Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-51399 | |
Entity Registrant Name | FEDERAL HOME LOAN BANK OF CINCINNATI | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 31-6000228 | |
Entity Address, Address Line One | 600 Atrium Two, P.O. Box 598 | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45201-0598 | |
City Area Code | 513 | |
Local Phone Number | 852-7500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,421,084 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001326771 | |
Current Fiscal Year End Date | --12-31 |
Statements of Condition
Statements of Condition - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Cash and due from banks | $ 19,590 | $ 20,824 | |
Interest-bearing deposits | 1,725,190 | 1,875,037 | |
Securities purchased under agreements to resell | 1,762,400 | 5,242,480 | |
Federal funds sold | 6,255,000 | 6,774,000 | |
Investment securities: | |||
Trading securities | 2,481,103 | 1,745,742 | |
Available-for-sale securities (amortized cost of $9,131,043 and $10,247,585 and includes $806,963 and $819,794 pledged as collateral that may be repledged) | 9,109,494 | 10,171,588 | |
Held-to-maturity securities (fair value of $16,244,785 and $16,576,613) | [1] | 16,538,542 | 16,832,133 |
Total investment securities | 28,129,139 | 28,749,463 | |
Advances (includes $239,652 and $214,035 at fair value under fair value option) | [2] | 72,920,800 | 73,553,162 |
Mortgage loans held for portfolio, net of allowance for credit losses of $331 and $316 | 7,171,442 | 7,108,334 | |
Accrued interest receivable | 536,496 | 535,564 | |
Derivative assets | 41,103 | 101,991 | |
Other assets, net | 33,330 | 34,883 | |
TOTAL ASSETS | 118,594,490 | 123,995,738 | |
LIABILITIES | |||
Deposits | 1,098,432 | 1,113,704 | |
Consolidated Obligations: | |||
Discount Notes (includes $8,330,273 and $14,085,003 at fair value under fair value option) | 18,237,647 | 23,690,526 | |
Bonds (includes $12,315,622 and $20,657,254 at fair value under fair value option) | 91,868,171 | 91,756,430 | |
Total Consolidated Obligations | 110,105,818 | 115,446,956 | |
Mandatorily redeemable capital stock | 17,046 | 17,314 | |
Accrued interest payable | 500,461 | 422,886 | |
Affordable Housing Program payable | 159,280 | 139,807 | |
Derivative liabilities | 410 | 9,831 | |
Other liabilities | 363,335 | 418,557 | |
Total liabilities | 112,244,782 | 117,569,055 | |
Commitments and contingencies | |||
CAPITAL | |||
Capital stock Class B putable ($100 par value); issued and outstanding shares: 46,790 and 48,459 | 4,678,997 | 4,845,902 | |
Retained earnings: | |||
Unrestricted | 970,615 | 964,436 | |
Restricted | 722,977 | 693,682 | |
Total retained earnings | 1,693,592 | 1,658,118 | |
Accumulated other comprehensive income (loss) | (22,881) | (77,337) | |
Total capital | 6,349,708 | 6,426,683 | |
TOTAL LIABILITIES AND CAPITAL | $ 118,594,490 | $ 123,995,738 | |
[1] Carrying value equals amortized cost. Carrying values exclude accrued interest receivable of (in thousands) $357,362 and $366,930 at March 31, 2024 and December 31, 2023, respectively. |
Statements of Condition (Parent
Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | $ 9,131,043 | $ 10,247,585 | ||
Debt Securities, Available-for-Sale, Restricted | $ 806,963 | $ 819,794 | |||
Debt Securities, Available-for-Sale, Restriction Type [Extensible Enumeration] | Asset Pledged as Collateral [Member] | Asset Pledged as Collateral [Member] | |||
Debt Securities, Held-to-maturity, Fair Value | $ 16,244,785 | $ 16,576,613 | |||
Common Stock, Par or Stated Value Per Share | $ 100 | ||||
Common Stock, Shares, Issued | 46,790 | 48,459 | |||
Common Stock, Shares, Outstanding | 46,790 | 48,459 | |||
Mortgage Purchase Program [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 331 | $ 316 | |||
Fair Value Option Election | |||||
Advances, Fair Value Disclosure | 239,652 | 214,035 | |||
Fair Value Option Election | Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | 12,315,622 | 20,657,254 | |||
Fair Value Option Election | Discount Notes [Member] | |||||
Consolidated Obligations, Discount Notes | 8,330,273 | 14,085,003 | |||
Estimate of Fair Value Measurement [Member] | |||||
Debt Securities, Held-to-maturity, Fair Value | 16,244,785 | 16,576,613 | |||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||||
Consolidated Obligations, Bonds | 91,055,639 | [2] | 90,983,204 | [3] | |
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | |||||
Consolidated Obligations, Discount Notes | $ 18,237,262 | [4] | $ 23,689,599 | [5] | |
[1] Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $46,948 and $47,969 at March 31, 2024 and December 31, 2023, respectively. Includes (in thousands) $12,315,622 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2024. Includes (in thousands) $20,657,254 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2023. Includes (in thousands) $8,330,273 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2024. Includes (in thousands) $14,085,003 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2023. |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME: | ||
Advances | $ 1,056,977 | $ 896,609 |
Prepayment fees on Advances, net | 271 | 31 |
Interest-bearing deposits | 24,419 | 24,850 |
Securities purchased under agreements to resell | 29,780 | 23,517 |
Federal funds sold | 113,048 | 87,869 |
Investment securities: | ||
Trading securities | 17,370 | 18,454 |
Available-for-sale securities | 144,565 | 107,111 |
Held-to-maturity securities | 224,183 | 169,897 |
Total investment securities | 386,118 | 295,462 |
Mortgage loans held for portfolio | 57,962 | 52,792 |
Loans to other FHLBanks | 222 | 482 |
Total interest income | 1,668,797 | 1,381,612 |
Consolidated Obligations: | ||
Discount Notes | 260,149 | 547,441 |
Bonds | 1,192,672 | 641,996 |
Total Consolidated Obligations | 1,452,821 | 1,189,437 |
Deposits | 14,724 | 11,718 |
Mandatorily redeemable capital stock | 385 | 256 |
Total interest expense | 1,467,930 | 1,201,411 |
NET INTEREST INCOME | 200,867 | 180,201 |
NON-INTEREST INCOME (LOSS): | ||
Net gains (losses) on trading securities | (13,794) | 25,360 |
Net gains (losses) on sales of available-for-sale securities | 1,136 | 0 |
Net gains (losses) on financial instruments held under fair value option | (8,599) | (34,812) |
Net gains (losses) on derivatives | 20,973 | (7,916) |
Other, net | 7,794 | 6,990 |
Total non-interest income (loss) | 7,510 | (10,378) |
NON-INTEREST EXPENSE: | ||
Compensation and benefits | 14,688 | 14,084 |
Other operating expenses | 8,908 | 7,422 |
Finance Agency | 2,840 | 2,744 |
Office of Finance | 1,747 | 1,320 |
Voluntary housing contributions | 15,697 | 422 |
Other | 1,701 | 2,234 |
Total non-interest expense | 45,581 | 28,226 |
INCOME BEFORE ASSESSMENTS | 162,796 | 141,597 |
Affordable Housing Program assessments | 16,318 | 14,185 |
NET INCOME | $ 146,478 | $ 127,412 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 146,478 | $ 127,412 |
Other comprehensive income (loss) adjustments: | ||
Net unrealized gains (losses) on available-for-sale securities | 55,584 | (3,046) |
Reclassification adjustment for net realized (gains) losses on sale of available-for-sale securities included in net income | (1,136) | 0 |
Pension and postretirement benefits | 8 | (98) |
Total other comprehensive income (loss) adjustments | 54,456 | (3,144) |
Comprehensive income (loss) | $ 200,934 | $ 124,268 |
Statements of Capital
Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 6,426,683 | $ 6,502,231 |
Comprehensive Income (loss) | 200,934 | 124,268 |
Proceeds from sale of capital stock, par value | 333,136 | 3,108,662 |
Repurchase of capital stock, par value | (500,041) | (1,653,297) |
Net shares reclassified to mandatorily redeemable capital stock, par value | (620) | |
Cash dividends on capital stock | (111,004) | (74,038) |
Ending balance | $ 6,349,708 | $ 8,007,206 |
Capital Stock Class B - Putable [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares, Issued beginning balance | 48,459 | 51,507 |
Proceeds from sale of capital stock, shares | 3,331 | 31,086 |
Repurchase of capital stock, shares | (5,000) | (16,533) |
Net shares reclassified to mandatorily redeemable capital stock, shares | (6) | |
Shares, Issued ending balance | 46,790 | 66,054 |
Beginning balance | $ 4,845,902 | $ 5,150,679 |
Proceeds from sale of capital stock, par value | 333,136 | 3,108,662 |
Repurchase of capital stock, par value | (500,041) | (1,653,297) |
Net shares reclassified to mandatorily redeemable capital stock, par value | (620) | |
Ending balance | 4,678,997 | 6,605,424 |
Retained Earnings, Unrestricted [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 964,436 | 840,774 |
Comprehensive Income (loss) | 117,183 | 101,929 |
Cash dividends on capital stock | (111,004) | (74,038) |
Ending balance | 970,615 | 868,665 |
Retained Earnings, Restricted [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 693,682 | 560,118 |
Comprehensive Income (loss) | 29,295 | 25,483 |
Ending balance | 722,977 | 585,601 |
Retained Earnings, Total [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,658,118 | 1,400,892 |
Comprehensive Income (loss) | 146,478 | 127,412 |
Cash dividends on capital stock | (111,004) | (74,038) |
Ending balance | 1,693,592 | 1,454,266 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (77,337) | (49,340) |
Comprehensive Income (loss) | 54,456 | (3,144) |
Ending balance | $ (22,881) | $ (52,484) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES: | ||
Net income | $ 146,478 | $ 127,412 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization/(accretion) | (102,516) | 168,067 |
Net change in derivative and hedging activities | 382,746 | (289,560) |
Net change in fair value adjustments on trading securities | 13,794 | (25,360) |
Net realized (gains) losses from sales of available-for-sale securities | (1,136) | 0 |
Net change in fair value adjustments on financial instruments held under fair value option | 8,599 | 34,812 |
Other adjustments, net | 260 | 245 |
Net change in: | ||
Accrued interest receivable | (875) | (169,783) |
Other assets | 3,098 | 3,461 |
Accrued interest payable | 62,633 | 67,999 |
Other liabilities | 22,765 | 2,297 |
Total adjustments | 389,368 | (207,822) |
Net cash provided by (used in) operating activities | 535,846 | (80,410) |
Net change in: | ||
Interest-bearing deposits | 223,910 | (104,448) |
Securities purchased under agreements to resell | 3,480,080 | (8,745,910) |
Federal funds sold | 519,000 | (3,261,000) |
Trading securities: | ||
Proceeds from maturities and paydowns | 250,015 | 19 |
Purchases | (999,170) | 0 |
Available-for-sale securities: | ||
Proceeds from maturities and paydowns | 21,329 | 0 |
Proceeds from sales | 966,289 | 0 |
Purchases | (132,842) | (197,872) |
Held-to-maturity securities: | ||
Proceeds from maturities and paydowns | 556,488 | 305,898 |
Purchases | (216,961) | (336,657) |
Advances, net | 335,881 | (40,449,531) |
Mortgage loans held for portfolio: | ||
Principal collected | 134,270 | 134,797 |
Purchases | (200,875) | (42,284) |
Loans to other FHLBanks, net | 0 | (750,000) |
Premises, software, and equipment, net | (2,330) | (1,177) |
Net cash provided by (used in) investing activities | 4,935,084 | (53,448,165) |
FINANCING ACTIVITIES: | ||
Net change in deposits and pass-through reserves | 11,507 | 228,297 |
Net proceeds from issuance of Consolidated Obligations: | ||
Discount Notes | 19,185,422 | 108,499,748 |
Bonds | 31,614,919 | 53,303,735 |
Bonds transferred from other FHLBanks | 0 | 249,999 |
Payments for maturing and retiring Consolidated Obligations: | ||
Discount Notes | (24,528,835) | (79,687,171) |
Bonds | (31,477,000) | (29,003,945) |
Proceeds from issuance of capital stock | 333,136 | 3,108,662 |
Payments for repurchase of capital stock | (500,041) | (1,653,297) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (268) | (1,405) |
Cash dividends paid | (111,004) | (74,038) |
Net cash provided by (used in) financing activities | (5,472,164) | 54,970,585 |
Net increase (decrease) in cash and due from banks | (1,234) | 1,442,010 |
Cash and due from banks at beginning of the period | 20,824 | 19,604 |
Cash and due from banks at end of the period | 19,590 | 1,461,614 |
Supplemental Disclosures: | ||
Interest paid | 1,548,543 | 982,784 |
Affordable Housing Program payments, net | $ 1,845 | $ 4,234 |
Background Information
Background Information | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Background Information The Federal Home Loan Bank of Cincinnati (the FHLB), a federally chartered corporation, is one of 11 District Federal Home Loan Banks (FHLBanks). The FHLBanks are government-sponsored enterprises (GSEs) that were organized under the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), to serve the public by enhancing the availability of credit for residential mortgages and targeted community development. The FHLB is regulated by the Federal Housing Finance Agency (Finance Agency). The FHLBanks are financial cooperatives that provide a readily available, competitively-priced source of funds to their member institutions. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates. These assumptions and estimates affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Actual results could differ from these estimates. The interim financial statements presented are unaudited, but they include all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations, and cash flows for such periods. These financial statements do not include all disclosures associated with annual financial statements and accordingly should be read in conjunction with the audited financial statements and notes included in the FHLB's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on March 21, 2024. Results for the three months ended March 31, 2024 are not necessarily indicative of operating results for the full year. The FHLB presents certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when it has a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these instruments, the FHLB has elected to offset its asset and liability positions, as well as cash collateral received or pledged, when it has met the netting requirements. The FHLB did not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. The net exposure for these financial instruments can change on a daily basis; therefore, there may be a delay between the time this exposure change is identified and additional collateral is requested, and the time this collateral is received or pledged. Likewise, there may be a delay for excess collateral to be returned. For derivative instruments that meet the requirements for netting, any excess cash collateral received or pledged is recognized as a derivative liability or derivative asset. Additional information regarding these agreements is provided in Note 6. Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. For more information about the FHLB's investments in securities purchased under agreements to resell, see “Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies” in the FHLB's 2023 Annual Report on Form 10-K. Subsequent Events The FHLB has evaluated subsequent events for potential recognition or disclosure through the issuance of these financial statements and believes there have been no material subsequent events requiring additional disclosure or recognition in these financial statements. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards and Interpretations | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Standards and Interpretations [Text Block] | Recently Issued and Adopted Accounting Guidance Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board (FASB) issued guidance that improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Among other things, the new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, requires segment disclosures for entities with a single reportable segment, and expands interim disclosure requirements. The guidance becomes effective for the FHLB for the annual period ending December 31, 2024 and the interim periods thereafter. Early adoption is permitted. The FHLB does not intend to adopt this guidance early. At this time, the FHLB expects this new guidance will impact its disclosures, but will not have a material impact on its financial condition, results of operations, and cash flows. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The FHLB makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold and may make other investments in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold The FHLB invests in interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold to provide liquidity. At March 31, 2024 and December 31, 2023, interest-bearing deposits and Federal funds sold were transacted with counterparties that have received a credit rating of single-A or greater by a nationally recognized statistical rating organization (NRSRO). The FHLB’s internal ratings of these counterparties may differ from those issued by an NRSRO. Finance Agency regulations include a limit on the amount of unsecured credit the FHLB may extend to a counterparty. At March 31, 2024 and December 31, 2023, all investments in interest-bearing deposits and Federal funds sold were repaid or expected to be repaid according to their respective contractual terms. No allowance for credit losses was recorded for these assets at March 31, 2024 and December 31, 2023. Carrying values of interest-bearing deposits and Federal funds sold exclude accrued interest receivable of (in thousands) $7,978 and $2,779 as of March 31, 2024, and $8,627 and $3,006 as of December 31, 2023. Securities purchased under agreements to resell are short-term and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e., subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with counterparties, the FHLB determined that no allowance for credit losses was needed for its securities purchased under agreements to resell at March 31, 2024 and December 31, 2023. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable of (in thousands) $1,090 and $2,373 as of March 31, 2024 and December 31, 2023, respectively. Debt Securities The FHLB invests in debt securities, which are classified as either trading, available-for-sale, or held-to-maturity. The FHLB is prohibited by Finance Agency regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality, other than certain investments targeted at low-income persons or communities. The FHLB is not required to divest instruments that experience credit deterioration after their purchase. Trading Securities Table 3.1 - Trading Securities by Major Security Types (in thousands) Fair Value March 31, 2024 December 31, 2023 Non-mortgage-backed securities (non-MBS): U.S. Treasury obligations $ 1,003,820 $ 248,688 GSE obligations 1,477,252 1,497,009 Total non-MBS 2,481,072 1,745,697 Mortgage-backed securities (MBS): U.S. obligation single-family 31 45 Total MBS 31 45 Total $ 2,481,103 $ 1,745,742 Table 3.2 - Net Gains (Losses) on Trading Securities (in thousands) Three Months Ended March 31, 2024 2023 Net unrealized gains (losses) on trading securities held at period end $ (15,106) $ 25,360 Net gains (losses) on trading securities sold/matured during the period 1,312 — Net gains (losses) on trading securities $ (13,794) $ 25,360 Available-for-Sale Securities Table 3.3 - Available-for-Sale Securities by Major Security Types (in thousands) March 31, 2024 Amortized Cost (1) Gross Gross Fair Non-MBS: U.S. Treasury obligations $ 6,570,152 $ 8,812 $ (1,229) $ 6,577,735 GSE obligations 117,954 1,088 — 119,042 Total non-MBS 6,688,106 9,900 (1,229) 6,696,777 MBS: GSE multi-family 2,442,937 2,671 (32,891) 2,412,717 Total MBS 2,442,937 2,671 (32,891) 2,412,717 Total $ 9,131,043 $ 12,571 $ (34,120) $ 9,109,494 December 31, 2023 Amortized Cost (1) Gross Gross Fair Non-MBS: U.S. Treasury obligations $ 7,630,467 $ 564 $ (19,212) $ 7,611,819 GSE obligations 119,366 575 (29) 119,912 Total non-MBS 7,749,833 1,139 (19,241) 7,731,731 MBS: GSE multi-family 2,497,752 97 (57,992) 2,439,857 Total MBS 2,497,752 97 (57,992) 2,439,857 Total $ 10,247,585 $ 1,236 $ (77,233) $ 10,171,588 (1) Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $46,948 and $47,969 at March 31, 2024 and December 31, 2023, respectively. Table 3.4 summarizes the available-for-sale securities with gross unrealized losses, which are aggregated by major security type and length of time that individual securities have been in a continuous gross unrealized loss position. Table 3.4 - Available-for-Sale Securities in a Continuous Gross Unrealized Loss Position (in thousands) March 31, 2024 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 $ 133,286 $ (40) $ 1,205,076 $ (1,189) $ 1,338,362 $ (1,229) Total non-MBS 133,286 (40) 1,205,076 (1,189) 1,338,362 (1,229) MBS: GSE multi-family MBS 202,904 (683) 1,641,365 (32,208) 1,844,269 (32,891) Total MBS 202,904 (683) 1,641,365 (32,208) 1,844,269 (32,891) Total $ 336,190 $ (723) $ 2,846,441 $ (33,397) $ 3,182,631 $ (34,120) December 31, 2023 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-MBS: U.S. Treasury obligations $ 5,738,322 $ (14,385) $ 907,749 $ (4,827) $ 6,646,071 $ (19,212) GSE obligations — — 4,478 (29) 4,478 (29) Total non-MBS 5,738,322 (14,385) 912,227 (4,856) 6,650,549 (19,241) MBS: GSE multi-family MBS 1,103,524 (12,797) 1,196,774 (45,195) 2,300,298 (57,992) Total MBS 1,103,524 (12,797) 1,196,774 (45,195) 2,300,298 (57,992) Total $ 6,841,846 $ (27,182) $ 2,109,001 $ (50,051) $ 8,950,847 $ (77,233) Table 3.5 - Available-for-Sale Securities by Contractual Maturity (in thousands) March 31, 2024 December 31, 2023 Year of Maturity Amortized Fair Amortized Fair Non-MBS: Due in 1 year or less $ — $ — $ — $ — Due after 1 year through 5 years 5,968,388 5,975,311 7,010,815 6,994,480 Due after 5 years through 10 years 713,363 715,015 728,761 726,993 Due after 10 years 6,355 6,451 10,257 10,258 Total non-MBS 6,688,106 6,696,777 7,749,833 7,731,731 MBS (1) 2,442,937 2,412,717 2,497,752 2,439,857 Total $ 9,131,043 $ 9,109,494 $ 10,247,585 $ 10,171,588 (1) MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.6 - Interest Rate Payment Terms of Available-for-Sale Securities (in thousands) March 31, 2024 December 31, 2023 Amortized cost of non-MBS: Fixed-rate $ 6,688,106 $ 7,749,833 Total amortized cost of non-MBS 6,688,106 7,749,833 Amortized cost of MBS: Fixed-rate 2,442,937 2,497,752 Total amortized cost of MBS 2,442,937 2,497,752 Total $ 9,131,043 $ 10,247,585 Realized Gains and Losses . During the three months ended March 31, 2024, for strategic and economic reasons, the FHLB sold a portion of AFS securities. These securities had an amortized cost (determined by the specific identification method) of (in thousands) $965,153. Proceeds from the sales totaled (in thousands) $966,289, resulting in realized gains of (in thousands) $1,136 . The FHLB had no sales of securities out of its available-for-sale portfolio for the three months ended March 31, 2023. Held-to-Maturity Securities Table 3.7 - Held-to-Maturity Securities by Major Security Types (in thousands) March 31, 2024 Amortized Cost (1) Gross Unrecognized Holding Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 48,021 $ — $ (34) $ 47,987 Total non-MBS 48,021 — (34) 47,987 MBS: U.S. obligation single-family 1,084,078 — (147,853) 936,225 GSE single-family 3,268,527 7,810 (93,208) 3,183,129 GSE multi-family 12,137,916 3,758 (64,230) 12,077,444 Total MBS 16,490,521 11,568 (305,291) 16,196,798 Total $ 16,538,542 $ 11,568 $ (305,325) $ 16,244,785 December 31, 2023 Amortized Cost (1) Gross Unrecognized Holding Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 49,078 $ — $ (6) $ 49,072 Total non-MBS 49,078 — (6) 49,072 MBS: U.S. obligation single-family 1,109,265 — (129,457) 979,808 GSE single-family 3,146,571 23,124 (79,336) 3,090,359 GSE multi-family 12,527,219 2,159 (72,004) 12,457,374 Total MBS 16,783,055 25,283 (280,797) 16,527,541 Total $ 16,832,133 $ 25,283 $ (280,803) $ 16,576,613 (1) Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $67,243 and $68,866 at March 31, 2024 and December 31, 2023, respectively. Table 3.8 - Held-to-Maturity Securities by Contractual Maturity (in thousands) March 31, 2024 December 31, 2023 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-MBS: Due in 1 year or less $ 48,021 $ 47,987 $ 49,078 $ 49,072 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-MBS 48,021 47,987 49,078 49,072 MBS (2) 16,490,521 16,196,798 16,783,055 16,527,541 Total $ 16,538,542 $ 16,244,785 $ 16,832,133 $ 16,576,613 (1) Carrying value equals amortized cost. (2) MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Table 3.9 - Interest Rate Payment Terms of Held-to-Maturity Securities (in thousands) March 31, 2024 December 31, 2023 Amortized cost of non-MBS: Fixed-rate $ 48,021 $ 49,078 Total amortized cost of non-MBS 48,021 49,078 Amortized cost of MBS: Fixed-rate 4,218,708 4,118,328 Variable-rate 12,271,813 12,664,727 Total amortized cost of MBS 16,490,521 16,783,055 Total $ 16,538,542 $ 16,832,133 For the three months ended March 31, 2024 and 2023, the FHLB did not sell any held-to-maturity securities. Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Securities The FHLB evaluates available-for-sale and held-to-maturity investment securities for credit losses on a quarterly basis. The FHLB’s available-for-sale and held-to-maturity securities are U.S. Treasury obligations, GSE obligations, and MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae that are backed by single-family or multi-family mortgage loans. The FHLB only purchases securities considered investment quality. At March 31, 2024 and December 31, 2023, all available-for-sale and held-to-maturity securities were rated single-A, or above, by an NRSRO, based on the lowest long-term credit rating for each security owned by the FHLB. The FHLB’s internal ratings of these securities may differ from those obtained from an NRSRO. The FHLB evaluates individual available-for-sale securities for impairment by comparing the security’s fair value to its amortized cost. Impairment may exist when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). At March 31, 2024 and December 31, 2023, certain available-for-sale securities were in an unrealized loss position. These losses are considered temporary as the FHLB expects to recover the entire amortized cost basis on these available-for-sale investment securities and does not intend to sell these securities nor considers it more likely than not that it will be required to sell these securities before the anticipated recovery of each security's remaining amortized cost basis. Further, the FHLB has not experienced any payment defaults on the instruments at March 31, 2024 or December 31, 2023 and all of these securities are highly-rated. In the case of U.S. obligations, they carry an explicit government guarantee. In the case of GSE securities, they are purchased under the assumption that the issuers' obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. As a result, no allowance for credit losses was recorded on these available-for-sale securities at March 31, 2024 and December 31, 2023. The FHLB evaluates its held-to-maturity securities for impairment on a collective, or pooled basis, unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. As of March 31, 2024 and December 31, 2023, the FHLB had not established an allowance for credit loss on any held-to-maturity securities because the securities: (1) were all highly-rated and/or had short remaining terms to maturity, (2) had not experienced, nor did the FHLB expect, any payment default on the instruments, (3) in the case of U.S. obligations, the securities carry an explicit government guarantee such that the FHLB considered the risk of nonpayment to be zero, and (4) in the case of GSE securities, they are purchased under an assumption that the issuers' obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. |
Advances
Advances | 3 Months Ended |
Mar. 31, 2024 | |
Advances [Abstract] | |
Advances [Text Block] | Advances The following table presents Advance redemptions by contractual maturity, including index-amortizing Advances, which are presented according to their predetermined amortization schedules. Table 4.1 - Advances by Redemption Term (dollars in thousands) March 31, 2024 December 31, 2023 Redemption Term Amount Weighted Average Interest Amount Weighted Average Interest Overdrawn demand deposit accounts $ — — % $ 458 5.54 % Due in 1 year or less 30,421,409 5.38 31,560,442 5.42 Due after 1 year through 2 years 14,929,186 5.34 10,707,268 5.18 Due after 2 years through 3 years 14,980,228 5.09 17,456,336 5.28 Due after 3 years through 4 years 5,605,854 3.95 4,668,018 3.90 Due after 4 years through 5 years 5,875,133 5.31 7,677,484 5.05 Thereafter 1,490,101 2.50 1,567,786 2.52 Total principal amount 73,301,911 5.14 73,637,792 5.15 Commitment fees (79) (81) Discounts (1,343) (1,463) Fair value hedging adjustments (379,721) (87,501) Fair value option valuation adjustments and accrued interest 32 4,415 Total (1) $ 72,920,800 $ 73,553,162 (1) Carrying values exclude accrued interest receivable of (in thousands) $357,362 and $366,930 at March 31, 2024 and December 31, 2023, respectively. The FHLB offers certain fixed- and variable-rate Advances to members that may be prepaid on specified dates (call dates) without incurring prepayment or termination fees (callable Advances). Other Advances may only be prepaid subject to a prepayment fee paid to the FHLB that makes the FHLB financially indifferent to the prepayment of the Advance. Table 4.2 - Advances by Redemption Term or Next Call Date (in thousands) Redemption Term or Next Call Date March 31, 2024 December 31, 2023 Overdrawn demand deposit accounts $ — $ 458 Due in 1 year or less 33,421,409 34,560,442 Due after 1 year through 2 years 17,942,686 15,207,268 Due after 2 years through 3 years 8,999,348 9,988,956 Due after 3 years through 4 years 9,592,354 8,668,018 Due after 4 years through 5 years 1,856,013 3,644,864 Thereafter 1,490,101 1,567,786 Total principal amount $ 73,301,911 $ 73,637,792 The FHLB also offers putable Advances. With a putable Advance, the FHLB effectively purchases put options from the member that allows the FHLB to terminate the Advance at predetermined dates. The FHLB normally would exercise its put option when interest rates increase relative to contractual rates. Table 4.3 - Advances by Redemption Term or Next Put Date for Putable Advances (in thousands) Redemption Term or Next Put Date March 31, 2024 December 31, 2023 Overdrawn demand deposit accounts $ — $ 458 Due in 1 year or less 30,891,409 31,985,442 Due after 1 year through 2 years 14,964,186 10,772,268 Due after 2 years through 3 years 14,985,228 17,471,336 Due after 3 years through 4 years 5,605,854 4,668,018 Due after 4 years through 5 years 5,765,133 7,577,484 Thereafter 1,090,101 1,162,786 Total principal amount $ 73,301,911 $ 73,637,792 Table 4.4 - Advances by Interest Rate Payment Terms (in thousands) March 31, 2024 December 31, 2023 Total fixed-rate (1) $ 43,115,779 $ 42,114,739 Total variable-rate (1) 30,186,132 31,523,053 Total principal amount $ 73,301,911 $ 73,637,792 (1) Payment terms based on current interest rate terms, which reflect any option exercises or rate conversions that have occurred subsequent to the related Advance issuance. Credit Risk Exposure and Security Terms The FHLB manages its credit exposure to Advances through an integrated approach that includes establishing a credit limit for each borrower and ongoing review of each borrower's financial condition, coupled with collateral and lending policies to limit risk of loss while balancing borrowers' needs for a reliable source of funding. In addition, the FHLB lends to eligible borrowers in accordance with federal law and Finance Agency regulations, which require the FHLB to obtain sufficient collateral to fully secure credit products. Under these regulations, collateral eligible to secure new or renewed Advances includes: ▪ one-to-four family mortgage loans (delinquent for no more than 60 days) and multi-family mortgage loans (delinquent for no more than 30 days) and securities representing such mortgages; ▪ loans and securities issued and insured, or guaranteed by the U.S. government or any U.S. government agency (for example, mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae); ▪ cash or deposits in the FHLB; ▪ certain other collateral that is real estate-related, provided that the collateral has a readily ascertainable value, can be reliably discounted to account for liquidation and other risks, can be liquidated in due course and the FHLB can perfect a security interest in it; and ▪ certain qualifying securities representing undivided equity interests in eligible Advance collateral. Residential mortgage loans are the principal form of collateral for Advances. The estimated value of the collateral required to secure each member's credit products is calculated by applying collateral discounts, or haircuts, to the value of the collateral. In addition, community financial institutions are eligible to utilize expanded statutory collateral provisions for small business and agribusiness loans. The FHLB's capital stock owned by its member borrowers is also pledged as collateral. Collateral arrangements and a member’s borrowing capacity vary based on the financial condition and performance of the institution, the types of collateral pledged and the overall quality of those assets. The FHLB can also require additional or substitute collateral to protect its security interest. The FHLB also has policies and procedures for validating the reasonableness of its collateral valuations and makes changes to its collateral guidelines, as necessary, based on current market conditions. In addition, collateral verifications and reviews are performed by the FHLB based on the risk profile of the borrower. Management of the FHLB believes that these policies effectively manage the FHLB's credit risk from Advances. Members experiencing financial difficulties are subject to FHLB-performed “stress tests” to evaluate the impact of poorly performing assets on the member’s capital and loss reserve positions. Depending on the results of these tests, a member may be allowed to maintain pledged loan assets in its custody, may be required to deliver those loans into the custody of the FHLB or its agent, or may be required to provide details on those loans to facilitate an estimate of their fair value. The FHLB perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the FHLB by a member priority over the claims or rights of any other party except for claims or rights of a third party that would otherwise be entitled to priority under applicable law and that are held by a bona fide purchaser for value or by a secured party holding a prior perfected security interest. Using a risk-based approach, the FHLB considers the payment status, collateralization levels, and borrower's financial condition to be indicators of credit quality for its credit products. At March 31, 2024 and December 31, 2023, the FHLB did not have any Advances that were past due, in non-accrual status or considered impaired. In addition, there were no modifications of Advances with borrowers experiencing financial difficulty during the three months ended March 31, 2024 or 2023. At March 31, 2024 and December 31, 2023, the FHLB had rights to collateral on a member-by-member basis with an estimated value in excess of its outstanding extensions of credit. Based upon the collateral held as security, its credit extension and collateral policies and the repayment history on Advances, the FHLB did not expect any credit losses on Advances as of March 31, 2024 and, therefore, no allowance for credit losses on Advances was recorded. For the same reasons, the FHLB did not record any allowance for credit losses on Advances at December 31, 2023. Advance Concentrations Table 4.5 - Borrowers Holding Five Percent or more of Total Advances, Including Any Known Affiliates that are Members of the FHLB (dollars in millions) March 31, 2024 December 31, 2023 Principal % of Total Principal Amount of Advances Principal % of Total Principal Amount of Advances JPMorgan Chase Bank, N.A. $ 14,000 19 % JPMorgan Chase Bank, N.A. $ 14,000 19 % U.S. Bank, N.A. 10,000 14 U.S. Bank, N.A. 10,000 14 Keybank, N.A. 9,836 13 Keybank, N.A. 9,836 13 Third Federal Savings and Loan Association 4,933 7 Third Federal Savings and Loan Association 5,008 7 Fifth Third Bank 4,501 6 Fifth Third Bank 4,001 5 Total $ 43,270 59 % Total $ 42,845 58 % |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | Mortgage Loans Total mortgage loans held for portfolio represent residential mortgage loans under the Mortgage Purchase Program (MPP) that the FHLB's members originate, credit enhance, and then sell to the FHLB. The FHLB does not service any of these loans. Table 5.1 - Mortgage Loans Held for Portfolio (in thousands) March 31, 2024 December 31, 2023 Fixed rate medium-term single-family mortgage loans (1) $ 455,922 $ 462,554 Fixed rate long-term single-family mortgage loans (2) 6,566,745 6,497,563 Total unpaid principal balance 7,022,667 6,960,117 Premiums 147,391 146,380 Discounts (4,051) (3,200) Hedging basis adjustments (3) 5,766 5,353 Total mortgage loans held for portfolio (4) 7,171,773 7,108,650 Allowance for credit losses on mortgage loans (331) (316) Mortgage loans held for portfolio, net $ 7,171,442 $ 7,108,334 (1) Medium-term is defined as an original term of 15 years or less. (2) Long-term is defined as an original term of greater than 15 years up to 30 years. (3) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. (4) Excludes accrued interest receivable of (in thousands) $23,848 and $23,193 at March 31, 2024 and December 31, 2023, respectively. Table 5.2 - Mortgage Loans Held for Portfolio by Collateral/Guarantee Type (in thousands) March 31, 2024 December 31, 2023 Conventional mortgage loans $ 6,929,094 $ 6,863,020 Federal Housing Administration (FHA) mortgage loans 93,573 97,097 Total unpaid principal balance $ 7,022,667 $ 6,960,117 Table 5.3 - Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions) March 31, 2024 December 31, 2023 Principal % of Total Principal % of Total Union Savings Bank $ 1,527 22 % Union Savings Bank $ 1,513 22 % FirstBank 715 10 FirstBank 725 10 Guardian Savings Bank FSB 409 6 Guardian Savings Bank FSB 405 6 The Huntington National Bank 401 6 The Huntington National Bank 404 6 Credit Risk Exposure The FHLB manages credit risk exposure for conventional mortgage loans primarily though conservative underwriting and purchasing loans with characteristics consistent with favorable expected credit performance and by applying various credit enhancements. Credit Enhancements. The conventional mortgage loans under the MPP are primarily supported by some combination of credit enhancements (primary mortgage insurance (PMI) and the Lender Risk Account (LRA), including pooled LRA for those members participating in an aggregated MPP pool). These credit enhancements apply after a homeowner’s equity is exhausted. The LRA is funded by the FHLB upfront as a portion of the purchase proceeds to cover potential credit losses. The LRA is recorded in other liabilities in the Statements of Condition. Excess funds from the LRA are released to the member in accordance with the terms of the Master Commitment Contract, which is typically after five years, subject to performance of the related loan pool. Because the FHA makes an explicit guarantee on FHA mortgage loans, the FHLB does not require any credit enhancements on these loans beyond primary mortgage insurance. Table 5.4 - Changes in the LRA (in thousands) Three Months Ended March 31, 2024 LRA at beginning of year $ 239,051 Additions 3,421 Claims (26) Scheduled distributions (2,303) LRA at end of period $ 240,143 Payment Status of Mortgage Loans. The key credit quality indicator for conventional mortgage loans is payment status, which allows the FHLB to monitor borrower performance. Past due loans are those where the borrower has failed to make a full payment of principal and interest within one month of its due date. Table 5.5 presents the payment status of conventional mortgage loans. Table 5.5 - Credit Quality Indicator of Conventional Mortgage Loans (in thousands) March 31, 2024 Origination Year Payment status, at amortized cost: Prior to 2020 2020 to March 31, 2024 Total Past due 30-59 days $ 15,503 $ 13,735 $ 29,238 Past due 60-89 days 3,595 1,682 5,277 Past due 90 days or more 6,144 1,354 7,498 Total past due mortgage loans 25,242 16,771 42,013 Current mortgage loans 3,059,876 3,975,664 7,035,540 Total conventional mortgage loans $ 3,085,118 $ 3,992,435 $ 7,077,553 December 31, 2023 Origination Year Payment status, at amortized cost: Prior to 2019 2019 to 2023 Total Past due 30-59 days $ 15,870 $ 13,220 $ 29,090 Past due 60-89 days 2,989 821 3,810 Past due 90 days or more 7,379 2,568 9,947 Total past due mortgage loans 26,238 16,609 42,847 Current mortgage loans 2,316,368 4,651,660 6,968,028 Total conventional mortgage loans $ 2,342,606 $ 4,668,269 $ 7,010,875 Other delinquency statistics include loans in process of foreclosure, serious delinquency rates, loans past due 90 days or more and still accruing interest, and non-accrual loans. Table 5.6 presents other delinquency statistics of mortgage loans. Table 5.6 - Other Delinquency Statistics (dollars in thousands) March 31, 2024 Amortized Cost: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 4,295 $ 207 $ 4,502 Serious delinquency rate (2) 0.11 % 0.92 % 0.12 % Past due 90 days or more still accruing interest (3) $ 6,840 $ 867 $ 7,707 Loans on non-accrual status (4) $ 1,406 $ — $ 1,406 December 31, 2023 Amortized Cost: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 5,826 $ 134 $ 5,960 Serious delinquency rate (2) 0.14 % 0.98 % 0.16 % Past due 90 days or more still accruing interest (3) $ 9,383 $ 959 $ 10,342 Loans on non-accrual status (4) $ 1,294 $ — $ 1,294 (1) Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. (2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class. (3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. (4) At March 31, 2024 and December 31, 2023, (in thousands) $1,175 and $1,162, respectively, of conventional MPP loans on non-accrual status do not have a related allowance because these loans were either previously charged off to their expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans. The FHLB did not have any real estate owned at March 31, 2024 or December 31, 2023. Mortgage Loan Modifications . Under certain circumstances, the FHLB offers loan modifications within its MPP. Most commonly, loan modifications consist of capitalization of any past due interest with a corresponding increase in unpaid principal and a recast of the monthly principal and interest payment. Less frequently, loan modifications may include interest rate reductions, term extensions, balloon payments, or a combination of these types. The amortized cost basis of mortgage loans modified with borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023 was (in thousands) $895 and $1,793, respectively. The financial effect of the modifications was not material to the FHLB’s financial condition or results of operations. Evaluation of Current Expected Credit Losses Mortgage Loans - FHA. The FHLB invests in fixed-rate mortgage loans secured by one-to-four-family residential properties insured by the FHA. The FHLB expects to recover any losses from such loans from the FHA. Any losses from these loans that are not recovered from the FHA would be caused by a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance, but in such instance, the FHLB would have recourse against the servicer for such failure. As a result, the FHLB did not record an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status. Mortgage Loans - Conventional MPP. Conventional loans are evaluated collectively when similar risk characteristics exist; loans that do not share risk characteristics with other pools are removed from the collective evaluation and evaluated for expected credit losses on an individual basis. For loans with similar risk characteristics, the FHLB determines the allowance for credit losses through analyses that include considering various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The FHLB uses a model that employs a variety of methods, such as projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates, as well as historical borrower behavior experience. The FHLB’s calculation of expected credit losses includes a forecast of home prices over the entire contractual terms of its conventional loans rather than a reversion to historical home price trends after an initial forecast period. The FHLB also incorporates associated credit enhancements to determine estimated expected credit losses. Certain conventional loans may be evaluated for credit losses by using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. The FHLB may estimate the fair value of this collateral by either applying an appropriate loss severity rate, using third-party estimates, or using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The FHLB will either reserve for these estimated losses or record a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. The FHLB also assesses other qualitative factors in its estimation of loan losses for the collectively evaluated population. This amount represents a subjective management judgment, based on facts and circumstances that exist as of the reporting date, which is intended to cover other expected losses that may not otherwise be captured in the methodology described above. Allowance for Credit Losses on Conventional Mortgage Loans. At March 31, 2024 and December 31, 2023 the FHLB's allowance for credit losses on its conventional mortgage loans held for portfolio was (in thousands) $331 and $316, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities Nature of Business Activity The FHLB is exposed to interest rate risk primarily from the effect of changes in interest rates. The goal of the FHLB's interest-rate risk management strategy is not to eliminate interest-rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the FHLB has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. In