Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Registrant Name | Federal Home Loan Bank of Boston | |
Entity Central Index Key | 1331463 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,103,665 |
Statements_of_Condition_unaudi
Statements of Condition (unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and due from banks | $698,422 | $1,124,536 | ||
Interest-bearing deposits | 249 | 163 | ||
Securities purchased under agreements to resell | 6,100,000 | 5,250,000 | ||
Federal funds sold | 2,355,000 | 2,550,000 | ||
Investment securities: | ||||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities - includes $641 pledged as collateral at December 31, 2014, that may be repledged | 5,667,646 | 5,481,978 | ||
Held-to-maturity securities - includes $62,821 and $66,279 pledged as collateral at March 31, 2015, and December 31, 2014, respectively that may be repledged | 3,135,269 | [1],[2] | 3,352,189 | [1],[2] |
Total investment securities | 9,046,354 | 9,079,136 | ||
Advances | 31,179,231 | 33,482,074 | ||
Mortgage loans held for portfolio, net of allowance for credit losses of $1,350 and $2,012 at March 31, 2015, and December 31, 2014, respectively | 3,537,841 | 3,483,948 | ||
Accrued interest receivable | 74,409 | 77,411 | ||
Premises, software, and equipment, net | 3,926 | 3,951 | ||
Derivative assets, net | 24,426 | 14,548 | ||
Other assets | 45,985 | 40,910 | ||
Total Assets | 53,065,843 | 55,106,677 | ||
LIABILITIES | ||||
Interest-bearing | 393,765 | 345,561 | ||
Non-interest-bearing | 35,578 | 23,770 | ||
Total deposits | 429,343 | 369,331 | ||
Consolidated obligations (COs): | ||||
Bonds | 25,416,779 | 25,505,774 | ||
Discount notes | 23,451,068 | 25,309,608 | ||
Total consolidated obligations | 48,867,847 | 50,815,382 | ||
Mandatorily redeemable capital stock | 57,281 | 298,599 | ||
Accrued interest payable | 94,445 | 91,225 | ||
Affordable Housing Program (AHP) payable | 66,092 | 66,993 | ||
Derivative liabilities, net | 570,445 | 558,889 | ||
Other liabilities | 27,088 | 28,472 | ||
Total liabilities | 50,112,541 | 52,228,891 | ||
Commitments and contingencies (Note 18) | ||||
CAPITAL | ||||
Capital stock – Class B – putable ($100 par value), 24,404 shares and 24,131 shares issued and outstanding at March 31, 2015, and December 31, 2014, respectively | 2,440,386 | 2,413,114 | ||
Retained earnings: | ||||
Unrestricted | 781,261 | 764,888 | ||
Restricted | 143,484 | 136,770 | ||
Total retained earnings | 924,745 | 901,658 | ||
Accumulated other comprehensive loss | -411,829 | -436,986 | ||
Total capital | 2,953,302 | 2,877,786 | ||
Total Liabilities and Capital | $53,065,843 | $55,106,677 | ||
[1] | Carrying value of held-to-maturity securities represents the sum of amortized cost and the amount of noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive loss. | |||
[2] | Fair values of held-to-maturity securities were $3,480,720 and $3,710,815 at March 31, 2015, and December 31, 2014, respectively. |
Statements_of_Condition_Parent
Statements of Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Available-for-sale securities pledged as collateral that may be repledged | $0 | $641 |
Held-to-maturity securities pledged as collateral that may be repledged | 62,821 | 66,279 |
Allowance for credit losses | 1,350 | 2,012 |
Statement [Line Items] | ||
Fair value of held-to-maturity securities | $3,480,720 | $3,710,815 |
Common Class B [Member] | ||
Statement [Line Items] | ||
Capital stock - Class B - putable shares issued | 24,404 | 24,131 |
Capital stock - Class B - putable par value per share | $100 | $100 |
Capital stock - Class B - putable shares outstanding | 24,404 | 24,131 |
Statements_of_Operations_unaud
Statements of Operations (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST INCOME | ||
Advances | $57,408 | $55,871 |
Prepayment fees on advances, net | 3,742 | 2,494 |
Securities purchased under agreements to resell | 803 | 593 |
Federal funds sold | 1,627 | 485 |
Trading securities | 2,318 | 2,354 |
Available-for-sale securities | 20,572 | 12,951 |
Held-to-maturity securities | 24,871 | 30,015 |
Prepayment fees on investments | 163 | 179 |
Mortgage loans held for portfolio | 31,051 | 31,759 |
Other | 11 | 0 |
Total interest income | 142,566 | 136,701 |
INTEREST EXPENSE | ||
Consolidated obligations - bonds | 82,241 | 75,511 |
Consolidated obligations - discount notes | 5,513 | 3,022 |
Deposits | 14 | 7 |
Mandatorily redeemable capital stock | 335 | 3,591 |
Other borrowings | 0 | 1 |
Total interest expense | 88,103 | 82,132 |
NET INTEREST INCOME | 54,463 | 54,569 |
Reduction of provision for credit losses | -60 | -322 |
NET INTEREST INCOME AFTER REDUCTION OF PROVISION FOR CREDIT LOSSES | 54,523 | 54,891 |
OTHER INCOME (LOSS) | ||
Total other-than-temporary impairment losses on investment securities | -224 | 0 |
Net amount of impairment losses reclassified from accumulated other comprehensive loss | -122 | -458 |
Net other-than-temporary impairment losses on investment securities, credit portion | -346 | -458 |
Litigation settlements | 23 | 4,310 |
Loss on early extinguishment of debt | 0 | -2,223 |
Service fees | 1,919 | 1,670 |
Net unrealized gains on trading securities | 1,281 | 754 |
Net losses on derivatives and hedging activities | -3,359 | -1,383 |
Other | -119 | -136 |
Total other (loss) income | -601 | 2,534 |
OTHER EXPENSE | ||
Compensation and benefits | 9,433 | 9,791 |
Other operating expenses | 4,853 | 5,069 |
Federal Housing Finance Agency (the FHFA) | 1,020 | 808 |
Office of Finance | 691 | 651 |
Other | 587 | 635 |
Total other expense | 16,584 | 16,954 |
INCOME BEFORE ASSESSMENTS | 37,338 | 40,471 |
AHP | 3,767 | 4,406 |
NET INCOME | $33,571 | $36,065 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $33,571 | $36,065 |
Other comprehensive income: | ||
Net unrealized gains on available-for-sale securities | 20,589 | 4,829 |
Net noncredit portion of other-than-temporary impairment losses on held-to-maturity securities | ||
Net amount of impairment losses reclassified to non-interest income | 122 | 458 |
Accretion of noncredit portion | 11,463 | 12,135 |
Total net noncredit portion of other-than-temporary impairment losses on held-to-maturity securities | 11,585 | 12,593 |
Net unrealized (losses) gains relating to hedging activities | ||
Unrealized losses | -12,143 | -6,014 |
Reclassification adjustment for previously deferred hedging gains and losses included in net income | 4,896 | 5 |
Total net unrealized losses relating to hedging activities | -7,247 | -6,009 |
Pension and postretirement benefits | 230 | 112 |
Total other comprehensive income | 25,157 | 11,525 |
Comprehensive income | $58,728 | $47,590 |
Statements_of_Capital_unaudite
Statements of Capital (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning of period | $2,877,786 | $2,837,745 |
Proceeds from sale of capital stock | 36,713 | 32,723 |
Repurchase of capital stock | -9,441 | |
Shares reclassified to mandatorily redeemable capital stock | -337 | |
Comprehensive income | 58,728 | 47,590 |
Cash dividends on capital stock | -10,484 | -9,262 |
Period end | 2,953,302 | 2,908,459 |
Retained Earnings, Unrestricted | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning of period | 764,888 | 681,978 |
Comprehensive income | 26,857 | 28,851 |
Cash dividends on capital stock | -10,484 | -9,262 |
Period end | 781,261 | 701,567 |
Retained Earnings, Restricted | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning of period | 136,770 | 106,812 |
Comprehensive income | 6,714 | 7,214 |
Period end | 143,484 | 114,026 |
Retained Earnings, Total | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning of period | 901,658 | 788,790 |
Comprehensive income | 33,571 | 36,065 |
Cash dividends on capital stock | -10,484 | -9,262 |
Period end | 924,745 | 815,593 |
Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning of period | -436,986 | -481,516 |
Comprehensive income | 25,157 | 11,525 |
Period end | -411,829 | -469,991 |
Capital Stock Class B - Putable [Member] | Capital Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning of period, shares | 24,131 | 25,305 |
Beginning of period | 2,413,114 | 2,530,471 |
Proceeds from sale of capital stock, shares | 367 | 327 |
Proceeds from sale of capital stock | 36,713 | 32,723 |
Repurchase of capital stock, shares | -94 | |
Repurchase of capital stock | -9,441 | |
Shares reclassified to mandatorily redeemable capital stock, shares | -3 | |
Shares reclassified to mandatorily redeemable capital stock | -337 | |
Period end, shares | 24,404 | 25,629 |
Period end | $2,440,386 | $2,562,857 |
Statements_of_Cash_Flows_unaud
Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
OPERATING ACTIVITIES | |||
Net income | $33,571 | $36,065 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | -14,503 | -20,730 | |
Reduction of provision for credit losses | -60 | -322 | |
Change in net fair-value adjustments on derivatives and hedging activities | -4,533 | -10,584 | |
Net other-than-temporary impairment losses on investment securities, credit portion | 346 | 458 | |
Loss on early extinguishment of debt | 0 | 2,223 | |
Other adjustments | -215 | 157 | |
Net change in: | |||
Market value of trading securities | -1,281 | -754 | |
Accrued interest receivable | 3,002 | 12,245 | |
Other assets | -1,740 | 4,122 | |
Accrued interest payable | 3,220 | 15,075 | |
Other liabilities | -2,859 | -529 | |
Total adjustments | -18,623 | 1,361 | |
Net cash provided by operating activities | 14,948 | 37,426 | |
INVESTING ACTIVITIES | |||
Interest-bearing deposits | -17,545 | -6,721 | |
Securities purchased under agreements to resell | -850,000 | -1,600,000 | |
Federal funds sold | 195,000 | -2,500,000 | |
Premises, software, and equipment | -360 | -111 | |
Trading securities: | |||
Proceeds from long-term | 2,811 | 770 | |
Available-for-sale securities: | |||
Proceeds from long-term | 163,177 | 742,899 | |
Purchases of long-term | -307,641 | -564,860 | |
Held-to-maturity securities: | |||
Proceeds from long-term | 236,394 | 223,437 | |
Advances to members: | |||
Proceeds | 79,227,842 | 75,402,733 | |
Disbursements | -76,920,494 | -77,609,677 | |
Mortgage loans held for portfolio: | |||
Proceeds | 123,501 | 88,742 | |
Purchases | -183,804 | -72,819 | |
Proceeds from sale of foreclosed assets | 1,815 | 2,446 | |
Net cash provided by (used in) investing activities | 1,670,696 | -5,893,161 | |
FINANCING ACTIVITIES | |||
Net change in deposits | 62,272 | 4,827 | |
Net payments on derivatives with a financing element | -4,005 | -4,456 | |
Net proceeds from issuance of consolidated obligations: | |||
Discount notes | 39,585,987 | 31,786,100 | |
Bonds | 2,294,807 | 3,190,006 | |
Payments for maturing and retiring consolidated obligations: | |||
Discount notes | -41,444,374 | -27,599,348 | |
Bonds | -2,381,915 | -2,168,879 | |
Proceeds from issuance of capital stock | 36,713 | 32,723 | |
Payments for redemption of mandatorily redeemable capital stock | -241,318 | 0 | |
Payments for repurchase of capital stock | -9,441 | 0 | |
Cash dividends paid | -10,484 | -9,234 | |
Net cash (used in) provided by financing activities | -2,111,758 | 5,231,739 | |
Net decrease in cash and due from banks | -426,114 | -623,996 | |
Cash and due from banks at beginning of the year | 1,124,536 | 641,033 | 641,033 |
Cash and due from banks at end of the period | 698,422 | 17,037 | 1,124,536 |
Supplemental disclosures: | |||
Interest paid | 105,776 | 91,913 | |
AHP payments | 4,589 | 1,318 | 12,012 |
Noncash transfers of mortgage loans held for portfolio to real-estaste-owned (REO) | $2,433 | $3,227 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation [Text Block] | Basis of Presentation |
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary have been included. All such adjustments consist of normal recurring accruals. The presentation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2015. The unaudited financial statements should be read in conjunction with the Federal Home Loan Bank of Boston's audited financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (the SEC) on March 23, 2015 (the 2014 Annual Report). Unless otherwise indicated or the context requires otherwise, all references in this discussion to “the Bank,” "we," "us," "our," or similar references mean the Federal Home Loan Bank of Boston. |
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Guidance | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued and Adopted Accounting Guidance [Text Block] | Recently Issued and Adopted Accounting Guidance |
Accounting for Cloud Computing Arrangements. On April 15, 2015, the Financial Accounting Standards Board (the FASB) issued amendments to clarify a customer's accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers on determinng whether a cloud computing arrangement includes a software license that should be accounted for as internal-use software. If the arrangement does not contain a software license, it would be accounted for as a service contract. This guidance becomes effective for us for the interim and annual periods beginning after December 15, 2015, and early adoption is permitted. We can elect to adopt the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. We are in the process of evaluating this guidance and its effect on our financial condition, results of operations, and cash flows. | |
Simplifying the Presentation of Debt Issuance Costs. On April 7, 2015, the FASB issued guidance intended to simplify the presentation of debt issuance costs. This guidance requires a reclassification on the statement of condition of debt issuance costs related to a recognized debt liability from other assets to a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance becomes effective for us for the interim and annual periods beginning after December 15, 2015, and early adoption is permitted for the financial statements that have not been previously issued. The period-specific effects as a result of applying this guidance are required to be adjusted retrospectively to each individual period presented on the statement of condition. The adoption of this guidance will result in a reclassification of debt issuance costs from other assets to COs on our statement of condition. We do not expect that this guidance will have a material impact on our financial condition, results of operations, and cash flows. | |
Framework for Adversely Classifying Loans, Other REO, and Other Assets and Listing Assets for Special Mention. On April 9, 2012, the FHFA issued Advisory Bulletin 2012-02, Framework for Adversely Classifying Loans, Other REO, and Other Assets and Listing Assets for Special Mention (AB 2012-02). AB 2012-02 establishes a standard and uniform methodology for adversely classifying loans, other REO, and certain other assets (excluding investment securities), and prescribes the timing of asset charge-offs based on these classifications. The guidance is generally consistent with the Uniform Retail Credit Classification and Account Management Policy issued by the federal banking regulators in June 2000. The adverse classification requirements were implemented as of January 1, 2014, and did not have a material effect on our results of operations or financial condition. The charge-off requirements were implemented on January 1, 2015, and did not have a material effect on our results of operations or financial condition. |
Trading_Securities
Trading Securities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Trading Securities [Abstract] | ||||||||
Trading Securities [Text Block] | Trading Securities | |||||||
Major Security Types. Our trading securities as of March 31, 2015, and December 31, 2014, were (dollars in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Mortgage-backed securities (MBS) | ||||||||
U.S. government-guaranteed – single-family | $ | 11,760 | $ | 12,235 | ||||
Government-sponsored enterprise (GSE) – single-family | 2,073 | 2,300 | ||||||
GSEs – multifamily | 229,606 | 230,434 | ||||||
Total | $ | 243,439 | $ | 244,969 | ||||
Net unrealized gains on trading securities for the three months ended March 31, 2015 and 2014, amounted to $1.3 million and $754,000 for securities held on March 31, 2015 and 2014, respectively. | ||||||||
We do not participate in speculative trading practices and typically hold these investments over a longer time horizon. |
AvailableforSale_Securities
Available-for-Sale Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Available-for-Sale Securities [Text Block] | Available-for-Sale Securities | |||||||||||||||||||||||
Major Security Types. Our available-for-sale securities as of March 31, 2015, were (dollars in thousands): | ||||||||||||||||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost (1) | Gains | Losses | Value | |||||||||||||||||||||
Supranational institutions | $ | 481,217 | $ | — | $ | (25,029 | ) | $ | 456,188 | |||||||||||||||
U.S. government-owned corporations | 336,172 | — | (43,921 | ) | 292,251 | |||||||||||||||||||
GSEs | 138,562 | — | (12,479 | ) | 126,083 | |||||||||||||||||||
955,951 | — | (81,429 | ) | 874,522 | ||||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 193,727 | 242 | (1,350 | ) | 192,619 | |||||||||||||||||||
U.S. government guaranteed – multifamily | 913,470 | 2,840 | (794 | ) | 915,516 | |||||||||||||||||||
GSEs – single-family | 3,657,532 | 31,117 | (3,660 | ) | 3,684,989 | |||||||||||||||||||
4,764,729 | 34,199 | (5,804 | ) | 4,793,124 | ||||||||||||||||||||
Total | $ | 5,720,680 | $ | 34,199 | $ | (87,233 | ) | $ | 5,667,646 | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, collection of cash, and fair-value hedge accounting adjustments. | |||||||||||||||||||||||
Our available-for-sale securities as of December 31, 2014, were (dollars in thousands): | ||||||||||||||||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost (1) | Gains | Losses | Value | |||||||||||||||||||||
Supranational institutions | $ | 472,440 | $ | — | $ | (24,755 | ) | $ | 447,685 | |||||||||||||||
U.S. government-owned corporations | 322,436 | — | (37,439 | ) | 284,997 | |||||||||||||||||||
GSEs | 133,748 | — | (10,295 | ) | 123,453 | |||||||||||||||||||
928,624 | — | (72,489 | ) | 856,135 | ||||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 207,090 | 375 | (1,437 | ) | 206,028 | |||||||||||||||||||
U.S. government guaranteed – multifamily | 874,817 | 204 | (3,598 | ) | 871,423 | |||||||||||||||||||
GSEs – single-family | 3,545,070 | 14,742 | (11,420 | ) | 3,548,392 | |||||||||||||||||||
4,626,977 | 15,321 | (16,455 | ) | 4,625,843 | ||||||||||||||||||||
Total | $ | 5,555,601 | $ | 15,321 | $ | (88,944 | ) | $ | 5,481,978 | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, collection of cash, and fair-value hedge accounting adjustments. | |||||||||||||||||||||||
The following table summarizes our available-for-sale securities with unrealized losses as of March 31, 2015, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Supranational institutions | $ | — | $ | — | $ | 456,188 | $ | (25,029 | ) | $ | 456,188 | $ | (25,029 | ) | ||||||||||
U.S. government-owned corporations | — | — | 292,251 | (43,921 | ) | 292,251 | (43,921 | ) | ||||||||||||||||
GSEs | — | — | 126,083 | (12,479 | ) | 126,083 | (12,479 | ) | ||||||||||||||||
— | — | 874,522 | (81,429 | ) | 874,522 | (81,429 | ) | |||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | — | — | 143,223 | (1,350 | ) | 143,223 | (1,350 | ) | ||||||||||||||||
U.S. government guaranteed – multifamily | 59,169 | (165 | ) | 214,661 | (629 | ) | 273,830 | (794 | ) | |||||||||||||||
GSEs – single-family | 144,868 | (264 | ) | 439,488 | (3,396 | ) | 584,356 | (3,660 | ) | |||||||||||||||
204,037 | (429 | ) | 797,372 | (5,375 | ) | 1,001,409 | (5,804 | ) | ||||||||||||||||
Total temporarily impaired | $ | 204,037 | $ | (429 | ) | $ | 1,671,894 | $ | (86,804 | ) | $ | 1,875,931 | $ | (87,233 | ) | |||||||||
The following table summarizes our available-for-sale securities with unrealized losses as of December 31, 2014, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Supranational institutions | $ | — | $ | — | $ | 447,685 | $ | (24,755 | ) | $ | 447,685 | $ | (24,755 | ) | ||||||||||
U.S. government-owned corporations | — | — | 284,997 | (37,439 | ) | 284,997 | (37,439 | ) | ||||||||||||||||
GSEs | — | — | 123,453 | (10,295 | ) | 123,453 | (10,295 | ) | ||||||||||||||||
— | — | 856,135 | (72,489 | ) | 856,135 | (72,489 | ) | |||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | — | — | 154,665 | (1,437 | ) | 154,665 | (1,437 | ) | ||||||||||||||||
U.S. government guaranteed – multifamily | 610,470 | (3,497 | ) | 23,567 | (101 | ) | 634,037 | (3,598 | ) | |||||||||||||||
GSEs – single-family | 453,043 | (888 | ) | 915,354 | (10,532 | ) | 1,368,397 | (11,420 | ) | |||||||||||||||
1,063,513 | (4,385 | ) | 1,093,586 | (12,070 | ) | 2,157,099 | (16,455 | ) | ||||||||||||||||
Total temporarily impaired | $ | 1,063,513 | $ | (4,385 | ) | $ | 1,949,721 | $ | (84,559 | ) | $ | 3,013,234 | $ | (88,944 | ) | |||||||||
Redemption Terms. The amortized cost and fair value of our available-for-sale securities by contractual maturity at March 31, 2015, and December 31, 2014, were (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Year of Maturity | Amortized | Fair | Amortized | Fair | ||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | — | — | — | — | ||||||||||||||||||||
Due after five years through 10 years | — | — | — | — | ||||||||||||||||||||
Due after 10 years | 955,951 | 874,522 | 928,624 | 856,135 | ||||||||||||||||||||
955,951 | 874,522 | 928,624 | 856,135 | |||||||||||||||||||||
MBS (1) | 4,764,729 | 4,793,124 | 4,626,977 | 4,625,843 | ||||||||||||||||||||
Total | $ | 5,720,680 | $ | 5,667,646 | $ | 5,555,601 | $ | 5,481,978 | ||||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay obligations with or without call or prepayment fees. |
HeldtoMaturity_Securities
Held-to-Maturity Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Held-to-maturity Securities, Unclassified [Abstract] | ||||||||||||||||||||||||
Held-to-maturity Securities [Text Block] | Held-to-Maturity Securities | |||||||||||||||||||||||
Major Security Types. Our held-to-maturity securities as of March 31, 2015, were (dollars in thousands): | ||||||||||||||||||||||||
Amortized Cost | Other-Than-Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | Carrying Value | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Fair Value | |||||||||||||||||||
U.S. agency obligations | $ | 5,416 | $ | — | $ | 5,416 | $ | 337 | $ | — | $ | 5,753 | ||||||||||||
State or local housing-finance-agency obligations (HFA securities) | 177,183 | — | 177,183 | 49 | (17,675 | ) | 159,557 | |||||||||||||||||
182,599 | — | 182,599 | 386 | (17,675 | ) | 165,310 | ||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 19,111 | — | 19,111 | 435 | — | 19,546 | ||||||||||||||||||
U.S. government guaranteed – multifamily | 66,821 | — | 66,821 | 201 | — | 67,022 | ||||||||||||||||||
GSEs – single-family | 1,342,436 | — | 1,342,436 | 42,060 | (152 | ) | 1,384,344 | |||||||||||||||||
GSEs – multifamily | 473,295 | — | 473,295 | 29,989 | — | 503,284 | ||||||||||||||||||
Private-label – residential | 1,298,746 | (263,607 | ) | 1,035,139 | 303,911 | (13,483 | ) | 1,325,567 | ||||||||||||||||
Asset-backed securities (ABS) backed by home equity loans | 16,618 | (750 | ) | 15,868 | 776 | (997 | ) | 15,647 | ||||||||||||||||
3,217,027 | (264,357 | ) | 2,952,670 | 377,372 | (14,632 | ) | 3,315,410 | |||||||||||||||||
Total | $ | 3,399,626 | $ | (264,357 | ) | $ | 3,135,269 | $ | 377,758 | $ | (32,307 | ) | $ | 3,480,720 | ||||||||||
Our held-to-maturity securities as of December 31, 2014, were (dollars in thousands): | ||||||||||||||||||||||||
Amortized Cost | Other-Than-Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | Carrying Value | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Fair Value | |||||||||||||||||||
U.S. agency obligations | $ | 5,777 | $ | — | $ | 5,777 | $ | 360 | $ | — | $ | 6,137 | ||||||||||||
HFA securities | 178,387 | — | 178,387 | 30 | (18,136 | ) | 160,281 | |||||||||||||||||
184,164 | — | 184,164 | 390 | (18,136 | ) | 166,418 | ||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 20,399 | — | 20,399 | 487 | — | 20,886 | ||||||||||||||||||
U.S. government guaranteed – multifamily | 115,712 | — | 115,712 | 298 | (6 | ) | 116,004 | |||||||||||||||||
GSEs – single-family | 1,420,801 | — | 1,420,801 | 40,518 | (157 | ) | 1,461,162 | |||||||||||||||||
GSEs – multifamily | 542,130 | — | 542,130 | 29,949 | — | 572,079 | ||||||||||||||||||
Private-label – residential | 1,327,967 | (275,158 | ) | 1,052,809 | 319,306 | (13,957 | ) | 1,358,158 | ||||||||||||||||
ABS backed by home equity loans | 16,958 | (784 | ) | 16,174 | 856 | (922 | ) | 16,108 | ||||||||||||||||
3,443,967 | (275,942 | ) | 3,168,025 | 391,414 | (15,042 | ) | 3,544,397 | |||||||||||||||||
Total | $ | 3,628,131 | $ | (275,942 | ) | $ | 3,352,189 | $ | 391,804 | $ | (33,178 | ) | $ | 3,710,815 | ||||||||||
The following table summarizes our held-to-maturity securities with unrealized losses as of March 31, 2015, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands). | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
HFA securities | $ | 14,887 | $ | (113 | ) | $ | 138,813 | $ | (17,562 | ) | $ | 153,700 | $ | (17,675 | ) | |||||||||
MBS | ||||||||||||||||||||||||
GSEs – single-family | 23,080 | (5 | ) | 36,108 | (147 | ) | 59,188 | (152 | ) | |||||||||||||||
Private-label – residential | 71,009 | (1,337 | ) | 510,602 | (44,912 | ) | 581,611 | (46,249 | ) | |||||||||||||||
ABS backed by home equity loans | 206 | (3 | ) | 14,214 | (1,173 | ) | 14,420 | (1,176 | ) | |||||||||||||||
94,295 | (1,345 | ) | 560,924 | (46,232 | ) | 655,219 | (47,577 | ) | ||||||||||||||||
Total | $ | 109,182 | $ | (1,458 | ) | $ | 699,737 | $ | (63,794 | ) | $ | 808,919 | $ | (65,252 | ) | |||||||||
The following table summarizes our held-to-maturity securities with unrealized losses as of December 31, 2014, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands). | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
HFA securities | $ | 14,850 | $ | (150 | ) | $ | 139,544 | $ | (17,986 | ) | $ | 154,394 | $ | (18,136 | ) | |||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – multifamily | 9,282 | (6 | ) | — | — | 9,282 | (6 | ) | ||||||||||||||||
GSEs – single-family | — | — | 38,121 | (157 | ) | 38,121 | (157 | ) | ||||||||||||||||
Private-label – residential | 80,439 | (1,028 | ) | 544,369 | (45,104 | ) | 624,808 | (46,132 | ) | |||||||||||||||
ABS backed by home equity loans | 206 | (3 | ) | 14,641 | (1,074 | ) | 14,847 | (1,077 | ) | |||||||||||||||
89,927 | (1,037 | ) | 597,131 | (46,335 | ) | 687,058 | (47,372 | ) | ||||||||||||||||
Total | $ | 104,777 | $ | (1,187 | ) | $ | 736,675 | $ | (64,321 | ) | $ | 841,452 | $ | (65,508 | ) | |||||||||
Redemption Terms. The amortized cost and fair value of our held-to-maturity securities by contractual maturity at March 31, 2015, and December 31, 2014, are shown below (dollars in thousands). Expected maturities of some securities and MBS may differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay their obligations with or without call or prepayment fees. | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Year of Maturity | Amortized | Carrying | Fair | Amortized | Carrying | Fair | ||||||||||||||||||
Cost | Value (1) | Value | Cost | Value (1) | Value | |||||||||||||||||||
Due in one year or less | $ | 100 | $ | 100 | $ | 101 | $ | 150 | $ | 150 | $ | 150 | ||||||||||||
Due after one year through five years | 9,009 | 9,009 | 9,383 | 9,369 | 9,369 | 9,751 | ||||||||||||||||||
Due after five years through 10 years | 17,115 | 17,115 | 17,013 | 17,115 | 17,115 | 16,973 | ||||||||||||||||||
Due after 10 years | 156,375 | 156,375 | 138,813 | 157,530 | 157,530 | 139,544 | ||||||||||||||||||
182,599 | 182,599 | 165,310 | 184,164 | 184,164 | 166,418 | |||||||||||||||||||
MBS (2) | 3,217,027 | 2,952,670 | 3,315,410 | 3,443,967 | 3,168,025 | 3,544,397 | ||||||||||||||||||
Total | $ | 3,399,626 | $ | 3,135,269 | $ | 3,480,720 | $ | 3,628,131 | $ | 3,352,189 | $ | 3,710,815 | ||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Carrying value of held-to-maturity securities represents the sum of amortized cost and the amount of noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive loss. | |||||||||||||||||||||||
-2 | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay their obligations with or without call or prepayment fees. |
OtherThanTemporary_Impairment
Other-Than-Temporary Impairment | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Other-Than-Temporary Impairment Analysis [Abstract] | |||||||||||||||||
Other-than-Temporary Impairment [Text Block] | Other-Than-Temporary Impairment | ||||||||||||||||
We evaluate our available-for-sale and held-to-maturity securities on an individual basis for other-than-temporary impairment each quarter. | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||
We determined that none of our available-for-sale securities were other-than-temporarily impaired at March 31, 2015. At March 31, 2015, we held certain available-for-sale securities in an unrealized loss position. These unrealized losses reflect the impact of normal yield and spread fluctuations attendant with security markets. We consider these unrealized losses temporary because we expect to recover the entire amortized cost basis on these available-for-sale securities in an unrealized loss position and neither intend to sell these securities nor is it more likely than not that we will be required to sell these securities before the anticipated recovery of each security's remaining amortized cost basis. Additionally, there have been no shortfalls of principal or interest on any available-for-sale security. Regarding securities that were in an unrealized loss position as of March 31, 2015: | |||||||||||||||||
• | We expect debentures issued by a supranational institution that were in an unrealized loss position as of March 31, 2015, to return contractual principal and interest based on our review and analysis of independent third-party credit reports on the supranational institution, and the supranational institution's triple-A (or equivalent) rating by each of the nationally recognized statistical rating organizations (NRSROs) that rates it. | ||||||||||||||||
• | Debentures issued by U.S. government-owned corporations are not obligations of the U.S. government and not guaranteed by the U.S. government. However, these securities are rated at the same level as the U.S. government by the NRSROs. These ratings reflect the U.S. government's implicit support of the government-owned corporation as well as the entity's underlying business and financial risk. | ||||||||||||||||
• | The probability of default on debt issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) is remote given their status as GSEs and their support from the U.S. government. | ||||||||||||||||
• | The U.S. government-guaranteed securities that we hold are MBS issued by the Government National Mortgage Association (Ginnie Mae). The strength of Ginnie Mae's guarantees as a direct obligation from the U.S. government is sufficient to protect us from losses based on current expectations. | ||||||||||||||||
• | For MBS issued by Fannie Mae and Freddie Mac, which we sometimes refer to as agency MBS in this report, the strength of the issuers' guarantees through direct obligation or support from the U.S. government is sufficient to protect us from losses based on current expectations. | ||||||||||||||||
Held-to-Maturity Securities | |||||||||||||||||
HFA Securities. We have reviewed our investments in HFA securities and have determined that unrealized losses reflect the impact of normal market yield and spread fluctuations and illiquidity in the credit markets. We have determined that all unrealized losses are temporary given the creditworthiness of the issuers and the underlying collateral, including an assessment of past payment history (no shortfalls of principal or interest), property vacancy rates, debt service ratios, over-collateralization and other credit enhancement, and third-party bond insurance as applicable. As of March 31, 2015, none of our held-to-maturity investments in HFA securities that are in an unrealized loss position were rated below investment grade by an NRSRO. Because the decline in market value is attributable to changes in interest rates, credit spreads, and illiquidity in this market and not to a significant deterioration in the fundamental credit quality of these obligations, and because we do not intend to sell the investments nor is it more likely than not that we will be required to sell the investments before recovery of the amortized cost basis, we do not consider these investments to be other-than-temporarily impaired at March 31, 2015. | |||||||||||||||||
Agency MBS. For agency MBS, we determined that the strength of the issuers' guarantees through direct obligation or support from the U.S. government is sufficient to protect us from losses based on current expectations. Additionally, there have been no shortfalls of principal or interest on any such security. As a result, we have determined that, as of March 31, 2015, all of the gross unrealized losses on such MBS are temporary. We do not believe that the declines in market value of these securities are attributable to credit quality, and because we do not intend to sell the investments, nor is it more likely than not that we will be required to sell the investments before recovery of the amortized cost basis, we do not consider any of these investments to be other-than-temporarily impaired at March 31, 2015. | |||||||||||||||||
