Federal Home Loan Bank Of New York 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document and Entity Information
Entity Registrant Name	Federal Home Loan Bank of New York
Entity Central Index Key	1,329,842
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		64,091,923
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Statements of Condition

Statements of Condition - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and due from banks (Note 3)	$ 86,567	$ 127,403
Securities purchased under agreements to resell (Note 4)	4,050,000	2,700,000
Federal funds sold (Note 4)	11,300,000	10,326,000
Trading securities (Note 5) (Includes $239,868 pledged as collateral at March 31, 2018 and 239,064 at December 31, 2017)	2,241,243	1,641,568
Equity Investments (Note 6)	48,909
Available-for-sale securities, net of unrealized gains of $5,129 at March 31, 2018 and $10,178 at December 31, 2017 (Note 7)	504,403	577,269
Held-to-maturity securities (Note 8) (Includes $5,471 pledged as collateral at March 31, 2018 and $5,728 at December 31, 2017)	18,161,918	17,824,533
Advances (Note 9) (Includes $751,568 at March 31, 2018 and $2,205,624 at December 31, 2017 at fair value under the fair value option)	112,201,969	122,447,805
Mortgage loans held-for-portfolio, net of allowance for credit losses of $697 at March 31, 2018 and $992 at December 31, 2017 (Note 10)	2,879,506	2,896,976
Accrued interest receivable	250,998	226,981
Premises, software, and equipment	30,412	29,697
Derivative assets (Note 17)	117,676	112,742
Other assets	8,005	7,398
Total assets	151,881,606	158,918,372
Deposits (Note 11)
Interest-bearing demand	1,259,598	1,142,056
Non-interest-bearing demand	17,035	17,999
Term	33,000	36,000
Total deposits	1,309,633	1,196,055
Consolidated obligations, net (Note 12)
Bonds (Includes $129,721 at March 31, 2018 and $1,131,074 at December 31, 2017 at fair value under the fair value option)	85,655,531	99,288,048
Discount notes (Includes $1,566,028 at March 31, 2018 and $2,312,621 at December 31, 2017 at fair value under the fair value option)	56,509,976	49,613,671
Total consolidated obligations	142,165,507	148,901,719
Mandatorily redeemable capital stock (Note 14)	18,764	19,945
Accrued interest payable	147,257	162,176
Affordable Housing Program (Note 13)	137,256	131,654
Derivative liabilities (Note 17)	17,634	61,607
Other liabilities	202,853	204,178
Total liabilities	143,998,904	150,677,334
Commitments and Contingencies (Notes 14, 17 and 19)
Capital (Note 14)
Capital stock ($100 par value), putable, issued and outstanding shares: 63,114 at March 31, 2018 and 67,500 at December 31, 2017	6,311,396	6,750,005
Retained earnings
Unrestricted	1,070,847	1,067,097
Restricted (Note 14)	504,430	479,185
Total retained earnings	1,575,277	1,546,282
Total accumulated other comprehensive income (loss)	(3,971)	(55,249)
Total capital	7,882,702	8,241,038
Total liabilities and capital	$ 151,881,606	$ 158,918,372

Statements of Condition (Parent

Statements of Condition (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale securities, unrealized gains	$ 5,129	$ 10,178
Advances, at fair value under the fair value option	751,568	2,205,624
Mortgage loans held-for-portfolio, allowance for credit losses	697	992
Bonds, at fair value under the fair value option	129,721	1,131,074
Discount notes, at fair value under the fair value option	$ 1,566,028	$ 2,312,621
Capital stock, par value (in dollars per share)	$ 100	$ 100
Capital stock, putable (in shares)	63,114	67,500
Capital stock, issued (in shares)	63,114	67,500
Capital stock, outstanding (in shares)	63,114	67,500
Pledged as collateral
Trading securities pledged as collateral	$ 239,868	$ 239,064
Held-to-maturity securities pledged as collateral	$ 5,471	$ 5,728

Statements of Income

Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest income
Advances, net (Note 9)	$ 546,460	$ 316,771
Interest-bearing deposits	64	35
Securities purchased under agreements to resell (Note 4)	10,109	3,305
Federal funds sold (Note 4)	67,518	27,601
Trading securities (Note 5)	9,124	139
Available-for-sale securities (Note 7)	2,845	2,251
Held-to-maturity securities (Note 8)	110,315	86,419
Mortgage loans held-for-portfolio (Note 10)	24,203	22,858
Loans to other FHLBanks (Note 20)	7	8
Total interest income	770,645	459,387
Interest expense
Consolidated obligation bonds (Note 12)	366,174	206,484
Consolidated obligation discount notes (Note 12)	207,380	77,173
Deposits (Note 11)	3,505	1,824
Mandatorily redeemable capital stock (Note 14)	333	404
Cash collateral held and other borrowings	234	53
Total interest expense	577,626	285,938
Net interest income before provision for credit losses	193,019	173,449
Provision (Reversal) for credit losses on mortgage loans	(380)	(301)
Net interest income after provision for credit losses	193,399	173,750
Other income (loss)
Service fees and other	3,721	3,252
Instruments held at fair value - Unrealized gains (losses) (Note 18)	(53)	1,719
Net realized and unrealized gains (losses) on derivatives and hedging activities (Note 17)	(18,800)	(702)
Net gains (losses) on Trading securities	(3,201)	(52)
Fair value gains (losses) on Equity Investments (Note 6)	(260)
Provision for litigation settlement on derivative contracts		(70,000)
Total other income (loss)	(18,593)	(65,783)
Other expenses
Operating	9,957	8,478
Compensation and benefits	18,768	17,366
Finance Agency and Office of Finance	4,259	3,776
Other expenses	1,535	1,008
Total other expenses	34,519	30,628
Income before assessments	140,287	77,339
Affordable Housing Program Assessments (Note 13)	14,062	7,774
Net income	$ 126,225	$ 69,565
Basic earnings per share (Note 15) (in dollars per share)	$ 1.93	$ 1.12
Cash dividends paid per share (in dollars per share)	$ 1.64	$ 1.42

Statements of Comprehensive Inc

Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statements of Comprehensive Income
Net Income	$ 126,225	$ 69,565
Other Comprehensive income (loss)
Net change in unrealized gains (losses) on available-for-sale securities	(125)	2,704
Net change in non-credit portion of other-than-temporary impairment losses on held-to-maturity securities
Accretion of non-credit portion of OTTI	875	5,864
Total net change in non-credit portion of other-than-temporary impairment losses on held-to-maturity securities	875	5,864
Net change in unrealized gains/losses relating to hedging activities
Unrealized gains (losses)	54,738	10,086
Reclassification of losses included in net income	35	309
Total net change in unrealized gains (losses) relating to hedging activities	54,773	10,395
Net change in pension and postretirement benefits	679	340
Total other comprehensive income (loss)	56,202	19,303
Total comprehensive income	$ 182,427	$ 88,868

Statements of Capital (Equity)

Statements of Capital (Equity) - USD ($) shares in Thousands, $ in Thousands		Capital StockCapital Stock Class B		Total Retained Earnings	Unrestricted Retained Earnings	Restricted Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2016		$ 6,307,766	[1]	$ 1,411,965	$ 1,028,674	$ 383,291	$ (95,650)	$ 7,624,081
Balance (in shares) at Dec. 31, 2016		63,077
Increase (decrease) in shareholders' equity
Proceeds from issuance of capital stock		$ 987,901	[1]					987,901
Proceeds from issuance of capital stock (in shares)		9,879
Repurchase/redemption of capital stock		$ (1,321,651)	[1]					(1,321,651)
Repurchase/redemption of capital stock (in shares)		(13,216)
Shares reclassified to mandatorily redeemable capital stock		$ (215)	[1]					(215)
Shares reclassified to mandatorily redeemable capital stock (in shares)		(2)
Cash dividends ($1.64 and $1.42 per share for the three months ended March 31,2018 and March 31, 2017 respectively) on capital stock				(86,953)	(86,953)			(86,953)
Comprehensive income				69,565	52,736	16,829	19,303	88,868
Balance at Mar. 31, 2017		$ 5,973,801	[1]	1,394,577	994,457	400,120	(76,347)	7,292,031
Balance (in shares) at Mar. 31, 2017		59,738
Balance at Dec. 31, 2017		$ 6,750,005	[1]	1,546,282	1,067,097	479,185	(55,249)	8,241,038
Balance (in shares) at Dec. 31, 2017		67,500
Increase (decrease) in shareholders' equity
Proceeds from issuance of capital stock		$ 1,871,635	[1]					1,871,635
Proceeds from issuance of capital stock (in shares)		18,716
Repurchase/redemption of capital stock		$ (2,310,120)	[1]					(2,310,120)
Repurchase/redemption of capital stock (in shares)		(23,101)
Shares reclassified to mandatorily redeemable capital stock		$ (124)	[1]					(124)
Shares reclassified to mandatorily redeemable capital stock (in shares)		(1)
Cash dividends ($1.64 and $1.42 per share for the three months ended March 31,2018 and March 31, 2017 respectively) on capital stock				(102,154)	(102,154)			(102,154)
Comprehensive income				126,225	100,980	25,245	56,202	182,427
Balance at Mar. 31, 2018		$ 6,311,396	[1]	1,575,277	1,070,847	$ 504,430	(3,971)	$ 7,882,702
Balance (in shares) at Mar. 31, 2018		63,114
Increase (decrease) in shareholders' equity
Adjustments to opening balances | ASU 2016-01	[2]			$ 4,924	$ 4,924		$ (4,924)
[1]	Putable stock
[2]	Cumulative catch-up adjustment upon adoption of ASU 2016-01 relating to change in the designation of funds in the grantor trusts from AFS to Equity Investments.

Statements of Capital (Parenthe

Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statements of Capital
Cash dividends on capital stock (in dollars per share)	$ 1.64	$ 1.42

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net Income		$ 126,225	$ 69,565
Depreciation and amortization:
Net premiums and discounts on consolidated obligations, investments, mortgage loans and other adjustments		63,213	(5,143)
Concessions on consolidated obligations		721	1,067
Premises, software, and equipment		1,286	911
Provision for litigation settlement on derivative contracts			70,000
Provision/(Reversal) for credit losses on mortgage loans		(380)	(301)
Change in net fair value adjustments on derivatives and hedging activities		124,780	12,917
Net realized and unrealized losses on trading securities		3,201	52
Change in fair value on Equity Investments		260
Change in fair value adjustments on financial instruments held at fair value		53	(1,655)
Net change in:
Accrued interest receivable		(24,305)	(9,599)
Derivative assets due to accrued interest		(22,499)	(8,651)
Derivative liabilities due to accrued interest		31,886	463
Other assets		(770)	1,282
Affordable Housing Program liability		5,602	(7,250)
Accrued interest payable		(14,919)	15,621
Other liabilities		5,145	5,209
Total adjustments		173,274	74,923
Net cash provided by operating activities		299,499	144,488
Net change in:
Interest-bearing deposits		(12,100)	28,851
Securities purchased under agreements to resell		(1,350,000)	540,000
Federal funds sold		(974,000)	(6,125,000)
Deposits with other FHLBanks		104	114
Premises, software, and equipment		(2,002)	(9,233)
Trading securities:
Purchased (a)	[1]	(596,033)
Proceeds from sales			100,164
Equity Investments (b):
Purchased	[2]	(838)
Proceeds from sales	[2]	505
Available-for-sale securities (b):
Purchased	[2]		(1,733)
Repayments	[2]	24,197	36,871
Proceeds from sales	[2]		483
Held-to-maturity securities(c):
Purchased	[3]	(1,080,812)	(1,016,232)
Repayments	[3]	742,028	504,307
Advances:
Principal collected		249,613,786	216,325,400
Made		(239,644,909)	(208,589,243)
Mortgage loans held-for-portfolio:
Principal collected		65,246	68,375
Purchased		(49,152)	(110,027)
Proceeds from sales of REO		316	663
Net change in loans to other FHLBanks			255,000
Net cash provided by investing activities		6,736,336	2,008,760
Net change in:
Deposits and other borrowings		124,512	71,829
Derivative contracts with financing element		(2,727)	(4,552)
Consolidated obligation bonds:
Proceeds from issuance		26,598,486	18,342,032
Payments for maturing and early retirement		(40,136,378)	(16,954,757)
Consolidated obligation discount notes:
Proceeds from issuance		288,894,082	218,868,864
Payments for maturing		(282,012,702)	(222,055,972)
Capital stock:
Proceeds from issuance of capital stock		1,871,635	987,901
Payments for repurchase/redemption of capital stock		(2,310,120)	(1,321,651)
Redemption of mandatorily redeemable capital stock		(1,305)	(11,144)
Cash dividends paid (d)	[4]	(102,154)	(86,953)
Net cash used in financing activities		(7,076,671)	(2,164,403)
Net decrease in cash and due from banks		(40,836)	(11,155)
Cash and due from banks at beginning of the period (e)	[5]	127,403	151,769
Cash and due from banks at end of the period (e)	[5]	86,567	140,614
Supplemental disclosures:
Interest paid		366,398	207,446
Interest paid for Discount Notes (f)	[6]	183,461	67,407
Affordable Housing Program payments (g)	[7]	8,460	15,024
Transfers of mortgage loans to real estate owned		49	313
Capital stock subject to mandatory redemption reclassified from equity		$ 124	215
Securities traded but not settled			$ 270,565
[1]	Ambac corporate notes at fair values of $3.6 million were received as non-cash considerations on mortgage-backed securities insured by the Ambac Corporation. The notes were designated as Trading Securities.
[2]	Equity Investments at fair values of $48.6 million were recorded at January 1, 2018 as a non-cash transfer from the available-for-sale category to Equity Investments upon adoption of ASU 2016-01. The ASU requires certain equity investments to be measured at fair value through earnings, thus eliminating eligibility for the available-for-sale category. Upon implementation of the ASU, a $4.9 million cumulative catch-up adjustment, representing net valuation gain at December 31, 2017, was reclassified from AOCI to retained earnings at January 1, 2018.
[3]	Non-cash $0.4 million principal pay-down on a held-to-maturity MBS that was also part of the considerations received from Ambac Corporation.
[4]	Does not include payments to holders of mandatorily redeemable capital stock. Such payments are considered as interest expense and reported within operating cash flows.
[5]	Cash and due from banks did not include any restricted cash or cash equivalents. Includes pass-thru reserves at the Federal Reserve Bank of New York. See Note 3. Cash and Due from Banks for further information.
[6]	Interest paid disclosures have been supplemented for the three months ended March 31, 2018 and 2017 under the disclosure guidance provided by ASU 2016-15 Statements of Cash flows (Topic 230), “Classification of Certain Cash Receipts and Cash Payments”, which the FHLBNY adopted on January 1, 2018: the line item is the portion of the cash payments at settlement of zero-coupon Consolidated obligation discount notes.
[7]	AHP payments = (beginning accrual - ending accrual) + AHP assessment for the period; payments represent funds released to the Affordable Housing Program.

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
Supplemental disclosures:
Fair value of investments acquired	$ 3.6
Equity investments at fair value		$ 48.6
Principal pay-down on a held-to-maturity	$ 0.4
Adjustment | ASU 2016-01
Supplemental disclosures:
Cumulative catch-up adjustment to opening balances		$ 4.9

Background, Tax Status. Assessm

Background, Tax Status. Assessments.	3 Months Ended
	Mar. 31, 2018
Background, Tax Status. Assessments.
Background, Tax Status. Assessments.	Background The Federal Home Loan Bank of New York (“FHLBNY” or “the Bank”) is a federally chartered corporation, and is one of 11 district Federal Home Loan Banks (“FHLBanks”). The FHLBanks are U.S. government-sponsored enterprises (“GSEs”), organized under the authority of the Federal Home Loan Bank Act of 1932, as amended (“FHLBank Act”). Each FHLBank is a cooperative owned by member institutions located within a defined geographic district. The FHLBNY’s defined geographic district is New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. Tax Status. The FHLBanks, including the FHLBNY, are exempt from ordinary federal, state, and local taxation except for real property taxes. Assessments. Affordable Housing Program (“AHP”) Assessments — Each FHLBank, including the FHLBNY, provides subsidies in the form of direct grants and below-market interest rate advances to members, who use the funds to assist in the purchase, construction or rehabilitation of housing for very low-, low- and moderate-income households. Annually, the 11 FHLBanks must allocate the greater of $100 million or 10% of their regulatory defined net income for the Affordable Housing Program.

Significant Accounting Policies

Significant Accounting Policies and Estimates.	3 Months Ended
	Mar. 31, 2018
Significant Accounting Policies and Estimates.
Significant Accounting Policies and Estimates.	Note 1. Significant Accounting Policies and Estimates. Basis of Presentation The accompanying financial statements of the Federal Home Loan Bank of New York have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) and with the instructions provided by the Securities and Exchange Commission (“SEC”). Significant Accounting Policies and Estimates The FHLBNY has identified certain accounting policies that it believes are significant because they require management to make subjective judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or by using different assumptions. These policies include estimating the allowance for credit losses on the advance and mortgage loan portfolios, evaluating the impairment of the FHLBNY’s securities portfolios, and estimating fair values of certain assets and liabilities. Other than the recently adopted policies as discussed below, there have been no significant changes to accounting policies from those identified in Note 1. Significant Accounting Policies and Estimates in Notes to the Financial Statements in the Bank’s most recent Form 10-K filed on March 22, 2018, which contains a summary of the Bank’s significant accounting policies and estimates. Recently Adopted Significant Accounting Policies Recognition and Measurement of Financial Assets and Financial Liabilities . In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, as an amendment to Financial Instruments — Overall (Subtopic 825-10). The amendments provide guidance on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU requires entities to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. To evaluate this provision, we have analyzed the FHLBank issued Consolidated obligation debt (“CO debt”), for which the fair value option has been elected, and have estimated the instrument-specific credit risk of CO debt as deminimis, if any, and accordingly no cumulative catch-up reclassification was necessary upon adoption at January 1, 2018. The ASU also requires certain equity investments to be measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the current available-for-sale category. Our analysis of this provision in the ASU identified certain mutual fund assets in grantor trusts that were designated as available-for-sale and subject to this provision of the ASU. The adoption of the guidance on January 1, 2018, resulted in an immaterial cumulative catch-up reclassification of the fair values of the trust assets from AOCI to retained earnings. Prior period financial statements would not be subject to restatement under the transition provisions of this ASU. Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, (Topic 606): Revenue from Contracts with Customers . The FASB and the International Accounting Standards Board (“IASB”) initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”) that would remove inconsistencies and improve comparability of revenue recognition practices across entities and industries, and provide more useful information to users of financial statements through improved disclosure requirements. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides entities with the option of using either of the following adoption methods: a full retrospective method, retrospectively to each prior reporting period presented; or a modified retrospective method, retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. The FHLBNY elected to use the modified retrospective method to adopt the guidance as of January 1, 2018. Our net income is derived principally from net interest income on financial assets and liabilities, which is explicitly excluded from the scope of this guidance. Certain other streams of non-interest revenues, which relate to fee revenues from commitments and financial letters of credit, were evaluated and we have concluded that such fees and associated expenses are out of scope of the standard and therefore will not be impacted by the adoption of this guidance. We have also analyzed the recognition of gains and losses when mortgage loans are foreclosed and transferred to real estate owned status (“OREO”), and have concluded that while such line items are in-scope of the standard, adoption resulted in an immaterial impact on our financial condition, results of operations, and cash flows. For information on policies adopted in 2017, see Recently Adopted Significant Accounting Policies in Note 1 in the Bank’s most recent Form 10-K filed on March 22, 2018.

Recently Issued Accounting Stan

Recently Issued Accounting Standards and Interpretations.	3 Months Ended
	Mar. 31, 2018
Recently Issued Accounting Standards and Interpretations.
Recently Issued Accounting Standards and Interpretations.	Note 2. Recently Issued Accounting Standards and Interpretations. Derivatives and Hedging. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815). The FASB has issued this ASU with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, the amendments in this ASU make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The amendments in this guidance are effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the FHLBNY). While early application is permitted in any interim period after issuance of the ASU, the FHLBNY has elected to not early adopt the guidances under the ASU. While the FHLBNY is in the process of evaluating this ASU, we expect to realize operational benefits upon adoption, and potentially to also benefit from expanded hedging opportunities permitted under the ASU. Other than changes in disclosures required under the ASU, the FHLBNY does not believe adoption will have a material effect on its financial condition, results of operations, and cash flows. Accounting for Financial Instruments — Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326). The ASU introduces a new accounting model, the Current Expected Credit Losses model (“CECL”), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The FASB’s CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. For available-for-sale securities where fair value is less than cost, credit-related impairment, if any, will be recognized in an allowance for credit losses and adjusted each period for changes in expected credit risk. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. We are in the process of evaluating this guidance. The CECL model represents a significant departure from existing GAAP, but we do not expect adoption will have a material impact on our financial condition, results of operations, and cash flows. This guidance is effective for interim and annual periods beginning on January 1, 2020. Early application is permitted as of the interim and annual reporting periods beginning after December 15, 2018 (January 1, 2019 for the FHLBNY). The FHLBNY does not intend to early adopt the ASU. Lease Accounting. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which is intended to increase transparency and comparability of accounting for lease transactions. The ASU will require lessees to recognize all leases on the balance sheet as lease assets and lease liabilities and will require both quantitative and qualitative disclosures regarding key information about leasing arrangements. The FHLBNY will adopt the guidance on its effective date of January 1, 2019. In 2017, we entered into long-term lease contracts for our office premises in New York and New Jersey. Beginning January 1, 2019, all leases will be recognized on our balance sheet under ASU No. 2016-02 Leases (Topic 842). Recognition of the “right-to-use” asset and an offsetting lease liability for our operating leases under the ASU would have a minimal impact on our statements of condition and the statements of income upon adoption. The leasing standard is required to be applied to leases in existence as of the date of adoption, January 1, 2019, and under recent amendments to the ASU, entities may elect not to restate comparative periods.

Cash and Due from Banks.

Cash and Due from Banks.	3 Months Ended
	Mar. 31, 2018
Cash and Due from Banks.
Cash and Due from Banks.	Note 3. Cash and Due from Banks. Cash on hand, cash items in the process of collection, and amounts due from correspondent banks and the Federal Reserve Banks are included in Cash and due from banks. The FHLBNY is exempted from maintaining any required clearing balance at the Federal Reserve Bank of New York. Compensating Balances The FHLBNY maintains compensating collected cash balances at Citibank in return for certain fee based safekeeping and back office operational services that the counterparty provides to the FHLBNY. There are no restrictions on the withdrawal of funds. There was no compensating balance at March 31, 2018; at December 31, 2017, the compensating balance at Citibank included in Cash and due from banks was $41.1 million. Pass-through Deposit Reserves The FHLBNY acts as a pass-through correspondent for member institutions who are required by banking regulations to deposit reserves with the Federal Reserve Banks. Pass-through reserves deposited with Federal Reserve Banks on behalf of the members by the FHLBNY were $76.5 million at March 31, 2018 and $84.2 million at December 31, 2017. The liabilities offsetting the pass-through reserves were due to member institutions and were recorded in Other liabilities in the Statements of Condition.

Federal Funds Sold and Securiti

Federal Funds Sold and Securities Purchased Under Agreements to Resell.	3 Months Ended
	Mar. 31, 2018
Federal Funds Sold and Securities Purchased Under Agreements to Resell.
Federal Funds Sold and Securities Purchased Under Agreements to Resell.	Note 4. Federal Funds Sold and Securities Purchased Under Agreements to Resell. Federal funds sold — Federal funds sold are unsecured advances to third parties. Securities purchased under agreements to resell — As part of the FHLBNY’s banking activities, the FHLBNY may enter into secured financing transactions that mature overnight, and can be extended only at the discretion of the FHLBNY. These transactions involve the lending of cash, against which marketable securities are taken as collateral. The amount of cash loaned against the collateral is a function of the liquidity and quality of the collateral. The collateral is typically in the form of securities that meet the FHLBNY’s credit quality standards, are highly-rated and readily marketable. The FHLBNY has the ability to call for additional collateral if the value of the securities falls below a pre-defined haircut. The FHLBNY can terminate the transaction and liquidate the collateral if the counterparty fails to post the additional margin. Agreements generally allow the FHLBNY to repledge securities under certain conditions. No adjustments for instrument-specific credit risk were deemed necessary as market values of collateral were in excess of principal amounts loaned. At March 31, 2018 and December 31, 2017, the outstanding balances of Securities purchased under agreements to resell were $4.1 billion and $2.7 billion that matured overnight, and were executed through a tri-party arrangement that involved transfer of overnight funds to a segregated safekeeping account at the Bank of New York (“BONY”); BONY, acting as an independent agent on behalf of the FHLBNY and the counterparty to the transactions, assumes the responsibility of receiving eligible securities as collateral and releasing funds to the counterparty. U.S. Treasury securities, market values $4.2 billion and $2.8 billion, were received at BONY to collateralize the overnight investments at March 31, 2018 and December 31, 2017. No overnight investments had been executed bilaterally with counterparties. Securities purchased under agreements to resell averaged $2.8 billion and $2.3 billion in the three months ended March 31, 2018 and 2017. Interest income from securities purchased under agreements to resell were $10.1 million and $3.3 million for the three months ended March 31, 2018 and the same period in 2017. Transactions recorded as Securities purchased under agreements to resell (reverse repos) were accounted as collateralized financing transactions.

Trading Securities.

Trading Securities.	3 Months Ended
	Mar. 31, 2018
Trading Securities
Securities
Securities.	Note 5. Trading Securities. The carrying value of a trading security equals its fair value. The following table provides major security types at March 31, 2018 and December 31, 2017 (in thousands): Fair value March 31, 2018 December 31, 2017 GSE securities $ $ Corporate notes — U.S. Treasury notes U.S. Treasury bills Total Trading securities $ $ The FHLBNY received Ambac corporate notes from the Ambac Corporation as consideration for insurance claims on certain Ambac insured private-label mortgage-backed securities owned by the FHLBNY. The Ambac notes were designated as trading securities. The carrying values of trading securities included net unrealized fair value losses of $4.1 million at March 31, 2018 and $1.1 million at December 31, 2017. Trading Securities Pledged The FHLBNY had pledged marketable securities at fair values of $239.9 million at March 31, 2018 and $239.1 million at December 31, 2017 to derivative clearing organizations to fulfill the FHLBNY’s initial margin requirements as mandated under margin rules of the Commodities Futures Trading Commission (“CFTC”). The clearing organizations have rights to sell or repledge the collateral securities under certain conditions. Redemption Terms The remaining maturities and estimated fair values of investments classified as trading (a) were as follows (dollars in thousands): March 31, 2018 Due in one year Due after one Total Fair GSE securities $ $ — $ Corporate notes — U.S. Treasury notes — U.S. Treasury bills — Total Trading securities $ $ $ Yield on Trading securities % % December 31, 2017 Due in one year Due after one Total Fair GSE securities $ $ $ U.S. Treasury notes — U.S. Treasury bills — Total Trading securities $ (b) $ (b) $ Yield on Trading securities % % (a) We have classified investments acquired for purposes of meeting short-term contingency and other liquidity needs as trading securities, which are carried at their fair values. In accordance with Finance Agency guidance, we do not participate in speculative trading practices. (b) Total amounts for the redemption categories were revised for mathematical errors. It was not necessary to revise any other data.

Equity Investments

Equity Investments	3 Months Ended
	Mar. 31, 2018
Equity Investments
Equity Investments	Note 6. Equity Investments The carrying value of Equity Investments equals fair value. The following table provides types of funds in the grantor trusts owned by the FHLBNY (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (b) Losses (b) Value (c) Cash equivalents $ $ — $ — $ Equity funds ) Fixed income funds ) Total Equity Investments (a) $ $ $ ) $ (a) ASU 2016- 01 was adopted on January 1, 2018 and the FHLBNY made a non-cash transfer of grantor trusts to the Equity Investments category. Prior to January 1, 2018 these investments were classified as available-for-sale. The intent of the grantor trusts is to set aside cash to meet current and future payments for supplemental unfunded pension plans. Neither the pension plans nor employees of the FHLBNY own the trust. (b) Changes in unrealized gains and losses are recorded through earnings, specifically in Other income in the Statements of Income. (c) The grantor trusts invest in money market, equity and fixed income and bond funds. Daily net asset values (NAVs) are readily available and investments are redeemable at short notice. NAVs are the fair values of the funds in the grantor trusts. The portion of unrealized gains and losses for the period related to Equity Investments still held was calculated as follows (in thousands): Three Months Ended March 31, 2018 Net gains and losses recognized during the period $ ) Less: Net gains and losses recognized during the period on equity investments sold during the period — Unrealized gains and losses recognized during the reporting period on equity investments still held at the reporting date $ )

Available-for-Sale Securities.

Available-for-Sale Securities.	3 Months Ended
	Mar. 31, 2018
Available-for-Sale Securities
Securities
Securities.	Note 7. Available-for-Sale Securities. The carrying value of an AFS security equals its fair value. At March 31, 2018 and December 31, 2017, no AFS security was other-than-temporarily impaired. The following tables provide major security types (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (b) Losses (b) Value GSE and U.S. Obligations Mortgage-backed securities CMO-Floating $ $ $ — $ CMBS-Floating — Total Available-for-sale securities $ $ $ — $ December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (b) Losses (b) Value Cash equivalents (a) $ $ — $ — $ Equity funds (a) ) Fixed income funds (a) ) GSE and U.S. Obligations Mortgage-backed securities CMO-Floating — CMBS-Floating — Total Available-for-sale securities $ $ $ ) $ (a) At December 31, 2017 , funds in the FHLBNY’s grantor trusts were designated as available-for-sale. Upon adoption of ASU 2016-01, the funds were designated as Equity Investments. For more information, see Note 6. Equity Investments. (b) Recorded in AOCI — Net unrealized fair value gains were $5.1 million at March 31, 2018 and $10.2 million at December 31, 2017. Impairment Analysis of AFS Securities The FHLBNY’s portfolio of MBS classified as AFS is comprised of GSE-issued collateralized mortgage obligations and floating rate CMBS, and U.S. Agency issued MBS. The FHLBNY evaluates its GSE-issued securities by considering the creditworthiness and performance of the debt securities and the strength of the government-sponsored enterprises’ guarantees of the securities. Fair values of mortgage-backed securities in the AFS portfolio were in excess of their amortized costs at March 31, 2018, and no security was in a loss position for 12 months or longer in the first quarter 2018. Based on the analysis, GSE-issued securities are performing in accordance with their contractual agreements. The FHLBNY believes that it will recover its investments in GSE-issued securities given the current levels of collateral, credit enhancements and guarantees that exist to protect the investments. Redemption Terms Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. The amortized cost and estimated fair value (a) of investments classified as AFS, by contractual maturity, were as follows (in thousands): March 31, 2018 December 31, 2017 Amortized Cost (c) Fair Value Amortized Cost (c) Fair Value Mortgage-backed securities Due after one year through five years $ $ $ $ Due after ten years Fixed income/bond funds, equity funds and cash equivalents (b) — — Total Available-for-sale securities $ $ $ $ (a) The carrying value of AFS securities equals fair value. (b) Funds in the grantor trusts are determined to be redeemable at short notice. Fair values are the daily NAVs of the bond and equity funds. See Note 6. Equity Investments for more information. (c) Amortized cost is after adjusting for net unamortized discounts of $1.8 million and $1.9 million at March 31, 2018 and December 31, 2017. Interest Rate Payment Terms The following table summarizes interest rate payment terms of investments in mortgage-backed securities classified as AFS securities (in thousands): March 31, 2018 December 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value Mortgage-backed securities CMO floating - LIBOR $ $ $ $ CMBS floating - LIBOR Total Mortgage-backed securities (a) $ $ $ $ (a) Total will not agree to total AFS portfolio at December 31, 2017 because the grantor trusts, which primarily comprise of mutual funds, have been excluded.

Held-to-Maturity Securities.

