Fair Value | 0 |
Additional Collateral, Aggregate Fair Value | $ 0 |
Derivatives and Hedging Activ73
Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | $ 14,745,576 | $ 14,528,678 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 14,509 | 64,317 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 9,528 | 9,800 | [1] | ||
Derivative Asset, Netting Adjustments And Cash Collateral | [3] | 47,368 | [2] | (3,622) | [1],[4],[5] |
Derivative Liability, Netting Adjustments And Cash Collateral | [3] | (6,417) | [2] | (6,907) | [1],[4],[5] |
Derivative assets | 61,877 | 60,695 | [1],[6] | ||
Derivative liabilities | 3,111 | 2,893 | [1],[6] | ||
Derivative, Collateral, Cash Posted And Related Accrued Interest | 61,409 | 64,079 | |||
Derivative, Collateral, Cash Received And Related Accrued Interest | 7,624 | 60,794 | |||
Variation Margin for Daily Settled Contracts, Net | 74,431 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 6,269,438 | 5,992,762 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,188 | 58,027 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 6,454 | 9,190 | [1] | ||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 6,187,840 | 5,789,265 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 3,053 | 2,639 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,239 | 363 | [1] | ||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 1,840,000 | 2,316,000 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 8,891 | 3,171 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | [1] | ||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 196,000 | 212,000 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 27 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,269 | 230 | [1] | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 8,476,138 | 8,535,916 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 12,321 | 6,290 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 3,074 | 610 | [1] | ||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 252,298 | 218,651 | [1] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 377 | 453 | [1] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 566 | $ 17 | [1] | ||
[1] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. | ||||
[2] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[3] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $61,409 and $64,079 at March 31, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $7,624 and $60,794 at March 31, 2018 and December 31, 2017. | ||||
[4] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[5] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral. | ||||
[6] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. |
Derivatives and Hedging Activ74
Derivatives and Hedging Activities Derivatives in Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 992 | $ 345 | |
Gain (Loss) on Derivatives not designated as hedging instruments | (27,363) | (8,577) | |
Derivative Instruments, Other Gain (Loss) | [1] | (2) | 116 |
Net (losses) gains on derivatives and hedging activities | (26,373) | (8,116) | |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 992 | 345 | |
Gain (Loss) on Derivatives not designated as hedging instruments | (24,477) | (3,547) | |
Interest Rate Swaption [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 4,658 | (8,316) | |
Forward Contracts [Member] | Mortgages [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (4,249) | 3,295 | |
Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 4,029 | (377) | |
Net Interest Settlements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | $ (7,324) | $ 368 | |
[1] | Consists of price alignment amount on derivatives for which variation margin is characterized as a daily settled contract. |
Derivatives and Hedging Activ75
Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | $ 42,642 | $ 8,297 | |
Gain (Loss) on Hedged Item | (41,650) | (7,952) | |
Net Fair Value Hedge Ineffectiveness | 992 | 345 | |
Effect of Derivatives on Net Interest Income | [1] | (350) | (6,278) |
Amortization and Accretion of Hedged Items | (171) | (604) | |
Advances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | 43,053 | 9,367 | |
Gain (Loss) on Hedged Item | (42,163) | (9,169) | |
Net Fair Value Hedge Ineffectiveness | 890 | 198 | |
Effect of Derivatives on Net Interest Income | [1] | 893 | (6,701) |
Consolidated Obligation Bonds [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | (411) | (1,070) | |
Gain (Loss) on Hedged Item | 513 | 1,217 | |
Net Fair Value Hedge Ineffectiveness | 102 | 147 | |
Effect of Derivatives on Net Interest Income | [1] | $ (1,243) | $ 423 |
[1] | For fair value hedge relationships, the net effect of derivatives on net interest income is included in the interest income or interest expense line item of the respective hedged item type. These amounts include the effect of net interest settlements attributable to designated fair value hedges but do not include (in thousands) $(171) and $(604) of (amortization)/accretion related to fair value hedging activities for the three months ended March 31, 2018 and 2017. |
Derivatives and Hedging Activ76
Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | $ 47,368 | [1] | $ (3,622) | [3],[4],[5] |