Private-Label Residential MBS and ABS Backed by Home Equity Loans. To ensure consistency when determining the other-than-temporary impairment for private-label residential MBS and certain home equity loan investments (including home equity ABS) among all FHLBanks, the FHLBanks use an FHLBank System governance committee (the OTTI Governance Committee) and a formal process to ensure consistency in key other-than-temporary impairment modeling assumptions used for purposes of their cash-flow analyses for the majority of these securities. We use the FHLBanks' uniform framework and approved assumptions for purposes of our other-than-temporary impairment cash-flow analyses of our private-label residential MBS and certain home equity loan investments. For additional information see Item 8 — Financial Statements and Supplementary Data — Note 7 — Other-Than-Temporary Impairment in the 2014 Annual Report. | |||||||||||||||||
To assess whether the entire amortized cost basis of private-label residential MBS will be recovered, cash-flow analyses for each of our private-label residential MBS were performed. These analyses use two third-party models. | |||||||||||||||||
The first third-party model considers borrower characteristics and the particular attributes of the loans underlying our securities, in conjunction with assumptions about current home prices and future changes in home prices and interest rates, producing monthly projections of prepayments, defaults, and loss severities. A significant input to the first model is the forecast of future housing-price changes, based on an assessment of individual housing markets for the relevant states and core-based statistical areas (CBSA), as defined by the United States Office of Management and Budget. The OTTI Governance Committee developed a short-term housing-price forecast, with projected changes ranging from a decrease of 3.0 percent to an increase of 8.0 percent over the 12-month period beginning January 1, 2015. For the vast majority of markets, the projected short-term housing-price changes range from an increase of 1.0 percent to an increase of 5.0 percent. Thereafter, we have projected a unique recovery path for each relevant geographic area based on an internally developed framework derived from historical data. | |||||||||||||||||
The month-by-month projections of future loan level performance are derived from the first model to determine projected prepayments, defaults, and loss severities. These projections are then input into a second model that allocates the cash flows and losses among the various classes in the securitization structure in accordance with the cash-flow and loss-allocation rules prescribed by the securitization structure. In a securitization in which the credit enhancement for the senior securities is derived from the presence of subordinate securities, losses are generally allocated first to the subordinate securities until their principal balance is reduced to zero. The projected cash flows are based on a number of assumptions and expectations and the results of these models can vary significantly with changes in assumptions and expectations. The scenario of cash flows determined based on the model approach described above reflects a best estimate scenario and includes a base case current-to-trough housing price forecast and a base case housing price recovery path described in the prior paragraph. | |||||||||||||||||
For those securities for which an other-than-temporary impairment was determined to have occurred during the quarter ended March 31, 2015, the following table presents a summary of the average projected values over the remaining lives of the securities for the significant inputs used to measure the amount of the credit loss recognized in earnings, as well as related current credit enhancement. Credit enhancement is defined as the percentage of subordinated tranches, over-collateralization, and other credit enhancement, if any, in a security structure that will generally absorb losses before we will experience a credit loss on the security. The calculated averages represent the dollar-weighted averages of all the private-label residential MBS and home equity loan investments in each category shown (dollars in thousands). | |||||||||||||||||
Weighted Average of Significant Inputs | Weighted Average Current | ||||||||||||||||
Private-label MBS by Year of Securitization | Par Value | Projected | Projected | Projected | Credit Enhancement | ||||||||||||
Prepayment Rates | Default Rates | Loss Severities | |||||||||||||||
Alt-A Private-label residential MBS (1) | |||||||||||||||||
2007 | $ | 9,774 | 8.5 | % | 52.6 | % | 43.8 | % | — | % | |||||||
2006 | 11,996 | 5.7 | 39.9 | 39.2 | 5.8 | ||||||||||||
2005 | 23,994 | 7.6 | 26 | 41.2 | 31.3 | ||||||||||||
2004 and prior | 2,648 | 11.9 | 25.5 | 30.3 | 4.2 | ||||||||||||
Total | $ | 48,412 | 7.6 | % | 34.8 | % | 40.6 | % | 17.2 | % | |||||||
_______________________ | |||||||||||||||||
-1 | Securities are classified in the table above based upon the current performance characteristics of the underlying loan pool and therefore the manner in which the loan pool backing the security has been modeled (as prime, Alt-A, or subprime), rather than their classification of the security at the time of issuance. | ||||||||||||||||
The following table sets forth our securities for which other-than-temporary impairment credit losses were recognized during the life of the security through March 31, 2015 (dollars in thousands). Securities are classified in the table below based on their classifications at the time of issuance. | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Other-Than-Temporarily Impaired Investment (1) | Par | Amortized | Carrying | Fair | |||||||||||||
Value | Cost | Value | Value | ||||||||||||||
Private-label residential MBS – Prime | $ | 56,473 | $ | 48,604 | $ | 38,377 | $ | 49,313 | |||||||||
Private-label residential MBS – Alt-A | 1,408,785 | 1,033,489 | 780,109 | 1,072,990 | |||||||||||||
ABS backed by home equity loans – Subprime | 4,153 | 3,715 | 2,965 | 3,741 | |||||||||||||
Total other-than-temporarily impaired securities | $ | 1,469,411 | $ | 1,085,808 | $ | 821,451 | $ | 1,126,044 | |||||||||
_______________________ | |||||||||||||||||
-1 | We have instituted litigation in relation to certain of the private-label MBS in which we invested. Our complaint asserts, among others, claims for untrue or misleading statements in the sale of securities. It is possible that classifications of private-label MBS as provided herein when based on classification at the time of issuance as disclosed by those securities' issuance documents, as well as other statements about the securities, are inaccurate. | ||||||||||||||||
The following table presents a roll-forward of the amounts related to credit losses recognized in earnings. The roll-forward is the amount of credit losses on investment securities on which we recognized a portion of other-than-temporary impairment charges into accumulated other comprehensive loss (dollars in thousands). | |||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Balance at beginning of year | $ | 568,653 | $ | 603,786 | |||||||||||||
Additions: | |||||||||||||||||
Additional credit losses for which an other-than-temporary impairment charge was previously recognized(1) | 346 | 458 | |||||||||||||||
Reductions: | |||||||||||||||||
Increase in cash flows expected to be collected which are recognized over the remaining life of the security(2) | (9,274 | ) | (8,684 | ) | |||||||||||||
Balance at end of period | $ | 559,725 | $ | 595,560 | |||||||||||||
_______________________ | |||||||||||||||||
-1 | For the three months ended March 31, 2015 and 2014, additional credit losses for which an other-than-temporary impairment charge was previously recognized relate to securities that were also previously impaired prior to January 1, 2015 and 2014. | ||||||||||||||||
-2 | Represents amounts accreted as interest income during the current period. |
Advances
Advances | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Advances [Abstract] | ||||||||||||||
Advances [Text Block] | Advances | |||||||||||||
General Terms. At March 31, 2015, and December 31, 2014, we had advances outstanding with interest rates ranging from (0.19) percent to 7.96 percent and (0.22) percent to 8.37 percent, respectively, as summarized below (dollars in thousands). Advances with negative interest rates contain embedded interest-rate features that have met the requirements to be separated from the host contract and are recorded as stand-alone derivatives, and which we economically hedge with derivatives containing offsetting interest-rate features. | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Year of Contractual Maturity | Amount | Weighted | Amount | Weighted | ||||||||||
Average | Average | |||||||||||||
Rate | Rate | |||||||||||||
Overdrawn demand-deposit accounts | $ | 2,215 | 0.44 | % | $ | 19,863 | 0.44 | % | ||||||
Due in one year or less | 18,869,617 | 0.46 | 20,561,912 | 0.41 | ||||||||||
Due after one year through two years | 3,400,222 | 2.1 | 4,114,587 | 1.63 | ||||||||||
Due after two years through three years | 3,649,139 | 2.44 | 3,564,747 | 2.68 | ||||||||||
Due after three years through four years | 1,849,942 | 2.16 | 2,299,457 | 2.16 | ||||||||||
Due after four years through five years | 1,500,382 | 1.95 | 1,087,673 | 2.11 | ||||||||||
Thereafter | 1,692,992 | 2.98 | 1,626,475 | 2.98 | ||||||||||
Total par value | 30,964,509 | 1.18 | % | 33,274,714 | 1.11 | % | ||||||||
Premiums | 33,003 | 32,887 | ||||||||||||
Discounts | (18,038 | ) | (18,549 | ) | ||||||||||
Market value of bifurcated derivatives (1) | 2,316 | 1,467 | ||||||||||||
Hedging adjustments | 197,441 | 191,555 | ||||||||||||
Total | $ | 31,179,231 | $ | 33,482,074 | ||||||||||
_________________________ | ||||||||||||||
-1 | At March 31, 2015, and December 31, 2014, we had certain advances with embedded features that met the requirements to be separated from the host contract and designated as a stand-alone derivative. | |||||||||||||
At March 31, 2015, and December 31, 2014, we had putable advances outstanding totaling $2.2 billion and $2.3 billion, respectively. | ||||||||||||||
The following table sets forth our advances outstanding by the year of contractual maturity or next put date for putable advances (dollars in thousands): | ||||||||||||||
Year of Contractual Maturity or Next Put Date, Par Value | March 31, 2015 | December 31, 2014 | ||||||||||||
Overdrawn demand-deposit accounts | $ | 2,215 | $ | 19,863 | ||||||||||
Due in one year or less | 21,009,842 | 22,737,137 | ||||||||||||
Due after one year through two years | 2,734,797 | 3,767,187 | ||||||||||||
Due after two years through three years | 2,375,589 | 2,155,922 | ||||||||||||
Due after three years through four years | 1,669,692 | 1,931,707 | ||||||||||||
Due after four years through five years | 1,479,382 | 1,036,423 | ||||||||||||
Thereafter | 1,692,992 | 1,626,475 | ||||||||||||
Total par value | $ | 30,964,509 | $ | 33,274,714 | ||||||||||
At both March 31, 2015, and December 31, 2014, we had callable advances outstanding totaling $30.0 million. | ||||||||||||||
Interest-Rate-Payment Terms. The following table details interest-rate-payment types for our outstanding advances (dollars in thousands): | ||||||||||||||
Par value of advances | March 31, 2015 | December 31, 2014 | ||||||||||||
Fixed-rate | $ | 24,941,294 | $ | 27,236,551 | ||||||||||
Variable-rate | 6,023,215 | 6,038,163 | ||||||||||||
Total par value | $ | 30,964,509 | $ | 33,274,714 | ||||||||||
Credit-Risk Exposure and Security Terms. At March 31, 2015, and December 31, 2014, we had $9.3 billion and $10.7 billion, respectively, of advances issued to members with at least $1.0 billion of advances outstanding. These advances were made to three borrowers at both March 31, 2015, and December 31, 2014, representing 29.9 percent and 32.0 percent, respectively, of total par value of outstanding advances. For information related to our credit risk on advances and allowance for credit losses, see Note 9 — Allowance for Credit Losses. | ||||||||||||||
Prepayment Fees. For the three months ended March 31, 2015 and 2014, net advance prepayment fees recognized in income are reflected in the following table (dollars in thousands): | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Prepayment fees received from borrowers | $ | 3,617 | $ | 6,695 | ||||||||||
Less: hedging fair-value adjustments on prepaid advances | (2,731 | ) | (193 | ) | ||||||||||
Less: net premiums associated with prepaid advances | — | (3,928 | ) | |||||||||||
Less: deferred recognition of prepayment fees received from borrowers on advance prepayments deemed to be loan modifications | (246 | ) | (80 | ) | ||||||||||
Prepayment fees recognized in income on advance restructurings deemed to be extinguishments | 3,102 | — | ||||||||||||
Net prepayment fees recognized in income | $ | 3,742 | $ | 2,494 | ||||||||||
Mortgage_Loans_Held_for_Portfo
Mortgage Loans Held for Portfolio | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||
Mortgage Loans Held for Portofolio [Text Block] | Mortgage Loans Held for Portfolio | |||||||
We invest in mortgage loans through the Mortgage Partnership Finance® (MPF® program). These investments (MPF loans) are either guaranteed or insured by federal agencies, as is the case with government mortgage loans, or are credit-enhanced by the related entity that sold the loan (a participating financial institution), as is the case with conventional mortgage loans. All such investments are held for portfolio. | ||||||||
The following table presents certain characteristics of these investments (dollars in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Real estate | ||||||||
Fixed-rate 15-year single-family mortgages | $ | 580,702 | $ | 570,663 | ||||
Fixed-rate 20- and 30-year single-family mortgages | 2,894,341 | 2,852,669 | ||||||
Premiums | 63,770 | 62,554 | ||||||
Discounts | (2,609 | ) | (2,761 | ) | ||||
Deferred derivative gains, net | 2,987 | 2,835 | ||||||
Total mortgage loans held for portfolio | 3,539,191 | 3,485,960 | ||||||
Less: allowance for credit losses | (1,350 | ) | (2,012 | ) | ||||
Total mortgage loans, net of allowance for credit losses | $ | 3,537,841 | $ | 3,483,948 | ||||
The following table details the par value of mortgage loans held for portfolio (dollars in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Conventional mortgage loans | $ | 3,052,486 | $ | 2,997,669 | ||||
Government mortgage loans | 422,557 | 425,663 | ||||||
Total par value | $ | 3,475,043 | $ | 3,423,332 | ||||
See Note 9 — Allowance for Credit Losses for information related to our credit risk from our investments in mortgage loans and allowance for credit losses based on these investments. | ||||||||
"Mortgage Partnership Finance," "MPF," “MPF 35,” “MPF Direct,” and “MPF Xtra” are registered trademarks of the Federal Home Loan Bank of Chicago. |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | |||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | Allowance for Credit Losses | ||||||||||||||||||||||||
An allowance for credit losses is a valuation allowance separately established for each identified portfolio segment, if necessary, to provide for probable losses inherent in our portfolio as of the statement of condition date. To the extent necessary, an allowance for credit losses for off-balance-sheet credit exposure is recorded as a liability. | |||||||||||||||||||||||||
For additional information see Item 8 — Financial Statements and Supplementary Data — Note 10 — Allowance for Credit Losses in the 2014 Annual Report. | |||||||||||||||||||||||||
Secured Member Credit Products | |||||||||||||||||||||||||
We manage our credit exposure to secured member credit products through an integrated approach that generally includes establishing a credit limit for each borrower, an ongoing review of each borrower's financial condition, and collateral and lending policies that are intended to limit risk of loss while balancing borrowers' needs for a reliable source of funding. | |||||||||||||||||||||||||
At March 31, 2015, and December 31, 2014, none of our secured member credit products outstanding were past due, on nonaccrual status, or considered impaired. In addition, there were no troubled debt restructurings related to credit products during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Based upon the collateral held as security, our credit extension and collateral policies, management's credit analysis, and the repayment history on secured member credit products, we have not recorded any allowance for credit losses on our secured member credit products at March 31, 2015, and December 31, 2014. At March 31, 2015, and December 31, 2014, no liability to reflect an allowance for credit losses for off-balance-sheet credit exposures was recorded. See Note 18 — Commitments and Contingencies for additional information on our off-balance-sheet credit exposure. | |||||||||||||||||||||||||
For additional information see Item 8 — Financial Statements and Supplementary Data — Note 10 — Allowance for Credit Losses in the 2014 Annual Report. | |||||||||||||||||||||||||
Government Mortgage Loans Held for Portfolio | |||||||||||||||||||||||||
Based on our assessment of our servicers for our government loans, there is no allowance for credit losses for the government mortgage loan portfolio as of March 31, 2015, and December 31, 2014. In addition, these mortgage loans are not placed on nonaccrual status due to the government guarantee or insurance on these loans and the contractual obligation of the loan servicers to repurchase their related loans when certain criteria are met. | |||||||||||||||||||||||||
For additional information see Item 8 — Financial Statements and Supplementary Data — Note 10 — Allowance for Credit Losses in the 2014 Annual Report. | |||||||||||||||||||||||||
Conventional Mortgage Loans Held for Portfolio | |||||||||||||||||||||||||
For information on our conventional mortgage loans held for portfolio see Item 8 — Financial Statements and Supplementary Data — Note 10 — Allowance for Credit Losses in the 2014 Annual Report. | |||||||||||||||||||||||||
Credit Quality Indicators. Key credit quality indicators for mortgage loans include the migration of past due loans, nonaccrual loans, loans in process of foreclosure, and impaired loans. The tables below set forth certain key credit quality indicators for our investments in mortgage loans at March 31, 2015, and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Recorded Investment in Conventional Mortgage Loans | Recorded Investment in Government Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days delinquent | $ | 32,182 | $ | 17,944 | $ | 50,126 | |||||||||||||||||||
Past due 60-89 days delinquent | 10,569 | 4,742 | 15,311 | ||||||||||||||||||||||
Past due 90 days or more delinquent | 30,051 | 6,208 | 36,259 | ||||||||||||||||||||||
Total past due | 72,802 | 28,894 | 101,696 | ||||||||||||||||||||||
Total current loans | 3,049,977 | 405,528 | 3,455,505 | ||||||||||||||||||||||
Total mortgage loans | $ | 3,122,779 | $ | 434,422 | $ | 3,557,201 | |||||||||||||||||||
Other delinquency statistics | |||||||||||||||||||||||||
In process of foreclosure, included above (1) | $ | 13,277 | $ | 1,909 | $ | 15,186 | |||||||||||||||||||
Serious delinquency rate (2) | 0.99 | % | 1.43 | % | 1.05 | % | |||||||||||||||||||
Past due 90 days or more still accruing interest | $ | — | $ | 6,208 | $ | 6,208 | |||||||||||||||||||
Loans on nonaccrual status (3) | $ | 30,960 | $ | — | $ | 30,960 | |||||||||||||||||||
_______________________ | |||||||||||||||||||||||||
-1 | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu of foreclosure has been reported. | ||||||||||||||||||||||||
-2 | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the recorded investment in the total loan portfolio class. | ||||||||||||||||||||||||
-3 | Includes conventional mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest as well as loans modified within the previous six months under our temporary loan modification plan. | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment in Conventional Mortgage Loans | Recorded Investment in Government Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days delinquent | $ | 32,068 | $ | 19,811 | $ | 51,879 | |||||||||||||||||||
Past due 60-89 days delinquent | 9,834 | 4,591 | 14,425 | ||||||||||||||||||||||
Past due 90 days or more delinquent | 37,927 | 7,467 | 45,394 | ||||||||||||||||||||||
Total past due | 79,829 | 31,869 | 111,698 | ||||||||||||||||||||||
Total current loans | 2,986,749 | 405,808 | 3,392,557 | ||||||||||||||||||||||
Total mortgage loans | $ | 3,066,578 | $ | 437,677 | $ | 3,504,255 | |||||||||||||||||||
Other delinquency statistics | |||||||||||||||||||||||||
In process of foreclosure, included above (1) | $ | 13,709 | $ | 2,786 | $ | 16,495 | |||||||||||||||||||
Serious delinquency rate (2) | 1.27 | % | 1.71 | % | 1.32 | % | |||||||||||||||||||
Past due 90 days or more still accruing interest | $ | — | $ | 7,467 | $ | 7,467 | |||||||||||||||||||
Loans on nonaccrual status (3) | $ | 38,832 | $ | — | $ | 38,832 | |||||||||||||||||||
_______________________ | |||||||||||||||||||||||||
-1 | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu of foreclosure has been reported. | ||||||||||||||||||||||||
-2 | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the recorded investment in the total loan portfolio class. | ||||||||||||||||||||||||
-3 | Includes conventional mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest as well as loans modified within the previous six months under our temporary loan modification plan. | ||||||||||||||||||||||||
Collectively Evaluated Mortgage Loans. We evaluate the credit risk of our investments in conventional mortgage loans for impairment on a collective basis that considers loan-pool-specific attribute data at the master commitment pool level, applies estimated loss severities, and incorporates available credit enhancements to establish our best estimate of probable incurred losses at the reporting date. We do not consider credit-enhancement cash flows that are projected and assessed as not probable of receipt in reducing estimated losses. Migration analysis is a methodology for estimating the rate of default experienced on pools of similar loans based on our historical experience. We apply migration analysis to conventional loans that are currently not past due, loans that are 30 to 59 days past due, 60 to 89 days past due, and 90 to 179 days past due. We then estimate the dollar amount of loans in these categories that we believe are likely to migrate to a realized loss position and apply a loss severity factor to estimate losses that would be incurred at the statement of condition date. Additionally, for our investments in loans modified under our temporary loan modification plan, we measure the present value of expected future cash flows discounted at the loan's effective interest rate on the effective date of a loan modification and reduce the carrying value of the loan accordingly. | |||||||||||||||||||||||||
Individually Evaluated Mortgage Loans. Certain conventional mortgage loans, primarily impaired mortgage loans that are considered collateral-dependent, may be specifically identified for purposes of calculating the allowance for credit losses. A mortgage loan is considered collateral-dependent if repayment is only expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default and there is no credit enhancement from a participating financial institution to offset losses under the master commitment. The estimated credit losses on impaired collateral-dependent loans may be separately determined because sufficient information exists to make a reasonable estimate of the inherent loss on these loans on an individual loan basis. Loans that are considered collateral-dependent are measured for impairment based on the fair value of the underlying property less estimated selling costs. The resulting incurred loss is equal to the difference between the carrying value of the loan and the estimated fair value of the collateral less estimated selling costs. | |||||||||||||||||||||||||
Charge-Off Policy. We evaluate whether to record a charge-off on a conventional mortgage loan upon the occurrence of a confirming event. As discussed in Note 2 — Recently Issued and Adopted Accounting Guidance, the charge-off requirements of AB 2012-02 were implemented on January 1, 2015. We now record a charge-off when a conventional mortgage loan is 180 or more days past due, when the borrower has filed for bankruptcy protection and the loan is at least 30 days past due, or when there is evidence of fraud. Confirming events also include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. A charge-off is recorded if we determine that the recorded investment in the loan is not likely to be recovered. | |||||||||||||||||||||||||
Individually Evaluated Impaired Loans. The following tables present the recorded investment, par value, and any related allowance for impaired loans individually assessed for impairment at March 31, 2015, and December 31, 2014, and the average recorded investment and interest income recognized on these loans during the quarters ended March 31, 2015 and 2014 (dollars in thousands). | |||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||
Recorded Investment | Par Value | Related Allowance | Recorded Investment | Par Value | Related Allowance | ||||||||||||||||||||
Individually evaluated impaired mortgage loans with no related allowance | $ | 32,297 | $ | 32,265 | $ | — | $ | 6,679 | $ | 6,654 | $ | — | |||||||||||||
Individually evaluated impaired mortgage loans with a related allowance | — | — | — | 3,097 | 3,073 | 544 | |||||||||||||||||||
Total individually evaluated impaired mortgage loans | $ | 32,297 | $ | 32,265 | $ | — | $ | 9,776 | $ | 9,727 | $ | 544 | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Individually evaluated impaired mortgage loans with no related allowance | $ | 26,557 | $ | 120 | $ | 3,670 | $ | 48 | |||||||||||||||||
Individually evaluated impaired mortgage loans with a related allowance | — | — | 2,975 | 11 | |||||||||||||||||||||
Total individually evaluated impaired mortgage loans | $ | 26,557 | $ | 120 | $ | 6,645 | $ | 59 | |||||||||||||||||
Roll-Forward of Allowance for Credit Losses on Mortgage Loans. The following table presents a roll-forward of the allowance for credit losses on conventional mortgage loans for the three months ended March 31, 2015 and 2014, as well as the recorded investment in mortgage loans by impairment methodology at March 31, 2015 and 2014 (dollars in thousands). The recorded investment in a loan is the par amount of the loan, adjusted for accrued interest, unamortized premiums or discounts, deferred derivative gains and losses, and direct write-downs. The recorded investment is net of any valuation allowance. | |||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||
Balance, beginning of year | $ | 2,012 | $ | 2,221 | |||||||||||||||||||||
Charge-offs | (602 | ) | (87 | ) | |||||||||||||||||||||
Reduction of provision for credit losses | (60 | ) | (322 | ) | |||||||||||||||||||||
Balance, end of period | $ | 1,350 | $ | 1,812 | |||||||||||||||||||||
Ending balance, individually evaluated for impairment | $ | — | $ | 644 | |||||||||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 1,350 | $ | 1,168 | |||||||||||||||||||||
Recorded investment, end of year (1) | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 32,297 | $ | 6,083 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 3,090,482 | $ | 2,911,446 | |||||||||||||||||||||
_________________________ | |||||||||||||||||||||||||
-1 | These amounts exclude government mortgage loans because we make no allowance for credit losses based on our investments in government mortgage loans, as discussed above under — Government Mortgage Loans Held for Portfolio. | ||||||||||||||||||||||||
REO. At March 31, 2015, and December 31, 2014, we had $5.1 million and $4.3 million, respectively, in assets classified as REO. During the three months ended March 31, 2015 and 2014, we sold REO assets with a recorded carrying value of $1.6 million and $2.2 million, respectively. Upon the sale of these properties, and inclusive of any proceeds received from primary mortgage-insurance coverage, we recognized net gains totaling $276,000 and net losses totaling $157,000 during the three months ended March 31, 2015 and 2014, respectively. Gains and losses on the sale of REO assets are recorded in other income. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities | |||||||||||||||||||||||
The following table presents the fair value of derivatives, including the effect of netting adjustments and cash collateral as of March 31, 2015, and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Notional | Derivative | Derivative | Notional | Derivative | Derivative | |||||||||||||||||||
Amount of | Assets | Liabilities | Amount of | Assets | Liabilities | |||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest-rate swaps | $ | 12,939,390 | $ | 35,572 | $ | (571,383 | ) | $ | 12,579,525 | $ | 26,381 | $ | (553,967 | ) | ||||||||||
Forward-start interest-rate swaps | 902,800 | — | (48,805 | ) | 1,096,800 | — | (42,209 | ) | ||||||||||||||||
Total derivatives designated as hedging instruments | 13,842,190 | 35,572 | (620,188 | ) | 13,676,325 | 26,381 | (596,176 | ) | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||
Interest-rate swaps | 444,000 | 13 | (22,030 | ) | 423,000 | 31 | (19,849 | ) | ||||||||||||||||
Interest-rate caps or floors | 300,000 | — | — | 300,000 | — | — | ||||||||||||||||||
Mortgage-delivery commitments (1) | 43,385 | 212 | (6 | ) | 26,927 | 71 | (8 | ) | ||||||||||||||||
Total derivatives not designated as hedging instruments | 787,385 | 225 | (22,036 | ) | 749,927 | 102 | (19,857 | ) | ||||||||||||||||
Total notional amount of derivatives | $ | 14,629,575 | $ | 14,426,252 | ||||||||||||||||||||
Total derivatives before netting and collateral adjustments | 35,797 | (642,224 | ) | 26,483 | (616,033 | ) | ||||||||||||||||||
Netting adjustments and cash collateral including related accrued interest (2) | (11,371 | ) | 71,779 | (11,935 | ) | 57,144 | ||||||||||||||||||
Derivative assets and derivative liabilities | $ | 24,426 | $ | (570,445 | ) | $ | 14,548 | $ | (558,889 | ) | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Mortgage-delivery commitments are classified as derivatives with changes in fair value recorded in other income. | |||||||||||||||||||||||
-2 | Amounts represent the effect of master-netting agreements intended to allow us to settle positive and negative positions with the same counterparty. Cash collateral and related accrued interest posted was $63.0 million and $45.5 million at March 31, 2015, and December 31, 2014, respectively. The change in cash collateral posted is included in the net change in interest-bearing deposits in the statement of cash flows. Cash collateral and related accrued interest received was $2.6 million and $290,000 at March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||
Net losses on derivatives and hedging activities recorded in other (loss) income for the three months ended March 31, 2015 and 2014 were as follows (dollars in thousands): | ||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest-rate swaps | $ | (628 | ) | $ | 494 | |||||||||||||||||||
Cash flow hedge ineffectiveness | (80 | ) | (135 | ) | ||||||||||||||||||||
Total net (losses) gains related to derivatives designated as hedging instruments | (708 | ) | 359 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||
Interest-rate swaps | (3,078 | ) | (1,836 | ) | ||||||||||||||||||||
Interest-rate caps or floors | — | (17 | ) | |||||||||||||||||||||
Mortgage-delivery commitments | 427 | 111 | ||||||||||||||||||||||
Total net losses related to derivatives not designated as hedging instruments | (2,651 | ) | (1,742 | ) | ||||||||||||||||||||
Net losses on derivatives and hedging activities | $ | (3,359 | ) | $ | (1,383 | ) | ||||||||||||||||||
The following tables present, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair-value hedge relationships and the impact of those derivatives on our net interest income for the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Gain/(Loss) on | Gain/(Loss) on | Net Fair-Value | Effect of | |||||||||||||||||||||
Derivative | Hedged Item | Hedge | Derivatives on | |||||||||||||||||||||
Ineffectiveness | Net Interest | |||||||||||||||||||||||
Income (1) | ||||||||||||||||||||||||
Hedged Item: | ||||||||||||||||||||||||
Advances | $ | (5,857 | ) | $ | 5,886 | $ | 29 | $ | (31,899 | ) | ||||||||||||||
Investments | (26,999 | ) | 27,326 | 327 | (9,482 | ) | ||||||||||||||||||
COs – bonds | 15,399 | (16,383 | ) | (984 | ) | 15,698 | ||||||||||||||||||
Total | $ | (17,457 | ) | $ | 16,829 | $ | (628 | ) | $ | (25,683 | ) | |||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Gain/(Loss) on | Gain/(Loss) on | Net Fair-Value | Effect of | |||||||||||||||||||||
Derivative | Hedged Item | Hedge | Derivatives on | |||||||||||||||||||||
Ineffectiveness | Net Interest | |||||||||||||||||||||||
Income (1) | ||||||||||||||||||||||||
Hedged Item: | ||||||||||||||||||||||||