Held-to-Maturity Securities.	3 Months Ended
	Mar. 31, 2018
Held-to-Maturity securities
Securities
Securities.	Note 8. Held-to-Maturity Securities. Major Security Types (in thousands) March 31, 2018 OTTI Gross Gross Amortized Recognized Carrying Unrecognized Unrecognized Fair Issued, guaranteed or insured: Cost (d) in AOCI Value Holding Gains (a) Holding Losses (a) Value Pools of Mortgages Fannie Mae $ $ — $ $ $ — $ Freddie Mac — — Total pools of mortgages — — Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits Fannie Mae — ) Freddie Mac — ) Ginnie Mae — — Total CMOs/REMICs — ) Commercial Mortgage-Backed Securities (b) Fannie Mae — ) Freddie Mac — ) Total commercial mortgage-backed securities — ) Non-GSE MBS (c) CMOs/REMICs ) ) Asset-Backed Securities (c) Manufactured housing (insured) — ) Home equity loans (insured) ) ) Home equity loans (uninsured) ) ) Total asset-backed securities ) ) Total MBS ) ) Other State and local housing finance agency obligations — ) Total Held-to-maturity securities $ $ ) $ $ $ ) $ December 31, 2017 OTTI Gross Gross Amortized Recognized Carrying Unrecognized Unrecognized Fair Issued, guaranteed or insured: Cost (d) in AOCI Value Holding Gains (a) Holding Losses (a) Value Pools of Mortgages Fannie Mae $ $ — $ $ $ — $ Freddie Mac — — Total pools of mortgages — — Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits Fannie Mae — ) Freddie Mac — ) Ginnie Mae — — Total CMOs/REMICs — ) Commercial Mortgage-Backed Securities (b) Fannie Mae — ) Freddie Mac — ) Total commercial mortgage-backed securities — ) Non-GSE MBS (c) CMOs/REMICs ) ) Asset-Backed Securities (c) Manufactured housing (insured) — ) Home equity loans (insured) ) ) Home equity loans (uninsured) ) ) Total asset-backed securities ) ) Total MBS ) ) Other State and local housing finance agency obligations — ) Total Held-to-maturity securities $ $ ) $ $ $ ) $ (a) Unrecognized gross holding gains and losses represent the difference between fair value and carrying value. (b) Commercial mortgage-backed securities (“CMBS”) are Agency issued securities, collateralized by income-producing “multifamily properties”. Eligible property types include standard conventional multifamily apartments, affordable multifamily housing, seniors housing, student housing, military housing, and rural rent housing. (c) The amounts represent non-agency private-label mortgage- and asset-backed securities. (d) Amortized cost — For securities that were deemed to be OTTI, amortized cost represents unamortized cost less credit OTTI, net of credit OTTI reversed due to improvements in cash flows. Certain non-Agency Private label MBS are insured by Ambac Assurance Corp (“Ambac”), MBIA Insurance Corp (“MBIA”) and Assured Guarantee Municipal Corp., (“AGM”). Assumptions on the extent of expected reliance by the FHLBNY on insurance support by Ambac, AGM and MBIA to make whole expected cash shortfalls are noted under “Monoline insurance” within this Note 8. Held-to-Maturity Securities. Securities Pledged The FHLBNY had pledged MBS, with an amortized cost basis of $5.5 million at March 31, 2018 and $5.7 million at December 31, 2017, to the FDIC in connection with deposits maintained by the FDIC at the FHLBNY. The FDIC does not have rights to sell or repledge the collateral unless the FHLBNY defaults under the terms of its deposit arrangements with the FDIC. Unrealized Losses The fair values and gross unrealized holding losses are aggregated by major security type and by the length of time the individual securities have been in a continuous unrealized loss position. Unrealized losses represent the difference between fair value and amortized cost. The baseline measure of unrealized loss is amortized cost, which is not adjusted for non-credit OTTI. Total unrealized losses in these tables will not equal unrecognized holding losses in the Major Security Types tables. Unrealized losses are calculated after adjusting for credit OTTI. In the previous tables, unrecognized holding losses are adjusted for credit and non-credit OTTI. The following tables summarize held-to-maturity securities with estimated fair values below their amortized cost basis (in thousands): March 31, 2018 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Non-MBS Investment Securities State and local housing finance agency obligations $ $ ) $ $ ) $ $ ) MBS Investment Securities MBS-GSE Fannie Mae ) ) ) Freddie Mac ) ) ) Total MBS-GSE ) ) ) MBS-Private-Label ) ) ) Total MBS ) ) ) Total $ $ ) $ $ ) $ $ ) December 31, 2017 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Non-MBS Investment Securities State and local housing finance agency obligations $ $ ) $ $ ) $ $ ) MBS Investment Securities MBS-GSE Fannie Mae ) ) ) Freddie Mac ) ) ) Total MBS-GSE ) ) ) MBS-Private-Label ) ) ) Total MBS ) ) ) Total $ $ ) $ $ ) $ $ ) The FHLBNY’s investments in housing finance agency bonds reported gross unrealized losses of $27.1 million at March 31, 2018 and $33.0 million at December 31, 2017. Management has reviewed the portfolio and has observed that the bonds are performing to their contractual terms, and has concluded that as of March 31, 2018 all of the gross unrealized losses on its housing finance agency bonds are temporary because the underlying collateral and credit enhancements are sufficient to protect the FHLBNY from losses based on current expectations. The credit enhancements may include additional support from: · Monoline Insurance · Reserve and investment funds allocated to the securities that may be used to make principal and interest payments in the event that the underlying loans pledged for these securities are not sufficient to make the necessary payments · General obligation of the State Our analyses of the fair values of HFA bonds have concluded that the market is generally pricing the bonds to the “AA municipal sector”. Based on our review, the FHLBNY expects to recover the entire amortized cost basis of these securities. Redemption Terms Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment features. The amortized cost and estimated fair value of held-to-maturity securities, arranged by contractual maturity, were as follows (in thousands): March 31, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Cost (a) Fair Value Cost (a) Fair Value State and local housing finance agency obligations Due in one year or less $ $ $ $ Due after one year through five years Due after five years through ten years Due after ten years State and local housing finance agency obligations Mortgage-backed securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Mortgage-backed securities Total Held-to-maturity securities $ $ $ $ (a) Amortized cost is after adjusting for net unamortized premiums of $50.5 million and $51.8 million (net of unamortized discounts) at March 31, 2018 and December 31, 2017. Interest Rate Payment Terms The following table summarizes interest rate payment terms of securities classified as held-to-maturity (in thousands): March 31, 2018 December 31, 2017 Amortized Carrying Amortized Carrying Cost Value Cost Value Mortgage-backed securities CMO Fixed $ $ $ $ Floating Total CMO CMBS Fixed Floating Total CMBS Pass Thru (a) Fixed Floating Total Pass Thru Total MBS State and local housing finance agency obligations Fixed Floating Total State and local housing finance agency obligations Total Held-to-maturity securities $ $ $ $ (a) Includes MBS supported by pools of mortgages. Impairment Analysis (OTTI) of GSE-issued and Private Label Mortgage-backed Securities The FHLBNY evaluates its individual securities issued by Fannie Mae, Freddie Mac and U.S. government agency, (collectively GSE-issued securities), by considering the creditworthiness and performance of the debt securities and the strength of the GSEs’ guarantees of the securities. Based on analysis, GSE-issued securities are performing in accordance with their contractual agreements. The FHLBNY believes that it will recover its investments in GSE- issued securities given the current levels of collateral, credit enhancements and guarantees that exist to protect the investments. Management evaluates its investments in private-label MBS (“PLMBS”) for OTTI on a quarterly basis by performing cash flow tests on its entire portfolio of PLMBS. OTTI — No OTTI was recorded in any periods in this report. Based on cash flow testing, the Bank believes no additional material OTTI exists for the remaining investments at March 31, 2018. The Bank’s conclusion is also based upon multiple factors, but not limited to the expected performance of the underlying collateral, and the evaluation of the fundamentals of the issuers’ financial condition. Management has not made a decision to sell such securities at March 31, 2018, and has concluded that it will not be required to sell such securities before recovery of the amortized cost basis of the securities. The following table provides rollforward information about the cumulative credit component of OTTI recognized as a charge to earnings related to held-to-maturity securities (in thousands): Three months ended March 31, 2018 2017 Beginning balance $ $ Realized credit losses ) — Increases in cash flows expected to be collected, recognized over the remaining life of the securities ) ) Ending balance $ $ Monoline insurance — Certain PLMBS owned by the FHLBNY are insured by third-party bond insurers (“monoline insurers”). The bond insurance on these investments guarantees the timely payments of principal and interest if these payments cannot be satisfied from the cash flows of the underlying mortgage pool. The FHLBNY performs cash flow credit impairment tests on all of its PLMBS, and the analysis of the securities protected by such third-party insurance looks first to the performance of the underlying security, and considers its embedded credit enhancements in the form of excess spread, overcollateralization, and credit subordination, to determine the collectability of all amounts due. If the embedded credit enhancement protections are deemed insufficient to make timely payment of all amounts due, then the FHLBNY considers the capacity of the third-party bond insurer to cover any shortfalls. Certain monoline insurers have been subject to adverse ratings, rating downgrades, and weakening financial performance measures. In estimating the insurers’ capacity to provide credit protection in the future to cover any shortfall in cash flows expected to be collected for securities deemed OTTI, the FHLBNY has developed a methodology to analyze and assess the ability of the monoline insurers to meet future insurance obligations. Based on analysis performed, the FHLBNY has determined that for bond insurer AGM, insurance guarantees can be relied upon to cover projected shortfalls. For bond insurer MBIA, financial guarantee is at risk and no financial guarantees were assumed in 2018. For bond insurer Ambac, our analysis has determined improvements in the insurer’s financial position, and we have expanded the reliance basis from 45% at December 31, 2017 to 100% at March 31, 2018 for all periods through March 31, 2024.

Advances.

Advances.	3 Months Ended
	Mar. 31, 2018
Advances.
Advances.	Note 9. Advances. The FHLBNY offers to its members a wide range of fixed- and adjustable-rate advance loan products with different maturities, interest rates, payment characteristics, and optionality. Redemption Terms Contractual redemption terms and yields of advances were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Weighted (a) Weighted (a) Average Percentage Average Percentage Amount Yield of Total Amount Yield of Total Due in one year or less $ % % $ % % Due after one year through two years Due after two years through three years Due after three years through four years Due after four years through five years Thereafter Total par value % % % % Hedge valuation basis adjustments (b) ) ) Fair value option valuation adjustments and accrued interest (c) Total $ $ (a) The weighted average yield is the weighted average coupon rates for advances, unadjusted for swaps. For floating-rate advances, the weighted average rate is the rate outstanding at the reporting dates. (b) Hedge valuation basis adjustments represent changes in the fair values of fixed-rate advances due to changes in LIBOR, which is the FHLBNY’s benchmark rate in a Fair value hedge. (c) Valuation adjustments represent changes in the entire fair values of advances elected under the FVO.

Mortgage Loans Held-for-Portfol

Mortgage Loans Held-for-Portfolio.	3 Months Ended
	Mar. 31, 2018
Mortgage Loans Held-for-Portfolio.
Mortgage Loans Held-for-Portfolio.	Note 10. Mortgage Loans Held-for-Portfolio. Mortgage Partnership Finance ® program loans, or (MPF ® ), are mortgage loans held-for-portfolio. The FHLBNY participates in the MPF program by purchasing conventional mortgage loans from its participating members, hereafter referred to as Participating Financial Institutions (“PFI”). The FHLBNY manages the liquidity, interest rate and prepayment option risk of the MPF loans, while the PFIs retain servicing activities, and may credit-enhance the portion of the loans participated to the FHLBNY. No intermediary trust is involved. The FHLBNY classifies mortgage loans as held for investment, and accordingly reports them at their principal amount outstanding net of unamortized premiums, discounts, and unrealized gains and losses from loans initially classified as mortgage loan commitments. The following table presents information on mortgage loans held-for-portfolio (dollars in thousands): March 31, 2018 December 31, 2017 Amount Percentage Amount Percentage Real Estate (a) : Fixed medium-term single-family mortgages $ % $ % Fixed long-term single-family mortgages Total par value % % Unamortized premiums Unamortized discounts ) ) Basis adjustment (b) Total mortgage loans held-for-portfolio Allowance for credit losses ) ) Total mortgage loans held-for-portfolio, net of allowance for credit losses $ $ (a) Conventional mortgages represent the majority of mortgage loans held-for-portfolio, with the remainder invested in FHA and VA insured loans (also referred to as government loans). (b) Balances represent unamortized fair value basis of closed delivery commitments. A basis adjustment is recorded at the settlement of the loan and it represents the difference in trade price paid for acquiring the loan and the price at the settlement date for a similar loan. The basis adjustment is amortized as a yield adjustment to Interest income. The FHLBNY and its members share the credit risk of MPF loans by structuring potential credit losses into layers. The first layer is typically 100 bps, but this varies with the particular MPF product. The amount of the first layer, or First Loss Account (“FLA”), was estimated at $33.7 million and $33.3 million at March 31, 2018 and December 31, 2017. The FLA is not recorded or reported as a reserve for loan losses, as it serves as a memorandum or information account. The FHLBNY is responsible for absorbing the first layer. The second layer is that amount of credit obligations that the PFI has agreed to assume at the “Master Commitment” level. The FHLBNY pays a credit enhancement fee to the PFI for taking on this obligation. The FHLBNY assumes all residual risk. Credit enhancement fees accrued were $0.6 million for the three months ended March 31, 2018 and 2017. These fees were reported as a reduction to mortgage loan interest income. In terms of the credit enhancement waterfall, the MPF program structures potential credit losses on conventional MPF loans into layers on each loan pool as follows: (1) The first layer of protection against loss is the liquidation value of the real property securing the loan. (2) The next layer of protection comes from the primary mortgage insurance (“PMI”) that is required for loans with a loan-to-value ratio greater than 80% at origination. (3) Losses that exceed the liquidation value of the real property and any PMI will be absorbed by the FHLBNY, limited to the amount of the FLA available under the Master Commitment. For certain MPF products, the FHLBNY could recover previously absorbed losses by withholding future credit enhancement fees (“CE Fees”) otherwise payable to the PFI, and applying the amounts to recover losses previously absorbed. In effect, the FHLBNY may recover losses allocated to the FLA from CE Fees. The amount of CE Fees depends on the MPF product and the outstanding balances of loans funded in the Master Commitment. CE Fees payable (and potentially available for loss recovery) will decline as the outstanding loan balances in the Master Commitment declines. (4) The second layer or portion of credit losses is incurred by the PFI and/or the Supplemental Mortgage Insurance (“SMI”) provider as follows: The PFI absorbs losses in excess of any FLA up to the amount of the PFI’s credit obligation amount and/or to the SMI provider for MPF 125 Plus products if the PFI has selected SMI coverage. (5) The third layer of losses is absorbed by the FHLBNY. Allowance Methodology for Loan Losses Allowance policy — Mortgage loans are considered impaired when, based on current information and events, it is probable that the FHLBNY will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage loan agreements. The FHLBNY considers a loan to be seriously delinquent when it is past due 90 days or more. The FHLBNY considers the occurrence of serious delinquency as a primary confirming event of a credit loss. Bankruptcy and foreclosures are also considered as confirming events. When a loan is seriously delinquent, or in bankruptcy or in foreclosure, the FHLBNY measures estimated credit losses on an individual loan basis by looking to the value of the real property collateral. For such loans, the FHLBNY believes it is probable that we will be unable to collect all contractual interest and principal in accordance with the terms of the loan agreement. For loans that have not been individually measured for estimated credit losses (i.e. they are not seriously delinquent, or in bankruptcy or in foreclosure), the FHLBNY measures estimated incurred credit losses on a collective basis and records a valuation reserve. When a loan is delinquent 180 days or more, the FHLBNY will charge-off the excess carrying value over the net realizable value of the loan because the FHLBNY deems that foreclosure is probable at 180 days delinquency. When the loan is foreclosed and the FHLBNY takes possession of real estate, the balance of the loan that has not been charged off is recorded as real estate owned at the lower of carrying value or net realizable value. Periodic review — The FHLBNY performs periodic reviews of impaired mortgage loans within the MPF loan portfolio to identify the potential for credit losses inherent in the impaired loan to determine the likelihood of collection of the principal and interest. We utilize an allowance for credit losses to reserve for estimated losses in our conventional mortgage loan portfolio (uninsured MPF loans). The measurement of our allowance for credit losses is determined by (i) reviewing certain conventional mortgage loans for impairment on an individual basis, (ii) reviewing remaining conventional mortgage loans (not individually assessed) on a collective basis, and (iii) reviewing government insured loans (FHA- and VA-insured MPF loans) on a collective basis. We compute the provision for credit losses without considering the private mortgage insurance and other accompanying credit enhancement features that provide credit assurance to the FHLBNY. · Individually evaluated conventional mortgage loans — We evaluate impaired conventional mortgage loans for impairment individually. A conventional mortgage loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The primary credit quality indicator that we use in evaluating impairment on mortgage loans includes a serious delinquency rate — MPF loans that are 90 days or more past due, in bankruptcy, or in the process of foreclosure. We also individually measure credit losses on loans that are restructured in a troubled debt restructuring involving a modification of terms. Loans discharged under Chapter 7 bankruptcy are considered TDR, and are individually measured for credit losses when seriously delinquent. We measure estimated credit impairment based on the estimated fair value of the underlying collateral, which is determined using property values, less selling costs. · Collectively evaluated conventional mortgage loans — We collectively evaluate the majority of our conventional mortgage loan portfolio for impairment (excluding those individually evaluated), and estimate an allowance for credit losses based primarily upon the following factors: (i) loan delinquencies, and (ii) actual historical loss severities. We utilize a roll-rate methodology when estimating allowance for credit losses. This methodology projects loans migrating to charge off status (180 days delinquency) based on historical average rates of delinquency. We then apply a loss severity factor to calculate an estimate of credit losses. · Collectively evaluated government insured loans — The FHLBNY invests in government-insured mortgage loans that are insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, and/or the Rural Housing Service of the Department of Agriculture. The servicer or PFI obtains and maintains insurance or a guaranty from the applicable government agency. The servicer or PFI is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable guarantee or insurance with respect to defaulted government-insured mortgage loans. Any losses incurred on these loans that are not recovered from the insurer/guarantor are absorbed by the Classes of the MPF loan portfolio would be subject to disaggregation to the extent that it is needed to understand the exposure to credit risk arising from these loans. The FHLBNY has determined that no further disaggregation of portfolio segments is needed other than the methodology discussed above. Credit Enhancement Fees The credit enhancement fee (“CE fees”) due to the PFI for taking on a credit enhancement obligation is accrued based on the master commitments outstanding. For certain MPF products, the CE fees are held back for 12 months and then paid monthly to the PFIs. Under the MPF agreements with PFIs, the FHLBNY may recover credit losses from future CE fees. The FHLBNY does not consider CE fees when computing the allowance for credit losses. It is assumed that repayment is expected to be provided solely by the sale of the underlying property, and there is no other available and reliable source of repayment. If losses were incurred, the FHLBNY would withhold CE fee payments to the PFI associated with the loan that is in a loss position. The amount withheld would be commensurate with the credit loss and the loss layer for which the PFI has assumed the credit enhancement responsibility. The FHLBNY’s loss experience has been insignificant and amounts of CE fees withheld have been insignificant in all periods in this report. Allowance for Credit Losses Allowances for credit losses have been recorded against the uninsured MPF loans. All other types of mortgage loans were insignificant and no allowances were necessary. The following table provides a rollforward analysis of the allowance for credit losses (in thousands): Three months ended March 31, 2018 2017 Allowance for credit losses: Beginning balance $ $ Charge-offs ) ) Recoveries — Provision (Reversal) for credit losses on mortgage loans ) ) Ending balance $ $ Ending balance, individually evaluated for impairment $ $ Ending balance, collectively evaluated for impairment Total Allowance for credit losses $ $ Mortgage Loans — Non-performing Loans The FHLBNY’s total MPF loans and impaired MPF loans were as follows (Unpaid principal balances (“UPB”), in thousands): March 31, 2018 December 31, 2017 Total Mortgage loans, net of allowance for credit losses (a) $ $ Non-performing mortgage loans - Conventional (a)(b) $ $ Insured MPF loans past due 90 days or more and still accruing interest (a)(b) $ $ (a) Includes loans classified as special mention, sub-standard, doubtful or loss under regulatory criteria, net of amounts charged-off if delinquent for 180 days or more. (b) Data in this table represents UPB, and would not agree to data reported in other tables at “recorded investment,” which includes interest receivable. The following summarizes the recorded investment in impaired loans (excluding insured FHA/VA loans), the unpaid principal balance, and the related allowance (individually assessed), and the average recorded investment of loans for which the related allowance was individually measured (in thousands): March 31, 2018 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (d) Conventional MPF Loans (a)(c) No related allowance (b) $ $ $ — $ With a related allowance Total individually measured for impairment $ $ $ $ December 31, 2017 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (d) Conventional MPF Loans (a)(c) No related allowance (b) $ $ $ — $ With a related allowance Total individually measured for impairment $ $ $ $ (a) Based on analysis of the nature of risks of the FHLBNY’s investments in MPF loans, including its methodologies for identifying and measuring impairment, management has determined that presenting such loans as a single class is appropriate. (b) Collateral values, net of estimated costs to sell, exceeded the recorded investments in impaired loans and no allowances were deemed necessary. (c) Interest received is not recorded as Interest income if an uninsured loan is past due 90 days or more. Cash received is recorded as a liability on the assumption that cash was remitted by the servicer to the FHLBNY that could potentially be recouped by the borrower in a foreclosure. (d) Represents the average recorded investment for the three months ended March 31, 2018 and the twelve months ended December 31, 2017. The following tables summarize the recorded investment, the unpaid principal balance, and the average recorded investment of loans for which the related allowance was collectively measured (in thousands): March 31, 2018 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (a) Collectively measured for impairment Insured loans $ $ $ — $ Uninsured loans Total loans collectively measured for impairment $ $ $ $ December 31, 2017 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (a) Collectively measured for impairment Insured loans $ $ $ — $ Uninsured loans Total loans collectively measured for impairment $ $ $ $ (a) Represents the average recorded investment for the three months ended March 31, 2018 and the twelve months ended December 31, 2017. Recorded investments in MPF loans that were past due, and real estate owned are summarized below. Recorded investment, which includes accrued interest receivable, would not equal carrying values reported elsewhere (dollars in thousands): March 31, 2018 December 31, 2017 Conventional Insured Conventional Insured MPF Loans Loans MPF Loans Loans Mortgage loans: Past due 30 - 59 days $ $ $ $ Past due 60 - 89 days Past due 90 - 179 days Past due 180 days or more Total past due Total current loans Total mortgage loans $ $ $ $ Other delinquency statistics: Loans in process of foreclosure, included above $ $ $ $ Number of foreclosures outstanding at period end Serious delinquency rate (a) % % % % Serious delinquent loans total used in calculation of serious delinquency rate $ $ $ $ Past due 90 days or more and still accruing interest $ — $ $ — $ Loans on non-accrual status $ $ — $ $ — Troubled debt restructurings: Loans discharged from bankruptcy (b) $ $ $ $ Modified loans under MPF ® program $ $ — $ $ — Real estate owned $ $ (a) Serious delinquency rate is defined as recorded investments in loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total loan class. (b) Loans discharged from Chapter 7 bankruptcies are considered as TDRs.

Deposits.

Deposits.	3 Months Ended
	Mar. 31, 2018
Deposits.
Deposits.	Note 11. Deposits. The FHLBNY accepts demand, overnight and term deposits from its members. Also, a member that services mortgage loans may deposit funds collected in connection with the mortgage loans as a pending disbursement to the owners of the mortgage loans. The following table summarizes deposits (in thousands): March 31, 2018 December 31, 2017 Interest-bearing deposits Interest-bearing demand $ $ Term (a) Total interest-bearing deposits Non-interest-bearing demand Total deposits (b) $ $ (a) Term deposits were for periods of one year or less. (b) Specific disclosures about deposits that exceed FDIC limits have been omitted as deposits are not insured by the FDIC. Deposits are received in the ordinary course of the FHLBNY’s business. The FHLBNY has pledged securities to the FDIC to collateralize deposits maintained at the FHLBNY by the FDIC; for more information, see Securities Pledged in Note 8. Held-to-Maturity Securities. Interest rate payment terms for deposits are summarized below (dollars in thousands): March 31, 2018 December 31, 2017 Amount Weighted (b) Amount Weighted (b) Due in one year or less Interest-bearing deposits (a) $ % $ % Non-interest-bearing deposits Total deposits $ $ (a) Primarily adjustable rate. (b) The weighted average interest rate is calculated based on the average balance.

Consolidated Obligations.

Consolidated Obligations.	3 Months Ended
	Mar. 31, 2018
Consolidated Obligations.
Consolidated Obligations.	Note 12. Consolidated Obligations. Consolidated obligations are the joint and several obligations of the FHLBanks, and consist of bonds and discount notes. The FHLBanks issue Consolidated obligations through the Office of Finance as their fiscal agent. In connection with each debt issuance, a FHLBank specifies the amount of debt it wants issued on its behalf. The Office of Finance tracks the amount of debt issued on behalf of each FHLBank. Each FHLBank separately tracks and records as a liability for its specific portion of Consolidated obligations for which it is the primary obligor. Consolidated obligation bonds (“CO bonds” or “Consolidated bonds”) are issued primarily to raise intermediate- and long-term funds for the FHLBanks and are not subject to any statutory or regulatory limits on maturity. Consolidated obligation discount notes (“CO discount notes”, “Discount notes”, or “Consolidated discount notes”) are issued primarily to raise short-term funds. Discount notes sell at less than their face amount and are redeemed at par value when they mature. The following table summarizes Consolidated obligations issued by the FHLBNY and outstanding at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Consolidated obligation bonds-amortized cost $ $ Hedge valuation basis adjustments (a) Hedge basis adjustments on terminated hedges (b) FVO (c) - valuation adjustments and accrued interest ) Total Consolidated obligation bonds $ $ Discount notes-amortized cost $ $ FVO (c) - valuation adjustments and remaining accretion Total Consolidated obligation discount notes $ $ (a) Hedge valuation basis adjustments represent changes in the fair values due to changes in LIBOR on fixed-rate bonds in a Fair value hedge. (b) Hedge basis adjustments on terminated hedges represent the unamortized balances of valuation basis of fixed-rate bonds that were previously in a qualifying hedge relationship. The valuation basis at the time of hedge termination is amortized as a yield adjustment through Interest expense. (c) Valuation adjustments represent changes in the entire fair values of bonds and discount notes elected under the FVO. Redemption Terms of Consolidated Obligation Bonds The following table is a summary of Consolidated obligation bonds outstanding by year of maturity (dollars in thousands): March 31, 2018 December 31, 2017 Weighted Weighted Average Percentage Average Percentage Maturity Amount Rate (a) of Total Amount Rate (a) of Total One year or less $ % % $ % % Over one year through two years Over two years through three years Over three years through four years Over four years through five years Thereafter Total par value % % % % Bond premiums (b) Bond discounts (b) ) ) Hedge valuation basis adjustments (c) Hedge basis adjustments on terminated hedges (d) FVO (e) - valuation adjustments and accrued interest ) Total Consolidated obligation-bonds $ $ (a) Weighted average rate represents the weighted average contractual coupons of bonds, unadjusted for swaps. (b) Amortization of CO bond premiums and discounts are recorded in interest expense as yield adjustments. (c) Hedge valuation basis adjustments represent changes in the fair values due to changes in LIBOR on fixed-rate bonds in a Fair value hedge. (d) Hedge basis adjustments on terminated hedges represent the unamortized balances of valuation basis of fixed-rate bonds that were previously in a fair value hedging relationship. Generally, when a hedging relationship is de-designated, the valuation basis is no longer adjusted for changes in the valuation of the debt for changes in the benchmark rate; instead, the basis is amortized over the debt’s remaining life, so that at maturity of the debt, the unamortized basis is reversed to zero. (e) Valuation adjustments represent changes in the entire fair values of bonds elected under the FVO. Interest Rate Payment Terms The following table summarizes types of Consolidated obligation bonds issued and outstanding (dollars in thousands): March 31, 2018 December 31, 2017 Amount Percentage Amount Percentage Fixed-rate, non-callable $ % $ % Fixed-rate, callable Step Up, callable Single-index floating rate Total par value % % Bond premiums Bond discounts ) ) Hedge valuation basis adjustments (a) Hedge basis adjustments on terminated hedges (b) FVO (c) - valuation adjustments and accrued interest ) Total Consolidated obligation-bonds $ $ (a) Hedge valuation basis adjustments represent changes in the fair values of fixed-rate CO bonds in a Fair value hedge due to changes in LIBOR. (b) Hedge basis adjustments on terminated hedges represent the unamortized balances of valuation basis of fixed-rate bonds that were previously in a hedging relationship. (c) Valuation adjustments represent changes in the entire fair values of bonds elected under the FVO. Discount Notes Consolidated obligation discount notes are issued to raise short-term funds. Discount notes are Consolidated obligations with original maturities of up to one year. These notes are issued at less than their face amount and redeemed at par when they mature. The FHLBNY’s outstanding Consolidated obligation discount notes were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Par value $ $ Amortized cost $ $ FVO (a) - valuation adjustments and remaining accretion Total discount notes $ $ Weighted average interest rate % % (a) Valuation adjustments represent changes in the entire fair values of discount notes elected under the FVO.

Affordable Housing Program.

Affordable Housing Program.	3 Months Ended
	Mar. 31, 2018
Affordable Housing Program.
Affordable Housing Program.	Note 13. Affordable Housing Program. For more information about the Affordable Housing Program and the Bank’s liability, see the Bank’s most recent Form 10-K filed on March 22, 2018. The following table provides rollforward information with respect to changes in Affordable Housing Program liabilities (in thousands): Three months ended March 31, 2018 2017 Beginning balance $ $ Additions from current period’s assessments Net disbursements for grants and programs ) ) Ending balance $ $

Capital Stock, Mandatorily Rede

Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings.	3 Months Ended
	Mar. 31, 2018
Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings.
Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings.	Note 14. Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings. The FHLBanks, including the FHLBNY, have a cooperative structure. To access the FHLBNY’s products and services, a financial institution must be approved for membership and purchase capital stock in the FHLBNY. A member’s stock requirement is generally based on its use of FHLBNY products, subject to a minimum membership requirement as prescribed by the FHLBank Act and the FHLBNY’s Capital Plan. FHLBNY stock can be issued, exchanged, redeemed and repurchased only at its stated par value of $100 per share. It is not publicly traded. An option to redeem capital stock that is greater than a member’s minimum requirement is held by both the member and the FHLBNY. The FHLBNY’s Capital Plan offers two sub-classes of Class B capital stock, membership and activity-based capital stock. Membership and Activity-based Class B capital stock have the same voting rights and dividend rates. Members can redeem Class B stock by giving five years notice. The FHLBNY’s capital plan does not provide for the issuance of Class A capital stock. The FHLBNY is subject to risk-based capital rules of the Finance Agency, the regulator of the FHLBanks. Risk-based Capital — The following table summarizes the FHLBNY’s risk-based capital ratios (dollars in thousands): March 31, 2018 December 31, 2017 Required (d) Actual Required (d) Actual Regulatory capital requirements: Risk-based capital (a)(e) $ $ $ $ Total capital-to-asset ratio % % % % Total capital (b) $ $ $ $ Leverage ratio % % % % Leverage capital (c) $ $ $ $ (a) Actual “Risk-based capital” is capital stock and retained earnings plus mandatorily redeemable capital stock. Section 932.2 of the Finance Agency’s regulations also refers to this amount as “Permanent Capital.” (b) Required “Total capital” is 4.0% of total assets. (c) The required leverage ratio of total capital to total assets should be at least 5.0%. For the purposes of determining the leverage ratio, total capital shall be computed by multiplying the Bank’s Permanent Capital by 1.5. (d) Required minimum. (e) Under regulatory guidelines issued by the Finance Agency in August 2011 that was consistent with guidance provided by other federal banking agencies with respect to capital rules, risk weights are maintained at AAA for U.S. Treasury securities and other securities issued or guaranteed by the U.S. Government, government agencies, and government-sponsored entities for purposes of calculating risk-based capital. Mandatorily Redeemable Capital Stock Generally, the FHLBNY’s capital stock is redeemable at the option of either the member or the FHLBNY subject to certain conditions, including the provisions under the accounting guidance for certain financial instruments with characteristics of both liabilities and equity. In accordance with the accounting guidance, the FHLBNY generally reclassifies the stock subject to redemption from equity to a liability once a member irrevocably exercises a written redemption right, gives notice of intent to withdraw from membership, or attains non-member status by merger or acquisition, charter termination, or involuntary termination from membership. Under such circumstances, the member shares will then meet the definition of a mandatorily redeemable financial instrument. Estimated redemption periods were as follows (in thousands): March 31, 2018 December 31, 2017 Redemption less than one year $ $ Redemption from one year to less than three years Redemption from three years to less than five years Redemption from five years or greater Total $ $ The following table provides rollforward information with respect to changes in mandatorily redeemable capital stock liabilities (in thousands): Three months ended March 31, 2018 2017 Beginning balance $ $ Capital stock subject to mandatory redemption reclassified from equity Redemption of mandatorily redeemable capital stock (a) ) ) Ending balance $ $ Accrued interest payable (b) $ $ (a) Redemption includes repayment of excess stock. (b) The annualized accrual rate was 6.50% for the three months ended March 31, 2018 and 5.65% for the three months ended March 31, 2017. Accrual rates are based on estimated dividend rates. Restricted Retained Earnings Under the FHLBank Joint Capital Enhancement Agreement (“Capital Agreement”), each FHLBank is required to set aside 20% of its Net income each quarter to a restricted retained earnings account until the balance of that account equals at least one percent of that FHLBank’s average balance of outstanding Consolidated obligations. The Capital Agreement is intended to enhance the capital position of each FHLBank. These restricted retained earnings will not be available to pay dividends. Retained earnings included $504.4 million and $479.2 million as restricted retained earnings in the FHLBNY’s Total Capital at March 31, 2018 and December 31, 2017.

