Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Federal Home Loan Bank of Atlanta | ' |
Entity Central Index Key | '0001331465 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 46,847,312 |
Statements_of_Condition_Unaudi
Statements of Condition (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $4,386 | $4,374 |
Interest-bearing deposits (including deposits with another FHLBank of $2 and $1 as of September 30, 2014 and December 31, 2013, respectively) | 1,010 | 1,007 |
Securities purchased under agreements to resell | 455 | 0 |
Federal funds sold | 4,095 | 1,795 |
Trading securities (includes another FHLBank’s bond of $61 and $65 as of September 30, 2014 and December 31, 2013, respectively) | 1,428 | 1,667 |
Available-for-sale securities | 2,073 | 2,299 |
Held-to-maturity securities (fair value of $21,141 and $20,146 as of September 30, 2014 and December 31, 2013, respectively) | 21,082 | 20,176 |
Total investment securities | 24,583 | 24,142 |
Advances | 88,627 | 89,588 |
Mortgage loans held for portfolio | 792 | 929 |
Loans and Leases Receivable, Allowance | -4 | -11 |
Total mortgage loans held for portfolio, net | 788 | 918 |
Accrued interest receivable | 184 | 199 |
Derivative assets | 118 | 53 |
Premises and equipment, net | 26 | 29 |
Other assets | 165 | 211 |
Total assets | 124,437 | 122,316 |
Liabilities | ' | ' |
Interest-bearing deposits | 1,271 | 1,752 |
Consolidated obligations, net: | ' | ' |
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | 26,055 | 32,202 |
Bonds | 89,670 | 80,728 |
Total consolidated obligations, net | 115,725 | 112,930 |
Mandatorily redeemable capital stock | 19 | 24 |
Accrued interest payable | 202 | 183 |
Affordable Housing Program payable | 69 | 74 |
Derivative liabilities | 180 | 187 |
Other liabilities | 451 | 514 |
Total liabilities | 117,917 | 115,664 |
Commitments and contingencies (Note 15) | ' | ' |
Capital | ' | ' |
Total capital stock Class B putable | 4,654 | 4,883 |
Retained earnings: | ' | ' |
Restricted | 184 | 141 |
Unrestricted | 1,555 | 1,516 |
Total retained earnings | 1,739 | 1,657 |
Accumulated other comprehensive income | 127 | 112 |
Total capital | 6,520 | 6,652 |
Total liabilities and capital | 124,437 | 122,316 |
Subclass B1 | ' | ' |
Capital | ' | ' |
Total capital stock Class B putable | 727 | 946 |
Subclass B2 | ' | ' |
Capital | ' | ' |
Total capital stock Class B putable | $3,927 | $3,937 |
Statements_of_Condition_Unaudi1
Statements of Condition (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Deposits with other FHLBanks | $2 | $1 |
Other FHLBank's bonds | 61 | 65 |
Held-to-maturity securities, fair value | $21,141 | $20,146 |
Capital stock Class B putable par value (per share) | $100 | $100 |
Subclass B1 | ' | ' |
Capital stock, shares issued | 7 | 10 |
Capital stock, shares outstanding | 7 | 10 |
Subclass B2 | ' | ' |
Capital stock, shares issued | 39 | 39 |
Capital stock, shares outstanding | 39 | 39 |
Statements_of_Income_Unaudited
Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income | ' | ' | ' | ' |
Advances | $11 | $54 | $119 | $178 |
Prepayment fees on advances, net | 0 | 1 | 1 | 2 |
Interest-bearing deposits | 1 | 1 | 3 | 4 |
Securities purchased under agreements to resell | 1 | 1 | 1 | 1 |
Federal funds sold | 2 | 1 | 6 | 7 |
Trading securities | 19 | 26 | 57 | 79 |
Available-for-sale securities | 30 | 33 | 93 | 98 |
Held-to-maturity securities | 58 | 65 | 180 | 188 |
Mortgage loans | 12 | 14 | 38 | 47 |
Total interest income | 134 | 196 | 498 | 604 |
Consolidated obligations: | ' | ' | ' | ' |
Discount notes | 8 | 5 | 22 | 19 |
Bonds | 80 | 104 | 247 | 325 |
Mandatorily redeemable capital stock | 0 | 1 | 1 | 1 |
Total interest expense | 88 | 110 | 270 | 345 |
Net interest income | 46 | 86 | 228 | 259 |
(Reversal) provision for credit losses | -2 | 1 | -4 | 4 |
Net interest income after (reversal) provision for credit losses | 48 | 85 | 232 | 255 |
Noninterest income (loss) | ' | ' | ' | ' |
Total other-than-temporary impairment losses | 0 | 0 | 0 | -1 |
Net amount of impairment losses (reclassified from) recorded in accumulated other comprehensive income | -2 | 0 | -3 | 1 |
Net impairment losses recognized in earnings | -2 | 0 | -3 | 0 |
Net losses on trading securities | -19 | -15 | -46 | -79 |
Net gains on derivatives and hedging activities | 77 | 34 | 108 | 151 |
Gain on early extinguishment of debt | 0 | 2 | 15 | 2 |
Letters of credit fees | 7 | 4 | 20 | 14 |
Gain on litigation settlements, net | 4 | 0 | 4 | 0 |
Other | 0 | 0 | 2 | 2 |
Total noninterest income | 67 | 25 | 100 | 90 |
Noninterest expense | ' | ' | ' | ' |
Compensation and benefits | 19 | 16 | 53 | 49 |
Other operating expenses | 10 | 11 | 29 | 32 |
Finance Agency | 2 | 2 | 7 | 6 |
Office of Finance | 1 | 2 | 4 | 5 |
Other | 0 | 0 | 2 | 0 |
Total noninterest expense | 32 | 31 | 95 | 92 |
Income before assessments | 83 | 79 | 237 | 253 |
Affordable Housing Program assessments | 9 | 8 | 24 | 25 |
Net income | $74 | $71 | $213 | $228 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||
Net income | $74 | $71 | $213 | $228 | ||
Net noncredit portion of other-than-temporary impairment losses on available-for-sale securities: | ' | ' | ' | ' | ||
Noncredit losses transferred from held-to-maturity securities | 0 | 0 | 0 | -1 | ||
Net change in fair value on other-than-temporarily impaired available-for-sale securities | -5 | 16 | 11 | 141 | ||
Reclassification of noncredit portion of impairment losses included in net income | 2 | 0 | 3 | 0 | ||
Net noncredit portion of other-than-temporary impairment losses on available-for-sale securities | -3 | 16 | 14 | 140 | ||
Net noncredit portion of other-than-temporary impairment losses on held-to-maturity securities: | ' | ' | ' | ' | ||
Noncredit losses on held-to-maturity securities | 0 | 0 | 0 | -1 | ||
Reclassification of noncredit portion from held-to-maturity securities to available-for-sale securities | 0 | 0 | 0 | 1 | ||
Net noncredit portion of other-than-temporary impairment losses on held-to-maturity securities | 0 | 0 | 0 | 0 | ||
Other comprehensive income related to pension and postretirement benefit plans | 0 | 0 | 1 | [1] | 1 | [1] |
Total other comprehensive (loss) income | -3 | 16 | 15 | 141 | ||
Total comprehensive income | $71 | $87 | $228 | $369 | ||
[1] | Included in Compensation and benefits on the Statements of Income. |
Statements_of_Capital_Unaudite
Statements of Capital (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | $6,652 | $6,275 |
Issuance of capital stock | ' | ' | 3,415 | 3,427 |
Repurchase/redemption of capital stock | ' | ' | -3,640 | -3,966 |
Net shares reclassified to mandatorily redeemable capital stock | ' | ' | -4 | -8 |
Comprehensive income | 71 | 87 | 228 | 369 |
Cash dividends on capital stock | ' | ' | -131 | -84 |
Ending balance | 6,520 | 6,013 | 6,520 | 6,013 |
Capital Stock Class B Putable | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance (shares) | ' | ' | 49 | 49 |
Beginning balance | ' | ' | 4,883 | 4,898 |
Issuance of capital stock (shares) | ' | ' | 34 | 34 |
Issuance of capital stock | ' | ' | 3,415 | 3,427 |
Repurchase/redemption of capital stock (shares) | ' | ' | -37 | -40 |
Repurchase/redemption of capital stock | ' | ' | -3,640 | -3,966 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Shares | ' | ' | 0 | 0 |
Net shares reclassified to mandatorily redeemable capital stock | ' | ' | -4 | -8 |
Ending balance (shares) | 46 | 43 | 46 | 43 |
Ending balance | 4,654 | 4,351 | 4,654 | 4,351 |
Retained Earnings | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 1,657 | 1,435 |
Comprehensive income | ' | ' | 213 | 228 |
Cash dividends on capital stock | ' | ' | -131 | -84 |
Ending balance | 1,739 | 1,579 | 1,739 | 1,579 |
Retained Earnings, Restricted | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 141 | 73 |
Comprehensive income | ' | ' | 43 | 46 |
Cash dividends on capital stock | ' | ' | 0 | 0 |
Ending balance | 184 | 119 | 184 | 119 |
Retained Earnings, Unrestricted | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 1,516 | 1,362 |
Comprehensive income | ' | ' | 170 | 182 |
Cash dividends on capital stock | ' | ' | -131 | -84 |
Ending balance | 1,555 | 1,460 | 1,555 | 1,460 |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 112 | -58 |
Comprehensive income | ' | ' | 15 | 141 |
Ending balance | $127 | $83 | $127 | $83 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $213 | $228 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, amortization, and accretion | -87 | -64 |
(Reversal) provision for credit losses | -4 | 4 |
Loss due to change in net fair value adjustment on derivative and hedging activities | 60 | 7 |
Net change in fair value adjustment on trading securities | 46 | 79 |
Net impairment losses recognized in earnings | 3 | 0 |
Gain on early extinguishment of debt | -15 | -2 |
Net change in: | ' | ' |
Accrued interest receivable | 15 | 26 |
Other assets | 41 | -14 |
Affordable Housing Program payable | -7 | -13 |
Accrued interest payable | 19 | 38 |
Other liabilities | -37 | 1 |
Total adjustments | 34 | 62 |
Net cash provided by operating activities | 247 | 290 |
Net change in: | ' | ' |
Interest-bearing deposits | 224 | 968 |
Securities purchased under agreements to resell | -455 | -750 |
Federal funds sold | -2,300 | 4,240 |
Trading securities: | ' | ' |
Proceeds from maturities | 200 | 251 |
Available-for-sale securities: | ' | ' |
Proceeds from maturities | 261 | 435 |
Held-to-maturity securities: | ' | ' |
Net change in short-term | 0 | 550 |
Proceeds from maturities of long-term | 2,091 | 2,897 |
Purchases of long-term | -3,022 | -6,042 |
Advances: | ' | ' |
Proceeds from principal collected | 131,994 | 127,399 |
Made | -131,197 | -119,605 |
Mortgage loans: | ' | ' |
Proceeds from principal collected | 119 | 228 |
Proceeds from sale of held for sale | 0 | 18 |
Proceeds from sale of foreclosed assets | 19 | 19 |
Purchase of premise, equipment, and software | -3 | -2 |
Net cash (used in) provided by investing activities | -2,069 | 10,606 |
Financing activities | ' | ' |
Net change in deposits | -491 | -199 |
Net payments on derivatives containing a financing element | -72 | -121 |
Proceeds from issuance of consolidated obligations: | ' | ' |
Discount notes | 353,473 | 197,307 |
Bonds | 64,255 | 62,917 |
Payments for debt issuance costs | -7 | -6 |
Repayments of Long-term Debt [Abstract] | ' | ' |
Discount notes | -359,620 | -212,758 |
Bonds | -55,339 | -57,996 |
Proceeds from issuance of capital stock | 3,415 | 3,427 |
Payments for repurchase/redemption of capital stock | -3,640 | -3,966 |
Payments for repurchase/redemption of mandatorily redeemable capital stock | -9 | -24 |
Cash dividends paid | -131 | -84 |
Net cash provided by (used in) financing activities | 1,834 | -11,503 |
Net increase (decrease) in cash and due from banks | 12 | -607 |
Cash and due from banks at beginning of the period | 4,374 | 4,083 |
Cash and due from banks at end of the period | 4,386 | 3,476 |
Cash paid for: | ' | ' |
Interest | 261 | 327 |
Affordable Housing Program assessments, net | 31 | 34 |
Noncash investing and financing activities: | ' | ' |
Net shares reclassified to mandatorily redeemable capital stock | 4 | 8 |
Held-to-maturity securities acquired with accrued liabilities | 282 | 41 |
Transfer of held-to-maturity securities to available-for-sale securities | 0 | 11 |
Transfers of mortgage loans to real estate owned | $15 | $23 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Basis of Presentation | ' | |||||||||||||||
Basis of Presentation | ||||||||||||||||
The accompanying unaudited interim financial statements of the Federal Home Loan Bank of Atlanta (Bank) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Actual results could be different from these estimates. The foregoing interim financial statements are unaudited; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods, have been included. The results of operations for interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2014, or for other interim periods. The unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2013, which are contained in the Bank’s 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 14, 2014 (Form 10-K). | ||||||||||||||||
The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting arrangements or by operation of law. Additional information regarding derivative instruments is provided in Note 13—Derivatives and Hedging Activities to the Bank’s interim financial statements. The Bank does not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. Based on the fair value of the related securities held as collateral, the securities purchased under agreements to resell were fully collateralized for the periods presented. | ||||||||||||||||
During the three-month period ended March 31, 2014, the Bank made certain enhancements to its allowance for credit loss calculation related to the Bank’s conventional single-family residential mortgage loan portfolio. The allowance for conventional single-family residential mortgage loans is determined by an analysis (performed at least quarterly) that includes segregating the portfolio into various aging groups. For loans that are 60 days or less past due, the Bank calculates a loss severity, default rate, and the expected loss based on individual loan characteristics. For loans that are more than 60 days past due, the allowance is determined using an automated valuation model. Inherent in the Bank’s evaluation of loan performance is an analysis of various credit enhancements at the individual master commitment level to determine the credit enhancement available to recover losses on conventional single-family residential mortgage loans under each individual master commitment. | ||||||||||||||||
Additionally, during the three-month period ended March 31, 2014, the Bank began to classify as a loss and charge-off the portion of outstanding conventional single-family residential mortgage loan balances in excess of the fair value of the underlying property, less costs to sell and adjusted for any available credit enhancements, once the loans are 180 days delinquent. These changes did not have a material effect on the Bank's financial condition or results of operations. | ||||||||||||||||
A description of all of the Bank’s significant accounting policies is included in Note 2—Summary of Significant Accounting Policies to the 2013 audited financial statements contained in the Bank’s Form 10-K. There have been no material changes to these policies as of September 30, 2014. | ||||||||||||||||
Revision | ||||||||||||||||
During the three-month period ended September 30, 2014, the Bank identified a classification error in its previously reported Statements of Cash Flows for the three-month period ended March 31, 2014 and the six-month period ended June 30, 2014, contained in the previously filed Quarterly Reports on Form 10-Q for those periods. After evaluating the quantitative and qualitative aspects of the classification error, the Bank determined that the error was not material to the previously issued Statements of Cash Flows. Accordingly, the classification error has been corrected in this Quarterly Report on Form 10-Q. The correction had no impact on the Bank’s financial condition or results of operations for any period. | ||||||||||||||||
The following table summarizes the revisions made to the Bank’s Statement of Cash Flows for the three-month period ended March 31, 2014 and the six-month period ended June 30, 2014: | ||||||||||||||||
For the Three Months Ended March 31, 2014 | For the Six Months Ended June 30, 2014 | |||||||||||||||
As Originally Reported | As Revised | As Originally Reported | As Revised | |||||||||||||
Operating activities | ||||||||||||||||
Net change in: | ||||||||||||||||
Other liabilities | $ | (320 | ) | $ | (11 | ) | $ | (322 | ) | $ | (13 | ) | ||||
Total adjustments | (304 | ) | 5 | (304 | ) | 5 | ||||||||||
Net cash (used in) provided by operating activities | (227 | ) | 82 | (165 | ) | 144 | ||||||||||
Investing activities | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||
Purchases of long-term | (1,436 | ) | (1,745 | ) | (1,664 | ) | (1,973 | ) | ||||||||
Net cash provided by (used in) investing activities | 331 | 22 | (9,201 | ) | (9,510 | ) | ||||||||||
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Guidance | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued And Adopted Accounting Guidance | ' |
Recently Issued and Adopted Accounting Guidance | |
Recently Issued Accounting Guidance | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. In August 2014, the Financial Accounting Standards Board (FASB) issued guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year after the date the financial statements are issued. The guidance becomes effective for the Bank for the interim and annual periods ending after December 15, 2016, and early application is permitted. The adoption of this guidance will have no effect on the Bank's financial condition or results of operations. | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. In August 2014, the FASB issued amended guidance related to the classification and measurement of certain government-guaranteed mortgage loans upon foreclosure. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. This guidance becomes effective for the Bank for the interim and annual periods beginning after December 15, 2014, and may be adopted using either the modified retrospective transition method or the prospective transition method. The adoption of this guidance is not expected to materially effect the Bank’s financial condition or results of operations. | |
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In June 2014, the FASB issued amended guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. Specifically, this guidance requires entities to account for (1) repurchase-to-maturity transactions as secured borrowings rather than as sales with forward repurchase agreements; and (2) repurchase agreements executed contemporaneously with the initial transfer of the underlying financial asset with the same counterparty as separate transactions only. In addition, this guidance requires a transferor to disclose additional information about certain transactions, including those in which it retains substantially all of the exposure to the economic returns of the underlying transferred asset over the transaction’s term. This guidance becomes effective for the Bank for the first interim or annual period beginning after December 15, 2014. The changes in accounting for transactions outstanding on the effective date are required to be presented on a cumulative-effect approach. The adoption of this guidance is not expected to materially effect the Bank’s financial condition or results of operations. | |
Revenue from Contracts with Customers. In May 2014, the FASB issued guidance on the recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and will be applied retrospectively either to each prior reporting period or with a cumulative effect recognized at the date of initial application. The Bank is in the process of evaluating this guidance, but its effect on the Bank’s financial condition or results of operations is not expected to be material. | |
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. In January 2014, the FASB issued guidance intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. The guidance clarifies that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. This guidance is effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of this guidance will result in increased disclosures, but is not expected to materially affect the Bank’s financial condition or results of operations. | |
Recently Adopted Accounting Guidance | |
Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This guidance requires an entity to measure these obligations as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The Bank adopted this guidance effective January 1, 2014. The adoption of this guidance did not have any effect on the Bank's financial condition or results of operations. |
Trading_Securities
Trading Securities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Trading Securities [Abstract] | ' | |||||||||||||||
Trading Securities | ' | |||||||||||||||
Trading Securities | ||||||||||||||||
Major Security Types. Trading securities were as follows: | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Government-sponsored enterprises debt obligations | $ | 1,366 | $ | 1,601 | ||||||||||||
Another FHLBank’s bond (1) | 61 | 65 | ||||||||||||||
State or local housing agency debt obligations | 1 | 1 | ||||||||||||||
Total | $ | 1,428 | $ | 1,667 | ||||||||||||
____________ | ||||||||||||||||
(1) | The Federal Home Loan Bank of Chicago is the primary obligor of this consolidated obligation bond. | |||||||||||||||
Net losses on trading securities were as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net losses on trading securities held at period end | $ | (19 | ) | $ | (15 | ) | $ | (46 | ) | $ | (77 | ) | ||||
Net losses on trading securities sold or matured during the period | — | — | — | (2 | ) | |||||||||||
Net losses on trading securities | $ | (19 | ) | $ | (15 | ) | $ | (46 | ) | $ | (79 | ) |
Availableforsale_Securities
Available-for-sale Securities | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||||||||||||||
The Bank transferred a private-label residential mortgaged-backed security (MBS) from its held-to-maturity portfolio to its available-for-sale portfolio on March 31, 2013. This security represents a private-label residential MBS in the Bank’s held-to-maturity portfolio for which the Bank has recorded an other-than-temporary impairment loss. The Bank believes the other-than-temporary impairment loss constitutes evidence of a significant deterioration in the issuer’s creditworthiness. The Bank has no current plans to sell this security nor is the Bank under any requirement to sell this security. | |||||||||||||||||||||||||||||||||
The following table presents information on the private-label residential MBS transferred. The amounts below represent the value as of the transfer date. | |||||||||||||||||||||||||||||||||
Amortized | Other-than-temporary | Estimated | |||||||||||||||||||||||||||||||
Cost | Impairment | Fair Value | |||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
Transferred at March 31, 2013 | $ | 12 | $ | 1 | $ | 11 | |||||||||||||||||||||||||||
Major Security Types. Private-label residential MBS were as follows: | |||||||||||||||||||||||||||||||||
Amortized | Other-than-temporary | Gross | Gross | Estimated Fair Value | |||||||||||||||||||||||||||||
Cost | Impairment | Unrealized | Unrealized | ||||||||||||||||||||||||||||||
Recognized in | Gains | Losses | |||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 1,934 | $ | 17 | $ | 156 | $ | — | $ | 2,073 | |||||||||||||||||||||||
As of December 31, 2013 | $ | 2,174 | $ | 27 | $ | 152 | $ | — | $ | 2,299 | |||||||||||||||||||||||
The following tables summarize the private-label residential MBS with unrealized losses. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Number of | Estimated | Gross | Number of | Estimated | Gross | |||||||||||||||||||||||||
Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
As of September 30, 2014 | 3 | $ | 135 | $ | 1 | 9 | $ | 202 | $ | 16 | 12 | $ | 337 | $ | 17 | ||||||||||||||||||
As of December 31, 2013 | 6 | $ | 137 | $ | 1 | 10 | $ | 243 | $ | 26 | 16 | $ | 380 | $ | 27 | ||||||||||||||||||
A summary of available-for-sale MBS issued by members or affiliates of members, Bank of America Corporation, Charlotte, NC, follows: | |||||||||||||||||||||||||||||||||
Amortized | Other-than-temporary | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Impairment | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||||||
Recognized in | Gains | Losses | |||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 1,250 | $ | 16 | $ | 103 | $ | — | $ | 1,337 | |||||||||||||||||||||||
As of December 31, 2013 | $ | 1,390 | $ | 26 | $ | 98 | $ | — | $ | 1,462 | |||||||||||||||||||||||
Heldtomaturity_Securities
Held-to-maturity Securities | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Held-to-maturity Securities, Unclassified [Abstract] | ' | ||||||||||||||||||||||||||||||||
Held-to-maturity Securities | ' | ||||||||||||||||||||||||||||||||
Held-to-maturity Securities | |||||||||||||||||||||||||||||||||
Major Security Types. Held-to-maturity securities were as follows: | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
State or local housing agency debt obligations | $ | 84 | $ | 1 | $ | — | $ | 85 | $ | 92 | $ | 1 | $ | — | $ | 93 | |||||||||||||||||
Government-sponsored enterprises debt obligations | 4,913 | 2 | 16 | 4,899 | 3,738 | — | 24 | 3,714 | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. agency obligations-guaranteed residential | 388 | 5 | — | 393 | 465 | 7 | — | 472 | |||||||||||||||||||||||||
Government-sponsored enterprises residential | 14,104 | 126 | 62 | 14,168 | 13,952 | 109 | 115 | 13,946 | |||||||||||||||||||||||||
Private-label residential | 1,593 | 13 | 10 | 1,596 | 1,929 | 12 | 20 | 1,921 | |||||||||||||||||||||||||
Total | $ | 21,082 | $ | 147 | $ | 88 | $ | 21,141 | $ | 20,176 | $ | 129 | $ | 159 | $ | 20,146 | |||||||||||||||||
The following tables summarize the held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Number of | Estimated | Gross | Number of | Estimated | Gross | |||||||||||||||||||||||||
Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | 4 | $ | 399 | $ | 1 | 5 | $ | 1,129 | $ | 15 | 9 | $ | 1,528 | $ | 16 | ||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | 8 | 298 | 2 | 47 | 3,248 | 60 | 55 | 3,546 | 62 | ||||||||||||||||||||||||
Private-label residential | 15 | 176 | 1 | 31 | 434 | 9 | 46 | 610 | 10 | ||||||||||||||||||||||||