Advances | $ | 21,985 | $ | (21,841 | ) | $ | 144 | $ | (33,411 | ) | ||||||||||||||
Investments | (31,560 | ) | 31,791 | 231 | (9,494 | ) | ||||||||||||||||||
Deposits | (390 | ) | 390 | — | 397 | |||||||||||||||||||
COs – bonds | 7,886 | (7,767 | ) | 119 | 10,637 | |||||||||||||||||||
Total | $ | (2,079 | ) | $ | 2,573 | $ | 494 | $ | (31,871 | ) | ||||||||||||||
____________ | ||||||||||||||||||||||||
-1 | The net interest on derivatives in fair-value hedge relationships is presented in the statement of operations as interest income or interest expense of the respective hedged item. | |||||||||||||||||||||||
The following table presents the losses recognized in accumulated other comprehensive loss, the losses reclassified from accumulated other comprehensive loss into income, and the effect of our hedging activities on our net losses on derivatives and hedging activities in the statement of income for our forward-start interest-rate swaps associated with CO bond hedged items in cash-flow hedge relationships (dollars in thousands). | ||||||||||||||||||||||||
Derivatives and Hedged Items in Cash Flow Hedging Relationships | Losses Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | Location of Losses Reclassified from Accumulated Other Comprehensive Loss into Net Income (Effective Portion) | Losses Reclassified from Accumulated Other Comprehensive Loss into Net Income (Effective Portion) | Losses Recognized in Net Losses on Derivatives and Hedging Activities (Ineffective Portion) | ||||||||||||||||||||
Interest-rate swaps - CO bonds | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | $ | (12,143 | ) | Interest expense | $ | (4,892 | ) | $ | (80 | ) | ||||||||||||||
For the Three Months Ended March 31, 2014 | (6,014 | ) | Interest expense | — | (135 | ) | ||||||||||||||||||
For the three months ended March 31, 2015 and 2014, there were no reclassifications from accumulated other comprehensive loss into earnings as a result of the discontinuance of cash-flow hedges because the original forecasted transactions were not expected to occur by the end of the originally specified time period or within a two-month period thereafter. As of March 31, 2015, the maximum length of time over which we are hedging our exposure to the variability in future cash flows for forecasted transactions is nine years. | ||||||||||||||||||||||||
As of March 31, 2015, the amount of deferred net losses on derivatives accumulated in other comprehensive loss related to cash flow hedges expected to be reclassified to earnings during the next 12 months is $20.4 million. | ||||||||||||||||||||||||
Managing Credit Risk on Derivatives. We enter into derivatives that we clear (cleared derivatives) with a derivatives clearing organization (DCO), our counterparty for such derivatives. We also enter into derivatives that are not cleared (bilateral derivatives). Certain of our bilateral derivatives master-netting agreements contain provisions that require us to post additional collateral with our bilateral derivatives counterparties if our credit ratings are lowered. Under the terms that govern such agreements, if our credit rating is lowered by Moody's Investor Services (Moody's) or Standard and Poor's Rating Service (S&P) to a certain level, we are required to deliver additional collateral on bilateral derivatives in a net liability position. In the event of a split between such credit ratings, the lower rating governs. The aggregate fair value of all bilateral derivatives with these provisions that were in a net-liability position (before cash collateral and related accrued interest) at March 31, 2015, was $570.4 million, for which we had delivered collateral with a post-haircut value of $443.1 million in accordance with the terms of the master-netting agreements. The following table sets forth the post-haircut value of incremental collateral that certain bilateral derivatives counterparties could have required us to deliver based on incremental credit rating downgrades at March 31, 2015 (dollars in thousands). | ||||||||||||||||||||||||
Post-Haircut Value of Incremental Collateral to be Delivered | ||||||||||||||||||||||||
as of March 31, 2015 | ||||||||||||||||||||||||
Ratings Downgrade (1) | ||||||||||||||||||||||||
From | To | Incremental Collateral(2) | ||||||||||||||||||||||
AA+ | AA or AA- | $ | 34,469 | |||||||||||||||||||||
AA- | A+, A or A- | 47,472 | ||||||||||||||||||||||
A- | below A- | 47,691 | ||||||||||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Ratings are expressed in this table according to S&P's conventions but include the equivalent of such rating by Moody's. If there is a split rating, the lower rating is used. | |||||||||||||||||||||||
-2 | Additional collateral of $8.6 million could be called by counterparties as of March 31, 2015, at our current credit rating of AA+ (based on the lower of our credit ratings from S&P and Moody's) and is not included in the table. | |||||||||||||||||||||||
For cleared derivatives, the DCO determines initial margin requirements. We note that we clear our trades via clearing members of the DCOs. These clearing members who act as our agent to the DCOs are U.S. Commodity Futures Trading Commission (the CFTC)-registered futures commission merchants. Our clearing members may require us to post margin in excess of DCO requirements based on our credit or other considerations, including but not limited to, credit rating downgrades. We were not required to post any such excess margin by our clearing members based on credit considerations at March 31, 2015. | ||||||||||||||||||||||||
Offsetting of Certain Derivatives. We present derivatives, related cash collateral, including initial and variation margin, received or pledged, and associated accrued interest, on a net basis by clearing member and/or by counterparty. | ||||||||||||||||||||||||
The following table presents separately the fair value of derivatives meeting or not meeting netting requirements, with and without the legal right of offset, including the related collateral received from or pledged to counterparties, based on the terms of our master netting arrangements or similar agreements as of March 31, 2015, and December 31, 2014 (dollars in thousands). | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||
Derivatives meeting netting requirements | ||||||||||||||||||||||||
Gross recognized amount | ||||||||||||||||||||||||
Bilateral derivatives | $ | 19,482 | $ | (585,698 | ) | $ | 20,083 | $ | (578,073 | ) | ||||||||||||||
Cleared derivatives | 16,103 | (56,520 | ) | 6,329 | (37,952 | ) | ||||||||||||||||||
Total gross recognized amount | 35,585 | (642,218 | ) | 26,412 | (616,025 | ) | ||||||||||||||||||
Gross amounts of netting adjustments and cash collateral | ||||||||||||||||||||||||
Bilateral derivatives | (17,809 | ) | 15,259 | (19,481 | ) | 19,191 | ||||||||||||||||||
Cleared derivatives | 6,438 | 56,520 | 7,546 | 37,953 | ||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | (11,371 | ) | 71,779 | (11,935 | ) | 57,144 | ||||||||||||||||||
Net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||
Bilateral derivatives | 1,673 | (570,439 | ) | 602 | (558,882 | ) | ||||||||||||||||||
Cleared derivatives | 22,541 | — | 13,875 | 1 | ||||||||||||||||||||
Total net amounts after netting adjustments and cash collateral | 24,214 | (570,439 | ) | 14,477 | (558,881 | ) | ||||||||||||||||||
Derivatives not meeting netting requirements | ||||||||||||||||||||||||
Mortgage delivery commitments | 212 | (6 | ) | 71 | (8 | ) | ||||||||||||||||||
Total derivative assets and total derivative liabilities | ||||||||||||||||||||||||
Bilateral derivatives | 1,673 | (570,439 | ) | 602 | (558,882 | ) | ||||||||||||||||||
Cleared derivatives | 22,541 | — | 13,875 | 1 | ||||||||||||||||||||
Mortgage delivery commitments | 212 | (6 | ) | 71 | (8 | ) | ||||||||||||||||||
Total derivative assets and total derivative liabilities presented in the statement of condition | 24,426 | (570,445 | ) | 14,548 | (558,889 | ) | ||||||||||||||||||
Non-cash collateral received or pledged not offset (1) | ||||||||||||||||||||||||
Can be sold or repledged | ||||||||||||||||||||||||
Bilateral derivatives | — | 63,870 | — | 66,056 | ||||||||||||||||||||
Cannot be sold or repledged | ||||||||||||||||||||||||
Bilateral derivatives | — | 399,904 | — | 392,944 | ||||||||||||||||||||
Total non-cash collateral received or pledged, not offset | — | 463,774 | — | 459,000 | ||||||||||||||||||||
Net amount | ||||||||||||||||||||||||
Bilateral derivatives | 1,673 | (106,665 | ) | 602 | (99,882 | ) | ||||||||||||||||||
Cleared derivatives | 22,541 | — | 13,875 | 2 | ||||||||||||||||||||
Mortgage delivery commitments | 212 | (6 | ) | 71 | (8 | ) | ||||||||||||||||||
Total net amount | $ | 24,426 | $ | (106,671 | ) | $ | 14,548 | $ | (99,888 | ) | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Includes non-cash collateral at fair value. Any overcollateralization with a counterparty is not included in the determination of the net amount. At March 31, 2015, and December 31, 2014, we had additional net credit exposure of $2.6 million and $4.0 million, respectively, due to instances where our collateral pledged to a counterparty exceeded our net derivative liability position. |
Deposits
Deposits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deposits [Abstract] | ||||||||
Deposits [Text Block] | Deposits | |||||||
We offer demand and overnight deposits for members and qualifying nonmembers. In addition, we offer short-term interest-bearing deposit programs to members. Members that service mortgage loans may deposit funds collected in connection with mortgage loans pending disbursement of such funds to the owners of the mortgage loans. We classify these items as "other" in the following table. | ||||||||
The following table details interest- and noninterest-bearing deposits (dollars in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Interest-bearing | ||||||||
Demand and overnight | $ | 390,290 | $ | 340,441 | ||||
Other | 3,475 | 5,120 | ||||||
Noninterest-bearing | ||||||||
Other | 35,578 | 23,770 | ||||||
Total deposits | $ | 429,343 | $ | 369,331 | ||||
Consolidated_Obligations
Consolidated Obligations | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Consolidated Obligations [Text Block] | Consolidated Obligations | |||||||||||||
COs - Bonds. The following table sets forth the outstanding CO bonds for which we were primarily liable at March 31, 2015, and December 31, 2014, by year of contractual maturity (dollars in thousands): | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Year of Contractual Maturity | Amount | Weighted | Amount | Weighted | ||||||||||
Average | Average | |||||||||||||
Rate (1) | Rate (1) | |||||||||||||
Due in one year or less | $ | 7,185,435 | 1.11 | % | $ | 6,675,745 | 1.41 | % | ||||||
Due after one year through two years | 5,418,320 | 1.34 | 5,573,745 | 1.46 | ||||||||||
Due after two years through three years | 4,607,100 | 2.02 | 4,842,570 | 1.91 | ||||||||||
Due after three years through four years | 2,324,455 | 1.78 | 2,392,380 | 1.77 | ||||||||||
Due after four years through five years | 2,499,685 | 1.98 | 2,244,815 | 1.95 | ||||||||||
Thereafter | 3,199,955 | 2.88 | 3,599,085 | 2.79 | ||||||||||
Total par value | 25,234,950 | 1.7 | % | 25,328,340 | 1.79 | % | ||||||||
Premiums | 186,191 | 199,628 | ||||||||||||
Discounts | (17,938 | ) | (19,386 | ) | ||||||||||
Hedging adjustments | 13,576 | (2,808 | ) | |||||||||||
$ | 25,416,779 | $ | 25,505,774 | |||||||||||
_______________________ | ||||||||||||||
-1 | The CO bonds' weighted-average rate excludes concession fees. | |||||||||||||
Our CO bonds outstanding at March 31, 2015, and December 31, 2014, included (dollars in thousands): | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Par value of CO bonds | ||||||||||||||
Noncallable and nonputable | $ | 20,842,950 | $ | 20,853,340 | ||||||||||
Callable | 4,392,000 | 4,475,000 | ||||||||||||
Total par value | $ | 25,234,950 | $ | 25,328,340 | ||||||||||
The following is a summary of the CO bonds for which we were primarily liable at March 31, 2015, and December 31, 2014, by year of contractual maturity or next call date for callable CO bonds (dollars in thousands): | ||||||||||||||
Year of Contractual Maturity or Next Call Date | March 31, 2015 | December 31, 2014 | ||||||||||||
Due in one year or less | $ | 11,127,435 | $ | 10,805,745 | ||||||||||
Due after one year through two years | 4,578,320 | 4,928,745 | ||||||||||||
Due after two years through three years | 4,122,100 | 4,252,570 | ||||||||||||
Due after three years through four years | 2,079,455 | 2,027,380 | ||||||||||||
Due after four years through five years | 1,829,685 | 1,619,815 | ||||||||||||
Thereafter | 1,497,955 | 1,694,085 | ||||||||||||
Total par value | $ | 25,234,950 | $ | 25,328,340 | ||||||||||
The following table sets forth the CO bonds for which we were primarily liable by interest-rate-payment type at March 31, 2015, and December 31, 2014 (dollars in thousands): | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Par value of CO bonds | ||||||||||||||
Fixed-rate | $ | 22,092,950 | $ | 22,513,340 | ||||||||||
Simple variable-rate | 2,370,000 | 1,970,000 | ||||||||||||
Step-up | 772,000 | 845,000 | ||||||||||||
Total par value | $ | 25,234,950 | $ | 25,328,340 | ||||||||||
COs – Discount Notes. Outstanding CO discount notes for which we were primarily liable, all of which are due within one year, were as follows (dollars in thousands): | ||||||||||||||
Book Value | Par Value | Weighted Average | ||||||||||||
Rate (1) | ||||||||||||||
31-Mar-15 | $ | 23,451,068 | $ | 23,452,910 | 0.07 | % | ||||||||
31-Dec-14 | $ | 25,309,608 | $ | 25,312,040 | 0.08 | % | ||||||||
_______________________ | ||||||||||||||
-1 | The CO discount notes' weighted-average rate represents a yield to maturity excluding concession fees. |
Affordable_Housing_Program
Affordable Housing Program | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Affordable Housing Program [Abstract] | ||||||||
Affordable Housing Program [Text Block] | Affordable Housing Program | |||||||
The following table presents a roll-forward of the AHP liability for the three months ended March 31, 2015, and year ended December 31, 2014 (dollars in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Balance at beginning of year | $ | 66,993 | $ | 62,591 | ||||
AHP expense for the period | 3,767 | 17,623 | ||||||
AHP direct grant disbursements | (4,589 | ) | (12,012 | ) | ||||
AHP subsidy for AHP advance disbursements | (79 | ) | (1,321 | ) | ||||
Return of previously disbursed grants and subsidies | — | 112 | ||||||
Balance at end of period | $ | 66,092 | $ | 66,993 | ||||
Capital
Capital | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Capital [Abstract] | |||||||||||||||||
Capital [Text Block] | Capital | ||||||||||||||||
We are subject to capital requirements under our capital plan, the Federal Home Loan Bank Act of 1932, as amended (the FHLBank Act), and FHFA regulations: | |||||||||||||||||
1 | Risk-based capital. We are required to maintain at all times permanent capital, defined as Class B stock, including Class B stock classified as mandatorily redeemable capital stock, and retained earnings, in an amount at least equal to the sum of our credit-risk capital requirement, market-risk capital requirement, and operations-risk capital requirement, calculated in accordance with FHFA rules and regulations, referred to herein as the risk-based capital requirement. Only permanent capital satisfies the risk-based capital requirement. | ||||||||||||||||
2 | Total regulatory capital. We are required to maintain at all times a total capital-to-assets ratio of at least four percent. Total regulatory capital is the sum of permanent capital, the amount paid-in for Class A stock, the amount of any general loss allowance if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the FHFA as available to absorb losses. We have never issued Class A stock. | ||||||||||||||||
3 | Leverage capital. We are required to maintain at all times a leverage capital-to-assets ratio of at least five percent. A leverage capital-to-assets ratio is defined as permanent capital weighted 1.5 times divided by total assets. | ||||||||||||||||
The FHFA may require us to maintain a greater amount of permanent capital than is required as defined by the risk-based capital requirements. | |||||||||||||||||
The following tables demonstrate our compliance with our regulatory capital requirements at March 31, 2015, and December 31, 2014 (dollars in thousands): | |||||||||||||||||
Risk-Based Capital Requirements | March 31, | December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Permanent capital | |||||||||||||||||
Class B capital stock | $ | 2,440,386 | $ | 2,413,114 | |||||||||||||
Mandatorily redeemable capital stock | 57,281 | 298,599 | |||||||||||||||
Retained earnings | 924,745 | 901,658 | |||||||||||||||
Total permanent capital | $ | 3,422,412 | $ | 3,613,371 | |||||||||||||
Risk-based capital requirement | |||||||||||||||||
Credit-risk capital | $ | 416,719 | $ | 414,765 | |||||||||||||
Market-risk capital | 54,166 | 75,560 | |||||||||||||||
Operations-risk capital | 141,265 | 147,097 | |||||||||||||||
Total risk-based capital requirement | $ | 612,150 | $ | 637,422 | |||||||||||||
Permanent capital in excess of risk-based capital requirement | $ | 2,810,262 | $ | 2,975,949 | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Required | Actual | Required | Actual | ||||||||||||||
Capital Ratio | |||||||||||||||||
Risk-based capital | $ | 612,150 | $ | 3,422,412 | $ | 637,422 | $ | 3,613,371 | |||||||||
Total regulatory capital | $ | 2,122,634 | $ | 3,422,412 | $ | 2,204,267 | $ | 3,613,371 | |||||||||
Total capital-to-asset ratio | 4 | % | 6.4 | % | 4 | % | 6.6 | % | |||||||||
Leverage Ratio | |||||||||||||||||
Leverage capital | $ | 2,653,292 | $ | 5,133,618 | $ | 2,755,334 | $ | 5,420,057 | |||||||||
Leverage capital-to-assets ratio | 5 | % | 9.7 | % | 5 | % | 9.8 | % |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Loss [Text Block] | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
The following table presents a summary of changes in accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||
Net Unrealized Loss on Available-for-sale Securities | Noncredit Portion of Other-than-temporary Impairment Losses on Held-to-maturity Securities | Net Unrealized Loss Relating to Hedging Activities | Pension and Postretirement Benefits | Total Accumulated Other Comprehensive Loss | |||||||||||||||||
Balance, December 31, 2013 | $ | (101,765 | ) | $ | (324,928 | ) | $ | (51,594 | ) | $ | (3,229 | ) | $ | (481,516 | ) | ||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Net unrealized gains (losses) | 4,829 | — | (6,014 | ) | — | (1,185 | ) | ||||||||||||||
Accretion of noncredit loss | — | 12,135 | — | — | 12,135 | ||||||||||||||||
Reclassifications from other comprehensive income to net income | |||||||||||||||||||||
Noncredit other-than-temporary impairment losses reclassified to credit loss (1) | — | 458 | — | — | 458 | ||||||||||||||||
Amortization - hedging activities (2) | — | — | 5 | — | 5 | ||||||||||||||||
Amortization - pension and postretirement benefits (3) | — | — | — | 112 | 112 | ||||||||||||||||
Other comprehensive income (loss) | 4,829 | 12,593 | (6,009 | ) | 112 | 11,525 | |||||||||||||||
Balance, March 31, 2014 | $ | (96,936 | ) | $ | (312,335 | ) | $ | (57,603 | ) | $ | (3,117 | ) | $ | (469,991 | ) | ||||||
Balance, December 31, 2014 | $ | (73,623 | ) | $ | (275,942 | ) | $ | (81,428 | ) | $ | (5,993 | ) | $ | (436,986 | ) | ||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Net unrealized gains (losses) | 20,589 | — | (12,143 | ) | — | 8,446 | |||||||||||||||
Accretion of noncredit loss | — | 11,463 | — | — | 11,463 | ||||||||||||||||
Reclassifications from other comprehensive income to net income | |||||||||||||||||||||
Noncredit other-than-temporary impairment losses reclassified to credit loss (1) | — | 122 | — | — | 122 | ||||||||||||||||
Amortization - hedging activities (4) | — | — | 4,896 | — | 4,896 | ||||||||||||||||
Amortization - pension and postretirement benefits (3) | — | — | — | 230 | 230 | ||||||||||||||||
Other comprehensive income (loss) | 20,589 | 11,585 | (7,247 | ) | 230 | 25,157 | |||||||||||||||
Balance, March 31, 2015 | $ | (53,034 | ) | $ | (264,357 | ) | $ | (88,675 | ) | $ | (5,763 | ) | $ | (411,829 | ) | ||||||
_______________________ | |||||||||||||||||||||
-1 | Recorded in net amount of impairment losses reclassified from accumulated other comprehensive loss in the statement of operations. | ||||||||||||||||||||
-2 | Recorded in net losses on derivatives and hedging activities in the statement of operations. | ||||||||||||||||||||
-3 | Recorded in other operating expenses in the statement of operations. | ||||||||||||||||||||
-4 | Amortization of hedging activities includes $4.9 million recorded in CO bond interest expense and $4,000 recorded in net (losses) gains on derivatives and hedging activities in the statement of operations. |
Employee_Retirement_Plans
Employee Retirement Plans | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
Employee Retirement Plans [Text Block] | Employee Retirement Plans | |||||||||||||||||
Qualified Defined Benefit Multiemployer Plan. We participate in the Pentegra Defined Benefit Plan for Financial Institutions (the Pentegra Defined Benefit Plan), a funded, tax-qualified, noncontributory defined-benefit pension plan. The Pentegra Defined Benefit Plan is treated as a multiemployer plan for accounting purposes, but operates as a multiple-employer plan under the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code. The plan covers substantially all of our officers and employees. | ||||||||||||||||||
Qualified Defined Contribution Plan. We also participate in the Pentegra Defined Contribution Plan for Financial | ||||||||||||||||||
Institutions, a tax-qualified defined contribution plan. The plan covers substantially all of our officers and employees. We contribute a percentage of the participants' compensation by making a matching contribution equal to a percentage of voluntary employee contributions, subject to certain limitations. Our matching contributions are charged to compensation and benefits expense. | ||||||||||||||||||
Nonqualified Defined Contribution Plan. We also maintain the Thrift Benefit Equalization Plan, a nonqualified, unfunded deferred compensation plan covering certain of our senior officers and directors. The plan's liability consists of the accumulated compensation deferrals and the accumulated earnings on these deferrals. | ||||||||||||||||||
The following table sets forth our net pension costs under our defined benefit plan and expenses relating to our defined contribution plans (dollars in thousands): | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Qualified Defined Benefit Multiemployer Plan - Pentegra Defined Benefit Plan | $ | 103 | $ | 763 | ||||||||||||||
Qualified Defined Contribution Plan - Pentegra Defined Contribution Plan | 248 | 236 | ||||||||||||||||
Nonqualified Defined Contribution Plan - Thrift Benefit Equalization Plan | 110 | 99 | ||||||||||||||||
Nonqualified Supplemental Defined Benefit Retirement Plan. We also maintain a nonqualified, single-employer unfunded defined-benefit plan covering certain senior officers, for which our obligation is detailed below. We maintain a rabbi trust intended to meet future benefit obligations. | ||||||||||||||||||
Postretirement Benefits. We sponsor a fully insured postretirement benefit program that includes life insurance benefits for eligible retirees. We provide life insurance to all employees who retire on or after age 55 after completing six years of service. No contributions are required from the retirees. There are no funded plan assets that have been designated to provide postretirement benefits. | ||||||||||||||||||
The following table presents the components of net periodic benefit cost for our nonqualified supplemental defined benefit retirement plan and postretirement benefits for the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||||
Nonqualified Supplemental Defined Benefit Retirement Plan For the Three Months Ended March 31, | Postretirement Benefits For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||
Service cost | $ | 171 | $ | 125 | $ | 7 | $ | 7 | ||||||||||
Interest cost | 121 | 108 | 7 | 8 | ||||||||||||||
Amortization of net actuarial loss | 229 | 112 | 1 | — | ||||||||||||||
Net periodic benefit cost | $ | 521 | $ | 345 | $ | 15 | $ | 15 | ||||||||||
Fair_Values
Fair Values | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Values [Text Block] | Fair Values | |||||||||||||||||||||||
A fair-value hierarchy is used to prioritize the inputs of valuation techniques used to measure fair value. A description of the application of the fair-value hierarchy, valuation techniques, and significant inputs is disclosed in Item 1 — Financial Statements and Supplementary Data — Note 18 — Fair Values in the 2014 Annual Report. There have been no material changes in the fair-value hierarchy classification of financial assets and liabilities, valuation techniques, or significant inputs during the three months ended March 31, 2015, other than the following: | ||||||||||||||||||||||||
Impaired Conventional Mortgage Loans. The fair value of impaired conventional mortgage loans is based on the lower of the carrying value of the loans or fair value of the collateral less estimated costs to sell, or may be based on the present value of estimated future cash flows. | ||||||||||||||||||||||||
The carrying values, fair values, and fair-value hierarchy of our financial instruments at March 31, 2015, and December 31, 2014, were as follows (dollars in thousands). These fair values do not represent an estimate of our overall market value as a going concern, which would take into account, among other things, our future business opportunities and the net profitability of our assets and liabilities. | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Carrying | Total Fair Value | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral | |||||||||||||||||||
Value | ||||||||||||||||||||||||
Financial instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 698,422 | $ | 698,422 | $ | 698,422 | $ | — | $ | — | $ | — | ||||||||||||
Interest-bearing deposits | 249 | 249 | 249 | — | — | — | ||||||||||||||||||
Securities purchased under agreements to resell | 6,100,000 | 6,099,941 | — | 6,099,941 | — | — | ||||||||||||||||||
Federal funds sold | 2,355,000 | 2,354,991 | — | 2,354,991 | — | — | ||||||||||||||||||
Trading securities(1) | 243,439 | 243,439 | — | 243,439 | — | — | ||||||||||||||||||
Available-for-sale securities(1) | 5,667,646 | 5,667,646 | — | 5,667,646 | — | — | ||||||||||||||||||
Held-to-maturity securities | 3,135,269 | 3,480,720 | — | 1,979,949 | 1,500,771 | — | ||||||||||||||||||
Advances | 31,179,231 | 31,369,080 | — | 31,369,080 | — | — | ||||||||||||||||||
Mortgage loans, net | 3,537,841 | 3,683,234 | — | 3,657,876 | 25,358 | — | ||||||||||||||||||
Accrued interest receivable | 74,409 | 74,409 | — | 74,409 | — | — | ||||||||||||||||||
Derivative assets(1) | 24,426 | 24,426 | — | 35,797 | (11,371 | ) | ||||||||||||||||||
Other assets (1) | 15,154 | 15,154 | 9,298 | 5,856 | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | (429,343 | ) | (429,343 | ) | — | (429,343 | ) | — | — | |||||||||||||||
COs: | ||||||||||||||||||||||||
Bonds | (25,416,779 | ) | (25,749,019 | ) | — | (25,749,019 | ) | — | — | |||||||||||||||
Discount notes | (23,451,068 | ) | (23,451,568 | ) | — | (23,451,568 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (57,281 | ) | (57,281 | ) | (57,281 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (94,445 | ) | (94,445 | ) | — | (94,445 | ) | — | — | |||||||||||||||
Derivative liabilities(1) | (570,445 | ) | (570,445 | ) | — | (642,224 | ) | — | 71,779 | |||||||||||||||
Other: | ||||||||||||||||||||||||
Commitments to extend credit for advances | — | 1,306 | — | 1,306 | — | — | ||||||||||||||||||
Standby letters of credit | (779 | ) | (779 | ) | — | (779 | ) | — | — | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Carried at fair value on a recurring basis. | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Carrying | Total Fair | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral | |||||||||||||||||||
Value | Value | |||||||||||||||||||||||
Financial instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 1,124,536 | $ | 1,124,536 | $ | 1,124,536 | $ | — | $ | — | $ | — | ||||||||||||
Interest-bearing deposits | 163 | 163 | 163 | — | — | — | ||||||||||||||||||
Securities purchased under agreements to resell | 5,250,000 | 5,249,941 | — | 5,249,941 | — | — | ||||||||||||||||||
Federal funds sold | 2,550,000 | 2,549,982 | — | 2,549,982 | — | — | ||||||||||||||||||
Trading securities(1) | 244,969 | 244,969 | — | 244,969 | — | — | ||||||||||||||||||
Available-for-sale securities(1) | 5,481,978 | 5,481,978 | — | 5,481,978 | — | — | ||||||||||||||||||
Held-to-maturity securities | 3,352,189 | 3,710,815 | — | 2,176,268 | 1,534,547 | — | ||||||||||||||||||
Advances | 33,482,074 | 33,618,345 | — | 33,618,345 | — | — | ||||||||||||||||||
Mortgage loans, net | 3,483,948 | 3,612,078 | — | 3,612,078 | — | — | ||||||||||||||||||
Accrued interest receivable | 77,411 | 77,411 | — | 77,411 | — | — | ||||||||||||||||||
Derivative assets(1) | 14,548 | 14,548 | — | 26,483 | (11,935 | ) | ||||||||||||||||||
Other assets(1) | 11,200 | 11,200 | 5,682 | 5,518 | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | (369,331 | ) | (369,330 | ) | — | (369,330 | ) | — | — | |||||||||||||||
COs: | ||||||||||||||||||||||||
Bonds | (25,505,774 | ) | (25,741,697 | ) | — | (25,741,697 | ) | — | — | |||||||||||||||
Discount notes | (25,309,608 | ) | (25,310,307 | ) | — | (25,310,307 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (298,599 | ) | (298,599 | ) | (298,599 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (91,225 | ) | (91,225 | ) | — | (91,225 | ) | — | — | |||||||||||||||
Derivative liabilities(1) | (558,889 | ) | (558,889 | ) | — | (616,033 | ) | — | 57,144 | |||||||||||||||
Other: | ||||||||||||||||||||||||
Commitments to extend credit for advances | — | 430 | — | 430 | — | — | ||||||||||||||||||
Standby letters of credit | (745 | ) | (745 | ) | — | (745 | ) | — | — | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Carried at fair value on a recurring basis. | |||||||||||||||||||||||
Fair Value Measured on a Recurring Basis. | ||||||||||||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on the statement of condition, which are recorded on a recurring basis at March 31, 2015, and December 31, 2014, by fair-value hierarchy level (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||||||
Adjustment (1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
U.S. government-guaranteed – single-family MBS | $ | — | $ | 11,760 | $ | — | $ | — | $ | 11,760 | ||||||||||||||
GSEs – single-family MBS | — | 2,073 | — | — | 2,073 | |||||||||||||||||||
GSEs – multifamily MBS | — | 229,606 | — | — | 229,606 | |||||||||||||||||||
Total trading securities | — | 243,439 | — | — | 243,439 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Supranational institutions | — | 456,188 | — | — | 456,188 | |||||||||||||||||||
U.S. government-owned corporations | — | 292,251 | — | — | 292,251 | |||||||||||||||||||
GSEs | — | 126,083 | — | — | 126,083 | |||||||||||||||||||
U.S. government guaranteed – single-family MBS | — | 192,619 | — | — | 192,619 | |||||||||||||||||||
U.S. government guaranteed – multifamily MBS | — | 915,516 | — | — | 915,516 | |||||||||||||||||||
GSEs – single-family MBS | — | 3,684,989 | — | — | 3,684,989 | |||||||||||||||||||
Total available-for-sale securities | — | 5,667,646 | — | — | 5,667,646 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate-exchange agreements | — | 35,585 | — | (11,371 | ) | 24,214 | ||||||||||||||||||
Mortgage delivery commitments | — | 212 | — | — | 212 | |||||||||||||||||||
Total derivative assets | — | 35,797 | — | (11,371 | ) | 24,426 | ||||||||||||||||||
Other assets | 9,298 | 5,856 | — | — | 15,154 | |||||||||||||||||||
Total assets at fair value | $ | 9,298 | $ | 5,952,738 | $ | — | $ | (11,371 | ) | $ | 5,950,665 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||
Interest-rate-exchange agreements | $ | — | $ | (642,218 | ) | $ | — | $ | 71,779 | $ | (570,439 | ) | ||||||||||||
Mortgage delivery commitments | — | (6 | ) | — | — | (6 | ) | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | (642,224 | ) | $ | — | $ | 71,779 | $ | (570,445 | ) | ||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | These amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing member and/or counterparty. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||||||
Adjustment (1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
U.S. government-guaranteed – single-family MBS | $ | — | $ | 12,235 | $ | — | $ | — | $ | 12,235 | ||||||||||||||
GSEs – single-family MBS | — | 2,300 | — | — | 2,300 | |||||||||||||||||||
GSEs – multifamily MBS | — | 230,434 | — | — | 230,434 | |||||||||||||||||||
Total trading securities | — | 244,969 | — | — | 244,969 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Supranational institutions | — | 447,685 | — | — | 447,685 | |||||||||||||||||||
U.S. government-owned corporations | — | 284,997 | — | — | 284,997 | |||||||||||||||||||
GSEs | — | 123,453 | — | — | 123,453 | |||||||||||||||||||