addition, the FHLB monitors the risk to its interest income, net interest margin and average maturity of interest-earning assets and interest-bearing liabilities. The FHLB uses derivatives when they are considered to be the most cost-effective alternative to achieve the FHLB's financial and risk management objectives. See Note 7 - Derivatives and Hedging Activities in the FHLB's 2023 Annual Report on Form 10-K for additional information on the FHLB's derivative transactions. The FHLB transacts its derivatives with counterparties that are large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute Consolidated Obligations. Derivative transactions may be executed either with a counterparty, referred to as uncleared derivatives, or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization, referred to as cleared derivatives. The FHLB is not a derivative dealer and does not trade derivatives for short-term profit. Financial Statement Effect and Additional Financial Information The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. The notional amount reflects the FHLB's involvement in the various classes of financial instruments and represents neither the actual amounts exchanged nor the overall exposure of the FHLB to credit and market risk. The risks of derivatives only can be measured meaningfully on a portfolio basis that takes into account the counterparties, the types of derivatives, the items being hedged and any offsets between the derivatives and the items being hedged. Table 6.1 summarizes the notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. Table 6.1 - Fair Value of Derivative Instruments (in thousands) March 31, 2024 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 40,866,820 $ 24,304 $ 30,082 Derivatives not designated as hedging instruments: Interest rate swaps 23,322,353 174,008 23,504 Interest rate swaptions 425,000 2,090 — Mortgage delivery commitments 66,237 170 28 Total derivatives not designated as hedging instruments 23,813,590 176,268 23,532 Total derivatives before adjustments $ 64,680,410 200,572 53,614 Netting adjustments and cash collateral (1) (159,469) (53,204) Total derivative assets and total derivative liabilities $ 41,103 $ 410 December 31, 2023 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 41,383,192 $ 9,352 $ 34,302 Derivatives not designated as hedging instruments: Interest rate swaps 36,585,870 141,676 23,465 Interest rate swaptions 425,000 2,748 — Mortgage delivery commitments 100,924 1,202 6 Total derivatives not designated as hedging instruments 37,111,794 145,626 23,471 Total derivatives before adjustments $ 78,494,986 154,978 57,773 Netting adjustments and cash collateral (1) (52,987) (47,942) Total derivative assets and total derivative liabilities $ 101,991 $ 9,831 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $24,198 and $98,438 at March 31, 2024 and December 31, 2023, respectively. Cash collateral received, including accrued interest, was (in thousands) $130,463 and $103,483 at March 31, 2024 and December 31, 2023, respectively. Table 6.2 presents the impact of qualifying fair value hedging relationships on net interest income as well as the total interest income (expense) by product. Table 6.2 - Impact of Fair Value Hedging Relationships on Net Interest Income (in thousands) Three Months Ended March 31, 2024 Advances Available-for-Sale Securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 1,056,977 $ 144,565 $ (1,192,672) Impact of Fair Value Hedging Relationships Interest rate swaps: Net interest settlements $ 107,259 $ 96,968 $ (9,088) Gain (loss) on derivatives 292,032 159,858 (16,491) Gain (loss) on hedged items (292,222) (159,049) 16,438 Price alignment amount (1) (4,377) (13,143) (25) Effect on net interest income $ 102,692 $ 84,634 $ (9,166) Three Months Ended March 31, 2023 Advances Available-for-Sale Securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 896,609 $ 107,111 $ (641,996) Impact of Fair Value Hedging Relationships Interest rate swaps: Net interest settlements $ 57,649 $ 70,361 $ (7,859) Gain (loss) on derivatives (157,811) (209,116) 11,891 Gain (loss) on hedged items 157,839 209,272 (11,952) Price alignment amount (1) (4,420) (10,578) 162 Effect on net interest income $ 53,257 $ 59,939 $ (7,758) (1) This amount is for derivatives for which variation margin is characterized as a daily settled contract. Table 6.3 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. Table 6.3 - Cumulative Basis Adjustments for Fair Value Hedges (in thousands) March 31, 2024 Advances Available-for-Sale Securities Consolidated Bonds Amortized cost of hedged asset or liability (1) $ 28,176,695 $ 9,105,680 $ 2,282,003 Fair value hedging adjustments Basis adjustments for active hedging relationships included in amortized cost $ (380,204) $ (894,865) $ (18,672) Basis adjustments for discontinued hedging relationships included in amortized cost 483 15,477 — Total amount of fair value hedging basis adjustments $ (379,721) $ (879,388) $ (18,672) December 31, 2023 Advances Available-for-Sale Securities Consolidated Bonds Amortized cost of hedged asset or liability (1) $ 28,017,560 $ 10,222,924 $ 2,271,192 Fair value hedging adjustments Basis adjustments for active hedging relationships included in amortized cost $ (88,047) $ (775,129) $ (2,234) Basis adjustments for discontinued hedging relationships included in amortized cost 546 16,064 — Total amount of fair value hedging basis adjustments $ (87,501) $ (759,065) $ (2,234) (1) Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes fair value hedging adjustments. Table 6.4 presents net gains (losses) recorded in non-interest income (loss) on derivatives not designated as hedging instruments. Table 6.4 - Net Gains (Losses) Recorded in Non-interest Income (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended March 31, 2024 2023 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ 18,166 $ 2,586 Interest rate swaptions (657) (4,501) Net interest settlements 5,367 (5,009) Mortgage delivery commitments (361) 127 Total net gains (losses) related to derivatives not designated as hedging instruments 22,515 (6,797) Price alignment amount (1) (1,542) (1,119) Net gains (losses) on derivatives $ 20,973 $ (7,916) (1) This amount is for derivatives for which variation margin is characterized as a daily settled contract. Credit Risk on Derivatives The FHLB is subject to credit risk given the risk of non-performance by counterparties to its derivative transactions and manages credit risk through credit analyses of derivative counterparties, collateral requirements and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in these contracts to mitigate this risk. The FHLB requires collateral agreements on its uncleared derivatives with the collateral delivery threshold set to zero. For cleared derivatives, the Clearinghouse is the FHLB's counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin and the clearing agent in turn notifies the FHLB. The FHLB utilizes two Clearinghouses for all cleared derivative transactions, LCH Ltd. and CME Clearing. At both Clearinghouses, variation margin is characterized as daily settlement payments, while initial margin is considered to be collateral. The requirement that the FHLB post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the FHLB to credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral/payments for changes in the value of cleared derivatives is posted daily through a clearing agent. On the Statements of Cash Flows, the variation margin cash payments, or daily settlement payments, are included in net change in derivative and hedging activities, as an operating activity. For cleared derivatives, the Clearinghouse determines initial margin requirements and generally credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including, but not limited to, credit rating downgrades. At March 31, 2024, the FHLB was not required to post additional initial margin by its clearing agents based on credit considerations. Offsetting of Derivative Assets and Derivative Liabilities The FHLB presents derivative instruments, related cash collateral received or pledged, and associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. The FHLB has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions, and it expects that the exercise of those offsetting rights by a non-defaulting party under these transactions would be upheld under applicable law upon an event of default, including bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the FHLB's clearing agent, or both. Based on this analysis, the FHLB presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. Table 6.5 presents separately the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral. Any over-collateralization under an individual clearing agent and/or counterparty level is not included in the determination of the net unsecured amount. Table 6.5 - Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2024 Derivative Instruments Meeting Netting Requirements Non-cash Collateral Not Offset Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Can Be Sold or Repledged Net Amount (2) Derivative Assets: Uncleared $ 178,528 $ (172,209) $ 170 $ 6,489 $ — $ 6,489 Cleared 21,874 12,740 — 34,614 — 34,614 Total $ 41,103 $ 41,103 Derivative Liabilities: Uncleared $ 42,128 $ (41,746) $ 28 $ 410 $ — $ 410 Cleared 11,458 (11,458) — — — — Total $ 410 $ 410 December 31, 2023 Derivative Instruments Meeting Netting Requirements Non-cash Collateral Not Offset Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Can Be Sold or Repledged Net Amount (2) Derivative Assets: Uncleared $ 149,580 $ (139,559) $ 1,202 $ 11,223 $ — $ 11,223 Cleared 4,196 86,572 — 90,768 — 90,768 Total $ 101,991 $ 101,991 Derivative Liabilities: Uncleared $ 42,910 $ (42,320) $ 6 $ 596 $ — $ 596 Cleared 14,857 (5,622) — 9,235 9,235 — Total $ 9,831 $ 596 (1) Includes mortgage delivery commitments that are not subject to an enforceable netting agreement. (2) Any over-collateralization at the individual clearing agent and/or counterparty level is not included in the determination of the net amount. At March 31, 2024 and December 31, 2023, the FHLB had additional net credit exposure of (in thousands) $806,963 and $810,559, respectively, due to instances where the FHLB's non-cash collateral to a counterparty exceeded the FHLB's net derivative position. |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations [Text Block] | Consolidated Obligations Table 7.1 - Consolidated Discount Notes Outstanding (dollars in thousands) Carrying Value Principal Amount Weighted Average Interest Rate (1) March 31, 2024 $ 18,237,647 $ 18,468,269 5.12 % December 31, 2023 $ 23,690,526 $ 23,837,675 5.22 % (1) Represents an implied rate without consideration of concessions. Table 7.2 - Consolidated Bonds Outstanding by Original Contractual Maturity (dollars in thousands) March 31, 2024 December 31, 2023 Year of Original Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 56,644,405 5.24 % $ 59,008,905 5.30 % Due after 1 year through 2 years 25,712,000 5.12 23,809,000 5.09 Due after 2 years through 3 years 2,477,500 3.33 2,111,000 3.49 Due after 3 years through 4 years 1,400,500 1.89 1,604,500 1.96 Due after 4 years through 5 years 1,619,000 3.88 1,536,500 3.45 Thereafter 3,851,140 3.55 3,502,140 3.42 Total principal amount 91,704,545 5.01 91,572,045 5.04 Premiums 43,431 37,559 Discounts (27,755) (27,194) Fair value hedging adjustments (18,672) (2,234) Fair value option valuation adjustment and accrued interest 166,622 176,254 Total $ 91,868,171 $ 91,756,430 Table 7.3 - Consolidated Bonds Outstanding by Call Features (in thousands) March 31, 2024 December 31, 2023 Principal Amount of Consolidated Bonds: Non-callable $ 65,626,545 $ 63,921,045 Callable 26,078,000 27,651,000 Total principal amount $ 91,704,545 $ 91,572,045 Table 7.4 - Consolidated Bonds Outstanding by Original Contractual Maturity or Next Call Date (in thousands) Year of Original Contractual Maturity or Next Call Date March 31, 2024 December 31, 2023 Due in 1 year or less $ 72,671,405 $ 69,410,905 Due after 1 year through 2 years 12,865,000 16,402,000 Due after 2 years through 3 years 1,709,500 1,648,000 Due after 3 years through 4 years 287,500 326,500 Due after 4 years through 5 years 1,179,000 1,081,500 Thereafter 2,992,140 2,703,140 Total principal amount $ 91,704,545 $ 91,572,045 Table 7.5 - Consolidated Bonds by Interest-rate Payment Type (in thousands) March 31, 2024 December 31, 2023 Principal Amount of Consolidated Bonds: Fixed-rate $ 25,898,045 $ 33,686,045 Variable-rate 65,806,500 57,886,000 Total principal amount $ 91,704,545 $ 91,572,045 |
Affordable Housing Program (AHP
Affordable Housing Program (AHP) | 3 Months Ended |
Mar. 31, 2024 | |
Affordable Housing Program (AHP) [Abstract] | |
Affordable Housing Program (AHP) [Text Block] | Affordable Housing Program (AHP) The FHLBank Act requires each FHLBank to establish an AHP. Each FHLBank provides subsidies in the form of direct grants or below-market interest rates on Advances to members who provide the funds to assist in the purchase, construction, or rehabilitation of housing for very low-, low-, and moderate-income households. Each FHLBank recognizes AHP assessment expense equal to the greater of 10 percent of its annual income subject to assessment or the prorated sum required to ensure the aggregate contribution by the FHLBanks is no less than $100 million for each year. For purposes of the statutory AHP calculation, income subject to assessment is defined as net income before AHP assessments, plus interest expense related to mandatorily redeemable capital stock. The FHLB accrues AHP expense monthly based on its income subject to assessment. The FHLB reduces the AHP liability as members use subsidies. In addition to the required AHP assessment, the Board of Directors may elect to make voluntary contributions to the AHP, which are recorded as other non-interest expenses. Table 8.1 - Rollforward of the AHP Liability (in thousands) Balance at December 31, 2023 $ 139,807 Assessments (current year additions) 16,318 Voluntary contribution 5,000 Subsidy uses, net of recaptured amounts (1,845) Balance at March 31, 2024 $ 159,280 |
Capital
Capital | 3 Months Ended |
Mar. 31, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Capital [Text Block] | Capital Table 9.1 - Capital Requirements (dollars in thousands) March 31, 2024 December 31, 2023 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 1,434,829 $ 6,389,635 $ 1,373,464 $ 6,521,334 Capital-to-assets ratio (regulatory) 4.00 % 5.39 % 4.00 % 5.26 % Regulatory capital $ 4,743,780 $ 6,389,635 $ 4,959,830 $ 6,521,334 Leverage capital-to-assets ratio (regulatory) 5.00 % 8.08 % 5.00 % 7.89 % Leverage capital $ 5,929,725 $ 9,584,453 $ 6,199,787 $ 9,782,001 Restricted Retained Earnings. At March 31, 2024 and December 31, 2023 the FHLB had (in thousands) $722,977 and $693,682, respectively, in restricted retained earnings. These restricted retained earnings are not available to pay dividends but are available to absorb unexpected losses, if any, that an FHLBank may experience. Table 9.2 - Rollforward of Mandatorily Redeemable Capital Stock (in thousands) Balance, December 31, 2023 $ 17,314 Repurchase/redemption of mandatorily redeemable capital stock (268) Balance, March 31, 2024 $ 17,046 Table 9.3 - Mandatorily Redeemable Capital Stock by Contractual Year of Redemption (in thousands) Contractual Year of Redemption March 31, 2024 December 31, 2023 Year 1 $ 9 $ 9 Year 2 — — Year 3 7,739 4,915 Year 4 538 2,963 Year 5 2,345 2,865 Past contractual redemption date due to remaining activity (1) 6,415 6,562 Total $ 17,046 $ 17,314 (1) Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income [Text Block] | Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023. Table 10.1 - Accumulated Other Comprehensive Income (Loss) (in thousands) Net unrealized gains (losses) on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) BALANCE, DECEMBER 31, 2022 $ (48,726) $ (614) $ (49,340) Other comprehensive income before reclassification: Net unrealized gains (losses) (3,046) — (3,046) Reclassifications from other comprehensive income (loss) to net income: Amortization - pension and postretirement benefits (1) — (98) (98) Net current period other comprehensive income (loss) (3,046) (98) (3,144) BALANCE, MARCH 31, 2023 $ (51,772) $ (712) $ (52,484) BALANCE, DECEMBER 31, 2023 $ (75,997) $ (1,340) $ (77,337) Other comprehensive income before reclassification: Net unrealized gains (losses) 55,584 — 55,584 Reclassifications from other comprehensive income (loss) to net income: Net realized (gains) losses from sale of available-for-sale securities (1,136) — (1,136) Amortization - pension and postretirement benefits (1) — 8 8 Net current period other comprehensive income (loss) 54,448 8 54,456 BALANCE, MARCH 31, 2024 $ (21,549) $ (1,332) $ (22,881) (1) Included in Non-Interest Expense - Other in the Statements of Income. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | Segment Information The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders. Table 11.1 - Financial Performance by Operating Segment (in thousands) Three Months Ended March 31, Traditional Member MPP Total 2024 Net interest income (loss) $ 177,621 $ 23,246 $ 200,867 Non-interest income (loss) 8,527 (1,017) 7,510 Non-interest expense 41,156 4,425 45,581 Income (loss) before assessments 144,992 17,804 162,796 Affordable Housing Program assessments 14,538 1,780 16,318 Net income (loss) $ 130,454 $ 16,024 $ 146,478 2023 Net interest income (loss) $ 146,489 $ 33,712 $ 180,201 Non-interest income (loss) (6,004) (4,374) (10,378) Non-interest expense 25,449 2,777 28,226 Income (loss) before assessments 115,036 26,561 141,597 Affordable Housing Program assessments 11,529 2,656 14,185 Net income (loss) $ 103,507 $ 23,905 $ 127,412 Table 11.2 - Asset Balances by Operating Segment (in thousands) Assets Traditional Member MPP Total March 31, 2024 $ 111,131,872 $ 7,462,618 $ 118,594,490 December 31, 2023 116,828,245 7,167,493 123,995,738 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Disclosures The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. Fair Value Hierarchy . GAAP establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the measurement is determined. This overall level is an indication of how market observable the fair value measurement is. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: Level 1 Inputs - Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity can access on the measurement date. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals, and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs - Unobservable inputs for the asset or liability, which are supported by limited to no market activity and reflect the FHLB's own assumptions. The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. The FHLB did not have any transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2024 or 2023. Table 12.1 presents the carrying value, fair value, and fair value hierarchy of financial assets and liabilities of the FHLB. The FHLB records trading securities, available-for-sale securities, derivative assets, derivative liabilities, certain Advances and certain Consolidated Obligations at fair value on a recurring basis, and on occasion, certain mortgage loans held for portfolio on a nonrecurring basis. The FHLB records all other financial assets and liabilities at amortized cost. Refer to Table 12.2 for further details about the financial assets and liabilities held at fair value on either a recurring or nonrecurring basis. Table 12.1 - Fair Value Summary (in thousands) March 31, 2024 Fair Value Financial Instruments Carrying Value (1) Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 19,590 $ 19,590 $ 19,590 $ — $ — $ — Interest-bearing deposits 1,725,190 1,725,190 — 1,725,190 — — Securities purchased under agreements to resell 1,762,400 1,762,402 — 1,762,402 — — Federal funds sold 6,255,000 6,255,000 — 6,255,000 — — Trading securities 2,481,103 2,481,103 — 2,481,103 — — Available-for-sale securities 9,109,494 9,109,494 — 9,109,494 — — Held-to-maturity securities 16,538,542 16,244,785 — 16,244,785 — — Advances (3) 72,920,800 72,964,164 — 72,964,164 — — Mortgage loans held for portfolio 7,171,442 6,326,492 — 6,319,119 7,373 — Accrued interest receivable 536,496 536,496 — 536,496 — — Derivative assets 41,103 41,103 — 200,572 — (159,469) Liabilities: Deposits 1,098,432 1,098,380 — 1,098,380 — — Consolidated Obligations: Discount Notes (4) 18,237,647 18,237,262 — 18,237,262 — — Bonds (5) 91,868,171 91,055,639 — 91,055,639 — — Mandatorily redeemable capital stock 17,046 17,046 17,046 — — — Accrued interest payable 500,461 500,461 — 500,461 — — Derivative liabilities 410 410 — 53,614 — (53,204) (1) For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (2) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (3) Includes (in thousands) $239,652 of Advances recorded under the fair value option at March 31, 2024. (4) Includes (in thousands) $8,330,273 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2024. (5) Includes (in thousands) $12,315,622 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2024. December 31, 2023 Fair Value Financial Instruments Carrying Value (1) Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 20,824 $ 20,824 $ 20,824 $ — $ — $ — Interest-bearing deposits 1,875,037 1,875,037 — 1,875,037 — — Securities purchased under agreements to resell 5,242,480 5,242,482 — 5,242,482 — — Federal funds sold 6,774,000 6,774,000 — 6,774,000 — — Trading securities 1,745,742 1,745,742 — 1,745,742 — — Available-for-sale securities 10,171,588 10,171,588 — 10,171,588 — — Held-to-maturity securities 16,832,133 16,576,613 — 16,576,613 — — Advances (3) 73,553,162 73,499,705 — 73,499,705 — — Mortgage loans held for portfolio 7,108,334 6,369,152 — 6,359,230 9,922 — Accrued interest receivable 535,564 535,564 — 535,564 — — Derivative assets 101,991 101,991 — 154,978 — (52,987) Liabilities: Deposits 1,113,704 1,109,999 — 1,109,999 — — Consolidated Obligations: Discount Notes (4) 23,690,526 23,689,599 — 23,689,599 — — Bonds (5) 91,756,430 90,983,204 — 90,983,204 — — Mandatorily redeemable capital stock 17,314 17,314 17,314 — — — Accrued interest payable 422,886 422,886 — 422,886 — — Derivative liabilities 9,831 9,831 — 57,773 — (47,942) (1) For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (2) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (3) Includes (in thousands) $214,035 of Advances recorded under the fair value option at December 31, 2023. (4) Includes (in thousands) $14,085,003 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2023. (5) Includes (in thousands) $20,657,254 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2023. Summary of Valuation Methodologies and Primary Inputs . The valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statements of Condition are disclosed in Note 15 - Fair Value Disclosures in the FHLB's 2023 Annual Report on Form 10-K. There have been no significant changes in the valuation methodologies during the three months ended March 31, 2024. Fair Value