Total | 27 | $ | 873 | $ | 4 | 83 | $ | 4,811 | $ | 84 | 110 | $ | 5,684 | $ | 88 | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Number of | Estimated | Gross | Number of | Estimated | Gross | |||||||||||||||||||||||||
Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | 9 | $ | 1,970 | $ | 24 | — | $ | — | $ | — | 9 | $ | 1,970 | $ | 24 | ||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | 65 | 3,932 | 108 | 1 | 147 | 7 | 66 | 4,079 | 115 | ||||||||||||||||||||||||
Private-label residential | 40 | 817 | 12 | 18 | 241 | 8 | 58 | 1,058 | 20 | ||||||||||||||||||||||||
Total | 114 | $ | 6,719 | $ | 144 | 19 | $ | 388 | $ | 15 | 133 | $ | 7,107 | $ | 159 | ||||||||||||||||||
Redemption Terms. The amortized cost and estimated fair value of held-to-maturity securities by contractual maturity are shown below. Expected maturities of some securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Non-mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | 568 | $ | 568 | $ | 430 | $ | 430 | |||||||||||||||||||||||||
Due after one year through five years | 4,429 | 4,416 | 3,400 | 3,377 | |||||||||||||||||||||||||||||
Total non-mortgage-backed securities | 4,997 | 4,984 | 3,830 | 3,807 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 16,085 | 16,157 | 16,346 | 16,339 | |||||||||||||||||||||||||||||
Total | $ | 21,082 | $ | 21,141 | $ | 20,176 | $ | 20,146 | |||||||||||||||||||||||||
A summary of held-to-maturity MBS issued by members or affiliates of members, Bank of America Corporation, Charlotte, NC, follows: | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 490 | $ | 3 | $ | 4 | $ | 489 | |||||||||||||||||||||||||
As of December 31, 2013 | $ | 619 | $ | 4 | $ | 8 | $ | 615 | |||||||||||||||||||||||||
Otherthantemporary_Impairment
Other-than-temporary Impairment | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other than Temporary Impairment Losses, Investments [Abstract] | ' | |||||||||||||||
Other-than-temporary Impairment | ' | |||||||||||||||
Other-than-temporary Impairment | ||||||||||||||||
The Bank evaluates its individual available-for-sale and held-to-maturity securities holdings in an unrealized loss position for other-than-temporary impairment on a quarterly basis. As part of this process, the Bank considers its intent to sell each debt security and whether it is more likely than not the Bank will be required to sell the security before its anticipated recovery. If either of these conditions is met, the Bank recognizes the maximum impairment loss in earnings which is equal to the entire difference between the security’s amortized cost basis and its fair value as of the Statements of Condition dates. For securities in an unrealized loss position that meet neither of these conditions, the Bank evaluates whether there is other-than-temporary impairment by performing an analysis to determine if any of these securities will incur a credit loss, which could be up to the difference between the security’s amortized cost basis and its fair value. | ||||||||||||||||
Mortgage-backed Securities. The Bank’s investments in MBS consist of U.S. agency guaranteed securities and senior tranches of private-label MBS. The Bank has increased exposure to the risk of loss on its investments in MBS when the loans backing the MBS exhibit high rates of delinquency and foreclosures, as well as losses on the sale of foreclosed properties. The Bank regularly requires high levels of credit enhancements from the structure of the collateralized mortgage obligation to reduce its risk of loss on such securities. Credit enhancements are defined as the percentage of subordinate tranches, overcollateralization, or excess spread, or the support of monoline insurance, if any, in a security structure that will absorb the losses before the security the Bank purchased will take a loss. The Bank does not purchase credit enhancements for its MBS from monoline insurance companies. | ||||||||||||||||
The Bank’s investments in private-label MBS were rated “AAA” (or its equivalent) by a nationally recognized statistical rating organization (NRSRO), such as Moody’s Investors Service (Moody’s) and Standard and Poor’s Ratings Services (S&P), at their purchase dates. The “AAA”-rated securities achieved their ratings through credit enhancement, overcollateralization, and senior-subordinated shifting interest features; the latter results in subordination of payments by junior classes to ensure cash flows to the senior classes. The ratings on all of the Bank’s private-label MBS have changed since their purchase dates. | ||||||||||||||||
Non-private-label MBS. The unrealized losses related to U.S. agency MBS are caused by interest rate changes and not credit quality. These securities are guaranteed by government agencies or government-sponsored enterprises (GSEs) and the Bank does not expect these securities to be settled at a price less than their amortized cost basis. In addition, the Bank does not intend to sell these investments and it is not more likely than not that the Bank will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Bank does not consider these investments to be other-than-temporarily impaired as of September 30, 2014. | ||||||||||||||||
Private-label MBS. To assess whether the entire amortized cost basis of its private-label MBS will be recovered, the Bank performs a cash flow analysis for each of its private-label MBS. In performing the cash flow analysis for each of these securities, the Bank uses two third-party models. The first model considers borrower characteristics and the particular attributes of the loans underlying the Bank’s securities, in conjunction with assumptions about future changes in home prices and interest rates, to project prepayments, defaults, and loss severities. A significant input to the first model is the forecast of future housing price changes for the relevant states and core based statistical areas (CBSAs), which are based upon an assessment of the individual housing markets. The term CBSA refers collectively to metropolitan and micropolitan statistical areas as defined by the United States Office of Management and Budget; as currently defined, a CBSA must contain at least one urban area of 10,000 or more people. The Bank’s housing price forecast as of September 30, 2014 included a short-term housing price forecast with projected changes ranging from a decrease of three percent to an increase of nine percent over the 12 month period beginning July 1, 2014. For the vast majority of markets, the projected short-term housing price changes range from zero percent to an increase of six percent. Thereafter, a unique path is projected for each geographic area based on an internally developed framework derived from historical data. | ||||||||||||||||
The month-by-month projections of future loan performance derived from the first model, which reflect projected prepayments, defaults, and loss severities, were then input into a second model that allocates the projected loan level cash flows and losses to the various security classes in the securitization structure in accordance with its prescribed cash flow and loss allocation rules. The model classifies securities based on current characteristics and performance, which may be different from the securities’ classification as determined by the originator at the time of origination. | ||||||||||||||||
At each quarter end, the Bank compares the present value of the cash flows (discounted at the securities' effective yield) expected to be collected with respect to its private-label MBS to the amortized cost basis of the security to determine whether a credit loss exists. For the Bank’s variable rate and hybrid private-label MBS, the Bank uses a forward interest rate curve to project the future estimated cash flows. The Bank then uses the effective interest rate for the security prior to impairment for determining the present value of the future estimated cash flows. For securities previously identified as other-than-temporarily impaired, the Bank updates its estimate of future estimated cash flows on a quarterly basis. | ||||||||||||||||
The following table represents a summary of the significant inputs used to measure the amount of the credit loss recognized in earnings for those securities for which an other-than-temporary impairment was determined to have occurred during the three-month period ended September 30, 2014, as well as related current credit enhancement: | ||||||||||||||||
Significant Inputs | ||||||||||||||||
Prepayment Rate | Default Rates | Loss Severities | Current Credit Enhancement | |||||||||||||
Year of | Weighted | Weighted | Weighted | Weighted | ||||||||||||
Securitization | Average | Average | Average | Average | ||||||||||||
(%) | (%) | (%) | (%) | |||||||||||||
Prime: | ||||||||||||||||
2005 | 15.79 | 7.96 | 32.82 | 0.16 | ||||||||||||
Alt-A: | ||||||||||||||||
2007 | 13.49 | 26.94 | 40.27 | 0 | ||||||||||||
The following table presents a roll-forward of the amount of credit losses on the Bank’s investment securities recognized in earnings during the life of the securities for which a portion of the other-than-temporary loss was recognized in accumulated other comprehensive income: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 559 | $ | 584 | $ | 574 | $ | 586 | ||||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | 2 | — | 3 | — | ||||||||||||
Increase in cash flows expected to be collected, recognized over the remaining life of the securities | (9 | ) | (4 | ) | (25 | ) | (6 | ) | ||||||||
Balance, end of period | $ | 552 | $ | 580 | $ | 552 | $ | 580 | ||||||||
Certain other private-label MBS that have not been designated as other-than-temporarily impaired have experienced unrealized losses and decreases in fair value due to interest rate volatility, illiquidity in the marketplace, and general disruption in the U.S. mortgage markets. These declines in fair value are considered temporary as the Bank expects to recover the amortized cost basis of the securities, the Bank does not intend to sell these securities, and it is not more likely than not that the Bank will be required to sell these securities before the anticipated recovery of the securities’ remaining amortized cost basis, which may be at maturity. This assessment is based on the fact that the Bank has sufficient capital and liquidity to operate its business and has no need to sell these securities, nor has the Bank entered into any contractual constraints that would require the Bank to sell these securities. |
Advances
Advances | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Advances [Abstract] | ' | |||||||
Advances | ' | |||||||
Advances | ||||||||
Redemption Terms. The Bank had advances outstanding, as summarized below. | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Overdrawn demand deposit accounts | $ | — | $ | 2 | ||||
Due in one year or less | 47,104 | 51,331 | ||||||
Due after one year through two years | 11,049 | 5,366 | ||||||
Due after two years through three years | 9,554 | 6,136 | ||||||
Due after three years through four years | 6,241 | 8,495 | ||||||
Due after four years through five years | 2,868 | 5,088 | ||||||
Due after five years | 10,268 | 11,464 | ||||||
Total par value | 87,084 | 87,882 | ||||||
Discount on AHP (1) advances | (7 | ) | (8 | ) | ||||
Discount on EDGE (2) advances | (6 | ) | (7 | ) | ||||
Hedging adjustments | 1,560 | 1,726 | ||||||
Deferred commitment fees | (4 | ) | (5 | ) | ||||
Total | $ | 88,627 | $ | 89,588 | ||||
___________ | ||||||||
(1) The Affordable Housing Program | ||||||||
(2) The Economic Development and Growth Enhancement program | ||||||||
The following table summarizes advances by year of contractual maturity or, for convertible advances, next conversion date: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Overdrawn demand deposit accounts | $ | — | $ | 2 | ||||
Due or convertible in one year or less | 50,223 | 54,522 | ||||||
Due or convertible after one year through two years | 10,886 | 5,414 | ||||||
Due or convertible after two years through three years | 8,203 | 5,867 | ||||||
Due or convertible after three years through four years | 4,872 | 6,643 | ||||||
Due or convertible after four years through five years | 2,787 | 4,168 | ||||||
Due or convertible after five years | 10,113 | 11,266 | ||||||
Total par value | $ | 87,084 | $ | 87,882 | ||||
Interest-rate Payment Terms. The following table details interest-rate payment terms for advances: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Fixed-rate: | ||||||||
Due in one year or less | $ | 34,599 | $ | 46,343 | ||||
Due after one year | 29,691 | 28,535 | ||||||
Total fixed-rate | 64,290 | 74,878 | ||||||
Variable-rate: | ||||||||
Due in one year or less | 12,505 | 4,990 | ||||||
Due after one year | 10,289 | 8,014 | ||||||
Total variable-rate | 22,794 | 13,004 | ||||||
Total par value | $ | 87,084 | $ | 87,882 | ||||
Credit Risk. The Bank’s potential credit risk from advances is concentrated in commercial banks, thrifts, and credit unions and further is concentrated in certain larger borrowing relationships. As of September 30, 2014 and December 31, 2013, the concentration of the Bank’s advances was $62,761 and $65,472, respectively, to 10 member institutions, representing 72.1 percent and 74.5 percent, respectively, of total advances outstanding. | ||||||||
Based on the collateral pledged as security for advances, the Bank's credit analysis of members’ financial condition, and prior repayment history, no allowance for credit losses on advances was deemed necessary by the Bank as of September 30, 2014 and December 31, 2013. No advance was past due as of September 30, 2014 and December 31, 2013. |
Mortgage_Loans_Held_for_Portfo
Mortgage Loans Held for Portfolio | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||
Mortgage Loans Held for Portfolio | ' | ||||||||
Mortgage Loans Held for Portfolio | |||||||||
The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase: | |||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||
Fixed-rate medium-term (1) single-family residential mortgage loans | $ | 113 | $ | 150 | |||||
Fixed-rate long-term single-family residential mortgage loans | 680 | 781 | |||||||
Total unpaid principal balance | 793 | 931 | |||||||
Premiums | 3 | 3 | |||||||
Discounts | (4 | ) | (5 | ) | |||||
Total | $ | 792 | $ | 929 | |||||
____________ | |||||||||
(1) Medium-term is defined as a term of 15 years or less. | |||||||||
The following table details the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type: | |||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||
Conventional loans | $ | 737 | $ | 864 | |||||
Government-guaranteed or insured loans | 56 | 67 | |||||||
Total unpaid principal balance | $ | 793 | $ | 931 | |||||
For information related to the Bank's credit risk on mortgage loans and allowance for credit losses, see Note 9—Allowance for Credit Losses to the Bank’s interim financial statements. |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses | ' | ||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||
The activity in the allowance for credit losses was as follows: | |||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Conventional Single-family Residential Mortgage Loans | Multifamily Residential Mortgage Loans | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 6 | $ | 11 | $ | 1 | $ | 12 | |||||||||||||||||
(Reversal) provision for credit losses | (2 | ) | 1 | — | 1 | ||||||||||||||||||||
Charge-offs | — | (1 | ) | — | (1 | ) | |||||||||||||||||||
Mortgage loans transferred to held for sale | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Balance, end of period | $ | 4 | $ | 11 | $ | — | $ | 11 | |||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Conventional Single-family Residential Mortgage Loans | Multifamily Residential Mortgage Loans | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 11 | $ | 10 | $ | 1 | $ | 11 | |||||||||||||||||
(Reversal) provision for credit losses | (4 | ) | 4 | — | 4 | ||||||||||||||||||||
Charge-offs | (3 | ) | (3 | ) | — | (3 | ) | ||||||||||||||||||
Mortgage loans transferred to held for sale | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Balance, end of period | $ | 4 | $ | 11 | $ | — | $ | 11 | |||||||||||||||||
The recorded investment in conventional single-family residential mortgage loans by impairment methodology was as follows: | |||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | 2 | |||||||||||||||||||||
Collectively evaluated for impairment | 3 | 9 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 4 | $ | 11 | |||||||||||||||||||||
Recorded investment: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15 | $ | 15 | |||||||||||||||||||||
Collectively evaluated for impairment | 724 | 851 | |||||||||||||||||||||||
Total recorded investment | $ | 739 | $ | 866 | |||||||||||||||||||||
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 summarize the Bank's recorded investment in mortgage loans by these key credit quality indicators: | |||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Government-guaranteed or Insured Single-family Residential Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days | $ | 21 | $ | 6 | $ | 27 | |||||||||||||||||||
Past due 60-89 days | 7 | 2 | 9 | ||||||||||||||||||||||
Past due 90 days or more | 35 | 5 | 40 | ||||||||||||||||||||||
Total past due mortgage loans | 63 | 13 | 76 | ||||||||||||||||||||||
Total current mortgage loans | 676 | 43 | 719 | ||||||||||||||||||||||
Total mortgage loans (1) | $ | 739 | $ | 56 | $ | 795 | |||||||||||||||||||
Other delinquency statistics: | |||||||||||||||||||||||||
In process of foreclosure (2) | $ | 21 | $ | 2 | $ | 23 | |||||||||||||||||||
Seriously delinquent rate (3) | 4.65 | % | 9.27 | % | 4.98 | % | |||||||||||||||||||
Past due 90 days or more and still accruing interest (4) | $ | — | $ | 5 | $ | 5 | |||||||||||||||||||
Loans on nonaccrual status (5) | $ | 34 | $ | — | $ | 34 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) The difference between the recorded investment and the carrying value of total mortgage loans of $3 relates to accrued interest. | |||||||||||||||||||||||||
(2) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in lieu has been reported. Loans in the process of foreclosure are included in past due or current loans depending on their delinquency status. | |||||||||||||||||||||||||
(3) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total loan portfolio segment. | |||||||||||||||||||||||||
(4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. | |||||||||||||||||||||||||
(5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Government-guaranteed or Insured Single-family Residential Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days | $ | 30 | $ | 7 | $ | 37 | |||||||||||||||||||
Past due 60-89 days | 9 | 3 | 12 | ||||||||||||||||||||||
Past due 90 days or more | 51 | 9 | 60 | ||||||||||||||||||||||
Total past due mortgage loans | 90 | 19 | 109 | ||||||||||||||||||||||
Total current mortgage loans | 776 | 48 | 824 | ||||||||||||||||||||||
Total mortgage loans (1) | $ | 866 | $ | 67 | $ | 933 | |||||||||||||||||||
Other delinquency statistics: | |||||||||||||||||||||||||
In process of foreclosure (2) | $ | 38 | $ | 3 | $ | 41 | |||||||||||||||||||
Seriously delinquent rate (3) | 5.9 | % | 13.13 | % | 6.42 | % | |||||||||||||||||||
Past due 90 days or more and still accruing interest (4) | $ | — | $ | 9 | $ | 9 | |||||||||||||||||||
Loans on nonaccrual status (5) | $ | 51 | $ | — | $ | 51 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) The difference between the recorded investment and the carrying value of total mortgage loans of $4 relates to accrued interest. | |||||||||||||||||||||||||
(2) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in lieu has been reported. Loans in the process of foreclosure are included in past due or current loans depending on their delinquency status. | |||||||||||||||||||||||||
(3) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total loan portfolio segment. | |||||||||||||||||||||||||
(4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. | |||||||||||||||||||||||||
(5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. | |||||||||||||||||||||||||
A troubled debt restructuring is considered to have occurred when a concession is granted to a borrower for economic or legal reasons related to the borrower's financial difficulties and that concession would not have been considered otherwise. The Bank has granted a concession when it does not expect to collect all amounts due under the original contract as a result of the restructuring. The Bank's conventional single-family residential mortgage loan troubled debt restructurings primarily involve modifying the borrower's monthly payment for a period of up to 36 months to achieve a target housing expense ratio of 31.0 percent of their qualifying monthly income. The outstanding principal balance is first re-amortized to reflect a principal and interest payment for a term not to exceed 40 years. This would result in a balloon payment at the original maturity date of the loan as the maturity date and number of remaining monthly payments are not adjusted. If the 31.0 percent housing expense ratio is not achieved through re-amortization, the interest rate is reduced in 0.125 percent increments below the original note rate, to a floor rate of 3.00 percent, resulting in reduced principal and interest payments, for the temporary payment modification period of up to 36 months, until the target 31.0 percent housing expense ratio is met. A conventional single-family residential mortgage loan in which the borrower filed for Chapter 7 bankruptcy and the bankruptcy court discharged the borrower's obligation to the Bank is considered a troubled debt restructuring. | |||||||||||||||||||||||||
The table below presents the Bank's recorded investment balance in troubled debt restructured loans as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Performing | Non-performing | Total | |||||||||||||||||||||||
Conventional single-family residential loans | $ | 11 | $ | 4 | $ | 15 | |||||||||||||||||||
Due to the minimal change in terms of modified loans (i.e., no write-offs of principal), the Bank's pre-modification recorded investment was not materially different than the post-modification recorded investment in troubled debt restructuring during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
The following table shows troubled debt restructurings from the previous 12 months that subsequently defaulted during the periods presented. A payment default on a troubled debt restructuring is considered to have occurred if the contractually due principal or interest is 60 days or more past due at any time during the periods presented. | |||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Conventional single-family residential loans (1) | $ | — | $ | — | $ | 2 | $ | 1 | |||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) For purposes of this disclosure, only the initial default was included; however, a loan can experience another payment default in a subsequent period. | |||||||||||||||||||||||||
The following tables summarize the recorded investment, unpaid principal balance, and related allowance for credit losses for impaired loans as of September 30, 2014 and December 31, 2013, and the average recorded investment on these loans during the three and nine months ended September 30, 2014 and 2013. Related interest income recognized on these loans during the three and nine months ended September 30, 2014 and 2013 was less than $1. | |||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||
With no related allowance | |||||||||||||||||||||||||
Conventional single-family residential loans | $ | 8 | $ | 8 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
With an allowance | |||||||||||||||||||||||||
Conventional single-family residential loans | 7 | 7 | 1 | 15 | 15 | 2 | |||||||||||||||||||
Total | $ | 15 | $ | 15 | $ | 1 | $ | 15 | $ | 15 | $ | 2 | |||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
With no related allowance | |||||||||||||||||||||||||
Conventional single-family residential loans: | |||||||||||||||||||||||||
Average recorded investment | $ | 8 | $ | — | $ | 9 | $ | — | |||||||||||||||||
With an allowance | |||||||||||||||||||||||||
Conventional single-family residential loans: | |||||||||||||||||||||||||
Average recorded investment | 7 | 13 | 7 | 13 | |||||||||||||||||||||
Consolidated_Obligations
Consolidated Obligations | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Consolidated Obligations | ' | |||||||||||
Consolidated Obligations | ||||||||||||
Consolidated obligations, consisting of consolidated obligation bonds and discount notes, are the joint and several obligations of the 12 Federal Home Loan Banks (FHLBanks) and are backed only by the financial resources of the FHLBanks. The Federal Home Loan Banks Office of Finance (Office of Finance) tracks the amount of debt issued on behalf of each FHLBank. In addition, the Bank separately tracks and records as a liability its specific portion of consolidated obligations for which it is the primary obligor. | ||||||||||||
Interest-rate Payment Terms. The following table details the Bank’s consolidated obligation bonds by interest-rate payment type: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Fixed-rate | $ | 76,029 | $ | 59,885 | ||||||||
Step up/down | 6,776 | 7,617 | ||||||||||
Simple variable-rate | 6,575 | 13,005 | ||||||||||
Variable-rate capped floater | 35 | 45 | ||||||||||
Fixed-rate that converts to variable-rate | 10 | — | ||||||||||
Total par value | $ | 89,425 | $ | 80,552 | ||||||||
Redemption Terms. The following is a summary of the Bank’s participation in consolidated obligation bonds outstanding, by year of contractual maturity: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Amount | Weighted- | Amount | Weighted- | |||||||||
average | average | |||||||||||
Interest Rate (%) | Interest Rate (%) | |||||||||||