Derivative assets | 61,877 | 60,695 | [5],[6] | ||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (6,417) | [1] | (6,907) | [3],[4],[5] |
Derivative liabilities | 3,111 | 2,893 | [5],[6] | ||
Variation Margin for Daily Settled Contracts, Net | 74,431 | ||||
Uncleared derivatives | |||||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Total Gross Amount | 13,138 | 5,239 | [6] | ||
Derivative Asset, Netting Adjustments And Cash Collateral | (12,931) | (5,215) | [6] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | [7] | 377 | 480 | [6] | |
Derivative assets | 584 | 504 | [6] | ||
Derivative Liability, Total Gross Amount | 6,733 | 8,773 | [6] | ||
Derivative Liability, Netting Adjustments And Cash Collateral | (5,457) | (6,127) | [6] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | [7] | 1,835 | 247 | [6] | |
Derivative liabilities | 3,111 | 2,893 | [6] | ||
Cleared derivatives | |||||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Total Gross Amount | 994 | 58,598 | [6] | ||
Derivative Asset, Netting Adjustments And Cash Collateral | 60,299 | 1,593 | [6] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | [7] | 0 | 0 | [6] | |
Derivative assets | 61,293 | 60,191 | [6] | ||
Derivative Liability, Total Gross Amount | 960 | 780 | [6] | ||
Derivative Liability, Netting Adjustments And Cash Collateral | (960) | (780) | [6] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | [7] | 0 | 0 | [6] | |
Derivative liabilities | $ 0 | $ 0 | [6] | ||
[1] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[2] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $61,409 and $64,079 at March 31, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $7,624 and $60,794 at March 31, 2018 and December 31, 2017. | ||||
[3] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[4] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral. | ||||
[5] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. | ||||
[6] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. | ||||
[7] | Represents mortgage delivery commitments and forward rate agreements that are not subject to an enforceable netting agreement. |
Deposits Deposits (Details)
Deposits Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Deposits [Abstract] | |||
Interest bearing, demand and overnight | $ 620,839 | $ 590,617 | |
Interest bearing, term | 51,850 | 52,600 | |
Interest bearing, other | 6,706 | 5,509 | |
Total interest-bearing | 679,395 | 648,726 | |
Non-interest bearing, other | 4,003 | 1,805 | |
Total non-interest bearing | 4,003 | 1,805 | |
Total deposits | $ 683,398 | $ 650,531 | |
Weighted Average Rate, Interest-bearing Domestic Deposits, over Time | 1.23% | 0.40% |
Consolidated Obligations (Detai
Consolidated Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Short-term and Long-term Debt [Line Items] | |||
Discount Notes | $ 53,089,129 | $ 46,210,458 | |
Consolidated Obligations Bonds Total | 51,767,306 | 54,163,061 | |
Discount Notes [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 53,188,117 | $ 46,258,644 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | [1] | 1.63% | 1.23% |
Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Maturities, Repayments of Principal in Twelve Months | $ 26,535,640 | $ 28,940,265 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 6,471,000 | 5,841,800 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 6,156,565 | 4,770,565 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 4,354,000 | 6,017,000 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 2,283,620 | 2,244,620 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 5,982,055 | 6,343,055 | |
Debt, Gross | 51,782,880 | 54,157,305 | |
Debt Instrument, Unamortized Premium | 83,967 | 86,521 | |
Debt Instrument, Unamortized Discount | (29,870) | (30,669) | |
Debt Valuation Adjustment for Hedging Activities | (3,658) | (3,146) | |
Fair value option valuation adjustment and accrued interest | (66,013) | (46,950) | |
Consolidated Obligations Bonds Total | $ 51,767,306 | $ 54,163,061 | |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 1.63% | 1.34% | |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 1.89% | 1.74% | |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 1.77% | 1.89% | |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 2.18% | 1.92% | |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 2.27% | 2.24% | |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 2.76% | 2.72% | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.88% | 1.69% | |
Non Callable [Member] | Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Gross | $ 44,684,880 | $ 47,155,305 | |
Callable [Member] | Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Gross | 7,098,000 | 7,002,000 | |
Earlier of Contractual Maturity or Next Call Date [Member] | Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Maturities, Repayments of Principal in Twelve Months | 32,721,640 | 35,029,265 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 5,973,000 | 5,369,800 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 5,066,565 | 3,715,565 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 2,662,000 | 4,388,000 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,879,620 | 1,823,620 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 3,480,055 | 3,831,055 | |