Earnings Per Share of Capital.

Earnings Per Share of Capital.	3 Months Ended
	Mar. 31, 2018
Earnings Per Share of Capital.
Earnings Per Share of Capital.	Note 15. Earnings Per Share of Capital. The following table sets forth the computation of earnings per share. Basic and diluted earnings per share of capital are the same. The FHLBNY has no dilutive potential common shares or other common stock equivalents (dollars in thousands except per share amounts): Three months ended March 31, 2018 2017 Net income $ $ Net income available to stockholders $ $ Weighted average shares of capital Less: Mandatorily redeemable capital stock ) ) Average number of shares of capital used to calculate earnings per share Basic earnings per share $ $

Employee Retirement Plans.

Employee Retirement Plans.	3 Months Ended
	Mar. 31, 2018
Employee Retirement Plans.
Employee Retirement Plans.	Note 16. Employee Retirement Plans. The FHLBNY participates in the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”), a tax-qualified, defined-benefit multiemployer pension plan that covers all officers and employees of the Bank. The Bank also participates in the Pentegra Defined Contribution Plan for Financial Institutions, a tax-qualified defined contribution plan. The FHLBNY also offers two non-qualified pension plans — Benefit Equalization Plans. The two plans restore defined benefits for those employees who have had their qualified Defined Benefit Plan and their Defined Contribution Plan limited by IRS regulations. The non-qualified BEP that restores benefits to participant’s Defined Contribution Plan was introduced effective at January 1, 2017. The two non-qualified Benefit Equalization Plans (“BEP”) are unfunded. For more information about employee retirement plans, see Note 15. Employee Retirement Plans in the financial statements included in the most recent Form 10-K filed on March 22, 2018. Retirement Plan Expenses — Summary The following table presents employee retirement plan expenses for the periods ended (in thousands): Three months ended March 31, 2018 2017 Defined Benefit Plan $ $ Benefit Equalization Plans (defined benefit and defined contribution) Defined Contribution Plans Postretirement Health Benefit Plan ) ) Total retirement plan expenses $ $ Benefit Equalization Plan (BEP) Components of the net periodic pension cost for the defined benefit component of the BEP were as follows (in thousands): Three months ended March 31, 2018 2017 Service cost $ $ Interest cost Amortization of unrecognized net loss Net periodic benefit cost -Defined Benefit BEP Benefit Equalization plans - Thrift and Deferred incentive compensation plans (introduced in 2017) ) — Total $ $ Postretirement Health Benefit Plan Components of the net periodic benefit cost for the postretirement health benefit plan were as follows (in thousands): Three months ended March 31, 2018 2017 Service cost (benefits attributed to service during the period) $ $ Interest cost on accumulated postretirement health benefit obligation Amortization of loss/(gain) Amortization of prior service (credit)/cost ) ) Net periodic postretirement health benefit (income) (a) $ ) $ ) (a) Plan amendments in a prior year reduced plan obligations by $8.8 million, and the resulting gain is being amortized over an actuarially determined period, reducing net periodic benefit costs.

Derivatives and Hedging Activit

Derivatives and Hedging Activities.	3 Months Ended
	Mar. 31, 2018
Derivatives and Hedging Activities.
Derivatives and Hedging Activities.	Note 17. Derivatives and Hedging Activities. General — The FHLBNY accounts for its hedging activities in accordance with ASC 815, Derivatives and Hedging (formerly SFAS 133). As a general rule, hedge accounting is permitted where the FHLBNY is exposed to a particular risk, such as interest-rate risk that causes changes in the fair value of an asset or liability or variability in the expected future cash flows of an existing asset, liability or a forecasted transaction that may affect earnings. Derivative contracts hedging the risks associated with the changes in fair value are referred to as Fair value hedges, while contracts hedging the risks affecting the expected future cash flows are called Cash flow hedges. For more information, see Derivatives in Note 1. Significant Accounting Polices and Estimates and Note 16. Derivatives and Hedging Activities in the Bank’s most recent Form 10-K filed on March 22, 2018. The FHLBNY, consistent with the Finance Agency’s regulations, may enter into interest-rate swaps, swaptions, and interest-rate cap and floor agreements to manage its interest rate exposure inherent in otherwise unhedged assets and funding positions. We are not a derivatives dealer and do not trade derivatives for short-term profit. Typically, we execute derivatives under three hedging strategies — by designating them as a fair value or cash flow hedge of an underlying financial instrument or a forecasted transaction that qualifies for hedge accounting treatment; by acting as an intermediary; or by designating the derivative as an asset-liability management hedge (i.e. an “economic hedge”). For fair value hedges, in which derivatives hedge the fair values of assets and liabilities, changes in the fair value of derivatives are recorded in Other income in the Statements of Income, together with fair values of the hedged item related to the hedged risk. These amounts are expected to, and generally do, offset each other. For cash flow hedges, in which derivatives hedge the variability of cash flows related to floating- and fixed-rate assets, liabilities or forecasted transactions, the accounting treatment depends on the effectiveness of the hedge. To the extent these derivatives are effective in offsetting the variability of hedged cash flows, the effective portion of the changes in the derivatives’ fair values will not be included in current earnings, but is reported in AOCI. These changes in fair value will be included in earnings of future periods when the hedged cash flows impact earnings. To the extent these cash flow hedges are not effective, changes in their fair values are immediately recorded in Other income in the Statements of Income. When designating a derivative in an economic hedge, it is after considering the operational costs and benefits of executing a hedge that would qualify for hedge accounting. When entering into such hedges that do not qualify for hedge accounting, changes in fair value of the derivatives is recorded in earnings with no offsetting fair value adjustments for the hedged asset, liability, or firm commitment. As a result, an economic hedge introduces the potential for earnings variability. Economic hedges are an acceptable hedging strategy under the FHLBNY’s risk management program, and the strategies comply with the Finance Agency’s regulatory requirements prohibiting speculative use of derivatives. Credit Risk Due to Non-performance by Counterparties The contractual or notional amount of derivatives reflects the involvement of the FHLBNY in the various classes of financial instruments, and serves as a basis for calculating periodic interest payments or cash flows. Notional amount of a derivative does not measure the credit risk exposure, and the maximum credit exposure is substantially less than the notional amount. The maximum credit risk is the estimated cost of replacing interest-rate swaps, forward agreements, mandatory delivery contracts for mortgage loans and purchased caps and floors (“derivatives”) in a gain position if the counterparty defaults and the related collateral, if any, is of insufficient value to the FHLBNY. Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. The FHLBNY executes derivatives with swap dealers and financial institution swap counterparties as negotiated contracts, which are usually referred to as over-the-counter (“OTC”) derivatives. The majority of OTC derivative contracts at March 31, 2018 and December 31, 2017 were cleared derivatives. The contracts are transacted bilaterally with executing swap counterparties, then cleared and settled through derivative clearing organizations (“DCOs”) as mandated under the Dodd-Frank Act. When transacting a derivative for clearing, the FHLBNY utilizes a designated clearing agent, the Futures Clearing Merchant (“FCM”) that acts on behalf of the FHLBNY to clear and settle the interest rate exchange transaction through the DCO. Once the transaction is accepted for clearing by the FCM, acting in the capacity of an intermediary between the FHLBNY and the DCO, the original transaction between the FHLBNY and the executing swap counterparty is extinguished, and is replaced by an identical transaction between the FHLBNY and the DCO. The DCO becomes the counterparty to the FHLBNY. However, the FCM remains as the principal operational contact and interacts with the DCO through the life cycle events of the derivative transaction on behalf of the FHLBNY. The FHLBNY also transacts derivative contracts that are executed and settled bilaterally with counterparties, rather than settling the transaction with a DCO. Such bilateral derivative transactions have not yet been mandated for clearing under the Dodd-Frank Act, typically because the transactions are complex and their ongoing pricing and settlement mechanisms have not yet been operationalized by the DCOs. Credit risk on bilateral OTC — bilateral or uncleared derivative contracts — For derivatives that are not eligible for clearing with a DCO under the Dodd-Frank Act, the FHLBNY is subject to credit risk as a result of non-performance by swap counterparties to the derivative agreements. The FHLBNY enters into master netting arrangements and bilateral security agreements with all active derivative counterparties that provide for delivery of collateral at specified levels to limit the net unsecured credit exposure to these counterparties. The FHLBNY makes judgments on each counterparty’s creditworthiness, and makes estimates of the collateral values in analyzing counterparty non-performance credit risk. Bilateral agreements consider the credit risks and the agreement specifies thresholds to post or receive collateral with changes in credit ratings. When the FHLBNY has more than one derivative transaction outstanding with the counterparty, and a legally enforceable master netting agreement exists with the counterparty, the net exposure (less collateral held) represents the appropriate measure of credit risk. The FHLBNY conducts all its bilaterally executed derivative transactions under ISDA master netting agreements. Credit risk on OTC cleared derivative transactions — The FHLBNY’s derivative transactions that are eligible for clearing are subject to mandatory clearing rules under the Commodity Futures Trading Commission (“CFTC”) as provided under the Dodd-Frank Act. If a derivative transaction is listed as eligible for clearing, the FHLBNY must abide by the CFTC rules to clear the transaction through a DCO. The FHLBNY’s cleared derivatives are also initially executed bilaterally with a swap dealer (the executing swap counterparty) in the OTC market. The clearing process requires all parties to the derivative transaction to novate the contracts to a DCO, which then becomes the counterparty to all parties, including the FHLBNY, to the transaction. The enforceability of offsetting rights incorporated in the agreements for the cleared derivative transactions has been analyzed by the FHLBNY to establish the extent to which supportive legal opinion, obtained from counsel of recognized standing, provides the requisite level of certainty regarding the enforceability of these agreements. Further analysis was performed to reach a view that the exercise of rights by the non-defaulting party under these agreements would not be stayed, or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding involving the DCO or the FHLBNY’s clearing agents or both. Based on the analysis of the rules, and legal analysis obtained, the FHLBNY has made a determination that it has the right of setoff that is enforceable under applicable law that would allow it to net individual derivative contracts executed through a specific clearing agent, the FCM, to a designated DCO, so that a net derivative receivable or payable will be recorded for the DCO; that exposure (less margin held) would be represented by a single amount receivable from the DCO, and that amount be the appropriate measure of credit risk. This policy election for netting cleared derivatives is consistent with the policy election for netting bilaterally settled derivative transactions under master netting agreements. For all cleared derivative contracts that have not matured, “Variation margin” is exchanged between the FHLBNY and the FCM, acting as agents on behalf of DCOs. Variation margin is determined by the DCO and fluctuates with the fair values of the open contracts. When the aggregate contract value of open derivatives is “in-the-money” for the FHLBNY (gain position), the FHLBNY would receive variation margin from the DCO. If the value of the open contracts is “out-of-the-money” (liability position), the FHLBNY would post variation margin to the DCO. At March 31, 2018 and December 31, 2017, our analysis concluded that variation margin exchanged with the DCOs - Chicago Mercantile Exchange (“CME”) and London Clearing House (“LCH”) were the daily settlement values of the derivative contracts, and not as collateral, and a direct reduction of the fair values of the open contracts. The FHLBNY is also required to post an initial margin on open derivative contracts to the DCO through an FCM. Initial margin is determined by the DCO and fluctuates with the volatility of the FHLBNY’s portfolio of cleared derivatives; volatility is measured by the speed and severity of market price changes of the portfolio. Initial margin is considered as collateral, and if exchanged in cash, it would be netted against the fair values of open derivative contracts after applying variation margin. Offsetting of Derivative Assets and Derivative Liabilities — Net Presentation The following table presents the gross and net derivatives receivables by contract type and amount for those derivatives contracts for which netting is permissible under U.S. GAAP (“Derivative instruments — Nettable”) (in thousands). Derivatives receivables have been netted with respect to those receivables as to which the netting requirements have been met, including obtaining a legal analysis with respect to the enforceability of the netting. Where such a legal analysis has not been either sought or obtained, the receivables were not netted, and were reported as Derivative instruments — Not Nettable. The table also presents security collateral, which are not permitted to be offset, but which would be eligible for offsetting to the extent an event of default occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. See footnote (c) to the table. March 31, 2018 December 31, 2017 Derivative Derivative Derivative Derivative Derivative instruments - Nettable Gross recognized amount Uncleared derivatives $ $ $ $ Cleared derivatives Total derivatives fair values Variation margin (Note 1) — — ) — Total gross recognized amount Gross amounts of netting adjustments and cash collateral Uncleared derivatives ) ) ) ) Cleared derivatives ) ) ) ) Total gross amounts of netting adjustments and cash collateral ) ) ) ) Net amounts after offsetting adjustments and cash collateral $ $ $ $ Uncleared derivatives $ $ $ $ Cleared derivatives — Total net amounts after offsetting adjustments and cash collateral $ $ $ $ Derivative instruments - Not Nettable Uncleared derivatives (a) $ $ $ $ Total derivative assets and total derivative liabilities Uncleared derivatives Cleared derivatives — Total derivative assets and total derivative liabilities presented in the Statements of Condition (b) $ $ $ $ Non-cash collateral received or pledged (c) Can be sold or repledged Security pledged as initial margin for cleared derivatives (d) $ $ — $ $ — Cannot be sold or repledged Uncleared derivatives ) — ) — Total non-cash collateral — — Total net amount (e) $ $ $ $ Net unsecured amount - Represented by: Uncleared derivatives $ $ $ $ Cleared derivatives Total net amount (e) $ $ $ $ (a) Derivative instruments without legal right of offset were synthetic derivatives representing forward mortgage delivery commitments of 45 business days or less. Amounts were not material, and it was operationally not practical to separate receivable from payables, and net presentation was adopted. No cash collateral was involved with the mortgage delivery commitments. (b) Amounts represented Derivative assets and liabilities recorded in the Statements of Conditions. Derivative balances are not netted with non-cash collateral received or pledged, since legal ownership of the non-cash collateral remains with the pledging counterparty (see footnote c below). (c) Non-cash collateral received or pledged — For bilateral derivatives, certain counterparties have pledged U.S. Treasury securities to the FHLBNY as collateral. Amounts also included non-cash mortgage collateral on derivative positions with member counterparties where we acted as an intermediary. For cleared derivatives, we have also pledged marketable securities to collateralize initial margin as required under the CFTC rules. (d) Securities pledged to Derivative Clearing Organization to fulfill our initial margin obligations on cleared derivatives. Securities pledged may be sold or repledged if the FHLBNY defaults on our obligations under rules established by the CFTC. (e) Amounts represented net exposure after applying non-cash collateral pledged to and by the FHLBNY. Since legal ownership and control over the securities are not transferred, the net exposure represented in the table above is for information only and is not reported as such in the Statements of Condition. Note 1 As discussed previously in this Note 17, variation margin is exchanged daily between the DCOs and the FHLBNY for cleared derivatives, and generally represented daily settlement of mark-to-market gains and losses on the derivative contracts. At March 31, 2018, variation margin received from DCOs was $624.9 million and was netted as settlements of gross derivative fair values on a line-by-line basis as reported in the table above. At December 31, 2017, $465.8 million in variation margin received by the FHLBNY was netted and reported in aggregate as a reduction of the gross derivative fair values. Fair Value of Derivative Instruments The following tables represent outstanding notional balances and estimated fair values of the derivatives outstanding at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 Notional Amount Derivative Derivative Fair value of derivative instruments (a) Derivatives designated as hedging instruments Interest rate swaps $ $ $ Total derivatives in hedging relationships Derivatives not designated as hedging instruments Interest rate swaps Interest rate caps or floors — Mortgage delivery commitments Other (b) Total derivatives not designated as hedging instruments Total derivatives before netting and collateral adjustments $ Netting adjustments ) ) Cash Collateral and related accrued interest ) ) Total netting adjustments and cash collateral ) ) Total derivative assets and total derivative liabilities $ $ Security collateral pledged as initial margin to Derivative Clearing Organization (d) $ Security collateral received from counterparty (d) ) Net security Net exposure $ December 31, 2017 Notional Amount Derivative Derivative Fair value of derivative instruments (a) Derivatives designated as hedging instruments Interest rate swaps $ $ $ Total derivatives in hedging relationships Derivatives not designated as hedging instruments Interest rate swaps Interest rate caps or floors — Mortgage delivery commitments Other (b) Total derivatives not designated as hedging instruments Total derivatives before netting, collateral adjustments and variation margin $ Variation margin (c) ) — Total derivatives before netting and collateral adjustments Netting adjustments ) ) Cash Collateral and related accrued interest ) ) Total netting adjustments and cash collateral ) ) Total derivative assets and total derivative liabilities $ $ Security collateral pledged as initial margin to Derivative Clearing Organization (d) $ Security collateral received from counterparty (d) ) Net security Net exposure $ (a) All derivative assets and liabilities with swap dealers and counterparties are executed under collateral agreements; derivative instruments executed bilaterally are subject to legal right of offset under master netting agreements. (b) The Other category comprised of swaps intermediated for member, and notional amounts represent purchases by the FHLBNY from dealers and an offsetting purchase from us by the member. (c) Variation margin — See Note 1 in the previous table. (d) Non-cash security collateral is not permitted to be offset on the balance sheet, but would be eligible for offsetting in an event of default. Amounts represent U.S. Treasury securities pledged to and received from counterparties as collateral at March 31, 2018 and December 31, 2017. Earnings Impact of Derivatives and Hedging Activities The FHLBNY carries all derivative instruments on the Statements of Condition at fair value as Derivative Assets and Derivative Liabilities. If derivatives meet the hedging criteria under hedge accounting rules, including effectiveness measures, changes in fair value of the associated hedged financial instrument attributable to the risk being hedged (benchmark interest-rate risk, which is LIBOR for the FHLBNY) may also be recorded so that some or all of the unrealized fair value gains or losses recognized on the derivatives are offset by corresponding unrealized gains or losses on the associated hedged financial assets and liabilities. The net differential between fair value changes of the derivatives and the hedged items represents hedge ineffectiveness. The net ineffectiveness from hedges that qualify under hedge accounting rules is recorded as a Net realized and unrealized gain (loss) on derivatives and hedging activities in Other income (loss) in the Statements of Income. If derivatives do not qualify for the hedging criteria under hedge accounting rules, but are executed as economic hedges of financial assets or liabilities under a FHLBNY-approved hedge strategy, only the fair value changes of the derivatives are recorded as a Net realized and unrealized gain (loss) on derivatives and hedging activities in Other income (loss) in the Statements of Income. The FHLBNY has elected to measure certain debt under the accounting designation for the fair value option (“FVO”), and has executed interest rate swaps as economic hedges of the debt. While changes in fair values of the interest rate swap and the debt elected under the FVO are both recorded in earnings within Other income (loss), they are recorded as separate line items: Changes in the fair value of the swaps are recorded as a Net realized and unrealized gain (loss) on derivatives and hedging activities; changes in the fair value of debt and advances elected under the FVO are recorded as an Unrealized (losses) or gains from Instruments held at fair value. Components of net gains/(losses) on Derivatives and hedging activities as presented in the Statements of Income are summarized below (in thousands): Three months ended March 31, 2018 Gains (Losses) Gains (Losses) Earnings Effect of Derivatives Derivatives designated as hedging instruments Interest rate swaps Advances $ $ ) $ ) $ Consolidated obligation bonds ) ) Net gains (losses) related to fair value hedges ) $ Cash flow hedges ) ) $ ) Derivatives not designated as hedging instruments Interest rate swaps (a) ) ) Caps or floors Mortgage delivery commitments ) ) Swaps economically hedging instruments designated under FVO Accrued interest-swaps (a) Net gains (losses) related to derivatives not designated as hedging instruments ) ) Price alignment - cleared swaps settlement to market ) ) Net gains (losses) on derivatives and hedging activities $ $ ) $ ) Three months ended March 31, 2017 Gains (Losses) Gains (Losses) Earnings Effect of Derivatives Derivatives designated as hedging instruments Interest rate swaps Advances $ $ ) $ $ ) Consolidated obligation bonds ) ) Net gains (losses) related to fair value hedges ) ) $ ) Cash flow hedges $ ) Derivatives not designated as hedging instruments Interest rate swaps (a) Caps or floors ) ) Mortgage delivery commitments Swaps economically hedging instruments designated under FVO Accrued interest-swaps (a) ) ) Net gains (losses) related to derivatives not designated as hedging instruments Price alignment - cleared swaps settlement to market ) ) Net gains (losses) on derivatives and hedging activities $ $ ) $ ) (a) Prior year numbers have been reclassified to conform to the classification adopted in 2017. Cash Flow Hedges The effect of interest rate swaps in cash flow hedging relationships was as follows (in thousands): Three months ended March 31, 2018 AOCI Gains/(Losses) Recognized in (c) Location: (c) Amount (c) Ineffectiveness Consolidated obligation bonds (a) $ ) Interest Expense $ ) $ ) Consolidated obligation discount notes (b) Interest Expense — — $ $ ) $ ) Three months ended March 31, 2017 AOCI Gains/(Losses) Recognized in (c) Location: (c) Amount (c) Ineffectiveness Consolidated obligation bonds (a) $ ) Interest Expense $ ) $ Consolidated obligation discount notes (b) Interest Expense — — $ $ ) $ (a) Cash flow hedges of anticipated issuance of Consolidated obligation bonds Changes in period recognized in AOCI — Amounts reported typically represent fair value gains and losses recorded in AOCI under the CO bond cash flow hedge strategy during the periods, and including fair values of hedging contracts open at period end dates. Fair values recorded in AOCI are adjusted for any hedge ineffectiveness on the contracts. When a cash flow hedge is closed, the fair value gain or loss on the derivative is recorded in AOCI, and is amortized and reclassified to interest expense with an offset to the cumulative balance in AOCI. Amount Reclassified to Earnings — Amounts represented amortization of unrecognized losses from previously closed CO bond cash flow hedging contracts that were recorded as a yield adjustment to interest expense with an offset to reduce the unamortized balance in AOCI. Ineffectiveness Recognized in Earnings — Amounts represented ineffectiveness primarily arising from CO bond cash flow hedging strategies. Ineffectiveness is recorded in earnings as a gain or loss from derivative activities in Other income, while the effective portion is recorded in AOCI. Amounts recorded in AOCI are subsequently reclassified prospectively as a yield adjustment to debt expense over the term of the debt. (b) Hedges of discount notes in rolling issuances Changes in period recognized in AOCI — Amounts represented period-over-period change in the fair values of open swap contracts in this CO discount note cash flow hedging strategy (Rolling issuances of discount notes). The cash flow hedges mitigated exposure to the variability in future cash flows over a maximum period of 14 years. (c) Ineffectiveness recognized in earnings — The effective portion of the fair values of open contracts is recorded in AOCI. Ineffectiveness is recorded in Other income as a component of derivatives and hedging gains and losses. Cash Flow Hedges — Fair Value changes in AOCI Rollforward Analysis (in thousands): March 31, 2018 December 31, 2017 Rollover Hedge Anticipatory Hedge Rollover Hedge Anticipatory Hedge Beginning balance $ ) $ $ ) $ Changes in fair values ) ) Amount reclassified — — Fair Value - closed contract — — Fair Value - open contract — ) — Ending balance $ $ $ ) $ Notional amount of swaps outstanding $ $ $ $ There were no material amounts that were reclassified into earnings as a result of the discontinuance of cash flow hedges because it became probable that the original forecasted transactions would not occur by the end of the originally specified time period or within a two-month period thereafter. It is expected that over the next 12 months, $0.2 million of the unrecognized gain in AOCI will be recognized as a yield adjustment to debt interest expense.