Due in one year or less | $ | 50,245 | 0.2 | $ | 41,725 | 0.5 | ||||||
Due after one year through two years | 14,529 | 1.22 | 9,485 | 0.67 | ||||||||
Due after two years through three years | 9,418 | 2.21 | 7,503 | 2.21 | ||||||||
Due after three years through four years | 5,197 | 2.1 | 6,355 | 2.81 | ||||||||
Due after four years through five years | 3,116 | 1.53 | 5,150 | 1.67 | ||||||||
Due after five years | 6,920 | 2.02 | 10,334 | 1.92 | ||||||||
Total par value | 89,425 | 0.87 | 80,552 | 1.13 | ||||||||
Premiums | 75 | 82 | ||||||||||
Discounts | (23 | ) | (24 | ) | ||||||||
Hedging adjustments | 193 | 118 | ||||||||||
Total | $ | 89,670 | $ | 80,728 | ||||||||
The following table presents the Bank’s consolidated obligation bonds outstanding by call feature: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Noncallable | $ | 66,566 | $ | 56,569 | ||||||||
Callable | 22,859 | 23,983 | ||||||||||
Total par value | $ | 89,425 | $ | 80,552 | ||||||||
The following table summarizes the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity or, for callable consolidated obligation bonds, next call date: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Due or callable in one year or less | $ | 67,589 | $ | 59,458 | ||||||||
Due or callable after one year through two years | 10,399 | 7,795 | ||||||||||
Due or callable after two years through three years | 7,138 | 4,491 | ||||||||||
Due or callable after three years through four years | 2,696 | 6,095 | ||||||||||
Due or callable after four years through five years | 871 | 1,571 | ||||||||||
Due or callable after five years | 732 | 1,142 | ||||||||||
Total par value | $ | 89,425 | $ | 80,552 | ||||||||
Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds. Consolidated obligation discount notes are consolidated obligations with original contractual maturities of up to one year. These consolidated obligation discount notes are issued at less than their face amounts and redeemed at par value when they mature. | ||||||||||||
The Bank’s participation in consolidated obligation discount notes was as follows: | ||||||||||||
Book Value | Par Value | Weighted-average | ||||||||||
Interest Rate (%) | ||||||||||||
As of September 30, 2014 | $ | 26,055 | $ | 26,062 | 0.09 | |||||||
As of December 31, 2013 | $ | 32,202 | $ | 32,208 | 0.11 | |||||||
Capital_and_Mandatorily_Redeem
Capital and Mandatorily Redeemable Capital Stock | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Capital and Mandatorily Redeemable Capital Stock | ' | |||||||||||||||
Capital and Mandatorily Redeemable Capital Stock | ||||||||||||||||
Capital. The Bank was in compliance with the Federal Housing Finance Agency's (Finance Agency) regulatory capital rules and requirements as shown in the following table: | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Required | Actual | Required | Actual | |||||||||||||
Risk based capital | $ | 1,789 | $ | 6,412 | $ | 2,246 | $ | 6,563 | ||||||||
Total capital-to-assets ratio | 4 | % | 5.15 | % | 4 | % | 5.37 | % | ||||||||
Total regulatory capital (1) | $ | 4,977 | $ | 6,412 | $ | 4,893 | $ | 6,563 | ||||||||
Leverage ratio | 5 | % | 7.73 | % | 5 | % | 8.05 | % | ||||||||
Leverage capital | $ | 6,222 | $ | 9,618 | $ | 6,116 | $ | 9,845 | ||||||||
___________ | ||||||||||||||||
(1) | Mandatorily redeemable capital stock is considered capital for regulatory purposes, and “total regulatory capital” includes the Bank’s $19 and $24 in mandatorily redeemable capital stock as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
Mandatorily Redeemable Capital Stock. The following table provides the activity in mandatorily redeemable capital stock: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 21 | $ | 25 | $ | 24 | $ | 40 | ||||||||
Capital stock subject to mandatory redemption reclassified from equity during the period due to: | ||||||||||||||||
Attainment of non-member status | 3 | 1 | 5 | 8 | ||||||||||||
Repurchase/redemption of mandatorily redeemable capital stock | (5 | ) | (2 | ) | (9 | ) | (24 | ) | ||||||||
Capital stock previously subject to mandatory redemption reclassified to capital stock | — | — | (1 | ) | — | |||||||||||
Balance, end of period | $ | 19 | $ | 24 | $ | 19 | $ | 24 | ||||||||
The following table shows the amount of mandatorily redeemable capital stock by year of redemption. The year of redemption in the table is the end of the five-year redemption period, or with respect to activity-based stock, the later of the expiration of the five-year redemption period or the activity’s maturity date. | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Due in one year or less | $ | 4 | $ | 5 | ||||||||||||
Due after one year through two years | 8 | 9 | ||||||||||||||
Due after two years through three years | 6 | 8 | ||||||||||||||
Due after three years through four years | — | 1 | ||||||||||||||
Due after four years through five years | 1 | — | ||||||||||||||
Due after five years | — | 1 | ||||||||||||||
Total | $ | 19 | $ | 24 | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
Components comprising accumulated other comprehensive income were as follows: | ||||||||||||||||
Pension and | Noncredit Portion | Noncredit Portion of Other-than-temporary Impairment Losses on Held-to-maturity Securities | Total Accumulated | |||||||||||||
Postretirement | of Other-than- | Other | ||||||||||||||
Benefits | temporary | Comprehensive | ||||||||||||||
Impairment Losses | Income | |||||||||||||||
on Available-for- | ||||||||||||||||
sale Securities | ||||||||||||||||
Balance, June 30, 2013 | $ | (16 | ) | $ | 83 | $ | — | $ | 67 | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||
Net change in fair value | — | 16 | — | 16 | ||||||||||||
Balance, September 30, 2013 | $ | (16 | ) | $ | 99 | $ | — | $ | 83 | |||||||
Balance, June 30, 2014 | $ | (12 | ) | $ | 142 | $ | — | $ | 130 | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||
Net change in fair value | — | (5 | ) | — | (5 | ) | ||||||||||
Reclassification from accumulated other comprehensive income (loss) to net income: | ||||||||||||||||
Noncredit other-than-temporary impairment losses | — | 2 | — | 2 | ||||||||||||
Net current period other comprehensive loss | — | (3 | ) | — | (3 | ) | ||||||||||
Balance, September 30, 2014 | $ | (12 | ) | $ | 139 | $ | — | $ | 127 | |||||||
Pension and | Noncredit Portion | Noncredit Portion of Other-than-temporary Impairment Losses on Held-to-maturity Securities | Total Accumulated | |||||||||||||
Postretirement | of Other-than- | Other | ||||||||||||||
Benefits | temporary | Comprehensive | ||||||||||||||
Impairment Losses | Income | |||||||||||||||
on Available-for- | ||||||||||||||||
sale Securities | ||||||||||||||||
Balance, December 31, 2012 | $ | (17 | ) | $ | (41 | ) | $ | — | $ | (58 | ) | |||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||
Noncredit other-than-temporary impairment losses | — | — | (1 | ) | (1 | ) | ||||||||||
Noncredit other-than-temporary impairment losses transferred | — | (1 | ) | 1 | — | |||||||||||
Net change in fair value | — | 141 | — | 141 | ||||||||||||
Reclassification from accumulated other comprehensive loss to net income: | ||||||||||||||||
Amortization of pension and postretirement (1) | 1 | — | — | 1 | ||||||||||||
Net current period other comprehensive income | 1 | 140 | — | 141 | ||||||||||||
Balance, September 30, 2013 | $ | (16 | ) | $ | 99 | $ | — | $ | 83 | |||||||
Balance, December 31, 2013 | $ | (13 | ) | $ | 125 | $ | — | $ | 112 | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||
Net change in fair value | — | 11 | — | 11 | ||||||||||||
Reclassification from accumulated other comprehensive income (loss) to net income: | ||||||||||||||||
Noncredit other-than-temporary impairment losses | — | 3 | — | 3 | ||||||||||||
Amortization of pension and postretirement (1) | 1 | — | — | 1 | ||||||||||||
Net current period other comprehensive income | 1 | 14 | — | 15 | ||||||||||||
Balance, September 30, 2014 | $ | (12 | ) | $ | 139 | $ | — | $ | 127 | |||||||
____________ | ||||||||||||||||
(1) | Included in Compensation and benefits on the Statements of Income. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | |||||||||||||||||||||||||||||||||
Nature of Business Activity | |||||||||||||||||||||||||||||||||
The Bank is exposed to interest-rate risk primarily from the effect of interest rate changes on its interest-earning assets and its funding sources that finance these assets. The goal of the Bank’s interest-rate risk management strategies is not to eliminate interest-rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the Bank has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. In addition, the Bank monitors the risk to its interest income, net interest margin, and average maturity of interest-earning assets and funding sources. The Bank enters into derivatives to manage the interest-rate risk exposure inherent in its otherwise unhedged assets and funding sources, to achieve the Bank's risk management objectives, and to act as an intermediary between its members and counterparties. For additional information on the Bank’s derivatives and hedging activities, see Note 18—Derivatives and Hedging Activities to the 2013 audited financial statements contained in the Bank’s Form 10-K. | |||||||||||||||||||||||||||||||||
The Bank transacts most of its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute consolidated obligations. Over-the-counter derivative transactions may be either executed with a counterparty (bilateral derivatives) or cleared through a Futures Commission Merchant (i.e., clearing agent), with a Derivative Clearing Organization (cleared derivatives). | |||||||||||||||||||||||||||||||||
Once a derivative transaction has been accepted for clearing by a Derivative Clearing Organization (Clearinghouse), the derivative transaction is novated and the executing counterparty is replaced with the Clearinghouse. The Clearinghouse notifies the clearing agent of the required initial and variation margin and the clearing agent notifies the Bank of the required initial and variation margin. The Bank is not a derivative dealer and does not trade derivatives for short-term profit. | |||||||||||||||||||||||||||||||||
Financial Statement Effect and Additional Financial Information | |||||||||||||||||||||||||||||||||
Derivative Notional Amounts. The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor the overall exposure of the Bank to credit and market risk; the overall risk is much smaller. The risks of derivatives can be measured meaningfully on a portfolio basis that takes into account the counterparties, the types of derivatives, the items being hedged, and any offsets between the derivatives and the items being hedged. | |||||||||||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments, including the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Notional | Derivative Assets | Derivative Liabilities | Notional | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
Amount of Derivatives | Amount of Derivatives | ||||||||||||||||||||||||||||||||
Derivatives in hedging relationships: | |||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 97,053 | $ | 549 | $ | (1,897 | ) | $ | 84,740 | $ | 800 | $ | (2,336 | ) | |||||||||||||||||||
Total derivatives in hedging relationships | 97,053 | 549 | (1,897 | ) | 84,740 | 800 | (2,336 | ) | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Interest rate swaps | 9,961 | 13 | (199 | ) | 4,414 | 14 | (309 | ) | |||||||||||||||||||||||||
Interest rate swaptions | 40 | — | — | 40 | 1 | (1 | ) | ||||||||||||||||||||||||||
Interest rate caps or floors | 16,500 | 24 | (16 | ) | 12,500 | 44 | (28 | ) | |||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 26,501 | 37 | (215 | ) | 16,954 | 59 | (338 | ) | |||||||||||||||||||||||||
Total derivatives before netting and collateral adjustments | $ | 123,554 | 586 | (2,112 | ) | $ | 101,694 | 859 | (2,674 | ) | |||||||||||||||||||||||
Netting adjustments | (404 | ) | 404 | (741 | ) | 741 | |||||||||||||||||||||||||||
Cash collateral and related accrued interest | (64 | ) | 1,528 | (65 | ) | 1,746 | |||||||||||||||||||||||||||
Total collateral and netting adjustments (1) | (468 | ) | 1,932 | (806 | ) | 2,487 | |||||||||||||||||||||||||||
Derivative assets and derivative liabilities | $ | 118 | $ | (180 | ) | $ | 53 | $ | (187 | ) | |||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | ||||||||||||||||||||||||||||||||
The following tables present the components of net gains on derivatives and hedging activities as presented in the Statements of Income: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Derivatives and hedged items in fair value hedging relationships: | |||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 78 | $ | 39 | $ | 129 | $ | 134 | |||||||||||||||||||||||||
Total net gains related to fair value hedge ineffectiveness | 78 | 39 | 129 | 134 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Interest rate swaps | 20 | 16 | 45 | 78 | |||||||||||||||||||||||||||||
Interest rate caps or floors | (4 | ) | (1 | ) | (13 | ) | 3 | ||||||||||||||||||||||||||
Net interest settlements | (17 | ) | (20 | ) | (53 | ) | (64 | ) | |||||||||||||||||||||||||
Total net (losses) gains related to derivatives not designated as hedging instruments | (1 | ) | (5 | ) | (21 | ) | 17 | ||||||||||||||||||||||||||
Net gains on derivatives and hedging activities | $ | 77 | $ | 34 | $ | 108 | $ | 151 | |||||||||||||||||||||||||
The following tables present, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Bank’s net interest income: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Hedged Item Type | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | |||||||||||||||||||||||||
Hedge Ineffectiveness | Hedge Ineffectiveness | ||||||||||||||||||||||||||||||||
Advances | $ | 319 | $ | (243 | ) | $ | 76 | $ | (229 | ) | $ | 114 | $ | (68 | ) | $ | 46 | $ | (259 | ) | |||||||||||||
Consolidated obligations bonds | (134 | ) | 136 | 2 | 118 | 10 | (17 | ) | (7 | ) | 150 | ||||||||||||||||||||||
Total | $ | 185 | $ | (107 | ) | $ | 78 | $ | (111 | ) | $ | 124 | $ | (85 | ) | $ | 39 | $ | (109 | ) | |||||||||||||
____________ | |||||||||||||||||||||||||||||||||
(1) | The net interest on derivatives in fair value hedge relationships is presented in the interest income or expense line item of the respective hedged item. | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Hedged Item Type | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | |||||||||||||||||||||||||
Hedge Ineffectiveness | Hedge Ineffectiveness | ||||||||||||||||||||||||||||||||
Advances | $ | 80 | $ | 47 | $ | 127 | $ | (671 | ) | $ | 1,486 | $ | (1,333 | ) | $ | 153 | $ | (797 | ) | ||||||||||||||
Consolidated obligations bonds | 80 | (78 | ) | 2 | 383 | (700 | ) | 681 | (19 | ) | 469 | ||||||||||||||||||||||
Total | $ | 160 | $ | (31 | ) | $ | 129 | $ | (288 | ) | $ | 786 | $ | (652 | ) | $ | 134 | $ | (328 | ) | |||||||||||||
____________ | |||||||||||||||||||||||||||||||||
(1) | The net interest on derivatives in fair value hedge relationships is presented in the interest income or expense line item of the respective hedged item. | ||||||||||||||||||||||||||||||||
Managing Credit Risk on Derivatives | |||||||||||||||||||||||||||||||||
The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative transactions and manages credit risk through credit analysis, collateral requirements, and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For bilateral derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in such contracts to mitigate the risk. The Bank requires collateral agreements with collateral delivery thresholds on all bilateral derivatives. Additionally, collateral related to derivatives with member institutions includes collateral assigned to the Bank, as evidenced by a written security agreement and held by the member institution for the benefit of the Bank. | |||||||||||||||||||||||||||||||||
For cleared derivatives, the Clearinghouse is the Bank's counterparty. The requirement that the Bank post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the Bank to institutional credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral is posted daily through a clearing agent for changes in the value of cleared derivatives. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default including a bankruptcy, insolvency or similar proceeding involving the Clearinghouse or the Bank’s clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. | |||||||||||||||||||||||||||||||||
The Bank presents derivative instruments, related cash collateral, including initial and variation margin, received or pledged and associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. | |||||||||||||||||||||||||||||||||
The following table presents the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. Non-cash collateral received from or pledged to counterparties not offset was less than $1 and $0 as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||
Gross recognized amount: | |||||||||||||||||||||||||||||||||
Bilateral derivatives | $ | 532 | $ | (1,825 | ) | $ | 820 | $ | (2,545 | ) | |||||||||||||||||||||||
Cleared derivatives | 54 | (287 | ) | 39 | (129 | ) | |||||||||||||||||||||||||||
Total gross recognized amount | 586 | (2,112 | ) | 859 | (2,674 | ) | |||||||||||||||||||||||||||
Gross amounts of netting adjustments and cash collateral: | |||||||||||||||||||||||||||||||||
Bilateral derivatives | (532 | ) | 1,645 | (818 | ) | 2,358 | |||||||||||||||||||||||||||
Cleared derivatives | 64 | 287 | 12 | 129 | |||||||||||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | (468 | ) | 1,932 | (806 | ) | 2,487 | |||||||||||||||||||||||||||
Derivative assets and derivative liabilities: (1) | |||||||||||||||||||||||||||||||||
Bilateral derivatives | — | (180 | ) | 2 | (187 | ) | |||||||||||||||||||||||||||
Cleared derivatives | 118 | — | 51 | — | |||||||||||||||||||||||||||||
Total derivative assets and total derivative liabilities | $ | 118 | $ | (180 | ) | $ | 53 | $ | (187 | ) | |||||||||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||
-1 | The Bank had net credit exposure of $118 and $47 as of September 30, 2014 and December 31, 2013, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeds the Bank’s net derivative liability position. | ||||||||||||||||||||||||||||||||
Certain of the Bank’s bilateral derivative instruments contain provisions that require the Bank to post additional collateral with its counterparties if there is deterioration in the Bank’s credit rating. If the Bank’s credit rating is lowered by a NRSRO, the Bank may be required to deliver additional collateral on bilateral derivative instruments in net liability positions. The aggregate fair value of all bilateral derivative instruments with credit-risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest) as of September 30, 2014 was $1,357 for which the Bank has posted collateral with a fair value of $1,180 in the normal course of business. If the Bank’s credit ratings had been lowered from its current rating to the next lower rating that would have triggered additional collateral to be delivered, the Bank would have been required to deliver an additional $114 of collateral at fair value to its derivative counterparties as of September 30, 2014. |
Estimated_Fair_Values
Estimated Fair Values | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Estimated Fair Values | ' | |||||||||||||||||||||||
Estimated Fair Values | ||||||||||||||||||||||||
The Bank records trading securities, available-for-sale securities, derivative assets and liabilities, and grantor trust assets (publicly-traded mutual funds) at estimated fair value on a recurring basis. Fair value is a market-based measurement and is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the assets or owes the liability. In general, the transaction price will equal the exit price and, therefore, represent the fair value of the asset or liability at initial recognition. In determining whether a transaction price represents the fair value of the asset or liability at initial recognition, each reporting entity is required to consider factors specific to the transaction and the asset or liability, the principal or most advantageous market for the asset or liability, and market participants with whom the entity would transact in the market. | ||||||||||||||||||||||||
A fair value hierarchy is used to prioritize the inputs of valuation techniques used to measure fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of how market-observable the fair value measurement is and defines the level of disclosure. The fair value hierarchy defines fair value in terms of a price in an orderly transaction between market participants to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability at the measurement date (an exit price). In order to determine the fair value or the exit price, entities must determine the unit of account, highest and best use, principal market, and market participants. These determinations allow the reporting entity to define the inputs for fair value and level of hierarchy. | ||||||||||||||||||||||||
Outlined below is the application of the “fair value hierarchy” to the Bank's financial assets and financial liabilities that are carried at fair value. | ||||||||||||||||||||||||
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. As of September 30, 2014 and December 31, 2013, the Bank carried grantor trust assets at fair value hierarchy Level 1. | ||||||||||||||||||||||||
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. As of September 30, 2014 and December 31, 2013, the Bank carried trading securities and derivatives at fair value hierarchy Level 2. | ||||||||||||||||||||||||
Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are supported by little or no market activity and reflect the entity's own assumptions. As of September 30, 2014 and December 31, 2013, the Bank carried available-for-sale securities at fair value hierarchy Level 3. | ||||||||||||||||||||||||
The Bank utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | ||||||||||||||||||||||||
For financial instruments carried at fair value, the Bank reviews the fair value hierarchy classification of financial assets and liabilities on a quarterly basis. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. There were no such transfers during the periods presented. | ||||||||||||||||||||||||
Fair Value on a Recurring Basis. The following tables present, for each fair value hierarchy level, the Bank’s financial assets and liabilities that are measured at fair value on a recurring basis on its Statements of Condition: | ||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||
Fair Value Measurements Using | Netting Adjustment (1) | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | $ | — | $ | 1,366 | $ | — | $ | — | $ | 1,366 | ||||||||||||||
Another FHLBank’s bond | — | 61 | — | — | 61 | |||||||||||||||||||
State or local housing agency debt obligations | — | 1 | — | — | 1 | |||||||||||||||||||
Total trading securities | — | 1,428 | — | — | 1,428 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Private-label residential MBS | — | — | 2,073 | — | 2,073 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate related | — | 586 | — | (468 | ) | 118 | ||||||||||||||||||
Grantor trust (included in Other assets) | 24 | — | — | — | 24 | |||||||||||||||||||
Total assets at fair value | $ | 24 | $ | 2,014 | $ | 2,073 | $ | (468 | ) | $ | 3,643 | |||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Interest-rate related | $ | — | $ | (2,112 | ) | $ | — | $ | 1,932 | $ | (180 | ) | ||||||||||||
Total liabilities at fair value | $ | — | $ | (2,112 | ) | $ | — | $ | 1,932 | $ | (180 | ) | ||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Fair Value Measurements Using | Netting Adjustment (1) | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | $ | — | $ | 1,601 | $ | — | $ | — | $ | 1,601 | ||||||||||||||
Another FHLBank’s bond | — | 65 | — | — | 65 | |||||||||||||||||||
State or local housing agency debt obligations | — | 1 | — | — | 1 | |||||||||||||||||||
Total trading securities | — | 1,667 | — | — | 1,667 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Private-label residential MBS | — | — | 2,299 | — | 2,299 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate related | — | 859 | — | (806 | ) | 53 | ||||||||||||||||||
Grantor trust (included in Other assets) | 21 | — | — | — | 21 | |||||||||||||||||||
Total assets at fair value | $ | 21 | $ | 2,526 | $ | 2,299 | $ | (806 | ) | $ | 4,040 | |||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Interest-rate related | $ | — | $ | (2,674 | ) | $ | — | $ | 2,487 | $ | (187 | ) | ||||||||||||
Total liabilities at fair value | $ | — | $ | (2,674 | ) | $ | — | $ | 2,487 | $ | (187 | ) | ||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. | |||||||||||||||||||||||
The following table presents a reconciliation of available-for-sale securities that are measured at fair value using significant unobservable inputs (Level 3): | ||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Balance, beginning of period | $ | 2,155 | $ | 2,536 | $ | 2,299 | $ | 2,676 | ||||||||||||||||
Transfer of private-label MBS from held-to-maturity to available-for-sale | — | — | — | 11 | ||||||||||||||||||||
Total (losses) gains realized and unrealized: (1) | ||||||||||||||||||||||||
Included in net impairment losses recognized in earnings | (2 | ) | — | (3 | ) | — | ||||||||||||||||||
Included in other comprehensive income (2) | (3 | ) | 16 | 14 | 141 | |||||||||||||||||||
Accretion of credit losses in net interest income | 8 | 4 | 24 | 5 | ||||||||||||||||||||
Settlements | (85 | ) | (158 | ) | (261 | ) | (435 | ) | ||||||||||||||||
Balance, end of period | $ | 2,073 | $ | 2,398 | $ | 2,073 | $ | 2,398 | ||||||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Related to available-for-sale securities held at period end. | |||||||||||||||||||||||