U.S. government guaranteed – single-family MBS | — | 206,028 | — | — | 206,028 | |||||||||||||||||||
U.S. government guaranteed – multifamily MBS | — | 871,423 | — | — | 871,423 | |||||||||||||||||||
GSEs – single-family MBS | — | 3,548,392 | — | — | 3,548,392 | |||||||||||||||||||
Total available-for-sale securities | — | 5,481,978 | — | — | 5,481,978 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate-exchange agreements | — | 26,412 | — | (11,935 | ) | 14,477 | ||||||||||||||||||
Mortgage delivery commitments | — | 71 | — | — | 71 | |||||||||||||||||||
Total derivative assets | — | 26,483 | — | (11,935 | ) | 14,548 | ||||||||||||||||||
Other assets | 5,682 | 5,518 | — | — | 11,200 | |||||||||||||||||||
Total assets at fair value | $ | 5,682 | $ | 5,758,948 | $ | — | $ | (11,935 | ) | $ | 5,752,695 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||
Interest-rate-exchange agreements | $ | — | $ | (616,025 | ) | $ | — | $ | 57,144 | $ | (558,881 | ) | ||||||||||||
Mortgage delivery commitments | — | (8 | ) | — | — | (8 | ) | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | (616,033 | ) | $ | — | $ | 57,144 | $ | (558,889 | ) | ||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | These amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing member and/or counterparty. | |||||||||||||||||||||||
Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
We measure certain held-to-maturity investment securities, mortgage loans held for portfolio, and REO at fair value on a nonrecurring basis, that is, they are not measured at fair value on an ongoing basis but are subject to fair-value adjustments only in certain circumstances (for example, upon recognizing an other-than-temporary impairment on a held-to-maturity security). | ||||||||||||||||||||||||
The following tables present financial assets by level within the fair-value hierarchy which are recorded at fair value on a nonrecurring basis at March 31, 2015, and December 31, 2014 (dollars in thousands). | ||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
Private-label residential MBS | $ | — | $ | — | $ | 11,861 | $ | 11,861 | ||||||||||||||||
Mortgage loans held for portfolio | — | — | 346 | 346 | ||||||||||||||||||||
Total assets recorded at fair value on a nonrecurring basis | $ | — | $ | — | $ | 12,207 | $ | 12,207 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
Private-label residential MBS | $ | — | $ | — | $ | 23,259 | $ | 23,259 | ||||||||||||||||
REO | — | — | 843 | 843 | ||||||||||||||||||||
Total assets recorded at fair value on a nonrecurring basis | $ | — | $ | — | $ | 24,102 | $ | 24,102 | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies [Text Block] | Commitments and Contingencies | ||||||||||||||||||||||||
Joint and Several Liability. COs are backed by the financial resources of the FHLBanks. The FHFA has authority to require any FHLBank to repay all or a portion of the principal and interest on COs for which another FHLBank is the primary obligor. No FHLBank has ever been asked or required to repay the principal or interest on any CO on behalf of another FHLBank. We evaluate the financial condition of the other FHLBanks primarily based on known regulatory actions, publicly available financial information, and individual long-term credit-rating action as of each period-end presented. Based on this evaluation, as of March 31, 2015, and through the filing of this report, we believe there is a remote likelihood that we will be required to repay the principal or interest on any CO on behalf of another FHLBank. | |||||||||||||||||||||||||
We have considered applicable FASB guidance and determined it is not necessary to recognize a liability for the fair value of our joint and several liability for all of the COs. The joint and several obligation is mandated by FHFA regulations and is not the result of an arms-length transaction among the FHLBanks. The FHLBanks have no control over the amount of the guaranty or the determination of how each FHLBank would perform under the joint and several obligation. Because the FHLBanks are subject to the authority of the FHFA as it relates to decisions involving the allocation of the joint and several liability for the FHLBanks' COs, the FHLBanks' joint and several obligation is excluded from the initial recognition and measurement provisions. Accordingly, we have not recognized a liability for our joint and several obligation related to other FHLBanks' COs at March 31, 2015, and December 31, 2014. The par amounts of other FHLBanks' outstanding COs for which we are jointly and severally liable totaled $763.5 billion and $796.4 billion at March 31, 2015, and December 31, 2014, respectively. See Note 12 — Consolidated Obligations for additional information. | |||||||||||||||||||||||||
Off-Balance-Sheet Commitments | |||||||||||||||||||||||||
The following table sets forth our off-balance-sheet commitments as of March 31, 2015, and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Expire within one year | Expire after one year | Total | Expire within one year | Expire after one year | Total | ||||||||||||||||||||
Standby letters of credit outstanding (1) | $ | 3,840,184 | $ | 65,032 | $ | 3,905,216 | $ | 4,065,555 | $ | 125,381 | $ | 4,190,936 | |||||||||||||
Commitments for unused lines of credit - advances (2) | 1,274,831 | — | 1,274,831 | 1,255,445 | — | 1,255,445 | |||||||||||||||||||
Commitments to make additional advances | 452,369 | 51,846 | 504,215 | 592,430 | 63,185 | 655,615 | |||||||||||||||||||
Commitments to invest in mortgage loans | 43,385 | — | 43,385 | 26,927 | — | 26,927 | |||||||||||||||||||
Unsettled CO bonds, at par (3) | 64,510 | — | 64,510 | 15,000 | — | 15,000 | |||||||||||||||||||
Unsettled CO discount notes, at par | — | — | — | 500,000 | — | 500,000 | |||||||||||||||||||
__________________________ | |||||||||||||||||||||||||
-1 | The amount of standby letters of credit outstanding excludes commitments to issue standby letters of credit that expire within one year. At March 31, 2015, and December 31, 2014, these amounts totaled $261.1 million and $26.2 million, respectively. Also excluded are commitments to issue standby letters of credit that expire after one year totaling $6.5 million at March 31, 2015. | ||||||||||||||||||||||||
-2 | Commitments for unused line-of-credit advances are generally for periods of up to 12 months. Since many of these commitments are not expected to be drawn upon, the total commitment amount does not necessarily indicate future liquidity requirements. | ||||||||||||||||||||||||
-3 | We had $64.5 million and $15.0 million in unsettled CO bonds that were hedged with associated interest-rate swaps at March 31, 2015, and December 31, 2014, respectively. | ||||||||||||||||||||||||
Standby Letters of Credit. A standby letter of credit is a financing arrangement pursuant to which we agree for a fee to fund the associated obligation to a third-party beneficiary should the primary obligor fail to fund such obligation. If we are required to make payment for a beneficiary's draw, the payment amount is converted into a collateralized advance to the primary obligor. Standby letters of credit are fully collateralized at the time of issuance. Based on our credit analyses and collateral requirements, we have not deemed it necessary to record any additional liability on these commitments. | |||||||||||||||||||||||||
The original terms of these standby letters of credit range from final expiries in 20 days to 20 years. Our unearned fees for the value of the guarantees related to standby letters of credit are recorded in other liabilities and totaled $779,000 and $745,000 at March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||
Commitments to Invest in Mortgage Loans. Commitments to invest in mortgage loans are generally for periods not to exceed 45 business days. Such commitments are recorded as derivatives at their fair values on the statement of condition. | |||||||||||||||||||||||||
Pledged Collateral. We have pledged securities, as collateral, related to derivatives. See Note 10 — Derivatives and Hedging Activities for additional information about our pledged collateral and other credit-risk-related contingent features. | |||||||||||||||||||||||||
Legal Proceedings. We are subject to various legal proceedings arising in the normal course of business from time to time. We would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount can be reasonably estimated. Management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on our financial condition, results of operations, or cash flows. |
Transactions_with_Shareholders
Transactions with Shareholders | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Transactions with Shareholders [Abstract] | |||||||||||||||||||||
Transactions with Shareholders [Text Block] | Transactions with Shareholders | ||||||||||||||||||||
Related Parties. We define related parties as members with 10 percent or more of the voting interests of our capital stock outstanding. Under the FHLBank Act and FHFA regulations, each member directorship is designated to one of the six states in our district. Each member eligible to vote is entitled to cast by ballot one vote for each share of stock that it was required to hold as of the record date, which is December 31, of the year prior to each election, subject to the limitation that no member may cast more votes than the average number of shares of our stock that are required to be held by all members located in such member's state. Eligible members are permitted to vote all their eligible shares for one candidate for each open member directorship in the state in which the member is located and for each open independent directorship. A nonmember stockholder is not entitled to cast votes for the election of directors unless it was a member as of the record date. At March 31, 2015, and December 31, 2014, no shareholder owned more than 10 percent of the total voting interests due to statutory limits on members' voting rights, therefore, we did not have any related parties. | |||||||||||||||||||||
Shareholder Concentrations. We consider shareholder concentrations as members or nonmembers whose capital stock holdings (including mandatorily redeemable capital stock) are in excess of 10 percent of total capital stock outstanding. The following tables present transactions with shareholders whose holdings of capital stock exceed 10 percent or more of total capital stock outstanding at March 31, 2015, and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||
Capital Stock | Percent | Par | Percent of Total Par Value | Total Accrued | Percent of Total | ||||||||||||||||
Outstanding | of Total | Value of | of Advances | Interest | Accrued Interest | ||||||||||||||||
Advances | Receivable | Receivable on | |||||||||||||||||||
Advances | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Citizens Bank, N.A. | $ | 317,502 | 12.7 | % | $ | 5,766,698 | 18.6 | % | $ | 481 | 1.4 | % | |||||||||
As of December 31, 2014 | |||||||||||||||||||||
Citizens Bank, N.A. | $ | 317,502 | 11.7 | % | $ | 5,768,096 | 17.3 | % | $ | 283 | 1 | % | |||||||||
We held sufficient collateral to support the advances to the above institutions such that we do not expect to incur any credit losses on these advances. | |||||||||||||||||||||
We recognized interest income on outstanding advances and fees on letters of credit from Citizens Bank, N.A. during the three months ended March 31, 2015 and 2014 as follows (dollars in thousands): | |||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||
Citizens Bank, N.A. | 2015 | 2014 | |||||||||||||||||||
Interest income on advances | $ | 3,716 | $ | 2,158 | |||||||||||||||||
Fees on letters of credit | 989 | 790 | |||||||||||||||||||
Transactions with Directors' Institutions. We provide, in the ordinary course of business, products and services to members whose officers or directors serve on our board of directors. In accordance with FHFA regulations, transactions with directors' institutions are conducted on the same terms as those with any other member. | |||||||||||||||||||||
The following table presents the outstanding balances of capital stock, advances, and accrued interest receivable with members whose officers or directors serve on our board of directors, and those balances as a percentage of our total balance as reported on our statement of condition (dollars in thousands): | |||||||||||||||||||||
Capital Stock | Percent | Par | Percent of Total Par Value | Total Accrued | Percent of Total | ||||||||||||||||
Outstanding | of Total | Value of | of Advances | Interest | Accrued Interest | ||||||||||||||||
Advances | Receivable | Receivable on | |||||||||||||||||||
Advances | |||||||||||||||||||||
As of March 31, 2015 | $ | 86,607 | 3.5 | % | $ | 1,056,785 | 3.4 | % | $ | 1,260 | 3.8 | % | |||||||||
As of December 31, 2014 | 79,386 | 2.9 | 918,127 | 2.8 | 1,227 | 4.2 | |||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
We settled our private-label MBS claims with certain defendants for an aggregate amount of $134.7 million (which amount is net of legal fees and expenses). | |
On April 23, 2015, the board of directors declared a cash dividend at an annualized rate of 1.76 percent based on capital stock balances outstanding during the first quarter of 2015. The dividend, including dividends on mandatorily redeemable capital stock, amounted to $10.9 million and was paid on May 4, 2015. |
Basis_of_Presentation_Summary_
Basis of Presentation Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Loans and Leases Receivable, Valuation, Policy [Policy Text Block] | Collectively Evaluated Mortgage Loans. We evaluate the credit risk of our investments in conventional mortgage loans for impairment on a collective basis that considers loan-pool-specific attribute data at the master commitment pool level, applies estimated loss severities, and incorporates available credit enhancements to establish our best estimate of probable incurred losses at the reporting date. We do not consider credit-enhancement cash flows that are projected and assessed as not probable of receipt in reducing estimated losses. Migration analysis is a methodology for estimating the rate of default experienced on pools of similar loans based on our historical experience. We apply migration analysis to conventional loans that are currently not past due, loans that are 30 to 59 days past due, 60 to 89 days past due, and 90 to 179 days past due. We then estimate the dollar amount of loans in these categories that we believe are likely to migrate to a realized loss position and apply a loss severity factor to estimate losses that would be incurred at the statement of condition date. Additionally, for our investments in loans modified under our temporary loan modification plan, we measure the present value of expected future cash flows discounted at the loan's effective interest rate on the effective date of a loan modification and reduce the carrying value of the loan accordingly. |
Individually Evaluated Mortgage Loans. Certain conventional mortgage loans, primarily impaired mortgage loans that are considered collateral-dependent, may be specifically identified for purposes of calculating the allowance for credit losses. A mortgage loan is considered collateral-dependent if repayment is only expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default and there is no credit enhancement from a participating financial institution to offset losses under the master commitment. The estimated credit losses on impaired collateral-dependent loans may be separately determined because sufficient information exists to make a reasonable estimate of the inherent loss on these loans on an individual loan basis. Loans that are considered collateral-dependent are measured for impairment based on the fair value of the underlying property less estimated selling costs. The resulting incurred loss is equal to the difference between the carrying value of the loan and the estimated fair value of the collateral less estimated selling costs. | |
Loans And Leases Receivable Charge Off Policy [Policy Text Block] | We now record a charge-off when a conventional mortgage loan is 180 or more days past due, when the borrower has filed for bankruptcy protection and the loan is at least 30 days past due, or when there is evidence of fraud. Confirming events also include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. A charge-off is recorded if we determine that the recorded investment in the loan is not likely to be recovered. |
Charge-Off Policy. We evaluate whether to record a charge-off on a conventional mortgage loan upon the occurrence of a confirming event. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value on a Nonrecurring Basis |
We measure certain held-to-maturity investment securities, mortgage loans held for portfolio, and REO at fair value on a nonrecurring basis, that is, they are not measured at fair value on an ongoing basis but are subject to fair-value adjustments only in certain circumstances (for example, upon recognizing an other-than-temporary impairment on a held-to-maturity security). | |
Impaired Conventional Mortgage Loans. The fair value of impaired conventional mortgage loans is based on the lower of the carrying value of the loans or fair value of the collateral less estimated costs to sell, or may be based on the present value of estimated future cash flows. | |
Joint and Several Liability, Policy [Policy Text Block] | We evaluate the financial condition of the other FHLBanks primarily based on known regulatory actions, publicly available financial information, and individual long-term credit-rating action as of each period-end presented. |
Trading_Securities_Tables
Trading Securities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Trading Securities [Abstract] | ||||||||
Trading Securities by Major Security Type [Table Text Block] | Our trading securities as of March 31, 2015, and December 31, 2014, were (dollars in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Mortgage-backed securities (MBS) | ||||||||
U.S. government-guaranteed – single-family | $ | 11,760 | $ | 12,235 | ||||
Government-sponsored enterprise (GSE) – single-family | 2,073 | 2,300 | ||||||
GSEs – multifamily | 229,606 | 230,434 | ||||||
Total | $ | 243,439 | $ | 244,969 | ||||
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
Available-for-Sale (AFS) securities by major security type [Table Text Block] | Our available-for-sale securities as of March 31, 2015, were (dollars in thousands): | |||||||||||||||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost (1) | Gains | Losses | Value | |||||||||||||||||||||
Supranational institutions | $ | 481,217 | $ | — | $ | (25,029 | ) | $ | 456,188 | |||||||||||||||
U.S. government-owned corporations | 336,172 | — | (43,921 | ) | 292,251 | |||||||||||||||||||
GSEs | 138,562 | — | (12,479 | ) | 126,083 | |||||||||||||||||||
955,951 | — | (81,429 | ) | 874,522 | ||||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 193,727 | 242 | (1,350 | ) | 192,619 | |||||||||||||||||||
U.S. government guaranteed – multifamily | 913,470 | 2,840 | (794 | ) | 915,516 | |||||||||||||||||||
GSEs – single-family | 3,657,532 | 31,117 | (3,660 | ) | 3,684,989 | |||||||||||||||||||
4,764,729 | 34,199 | (5,804 | ) | 4,793,124 | ||||||||||||||||||||
Total | $ | 5,720,680 | $ | 34,199 | $ | (87,233 | ) | $ | 5,667,646 | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, collection of cash, and fair-value hedge accounting adjustments. | |||||||||||||||||||||||
Our available-for-sale securities as of December 31, 2014, were (dollars in thousands): | ||||||||||||||||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost (1) | Gains | Losses | Value | |||||||||||||||||||||
Supranational institutions | $ | 472,440 | $ | — | $ | (24,755 | ) | $ | 447,685 | |||||||||||||||
U.S. government-owned corporations | 322,436 | — | (37,439 | ) | 284,997 | |||||||||||||||||||
GSEs | 133,748 | — | (10,295 | ) | 123,453 | |||||||||||||||||||
928,624 | — | (72,489 | ) | 856,135 | ||||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 207,090 | 375 | (1,437 | ) | 206,028 | |||||||||||||||||||
U.S. government guaranteed – multifamily | 874,817 | 204 | (3,598 | ) | 871,423 | |||||||||||||||||||
GSEs – single-family | 3,545,070 | 14,742 | (11,420 | ) | 3,548,392 | |||||||||||||||||||
4,626,977 | 15,321 | (16,455 | ) | 4,625,843 | ||||||||||||||||||||
Total | $ | 5,555,601 | $ | 15,321 | $ | (88,944 | ) | $ | 5,481,978 | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, collection of cash, and fair-value hedge accounting adjustments. | |||||||||||||||||||||||
Categories of Investments, Marketable Securities, Available-for-Sale Securities [Member] | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
AFS securities in a continuous unrealized loss position [Table Text Block] | The following table summarizes our available-for-sale securities with unrealized losses as of March 31, 2015, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): | |||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Supranational institutions | $ | — | $ | — | $ | 456,188 | $ | (25,029 | ) | $ | 456,188 | $ | (25,029 | ) | ||||||||||
U.S. government-owned corporations | — | — | 292,251 | (43,921 | ) | 292,251 | (43,921 | ) | ||||||||||||||||
GSEs | — | — | 126,083 | (12,479 | ) | 126,083 | (12,479 | ) | ||||||||||||||||
— | — | 874,522 | (81,429 | ) | 874,522 | (81,429 | ) | |||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | — | — | 143,223 | (1,350 | ) | 143,223 | (1,350 | ) | ||||||||||||||||
U.S. government guaranteed – multifamily | 59,169 | (165 | ) | 214,661 | (629 | ) | 273,830 | (794 | ) | |||||||||||||||
GSEs – single-family | 144,868 | (264 | ) | 439,488 | (3,396 | ) | 584,356 | (3,660 | ) | |||||||||||||||
204,037 | (429 | ) | 797,372 | (5,375 | ) | 1,001,409 | (5,804 | ) | ||||||||||||||||
Total temporarily impaired | $ | 204,037 | $ | (429 | ) | $ | 1,671,894 | $ | (86,804 | ) | $ | 1,875,931 | $ | (87,233 | ) | |||||||||
The following table summarizes our available-for-sale securities with unrealized losses as of December 31, 2014, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Supranational institutions | $ | — | $ | — | $ | 447,685 | $ | (24,755 | ) | $ | 447,685 | $ | (24,755 | ) | ||||||||||
U.S. government-owned corporations | — | — | 284,997 | (37,439 | ) | 284,997 | (37,439 | ) | ||||||||||||||||
GSEs | — | — | 123,453 | (10,295 | ) | 123,453 | (10,295 | ) | ||||||||||||||||
— | — | 856,135 | (72,489 | ) | 856,135 | (72,489 | ) | |||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | — | — | 154,665 | (1,437 | ) | 154,665 | (1,437 | ) | ||||||||||||||||
U.S. government guaranteed – multifamily | 610,470 | (3,497 | ) | 23,567 | (101 | ) | 634,037 | (3,598 | ) | |||||||||||||||
GSEs – single-family | 453,043 | (888 | ) | 915,354 | (10,532 | ) | 1,368,397 | (11,420 | ) | |||||||||||||||
1,063,513 | (4,385 | ) | 1,093,586 | (12,070 | ) | 2,157,099 | (16,455 | ) | ||||||||||||||||
Total temporarily impaired | $ | 1,063,513 | $ | (4,385 | ) | $ | 1,949,721 | $ | (84,559 | ) | $ | 3,013,234 | $ | (88,944 | ) | |||||||||
Investments classified by contractual maturity date [Table Text Block] | The amortized cost and fair value of our available-for-sale securities by contractual maturity at March 31, 2015, and December 31, 2014, were (dollars in thousands): | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Year of Maturity | Amortized | Fair | Amortized | Fair | ||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | — | — | — | — | ||||||||||||||||||||
Due after five years through 10 years | — | — | — | — | ||||||||||||||||||||
Due after 10 years | 955,951 | 874,522 | 928,624 | 856,135 | ||||||||||||||||||||
955,951 | 874,522 | 928,624 | 856,135 | |||||||||||||||||||||
MBS (1) | 4,764,729 | 4,793,124 | 4,626,977 | 4,625,843 | ||||||||||||||||||||
Total | $ | 5,720,680 | $ | 5,667,646 | $ | 5,555,601 | $ | 5,481,978 | ||||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay obligations with or without call or prepayment fees. |
HeldtoMaturity_Securities_Tabl
Held-to-Maturity Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||||||||||||||||||||
HTM Securities by major security type [Table Text Block] | Our held-to-maturity securities as of March 31, 2015, were (dollars in thousands): | |||||||||||||||||||||||
Amortized Cost | Other-Than-Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | Carrying Value | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Fair Value | |||||||||||||||||||
U.S. agency obligations | $ | 5,416 | $ | — | $ | 5,416 | $ | 337 | $ | — | $ | 5,753 | ||||||||||||
State or local housing-finance-agency obligations (HFA securities) | 177,183 | — | 177,183 | 49 | (17,675 | ) | 159,557 | |||||||||||||||||
182,599 | — | 182,599 | 386 | (17,675 | ) | 165,310 | ||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 19,111 | — | 19,111 | 435 | — | 19,546 | ||||||||||||||||||
U.S. government guaranteed – multifamily | 66,821 | — | 66,821 | 201 | — | 67,022 | ||||||||||||||||||
GSEs – single-family | 1,342,436 | — | 1,342,436 | 42,060 | (152 | ) | 1,384,344 | |||||||||||||||||
GSEs – multifamily | 473,295 | — | 473,295 | 29,989 | — | 503,284 | ||||||||||||||||||
Private-label – residential | 1,298,746 | (263,607 | ) | 1,035,139 | 303,911 | (13,483 | ) | 1,325,567 | ||||||||||||||||
Asset-backed securities (ABS) backed by home equity loans | 16,618 | (750 | ) | 15,868 | 776 | (997 | ) | 15,647 | ||||||||||||||||
3,217,027 | (264,357 | ) | 2,952,670 | 377,372 | (14,632 | ) | 3,315,410 | |||||||||||||||||
Total | $ | 3,399,626 | $ | (264,357 | ) | $ | 3,135,269 | $ | 377,758 | $ | (32,307 | ) | $ | 3,480,720 | ||||||||||
Our held-to-maturity securities as of December 31, 2014, were (dollars in thousands): | ||||||||||||||||||||||||
Amortized Cost | Other-Than-Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | Carrying Value | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Fair Value | |||||||||||||||||||
U.S. agency obligations | $ | 5,777 | $ | — | $ | 5,777 | $ | 360 | $ | — | $ | 6,137 | ||||||||||||
HFA securities | 178,387 | — | 178,387 | 30 | (18,136 | ) | 160,281 | |||||||||||||||||
184,164 | — | 184,164 | 390 | (18,136 | ) | 166,418 | ||||||||||||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – single-family | 20,399 | — | 20,399 | 487 | — | 20,886 | ||||||||||||||||||
U.S. government guaranteed – multifamily | 115,712 | — | 115,712 | 298 | (6 | ) | 116,004 | |||||||||||||||||
GSEs – single-family | 1,420,801 | — | 1,420,801 | 40,518 | (157 | ) | 1,461,162 | |||||||||||||||||
GSEs – multifamily | 542,130 | — | 542,130 | 29,949 | — | 572,079 | ||||||||||||||||||
Private-label – residential | 1,327,967 | (275,158 | ) | 1,052,809 | 319,306 | (13,957 | ) | 1,358,158 | ||||||||||||||||
ABS backed by home equity loans | 16,958 | (784 | ) | 16,174 | 856 | (922 | ) | 16,108 | ||||||||||||||||
3,443,967 | (275,942 | ) | 3,168,025 | 391,414 | (15,042 | ) | 3,544,397 | |||||||||||||||||
Total | $ | 3,628,131 | $ | (275,942 | ) | $ | 3,352,189 | $ | 391,804 | $ | (33,178 | ) | $ | 3,710,815 | ||||||||||
Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member] | ||||||||||||||||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||||||||||||||||||||
HTM securities in a continuous unrealized loss position [Table Text Block] | The following table summarizes our held-to-maturity securities with unrealized losses as of March 31, 2015, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands). | |||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
HFA securities | $ | 14,887 | $ | (113 | ) | $ | 138,813 | $ | (17,562 | ) | $ | 153,700 | $ | (17,675 | ) | |||||||||
MBS | ||||||||||||||||||||||||
GSEs – single-family | 23,080 | (5 | ) | 36,108 | (147 | ) | 59,188 | (152 | ) | |||||||||||||||
Private-label – residential | 71,009 | (1,337 | ) | 510,602 | (44,912 | ) | 581,611 | (46,249 | ) | |||||||||||||||
ABS backed by home equity loans | 206 | (3 | ) | 14,214 | (1,173 | ) | 14,420 | (1,176 | ) | |||||||||||||||
94,295 | (1,345 | ) | 560,924 | (46,232 | ) | 655,219 | (47,577 | ) | ||||||||||||||||
Total | $ | 109,182 | $ | (1,458 | ) | $ | 699,737 | $ | (63,794 | ) | $ | 808,919 | $ | (65,252 | ) | |||||||||
The following table summarizes our held-to-maturity securities with unrealized losses as of December 31, 2014, which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands). | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
HFA securities | $ | 14,850 | $ | (150 | ) | $ | 139,544 | $ | (17,986 | ) | $ | 154,394 | $ | (18,136 | ) | |||||||||
MBS | ||||||||||||||||||||||||
U.S. government guaranteed – multifamily | 9,282 | (6 | ) | — | — | 9,282 | (6 | ) | ||||||||||||||||
GSEs – single-family | — | — | 38,121 | (157 | ) | 38,121 | (157 | ) | ||||||||||||||||
Private-label – residential | 80,439 | (1,028 | ) | 544,369 | (45,104 | ) | 624,808 | (46,132 | ) | |||||||||||||||
ABS backed by home equity loans | 206 | (3 | ) | 14,641 | (1,074 | ) | 14,847 | (1,077 | ) | |||||||||||||||
89,927 | (1,037 | ) | 597,131 | (46,335 | ) | 687,058 | (47,372 | ) | ||||||||||||||||
Total | $ | 104,777 | $ | (1,187 | ) | $ | 736,675 | $ | (64,321 | ) | $ | 841,452 | $ | (65,508 | ) | |||||||||
HTM Securities by contractual maturity [Table Text Block] | The amortized cost and fair value of our held-to-maturity securities by contractual maturity at March 31, 2015, and December 31, 2014, are shown below (dollars in thousands). Expected maturities of some securities and MBS may differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay their obligations with or without call or prepayment fees. | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Year of Maturity | Amortized | Carrying | Fair | Amortized | Carrying | Fair | ||||||||||||||||||
Cost | Value (1) | Value | Cost | Value (1) | Value | |||||||||||||||||||
Due in one year or less | $ | 100 | $ | 100 | $ | 101 | $ | 150 | $ | 150 | $ | 150 | ||||||||||||
Due after one year through five years | 9,009 | 9,009 | 9,383 | 9,369 | 9,369 | 9,751 | ||||||||||||||||||
Due after five years through 10 years | 17,115 | 17,115 | 17,013 | 17,115 | 17,115 | 16,973 | ||||||||||||||||||
Due after 10 years | 156,375 | 156,375 | 138,813 | 157,530 | 157,530 | 139,544 | ||||||||||||||||||
182,599 | 182,599 | 165,310 | 184,164 | 184,164 | 166,418 | |||||||||||||||||||
MBS (2) | 3,217,027 | 2,952,670 | 3,315,410 | 3,443,967 | 3,168,025 | 3,544,397 | ||||||||||||||||||
Total | $ | 3,399,626 | $ | 3,135,269 | $ | 3,480,720 | $ | 3,628,131 | $ | 3,352,189 | $ | 3,710,815 | ||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Carrying value of held-to-maturity securities represents the sum of amortized cost and the amount of noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive loss. | |||||||||||||||||||||||
-2 | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay their obligations with or without call or prepayment fees. |
OtherThanTemporary_Impairment_
Other-Than-Temporary Impairment (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Other-Than-Temporary Impairment Analysis [Abstract] | |||||||||||||||||
Significant Inputs for OTTI [Table Text Block] | For those securities for which an other-than-temporary impairment was determined to have occurred during the quarter ended March 31, 2015, the following table presents a summary of the average projected values over the remaining lives of the securities for the significant inputs used to measure the amount of the credit loss recognized in earnings, as well as related current credit enhancement. Credit enhancement is defined as the percentage of subordinated tranches, over-collateralization, and other credit enhancement, if any, in a security structure that will generally absorb losses before we will experience a credit loss on the security. The calculated averages represent the dollar-weighted averages of all the private-label residential MBS and home equity loan investments in each category shown (dollars in thousands). | ||||||||||||||||
Weighted Average of Significant Inputs | Weighted Average Current | ||||||||||||||||
Private-label MBS by Year of Securitization | Par Value | Projected | Projected | Projected | Credit Enhancement | ||||||||||||
Prepayment Rates | Default Rates | Loss Severities | |||||||||||||||
Alt-A Private-label residential MBS (1) | |||||||||||||||||
2007 | $ | 9,774 | 8.5 | % | 52.6 | % | 43.8 | % | — | % | |||||||
2006 | 11,996 | 5.7 | 39.9 | 39.2 | 5.8 | ||||||||||||
2005 | 23,994 | 7.6 | 26 | 41.2 | 31.3 | ||||||||||||
2004 and prior | 2,648 | 11.9 | 25.5 | 30.3 | 4.2 | ||||||||||||
Total | $ | 48,412 | 7.6 | % | 34.8 | % | 40.6 | % | 17.2 | % | |||||||
_______________________ | |||||||||||||||||
-1 | Securities are classified in the table above based upon the current performance characteristics of the underlying loan pool and therefore the manner in which the loan pool backing the security has been modeled (as prime, Alt-A, or subprime), rather than their classification of the security at the time of issuance. | ||||||||||||||||
Total Securities Other-than-Temporarily Impaired during the Life of the Security [Table Text Block] | The following table sets forth our securities for which other-than-temporary impairment credit losses were recognized during the life of the security through March 31, 2015 (dollars in thousands). Securities are classified in the table below based on their classifications at the time of issuance. | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Other-Than-Temporarily Impaired Investment (1) | Par | Amortized | Carrying | Fair | |||||||||||||