Fair Values of Financial Instru

Fair Values of Financial Instruments.	3 Months Ended
	Mar. 31, 2018
Fair Values of Financial Instruments.
Fair Values of Financial Instruments.	Note 18. Fair Values of Financial Instruments. The fair value amounts recorded on the Statements of Condition or presented in the note disclosures have been determined by the FHLBNY using available market information and best judgment of appropriate valuation methods. Estimated Fair Values — Summary Tables The carrying values, estimated fair values and the levels within the fair value hierarchy were as follows (in thousands): March 31, 2018 Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 (a) Netting Assets Cash and due from banks $ $ $ $ — $ — $ — Securities purchased under agreements to resell — — — Federal funds sold — — — Trading securities — — Equity Investments — — — Available-for-sale securities — — Held-to-maturity securities — — Advances — — — Mortgage loans held-for-portfolio, net — — — Accrued interest receivable — — — Derivative assets — — ) Other financial assets — — — Liabilities Deposits — — — Consolidated obligations Bonds — — — Discount notes — — — Mandatorily redeemable capital stock — — — Accrued interest payable — — — Derivative liabilities — — ) Other financial liabilities — — — December 31, 2017 Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 (a) Netting Assets Cash and due from banks $ $ $ $ — $ — $ — Securities purchased under agreements to resell — — — Federal funds sold — — — Trading securities — — Available-for-sale securities — — Held-to-maturity securities — — Advances — — — Mortgage loans held-for-portfolio, net — — Accrued interest receivable — — — Derivative assets — — ) Other financial assets — — — Liabilities Deposits — — — Consolidated obligations Bonds — — — Discount notes — — — Mandatorily redeemable capital stock — — — Accrued interest payable — — — Derivative liabilities — — ) Other financial liabilities — — — (a) Level 3 Instruments — The fair values of non-Agency private-label MBS and housing finance agency bonds were estimated by management based on pricing services. Valuations may have required pricing services to use significant inputs that were subjective because of the current lack of significant market activity; the inputs may not be market based and observable. Fair Value Hierarchy The FHLBNY records trading securities, available-for-sale securities, derivative assets, derivative liabilities, and Consolidated obligations and advances elected under the FVO at fair values on a recurring basis. On a non-recurring basis, when held-to-maturity securities are determined to be OTTI, the securities are written down, they are recorded at their fair values, and when mortgage loans held-for-portfolio are written down or are foreclosed as Other real estate owned (“REO” or “OREO”), they are recorded at the fair values of the real estate collateral supporting the mortgage loans. The accounting standards under Fair Value Measurement defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined 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. Among other things, the standard requires the FHLBNY to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the FHLBNY’s market assumptions. These two types of inputs have created the following fair value hierarchy, and an entity must disclose the level within the fair value hierarchy in which the measurements are classified for all assets and liabilities measured on a recurring or non-recurring basis: · Level 1 Inputs — Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity can access on the measurement date. · Level 2 Inputs — Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals, and volatilities). · Level 3 Inputs — Inputs that are unobservable and significant to the valuation of the asset or liability. The inputs are evaluated on an overall level for the fair value measurement to be determined. This overall level is an indication of market observability of the fair value measurement for the asset or liability. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. These reclassifications are reported as transfers in/out as of the beginning of the quarter in which the changes occur. There were no such transfers in any periods in this report. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors including, for example, the characteristics peculiar to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the FHLBNY in determining fair value is greatest for instruments categorized as Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Summary of Valuation Techniques and Primary Inputs The fair value of a financial instrument that is an asset is defined as the price the FHLBNY would receive to sell the asset in an orderly transaction with market participants. A financial liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair values are based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices are not available, valuation models and inputs are utilized. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or markets and the instruments’ complexity. Because an active secondary market does not exist for a portion of the FHLBNY’s financial instruments, in certain cases, fair values are not subject to precise quantification or verification and may change as economic and market factors and evaluation of those factors change. The fair values of financial assets and liabilities reported in the tables above are discussed below: Investment Debt Securities — The fair value of investment debt securities is estimated by the FHLBNY using pricing primarily from pricing services. The pricing vendors typically use market multiples derived from a set of comparables, including matrix pricing, and other techniques. Mortgage-backed securities — The FHLBNY’s valuation technique incorporates prices from up to three designated third-party pricing services at March 31, 2018 and December 31, 2017. The FHLBNY’s base investment pricing methodology establishes a median price for each security using a formula that is based on the number of prices received. If three prices are received, the middle price is used; if two prices are received, the average of the two prices is used; and if one price is received, it is used, typically subject to further validation. Vendor prices that are outside of a defined tolerance threshold of the median price are identified as outliers and subject to additional review, including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, and/or non-binding dealer estimates, or use of internal model prices, which are deemed to be reflective of all relevant facts and circumstances that a market participant would consider. Such analysis is also applied in those limited instances where no third-party vendor price or only one third-party vendor price is available in order to arrive at an estimated fair value. In its analysis, the FHLBNY employs the concept of cluster pricing and cluster tolerances. Once the median prices are computed from the three pricing vendors, the second step is to determine which of the sourced prices fall within the required tolerance level interval to the median price, which forms the “cluster” of prices to be averaged. This average will determine a “default” price for the security. The cluster tolerance guidelines shall be reviewed annually and may be revised as necessary. To be included among the cluster, each price must fall within 7 points of the median price for residential PLMBS and within 3 points of the median price for GSE-issued MBS. The final step is to determine the final price of the security based on the cluster average and an evaluation of any outlier prices. If the analysis confirms that an outlier is not representative of fair value and that the average of the vendor prices within the tolerance threshold of the median price is the best estimate, then the average of the vendor prices within the tolerance threshold of the median price is used as the final price. If, on the other hand, an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price. In all cases, the final price is used to determine the fair value of the security. The FHLBNY has also concluded that the pricing vendors use methods that generally employ, but are not limited to benchmark yields, recent trades, dealer estimates, valuation models, benchmarking of like securities, sector groupings, and/or matrix pricing. To validate vendor prices of PLMBS, the FHLBNY has also adopted a formal process to examine yields as an additional validation method. The FHLBNY calculates an implied yield for each of its PLMBS using estimated fair values derived from cash flows on a bond-by-bond basis. This yield is then compared to the implied yield for comparable securities according to price information from third-party MBS “market surveillance reports”. Significant variances or inconsistencies are evaluated in conjunction with all of the other available pricing information. The objective is to determine whether an adjustment to the fair value estimate is appropriate. Based on the FHLBNY’s review processes, management has concluded that inputs into the pricing models employed by pricing services for the FHLBNY’s investments in GSE securities are market based and observable and are considered to be within Level 2 of the fair value hierarchy. The valuation of the private-label securities, all designated as held-to-maturity, may require pricing services to use significant inputs that are subjective and are considered to be within Level 3 of the fair value hierarchy. This determination was made based on management’s view that the private-label instruments may not have an active market because of the specific vintage of the securities as well as inherent conditions surrounding the trading of private-label MBS, so that the inputs may not be market based and observable. At March 31, 2018 and December 31, 2017, no held-to-maturity private-label MBS was deemed OTTI that would have also required the OTTI security to be written down to its fair value. Housing finance agency bonds — The fair value of housing finance agency bonds is estimated by management using information primarily from pricing services. Because of the current lack of significant market activity, their fair values were categorized within Level 3 of the fair value hierarchy as inputs into vendor pricing models may not be market based and observable. Trading Securities — The FHLBNY classifies trading securities as Level 1 of the fair value hierarchy when we use quoted market prices in active markets to determine the fair value of trading securities, such as U.S. government securities. We classify trading securities as Level 2 of the fair value hierarchy when we use quoted market prices in less active markets to determine the fair value of trading securities. Equity Investments — The FHLBNY has grantor trusts, which invest in money market, equity and fixed income and bond funds. Investments in the trusts were classified as AFS before January 1, 2018. Daily net asset values (“NAVs”) are readily available and investments are redeemable at short notice. NAVs are the fair values of the funds in the grantor trusts. Because of the highly liquid nature of the investments at their NAVs, they are categorized as Level 1 financial instruments under the valuation hierarchy. Advances — The FHLBNY has elected the FVO designation for certain advances and recorded their fair values in the Statements of Condition for such advances. The fair values are computed using standard option valuation models. The most significant inputs to the valuation model are (1) Consolidated obligation debt curve (“CO Curve”), published by the Office of Finance and available to the public, and (2) LIBOR swap curves and volatilities. Both these inputs are considered to be market based and observable as they can be directly corroborated by market participants. The CO Curve is the primary input, which is market based and observable. Inputs to apply spreads, which are FHLBNY specific, were not material. Fair values were classified within Level 2 of the valuation hierarchy. The FHLBNY determines the fair values of advances elected under the FVO by calculating the present value of expected future cash flows from the advances, a methodology also referred to as the Income approach under the Fair Value Measurement standards. The discount rates used in these calculations are equivalent to the replacement advance rates for advances with similar terms. In accordance with the Finance Agency’s “Advances” regulations, an advance with a maturity or repricing period greater than six months requires a prepayment fee sufficient to make a FHLBank financially indifferent to the borrower’s decision to prepay the advance. Therefore, the fair value of an advance does not assume prepayment risk. The inputs used to determine fair value of advances elected under the FVO are as follows: · CO Curve. The FHLBNY uses the CO Curve, which represents its cost of funds, as an input to estimate the fair value of advances, and to determine current advance rates. This input is considered market observable and therefore a Level 2 input. · Volatility assumption. To estimate the fair value of advances with optionality, the FHLBNY uses market-based expectations of future interest rate volatility implied from current market prices for similar options. This input is considered a Level 2 input as it is market based and market observable. · Spread adjustment. Adjustments represent the FHLBNY’s mark-up based on its pricing strategy. The input is considered as unobservable, and is classified as a Level 3 input. The spread adjustment is not a significant input to the overall fair value of an advance. The FHLBNY creates an internal curve, which is interpolated from its advance rates. Advance rates are calculated by applying a spread to an underlying “base curve” derived from the FHLBNY’s cost of funds, which is based on the CO Curve, inputs to which have been determined to be market observable and classified as Level 2. The spreads applied to the base advance pricing curve typically represent the FHLBNY’s mark-ups over the FHLBNY’s cost of funds, and are not market observable inputs, but are based on the FHLBNY’s advance pricing strategy. Such inputs have been classified as a Level 3 input, and were considered as not significant. To determine the appropriate classification of the overall measurement in the fair value hierarchy of an advance, an analysis of the inputs to the entire fair value measurement was performed at March 31, 2018 and December 31, 2017. If the unobservable spread to the FHLBNY’s cost of funds was not significant to the overall fair value, then the measurement was classified as Level 2. Conversely, if the unobservable spread was significant to the overall fair value, then the measurement would be classified as Level 3. The impact of the unobservable input was calculated as the difference in the value determined by discounting an advance’s cash flows using the FHLBNY’s advance curve and the value determined by discounting an advance’s cash flows using the FHLBNY’s cost of funds curve. Given the relatively small mark-ups over the FHLBNY’s cost of funds, the results of the FHLBNY’s quantitative analysis confirmed the FHLBNY’s expectations that the measurement of the FHLBNY’s advances was Level 2. The unobservable mark-up spreads were not significant to the overall fair value of the instrument. A quantitative threshold for the significance factor has been established at 10%, with additional qualitative factors to be considered if the ratio exceeded the threshold. Consolidated Obligations — The FHLBNY estimates the fair values of Consolidated obligations elected under the FVO based on the present values of expected future cash flows due on the debt obligations. Calculations are performed by using the FHLBNY’s industry standard option adjusted valuation models. Inputs are based on the cost of comparable term debt. The FHLBNY’s internal valuation models use standard valuation techniques and estimate fair values based on the following inputs: · CO Curve and LIBOR Swap Curve. The Office of Finance constructs an internal curve, referred to as the CO Curve, using the U.S. Treasury Curve as a base curve that is then adjusted by adding indicative spreads obtained from market observable sources. These market indications are generally derived from pricing indications from dealers, historical pricing relationships, recent GSE trades and secondary market activity. The FHLBNY considers the inputs as Level 2 inputs as they are market observable. · Volatility assumption. To estimate the fair values of Consolidated obligations with optionality, the FHLBNY uses market-based expectations of future interest rate volatility implied from current market prices for similar options. These inputs are also considered Level 2 as they are market based and observable. The CO Curve and volatility assumptions (for debt with call options) were primary inputs, which are market based and observable. Fair values were classified within Level 2 of the valuation hierarchy. Derivative Assets and Liabilities — The FHLBNY’s derivatives (cleared derivatives and bilaterally executed derivatives) are executed in the over-the-counter market and are valued using internal valuation techniques as no quoted market prices exist for such instruments. Discounted cash flow analysis is the primary methodology employed by the FHLBNY’s valuation models to measure the fair values of interest rate swaps. The valuation technique is considered as an “Income approach”. Interest rate caps and floors are valued under the “Market approach”. Interest rate swaps and interest rate caps and floors, collectively “derivatives”, were valued in industry-standard option adjusted valuation models, which generated fair values. The valuation models employed multiple market inputs including interest rates, prices and indices to create continuous yield or pricing curves and volatility factors. These multiple market inputs were corroborated by management to independent market data, and to relevant benchmark indices. In addition, derivative valuations were compared by management to counterparty valuations received as part of the collateral exchange process. These derivative positions were classified within Level 2 of the valuation hierarchy at March 31, 2018 and December 31, 2017. The FHLBNY’s valuation model utilizes a modified Black-Karasinski methodology. Significant market based and observable inputs into the valuation model include volatilities and interest rates. The Bank’s valuation model employs industry standard market-observable inputs (inputs that are actively quoted and can be validated to external sources). Inputs by class of derivative were as follows: Interest-rate related: · LIBOR Swap Curve. · Volatility assumption. Market-based expectations of future interest rate volatility implied from current market prices for similar options. · Prepayment assumption (if applicable). · Federal funds curve (OIS curve). Mortgage delivery commitments (considered a derivative): · TBA security prices are adjusted for differences in coupon, average loan rate and seasoning. OIS — The FHLBNY incorporates the overnight indexed swap (“OIS”) curves as fair value measurement inputs for the valuation of its derivatives, as the OIS curves reflect the interest rates paid on cash collateral provided against the fair value of these derivatives. The FHLBNY believes using relevant OIS curves as inputs to determine fair value measurements provides a more representative reflection of the fair values of these collateralized interest-rate related derivatives. The OIS curve (federal funds rate curve) is an input to the valuation model. The input for the federal funds curve is obtained from industry standard pricing vendors and the input is available and observable over its entire term structure. Management considers the federal funds curve to be a Level 2 input. The FHLBNY’s valuation model utilizes industry standard OIS methodology. The model generates forecasted cash flows using the OIS calibrated 3-month LIBOR curve. The model then discounts the cash flows by the OIS curve to generate fair values. Credit risk and credit valuation adjustments — The FHLBNY is subject to credit risk in derivatives transactions due to the potential non-performance of its derivatives counterparties or a DCO. To mitigate this risk, the FHLBNY has entered into master netting agreements and credit support agreements with its derivative counterparties for its bilaterally executed derivative contracts that provide for the delivery of collateral at specified levels at least weekly. The computed fair values of the derivatives took into consideration the effects of legally enforceable master netting agreements that allow the FHLBNY to settle positive and negative positions and offset cash collateral with the same counterparty on a net basis. For derivative transactions executed as a cleared derivative, the transactions are fully collateralized in cash and for the most part exchanged and settled daily with the DCO. The FHLBNY has also established the enforceability of offsetting rights incorporated in the agreements for the cleared derivative transactions. As a result of these practices and agreements and the FHLBNY’s assessment of any change in its own credit spread, the FHLBNY has concluded that the impact of the credit differential between the FHLBNY and its derivative counterparties and DCO was sufficiently mitigated to an immaterial level that no credit adjustments were deemed necessary to the recorded fair value of Derivative assets and Derivative liabilities in the Statements of Condition at March 31, 2018 and December 31, 2017. Fair Value Measurement The tables below present the fair value of those assets and liabilities that are recorded at fair value on a recurring or non-recurring basis at March 31, 2018 and December 31, 2017, by level within the fair value hierarchy. The FHLBNY also measures certain held-to-maturity securities at fair value on a non-recurring basis when a credit loss is recognized and the carrying value of the asset is adjusted to fair value. Certain mortgage loans that were partially charged-off were recorded at their collateral values on a non-recurring basis. Other real estate owned (“OREO”) is measured at fair value when the asset’s fair value less costs to sell is lower than its carrying amount. Items Measured at Fair Value on a Recurring Basis (in thousands): March 31, 2018 Total Level 1 Level 2 Level 3 Netting Assets Trading securities GSE securities $ $ — $ $ — $ — Corporate notes — — — U.S. Treasury securities — — — Equity Investments — — — Available-for-sale securities GSE/U.S. agency issued MBS — — — Advances (to the extent FVO is elected) — — — Derivative assets (a) Interest-rate derivatives — — ) Mortgage delivery commitments — — — Total recurring fair value measurement - assets $ $ $ $ — $ ) Liabilities Consolidated obligations: Discount notes (to the extent FVO is elected) $ ) $ — $ ) $ — $ — Bonds (to the extent FVO is elected) (b) ) — ) — — Derivative liabilities (a) Interest-rate derivatives ) — ) — Mortgage delivery commitments ) — ) — — Total recurring fair value measurement - liabilities $ ) $ — $ ) $ — $ December 31, 2017 Total Level 1 Level 2 Level 3 Netting Assets Trading securities GSE securities $ $ — $ $ — $ — U.S. Treasury securities — — — Available-for-sale securities GSE/U.S. agency issued MBS — — — Equity and bond funds — — — Advances (to the extent FVO is elected) — — — Derivative assets (a) Interest-rate derivatives — — ) Mortgage delivery commitments — — — Total recurring fair value measurement - assets $ $ $ $ — $ ) Liabilities Consolidated obligations: Discount notes (to the extent FVO is elected) $ ) $ — $ ) $ — $ — Bonds (to the extent FVO is elected) (b) ) — ) — — Derivative liabilities (a) Interest-rate derivatives ) — ) — Mortgage delivery commitments ) — ) — — Total recurring fair value measurement - liabilities $ ) $ — $ ) $ — $ (a) Based on analysis of the nature of the risk, the presentation of derivatives as a single class is appropriate. (b) Based on analysis of the nature of risks of Consolidated obligation bonds measured at fair value, the FHLBNY has determined that presenting the bonds as a single class is appropriate. Items Measured at Fair Value on a Non-recurring Basis (in thousands): March 31, 2018 Fair Value Level 1 Level 2 Level 3 Mortgage loans held-for-portfolio $ $ — $ $ — Real estate owned — — Total non-recurring assets at fair value $ $ — $ $ December 31, 2017 Fair Value Level 1 Level 2 Level 3 Mortgage loans held-for-portfolio $ $ — $ $ — Real estate owned — — Total non-recurring assets at fair value $ $ — $ $ Fair Value Option Disclosures The fair value option (“FVO”) 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 entities to display the fair value of those assets and liabilities for which the entity 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. Interest income and interest expense on advances and Consolidated obligations at fair value are recognized solely on the contractual amount of interest due or unpaid. Any transaction fees or costs are immediately recognized into non-interest income or non-interest expense. The FHLBNY has elected the FVO for certain advances and certain Consolidated obligations that either do not qualify for hedge accounting or may be at risk for not meeting hedge effectiveness requirements, 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. Advances have also been elected under the FVO when analysis indicated that changes in the fair values of the advance would be an offset to fair value volatility of debt elected under the FVO. The FVO election is made at inception of the contracts for advances and debt obligations. For instruments for which the fair value option has been elected, the related contractual interest income, contractual interest expense and the discount amortization on fair value option discount notes are recorded as part of net interest income in the Statements of Income. The remaining changes in fair value for instruments for 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. The change in fair value does not include changes in instrument-specific credit risk. The FHLBNY has determined that no adjustments to the fair values of its instruments recorded under the fair value option for instrument-specific credit risk were necessary at March 31, 2018 and December 31, 2017. Advances elected under the FVO were short-term in nature, with tenors that were generally less than 24 months. As with all advances, the loans were fully collateralized through their terms to maturity. Consolidated obligation bonds and discount notes elected under the FVO are high credit quality, highly-rated instruments, and changes in fair values were generally related to changes in interest rates and investor preference, including investor asset allocation strategies. The FHLBNY believes the credit-quality of Consolidated obligation debt has remained stable, and changes in fair value attributable to instrument-specific credit risk, if any, were not material given that the debt elected under the FVO had been issued within the past 24 months, and no adverse changes have been observed in their credit characteristics. The following tables summarize the activity related to financial instruments for which the FHLBNY elected the fair value option (in thousands): March 31, 2018 Advances Bonds Discount Notes Balance, beginning of the period $ $ ) $ ) New transactions elected for fair value option — ) ) Maturities and terminations ) Net gains (losses) on financial instruments held under fair value option ) ) Change in accrued interest/unaccreted balance ) Balance, end of the period $ $ ) $ ) December 31, 2017 Advances Bonds Discount Notes Balance, beginning of the period $ $ ) $ ) New transactions elected for fair value option ) ) Maturities and terminations ) Net gains (losses) on financial instruments held under fair value option ) Change in accrued interest/unaccreted balance ) Balance, end of the period $ $ ) $ ) March 31, 2017 Advances Bonds Discount Notes Balance, beginning of the period $ $ ) $ ) New transactions elected for fair value option — ) Maturities and terminations ) Net gains (losses) on financial instruments held under fair value option ) Change in accrued interest/unaccreted balance ) Balance, end of the period $ $ ) $ ) The following tables present the change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected (in thousands): Three months ended March 31, 2018 Interest Net Gains Total Change in Fair Advances $ $ $ Three months ended March 31, 2017 Interest Net Gains Total Change in Fair Advances $ $ ) $ Three months ended March 31, 2018 Interest Expense Net Gains Total Change in Fair Consolidated obligation bonds $ ) $ ) $ ) Consolidated obligation discount notes ) ) ) $ ) $ ) $ ) Three months ended March 31, 2017 Interest Expense Net Gains Total Change in Fair Consolidated obligation bonds $ ) $ $ ) Consolidated obligation discount notes ) ) $ ) $ $ ) The following tables compare the aggregate fair value and aggregate remaining contractual principal balance outstanding of financial instruments for which the fair value option has been elected (in thousands): March 31, 2018 Aggregate Aggregate Fair Fair Value Advances (a) $ $ $ Consolidated obligation bonds (b) $ $ $ ) Consolidated obligation discount notes (c) $ $ $ December 31, 2017 Aggregate Aggregate Fair Fair Value Advances (a) $ $ $ Consolidated obligation bonds (b) $ $ $ Consolidated obligation discount notes (c) $ $ $ March 31, 2017 Aggregate Aggregate Fair Fair Value Advances (a) $ $ $ Consoli

Commitments and Contingencies.

Commitments and Contingencies.	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies.
Commitments and Contingencies.	Note 19. Commitments and Contingencies. Consolidated obligations — The FHLBanks have joint and several liability for all the Consolidated obligations issued on their behalf. Accordingly, should one or more of the FHLBanks be unable to repay their participation in the Consolidated obligations, each of the other FHLBanks could be called upon to repay all or part of such obligations, as determined or approved by the Finance Agency. Neither the FHLBNY nor any other FHLBank has ever had to assume or pay the Consolidated obligations of another FHLBank. The FHLBNY does not believe that it will be called upon to pay the Consolidated obligations of another FHLBank in the future. Under the provisions of accounting standards for guarantees, the FHLBNY would have been required to recognize the fair value of the FHLBNY’s joint and several liability for all the Consolidated obligations, as discussed above. However, the FHLBNY considers the joint and several liabilities as similar to a related party guarantee, which meets the scope exception under the accounting standard for guarantees. Accordingly, the FHLBNY has not recognized the fair value of a liability for its joint and several obligations related to other FHLBanks’ Consolidated obligations, which in aggregate were par amounts of $1.0 trillion as of March 31, 2018 and December 31, 2017. The following table summarizes contractual obligations and contingencies as of March 31, 2018 (in thousands): March 31, 2018 Payments Due or Expiration Terms by Period Greater Than Greater Than Less Than One Year Three Years Greater Than One Year to Three Years to Five Years Five Years Total Contractual Obligations Consolidated obligation bonds at par (a) $ $ $ $ $ Consolidated obligation discount notes at par — — — Mandatorily redeemable capital stock (a) Premises (lease obligations) (b) Other liabilities (c) Total contractual obligations Other commitments Standby letters of credit — — Consolidated obligation bonds/discount notes traded not settled — — — Commitments to fund additional advances — — — Open delivery commitments (MPF) — — — Total other commitments — — Total obligations and commitments $ $ $ $ $ (a) Callable bonds contain an exercise date or a series of exercise dates that may result in a shorter redemption period. Redemption dates of mandatorily redeemable capital stock are assumed to correspond to maturity dates of member advances. Excess capital stock is redeemed at that time, and hence, these dates better represent the related commitments than the put dates associated with capital stock. (b) We renewed the lease for the New York City office in June 2017. In addition, our existing office lease in New Jersey expires in 2018, and we executed a new lease agreement in December 2017. The Bank plans to adopt ASU 2016-02, Leases (Topic 842) in 2019. Upon adoption the lease obligations will be recorded in the Statements of Condition. Until then, lease obligations will continue to be reported as commitments under existing GAAP. Immaterial amounts of equipment leases and shared offsite data backup site have been excluded. (c) Includes accounts payable and accrued expenses, Pass-through reserves due to member institutions held at the FRB, and projected payment obligations for pension plans. Where it was not possible to estimate the exact timing of payment obligations, they were assumed to be due within one year; amounts were not material. For more information about employee retirement plans in general, see Note 16. Employee Retirement Plans. The FHLBNY does not anticipate any credit losses from its off-balance sheet commitments and accordingly no provision for losses is required.

Related Party Transactions.

Related Party Transactions.	3 Months Ended
	Mar. 31, 2018
Related Party Transactions.
Related Party Transactions.	Note 20. Related Party Transactions. The FHLBNY is a cooperative and the members own almost all of the stock of the FHLBNY. Stock issued and outstanding that is not owned by members is held by former members. The majority of the members of the Board of Directors of the FHLBNY are elected by and from the membership. The FHLBNY conducts its advances business almost exclusively with members, and considers its transactions with its members and non-member stockholders as related party transactions in addition to transactions with other FHLBanks, the Office of Finance, and the Finance Agency. The FHLBNY conducts all transactions with members and non-members in the ordinary course of business. All transactions with all members, including those whose officers may serve as directors of the FHLBNY, are at terms that are no more favorable than comparable transactions with other members. The FHLBNY may from time to time borrow or sell overnight and term federal funds at market rates to members. Debt Assumptions and Transfers. When debt is transferred or assumed, the transactions would be executed in the ordinary course of the FHLBNY’s business and at negotiated market pricing. Debt assumptions — No debt was assumed from another FHLBank in the three months ended March 31, 2018 and in the same period in the prior year. Debt transfers — No debt was transferred to another FHLBank in the three months ended March 31, 2018 and in the same period in the prior year. Advances Sold or Transferred No advances were transferred or sold to the FHLBNY or from the FHLBNY to another FHLBank in any periods in this report. When an advance is transferred or assumed, the transactions would be executed in the ordinary course of the FHLBNY’s business and at negotiated market pricing. MPF Program In the MPF program, the FHLBNY may participate to the FHLBank of Chicago portions of its purchases of mortgage loans from its members. Transactions are participated at market rates. Since 2004, the FHLBNY has not shared its purchases with the FHLBank of Chicago. From the inception of the program through 2004, the cumulative share of MPF Chicago’s participation in the FHLBNY’s MPF loans that has remained outstanding was $10.5 million and $11.5 million at March 31, 2018 and December 31, 2017. Fees paid to the FHLBank of Chicago for providing MPF program services were approximately $0.7 million for the three months ended March 31, 2018, compared to $0.6 million for the same period in the prior year. Mortgage-backed Securities No mortgage-backed securities were acquired from other FHLBanks during the periods in this report. We pay an annual fee of $6.0 thousand to the FHLBank of Chicago for the use of MBS cash flow models in connection with OTTI analysis performed by the FHLBNY for certain of our private-label MBS. Intermediation From time to time, the FHLBNY acts as an intermediary to purchase derivatives to accommodate its smaller members. At March 31, 2018 and December 31, 2017, outstanding notional amounts were $205.0 million and $193.0 million and represented derivative contracts in which the FHLBNY acted as an intermediary to execute derivative contracts with members. Separately, the contracts were offset with contracts purchased from unrelated derivatives dealers. Net fair value exposures of these transactions at March 31, 2018 and December 31, 2017 were not significant. The intermediated derivative transactions with members were fully collateralized. Loans to Other Federal Home Loan Banks In the three months ended March 31, 2018 and 2017, overnight loans extended to other FHLBanks averaged $2.2 million and $5.7 million. Generally, loans made to other FHLBanks are uncollateralized. Interest income from such loans was immaterial in the periods in this report. Borrowings from Other Federal Home Loan Banks The FHLBNY borrows from other FHLBanks, generally for a period of one day. There were no borrowings from other FHLBanks in the three months ended March 31, 2018 and 2017. Cash and Due from Banks During the three months ended March 31, 2018 and at December 31, 2017, compensating cash balances were held at Citibank, a member and stockholder of the FHLBNY. For more information, see Note 3. Cash and Due from Banks. The following tables summarize significant balances and transactions with related parties at March 31, 2018 and December 31, 2017 and transactions for the three months ended March 31, 2018 and March 31, 2017 (in thousands): Related Party: Outstanding Assets, Liabilities and Capital March 31, 2018 December 31, 2017 Related Related Assets Advances $ $ Accrued interest receivable Liabilities and capital Deposits $ $ Mandatorily redeemable capital stock Accrued interest payable Affordable Housing Program (a) Other liabilities (b) Capital $ $ (a) Represents funds not yet allocated or disbursed to AHP programs. (b) Related column includes member pass-through reserves at the Federal Reserve Bank of New York. Related Party: Income and Expense Transactions Three months ended March 31, 2018 2017 Related Related Interest income Advances $ $ Interest-bearing deposits — Loans to other FHLBanks Interest expense Deposits $ $ Mandatorily redeemable capital stock Service fees and other $ $

Segment Information and Concent

Segment Information and Concentration.	3 Months Ended
	Mar. 31, 2018
Segment Information and Concentration.
Segment Information and Concentration.	Note 21. Segment Information and Concentration. The FHLBNY manages its operations as a single business segment. Management and the FHLBNY’s Board of Directors review enterprise-wide financial information in order to make operating decisions and assess performance. Advances to large members constitute a significant percentage of FHLBNY’s advance portfolio and its source of revenues. The FHLBNY’s total assets and capital could significantly decrease if one or more large members were to withdraw from membership or decrease business with the FHLBNY. Members might withdraw or reduce their business as a result of consolidating with an institution that was a member of another FHLBank, or for other reasons. The FHLBNY has considered the impact of losing one or more large members. In general, a withdrawing member would be required to repay all indebtedness prior to the redemption of its capital stock. Under current conditions, the FHLBNY does not expect the loss of a large member to impair its operations, since the FHLBank Act, as amended, does not allow the FHLBNY to redeem the capital of an existing member if the redemption would cause the FHLBNY to fall below its capital requirements. Consequently, the loss of a large member should not result in an inadequate capital position for the FHLBNY. However, such an event could reduce the amount of capital that the FHLBNY has available for continued growth. This could have various ramifications for the FHLBNY, including a possible reduction in net income and dividends, and a lower return on capital stock for remaining members. The top ten advance holders at March 31, 2018, December 31, 2017 and March 31, 2017 and associated interest income for the periods then ended are summarized as follows (dollars in thousands): March 31, 2018 Percentage of Par Total Par Value Three Months City State Advances of Advances Interest Income Percentage (a) Citibank, N.A. New York NY $ % $ % Metropolitan Life Insurance Company New York NY New York Community Bancorp, Inc.: New York Community Bank (b) Westbury NY New York Commercial Bank (b) Westbury NY — Subtotal New York Community Bancorp, Inc. Investors Bank (b) Short Hills NJ Sterling National Bank (b) Montebello NY Signature Bank New York NY Valley National Bank (b) Wayne NJ HSBC Bank USA, National Association (c) Mc Lean VA AXA Equitable Life Insurance Company New York NY Goldman Sachs Bank USA New York NY Total $ % $ % (a) Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members. (b) At March 31, 2018, an officer of this member bank also served on the Board of Directors of the FHLBNY. (c) For Bank membership purposes, principal place of business is New York, NY. December 31, 2017 Percentage of Par Total Par Value Twelve Months City State Advances of Advances Interest Income Percentage (a) Citibank, N.A. New York NY $ % $ % Metropolitan Life Insurance Company New York NY New York Community Bancorp, Inc.: New York Community Bank Westbury NY New York Commercial Bank Westbury NY Subtotal New York Community Bancorp, Inc. Sterling National Bank (b)(d) Montebello NY Investors Bank (b) Short Hills NJ Signature Bank New York NY Goldman Sachs Bank USA New York NY HSBC Bank USA, National Association (c) Mc Lean VA AXA Equitable Life Insurance Company New York NY New York Life Insurance Company New York NY Total $ % $ % (a) Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members. (b) At December 31, 2017, officer of member bank also served on the Board of Directors of the FHLBNY. (c) For Bank membership purposes, principal place of business is New York, NY. (d) Astoria Bank merged into Sterling National Bank in the fourth quarter 2017. Both entities are member banks and are related parties. The par advance balance represents advances outstanding with Sterling, the merged entity. Interest income reported in the table represented interest income received from Astoria and Sterling in 2017. March 31, 2017 Percentage of Par Total Par Value Three Months City State Advances of Advances Interest Income Percentage (a) Citibank, N.A. New York NY $ % $ % Metropolitan Life Insurance Company New York NY New York Community Bancorp, Inc.: New York Community Bank Westbury NY New York Commercial Bank Westbury NY Subtotal New York Community Bancorp, Inc. HSBC Bank USA, National Association (c) Mc Lean VA Investors Bank (b) Short Hills NJ Valley National Bank (b) Wayne NJ Signature Bank New York NY AXA Equitable Life Insurance Company New York NY New York Life Insurance Company New York NY Sterling National Bank Montebello NY Total $ % $ % (a) Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members. (b) At March 31, 2017, officer of member bank also served on the Board of Directors of the FHLBNY. (c) For Bank membership purposes, principal place of business is New York, NY.

Significant Accounting Polici32

Significant Accounting Policies and Estimates. (Policies)	3 Months Ended
	Mar. 31, 2018
Significant Accounting Policies and Estimates.
Basis of Presentation	Basis of Presentation The accompanying financial statements of the Federal Home Loan Bank of New York have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) and with the instructions provided by the Securities and Exchange Commission (“SEC”).
Significant Accounting Policies and Estimates	Significant Accounting Policies and Estimates The FHLBNY has identified certain accounting policies that it believes are significant because they require management to make subjective judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or by using different assumptions. These policies include estimating the allowance for credit losses on the advance and mortgage loan portfolios, evaluating the impairment of the FHLBNY’s securities portfolios, and estimating fair values of certain assets and liabilities. Other than the recently adopted policies as discussed below, there have been no significant changes to accounting policies from those identified in Note 1. Significant Accounting Policies and Estimates in Notes to the Financial Statements in the Bank’s most recent Form 10-K filed on March 22, 2018, which contains a summary of the Bank’s significant accounting policies and estimates.
Recently Adopted Significant Accounting Policies	Recently Adopted Significant Accounting Policies Recognition and Measurement of Financial Assets and Financial Liabilities . In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, as an amendment to Financial Instruments — Overall (Subtopic 825-10). The amendments provide guidance on certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU requires entities to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. To evaluate this provision, we have analyzed the FHLBank issued Consolidated obligation debt (“CO debt”), for which the fair value option has been elected, and have estimated the instrument-specific credit risk of CO debt as deminimis, if any, and accordingly no cumulative catch-up reclassification was necessary upon adoption at January 1, 2018. The ASU also requires certain equity investments to be measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the current available-for-sale category. Our analysis of this provision in the ASU identified certain mutual fund assets in grantor trusts that were designated as available-for-sale and subject to this provision of the ASU. The adoption of the guidance on January 1, 2018, resulted in an immaterial cumulative catch-up reclassification of the fair values of the trust assets from AOCI to retained earnings. Prior period financial statements would not be subject to restatement under the transition provisions of this ASU. Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, (Topic 606): Revenue from Contracts with Customers . The FASB and the International Accounting Standards Board (“IASB”) initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”) that would remove inconsistencies and improve comparability of revenue recognition practices across entities and industries, and provide more useful information to users of financial statements through improved disclosure requirements. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides entities with the option of using either of the following adoption methods: a full retrospective method, retrospectively to each prior reporting period presented; or a modified retrospective method, retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. The FHLBNY elected to use the modified retrospective method to adopt the guidance as of January 1, 2018. Our net income is derived principally from net interest income on financial assets and liabilities, which is explicitly excluded from the scope of this guidance. Certain other streams of non-interest revenues, which relate to fee revenues from commitments and financial letters of credit, were evaluated and we have concluded that such fees and associated expenses are out of scope of the standard and therefore will not be impacted by the adoption of this guidance. We have also analyzed the recognition of gains and losses when mortgage loans are foreclosed and transferred to real estate owned status (“OREO”), and have concluded that while such line items are in-scope of the standard, adoption resulted in an immaterial impact on our financial condition, results of operations, and cash flows. For information on policies adopted in 2017, see Recently Adopted Significant Accounting Policies in Note 1 in the Bank’s most recent Form 10-K filed on March 22, 2018.

Trading Securities. (Tables)

Trading Securities. (Tables)	3 Months Ended
	Mar. 31, 2018
Securities
Schedule of major security types of trading securities	The carrying value of a trading security equals its fair value. The following table provides major security types at March 31, 2018 and December 31, 2017 (in thousands): Fair value March 31, 2018 December 31, 2017 GSE securities $ $ Corporate notes — U.S. Treasury notes U.S. Treasury bills Total Trading securities $ $
Trading Securities
Securities
Schedule of remaining maturities and estimated fair values of investments	The remaining maturities and estimated fair values of investments classified as trading (a) were as follows (dollars in thousands): March 31, 2018 Due in one year Due after one Total Fair GSE securities $ $ — $ Corporate notes — U.S. Treasury notes — U.S. Treasury bills — Total Trading securities $ $ $ Yield on Trading securities % % December 31, 2017 Due in one year Due after one Total Fair GSE securities $ $ $ U.S. Treasury notes — U.S. Treasury bills — Total Trading securities $ (b) $ (b) $ Yield on Trading securities % % (a) We have classified investments acquired for purposes of meeting short-term contingency and other liquidity needs as trading securities, which are carried at their fair values. In accordance with Finance Agency guidance, we do not participate in speculative trading practices. (b) Total amounts for the redemption categories were revised for mathematical errors. It was not necessary to revise any other data.