Fixed-rate [Member] | Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Gross | 33,672,880 | 33,252,305 | |
Variable-rate [Member] | Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Gross | 18,100,000 | 20,895,000 | |
Step-up [Member] | Consolidated Obligation Bonds [Member] | |||
Schedule of Short-term and Long-term Debt [Line Items] | |||
Debt, Gross | $ 10,000 | $ 10,000 | |
[1] | Represents an implied rate without consideration of concessions. |
Affordable Housing Program (A79
Affordable Housing Program (AHP) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Affordable Housing Program [Roll Forward] | ||
AHP Obligation, Beginning Balance | $ 109,877 | |
AHP, Expense (Current Year Additions) | 9,252 | $ 7,296 |
AHP, Subsidy Uses, Net | (4,565) | $ (5,361) |
AHP Obligation, Ending Balance | $ 114,564 |
Capital (Details)
Capital (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Capital [Abstract] | ||
Risk Based Capital Required | $ 949,326 | $ 886,033 |
Risk Based Capital Actual | $ 5,513,076 | $ 5,211,204 |
Regulatory Capital Ratio, Actual | 4.94% | 4.88% |
Regulatory Capital, Required | $ 4,468,372 | $ 4,275,809 |
Regulatory Capital, Actual | $ 5,513,076 | $ 5,211,204 |
Leverage Ratio, Actual | 7.40% | 7.31% |
Leverage Capital, Required | $ 5,585,465 | $ 5,344,761 |
Leverage Capital, Actual | 8,269,614 | 7,816,806 |
Retained Earnings, Appropriated | $ 339,564 | $ 322,999 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Mandatorily Redeemable Capital Stock [Roll Forward] | ||
Balance at beginning period | $ 30,031 | |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | 65 | $ 1,594 |
Repayments of Mandatory Redeemable Capital Securities | (1,998) | $ (4,420) |
Balance at end of period | $ 28,098 |
Capital (Mandatorily Redeemab82
Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Capital [Abstract] | |||
Due in 1 year or less | $ 1,677 | $ 20 | |
Due after 1 year through 2 years | 206 | 1,811 | |
Due after 2 years through 3 years | 224 | 439 | |
Due after 3 years through 4 years | 2,827 | 2,912 | |
Due after 4 years through 5 years | 4,586 | 5,257 | |
Financial Instruments Subject to Mandatory Redemption, Redeemable After Year Five | [1] | 624 | 610 |
Past contractual redemption date due to remaining activity | [2] | 17,954 | 18,982 |
Total par value | $ 28,098 | $ 30,031 | |
[1] | Represents mandatorily redeemable capital stock resulting from a Finance Agency rule effective February 2016, that made captive insurance companies ineligible for FHLB membership. Captive insurance companies that were admitted as FHLB Members prior to September 12, 2014, will have their membership terminated no later than February 19, 2021. Captive insurance companies that were admitted as FHLB Members on or after September 12, 2014, had their membership terminated no later than February 19, 2017. The related mandatorily redeemable capital stock is not required to be redeemed until five years after the Member's termination. | ||
[2] | Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi83
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 5,164,513 | $ 4,978,095 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 143 | (26) |
Total other comprehensive income adjustments | 629 | 316 |
Ending balance | 5,468,947 | 5,013,459 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (124) | 23 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 143 | (26) |
Amortization - Pension and postretirement benefits | 0 | 0 |
Total other comprehensive income adjustments | 143 | (26) |
Ending balance | 19 | (3) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (16,536) | (13,279) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 0 | 0 |
Amortization - Pension and postretirement benefits | 486 | 342 |
Total other comprehensive income adjustments | 486 | 342 |
Ending balance | (16,050) | (12,937) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (16,660) | (13,256) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 143 | (26) |
Amortization - Pension and postretirement benefits | 486 | 342 |
Total other comprehensive income adjustments | 629 | 316 |
Ending balance | $ (16,031) | $ (12,940) |
Pension and Postretirement Be84
Pension and Postretirement Benefit Plans Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Multiemployer Plans [Line Items] | ||
Defined Contribution Plan, Cost | $ 477,000 | $ 453,000 |
Pentegra Defined Benefit Plan [Member] | ||
Multiemployer Plans [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 2,526,000 | $ 1,645,000 |
Pension and Postretirement Be85
Pension and Postretirement Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 276 | $ 204 |
Defined Benefit Plan, Interest Cost | 332 | 325 |
Defined Benefit Plan, Amortization of Gain (Loss) | 486 | 341 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,094 | 870 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 5 | 7 |
Defined Benefit Plan, Interest Cost | 41 | 50 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 46 | $ 58 |
Segment Information Financial P