Value | Cost | Value | Value | ||||||||||||||
Private-label residential MBS – Prime | $ | 56,473 | $ | 48,604 | $ | 38,377 | $ | 49,313 | |||||||||
Private-label residential MBS – Alt-A | 1,408,785 | 1,033,489 | 780,109 | 1,072,990 | |||||||||||||
ABS backed by home equity loans – Subprime | 4,153 | 3,715 | 2,965 | 3,741 | |||||||||||||
Total other-than-temporarily impaired securities | $ | 1,469,411 | $ | 1,085,808 | $ | 821,451 | $ | 1,126,044 | |||||||||
_______________________ | |||||||||||||||||
-1 | We have instituted litigation in relation to certain of the private-label MBS in which we invested. Our complaint asserts, among others, claims for untrue or misleading statements in the sale of securities. It is possible that classifications of private-label MBS as provided herein when based on classification at the time of issuance as disclosed by those securities' issuance documents, as well as other statements about the securities, are inaccurate. | ||||||||||||||||
Rollforward of the Amounts Related to Credit Losses Recognized into Earnings [Table Text Block] | The following table presents a roll-forward of the amounts related to credit losses recognized in earnings. The roll-forward is the amount of credit losses on investment securities on which we recognized a portion of other-than-temporary impairment charges into accumulated other comprehensive loss (dollars in thousands). | ||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Balance at beginning of year | $ | 568,653 | $ | 603,786 | |||||||||||||
Additions: | |||||||||||||||||
Additional credit losses for which an other-than-temporary impairment charge was previously recognized(1) | 346 | 458 | |||||||||||||||
Reductions: | |||||||||||||||||
Increase in cash flows expected to be collected which are recognized over the remaining life of the security(2) | (9,274 | ) | (8,684 | ) | |||||||||||||
Balance at end of period | $ | 559,725 | $ | 595,560 | |||||||||||||
_______________________ | |||||||||||||||||
-1 | For the three months ended March 31, 2015 and 2014, additional credit losses for which an other-than-temporary impairment charge was previously recognized relate to securities that were also previously impaired prior to January 1, 2015 and 2014. | ||||||||||||||||
-2 | Represents amounts accreted as interest income during the current period. |
Advances_Tables
Advances (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Advances [Abstract] | ||||||||||||||
Federal Home Loan Bank, Advances [Table Text Block] | The following table details interest-rate-payment types for our outstanding advances (dollars in thousands): | |||||||||||||
Par value of advances | March 31, 2015 | December 31, 2014 | ||||||||||||
Fixed-rate | $ | 24,941,294 | $ | 27,236,551 | ||||||||||
Variable-rate | 6,023,215 | 6,038,163 | ||||||||||||
Total par value | $ | 30,964,509 | $ | 33,274,714 | ||||||||||
The following table sets forth our advances outstanding by the year of contractual maturity or next put date for putable advances (dollars in thousands): | ||||||||||||||
Year of Contractual Maturity or Next Put Date, Par Value | March 31, 2015 | December 31, 2014 | ||||||||||||
Overdrawn demand-deposit accounts | $ | 2,215 | $ | 19,863 | ||||||||||
Due in one year or less | 21,009,842 | 22,737,137 | ||||||||||||
Due after one year through two years | 2,734,797 | 3,767,187 | ||||||||||||
Due after two years through three years | 2,375,589 | 2,155,922 | ||||||||||||
Due after three years through four years | 1,669,692 | 1,931,707 | ||||||||||||
Due after four years through five years | 1,479,382 | 1,036,423 | ||||||||||||
Thereafter | 1,692,992 | 1,626,475 | ||||||||||||
Total par value | $ | 30,964,509 | $ | 33,274,714 | ||||||||||
At March 31, 2015, and December 31, 2014, we had advances outstanding with interest rates ranging from (0.19) percent to 7.96 percent and (0.22) percent to 8.37 percent, respectively, as summarized below (dollars in thousands). Advances with negative interest rates contain embedded interest-rate features that have met the requirements to be separated from the host contract and are recorded as stand-alone derivatives, and which we economically hedge with derivatives containing offsetting interest-rate features. | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Year of Contractual Maturity | Amount | Weighted | Amount | Weighted | ||||||||||
Average | Average | |||||||||||||
Rate | Rate | |||||||||||||
Overdrawn demand-deposit accounts | $ | 2,215 | 0.44 | % | $ | 19,863 | 0.44 | % | ||||||
Due in one year or less | 18,869,617 | 0.46 | 20,561,912 | 0.41 | ||||||||||
Due after one year through two years | 3,400,222 | 2.1 | 4,114,587 | 1.63 | ||||||||||
Due after two years through three years | 3,649,139 | 2.44 | 3,564,747 | 2.68 | ||||||||||
Due after three years through four years | 1,849,942 | 2.16 | 2,299,457 | 2.16 | ||||||||||
Due after four years through five years | 1,500,382 | 1.95 | 1,087,673 | 2.11 | ||||||||||
Thereafter | 1,692,992 | 2.98 | 1,626,475 | 2.98 | ||||||||||
Total par value | 30,964,509 | 1.18 | % | 33,274,714 | 1.11 | % | ||||||||
Premiums | 33,003 | 32,887 | ||||||||||||
Discounts | (18,038 | ) | (18,549 | ) | ||||||||||
Market value of bifurcated derivatives (1) | 2,316 | 1,467 | ||||||||||||
Hedging adjustments | 197,441 | 191,555 | ||||||||||||
Total | $ | 31,179,231 | $ | 33,482,074 | ||||||||||
_________________________ | ||||||||||||||
-1 | At March 31, 2015, and December 31, 2014, we had certain advances with embedded features that met the requirements to be separated from the host contract and designated as a stand-alone derivative. | |||||||||||||
Schedule of Prepayment Fees on Advances [Table Text Block] | For the three months ended March 31, 2015 and 2014, net advance prepayment fees recognized in income are reflected in the following table (dollars in thousands): | |||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Prepayment fees received from borrowers | $ | 3,617 | $ | 6,695 | ||||||||||
Less: hedging fair-value adjustments on prepaid advances | (2,731 | ) | (193 | ) | ||||||||||
Less: net premiums associated with prepaid advances | — | (3,928 | ) | |||||||||||
Less: deferred recognition of prepayment fees received from borrowers on advance prepayments deemed to be loan modifications | (246 | ) | (80 | ) | ||||||||||
Prepayment fees recognized in income on advance restructurings deemed to be extinguishments | 3,102 | — | ||||||||||||
Net prepayment fees recognized in income | $ | 3,742 | $ | 2,494 | ||||||||||
Mortgage_Loans_Held_for_Portfo1
Mortgage Loans Held for Portfolio (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||
Mortgage Loans Held for Portfolio [Table Text Block] | The following table details the par value of mortgage loans held for portfolio (dollars in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Conventional mortgage loans | $ | 3,052,486 | $ | 2,997,669 | ||||
Government mortgage loans | 422,557 | 425,663 | ||||||
Total par value | $ | 3,475,043 | $ | 3,423,332 | ||||
The following table presents certain characteristics of these investments (dollars in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Real estate | ||||||||
Fixed-rate 15-year single-family mortgages | $ | 580,702 | $ | 570,663 | ||||
Fixed-rate 20- and 30-year single-family mortgages | 2,894,341 | 2,852,669 | ||||||
Premiums | 63,770 | 62,554 | ||||||
Discounts | (2,609 | ) | (2,761 | ) | ||||
Deferred derivative gains, net | 2,987 | 2,835 | ||||||
Total mortgage loans held for portfolio | 3,539,191 | 3,485,960 | ||||||
Less: allowance for credit losses | (1,350 | ) | (2,012 | ) | ||||
Total mortgage loans, net of allowance for credit losses | $ | 3,537,841 | $ | 3,483,948 | ||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | |||||||||||||||||||||||||
Recorded Investment in Delinquent Mortgage Loans [Table Text Block] | The tables below set forth certain key credit quality indicators for our investments in mortgage loans at March 31, 2015, and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Recorded Investment in Conventional Mortgage Loans | Recorded Investment in Government Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days delinquent | $ | 32,182 | $ | 17,944 | $ | 50,126 | |||||||||||||||||||
Past due 60-89 days delinquent | 10,569 | 4,742 | 15,311 | ||||||||||||||||||||||
Past due 90 days or more delinquent | 30,051 | 6,208 | 36,259 | ||||||||||||||||||||||
Total past due | 72,802 | 28,894 | 101,696 | ||||||||||||||||||||||
Total current loans | 3,049,977 | 405,528 | 3,455,505 | ||||||||||||||||||||||
Total mortgage loans | $ | 3,122,779 | $ | 434,422 | $ | 3,557,201 | |||||||||||||||||||
Other delinquency statistics | |||||||||||||||||||||||||
In process of foreclosure, included above (1) | $ | 13,277 | $ | 1,909 | $ | 15,186 | |||||||||||||||||||
Serious delinquency rate (2) | 0.99 | % | 1.43 | % | 1.05 | % | |||||||||||||||||||
Past due 90 days or more still accruing interest | $ | — | $ | 6,208 | $ | 6,208 | |||||||||||||||||||
Loans on nonaccrual status (3) | $ | 30,960 | $ | — | $ | 30,960 | |||||||||||||||||||
_______________________ | |||||||||||||||||||||||||
-1 | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu of foreclosure has been reported. | ||||||||||||||||||||||||
-2 | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the recorded investment in the total loan portfolio class. | ||||||||||||||||||||||||
-3 | Includes conventional mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest as well as loans modified within the previous six months under our temporary loan modification plan. | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment in Conventional Mortgage Loans | Recorded Investment in Government Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days delinquent | $ | 32,068 | $ | 19,811 | $ | 51,879 | |||||||||||||||||||
Past due 60-89 days delinquent | 9,834 | 4,591 | 14,425 | ||||||||||||||||||||||
Past due 90 days or more delinquent | 37,927 | 7,467 | 45,394 | ||||||||||||||||||||||
Total past due | 79,829 | 31,869 | 111,698 | ||||||||||||||||||||||
Total current loans | 2,986,749 | 405,808 | 3,392,557 | ||||||||||||||||||||||
Total mortgage loans | $ | 3,066,578 | $ | 437,677 | $ | 3,504,255 | |||||||||||||||||||
Other delinquency statistics | |||||||||||||||||||||||||
In process of foreclosure, included above (1) | $ | 13,709 | $ | 2,786 | $ | 16,495 | |||||||||||||||||||
Serious delinquency rate (2) | 1.27 | % | 1.71 | % | 1.32 | % | |||||||||||||||||||
Past due 90 days or more still accruing interest | $ | — | $ | 7,467 | $ | 7,467 | |||||||||||||||||||
Loans on nonaccrual status (3) | $ | 38,832 | $ | — | $ | 38,832 | |||||||||||||||||||
_______________________ | |||||||||||||||||||||||||
-1 | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu of foreclosure has been reported. | ||||||||||||||||||||||||
-2 | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the recorded investment in the total loan portfolio class. | ||||||||||||||||||||||||
-3 | Includes conventional mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest as well as loans modified within the previous six months under our temporary loan modification plan. | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans, Recorded Investment [Table Text Block] | The following tables present the recorded investment, par value, and any related allowance for impaired loans individually assessed for impairment at March 31, 2015, and December 31, 2014, and the average recorded investment and interest income recognized on these loans during the quarters ended March 31, 2015 and 2014 (dollars in thousands). | ||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||
Recorded Investment | Par Value | Related Allowance | Recorded Investment | Par Value | Related Allowance | ||||||||||||||||||||
Individually evaluated impaired mortgage loans with no related allowance | $ | 32,297 | $ | 32,265 | $ | — | $ | 6,679 | $ | 6,654 | $ | — | |||||||||||||
Individually evaluated impaired mortgage loans with a related allowance | — | — | — | 3,097 | 3,073 | 544 | |||||||||||||||||||
Total individually evaluated impaired mortgage loans | $ | 32,297 | $ | 32,265 | $ | — | $ | 9,776 | $ | 9,727 | $ | 544 | |||||||||||||
Individually Evaluated Impaired Loans, Average Recorded Investment and Interest Income Recognized [Table Text Block] | |||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Individually evaluated impaired mortgage loans with no related allowance | $ | 26,557 | $ | 120 | $ | 3,670 | $ | 48 | |||||||||||||||||
Individually evaluated impaired mortgage loans with a related allowance | — | — | 2,975 | 11 | |||||||||||||||||||||
Total individually evaluated impaired mortgage loans | $ | 26,557 | $ | 120 | $ | 6,645 | $ | 59 | |||||||||||||||||
Rollforward of Allowance for Credit Losses on Mortgage Loans [Table Text Block] | The following table presents a roll-forward of the allowance for credit losses on conventional mortgage loans for the three months ended March 31, 2015 and 2014, as well as the recorded investment in mortgage loans by impairment methodology at March 31, 2015 and 2014 (dollars in thousands). The recorded investment in a loan is the par amount of the loan, adjusted for accrued interest, unamortized premiums or discounts, deferred derivative gains and losses, and direct write-downs. The recorded investment is net of any valuation allowance. | ||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||
Balance, beginning of year | $ | 2,012 | $ | 2,221 | |||||||||||||||||||||
Charge-offs | (602 | ) | (87 | ) | |||||||||||||||||||||
Reduction of provision for credit losses | (60 | ) | (322 | ) | |||||||||||||||||||||
Balance, end of period | $ | 1,350 | $ | 1,812 | |||||||||||||||||||||
Ending balance, individually evaluated for impairment | $ | — | $ | 644 | |||||||||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 1,350 | $ | 1,168 | |||||||||||||||||||||
Recorded investment, end of year (1) | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 32,297 | $ | 6,083 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 3,090,482 | $ | 2,911,446 | |||||||||||||||||||||
_________________________ | |||||||||||||||||||||||||
-1 | These amounts exclude government mortgage loans because we make no allowance for credit losses based on our investments in government mortgage loans, as discussed above under — Government Mortgage Loans Held for Portfolio. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Fair value of derivative instruments [Table Text Block] | The following table presents the fair value of derivatives, including the effect of netting adjustments and cash collateral as of March 31, 2015, and December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Notional | Derivative | Derivative | Notional | Derivative | Derivative | |||||||||||||||||||
Amount of | Assets | Liabilities | Amount of | Assets | Liabilities | |||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest-rate swaps | $ | 12,939,390 | $ | 35,572 | $ | (571,383 | ) | $ | 12,579,525 | $ | 26,381 | $ | (553,967 | ) | ||||||||||
Forward-start interest-rate swaps | 902,800 | — | (48,805 | ) | 1,096,800 | — | (42,209 | ) | ||||||||||||||||
Total derivatives designated as hedging instruments | 13,842,190 | 35,572 | (620,188 | ) | 13,676,325 | 26,381 | (596,176 | ) | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||
Interest-rate swaps | 444,000 | 13 | (22,030 | ) | 423,000 | 31 | (19,849 | ) | ||||||||||||||||
Interest-rate caps or floors | 300,000 | — | — | 300,000 | — | — | ||||||||||||||||||
Mortgage-delivery commitments (1) | 43,385 | 212 | (6 | ) | 26,927 | 71 | (8 | ) | ||||||||||||||||
Total derivatives not designated as hedging instruments | 787,385 | 225 | (22,036 | ) | 749,927 | 102 | (19,857 | ) | ||||||||||||||||
Total notional amount of derivatives | $ | 14,629,575 | $ | 14,426,252 | ||||||||||||||||||||
Total derivatives before netting and collateral adjustments | 35,797 | (642,224 | ) | 26,483 | (616,033 | ) | ||||||||||||||||||
Netting adjustments and cash collateral including related accrued interest (2) | (11,371 | ) | 71,779 | (11,935 | ) | 57,144 | ||||||||||||||||||
Derivative assets and derivative liabilities | $ | 24,426 | $ | (570,445 | ) | $ | 14,548 | $ | (558,889 | ) | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Mortgage-delivery commitments are classified as derivatives with changes in fair value recorded in other income. | |||||||||||||||||||||||
-2 | Amounts represent the effect of master-netting agreements intended to allow us to settle positive and negative positions with the same counterparty. Cash collateral and related accrued interest posted was $63.0 million and $45.5 million at March 31, 2015, and December 31, 2014, respectively. The change in cash collateral posted is included in the net change in interest-bearing deposits in the statement of cash flows. Cash collateral and related accrued interest received was $2.6 million and $290,000 at March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||
Net (losses) gains on derivatives and hedging activities [Table Text Block] | Net losses on derivatives and hedging activities recorded in other (loss) income for the three months ended March 31, 2015 and 2014 were as follows (dollars in thousands): | |||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest-rate swaps | $ | (628 | ) | $ | 494 | |||||||||||||||||||
Cash flow hedge ineffectiveness | (80 | ) | (135 | ) | ||||||||||||||||||||
Total net (losses) gains related to derivatives designated as hedging instruments | (708 | ) | 359 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||
Interest-rate swaps | (3,078 | ) | (1,836 | ) | ||||||||||||||||||||
Interest-rate caps or floors | — | (17 | ) | |||||||||||||||||||||
Mortgage-delivery commitments | 427 | 111 | ||||||||||||||||||||||
Total net losses related to derivatives not designated as hedging instruments | (2,651 | ) | (1,742 | ) | ||||||||||||||||||||
Net losses on derivatives and hedging activities | $ | (3,359 | ) | $ | (1,383 | ) | ||||||||||||||||||
Gains (losses) by type of hedged item [Table Text Block] | The following tables present, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair-value hedge relationships and the impact of those derivatives on our net interest income for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Gain/(Loss) on | Gain/(Loss) on | Net Fair-Value | Effect of | |||||||||||||||||||||
Derivative | Hedged Item | Hedge | Derivatives on | |||||||||||||||||||||
Ineffectiveness | Net Interest | |||||||||||||||||||||||
Income (1) | ||||||||||||||||||||||||
Hedged Item: | ||||||||||||||||||||||||
Advances | $ | (5,857 | ) | $ | 5,886 | $ | 29 | $ | (31,899 | ) | ||||||||||||||
Investments | (26,999 | ) | 27,326 | 327 | (9,482 | ) | ||||||||||||||||||
COs – bonds | 15,399 | (16,383 | ) | (984 | ) | 15,698 | ||||||||||||||||||
Total | $ | (17,457 | ) | $ | 16,829 | $ | (628 | ) | $ | (25,683 | ) | |||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Gain/(Loss) on | Gain/(Loss) on | Net Fair-Value | Effect of | |||||||||||||||||||||
Derivative | Hedged Item | Hedge | Derivatives on | |||||||||||||||||||||
Ineffectiveness | Net Interest | |||||||||||||||||||||||
Income (1) | ||||||||||||||||||||||||
Hedged Item: | ||||||||||||||||||||||||
Advances | $ | 21,985 | $ | (21,841 | ) | $ | 144 | $ | (33,411 | ) | ||||||||||||||
Investments | (31,560 | ) | 31,791 | 231 | (9,494 | ) | ||||||||||||||||||
Deposits | (390 | ) | 390 | — | 397 | |||||||||||||||||||
COs – bonds | 7,886 | (7,767 | ) | 119 | 10,637 | |||||||||||||||||||
Total | $ | (2,079 | ) | $ | 2,573 | $ | 494 | $ | (31,871 | ) | ||||||||||||||
____________ | ||||||||||||||||||||||||
-1 | The net interest on derivatives in fair-value hedge relationships is presented in the statement of operations as interest income or interest expense of the respective hedged item. | |||||||||||||||||||||||
Effect of Cash Flow Hedge-Related Derivative Instruments [Table Text Block] | The following table presents the losses recognized in accumulated other comprehensive loss, the losses reclassified from accumulated other comprehensive loss into income, and the effect of our hedging activities on our net losses on derivatives and hedging activities in the statement of income for our forward-start interest-rate swaps associated with CO bond hedged items in cash-flow hedge relationships (dollars in thousands). | |||||||||||||||||||||||
Derivatives and Hedged Items in Cash Flow Hedging Relationships | Losses Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | Location of Losses Reclassified from Accumulated Other Comprehensive Loss into Net Income (Effective Portion) | Losses Reclassified from Accumulated Other Comprehensive Loss into Net Income (Effective Portion) | Losses Recognized in Net Losses on Derivatives and Hedging Activities (Ineffective Portion) | ||||||||||||||||||||
Interest-rate swaps - CO bonds | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | $ | (12,143 | ) | Interest expense | $ | (4,892 | ) | $ | (80 | ) | ||||||||||||||
For the Three Months Ended March 31, 2014 | (6,014 | ) | Interest expense | — | (135 | ) | ||||||||||||||||||
Post-haircut value of incremental collateral based on incremental credit rating downgrades [Table Text Block] | The following table sets forth the post-haircut value of incremental collateral that certain bilateral derivatives counterparties could have required us to deliver based on incremental credit rating downgrades at March 31, 2015 (dollars in thousands). | |||||||||||||||||||||||
Post-Haircut Value of Incremental Collateral to be Delivered | ||||||||||||||||||||||||
as of March 31, 2015 | ||||||||||||||||||||||||
Ratings Downgrade (1) | ||||||||||||||||||||||||
From | To | Incremental Collateral(2) | ||||||||||||||||||||||
AA+ | AA or AA- | $ | 34,469 | |||||||||||||||||||||
AA- | A+, A or A- | 47,472 | ||||||||||||||||||||||
A- | below A- | 47,691 | ||||||||||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Ratings are expressed in this table according to S&P's conventions but include the equivalent of such rating by Moody's. If there is a split rating, the lower rating is used. | |||||||||||||||||||||||
-2 | Additional collateral of $8.6 million could be called by counterparties as of March 31, 2015, at our current credit rating of AA+ (based on the lower of our credit ratings from S&P and Moody's) and is not included in the table. | |||||||||||||||||||||||
Fair value of derivative instruments with and without the legal right of offset [Table Text Block] | The following table presents separately the fair value of derivatives meeting or not meeting netting requirements, with and without the legal right of offset, including the related collateral received from or pledged to counterparties, based on the terms of our master netting arrangements or similar agreements as of March 31, 2015, and December 31, 2014 (dollars in thousands). | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||
Derivatives meeting netting requirements | ||||||||||||||||||||||||
Gross recognized amount | ||||||||||||||||||||||||
Bilateral derivatives | $ | 19,482 | $ | (585,698 | ) | $ | 20,083 | $ | (578,073 | ) | ||||||||||||||
Cleared derivatives | 16,103 | (56,520 | ) | 6,329 | (37,952 | ) | ||||||||||||||||||
Total gross recognized amount | 35,585 | (642,218 | ) | 26,412 | (616,025 | ) | ||||||||||||||||||
Gross amounts of netting adjustments and cash collateral | ||||||||||||||||||||||||
Bilateral derivatives | (17,809 | ) | 15,259 | (19,481 | ) | 19,191 | ||||||||||||||||||
Cleared derivatives | 6,438 | 56,520 | 7,546 | 37,953 | ||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | (11,371 | ) | 71,779 | (11,935 | ) | 57,144 | ||||||||||||||||||
Net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||
Bilateral derivatives | 1,673 | (570,439 | ) | 602 | (558,882 | ) | ||||||||||||||||||
Cleared derivatives | 22,541 | — | 13,875 | 1 | ||||||||||||||||||||
Total net amounts after netting adjustments and cash collateral | 24,214 | (570,439 | ) | 14,477 | (558,881 | ) | ||||||||||||||||||
Derivatives not meeting netting requirements | ||||||||||||||||||||||||
Mortgage delivery commitments | 212 | (6 | ) | 71 | (8 | ) | ||||||||||||||||||
Total derivative assets and total derivative liabilities | ||||||||||||||||||||||||
Bilateral derivatives | 1,673 | (570,439 | ) | 602 | (558,882 | ) | ||||||||||||||||||
Cleared derivatives | 22,541 | — | 13,875 | 1 | ||||||||||||||||||||
Mortgage delivery commitments | 212 | (6 | ) | 71 | (8 | ) | ||||||||||||||||||
Total derivative assets and total derivative liabilities presented in the statement of condition | 24,426 | (570,445 | ) | 14,548 | (558,889 | ) | ||||||||||||||||||
Non-cash collateral received or pledged not offset (1) | ||||||||||||||||||||||||
Can be sold or repledged | ||||||||||||||||||||||||
Bilateral derivatives | — | 63,870 | — | 66,056 | ||||||||||||||||||||
Cannot be sold or repledged | ||||||||||||||||||||||||
Bilateral derivatives | — | 399,904 | — | 392,944 | ||||||||||||||||||||
Total non-cash collateral received or pledged, not offset | — | 463,774 | — | 459,000 | ||||||||||||||||||||
Net amount | ||||||||||||||||||||||||
Bilateral derivatives | 1,673 | (106,665 | ) | 602 | (99,882 | ) | ||||||||||||||||||
Cleared derivatives | 22,541 | — | 13,875 | 2 | ||||||||||||||||||||
Mortgage delivery commitments | 212 | (6 | ) | 71 | (8 | ) | ||||||||||||||||||
Total net amount | $ | 24,426 | $ | (106,671 | ) | $ | 14,548 | $ | (99,888 | ) | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Includes non-cash collateral at fair value. Any overcollateralization with a counterparty is not included in the determination of the net amount. At March 31, 2015, and December 31, 2014, we had additional net credit exposure of $2.6 million and $4.0 million, respectively, due to instances where our collateral pledged to a counterparty exceeded our net derivative liability position. |
Deposits_Tables
Deposits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deposits [Abstract] | ||||||||
Interest-bearing and Non-interest-bearing Deposits [Table Text Block] | The following table details interest- and noninterest-bearing deposits (dollars in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Interest-bearing | ||||||||
Demand and overnight | $ | 390,290 | $ | 340,441 | ||||
Other | 3,475 | 5,120 | ||||||
Noninterest-bearing | ||||||||
Other | 35,578 | 23,770 | ||||||
Total deposits | $ | 429,343 | $ | 369,331 | ||||
Consolidated_Obligations_Table
Consolidated Obligations (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
CO Bonds by Year of Contractual Maturity [Table Text Block] | The following table sets forth the outstanding CO bonds for which we were primarily liable at March 31, 2015, and December 31, 2014, by year of contractual maturity (dollars in thousands): | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Year of Contractual Maturity | Amount | Weighted | Amount | Weighted | ||||||||||
Average | Average | |||||||||||||
Rate (1) | Rate (1) | |||||||||||||
Due in one year or less | $ | 7,185,435 | 1.11 | % | $ | 6,675,745 | 1.41 | % | ||||||
Due after one year through two years | 5,418,320 | 1.34 | 5,573,745 | 1.46 | ||||||||||
Due after two years through three years | 4,607,100 | 2.02 | 4,842,570 | 1.91 | ||||||||||
Due after three years through four years | 2,324,455 | 1.78 | 2,392,380 | 1.77 | ||||||||||
Due after four years through five years | 2,499,685 | 1.98 | 2,244,815 | 1.95 | ||||||||||
Thereafter | 3,199,955 | 2.88 | 3,599,085 | 2.79 | ||||||||||
Total par value | 25,234,950 | 1.7 | % | 25,328,340 | 1.79 | % | ||||||||
Premiums | 186,191 | 199,628 | ||||||||||||
Discounts | (17,938 | ) | (19,386 | ) | ||||||||||
Hedging adjustments | 13,576 | (2,808 | ) | |||||||||||
$ | 25,416,779 | $ | 25,505,774 | |||||||||||
_______________________ | ||||||||||||||
-1 | The CO bonds' weighted-average rate excludes concession fees. | |||||||||||||
CO Bonds by Call Feature [Table Text Block] | Our CO bonds outstanding at March 31, 2015, and December 31, 2014, included (dollars in thousands): | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Par value of CO bonds | ||||||||||||||
Noncallable and nonputable | $ | 20,842,950 | $ | 20,853,340 | ||||||||||
Callable | 4,392,000 | 4,475,000 | ||||||||||||
Total par value | $ | 25,234,950 | $ | 25,328,340 | ||||||||||
CO Bonds by Year of Contractual Maturity or Next Call Date [Table Text Block] | The following is a summary of the CO bonds for which we were primarily liable at March 31, 2015, and December 31, 2014, by year of contractual maturity or next call date for callable CO bonds (dollars in thousands): | |||||||||||||
Year of Contractual Maturity or Next Call Date | March 31, 2015 | December 31, 2014 | ||||||||||||
Due in one year or less | $ | 11,127,435 | $ | 10,805,745 | ||||||||||
Due after one year through two years | 4,578,320 | 4,928,745 | ||||||||||||
Due after two years through three years | 4,122,100 | 4,252,570 | ||||||||||||
Due after three years through four years | 2,079,455 | 2,027,380 | ||||||||||||
Due after four years through five years | 1,829,685 | 1,619,815 | ||||||||||||
Thereafter | 1,497,955 | 1,694,085 | ||||||||||||
Total par value | $ | 25,234,950 | $ | 25,328,340 | ||||||||||
CO Bonds by Interest-rate-payment Type [Table Text Block] | The following table sets forth the CO bonds for which we were primarily liable by interest-rate-payment type at March 31, 2015, and December 31, 2014 (dollars in thousands): | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Par value of CO bonds | ||||||||||||||
Fixed-rate | $ | 22,092,950 | $ | 22,513,340 | ||||||||||
Simple variable-rate | 2,370,000 | 1,970,000 | ||||||||||||
Step-up | 772,000 | 845,000 | ||||||||||||
Total par value | $ | 25,234,950 | $ | 25,328,340 | ||||||||||
CO Discount Notes [Table Text Block] | Outstanding CO discount notes for which we were primarily liable, all of which are due within one year, were as follows (dollars in thousands): | |||||||||||||
Book Value | Par Value | Weighted Average | ||||||||||||
Rate (1) | ||||||||||||||
31-Mar-15 | $ | 23,451,068 | $ | 23,452,910 | 0.07 | % | ||||||||
31-Dec-14 | $ | 25,309,608 | $ | 25,312,040 | 0.08 | % | ||||||||
_______________________ | ||||||||||||||
-1 | The CO discount notes' weighted-average rate represents a yield to maturity excluding concession fees. |
Affordable_Housing_Program_Tab
Affordable Housing Program (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Affordable Housing Program [Abstract] | ||||||||
Roll-forward of the AHP Liability[Table Text Block] | The following table presents a roll-forward of the AHP liability for the three months ended March 31, 2015, and year ended December 31, 2014 (dollars in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Balance at beginning of year | $ | 66,993 | $ | 62,591 | ||||
AHP expense for the period | 3,767 | 17,623 | ||||||
AHP direct grant disbursements | (4,589 | ) | (12,012 | ) | ||||
AHP subsidy for AHP advance disbursements | (79 | ) | (1,321 | ) | ||||
Return of previously disbursed grants and subsidies | — | 112 | ||||||
Balance at end of period | $ | 66,092 | $ | 66,993 | ||||
Capital_Tables
Capital (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Capital [Abstract] | |||||||||||||||||
Compliance with Regulatory Capital Requirements [Table Text Block] | The following tables demonstrate our compliance with our regulatory capital requirements at March 31, 2015, and December 31, 2014 (dollars in thousands): | ||||||||||||||||
Risk-Based Capital Requirements | March 31, | December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Permanent capital | |||||||||||||||||
Class B capital stock | $ | 2,440,386 | $ | 2,413,114 | |||||||||||||
Mandatorily redeemable capital stock | 57,281 | 298,599 | |||||||||||||||
Retained earnings | 924,745 | 901,658 | |||||||||||||||
Total permanent capital | $ | 3,422,412 | $ | 3,613,371 | |||||||||||||
Risk-based capital requirement | |||||||||||||||||
Credit-risk capital | $ | 416,719 | $ | 414,765 | |||||||||||||
Market-risk capital | 54,166 | 75,560 | |||||||||||||||
Operations-risk capital | 141,265 | 147,097 | |||||||||||||||
Total risk-based capital requirement | $ | 612,150 | $ | 637,422 | |||||||||||||
Permanent capital in excess of risk-based capital requirement | $ | 2,810,262 | $ | 2,975,949 | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Required | Actual | Required | Actual | ||||||||||||||
Capital Ratio | |||||||||||||||||
Risk-based capital | $ | 612,150 | $ | 3,422,412 | $ | 637,422 | $ | 3,613,371 | |||||||||
Total regulatory capital | $ | 2,122,634 | $ | 3,422,412 | $ | 2,204,267 | $ | 3,613,371 | |||||||||
Total capital-to-asset ratio | 4 | % | 6.4 | % | 4 | % | 6.6 | % | |||||||||
Leverage Ratio | |||||||||||||||||
Leverage capital | $ | 2,653,292 | $ | 5,133,618 | $ | 2,755,334 | $ | 5,420,057 | |||||||||
Leverage capital-to-assets ratio | 5 | % | 9.7 | % | 5 | % | 9.8 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
The following table presents a summary of changes in accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||
Net Unrealized Loss on Available-for-sale Securities | Noncredit Portion of Other-than-temporary Impairment Losses on Held-to-maturity Securities | Net Unrealized Loss Relating to Hedging Activities | Pension and Postretirement Benefits | Total Accumulated Other Comprehensive Loss | |||||||||||||||||