Measurements . Table 12.2 presents the fair value of financial assets and liabilities that are recorded on a recurring basis at March 31, 2024 and December 31, 2023, by level within the fair value hierarchy. Table 12.2 - Fair Value Measurements (in thousands) Fair Value Measurements at March 31, 2024 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 1,003,820 $ — $ 1,003,820 $ — $ — GSE obligations 1,477,252 — 1,477,252 — — U.S. obligation single-family MBS 31 — 31 — — Total trading securities 2,481,103 — 2,481,103 — — Available-for-sale securities: U.S. Treasury obligations 6,577,735 — 6,577,735 — — GSE obligations 119,042 — 119,042 — — GSE multi-family MBS 2,412,717 — 2,412,717 — — Total available-for-sale securities 9,109,494 — 9,109,494 — — Advances 239,652 — 239,652 — — Derivative assets: Interest rate related 40,933 — 200,402 — (159,469) Mortgage delivery commitments 170 — 170 — — Total derivative assets 41,103 — 200,572 — (159,469) Total assets at fair value $ 11,871,352 $ — $ 12,030,821 $ — $ (159,469) Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 8,330,273 $ — $ 8,330,273 $ — $ — Bonds 12,315,622 — 12,315,622 — — Total Consolidated Obligations 20,645,895 — 20,645,895 — — Derivative liabilities: Interest rate related 382 — 53,586 — (53,204) Mortgage delivery commitments 28 — 28 — — Total derivative liabilities 410 — 53,614 — (53,204) Total liabilities at fair value $ 20,646,305 $ — $ 20,699,509 $ — $ (53,204) (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. Fair Value Measurements at December 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 248,688 $ — $ 248,688 $ — $ — GSE obligations 1,497,009 — 1,497,009 — — U.S. obligation single-family MBS 45 — 45 — — Total trading securities 1,745,742 — 1,745,742 — — Available-for-sale securities: U.S. Treasury obligations 7,611,819 — 7,611,819 — — GSE obligations 119,912 — 119,912 — — GSE multi-family MBS 2,439,857 — 2,439,857 — — Total available-for-sale securities 10,171,588 — 10,171,588 — — Advances 214,035 — 214,035 — — Derivative assets: Interest rate related 100,789 — 153,776 — (52,987) Mortgage delivery commitments 1,202 — 1,202 — — Total derivative assets 101,991 — 154,978 — (52,987) Total assets at fair value $ 12,233,356 $ — $ 12,286,343 $ — $ (52,987) Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 14,085,003 $ — $ 14,085,003 $ — $ — Bonds 20,657,254 — 20,657,254 — — Total Consolidated Obligations 34,742,257 — 34,742,257 — — Derivative liabilities: Interest rate related 9,825 — 57,767 — (47,942) Mortgage delivery commitments 6 — 6 — — Total derivative liabilities 9,831 — 57,773 — (47,942) Total liabilities at fair value $ 34,752,088 $ — $ 34,800,030 $ — $ (47,942) (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. Fair Value Option . The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires a company to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities and commitments, with the changes in fair value recognized in net income. If elected, interest income and interest expense on Advances and Consolidated Obligations carried at fair value are recognized based solely on the contractual amount of interest due or unpaid. Any transaction fees or costs are immediately recognized into other non-interest income or other non-interest expense. The FHLB has elected the fair value option for certain financial instruments that either do not qualify for hedge accounting or may be at risk for not meeting hedge effectiveness requirements. These fair value elections were made primarily in an effort to mitigate the potential income statement volatility that can arise from economic hedging relationships in which the carrying value of the hedged item is not adjusted for changes in fair value. Table 12.3 presents net gains (losses) recognized in earnings related to financial assets and liabilities in which the fair value option was elected during the three months ended March 31, 2024 and 2023. Table 12.3 – 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 2024 2023 Advances $ (4,504) $ 33 Consolidated Discount Notes 1,414 (16,548) Consolidated Bonds (5,509) (18,297) Total net gains (losses) $ (8,599) $ (34,812) For instruments recorded under the fair value option, the related contractual interest income, contractual interest expense and the discount amortization on Discount Notes are recorded as part of net interest income on the Statements of Income. The remaining changes in fair value for instruments in which the fair value option has been elected are recorded as “Net gains (losses) on financial instruments held under fair value option” in the Statements of Income, except for changes in fair value related to instrument specific credit risk, which are recorded in accumulated other comprehensive income (loss) in the Statements 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, 2024 or 2023. In determining that there has been no change in instrument-specific credit risk period to period, the FHLB primarily considered the following factors: ▪ The FHLB is a federally chartered GSE, and as a result of this status, the FHLB’s Consolidated Obligations have historically received the same credit ratings as the government bond credit rating of the United States, even though they are not obligations of the United States and are not guaranteed by the United States. ▪ The FHLB is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all Consolidated Obligations of each of the other FHLBanks. The following table reflects the difference between the aggregate unpaid principal balance outstanding and the aggregate fair value for Advances and Consolidated Obligations for which the fair value option has been elected. Table 12.4 – Aggregate Unpaid Balance and Aggregate Fair Value (in thousands) March 31, 2024 December 31, 2023 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 $ 239,620 $ 239,652 $ 32 $ 209,620 $ 214,035 $ 4,415 Consolidated Discount Notes 8,471,969 8,330,273 (141,696) 14,193,486 14,085,003 (108,483) Consolidated Bonds 12,149,000 12,315,622 166,622 20,481,000 20,657,254 176,254 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Off-Balance Sheet Commitments. Table 13.1 represents off-balance sheet commitments at March 31, 2024 and December 31, 2023. The FHLB has deemed it unnecessary to record any liabilities for credit losses on these commitments at March 31, 2024 and December 31, 2023, based on its credit extension and collateral policies. Table 13.1 - Off-Balance Sheet Commitments (in thousands) March 31, 2024 December 31, 2023 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Letters of Credit $ 49,176,761 $ 441,117 $ 49,617,878 $ 46,707,728 $ 389,930 $ 47,097,658 Commitments to purchase mortgage loans 66,237 — 66,237 100,924 — 100,924 Unsettled Consolidated Bonds, principal amount (1) 19,000 — 19,000 — — — Unsettled Consolidated Discount Notes, principal amount (1) 150,000 — 150,000 — — — (1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. The carrying value of guarantees related to Letters of Credit are recorded in other liabilities and were (in thousands) $12,927 and $11,775 at March 31, 2024 and December 31, 2023. Legal Proceedings . From time to time, the FHLB is subject to legal proceedings arising in the normal course of business. The FHLB would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount could be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability and the range of reasonably possible losses, if any, arising out of any matters will have a material effect on the FHLB's financial condition or results of operations. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 3 Months Ended |
Mar. 31, 2024 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions with Other FHLBanks [Text Block] | Transactions with Other FHLBanks The FHLB notes transactions with other FHLBanks on the face of its financial statements. Occasionally, the FHLB loans short-term funds to and borrows short-term funds from other FHLBanks. These loans and borrowings are transacted at current market rates when traded. There were no such loans or borrowings outstanding at March 31, 2024 or December 31, 2023. 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, 2024 and 2023. Table 14.1 - Lending and Borrowing Between the FHLB and Other FHLBanks (in thousands) Average Daily Balances for the Three Months Ended March 31, 2024 2023 Loans to other FHLBanks $ 16,484 $ 41,667 |
Transactions with Stockholders
Transactions with Stockholders | 3 Months Ended |
Mar. 31, 2024 | |
Transactions with Stockholders [Abstract] | |
Transactions with Stockholders [Text Block] | Transactions with Stockholders As a cooperative, the FHLB's capital stock is owned by its members, by former members that retain the stock as provided in the FHLB's Capital Plan and by nonmember institutions that have acquired members and must retain the stock to support Advances or other capital-requiring activities with the FHLB. All Advances were issued to members and all mortgage loans held for portfolio were purchased from members during the three months ended March 31, 2024 and 2023. The FHLB also maintains demand deposit accounts for members, primarily to facilitate settlement activities that are directly related to Advances and mortgage loan purchases. Additionally, the FHLB may enter into interest rate swaps with its stockholders. The FHLB may not invest in any equity securities issued by its stockholders. At March 31, 2024 and December 31, 2023, the FHLB did not own any MBS securitized by, or other direct long-term investments issued by its stockholders. For financial statement purposes, the FHLB defines related parties as those members with more than 10 percent of the voting interests of the FHLB capital stock outstanding. Federal statute prescribes the voting rights of members in the election of both Member and Independent directors. For Member directorships, the Finance Agency designates the number of Member directorships in a given year and an eligible voting member may vote only for candidates seeking election in its respective state. For Independent directors, the FHLB's Board of Directors nominates candidates to be placed on the ballot in an at-large election. For both Member and Independent director elections, a member is entitled to vote one share of required capital stock, subject to a statutory limitation, for each applicable directorship. Under this limitation, the total number of votes that a member may cast is limited to the average number of shares of the FHLB's capital stock that were required to be held by all members in that state as of the record date for voting. Nonmember stockholders are not eligible to vote in director elections. Given these statutory limitations, no member owned more than 10 percent of the voting interests of the FHLB at March 31, 2024 or December 31, 2023. All transactions with stockholders are entered into in the ordinary course of business. Finance Agency regulations require the FHLB to offer the same pricing for Advances and other services to all members regardless of asset or transaction size, charter type, or geographic location. However, the FHLB may, in pricing its Advances, distinguish among members based upon its assessment of the credit and other risks to the FHLB of lending to any particular member or upon other reasonable criteria that may be applied equally to all members. The FHLB's policies and procedures require that such standards and criteria be applied consistently and without discrimination to all members applying for Advances and other services. Transactions with Directors' Financial Institutions. In the ordinary course of its business, the FHLB provides products and services to members whose officers or directors serve as directors of the FHLB (Directors' Financial Institutions). Finance Agency regulations require that transactions with Directors' Financial Institutions be made on the same terms as those with any other member. The following table reflects balances with Directors' Financial Institutions for the items indicated below. The FHLB had no MBS or derivatives transactions with Directors' Financial Institutions at March 31, 2024 or December 31, 2023. Table 15.1 - Transactions with Directors' Financial Institutions (dollars in millions) March 31, 2024 December 31, 2023 Balance % of Total (1) Balance % of Total (1) Advances $ 7,738 10.6 % $ 7,309 9.9 % MPP 47 0.7 47 0.7 Regulatory capital stock 507 10.8 431 8.9 (1) Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. Concentrations. The following table shows regulatory capital stock balances, outstanding Advance principal balances, and unpaid principal balances of mortgage loans held for portfolio of stockholders holding five percent or more of regulatory capital stock and includes any known affiliates that are members of the FHLB. Table 15.2 - Stockholders Holding Five Percent or more of Regulatory Capital Stock (dollars in millions) Regulatory Capital Stock Advance MPP Unpaid March 31, 2024 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 673 14 % $ 14,000 $ — U.S. Bank, N.A. 584 12 10,000 6 Keybank, N.A. 507 11 9,836 — Fifth Third Bank 301 6 4,501 — Third Federal Savings & Loan Association 240 5 4,933 22 Regulatory Capital Stock Advance MPP Unpaid December 31, 2023 Balance % of Total Principal Principal Balance U.S. Bank, N.A. $ 858 18 % $ 10,000 $ 7 JPMorgan Chase Bank, N.A. 673 14 14,000 — Keybank, N.A. 526 11 9,836 — Third Federal Savings & Loan Association 255 5 5,008 23 Nonmember Housing Associates. |
Recently Issued Accounting St_2
Recently Issued Accounting Standards and Interpretations (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Credit Loss, Financial Instrument [Policy Text Block] | Mortgage Loans - FHA. The FHLB invests in fixed-rate mortgage loans secured by one-to-four-family residential properties insured by the FHA. The FHLB expects to recover any losses from such loans from the FHA. Any losses from these loans that are not recovered from the FHA would be caused by a claim rejection by the FHA and, as such, would be recoverable from the selling participating financial institutions. Therefore, the FHLB only has credit risk for these loans if the seller or servicer fails to pay for losses not covered by the FHA insurance, but in such instance, the FHLB would have recourse against the servicer for such failure. As a result, the FHLB did not record an allowance for credit losses on its FHA insured mortgage loans. Furthermore, due to the insurance, none of these mortgage loans have been placed on non-accrual status. Mortgage Loans - Conventional MPP. Conventional loans are evaluated collectively when similar risk characteristics exist; loans that do not share risk characteristics with other pools are removed from the collective evaluation and evaluated for expected credit losses on an individual basis. For loans with similar risk characteristics, the FHLB determines the allowance for credit losses through analyses that include considering various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The FHLB uses a model that employs a variety of methods, such as projected cash flows to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as both current and forecasted property values and interest rates, as well as historical borrower behavior experience. The FHLB’s calculation of expected credit losses includes a forecast of home prices over the entire contractual terms of its conventional loans rather than a reversion to historical home price trends after an initial forecast period. The FHLB also incorporates associated credit enhancements to determine estimated expected credit losses. Certain conventional loans may be evaluated for credit losses by using the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. The FHLB may estimate the fair value of this collateral by either applying an appropriate loss severity rate, using third-party estimates, or using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The FHLB will either reserve for these estimated losses or record a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs, if any, are included in the allowance for credit losses. |
Segment Reporting, Policy [Policy Text Block] | The FHLB has identified two primary operating segments based on its method of internal reporting: Traditional Member Finance and the MPP. These segments reflect the FHLB's two primary Mission Asset Activities and the manner in which they are managed from the perspective of development, resource allocation, product delivery, pricing, credit risk and operational administration. The segments identify the principal ways the FHLB provides services to member stockholders. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair value amounts recorded on the Statements of Condition and presented in the related note disclosures have been determined by the FHLB using available market information and the FHLB's best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair values reflect the FHLB's judgment of how a market participant would estimate the fair values. |
Fair Value Transfer, Policy | The FHLB reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain financial assets or liabilities. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Trading Securities by Major Security Types (in thousands) Fair Value March 31, 2024 December 31, 2023 Non-mortgage-backed securities (non-MBS): U.S. Treasury obligations $ 1,003,820 $ 248,688 GSE obligations 1,477,252 1,497,009 Total non-MBS 2,481,072 1,745,697 Mortgage-backed securities (MBS): U.S. obligation single-family 31 45 Total MBS 31 45 Total $ 2,481,103 $ 1,745,742 |
Gain (Loss) on Securities [Table Text Block] | Net Gains (Losses) on Trading Securities (in thousands) Three Months Ended March 31, 2024 2023 Net unrealized gains (losses) on trading securities held at period end $ (15,106) $ 25,360 Net gains (losses) on trading securities sold/matured during the period 1,312 — Net gains (losses) on trading securities $ (13,794) $ 25,360 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities by Major Security Types (in thousands) March 31, 2024 Amortized Cost (1) Gross Gross Fair Non-MBS: U.S. Treasury obligations $ 6,570,152 $ 8,812 $ (1,229) $ 6,577,735 GSE obligations 117,954 1,088 — 119,042 Total non-MBS 6,688,106 9,900 (1,229) 6,696,777 MBS: GSE multi-family 2,442,937 2,671 (32,891) 2,412,717 Total MBS 2,442,937 2,671 (32,891) 2,412,717 Total $ 9,131,043 $ 12,571 $ (34,120) $ 9,109,494 December 31, 2023 Amortized Cost (1) Gross Gross Fair Non-MBS: U.S. Treasury obligations $ 7,630,467 $ 564 $ (19,212) $ 7,611,819 GSE obligations 119,366 575 (29) 119,912 Total non-MBS 7,749,833 1,139 (19,241) 7,731,731 MBS: GSE multi-family 2,497,752 97 (57,992) 2,439,857 Total MBS 2,497,752 97 (57,992) 2,439,857 Total $ 10,247,585 $ 1,236 $ (77,233) $ 10,171,588 (1) Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $46,948 and $47,969 at March 31, 2024 and December 31, 2023, respectively. |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Available-for-Sale Securities in a Continuous Gross Unrealized Loss Position (in thousands) March 31, 2024 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 $ 133,286 $ (40) $ 1,205,076 $ (1,189) $ 1,338,362 $ (1,229) Total non-MBS 133,286 (40) 1,205,076 (1,189) 1,338,362 (1,229) MBS: GSE multi-family MBS 202,904 (683) 1,641,365 (32,208) 1,844,269 (32,891) Total MBS 202,904 (683) 1,641,365 (32,208) 1,844,269 (32,891) Total $ 336,190 $ (723) $ 2,846,441 $ (33,397) $ 3,182,631 $ (34,120) December 31, 2023 Less than 12 Months 12 Months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-MBS: U.S. Treasury obligations $ 5,738,322 $ (14,385) $ 907,749 $ (4,827) $ 6,646,071 $ (19,212) GSE obligations — — 4,478 (29) 4,478 (29) Total non-MBS 5,738,322 (14,385) 912,227 (4,856) 6,650,549 (19,241) MBS: GSE multi-family MBS 1,103,524 (12,797) 1,196,774 (45,195) 2,300,298 (57,992) Total MBS 1,103,524 (12,797) 1,196,774 (45,195) 2,300,298 (57,992) Total $ 6,841,846 $ (27,182) $ 2,109,001 $ (50,051) $ 8,950,847 $ (77,233) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available-for-Sale Securities by Contractual Maturity (in thousands) March 31, 2024 December 31, 2023 Year of Maturity Amortized Fair Amortized Fair Non-MBS: Due in 1 year or less $ — $ — $ — $ — Due after 1 year through 5 years 5,968,388 5,975,311 7,010,815 6,994,480 Due after 5 years through 10 years 713,363 715,015 728,761 726,993 Due after 10 years 6,355 6,451 10,257 10,258 Total non-MBS 6,688,106 6,696,777 7,749,833 7,731,731 MBS (1) 2,442,937 2,412,717 2,497,752 2,439,857 Total $ 9,131,043 $ 9,109,494 $ 10,247,585 $ 10,171,588 (1) MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. March 31, 2024 December 31, 2023 Year of Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Non-MBS: Due in 1 year or less $ 48,021 $ 47,987 $ 49,078 $ 49,072 Due after 1 year through 5 years — — — — Due after 5 years through 10 years — — — — Due after 10 years — — — — Total non-MBS 48,021 47,987 49,078 49,072 MBS (2) 16,490,521 16,196,798 16,783,055 16,527,541 Total $ 16,538,542 $ 16,244,785 $ 16,832,133 $ 16,576,613 (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 Available-for-Sale Securities (in thousands) March 31, 2024 December 31, 2023 Amortized cost of non-MBS: Fixed-rate $ 6,688,106 $ 7,749,833 Total amortized cost of non-MBS 6,688,106 7,749,833 Amortized cost of MBS: Fixed-rate 2,442,937 2,497,752 Total amortized cost of MBS 2,442,937 2,497,752 Total $ 9,131,043 $ 10,247,585 March 31, 2024 December 31, 2023 Amortized cost of non-MBS: Fixed-rate $ 48,021 $ 49,078 Total amortized cost of non-MBS 48,021 49,078 Amortized cost of MBS: Fixed-rate 4,218,708 4,118,328 Variable-rate 12,271,813 12,664,727 Total amortized cost of MBS 16,490,521 16,783,055 Total $ 16,538,542 $ 16,832,133 |
Debt Securities, Held-to-maturity [Table Text Block] | Held-to-Maturity Securities by Major Security Types (in thousands) March 31, 2024 Amortized Cost (1) Gross Unrecognized Holding Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 48,021 $ — $ (34) $ 47,987 Total non-MBS 48,021 — (34) 47,987 MBS: U.S. obligation single-family 1,084,078 — (147,853) 936,225 GSE single-family 3,268,527 7,810 (93,208) 3,183,129 GSE multi-family 12,137,916 3,758 (64,230) 12,077,444 Total MBS 16,490,521 11,568 (305,291) 16,196,798 Total $ 16,538,542 $ 11,568 $ (305,325) $ 16,244,785 December 31, 2023 Amortized Cost (1) Gross Unrecognized Holding Gross Unrecognized Holding Losses Fair Value Non-MBS: U.S. Treasury obligations $ 49,078 $ — $ (6) $ 49,072 Total non-MBS 49,078 — (6) 49,072 MBS: U.S. obligation single-family 1,109,265 — (129,457) 979,808 GSE single-family 3,146,571 23,124 (79,336) 3,090,359 GSE multi-family 12,527,219 2,159 (72,004) 12,457,374 Total MBS 16,783,055 25,283 (280,797) 16,527,541 Total $ 16,832,133 $ 25,283 $ (280,803) $ 16,576,613 (1) Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $67,243 and $68,866 at March 31, 2024 and December 31, 2023, respectively. |
Advances Advances (Tables)
Advances Advances (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Advances [Abstract] | |