Segment Information Financial Performance (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)Segment | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Operating Segments | Segment | 2 | |
Net interest income | $ 118,060 | $ 103,273 |
Non-interest income (loss) | (3,857) | (10,713) |
Non-interest expense | 22,124 | 20,066 |
Income before assessments | 92,079 | 72,494 |
Affordable Housing Program assessments | 9,252 | 7,296 |
Net income | 82,827 | 65,198 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 93,084 | 79,874 |
Non-interest income (loss) | (6,190) | (9,565) |
Non-interest expense | 18,864 | 17,140 |
Income before assessments | 68,030 | 53,169 |
Affordable Housing Program assessments | 6,847 | 5,363 |
Net income | 61,183 | 47,806 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 24,976 | 23,399 |
Non-interest income (loss) | 2,333 | (1,148) |
Non-interest expense | 3,260 | 2,926 |
Income before assessments | 24,049 | 19,325 |
Affordable Housing Program assessments | 2,405 | 1,933 |
Net income | $ 21,644 | $ 17,392 |
Segment Information Asset Balan
Segment Information Asset Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 111,709,295 | $ 106,895,214 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 100,063,445 | 95,525,754 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 11,645,850 | $ 11,369,460 |
Fair Value Disclosures Fair V88
Fair Value Disclosures Fair Value Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Assets | |||||
Cash and Due from Banks | $ 1,853,185 | $ 26,550 | |||
Trading securities | 725 | 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Held-to-maturity Securities | [1] | 16,100,460 | 14,804,970 | ||
Held-to-maturity Securities, Fair Value | 15,860,830 | 14,682,329 | |||
Accrued interest receivable | 148,807 | 128,561 | |||
Derivative assets | 61,877 | 60,695 | [2],[3] | ||
Derivative Asset, Netting Adjustments And Cash Collateral | [5] | 47,368 | [4] | (3,622) | [2],[6],[7] |
Advances, Fair Value Disclosure | [8] | 4,971 | 15,013 | ||
Liabilities | |||||
Mandatorily redeemable capital stock | 28,098 | 30,031 | |||
Accrued Interest Payable, Fair Value Disclosure | 128,586 | 128,652 | |||
Derivative liabilities | 3,111 | 2,893 | [2],[3] | ||
Derivative Liability, Netting Adjustments And Cash Collateral | [5] | (6,417) | [4] | (6,907) | [2],[6],[7] |
Variation Margin for Daily Settled Contracts, Net | 74,431 | ||||
Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 5,966,827 | 5,577,315 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 1,853,185 | 26,550 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under resale agreements | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||
Advances | 0 | [9] | 0 | [10] | |
Mortgage loans held for portfolio, net | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Mandatorily redeemable capital stock | 28,098 | 30,031 | |||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Loan Origination Commitments [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Financial Standby Letter of Credit [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 0 | [11] | 0 | [12] | |
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 0 | 0 | |||
Interest-bearing deposits | 250 | 140 | |||
Securities purchased under resale agreements | 1,636,084 | 7,701,934 | |||
Federal funds sold | 17,775,000 | 3,650,000 | |||
Trading securities | 725 | 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Held-to-maturity Securities, Fair Value | 15,860,830 | 14,682,329 | |||
Advances | 63,781,530 | [9] | 69,894,641 | [10] | |
Mortgage loans held for portfolio, net | 9,546,737 | 9,714,802 | |||
Accrued interest receivable | 148,807 | 128,561 | |||
Derivative assets | 14,509 | 64,317 | |||
Liabilities | |||||
Deposits | 683,225 | 650,422 | |||
Mandatorily redeemable capital stock | 0 | 0 | |||
Accrued Interest Payable, Fair Value Disclosure | 128,586 | 128,652 | |||
Derivative liabilities | 9,528 | 9,800 | |||
Fair Value, Inputs, Level 2 [Member] | Loan Origination Commitments [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 4 | ||||
Fair Value, Inputs, Level 2 [Member] | Financial Standby Letter of Credit [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 513 | 354 | |||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 51,413,846 | [11] | 54,095,627 | [12] | |
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 53,090,142 | 46,209,716 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 0 | 0 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under resale agreements | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||
Advances | 0 | [9] | 0 | [10] | |
Mortgage loans held for portfolio, net | 17,525 | 17,145 | |||
Accrued interest receivable | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Mandatorily redeemable capital stock | 0 | 0 | |||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Loan Origination Commitments [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Financial Standby Letter of Credit [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 0 | [11] | 0 | [12] | |
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||
Carrying Value | |||||
Assets | |||||