Balance, December 31, 2013 | $ | (101,765 | ) | $ | (324,928 | ) | $ | (51,594 | ) | $ | (3,229 | ) | $ | (481,516 | ) | ||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Net unrealized gains (losses) | 4,829 | — | (6,014 | ) | — | (1,185 | ) | ||||||||||||||
Accretion of noncredit loss | — | 12,135 | — | — | 12,135 | ||||||||||||||||
Reclassifications from other comprehensive income to net income | |||||||||||||||||||||
Noncredit other-than-temporary impairment losses reclassified to credit loss (1) | — | 458 | — | — | 458 | ||||||||||||||||
Amortization - hedging activities (2) | — | — | 5 | — | 5 | ||||||||||||||||
Amortization - pension and postretirement benefits (3) | — | — | — | 112 | 112 | ||||||||||||||||
Other comprehensive income (loss) | 4,829 | 12,593 | (6,009 | ) | 112 | 11,525 | |||||||||||||||
Balance, March 31, 2014 | $ | (96,936 | ) | $ | (312,335 | ) | $ | (57,603 | ) | $ | (3,117 | ) | $ | (469,991 | ) | ||||||
Balance, December 31, 2014 | $ | (73,623 | ) | $ | (275,942 | ) | $ | (81,428 | ) | $ | (5,993 | ) | $ | (436,986 | ) | ||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||
Net unrealized gains (losses) | 20,589 | — | (12,143 | ) | — | 8,446 | |||||||||||||||
Accretion of noncredit loss | — | 11,463 | — | — | 11,463 | ||||||||||||||||
Reclassifications from other comprehensive income to net income | |||||||||||||||||||||
Noncredit other-than-temporary impairment losses reclassified to credit loss (1) | — | 122 | — | — | 122 | ||||||||||||||||
Amortization - hedging activities (4) | — | — | 4,896 | — | 4,896 | ||||||||||||||||
Amortization - pension and postretirement benefits (3) | — | — | — | 230 | 230 | ||||||||||||||||
Other comprehensive income (loss) | 20,589 | 11,585 | (7,247 | ) | 230 | 25,157 | |||||||||||||||
Balance, March 31, 2015 | $ | (53,034 | ) | $ | (264,357 | ) | $ | (88,675 | ) | $ | (5,763 | ) | $ | (411,829 | ) | ||||||
_______________________ | |||||||||||||||||||||
-1 | Recorded in net amount of impairment losses reclassified from accumulated other comprehensive loss in the statement of operations. | ||||||||||||||||||||
-2 | Recorded in net losses on derivatives and hedging activities in the statement of operations. | ||||||||||||||||||||
-3 | Recorded in other operating expenses in the statement of operations. | ||||||||||||||||||||
-4 | Amortization of hedging activities includes $4.9 million recorded in CO bond interest expense and $4,000 recorded in net (losses) gains on derivatives and hedging activities in the statement of operations. |
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Employee Retirement Plans [Line Items] | ||||||||||||||||||
Net Periodic Benefit Cost [Table Text Block] | The following table presents the components of net periodic benefit cost for our nonqualified supplemental defined benefit retirement plan and postretirement benefits for the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||
Nonqualified Supplemental Defined Benefit Retirement Plan For the Three Months Ended March 31, | Postretirement Benefits For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||
Service cost | $ | 171 | $ | 125 | $ | 7 | $ | 7 | ||||||||||
Interest cost | 121 | 108 | 7 | 8 | ||||||||||||||
Amortization of net actuarial loss | 229 | 112 | 1 | — | ||||||||||||||
Net periodic benefit cost | $ | 521 | $ | 345 | $ | 15 | $ | 15 | ||||||||||
Pentegra Defined Contribution Plan and Thrift Benefit Equalization Plan [Member] | ||||||||||||||||||
Employee Retirement Plans [Line Items] | ||||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | The following table sets forth our net pension costs under our defined benefit plan and expenses relating to our defined contribution plans (dollars in thousands): | |||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Qualified Defined Benefit Multiemployer Plan - Pentegra Defined Benefit Plan | $ | 103 | $ | 763 | ||||||||||||||
Qualified Defined Contribution Plan - Pentegra Defined Contribution Plan | 248 | 236 | ||||||||||||||||
Nonqualified Defined Contribution Plan - Thrift Benefit Equalization Plan | 110 | 99 | ||||||||||||||||
Fair_Values_Tables
Fair Values (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value of Financial Instruments [Table Text Block] | The carrying values, fair values, and fair-value hierarchy of our financial instruments at March 31, 2015, and December 31, 2014, were as follows (dollars in thousands). These fair values do not represent an estimate of our overall market value as a going concern, which would take into account, among other things, our future business opportunities and the net profitability of our assets and liabilities. | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Carrying | Total Fair Value | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral | |||||||||||||||||||
Value | ||||||||||||||||||||||||
Financial instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 698,422 | $ | 698,422 | $ | 698,422 | $ | — | $ | — | $ | — | ||||||||||||
Interest-bearing deposits | 249 | 249 | 249 | — | — | — | ||||||||||||||||||
Securities purchased under agreements to resell | 6,100,000 | 6,099,941 | — | 6,099,941 | — | — | ||||||||||||||||||
Federal funds sold | 2,355,000 | 2,354,991 | — | 2,354,991 | — | — | ||||||||||||||||||
Trading securities(1) | 243,439 | 243,439 | — | 243,439 | — | — | ||||||||||||||||||
Available-for-sale securities(1) | 5,667,646 | 5,667,646 | — | 5,667,646 | — | — | ||||||||||||||||||
Held-to-maturity securities | 3,135,269 | 3,480,720 | — | 1,979,949 | 1,500,771 | — | ||||||||||||||||||
Advances | 31,179,231 | 31,369,080 | — | 31,369,080 | — | — | ||||||||||||||||||
Mortgage loans, net | 3,537,841 | 3,683,234 | — | 3,657,876 | 25,358 | — | ||||||||||||||||||
Accrued interest receivable | 74,409 | 74,409 | — | 74,409 | — | — | ||||||||||||||||||
Derivative assets(1) | 24,426 | 24,426 | — | 35,797 | (11,371 | ) | ||||||||||||||||||
Other assets (1) | 15,154 | 15,154 | 9,298 | 5,856 | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | (429,343 | ) | (429,343 | ) | — | (429,343 | ) | — | — | |||||||||||||||
COs: | ||||||||||||||||||||||||
Bonds | (25,416,779 | ) | (25,749,019 | ) | — | (25,749,019 | ) | — | — | |||||||||||||||
Discount notes | (23,451,068 | ) | (23,451,568 | ) | — | (23,451,568 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (57,281 | ) | (57,281 | ) | (57,281 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (94,445 | ) | (94,445 | ) | — | (94,445 | ) | — | — | |||||||||||||||
Derivative liabilities(1) | (570,445 | ) | (570,445 | ) | — | (642,224 | ) | — | 71,779 | |||||||||||||||
Other: | ||||||||||||||||||||||||
Commitments to extend credit for advances | — | 1,306 | — | 1,306 | — | — | ||||||||||||||||||
Standby letters of credit | (779 | ) | (779 | ) | — | (779 | ) | — | — | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Carried at fair value on a recurring basis. | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Carrying | Total Fair | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral | |||||||||||||||||||
Value | Value | |||||||||||||||||||||||
Financial instruments | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 1,124,536 | $ | 1,124,536 | $ | 1,124,536 | $ | — | $ | — | $ | — | ||||||||||||
Interest-bearing deposits | 163 | 163 | 163 | — | — | — | ||||||||||||||||||
Securities purchased under agreements to resell | 5,250,000 | 5,249,941 | — | 5,249,941 | — | — | ||||||||||||||||||
Federal funds sold | 2,550,000 | 2,549,982 | — | 2,549,982 | — | — | ||||||||||||||||||
Trading securities(1) | 244,969 | 244,969 | — | 244,969 | — | — | ||||||||||||||||||
Available-for-sale securities(1) | 5,481,978 | 5,481,978 | — | 5,481,978 | — | — | ||||||||||||||||||
Held-to-maturity securities | 3,352,189 | 3,710,815 | — | 2,176,268 | 1,534,547 | — | ||||||||||||||||||
Advances | 33,482,074 | 33,618,345 | — | 33,618,345 | — | — | ||||||||||||||||||
Mortgage loans, net | 3,483,948 | 3,612,078 | — | 3,612,078 | — | — | ||||||||||||||||||
Accrued interest receivable | 77,411 | 77,411 | — | 77,411 | — | — | ||||||||||||||||||
Derivative assets(1) | 14,548 | 14,548 | — | 26,483 | (11,935 | ) | ||||||||||||||||||
Other assets(1) | 11,200 | 11,200 | 5,682 | 5,518 | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | (369,331 | ) | (369,330 | ) | — | (369,330 | ) | — | — | |||||||||||||||
COs: | ||||||||||||||||||||||||
Bonds | (25,505,774 | ) | (25,741,697 | ) | — | (25,741,697 | ) | — | — | |||||||||||||||
Discount notes | (25,309,608 | ) | (25,310,307 | ) | — | (25,310,307 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (298,599 | ) | (298,599 | ) | (298,599 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (91,225 | ) | (91,225 | ) | — | (91,225 | ) | — | — | |||||||||||||||
Derivative liabilities(1) | (558,889 | ) | (558,889 | ) | — | (616,033 | ) | — | 57,144 | |||||||||||||||
Other: | ||||||||||||||||||||||||
Commitments to extend credit for advances | — | 430 | — | 430 | — | — | ||||||||||||||||||
Standby letters of credit | (745 | ) | (745 | ) | — | (745 | ) | — | — | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Carried at fair value on a recurring basis. | |||||||||||||||||||||||
Fair Value Measured on Recurring Basis [Table Text Block] | The following tables present our assets and liabilities that are measured at fair value on the statement of condition, which are recorded on a recurring basis at March 31, 2015, and December 31, 2014, by fair-value hierarchy level (dollars in thousands): | |||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||||||
Adjustment (1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
U.S. government-guaranteed – single-family MBS | $ | — | $ | 11,760 | $ | — | $ | — | $ | 11,760 | ||||||||||||||
GSEs – single-family MBS | — | 2,073 | — | — | 2,073 | |||||||||||||||||||
GSEs – multifamily MBS | — | 229,606 | — | — | 229,606 | |||||||||||||||||||
Total trading securities | — | 243,439 | — | — | 243,439 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Supranational institutions | — | 456,188 | — | — | 456,188 | |||||||||||||||||||
U.S. government-owned corporations | — | 292,251 | — | — | 292,251 | |||||||||||||||||||
GSEs | — | 126,083 | — | — | 126,083 | |||||||||||||||||||
U.S. government guaranteed – single-family MBS | — | 192,619 | — | — | 192,619 | |||||||||||||||||||
U.S. government guaranteed – multifamily MBS | — | 915,516 | — | — | 915,516 | |||||||||||||||||||
GSEs – single-family MBS | — | 3,684,989 | — | — | 3,684,989 | |||||||||||||||||||
Total available-for-sale securities | — | 5,667,646 | — | — | 5,667,646 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate-exchange agreements | — | 35,585 | — | (11,371 | ) | 24,214 | ||||||||||||||||||
Mortgage delivery commitments | — | 212 | — | — | 212 | |||||||||||||||||||
Total derivative assets | — | 35,797 | — | (11,371 | ) | 24,426 | ||||||||||||||||||
Other assets | 9,298 | 5,856 | — | — | 15,154 | |||||||||||||||||||
Total assets at fair value | $ | 9,298 | $ | 5,952,738 | $ | — | $ | (11,371 | ) | $ | 5,950,665 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||
Interest-rate-exchange agreements | $ | — | $ | (642,218 | ) | $ | — | $ | 71,779 | $ | (570,439 | ) | ||||||||||||
Mortgage delivery commitments | — | (6 | ) | — | — | (6 | ) | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | (642,224 | ) | $ | — | $ | 71,779 | $ | (570,445 | ) | ||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | These amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing member and/or counterparty. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||||||
Adjustment (1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
U.S. government-guaranteed – single-family MBS | $ | — | $ | 12,235 | $ | — | $ | — | $ | 12,235 | ||||||||||||||
GSEs – single-family MBS | — | 2,300 | — | — | 2,300 | |||||||||||||||||||
GSEs – multifamily MBS | — | 230,434 | — | — | 230,434 | |||||||||||||||||||
Total trading securities | — | 244,969 | — | — | 244,969 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Supranational institutions | — | 447,685 | — | — | 447,685 | |||||||||||||||||||
U.S. government-owned corporations | — | 284,997 | — | — | 284,997 | |||||||||||||||||||
GSEs | — | 123,453 | — | — | 123,453 | |||||||||||||||||||
U.S. government guaranteed – single-family MBS | — | 206,028 | — | — | 206,028 | |||||||||||||||||||
U.S. government guaranteed – multifamily MBS | — | 871,423 | — | — | 871,423 | |||||||||||||||||||
GSEs – single-family MBS | — | 3,548,392 | — | — | 3,548,392 | |||||||||||||||||||
Total available-for-sale securities | — | 5,481,978 | — | — | 5,481,978 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate-exchange agreements | — | 26,412 | — | (11,935 | ) | 14,477 | ||||||||||||||||||
Mortgage delivery commitments | — | 71 | — | — | 71 | |||||||||||||||||||
Total derivative assets | — | 26,483 | — | (11,935 | ) | 14,548 | ||||||||||||||||||
Other assets | 5,682 | 5,518 | — | — | 11,200 | |||||||||||||||||||
Total assets at fair value | $ | 5,682 | $ | 5,758,948 | $ | — | $ | (11,935 | ) | $ | 5,752,695 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||
Interest-rate-exchange agreements | $ | — | $ | (616,025 | ) | $ | — | $ | 57,144 | $ | (558,881 | ) | ||||||||||||
Mortgage delivery commitments | — | (8 | ) | — | — | (8 | ) | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | (616,033 | ) | $ | — | $ | 57,144 | $ | (558,889 | ) | ||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | These amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing member and/or counterparty. | |||||||||||||||||||||||
Fair Value on a Nonrecurring Basis [Table Text Block] | The following tables present financial assets by level within the fair-value hierarchy which are recorded at fair value on a nonrecurring basis at March 31, 2015, and December 31, 2014 (dollars in thousands). | |||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
Private-label residential MBS | $ | — | $ | — | $ | 11,861 | $ | 11,861 | ||||||||||||||||
Mortgage loans held for portfolio | — | — | 346 | 346 | ||||||||||||||||||||
Total assets recorded at fair value on a nonrecurring basis | $ | — | $ | — | $ | 12,207 | $ | 12,207 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
Private-label residential MBS | $ | — | $ | — | $ | 23,259 | $ | 23,259 | ||||||||||||||||
REO | — | — | 843 | 843 | ||||||||||||||||||||
Total assets recorded at fair value on a nonrecurring basis | $ | — | $ | — | $ | 24,102 | $ | 24,102 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Off-Balance Sheet Commitments [Table Text Block] | The following table sets forth our off-balance-sheet commitments as of March 31, 2015, and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Expire within one year | Expire after one year | Total | Expire within one year | Expire after one year | Total | ||||||||||||||||||||
Standby letters of credit outstanding (1) | $ | 3,840,184 | $ | 65,032 | $ | 3,905,216 | $ | 4,065,555 | $ | 125,381 | $ | 4,190,936 | |||||||||||||
Commitments for unused lines of credit - advances (2) | 1,274,831 | — | 1,274,831 | 1,255,445 | — | 1,255,445 | |||||||||||||||||||
Commitments to make additional advances | 452,369 | 51,846 | 504,215 | 592,430 | 63,185 | 655,615 | |||||||||||||||||||
Commitments to invest in mortgage loans | 43,385 | — | 43,385 | 26,927 | — | 26,927 | |||||||||||||||||||
Unsettled CO bonds, at par (3) | 64,510 | — | 64,510 | 15,000 | — | 15,000 | |||||||||||||||||||
Unsettled CO discount notes, at par | — | — | — | 500,000 | — | 500,000 | |||||||||||||||||||
__________________________ | |||||||||||||||||||||||||
-1 | The amount of standby letters of credit outstanding excludes commitments to issue standby letters of credit that expire within one year. At March 31, 2015, and December 31, 2014, these amounts totaled $261.1 million and $26.2 million, respectively. Also excluded are commitments to issue standby letters of credit that expire after one year totaling $6.5 million at March 31, 2015. | ||||||||||||||||||||||||
-2 | Commitments for unused line-of-credit advances are generally for periods of up to 12 months. Since many of these commitments are not expected to be drawn upon, the total commitment amount does not necessarily indicate future liquidity requirements. | ||||||||||||||||||||||||
-3 | We had $64.5 million and $15.0 million in unsettled CO bonds that were hedged with associated interest-rate swaps at March 31, 2015, and December 31, 2014, respectively. |
Transactions_with_Shareholders1
Transactions with Shareholders (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Transactions with Shareholders [Abstract] | |||||||||||||||||||||
Schedule of Transactions with Shareholders [Table Text Block] | The following tables present transactions with shareholders whose holdings of capital stock exceed 10 percent or more of total capital stock outstanding at March 31, 2015, and December 31, 2014 (dollars in thousands): | ||||||||||||||||||||
Capital Stock | Percent | Par | Percent of Total Par Value | Total Accrued | Percent of Total | ||||||||||||||||
Outstanding | of Total | Value of | of Advances | Interest | Accrued Interest | ||||||||||||||||
Advances | Receivable | Receivable on | |||||||||||||||||||
Advances | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Citizens Bank, N.A. | $ | 317,502 | 12.7 | % | $ | 5,766,698 | 18.6 | % | $ | 481 | 1.4 | % | |||||||||
As of December 31, 2014 | |||||||||||||||||||||
Citizens Bank, N.A. | $ | 317,502 | 11.7 | % | $ | 5,768,096 | 17.3 | % | $ | 283 | 1 | % | |||||||||
Schedule of Transactions with Shareholders, Interest and Fee Income [Table Text Block] | We recognized interest income on outstanding advances and fees on letters of credit from Citizens Bank, N.A. during the three months ended March 31, 2015 and 2014 as follows (dollars in thousands): | ||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||
Citizens Bank, N.A. | 2015 | 2014 | |||||||||||||||||||
Interest income on advances | $ | 3,716 | $ | 2,158 | |||||||||||||||||
Fees on letters of credit | 989 | 790 | |||||||||||||||||||
Schedule of Transactions with Shareholders, Transactions with Directors' Financial Institutions [Table Text Block] | The following table presents the outstanding balances of capital stock, advances, and accrued interest receivable with members whose officers or directors serve on our board of directors, and those balances as a percentage of our total balance as reported on our statement of condition (dollars in thousands): | ||||||||||||||||||||
Capital Stock | Percent | Par | Percent of Total Par Value | Total Accrued | Percent of Total | ||||||||||||||||
Outstanding | of Total | Value of | of Advances | Interest | Accrued Interest | ||||||||||||||||
Advances | Receivable | Receivable on | |||||||||||||||||||
Advances | |||||||||||||||||||||
As of March 31, 2015 | $ | 86,607 | 3.5 | % | $ | 1,056,785 | 3.4 | % | $ | 1,260 | 3.8 | % | |||||||||
As of December 31, 2014 | 79,386 | 2.9 | 918,127 | 2.8 | 1,227 | 4.2 | |||||||||||||||
Trading_Securities_Details
Trading Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $243,439 | $244,969 |
U.S. government-guaranteed - single-family MBS [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 11,760 | 12,235 |
GSEs - single-family [Member] | U.S. Government Sponsored Enterprises - MBS [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 2,073 | 2,300 |
GSEs - multifamily [Member] | U.S. Government Sponsored Enterprises - MBS [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $229,606 | $230,434 |
Trading_Securities_Net_Unreali
Trading Securities - Net Unrealized (Losses) Gains (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Trading Securities [Abstract] | ||
Net unrealized gains on trading securities | $1,281 | $754 |
AvailableforSale_Securities_Ma
Available-for-Sale Securities Major Security Types (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $5,720,680 | [1] | $5,555,601 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 34,199 | 15,321 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -87,233 | -88,944 | ||
Fair Value | 5,667,646 | 5,481,978 | ||
Supranational institutions [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 481,217 | [1] | 472,440 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -25,029 | -24,755 | ||
Fair Value | 456,188 | 447,685 | ||
U.S. government-owned corporations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 336,172 | [1] | 322,436 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -43,921 | -37,439 | ||
Fair Value | 292,251 | 284,997 | ||
GSEs [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 138,562 | [1] | 133,748 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -12,479 | -10,295 | ||
Fair Value | 126,083 | 123,453 | ||
Other Than Mortgage-backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 955,951 | [1] | 928,624 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -81,429 | -72,489 | ||
Fair Value | 874,522 | 856,135 | ||
U.S. government-guaranteed - single-family MBS [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 193,727 | [1] | 207,090 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 242 | 375 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -1,350 | -1,437 | ||
Fair Value | 192,619 | 206,028 | ||
U.S. government guaranteed - multifamily MBS [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 913,470 | [1] | 874,817 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 2,840 | 204 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -794 | -3,598 | ||
Fair Value | 915,516 | 871,423 | ||
MBS [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 4,764,729 | [1],[2] | 4,626,977 | [1],[2] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 34,199 | 15,321 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -5,804 | -16,455 | ||
Fair Value | 4,793,124 | [2] | 4,625,843 | [2] |
GSEs - single-family [Member] | GSEs - MBS [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 3,657,532 | [1] | 3,545,070 | [1] |
Unrealized Gains Amounts Recorded in Accumulated Other Comprehensive Loss | 31,117 | 14,742 | ||
Unrealized Losses Amounts Recorded in Accumulated Other Comprehensive Loss | -3,660 | -11,420 | ||
Fair Value | $3,684,989 | $3,548,392 | ||
[1] | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, collection of cash, and fair-value hedge accounting adjustments. | |||
[2] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay obligations with or without call or prepayment fees. |
AvailableforSale_Securities_Se
Available-for-Sale Securities Securities with Unrealized Losses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $204,037 | $1,063,513 |
Less than 12 Months, Unrealized Losses | -429 | -4,385 |
12 Months or More, Fair Value | 1,671,894 | 1,949,721 |
12 Months or More, Unrealized Losses | -86,804 | -84,559 |
Total Fair Value | 1,875,931 | 3,013,234 |
Total Unrealized Losses | -87,233 | -88,944 |
Supranational institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 456,188 | 447,685 |
12 Months or More, Unrealized Losses | -25,029 | -24,755 |
Total Fair Value | 456,188 | 447,685 |
Total Unrealized Losses | -25,029 | -24,755 |
U.S. government-owned corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 292,251 | 284,997 |
12 Months or More, Unrealized Losses | -43,921 | -37,439 |
Total Fair Value | 292,251 | 284,997 |
Total Unrealized Losses | -43,921 | -37,439 |
GSEs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 126,083 | 123,453 |
12 Months or More, Unrealized Losses | -12,479 | -10,295 |
Total Fair Value | 126,083 | 123,453 |
Total Unrealized Losses | -12,479 | -10,295 |
Other Than Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 874,522 | 856,135 |
12 Months or More, Unrealized Losses | -81,429 | -72,489 |
Total Fair Value | 874,522 | 856,135 |
Total Unrealized Losses | -81,429 | -72,489 |
U.S. government-guaranteed - single-family MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 143,223 | 154,665 |
12 Months or More, Unrealized Losses | -1,350 | -1,437 |
Total Fair Value | 143,223 | 154,665 |
Total Unrealized Losses | -1,350 | -1,437 |
U.S. government guaranteed - multifamily MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 59,169 | 610,470 |
Less than 12 Months, Unrealized Losses | -165 | -3,497 |
12 Months or More, Fair Value | 214,661 | 23,567 |
12 Months or More, Unrealized Losses | -629 | -101 |
Total Fair Value | 273,830 | 634,037 |
Total Unrealized Losses | -794 | -3,598 |
MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 204,037 | 1,063,513 |
Less than 12 Months, Unrealized Losses | -429 | -4,385 |
12 Months or More, Fair Value | 797,372 | 1,093,586 |
12 Months or More, Unrealized Losses | -5,375 | -12,070 |
Total Fair Value | 1,001,409 | 2,157,099 |
Total Unrealized Losses | -5,804 | -16,455 |
GSEs - single-family [Member] | GSEs - MBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 144,868 | 453,043 |
Less than 12 Months, Unrealized Losses | -264 | -888 |
12 Months or More, Fair Value | 439,488 | 915,354 |
12 Months or More, Unrealized Losses | -3,396 | -10,532 |
Total Fair Value | 584,356 | 1,368,397 |
Total Unrealized Losses | ($3,660) | ($11,420) |
AvailableforSale_Securities_Re
Available-for-Sale Securities Redemption Terms (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $5,720,680 | [1] | $5,555,601 | [1] |
Fair Value | 5,667,646 | 5,481,978 | ||
Other Than Mortgage-backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Due in one year or less, amortized cost | 0 | 0 | ||
Due in one year or less, fair value | 0 | 0 | ||
Due after one year through five years, amortized cost | 0 | 0 | ||
Due after one year through five years, fair value | 0 | 0 | ||
Due after five years through 10 years, amortized cost | 0 | 0 | ||
Due after five years through 10 years, fair value | 0 | 0 | ||
Due after 10 years, amortized cost | 955,951 | 928,624 | ||
Due after 10 years, fair value | 874,522 | 856,135 | ||
Amortized Cost | 955,951 | [1] | 928,624 | [1] |
Fair Value | 874,522 | 856,135 | ||
MBS [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 4,764,729 | [1],[2] | 4,626,977 | [1],[2] |
Fair Value | $4,793,124 | [2] | $4,625,843 | [2] |
[1] | Amortized cost of available-for-sale securities includes adjustments made to the cost basis of an investment for accretion, amortization, collection of cash, and fair-value hedge accounting adjustments. | |||
[2] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay obligations with or without call or prepayment fees. |
HeldtoMaturity_Securities_Majo
Held-to-Maturity Securities Major Security Types (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $3,399,626 | $3,628,131 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | -264,357 | -275,942 | ||
Carrying Value | 3,135,269 | [1],[2] | 3,352,189 | [1],[2] |
Gross Unrecognized Holding Gains | 377,758 | 391,804 | ||
Gross Unrecognized Holding Losses | -32,307 | -33,178 | ||
Fair Value | 3,480,720 | 3,710,815 | ||
U.S. agency obligations [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 5,416 | 5,777 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 5,416 | 5,777 | ||
Gross Unrecognized Holding Gains | 337 | 360 | ||
Gross Unrecognized Holding Losses | 0 | 0 | ||
Fair Value | 5,753 | 6,137 | ||
HFA securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 177,183 | 178,387 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 177,183 | 178,387 | ||
Gross Unrecognized Holding Gains | 49 | 30 | ||
Gross Unrecognized Holding Losses | -17,675 | -18,136 | ||
Fair Value | 159,557 | 160,281 | ||
Other Than Mortgage-backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 182,599 | 184,164 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 182,599 | [1] | 184,164 | [1] |
Gross Unrecognized Holding Gains | 386 | 390 | ||
Gross Unrecognized Holding Losses | -17,675 | -18,136 | ||
Fair Value | 165,310 | 166,418 | ||
U.S. government-guaranteed - single-family MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 19,111 | 20,399 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 19,111 | 20,399 | ||
Gross Unrecognized Holding Gains | 435 | 487 | ||
Gross Unrecognized Holding Losses | 0 | 0 | ||
Fair Value | 19,546 | 20,886 | ||
U.S. government guaranteed - multifamily MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 66,821 | 115,712 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 66,821 | 115,712 | ||
Gross Unrecognized Holding Gains | 201 | 298 | ||
Gross Unrecognized Holding Losses | 0 | -6 | ||
Fair Value | 67,022 | 116,004 | ||
ABS backed by home equity loans [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 16,618 | 16,958 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | -750 | -784 | ||
Carrying Value | 15,868 | 16,174 | ||
Gross Unrecognized Holding Gains | 776 | 856 | ||
Gross Unrecognized Holding Losses | -997 | -922 | ||
Fair Value | 15,647 | 16,108 | ||
MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 3,217,027 | [3] | 3,443,967 | [3] |
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | -264,357 | -275,942 | ||
Carrying Value | 2,952,670 | [1],[3] | 3,168,025 | [1],[3] |
Gross Unrecognized Holding Gains | 377,372 | 391,414 | ||
Gross Unrecognized Holding Losses | -14,632 | -15,042 | ||
Fair Value | 3,315,410 | [3] | 3,544,397 | [3] |
GSEs - single-family [Member] | U.S. Government Sponsored Enterprises - MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 1,342,436 | 1,420,801 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 1,342,436 | 1,420,801 | ||
Gross Unrecognized Holding Gains | 42,060 | 40,518 | ||
Gross Unrecognized Holding Losses | -152 | -157 | ||
Fair Value | 1,384,344 | 1,461,162 | ||
GSEs - multifamily [Member] | U.S. Government Sponsored Enterprises - MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 473,295 | 542,130 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | 0 | 0 | ||
Carrying Value | 473,295 | 542,130 | ||
Gross Unrecognized Holding Gains | 29,989 | 29,949 | ||
Gross Unrecognized Holding Losses | 0 | 0 | ||
Fair Value | 503,284 | 572,079 | ||
Residential Mortgage Backed Securities [Member] | Private-Label - Residential MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 1,298,746 | 1,327,967 | ||
Other Than Temporary Impairment Recognized in Accumulated Other Comprehensive Loss | -263,607 | -275,158 | ||
Carrying Value | 1,035,139 | 1,052,809 | ||
Gross Unrecognized Holding Gains | 303,911 | 319,306 | ||
Gross Unrecognized Holding Losses | -13,483 | -13,957 | ||
Fair Value | $1,325,567 | $1,358,158 | ||
[1] | Carrying value of held-to-maturity securities represents the sum of amortized cost and the amount of noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive loss. | |||
[2] | Fair values of held-to-maturity securities were $3,480,720 and $3,710,815 at March 31, 2015, and December 31, 2014, respectively. | |||
[3] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay their obligations with or without call or prepayment fees. |
HeldtoMaturity_Securities_Fair
Held-to-Maturity Securities Fair Value and Unrealized Losses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | $109,182 | $104,777 |
Less than 12 months, Unrealized Losses | -1,458 | -1,187 |
12 Months or More, Fair Value | 699,737 | 736,675 |
12 Months or More, Unrealized Losses | -63,794 | -64,321 |
Total Fair Value | 808,919 | 841,452 |
Total Unrealized Losses | -65,252 | -65,508 |
HFA securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 14,887 | 14,850 |
Less than 12 months, Unrealized Losses | -113 | -150 |
12 Months or More, Fair Value | 138,813 | 139,544 |
12 Months or More, Unrealized Losses | -17,562 | -17,986 |
Total Fair Value | 153,700 | 154,394 |
Total Unrealized Losses | -17,675 | -18,136 |
U.S. government guaranteed - multifamily MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 9,282 | |
Less than 12 months, Unrealized Losses | -6 | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Fair Value | 9,282 | |
Total Unrealized Losses | -6 | |
ABS backed by home equity loans [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 206 | 206 |
Less than 12 months, Unrealized Losses | -3 | -3 |
12 Months or More, Fair Value | 14,214 | 14,641 |
12 Months or More, Unrealized Losses | -1,173 | -1,074 |
Total Fair Value | 14,420 | 14,847 |
Total Unrealized Losses | -1,176 | -1,077 |
MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 94,295 | 89,927 |
Less than 12 months, Unrealized Losses | -1,345 | -1,037 |
12 Months or More, Fair Value | 560,924 | 597,131 |
12 Months or More, Unrealized Losses | -46,232 | -46,335 |
Total Fair Value | 655,219 | 687,058 |
Total Unrealized Losses | -47,577 | -47,372 |
GSEs - single-family [Member] | GSEs - MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 23,080 | 0 |
Less than 12 months, Unrealized Losses | -5 | 0 |
12 Months or More, Fair Value | 36,108 | 38,121 |
12 Months or More, Unrealized Losses | -147 | -157 |
Total Fair Value | 59,188 | 38,121 |
Total Unrealized Losses | -152 | -157 |
Residential Mortgage Backed Securities [Member] | Private-Label - Residential MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 71,009 | 80,439 |
Less than 12 months, Unrealized Losses | -1,337 | -1,028 |
12 Months or More, Fair Value | 510,602 | 544,369 |
12 Months or More, Unrealized Losses | -44,912 | -45,104 |
Total Fair Value | 581,611 | 624,808 |
Total Unrealized Losses | ($46,249) | ($46,132) |
HeldtoMaturity_Securities_Rede
Held-to-Maturity Securities Redemption Terms (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $3,399,626 | $3,628,131 | ||
Carrying Value | 3,135,269 | [1],[2] | 3,352,189 | [1],[2] |
Fair Value | 3,480,720 | 3,710,815 | ||