Schedule Of Federal Home Loan Bank Advances By Year Of Contractual Maturity [Table Text Block] | Advances by Redemption Term (dollars in thousands) March 31, 2024 December 31, 2023 Redemption Term Amount Weighted Average Interest Amount Weighted Average Interest Overdrawn demand deposit accounts $ — — % $ 458 5.54 % Due in 1 year or less 30,421,409 5.38 31,560,442 5.42 Due after 1 year through 2 years 14,929,186 5.34 10,707,268 5.18 Due after 2 years through 3 years 14,980,228 5.09 17,456,336 5.28 Due after 3 years through 4 years 5,605,854 3.95 4,668,018 3.90 Due after 4 years through 5 years 5,875,133 5.31 7,677,484 5.05 Thereafter 1,490,101 2.50 1,567,786 2.52 Total principal amount 73,301,911 5.14 73,637,792 5.15 Commitment fees (79) (81) Discounts (1,343) (1,463) Fair value hedging adjustments (379,721) (87,501) Fair value option valuation adjustments and accrued interest 32 4,415 Total (1) $ 72,920,800 $ 73,553,162 (1) Carrying values exclude accrued interest receivable of (in thousands) $357,362 and $366,930 at March 31, 2024 and December 31, 2023, respectively. Redemption Term or Next Call Date March 31, 2024 December 31, 2023 Overdrawn demand deposit accounts $ — $ 458 Due in 1 year or less 33,421,409 34,560,442 Due after 1 year through 2 years 17,942,686 15,207,268 Due after 2 years through 3 years 8,999,348 9,988,956 Due after 3 years through 4 years 9,592,354 8,668,018 Due after 4 years through 5 years 1,856,013 3,644,864 Thereafter 1,490,101 1,567,786 Total principal amount $ 73,301,911 $ 73,637,792 Redemption Term or Next Put Date March 31, 2024 December 31, 2023 Overdrawn demand deposit accounts $ — $ 458 Due in 1 year or less 30,891,409 31,985,442 Due after 1 year through 2 years 14,964,186 10,772,268 Due after 2 years through 3 years 14,985,228 17,471,336 Due after 3 years through 4 years 5,605,854 4,668,018 Due after 4 years through 5 years 5,765,133 7,577,484 Thereafter 1,090,101 1,162,786 Total principal amount $ 73,301,911 $ 73,637,792 March 31, 2024 December 31, 2023 Total fixed-rate (1) $ 43,115,779 $ 42,114,739 Total variable-rate (1) 30,186,132 31,523,053 Total principal amount $ 73,301,911 $ 73,637,792 (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. March 31, 2024 December 31, 2023 Principal % of Total Principal Amount of Advances Principal % of Total Principal Amount of Advances JPMorgan Chase Bank, N.A. $ 14,000 19 % JPMorgan Chase Bank, N.A. $ 14,000 19 % U.S. Bank, N.A. 10,000 14 U.S. Bank, N.A. 10,000 14 Keybank, N.A. 9,836 13 Keybank, N.A. 9,836 13 Third Federal Savings and Loan Association 4,933 7 Third Federal Savings and Loan Association 5,008 7 Fifth Third Bank 4,501 6 Fifth Third Bank 4,001 5 Total $ 43,270 59 % Total $ 42,845 58 % |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio [Table Text Block] | Mortgage Loans Held for Portfolio (in thousands) March 31, 2024 December 31, 2023 Fixed rate medium-term single-family mortgage loans (1) $ 455,922 $ 462,554 Fixed rate long-term single-family mortgage loans (2) 6,566,745 6,497,563 Total unpaid principal balance 7,022,667 6,960,117 Premiums 147,391 146,380 Discounts (4,051) (3,200) Hedging basis adjustments (3) 5,766 5,353 Total mortgage loans held for portfolio (4) 7,171,773 7,108,650 Allowance for credit losses on mortgage loans (331) (316) Mortgage loans held for portfolio, net $ 7,171,442 $ 7,108,334 (1) Medium-term is defined as an original term of 15 years or less. (2) Long-term is defined as an original term of greater than 15 years up to 30 years. (3) Represents the unamortized balance of the mortgage purchase commitments' market values at the time of settlement. The market value of the commitment is included in the basis of the mortgage loan and amortized accordingly. (4) Excludes accrued interest receivable of (in thousands) $23,848 and $23,193 at March 31, 2024 and December 31, 2023, respectively. March 31, 2024 December 31, 2023 Conventional mortgage loans $ 6,929,094 $ 6,863,020 Federal Housing Administration (FHA) mortgage loans 93,573 97,097 Total unpaid principal balance $ 7,022,667 $ 6,960,117 |
Members Holding Five Percent or more of Total Unpaid Principal [Table Text Block] | Members, Including Any Known Affiliates that are Members of the FHLB, and Former Members Selling Five Percent or more of Total Unpaid Principal (dollars in millions) March 31, 2024 December 31, 2023 Principal % of Total Principal % of Total Union Savings Bank $ 1,527 22 % Union Savings Bank $ 1,513 22 % FirstBank 715 10 FirstBank 725 10 Guardian Savings Bank FSB 409 6 Guardian Savings Bank FSB 405 6 The Huntington National Bank 401 6 The Huntington National Bank 404 6 |
Changes in LRA [Table Text Block] | Changes in the LRA (in thousands) Three Months Ended March 31, 2024 LRA at beginning of year $ 239,051 Additions 3,421 Claims (26) Scheduled distributions (2,303) LRA at end of period $ 240,143 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Quality Indicator of Conventional Mortgage Loans (in thousands) March 31, 2024 Origination Year Payment status, at amortized cost: Prior to 2020 2020 to March 31, 2024 Total Past due 30-59 days $ 15,503 $ 13,735 $ 29,238 Past due 60-89 days 3,595 1,682 5,277 Past due 90 days or more 6,144 1,354 7,498 Total past due mortgage loans 25,242 16,771 42,013 Current mortgage loans 3,059,876 3,975,664 7,035,540 Total conventional mortgage loans $ 3,085,118 $ 3,992,435 $ 7,077,553 December 31, 2023 Origination Year Payment status, at amortized cost: Prior to 2019 2019 to 2023 Total Past due 30-59 days $ 15,870 $ 13,220 $ 29,090 Past due 60-89 days 2,989 821 3,810 Past due 90 days or more 7,379 2,568 9,947 Total past due mortgage loans 26,238 16,609 42,847 Current mortgage loans 2,316,368 4,651,660 6,968,028 Total conventional mortgage loans $ 2,342,606 $ 4,668,269 $ 7,010,875 |
Financing Receivable, Past Due [Table Text Block] | Other Delinquency Statistics (dollars in thousands) March 31, 2024 Amortized Cost: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 4,295 $ 207 $ 4,502 Serious delinquency rate (2) 0.11 % 0.92 % 0.12 % Past due 90 days or more still accruing interest (3) $ 6,840 $ 867 $ 7,707 Loans on non-accrual status (4) $ 1,406 $ — $ 1,406 December 31, 2023 Amortized Cost: Conventional MPP Loans FHA Loans Total In process of foreclosure (1) $ 5,826 $ 134 $ 5,960 Serious delinquency rate (2) 0.14 % 0.98 % 0.16 % Past due 90 days or more still accruing interest (3) $ 9,383 $ 959 $ 10,342 Loans on non-accrual status (4) $ 1,294 $ — $ 1,294 (1) Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. (2) Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class. (3) Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status. (4) At March 31, 2024 and December 31, 2023, (in thousands) $1,175 and $1,162, respectively, of conventional MPP loans on non-accrual status do not have a related allowance because these loans were either previously charged off to their expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 40,866,820 $ 24,304 $ 30,082 Derivatives not designated as hedging instruments: Interest rate swaps 23,322,353 174,008 23,504 Interest rate swaptions 425,000 2,090 — Mortgage delivery commitments 66,237 170 28 Total derivatives not designated as hedging instruments 23,813,590 176,268 23,532 Total derivatives before adjustments $ 64,680,410 200,572 53,614 Netting adjustments and cash collateral (1) (159,469) (53,204) Total derivative assets and total derivative liabilities $ 41,103 $ 410 December 31, 2023 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives designated as fair value hedging instruments: Interest rate swaps $ 41,383,192 $ 9,352 $ 34,302 Derivatives not designated as hedging instruments: Interest rate swaps 36,585,870 141,676 23,465 Interest rate swaptions 425,000 2,748 — Mortgage delivery commitments 100,924 1,202 6 Total derivatives not designated as hedging instruments 37,111,794 145,626 23,471 Total derivatives before adjustments $ 78,494,986 154,978 57,773 Netting adjustments and cash collateral (1) (52,987) (47,942) Total derivative assets and total derivative liabilities $ 101,991 $ 9,831 (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $24,198 and $98,438 at March 31, 2024 and December 31, 2023, respectively. Cash collateral received, including accrued interest, was (in thousands) $130,463 and $103,483 at March 31, 2024 and December 31, 2023, respectively. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Impact of Fair Value Hedging Relationships on Net Interest Income (in thousands) Three Months Ended March 31, 2024 Advances Available-for-Sale Securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 1,056,977 $ 144,565 $ (1,192,672) Impact of Fair Value Hedging Relationships Interest rate swaps: Net interest settlements $ 107,259 $ 96,968 $ (9,088) Gain (loss) on derivatives 292,032 159,858 (16,491) Gain (loss) on hedged items (292,222) (159,049) 16,438 Price alignment amount (1) (4,377) (13,143) (25) Effect on net interest income $ 102,692 $ 84,634 $ (9,166) Three Months Ended March 31, 2023 Advances Available-for-Sale Securities Consolidated Bonds Total interest income (expense) recorded in the Statements of Income $ 896,609 $ 107,111 $ (641,996) Impact of Fair Value Hedging Relationships Interest rate swaps: Net interest settlements $ 57,649 $ 70,361 $ (7,859) Gain (loss) on derivatives (157,811) (209,116) 11,891 Gain (loss) on hedged items 157,839 209,272 (11,952) Price alignment amount (1) (4,420) (10,578) 162 Effect on net interest income $ 53,257 $ 59,939 $ (7,758) (1) This amount is for derivatives for which variation margin is characterized as a daily settled contract. Three Months Ended March 31, 2024 2023 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps $ 18,166 $ 2,586 Interest rate swaptions (657) (4,501) Net interest settlements 5,367 (5,009) Mortgage delivery commitments (361) 127 Total net gains (losses) related to derivatives not designated as hedging instruments 22,515 (6,797) Price alignment amount (1) (1,542) (1,119) Net gains (losses) on derivatives $ 20,973 $ (7,916) (1) This amount is for 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] | Cumulative Basis Adjustments for Fair Value Hedges (in thousands) March 31, 2024 Advances Available-for-Sale Securities Consolidated Bonds Amortized cost of hedged asset or liability (1) $ 28,176,695 $ 9,105,680 $ 2,282,003 Fair value hedging adjustments Basis adjustments for active hedging relationships included in amortized cost $ (380,204) $ (894,865) $ (18,672) Basis adjustments for discontinued hedging relationships included in amortized cost 483 15,477 — Total amount of fair value hedging basis adjustments $ (379,721) $ (879,388) $ (18,672) December 31, 2023 Advances Available-for-Sale Securities Consolidated Bonds Amortized cost of hedged asset or liability (1) $ 28,017,560 $ 10,222,924 $ 2,271,192 Fair value hedging adjustments Basis adjustments for active hedging relationships included in amortized cost $ (88,047) $ (775,129) $ (2,234) Basis adjustments for discontinued hedging relationships included in amortized cost 546 16,064 — Total amount of fair value hedging basis adjustments $ (87,501) $ (759,065) $ (2,234) (1) Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes fair value hedging adjustments. |
Offsetting Assets [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2024 Derivative Instruments Meeting Netting Requirements Non-cash Collateral Not Offset Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Can Be Sold or Repledged Net Amount (2) Derivative Assets: Uncleared $ 178,528 $ (172,209) $ 170 $ 6,489 $ — $ 6,489 Cleared 21,874 12,740 — 34,614 — 34,614 Total $ 41,103 $ 41,103 Derivative Liabilities: Uncleared $ 42,128 $ (41,746) $ 28 $ 410 $ — $ 410 Cleared 11,458 (11,458) — — — — Total $ 410 $ 410 December 31, 2023 Derivative Instruments Meeting Netting Requirements Non-cash Collateral Not Offset Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Can Be Sold or Repledged Net Amount (2) Derivative Assets: Uncleared $ 149,580 $ (139,559) $ 1,202 $ 11,223 $ — $ 11,223 Cleared 4,196 86,572 — 90,768 — 90,768 Total $ 101,991 $ 101,991 Derivative Liabilities: Uncleared $ 42,910 $ (42,320) $ 6 $ 596 $ — $ 596 Cleared 14,857 (5,622) — 9,235 9,235 — Total $ 9,831 $ 596 (1) Includes mortgage delivery commitments that are not subject to an enforceable netting agreement. (2) Any over-collateralization at the individual clearing agent and/or counterparty level is not included in the determination of the net amount. At March 31, 2024 and December 31, 2023, the FHLB had additional net credit exposure of (in thousands) $806,963 and $810,559, respectively, due to instances where the FHLB's non-cash collateral to a counterparty exceeded the FHLB's net derivative position. |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Assets and Derivative Liabilities (in thousands) March 31, 2024 Derivative Instruments Meeting Netting Requirements Non-cash Collateral Not Offset Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Can Be Sold or Repledged Net Amount (2) Derivative Assets: Uncleared $ 178,528 $ (172,209) $ 170 $ 6,489 $ — $ 6,489 Cleared 21,874 12,740 — 34,614 — 34,614 Total $ 41,103 $ 41,103 Derivative Liabilities: Uncleared $ 42,128 $ (41,746) $ 28 $ 410 $ — $ 410 Cleared 11,458 (11,458) — — — — Total $ 410 $ 410 December 31, 2023 Derivative Instruments Meeting Netting Requirements Non-cash Collateral Not Offset Gross Recognized Amount Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements (1) Total Derivative Assets and Total Derivative Liabilities Can Be Sold or Repledged Net Amount (2) Derivative Assets: Uncleared $ 149,580 $ (139,559) $ 1,202 $ 11,223 $ — $ 11,223 Cleared 4,196 86,572 — 90,768 — 90,768 Total $ 101,991 $ 101,991 Derivative Liabilities: Uncleared $ 42,910 $ (42,320) $ 6 $ 596 $ — $ 596 Cleared 14,857 (5,622) — 9,235 9,235 — Total $ 9,831 $ 596 (1) Includes mortgage delivery commitments that are not subject to an enforceable netting agreement. (2) Any over-collateralization at the individual clearing agent and/or counterparty level is not included in the determination of the net amount. At March 31, 2024 and December 31, 2023, the FHLB had additional net credit exposure of (in thousands) $806,963 and $810,559, respectively, due to instances where the FHLB's non-cash collateral to a counterparty exceeded the FHLB's net derivative position. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Consolidated Discount Notes Outstanding (dollars in thousands) Carrying Value Principal Amount Weighted Average Interest Rate (1) March 31, 2024 $ 18,237,647 $ 18,468,269 5.12 % December 31, 2023 $ 23,690,526 $ 23,837,675 5.22 % (1) Represents an implied rate without consideration of concessions. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Consolidated Bonds Outstanding by Original Contractual Maturity (dollars in thousands) March 31, 2024 December 31, 2023 Year of Original Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in 1 year or less $ 56,644,405 5.24 % $ 59,008,905 5.30 % Due after 1 year through 2 years 25,712,000 5.12 23,809,000 5.09 Due after 2 years through 3 years 2,477,500 3.33 2,111,000 3.49 Due after 3 years through 4 years 1,400,500 1.89 1,604,500 1.96 Due after 4 years through 5 years 1,619,000 3.88 1,536,500 3.45 Thereafter 3,851,140 3.55 3,502,140 3.42 Total principal amount 91,704,545 5.01 91,572,045 5.04 Premiums 43,431 37,559 Discounts (27,755) (27,194) Fair value hedging adjustments (18,672) (2,234) Fair value option valuation adjustment and accrued interest 166,622 176,254 Total $ 91,868,171 $ 91,756,430 Year of Original Contractual Maturity or Next Call Date March 31, 2024 December 31, 2023 Due in 1 year or less $ 72,671,405 $ 69,410,905 Due after 1 year through 2 years 12,865,000 16,402,000 Due after 2 years through 3 years 1,709,500 1,648,000 Due after 3 years through 4 years 287,500 326,500 Due after 4 years through 5 years 1,179,000 1,081,500 Thereafter 2,992,140 2,703,140 Total principal amount $ 91,704,545 $ 91,572,045 |
Schedule Of Consolidated Obligation Bonds By Call Feature [Table Text Block] | Consolidated Bonds Outstanding by Call Features (in thousands) March 31, 2024 December 31, 2023 Principal Amount of Consolidated Bonds: Non-callable $ 65,626,545 $ 63,921,045 Callable 26,078,000 27,651,000 Total principal amount $ 91,704,545 $ 91,572,045 March 31, 2024 December 31, 2023 Principal Amount of Consolidated Bonds: Fixed-rate $ 25,898,045 $ 33,686,045 Variable-rate 65,806,500 57,886,000 Total principal amount $ 91,704,545 $ 91,572,045 |
Affordable Housing Program (A_2
Affordable Housing Program (AHP) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Affordable Housing Program (AHP) [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | Rollforward of the AHP Liability (in thousands) Balance at December 31, 2023 $ 139,807 Assessments (current year additions) 16,318 Voluntary contribution 5,000 Subsidy uses, net of recaptured amounts (1,845) Balance at March 31, 2024 $ 159,280 |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Capital Requirements (dollars in thousands) March 31, 2024 December 31, 2023 Minimum Requirement Actual Minimum Requirement Actual Risk-based capital $ 1,434,829 $ 6,389,635 $ 1,373,464 $ 6,521,334 Capital-to-assets ratio (regulatory) 4.00 % 5.39 % 4.00 % 5.26 % Regulatory capital $ 4,743,780 $ 6,389,635 $ 4,959,830 $ 6,521,334 Leverage capital-to-assets ratio (regulatory) 5.00 % 8.08 % 5.00 % 7.89 % Leverage capital $ 5,929,725 $ 9,584,453 $ 6,199,787 $ 9,782,001 |
Schedule of Mandatorily Redeemable Capital Stock by Maturity Date [Table Text Block] | Rollforward of Mandatorily Redeemable Capital Stock (in thousands) Balance, December 31, 2023 $ 17,314 Repurchase/redemption of mandatorily redeemable capital stock (268) Balance, March 31, 2024 $ 17,046 Contractual Year of Redemption March 31, 2024 December 31, 2023 Year 1 $ 9 $ 9 Year 2 — — Year 3 7,739 4,915 Year 4 538 2,963 Year 5 2,345 2,865 Past contractual redemption date due to remaining activity (1) 6,415 6,562 Total $ 17,046 $ 17,314 (1) Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) (in thousands) Net unrealized gains (losses) on available-for-sale securities Pension and postretirement benefits Total accumulated other comprehensive income (loss) BALANCE, DECEMBER 31, 2022 $ (48,726) $ (614) $ (49,340) Other comprehensive income before reclassification: Net unrealized gains (losses) (3,046) — (3,046) Reclassifications from other comprehensive income (loss) to net income: Amortization - pension and postretirement benefits (1) — (98) (98) Net current period other comprehensive income (loss) (3,046) (98) (3,144) BALANCE, MARCH 31, 2023 $ (51,772) $ (712) $ (52,484) BALANCE, DECEMBER 31, 2023 $ (75,997) $ (1,340) $ (77,337) Other comprehensive income before reclassification: Net unrealized gains (losses) 55,584 — 55,584 Reclassifications from other comprehensive income (loss) to net income: Net realized (gains) losses from sale of available-for-sale securities (1,136) — (1,136) Amortization - pension and postretirement benefits (1) — 8 8 Net current period other comprehensive income (loss) 54,448 8 54,456 BALANCE, MARCH 31, 2024 $ (21,549) $ (1,332) $ (22,881) (1) Included in Non-Interest Expense - Other in the Statements of Income. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Performance by Operating Segment (in thousands) Three Months Ended March 31, Traditional Member MPP Total 2024 Net interest income (loss) $ 177,621 $ 23,246 $ 200,867 Non-interest income (loss) 8,527 (1,017) 7,510 Non-interest expense 41,156 4,425 45,581 Income (loss) before assessments 144,992 17,804 162,796 Affordable Housing Program assessments 14,538 1,780 16,318 Net income (loss) $ 130,454 $ 16,024 $ 146,478 2023 Net interest income (loss) $ 146,489 $ 33,712 $ 180,201 Non-interest income (loss) (6,004) (4,374) (10,378) Non-interest expense 25,449 2,777 28,226 Income (loss) before assessments 115,036 26,561 141,597 Affordable Housing Program assessments 11,529 2,656 14,185 Net income (loss) $ 103,507 $ 23,905 $ 127,412 Assets Traditional Member MPP Total March 31, 2024 $ 111,131,872 $ 7,462,618 $ 118,594,490 December 31, 2023 116,828,245 7,167,493 123,995,738 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Summary (in thousands) March 31, 2024 Fair Value Financial Instruments Carrying Value (1) Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 19,590 $ 19,590 $ 19,590 $ — $ — $ — Interest-bearing deposits 1,725,190 1,725,190 — 1,725,190 — — Securities purchased under agreements to resell 1,762,400 1,762,402 — 1,762,402 — — Federal funds sold 6,255,000 6,255,000 — 6,255,000 — — Trading securities 2,481,103 2,481,103 — 2,481,103 — — Available-for-sale securities 9,109,494 9,109,494 — 9,109,494 — — Held-to-maturity securities 16,538,542 16,244,785 — 16,244,785 — — Advances (3) 72,920,800 72,964,164 — 72,964,164 — — Mortgage loans held for portfolio 7,171,442 6,326,492 — 6,319,119 7,373 — Accrued interest receivable 536,496 536,496 — 536,496 — — Derivative assets 41,103 41,103 — 200,572 — (159,469) Liabilities: Deposits 1,098,432 1,098,380 — 1,098,380 — — Consolidated Obligations: Discount Notes (4) 18,237,647 18,237,262 — 18,237,262 — — Bonds (5) 91,868,171 91,055,639 — 91,055,639 — — Mandatorily redeemable capital stock 17,046 17,046 17,046 — — — Accrued interest payable 500,461 500,461 — 500,461 — — Derivative liabilities 410 410 — 53,614 — (53,204) (1) For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (2) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (3) Includes (in thousands) $239,652 of Advances recorded under the fair value option at March 31, 2024. (4) Includes (in thousands) $8,330,273 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2024. (5) Includes (in thousands) $12,315,622 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2024. December 31, 2023 Fair Value Financial Instruments Carrying Value (1) Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 20,824 $ 20,824 $ 20,824 $ — $ — $ — Interest-bearing deposits 1,875,037 1,875,037 — 1,875,037 — — Securities purchased under agreements to resell 5,242,480 5,242,482 — 5,242,482 — — Federal funds sold 6,774,000 6,774,000 — 6,774,000 — — Trading securities 1,745,742 1,745,742 — 1,745,742 — — Available-for-sale securities 10,171,588 10,171,588 — 10,171,588 — — Held-to-maturity securities 16,832,133 16,576,613 — 16,576,613 — — Advances (3) 73,553,162 73,499,705 — 73,499,705 — — Mortgage loans held for portfolio 7,108,334 6,369,152 — 6,359,230 9,922 — Accrued interest receivable 535,564 535,564 — 535,564 — — Derivative assets 101,991 101,991 — 154,978 — (52,987) Liabilities: Deposits 1,113,704 1,109,999 — 1,109,999 — — Consolidated Obligations: Discount Notes (4) 23,690,526 23,689,599 — 23,689,599 — — Bonds (5) 91,756,430 90,983,204 — 90,983,204 — — Mandatorily redeemable capital stock 17,314 17,314 17,314 — — — Accrued interest payable 422,886 422,886 — 422,886 — — Derivative liabilities 9,831 9,831 — 57,773 — (47,942) (1) For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. (2) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. (3) Includes (in thousands) $214,035 of Advances recorded under the fair value option at December 31, 2023. (4) Includes (in thousands) $14,085,003 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2023. (5) Includes (in thousands) $20,657,254 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2023. |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements (in thousands) Fair Value Measurements at March 31, 2024 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 1,003,820 $ — $ 1,003,820 $ — $ — GSE obligations 1,477,252 — 1,477,252 — — U.S. obligation single-family MBS 31 — 31 — — Total trading securities 2,481,103 — 2,481,103 — — Available-for-sale securities: U.S. Treasury obligations 6,577,735 — 6,577,735 — — GSE obligations 119,042 — 119,042 — — GSE multi-family MBS 2,412,717 — 2,412,717 — — Total available-for-sale securities 9,109,494 — 9,109,494 — — Advances 239,652 — 239,652 — — Derivative assets: Interest rate related 40,933 — 200,402 — (159,469) Mortgage delivery commitments 170 — 170 — — Total derivative assets 41,103 — 200,572 — (159,469) Total assets at fair value $ 11,871,352 $ — $ 12,030,821 $ — $ (159,469) Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 8,330,273 $ — $ 8,330,273 $ — $ — Bonds 12,315,622 — 12,315,622 — — Total Consolidated Obligations 20,645,895 — 20,645,895 — — Derivative liabilities: Interest rate related 382 — 53,586 — (53,204) Mortgage delivery commitments 28 — 28 — — Total derivative liabilities 410 — 53,614 — (53,204) Total liabilities at fair value $ 20,646,305 $ — $ 20,699,509 $ — $ (53,204) (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. Fair Value Measurements at December 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Recurring fair value measurements - Assets Trading securities: U.S. Treasury obligations $ 248,688 $ — $ 248,688 $ — $ — GSE obligations 1,497,009 — 1,497,009 — — U.S. obligation single-family MBS 45 — 45 — — Total trading securities 1,745,742 — 1,745,742 — — Available-for-sale securities: U.S. Treasury obligations 7,611,819 — 7,611,819 — — GSE obligations 119,912 — 119,912 — — GSE multi-family MBS 2,439,857 — 2,439,857 — — Total available-for-sale securities 10,171,588 — 10,171,588 — — Advances 214,035 — 214,035 — — Derivative assets: Interest rate related 100,789 — 153,776 — (52,987) Mortgage delivery commitments 1,202 — 1,202 — — Total derivative assets 101,991 — 154,978 — (52,987) Total assets at fair value $ 12,233,356 $ — $ 12,286,343 $ — $ (52,987) Recurring fair value measurements - Liabilities Consolidated Obligations: Discount Notes $ 14,085,003 $ — $ 14,085,003 $ — $ — Bonds 20,657,254 — 20,657,254 — — Total Consolidated Obligations 34,742,257 — 34,742,257 — — Derivative liabilities: Interest rate related 9,825 — 57,767 — (47,942) Mortgage delivery commitments 6 — 6 — — Total derivative liabilities 9,831 — 57,773 — (47,942) Total liabilities at fair value $ 34,752,088 $ — $ 34,800,030 $ — $ (47,942) (1) Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. |