Equity Investments (Tables)

Equity Investments (Tables) - Equity Investment	3 Months Ended
	Mar. 31, 2018
Equity Investments
Schedule of carrying value of equity investments	The carrying value of Equity Investments equals fair value. The following table provides types of funds in the grantor trusts owned by the FHLBNY (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (b) Losses (b) Value (c) Cash equivalents $ $ — $ — $ Equity funds ) Fixed income funds ) Total Equity Investments (a) $ $ $ ) $ (a) ASU 2016- 01 was adopted on January 1, 2018 and the FHLBNY made a non-cash transfer of grantor trusts to the Equity Investments category. Prior to January 1, 2018 these investments were classified as available-for-sale. The intent of the grantor trusts is to set aside cash to meet current and future payments for supplemental unfunded pension plans. Neither the pension plans nor employees of the FHLBNY own the trust. (b) Changes in unrealized gains and losses are recorded through earnings, specifically in Other income in the Statements of Income. (c) The grantor trusts invest in money market, equity and fixed income and bond funds. Daily net asset values (NAVs) are readily available and investments are redeemable at short notice. NAVs are the fair values of the funds in the grantor trusts.
Schedule of calculation of unrealized gains and losses related to equity investments held	The portion of unrealized gains and losses for the period related to Equity Investments still held was calculated as follows (in thousands): Three Months Ended March 31, 2018 Net gains and losses recognized during the period $ ) Less: Net gains and losses recognized during the period on equity investments sold during the period — Unrealized gains and losses recognized during the reporting period on equity investments still held at the reporting date $ )

Available-for-Sale Securities.

Available-for-Sale Securities. (Tables)	3 Months Ended
	Mar. 31, 2018
Securities
Summary of interest rate payment terms of investments in mortgage-backed securities classified as AFS securities	The following table summarizes interest rate payment terms of investments in mortgage-backed securities classified as AFS securities (in thousands): March 31, 2018 December 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value Mortgage-backed securities CMO floating - LIBOR $ $ $ $ CMBS floating - LIBOR Total Mortgage-backed securities (a) $ $ $ $ (a) Total will not agree to total AFS portfolio at December 31, 2017 because the grantor trusts, which primarily comprise of mutual funds, have been excluded.
Available-for-Sale Securities
Securities
Schedule of major security types of available-for-sale securities	The carrying value of an AFS security equals its fair value. At March 31, 2018 and December 31, 2017, no AFS security was other-than-temporarily impaired. The following tables provide major security types (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (b) Losses (b) Value GSE and U.S. Obligations Mortgage-backed securities CMO-Floating $ $ $ — $ CMBS-Floating — Total Available-for-sale securities $ $ $ — $ December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (b) Losses (b) Value Cash equivalents (a) $ $ — $ — $ Equity funds (a) ) Fixed income funds (a) ) GSE and U.S. Obligations Mortgage-backed securities CMO-Floating — CMBS-Floating — Total Available-for-sale securities $ $ $ ) $ (a) At December 31, 2017 , funds in the FHLBNY’s grantor trusts were designated as available-for-sale. Upon adoption of ASU 2016-01, the funds were designated as Equity Investments. For more information, see Note 6. Equity Investments. (b) Recorded in AOCI — Net unrealized fair value gains were $5.1 million at March 31, 2018 and $10.2 million at December 31, 2017.
Schedule of amortized cost and estimated fair value of investments by contractual maturity	The amortized cost and estimated fair value (a) of investments classified as AFS, by contractual maturity, were as follows (in thousands): March 31, 2018 December 31, 2017 Amortized Cost (c) Fair Value Amortized Cost (c) Fair Value Mortgage-backed securities Due after one year through five years $ $ $ $ Due after ten years Fixed income/bond funds, equity funds and cash equivalents (b) — — Total Available-for-sale securities $ $ $ $ (a) The carrying value of AFS securities equals fair value. (b) Funds in the grantor trusts are determined to be redeemable at short notice. Fair values are the daily NAVs of the bond and equity funds. See Note 6. Equity Investments for more information. (c) Amortized cost is after adjusting for net unamortized discounts of $1.8 million and $1.9 million at March 31, 2018 and December 31, 2017.

Held-to-Maturity Securities. (T

Held-to-Maturity Securities. (Tables)	3 Months Ended
	Mar. 31, 2018
Held-to-Maturity Securities.
Summary of interest rate payment terms of securities classified as held-to-maturity	The following table summarizes interest rate payment terms of securities classified as held-to-maturity (in thousands): March 31, 2018 December 31, 2017 Amortized Carrying Amortized Carrying Cost Value Cost Value Mortgage-backed securities CMO Fixed $ $ $ $ Floating Total CMO CMBS Fixed Floating Total CMBS Pass Thru (a) Fixed Floating Total Pass Thru Total MBS State and local housing finance agency obligations Fixed Floating Total State and local housing finance agency obligations Total Held-to-maturity securities $ $ $ $ (a) Includes MBS supported by pools of mortgages.
Rollforward information about cumulative credit component of OTTI recognized as a charge to earnings related to held-to-maturity securities	The following table provides rollforward information about the cumulative credit component of OTTI recognized as a charge to earnings related to held-to-maturity securities (in thousands): Three months ended March 31, 2018 2017 Beginning balance $ $ Realized credit losses ) — Increases in cash flows expected to be collected, recognized over the remaining life of the securities ) ) Ending balance $ $
Held-to-Maturity securities
Held-to-Maturity Securities.
Schedule of carrying value of equity investments	Major Security Types (in thousands) March 31, 2018 OTTI Gross Gross Amortized Recognized Carrying Unrecognized Unrecognized Fair Issued, guaranteed or insured: Cost (d) in AOCI Value Holding Gains (a) Holding Losses (a) Value Pools of Mortgages Fannie Mae $ $ — $ $ $ — $ Freddie Mac — — Total pools of mortgages — — Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits Fannie Mae — ) Freddie Mac — ) Ginnie Mae — — Total CMOs/REMICs — ) Commercial Mortgage-Backed Securities (b) Fannie Mae — ) Freddie Mac — ) Total commercial mortgage-backed securities — ) Non-GSE MBS (c) CMOs/REMICs ) ) Asset-Backed Securities (c) Manufactured housing (insured) — ) Home equity loans (insured) ) ) Home equity loans (uninsured) ) ) Total asset-backed securities ) ) Total MBS ) ) Other State and local housing finance agency obligations — ) Total Held-to-maturity securities $ $ ) $ $ $ ) $ December 31, 2017 OTTI Gross Gross Amortized Recognized Carrying Unrecognized Unrecognized Fair Issued, guaranteed or insured: Cost (d) in AOCI Value Holding Gains (a) Holding Losses (a) Value Pools of Mortgages Fannie Mae $ $ — $ $ $ — $ Freddie Mac — — Total pools of mortgages — — Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits Fannie Mae — ) Freddie Mac — ) Ginnie Mae — — Total CMOs/REMICs — ) Commercial Mortgage-Backed Securities (b) Fannie Mae — ) Freddie Mac — ) Total commercial mortgage-backed securities — ) Non-GSE MBS (c) CMOs/REMICs ) ) Asset-Backed Securities (c) Manufactured housing (insured) — ) Home equity loans (insured) ) ) Home equity loans (uninsured) ) ) Total asset-backed securities ) ) Total MBS ) ) Other State and local housing finance agency obligations — ) Total Held-to-maturity securities $ $ ) $ $ $ ) $ (a) Unrecognized gross holding gains and losses represent the difference between fair value and carrying value. (b) Commercial mortgage-backed securities (“CMBS”) are Agency issued securities, collateralized by income-producing “multifamily properties”. Eligible property types include standard conventional multifamily apartments, affordable multifamily housing, seniors housing, student housing, military housing, and rural rent housing. (c) The amounts represent non-agency private-label mortgage- and asset-backed securities. (d) Amortized cost — For securities that were deemed to be OTTI, amortized cost represents unamortized cost less credit OTTI, net of credit OTTI reversed due to improvements in cash flows.
Summary of held-to-maturity securities with fair values below their amortized cost basis	The following tables summarize held-to-maturity securities with estimated fair values below their amortized cost basis (in thousands): March 31, 2018 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Non-MBS Investment Securities State and local housing finance agency obligations $ $ ) $ $ ) $ $ ) MBS Investment Securities MBS-GSE Fannie Mae ) ) ) Freddie Mac ) ) ) Total MBS-GSE ) ) ) MBS-Private-Label ) ) ) Total MBS ) ) ) Total $ $ ) $ $ ) $ $ ) December 31, 2017 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Non-MBS Investment Securities State and local housing finance agency obligations $ $ ) $ $ ) $ $ ) MBS Investment Securities MBS-GSE Fannie Mae ) ) ) Freddie Mac ) ) ) Total MBS-GSE ) ) ) MBS-Private-Label ) ) ) Total MBS ) ) ) Total $ $ ) $ $ ) $ $ )
Schedule of amortized cost and estimated fair value of investments by contractual maturity	The amortized cost and estimated fair value of held-to-maturity securities, arranged by contractual maturity, were as follows (in thousands): March 31, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Cost (a) Fair Value Cost (a) Fair Value State and local housing finance agency obligations Due in one year or less $ $ $ $ Due after one year through five years Due after five years through ten years Due after ten years State and local housing finance agency obligations Mortgage-backed securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Mortgage-backed securities Total Held-to-maturity securities $ $ $ $ (a) Amortized cost is after adjusting for net unamortized premiums of $50.5 million and $51.8 million (net of unamortized discounts) at March 31, 2018 and December 31, 2017.

Advances. (Tables)

Advances. (Tables)	3 Months Ended
	Mar. 31, 2018
Advances.
Schedule of contractual redemption terms and yields of advances	Contractual redemption terms and yields of advances were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Weighted (a) Weighted (a) Average Percentage Average Percentage Amount Yield of Total Amount Yield of Total Due in one year or less $ % % $ % % Due after one year through two years Due after two years through three years Due after three years through four years Due after four years through five years Thereafter Total par value % % % % Hedge valuation basis adjustments (b) ) ) Fair value option valuation adjustments and accrued interest (c) Total $ $ (a) The weighted average yield is the weighted average coupon rates for advances, unadjusted for swaps. For floating-rate advances, the weighted average rate is the rate outstanding at the reporting dates. (b) Hedge valuation basis adjustments represent changes in the fair values of fixed-rate advances due to changes in LIBOR, which is the FHLBNY’s benchmark rate in a Fair value hedge. (c) Valuation adjustments represent changes in the entire fair values of advances elected under the FVO.

Mortgage Loans Held-for-Portf38

Mortgage Loans Held-for-Portfolio. (Tables)	3 Months Ended
	Mar. 31, 2018
Mortgage Loans Held-for-Portfolio.
Schedule of information on mortgage loans held-for-portfolio	The following table presents information on mortgage loans held-for-portfolio (dollars in thousands): March 31, 2018 December 31, 2017 Amount Percentage Amount Percentage Real Estate (a) : Fixed medium-term single-family mortgages $ % $ % Fixed long-term single-family mortgages Total par value % % Unamortized premiums Unamortized discounts ) ) Basis adjustment (b) Total mortgage loans held-for-portfolio Allowance for credit losses ) ) Total mortgage loans held-for-portfolio, net of allowance for credit losses $ $ (a) Conventional mortgages represent the majority of mortgage loans held-for-portfolio, with the remainder invested in FHA and VA insured loans (also referred to as government loans). (b) Balances represent unamortized fair value basis of closed delivery commitments. A basis adjustment is recorded at the settlement of the loan and it represents the difference in trade price paid for acquiring the loan and the price at the settlement date for a similar loan. The basis adjustment is amortized as a yield adjustment to Interest income.
Roll-forward analysis of allowance for credit losses	The following table provides a rollforward analysis of the allowance for credit losses (in thousands): Three months ended March 31, 2018 2017 Allowance for credit losses: Beginning balance $ $ Charge-offs ) ) Recoveries — Provision (Reversal) for credit losses on mortgage loans ) ) Ending balance $ $ Ending balance, individually evaluated for impairment $ $ Ending balance, collectively evaluated for impairment Total Allowance for credit losses $ $
Schedule of non-performing mortgage loans	The FHLBNY’s total MPF loans and impaired MPF loans were as follows (Unpaid principal balances (“UPB”), in thousands): March 31, 2018 December 31, 2017 Total Mortgage loans, net of allowance for credit losses (a) $ $ Non-performing mortgage loans - Conventional (a)(b) $ $ Insured MPF loans past due 90 days or more and still accruing interest (a)(b) $ $ (a) Includes loans classified as special mention, sub-standard, doubtful or loss under regulatory criteria, net of amounts charged-off if delinquent for 180 days or more. (b) Data in this table represents UPB, and would not agree to data reported in other tables at “recorded investment,” which includes interest receivable.
Summary of impaired loans for which related allowance was individually measured (excluding insured FHA/VA loans)	The following summarizes the recorded investment in impaired loans (excluding insured FHA/VA loans), the unpaid principal balance, and the related allowance (individually assessed), and the average recorded investment of loans for which the related allowance was individually measured (in thousands): March 31, 2018 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (d) Conventional MPF Loans (a)(c) No related allowance (b) $ $ $ — $ With a related allowance Total individually measured for impairment $ $ $ $ December 31, 2017 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (d) Conventional MPF Loans (a)(c) No related allowance (b) $ $ $ — $ With a related allowance Total individually measured for impairment $ $ $ $ (a) Based on analysis of the nature of risks of the FHLBNY’s investments in MPF loans, including its methodologies for identifying and measuring impairment, management has determined that presenting such loans as a single class is appropriate. (b) Collateral values, net of estimated costs to sell, exceeded the recorded investments in impaired loans and no allowances were deemed necessary. (c) Interest received is not recorded as Interest income if an uninsured loan is past due 90 days or more. Cash received is recorded as a liability on the assumption that cash was remitted by the servicer to the FHLBNY that could potentially be recouped by the borrower in a foreclosure. (d) Represents the average recorded investment for the three months ended March 31, 2018 and the twelve months ended December 31, 2017.
Summary of loans for which related allowance was collectively measured	The following tables summarize the recorded investment, the unpaid principal balance, and the average recorded investment of loans for which the related allowance was collectively measured (in thousands): March 31, 2018 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (a) Collectively measured for impairment Insured loans $ $ $ — $ Uninsured loans Total loans collectively measured for impairment $ $ $ $ December 31, 2017 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (a) Collectively measured for impairment Insured loans $ $ $ — $ Uninsured loans Total loans collectively measured for impairment $ $ $ $ (a) Represents the average recorded investment for the three months ended March 31, 2018 and the twelve months ended December 31, 2017.
Summary of recorded investments in MPF loans past due, and real estate owned	Recorded investment, which includes accrued interest receivable, would not equal carrying values reported elsewhere (dollars in thousands): March 31, 2018 December 31, 2017 Conventional Insured Conventional Insured MPF Loans Loans MPF Loans Loans Mortgage loans: Past due 30 - 59 days $ $ $ $ Past due 60 - 89 days Past due 90 - 179 days Past due 180 days or more Total past due Total current loans Total mortgage loans $ $ $ $ Other delinquency statistics: Loans in process of foreclosure, included above $ $ $ $ Number of foreclosures outstanding at period end Serious delinquency rate (a) % % % % Serious delinquent loans total used in calculation of serious delinquency rate $ $ $ $ Past due 90 days or more and still accruing interest $ — $ $ — $ Loans on non-accrual status $ $ — $ $ — Troubled debt restructurings: Loans discharged from bankruptcy (b) $ $ $ $ Modified loans under MPF ® program $ $ — $ $ — Real estate owned $ $ (a) Serious delinquency rate is defined as recorded investments in loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total loan class. (b) Loans discharged from Chapter 7 bankruptcies are considered as TDRs.

Deposits. (Tables)

Deposits. (Tables)	3 Months Ended
	Mar. 31, 2018
Deposits.
Summary of deposits and interest rate payment terms for deposits	The following table summarizes deposits (in thousands): March 31, 2018 December 31, 2017 Interest-bearing deposits Interest-bearing demand $ $ Term (a) Total interest-bearing deposits Non-interest-bearing demand Total deposits (b) $ $ (a) Term deposits were for periods of one year or less. (b) Specific disclosures about deposits that exceed FDIC limits have been omitted as deposits are not insured by the FDIC. Deposits are received in the ordinary course of the FHLBNY’s business. The FHLBNY has pledged securities to the FDIC to collateralize deposits maintained at the FHLBNY by the FDIC; for more information, see Securities Pledged in Note 8. Held-to-Maturity Securities. Interest rate payment terms for deposits are summarized below (dollars in thousands): March 31, 2018 December 31, 2017 Amount Weighted (b) Amount Weighted (b) Due in one year or less Interest-bearing deposits (a) $ % $ % Non-interest-bearing deposits Total deposits $ $ (a) Primarily adjustable rate. (b) The weighted average interest rate is calculated based on the average balance.

Consolidated Obligations. (Tabl

Consolidated Obligations. (Tables)	3 Months Ended
	Mar. 31, 2018
Consolidated Obligations.
Summary of Consolidated obligations issued and outstanding	The following table summarizes Consolidated obligations issued by the FHLBNY and outstanding at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Consolidated obligation bonds-amortized cost $ $ Hedge valuation basis adjustments (a) Hedge basis adjustments on terminated hedges (b) FVO (c) - valuation adjustments and accrued interest ) Total Consolidated obligation bonds $ $ Discount notes-amortized cost $ $ FVO (c) - valuation adjustments and remaining accretion Total Consolidated obligation discount notes $ $ (a) Hedge valuation basis adjustments represent changes in the fair values due to changes in LIBOR on fixed-rate bonds in a Fair value hedge. (b) Hedge basis adjustments on terminated hedges represent the unamortized balances of valuation basis of fixed-rate bonds that were previously in a qualifying hedge relationship. The valuation basis at the time of hedge termination is amortized as a yield adjustment through Interest expense. (c) Valuation adjustments represent changes in the entire fair values of bonds and discount notes elected under the FVO.
Summary of Consolidated obligation bonds outstanding by year of maturity	The following table is a summary of Consolidated obligation bonds outstanding by year of maturity (dollars in thousands): March 31, 2018 December 31, 2017 Weighted Weighted Average Percentage Average Percentage Maturity Amount Rate (a) of Total Amount Rate (a) of Total One year or less $ % % $ % % Over one year through two years Over two years through three years Over three years through four years Over four years through five years Thereafter Total par value % % % % Bond premiums (b) Bond discounts (b) ) ) Hedge valuation basis adjustments (c) Hedge basis adjustments on terminated hedges (d) FVO (e) - valuation adjustments and accrued interest ) Total Consolidated obligation-bonds $ $ (a) Weighted average rate represents the weighted average contractual coupons of bonds, unadjusted for swaps. (b) Amortization of CO bond premiums and discounts are recorded in interest expense as yield adjustments. (c) Hedge valuation basis adjustments represent changes in the fair values due to changes in LIBOR on fixed-rate bonds in a Fair value hedge. (d) Hedge basis adjustments on terminated hedges represent the unamortized balances of valuation basis of fixed-rate bonds that were previously in a fair value hedging relationship. Generally, when a hedging relationship is de-designated, the valuation basis is no longer adjusted for changes in the valuation of the debt for changes in the benchmark rate; instead, the basis is amortized over the debt’s remaining life, so that at maturity of the debt, the unamortized basis is reversed to zero. (e) Valuation adjustments represent changes in the entire fair values of bonds elected under the FVO.
Summary of types of Consolidated obligation bonds issued and outstanding by Interest Rate Payment Terms	The following table summarizes types of Consolidated obligation bonds issued and outstanding (dollars in thousands): March 31, 2018 December 31, 2017 Amount Percentage Amount Percentage Fixed-rate, non-callable $ % $ % Fixed-rate, callable Step Up, callable Single-index floating rate Total par value % % Bond premiums Bond discounts ) ) Hedge valuation basis adjustments (a) Hedge basis adjustments on terminated hedges (b) FVO (c) - valuation adjustments and accrued interest ) Total Consolidated obligation-bonds $ $ (a) Hedge valuation basis adjustments represent changes in the fair values of fixed-rate CO bonds in a Fair value hedge due to changes in LIBOR. (b) Hedge basis adjustments on terminated hedges represent the unamortized balances of valuation basis of fixed-rate bonds that were previously in a hedging relationship. (c) Valuation adjustments represent changes in the entire fair values of bonds elected under the FVO.
Schedule of outstanding Consolidated obligation discount notes	The FHLBNY’s outstanding Consolidated obligation discount notes were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Par value $ $ Amortized cost $ $ FVO (a) - valuation adjustments and remaining accretion Total discount notes $ $ Weighted average interest rate % % (a) Valuation adjustments represent changes in the entire fair values of discount notes elected under the FVO.

Affordable Housing Program. (Ta

Affordable Housing Program. (Tables)	3 Months Ended
	Mar. 31, 2018
Affordable Housing Program.
Roll-forward information with respect to changes in Affordable Housing Program liabilities	The following table provides rollforward information with respect to changes in Affordable Housing Program liabilities (in thousands): Three months ended March 31, 2018 2017 Beginning balance $ $ Additions from current period’s assessments Net disbursements for grants and programs ) ) Ending balance $ $

Capital Stock, Mandatorily Re42

Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings. (Tables)	3 Months Ended
	Mar. 31, 2018
Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings.
Summary of risk-based capital ratios	The following table summarizes the FHLBNY’s risk-based capital ratios (dollars in thousands): March 31, 2018 December 31, 2017 Required (d) Actual Required (d) Actual Regulatory capital requirements: Risk-based capital (a)(e) $ $ $ $ Total capital-to-asset ratio % % % % Total capital (b) $ $ $ $ Leverage ratio % % % % Leverage capital (c) $ $ $ $ (a) Actual “Risk-based capital” is capital stock and retained earnings plus mandatorily redeemable capital stock. Section 932.2 of the Finance Agency’s regulations also refers to this amount as “Permanent Capital.” (b) Required “Total capital” is 4.0% of total assets. (c) The required leverage ratio of total capital to total assets should be at least 5.0%. For the purposes of determining the leverage ratio, total capital shall be computed by multiplying the Bank’s Permanent Capital by 1.5. (d) Required minimum. (e) Under regulatory guidelines issued by the Finance Agency in August 2011 that was consistent with guidance provided by other federal banking agencies with respect to capital rules, risk weights are maintained at AAA for U.S. Treasury securities and other securities issued or guaranteed by the U.S. Government, government agencies, and government-sponsored entities for purposes of calculating risk-based capital.
Schedule of anticipated redemptions of mandatorily redeemable capital stock	Estimated redemption periods were as follows (in thousands): March 31, 2018 December 31, 2017 Redemption less than one year $ $ Redemption from one year to less than three years Redemption from three years to less than five years Redemption from five years or greater Total $ $
Roll-forward information with respect to changes in mandatorily redeemable capital stock liabilities	The following table provides rollforward information with respect to changes in mandatorily redeemable capital stock liabilities (in thousands): Three months ended March 31, 2018 2017 Beginning balance $ $ Capital stock subject to mandatory redemption reclassified from equity Redemption of mandatorily redeemable capital stock (a) ) ) Ending balance $ $ Accrued interest payable (b) $ $ (a) Redemption includes repayment of excess stock. (b) The annualized accrual rate was 6.50% for the three months ended March 31, 2018 and 5.65% for the three months ended March 31, 2017. Accrual rates are based on estimated dividend rates.

Earnings Per Share of Capital.

Earnings Per Share of Capital. (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share of Capital.
Schedule of computation of earnings per share	The FHLBNY has no dilutive potential common shares or other common stock equivalents (dollars in thousands except per share amounts): Three months ended March 31, 2018 2017 Net income $ $ Net income available to stockholders $ $ Weighted average shares of capital Less: Mandatorily redeemable capital stock ) ) Average number of shares of capital used to calculate earnings per share Basic earnings per share $ $

Employee Retirement Plans. (Tab

Employee Retirement Plans. (Tables)	3 Months Ended
	Mar. 31, 2018
Employee Retirement Plans
Schedule of employee retirement plan expenses	The following table presents employee retirement plan expenses for the periods ended (in thousands): Three months ended March 31, 2018 2017 Defined Benefit Plan $ $ Benefit Equalization Plans (defined benefit and defined contribution) Defined Contribution Plans Postretirement Health Benefit Plan ) ) Total retirement plan expenses $ $
Benefit Equalization Plans (defined benefit and defined contribution (including deferred incentive compensation))
Employee Retirement Plans
Schedule of employee retirement plan expenses	Components of the net periodic pension cost for the defined benefit component of the BEP were as follows (in thousands): Three months ended March 31, 2018 2017 Service cost $ $ Interest cost Amortization of unrecognized net loss Net periodic benefit cost -Defined Benefit BEP Benefit Equalization plans - Thrift and Deferred incentive compensation plans (introduced in 2017) ) — Total $ $
Postretirement Health Benefit Plan
Employee Retirement Plans
Schedule of components of net periodic cost	Components of the net periodic benefit cost for the postretirement health benefit plan were as follows (in thousands): Three months ended March 31, 2018 2017 Service cost (benefits attributed to service during the period) $ $ Interest cost on accumulated postretirement health benefit obligation Amortization of loss/(gain) Amortization of prior service (credit)/cost ) ) Net periodic postretirement health benefit (income) (a) $ ) $ ) (a) Plan amendments in a prior year reduced plan obligations by $8.8 million, and the resulting gain is being amortized over an actuarially determined period, reducing net periodic benefit costs.

Derivatives and Hedging Activ45

Derivatives and Hedging Activities. (Tables)	3 Months Ended
	Mar. 31, 2018
Derivatives and Hedging Activities.
Schedule of Derivative instruments Nettable and Not Nettable	The following table presents the gross and net derivatives receivables by contract type and amount for those derivatives contracts for which netting is permissible under U.S. GAAP (“Derivative instruments — Nettable”) (in thousands): March 31, 2018 December 31, 2017 Derivative Derivative Derivative Derivative Derivative instruments - Nettable Gross recognized amount Uncleared derivatives $ $ $ $ Cleared derivatives Total derivatives fair values Variation margin (Note 1) — — ) — Total gross recognized amount Gross amounts of netting adjustments and cash collateral Uncleared derivatives ) ) ) ) Cleared derivatives ) ) ) ) Total gross amounts of netting adjustments and cash collateral ) ) ) ) Net amounts after offsetting adjustments and cash collateral $ $ $ $ Uncleared derivatives $ $ $ $ Cleared derivatives — Total net amounts after offsetting adjustments and cash collateral $ $ $ $ Derivative instruments - Not Nettable Uncleared derivatives (a) $ $ $ $ Total derivative assets and total derivative liabilities Uncleared derivatives Cleared derivatives — Total derivative assets and total derivative liabilities presented in the Statements of Condition (b) $ $ $ $ Non-cash collateral received or pledged (c) Can be sold or repledged Security pledged as initial margin for cleared derivatives (d) $ $ — $ $ — Cannot be sold or repledged Uncleared derivatives ) — ) — Total non-cash collateral — — Total net amount (e) $ $ $ $ Net unsecured amount - Represented by: Uncleared derivatives $ $ $ $ Cleared derivatives Total net amount (e) $ $ $ $ (a) Derivative instruments without legal right of offset were synthetic derivatives representing forward mortgage delivery commitments of 45 business days or less. Amounts were not material, and it was operationally not practical to separate receivable from payables, and net presentation was adopted. No cash collateral was involved with the mortgage delivery commitments. (b) Amounts represented Derivative assets and liabilities recorded in the Statements of Conditions. Derivative balances are not netted with non-cash collateral received or pledged, since legal ownership of the non-cash collateral remains with the pledging counterparty (see footnote c below). (c) Non-cash collateral received or pledged — For bilateral derivatives, certain counterparties have pledged U.S. Treasury securities to the FHLBNY as collateral. Amounts also included non-cash mortgage collateral on derivative positions with member counterparties where we acted as an intermediary. For cleared derivatives, we have also pledged marketable securities to collateralize initial margin as required under the CFTC rules. (d) Securities pledged to Derivative Clearing Organization to fulfill our initial margin obligations on cleared derivatives. Securities pledged may be sold or repledged if the FHLBNY defaults on our obligations under rules established by the CFTC. (e) Amounts represented net exposure after applying non-cash collateral pledged to and by the FHLBNY. Since legal ownership and control over the securities are not transferred, the net exposure represented in the table above is for information only and is not reported as such in the Statements of Condition. Note 1 As discussed previously in this Note 17, variation margin is exchanged daily between the DCOs and the FHLBNY for cleared derivatives, and generally represented daily settlement of mark-to-market gains and losses on the derivative contracts. At March 31, 2018, variation margin received from DCOs was $624.9 million and was netted as settlements of gross derivative fair values on a line-by-line basis as reported in the table above. At December 31, 2017, $465.8 million in variation margin received by the FHLBNY was netted and reported in aggregate as a reduction of the gross derivative fair values.
Schedule of outstanding notional balances and estimated fair values of derivatives outstanding	The following tables represent outstanding notional balances and estimated fair values of the derivatives outstanding at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 Notional Amount Derivative Derivative Fair value of derivative instruments (a) Derivatives designated as hedging instruments Interest rate swaps $ $ $ Total derivatives in hedging relationships Derivatives not designated as hedging instruments Interest rate swaps Interest rate caps or floors — Mortgage delivery commitments Other (b) Total derivatives not designated as hedging instruments Total derivatives before netting and collateral adjustments $ Netting adjustments ) ) Cash Collateral and related accrued interest ) ) Total netting adjustments and cash collateral ) ) Total derivative assets and total derivative liabilities $ $ Security collateral pledged as initial margin to Derivative Clearing Organization (d) $ Security collateral received from counterparty (d) ) Net security Net exposure $ December 31, 2017 Notional Amount Derivative Derivative Fair value of derivative instruments (a) Derivatives designated as hedging instruments Interest rate swaps $ $ $ Total derivatives in hedging relationships Derivatives not designated as hedging instruments Interest rate swaps Interest rate caps or floors — Mortgage delivery commitments Other (b) Total derivatives not designated as hedging instruments Total derivatives before netting, collateral adjustments and variation margin $ Variation margin (c) ) — Total derivatives before netting and collateral adjustments Netting adjustments ) ) Cash Collateral and related accrued interest ) ) Total netting adjustments and cash collateral ) ) Total derivative assets and total derivative liabilities $ $ Security collateral pledged as initial margin to Derivative Clearing Organization (d) $ Security collateral received from counterparty (d) ) Net security Net exposure $ (a) All derivative assets and liabilities with swap dealers and counterparties are executed under collateral agreements; derivative instruments executed bilaterally are subject to legal right of offset under master netting agreements. (b) The Other category comprised of swaps intermediated for member, and notional amounts represent purchases by the FHLBNY from dealers and an offsetting purchase from us by the member. (c) Variation margin — See Note 1 in the previous table. (d) Non-cash security collateral is not permitted to be offset on the balance sheet, but would be eligible for offsetting in an event of default. Amounts represent U.S. Treasury securities pledged to and received from counterparties as collateral at March 31, 2018 and December 31, 2017.
Summary of components of net gains/ (losses) on Derivatives and hedging activities as presented in Statements of Income	Components of net gains/(losses) on Derivatives and hedging activities as presented in the Statements of Income are summarized below (in thousands): Three months ended March 31, 2018 Gains (Losses) Gains (Losses) Earnings Effect of Derivatives Derivatives designated as hedging instruments Interest rate swaps Advances $ $ ) $ ) $ Consolidated obligation bonds ) ) Net gains (losses) related to fair value hedges ) $ Cash flow hedges ) ) $ ) Derivatives not designated as hedging instruments Interest rate swaps (a) ) ) Caps or floors Mortgage delivery commitments ) ) Swaps economically hedging instruments designated under FVO Accrued interest-swaps (a) Net gains (losses) related to derivatives not designated as hedging instruments ) ) Price alignment - cleared swaps settlement to market ) ) Net gains (losses) on derivatives and hedging activities $ $ ) $ ) Three months ended March 31, 2017 Gains (Losses) Gains (Losses) Earnings Effect of Derivatives Derivatives designated as hedging instruments Interest rate swaps Advances $ $ ) $ $ ) Consolidated obligation bonds ) ) Net gains (losses) related to fair value hedges ) ) $ ) Cash flow hedges $ ) Derivatives not designated as hedging instruments Interest rate swaps (a) Caps or floors ) ) Mortgage delivery commitments Swaps economically hedging instruments designated under FVO Accrued interest-swaps (a) ) ) Net gains (losses) related to derivatives not designated as hedging instruments Price alignment - cleared swaps settlement to market ) ) Net gains (losses) on derivatives and hedging activities $ $ ) $ ) (a) Prior year numbers have been reclassified to conform to the classification adopted in 2017.
Schedule of effect of interest rate swaps in cash flow hedging relationships	The effect of interest rate swaps in cash flow hedging relationships was as follows (in thousands): Three months ended March 31, 2018 AOCI Gains/(Losses) Recognized in (c) Location: (c) Amount (c) Ineffectiveness Consolidated obligation bonds (a) $ ) Interest Expense $ ) $ ) Consolidated obligation discount notes (b) Interest Expense — — $ $ ) $ ) Three months ended March 31, 2017 AOCI Gains/(Losses) Recognized in (c) Location: (c) Amount (c) Ineffectiveness Consolidated obligation bonds (a) $ ) Interest Expense $ ) $ Consolidated obligation discount notes (b) Interest Expense — — $ $ ) $ (a) Cash flow hedges of anticipated issuance of Consolidated obligation bonds Changes in period recognized in AOCI — Amounts reported typically represent fair value gains and losses recorded in AOCI under the CO bond cash flow hedge strategy during the periods, and including fair values of hedging contracts open at period end dates. Fair values recorded in AOCI are adjusted for any hedge ineffectiveness on the contracts. When a cash flow hedge is closed, the fair value gain or loss on the derivative is recorded in AOCI, and is amortized and reclassified to interest expense with an offset to the cumulative balance in AOCI. Amount Reclassified to Earnings — Amounts represented amortization of unrecognized losses from previously closed CO bond cash flow hedging contracts that were recorded as a yield adjustment to interest expense with an offset to reduce the unamortized balance in AOCI. Ineffectiveness Recognized in Earnings — Amounts represented ineffectiveness primarily arising from CO bond cash flow hedging strategies. Ineffectiveness is recorded in earnings as a gain or loss from derivative activities in Other income, while the effective portion is recorded in AOCI. Amounts recorded in AOCI are subsequently reclassified prospectively as a yield adjustment to debt expense over the term of the debt. (b) Hedges of discount notes in rolling issuances Changes in period recognized in AOCI — Amounts represented period-over-period change in the fair values of open swap contracts in this CO discount note cash flow hedging strategy (Rolling issuances of discount notes). The cash flow hedges mitigated exposure to the variability in future cash flows over a maximum period of 14 years. (c) Ineffectiveness recognized in earnings — The effective portion of the fair values of open contracts is recorded in AOCI. Ineffectiveness is recorded in Other income as a component of derivatives and hedging gains and losses.
Rollforward analysis of fair value changes in AOCI of cash flow hedges	Cash Flow Hedges — Fair Value changes in AOCI Rollforward Analysis (in thousands): March 31, 2018 December 31, 2017 Rollover Hedge Anticipatory Hedge Rollover Hedge Anticipatory Hedge Beginning balance $ ) $ $ ) $ Changes in fair values ) ) Amount reclassified — — Fair Value - closed contract — — Fair Value - open contract — ) — Ending balance $ $ $ ) $ Notional amount of swaps outstanding $ $ $ $