Other Than Mortgage-backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Due in one year or less, Amortized Cost | 100 | 150 | ||
Due in one year or less, Carrying Value | 100 | [1] | 150 | [1] |
Due in one year or less, Fair Value | 101 | 150 | ||
Due after one year through five years, Amortized Cost | 9,009 | 9,369 | ||
Due after one year through five years, Carrying Value | 9,009 | [1] | 9,369 | [1] |
Due after one year through five years, Fair Value | 9,383 | 9,751 | ||
Due after five years through 10 years, Amortized Cost | 17,115 | 17,115 | ||
Due after five years through 10 years, Carrying Value | 17,115 | [1] | 17,115 | [1] |
Due after five years through 10 years, Fair Value | 17,013 | 16,973 | ||
Due after 10 years, Amortized Cost | 156,375 | 157,530 | ||
Due after 10 years, Carrying Value | 156,375 | [1] | 157,530 | [1] |
Due after 10 years, Fair Value | 138,813 | 139,544 | ||
Amortized Cost | 182,599 | 184,164 | ||
Carrying Value | 182,599 | [1] | 184,164 | [1] |
Fair Value | 165,310 | 166,418 | ||
MBS [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 3,217,027 | [3] | 3,443,967 | [3] |
Carrying Value | 2,952,670 | [1],[3] | 3,168,025 | [1],[3] |
Fair Value | $3,315,410 | [3] | $3,544,397 | [3] |
[1] | Carrying value of held-to-maturity securities represents the sum of amortized cost and the amount of noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive loss. | |||
[2] | Fair values of held-to-maturity securities were $3,480,720 and $3,710,815 at March 31, 2015, and December 31, 2014, respectively. | |||
[3] | MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities because borrowers of the underlying loans may have the right to call or prepay their obligations with or without call or prepayment fees. |
OtherThanTemporary_Impairment_1
Other-Than-Temporary Impairment Projected Home Prices Recoveries (Details) | Mar. 31, 2015 |
Other than Temporary Impairment, Disclosure [Line Items] | |
OTTI Governance Committee projected housing price decline rate over 12-month period | 3.00% |
OTTI Governance Committee projected housing price increase rate over 12-month period | 8.00% |
Minimum [Member] | |
Other than Temporary Impairment, Disclosure [Line Items] | |
Projected short-term house price change - increase rate for majority of markets | 1.00% |
Maximum [Member] | |
Other than Temporary Impairment, Disclosure [Line Items] | |
Projected short-term house price change - increase rate for majority of markets | 5.00% |
OtherThanTemporary_Impairment_2
Other-Than-Temporary Impairment Significant Inputs (Details) (Alt-A [Member], Private-Label Residential MBS[Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | |
Other than Temporary Impairment, Disclosure [Line Items] | ||
Par Value | $48,412 | [1] |
Project Prepayment Rates - Weighted Average Percent | 7.60% | [1] |
Projected Default Rates, Weighted Average Percent | 34.80% | [1] |
Projected Loss Severities, Weighted Average Percent | 40.60% | [1] |
Current Credit Enhancement, Weighted Average Percent | 17.20% | [1] |
Securitization in 2007 [Member] | ||
Other than Temporary Impairment, Disclosure [Line Items] | ||
Par Value | 9,774 | [1] |
Project Prepayment Rates - Weighted Average Percent | 8.50% | [1] |
Projected Default Rates, Weighted Average Percent | 52.60% | [1] |
Projected Loss Severities, Weighted Average Percent | 43.80% | [1] |
Current Credit Enhancement, Weighted Average Percent | 0.00% | [1] |
Securitization in 2006 [Member] | ||
Other than Temporary Impairment, Disclosure [Line Items] | ||
Par Value | 11,996 | [1] |
Project Prepayment Rates - Weighted Average Percent | 5.70% | [1] |
Projected Default Rates, Weighted Average Percent | 39.90% | [1] |
Projected Loss Severities, Weighted Average Percent | 39.20% | [1] |
Current Credit Enhancement, Weighted Average Percent | 5.80% | [1] |
Securitization in 2005 [Member] | ||
Other than Temporary Impairment, Disclosure [Line Items] | ||
Par Value | 23,994 | [1] |
Project Prepayment Rates - Weighted Average Percent | 7.60% | [1] |
Projected Default Rates, Weighted Average Percent | 26.00% | [1] |
Projected Loss Severities, Weighted Average Percent | 41.20% | [1] |
Current Credit Enhancement, Weighted Average Percent | 31.30% | [1] |
Securitization in 2004 and prior [Member] | ||
Other than Temporary Impairment, Disclosure [Line Items] | ||
Par Value | $2,648 | [1] |
Project Prepayment Rates - Weighted Average Percent | 11.90% | [1] |
Projected Default Rates, Weighted Average Percent | 25.50% | [1] |
Projected Loss Severities, Weighted Average Percent | 30.30% | [1] |
Current Credit Enhancement, Weighted Average Percent | 4.20% | [1] |
[1] | Securities are classified in the table above based upon the current performance characteristics of the underlying loan pool and therefore the manner in which the loan pool backing the security has been modeled (as prime, Alt-A, or subprime), rather than their classification of the security at the time of issuance. |
OtherThanTemporary_Impairment_3
Other-Than-Temporary Impairment OTTI Credit Losses Recognized During Life of Security (Details) (USD $) | Mar. 31, 2015 | |
In Thousands, unless otherwise specified | ||
Other-than-temporary Impairment Credit Losses Recognized During the Life of the Security [Abstract] | ||
Par Value | $1,469,411 | [1] |
Amortized Cost | 1,085,808 | [1] |
Carrying Value | 821,451 | [1] |
Fair Value | 1,126,044 | [1] |
Private-Label Residential MBS[Member] | Prime [Member] | ||
Other-than-temporary Impairment Credit Losses Recognized During the Life of the Security [Abstract] | ||
Par Value | 56,473 | [1] |
Amortized Cost | 48,604 | [1] |
Carrying Value | 38,377 | [1] |
Fair Value | 49,313 | [1] |
Private-Label Residential MBS[Member] | Alt-A [Member] | ||
Other-than-temporary Impairment Credit Losses Recognized During the Life of the Security [Abstract] | ||
Par Value | 1,408,785 | [1] |
Amortized Cost | 1,033,489 | [1] |
Carrying Value | 780,109 | [1] |
Fair Value | 1,072,990 | [1] |
ABS Backed by Home Equity Loans [Member] | Subprime [Member] | ||
Other-than-temporary Impairment Credit Losses Recognized During the Life of the Security [Abstract] | ||
Par Value | 4,153 | [1] |
Amortized Cost | 3,715 | [1] |
Carrying Value | 2,965 | [1] |
Fair Value | $3,741 | [1] |
[1] | We have instituted litigation in relation to certain of the private-label MBS in which we invested. Our complaint asserts, among others, claims for untrue or misleading statements in the sale of securities. It is possible that classifications of private-label MBS as provided herein when based on classification at the time of issuance as disclosed by those securities' issuance documents, as well as other statements about the securities, are inaccurate. |
OtherThanTemporary_Impairment_4
Other-Than-Temporary Impairment Roll-forward of Amounts Related to Credit Losses Recognized in Earnings (Details) (Held-to-maturity Securities [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Held-to-maturity Securities [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance at beginning of year | $568,653 | $603,786 | ||
Additional credit losses for which an other-than-temporary impairment charge was previously recognized | 346 | [1] | 458 | [1] |
Increase in cash flows expected to be collected which are recognized over the remaining life of the security | -9,274 | [2] | -8,684 | [2] |
Balance at end of year | $559,725 | $595,560 | ||
[1] | For the three months ended March 31, 2015 and 2014, additional credit losses for which an other-than-temporary impairment charge was previously recognized relate to securities that were also previously impaired prior to January 1, 2015 and 2014. | |||
[2] | Represents amounts accreted as interest income during the current period. |
Advances_Year_of_Contractual_M
Advances - Year of Contractual Maturity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||||
Overdrawn demand-deposit accounts | $2,215 | $19,863 | ||
Due in one year or less | 18,869,617 | 20,561,912 | ||
Due after one year through two years | 3,400,222 | 4,114,587 | ||
Due after two years through three years | 3,649,139 | 3,564,747 | ||
Due after three years through four years | 1,849,942 | 2,299,457 | ||
Due after four years through five years | 1,500,382 | 1,087,673 | ||
Thereafter | 1,692,992 | 1,626,475 | ||
Total par value | 30,964,509 | 33,274,714 | ||
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Rolling Year [Abstract] | ||||
Overdrawn demand-deposit accounts, Weighted average rate | 0.44% | 0.44% | ||
Due in one year or less, Weighted average rate | 0.46% | 0.41% | ||
Due after one year through two years, Weighted average rate | 2.10% | 1.63% | ||
Due after two years through three years, Weighted average rate | 2.44% | 2.68% | ||
Due after three years through four years, Weighted average rate | 2.16% | 2.16% | ||
Due after four years through five years, Weighted average rate | 1.95% | 2.11% | ||
Thereafter, Weighted average rate | 2.98% | 2.98% | ||
Total Weighted average rate | 1.18% | 1.11% | ||
Premiums | 33,003 | 32,887 | ||
Discounts | -18,038 | -18,549 | ||
Market value of bifurcated derivatives | 2,316 | [1] | 1,467 | [1] |
Hedging adjustments | 197,441 | 191,555 | ||
Total | $31,179,231 | $33,482,074 | ||
[1] | At March 31, 2015, and December 31, 2014, we had certain advances with embedded features that met the requirements to be separated from the host contract and designated as a stand-alone derivative. |
Advances_Outstanding_by_the_Ea
Advances - Outstanding by the Earlier of Contractual Maturity or Next Put Date (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, Rolling Year, Par Value [Abstract] | ||
Overdrawn demand-deposit accounts | $2,215 | $19,863 |
Due in one year or less | 21,009,842 | 22,737,137 |
Due after one year through two years | 2,734,797 | 3,767,187 |
Due after two years through three years | 2,375,589 | 2,155,922 |
Due after three years through four years | 1,669,692 | 1,931,707 |
Due after four years through five years | 1,479,382 | 1,036,423 |
Thereafter | 1,692,992 | 1,626,475 |
Total par value | $30,964,509 | $33,274,714 |
Advances_InterestRatePayment_T
Advances - Interest-Rate-Payment Terms (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Fixed Rate [Abstract] | ||
Fixed-rate | $24,941,294 | $27,236,551 |
Federal Home Loan Bank, Advances, Floating Rate [Abstract] | ||
Variable-rate | 6,023,215 | 6,038,163 |
Total par value | $30,964,509 | $33,274,714 |
Advances_Narratives_Details
Advances - Narratives (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Borrowers | Borrowers | |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Outstanding, Greater than one billion dollars per borrower, Amount | $9,300,000,000 | $10,700,000,000 |
Total par value | 30,964,509,000 | 33,274,714,000 |
Credit Risk Exposure and Security Terms [Abstract] | ||
Minimum amount of advances outstanding per borrower disclosed herein | 1,000,000,000 | |
Federal Home Loan Bank, Advances, Outstanding, Greater than one billion dollars per borrower, Number of borrowers | 3 | 3 |
Total outstanding advances greater than $1.0 billion per borrower as a percentage of advances outstanding | 29.90% | 32.00% |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest rates of advances outstanding | -0.19% | -0.22% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest rates of advances outstanding | 7.96% | 8.37% |
Putable advances outstanding [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Total par value | 2,200,000,000 | 2,300,000,000 |
Callable advances outstanding [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Total par value | $30,000,000 | $30,000,000 |
Advances_Prepayment_Fees_Detai
Advances - Prepayment Fees (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Federal Home Loan Bank, Advances, Prepayment Fees [Abstract] | ||
Prepayment fees received from borrowers | $3,617 | $6,695 |
Less: hedging fair-value adjustments on prepaid advances | -2,731 | -193 |
Less: net premiums associated with prepaid advances | 0 | -3,928 |
Less: deferred recognition of prepayment fees received from borrowers on advance prepayments deemed to be loan modifications | -246 | -80 |
Prepayment fees recognized in income on advance restructurings deemed to be extinguishments | 3,102 | 0 |
Net prepayment fees recognized in income | $3,742 | $2,494 |
Mortgage_Loans_Held_for_Portfo2
Mortgage Loans Held for Portfolio (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ||||
Par Value | $3,475,043 | $3,423,332 | ||
Premiums | 63,770 | 62,554 | ||
Discounts | -2,609 | -2,761 | ||
Deferred derivative gains, net | 2,987 | 2,835 | ||
Total mortgage loans held for portfolio | 3,539,191 | 3,485,960 | ||
Allowance for credit losses | -1,350 | -2,012 | -1,812 | -2,221 |
Total mortgage loans, net of allowance for credit losses | 3,537,841 | 3,483,948 | ||
Fixed-rate 15-year single-family mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Original contractual terms | 15 years | |||
Par Value | 580,702 | 570,663 | ||
Fixed-rate 20- and 30-year single-family mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Par Value | 2,894,341 | 2,852,669 | ||
Conventional mortgage loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Par Value | 3,052,486 | 2,997,669 | ||
Government mortgage loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Par Value | $422,557 | $425,663 | ||
Minimum [Member] | Fixed-rate 20- and 30-year single-family mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Original contractual terms | 20 years | |||
Maximum [Member] | Fixed-rate 20- and 30-year single-family mortgages | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Original contractual terms | 30 years |
Allowance_for_credit_losses_Cr
Allowance for credit losses - Credit Quality Indicators (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Mortgage Loans Past Due [Line Items] | ||||
Past due 30-59 days delinquent | $50,126 | $51,879 | ||
Past due 60-89 days delinquent | 15,311 | 14,425 | ||
Past due 90 days or more delinquent | 36,259 | 45,394 | ||
Total past due | 101,696 | 111,698 | ||
Total current loans | 3,455,505 | 3,392,557 | ||
Total mortgage loans | 3,557,201 | 3,504,255 | ||
In process of foreclosure, included above | 15,186 | [1] | 16,495 | [1] |
Serious delinquency rate | 1.05% | [2] | 1.32% | [2] |
Past due 90 days or more still accruing interest | 6,208 | 7,467 | ||
Loans on nonaccrual status | 30,960 | [3] | 38,832 | [3] |
Number of days past due, loans at serious delinquent status | 90 days | |||
Recorded Investment in Conventional Mortgage Loans [Member] | ||||
Mortgage Loans Past Due [Line Items] | ||||
Past due 30-59 days delinquent | 32,182 | 32,068 | ||
Past due 60-89 days delinquent | 10,569 | 9,834 | ||
Past due 90 days or more delinquent | 30,051 | 37,927 | ||
Total past due | 72,802 | 79,829 | ||
Total current loans | 3,049,977 | 2,986,749 | ||
Total mortgage loans | 3,122,779 | 3,066,578 | ||
In process of foreclosure, included above | 13,277 | [1] | 13,709 | [1] |
Serious delinquency rate | 0.99% | [2] | 1.27% | [2] |
Past due 90 days or more still accruing interest | 0 | 0 | ||
Loans on nonaccrual status | 30,960 | [3] | 38,832 | [3] |
Recorded Investment in Government Mortgage Loans [Member] | ||||
Mortgage Loans Past Due [Line Items] | ||||
Past due 30-59 days delinquent | 17,944 | 19,811 | ||
Past due 60-89 days delinquent | 4,742 | 4,591 | ||
Past due 90 days or more delinquent | 6,208 | 7,467 | ||
Total past due | 28,894 | 31,869 | ||
Total current loans | 405,528 | 405,808 | ||
Total mortgage loans | 434,422 | 437,677 | ||
In process of foreclosure, included above | 1,909 | [1] | 2,786 | [1] |
Serious delinquency rate | 1.43% | [2] | 1.71% | [2] |
Past due 90 days or more still accruing interest | 6,208 | 7,467 | ||
Loans on nonaccrual status | $0 | [3] | $0 | [3] |
[1] | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu of foreclosure has been reported. | |||
[2] | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the recorded investment in the total loan portfolio class. | |||
[3] | Includes conventional mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest as well as loans modified within the previous six months under our temporary loan modification plan. |
Allowance_for_credit_losses_In
Allowance for credit losses - Individually Evaluated Impaired Loans (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allowance for Credit Losses [Abstract] | |||
Individually evaluated impaired mortgage loans with no related allowance - Recorded Investment | $32,297 | $6,679 | |
Individually evaluated impaired mortgage loans with no related allowance - Par Value | 32,265 | 6,654 | |
Individually evaluated impaired mortgage loans with related allowance - Recorded Investment | 0 | 3,097 | |
Individually evaluated impaired mortgage loans with related allowance - Par Value | 0 | 3,073 | |
Individually evaluated impaired mortgage loans - Related Allowance | 0 | 544 | |
Total individually evaluated impaired mortgage loans - Recorded Investment | 32,297 | 9,776 | |
Total individually evaluated impaired mortgage loans, Par Value | 32,265 | 9,727 | |
Individually evaluated impaired mortgage loans with no related allowance - Average Recorded Investment | 26,557 | 3,670 | |
Individually evaluated impaired mortgage loans with no related allowance - Interest Income recognized | 120 | 48 | |
Individually evaluated impaired mortgage loans with related allowance, Average Recorded Investment | 0 | 2,975 | |
Individually evaluated impaired mortgage loans with related allowance, Interest Income recognized | 0 | 11 | |
Total individually evaluated impaired mortgage loans - Average Recorded Investment | 26,557 | 6,645 | |
Total individually evaluated impaired mortgage loans - Interest Income recognized | $120 | $59 |
Allowance_for_credit_losses_Al
Allowance for credit losses - Allowance Rollforward (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of year | $2,012 | $2,221 | ||
Charge-offs | -602 | -87 | ||
Reduction of provision for credit losses | -60 | -322 | ||
Balance, end of year | 1,350 | 1,812 | ||
Ending balance, individually evaluated for impairment | 0 | 644 | ||
Ending balance, collectively evaluated for impairment | 1,350 | 1,168 | ||
Individually evaluated for impairment | 32,297 | [1] | 6,083 | [1] |
Collectively evaluated for impairment | $3,090,482 | [1] | $2,911,446 | [1] |
[1] | These amounts exclude government mortgage loans because we make no allowance for credit losses based on our investments in government mortgage loans, as discussed above under — Government Mortgage Loans Held for Portfolio. |
Allowance_for_credit_losses_Na
Allowance for credit losses - Narratives (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Allowance for Credit Losses [Abstract] | |||
REO | $5,100,000 | $4,300,000 | |
Carrying amount of REO sold | 1,600,000 | 2,200,000 | |
Net gains (losses) on sale of REO assets | $276,000 | ($157,000) |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities Derivatives in Statement of Condition (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | $14,629,575,000 | $14,426,252,000 | ||
Derivative Asset, before netting and collateral adjustments | 35,797,000 | 26,483,000 | ||
Derivative Liabilities, before netting and collateral adjustments | -642,224,000 | -616,033,000 | ||
Derivative assets, netting adjustments and cash collateral including related accrued interest | -11,371,000 | [1] | -11,935,000 | [1] |
Derivative liabilities, netting adjustments and cash collateral including related accrued interest | 71,779,000 | [1] | 57,144,000 | [1] |
Derivative assets | 24,426,000 | 14,548,000 | ||
Derivative liabilities | -570,445,000 | -558,889,000 | ||
Derivatives designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 13,842,190,000 | 13,676,325,000 | ||
Derivative Asset, before netting and collateral adjustments | 35,572,000 | 26,381,000 | ||
Derivative Liabilities, before netting and collateral adjustments | -620,188,000 | -596,176,000 | ||
Derivatives not designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 787,385,000 | 749,927,000 | ||
Derivative Asset, before netting and collateral adjustments | 225,000 | 102,000 | ||
Derivative Liabilities, before netting and collateral adjustments | -22,036,000 | -19,857,000 | ||
Interest-rate swaps [Member] | Derivatives designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 12,939,390,000 | 12,579,525,000 | ||
Derivative Asset, before netting and collateral adjustments | 35,572,000 | 26,381,000 | ||
Derivative Liabilities, before netting and collateral adjustments | -571,383,000 | -553,967,000 | ||
Interest-rate swaps [Member] | Derivatives not designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 444,000,000 | 423,000,000 | ||
Derivative Asset, before netting and collateral adjustments | 13,000 | 31,000 | ||
Derivative Liabilities, before netting and collateral adjustments | -22,030,000 | -19,849,000 | ||
Forward-start interest-rate swaps | Derivatives designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 902,800,000 | 1,096,800,000 | ||
Derivative Asset, before netting and collateral adjustments | 0 | 0 | ||
Derivative Liabilities, before netting and collateral adjustments | -48,805,000 | -42,209,000 | ||
Interest-rate caps or floors [Member] | Derivatives not designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 300,000,000 | 300,000,000 | ||
Derivative Asset, before netting and collateral adjustments | 0 | 0 | ||
Derivative Liabilities, before netting and collateral adjustments | 0 | 0 | ||
Mortgage-delivery commitment [Member] | Mortgages [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | 212,000 | 71,000 | ||
Derivative liabilities | -6,000 | -8,000 | ||
Mortgage-delivery commitment [Member] | Derivatives not designated as hedging instruments [Member] | Mortgages [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount of Derivatives | 43,385,000 | [2] | 26,927,000 | [2] |
Derivative Asset, before netting and collateral adjustments | 212,000 | [2] | 71,000 | [2] |
Derivative Liabilities, before netting and collateral adjustments | -6,000 | [2] | -8,000 | [2] |
Cleared derivatives [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, netting adjustments and cash collateral including related accrued interest | 6,438,000 | 7,546,000 | ||
Derivative liabilities, netting adjustments and cash collateral including related accrued interest | 56,520,000 | 37,953,000 | ||
Derivative assets | 22,541,000 | 13,875,000 | ||
Derivative liabilities | 0 | 1,000 | ||
Cash collateral and related accrued interest posted | 63,000,000 | 45,500,000 | ||
Bilateral derivatives [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, netting adjustments and cash collateral including related accrued interest | -17,809,000 | -19,481,000 | ||
Derivative liabilities, netting adjustments and cash collateral including related accrued interest | 15,259,000 | 19,191,000 | ||
Derivative assets | 1,673,000 | 602,000 | ||
Derivative liabilities | -570,439,000 | -558,882,000 | ||
Cash collateral and related accrued interest received | $2,550,000 | $290,000 | ||
[1] | Amounts represent the effect of master-netting agreements intended to allow us to settle positive and negative positions with the same counterparty. Cash collateral and related accrued interest posted was $63.0 million and $45.5 million at March 31, 2015, and December 31, 2014, respectively. The change in cash collateral posted is included in the net change in interest-bearing deposits in the statement of cash flows. Cash collateral and related accrued interest received was $2.6 million and $290,000 at March 31, 2015, and December 31, 2014, respectively. | |||
[2] | Mortgage-delivery commitments are classified as derivatives with changes in fair value recorded in other income. |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities Derivatives in Statement of Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives and hedged items in fair-value hedging relationships | ($628) | $494 |
Cash flow hedge ineffectiveness | -80 | -135 |
Total net (losses) gains related to derivatives designated as hedging | -708 | 359 |
Total net losses related to derivatives not designated as hedging instruments | -2,651 | -1,742 |
Net losses on derivatives and hedging activities | -3,359 | -1,383 |
Interest-rate swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives and hedged items in fair-value hedging relationships | -628 | 494 |
Total net losses related to derivatives not designated as hedging instruments | -3,078 | -1,836 |
Interest-rate caps or floors [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net losses related to derivatives not designated as hedging instruments | 0 | -17 |
Mortgages [Member] | Mortgage-delivery commitment [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net losses related to derivatives not designated as hedging instruments | $427 | $111 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities Derivatives in Statement of Income and Impact on Net Interest Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivative | ($17,457) | ($2,079) | ||
Gain/(Loss) on Hedged Item | 16,829 | 2,573 | ||
Net Fair-Value Hedge Ineffectiveness | -628 | 494 | ||
Effect of Derivative on Net Interest Income | -25,683 | [1] | -31,871 | [1] |
Advances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivative | -5,857 | 21,985 | ||
Gain/(Loss) on Hedged Item | 5,886 | -21,841 | ||
Net Fair-Value Hedge Ineffectiveness | 29 | 144 | ||
Effect of Derivative on Net Interest Income | -31,899 | [1] | -33,411 | [1] |
Investments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivative | -26,999 | -31,560 | ||
Gain/(Loss) on Hedged Item | 27,326 | 31,791 | ||
Net Fair-Value Hedge Ineffectiveness | 327 | 231 | ||
Effect of Derivative on Net Interest Income | -9,482 | [1] | -9,494 | [1] |
Deposits [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivative | -390 | |||
Gain/(Loss) on Hedged Item | 390 | |||
Net Fair-Value Hedge Ineffectiveness | 0 | |||
Effect of Derivative on Net Interest Income | 397 | [1] | ||
COs - bonds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivative | 15,399 | 7,886 | ||
Gain/(Loss) on Hedged Item | -16,383 | -7,767 | ||
Net Fair-Value Hedge Ineffectiveness | -984 | 119 | ||
Effect of Derivative on Net Interest Income | $15,698 | [1] | $10,637 | [1] |
[1] | The net interest on derivatives in fair-value hedge relationships is presented in the statement of operations as interest income or interest expense of the respective hedged item. |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities Cash Flow Hedge Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Losses Recognized in Net Losses on Derivatives and Hedging Activities (Ineffective Portion) | ($80) | ($135) |
COs - bonds [Member] | Interest-rate swaps [Member] | ||
Derivative [Line Items] | ||
Losses Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | -12,143 | -6,014 |
Losses Reclassified from Accumulated Other Comprehensive Loss into Net Income (Effective Portion) | -4,892 | 0 |
Losses Recognized in Net Losses on Derivatives and Hedging Activities (Ineffective Portion) | ($80) | ($135) |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities Narratives (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | ||
Derivative [Line Items] | ||
Maximum length of time which we are hedging our exposure to the variability in future cash flows for forecasted transactions | 9 years | |
Deferred net losses on derivative accumulated in other comprehensive loss expected to be reclassified to earnings during the next twelve months | $20,400,000 | |
Aggregate fair value of all billateral derivative instruments with credit-risk-related contingent features that were in a net liability position | 570,400,000 | |
Post-haircut value of collateral already posted | 443,100,000 | |
Rating Downgrade from AA+ to AA or AA - [Member] | ||
Derivative [Line Items] | ||
Additional collateral | 34,469,000 | [1],[2] |
Rating Downgrade From AA- to A+, A or A -[Member] | ||
Derivative [Line Items] | ||
Additional collateral | 47,472,000 | [1],[2] |
Rating Downgrade From A- to below A- [Member] | ||
Derivative [Line Items] | ||
Additional collateral | 47,691,000 | [1],[2] |
AA+ Rating [Member] | ||
Derivative [Line Items] | ||
Additional collateral | $8,600,000 | |
[1] | Ratings are expressed in this table according to S&P's conventions but include the equivalent of such rating by Moody's. If there is a split rating, the lower rating is used. | |
[2] | Additional collateral of $8.6 million could be called by counterparties as of March 31, 2015, at our current credit rating of AA+ (based on the lower of our credit ratings from S&P and Moody's) and is not included in the table. |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activities Fair Value of Derivative Instruments With or Without Legal Rights of Offset (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | ||||
Derivative Assets, gross recognized amount | $35,585,000 | $26,412,000 | ||
Derivative Liabilities gross recognized amount | -642,218,000 | -616,025,000 | ||
Derivative assets, gross amounts of netting adjustments and cash collateral | -11,371,000 | [1] | -11,935,000 | [1] |
Derivative liabilities, gross amounts of netting adjustments and cash collateral | 71,779,000 | [1] | 57,144,000 | [1] |
Derivative Assets, net amounts after netting adjustments and cash collateral | 24,214,000 | 14,477,000 | ||
Derivative Liabilities, net amounts after netting adjustments and cash collateral | -570,439,000 | -558,881,000 | ||
Derivative assets | 24,426,000 | 14,548,000 | ||
Derivative liabilities | -570,445,000 | -558,889,000 | ||
Derivative Asset, Fair value, amount offset against collateral | 24,426,000 | 14,548,000 | ||
Derivative Liability, Fair value, amount offset against collateral | -106,671,000 | -99,888,000 | ||
Derivative Liabilities, additional net exposure, collateral pledged to counterparties in excess of net liabilities | 2,600,000 | 4,000,000 | ||
Bilateral derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Assets, gross recognized amount | 19,482,000 | 20,083,000 | ||
Derivative Liabilities gross recognized amount | -585,698,000 | -578,073,000 | ||
Derivative assets, gross amounts of netting adjustments and cash collateral | -17,809,000 | -19,481,000 | ||
Derivative liabilities, gross amounts of netting adjustments and cash collateral | 15,259,000 | 19,191,000 | ||
Derivative Assets, net amounts after netting adjustments and cash collateral | 1,673,000 | 602,000 | ||
Derivative Liabilities, net amounts after netting adjustments and cash collateral | -570,439,000 | -558,882,000 | ||
Derivative assets | 1,673,000 | 602,000 | ||
Derivative liabilities | -570,439,000 | -558,882,000 | ||
Derivative Assets, fair value of securities pledged as collateral that can be sold or repledged | 0 | [2] | 0 | [2] |
Derivative Liabilities, fair value of securities pledged as collateral that can be sold or repledged | 63,870,000 | [2] | 66,056,000 | [2] |
Derivative Assets, fair value of securities pledged as collateral that cannot be sold or repledged | 0 | [2] | 0 | [2] |
Derivative Liabilities, fair value of securities pledged as collateral that cannot be sold or repledged | 399,904,000 | [2] | 392,944,000 | [2] |
Derivative Assets, Total non-cash collateral received or pledged, not offset | 0 | [2] | 0 | [2] |
Derivative Liabilities, Total non-cash collateral received or pledged, not offset | 463,774,000 | [2] | 459,000,000 | [2] |
Derivative Asset, Fair value, amount offset against collateral | 1,673,000 | 602,000 | ||
Derivative Liability, Fair value, amount offset against collateral | -106,665,000 | -99,882,000 | ||
Cleared derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Assets, gross recognized amount | 16,103,000 | 6,329,000 | ||
Derivative Liabilities gross recognized amount | -56,520,000 | -37,952,000 | ||
Derivative assets, gross amounts of netting adjustments and cash collateral | 6,438,000 | 7,546,000 | ||
Derivative liabilities, gross amounts of netting adjustments and cash collateral | 56,520,000 | 37,953,000 | ||
Derivative Assets, net amounts after netting adjustments and cash collateral | 22,541,000 | 13,875,000 | ||
Derivative Liabilities, net amounts after netting adjustments and cash collateral | 0 | 1,000 | ||
Derivative assets | 22,541,000 | 13,875,000 | ||
Derivative liabilities | 0 | 1,000 | ||
Derivative Asset, Fair value, amount offset against collateral | 22,541,000 | 13,875,000 | ||
Derivative Liability, Fair value, amount offset against collateral | 0 | 2,000 | ||
Mortgages [Member] | Mortgage-delivery commitment [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Mortgage delivery commitments | 212,000 | 71,000 | ||
Derivative Liabilities, Mortgage delivery commitments | -6,000 | -8,000 | ||
Derivative assets | 212,000 | 71,000 | ||
Derivative liabilities | -6,000 | -8,000 | ||
Derivative Asset, Fair value, amount offset against collateral | 212,000 | 71,000 | ||
Derivative Liability, Fair value, amount offset against collateral | ($6,000) | ($8,000) | ||
[1] | Amounts represent the effect of master-netting agreements intended to allow us to settle positive and negative positions with the same counterparty. Cash collateral and related accrued interest posted was $63.0 million and $45.5 million at March 31, 2015, and December 31, 2014, respectively. The change in cash collateral posted is included in the net change in interest-bearing deposits in the statement of cash flows. Cash collateral and related accrued interest received was $2.6 million and $290,000 at March 31, 2015, and December 31, 2014, respectively. | |||