Fair Value Option, Disclosures [Table Text Block] | 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 2024 2023 Advances $ (4,504) $ 33 Consolidated Discount Notes 1,414 (16,548) Consolidated Bonds (5,509) (18,297) Total net gains (losses) $ (8,599) $ (34,812) March 31, 2024 December 31, 2023 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 $ 239,620 $ 239,652 $ 32 $ 209,620 $ 214,035 $ 4,415 Consolidated Discount Notes 8,471,969 8,330,273 (141,696) 14,193,486 14,085,003 (108,483) Consolidated Bonds 12,149,000 12,315,622 166,622 20,481,000 20,657,254 176,254 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments [Table Text Block] | Off-Balance Sheet Commitments (in thousands) March 31, 2024 December 31, 2023 Notional Amount Expire within one year Expire after one year Total Expire within one year Expire after one year Total Letters of Credit $ 49,176,761 $ 441,117 $ 49,617,878 $ 46,707,728 $ 389,930 $ 47,097,658 Commitments to purchase mortgage loans 66,237 — 66,237 100,924 — 100,924 Unsettled Consolidated Bonds, principal amount (1) 19,000 — 19,000 — — — Unsettled Consolidated Discount Notes, principal amount (1) 150,000 — 150,000 — — — (1) Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. |
Transactions with Other FHLBa_2
Transactions with Other FHLBanks (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Loans to other FHLBanks $ 16,484 $ 41,667 |
Transactions with Stockholders
Transactions with Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Balance % of Total Principal Principal Balance JPMorgan Chase Bank, N.A. $ 673 14 % $ 14,000 $ — U.S. Bank, N.A. 584 12 10,000 6 Keybank, N.A. 507 11 9,836 — Fifth Third Bank 301 6 4,501 — Third Federal Savings & Loan Association 240 5 4,933 22 Regulatory Capital Stock Advance MPP Unpaid December 31, 2023 Balance % of Total Principal Principal Balance U.S. Bank, N.A. $ 858 18 % $ 10,000 $ 7 JPMorgan Chase Bank, N.A. 673 14 14,000 — Keybank, N.A. 526 11 9,836 — Third Federal Savings & Loan Association 255 5 5,008 23 |
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, 2024 December 31, 2023 Balance % of Total (1) Balance % of Total (1) Advances $ 7,738 10.6 % $ 7,309 9.9 % MPP 47 0.7 47 0.7 Regulatory capital stock 507 10.8 431 8.9 (1) |
Background Information (Details
Background Information (Details) | Mar. 31, 2024 Banks |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Investments Narrative (Details)
Investments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Amortized Cost of Sold Securities, Excluding Accrued Interest | 965,153 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | 966,289 | $ 0 | |
Net gains (losses) on sales of available-for-sale securities | 1,136 | 0 | |
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Amortized Cost, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Interest-bearing Deposits [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 7,978 | $ 8,627 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Federal Funds Sold [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 2,779 | $ 3,006 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Securities Borrowed or Purchased under Agreements to Resell [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 1,090 | $ 2,373 | |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Investments Trading Securities
Investments Trading Securities by Major Security Type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 2,481,103 | $ 1,745,742 |
US Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,003,820 | 248,688 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,477,252 | 1,497,009 |
Other Than Mortgage Backed Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,481,072 | 1,745,697 |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 31 | 45 |
Collateralized Mortgage Backed Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 31 | $ 45 |
Investments Trading Securitie_2
Investments Trading Securities Net Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Trading, Unrealized Gain (Loss) | $ (15,106) | $ 25,360 |
Debt Securities, Trading, Realized Gain (Loss) | 1,312 | 0 |
Debt Securities, Trading, Gain (Loss) | $ (13,794) | $ 25,360 |
Investments AFS Securities by M
Investments AFS Securities by Major Security Type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 9,131,043 | $ 10,247,585 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12,571 | 1,236 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (34,120) | (77,233) | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 46,948 | $ 47,969 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 6,570,152 | $ 7,630,467 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8,812 | 564 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,229) | (19,212) | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,577,735 | 7,611,819 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 117,954 | 119,366 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,088 | 575 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (29) | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 119,042 | 119,912 | |
Other Than Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 6,688,106 | 7,749,833 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 9,900 | 1,139 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,229) | (19,241) | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,696,777 | 7,731,731 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,442,937 | 2,497,752 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,671 | 97 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (32,891) | (57,992) | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,412,717 | 2,439,857 | |
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,442,937 | 2,497,752 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,671 | 97 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (32,891) | (57,992) | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 2,412,717 | $ 2,439,857 | |
[1] Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $46,948 and $47,969 at March 31, 2024 and December 31, 2023, respectively. |
Investments AFS Securities in a
Investments AFS Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 336,190 | $ 6,841,846 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (723) | (27,182) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,846,441 | 2,109,001 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (33,397) | (50,051) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,182,631 | 8,950,847 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (34,120) | (77,233) |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 133,286 | 5,738,322 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (40) | (14,385) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,205,076 | 907,749 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,189) | (4,827) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,338,362 | 6,646,071 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,229) | (19,212) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,478 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (29) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 4,478 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (29) | |
Other Than Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 133,286 | 5,738,322 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (40) | (14,385) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,205,076 | 912,227 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,189) | (4,856) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,338,362 | 6,650,549 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,229) | (19,241) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 202,904 | 1,103,524 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (683) | (12,797) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,641,365 | 1,196,774 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (32,208) | (45,195) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,844,269 | 2,300,298 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (32,891) | (57,992) |
Collateralized Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 202,904 | 1,103,524 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (683) | (12,797) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,641,365 | 1,196,774 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (32,208) | (45,195) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,844,269 | 2,300,298 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (32,891) | $ (57,992) |
Investments AFS Securities by C
Investments AFS Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 9,131,043 | $ 10,247,585 |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Total | 9,109,494 | 10,171,588 | |
Other Than Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 5,968,388 | 7,010,815 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 713,363 | 728,761 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 6,355 | 10,257 | |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 6,688,106 | 7,749,833 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 5,975,311 | 6,994,480 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 715,015 | 726,993 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 6,451 | 10,258 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Total | 6,696,777 | 7,731,731 | |
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 2,442,937 | 2,497,752 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | [2] | 2,442,937 | 2,497,752 |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Total | 2,412,717 | 2,439,857 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | [2] | $ 2,412,717 | $ 2,439,857 |
[1] Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $46,948 and $47,969 at March 31, 2024 and December 31, 2023, respectively. MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. |
Investments AFS Securities by I
Investments AFS Securities by Interest Rate Payment Terms (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | $ 9,131,043 | $ 10,247,585 |
Other Than Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 6,688,106 | 7,749,833 |
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 2,442,937 | 2,497,752 |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 6,688,106 | 7,749,833 | |
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | $ 2,442,937 | $ 2,497,752 | |
[1] Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of (in thousands) $46,948 and $47,969 at March 31, 2024 and December 31, 2023, respectively. |
Investments HTM Securities by M
Investments HTM Securities by Major Security Type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 16,538,542 | $ 16,832,133 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | [2] | 16,538,542 | 16,832,133 |
Held-to-maturity Securities, Unrecognized Holding Gain | 11,568 | 25,283 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (305,325) | (280,803) | |
Debt Securities, Held-to-maturity, Fair Value | 16,244,785 | 16,576,613 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 67,243 | $ 68,866 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
US Treasury Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | $ 48,021 | $ 49,078 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 48,021 | 49,078 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (34) | (6) | |
Debt Securities, Held-to-maturity, Fair Value | 47,987 | 49,072 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 48,021 | 49,078 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 48,021 | 49,078 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (34) | (6) | |
Debt Securities, Held-to-maturity, Fair Value | 47,987 | 49,072 | |
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 1,084,078 | 1,109,265 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 1,084,078 | 1,109,265 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (147,853) | (129,457) | |
Debt Securities, Held-to-maturity, Fair Value | 936,225 | 979,808 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 16,490,521 | 16,783,055 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 16,490,521 | 16,783,055 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 11,568 | 25,283 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (305,291) | (280,797) | |
Debt Securities, Held-to-maturity, Fair Value | 16,196,798 | 16,527,541 | |
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 3,268,527 | 3,146,571 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 3,268,527 | 3,146,571 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 7,810 | 23,124 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (93,208) | (79,336) | |
Debt Securities, Held-to-maturity, Fair Value | 3,183,129 | 3,090,359 | |
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [1] | 12,137,916 | 12,527,219 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 12,137,916 | 12,527,219 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 3,758 | 2,159 | |
Held-to-maturity Securities, Unrecognized Holding Loss | (64,230) | (72,004) | |
Debt Securities, Held-to-maturity, Fair Value | $ 12,077,444 | $ 12,457,374 | |
[1] Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $67,243 and $68,866 at March 31, 2024 and December 31, 2023, respectively. Carrying value equals amortized cost. |
Investments HTM Securitites by
Investments HTM Securitites by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Total | [1] | $ 16,538,542 | $ 16,832,133 |
Debt Securities, Held-to-maturity, Fair Value | 16,244,785 | 16,576,613 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling within One Year | [1] | 48,021 | 49,078 |
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling after One through Five Years | [1] | 0 | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years | [1] | 0 | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years | [1] | 0 | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | [1] | 48,021 | 49,078 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 48,021 | 49,078 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value | 47,987 | 49,072 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 0 | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 0 | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 47,987 | 49,072 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, without Single Maturity Date | [1],[2] | 16,490,521 | 16,783,055 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 16,490,521 | 16,783,055 | |
Debt Securities, Held-to-maturity, Fair Value | 16,196,798 | 16,527,541 | |
Debt Securities, Held-to-maturity, Maturity, without Single Maturity Date, Fair Value | [2] | $ 16,196,798 | $ 16,527,541 |
[1] Carrying value equals amortized cost. 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. |
Investments HTM Securities by I
Investments HTM Securities by Interest Rate Payment Terms (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | $ 16,538,542 | $ 16,832,133 |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 48,021 | 49,078 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | [1] | 16,490,521 | 16,783,055 |
Fixed-rate [Member] | Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 48,021 | 49,078 | |
Fixed-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 4,218,708 | 4,118,328 | |
Variable-rate [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | $ 12,271,813 | $ 12,664,727 | |
[1] Carrying value equals amortized cost. Amortized cost of held-to-maturity securities includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of (in thousands) $67,243 and $68,866 at March 31, 2024 and December 31, 2023, respectively. |
Advances Narrative (Details)
Advances Narrative (Details) - Federal Home Loan Bank Advances Receivable [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Federal Home Loan Bank, Advances [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 0 | $ 0 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 0 | $ 0 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Financial Asset, Past Due | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 0 | $ 0 |
Advances (Advance Redemption Te
Advances (Advance Redemption Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Federal Home Loan Bank, Advances [Line Items] | |||
Overdrawn demand deposit accounts | $ 0 | $ 458 | |
Due in 1 year or less | 30,421,409 | 31,560,442 | |
Due after 1 year through 2 years | 14,929,186 | 10,707,268 | |
Due after 2 years through 3 years | 14,980,228 | 17,456,336 | |
Due after 3 years through 4 years | 5,605,854 | 4,668,018 | |
Due after 4 years through 5 years | 5,875,133 | 7,677,484 | |
Thereafter | 1,490,101 | 1,567,786 | |
Federal Home Loan Bank, Advances, Par Value, Total | 73,301,911 | 73,637,792 | |
Commitment Fees on Advances | (79) | (81) | |
Federal Home Loan Bank Advances, Discount | (1,343) | (1,463) | |
Hedging adjustments | (379,721) | (87,501) | |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | 32 | 4,415 | |
Advances | [1] | $ 72,920,800 | $ 73,553,162 |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 0% | 5.54% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date | 5.38% | 5.42% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date | 5.34% | 5.18% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date | 5.09% | 5.28% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date | 3.95% | 3.90% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date | 5.31% | 5.05% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date | 2.50% | 2.52% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date | 5.14% | 5.15% | |
Federal Home Loan Bank Advances Receivable [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 357,362 | $ 366,930 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
[1] Carrying values exclude accrued interest receivable of (in thousands) $357,362 and $366,930 at March 31, 2024 and December 31, 2023, respectively. |
Advances (Year of Contractual M
Advances (Year of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 0 | $ 458 |
Federal Home Loan Bank Advances, Earlier of Contractual Maturity or Next Call Date, Due With in Next Rolling Twelve Months | 33,421,409 | 34,560,442 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Two | 17,942,686 | 15,207,268 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Three | 8,999,348 | 9,988,956 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Four | 9,592,354 | 8,668,018 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due in Rolling Year Five | 1,856,013 | 3,644,864 |
Federal Home Loan Bank Advances Earlier of Contractual Maturity or Next Call Date Due After Rolling Year Five | 1,490,101 | 1,567,786 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 73,301,911 | $ 73,637,792 |
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, 2024 | Dec. 31, 2023 |
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 0 | $ 458 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due within One Year of Balance Sheet Date | 30,891,409 | 31,985,442 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From One To Two Years of Balance Sheet Date | 14,964,186 | 10,772,268 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Two To Three Years of Balance Sheet Date | 14,985,228 | 17,471,336 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Three To Four Years of Balance Sheet Date | 5,605,854 | 4,668,018 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due From Four To Five Years of Balance Sheet Date | 5,765,133 | 7,577,484 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put Date, Due After Five Years of Balance Sheet Date | 1,090,101 | 1,162,786 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 73,301,911 | $ 73,637,792 |
Advances (Advances by Interest
Advances (Advances by Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Advances [Abstract] | |||
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Fixed Rate | [1] | $ 43,115,779 | $ 42,114,739 |
Federal Home Loan Bank Advances, Maturities by Interest Rate Type, Floating Rate | [1] | 30,186,132 | 31,523,053 |
Federal Home Loan Bank, Advances, Par Value, Total | $ 73,301,911 | $ 73,637,792 | |
[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, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 73,301,911 | $ 73,637,792 |
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 | $ 43,270,000 | $ 42,845,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 59% | 58% |