Fair Values of Financial Inst46

Fair Values of Financial Instruments. (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Values of Financial Instruments.
Schedule of carrying values, estimated fair values and levels within fair value hierarchy of financial instruments	The carrying values, estimated fair values and the levels within the fair value hierarchy were as follows (in thousands): March 31, 2018 Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 (a) Netting Assets Cash and due from banks $ $ $ $ — $ — $ — Securities purchased under agreements to resell — — — Federal funds sold — — — Trading securities — — Equity Investments — — — Available-for-sale securities — — Held-to-maturity securities — — Advances — — — Mortgage loans held-for-portfolio, net — — — Accrued interest receivable — — — Derivative assets — — ) Other financial assets — — — Liabilities Deposits — — — Consolidated obligations Bonds — — — Discount notes — — — Mandatorily redeemable capital stock — — — Accrued interest payable — — — Derivative liabilities — — ) Other financial liabilities — — — December 31, 2017 Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 (a) Netting Assets Cash and due from banks $ $ $ $ — $ — $ — Securities purchased under agreements to resell — — — Federal funds sold — — — Trading securities — — Available-for-sale securities — — Held-to-maturity securities — — Advances — — — Mortgage loans held-for-portfolio, net — — Accrued interest receivable — — — Derivative assets — — ) Other financial assets — — — Liabilities Deposits — — — Consolidated obligations Bonds — — — Discount notes — — — Mandatorily redeemable capital stock — — — Accrued interest payable — — — Derivative liabilities — — ) Other financial liabilities — — — (a) Level 3 Instruments — The fair values of non-Agency private-label MBS and housing finance agency bonds were estimated by management based on pricing services. Valuations may have required pricing services to use significant inputs that were subjective because of the current lack of significant market activity; the inputs may not be market based and observable.
Schedule of fair value of assets and liabilities recorded at fair value on a recurring basis, by level within fair value hierarchy	Items Measured at Fair Value on a Recurring Basis (in thousands): March 31, 2018 Total Level 1 Level 2 Level 3 Netting Assets Trading securities GSE securities $ $ — $ $ — $ — Corporate notes — — — U.S. Treasury securities — — — Equity Investments — — — Available-for-sale securities GSE/U.S. agency issued MBS — — — Advances (to the extent FVO is elected) — — — Derivative assets (a) Interest-rate derivatives — — ) Mortgage delivery commitments — — — Total recurring fair value measurement - assets $ $ $ $ — $ ) Liabilities Consolidated obligations: Discount notes (to the extent FVO is elected) $ ) $ — $ ) $ — $ — Bonds (to the extent FVO is elected) (b) ) — ) — — Derivative liabilities (a) Interest-rate derivatives ) — ) — Mortgage delivery commitments ) — ) — — Total recurring fair value measurement - liabilities $ ) $ — $ ) $ — $ December 31, 2017 Total Level 1 Level 2 Level 3 Netting Assets Trading securities GSE securities $ $ — $ $ — $ — U.S. Treasury securities — — — Available-for-sale securities GSE/U.S. agency issued MBS — — — Equity and bond funds — — — Advances (to the extent FVO is elected) — — — Derivative assets (a) Interest-rate derivatives — — ) Mortgage delivery commitments — — — Total recurring fair value measurement - assets $ $ $ $ — $ ) Liabilities Consolidated obligations: Discount notes (to the extent FVO is elected) $ ) $ — $ ) $ — $ — Bonds (to the extent FVO is elected) (b) ) — ) — — Derivative liabilities (a) Interest-rate derivatives ) — ) — Mortgage delivery commitments ) — ) — — Total recurring fair value measurement - liabilities $ ) $ — $ ) $ — $ (a) Based on analysis of the nature of the risk, the presentation of derivatives as a single class is appropriate. (b) Based on analysis of the nature of risks of Consolidated obligation bonds measured at fair value, the FHLBNY has determined that presenting the bonds as a single class is appropriate.
Schedule of items measured at fair value on a nonrecurring basis, by level within fair value hierarchy	Items Measured at Fair Value on a Non-recurring Basis (in thousands): March 31, 2018 Fair Value Level 1 Level 2 Level 3 Mortgage loans held-for-portfolio $ $ — $ $ — Real estate owned — — Total non-recurring assets at fair value $ $ — $ $ December 31, 2017 Fair Value Level 1 Level 2 Level 3 Mortgage loans held-for-portfolio $ $ — $ $ — Real estate owned — — Total non-recurring assets at fair value $ $ — $ $
Summary of activity, change in fair value and comparison of aggregate fair value and remaining contractual principal balance outstanding related to financial instruments for which fair value option elected	The following tables summarize the activity related to financial instruments for which the FHLBNY elected the fair value option (in thousands): March 31, 2018 Advances Bonds Discount Notes Balance, beginning of the period $ $ ) $ ) New transactions elected for fair value option — ) ) Maturities and terminations ) Net gains (losses) on financial instruments held under fair value option ) ) Change in accrued interest/unaccreted balance ) Balance, end of the period $ $ ) $ ) December 31, 2017 Advances Bonds Discount Notes Balance, beginning of the period $ $ ) $ ) New transactions elected for fair value option ) ) Maturities and terminations ) Net gains (losses) on financial instruments held under fair value option ) Change in accrued interest/unaccreted balance ) Balance, end of the period $ $ ) $ ) March 31, 2017 Advances Bonds Discount Notes Balance, beginning of the period $ $ ) $ ) New transactions elected for fair value option — ) Maturities and terminations ) Net gains (losses) on financial instruments held under fair value option ) Change in accrued interest/unaccreted balance ) Balance, end of the period $ $ ) $ ) The following tables present the change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected (in thousands): Three months ended March 31, 2018 Interest Net Gains Total Change in Fair Advances $ $ $ Three months ended March 31, 2017 Interest Net Gains Total Change in Fair Advances $ $ ) $ Three months ended March 31, 2018 Interest Expense Net Gains Total Change in Fair Consolidated obligation bonds $ ) $ ) $ ) Consolidated obligation discount notes ) ) ) $ ) $ ) $ ) Three months ended March 31, 2017 Interest Expense Net Gains Total Change in Fair Consolidated obligation bonds $ ) $ $ ) Consolidated obligation discount notes ) ) $ ) $ $ ) The following tables compare the aggregate fair value and aggregate remaining contractual principal balance outstanding of financial instruments for which the fair value option has been elected (in thousands): March 31, 2018 Aggregate Aggregate Fair Fair Value Advances (a) $ $ $ Consolidated obligation bonds (b) $ $ $ ) Consolidated obligation discount notes (c) $ $ $ December 31, 2017 Aggregate Aggregate Fair Fair Value Advances (a) $ $ $ Consolidated obligation bonds (b) $ $ $ Consolidated obligation discount notes (c) $ $ $ March 31, 2017 Aggregate Aggregate Fair Fair Value Advances (a) $ $ $ Consolidated obligation bonds (b) $ $ $ Consolidated obligation discount notes (c) $ $ $ (a) Advances — The FHLBNY has elected the FVO for certain advances, primarily short- and intermediate term floating-rate advances. The elections were made primarily as a natural fair value offset to debt elected under the FVO. (b) The FHLBNY has elected the FVO for certain short-term CO bonds, primarily fixed-rate shorter-term debt, because management was not able to assert with confidence that the debt would qualify for hedge accounting as such short-term debt may not remain highly effective hedges through the maturity of the bonds. (c) Discount notes were elected under the FVO because management was not able to assert with confidence that the debt would qualify for hedge accounting as the short-term discount note debt may not remain highly effective hedges through maturity.

Commitments and Contingencies.

Commitments and Contingencies. (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies.
Summary of contractual obligations and contingencies	The following table summarizes contractual obligations and contingencies as of March 31, 2018 (in thousands): March 31, 2018 Payments Due or Expiration Terms by Period Greater Than Greater Than Less Than One Year Three Years Greater Than One Year to Three Years to Five Years Five Years Total Contractual Obligations Consolidated obligation bonds at par (a) $ $ $ $ $ Consolidated obligation discount notes at par — — — Mandatorily redeemable capital stock (a) Premises (lease obligations) (b) Other liabilities (c) Total contractual obligations Other commitments Standby letters of credit — — Consolidated obligation bonds/discount notes traded not settled — — — Commitments to fund additional advances — — — Open delivery commitments (MPF) — — — Total other commitments — — Total obligations and commitments $ $ $ $ $ (a) Callable bonds contain an exercise date or a series of exercise dates that may result in a shorter redemption period. Redemption dates of mandatorily redeemable capital stock are assumed to correspond to maturity dates of member advances. Excess capital stock is redeemed at that time, and hence, these dates better represent the related commitments than the put dates associated with capital stock. (b) We renewed the lease for the New York City office in June 2017. In addition, our existing office lease in New Jersey expires in 2018, and we executed a new lease agreement in December 2017. The Bank plans to adopt ASU 2016-02, Leases (Topic 842) in 2019. Upon adoption the lease obligations will be recorded in the Statements of Condition. Until then, lease obligations will continue to be reported as commitments under existing GAAP. Immaterial amounts of equipment leases and shared offsite data backup site have been excluded. (c) Includes accounts payable and accrued expenses, Pass-through reserves due to member institutions held at the FRB, and projected payment obligations for pension plans. Where it was not possible to estimate the exact timing of payment obligations, they were assumed to be due within one year; amounts were not material. For more information about employee retirement plans in general, see Note 16. Employee Retirement Plans.

Related Party Transactions. (Ta

Related Party Transactions. (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions.
Summary of significant balances and transactions with related parties	The following tables summarize significant balances and transactions with related parties at March 31, 2018 and December 31, 2017 and transactions for the three months ended March 31, 2018 and March 31, 2017 (in thousands): Related Party: Outstanding Assets, Liabilities and Capital March 31, 2018 December 31, 2017 Related Related Assets Advances $ $ Accrued interest receivable Liabilities and capital Deposits $ $ Mandatorily redeemable capital stock Accrued interest payable Affordable Housing Program (a) Other liabilities (b) Capital $ $ (a) Represents funds not yet allocated or disbursed to AHP programs. (b) Related column includes member pass-through reserves at the Federal Reserve Bank of New York. Related Party: Income and Expense Transactions Three months ended March 31, 2018 2017 Related Related Interest income Advances $ $ Interest-bearing deposits — Loans to other FHLBanks Interest expense Deposits $ $ Mandatorily redeemable capital stock Service fees and other $ $

Segment Information and Conce49

Segment Information and Concentration. (Tables)	3 Months Ended
	Mar. 31, 2018
Par Value of Advances | Credit concentration risk
Segment Information and Concentration
Summary of concentrations	The top ten advance holders at March 31, 2018, December 31, 2017 and March 31, 2017 and associated interest income for the periods then ended are summarized as follows (dollars in thousands): March 31, 2018 Percentage of Par Total Par Value Three Months City State Advances of Advances Interest Income Percentage (a) Citibank, N.A. New York NY $ % $ % Metropolitan Life Insurance Company New York NY New York Community Bancorp, Inc.: New York Community Bank (b) Westbury NY New York Commercial Bank (b) Westbury NY — Subtotal New York Community Bancorp, Inc. Investors Bank (b) Short Hills NJ Sterling National Bank (b) Montebello NY Signature Bank New York NY Valley National Bank (b) Wayne NJ HSBC Bank USA, National Association (c) Mc Lean VA AXA Equitable Life Insurance Company New York NY Goldman Sachs Bank USA New York NY Total $ % $ % (a) Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members. (b) At March 31, 2018, an officer of this member bank also served on the Board of Directors of the FHLBNY. (c) For Bank membership purposes, principal place of business is New York, NY. December 31, 2017 Percentage of Par Total Par Value Twelve Months City State Advances of Advances Interest Income Percentage (a) Citibank, N.A. New York NY $ % $ % Metropolitan Life Insurance Company New York NY New York Community Bancorp, Inc.: New York Community Bank Westbury NY New York Commercial Bank Westbury NY Subtotal New York Community Bancorp, Inc. Sterling National Bank (b)(d) Montebello NY Investors Bank (b) Short Hills NJ Signature Bank New York NY Goldman Sachs Bank USA New York NY HSBC Bank USA, National Association (c) Mc Lean VA AXA Equitable Life Insurance Company New York NY New York Life Insurance Company New York NY Total $ % $ % (a) Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members. (b) At December 31, 2017, officer of member bank also served on the Board of Directors of the FHLBNY. (c) For Bank membership purposes, principal place of business is New York, NY. (d) Astoria Bank merged into Sterling National Bank in the fourth quarter 2017. Both entities are member banks and are related parties. The par advance balance represents advances outstanding with Sterling, the merged entity. Interest income reported in the table represented interest income received from Astoria and Sterling in 2017. March 31, 2017 Percentage of Par Total Par Value Three Months City State Advances of Advances Interest Income Percentage (a) Citibank, N.A. New York NY $ % $ % Metropolitan Life Insurance Company New York NY New York Community Bancorp, Inc.: New York Community Bank Westbury NY New York Commercial Bank Westbury NY Subtotal New York Community Bancorp, Inc. HSBC Bank USA, National Association (c) Mc Lean VA Investors Bank (b) Short Hills NJ Valley National Bank (b) Wayne NJ Signature Bank New York NY AXA Equitable Life Insurance Company New York NY New York Life Insurance Company New York NY Sterling National Bank Montebello NY Total $ % $ % (a) Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members. (b) At March 31, 2017, officer of member bank also served on the Board of Directors of the FHLBNY. (c) For Bank membership purposes, principal place of business is New York, NY.

Background, Tax Status. Asses50

Background, Tax Status. Assessments. (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)Institution
Background, Tax Status. Assessments.
Number of Federal Home Loan Banks in a defined geographic district	1
Number of FHLBanks	11
Minimum amount annually set aside for Affordable Housing Program | $	$ 100
Minimum amount annually set aside for Affordable Housing Program as a percentage of the regulatory defined net income (as a percent)	10.00%

Significant Accounting Polici51

Significant Accounting Policies and Estimates. - Recognition and Measurement of Financial Assets and Financial Liabilities (Details)	Jan. 01, 2018USD ($)
ASU 2016-01 | Adjustment
Recently Adopted Significant Accounting Policies
Cumulative catch-up reclassification on adoption	$ 0

Cash and Due from Banks. (Detai

Cash and Due from Banks. (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Compensating Balances
Amount of compensating balance restricted as to withdrawal	$ 0
Compensating balance	0	$ 41.1
Pass-through Deposit Reserves
Pass-through reserves of member institutions deposited with Federal Reserve Banks	$ 76.5	$ 84.2

Federal Funds Sold and Securi53

Federal Funds Sold and Securities Purchased Under Agreements to Resell. - Securities Purchased Under Agreements to Resell Balances and Collateral (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Securities purchased under agreements to resell
Adjustments for instrument-specific credit risk	$ 0
Securities purchased under agreements to resell balances outstanding	4,050,000		$ 2,700,000
Average transaction balances of securities purchased under agreements to resell	2,800,000	$ 2,300,000
Interest income
Securities purchased under agreements to resell	10,109	$ 3,305
BONY | U.S. Treasury securities | Pledged as collateral
Securities purchased under agreements to resell
Securities purchased under agreements to resell pledged as collateral	4,200,000		2,800,000
Bilateral counterparties
Securities purchased under agreements to resell
Securities purchased under agreements to resell balances outstanding	$ 0		$ 0

Trading Securities. (Details)

Trading Securities. (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Trading Securities.
Trading securities	$ 2,241,243	$ 1,641,568
Net unrealized fair value losses included in carrying values of Trading securities	4,100	1,100
Estimated fair value of investments classified as Trading securities, by remaining maturity
Due in one year or less	2,237,603	1,495,059
Due after one year through five years	3,640	146,509
Total Trading securities	$ 2,241,243	$ 1,641,568
Yield on Trading securities due in one year or less (as a percent)	1.71%	1.34%
Yield on Trading securities due after one year through five fair years (as a percent)	1.79%	1.28%
GSE securities
Trading Securities.
Trading securities	$ 585,551	$ 356,899
Estimated fair value of investments classified as Trading securities, by remaining maturity
Due in one year or less	585,551	210,390
Due after one year through five years		146,509
Total Trading securities	585,551	356,899
Corporate notes
Trading Securities.
Trading securities	3,640
Estimated fair value of investments classified as Trading securities, by remaining maturity
Due after one year through five years	3,640
Total Trading securities	3,640
U.S. Treasury notes
Trading Securities.
Trading securities	1,412,184	1,045,605
Estimated fair value of investments classified as Trading securities, by remaining maturity
Due in one year or less	1,412,184	1,045,605
Total Trading securities	1,412,184	1,045,605
U.S. Treasury bills
Trading Securities.
Trading securities	239,868	239,064
Estimated fair value of investments classified as Trading securities, by remaining maturity
Due in one year or less	239,868	239,064
Total Trading securities	239,868	239,064
Pledged as collateral
Trading Securities.
Trading securities pledged to derivative clearing organizations	$ 239,868	$ 239,064

Equity Investments (Details)

Equity Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Equity Investments
Amortized Cost	$ 44,246
Gross Unrealized Gains	5,237
Gross Unrealized Losses	(574)
Fair Value	48,909
Unrealized gains and losses related to Equity Investments
Net gains and losses recognized during the period	(260)
Unrealized gains and losses recognized during the reporting period on equity investments still held at the reporting date	(260)
Cash equivalents
Equity Investments
Amortized Cost	541
Fair Value	541
Equity funds
Equity Investments
Amortized Cost	25,559
Gross Unrealized Gains	5,235
Gross Unrealized Losses	(80)
Fair Value	30,714
Fixed income funds
Equity Investments
Amortized Cost	18,146
Gross Unrealized Gains	2
Gross Unrealized Losses	(494)
Fair Value	$ 17,654

Available-for-Sale Securities56

Available-for-Sale Securities. - Amortized Cost to Fair Value by Major Security Types and Other Income Activity from Grantor Trust (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Available-for-Sale Securities
Other-than-temporarily impaired AFS securities	$ 0	$ 0
Amortized cost	499,274	567,091
Gross unrealized gains		10,424
Gross unrealized losses		(246)
Fair value	504,403	577,269
Net unrealized fair value gains	5,129	10,178
Cash equivalents
Available-for-Sale Securities
Amortized cost		893
Fair value		893
Equity funds
Available-for-Sale Securities
Amortized cost		24,869
Gross unrealized gains		5,126
Gross unrealized losses		(3)
Fair value		29,992
Fixed income funds
Available-for-Sale Securities
Amortized cost		17,957
Gross unrealized gains		43
Gross unrealized losses		(243)
Fair value		17,757
GSE and U.S. Obligations
Available-for-Sale Securities
Amortized cost	499,274
Gross unrealized gains	5,129
Fair value	504,403
GSE and U.S. Obligations | CMOs | Floating
Available-for-Sale Securities
Amortized cost	467,660	490,249
Gross unrealized gains	5,104	5,163
Fair value	472,764	495,412
GSE and U.S. Obligations | Commercial Mortgage-Backed Securities (CMBS) | Floating
Available-for-Sale Securities
Amortized cost	31,614	33,123
Gross unrealized gains	25	92
Fair value	$ 31,639	$ 33,215

Available-for-Sale Securities57

Available-for-Sale Securities. - MBS in an Unrealized Loss Position (Details) $ in Millions	Mar. 31, 2018USD ($)
Mortgage-backed securities (MBS)
Unrealized Losses
Security in a loss position for 12 month or longer	$ 0

Available-for-Sale Securities58

Available-for-Sale Securities. - Redemption Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Amortized cost
Amortized cost	$ 499,274	$ 567,091
Estimated fair value
Fair value	504,403	577,269
Net unamortized discounts	1,800	1,900
Mortgage-backed securities (MBS)
Amortized cost
Due after one year through five years	31,614	33,123
Due after ten years	467,660	490,249
Estimated fair value
Due after one year through five years	31,639	33,215
Due after ten years	$ 472,764	495,412
Fixed income/bond funds, equity funds and cash equivalents
Amortized cost
Amortized cost		43,719
Estimated fair value
Fair value		$ 48,642

Available-for-Sale Securities59

Available-for-Sale Securities. - Interest Rate Payment Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Summary of available-for-sale securities by interest rate payment terms
Amortized cost	$ 499,274	$ 567,091
Fair value	504,403	577,269
GSE and U.S. Obligations
Summary of available-for-sale securities by interest rate payment terms
Amortized cost	499,274
Fair value	504,403
GSE and U.S. Obligations | CMOs | Floating
Summary of available-for-sale securities by interest rate payment terms
Amortized cost	467,660	490,249
Fair value	472,764	495,412
GSE and U.S. Obligations | Commercial Mortgage-Backed Securities (CMBS) | Floating
Summary of available-for-sale securities by interest rate payment terms
Amortized cost	31,614	33,123
Fair value	31,639	33,215
GSE and U.S. Obligations | Mortgage-backed securities (MBS)
Summary of available-for-sale securities by interest rate payment terms
Amortized cost	499,274	523,372
Fair value	$ 504,403	$ 528,627

Held-to-Maturity Securities. -

Held-to-Maturity Securities. - Amortized Cost to Fair Value by Major Security Types and Securities Pledged (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	$ 18,175,846	$ 17,839,336
OTTI Recognized in AOCI	(13,928)	(14,803)
Carrying Value	18,161,918	17,824,533
Gross Unrecognized Holding Gains	109,540	149,613
Gross Unrecognized Holding Losses	(141,486)	(67,373)
Fair Value	18,129,972	17,906,773
Pools of Mortgages
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	108,636	117,739
Carrying Value	108,636	117,739
Gross Unrecognized Holding Gains	8,139	9,490
Fair Value	116,775	127,229
Pools of Mortgages | Fannie Mae
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	90,649	97,579
Carrying Value	90,649	97,579
Gross Unrecognized Holding Gains	6,882	7,978
Fair Value	97,531	105,557
Pools of Mortgages | Freddie Mac
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	17,987	20,160
Carrying Value	17,987	20,160
Gross Unrecognized Holding Gains	1,257	1,512
Fair Value	19,244	21,672
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits | GSE
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	3,124,213	2,587,430
Carrying Value	3,124,213	2,587,430
Gross Unrecognized Holding Gains	17,264	18,376
Gross Unrecognized Holding Losses	(8,707)	(1,066)
Fair Value	3,132,770	2,604,740
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits | Fannie Mae
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	1,936,703	1,612,543
Carrying Value	1,936,703	1,612,543
Gross Unrecognized Holding Gains	9,287	10,716
Gross Unrecognized Holding Losses	(6,315)	(662)
Fair Value	1,939,675	1,622,597
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits | Freddie Mac
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	1,173,809	960,374
Carrying Value	1,173,809	960,374
Gross Unrecognized Holding Gains	7,806	7,485
Gross Unrecognized Holding Losses	(2,392)	(404)
Fair Value	1,179,223	967,455
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits | Ginnie Mae
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	13,701	14,513
Carrying Value	13,701	14,513
Gross Unrecognized Holding Gains	171	175
Fair Value	13,872	14,688
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits | Private-label MBS
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	8,500	9,159
OTTI Recognized in AOCI	(163)	(172)
Carrying Value	8,337	8,987
Gross Unrecognized Holding Gains	94	85
Gross Unrecognized Holding Losses	(146)	(385)
Fair Value	8,285	8,687
Commercial Mortgage-Backed Securities (CMBS) | GSE
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	13,608,074	13,790,492
Carrying Value	13,608,074	13,790,492
Gross Unrecognized Holding Gains	44,925	84,693
Gross Unrecognized Holding Losses	(104,602)	(31,911)
Fair Value	13,548,397	13,843,274
Commercial Mortgage-Backed Securities (CMBS) | Fannie Mae
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	2,879,965	2,955,640
Carrying Value	2,879,965	2,955,640
Gross Unrecognized Holding Gains	1,994	8,497
Gross Unrecognized Holding Losses	(44,120)	(15,639)
Fair Value	2,837,839	2,948,498
Commercial Mortgage-Backed Securities (CMBS) | Freddie Mac
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	10,728,109	10,834,852
Carrying Value	10,728,109	10,834,852
Gross Unrecognized Holding Gains	42,931	76,196
Gross Unrecognized Holding Losses	(60,482)	(16,272)
Fair Value	10,710,558	10,894,776
Asset-Backed Securities
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	179,238	187,006
OTTI Recognized in AOCI	(13,765)	(14,631)
Carrying Value	165,473	172,375
Gross Unrecognized Holding Gains	38,517	36,765
Gross Unrecognized Holding Losses	(961)	(1,034)
Fair Value	203,029	208,106
Manufactured housing loans | Insured
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	44,661	47,660
Carrying Value	44,661	47,660
Gross Unrecognized Holding Gains	2,342	2,439
Gross Unrecognized Holding Losses	(27)	(40)
Fair Value	46,976	50,059
Home equity loans | Insured
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	84,144	86,606
OTTI Recognized in AOCI	(8,245)	(8,746)
Carrying Value	75,899	77,860
Gross Unrecognized Holding Gains	28,589	26,479
Gross Unrecognized Holding Losses	(163)	(21)
Fair Value	104,325	104,318
Home equity loans | Uninsured
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	50,433	52,740
OTTI Recognized in AOCI	(5,520)	(5,885)
Carrying Value	44,913	46,855
Gross Unrecognized Holding Gains	7,586	7,847
Gross Unrecognized Holding Losses	(771)	(973)
Fair Value	51,728	53,729
Mortgage-backed securities (MBS)
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	17,028,661	16,691,826
OTTI Recognized in AOCI	(13,928)	(14,803)
Carrying Value	17,014,733	16,677,023
Gross Unrecognized Holding Gains	108,939	149,409
Gross Unrecognized Holding Losses	(114,416)	(34,396)
Fair Value	17,009,256	16,792,036
Amortized cost of pledged MBS in connection with deposits maintained by the FDIC at the Bank	5,500	5,700
State and local housing finance agency obligations
Held-to-maturity-securities, reconciliation of amortized cost basis to fair value
Amortized Cost	1,147,185	1,147,510
Carrying Value	1,147,185	1,147,510
Gross Unrecognized Holding Gains	601	204
Gross Unrecognized Holding Losses	(27,070)	(32,977)
Fair Value	$ 1,120,716	$ 1,114,737

Held-to-Maturity Securities. 61

Held-to-Maturity Securities. - Fair Values Below their Amortized Cost Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Less than 12 months
Estimated Fair Value	$ 7,657,378	$ 3,435,636
Unrealized Losses	(90,333)	(16,129)
12 months or more
Estimated Fair Value	1,088,581	1,488,374
Unrealized Losses	(51,313)	(51,411)
Total
Estimated Fair Value	8,745,959	4,924,010
Unrealized Losses	(141,646)	(67,540)
State and local housing finance agency obligations
Less than 12 months
Estimated Fair Value	119,119	191,872
Unrealized Losses	(1)	(73)
12 months or more
Estimated Fair Value	237,921	343,791
Unrealized Losses	(27,069)	(32,904)
Total
Estimated Fair Value	357,040	535,663
Unrealized Losses	(27,070)	(32,977)
Mortgage-backed securities (MBS)
Less than 12 months
Estimated Fair Value	7,538,259	3,243,764
Unrealized Losses	(90,332)	(16,056)
12 months or more
Estimated Fair Value	850,660	1,144,583
Unrealized Losses	(24,244)	(18,507)
Total
Estimated Fair Value	8,388,919	4,388,347
Unrealized Losses	(114,576)	(34,563)
Mortgage-backed securities (MBS) | Fannie Mae
Less than 12 months
Estimated Fair Value	2,796,502	1,181,936
Unrealized Losses	(36,034)	(7,047)
12 months or more
Estimated Fair Value	323,910	331,845
Unrealized Losses	(14,401)	(9,254)
Total
Estimated Fair Value	3,120,412	1,513,781
Unrealized Losses	(50,435)	(16,301)
Mortgage-backed securities (MBS) | Freddie Mac
Less than 12 months
Estimated Fair Value	4,738,908	2,051,154
Unrealized Losses	(54,295)	(8,968)
12 months or more
Estimated Fair Value	489,132	781,211
Unrealized Losses	(8,579)	(7,708)
Total
Estimated Fair Value	5,228,040	2,832,365
Unrealized Losses	(62,874)	(16,676)
Mortgage-backed securities (MBS) | MBS-GSE
Less than 12 months
Estimated Fair Value	7,535,410	3,233,090
Unrealized Losses	(90,329)	(16,015)
12 months or more
Estimated Fair Value	813,042	1,113,056
Unrealized Losses	(22,980)	(16,962)
Total
Estimated Fair Value	8,348,452	4,346,146
Unrealized Losses	(113,309)	(32,977)
Mortgage-backed securities (MBS) | Private-label MBS
Less than 12 months
Estimated Fair Value	2,849	10,674
Unrealized Losses	(3)	(41)
12 months or more
Estimated Fair Value	37,618	31,527
Unrealized Losses	(1,264)	(1,545)
Total
Estimated Fair Value	40,467	42,201
Unrealized Losses	$ (1,267)	$ (1,586)

Held-to-Maturity Securities. 62

Held-to-Maturity Securities. - Redemption Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Amortized Cost
Amortized cost	$ 18,175,846	$ 17,839,336
Estimated Fair Value
Fair Value	18,129,972	17,906,773
Net unamortized premiums	50,500	51,800
State and local housing finance agency obligations
Amortized Cost
Due in one year or less	11,400	11,400
Due after one year through five years	5,785	5,785
Due after five years through ten years	47,830	47,830
Due after ten years	1,082,170	1,082,495
Amortized cost	1,147,185	1,147,510
Estimated Fair Value
Due in one year or less	11,400	11,388
Due after one year through five years	5,821	5,855
Due after five years through ten years	46,410	45,602
Due after ten years	1,057,085	1,051,892
Fair Value	1,120,716	1,114,737
Mortgage-backed securities (MBS)
Amortized Cost
Due in one year or less	999,800	880,774
Due after one year through five years	4,863,119	4,617,456
Due after five years through ten years	7,675,387	8,225,685
Due after ten years	3,490,355	2,967,911
Amortized cost	17,028,661	16,691,826
Estimated Fair Value
Due in one year or less	996,303	880,780
Due after one year through five years	4,876,122	4,670,742
Due after five years through ten years	7,607,141	8,225,011
Due after ten years	3,529,690	3,015,503
Fair Value	$ 17,009,256	$ 16,792,036