(2) | This amount is included in other comprehensive income within the net change in fair value on other-than-temporary impairment available-for-sale securities and reclassification of noncredit portion of impairment losses included in net income. | |||||||||||||||||||||||
Fair Value on a Nonrecurring Basis. The Bank measures certain impaired mortgage loans held for portfolio and real estate owned at Level 3 fair value on a nonrecurring basis. Impaired mortgage loans are subject to being measured at fair value as a result of becoming impaired during the reported period. Real estate owned is measured at fair value when its fair value, less cost to sell, is lower than its carrying value as of the Statements of Condition date. The Bank estimates fair value based on (1) a property appraisal provided by the loan servicer; (2) a broker price opinion provided by the loan servicer; or (3) a current property value provided by a third party vendor, adjusted for estimated selling costs. | ||||||||||||||||||||||||
The following table presents the Bank's assets that are measured at fair value on a nonrecurring basis on its Statements of Condition only as of the dates shown: | ||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Real estate owned | $ | 6 | $ | 9 | ||||||||||||||||||||
Described below are the Bank's fair value measurement methodologies for financial assets and liabilities measured or disclosed at fair value. | ||||||||||||||||||||||||
Cash and Due from Banks. The estimated fair value approximates the recorded carrying value. | ||||||||||||||||||||||||
Interest-bearing Deposits. The estimated fair value is determined by calculating the present value of the expected future cash flows from the deposits and reducing this amount for accrued interest receivable. The discount rate used in these calculations is the rate for deposits with similar terms and represents market observable rates. | ||||||||||||||||||||||||
Securities purchased under agreements to resell. The estimated fair value is determined by calculating the present value of the expected future cash flows. The discount rates used in these calculations are the rates for securities with similar terms and represent market observable rates. | ||||||||||||||||||||||||
Federal Funds Sold. The estimated fair value is determined by calculating the present value of the expected future cash flows. The discount rates used in these calculations are the rates for federal funds with similar terms and represent market observable rates. | ||||||||||||||||||||||||
Investment Securities. The Bank obtains prices from four designated third-party pricing vendors when available to estimate the fair value of its investment securities. The pricing vendors use various proprietary models to price investment securities. The inputs to those models are derived from various sources including, but not limited to: benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many investment securities do not trade on a daily basis, the pricing vendors use available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing to determine the prices for individual securities. Each pricing vendor has an established challenge process in place for all investment securities valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. | ||||||||||||||||||||||||
The Bank periodically conducts reviews of the four pricing vendors to confirm and further augment its understanding of the vendors' pricing processes, methodologies, and control procedures for agency and private-label MBS. | ||||||||||||||||||||||||
The Bank's valuation technique for estimating the fair value of its investment securities first requires the establishment of a “median” price for each security. | ||||||||||||||||||||||||
All prices that are within a specified tolerance threshold of the median price are included in the “cluster” of prices that are averaged to compute a “default” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, and/or non-binding dealer estimates) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price rather than the default price. Alternatively, if the analysis does not provide evidence that an outlier is in fact more representative of the fair value and the default price is the best estimate, then the default price is used as the final price. In all cases, the final price is used to determine the fair value of the security. | ||||||||||||||||||||||||
If all prices received for a security are outside the tolerance threshold level of the median price, then there is no default price, and the final price is determined by an evaluation of all outlier prices as described above. | ||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, four vendor prices were received for a majority of the Bank's investment securities holdings and the final prices for those securities were computed by averaging the prices received. Based on the Bank's review of the pricing methods and controls employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices (or, in those instances in which there were outliers or significant yield variances, the Bank's additional analyses), the Bank believes its final prices are representative of the prices that would have been received if the assets had been sold at the measurement date (i.e., exit prices) and further that the fair value measurements are classified appropriately in the fair value hierarchy. Based on the lack of significant market activity for private-label MBS, the fair value measurement for those securities were classified as Level 3 within the fair value hierarchy as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Mortgage Loans Held for Portfolio. The estimated fair values for mortgage loans are determined based on quoted market prices of similar mortgage loans available in the pass-through securities market. These prices, however, can change rapidly based upon market conditions and are highly dependent upon the underlying prepayment assumptions. The estimated fair values of impaired mortgage loans are based on the current property value, as provided by a third party vendor, adjusted for estimated selling costs. | ||||||||||||||||||||||||
Advances. The Bank determines the estimated fair values of advances by calculating the present value of expected future cash flows from the advances and excluding the amount of the accrued interest receivable. The discount rates used in these calculations are the replacement advance rates based on the market observable London Interbank Offered Rate (LIBOR) curve for advances with similar terms as of September 30, 2014 and December 31, 2013, respectively. In accordance with the advances regulations, advances with a maturity or repricing period greater than six months require a prepayment fee sufficient to make the Bank financially indifferent to the borrower's decision to prepay the advances, thereby removing prepayment risk from the fair value calculation. The Bank did not adjust the fair value measurement of advances for creditworthiness because advances were fully collateralized (see Note 7—Advances to the Bank’s interim financial statements for additional information). | ||||||||||||||||||||||||
Accrued Interest Receivable and Payable. The estimated fair value approximates the recorded carrying value. | ||||||||||||||||||||||||
Derivative Assets and Liabilities. The Bank calculates the fair value of derivatives using a present value of future cash flows discounted by a market observable rate. The Bank used Overnight Index Swap Rate to discount future cash flows for collateralized derivatives. | ||||||||||||||||||||||||
Derivative instruments are transacted primarily in the institutional dealer market and priced with observable market assumptions at a mid-market valuation point. The Bank does not provide a credit valuation adjustment based on aggregate exposure by derivative counterparty when measuring the fair value of its derivatives. This is because the collateral provisions pertaining to the Bank's derivatives obviate the need to provide such a credit valuation adjustment. The fair values of the Bank's derivatives take into consideration the effects of legally enforceable master netting agreements, where applicable, that allow the Bank to settle positive and negative positions and offset cash collateral with the same counterparty on a net basis. The Bank and each bilateral derivative counterparty have collateral thresholds that take into account both the Bank's and the counterparty's credit ratings. As a result of these practices and agreements, the Bank has concluded that the impact of the credit differential between the Bank and its derivative counterparties was mitigated to an immaterial level and no further adjustments were deemed necessary to the recorded fair values of derivative assets and liabilities on the Statements of Condition as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Grantor Trust Assets. Grantor trust assets, included as a component of Other assets, are carried at estimated fair value based on quoted market prices. | ||||||||||||||||||||||||
Interest-bearing Deposits. The Bank determines estimated fair values of Bank deposits by calculating the present value of expected future cash flows from the deposits and reducing this amount for accrued interest payable. The discount rate used in these calculations is based on LIBOR. | ||||||||||||||||||||||||
Consolidated Obligations. The Bank calculates the fair value of consolidated obligation bonds and discount notes by using the present value of future cash flows using a cost of funds as the discount rate. The cost of funds discount curves are based primarily on the market observable LIBOR and to some extent on the Office of Finance cost of funds curve, which also is market observable. | ||||||||||||||||||||||||
Mandatorily Redeemable Capital Stock. The fair value of mandatorily redeemable capital stock is par value, including estimated dividends earned at the time of reclassification from capital to liabilities, until such amount is paid. Capital stock can be acquired by members only at par value and redeemed by the Bank at par value. Capital stock is not traded and no market mechanism exists for the exchange of capital stock outside the cooperative structure. | ||||||||||||||||||||||||
The following estimated fair value amounts have been determined by the Bank using available market information and the Bank’s best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of September 30, 2014 and December 31, 2013. Although the Bank uses its best judgment in estimating the fair values of these financial instruments, there are inherent limitations in any estimation technique or valuation methodology. | ||||||||||||||||||||||||
For example, because an active secondary market does not exist for a portion of the Bank’s financial instruments, in certain cases, fair values are not subject to precise quantification or verification and may change as economic and market factors and evaluation of those factors change. Therefore, these estimated fair values are not necessarily indicative of the amounts that would be realized in current market transactions, although they do reflect the Bank’s judgment of how a market participant would estimate the fair value. The fair value tables presented below do not represent an estimate of the overall fair value of the Bank as a going concern, which would take into account future business opportunities and the net profitability of assets versus liabilities. | ||||||||||||||||||||||||
The carrying values and estimated fair values of the Bank’s financial instruments were as follows: | ||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (1) | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 4,386 | $ | 4,386 | $ | 4,386 | $ | — | $ | — | $ | — | ||||||||||||
Interest bearing-deposits | 1,010 | 1,010 | — | 1,010 | — | — | ||||||||||||||||||
Securities purchased under agreements to resell | 455 | 455 | — | 455 | — | — | ||||||||||||||||||
Federal funds sold | 4,095 | 4,095 | — | 4,095 | — | — | ||||||||||||||||||
Trading securities | 1,428 | 1,428 | — | 1,428 | — | — | ||||||||||||||||||
Available-for-sale securities | 2,073 | 2,073 | — | — | 2,073 | — | ||||||||||||||||||
Held-to-maturity securities | 21,082 | 21,141 | — | 19,545 | 1,596 | — | ||||||||||||||||||
Advances | 88,627 | 88,699 | — | 88,699 | — | — | ||||||||||||||||||
Mortgage loans held for portfolio, net | 788 | 871 | — | 871 | — | — | ||||||||||||||||||
Accrued interest receivable | 184 | 184 | — | 184 | — | — | ||||||||||||||||||
Derivative assets | 118 | 118 | — | 586 | — | (468 | ) | |||||||||||||||||
Grantor trust assets (included in Other assets) | 24 | 24 | 24 | — | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-bearing deposits | (1,271 | ) | (1,271 | ) | — | (1,271 | ) | — | — | |||||||||||||||
Consolidated obligations, net: | ||||||||||||||||||||||||
Discount notes | (26,055 | ) | (26,055 | ) | — | (26,055 | ) | — | — | |||||||||||||||
Bonds | (89,670 | ) | (89,912 | ) | — | (89,912 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (19 | ) | (19 | ) | (19 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (202 | ) | (202 | ) | — | (202 | ) | — | — | |||||||||||||||
Derivative liabilities | (180 | ) | (180 | ) | — | (2,112 | ) | — | 1,932 | |||||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (1) | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 4,374 | $ | 4,374 | $ | 4,374 | $ | — | $ | — | $ | — | ||||||||||||
Interest bearing-deposits | 1,007 | 1,007 | — | 1,007 | — | — | ||||||||||||||||||
Federal funds sold | 1,795 | 1,795 | — | 1,795 | — | — | ||||||||||||||||||
Trading securities | 1,667 | 1,667 | — | 1,667 | — | — | ||||||||||||||||||
Available-for-sale securities | 2,299 | 2,299 | — | — | 2,299 | — | ||||||||||||||||||
Held-to-maturity securities | 20,176 | 20,146 | — | 18,225 | 1,921 | — | ||||||||||||||||||
Advances | 89,588 | 89,413 | — | 89,413 | — | — | ||||||||||||||||||
Mortgage loans held for portfolio, net | 918 | 1,004 | — | 1,004 | — | — | ||||||||||||||||||
Accrued interest receivable | 199 | 199 | — | 199 | — | — | ||||||||||||||||||
Derivative assets | 53 | 53 | — | 859 | — | (806 | ) | |||||||||||||||||
Grantor trust assets (included in Other assets) | 21 | 21 | 21 | — | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-bearing deposits | (1,752 | ) | (1,752 | ) | — | (1,752 | ) | — | — | |||||||||||||||
Consolidated obligations, net: | ||||||||||||||||||||||||
Discount notes | (32,202 | ) | (32,203 | ) | — | (32,203 | ) | — | — | |||||||||||||||
Bonds | (80,728 | ) | (80,733 | ) | — | (80,733 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (24 | ) | (24 | ) | (24 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (183 | ) | (183 | ) | — | (183 | ) | — | — | |||||||||||||||
Derivative liabilities | (187 | ) | (187 | ) | — | (2,674 | ) | — | 2,487 | |||||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
As described in Note 10–Consolidated Obligations, consolidated obligations are backed only by the financial resources of the 12 FHLBanks. The Finance Agency may at any time require any FHLBank to make principal or interest payments due on any consolidated obligations, whether or not the primary obligor FHLBank has defaulted on the payment of that obligation. No FHLBank has ever had to assume or pay the consolidated obligation of another FHLBank. | |||||||||||||||||||||||||
The par value of the FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was $701,462 and $654,076 as of September 30, 2014 and December 31, 2013, respectively, exclusive of the Bank’s own outstanding consolidated obligations. The Bank determined that it is not necessary to recognize a liability for the fair value of the Bank’s joint and several liability for all of the consolidated obligations. As of September 30, 2014, none of the other FHLBanks defaulted on their consolidated obligations, the Finance Agency was not required to allocate any obligation among the FHLBanks, and no amount of the joint and several obligation was fixed. Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks consolidated obligations as of September 30, 2014. | |||||||||||||||||||||||||
The following table shows the Bank's outstanding commitments, which represent off-balance sheet obligations: | |||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Expire Within One Year | Expire After One Year | Total | Expire Within One Year | Expire After One Year | Total | ||||||||||||||||||||
Standby letters of credit (1) | $ | 5,437 | $ | 19,172 | $ | 24,609 | $ | 4,785 | $ | 23,004 | $ | 27,789 | |||||||||||||
Commitments to fund additional advances | 124 | 170 | 294 | 110 | 34 | 144 | |||||||||||||||||||
Unsettled consolidated obligation bonds, at par (2) | 472 | — | 472 | 171 | — | 171 | |||||||||||||||||||
Unsettled consolidated obligation discount notes, at par (2) | 2,500 | — | 2,500 | 467 | — | 467 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) | Expire within one year includes 17 standby letters of credit for a total of $26 and 14 standby letters of credit for a total of $20 as of September 30, 2014 and December 31, 2013, respectively, that have no stated maturity date and are subject to renewal on an annual basis. | ||||||||||||||||||||||||
(2) | Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations. As of September 30, 2014 and December 31, 2013, $470 and $145 of the Bank's unsettled consolidated obligation bonds were hedged with associated interest rate swaps that had traded but not yet settled. As of September 30, 2014 and December 31, 2013, $500 and $0 of the Bank's unsettled consolidated obligation discount notes were hedged with associated interest rate swaps that had traded but not yet settled. | ||||||||||||||||||||||||
The carrying value of the guarantees related to standby letters of credit is recorded in other liabilities and amounted to $97 and $137 as of September 30, 2014 and December 31, 2013, respectively. Based on the Bank’s credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on these commitments. | |||||||||||||||||||||||||
The Bank monitors the creditworthiness of its standby letters of credit based on an evaluation of the member. In addition, standby letters of credit are fully collateralized from the time of issuance. The Bank has established parameters for the measurement, review, classification, and monitoring of credit risk related to these standby letters of credit that results in an internal credit rating, which focuses primarily on an institution’s overall financial health and takes into account quality of assets, earnings, and capital position. In general, borrowers categorized into the highest risk rating category have more restrictions on the types of collateral they may use to secure standby letters of credit, may be required to maintain higher collateral maintenance levels and deliver loan collateral, and may face more stringent collateral reporting requirements. | |||||||||||||||||||||||||
The Bank had no commitments that unconditionally obligate the Bank to purchase closed mortgage loans as of September 30, 2014 and December 31, 2013. Such commitments would be recorded as derivatives at their fair values. | |||||||||||||||||||||||||
The Bank is subject to legal proceedings arising in the normal course of business. After consultation with legal counsel, management does not anticipate, as of the date of the financial statements, that the ultimate liability, if any, arising out of these matters will have a material effect on the Bank’s financial condition or results of operations. |
Transactions_With_Members_and_
Transactions With Members and Their Affiliates and With Housing Associates | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' |
Transactions With Members and Their Affiliates And With Housing Associates | ' |
Transactions with Members and their Affiliates and with Housing Associates | |
The Bank is a cooperative whose member institutions own substantially all of the capital stock of the Bank. Former members, and certain non-members that own the Bank's capital stock as a result of a merger or acquisition of the Bank's member, own the remaining capital stock to support business transactions still carried on the Bank’s Statements of Condition. All holders of the Bank’s capital stock receive dividends on their investments, to the extent declared by the Bank’s board of directors. All advances are issued to members and eligible “housing associates” under the Federal Home Loan Bank Act of 1932 (FHLBank Act), and mortgage loans held for portfolio are purchased from members. The Bank also maintains demand deposit accounts primarily to facilitate settlement activities that are related directly to advances and mortgage loan purchases. | |
Transactions with any member that has an officer or director who also is a director of the Bank are subject to the same Bank policies as transactions with other members, and transactions with members which are entered into in the ordinary course of the Bank’s business are not considered related party transactions subject to disclosure. In August 2013, the Bank sold its multifamily mortgage loan portfolio, with an unpaid principal balance of $18, to a member outside the ordinary course of the Bank’s advances business which resulted in a gain of less than $1. | |
The Bank defines related parties as each of the other FHLBanks and those members with regulatory capital stock outstanding in excess of 10 percent of the Bank's total regulatory capital stock. Based on this definition, one member institution, Bank of America, National Association, which held 16.0 percent of the Bank’s total regulatory capital stock as of September 30, 2014, was considered a related party. Total advances outstanding to Bank of America, National Association were $16,262 and $17,263 as of September 30, 2014 and December 31, 2013, respectively. Total deposits held in the name of Bank of America, National Association were less than $1 as of September 30, 2014 and December 31, 2013. No mortgage loans or MBS were acquired from Bank of America, National Association during the nine months ended September 30, 2014 and 2013. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 30, 2014, the Bank’s board of directors approved a cash dividend for the third quarter of 2014 in the amount of $51. The Bank paid the third quarter 2014 dividend on November 4, 2014. |
Basis_of_Presentation_Reclassi
Basis of Presentation Reclassification (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Reclassification [Abstract] | ' | |||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | |||||||||||||||
Revision | ||||||||||||||||
During the three-month period ended September 30, 2014, the Bank identified a classification error in its previously reported Statements of Cash Flows for the three-month period ended March 31, 2014 and the six-month period ended June 30, 2014, contained in the previously filed Quarterly Reports on Form 10-Q for those periods. After evaluating the quantitative and qualitative aspects of the classification error, the Bank determined that the error was not material to the previously issued Statements of Cash Flows. Accordingly, the classification error has been corrected in this Quarterly Report on Form 10-Q. The correction had no impact on the Bank’s financial condition or results of operations for any period. | ||||||||||||||||
The following table summarizes the revisions made to the Bank’s Statement of Cash Flows for the three-month period ended March 31, 2014 and the six-month period ended June 30, 2014: | ||||||||||||||||
For the Three Months Ended March 31, 2014 | For the Six Months Ended June 30, 2014 | |||||||||||||||
As Originally Reported | As Revised | As Originally Reported | As Revised | |||||||||||||
Operating activities | ||||||||||||||||
Net change in: | ||||||||||||||||
Other liabilities | $ | (320 | ) | $ | (11 | ) | $ | (322 | ) | $ | (13 | ) | ||||
Total adjustments | (304 | ) | 5 | (304 | ) | 5 | ||||||||||
Net cash (used in) provided by operating activities | (227 | ) | 82 | (165 | ) | 144 | ||||||||||
Investing activities | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||
Purchases of long-term | (1,436 | ) | (1,745 | ) | (1,664 | ) | (1,973 | ) | ||||||||
Net cash provided by (used in) investing activities | 331 | 22 | (9,201 | ) | (9,510 | ) | ||||||||||
Trading_Securities_Tables
Trading Securities (Tables) (Categories of Investments, Marketable Securities, Trading Securities [Member]) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Categories of Investments, Marketable Securities, Trading Securities [Member] | ' | |||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | |||||||||||||||
Schedule of Major Trading Securities | ' | |||||||||||||||
Major Security Types. Trading securities were as follows: | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Government-sponsored enterprises debt obligations | $ | 1,366 | $ | 1,601 | ||||||||||||
Another FHLBank’s bond (1) | 61 | 65 | ||||||||||||||
State or local housing agency debt obligations | 1 | 1 | ||||||||||||||
Total | $ | 1,428 | $ | 1,667 | ||||||||||||
____________ | ||||||||||||||||
(1) | The Federal Home Loan Bank of Chicago is the primary obligor of this consolidated obligation bond. | |||||||||||||||
Schedule of Net Unrealized and Realized (Losses) Gains on Trading Securities | ' | |||||||||||||||
Net losses on trading securities were as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net losses on trading securities held at period end | $ | (19 | ) | $ | (15 | ) | $ | (46 | ) | $ | (77 | ) | ||||
Net losses on trading securities sold or matured during the period | — | — | — | (2 | ) | |||||||||||
Net losses on trading securities | $ | (19 | ) | $ | (15 | ) | $ | (46 | ) | $ | (79 | ) |
Availableforsale_Securities_Ta