JPMorgan Chase Bank, National Association | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 14,000,000 | $ 14,000,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 19% | 19% |
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 | $ 10,000,000 | $ 10,000,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 14% | 14% |
Keybank National Association | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 9,836,000 | $ 9,836,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 13% | 13% |
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 | $ 4,933,000 | $ 5,008,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 7% | 7% |
Fifth Third Bank | Federal Home Loan Bank Borrower Advances, Five Percent Or More Of Principal Balance [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 4,501,000 | $ 4,001,000 |
Concentration Risk, Percentage, Five Percent or More Of Principal Balance | 6% | 5% |
Mortgage Loans Narrative (Detai
Mortgage Loans Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 331 | 316 | |
Mortgage Purchase Program [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 895 | $ 1,793 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 331 | $ 316 |
Mortgage Loans Mortgage Loans H
Mortgage Loans Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Unamortized Premiums | $ 147,391 | $ 146,380 | |
Loans and Leases Receivable, Unamortized Discounts | (4,051) | (3,200) | |
Loans and Leases Receivable, Hedging Basis Adjustment | [1] | 5,766 | 5,353 |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 7,171,442 | 7,108,334 | |
Conventional Mortgage Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 6,929,094 | 6,863,020 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 7,077,553 | 7,010,875 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (331) | (316) | |
Federal Housing Administration Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 93,573 | 97,097 | |
Mortgage Purchase Program [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 7,022,667 | 6,960,117 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | [2] | 7,171,773 | 7,108,650 |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | (331) | (316) | |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Total | 7,171,442 | 7,108,334 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 23,848 | $ 23,193 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Single Family [Member] | Loans Receivable With Fixed Rates Of Interest Medium Term [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | [3] | $ 455,922 | $ 462,554 |
Single Family [Member] | Loans Receivable With Fixed Rates Of Interest Long Term [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | [4] | $ 6,566,745 | $ 6,497,563 |
[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. Excludes accrued interest receivable of (in thousands) $23,848 and $23,193 at March 31, 2024 and December 31, 2023, respectively. Medium-term is defined as an original term of 15 years or less. Long-term is defined as an original term of greater than 15 years up to 30 years. |
Mortgage Loans Members with Fiv
Mortgage Loans Members with Five Percent or More of Mortgage Loans (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Union Savings Bank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 1,527 | $ 1,513 |
Percent of Total | 22% | 22% |
FirstBank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 715 | $ 725 |
Percent of Total | 10% | 10% |
Guardian Saving Bank FSB [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 409 | $ 405 |
Percent of Total | 6% | 6% |
The Huntington National Bank | ||
Participating Mortgage Loans [Line Items] | ||
Unpaid Principal Balances Greater Than Five Percent of Total | $ 401 | $ 404 |
Percent of Total | 6% | 6% |
Mortgage Loans Mortgage Loans R
Mortgage Loans Mortgage Loans Rollforward of LRA (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Receivables [Abstract] | |
Lender Risk Account, Beginning Balance | $ 239,051 |
Lender Risk Account, Additions | 3,421 |
Lender Risk Account, Claims | (26) |
Lender Risk Account, Distributions | (2,303) |
Lender Risk Account, Ending Balance | $ 240,143 |
Mortgage Loans Mortgage Loans P
Mortgage Loans Mortgage Loans Past Due (Details) - Conventional Mortgage Loan [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 3,085,118 | $ 2,342,606 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 3,992,435 | 4,668,269 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 7,077,553 | 7,010,875 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 25,242 | 26,238 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 16,771 | 16,609 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 42,013 | 42,847 |
Performing Financial Instruments [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3,059,876 | 2,316,368 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 3,975,664 | 4,651,660 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 7,035,540 | 6,968,028 |
Past due 30-59 days delinquent | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 15,503 | 15,870 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 13,735 | 13,220 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 29,238 | 29,090 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3,595 | 2,989 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 1,682 | 821 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | 5,277 | 3,810 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,144 | 7,379 |
Financing Receivable, Originated, Current Fiscal Year and Preceding Four Fiscal Years | 1,354 | 2,568 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Total | $ 7,498 | $ 9,947 |
Mortgage Loans Mortgage Loans O
Mortgage Loans Mortgage Loans Other Delinquency Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 4,502 | $ 5,960 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.12% | 0.16% |
Mortgage Purchase Program [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 7,707 | $ 10,342 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 1,406 | 1,294 |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 4,295 | $ 5,826 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.11% | 0.14% |
Conventional Mortgage Loan [Member] | Mortgage Purchase Program [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 6,840 | $ 9,383 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 1,406 | 1,294 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance | 1,175 | 1,162 | |
Federal Housing Administration Loan [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 207 | $ 134 |
Loans and Leases Receivable, Serious Delinquencies Ratio | [2] | 0.92% | 0.98% |
Federal Housing Administration Loan [Member] | Mortgage Purchase Program [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing | [3] | $ 867 | $ 959 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | $ 0 | $ 0 |
[1] Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. 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. 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. At March 31, 2024 and December 31, 2023, (in thousands) $1,175 and $1,162, respectively, of conventional MPP loans on non-accrual status do not have a related allowance because these loans were either previously charged off to their expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans. |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | $ 64,680,410 | $ 78,494,986 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 200,572 | 154,978 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 53,614 | 57,773 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | (159,469) | [1] | (52,987) | [3] |
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (53,204) | [1] | (47,942) | [3] |
Derivative assets | 41,103 | 101,991 | |||
Derivative liabilities | 410 | 9,831 | |||
Derivative, Collateral, Cash Posted And Related Accrued Interest | 24,198 | 98,438 | |||
Derivative, Collateral, Cash Received And Related Accrued Interest | 130,463 | 103,483 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 40,866,820 | 41,383,192 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 24,304 | 9,352 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 30,082 | 34,302 | |||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 23,322,353 | 36,585,870 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 174,008 | 141,676 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 23,504 | 23,465 | |||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 425,000 | 425,000 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,090 | 2,748 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 23,813,590 | 37,111,794 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 176,268 | 145,626 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 23,532 | 23,471 | |||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount of Derivatives | 66,237 | 100,924 | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 170 | 1,202 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 28 | $ 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. Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $24,198 and $98,438 at March 31, 2024 and December 31, 2023, respectively. Cash collateral received, including accrued interest, was (in thousands) $130,463 and $103,483 at March 31, 2024 and December 31, 2023, respectively. Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Income, Federal Home Loan Bank Advances | $ 1,056,977 | $ 896,609 | |
Interest Income, Debt Securities, Available-for-sale, Operating | 144,565 | 107,111 | |
Interest Expense, Consolidated Bonds | (1,192,672) | (641,996) | |
Interest Income [Member] | Advances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Interest Settlements On Fair Value Hedges | 107,259 | 57,649 | |
Gain (Loss) on Derivative | 292,032 | (157,811) | |
Gain (Loss) on Hedged Item | (292,222) | 157,839 | |
Price Alignment Amount On Fair Value Hedges, Net | [1] | (4,377) | (4,420) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 102,692 | 53,257 | |
Interest Income [Member] | Available-for-sale Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Interest Settlements On Fair Value Hedges | 96,968 | 70,361 | |
Gain (Loss) on Derivative | 159,858 | (209,116) | |
Gain (Loss) on Hedged Item | (159,049) | 209,272 | |
Price Alignment Amount On Fair Value Hedges, Net | [1] | (13,143) | (10,578) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 84,634 | 59,939 | |
Interest Expense [Member] | Consolidated Obligation Bonds [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Interest Settlements On Fair Value Hedges | (9,088) | (7,859) | |
Gain (Loss) on Derivative | (16,491) | 11,891 | |
Gain (Loss) on Hedged Item | 16,438 | (11,952) | |
Price Alignment Amount On Fair Value Hedges, Net | [1] | (25) | 162 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (9,166) | $ (7,758) | |
[1]This amount is for derivatives for which variation margin is characterized as a daily settled contract. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Derivative Fair Value Hedges (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Hedged Liability, Fair Value Hedge | [1] | $ 2,282,003 | $ 2,271,192 |
Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Asset, Fair Value Hedge | [1] | 28,176,695 | 28,017,560 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (380,204) | (88,047) | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 483 | 546 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (379,721) | $ (87,501) | |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Advances (includes $239,652 and $214,035 at fair value under fair value option) | Advances (includes $239,652 and $214,035 at fair value under fair value option) | |
Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Asset, Fair Value Hedge | [1] | $ 9,105,680 | $ 10,222,924 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (894,865) | (775,129) | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 15,477 | 16,064 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (879,388) | $ (759,065) | |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Available-for-sale securities (amortized cost of $9,131,043 and $10,247,585 and includes $806,963 and $819,794 pledged as collateral that may be repledged) | Available-for-sale securities (amortized cost of $9,131,043 and $10,247,585 and includes $806,963 and $819,794 pledged as collateral that may be repledged) | |
Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Liability, Active Fair Value Hedge, Cumulative Increase (Decrease) | $ (18,672) | $ (2,234) | |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (18,672) | $ (2,234) | |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Bonds (includes $12,315,622 and $20,657,254 at fair value under fair value option) | Bonds (includes $12,315,622 and $20,657,254 at fair value under fair value option) | |
[1]Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes fair value hedging adjustments. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivatives in Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | $ 20,973 | $ (7,916) | |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 18,166 | 2,586 | |
Interest Rate Swaption [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (657) | (4,501) | |
Net Interest Settlements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 5,367 | (5,009) | |
Forward Contracts [Member] | Mortgage Receivable [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | (361) | 127 | |
Derivatives Not Designated As Hedging Before Price Alignment [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | 22,515 | (6,797) | |
Price Alignment Amount [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives not designated as hedging instruments | [1] | $ (1,542) | $ (1,119) |
[1]This amount is for derivatives for which variation margin is characterized as a daily settled contract. |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Offsetting of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | $ (159,469) | [1] | $ (52,987) | [3] |
Derivative assets | 41,103 | 101,991 | |||
Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | [4] | 41,103 | 101,991 | ||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (53,204) | [1] | (47,942) | [3] |
Derivative liabilities | 410 | 9,831 | |||
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | [4] | 410 | 596 | ||
Derivative Liabilities, Additional Net Exposure, Collateral Pledged to Counterparties in Excess of Net Liabilities | 806,963 | 810,559 | |||
Uncleared derivatives | |||||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Total Gross Amount | 178,528 | 149,580 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | (172,209) | (139,559) | |||
Derivative Asset, Not Subject to Master Netting Arrangement | [5] | 170 | 1,202 | ||
Derivative assets | 6,489 | 11,223 | |||
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset | 0 | 0 | |||
Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | [4] | 6,489 | 11,223 | ||
Derivative Liability, Total Gross Amount | 42,128 | 42,910 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | (41,746) | (42,320) | |||
Derivative Liability, Not Subject to Master Netting Arrangement | [5] | 28 | 6 | ||
Derivative liabilities | 410 | 596 | |||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Security Not Offset | 0 | 0 | |||
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | [4] | 410 | 596 | ||
Cleared derivatives | |||||
Offsetting Assets [Line Items] | |||||
Derivative Asset, Total Gross Amount | 21,874 | 4,196 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | 12,740 | 86,572 | |||
Derivative Asset, Not Subject to Master Netting Arrangement | [5] | 0 | 0 | ||
Derivative assets | 34,614 | 90,768 | |||
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset | 0 | 0 | |||
Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | [4] | 34,614 | 90,768 | ||
Derivative Liability, Total Gross Amount | 11,458 | 14,857 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | (11,458) | (5,622) | |||
Derivative Liability, Not Subject to Master Netting Arrangement | [5] | 0 | 0 | ||
Derivative liabilities | 0 | 9,235 | |||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Security Not Offset | 0 | 9,235 | |||
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | [4] | $ 0 | $ 0 | ||
[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. Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $24,198 and $98,438 at March 31, 2024 and December 31, 2023, respectively. Cash collateral received, including accrued interest, was (in thousands) $130,463 and $103,483 at March 31, 2024 and December 31, 2023, respectively. Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the FHLB with the same counterparty. |
Consolidated Obligations Discou
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | |||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | $ 18,237,647 | $ 23,690,526 | |
Discount Notes [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 18,468,269 | $ 23,837,675 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | [1] | 5.12% | 5.22% |
[1] Represents an implied rate without consideration of concessions. |
Consolidated Obligations Bonds
Consolidated Obligations Bonds by Original Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 91,868,171 | $ 91,756,430 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 56,644,405 | 59,008,905 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 25,712,000 | 23,809,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,477,500 | 2,111,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,400,500 | 1,604,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,619,000 | 1,536,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 3,851,140 | 3,502,140 |
Long-term Debt, Gross | 91,704,545 | 91,572,045 |
Debt Instrument, Unamortized Premium | 43,431 | 37,559 |
Debt Instrument, Unamortized Discount | (27,755) | (27,194) |
Debt Valuation Adjustment for Hedging Activities | (18,672) | (2,234) |
Fair Value, Option, Aggregate Differences, Consolidated Obligation Bonds | 166,622 | 176,254 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 91,868,171 | $ 91,756,430 |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 5.24% | 5.30% |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 5.12% | 5.09% |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 3.33% | 3.49% |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 1.89% | 1.96% |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 3.88% | 3.45% |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 3.55% | 3.42% |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.01% | 5.04% |
Consolidated Obligations Bond_2
Consolidated Obligations Bonds by Call Feature (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 91,704,545 | $ 91,572,045 |
Noncallable or Nonputable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 65,626,545 | 63,921,045 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 26,078,000 | $ 27,651,000 |
Consolidated Obligations Bond_3
Consolidated Obligations Bonds by Contractual Maturity or Next Call Date (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 56,644,405 | $ 59,008,905 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 25,712,000 | 23,809,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,477,500 | 2,111,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 1,400,500 | 1,604,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,619,000 | 1,536,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 3,851,140 | 3,502,140 |
Long-term Debt, Gross | 91,704,545 | 91,572,045 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 72,671,405 | 69,410,905 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 12,865,000 | 16,402,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 1,709,500 | 1,648,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 287,500 | 326,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,179,000 | 1,081,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 2,992,140 | $ 2,703,140 |
Consolidated Obligations Bond_4
Consolidated Obligations Bonds by Interest-Rate Type (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 91,704,545 | $ 91,572,045 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 25,898,045 | 33,686,045 |
Adjustable Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 65,806,500 | $ 57,886,000 |
Affordable Housing Program (A_3
Affordable Housing Program (AHP) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Affordable Housing Program [Roll Forward] | ||
AHP Obligation, Beginning Balance | $ 139,807 | |
AHP, Expense (Current Year Additions) | 16,318 | $ 14,185 |
AHP Voluntary Contribution Expense | 5,000 | |
AHP, Subsidy Uses, Net | (1,845) | $ (4,234) |
AHP Obligation, Ending Balance | $ 159,280 |
Capital Narrative (Details)
Capital Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Banking Regulation, Total Capital [Abstract] | ||
Retained Earnings, Appropriated | $ 722,977 | $ 693,682 |
Capital (Details)
Capital (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Banking Regulation, Total Capital [Abstract] | ||
Risk Based Capital Required | $ 1,434,829 | $ 1,373,464 |
Risk Based Capital Actual | $ 6,389,635 | $ 6,521,334 |
Regulatory Capital Ratio, Actual | 5.39% | 5.26% |
Regulatory Capital, Required | $ 4,743,780 | $ 4,959,830 |
Regulatory Capital, Actual | $ 6,389,635 | $ 6,521,334 |
Leverage Ratio, Actual | 8.08% | 7.89% |
Leverage Capital, Required | $ 5,929,725 | $ 6,199,787 |
Leverage Capital, Actual | $ 9,584,453 | $ 9,782,001 |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Mandatorily Redeemable Capital Stock [Roll Forward] | ||
Balance at beginning period | $ 17,314 | |
Repayments of Mandatory Redeemable Capital Securities | (268) | $ (1,405) |
Balance at end of period | $ 17,046 |
Capital (Mandatorily Redeemab_2
Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Banking Regulation, Total Capital [Abstract] | |||
Due in 1 year or less | $ 9 | $ 9 | |
Due after 1 year through 2 years | 0 | 0 | |
Due after 2 years through 3 years | 7,739 | 4,915 | |
Due after 3 years through 4 years | 538 | 2,963 | |
Due after 4 years through 5 years | 2,345 | 2,865 | |
Past contractual redemption date due to remaining activity | [1] | 6,415 | 6,562 |
Total par value | $ 17,046 | $ 17,314 | |
[1] Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 6,426,683 | $ 6,502,231 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 55,584 | (3,046) | |
Reclassification adjustment for net realized (gains) losses on sale of available-for-sale securities included in net income | (1,136) | 0 | |
Total other comprehensive income (loss) adjustments | 54,456 | (3,144) | |
Ending balance | 6,349,708 | 8,007,206 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (75,997) | (48,726) | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 55,584 | (3,046) | |
Reclassification adjustment for net realized (gains) losses on sale of available-for-sale securities included in net income | (1,136) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | [1] | 0 | 0 |
Total other comprehensive income (loss) adjustments | 54,448 | (3,046) | |