Held-to-Maturity Securities. 63

Held-to-Maturity Securities. - Interest Rate Payment Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Interest Rate Payment Terms
Amortized Cost	$ 18,175,846	$ 17,839,336
Carrying Value	18,161,918	17,824,533
CMOs
Interest Rate Payment Terms
Amortized Cost	3,131,186	2,594,910
Carrying Value	3,131,022	2,594,739
CMOs | Fixed
Interest Rate Payment Terms
Amortized Cost	831,223	880,842
Carrying Value	831,059	880,671
CMOs | Floating
Interest Rate Payment Terms
Amortized Cost	2,299,963	1,714,068
Carrying Value	2,299,963	1,714,068
Commercial Mortgage-Backed Securities (CMBS) | GSE
Interest Rate Payment Terms
Amortized Cost	13,608,074	13,790,492
Carrying Value	13,608,074	13,790,492
Commercial Mortgage-Backed Securities (CMBS) | GSE | Fixed
Interest Rate Payment Terms
Amortized Cost	7,383,087	7,310,487
Carrying Value	7,383,087	7,310,487
Commercial Mortgage-Backed Securities (CMBS) | GSE | Floating
Interest Rate Payment Terms
Amortized Cost	6,224,987	6,480,005
Carrying Value	6,224,987	6,480,005
Pass Thru
Interest Rate Payment Terms
Amortized Cost	289,401	306,424
Carrying Value	275,637	291,792
Pass Thru | Fixed
Interest Rate Payment Terms
Amortized Cost	248,385	262,569
Carrying Value	235,157	248,499
Pass Thru | Floating
Interest Rate Payment Terms
Amortized Cost	41,016	43,855
Carrying Value	40,480	43,293
Mortgage-backed securities (MBS)
Interest Rate Payment Terms
Amortized Cost	17,028,661	16,691,826
Carrying Value	17,014,733	16,677,023
State and local housing finance agency obligations
Interest Rate Payment Terms
Amortized Cost	1,147,185	1,147,510
Carrying Value	1,147,185	1,147,510
State and local housing finance agency obligations | Fixed
Interest Rate Payment Terms
Amortized Cost	7,990	8,010
Carrying Value	7,990	8,010
State and local housing finance agency obligations | Floating
Interest Rate Payment Terms
Amortized Cost	1,139,195	1,139,500
Carrying Value	$ 1,139,195	$ 1,139,500

Held-to-Maturity Securities. 64

Held-to-Maturity Securities. - Rollforward Information about Cumulative Credit Component of OTTI Charged to Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Rollforward information about credit component of OTTI recognized as a charge to earnings
Beginning balance	$ 22,731	$ 29,117	$ 29,117
Realized credit losses	(49)
Increases in cash flows expected to be collected, recognized over the remaining life of the securities	(1,590)	(2,295)
Ending balance	21,092	$ 26,822	$ 22,731
Private-label MBS | MBIA
Other than temporary impairment
Financial guarantees assumed	$ 0
Private-label MBS | Ambac | Maximum
Other than temporary impairment
Percentage of shortfall in reliance period for insurance guarantees	100.00%		45.00%

Advances. - Redemption Terms (D

Advances. - Redemption Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Amount
Due in one year or less	$ 73,727,881	$ 85,291,491
Due after one year through two years	19,524,150	16,866,935
Due after two years through three years	7,988,619	9,513,504
Due after three years through four years	4,400,727	5,173,778
Due after four years through five years	2,301,111	2,757,648
Thereafter	4,796,076	3,104,085
Total par value	112,738,564	122,707,441
Hedge valuation basis adjustments	(538,163)	(265,260)
Fair value option valuation adjustments and accrued interest	1,568	5,624
Total	$ 112,201,969	$ 122,447,805
Weighted Average Yield
Due in one year or less (as a percent)	1.94%	1.62%
Due after one year through two years (as a percent)	1.98%	1.78%
Due after two years through three years (as a percent)	2.09%	1.97%
Due after three years through four years (as a percent)	2.26%	2.18%
Due after four years through five years (as a percent)	2.45%	2.42%
Thereafter (as a percent)	2.37%	2.27%
Total par value (as a percent)	2.00%	1.72%
Percentage of Total
Due in one year or less (as a percent)	65.40%	69.51%
Due after one year through two years (as a percent)	17.32%	13.74%
Due after two years through three years (as a percent)	7.09%	7.75%
Due after three years through four years (as a percent)	3.90%	4.22%
Due after four years through five years (as a percent)	2.04%	2.25%
Thereafter (as a percent)	4.25%	2.53%
Total par value (as a percent)	100.00%	100.00%

Mortgage Loans Held-for-Portf66

Mortgage Loans Held-for-Portfolio. - Balance Information and Roll-Forward Analysis of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Information on mortgage loans held-for-portfolio
Total par value			$ 2,834,038	$ 2,850,372
Unamortized premiums			46,890	48,011
Unamortized discounts			(1,859)	(1,833)
Basis adjustment			1,134	1,418
Total mortgage loans held-for-portfolio			2,880,203	2,897,968
Allowance for credit losses	$ (992)	$ (1,554)	(697)	(992)	$ (1,145)
Total mortgage loans held-for-portfolio, net of allowance for credit losses			$ 2,879,506	$ 2,896,976
Percentage of Total Par (as a percent)			100.00%	100.00%
First layer of potential credit losses (as a percent)			1.00%
First Loss Account			$ 33,700	$ 33,300
Credit Enhancement fees accrued	$ 600	600
Period for which CE fees are held back	12 months
Allowance for credit losses:
Beginning balance	$ 992	1,554
Charge-offs	(64)	(108)
Recoveries	149
Provision (Reversal) for credit losses on mortgage loans	(380)	(301)
Ending balance	697	1,145
Ending balance, individually evaluated for impairment			98		380
Ending balance, collectively evaluated for impairment			599	782	765
Total Allowance for credit losses	$ 992	$ 1,554	$ 697	992	$ 1,145
Minimum
Information on mortgage loans held-for-portfolio
Loan-to-value ratio for next layer of protection from the primary mortgage insurance required for loans (as a percent)			80.00%
Mortgage loans receivable (MPF)
Information on mortgage loans held-for-portfolio
Number of days of financing receivable delinquency at which foreclosure is deemed probable	180 days
Mortgage loans receivable (MPF) | Minimum
Information on mortgage loans held-for-portfolio
Period past due for loans to be individually evaluated for impairment	90 days
Fixed medium-term mortgages | Single-family
Information on mortgage loans held-for-portfolio
Total par value			$ 226,784	$ 238,057
Percentage of Total Par (as a percent)			8.00%	8.35%
Fixed long-term mortgages | Single-family
Information on mortgage loans held-for-portfolio
Total par value			$ 2,607,254	$ 2,612,315
Percentage of Total Par (as a percent)			92.00%	91.65%

Mortgage Loans Held-for-Portf67

Mortgage Loans Held-for-Portfolio. - Non-performing Loans and Impaired Loans Individually Measured for Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans - Non-performing loans
Total Mortgage loans, net of allowance for credit losses	$ 2,879,506	$ 2,896,976
Conventional MPF Loans
Mortgage Loans - Non-performing loans
Non-performing mortgage loans	11,384	13,272
Conventional MPF Loans | Individually measured for impairment
Recorded Investment for Impaired Loans
Recorded investment with no related allowance	13,536	14,343
Recorded investment with a related allowance	920	1,509
Total recorded investment for impaired loans	14,456	15,852
Unpaid Principal Balance for Impaired Loans
Unpaid principal balance with no related allowance	13,441	14,222
Unpaid principal balance with a related allowance	905	1,494
Total unpaid principal balance for impaired loans	14,346	15,716
Related Allowance for Impaired Loans
Allowance for loan losses for impaired loans	98	210
Average Recorded Investment of Impaired Loans
Average recorded investment with no related allowance	13,709	14,386
Average recorded investment with a related allowance	1,329	1,393
Total average recorded investment for impaired loans	15,038	15,779
Insured Loans
Mortgage Loans - Non-performing loans
MPF loans past due 90 days or more and still accruing interest	$ 5,373	$ 5,582
Uninsured loans | Minimum
Average Recorded Investment of Impaired Loans
Period past due for interest received on loan to be recorded as a liability	90 days	90 days

Mortgage Loans Held-for-Portf68

Mortgage Loans Held-for-Portfolio. - Loans Collectively Measured for Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Loans for which the related allowance was collectively measured
Collectively measured for impairment, Recorded Investment	$ 2,880,185	$ 2,896,457
Collectively measured for impairment, Unpaid Principal Balance	2,819,692	2,834,656
Collectively measured for impairment, Related Allowance	599	782	$ 765
Collectively measured for impairment, Average Recorded Investment	2,884,140	2,840,959
Insured Loans
Loans for which the related allowance was collectively measured
Collectively measured for impairment, Recorded Investment	240,005	241,575
Collectively measured for impairment, Unpaid Principal Balance	233,824	235,232
Collectively measured for impairment, Average Recorded Investment	240,774	238,661
Uninsured loans
Loans for which the related allowance was collectively measured
Collectively measured for impairment, Recorded Investment	2,640,180	2,654,882
Collectively measured for impairment, Unpaid Principal Balance	2,585,868	2,599,424
Collectively measured for impairment, Related Allowance	599	782
Collectively measured for impairment, Average Recorded Investment	$ 2,643,366	$ 2,602,298

Mortgage Loans Held-for-Portf69

Mortgage Loans Held-for-Portfolio. - Recorded Investments in Loans Past Due and Real Estate Owned (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Conventional MPF Loans
Mortgage loans:
Total past due	$ 34,576	$ 35,454
Total current loans	2,620,060	2,635,280
Total mortgage loans	2,654,636	2,670,734
Other delinquency statistics:
Loans in process of foreclosure	$ 6,325	$ 6,191
Number of foreclosures outstanding at period end | loan	49	48
Serious delinquency rate (as a percent)	0.43%	0.50%
Serious delinquent loans total used in calculation of serious delinquency rate	$ 11,461	$ 13,324
Loans on non-accrual status	11,419	13,324
Real estate owned	625	682
Conventional MPF Loans | Past due 30 - 59 days
Mortgage loans:
Total past due	19,510	18,216
Conventional MPF Loans | Past due 60 - 89 days
Mortgage loans:
Total past due	3,647	3,914
Conventional MPF Loans | Past due 90 - 179 days
Mortgage loans:
Total past due	1,652	3,860
Conventional MPF Loans | Past due 180 days or more
Mortgage loans:
Total past due	9,767	9,464
Conventional MPF Loans | Loans discharged from bankruptcy
Other delinquency statistics:
Troubled debt restructurings	8,420	8,772
Conventional MPF Loans | Modified Loans under MPF program
Other delinquency statistics:
Troubled debt restructurings	1,129	1,144
Insured Loans
Mortgage loans:
Total past due	20,212	21,196
Total current loans	219,793	220,379
Total mortgage loans	240,005	241,575
Other delinquency statistics:
Loans in process of foreclosure	$ 2,594	$ 2,524
Number of foreclosures outstanding at period end | loan	20	23
Serious delinquency rate (as a percent)	2.38%	2.45%
Serious delinquent loans total used in calculation of serious delinquency rate	$ 5,707	$ 5,923
Past due 90 days or more and still accruing interest	5,707	5,923
Insured Loans | Past due 30 - 59 days
Mortgage loans:
Total past due	11,774	12,561
Insured Loans | Past due 60 - 89 days
Mortgage loans:
Total past due	2,731	2,712
Insured Loans | Past due 90 - 179 days
Mortgage loans:
Total past due	1,799	2,545
Insured Loans | Past due 180 days or more
Mortgage loans:
Total past due	3,908	3,378
Insured Loans | Loans discharged from bankruptcy
Other delinquency statistics:
Troubled debt restructurings	$ 596	$ 648

Deposits. (Details)

Deposits. (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Interest-bearing deposits
Interest-bearing demand	$ 1,259,598	$ 1,142,056
Term	33,000	36,000
Total interest-bearing deposits	1,292,598	1,178,056
Non-interest-bearing demand	17,035	17,999
Total deposits	$ 1,309,633	$ 1,196,055
Maximum period of term deposits	1 year	1 year
Amount Outstanding
Due in one year or less, Interest-bearing deposits	$ 1,292,598	$ 1,178,056
Due in one year or less, Non-interest-bearing deposits	17,035	17,999
Total deposits	$ 1,309,633	$ 1,196,055
Weighted Average Interest Rate
Due in one year or less, Interest-bearing deposits (as a percent)	1.30%	0.85%

Consolidated Obligations. - Sum

Consolidated Obligations. - Summary of Issued and Outstanding Consolidated Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Summary of Consolidated obligations issued by the Bank and outstanding
Total Consolidated obligation-bonds	$ 85,655,531	$ 99,288,048
Total Consolidated obligation - discount notes	56,509,976	49,613,671
Consolidated obligation bonds
Summary of Consolidated obligations issued by the Bank and outstanding
Consolidated obligation bonds-amortized cost	85,334,988	98,878,469
Hedge valuation basis adjustments	187,282	273,585
Hedge basis adjustments on terminated hedges	133,540	134,920
FVO-valuation adjustments and accrued interest	(279)	1,074
Total Consolidated obligation-bonds	85,655,531	99,288,048
Consolidated obligation discount notes
Summary of Consolidated obligations issued by the Bank and outstanding
Discount notes-amortized cost	56,508,323	49,610,668
FVO-valuation adjustments and remaining accretion	1,653	3,003
Total Consolidated obligation - discount notes	$ 56,509,976	$ 49,613,671

Consolidated Obligations. - Red

Consolidated Obligations. - Redemption Terms of Consolidated Obligation Bonds (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Amount
Total Consolidated obligation-bonds	$ 85,655,531,000	$ 99,288,048,000
Consolidated obligation bonds
Amount
One year or less	68,346,815,000	82,118,565,000
Over one year through two years	6,975,540,000	7,363,255,000
Over two years through three years	2,830,530,000	2,462,400,000
Over three years through four years	1,342,180,000	1,158,595,000
Over four years through five years	1,782,740,000	1,640,835,000
Thereafter	4,034,000,000	4,107,500,000
Total par value	85,311,805,000	98,851,150,000
Bond premiums	52,472,000	54,654,000
Bond discounts	(29,289,000)	(27,335,000)
Hedge valuation basis adjustments	187,282,000	273,585,000
Hedge basis adjustments on terminated hedges	133,540,000	134,920,000
FVO-valuation adjustments and accrued interest	(279,000)	1,074,000
Total Consolidated obligation-bonds	$ 85,655,531,000	$ 99,288,048,000
Weighted Average Rate
One year or less, Weighted Average Rate (as a percent)	1.62%	1.30%
Over one year through two years, Weighted Average Rate (as a percent)	1.81%	1.43%
Over two years through three years, Weighted Average Rate (as a percent)	2.01%	1.91%
Over three years through four years, Weighted Average Rate (as a percent)	2.28%	2.18%
Over four years through five years, Weighted Average Rate (as a percent)	2.20%	2.13%
Thereafter, Weighted Average Rate (as a percent)	3.40%	3.35%
Total par value, Weighted Average Rate (as a percent)	1.75%	1.44%
Percentage of Total
One year or less, Percentage of Total (as a percent)	80.11%	83.07%
Over one year through two years, Percentage of Total (as a percent)	8.18%	7.45%
Over two years through three years, Percentage of Total (as a percent)	3.32%	2.49%
Over three years through four years, Percentage of Total (as a percent)	1.57%	1.17%
Over four years through five years, Percentage of Total (as a percent)	2.09%	1.66%
Thereafter, Percentage of Total (as a percent)	4.73%	4.16%
Total par value, Percentage of Total (as a percent)	100.00%	100.00%
Debt maturity | Consolidated obligation bonds
Amount
Hedge basis adjustments on terminated hedges	$ 0

Consolidated Obligations. - Int

Consolidated Obligations. - Interest Rate Payment Terms of Consolidated Obligation Bonds (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Interest rate payment terms
Total Consolidated obligation-bonds	$ 85,655,531	$ 99,288,048
Consolidated obligation bonds
Interest rate payment terms
Total par value	85,311,805	98,851,150
Bond premiums	52,472	54,654
Bond discounts	(29,289)	(27,335)
Hedge valuation basis adjustments	187,282	273,585
Hedge basis adjustments on terminated hedges	133,540	134,920
FVO-valuation adjustments and accrued interest	(279)	1,074
Total Consolidated obligation-bonds	$ 85,655,531	$ 99,288,048
Total par value, Percentage of Total (as a percent)	100.00%	100.00%
Consolidated obligation bonds | Fixed-rate, non-callable
Interest rate payment terms
Total par value	$ 21,815,805	$ 24,080,150
Total par value, Percentage of Total (as a percent)	25.57%	24.36%
Consolidated obligation bonds | Fixed-rate, callable
Interest rate payment terms
Total par value	$ 3,528,000	$ 3,658,000
Total par value, Percentage of Total (as a percent)	4.14%	3.70%
Consolidated obligation bonds | Step Up, callable
Interest rate payment terms
Total par value	$ 428,000	$ 253,000
Total par value, Percentage of Total (as a percent)	0.50%	0.26%
Consolidated obligation bonds | Single-index floating rate
Interest rate payment terms
Total par value	$ 59,540,000	$ 70,860,000
Total par value, Percentage of Total (as a percent)	69.79%	71.68%

Consolidated Obligations. - Out

Consolidated Obligations. - Outstanding Consolidated Obligation Discount Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Discount Notes
Total Consolidated obligation - discount notes	$ 56,509,976	$ 49,613,671
Consolidated obligation discount notes
Discount Notes
Par value	56,605,870	49,685,334
Amortized cost	56,508,323	49,610,668
FVO valuation adjustments and remaining accretion	1,653	3,003
Total Consolidated obligation - discount notes	$ 56,509,976	$ 49,613,671
Weighted average interest rate (as a percent)	1.59%	1.23%
Consolidated obligation discount notes | Maximum
Discount Notes
Original maturity	1 year

Affordable Housing Program. - C

Affordable Housing Program. - Changes in Liabilities (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Changes in Affordable Housing Program liabilities
Beginning balance		$ 131,654	$ 125,062
Additions from current period's assessments		14,062	7,774
Net disbursements for grants and programs	[1]	(8,460)	(15,024)
Ending balance		$ 137,256	$ 117,812
[1]	AHP payments = (beginning accrual - ending accrual) + AHP assessment for the period; payments represent funds released to the Affordable Housing Program.

Capital Stock, Mandatorily Re76

Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings. - Capital Stock and Capital Rules (Details)	3 Months Ended
	Mar. 31, 2018item$ / shares	Dec. 31, 2017$ / shares
Details of capital stock
Stated par value of capital stock (in dollars per share) | $ / shares	$ 100	$ 100
Capital Stock Class B
Details of capital stock
Sub-classes of class of capital stock | item	2
Notice period required for stock redemption	5 years

Capital Stock, Mandatorily Re77

Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings. - Risk-based Capital (Details) $ in Thousands	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings.
Risk-based capital, Required	$ 862,226	$ 912,620
Risk-based capital, Actual	$ 7,905,437	$ 8,316,231
Total capital-to-asset ratio, Required (as a percent)	4.00%	4.00%
Total capital-to-asset ratio, Actual (as a percent)	5.20%	5.23%
Total capital, Required	$ 6,075,264	$ 6,356,735
Total capital, Actual	$ 7,905,437	$ 8,316,231
Leverage ratio, Required (as a percent)	5.00%	5.00%
Leverage ratio, Actual (as a percent)	7.81%	7.85%
Leverage capital, Required	$ 7,594,080	$ 7,945,919
Leverage capital, Actual	$ 11,858,155	$ 12,474,347
Multiplier applied to actual "Risk-based capital" to derive actual "Leverage capital"	1.5	1.5

Capital Stock, Mandatorily Re78

Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings. - Anticipated Redemptions of Mandatorily Redeemable Capital Stock and Withdrawals and Terminations in Membership (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Anticipated redemption of mandatorily redeemable capital stock
Redemption less than one year	$ 12,633	$ 13,672
Redemption from one year to less than three years	1,142	1,145
Redemption from three years to less than five years	442	445
Redemption from five years or greater	4,547	4,683
Total	$ 18,764	$ 19,945	$ 20,506	$ 31,435

Capital Stock, Mandatorily Re79

Capital Stock, Mandatorily Redeemable Capital Stock and Restricted Retained Earnings. - Changes in Mandatorily Redeemable Capital Stock Liabilities and Restricted Retained Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Changes in mandatorily redeemable capital stock liabilities during the period
Beginning balance	$ 19,945	$ 31,435
Capital stock subject to mandatory redemption reclassified from equity	124	215
Redemption of mandatorily redeemable capital stock	(1,305)	(11,144)
Ending balance	18,764	20,506
Accrued interest payable	$ 308	$ 325
Annualized accrual rates for the period (as a percent)	6.50%	5.65%
Restricted Retained Earnings
Percentage of net income each FHLBank is required to contribute to a restricted retained earnings account until the balance of that account equals at least one percent of average balance of outstanding consolidated obligations	20.00%
Minimum percentage of FHLBank's average balance of outstanding consolidated obligations for restricted retained earnings	1.00%
Restricted retained earnings	$ 504,430		$ 479,185

Earnings Per Share of Capital80

Earnings Per Share of Capital. (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share of Capital.
Number of dilutive potential common shares or other common stock equivalents	0	0
Net Income	$ 126,225	$ 69,565
Net income available to stockholders	$ 126,225	$ 69,565
Weighted average shares of capital (in shares)	65,718	62,168
Less: Mandatorily redeemable capital stock (in shares)	(192)	(233)
Average number of shares of capital used to calculate earnings per share (in shares)	65,526	61,935
Basic earnings per share (in dollars per share)	$ 1.93	$ 1.12

Employee Retirement Plans. - Pl

Employee Retirement Plans. - Plan Information and Expenses Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)plan	Mar. 31, 2017USD ($)
Employee retirement plan expenses
Total retirement plan expenses	$ 4,121	$ 3,674
Commitments to fund pension
Employee retirement plan expenses
Total retirement plan expenses	$ 1,875	1,875
Benefit Equalization Plans (BEP)
Employee retirement plans
Number of plans | plan	2
Benefit Equalization Plans (defined benefit and defined contribution (including deferred incentive compensation))
Employee retirement plan expenses
Total retirement plan expenses	$ 1,684	1,384
Pentegra Defined Contribution Plans
Employee retirement plan expenses
Total retirement plan expenses	642	539
Postretirement Health Benefit Plan
Employee retirement plan expenses
Total retirement plan expenses	$ (80)	$ (124)

Employee Retirement Plans. - Be

Employee Retirement Plans. - Benefit Equalization Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of the net periodic pension cost
Total retirement plan expenses	$ 4,121	$ 3,674
Benefit Equalization Plan (BEP)
Components of the net periodic pension cost
Service cost	274	222
Interest cost	539	524
Amortization of unrecognized net loss	886	638
Net periodic benefit cost/(income)	1,699	1,384
Benefit Equalization Plans (defined benefit and defined contribution (including deferred incentive compensation))
Components of the net periodic pension cost
Total retirement plan expenses	1,684	$ 1,384
Benefit Equalization plans - Thrift and Deferred incentive compensation plans (introduced in 2017)
Components of the net periodic pension cost
Plans expense	$ (15)

Employee Retirement Plans. - Po

Employee Retirement Plans. - Postretirement Health Benefit Plan (Details) - Postretirement Health Benefit Plan - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2018	Mar. 31, 2017
Components of the net periodic pension cost
Service cost (benefits attributed to service during the period)		$ 27	$ 30
Interest cost on accumulated postretirement health benefit obligation		142	144
Amortization of loss/(gain)		191	141
Amortization of prior service (credit)/cost		(440)	(439)
Net periodic benefit cost/(income)		$ (80)	$ (124)
Plan amendment
Reduction in plan obligations	$ 8,800

Derivatives and Hedging Activ84

Derivatives and Hedging Activities. - General (Details)	3 Months Ended
	Mar. 31, 2018item
Derivatives and Hedging Activities.
Number of ways in which derivatives are used	3

Derivatives and Hedging Activ85

Derivatives and Hedging Activities. - Nettable Gross and Net and Not Nettable Assets and Liabilities by Contract Type and Amount (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Offsetting of Derivative Assets and Derivative Liabilities
Minimum number of derivative transactions outstanding with a counterparty | item	1
Derivative instruments - Nettable
Derivative fair values	$ 522,115	$ 880,416
Variation margin		(465,803)
Gross recognized amount	522,115	414,613
Gross amounts of netting adjustments and cash collateral	(404,454)	(301,881)
Net amounts after offsetting adjustments and cash collateral	117,661	112,732
Derivative assets
Total derivative assets after cash collateral presented in the Statements of Condition	117,676	112,742
Non-cash collateral received or pledged
Security pledged as initial margin for cleared derivatives	239,868	239,064
Total non-cash collateral	137,667	136,028
Net unsecured amount
Total net amount	255,343	248,770
Derivative instruments - Nettable
Derivative fair values	377,980	325,877
Gross recognized amount	377,980	325,877
Gross amount of netting adjustments and cash collateral	(360,358)	(264,285)
Net amounts after offsetting adjustments and cash collateral	17,622	61,592
Derivative liabilities
Total derivative liabilities after cash collateral presented in the Statements of Condition	17,634	61,607
Net unsecured amount
Net unsecured amount	17,634	61,607
Cash collateral received	67,260	48,660
Cash collateral posted	(23,164)	(11,064)
Variation margin classified as collateral	624,900	465,800
Mortgage delivery commitments
Net unsecured amount
Cash collateral received	0	0
Cash collateral posted	$ 0	0
Mortgage delivery commitments | Maximum
Net unsecured amount
Period of forward mortgage delivery commitments	45 days
Uncleared derivatives
Derivative instruments - Nettable
Derivative fair values	$ 247,094	207,922
Gross amounts of netting adjustments and cash collateral	(130,209)	(95,190)
Net amounts after offsetting adjustments and cash collateral	116,885	112,732
Derivative instruments - Not Nettable
Derivative instruments - Not Nettable	15	10
Derivative assets
Total derivative assets after cash collateral presented in the Statements of Condition	116,900	112,742
Non-cash collateral received or pledged
Cannot be sold or repledged	(102,201)	(103,036)
Net unsecured amount
Total net amount	14,699	9,706
Derivative instruments - Nettable
Derivative fair values	102,217	103,901
Gross amount of netting adjustments and cash collateral	(86,113)	(57,594)
Net amounts after offsetting adjustments and cash collateral	16,104	46,307
Derivative instruments - Not Nettable
Derivative instruments - Not Nettable	12	15
Derivative liabilities
Total derivative liabilities after cash collateral presented in the Statements of Condition	16,116	46,322
Net unsecured amount
Net unsecured amount	16,116	46,322
Intermediation / Cleared
Derivative instruments - Nettable
Derivative fair values	275,021	672,494
Gross amounts of netting adjustments and cash collateral	(274,245)	(206,691)
Net amounts after offsetting adjustments and cash collateral	776
Derivative assets
Total derivative assets after cash collateral presented in the Statements of Condition	776
Net unsecured amount
Total net amount	240,644	239,064
Derivative instruments - Nettable
Derivative fair values	275,763	221,976
Gross amount of netting adjustments and cash collateral	(274,245)	(206,691)
Net amounts after offsetting adjustments and cash collateral	1,518	15,285
Derivative liabilities
Total derivative liabilities after cash collateral presented in the Statements of Condition	1,518	15,285
Net unsecured amount
Net unsecured amount	$ 1,518	$ 15,285

Derivatives and Hedging Activ86

Derivatives and Hedging Activities. - Outstanding Notional Balances and Estimated Fair Values of Derivatives Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	$ 115,617,340	$ 115,176,541
Derivative Assets
Total derivatives before netting, collateral adjustments and variation margin		880,426
Variation margin		(465,803)
Total derivatives before netting and collateral adjustment	522,130	414,623
Netting adjustments	(337,194)	(253,221)
Cash Collateral and related accrued interest	(67,260)	(48,660)
Total netting adjustments and cash collateral	(404,454)	(301,881)
Total derivative assets after cash collateral presented in the Statements of Condition	117,676	112,742
Security collateral pledged as initial margin to Derivative Clearing Organization	239,868	239,064
Security collateral received from counterparty	(102,201)	(103,036)
Net security	137,667	136,028
Net exposure	255,343	248,770
Derivative Liabilities
Total derivatives before netting, collateral adjustments and variation margin		325,892
Total derivatives before netting and collateral adjustment	377,992	325,892
Netting adjustments	(337,194)	(253,221)
Cash Collateral and related accrued interest	(23,164)	(11,064)
Total netting adjustments and cash collateral	(360,358)	(264,285)
Total derivative liabilities after cash collateral presented in the Statements of Condition	17,634	61,607
Mortgage delivery commitments
Derivative Assets
Cash Collateral and related accrued interest	0	0
Derivative Liabilities
Cash Collateral and related accrued interest	0	0
Derivatives designated as hedging instruments
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	67,021,783	71,755,576
Derivative Assets
Total derivatives before netting and collateral adjustment	414,980	840,933
Derivative Liabilities
Total derivatives before netting and collateral adjustment	271,069	267,888
Derivatives designated as hedging instruments | Interest rate swaps
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	67,021,783	71,755,576
Derivative Assets
Total derivatives before netting and collateral adjustment	414,980	840,933
Derivative Liabilities
Total derivatives before netting and collateral adjustment	271,069	267,888
Derivatives not designated as hedging instruments
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	48,595,557	43,420,965
Derivative Assets
Total derivatives before netting and collateral adjustment	107,150	39,493
Derivative Liabilities
Total derivatives before netting and collateral adjustment	106,923	58,004
Derivatives not designated as hedging instruments | Interest rate swaps
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	45,471,711	40,327,013
Derivative Assets
Total derivatives before netting and collateral adjustment	104,171	32,655
Derivative Liabilities
Total derivatives before netting and collateral adjustment	98,693	52,448
Derivatives not designated as hedging instruments | Interest rate caps or floors
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	2,695,000	2,695,000
Derivative Assets
Total derivatives before netting and collateral adjustment	2,211	893
Derivatives not designated as hedging instruments | Mortgage delivery commitments
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	18,846	12,952
Derivative Assets
Total derivatives before netting and collateral adjustment	15	10
Derivative Liabilities
Total derivatives before netting and collateral adjustment	12	15
Derivatives not designated as hedging instruments | Intermediation / Cleared | Swaps
Summary of outstanding notional balances and estimated fair values of derivatives outstanding
Notional Amount of Derivatives	410,000	386,000
Derivative Assets
Total derivatives before netting and collateral adjustment	753	5,935
Derivative Liabilities
Total derivatives before netting and collateral adjustment	$ 8,218	$ 5,541

Derivatives and Hedging Activ87

Derivatives and Hedging Activities. - Components of Net Gains/ (Losses) on Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	$ 167,769	$ 66,156
Gains (Losses) on Hedged Item	(186,569)	(66,858)
Earnings Impact	(18,800)	(702)
Net Interest Income	193,019	173,449
Price alignment - cleared swaps settlement to market
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	(2,120)	(582)
Earnings Impact	(2,120)	(582)
Derivatives not designated as hedging instruments
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	(18,193)	132
Earnings Impact	(18,193)	132
Derivatives not designated as hedging instruments | Interest rate swaps
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	(19,823)	4,019
Earnings Impact	(19,823)	4,019
Derivatives not designated as hedging instruments | Interest rate caps or floors
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	1,308	(2,072)
Earnings Impact	1,308	(2,072)
Derivatives not designated as hedging instruments | Mortgage delivery commitments
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	(184)	229
Earnings Impact	(184)	229
Derivatives not designated as hedging instruments | Swaps
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	64	1,646
Earnings Impact	64	1,646
Derivatives not designated as hedging instruments | Swaps | Accrued interest
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	442	(3,690)
Earnings Impact	442	(3,690)
Fair value hedges | Interest rate swaps
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	188,177	66,429
Gains (Losses) on Hedged Item	(186,569)	(66,858)
Earnings Impact	1,608	(429)
Net Interest Income	8,748	(45,568)
Fair value hedges | Interest rate swaps | Consolidated obligation bonds
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	(83,925)	(22,919)
Gains (Losses) on Hedged Item	86,303	21,979
Earnings Impact	2,378	(940)
Net Interest Income	(2,263)	10,582
Fair value hedges | Interest rate swaps | Advances
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	272,102	89,348
Gains (Losses) on Hedged Item	(272,872)	(88,837)
Earnings Impact	(770)	511
Net Interest Income	11,011	(56,150)
Cash flow hedges | Interest rate swaps
Components of net gains/ (losses) on derivatives and hedging activities as presented in the Statements of Income
Gains (Losses) on Derivative	(95)	177
Earnings Impact	(95)	177
Net Interest Income	$ (5,496)	$ (8,172)