Available-for-sale Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ||||||||||||||||||||||||||||||||
Information on Private-Label MBS Transferred and Dates | ' | ||||||||||||||||||||||||||||||||
The following table presents information on the private-label residential MBS transferred. The amounts below represent the value as of the transfer date. | |||||||||||||||||||||||||||||||||
Amortized | Other-than-temporary | Estimated | |||||||||||||||||||||||||||||||
Cost | Impairment | Fair Value | |||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
Transferred at March 31, 2013 | $ | 12 | $ | 1 | $ | 11 | |||||||||||||||||||||||||||
Available-for-Sale Securities Reconciliation | ' | ||||||||||||||||||||||||||||||||
Major Security Types. Private-label residential MBS were as follows: | |||||||||||||||||||||||||||||||||
Amortized | Other-than-temporary | Gross | Gross | Estimated Fair Value | |||||||||||||||||||||||||||||
Cost | Impairment | Unrealized | Unrealized | ||||||||||||||||||||||||||||||
Recognized in | Gains | Losses | |||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 1,934 | $ | 17 | $ | 156 | $ | — | $ | 2,073 | |||||||||||||||||||||||
As of December 31, 2013 | $ | 2,174 | $ | 27 | $ | 152 | $ | — | $ | 2,299 | |||||||||||||||||||||||
Summary of Available-for-Sale MBS Issued by Members or Affiliates of Members | ' | ||||||||||||||||||||||||||||||||
A summary of available-for-sale MBS issued by members or affiliates of members, Bank of America Corporation, Charlotte, NC, follows: | |||||||||||||||||||||||||||||||||
Amortized | Other-than-temporary | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Impairment | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||||||
Recognized in | Gains | Losses | |||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 1,250 | $ | 16 | $ | 103 | $ | — | $ | 1,337 | |||||||||||||||||||||||
As of December 31, 2013 | $ | 1,390 | $ | 26 | $ | 98 | $ | — | $ | 1,462 | |||||||||||||||||||||||
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ||||||||||||||||||||||||||||||||
Available-for-Sale Securities with Unrealized Losses | ' | ||||||||||||||||||||||||||||||||
The following tables summarize the private-label residential MBS with unrealized losses. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Number of | Estimated | Gross | Number of | Estimated | Gross | |||||||||||||||||||||||||
Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
As of September 30, 2014 | 3 | $ | 135 | $ | 1 | 9 | $ | 202 | $ | 16 | 12 | $ | 337 | $ | 17 | ||||||||||||||||||
As of December 31, 2013 | 6 | $ | 137 | $ | 1 | 10 | $ | 243 | $ | 26 | 16 | $ | 380 | $ | 27 | ||||||||||||||||||
Heldtomaturity_Securities_Tabl
Held-to-maturity Securities (Tables) (Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member]) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member] | ' | ||||||||||||||||||||||||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Held-to-Maturity Securities | ' | ||||||||||||||||||||||||||||||||
Major Security Types. Held-to-maturity securities were as follows: | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
State or local housing agency debt obligations | $ | 84 | $ | 1 | $ | — | $ | 85 | $ | 92 | $ | 1 | $ | — | $ | 93 | |||||||||||||||||
Government-sponsored enterprises debt obligations | 4,913 | 2 | 16 | 4,899 | 3,738 | — | 24 | 3,714 | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
U.S. agency obligations-guaranteed residential | 388 | 5 | — | 393 | 465 | 7 | — | 472 | |||||||||||||||||||||||||
Government-sponsored enterprises residential | 14,104 | 126 | 62 | 14,168 | 13,952 | 109 | 115 | 13,946 | |||||||||||||||||||||||||
Private-label residential | 1,593 | 13 | 10 | 1,596 | 1,929 | 12 | 20 | 1,921 | |||||||||||||||||||||||||
Total | $ | 21,082 | $ | 147 | $ | 88 | $ | 21,141 | $ | 20,176 | $ | 129 | $ | 159 | $ | 20,146 | |||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | ||||||||||||||||||||||||||||||||
The following tables summarize the held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Number of | Estimated | Gross | Number of | Estimated | Gross | |||||||||||||||||||||||||
Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | 4 | $ | 399 | $ | 1 | 5 | $ | 1,129 | $ | 15 | 9 | $ | 1,528 | $ | 16 | ||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | 8 | 298 | 2 | 47 | 3,248 | 60 | 55 | 3,546 | 62 | ||||||||||||||||||||||||
Private-label residential | 15 | 176 | 1 | 31 | 434 | 9 | 46 | 610 | 10 | ||||||||||||||||||||||||
Total | 27 | $ | 873 | $ | 4 | 83 | $ | 4,811 | $ | 84 | 110 | $ | 5,684 | $ | 88 | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Number of | Estimated | Gross | Number of | Estimated | Gross | |||||||||||||||||||||||||
Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | Positions | Fair Value | Unrealized | |||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | 9 | $ | 1,970 | $ | 24 | — | $ | — | $ | — | 9 | $ | 1,970 | $ | 24 | ||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | 65 | 3,932 | 108 | 1 | 147 | 7 | 66 | 4,079 | 115 | ||||||||||||||||||||||||
Private-label residential | 40 | 817 | 12 | 18 | 241 | 8 | 58 | 1,058 | 20 | ||||||||||||||||||||||||
Total | 114 | $ | 6,719 | $ | 144 | 19 | $ | 388 | $ | 15 | 133 | $ | 7,107 | $ | 159 | ||||||||||||||||||
Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Non-mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | 568 | $ | 568 | $ | 430 | $ | 430 | |||||||||||||||||||||||||
Due after one year through five years | 4,429 | 4,416 | 3,400 | 3,377 | |||||||||||||||||||||||||||||
Total non-mortgage-backed securities | 4,997 | 4,984 | 3,830 | 3,807 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 16,085 | 16,157 | 16,346 | 16,339 | |||||||||||||||||||||||||||||
Total | $ | 21,082 | $ | 21,141 | $ | 20,176 | $ | 20,146 | |||||||||||||||||||||||||
Held-to-Maturity MBS Issued by Members or Affiliates of Members | ' | ||||||||||||||||||||||||||||||||
A summary of held-to-maturity MBS issued by members or affiliates of members, Bank of America Corporation, Charlotte, NC, follows: | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 490 | $ | 3 | $ | 4 | $ | 489 | |||||||||||||||||||||||||
As of December 31, 2013 | $ | 619 | $ | 4 | $ | 8 | $ | 615 | |||||||||||||||||||||||||
OtherthanTemporary_Impairment_
Other-than-Temporary Impairment (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other than Temporary Impairment Losses, Investments [Abstract] | ' | |||||||||||||||
Schedule of Significant Inputs in Measuring Other than Temporary Impairments Recognized in Earnings | ' | |||||||||||||||
The following table represents a summary of the significant inputs used to measure the amount of the credit loss recognized in earnings for those securities for which an other-than-temporary impairment was determined to have occurred during the three-month period ended September 30, 2014, as well as related current credit enhancement: | ||||||||||||||||
Significant Inputs | ||||||||||||||||
Prepayment Rate | Default Rates | Loss Severities | Current Credit Enhancement | |||||||||||||
Year of | Weighted | Weighted | Weighted | Weighted | ||||||||||||
Securitization | Average | Average | Average | Average | ||||||||||||
(%) | (%) | (%) | (%) | |||||||||||||
Prime: | ||||||||||||||||
2005 | 15.79 | 7.96 | 32.82 | 0.16 | ||||||||||||
Alt-A: | ||||||||||||||||
2007 | 13.49 | 26.94 | 40.27 | 0 | ||||||||||||
Schedule of Roll-Forward Cumulative Credit Losses Recognized | ' | |||||||||||||||
The following table presents a roll-forward of the amount of credit losses on the Bank’s investment securities recognized in earnings during the life of the securities for which a portion of the other-than-temporary loss was recognized in accumulated other comprehensive income: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 559 | $ | 584 | $ | 574 | $ | 586 | ||||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | 2 | — | 3 | — | ||||||||||||
Increase in cash flows expected to be collected, recognized over the remaining life of the securities | (9 | ) | (4 | ) | (25 | ) | (6 | ) | ||||||||
Balance, end of period | $ | 552 | $ | 580 | $ | 552 | $ | 580 | ||||||||
Advances_Tables
Advances (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Advances [Abstract] | ' | |||||||
Advances Outstanding by Redemption Terms | ' | |||||||
The Bank had advances outstanding, as summarized below. | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Overdrawn demand deposit accounts | $ | — | $ | 2 | ||||
Due in one year or less | 47,104 | 51,331 | ||||||
Due after one year through two years | 11,049 | 5,366 | ||||||
Due after two years through three years | 9,554 | 6,136 | ||||||
Due after three years through four years | 6,241 | 8,495 | ||||||
Due after four years through five years | 2,868 | 5,088 | ||||||
Due after five years | 10,268 | 11,464 | ||||||
Total par value | 87,084 | 87,882 | ||||||
Discount on AHP (1) advances | (7 | ) | (8 | ) | ||||
Discount on EDGE (2) advances | (6 | ) | (7 | ) | ||||
Hedging adjustments | 1,560 | 1,726 | ||||||
Deferred commitment fees | (4 | ) | (5 | ) | ||||
Total | $ | 88,627 | $ | 89,588 | ||||
___________ | ||||||||
(1) The Affordable Housing Program | ||||||||
(2) The Economic Development and Growth Enhancement program | ||||||||
Advances by Year of Contractual Maturity or Next Conversion Date | ' | |||||||
The following table summarizes advances by year of contractual maturity or, for convertible advances, next conversion date: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Overdrawn demand deposit accounts | $ | — | $ | 2 | ||||
Due or convertible in one year or less | 50,223 | 54,522 | ||||||
Due or convertible after one year through two years | 10,886 | 5,414 | ||||||
Due or convertible after two years through three years | 8,203 | 5,867 | ||||||
Due or convertible after three years through four years | 4,872 | 6,643 | ||||||
Due or convertible after four years through five years | 2,787 | 4,168 | ||||||
Due or convertible after five years | 10,113 | 11,266 | ||||||
Total par value | $ | 87,084 | $ | 87,882 | ||||
Advances by Interest-Rate Payment Terms | ' | |||||||
The following table details interest-rate payment terms for advances: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Fixed-rate: | ||||||||
Due in one year or less | $ | 34,599 | $ | 46,343 | ||||
Due after one year | 29,691 | 28,535 | ||||||
Total fixed-rate | 64,290 | 74,878 | ||||||
Variable-rate: | ||||||||
Due in one year or less | 12,505 | 4,990 | ||||||
Due after one year | 10,289 | 8,014 | ||||||
Total variable-rate | 22,794 | 13,004 | ||||||
Total par value | $ | 87,084 | $ | 87,882 | ||||
Mortgage_Loans_Held_for_Portfo1
Mortgage Loans Held for Portfolio (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||
Schedule of Mortgage Loans Held for Portfolio | ' | ||||||||
The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase: | |||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||
Fixed-rate medium-term (1) single-family residential mortgage loans | $ | 113 | $ | 150 | |||||
Fixed-rate long-term single-family residential mortgage loans | 680 | 781 | |||||||
Total unpaid principal balance | 793 | 931 | |||||||
Premiums | 3 | 3 | |||||||
Discounts | (4 | ) | (5 | ) | |||||
Total | $ | 792 | $ | 929 | |||||
____________ | |||||||||
(1) Medium-term is defined as a term of 15 years or less. | |||||||||
Mortgage Loans Held for Portfolio by Collateral or Guarantee Type | ' | ||||||||
The following table details the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type: | |||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||
Conventional loans | $ | 737 | $ | 864 | |||||
Government-guaranteed or insured loans | 56 | 67 | |||||||
Total unpaid principal balance | $ | 793 | $ | 931 | |||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||||||||||||
The activity in the allowance for credit losses was as follows: | |||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Conventional Single-family Residential Mortgage Loans | Multifamily Residential Mortgage Loans | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 6 | $ | 11 | $ | 1 | $ | 12 | |||||||||||||||||
(Reversal) provision for credit losses | (2 | ) | 1 | — | 1 | ||||||||||||||||||||
Charge-offs | — | (1 | ) | — | (1 | ) | |||||||||||||||||||
Mortgage loans transferred to held for sale | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Balance, end of period | $ | 4 | $ | 11 | $ | — | $ | 11 | |||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Conventional Single-family Residential Mortgage Loans | Multifamily Residential Mortgage Loans | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 11 | $ | 10 | $ | 1 | $ | 11 | |||||||||||||||||
(Reversal) provision for credit losses | (4 | ) | 4 | — | 4 | ||||||||||||||||||||
Charge-offs | (3 | ) | (3 | ) | — | (3 | ) | ||||||||||||||||||
Mortgage loans transferred to held for sale | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Balance, end of period | $ | 4 | $ | 11 | $ | — | $ | 11 | |||||||||||||||||
Allowance for Credit Losses and Recorded Investment by Impairment Methodology | ' | ||||||||||||||||||||||||
The recorded investment in conventional single-family residential mortgage loans by impairment methodology was as follows: | |||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | 2 | |||||||||||||||||||||
Collectively evaluated for impairment | 3 | 9 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 4 | $ | 11 | |||||||||||||||||||||
Recorded investment: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15 | $ | 15 | |||||||||||||||||||||
Collectively evaluated for impairment | 724 | 851 | |||||||||||||||||||||||
Total recorded investment | $ | 739 | $ | 866 | |||||||||||||||||||||
Past Due Financing Receivables | ' | ||||||||||||||||||||||||
The tables below summarize the Bank's recorded investment in mortgage loans by these key credit quality indicators: | |||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Government-guaranteed or Insured Single-family Residential Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days | $ | 21 | $ | 6 | $ | 27 | |||||||||||||||||||
Past due 60-89 days | 7 | 2 | 9 | ||||||||||||||||||||||
Past due 90 days or more | 35 | 5 | 40 | ||||||||||||||||||||||
Total past due mortgage loans | 63 | 13 | 76 | ||||||||||||||||||||||
Total current mortgage loans | 676 | 43 | 719 | ||||||||||||||||||||||
Total mortgage loans (1) | $ | 739 | $ | 56 | $ | 795 | |||||||||||||||||||
Other delinquency statistics: | |||||||||||||||||||||||||
In process of foreclosure (2) | $ | 21 | $ | 2 | $ | 23 | |||||||||||||||||||
Seriously delinquent rate (3) | 4.65 | % | 9.27 | % | 4.98 | % | |||||||||||||||||||
Past due 90 days or more and still accruing interest (4) | $ | — | $ | 5 | $ | 5 | |||||||||||||||||||
Loans on nonaccrual status (5) | $ | 34 | $ | — | $ | 34 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) The difference between the recorded investment and the carrying value of total mortgage loans of $3 relates to accrued interest. | |||||||||||||||||||||||||
(2) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in lieu has been reported. Loans in the process of foreclosure are included in past due or current loans depending on their delinquency status. | |||||||||||||||||||||||||
(3) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total loan portfolio segment. | |||||||||||||||||||||||||
(4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. | |||||||||||||||||||||||||
(5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Conventional Single-family Residential Mortgage Loans | Government-guaranteed or Insured Single-family Residential Mortgage Loans | Total | |||||||||||||||||||||||
Past due 30-59 days | $ | 30 | $ | 7 | $ | 37 | |||||||||||||||||||
Past due 60-89 days | 9 | 3 | 12 | ||||||||||||||||||||||
Past due 90 days or more | 51 | 9 | 60 | ||||||||||||||||||||||
Total past due mortgage loans | 90 | 19 | 109 | ||||||||||||||||||||||
Total current mortgage loans | 776 | 48 | 824 | ||||||||||||||||||||||
Total mortgage loans (1) | $ | 866 | $ | 67 | $ | 933 | |||||||||||||||||||
Other delinquency statistics: | |||||||||||||||||||||||||
In process of foreclosure (2) | $ | 38 | $ | 3 | $ | 41 | |||||||||||||||||||
Seriously delinquent rate (3) | 5.9 | % | 13.13 | % | 6.42 | % | |||||||||||||||||||
Past due 90 days or more and still accruing interest (4) | $ | — | $ | 9 | $ | 9 | |||||||||||||||||||
Loans on nonaccrual status (5) | $ | 51 | $ | — | $ | 51 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) The difference between the recorded investment and the carrying value of total mortgage loans of $4 relates to accrued interest. | |||||||||||||||||||||||||
(2) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in lieu has been reported. Loans in the process of foreclosure are included in past due or current loans depending on their delinquency status. | |||||||||||||||||||||||||
(3) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total loan portfolio segment. | |||||||||||||||||||||||||
(4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. | |||||||||||||||||||||||||
(5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. | |||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||||
The table below presents the Bank's recorded investment balance in troubled debt restructured loans as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Performing | Non-performing | Total | |||||||||||||||||||||||
Conventional single-family residential loans | $ | 11 | $ | 4 | $ | 15 | |||||||||||||||||||
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods | ' | ||||||||||||||||||||||||
The following table shows troubled debt restructurings from the previous 12 months that subsequently defaulted during the periods presented. A payment default on a troubled debt restructuring is considered to have occurred if the contractually due principal or interest is 60 days or more past due at any time during the periods presented. | |||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Conventional single-family residential loans (1) | $ | — | $ | — | $ | 2 | $ | 1 | |||||||||||||||||
____________ | |||||||||||||||||||||||||
(1) For purposes of this disclosure, only the initial default was included; however, a loan can experience another payment default in a subsequent period. | |||||||||||||||||||||||||
Impaired Financing Receivables | ' | ||||||||||||||||||||||||
The following tables summarize the recorded investment, unpaid principal balance, and related allowance for credit losses for impaired loans as of September 30, 2014 and December 31, 2013, and the average recorded investment on these loans during the three and nine months ended September 30, 2014 and 2013. Related interest income recognized on these loans during the three and nine months ended September 30, 2014 and 2013 was less than $1. | |||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||
With no related allowance | |||||||||||||||||||||||||
Conventional single-family residential loans | $ | 8 | $ | 8 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
With an allowance | |||||||||||||||||||||||||
Conventional single-family residential loans | 7 | 7 | 1 | 15 | 15 | 2 | |||||||||||||||||||
Total | $ | 15 | $ | 15 | $ | 1 | $ | 15 | $ | 15 | $ | 2 | |||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
With no related allowance | |||||||||||||||||||||||||
Conventional single-family residential loans: | |||||||||||||||||||||||||
Average recorded investment | $ | 8 | $ | — | $ | 9 | $ | — | |||||||||||||||||
With an allowance | |||||||||||||||||||||||||
Conventional single-family residential loans: | |||||||||||||||||||||||||
Average recorded investment | 7 | 13 | 7 | 13 | |||||||||||||||||||||
Consolidated_Obligations_Table
Consolidated Obligations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Consolidated Obligation Bonds by Interest-Rate Payment | ' | |||||||||||
Interest-rate Payment Terms. The following table details the Bank’s consolidated obligation bonds by interest-rate payment type: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Fixed-rate | $ | 76,029 | $ | 59,885 | ||||||||
Step up/down | 6,776 | 7,617 | ||||||||||
Simple variable-rate | 6,575 | 13,005 | ||||||||||
Variable-rate capped floater | 35 | 45 | ||||||||||
Fixed-rate that converts to variable-rate | 10 | — | ||||||||||
Total par value | $ | 89,425 | $ | 80,552 | ||||||||
Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | ' | |||||||||||
Redemption Terms. The following is a summary of the Bank’s participation in consolidated obligation bonds outstanding, by year of contractual maturity: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Amount | Weighted- | Amount | Weighted- | |||||||||
average | average | |||||||||||
Interest Rate (%) | Interest Rate (%) | |||||||||||
Due in one year or less | $ | 50,245 | 0.2 | $ | 41,725 | 0.5 | ||||||
Due after one year through two years | 14,529 | 1.22 | 9,485 | 0.67 | ||||||||
Due after two years through three years | 9,418 | 2.21 | 7,503 | 2.21 | ||||||||
Due after three years through four years | 5,197 | 2.1 | 6,355 | 2.81 | ||||||||
Due after four years through five years | 3,116 | 1.53 | 5,150 | 1.67 | ||||||||
Due after five years | 6,920 | 2.02 | 10,334 | 1.92 | ||||||||
Total par value | 89,425 | 0.87 | 80,552 | 1.13 | ||||||||
Premiums | 75 | 82 | ||||||||||
Discounts | (23 | ) | (24 | ) | ||||||||
Hedging adjustments | 193 | 118 | ||||||||||
Total | $ | 89,670 | $ | 80,728 | ||||||||
Callable and Noncallable Consolidated Obligations Bonds Outstanding | ' | |||||||||||
The following table presents the Bank’s consolidated obligation bonds outstanding by call feature: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Noncallable | $ | 66,566 | $ | 56,569 | ||||||||
Callable | 22,859 | 23,983 | ||||||||||
Total par value | $ | 89,425 | $ | 80,552 | ||||||||
Summary of Callable Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | ' | |||||||||||
The following table summarizes the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity or, for callable consolidated obligation bonds, next call date: | ||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||
Due or callable in one year or less | $ | 67,589 | $ | 59,458 | ||||||||
Due or callable after one year through two years | 10,399 | 7,795 | ||||||||||
Due or callable after two years through three years | 7,138 | 4,491 | ||||||||||
Due or callable after three years through four years | 2,696 | 6,095 | ||||||||||
Due or callable after four years through five years | 871 | 1,571 | ||||||||||
Due or callable after five years | 732 | 1,142 | ||||||||||
Total par value | $ | 89,425 | $ | 80,552 | ||||||||
Consolidated Obligation Discount Notes | ' | |||||||||||
The Bank’s participation in consolidated obligation discount notes was as follows: | ||||||||||||
Book Value | Par Value | Weighted-average | ||||||||||
Interest Rate (%) | ||||||||||||
As of September 30, 2014 | $ | 26,055 | $ | 26,062 | 0.09 | |||||||
As of December 31, 2013 | $ | 32,202 | $ | 32,208 | 0.11 | |||||||
Capital_and_Mandatorily_Redeem1
Capital and Mandatorily Redeemable Capital Stock (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Compliance With Regulatory Capital Requirements | ' | |||||||||||||||
The Bank was in compliance with the Federal Housing Finance Agency's (Finance Agency) regulatory capital rules and requirements as shown in the following table: | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Required | Actual | Required | Actual | |||||||||||||
Risk based capital | $ | 1,789 | $ | 6,412 | $ | 2,246 | $ | 6,563 | ||||||||
Total capital-to-assets ratio | 4 | % | 5.15 | % | 4 | % | 5.37 | % | ||||||||
Total regulatory capital (1) | $ | 4,977 | $ | 6,412 | $ | 4,893 | $ | 6,563 | ||||||||
Leverage ratio | 5 | % | 7.73 | % | 5 | % | 8.05 | % | ||||||||
Leverage capital | $ | 6,222 | $ | 9,618 | $ | 6,116 | $ | 9,845 | ||||||||
___________ | ||||||||||||||||
(1) | Mandatorily redeemable capital stock is considered capital for regulatory purposes, and “total regulatory capital” includes the Bank’s $19 and $24 in mandatorily redeemable capital stock as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
Activity in Mandatorily Redeemable Capital Stock | ' | |||||||||||||||
The following table provides the activity in mandatorily redeemable capital stock: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 21 | $ | 25 | $ | 24 | $ | 40 | ||||||||
Capital stock subject to mandatory redemption reclassified from equity during the period due to: | ||||||||||||||||
Attainment of non-member status | 3 | 1 | 5 | 8 | ||||||||||||
Repurchase/redemption of mandatorily redeemable capital stock | (5 | ) | (2 | ) | (9 | ) | (24 | ) | ||||||||
Capital stock previously subject to mandatory redemption reclassified to capital stock | — | — | (1 | ) | — | |||||||||||
Balance, end of period | $ | 19 | $ | 24 | $ | 19 | $ | 24 | ||||||||
Amount of Mandatorily Redeemable Capital Stock by Year of Redemption | ' | |||||||||||||||
The following table shows the amount of mandatorily redeemable capital stock by year of redemption. The year of redemption in the table is the end of the five-year redemption period, or with respect to activity-based stock, the later of the expiration of the five-year redemption period or the activity’s maturity date. | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Due in one year or less | $ | 4 | $ | 5 | ||||||||||||
Due after one year through two years | 8 | 9 | ||||||||||||||
Due after two years through three years | 6 | 8 | ||||||||||||||
Due after three years through four years | — | 1 | ||||||||||||||
Due after four years through five years | 1 | — | ||||||||||||||
Due after five years | — | 1 | ||||||||||||||
Total | $ | 19 | $ | 24 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Components Comprising Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Components comprising accumulated other comprehensive income were as follows: | ||||||||||||||||