[2] | Includes non-cash collateral at fair value. Any overcollateralization with a counterparty is not included in the determination of the net amount. At March 31, 2015, and December 31, 2014, we had additional net credit exposure of $2.6 million and $4.0 million, respectively, due to instances where our collateral pledged to a counterparty exceeded our net derivative liability position. |
Deposits_Narratives_Details
Deposits Narratives (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Interest-bearing deposit demand and overnight | $390,290 | $340,441 |
Interest-bearing deposit other | 3,475 | 5,120 |
Noninterest-bearing deposits other | 35,578 | 23,770 |
Total deposits | $429,343 | $369,331 |
Consolidated_Obligations_Detai
Consolidated Obligations (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
CO Bonds [Abstract] | ||||
Total | $25,416,779 | $25,505,774 | ||
COs – Discount Notes [Abstract] | ||||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | 23,451,068 | 25,309,608 | ||
COs - Discount notes [Member] | ||||
COs – Discount Notes [Abstract] | ||||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | 23,451,068 | 25,309,608 | ||
Par Value | 23,452,910 | 25,312,040 | ||
Weighted Average Rate | 0.07% | [1] | 0.08% | [1] |
COs - Bonds [Member] | ||||
CO Bonds [Abstract] | ||||
Due in one year or less | 7,185,435 | 6,675,745 | ||
Due in one year or less, Weighted average rate | 1.11% | [2] | 1.41% | [2] |
Due after one year through two years | 5,418,320 | 5,573,745 | ||
Due after one year through two years, Weighted average rate | 1.34% | [2] | 1.46% | [2] |
Due after two years through three years | 4,607,100 | 4,842,570 | ||
Due after two years through three years, Weighted average rate | 2.02% | [2] | 1.91% | [2] |
Due after three years through four years | 2,324,455 | 2,392,380 | ||
Due after three years through four years, Weighted average rate | 1.78% | [2] | 1.77% | [2] |
Due after four years through five years | 2,499,685 | 2,244,815 | ||
Due after four years through five years, Weighted average rate | 1.98% | [2] | 1.95% | [2] |
Thereafter | 3,199,955 | 3,599,085 | ||
Thereafter, Weighted average rate | 2.88% | [2] | 2.79% | [2] |
Par Value | 25,234,950 | 25,328,340 | ||
Total, Weighted average rate | 1.70% | [2] | 1.79% | [2] |
Premiums | 186,191 | 199,628 | ||
Discounts | -17,938 | -19,386 | ||
Hedging adjustments | 13,576 | -2,808 | ||
Total | 25,416,779 | 25,505,774 | ||
COs - Bonds [Member] | Fixed Interest Rate [Member] | ||||
CO Bonds [Abstract] | ||||
Par Value | 22,092,950 | 22,513,340 | ||
COs - Bonds [Member] | Simple variable-rate [Member] | ||||
CO Bonds [Abstract] | ||||
Par Value | 2,370,000 | 1,970,000 | ||
COs - Bonds [Member] | Step-up [Member] | ||||
CO Bonds [Abstract] | ||||
Par Value | 772,000 | 845,000 | ||
COs - Bonds [Member] | Earlier of Contractual Maturity or Next Call Date [Member] | ||||
CO Bonds [Abstract] | ||||
Due in one year or less | 11,127,435 | 10,805,745 | ||
Due after one year through two years | 4,578,320 | 4,928,745 | ||
Due after two years through three years | 4,122,100 | 4,252,570 | ||
Due after three years through four years | 2,079,455 | 2,027,380 | ||
Due after four years through five years | 1,829,685 | 1,619,815 | ||
Thereafter | 1,497,955 | 1,694,085 | ||
COs - Bonds [Member] | Noncallable and nonputable [Member] | ||||
CO Bonds [Abstract] | ||||
Par Value | 20,842,950 | 20,853,340 | ||
COs - Bonds [Member] | Callable [Member] | ||||
CO Bonds [Abstract] | ||||
Par Value | $4,392,000 | $4,475,000 | ||
[1] | The CO discount notes' weighted-average rate represents a yield to maturity excluding concession fees. | |||
[2] | The CO bonds' weighted-average rate excludes concession fees. |
Affordable_Housing_Program_Nar
Affordable Housing Program Narratives (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Affordable Housing Program [Roll Forward] | |||
Balance at beginning of year | $66,993 | $62,591 | $62,591 |
AHP expense for the period | 3,767 | 4,406 | 17,623 |
AHP direct grant disbursements | -4,589 | -1,318 | -12,012 |
AHP subsidy for AHP advance disbursements | -79 | -1,321 | |
Return of previously disbursed grants and subsidies | 0 | 112 | |
Balance at end of period | $66,092 | $66,993 |
Capital_Requirements_Details
Capital Requirements (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Capital [Abstract] | ||
Capital-to-asset ratio, Required | 4.00% | 4.00% |
Leverage capital-to-assets ratio, Required | 5.00% | 5.00% |
Leverage capital-to-assets ratio, Actual | 9.70% | 9.80% |
Multiplier for determining permanent capital in leverage capital calculation | 1.5 | |
Class B capital stock | $2,440,386 | $2,413,114 |
Mandatorily redeemable capital stock | 57,281 | 298,599 |
Retained earnings | 924,745 | 901,658 |
Total permanent capital | 3,422,412 | 3,613,371 |
Credit-risk capital | 416,719 | 414,765 |
Market-risk capital | 54,166 | 75,560 |
Operations-risk capital | 141,265 | 147,097 |
Risk-based capital, Required | 612,150 | 637,422 |
Excess of risk-based capital requirement | 2,810,262 | 2,975,949 |
Regulatory capital, Required | 2,122,634 | 2,204,267 |
Leverage capital, Required | 2,653,292 | 2,755,334 |
Risk-based capital, Actual | 3,422,412 | 3,613,371 |
Regulatory capital, Actual | 3,422,412 | 3,613,371 |
Capital-to-asset ratio, Actual | 6.40% | 6.60% |
Leverage capital, Actual | $5,133,618 | $5,420,057 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | ($436,986,000) | |||
Accretion of noncredit loss | -11,463,000 | -12,135,000 | ||
Amortization - hedging activities | 4,896,000 | 5,000 | ||
Amortization - pension and postretirement benefits | 230,000 | 112,000 | ||
Total other comprehensive income (loss) | 25,157,000 | 11,525,000 | ||
Ending balance | -411,829,000 | |||
Amortization of hedging activities recorded in interest expense CO bonds | 4,900,000 | |||
Amortization of hedging activities recorded in net (losses) gains on derivatives and hedging activities | 4,000 | |||
Net Unrealized Loss Relating to Hedging Activities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -81,428,000 | -51,594,000 | ||
Net Unrealized gains (losses) | -12,143,000 | -6,014,000 | ||
Amortization - hedging activities | 4,896,000 | [1] | 5,000 | [2] |
Total other comprehensive income (loss) | -7,247,000 | -6,009,000 | ||
Ending balance | -88,675,000 | -57,603,000 | ||
Pension and Postretirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -5,993,000 | -3,229,000 | ||
Amortization - pension and postretirement benefits | 230,000 | [3] | 112,000 | [3] |
Total other comprehensive income (loss) | 230,000 | 112,000 | ||
Ending balance | -5,763,000 | -3,117,000 | ||
Total Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -436,986,000 | -481,516,000 | ||
Net Unrealized gains (losses) | 8,446,000 | -1,185,000 | ||
Accretion of noncredit loss | 11,463,000 | 12,135,000 | ||
Noncredit other-than-temporary impairment losses reclassified to credit loss | 122,000 | [4] | 458,000 | [4] |
Amortization - hedging activities | 4,896,000 | [1] | 5,000 | [2] |
Amortization - pension and postretirement benefits | 230,000 | [3] | 112,000 | [3] |
Total other comprehensive income (loss) | 25,157,000 | 11,525,000 | ||
Ending balance | -411,829,000 | -469,991,000 | ||
Available-for-sale Securities [Member] | Net Unrealized Loss on Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -73,623,000 | -101,765,000 | ||
Net Unrealized gains (losses) | 20,589,000 | 4,829,000 | ||
Total other comprehensive income (loss) | 20,589,000 | 4,829,000 | ||
Ending balance | -53,034,000 | -96,936,000 | ||
Held-to-maturity Securities [Member] | Noncredit Portion of Other-Than-Temporary Impairment Losses on Held-to-Maturity Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -275,942,000 | -324,928,000 | ||
Accretion of noncredit loss | 11,463,000 | 12,135,000 | ||
Noncredit other-than-temporary impairment losses reclassified to credit loss | 122,000 | [4] | 458,000 | [4] |
Total other comprehensive income (loss) | 11,585,000 | 12,593,000 | ||
Ending balance | ($264,357,000) | ($312,335,000) | ||
[1] | Amortization of hedging activities includes $4.9 million recorded in CO bond interest expense and $4,000 recorded in net (losses) gains on derivatives and hedging activities in the statement of operations. | |||
[2] | Recorded in net losses on derivatives and hedging activities in the statement of operations. | |||
[3] | Recorded in other operating expenses in the statement of operations. | |||
[4] | Recorded in net amount of impairment losses reclassified from accumulated other comprehensive loss in the statement of operations. |
Employee_Retirement_Plans_Cost
Employee Retirement Plans - Costs of Retirement Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pentegra Defined Contribution Plan [Member] | ||
Employee Retirement Plans [Line Items] | ||
Pension expense | $248 | $236 |
Thrift Benefit Equalization Plan [Member] | ||
Employee Retirement Plans [Line Items] | ||
Pension expense | 110 | 99 |
Pentegra Defined Benefit Plan [Member] | ||
Employee Retirement Plans [Line Items] | ||
Net pension cost | $103 | $763 |
Employees_Retirement_Plans_Com
Employees Retirement Plans - Components of net periodic benefit cost (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $171 | $125 |
Interest Cost | 121 | 108 |
Amortization of net actuarial loss | 229 | 112 |
Net periodic benefit cost | 521 | 345 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 7 | 7 |
Interest Cost | 7 | 8 |
Amortization of net actuarial loss | 1 | 0 |
Net periodic benefit cost | $15 | $15 |
Carrying_Value_and_Fair_Value_
Carrying Value and Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Trading securities | $243,439 | $244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Held-to-maturity Securities | 3,135,269 | [1],[2] | 3,352,189 | [1],[2] |
Held-to-maturity securities | 3,480,720 | 3,710,815 | ||
Derivative assets | 24,426 | 14,548 | ||
Derivative assets, netting adjustments and cash collateral | -11,371 | [3] | -11,935 | [3] |
Mandatorily redeemable capital stock | -57,281 | -298,599 | ||
Derivative liabilities | -570,445 | -558,889 | ||
Derivative liabilities, netting adjustments and cash collateral | 71,779 | [3] | 57,144 | [3] |
Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 698,422 | 1,124,536 | ||
Interest-bearing deposits | 249 | 163 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Federal funds sold | 0 | 0 | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Advances | 0 | 0 | ||
Mortgage loans, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Other assets | 9,298 | 5,682 | ||
Deposits | 0 | 0 | ||
Mandatorily redeemable capital stock | -57,281 | -298,599 | ||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Level 1 [Member] | Commitments to extend credit for advances [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 0 | 0 | ||
Level 1 [Member] | Standby letters of credit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 0 | 0 | ||
Level 1 [Member] | Consolidated Obligation Discount Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Discount Notes | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Securities purchased under agreements to resell | 6,099,941 | 5,249,941 | ||
Federal funds sold | 2,354,991 | 2,549,982 | ||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Held-to-maturity securities | 1,979,949 | 2,176,268 | ||
Advances | 31,369,080 | 33,618,345 | ||
Mortgage loans, net | 3,657,876 | 3,612,078 | ||
Accrued interest receivable | 74,409 | 77,411 | ||
Derivative assets | 35,797 | 26,483 | ||
Other assets | 5,856 | 5,518 | ||
Deposits | -429,343 | -369,330 | ||
Mandatorily redeemable capital stock | 0 | 0 | ||
Accrued interest payable | -94,445 | -91,225 | ||
Derivative liabilities | -642,224 | -616,033 | ||
Level 2 [Member] | Commitments to extend credit for advances [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 1,306 | 430 | ||
Level 2 [Member] | Standby letters of credit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | -779 | -745 | ||
Level 2 [Member] | Consolidated Obligation Discount Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Discount Notes | -23,451,568 | -25,310,307 | ||
Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Federal funds sold | 0 | 0 | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Held-to-maturity securities | 1,500,771 | 1,534,547 | ||
Advances | 0 | 0 | ||
Mortgage loans, net | 25,358 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Derivative assets | ||||
Other assets | 0 | 0 | ||
Deposits | 0 | 0 | ||
Mandatorily redeemable capital stock | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Level 3 [Member] | Commitments to extend credit for advances [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 0 | 0 | ||
Level 3 [Member] | Standby letters of credit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 0 | 0 | ||
Level 3 [Member] | Consolidated Obligation Discount Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Discount Notes | 0 | 0 | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 698,422 | 1,124,536 | ||
Interest-bearing deposits | 249 | 163 | ||
Securities purchased under agreements to resell | 6,100,000 | 5,250,000 | ||
Federal funds sold | 2,355,000 | 2,550,000 | ||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Held-to-maturity Securities | 3,135,269 | 3,352,189 | ||
Advances | 31,179,231 | 33,482,074 | ||
Mortgage loans, net | 3,537,841 | 3,483,948 | ||
Accrued interest receivable | 74,409 | 77,411 | ||
Derivative assets | 24,426 | 14,548 | ||
Other assets | 15,154 | 11,200 | ||
Deposits | -429,343 | -369,331 | ||
Mandatorily redeemable capital stock | -57,281 | -298,599 | ||
Accrued interest payable | -94,445 | -91,225 | ||
Derivative liabilities | -570,445 | -558,889 | ||
Carrying Value [Member] | Commitments to extend credit for advances [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 0 | 0 | ||
Carrying Value [Member] | Standby letters of credit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | -779 | -745 | ||
Carrying Value [Member] | Consolidated Obligation Discount Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Discount Notes | -23,451,068 | -25,309,608 | ||
Total Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 698,422 | 1,124,536 | ||
Interest-bearing deposits | 249 | 163 | ||
Securities purchased under agreements to resell | 6,099,941 | 5,249,941 | ||
Federal funds sold | 2,354,991 | 2,549,982 | ||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Held-to-maturity securities | 3,480,720 | 3,710,815 | ||
Advances | 31,369,080 | 33,618,345 | ||
Mortgage loans, net | 3,683,234 | 3,612,078 | ||
Accrued interest receivable | 74,409 | 77,411 | ||
Derivative assets | 24,426 | 14,548 | ||
Other assets | 15,154 | 11,200 | ||
Deposits | -429,343 | -369,330 | ||
Mandatorily redeemable capital stock | -57,281 | -298,599 | ||
Accrued interest payable | -94,445 | -91,225 | ||
Derivative liabilities | -570,445 | -558,889 | ||
Total Fair Value [Member] | Commitments to extend credit for advances [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | 1,306 | 430 | ||
Total Fair Value [Member] | Standby letters of credit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other | -779 | -745 | ||
Total Fair Value [Member] | Consolidated Obligation Discount Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Discount Notes | -23,451,568 | -25,310,307 | ||
COs - bonds [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Bonds | 0 | 0 | ||
COs - bonds [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Bonds | -25,749,019 | -25,741,697 | ||
COs - bonds [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Bonds | 0 | 0 | ||
COs - bonds [Member] | Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Bonds | -25,416,779 | -25,505,774 | ||
COs - bonds [Member] | Total Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
CO Bonds | ($25,749,019) | ($25,741,697) | ||
[1] | Carrying value of held-to-maturity securities represents the sum of amortized cost and the amount of noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive loss. | |||
[2] | Fair values of held-to-maturity securities were $3,480,720 and $3,710,815 at March 31, 2015, and December 31, 2014, respectively. | |||
[3] | Amounts represent the effect of master-netting agreements intended to allow us to settle positive and negative positions with the same counterparty. Cash collateral and related accrued interest posted was $63.0 million and $45.5 million at March 31, 2015, and December 31, 2014, respectively. The change in cash collateral posted is included in the net change in interest-bearing deposits in the statement of cash flows. Cash collateral and related accrued interest received was $2.6 million and $290,000 at March 31, 2015, and December 31, 2014, respectively. |
Fair_Value_Measured_on_Recurri
Fair Value Measured on Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | $243,439 | $244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Derivative assets, netting adjustments and cash collateral | -11,371 | [1] | -11,935 | [1] |
Derivative assets | 24,426 | 14,548 | ||
Derivative liabilities | -570,445 | -558,889 | ||
Derivative liabilities, netting adjustments and cash collateral | 71,779 | [1] | 57,144 | [1] |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Other assets | 9,298 | 5,682 | ||
Derivative liabilities | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Derivative assets | 35,797 | 26,483 | ||
Other assets | 5,856 | 5,518 | ||
Derivative liabilities | -642,224 | -616,033 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative assets | ||||
Other assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, netting adjustments and cash collateral | -11,371 | [2] | -11,935 | [2] |
Derivative liabilities, netting adjustments and cash collateral | 71,779 | [2] | 57,144 | [2] |
Recurring [Member] | Interest-rate-exchange agreements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets, netting adjustments and cash collateral | -11,371 | [2] | -11,935 | [2] |
Derivative liabilities, netting adjustments and cash collateral | 71,779 | [2] | 57,144 | [2] |
Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Other assets | 9,298 | 5,682 | ||
Total assets at fair value | 9,298 | 5,682 | ||
Total liabilities at fair value | 0 | 0 | ||
Recurring [Member] | Level 1 [Member] | Interest-rate-exchange agreements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Derivative assets | 35,797 | 26,483 | ||
Other assets | 5,856 | 5,518 | ||
Total assets at fair value | 5,952,738 | 5,758,948 | ||
Total liabilities at fair value | -642,224 | -616,033 | ||
Recurring [Member] | Level 2 [Member] | Interest-rate-exchange agreements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 35,585 | 26,412 | ||
Derivative liabilities | -642,218 | -616,025 | ||
Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets at fair value | 0 | 0 | ||
Total liabilities at fair value | 0 | 0 | ||
Recurring [Member] | Level 3 [Member] | Interest-rate-exchange agreements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Supranational institutions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 456,188 | 447,685 | ||
Supranational institutions [Member] | Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
Supranational institutions [Member] | Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 456,188 | 447,685 | ||
Supranational institutions [Member] | Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
U.S. government-owned corporations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 292,251 | 284,997 | ||
U.S. government-owned corporations [Member] | Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
U.S. government-owned corporations [Member] | Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 292,251 | 284,997 | ||
U.S. government-owned corporations [Member] | Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
GSEs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 126,083 | 123,453 | ||
GSEs [Member] | Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
GSEs [Member] | Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 126,083 | 123,453 | ||
GSEs [Member] | Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
U.S. government guaranteed - single-family MBS [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 11,760 | 12,235 | ||
Available-for-sale securities | 192,619 | 206,028 | ||
U.S. government guaranteed - single-family MBS [Member] | Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
U.S. government guaranteed - single-family MBS [Member] | Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 11,760 | 12,235 | ||
Available-for-sale securities | 192,619 | 206,028 | ||
U.S. government guaranteed - single-family MBS [Member] | Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
GSEs - MBS [Member] | Single Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 2,073 | 2,300 | ||
Available-for-sale securities | 3,684,989 | 3,548,392 | ||
GSEs - MBS [Member] | Multi-Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 229,606 | 230,434 | ||
GSEs - MBS [Member] | Recurring [Member] | Level 1 [Member] | Single Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
GSEs - MBS [Member] | Recurring [Member] | Level 1 [Member] | Multi-Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
GSEs - MBS [Member] | Recurring [Member] | Level 2 [Member] | Single Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 2,073 | 2,300 | ||
Available-for-sale securities | 3,684,989 | 3,548,392 | ||
GSEs - MBS [Member] | Recurring [Member] | Level 2 [Member] | Multi-Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 229,606 | 230,434 | ||
GSEs - MBS [Member] | Recurring [Member] | Level 3 [Member] | Single Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
GSEs - MBS [Member] | Recurring [Member] | Level 3 [Member] | Multi-Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 0 | 0 | ||
U.S. government guaranteed - multifamily MBS [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 915,516 | 871,423 | ||
U.S. government guaranteed - multifamily MBS [Member] | Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
U.S. government guaranteed - multifamily MBS [Member] | Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 915,516 | 871,423 | ||
U.S. government guaranteed - multifamily MBS [Member] | Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
Total [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Derivative assets | 24,426 | 14,548 | ||
Other assets | 15,154 | 11,200 | ||
Derivative liabilities | -570,445 | -558,889 | ||
Total [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 243,439 | 244,969 | ||
Available-for-sale securities | 5,667,646 | 5,481,978 | ||
Derivative assets | 24,426 | 14,548 | ||
Other assets | 15,154 | 11,200 | ||
Total assets at fair value | 5,950,665 | 5,752,695 | ||
Total liabilities at fair value | -570,445 | -558,889 | ||
Total [Member] | Recurring [Member] | Interest-rate-exchange agreements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 24,214 | 14,477 | ||
Derivative liabilities | -570,439 | -558,881 | ||
Total [Member] | Supranational institutions [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 456,188 | 447,685 | ||
Total [Member] | U.S. government-owned corporations [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 292,251 | 284,997 | ||
Total [Member] | GSEs [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 126,083 | 123,453 | ||
Total [Member] | U.S. government guaranteed - single-family MBS [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 11,760 | 12,235 | ||
Available-for-sale securities | 192,619 | 206,028 | ||
Total [Member] | GSEs - MBS [Member] | Recurring [Member] | Single Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 2,073 | 2,300 | ||
Available-for-sale securities | 3,684,989 | 3,548,392 | ||
Total [Member] | GSEs - MBS [Member] | Recurring [Member] | Multi-Family Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 229,606 | 230,434 | ||
Total [Member] | U.S. government guaranteed - multifamily MBS [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 915,516 | 871,423 | ||
Mortgages [Member] | Mortgage-delivery commitment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 212 | 71 | ||
Derivative liabilities | -6 | -8 | ||
Mortgages [Member] | Recurring [Member] | Level 1 [Member] | Mortgage-delivery commitment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Mortgages [Member] | Recurring [Member] | Level 2 [Member] | Mortgage-delivery commitment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 212 | 71 | ||
Derivative liabilities | -6 | -8 | ||
Mortgages [Member] | Recurring [Member] | Level 3 [Member] | Mortgage-delivery commitment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Mortgages [Member] | Total [Member] | Recurring [Member] | Mortgage-delivery commitment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 212 | 71 | ||
Derivative liabilities | ($6) | ($8) | ||
[1] | Amounts represent the effect of master-netting agreements intended to allow us to settle positive and negative positions with the same counterparty. Cash collateral and related accrued interest posted was $63.0 million and $45.5 million at March 31, 2015, and December 31, 2014, respectively. The change in cash collateral posted is included in the net change in interest-bearing deposits in the statement of cash flows. Cash collateral and related accrued interest received was $2.6 million and $290,000 at March 31, 2015, and December 31, 2014, respectively. | |||
[2] | These amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing member and/or counterparty. |
Fair_Value_Measured_on_Nonrecu
Fair Value Measured on Nonrecurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | $3,480,720 | $3,710,815 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 0 | 0 |
Mortgage loans held for portfolio | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 1,979,949 | 2,176,268 |
Mortgage loans held for portfolio | 3,657,876 | 3,612,078 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 1,500,771 | 1,534,547 |
Mortgage loans held for portfolio | 25,358 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for portfolio | 0 | |
REO | 0 | |
Total assets recorded at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for portfolio | 0 | |
REO | 0 | |
Total assets recorded at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for portfolio | 346 | |
REO | 843 | |
Total assets recorded at fair value on a nonrecurring basis | 12,207 | 24,102 |
Private-label residential MBS [Member] | Private-Label - Residential MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 1,325,567 | 1,358,158 |
Private-label residential MBS [Member] | Private-Label - Residential MBS [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 0 | 0 |
Private-label residential MBS [Member] | Private-Label - Residential MBS [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 0 | 0 |
Private-label residential MBS [Member] | Private-Label - Residential MBS [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 11,861 | 23,259 |
Total [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | 3,480,720 | 3,710,815 |
Mortgage loans held for portfolio | 3,683,234 | 3,612,078 |
Total [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for portfolio | 346 | |
REO | 843 | |
Total assets recorded at fair value on a nonrecurring basis | 12,207 | 24,102 |
Total [Member] | Private-label residential MBS [Member] | Private-Label - Residential MBS [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of held-to-maturity securities | $11,861 | $23,259 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring After One Year | $6,500,000 | |||
Value of the guarantees related to standby letters of credit | 27,088,000 | 28,472,000 | ||
Maximum term of commitments to invest in mortgage loans | 45 days | |||
Other FHLBanks [Member] | ||||
Loss Contingencies [Line Items] | ||||
Par value of other FHLBanks' outstanding COs for which we are jointly and severally liable | 763,500,000,000 | 796,400,000,000 | ||
Standby letters of credit issuance commitments [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 261,100,000 | 26,200,000 | ||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Term of standby letters of credit | 20 days | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Term of standby letters of credit | 20 years | |||
Standby letters of credit outstanding [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 3,840,184,000 | [1] | 4,065,555,000 | [1] |
Off-balance-sheet Commitments Expiring After One Year | 65,032,000 | [1] | 125,381,000 | [1] |
Total Off-balance Sheet Commitments | 3,905,216,000 | [1] | 4,190,936,000 | [1] |
Value of the guarantees related to standby letters of credit | 779,000 | 745,000 | ||
Commitments for unused lines of credit - advances [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 1,274,831,000 | [2] | 1,255,445,000 | [2] |
Off-balance-sheet Commitments Expiring After One Year | 0 | [2] | 0 | [2] |
Total Off-balance Sheet Commitments | 1,274,831,000 | [2] | 1,255,445,000 | [2] |
Commitments for unused lines of credit - advances [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Period for commitments for unused line-of-credit advances | 12 months | |||
Commitments to make additional advances [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 452,369,000 | 592,430,000 | ||
Off-balance-sheet Commitments Expiring After One Year | 51,846,000 | 63,185,000 | ||
Total Off-balance Sheet Commitments | 504,215,000 | 655,615,000 | ||
Commitments to invest in mortgage loans [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 43,385,000 | 26,927,000 | ||
Off-balance-sheet Commitments Expiring After One Year | 0 | 0 | ||
Total Off-balance Sheet Commitments | 43,385,000 | 26,927,000 | ||
Unsettled CO bonds, at par [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 64,510,000 | [3] | 15,000,000 | [3] |
Off-balance-sheet Commitments Expiring After One Year | 0 | [3] | 0 | [3] |
Total Off-balance Sheet Commitments | 64,510,000 | [3] | 15,000,000 | [3] |
Unsettled CO bonds, at par [Member] | Interest-rate swaps [Member] | ||||
Loss Contingencies [Line Items] | ||||
Total Off-balance Sheet Commitments | 64,500,000 | 15,000,000 | ||
Unsettled CO discount notes, at par [Member] | ||||
Loss Contingencies [Line Items] | ||||
Off-balance-sheet Commitments Expiring Within One Year | 0 | 500,000,000 | ||
Off-balance-sheet Commitments Expiring After One Year | 0 | 0 | ||
Total Off-balance Sheet Commitments | $0 | $500,000,000 | ||
[1] | The amount of standby letters of credit outstanding excludes commitments to issue standby letters of credit that expire within one year. At March 31, 2015, and December 31, 2014, these amounts totaled $261.1 million and $26.2 million, respectively. Also excluded are commitments to issue standby letters of credit that expire after one year totaling $6.5 million at March 31, 2015 | |||
[2] | Commitments for unused line-of-credit advances are generally for periods of up to 12 months. Since many of these commitments are not expected to be drawn upon, the total commitment amount does not necessarily indicate future liquidity requirements. | |||
[3] | We had $64.5 million and $15.0 million in unsettled CO bonds that were hedged with associated interest-rate swaps at March 31, 2015, and December 31, 2014, respectively. |
Transactions_with_Shareholders2
Transactions with Shareholders (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Transactions with Shareholders [Line Items] | |||
Capital Stock Outstanding | $2,440,386 | $2,413,114 | |
Par Value of Advances | 30,964,509 | 33,274,714 | |
Total Accrued Interest Receivable | 74,409 | 77,411 | |
Interest income on advances | 57,408 | 55,871 | |
Fees on letters of credit | 1,919 | 1,670 | |
Citizens Bank, N.A. [Member] | |||
Transactions with Shareholders [Line Items] | |||
Capital Stock Outstanding | 317,502 | 317,502 | |
Percent of Total Capital Stock Outstanding | 12.70% | 11.70% | |
Par Value of Advances | 5,766,698 | 5,768,096 | |
Percentage of Total Par Value of Advances | 18.60% | 17.30% | |
Total Accrued Interest Receivable | 481 | 283 | |
Percent of Total Accrued Interest Receivable on Advances | 1.40% | 1.00% | |
Interest income on advances | 3,716 | 2,158 | |
Directors' Financial Institutions [Member] | |||
Transactions with Shareholders [Line Items] | |||
Capital Stock Outstanding | 86,607 | 79,386 | |
Percent of Total Capital Stock Outstanding | 3.50% | 2.90% | |
Par Value of Advances | 1,056,785 | 918,127 | |
Percentage of Total Par Value of Advances | 3.40% | 2.80% | |
Total Accrued Interest Receivable | 1,260 | 1,227 | |
Percent of Total Accrued Interest Receivable on Advances | 3.80% | 4.20% | |
Minimum [Member] | |||
Transactions with Shareholders [Line Items] | |||
Definition of related party, minimum percent | 10.00% | ||
Definition of shareholder concentration, minimum percent | 10.00% | ||
Standby letters of credit [Member] | Citizens Bank, N.A. [Member] | |||
Transactions with Shareholders [Line Items] | |||
Fees on letters of credit | $989 | $790 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | 4-May-15 | Apr. 30, 2015 | Apr. 23, 2015 | |
Subsequent Event [Line Items] | |||||
Litigation settlements | $23,000 | $4,310,000 | |||
Common Class B [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Annualized rate of cash dividend | 1.76% | ||||
Dividend, including dividends on mandatorily redeemable capital stock | 10,900,000 | ||||
Positive Outcome of Litigation [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Litigation settlements | $134,700,000 |