Ending balance | (21,549) | (51,772) | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,340) | (614) | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 0 | 0 | |
Reclassification adjustment for net realized (gains) losses on sale of available-for-sale securities included in net income | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | [1] | 8 | (98) |
Total other comprehensive income (loss) adjustments | 8 | (98) | |
Ending balance | (1,332) | (712) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (77,337) | (49,340) | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 55,584 | (3,046) | |
Reclassification adjustment for net realized (gains) losses on sale of available-for-sale securities included in net income | (1,136) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | [1] | 8 | (98) |
Total other comprehensive income (loss) adjustments | 54,456 | (3,144) | |
Ending balance | $ (22,881) | $ (52,484) | |
[1] Included in Non-Interest Expense - Other in the Statements of Income. |
Segment Information Financial P
Segment Information Financial Performance (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Segment | Mar. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Operating Segments | Segment | 2 | |
Net interest income | $ 200,867 | $ 180,201 |
Non-interest income (loss) | 7,510 | (10,378) |
Non-interest expense | 45,581 | 28,226 |
Income (loss) before assessments | 162,796 | 141,597 |
Affordable Housing Program assessments | 16,318 | 14,185 |
Net income | 146,478 | 127,412 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 177,621 | 146,489 |
Non-interest income (loss) | 8,527 | (6,004) |
Non-interest expense | 41,156 | 25,449 |
Income (loss) before assessments | 144,992 | 115,036 |
Affordable Housing Program assessments | 14,538 | 11,529 |
Net income | 130,454 | 103,507 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 23,246 | 33,712 |
Non-interest income (loss) | (1,017) | (4,374) |
Non-interest expense | 4,425 | 2,777 |
Income (loss) before assessments | 17,804 | 26,561 |
Affordable Housing Program assessments | 1,780 | 2,656 |
Net income | $ 16,024 | $ 23,905 |
Segment Information Asset Balan
Segment Information Asset Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 118,594,490 | $ 123,995,738 |
Traditional Member Finance [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 111,131,872 | 116,828,245 |
Mortgage Purchase Program [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 7,462,618 | $ 7,167,493 |
Fair Value Disclosures Narrativ
Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 |
Fair Value Disclosures Fair V_2
Fair Value Disclosures Fair Value Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |||
Assets | |||||
Cash and Due from Banks | $ 19,590 | $ 20,824 | |||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | [1] | 16,538,542 | 16,832,133 | ||
Debt Securities, Held-to-maturity, Fair Value | 16,244,785 | 16,576,613 | |||
Accrued interest receivable | 536,496 | 535,564 | |||
Derivative assets | 41,103 | 101,991 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [3] | (159,469) | [2] | (52,987) | [4] |
Liabilities | |||||
Mandatorily redeemable capital stock | 17,046 | 17,314 | |||
Accrued Interest Payable, Fair Value Disclosure | 500,461 | 422,886 | |||
Derivative liabilities | 410 | 9,831 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [3] | (53,204) | [2] | (47,942) | [4] |
Fair Value Option Election | |||||
Assets | |||||
Advances, Fair Value Disclosure | 239,652 | 214,035 | |||
Consolidated Obligation Bonds [Member] | Fair Value Option Election | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 12,315,622 | 20,657,254 | |||
Discount Notes [Member] | Fair Value Option Election | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 8,330,273 | 14,085,003 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 19,590 | 20,824 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under resale agreements | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |||
Advances | 0 | [5] | 0 | [6] | |
Mortgage loans held for portfolio, net | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Mandatorily redeemable capital stock | 17,046 | 17,314 | |||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 0 | [7] | 0 | [8] | |
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 0 | [9] | 0 | [10] | |
Fair Value, Inputs, Level 2 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 0 | 0 | |||
Interest-bearing deposits | 1,725,190 | 1,875,037 | |||
Securities purchased under resale agreements | 1,762,402 | 5,242,482 | |||
Federal funds sold | 6,255,000 | 6,774,000 | |||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Debt Securities, Held-to-maturity, Fair Value | 16,244,785 | 16,576,613 | |||
Advances | 72,964,164 | [5] | 73,499,705 | [6] | |
Mortgage loans held for portfolio, net | 6,319,119 | 6,359,230 | |||
Accrued interest receivable | 536,496 | 535,564 | |||
Derivative assets | 200,572 | 154,978 | |||
Liabilities | |||||
Deposits | 1,098,380 | 1,109,999 | |||
Mandatorily redeemable capital stock | 0 | 0 | |||
Accrued Interest Payable, Fair Value Disclosure | 500,461 | 422,886 | |||
Derivative liabilities | 53,614 | 57,773 | |||
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 91,055,639 | [7] | 90,983,204 | [8] | |
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 18,237,262 | [9] | 23,689,599 | [10] | |
Fair Value, Inputs, Level 3 [Member] | |||||
Assets | |||||
Cash and Due from Banks | 0 | 0 | |||
Interest-bearing deposits | 0 | 0 | |||
Securities purchased under resale agreements | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |||
Advances | 0 | [5] | 0 | [6] | |
Mortgage loans held for portfolio, net | 7,373 | 9,922 | |||
Accrued interest receivable | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Mandatorily redeemable capital stock | 0 | 0 | |||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 0 | [7] | 0 | [8] | |
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 0 | [9] | 0 | [10] | |
Carrying Value | |||||
Assets | |||||
Cash and Due from Banks | 19,590 | [11] | 20,824 | [12] | |
Interest-bearing deposits | 1,725,190 | [11] | 1,875,037 | [12] | |
Securities purchased under resale agreements | 1,762,400 | [11] | 5,242,480 | [12] | |
Federal funds sold | 6,255,000 | [11] | 6,774,000 | [12] | |
Trading securities | 2,481,103 | [11] | 1,745,742 | [12] | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | [11] | 10,171,588 | [12] | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 16,538,542 | [11] | 16,832,133 | [12] | |
Advances | 72,920,800 | [5],[11] | 73,553,162 | [6],[12] | |
Mortgage loans held for portfolio, net | 7,171,442 | [11] | 7,108,334 | [12] | |
Accrued interest receivable | 536,496 | [11] | 535,564 | [12] | |
Derivative assets | 41,103 | [11] | 101,991 | [12] | |
Liabilities | |||||
Deposits | 1,098,432 | [11] | 1,113,704 | [12] | |
Mandatorily redeemable capital stock | 17,046 | [11] | 17,314 | [12] | |
Accrued Interest Payable, Fair Value Disclosure | 500,461 | [11] | 422,886 | [12] | |
Derivative liabilities | 410 | [11] | 9,831 | [12] | |
Carrying Value | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 91,868,171 | [7],[11] | 91,756,430 | [8],[12] | |
Carrying Value | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | 18,237,647 | [9],[11] | 23,690,526 | [10],[12] | |
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Cash and Due from Banks | 19,590 | 20,824 | |||
Interest-bearing deposits | 1,725,190 | 1,875,037 | |||
Securities purchased under resale agreements | 1,762,402 | 5,242,482 | |||
Federal funds sold | 6,255,000 | 6,774,000 | |||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Debt Securities, Held-to-maturity, Fair Value | 16,244,785 | 16,576,613 | |||
Advances | 72,964,164 | [5] | 73,499,705 | [6] | |
Mortgage loans held for portfolio, net | 6,326,492 | 6,369,152 | |||
Accrued interest receivable | 536,496 | 535,564 | |||
Derivative assets | 41,103 | 101,991 | |||
Liabilities | |||||
Deposits | 1,098,380 | 1,109,999 | |||
Mandatorily redeemable capital stock | 17,046 | 17,314 | |||
Accrued Interest Payable, Fair Value Disclosure | 500,461 | 422,886 | |||
Derivative liabilities | 410 | 9,831 | |||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Bonds | 91,055,639 | [7] | 90,983,204 | [8] | |
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | |||||
Liabilities | |||||
Consolidated Obligations, Discount Notes | $ 18,237,262 | [9] | $ 23,689,599 | [10] | |
[1] Carrying value equals amortized cost. 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. Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $24,198 and $98,438 at March 31, 2024 and December 31, 2023, respectively. Cash collateral received, including accrued interest, was (in thousands) $130,463 and $103,483 at March 31, 2024 and December 31, 2023, respectively. 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. Includes (in thousands) $239,652 of Advances recorded under the fair value option at March 31, 2024. Includes (in thousands) $214,035 of Advances recorded under the fair value option at December 31, 2023. Includes (in thousands) $12,315,622 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2024. Includes (in thousands) $20,657,254 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2023. Includes (in thousands) $8,330,273 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2024. Includes (in thousands) $14,085,003 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2023. For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. For certain financial instruments, the amounts represent net carrying value, which include an allowance for credit losses. |
Fair Value Disclosures Fair V_3
Fair Value Disclosures Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | $ 2,481,103 | $ 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Derivative assets | 41,103 | 101,991 | |||
Derivative Asset, Netting Adjustments And Cash Collateral | [2] | (159,469) | [1] | (52,987) | [3] |
Derivative liabilities | 410 | 9,831 | |||
Derivative Liability, Netting Adjustments And Cash Collateral | [2] | (53,204) | [1] | (47,942) | [3] |
US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,003,820 | 248,688 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,577,735 | 7,611,819 | |||
US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,477,252 | 1,497,009 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 119,042 | 119,912 | |||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 31 | 45 | |||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,412,717 | 2,439,857 | |||
Fair Value Option Election | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 239,652 | 214,035 | |||
Fair Value Option Election | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 12,315,622 | 20,657,254 | |||
Fair Value Option Election | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 8,330,273 | 14,085,003 | |||
Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | (159,469) | [4] | (52,987) | [5] | |
Derivative Liability, Netting Adjustments And Cash Collateral | (53,204) | [4] | (47,942) | [5] | |
Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Netting Adjustments And Cash Collateral | (159,469) | [4] | (52,987) | [5] | |
Derivative Liability, Netting Adjustments And Cash Collateral | (53,204) | [4] | (47,942) | [5] | |
Fair Value, Recurring [Member] | Fair Value Option Election | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Advances, Fair Value Disclosure | 239,652 | 214,035 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 20,645,895 | 34,742,257 | |||
Fair Value, Recurring [Member] | Fair Value Option Election | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 12,315,622 | 20,657,254 | |||
Fair Value, Recurring [Member] | Fair Value Option Election | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 8,330,273 | 14,085,003 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | [6] | 0 | [7] | |
Fair Value, Inputs, Level 1 [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | [8] | 0 | [9] | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assets at fair value | 0 | 0 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Derivative assets | 200,572 | 154,978 | |||
Derivative liabilities | 53,614 | 57,773 | |||
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 | 91,055,639 | [6] | 90,983,204 | [7] | |
Fair Value, Inputs, Level 2 [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 18,237,262 | [8] | 23,689,599 | [9] | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Advances, Fair Value Disclosure | 239,652 | 214,035 | |||
Derivative assets | 200,572 | 154,978 | |||
Total assets at fair value | 12,030,821 | 12,286,343 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 20,645,895 | 34,742,257 | |||
Derivative liabilities | 53,614 | 57,773 | |||
Total liabilities at fair value | 20,699,509 | 34,800,030 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 12,315,622 | 20,657,254 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 8,330,273 | 14,085,003 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 200,402 | 153,776 | |||
Derivative liabilities | 53,586 | 57,767 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 170 | 1,202 | |||
Derivative liabilities | 28 | 6 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,003,820 | 248,688 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,577,735 | 7,611,819 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,477,252 | 1,497,009 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 119,042 | 119,912 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 31 | 45 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,412,717 | 2,439,857 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | [6] | 0 | [7] | |
Fair Value, Inputs, Level 3 [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | [8] | 0 | [9] | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Advances, Fair Value Disclosure | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Total assets at fair value | 0 | 0 | |||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Total liabilities at fair value | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Derivative assets | 41,103 | 101,991 | |||
Derivative liabilities | 410 | 9,831 | |||
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Bonds | 91,055,639 | [6] | 90,983,204 | [7] | |
Estimate of Fair Value Measurement [Member] | Discount Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Consolidated Obligations, Discount Notes | 18,237,262 | [8] | 23,689,599 | [9] | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 2,481,103 | 1,745,742 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,109,494 | 10,171,588 | |||
Derivative assets | 41,103 | 101,991 | |||
Total assets at fair value | 11,871,352 | 12,233,356 | |||
Derivative liabilities | 410 | 9,831 | |||
Total liabilities at fair value | 20,646,305 | 34,752,088 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 40,933 | 100,789 | |||
Derivative liabilities | 382 | 9,825 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 170 | 1,202 | |||
Derivative liabilities | 28 | 6 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,003,820 | 248,688 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,577,735 | 7,611,819 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1,477,252 | 1,497,009 | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 119,042 | 119,912 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 31 | 45 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 2,412,717 | $ 2,439,857 | |||
[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. Amounts represent the application of the netting requirements that allow the FHLB to settle positive and negative positions, and also cash collateral, including accrued interest, held or placed by the FHLB with the same clearing agent and/or counterparty. Cash collateral posted, including accrued interest, was (in thousands) $24,198 and $98,438 at March 31, 2024 and December 31, 2023, respectively. Cash collateral received, including accrued interest, was (in thousands) $130,463 and $103,483 at March 31, 2024 and December 31, 2023, respectively. 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. 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. 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. Includes (in thousands) $12,315,622 of Consolidated Obligation Bonds recorded under the fair value option at March 31, 2024. Includes (in thousands) $20,657,254 of Consolidated Obligation Bonds recorded under the fair value option at December 31, 2023. Includes (in thousands) $8,330,273 of Consolidated Obligation Discount Notes recorded under the fair value option at March 31, 2024. Includes (in thousands) $14,085,003 of Consolidated Obligation Discount Notes recorded under the fair value option at December 31, 2023. |
Fair Value Disclosures Fair V_4
Fair Value Disclosures Fair Value Impact on Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (8,599) | $ (34,812) |
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) | (4,504) | 33 |
Discount Notes [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1,414 | (16,548) |
Consolidated Obligation Bonds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (5,509) | $ (18,297) |
Fair Value Disclosures Fair V_5
Fair Value Disclosures Fair Value Difference Between Fair Value and Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 239,620 | $ 209,620 |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | 32 | 4,415 |
Fair Value Option Election | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Advances, Fair Value Disclosure | 239,652 | 214,035 |
Consolidated Obligation Bonds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option, Principle Balance, Consolidated Obligation Bonds | 12,149,000 | 20,481,000 |
Fair Value Option, Aggregate Differences, Consolidated Obligations Bonds | 166,622 | 176,254 |
Consolidated Obligation Bonds [Member] | Fair Value Option Election | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Consolidated Obligations, Bonds, Fair Value | 12,315,622 | 20,657,254 |
Discount Notes [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option, Principal Balance, Consolidated Obligation Discount Notes | 8,471,969 | 14,193,486 |
Fair Value Option, Aggregate Differences, Consolidated Obligation Discount Notes | (141,696) | (108,483) |
Discount Notes [Member] | Fair Value Option Election | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Consolidated Obligations, Discount Notes, Fair Value | $ 8,330,273 | $ 14,085,003 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Other Liabilities | $ 363,335 | $ 418,557 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other Liabilities | $ 12,927 | $ 11,775 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | $ 49,176,761 | $ 46,707,728 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 441,117 | 389,930 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 49,617,878 | 47,097,658 | |
Forward Contracts [Member] | Mortgage Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 66,237 | 100,924 | |
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 | 66,237 | 100,924 | |
Consolidated Obligation Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 19,000 | 0 |
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] | 19,000 | 0 |
Discount Notes [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 150,000 | 0 |
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] | $ 150,000 | $ 0 |
[1] Expiration is based on settlement period rather than underlying contractual maturity of Consolidated Obligations. |
Transactions with Other FHLBa_3
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Other Transactions [Line Items] | |||
Loans to other FHLBanks | $ 0 | $ 0 | |
Loans from Other Federal Home Loan Banks | 0 | $ 0 | |
Par Amount of Bonds Transferred from Other Federal Home Loan Banks | 0 | $ 250,000 | |
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 | $ 16,484 | $ 41,667 |
Transactions with Stockholder_2
Transactions with Stockholders (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Other Transactions [Line Items] | |||
Advances | $ 73,301,911 | $ 73,637,792 | |
Mortgage Purchase Program [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 7,022,667 | 6,960,117 | |
Director [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Advances | $ 7,738,000 | $ 7,309,000 | |
Federal Home Loan Bank Advances, Percent of Principal | [1] | 10.60% | 9.90% |
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance, Percent of Total | [1] | 0.70% | 0.70% |
Regulatory Capital Stock, Value | $ 507,000 | $ 431,000 | |
Regulatory Capital Stock, Percent of Total | [1] | 10.80% | 8.90% |
Director [Member] | Mortgage Purchase Program [Member] | |||
Schedule of Other Transactions [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | $ 47,000 | $ 47,000 | |
[1] Percentage of total principal (Advances), unpaid principal balance (MPP), and regulatory capital stock. |
Transactions with Stockholder_3
Transactions with Stockholders (Concentrations) (Details) $ in Thousands | Mar. 31, 2024 USD ($) Banks | Dec. 31, 2023 USD ($) |
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 73,301,911 | $ 73,637,792 |
JPMorgan Chase Bank, National Association | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 673,000 | $ 673,000 |
Concentration Risk, Percentage | 14% | 14% |
JPMorgan Chase Bank, National Association | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 14,000,000 | $ 14,000,000 |
JPMorgan Chase Bank, National Association | 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 | $ 584,000 | $ 858,000 |
Concentration Risk, Percentage | 12% | 18% |
U.S. Bank, N.A. [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 10,000,000 | $ 10,000,000 |
U.S. Bank, N.A. [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 6,000 | 7,000 |
Keybank National Association | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 507,000 | $ 526,000 |
Concentration Risk, Percentage | 11% | 11% |
Keybank National Association | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 9,836,000 | $ 9,836,000 |
Keybank National Association | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 0 | 0 |
Fifth Third Bank | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 301,000 | |
Concentration Risk, Percentage | 6% | |
Fifth Third Bank | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 4,501,000 | |
Fifth Third Bank | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | 0 | |
Third Federal Savings and Loan Association [Member] | Capital Stock Ownership By Third Party [Member] | ||
Concentration Risk [Line Items] | ||
Regulatory Capital Stock, Value | $ 240,000 | $ 255,000 |
Concentration Risk, Percentage | 5% | 5% |
Third Federal Savings and Loan Association [Member] | Advances to Members and Former Members [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | $ 4,933,000 | $ 5,008,000 |
Third Federal Savings and Loan Association [Member] | Mortgage Purchase Program [Member] | ||
Concentration Risk [Line Items] | ||
Federal Home Loan Bank, Mortgage Purchase Program, Unpaid Principal Balance | $ 22,000 | $ 23,000 |
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 |