Pension and | Noncredit Portion | Noncredit Portion of Other-than-temporary Impairment Losses on Held-to-maturity Securities | Total Accumulated | |||||||||||||
Postretirement | of Other-than- | Other | ||||||||||||||
Benefits | temporary | Comprehensive | ||||||||||||||
Impairment Losses | Income | |||||||||||||||
on Available-for- | ||||||||||||||||
sale Securities | ||||||||||||||||
Balance, June 30, 2013 | $ | (16 | ) | $ | 83 | $ | — | $ | 67 | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||
Net change in fair value | — | 16 | — | 16 | ||||||||||||
Balance, September 30, 2013 | $ | (16 | ) | $ | 99 | $ | — | $ | 83 | |||||||
Balance, June 30, 2014 | $ | (12 | ) | $ | 142 | $ | — | $ | 130 | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||
Net change in fair value | — | (5 | ) | — | (5 | ) | ||||||||||
Reclassification from accumulated other comprehensive income (loss) to net income: | ||||||||||||||||
Noncredit other-than-temporary impairment losses | — | 2 | — | 2 | ||||||||||||
Net current period other comprehensive loss | — | (3 | ) | — | (3 | ) | ||||||||||
Balance, September 30, 2014 | $ | (12 | ) | $ | 139 | $ | — | $ | 127 | |||||||
Pension and | Noncredit Portion | Noncredit Portion of Other-than-temporary Impairment Losses on Held-to-maturity Securities | Total Accumulated | |||||||||||||
Postretirement | of Other-than- | Other | ||||||||||||||
Benefits | temporary | Comprehensive | ||||||||||||||
Impairment Losses | Income | |||||||||||||||
on Available-for- | ||||||||||||||||
sale Securities | ||||||||||||||||
Balance, December 31, 2012 | $ | (17 | ) | $ | (41 | ) | $ | — | $ | (58 | ) | |||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||
Noncredit other-than-temporary impairment losses | — | — | (1 | ) | (1 | ) | ||||||||||
Noncredit other-than-temporary impairment losses transferred | — | (1 | ) | 1 | — | |||||||||||
Net change in fair value | — | 141 | — | 141 | ||||||||||||
Reclassification from accumulated other comprehensive loss to net income: | ||||||||||||||||
Amortization of pension and postretirement (1) | 1 | — | — | 1 | ||||||||||||
Net current period other comprehensive income | 1 | 140 | — | 141 | ||||||||||||
Balance, September 30, 2013 | $ | (16 | ) | $ | 99 | $ | — | $ | 83 | |||||||
Balance, December 31, 2013 | $ | (13 | ) | $ | 125 | $ | — | $ | 112 | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||
Net change in fair value | — | 11 | — | 11 | ||||||||||||
Reclassification from accumulated other comprehensive income (loss) to net income: | ||||||||||||||||
Noncredit other-than-temporary impairment losses | — | 3 | — | 3 | ||||||||||||
Amortization of pension and postretirement (1) | 1 | — | — | 1 | ||||||||||||
Net current period other comprehensive income | 1 | 14 | — | 15 | ||||||||||||
Balance, September 30, 2014 | $ | (12 | ) | $ | 139 | $ | — | $ | 127 | |||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments, including the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Notional | Derivative Assets | Derivative Liabilities | Notional | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
Amount of Derivatives | Amount of Derivatives | ||||||||||||||||||||||||||||||||
Derivatives in hedging relationships: | |||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 97,053 | $ | 549 | $ | (1,897 | ) | $ | 84,740 | $ | 800 | $ | (2,336 | ) | |||||||||||||||||||
Total derivatives in hedging relationships | 97,053 | 549 | (1,897 | ) | 84,740 | 800 | (2,336 | ) | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Interest rate swaps | 9,961 | 13 | (199 | ) | 4,414 | 14 | (309 | ) | |||||||||||||||||||||||||
Interest rate swaptions | 40 | — | — | 40 | 1 | (1 | ) | ||||||||||||||||||||||||||
Interest rate caps or floors | 16,500 | 24 | (16 | ) | 12,500 | 44 | (28 | ) | |||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 26,501 | 37 | (215 | ) | 16,954 | 59 | (338 | ) | |||||||||||||||||||||||||
Total derivatives before netting and collateral adjustments | $ | 123,554 | 586 | (2,112 | ) | $ | 101,694 | 859 | (2,674 | ) | |||||||||||||||||||||||
Netting adjustments | (404 | ) | 404 | (741 | ) | 741 | |||||||||||||||||||||||||||
Cash collateral and related accrued interest | (64 | ) | 1,528 | (65 | ) | 1,746 | |||||||||||||||||||||||||||
Total collateral and netting adjustments (1) | (468 | ) | 1,932 | (806 | ) | 2,487 | |||||||||||||||||||||||||||
Derivative assets and derivative liabilities | $ | 118 | $ | (180 | ) | $ | 53 | $ | (187 | ) | |||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | ||||||||||||||||||||||||||||||||
Components of Net Losses on Derivatives and Hedging Activities | ' | ||||||||||||||||||||||||||||||||
The following tables present the components of net gains on derivatives and hedging activities as presented in the Statements of Income: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Derivatives and hedged items in fair value hedging relationships: | |||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 78 | $ | 39 | $ | 129 | $ | 134 | |||||||||||||||||||||||||
Total net gains related to fair value hedge ineffectiveness | 78 | 39 | 129 | 134 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||
Interest rate swaps | 20 | 16 | 45 | 78 | |||||||||||||||||||||||||||||
Interest rate caps or floors | (4 | ) | (1 | ) | (13 | ) | 3 | ||||||||||||||||||||||||||
Net interest settlements | (17 | ) | (20 | ) | (53 | ) | (64 | ) | |||||||||||||||||||||||||
Total net (losses) gains related to derivatives not designated as hedging instruments | (1 | ) | (5 | ) | (21 | ) | 17 | ||||||||||||||||||||||||||
Net gains on derivatives and hedging activities | $ | 77 | $ | 34 | $ | 108 | $ | 151 | |||||||||||||||||||||||||
Gain (Losses) on Derivatives and Related Hedged Items Fair Value | ' | ||||||||||||||||||||||||||||||||
The following tables present, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Bank’s net interest income: | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Hedged Item Type | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | |||||||||||||||||||||||||
Hedge Ineffectiveness | Hedge Ineffectiveness | ||||||||||||||||||||||||||||||||
Advances | $ | 319 | $ | (243 | ) | $ | 76 | $ | (229 | ) | $ | 114 | $ | (68 | ) | $ | 46 | $ | (259 | ) | |||||||||||||
Consolidated obligations bonds | (134 | ) | 136 | 2 | 118 | 10 | (17 | ) | (7 | ) | 150 | ||||||||||||||||||||||
Total | $ | 185 | $ | (107 | ) | $ | 78 | $ | (111 | ) | $ | 124 | $ | (85 | ) | $ | 39 | $ | (109 | ) | |||||||||||||
____________ | |||||||||||||||||||||||||||||||||
(1) | The net interest on derivatives in fair value hedge relationships is presented in the interest income or expense line item of the respective hedged item. | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Hedged Item Type | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | Gains (Losses) on Derivative | Gains (Losses) on Hedged Item | Net Fair Value | Effect of Derivatives on Net Interest Income (1) | |||||||||||||||||||||||||
Hedge Ineffectiveness | Hedge Ineffectiveness | ||||||||||||||||||||||||||||||||
Advances | $ | 80 | $ | 47 | $ | 127 | $ | (671 | ) | $ | 1,486 | $ | (1,333 | ) | $ | 153 | $ | (797 | ) | ||||||||||||||
Consolidated obligations bonds | 80 | (78 | ) | 2 | 383 | (700 | ) | 681 | (19 | ) | 469 | ||||||||||||||||||||||
Total | $ | 160 | $ | (31 | ) | $ | 129 | $ | (288 | ) | $ | 786 | $ | (652 | ) | $ | 134 | $ | (328 | ) | |||||||||||||
____________ | |||||||||||||||||||||||||||||||||
(1) | The net interest on derivatives in fair value hedge relationships is presented in the interest income or expense line item of the respective hedged item. | ||||||||||||||||||||||||||||||||
Credit risk exposure on derivative instruments, excluding circumstances | ' | ||||||||||||||||||||||||||||||||
The following table presents the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. Non-cash collateral received from or pledged to counterparties not offset was less than $1 and $0 as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||
Gross recognized amount: | |||||||||||||||||||||||||||||||||
Bilateral derivatives | $ | 532 | $ | (1,825 | ) | $ | 820 | $ | (2,545 | ) | |||||||||||||||||||||||
Cleared derivatives | 54 | (287 | ) | 39 | (129 | ) | |||||||||||||||||||||||||||
Total gross recognized amount | 586 | (2,112 | ) | 859 | (2,674 | ) | |||||||||||||||||||||||||||
Gross amounts of netting adjustments and cash collateral: | |||||||||||||||||||||||||||||||||
Bilateral derivatives | (532 | ) | 1,645 | (818 | ) | 2,358 | |||||||||||||||||||||||||||
Cleared derivatives | 64 | 287 | 12 | 129 | |||||||||||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | (468 | ) | 1,932 | (806 | ) | 2,487 | |||||||||||||||||||||||||||
Derivative assets and derivative liabilities: (1) | |||||||||||||||||||||||||||||||||
Bilateral derivatives | — | (180 | ) | 2 | (187 | ) | |||||||||||||||||||||||||||
Cleared derivatives | 118 | — | 51 | — | |||||||||||||||||||||||||||||
Total derivative assets and total derivative liabilities | $ | 118 | $ | (180 | ) | $ | 53 | $ | (187 | ) | |||||||||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||
-1 | The Bank had net credit exposure of $118 and $47 as of September 30, 2014 and December 31, 2013, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeds the Bank’s net derivative liability position. |
Estimated_Fair_Values_Tables
Estimated Fair Values (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||||||
Fair Value on a Recurring Basis. The following tables present, for each fair value hierarchy level, the Bank’s financial assets and liabilities that are measured at fair value on a recurring basis on its Statements of Condition: | ||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||
Fair Value Measurements Using | Netting Adjustment (1) | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | $ | — | $ | 1,366 | $ | — | $ | — | $ | 1,366 | ||||||||||||||
Another FHLBank’s bond | — | 61 | — | — | 61 | |||||||||||||||||||
State or local housing agency debt obligations | — | 1 | — | — | 1 | |||||||||||||||||||
Total trading securities | — | 1,428 | — | — | 1,428 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Private-label residential MBS | — | — | 2,073 | — | 2,073 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate related | — | 586 | — | (468 | ) | 118 | ||||||||||||||||||
Grantor trust (included in Other assets) | 24 | — | — | — | 24 | |||||||||||||||||||
Total assets at fair value | $ | 24 | $ | 2,014 | $ | 2,073 | $ | (468 | ) | $ | 3,643 | |||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Interest-rate related | $ | — | $ | (2,112 | ) | $ | — | $ | 1,932 | $ | (180 | ) | ||||||||||||
Total liabilities at fair value | $ | — | $ | (2,112 | ) | $ | — | $ | 1,932 | $ | (180 | ) | ||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Fair Value Measurements Using | Netting Adjustment (1) | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | $ | — | $ | 1,601 | $ | — | $ | — | $ | 1,601 | ||||||||||||||
Another FHLBank’s bond | — | 65 | — | — | 65 | |||||||||||||||||||
State or local housing agency debt obligations | — | 1 | — | — | 1 | |||||||||||||||||||
Total trading securities | — | 1,667 | — | — | 1,667 | |||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Private-label residential MBS | — | — | 2,299 | — | 2,299 | |||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Interest-rate related | — | 859 | — | (806 | ) | 53 | ||||||||||||||||||
Grantor trust (included in Other assets) | 21 | — | — | — | 21 | |||||||||||||||||||
Total assets at fair value | $ | 21 | $ | 2,526 | $ | 2,299 | $ | (806 | ) | $ | 4,040 | |||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Interest-rate related | $ | — | $ | (2,674 | ) | $ | — | $ | 2,487 | $ | (187 | ) | ||||||||||||
Total liabilities at fair value | $ | — | $ | (2,674 | ) | $ | — | $ | 2,487 | $ | (187 | ) | ||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. | |||||||||||||||||||||||
Reconciliation of Available-For-Sale Securities Measured at Fair Value | ' | |||||||||||||||||||||||
The following table presents a reconciliation of available-for-sale securities that are measured at fair value using significant unobservable inputs (Level 3): | ||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Balance, beginning of period | $ | 2,155 | $ | 2,536 | $ | 2,299 | $ | 2,676 | ||||||||||||||||
Transfer of private-label MBS from held-to-maturity to available-for-sale | — | — | — | 11 | ||||||||||||||||||||
Total (losses) gains realized and unrealized: (1) | ||||||||||||||||||||||||
Included in net impairment losses recognized in earnings | (2 | ) | — | (3 | ) | — | ||||||||||||||||||
Included in other comprehensive income (2) | (3 | ) | 16 | 14 | 141 | |||||||||||||||||||
Accretion of credit losses in net interest income | 8 | 4 | 24 | 5 | ||||||||||||||||||||
Settlements | (85 | ) | (158 | ) | (261 | ) | (435 | ) | ||||||||||||||||
Balance, end of period | $ | 2,073 | $ | 2,398 | $ | 2,073 | $ | 2,398 | ||||||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Related to available-for-sale securities held at period end. | |||||||||||||||||||||||
(2) | This amount is included in other comprehensive income within the net change in fair value on other-than-temporary impairment available-for-sale securities and reclassification of noncredit portion of impairment losses included in net income. | |||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Non-recurring Basis | ' | |||||||||||||||||||||||
The following table presents the Bank's assets that are measured at fair value on a nonrecurring basis on its Statements of Condition only as of the dates shown: | ||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Real estate owned | $ | 6 | $ | 9 | ||||||||||||||||||||
Carrying Values and Estimated Fair Values | ' | |||||||||||||||||||||||
The carrying values and estimated fair values of the Bank’s financial instruments were as follows: | ||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (1) | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 4,386 | $ | 4,386 | $ | 4,386 | $ | — | $ | — | $ | — | ||||||||||||
Interest bearing-deposits | 1,010 | 1,010 | — | 1,010 | — | — | ||||||||||||||||||
Securities purchased under agreements to resell | 455 | 455 | — | 455 | — | — | ||||||||||||||||||
Federal funds sold | 4,095 | 4,095 | — | 4,095 | — | — | ||||||||||||||||||
Trading securities | 1,428 | 1,428 | — | 1,428 | — | — | ||||||||||||||||||
Available-for-sale securities | 2,073 | 2,073 | — | — | 2,073 | — | ||||||||||||||||||
Held-to-maturity securities | 21,082 | 21,141 | — | 19,545 | 1,596 | — | ||||||||||||||||||
Advances | 88,627 | 88,699 | — | 88,699 | — | — | ||||||||||||||||||
Mortgage loans held for portfolio, net | 788 | 871 | — | 871 | — | — | ||||||||||||||||||
Accrued interest receivable | 184 | 184 | — | 184 | — | — | ||||||||||||||||||
Derivative assets | 118 | 118 | — | 586 | — | (468 | ) | |||||||||||||||||
Grantor trust assets (included in Other assets) | 24 | 24 | 24 | — | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-bearing deposits | (1,271 | ) | (1,271 | ) | — | (1,271 | ) | — | — | |||||||||||||||
Consolidated obligations, net: | ||||||||||||||||||||||||
Discount notes | (26,055 | ) | (26,055 | ) | — | (26,055 | ) | — | — | |||||||||||||||
Bonds | (89,670 | ) | (89,912 | ) | — | (89,912 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (19 | ) | (19 | ) | (19 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (202 | ) | (202 | ) | — | (202 | ) | — | — | |||||||||||||||
Derivative liabilities | (180 | ) | (180 | ) | — | (2,112 | ) | — | 1,932 | |||||||||||||||
____________ | ||||||||||||||||||||||||
(1) | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (1) | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 4,374 | $ | 4,374 | $ | 4,374 | $ | — | $ | — | $ | — | ||||||||||||
Interest bearing-deposits | 1,007 | 1,007 | — | 1,007 | — | — | ||||||||||||||||||
Federal funds sold | 1,795 | 1,795 | — | 1,795 | — | — | ||||||||||||||||||
Trading securities | 1,667 | 1,667 | — | 1,667 | — | — | ||||||||||||||||||
Available-for-sale securities | 2,299 | 2,299 | — | — | 2,299 | — | ||||||||||||||||||
Held-to-maturity securities | 20,176 | 20,146 | — | 18,225 | 1,921 | — | ||||||||||||||||||
Advances | 89,588 | 89,413 | — | 89,413 | — | — | ||||||||||||||||||
Mortgage loans held for portfolio, net | 918 | 1,004 | — | 1,004 | — | — | ||||||||||||||||||
Accrued interest receivable | 199 | 199 | — | 199 | — | — | ||||||||||||||||||
Derivative assets | 53 | 53 | — | 859 | — | (806 | ) | |||||||||||||||||
Grantor trust assets (included in Other assets) | 21 | 21 | 21 | — | — | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-bearing deposits | (1,752 | ) | (1,752 | ) | — | (1,752 | ) | — | — | |||||||||||||||
Consolidated obligations, net: | ||||||||||||||||||||||||
Discount notes | (32,202 | ) | (32,203 | ) | — | (32,203 | ) | — | — | |||||||||||||||
Bonds | (80,728 | ) | (80,733 | ) | — | (80,733 | ) | — | — | |||||||||||||||
Mandatorily redeemable capital stock | (24 | ) | (24 | ) | (24 | ) | — | — | — | |||||||||||||||
Accrued interest payable | (183 | ) | (183 | ) | — | (183 | ) | — | — | |||||||||||||||
Derivative liabilities | (187 | ) | (187 | ) | — | (2,674 | ) | — | 2,487 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Off Balance Sheet Commitments [Table Text Block] | ' | ||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Expire Within One Year | Expire After One Year | Total | Expire Within One Year | Expire After One Year | Total | ||||||||||||||||||||
Standby letters of credit (1) | $ | 5,437 | $ | 19,172 | $ | 24,609 | $ | 4,785 | $ | 23,004 | $ | 27,789 | |||||||||||||
Commitments to fund additional advances | 124 | 170 | 294 | 110 | 34 | 144 | |||||||||||||||||||
Unsettled consolidated obligation bonds, at par (2) | 472 | — | 472 | 171 | — | 171 | |||||||||||||||||||
Unsettled consolidated obligation discount notes, at par (2) | 2,500 | — | 2,500 | 467 | — | 467 | |||||||||||||||||||
Basis_of_Presentation_Reclassi1
Basis of Presentation Reclassification (Details) (USD $) | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Actual [Member] | Scenario, Actual [Member] | |||
Increase (Decrease) in Other Operating Liabilities | ($37) | $1 | ($320) | ($322) | ($11) | ($13) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 34 | 62 | -304 | -304 | 5 | 5 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 247 | 290 | -227 | -165 | 82 | 144 |
Purchases of long-term | -3,022 | -6,042 | -1,436 | -1,664 | -1,745 | -1,973 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | ($2,069) | $10,606 | $331 | ($9,201) | $22 | ($9,510) |
Trading_Securities_Details
Trading Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ||
Trading securities | $1,428 | $1,667 | ||
Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ||
Trading securities | 1,366 | 1,601 | ||
Other FHLBank's Bond [Member] | ' | ' | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ||
Trading securities | 61 | [1] | 65 | [1] |
State or Local Housing Agency Obligations [Member] | ' | ' | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ||
Trading securities | $1 | $1 | ||
[1] | The Federal Home Loan Bank of Chicago is the primary obligor of this consolidated obligation bond. |
Trading_Securities_Details_1
Trading Securities (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Trading Securities [Abstract] | ' | ' | ' | ' |
Net losses on trading securities held at period end | ($19) | ($15) | ($46) | ($77) |
Net losses on trading securities sold or matured during the period | ' | ' | ' | -2 |
Net losses on trading securities | ($19) | ($15) | ($46) | ($79) |
Availableforsale_Securities_De
Available-for-sale Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Transferred During First Quarter | ||
Private-Label MBS Transferred [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost of available-for-sale securities | ' | ' | $12 |
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | ' | ' | 1 |
Estimated fair value of available-for-sale securities | $2,073 | $2,299 | $11 |
Availableforsale_Securities_De1
Available-for-sale Securities (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated fair value of available-for-sale securities | $2,073 | $2,299 |
Private-label MBS | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost of available-for-sale securities | 1,934 | 2,174 |
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | 17 | 27 |
Gross unrealized gains on available-for-sale securities | 156 | 152 |
Gross unrealized losses on available-for-sale securities | 0 | 0 |
Estimated fair value of available-for-sale securities | $2,073 | $2,299 |
Availableforsale_Securities_De2
Available-for-sale Securities (Details 2) (Private-label MBS, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | positions | positions |
Private-label MBS | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of available-for-sale securities in unrealized loss position for less than 12 months | 3 | 6 |
Number of available-for-sale securities in unrealized loss position for 12 months or more | 9 | 10 |
Number of available-for-sale securities in unrealized loss position | 12 | 16 |
Estimated fair value of available-for-sale securities in unrealized loss position for less than 12 months | $135 | $137 |
Estimated fair value of available-for-sale securities in unrealized loss position for 12 months or more | 202 | 243 |
Estimated fair value of available-for-sale securities in unrealized loss position | 337 | 380 |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In AOCI | 1 | 1 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In AOCI | 16 | 26 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | $17 | $27 |
Availableforsale_Securities_De3
Available-for-sale Securities (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated fair value of available-for-sale securities | $2,073 | $2,299 |
Bank of America Corporation, Charlotte, NC | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost of available-for-sale securities | 1,250 | 1,390 |
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | 16 | 26 |
Gross unrealized gains on available-for-sale securities | 103 | 98 |
Gross unrealized losses on available-for-sale securities | 0 | 0 |
Estimated fair value of available-for-sale securities | $1,337 | $1,462 |
Heldtomaturity_Securities_Deta
Held-to-maturity Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | $21,082 | $20,176 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 147 | 129 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 88 | 159 |
Held-to-maturity Securities, Fair Value | 21,141 | 20,146 |
State or Local Housing Agency Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | 84 | 92 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 1 | 1 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 85 | 93 |
Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | 4,913 | 3,738 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 2 | 0 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 16 | 24 |
Held-to-maturity Securities, Fair Value | 4,899 | 3,714 |
Mortgage-backed Securities, U.S. Agency Obligations-Guaranteed | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | 388 | 465 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 5 | 7 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 393 | 472 |
Mortgage-backed Securities, Government-sponsored enterprises [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | 14,104 | 13,952 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 126 | 109 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 62 | 115 |
Held-to-maturity Securities, Fair Value | 14,168 | 13,946 |
Private-label MBS | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | 1,593 | 1,929 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 13 | 12 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 10 | 20 |
Held-to-maturity Securities, Fair Value | $1,596 | $1,921 |
Heldtomaturity_Securities_Deta1
Held-to-maturity Securities (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | positions | positions |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of unrealized loss positions held less than 12 months | 27 | 114 |
Number of unrealized loss positions held more than 12 months | 83 | 19 |
Total number of unrealized loss positions | 110 | 133 |
Estimated fair value of unrealized loss positions held less than 12 months | $873 | $6,719 |
Estimated fair value of unrealized loss positions held 12 months or more | 4,811 | 388 |
Total estimated fair value of positions in an unrealized loss | 5,684 | 7,107 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 144 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 84 | 15 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 88 | 159 |
Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of unrealized loss positions held less than 12 months | 4 | 9 |
Number of unrealized loss positions held more than 12 months | 5 | 0 |
Total number of unrealized loss positions | 9 | 9 |
Estimated fair value of unrealized loss positions held less than 12 months | 399 | 1,970 |
Estimated fair value of unrealized loss positions held 12 months or more | 1,129 | 0 |
Total estimated fair value of positions in an unrealized loss | 1,528 | 1,970 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 24 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15 | 0 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 16 | 24 |
Mortgage-backed Securities, Government-sponsored enterprises [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of unrealized loss positions held less than 12 months | 8 | 65 |
Number of unrealized loss positions held more than 12 months | 47 | 1 |
Total number of unrealized loss positions | 55 | 66 |
Estimated fair value of unrealized loss positions held less than 12 months | 298 | 3,932 |