Cash and Due from Banks | 1,853,185 | 26,550 | |||
Interest-bearing deposits | 250 | 140 | |||
Securities purchased under resale agreements | 1,636,078 | 7,701,929 | |||
Federal funds sold | 17,775,000 | 3,650,000 | |||
Trading securities | 725 | 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Held-to-maturity Securities | 16,100,460 | 14,804,970 | |||
Advances | 63,882,874 | [9] | 69,918,224 | [10] | |
Mortgage loans held for portfolio, net | 9,731,171 | 9,680,940 | |||
Accrued interest receivable | 148,807 | 128,561 | |||
Derivative assets | 61,877 | 60,695 | |||
Liabilities | |||||
Deposits | 683,398 | 650,531 | |||
Mandatorily redeemable capital stock | 28,098 | 30,031 | |||
Accrued Interest Payable, Fair Value Disclosure | 128,586 | 128,652 | |||
Derivative liabilities | 3,111 | 2,893 | |||
Carrying Value | Loan Origination Commitments [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 0 | ||||
Carrying Value | Financial Standby Letter of Credit [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 0 | 0 | |||
Carrying Value | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 51,767,306 | [11] | 54,163,061 | [12] | |
Carrying Value | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 53,089,129 | 46,210,458 | |||
Fair Value | |||||
Assets | |||||
Cash and Due from Banks | 1,853,185 | 26,550 | |||
Interest-bearing deposits | 250 | 140 | |||
Securities purchased under resale agreements | 1,636,084 | 7,701,934 | |||
Federal funds sold | 17,775,000 | 3,650,000 | |||
Trading securities | 725 | 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Held-to-maturity Securities, Fair Value | 15,860,830 | 14,682,329 | |||
Advances | 63,781,530 | [9] | 69,894,641 | [10] | |
Mortgage loans held for portfolio, net | 9,564,262 | 9,731,947 | |||
Accrued interest receivable | 148,807 | 128,561 | |||
Derivative assets | 61,877 | 60,695 | |||
Liabilities | |||||
Deposits | 683,225 | 650,422 | |||
Mandatorily redeemable capital stock | 28,098 | 30,031 | |||
Accrued Interest Payable, Fair Value Disclosure | 128,586 | 128,652 | |||
Derivative liabilities | 3,111 | 2,893 | |||
Fair Value | Loan Origination Commitments [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 4 | ||||
Fair Value | Financial Standby Letter of Credit [Member] | |||||
Other [Abstract] | |||||
Commitments, Fair Value Disclosure | 513 | 354 | |||
Fair Value | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 51,413,846 | [11] | 54,095,627 | [12] | |
Fair Value | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | $ 53,090,142 | $ 46,209,716 | |||
[1] | Fair values: $15,860,830 and $14,682,329 at March 31, 2018 and December 31, 2017, respectively. | ||||
[2] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. | ||||
[3] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. | ||||
[4] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[5] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $61,409 and $64,079 at March 31, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $7,624 and $60,794 at March 31, 2018 and December 31, 2017. | ||||
[6] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[7] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral. | ||||
[8] | At March 31, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[9] | Includes (in thousands) $4,971 of Advances recorded under the fair value option at March 31, 2018. | ||||
[10] | Includes (in thousands) $15,013 of Advances recorded under the fair value option at December 31, 2017. | ||||
[11] | Includes (in thousands) $5,966,827 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2018. | ||||
[12] | Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017. |
Fair Value Disclosures Fair V89
Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 725 | $ 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Advances, Fair Value Disclosure | [1] | 4,971 | 15,013 | ||
Derivative assets | 61,877 | 60,695 | [2],[3] | ||
Derivative Asset, Netting Adjustments And Cash Collateral | [5] | 47,368 | [4] | (3,622) | [2],[6],[7] |
Derivative liabilities | 3,111 | 2,893 | [2],[3] | ||
Derivative Liability, Netting Adjustments And Cash Collateral | [5] | (6,417) | [4] | (6,907) | [2],[6],[7] |
Variation Margin for Daily Settled Contracts, Net | 74,431 | ||||
Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 5,966,827 | 5,577,315 | |||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 725 | 781 | |||
Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 500,019 | 899,876 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 4,971 | 15,013 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | 47,368 | [8] | (3,622) | [9],[10] | |
Derivative Liability, Netting Adjustments And Cash Collateral | (6,417) | [8] | (6,907) | [9],[10] | |
Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 5,966,827 | 5,577,315 | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | 47,368 | [8] | (3,622) | [9],[10] | |
Derivative Liability, Netting Adjustments And Cash Collateral | (6,417) | [8] | (6,907) | [9],[10] | |