Derivatives and Hedging Activ88

Derivatives and Hedging Activities. - Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
AOCI Rollforward analysis
Balance	$ (55,249)
Balance	(3,971)		$ (55,249)
Notional amounts outstanding	115,617,340		115,176,541
Interest rate cash flow hedges
Unrecognized gain in AOCI expected to be recognized over the next 12 months	(200)
Derivatives designated as hedging instruments
AOCI Rollforward analysis
Notional amounts outstanding	67,021,783		71,755,576
Derivatives designated as hedging instruments | Interest rate swaps
AOCI Rollforward analysis
Notional amounts outstanding	67,021,783		71,755,576
Cash flow hedges | Interest rate swaps
Effect of interest rate swaps in cash flow hedging relationships
Recognized in AOCI	54,738	$ 10,086
Amount Reclassified to Earnings	(35)	(309)
Ineffectiveness Recognized in Earnings	(95)	177
Cash flow hedges | Interest rate swaps | Consolidated obligation bonds
Effect of interest rate swaps in cash flow hedging relationships
Recognized in AOCI	(391)	(385)
Cash flow hedges | Interest rate swaps | Consolidated obligation bonds | Interest Expense
Effect of interest rate swaps in cash flow hedging relationships
Amount Reclassified to Earnings	(35)	(309)
Cash flow hedges | Interest rate swaps | Consolidated obligation bonds | Other Income
Effect of interest rate swaps in cash flow hedging relationships
Ineffectiveness Recognized in Earnings	(95)	177
Cash flow hedges | Interest rate swaps | Consolidated obligation discount notes
Effect of interest rate swaps in cash flow hedging relationships
Recognized in AOCI	$ 55,129	10,471
Rollover Hedge Program | Interest rate swaps
Derivative instruments
Cash flow hedge, maximum period of time of hedged exposure	14 years
Rollover Hedge Program | Cash flow hedges | Interest rate swaps
AOCI Rollforward analysis
Notional amounts outstanding	$ 2,414,000		2,349,000
Anticipatory Hedge Program | Cash flow hedges | Interest rate swaps
AOCI Rollforward analysis
Notional amounts outstanding	65,000		30,000
Cash Flow Hedges | Rollover Hedge Program
AOCI Rollforward analysis
Balance	(23,342)	(49,312)	(49,312)
Changes in fair values	55,129		25,970
Balance	31,787		(23,342)
Cash Flow Hedges | Anticipatory Hedge Program
AOCI Rollforward analysis
Balance	3,465	$ 2,294	2,294
Changes in fair values	(8)		(1,780)
Amount reclassified	35		1,141
Balance	3,109		3,465
Closed derivative contracts | Cash Flow Hedges | Anticipatory Hedge Program
AOCI Rollforward analysis
Changes in fair values	379		1,802
Open derivative contracts | Cash Flow Hedges | Anticipatory Hedge Program
AOCI Rollforward analysis
Changes in fair values	$ (762)		$ 8

Fair Values of Financial Inst89

Fair Values of Financial Instruments. - Carrying Values, Estimated Fair Values and Levels within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and due from banks	$ 86,567	$ 127,403
Securities purchased under agreements to resell	4,050,000	2,700,000
Federal funds sold	11,300,000	10,326,000
Trading securities	2,241,243	1,641,568
Equity Investments	48,909
Available-for-sale securities	504,403	577,269
Held-to-maturity securities	18,129,972	17,906,773
Advances	112,201,969	122,447,805
Accrued interest receivable	250,998	226,981
Derivative assets	117,676	112,742
Derivative assets, before netting and cash collateral	522,130	414,623
Netting Adjustment and Cash Collateral	(404,454)	(301,881)
Liabilities
Consolidated obligations - Bonds	85,655,531	99,288,048
Consolidated obligations - Discount notes	56,509,976	49,613,671
Mandatorily redeemable capital stock	18,764	19,945	$ 20,506	$ 31,435
Accrued interest payable	147,257	162,176
Derivative liabilities	17,634	61,607
Derivative liabilities, before netting and cash collateral	377,992	325,892
Netting Adjustment and Cash Collateral	(360,358)	(264,285)
Carrying Value
Assets
Cash and due from banks	86,567	127,403
Securities purchased under agreements to resell	4,050,000	2,700,000
Federal funds sold	11,300,000	10,326,000
Trading securities	2,241,243	1,641,568
Equity Investments	48,909
Available-for-sale securities	504,403	577,269
Held-to-maturity securities	18,161,918	17,824,533
Advances	112,201,969	122,447,805
Mortgage loans held-for-portfolio, net	2,879,506	2,896,976
Accrued interest receivable	250,998	226,981
Derivative assets	117,676	112,742
Other financial assets	625	682
Liabilities
Deposits	1,309,633	1,196,055
Consolidated obligations - Bonds	85,655,531	99,288,048
Consolidated obligations - Discount notes	56,509,976	49,613,671
Mandatorily redeemable capital stock	18,764	19,945
Accrued interest payable	147,257	162,176
Derivative liabilities	17,634	61,607
Other financial liabilities	76,528	84,194
Estimated Fair Value
Assets
Cash and due from banks	86,567	127,403
Securities purchased under agreements to resell	4,050,027	2,700,008
Federal funds sold	11,300,019	10,325,920
Trading securities	2,241,243	1,641,568
Equity Investments	48,909
Available-for-sale securities	504,403	577,269
Held-to-maturity securities	18,129,972	17,906,773
Advances	112,237,009	122,401,759
Mortgage loans held-for-portfolio, net	2,804,972	2,886,189
Accrued interest receivable	250,998	226,981
Derivative assets	117,676	112,742
Other financial assets	625	682
Liabilities
Deposits	1,309,606	1,196,027
Consolidated obligations - Bonds	85,386,347	99,130,116
Consolidated obligations - Discount notes	56,507,292	49,609,537
Mandatorily redeemable capital stock	18,764	19,945
Accrued interest payable	147,257	162,176
Derivative liabilities	17,634	61,607
Other financial liabilities	76,528	84,194
Estimated Fair Value | Level 1
Assets
Cash and due from banks	86,567	127,403
Trading securities	1,652,052	1,284,669
Equity Investments	48,909
Available-for-sale securities		48,642
Liabilities
Mandatorily redeemable capital stock	18,764	19,945
Other financial liabilities	76,528	84,194
Estimated Fair Value | Level 2
Assets
Securities purchased under agreements to resell	4,050,027	2,700,008
Federal funds sold	11,300,019	10,325,920
Trading securities	589,191	356,899
Available-for-sale securities	504,403	528,627
Held-to-maturity securities	16,797,942	16,575,243
Advances	112,237,009	122,401,759
Mortgage loans held-for-portfolio, net	2,804,972	2,886,189
Accrued interest receivable	250,998	226,981
Derivative assets, before netting and cash collateral	522,130	414,623
Liabilities
Deposits	1,309,606	1,196,027
Consolidated obligations - Bonds	85,386,347	99,130,116
Consolidated obligations - Discount notes	56,507,292	49,609,537
Accrued interest payable	147,257	162,176
Derivative liabilities, before netting and cash collateral	377,992	325,892
Estimated Fair Value | Level 3
Assets
Held-to-maturity securities	1,332,030	1,331,530
Other financial assets	$ 625	$ 682

Fair Values of Financial Inst90

Fair Values of Financial Instruments. - Fair Value Hierarchy Transfers, Valuation Techniques and Primary Inputs (Details) $ in Thousands	3 Months Ended	12 Months Ended	15 Months Ended
	Mar. 31, 2018USD ($)Pointsecurityitem	Dec. 31, 2017USD ($)Pointsecurity	Mar. 31, 2018USD ($)item
Summary of Valuation Techniques and Primary Inputs
Asset transfers in/out of Level 1, Level 2 or Level 3 | $	$ 0	$ 0	$ 0
Liability transfers in/out of Level 1, Level 2 or Level 3 | $	0	0	0
Credit adjustment to recorded fair value of Derivative assets | $	0	0	0
Credit adjustment to recorded fair value of Derivative liabilities | $	$ 0	$ 0	$ 0
Minimum
Summary of Valuation Techniques and Primary Inputs
Maturity or repricing period of advances which requires a prepayment fee	6 months
Mortgage-backed securities (MBS)
Summary of Valuation Techniques and Primary Inputs
Number of prices to be received for middle price to be used	3
Number of prices received when two prices used for average	2
Number of prices used for calculating average when two prices are received	2
Number of prices received that are subject to additional validation	1
Mortgage-backed securities (MBS) | Minimum
Summary of Valuation Techniques and Primary Inputs
Number of third-party vendors, price available subject to additional validation	0
Mortgage-backed securities (MBS) | Maximum
Summary of Valuation Techniques and Primary Inputs
Number of third-party vendors			3
Number of third-party vendors, price available subject to additional validation	1
Advances
Summary of Valuation Techniques and Primary Inputs
Quantitative threshold for significance (as a percent)	10.00%
Private-label MBS
Summary of Valuation Techniques and Primary Inputs
Number of PLMBS determined to be OTTI | security	0	0
Private-label MBS | Residential mortgage-backed securities | Maximum
Summary of Valuation Techniques and Primary Inputs
Number of points from median price to be included among the cluster | Point	7	7
GSE | Mortgage-backed securities (MBS) | Maximum
Summary of Valuation Techniques and Primary Inputs
Number of points from median price to be included among the cluster | Point	3	3

Fair Values of Financial Inst91

Fair Values of Financial Instruments. - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Trading securities	$ 2,241,243	$ 1,641,568
Equity Investments	48,909
Available-for-sale securities	504,403	577,269
Advances	751,568	2,205,624
Derivative assets	117,661	112,732
Derivative assets	522,115	414,613
Netting Adjustment and Cash Collateral	(404,454)	(301,881)
Liabilities
Consolidated obligations: Discount notes (to the extent FVO is elected)	(1,566,028)	(2,312,621)
Consolidated obligations: Bonds (to the extent FVO is elected)	(129,721)	(1,131,074)
Derivative liabilities	(17,622)	(61,592)
Derivative liabilities	(377,980)	(325,877)
Netting Adjustment and Cash Collateral	360,358	264,285
GSE securities
Assets
Trading securities	585,551	356,899
Corporate notes
Assets
Trading securities	3,640
U.S. Treasury notes
Assets
Trading securities	1,412,184	1,045,605
Measured on a recurring basis
Assets
Equity Investments	48,909
Advances	751,568	2,205,624
Netting Adjustment and Cash Collateral	(404,454)	(301,881)
Total assets	3,663,799	4,537,203
Liabilities
Consolidated obligations: Discount notes (to the extent FVO is elected)	(1,566,028)	(2,312,621)
Consolidated obligations: Bonds (to the extent FVO is elected)	(129,721)	(1,131,074)
Netting Adjustment and Cash Collateral	360,358	264,285
Total liabilities	(1,713,383)	(3,505,302)
Measured on a recurring basis | Interest-rate derivatives
Assets
Derivative assets	117,661	112,732
Netting Adjustment and Cash Collateral	(404,454)	(301,881)
Liabilities
Derivative liabilities	(17,622)	(61,592)
Netting Adjustment and Cash Collateral	360,358	264,285
Measured on a recurring basis | Mortgage delivery commitments
Assets
Derivative assets	15	10
Liabilities
Derivative liabilities	(12)	(15)
Measured on a recurring basis | GSE securities
Assets
Trading securities	585,551	356,899
Measured on a recurring basis | Corporate notes
Assets
Trading securities	3,640
Measured on a recurring basis | U.S. Treasury notes
Assets
Trading securities	1,652,052	1,284,669
Measured on a recurring basis | Equity and bond funds
Assets
Available-for-sale securities		48,642
Measured on a recurring basis | GSE | Mortgage-backed securities (MBS)
Assets
Available-for-sale securities	504,403	528,627
Measured on a recurring basis | Level 1
Assets
Equity Investments	48,909
Total assets	1,700,961	1,333,311
Measured on a recurring basis | Level 1 | U.S. Treasury notes
Assets
Trading securities	1,652,052	1,284,669
Measured on a recurring basis | Level 1 | Equity and bond funds
Assets
Available-for-sale securities		48,642
Measured on a recurring basis | Level 2
Assets
Advances	751,568	2,205,624
Total assets	2,367,292	3,505,773
Liabilities
Consolidated obligations: Discount notes (to the extent FVO is elected)	(1,566,028)	(2,312,621)
Consolidated obligations: Bonds (to the extent FVO is elected)	(129,721)	(1,131,074)
Total liabilities	(2,073,741)	(3,769,587)
Measured on a recurring basis | Level 2 | Interest-rate derivatives
Assets
Derivative assets	522,115	414,613
Liabilities
Derivative liabilities	(377,980)	(325,877)
Measured on a recurring basis | Level 2 | Mortgage delivery commitments
Assets
Derivative assets	15	10
Liabilities
Derivative liabilities	(12)	(15)
Measured on a recurring basis | Level 2 | GSE securities
Assets
Trading securities	585,551	356,899
Measured on a recurring basis | Level 2 | Corporate notes
Assets
Trading securities	3,640
Measured on a recurring basis | Level 2 | GSE | Mortgage-backed securities (MBS)
Assets
Available-for-sale securities	$ 504,403	$ 528,627

Fair Values of Financial Inst92

Fair Values of Financial Instruments. - Items Measured at Fair Value on a Non-recurring Basis (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Private-label MBS
Assets recorded at fair value on a recurring or non-recurring basis
Number of MBS determined to be OTTI | security	0	0
Measured on a nonrecurring basis
Assets recorded at fair value on a recurring or non-recurring basis
Real estate owned	$ 49	$ 1,071
Total assets at fair value	488	3,590
Measured on a nonrecurring basis | Past due 180 days or more
Assets recorded at fair value on a recurring or non-recurring basis
Mortgage loans held-for-portfolio	439	2,519
Level 2 | Measured on a nonrecurring basis
Assets recorded at fair value on a recurring or non-recurring basis
Total assets at fair value	439	2,519
Level 2 | Measured on a nonrecurring basis | Past due 180 days or more
Assets recorded at fair value on a recurring or non-recurring basis
Mortgage loans held-for-portfolio	439	2,519
Level 3 | Measured on a nonrecurring basis
Assets recorded at fair value on a recurring or non-recurring basis
Real estate owned	49	1,071
Total assets at fair value	$ 49	$ 1,071

Fair Values of Financial Inst93

Fair Values of Financial Instruments. - Fair Value Option (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Activity related to financial instruments for which the Bank elected the fair value option
Net gains (losses) on financial instruments held under fair value option				$ (53)	$ 1,719
Change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected
Interest Income				546,460	316,771
Net gains (losses) on financial instruments held under fair value option				(53)	1,719
Advances, fair value option
Fair Value Option Disclosures
Adjustments to fair values of assets recorded under fair value option for instrument-specific credit risk				0		$ 0
Activity related to financial instruments for which the Bank elected the fair value option
Balance, beginning of the period				2,205,624	9,873,157	9,873,157
New transactions elected for fair value option					5,000,000	5,000,000
Maturities and terminations				(1,450,000)	(10,369,777)	(12,659,567)
Net gains (losses) on financial instruments held under fair value option				217	(1,432)	(5,142)
Change in accrued interest/ unaccreted balance				(4,273)	(1,361)	(2,824)
Balance, end of the period	$ 2,205,624			751,568	4,500,587	2,205,624
Change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected
Interest Income				4,631	22,414
Net gains (losses) on financial instruments held under fair value option				217	(1,432)	(5,142)
Total Change in Fair Value Included in Current Period Earnings				4,848	20,982
Comparison of aggregate fair value and aggregate remaining contractual principal balance outstanding of financial instruments for which the fair value option has been elected
Aggregate Unpaid Principal Balance							$ 750,000	$ 2,200,000	$ 4,489,791
Aggregate Fair Value	2,205,624			2,205,624	9,873,157	9,873,157	751,568	2,205,624	4,500,587
Fair Value Over/(Under) Aggregate Unpaid Principal Balance							1,568	5,624	10,796
Consolidated obligations, fair value option
Fair Value Option Disclosures
Adjustments to fair values of liabilities recorded under fair value option for instrument-specific credit risk	0	$ 0	$ 0
Activity related to financial instruments for which the Bank elected the fair value option
Balance, beginning of the period				(3,443,695)
Net gains (losses) on financial instruments held under fair value option				(270)	3,151
Balance, end of the period	(3,443,695)			(1,695,749)	(8,280,334)	(3,443,695)
Change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected
Interest Expense				(10,145)	(16,877)
Net gains (losses) on financial instruments held under fair value option				(270)	3,151
Total Change in Fair Value Included in Current Period Earnings				(10,415)	(13,726)
Comparison of aggregate fair value and aggregate remaining contractual principal balance outstanding of financial instruments for which the fair value option has been elected
Aggregate Unpaid Principal Balance							1,694,375	3,439,618	8,263,457
Aggregate Fair Value	3,443,695			3,443,695	8,280,334	3,443,695	1,695,749	3,443,695	8,280,334
Fair Value Over/(Under) Aggregate Unpaid Principal Balance							1,374	4,077	16,877
Consolidated obligation - bonds, fair value option
Activity related to financial instruments for which the Bank elected the fair value option
Balance, beginning of the period				(1,131,074)	(2,052,513)	(2,052,513)
New transactions elected for fair value option				(115,000)		(1,100,000)
Maturities and terminations				1,115,000	618,530	2,019,550
Net gains (losses) on financial instruments held under fair value option				(1)	487	224
Change in accrued interest/ unaccreted balance				1,354	622	1,665
Balance, end of the period	(1,131,074)			(129,721)	(1,432,874)	(1,131,074)
Change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected
Interest Expense				(3,558)	(2,594)
Net gains (losses) on financial instruments held under fair value option				(1)	487	224
Total Change in Fair Value Included in Current Period Earnings				(3,559)	(2,107)
Comparison of aggregate fair value and aggregate remaining contractual principal balance outstanding of financial instruments for which the fair value option has been elected
Aggregate Unpaid Principal Balance							130,000	1,130,000	1,431,020
Aggregate Fair Value	1,131,074			1,131,074	2,052,513	2,052,513	129,721	1,131,074	1,432,874
Fair Value Over/(Under) Aggregate Unpaid Principal Balance							(279)	1,074	1,854
Consolidated obligation - discount notes, fair value option
Activity related to financial instruments for which the Bank elected the fair value option
Balance, beginning of the period				(2,312,621)	(12,228,412)	(12,228,412)
New transactions elected for fair value option				(1,564,375)	(3,670,424)	(5,980,042)
Maturities and terminations				2,309,618	9,042,886	15,875,322
Net gains (losses) on financial instruments held under fair value option				(269)	2,664	378
Change in accrued interest/ unaccreted balance				1,619	5,826	20,133
Balance, end of the period	(2,312,621)			(1,566,028)	(6,847,460)	(2,312,621)
Change in fair value included in the Statements of Income for financial instruments for which the fair value option has been elected
Interest Expense				(6,587)	(14,283)
Net gains (losses) on financial instruments held under fair value option				(269)	2,664	378
Total Change in Fair Value Included in Current Period Earnings				(6,856)	(11,619)
Comparison of aggregate fair value and aggregate remaining contractual principal balance outstanding of financial instruments for which the fair value option has been elected
Aggregate Unpaid Principal Balance							1,564,375	2,309,618	6,832,437
Aggregate Fair Value	$ 2,312,621			$ 2,312,621	$ 12,228,412	$ 12,228,412	1,566,028	2,312,621	6,847,460
Fair Value Over/(Under) Aggregate Unpaid Principal Balance							$ 1,653	$ 3,003	$ 15,023

Commitments and Contingencies94

Commitments and Contingencies. - Consolidated Obligations Joint and Several Liability (Details) - Obligations subject to joint and several liability - All other FHLBanks $ in Trillions	3 Months Ended
	Mar. 31, 2018USD ($)Institution	Dec. 31, 2017USD ($)
Guarantee obligations
Joint and several liability, number of Federal Home Loan Banks unable to repay their participation in consolidated obligations, minimum | Institution	1
Consolidated obligations
Guarantee obligations
Aggregate amount outstanding | $	$ 1	$ 1

Commitments and Contingencies95

Commitments and Contingencies. - Summary of Contractual Obligations and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Contractual obligations and commitments
Less Than One Year	$ 141,276,683
Greater Than One Year to Three Years	9,853,220
Greater Than Three Years to Five Years	3,146,782
Greater Than Five Years	4,179,704
Total	158,456,389
Contractual Obligations
Contractual obligations and commitments
Less Than One Year	125,092,406
Greater Than One Year to Three Years	9,829,763
Greater Than Three Years to Five Years	3,146,782
Greater Than Five Years	4,179,704
Total	142,248,655
Consolidated obligation bonds
Contractual obligations and commitments
Less Than One Year	68,346,815
Greater Than One Year to Three Years	9,806,070
Greater Than Three Years to Five Years	3,124,920
Greater Than Five Years	4,034,000
Total	85,311,805
Consolidated obligation discount notes
Contractual obligations and commitments
Less Than One Year	56,605,870
Total	56,605,870
Mandatorily redeemable capital stock
Contractual obligations and commitments
Less Than One Year	12,633
Greater Than One Year to Three Years	1,142
Greater Than Three Years to Five Years	442
Greater Than Five Years	4,547
Total	18,764
Lease obligations | Premises
Contractual obligations and commitments
Less Than One Year	4,807
Greater Than One Year to Three Years	13,144
Greater Than Three Years to Five Years	13,914
Greater Than Five Years	77,498
Total	109,363
Other liabilities
Contractual obligations and commitments
Less Than One Year	122,281
Greater Than One Year to Three Years	9,407
Greater Than Three Years to Five Years	7,506
Greater Than Five Years	63,659
Total	202,853
Other commitments
Contractual obligations and commitments
Less Than One Year	16,184,277
Greater Than One Year to Three Years	23,457
Total	16,207,734
Provision for off-balance sheet credit losses	0
Standby letters of credit
Contractual obligations and commitments
Less Than One Year	16,010,431
Greater Than One Year to Three Years	23,457
Total	16,033,888
Consolidated obligation bonds/discount notes traded not settled
Contractual obligations and commitments
Less Than One Year	80,000
Total	80,000
Commitments to fund additional advances
Contractual obligations and commitments
Less Than One Year	75,000
Total	75,000
Open delivery commitments (MPF)
Contractual obligations and commitments
Less Than One Year	18,846
Total	$ 18,846

Related Party Transactions. - S

Related Party Transactions. - Summary of Activity and Outstanding Balances with Related Parties (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions
Debt assumed by FHLBNY from another FHLBank	$ 0	$ 0
Debt transferred to another FHLBNY	0	0
Advances transferred or sold by FHLBNY to another FHLBank	0		$ 0	$ 0
Advances transferred or sold to the FHLBNY from another FHLBank	0		0	0
Mortgage-backed securities acquired by FHLBNY from another FHLBank	0		0	0
Notional amounts outstanding	115,617,340,000		115,176,541,000
Overnight loans extended to other FHLBanks	$ 2,200,000	5,700,000
Borrowing period from other FHLBanks	1 day
Borrowings from other FHLBanks	$ 0	0
Assets
Advances	112,201,969,000		122,447,805,000
Accrued interest receivable	250,998,000		226,981,000
Liabilities and capital
Deposits	1,309,633,000		1,196,055,000
Mandatorily redeemable capital stock	18,764,000	20,506,000	19,945,000	31,435,000
Accrued interest payable	147,257,000		162,176,000
Affordable Housing Program	137,256,000	117,812,000	131,654,000	125,062,000
Other liabilities	202,853,000		204,178,000
Total capital	7,882,702,000	7,292,031,000	8,241,038,000	$ 7,624,081,000
FHLBank of Chicago | MPF program services
Related Party Transactions
Purchases of mortgage loans, cumulative participations by other Federal Home Loan Banks	10,500,000		11,500,000
Fees paid	700,000	$ 600,000
FHLBank of Chicago | Use of MBS cash flow model
Related Party Transactions
Annual fee	6,000
Smaller members | Intermediation / Cleared | Swaps
Related Party Transactions
Notional amounts outstanding	205,000,000		193,000,000
Related Party
Assets
Advances	112,201,969,000		122,447,805,000
Accrued interest receivable	196,902,000		175,926,000
Liabilities and capital
Deposits	1,309,633,000		1,196,055,000
Mandatorily redeemable capital stock	18,764,000		19,945,000
Accrued interest payable	459,000		443,000
Affordable Housing Program	137,256,000		131,654,000
Other liabilities	76,528,000		84,194,000
Total capital	$ 7,882,702,000		$ 8,241,038,000

Related Party Transactions. -97

Related Party Transactions. - Summary of Income and Expense Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest income
Advances	$ 546,460	$ 316,771
Interest-bearing deposits	64	35
Loans to other FHLBanks	7	8
Interest expense
Deposits	3,505	1,824
Mandatorily redeemable capital stock	333	404
Service fees and other	3,721	3,252
Related Party
Interest income
Advances	546,460	316,771
Interest-bearing deposits	1
Loans to other FHLBanks	7	8
Interest expense
Deposits	3,505	1,824
Mandatorily redeemable capital stock	333	404
Service fees and other	$ 3,339	$ 3,009

Segment Information and Conce98

Segment Information and Concentration. - Top Ten Advance Holders and Associated Interest Income (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)Institution	Mar. 31, 2017USD ($)Institution	Dec. 31, 2017USD ($)Institution
Segment Information and Concentration
Large member withdrawals which could significantly decrease assets, capital or business, minimum number | Institution	1
Advances
Par Advances	$ 112,738,564		$ 122,707,441
Interest Income	$ 546,460	$ 316,771
Par Value of Advances | Credit concentration risk | Top ten advance holders
Advances
Number of top advance holders reported for segment reporting | Institution	10	10	10
Par Advances	$ 84,094,875	$ 74,156,143	$ 94,792,968
Percentage of Total	74.57%	73.06%	77.25%
Par Value of Advances | Credit concentration risk | Citibank, N.A.
Advances
Par Advances	$ 30,995,000	$ 26,550,000	$ 43,100,000
Percentage of Total	27.49%	26.16%	35.12%
Par Value of Advances | Credit concentration risk | Metropolitan Life Insurance Company
Advances
Par Advances	$ 14,445,000	$ 14,445,000	$ 14,445,000
Percentage of Total	12.81%	14.23%	11.77%
Par Value of Advances | Credit concentration risk | New York Community Bancorp, Inc.
Advances
Par Advances	$ 12,534,500	$ 11,354,500	$ 12,104,500
Percentage of Total	11.11%	11.19%	9.86%
Par Value of Advances | Credit concentration risk | New York Community Bank
Advances
Par Advances	$ 12,530,600	$ 11,080,600	$ 11,830,600
Percentage of Total	11.11%	10.92%	9.64%
Par Value of Advances | Credit concentration risk | New York Commercial Bank
Advances
Par Advances	$ 3,900	$ 273,900	$ 273,900
Percentage of Total		0.27%	0.22%
Par Value of Advances | Credit concentration risk | Investors Bank
Advances
Par Advances	$ 5,075,960	$ 4,717,328	$ 4,326,053
Percentage of Total	4.50%	4.65%	3.53%
Par Value of Advances | Credit concentration risk | Sterling National Bank
Advances
Par Advances	$ 4,447,000	$ 2,035,000	$ 4,507,000
Percentage of Total	3.94%	2.00%	3.67%
Par Value of Advances | Credit concentration risk | Signature Bank
Advances
Par Advances	$ 4,285,000	$ 2,535,900	$ 4,195,000
Percentage of Total	3.80%	2.50%	3.42%
Par Value of Advances | Credit concentration risk | Valley National Bank
Advances
Par Advances	$ 3,322,000	$ 2,682,000
Percentage of Total	2.95%	2.64%
Par Value of Advances | Credit concentration risk | HSBC Bank USA, National Association
Advances
Par Advances	$ 3,100,000	$ 4,900,000	$ 3,100,000
Percentage of Total	2.75%	4.83%	2.53%
Par Value of Advances | Credit concentration risk | AXA Equitable Life Insurance Company
Advances
Par Advances	$ 3,000,415	$ 2,511,415	$ 3,000,415
Percentage of Total	2.66%	2.47%	2.45%
Par Value of Advances | Credit concentration risk | Goldman Sachs Bank USA
Advances
Par Advances	$ 2,890,000		$ 3,390,000
Percentage of Total	2.56%		2.76%
Par Value of Advances | Credit concentration risk | New York Life Insurance Company
Advances
Par Advances		$ 2,425,000	$ 2,625,000
Percentage of Total		2.39%	2.14%
Interest income, top ten advance holders | Member concentration | Top ten advance holders
Advances
Interest Income	$ 408,845	$ 260,597	$ 1,223,672
Percentage of Total	100.00%	100.00%	100.00%
Interest income, top ten advance holders | Member concentration | Citibank, N.A.
Advances
Interest Income	$ 172,199	$ 87,587	$ 450,596
Percentage of Total	42.12%	33.61%	36.83%
Interest income, top ten advance holders | Member concentration | Metropolitan Life Insurance Company
Advances
Interest Income	$ 62,333	$ 50,622	$ 221,310
Percentage of Total	15.25%	19.43%	18.09%
Interest income, top ten advance holders | Member concentration | New York Community Bancorp, Inc.
Advances
Interest Income	$ 54,038	$ 44,924	$ 185,925
Percentage of Total	13.22%	17.24%	15.19%
Interest income, top ten advance holders | Member concentration | New York Community Bank
Advances
Interest Income	$ 53,204	$ 43,970	$ 182,103
Percentage of Total	13.01%	16.87%	14.88%
Interest income, top ten advance holders | Member concentration | New York Commercial Bank
Advances
Interest Income	$ 834	$ 954	$ 3,822
Percentage of Total	0.21%	0.37%	0.31%
Interest income, top ten advance holders | Member concentration | Investors Bank
Advances
Interest Income	$ 21,520	$ 19,705	$ 82,894
Percentage of Total	5.26%	7.56%	6.77%
Interest income, top ten advance holders | Member concentration | Sterling National Bank
Advances
Interest Income	$ 17,743	$ 4,146	$ 58,049
Percentage of Total	4.34%	1.59%	4.74%
Interest income, top ten advance holders | Member concentration | Signature Bank
Advances
Interest Income	$ 18,047	$ 7,016	$ 36,503
Percentage of Total	4.41%	2.69%	2.98%
Interest income, top ten advance holders | Member concentration | Valley National Bank
Advances
Interest Income	$ 16,166	$ 10,850
Percentage of Total	3.95%	4.16%
Interest income, top ten advance holders | Member concentration | HSBC Bank USA, National Association
Advances
Interest Income	$ 15,588	$ 16,805	$ 68,391
Percentage of Total	3.81%	6.45%	5.59%
Interest income, top ten advance holders | Member concentration | AXA Equitable Life Insurance Company
Advances
Interest Income	$ 15,887	$ 10,951	$ 52,308
Percentage of Total	3.89%	4.20%	4.27%
Interest income, top ten advance holders | Member concentration | Goldman Sachs Bank USA
Advances
Interest Income	$ 15,324		$ 30,433
Percentage of Total	3.75%		2.49%
Interest income, top ten advance holders | Member concentration | New York Life Insurance Company
Advances
Interest Income		$ 7,991	$ 37,263
Percentage of Total		3.07%	3.05%