Estimated fair value of unrealized loss positions held 12 months or more | 3,248 | 147 |
Total estimated fair value of positions in an unrealized loss | 3,546 | 4,079 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 108 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 60 | 7 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 62 | 115 |
Private-label MBS | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of unrealized loss positions held less than 12 months | 15 | 40 |
Number of unrealized loss positions held more than 12 months | 31 | 18 |
Total number of unrealized loss positions | 46 | 58 |
Estimated fair value of unrealized loss positions held less than 12 months | 176 | 817 |
Estimated fair value of unrealized loss positions held 12 months or more | 434 | 241 |
Total estimated fair value of positions in an unrealized loss | 610 | 1,058 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 12 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9 | 8 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | $10 | $20 |
Heldtomaturity_Securities_Deta2
Held-to-maturity Securities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of non-mortgage backed held-to-maturity securities | $21,082 | $20,176 |
Amortized cost of held-to-maturity securities | 21,082 | 20,176 |
Held-to-maturity Securities, Fair Value | 21,141 | 20,146 |
Non-mortgage Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securites due in one year or less | 568 | 430 |
Amortized cost of held-to-maturity securites due after one year through five years | 4,429 | 3,400 |
Amortized cost of non-mortgage backed held-to-maturity securities | 4,997 | 3,830 |
Fair value of held-to-maturity securites due in one year or less | 568 | 430 |
Fair value of held-to-maturity securites due after one year through five years | 4,416 | 3,377 |
Held-to-maturity Securities, Fair Value | 4,984 | 3,807 |
Mortgage-backed securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of mortgage-backed held-to-maturity securities | 16,085 | 16,346 |
Fair value of mortgage-backed securities | $16,157 | $16,339 |
Heldtomaturity_Securities_Deta3
Held-to-maturity Securities (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | $21,082 | $20,176 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 147 | 129 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 88 | 159 |
Held-to-maturity Securities, Fair Value | 21,141 | 20,146 |
Mortgage-backed securities [Member] | Bank of America Corporation, Charlotte, NC | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost of held-to-maturity securities | 490 | 619 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 3 | 4 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 4 | 8 |
Held-to-maturity Securities, Fair Value | $489 | $615 |
Recovered_Sheet1
Other-than-temporary Impairment Other-than-temporary Impairment (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Prime [Member] | Two Thousand Five [Member] | ' |
Other Than Temporary Impairment Credit Losses Recognized [Abstract] | ' |
Significant Inputs Weighted Average Percentage Rate, Prepayment Rate | 15.79% |
Significant Inputs Weighted Average Percentage Rate Default Rate | 7.96% |
Significant Inputs Weighted Average Percentage Rate, Loss Severities | 32.82% |
Significant Inputs Weighted Average Percentage Rate Current Credit Enhancement | 0.16% |
Alt A [Member] | Two Thousand and Seven [Member] | ' |
Other Than Temporary Impairment Credit Losses Recognized [Abstract] | ' |
Significant Inputs Weighted Average Percentage Rate, Prepayment Rate | 13.49% |
Significant Inputs Weighted Average Percentage Rate Default Rate | 26.94% |
Significant Inputs Weighted Average Percentage Rate, Loss Severities | 40.27% |
Significant Inputs Weighted Average Percentage Rate Current Credit Enhancement | 0.00% |
Otherthantemporary_Impairment_1
Other-than-temporary Impairment (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Roll-Forward Cumulative Credit Losses Recognized | ' | ' | ' | ' |
Balance, beginning of period | $559 | $584 | $574 | $586 |
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | 2 | ' | 3 | 0 |
Increase in cash flows expected to be collected, recognized over the remaining life of the securities | -9 | -4 | -25 | -6 |
Balance, end of period | $552 | $580 | $552 | $580 |
Otherthantemporary_Impairment_2
Other-than-temporary Impairment (Details Textual) | 9 Months Ended |
Sep. 30, 2014 | |
Schedule of Projected Home Price Recovery Ranges [Line Items] | ' |
Minimum number of people under CBSA | 10,000 |
Projected house price, decline rate | 0.00% |
Projected house price, increase rate | 6.00% |
Minimum | ' |
Schedule of Projected Home Price Recovery Ranges [Line Items] | ' |
Home price range | 3.00% |
Maximum | ' |
Schedule of Projected Home Price Recovery Ranges [Line Items] | ' |
Home price range | 9.00% |
Advances_Details
Advances (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Advances [Abstract] | ' | ' | ||
Overdrawn demand deposit accounts | $0 | $2 | ||
Federal Home Loan Bank, Advances, Maturities Summary, in Next Fiscal Year | 47,104 | 51,331 | ||
Federal Home Loan Bank Advances, Maturities, Summary in Rolling Year Two | 11,049 | 5,366 | ||
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three | 9,554 | 6,136 | ||
Federal Home Loan Bank Advances, Maturities, Summary In Rolling Year Four | 6,241 | 8,495 | ||
Federal Home Loan Bank Advances, Maturities, Summary In Rolling Year Five | 2,868 | 5,088 | ||
Federal Home Loan Bank Advances, Maturities, Summary After Rolling Year Five | 10,268 | 11,464 | ||
Federal Home Loan Bank, Advances, Par Value | 87,084 | 87,882 | ||
Federal Home Loan Bank, Advances, Discount on Affordable Housing Program | -7 | [1] | -8 | [1] |
Discount on Economic Development and Growth Enhancement Program Advances | -6 | [2] | -7 | [2] |
Hedging adjustments | 1,560 | 1,726 | ||
Federal Home Loan Bank, Advances, Commitment Fees | -4 | -5 | ||
Federal Home Loan Bank Advances | $88,627 | $89,588 | ||
[1] | The Affordable Housing Program | |||
[2] | The Economic Development and Growth Enhancement program |
Advances_Details_1
Advances (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Advances [Abstract] | ' | ' |
Overdrawn demand deposit accounts | $0 | $2 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Next Rolling Twelve Months | 50,223 | 54,522 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Two | 10,886 | 5,414 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Three | 8,203 | 5,867 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Four | 4,872 | 6,643 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Five | 2,787 | 4,168 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, after Rolling Year Five | 10,113 | 11,266 |
Federal Home Loan Bank, Advances, Par Value | $87,084 | $87,882 |
Advances_Details_2
Advances (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Advances [Abstract] | ' | ' |
Federal Home Loan Bank, Advances, Fixed Rate, under One Year | $34,599 | $46,343 |
Federal Home Loan Bank, Advances, Fixed Rate, after One Year | 29,691 | 28,535 |
Federal Home Loan Bank, Advances, Fixed Rate | 64,290 | 74,878 |
Federal Home Loan Bank, Advances, Floating Rate, under One Year | 12,505 | 4,990 |
Federal Home Loan Bank, Advances, Floating Rate, after One Year | 10,289 | 8,014 |
Federal Home Loan Bank, Advances, Floating Rate | 22,794 | 13,004 |
Federal Home Loan Bank, Advances, Par Value | $87,084 | $87,882 |
Advances_Details_Textual
Advances (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Institutions | Institutions | |
Advances [Abstract] | ' | ' |
Advances to largest borrowers | $62,761,000,000 | $65,472,000,000 |
Number of largest borrowers | 10 | 10 |
Largest borrowers concentration in total advances | 72.10% | 74.50% |
Allowance for credit losses on advances | 0 | 0 |
Advances past due | $0 | $0 |
Mortgage_Loans_Held_for_Portfo2
Mortgage Loans Held for Portfolio (Details) (USD $) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |||
Unpaid principal balance | $793 | ' | $931 | |||
Premiums | 3 | ' | 3 | |||
Discounts | -4 | ' | -5 | |||
Total | 792 | ' | 929 | |||
Conventional loans | ' | ' | ' | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |||
Unpaid principal balance | 737 | ' | 864 | |||
Government Mortgage Loan [Member] | ' | ' | ' | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |||
Unpaid principal balance | 56 | ' | 67 | |||
Fixed-rate medium-term single-family residential mortgage loans | ' | ' | ' | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |||
Unpaid principal balance | 113 | [1] | ' | 150 | [1] | |
Mortgage loans on real estate, original contract terms | '15 years | [1] | '15 years | [1] | ' | |
Fixed-rate long-term single-family residential mortgage loans | ' | ' | ' | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |||
Unpaid principal balance | $680 | ' | $781 | |||
[1] | Medium-term is defined as a term of 15 years or less. |
Allowance_for_Credit_Losses_Ro
Allowance for Credit Losses (Rollforward of Allowance for Credit Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of year | ' | $12 | $11 | $11 |
(Reversal) provision for credit losses | -2 | 1 | -4 | 4 |
Charge-offs | ' | -1 | ' | -3 |
Mortgage loans transferred to held for sale | ' | -1 | ' | -1 |
Balance, end of year | 4 | 11 | 4 | 11 |
Conventional Single-Family Residential Mortgage Loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of year | 6 | 11 | 11 | 10 |
(Reversal) provision for credit losses | -2 | 1 | -4 | 4 |
Charge-offs | 0 | -1 | -3 | -3 |
Mortgage loans transferred to held for sale | 0 | 0 | 0 | 0 |
Balance, end of year | 4 | 11 | 4 | 11 |
Multifamily Mortgage | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of year | ' | 1 | ' | 1 |
(Reversal) provision for credit losses | ' | 0 | ' | 0 |
Charge-offs | ' | 0 | ' | 0 |
Mortgage loans transferred to held for sale | ' | -1 | ' | -1 |
Balance, end of year | ' | $0 | ' | $0 |
Allowance_for_Credit_Losses_Mo
Allowance for Credit Losses (Mortgage Loan Portfolio by Impairment Methodology) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total allowance for credit losses | $4 | ' | $11 | $11 | $12 | $11 | ||
Total recorded investment | 795 | [1] | ' | 933 | [2] | ' | ' | ' |
Conventional Single-Family Residential Mortgage Loans | ' | ' | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ||
Allowance for credit losses, individually evaluated for impairment | 1 | ' | 2 | ' | ' | ' | ||
Allowance for credit losses, collectively evaluated for impairment | 3 | ' | 9 | ' | ' | ' | ||
Total allowance for credit losses | 4 | 6 | 11 | 11 | 11 | 10 | ||
Recorded investment, individually evaluated for impairment | 15 | ' | 15 | ' | ' | ' | ||
Recorded investment, collectively evaluated for impairment | 724 | ' | 851 | ' | ' | ' | ||
Total recorded investment | 739 | [1] | ' | 866 | [2] | ' | ' | ' |
Government-Guaranteed or Insured Residential Mortgage Loans | ' | ' | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total recorded investment | $56 | [1] | ' | $67 | [2] | ' | ' | ' |
[1] | The difference between the recorded investment and the carrying value of total mortgage loans of $3 relates to accrued interest. | |||||||
[2] | The difference between the recorded investment and the carrying value of total mortgage loans of $4 relates to accrued interest. |
Allowance_for_Credit_Losses_Cr
Allowance for Credit Losses (Credit Quality Indicators) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | |||||
Past due 30-59 days | $27 | ' | $27 | ' | $37 | |||||
Past due 60-89 days | 9 | ' | 9 | ' | 12 | |||||
Past due 90 days or more | 40 | ' | 40 | ' | 60 | |||||
Total past due mortgage loans | 76 | ' | 76 | ' | 109 | |||||
Total current mortgage loans | 719 | ' | 719 | ' | 824 | |||||
Total recorded investment | 795 | [1] | ' | 795 | [1] | ' | 933 | [2] | ||
In process foreclosure | 23 | [3] | ' | 23 | [3] | ' | 41 | [3] | ||
Seriously delinquent rate | 4.98% | [4] | ' | 4.98% | [4] | ' | 6.42% | [4] | ||
Past due 90 days or more and still accruing interest | 5 | [5] | ' | 5 | [5] | ' | 9 | [5] | ||
Loans on nonaccrual status | 34 | [6] | ' | 34 | [6] | ' | 51 | [6] | ||
Accrued Interest on Mortgage Loans | 3 | ' | 3 | ' | 4 | |||||
Impaired Financing Receivable, Recorded Investment | 15 | ' | 15 | ' | 15 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 15 | ' | 15 | ' | 15 | |||||
Impaired Financing Receivable, Related Allowance | 1 | ' | 1 | ' | 2 | |||||
Conventional Single-Family Residential Mortgage Loans | ' | ' | ' | ' | ' | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | |||||
Past due 30-59 days | 21 | ' | 21 | ' | 30 | |||||
Past due 60-89 days | 7 | ' | 7 | ' | 9 | |||||
Past due 90 days or more | 35 | ' | 35 | ' | 51 | |||||
Total past due mortgage loans | 63 | ' | 63 | ' | 90 | |||||
Total current mortgage loans | 676 | ' | 676 | ' | 776 | |||||
Total recorded investment | 739 | [1] | ' | 739 | [1] | ' | 866 | [2] | ||
In process foreclosure | 21 | [3] | ' | 21 | [3] | ' | 38 | [3] | ||
Seriously delinquent rate | 4.65% | [4] | ' | 4.65% | [4] | ' | 5.90% | [4] | ||
Past due 90 days or more and still accruing interest | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] | ||
Loans on nonaccrual status | 34 | [6] | ' | 34 | [6] | ' | 51 | [6] | ||
Troubled debt resructurings | 15 | ' | 15 | ' | 15 | |||||
Loan modifications experiencing default in previous twelve months | 0 | [7] | 0 | [7] | 2 | [7] | 1 | [7] | ' | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8 | ' | 8 | ' | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7 | ' | 7 | ' | 15 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8 | ' | 8 | ' | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7 | ' | 7 | ' | 15 | |||||
Impaired Financing Receivable, Related Allowance | 1 | ' | 1 | ' | 2 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8 | 0 | 9 | 0 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7 | 13 | 7 | 13 | ' | |||||
Government-Guaranteed or Insured Residential Mortgage Loans | ' | ' | ' | ' | ' | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | |||||
Past due 30-59 days | 6 | ' | 6 | ' | 7 | |||||
Past due 60-89 days | 2 | ' | 2 | ' | 3 | |||||
Past due 90 days or more | 5 | ' | 5 | ' | 9 | |||||
Total past due mortgage loans | 13 | ' | 13 | ' | 19 | |||||
Total current mortgage loans | 43 | ' | 43 | ' | 48 | |||||
Total recorded investment | 56 | [1] | ' | 56 | [1] | ' | 67 | [2] | ||
In process foreclosure | 2 | [3] | ' | 2 | [3] | ' | 3 | [3] | ||
Seriously delinquent rate | 9.27% | [4] | ' | 9.27% | [4] | ' | 13.13% | [4] | ||
Past due 90 days or more and still accruing interest | 5 | [5] | ' | 5 | [5] | ' | 9 | [5] | ||
Loans on nonaccrual status | 0 | [6] | ' | 0 | [6] | ' | 0 | [6] | ||
Performing Financing Receivable | Conventional Single-Family Residential Mortgage Loans | ' | ' | ' | ' | ' | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | |||||
Troubled debt resructurings | 11 | ' | 11 | ' | 11 | |||||
Nonperforming Financing Receivable | Conventional Single-Family Residential Mortgage Loans | ' | ' | ' | ' | ' | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | |||||
Troubled debt resructurings | $4 | ' | $4 | ' | $4 | |||||
[1] | The difference between the recorded investment and the carrying value of total mortgage loans of $3 relates to accrued interest. | |||||||||
[2] | The difference between the recorded investment and the carrying value of total mortgage loans of $4 relates to accrued interest. | |||||||||
[3] | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in lieu has been reported. Loans in the process of foreclosure are included in past due or current loans depending on their delinquency status. | |||||||||
[4] | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total loan portfolio segment. | |||||||||
[5] | Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. | |||||||||
[6] | Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. | |||||||||
[7] | For purposes of this disclosure, only the initial default was included; however, a loan can experience another payment default in a subsequent period. |
Allowance_for_Credit_Losses_De
Allowance for Credit Losses (Details Textual) (Conventional Single-Family Residential Mortgage Loans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Conventional Single-Family Residential Mortgage Loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Maximum loan modification interest rate reduction period | ' | ' | '36 months | ' |
Target housing expense ratio | 31.00% | ' | 31.00% | ' |
Maximum loan reamortization period | ' | ' | '40 years | ' |
Incremental interest rate reduction | ' | ' | 0.13% | ' |
Interest rate floor on loan modifications | ' | ' | 3.00% | ' |
Maximum loan modification interest rate reduction period if expense ratio is not met | ' | ' | '36 months | ' |
Period of nonpayment of principal or interest constituting a default | ' | ' | '60 days | '60 days |
Impaired Financing Receivable, with or without Related Allowance, Interest Income, Accrual Method | $1 | $1 | $1 | $1 |
Consolidated_Obligations_Detai
Consolidated Obligations (Details Textual) | 9 Months Ended |
Sep. 30, 2014 | |
bank | |
Debt Disclosure [Abstract] | ' |
Number of Federal Home Loan Banks | 12 |
Maximum contractual maturity period of discount notes (up to one year) | '1 year |
Consolidated_Obligations_Detai1
Consolidated Obligations (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Obligation Bonds by Interest-Rate Payment | ' | ' |
Debt, Gross | $89,425 | $80,552 |
Fixed-rate | ' | ' |
Consolidated Obligation Bonds by Interest-Rate Payment | ' | ' |
Debt, Gross | 76,029 | 59,885 |
Step up/down | ' | ' |
Consolidated Obligation Bonds by Interest-Rate Payment | ' | ' |
Debt, Gross | 6,776 | 7,617 |
Simple variable-rate | ' | ' |
Consolidated Obligation Bonds by Interest-Rate Payment | ' | ' |
Debt, Gross | 6,575 | 13,005 |
Variable-rate capped floater | ' | ' |
Consolidated Obligation Bonds by Interest-Rate Payment | ' | ' |
Debt, Gross | 35 | 45 |
Fixed-rate that converts to variable-rate [Member] | ' | ' |
Consolidated Obligation Bonds by Interest-Rate Payment | ' | ' |
Debt, Gross | $10 | $0 |
Consolidated_Obligations_Detai2
Consolidated Obligations (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | $89,425 | $80,552 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | 89,670 | 80,728 |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds, Due in one year or less | 50,245 | 41,725 |
Bonds, Due after one year through two years | 14,529 | 9,485 |
Bonds, Due after two years through three years | 9,418 | 7,503 |
Bonds, Due after three years through four years | 5,197 | 6,355 |
Bonds, Due after four years through five years | 3,116 | 5,150 |
Bonds, Due after five years | 6,920 | 10,334 |
Debt, Gross | 89,425 | 80,552 |
Premiums | 75 | 82 |
Discounts | -23 | -24 |
Hedging adjustments | 193 | 118 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $89,670 | $80,728 |
Bonds, Due in one year or less, weighted average interest rate | 0.20% | 0.50% |
Bonds, Due after one year through two years, weighted average interest rate | 1.22% | 0.67% |
Bonds, Due after two years through three years, weighted average interest rate | 2.21% | 2.21% |
Bonds, Due after three years through four years, weighted average interest rate | 2.10% | 2.81% |
Bonds, Due after four years through five years, weighted average interest rate | 1.53% | 1.67% |
Bonds, Due after five years, weighted average interest rate | 2.02% | 1.92% |
Total, weighted average interest rate | 0.87% | 1.13% |
Consolidated_Obligations_Detai3
Consolidated Obligations (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | $89,425 | $80,552 |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 89,425 | 80,552 |
Noncallable | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 66,566 | 56,569 |
Callable | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | $22,859 | $23,983 |
Consolidated_Obligations_Detai4
Consolidated Obligations (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | $89,425 | $80,552 |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds, Due in one year or less | 50,245 | 41,725 |
Bonds, Due after one year through two years | 14,529 | 9,485 |
Bonds, Due after two years through three years | 9,418 | 7,503 |
Bonds, Due after three years through four years | 5,197 | 6,355 |
Bonds, Due after four years through five years | 3,116 | 5,150 |
Bonds, Due after five years | 6,920 | 10,334 |
Debt, Gross | 89,425 | 80,552 |
Earlier of Contractual Maturity or Next Call Date [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Bonds, Due in one year or less | 67,589 | 59,458 |
Bonds, Due after one year through two years | 10,399 | 7,795 |
Bonds, Due after two years through three years | 7,138 | 4,491 |
Bonds, Due after three years through four years | 2,696 | 6,095 |
Bonds, Due after four years through five years | 871 | 1,571 |
Bonds, Due after five years | $732 | $1,142 |
Consolidated_Obligations_Detai5
Consolidated Obligations (Details 4) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | $26,055 | $32,202 |
Discount Notes [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | 26,055 | 32,202 |
Discount notes par value | $26,062 | $32,208 |
Discount notes weighted average interest rate | 0.09% | 0.11% |
Capital_and_Mandatorily_Redeem2
Capital and Mandatorily Redeemable Capital Stock (Details Textual) (USD $) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Capital and Mandatorily Redeemable Capital Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Mandatorily redeemable capital stock | $19 | $21 | $24 | $24 | $25 | $40 |
Redemption period for excess capital stock (in years) | '5 years | ' | ' | ' | ' | ' |
Capital_and_Mandatorily_Redeem3
Capital and Mandatorily Redeemable Capital Stock (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Equity [Abstract] | ' | ' | ||
Risk Based Capital, Required | $1,789 | $2,246 | ||
Risk Based Capital, Actual | 6,412 | 6,563 | ||
Regulatory Capital Ratio, Required | 4.00% | 4.00% | ||
Regulatory Capital Ratio, Actual | 5.15% | 5.37% | ||
Regulatory Capital, Required | 4,977 | [1] | 4,893 | [1] |
Regulatory Capital, Actual | 6,412 | [1] | 6,563 | [1] |
Leverage Ratio, Required | 5.00% | 5.00% | ||
Federal Home Loan Bank, Leverage Ratio, Actual | 7.73% | 8.05% | ||
Leverage Capital, Required | 6,222 | 6,116 | ||
Leverage Capital, Actual | $9,618 | $9,845 | ||
[1] | Mandatorily redeemable capital stock is considered capital for regulatory purposes, and “total regulatory capital†includes the Bank’s $19 and $24 in mandatorily redeemable capital stock as of September 30, 2014 and December 31, 2013, respectively. |
Capital_and_Mandatorily_Redeem4
Capital and Mandatorily Redeemable Capital Stock (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Activity In Mandatorily Redeemable Capital Stock | ' | ' | ' | ' |
Balance, beginning of year | $21 | $25 | $24 | $40 |
Attainment of nonmember status | 3 | 1 | 5 | 8 |
Repayments of Mandatory Redeemable Capital Securities | 5 | 2 | 9 | 24 |
Capital stock previously subject to mandatory redemption reclassified to capital | 0 | 0 | -1 | 0 |
Balance, end of year | $19 | $24 | $19 | $24 |
Capital_and_Mandatorily_Redeem5
Capital and Mandatorily Redeemable Capital Stock (Details 2) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Due in one year or less | $4 | ' | $5 | ' | ' | ' |
Due after one year through two years | 8 | ' | 9 | ' | ' | ' |
Due after two years through three years | 6 | ' | 8 | ' | ' | ' |
Due after three years through four years | 0 | ' | 1 | ' | ' | ' |
Due after four years through five years | 1 | ' | 0 | ' | ' | ' |
Due after five years | 0 | ' | 1 | ' | ' | ' |
Mandatorily redeemable capital stock | $19 | $21 | $24 | $24 | $25 | $40 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Noncredit other-than-temporary impairment losses | $0 | $0 | $0 | ($1) | ||
Noncredit other-than-temporary impairment losses transferred | 0 | 0 | 0 | -1 | ||
Net change in fair value | -5 | 16 | 11 | 141 | ||
Other comprehensive income related to pension and postretirement benefit plans | 0 | 0 | 1 | [1] | 1 | [1] |
Pension and Postretirement Benefits | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning of period | -12 | -16 | -13 | -17 | ||
Net change in fair value | 0 | 0 | 0 | ' | ||
Other comprehensive income related to pension and postretirement benefit plans | ' | ' | 1 | 1 | ||
Total other comprehensive income (loss) | 0 | ' | 1 | 1 | ||
Accumulated Other Comprehensive (Loss) Income, End of period | -12 | -16 | -12 | -16 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning of period | 130 | 67 | 112 | -58 | ||
Noncredit other-than-temporary impairment losses | ' | ' | ' | -1 | ||
Noncredit other-than-temporary impairment losses transferred | ' | ' | ' | 0 | ||
Net change in fair value | -5 | 16 | 11 | 141 | ||
Reclassification Adjustment of Non Credit Portion of Impairment Losses Included in Net Income Relating to Available for Sale Securities | 2 | ' | 3 | ' | ||
Total other comprehensive income (loss) | -3 | ' | 15 | 141 | ||
Accumulated Other Comprehensive (Loss) Income, End of period | 127 | 83 | 127 | 83 | ||
Available-for-sale Securities | Noncredit Portion of Other Than Temporary Impairment Losses on Available for Sale Securities | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning of period | 142 | 83 | 125 | -41 | ||
Noncredit other-than-temporary impairment losses transferred | ' | ' | ' | -1 | ||
Net change in fair value | -5 | 16 | 11 | 141 | ||
Reclassification Adjustment of Non Credit Portion of Impairment Losses Included in Net Income Relating to Available for Sale Securities | 2 | ' | 3 | ' | ||
Other comprehensive income related to pension and postretirement benefit plans | ' | ' | 0 | ' | ||
Total other comprehensive income (loss) | -3 | ' | 14 | 140 | ||
Accumulated Other Comprehensive (Loss) Income, End of period | 139 | 99 | 139 | 99 | ||