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Mortgage loans held for portfolio, net | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | [11] | 0 | [12] | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assests at fair value | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | ||||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | 0 | [13] | 0 | [14] | |
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 725 | 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Derivative assets | 14,509 | 64,317 | |||
Derivative liabilities | 9,528 | 9,800 | |||
Mortgage loans held for portfolio, net | 9,546,737 | 9,714,802 | |||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 51,413,846 | [11] | 54,095,627 | [12] | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 4,971 | 15,013 | |||
Derivative assets | 14,509 | 64,317 | |||
Total assests at fair value | 520,224 | 979,987 | |||
Derivative liabilities | 9,528 | 9,800 | |||
Total liabilities at fair value | 5,976,355 | 5,587,115 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 5,966,827 | 5,577,315 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 14,132 | 63,837 | |||
Derivative liabilities | 7,693 | 9,553 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 377 | 453 | |||
Derivative liabilities | 566 | 17 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 27 | ||||
Derivative liabilities | 1,269 | 230 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 725 | 781 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 500,019 | 899,876 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | 0 | [13] | 0 | [14] | |
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Mortgage loans held for portfolio, net | 17,525 | 17,145 | |||
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | [11] | 0 | [12] | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assests at fair value | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | ||||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | 325 | [13] | 598 | [14] | |
Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 725 | 781 | |||
Available-for-sale securities | 500,019 | 899,876 | |||
Derivative assets | 61,877 | 60,695 | |||
Derivative liabilities | 3,111 | 2,893 | |||
Mortgage loans held for portfolio, net | 9,564,262 | 9,731,947 | |||
Fair Value | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 51,413,846 | [11] | 54,095,627 | [12] | |
Fair Value | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 61,877 | 60,695 | |||
Total assests at fair value | 567,592 | 976,365 | |||
Derivative liabilities | 3,111 | 2,893 | |||
Total liabilities at fair value | 5,969,938 | 5,580,208 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 61,500 | 60,215 | |||
Derivative liabilities | 1,276 | 2,646 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Mortgages [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 377 | 453 | |||
Derivative liabilities | 566 | 17 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 27 | ||||
Derivative liabilities | 1,269 | 230 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 725 | 781 | |||
Fair Value | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 500,019 | 899,876 | |||
Fair Value | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for portfolio, net | $ 325 | [13] | $ 598 | [14] | |
[1] | At March 31, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status. | ||||
[2] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments as of December 31, 2017. Previously, this amount was included with Netting adjustments and cash collateral. | ||||
[3] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instruments with the Amount Recognized as of December 31, 2017. Previously, this amount was included with Gross Amount of Netting Adjustments and Cash Collateral. | ||||
[4] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[5] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral and related accrued interest held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted and related accrued interest was (in thousands) $61,409 and $64,079 at March 31, 2018 and December 31, 2017. Cash collateral received and related accrued interest was (in thousands) $7,624 and $60,794 at March 31, 2018 and December 31, 2017. | ||||
[6] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[7] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral. | ||||
[8] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[9] | Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. | ||||
[10] | To conform with current presentation, (in thousands) $74,431 in variation margin has been allocated to the individual derivative instrument as of December 31, 2017. Previously, this amount was included with Netting Adjustments and Cash Collateral. | ||||
[11] | Includes (in thousands) $5,966,827 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2018. | ||||
[12] | Includes (in thousands) $5,577,315 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2017. | ||||
[13] | The fair value information presented is as of the date the fair value adjustment was recorded during the three months ended March 31, 2018. | ||||
[14] | The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2017. |
Fair Value Disclosures Fair V90
Fair Value Disclosures Fair Value Impact on Financial Performance (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 19,725,000 | $ (6,061,000) |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax | 0 | |
Advances [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (28,000) | (16,000) |
Consolidated Obligation Bonds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 19,753,000 | $ (6,045,000) |
Fair Value Disclosures Fair V91
Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Federal Home Loan Bank, Advances, Par Value | [1] | $ 5,000 | $ 15,000 |
Advances, Fair Value Disclosure | [1] | 4,971 | 15,013 |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | [1] | (29) | 13 |
Consolidated Obligation Bonds [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Aggregate Unpaid Principal Balance | 6,032,840 | 5,624,265 | |
Aggregate Fair Value | 5,966,827 | 5,577,315 | |
Fair value option valuation adjustment and accrued interest | $ (66,013) | $ (46,950) | |
[1] | At March 31, 2018 and December 31, 2017, none of the Advances were 90 days or more past due or had been placed on non-accrual status. |
Commitments and Contingencies92
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | $ 15,284,254 | $ 14,388,745 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 321,485 | 302,237 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 15,605,739 | 14,690,982 | |
Financial Standby Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 23,510 | 27,230 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 48,365 | 44,645 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 71,875 | 71,875 | |
Loan Origination Commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 0 | 5,000 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 0 | 5,000 | |
Forward Contracts [Member] | Mortgages [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 252,298 | 218,651 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 252,298 | 218,651 | |
Discount Notes [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 0 | 309,662 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [1] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | [1] | $ 0 | $ 309,662 |
[1] | Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. |
Transactions with Other FHLBa93
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Other Transactions [Line Items] | ||
Proceeds from Bonds Transferred from Other Federal Home Loan Banks | $ 0 | $ 0 |
Payments for Bonds Transferred to Other Federal Home Loan Banks | 0 | 0 |
Other FHLBanks [Member] | ||
Schedule of Other Transactions [Line Items] | ||
Loans Receivable, Average Outstanding Amount | $ 5,556 | $ 56 |
Transactions with Stockholder94
Transactions with Stockholders (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Other Transactions [Line Items] | |||
Advances | $ 63,984,806 | $ 69,978,400 | |
Loans And Leases Receivable, Unpaid Principal Balance | 9,508,966 | 9,454,214 | |
Director [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Advances | $ 4,992,000 | $ 3,558,000 | |
Federal Home Loan Bank Advances, Percent of Principal | [1] | 7.80% | 5.10% |
Loans And Leases Receivable, Unpaid Principal Balance | $ 582,000 | $ 112,000 | |
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total | [1] | 6.10% | 1.20% |
Regulatory Capital Stock, Value | $ 458,000 | $ 187,000 | |
Regulatory Capital Stock, Percent of Total | [1] | 10.10% | 4.40% |
[1] | Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Transactions with Stockholder95
Transactions with Stockholders (Concentrations) (Details) $ in Thousands | Mar. 31, 2018USD ($)Banks | Dec. 31, 2017USD ($) |
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 63,984,806 | $ 69,978,400 |
JPMorgan Chase Bank National Association [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 1,059,000 | $ 1,059,000 |
Concentration Risk, Percentage | 23.00% | 25.00% |
JPMorgan Chase Bank National Association [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 24,200,000 | $ 23,950,000 |
JPMorgan Chase Bank National Association [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 0 | 0 |
U.S. Bank, N.A. [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 836,000 | $ 593,000 |
Concentration Risk, Percentage | 18.00% | 14.00% |
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 9,475,000 | $ 8,975,000 |
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 22,000 | 23,000 |
The Huntington National Bank [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 282,000 | $ 282,000 |
Concentration Risk, Percentage | 6.00% | 7.00% |
The Huntington National Bank [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 1,681,000 | $ 3,732,000 |
The Huntington National Bank [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 482,000 | 456,000 |
Fifth Third Bank [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 248,000 | $ 248,000 |
Concentration Risk, Percentage | 5.00% | 6.00% |
Fifth Third Bank [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 415,000 | $ 3,140,000 |
Fifth Third Bank [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | $ 2,000 | $ 2,000 |
Kentucky Housing Corporation, Ohio Housing Finance Agency, Tennessee Housing Development Agency [Member] | ||
Concentration Risk [Line Items] | ||
Number of Relationships With Non Member Affiliates | Banks | 3 |