Held-to-maturity Securities [Member] | Noncredit Portion of Other Than Temporary Impairment Losses on Available for Sale Securities | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning of period | 0 | 0 | 0 | 0 | ||
Noncredit other-than-temporary impairment losses | ' | ' | ' | -1 | ||
Noncredit other-than-temporary impairment losses transferred | ' | ' | ' | 1 | ||
Net change in fair value | 0 | 0 | 0 | ' | ||
Reclassification Adjustment of Non Credit Portion of Impairment Losses Included in Net Income Relating to Available for Sale Securities | ' | ' | 0 | ' | ||
Other comprehensive income related to pension and postretirement benefit plans | ' | ' | 0 | ' | ||
Total other comprehensive income (loss) | 0 | ' | 0 | 0 | ||
Accumulated Other Comprehensive (Loss) Income, End of period | $0 | $0 | $0 | $0 | ||
[1] | Included in Compensation and benefits on the Statements of Income. |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | $123,554 | $101,694 | ||
Derivative assets in hedges | 549 | 800 | ||
Derivative liabilities in hedges | -1,897 | -2,336 | ||
Derivative assets not designated as hedging instruments | 37 | 59 | ||
Derivative liabilities not designated as hedging instruments | -215 | -338 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 586 | 859 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -2,112 | -2,674 | ||
Derivative Asset, Fair Value, Gross Liability | -404 | -741 | ||
Derivative Liability, Fair Value, Gross Asset | 404 | 741 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | -64 | -65 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,528 | 1,746 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -468 | [1] | -806 | [1] |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,932 | [1] | 2,487 | [1] |
Derivative assets | 118 | 53 | ||
Derivative liabilities | -180 | -187 | ||
Interest rate swaps | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets in hedges | 549 | 800 | ||
Derivative liabilities in hedges | -1,897 | -2,336 | ||
Derivative assets not designated as hedging instruments | 13 | 14 | ||
Derivative liabilities not designated as hedging instruments | -199 | -309 | ||
Interest Rate Swaption [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets not designated as hedging instruments | 0 | 1 | ||
Derivative liabilities not designated as hedging instruments | 0 | -1 | ||
Interest rate caps or floors | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets not designated as hedging instruments | 24 | 44 | ||
Derivative liabilities not designated as hedging instruments | -16 | -28 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | 97,053 | 84,740 | ||
Designated as Hedging Instrument [Member] | Interest rate swaps | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | 97,053 | 84,740 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | 26,501 | 16,954 | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | 9,961 | 4,414 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | 40 | 40 | ||
Not Designated as Hedging Instrument [Member] | Interest rate caps or floors | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total notional amount of derivatives before netting and collateral adjustments | $16,500 | $12,500 | ||
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gains related to fair value hedge ineffectiveness | $78 | $39 | $129 | $134 |
Total net (losses) gains related to derivatives not designated as hedging instruments | -1 | -5 | -21 | 17 |
Net gains on derivatives and hedging activities | 77 | 34 | 108 | 151 |
Interest rate swaps | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gains related to fair value hedge ineffectiveness | 78 | 39 | 129 | 134 |
Total net (losses) gains related to derivatives not designated as hedging instruments | 20 | 16 | 45 | 78 |
Interest rate caps or floors | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net (losses) gains related to derivatives not designated as hedging instruments | -4 | -1 | -13 | 3 |
Net Interest Settlements [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net (losses) gains related to derivatives not designated as hedging instruments | ($17) | ($20) | ($53) | ($64) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gains (Losses) on Derivative | $185 | $124 | $160 | $786 | ||||
Gains (Losses) on Hedged Item | -107 | -85 | -31 | -652 | ||||
Net Fair Value Hedge Ineffectiveness | 78 | 39 | 129 | 134 | ||||
Effect of Derivatives on Net Interest Income | -111 | [1] | -109 | [1] | -288 | [1] | -328 | [1] |
Advances [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gains (Losses) on Derivative | 319 | 114 | 80 | 1,486 | ||||
Gains (Losses) on Hedged Item | -243 | -68 | 47 | -1,333 | ||||
Net Fair Value Hedge Ineffectiveness | 76 | 46 | 127 | 153 | ||||
Effect of Derivatives on Net Interest Income | -229 | [1] | -259 | [1] | -671 | [1] | -797 | [1] |
Unsecured Debt [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gains (Losses) on Derivative | -134 | 10 | 80 | -700 | ||||
Gains (Losses) on Hedged Item | 136 | -17 | -78 | 681 | ||||
Net Fair Value Hedge Ineffectiveness | 2 | -7 | 2 | -19 | ||||
Effect of Derivatives on Net Interest Income | $118 | [1] | $150 | [1] | $383 | [1] | $469 | [1] |
[1] | The net interest on derivatives in fair value hedge relationships is presented in the interest income or expense line item of the respective hedged item. |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $586 | $859 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -2,112 | -2,674 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -468 | [1] | -806 | [1] |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,932 | [1] | 2,487 | [1] |
Net positive credit exposure after cash collateral | 118 | 53 | ||
Derivative liabilities | -180 | -187 | ||
Credit Risk Contract [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Credit Derivative Exposure Net | 118 | 47 | ||
Over the Counter [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 532 | 820 | ||
Derivative Liability, Fair Value, Gross Liability | -1,825 | -2,545 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -532 | -818 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,645 | 2,358 | ||
Net positive credit exposure after cash collateral | 0 | 2 | ||
Derivative liabilities | -180 | -187 | ||
Noncash collateral pledged that cannot be resold or repledged | 1 | 0 | ||
Exchange Cleared [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 54 | 39 | ||
Derivative Liability, Fair Value, Gross Liability | -287 | -129 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 64 | 12 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 287 | 129 | ||
Net positive credit exposure after cash collateral | 118 | [2] | 51 | [2] |
Derivative liabilities | $0 | $0 | ||
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | |||
[2] | The Bank had net credit exposure of $118 and $47 as of September 30, 2014 and December 31, 2013, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeds the Bank’s net derivative liability position. |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Details Textual) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative credit-risk-related contingent features net liability position aggregate fair value | $1,357 |
Collateral already posted, aggregate fair value | 1,180 |
Additional collateral | $114 |
Estimated_Fair_Values_Details
Estimated Fair Values (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets: | ' | ' | ||
Trading securities | $1,428 | $1,667 | ||
Available-for-sale securities | 2,073 | 2,299 | ||
Derivative assets | 118 | 53 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -468 | [1] | -806 | [1] |
Liabilities: | ' | ' | ||
Derivative liabilities | -180 | -187 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,932 | [1] | 2,487 | [1] |
Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1,366 | 1,601 | ||
Other FHLBank's Bond [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 61 | [2] | 65 | [2] |
State or Local Housing Agency Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1 | 1 | ||
Private-label MBS | ' | ' | ||
Assets: | ' | ' | ||
Available-for-sale securities | 2,073 | 2,299 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -468 | [3] | -806 | [3] |
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,932 | [3] | 2,487 | [3] |
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Other FHLBank's Bond [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | State or Local Housing Agency Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Private-label MBS | ' | ' | ||
Assets: | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Grantor trust assets (included in Other assets) | 24 | 21 | ||
Total assets at fair value | 24 | 21 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Total liabilities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other FHLBank's Bond [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | State or Local Housing Agency Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Private-label MBS | ' | ' | ||
Assets: | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1,428 | 1,667 | ||
Available-for-sale securities | 0 | 0 | ||
Derivative assets | 586 | 859 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Total assets at fair value | 2,014 | 2,526 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | -2,112 | -2,674 | ||
Total liabilities at fair value | -2,112 | -2,674 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1,366 | 1,601 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other FHLBank's Bond [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 61 | 65 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | State or Local Housing Agency Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Private-label MBS | ' | ' | ||
Assets: | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 2,073 | 2,299 | ||
Derivative assets | 0 | 0 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Total assets at fair value | 2,073 | 2,299 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Total liabilities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other FHLBank's Bond [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | State or Local Housing Agency Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Private-label MBS | ' | ' | ||
Assets: | ' | ' | ||
Available-for-sale securities | 2,073 | 2,299 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1,428 | 1,667 | ||
Grantor trust assets (included in Other assets) | 24 | 21 | ||
Total assets at fair value | 3,643 | 4,040 | ||
Liabilities: | ' | ' | ||
Total liabilities at fair value | -180 | -187 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1,366 | 1,601 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Other FHLBank's Bond [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 61 | 65 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | State or Local Housing Agency Obligations [Member] | ' | ' | ||
Assets: | ' | ' | ||
Trading securities | 1 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Private-label MBS | ' | ' | ||
Assets: | ' | ' | ||
Available-for-sale securities | 2,073 | 2,299 | ||
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative assets | 586 | 859 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | -2,112 | -2,674 | ||
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative assets | 118 | 53 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | ($180) | ($187) | ||
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | |||
[2] | The Federal Home Loan Bank of Chicago is the primary obligor of this consolidated obligation bond. | |||
[3] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. |
Estimated_Fair_Values_Details_
Estimated Fair Values (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reconciliation of Available-For-Sale Securities Measured at Fair Value | ' | ' | ' | ' | ||||
Included in net impairment losses recognized in earnings | $2 | ' | $3 | $0 | ||||
Fair Value, Inputs, Level 3 [Member] | Private-label MBS | Available-for-sale Securities | ' | ' | ' | ' | ||||
Reconciliation of Available-For-Sale Securities Measured at Fair Value | ' | ' | ' | ' | ||||
Balance, beginning of year | 2,155 | 2,536 | 2,299 | 2,676 | ||||
Transfer of private-label MBS from held-to-maturity to available-for-sale | 0 | 0 | 0 | 11 | ||||
Included in net impairment losses recognized in earnings | -2 | [1] | 0 | [1] | -3 | [1] | 0 | [1] |
Included in other comprehensive income (2) | -3 | [1],[2] | 16 | [1],[2] | 14 | [1],[2] | 141 | [1],[2] |
Accretion of credit losses in net interest income | 8 | [1] | 4 | [1] | 24 | [1] | 5 | [1] |
Settlements | -85 | -158 | -261 | -435 | ||||
Balance, end of year | $2,073 | $2,398 | $2,073 | $2,398 | ||||
[1] | Related to available-for-sale securities held at period end. | |||||||
[2] | This amount is included in other comprehensive income within the net change in fair value on other-than-temporary impairment available-for-sale securities and reclassification of noncredit portion of impairment losses included in net income. |
Estimated_Fair_Values_Estimate
Estimated Fair Values Estimated Fair Value (Details 2) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
RealEstateOwnedFairValueDisclosure | $6 | $9 |
Estimated_Fair_Values_Details_1
Estimated Fair Values (Details 3) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||||
Assets: | ' | ' | ' | ' | ' | ' | ||
Trading securities | $1,428 | ' | $1,667 | ' | ' | ' | ||
Available-for-sale securities | 2,073 | ' | 2,299 | ' | ' | ' | ||
Held-to-maturity securities | 21,141 | ' | 20,146 | ' | ' | ' | ||
Derivative assets | 118 | ' | 53 | ' | ' | ' | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -468 | [1] | ' | -806 | [1] | ' | ' | ' |
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | -19 | -21 | -24 | -24 | -25 | -40 | ||
Derivative liabilities | -180 | ' | -187 | ' | ' | ' | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,932 | [1] | ' | 2,487 | [1] | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks | 0 | ' | 0 | ' | ' | ' | ||
Interest bearing-deposits | 0 | ' | 0 | ' | ' | ' | ||
Securities purchased under agreements to resell | 0 | ' | ' | ' | ' | ' | ||
Federal funds sold | 0 | ' | 0 | ' | ' | ' | ||
Trading securities | 0 | ' | 0 | ' | ' | ' | ||
Available-for-sale securities | 0 | ' | 0 | ' | ' | ' | ||
Held-to-maturity securities | 0 | ' | 0 | ' | ' | ' | ||
Advances | 0 | ' | 0 | ' | ' | ' | ||
Mortgage loans held for portfolio, net | 0 | ' | 0 | ' | ' | ' | ||
Accrued interest receivable | 0 | ' | 0 | ' | ' | ' | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -468 | [2] | ' | -806 | [2] | ' | ' | ' |
Grantor trust assets (included in Other assets) | 0 | ' | 0 | ' | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ||
Interest-bearing deposits | 0 | ' | 0 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | 0 | ' | ' | ' | ' | ' | ||
Bonds | 0 | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | 0 | ' | 0 | ' | ' | ' | ||
Accrued interest payable | 0 | ' | 0 | ' | ' | ' | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,932 | [2] | ' | 2,487 | [2] | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks | 4,386 | ' | 4,374 | ' | ' | ' | ||
Interest bearing-deposits | 0 | ' | 0 | ' | ' | ' | ||
Securities purchased under agreements to resell | 0 | ' | ' | ' | ' | ' | ||
Federal funds sold | 0 | ' | 0 | ' | ' | ' | ||
Trading securities | 0 | ' | 0 | ' | ' | ' | ||
Available-for-sale securities | 0 | ' | 0 | ' | ' | ' | ||
Held-to-maturity securities | 0 | ' | 0 | ' | ' | ' | ||
Advances | 0 | ' | 0 | ' | ' | ' | ||
Mortgage loans held for portfolio, net | 0 | ' | 0 | ' | ' | ' | ||
Accrued interest receivable | 0 | ' | 0 | ' | ' | ' | ||
Derivative assets | 0 | ' | 0 | ' | ' | ' | ||
Grantor trust assets (included in Other assets) | 24 | ' | 21 | ' | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ||
Interest-bearing deposits | 0 | ' | 0 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | -19 | ' | -24 | ' | ' | ' | ||
Accrued interest payable | 0 | ' | 0 | ' | ' | ' | ||
Derivative liabilities | 0 | ' | 0 | ' | ' | ' | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks | 0 | ' | 0 | ' | ' | ' | ||
Interest bearing-deposits | 1,010 | ' | 1,007 | ' | ' | ' | ||
Securities purchased under agreements to resell | 455 | ' | ' | ' | ' | ' | ||
Federal funds sold | 4,095 | ' | 1,795 | ' | ' | ' | ||
Trading securities | 1,428 | ' | 1,667 | ' | ' | ' | ||
Available-for-sale securities | 0 | ' | 0 | ' | ' | ' | ||
Held-to-maturity securities | 19,545 | ' | 18,225 | ' | ' | ' | ||
Advances | 88,699 | ' | 89,413 | ' | ' | ' | ||
Mortgage loans held for portfolio, net | 871 | ' | 1,004 | ' | ' | ' | ||
Accrued interest receivable | 184 | ' | 199 | ' | ' | ' | ||
Derivative assets | 586 | ' | 859 | ' | ' | ' | ||
Grantor trust assets (included in Other assets) | 0 | ' | 0 | ' | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ||
Interest-bearing deposits | -1,271 | ' | -1,752 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | 0 | ' | 0 | ' | ' | ' | ||
Accrued interest payable | -202 | ' | -183 | ' | ' | ' | ||
Derivative liabilities | -2,112 | ' | -2,674 | ' | ' | ' | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks | 0 | ' | 0 | ' | ' | ' | ||
Interest bearing-deposits | 0 | ' | 0 | ' | ' | ' | ||
Securities purchased under agreements to resell | 0 | ' | ' | ' | ' | ' | ||
Federal funds sold | 0 | ' | 0 | ' | ' | ' | ||
Trading securities | 0 | ' | 0 | ' | ' | ' | ||
Available-for-sale securities | 2,073 | ' | 2,299 | ' | ' | ' | ||
Held-to-maturity securities | 1,596 | ' | 1,921 | ' | ' | ' | ||
Advances | 0 | ' | 0 | ' | ' | ' | ||
Mortgage loans held for portfolio, net | 0 | ' | 0 | ' | ' | ' | ||
Accrued interest receivable | 0 | ' | 0 | ' | ' | ' | ||
Derivative assets | 0 | ' | 0 | ' | ' | ' | ||
Grantor trust assets (included in Other assets) | 0 | ' | 0 | ' | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ||
Interest-bearing deposits | 0 | ' | 0 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | 0 | ' | 0 | ' | ' | ' | ||
Accrued interest payable | 0 | ' | 0 | ' | ' | ' | ||
Derivative liabilities | 0 | ' | 0 | ' | ' | ' | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks | 4,386 | ' | 4,374 | ' | ' | ' | ||
Interest bearing-deposits | 1,010 | ' | 1,007 | ' | ' | ' | ||
Securities purchased under agreements to resell | 455 | ' | ' | ' | ' | ' | ||
Federal funds sold | 4,095 | ' | 1,795 | ' | ' | ' | ||
Trading securities | 1,428 | ' | 1,667 | ' | ' | ' | ||
Available-for-sale securities | 2,073 | ' | 2,299 | ' | ' | ' | ||
Held-to-maturity securities | 21,082 | ' | 20,176 | ' | ' | ' | ||
Advances | 88,627 | ' | 89,588 | ' | ' | ' | ||
Mortgage loans held for portfolio, net | 788 | ' | 918 | ' | ' | ' | ||
Accrued interest receivable | 184 | ' | 199 | ' | ' | ' | ||
Derivative assets | 118 | ' | 53 | ' | ' | ' | ||
Grantor trust assets (included in Other assets) | 24 | ' | 21 | ' | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ||
Interest-bearing deposits | -1,271 | ' | -1,752 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | -19 | ' | -24 | ' | ' | ' | ||
Accrued interest payable | -202 | ' | -183 | ' | ' | ' | ||
Derivative liabilities | -180 | ' | -187 | ' | ' | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks | 4,386 | ' | 4,374 | ' | ' | ' | ||
Interest bearing-deposits | 1,010 | ' | 1,007 | ' | ' | ' | ||
Securities purchased under agreements to resell | 455 | ' | ' | ' | ' | ' | ||
Federal funds sold | 4,095 | ' | 1,795 | ' | ' | ' | ||
Trading securities | 1,428 | ' | 1,667 | ' | ' | ' | ||
Available-for-sale securities | 2,073 | ' | 2,299 | ' | ' | ' | ||
Held-to-maturity securities | 21,141 | ' | 20,146 | ' | ' | ' | ||
Advances | 88,699 | ' | 89,413 | ' | ' | ' | ||
Mortgage loans held for portfolio, net | 871 | ' | 1,004 | ' | ' | ' | ||
Accrued interest receivable | 184 | ' | 199 | ' | ' | ' | ||
Derivative assets | 118 | ' | 53 | ' | ' | ' | ||
Grantor trust assets (included in Other assets) | 24 | ' | 21 | ' | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ||
Interest-bearing deposits | 1,271 | ' | 1,752 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Mandatorily redeemable capital stock | -19 | ' | -24 | ' | ' | ' | ||
Accrued interest payable | -202 | ' | -183 | ' | ' | ' | ||
Derivative liabilities | -180 | ' | -187 | ' | ' | ' | ||
Discount Notes [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | ' | ' | 0 | ' | ' | ' | ||
Discount Notes [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | 0 | ' | 0 | ' | ' | ' | ||
Discount Notes [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | -26,055 | ' | -32,203 | ' | ' | ' | ||
Discount Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | 0 | ' | 0 | ' | ' | ' | ||
Discount Notes [Member] | Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | -26,055 | ' | -32,202 | ' | ' | ' | ||
Discount Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Discount notes | -26,055 | ' | -32,203 | ' | ' | ' | ||
Unsecured Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Bonds | ' | ' | 0 | ' | ' | ' | ||
Unsecured Debt [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Bonds | 0 | ' | 0 | ' | ' | ' | ||
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Bonds | -89,912 | ' | -80,733 | ' | ' | ' | ||
Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Bonds | 0 | ' | 0 | ' | ' | ' | ||
Unsecured Debt [Member] | Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Bonds | -89,670 | ' | -80,728 | ' | ' | ' | ||
Unsecured Debt [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Bonds | -89,912 | ' | -80,733 | ' | ' | ' | ||
Interest rate swaps | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Derivative assets | 0 | ' | 0 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Derivative liabilities | 0 | ' | 0 | ' | ' | ' | ||
Interest rate swaps | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Derivative assets | 586 | ' | 859 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Derivative liabilities | -2,112 | ' | -2,674 | ' | ' | ' | ||
Interest rate swaps | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ' | ' | ||
Derivative assets | 0 | ' | 0 | ' | ' | ' | ||
Consolidated obligations: | ' | ' | ' | ' | ' | ' | ||
Derivative liabilities | $0 | ' | $0 | ' | ' | ' | ||
[1] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. | |||||||
[2] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held or placed with the same clearing agents and/or counterparties. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | letter_of_credit | letter_of_credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Number Of Outstanding Standby Letters Of Credit | 17 | 14 | ||
Bonds, Hedged with Associated Interest Rate Swaps | $470 | $145 | ||
Discount notes, hedged with associated interest rate swaps. | 500 | 0 | ||
Standby Letters of Credit [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 5,437 | [1] | 4,785 | [1] |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 19,172 | [1] | 23,004 | [1] |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 24,609 | [1] | 27,789 | [1] |
Letters of Credit Outstanding, Amount | 26 | 20 | ||
Loan Origination Commitments [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 124 | 110 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 170 | 34 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 294 | 144 | ||
Federal Home Loan Bank Consolidated Obligations Bonds [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 472 | [2] | 171 | [2] |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | [2] | 0 | [2] |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 472 | [2] | 171 | [2] |
Federal Home Loan Bank Consolidated Obligations Discount Notes [Member] | ' | ' | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 2,500 | [2] | 467 | [2] |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | [2] | 0 | [2] |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $2,500 | [2] | $467 | [2] |
[1] | Expire within one year includes 17 standby letters of credit for a total of $26 and 14 standby letters of credit for a total of $20 as of September 30, 2014 and December 31, 2013, respectively, that have no stated maturity date and are subject to renewal on an annual basis. | |||
[2] | Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations. As of September 30, 2014 and December 31, 2013, $470 and $145 of the Bank's unsettled consolidated obligation bonds were hedged with associated interest rate swaps that had traded but not yet settled. As of September 30, 2014 and December 31, 2013, $500 and $0 of the Bank's unsettled consolidated obligation discount notes were hedged with associated interest rate swaps that had traded but not yet settled |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
bank | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Number of Federal Home Loan Banks | 12 | ' |
The FHLBank's outstanding consolidated obligations for which the Bank is jointly and severally liable | $701,462,000,000 | $654,076,000,000 |
The value of guarantees related to standby letters of credit recorded in other liabilities | 97,000,000 | 137,000,000 |
Bank unconditional commitments on closed mortgage loans | $0 | $0 |
Transactions_With_Members_and_1
Transactions With Members and Their Affiliates and With Housing Associates (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' |
Unpaid Principal Balance of Mortgage Loans Sold | ' | $18 | ' |
Gain (Loss) on Sale of Mortgage Loans | ' | 1 | ' |
Related parties, minimum stock percent owned | 10.00% | ' | ' |
Percent of capital stock held | 16.00% | ' | ' |
Total advances outstanding to member or affiliate | 16,262 | ' | 17,263 |
Bank of America [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Maximum deposits held in the name of a member or affiliate (less than $1) | $1 | ' | $1 |
Number of mortgage loans acquired | 0 | 0 | ' |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Subsequent Events [Abstract] | ' |
Payments of Dividends | $51 |