Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
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 | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,969,584 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 70 | $ 35 |
Interest-bearing deposits (including deposits with other FHLBanks of $5 and $20 as of March 31, 2019 and December 31, 2018, respectively) | 3,444 | 6,782 |
Securities purchased under agreements to resell | 4,500 | 3,750 |
Federal funds sold | 12,775 | 8,978 |
Investment securities: | ||
Trading securities | 1,055 | 55 |
Available-for-sale securities | 823 | 865 |
Held-to-maturity securities (fair value of $24,149 and $23,846 as of March 31, 2019 and December 31, 2018, respectively) | 24,184 | 23,879 |
Total investment securities | 26,062 | 24,799 |
Advances | 90,929 | 108,462 |
Mortgage loans held for portfolio, net: | ||
Mortgage loans held for portfolio | 347 | 361 |
Allowance for credit losses on mortgage loans | (1) | (1) |
Total mortgage loans held for portfolio, net | 346 | 360 |
Loan to another FHLBank | 0 | 500 |
Accrued interest receivable | 261 | 295 |
Derivative assets | 380 | 314 |
Other assets | 173 | 201 |
Total assets | 138,940 | 154,476 |
Liabilities | ||
Interest-bearing deposits | 1,163 | 1,176 |
Consolidated obligations, net: | ||
Discount notes | 61,166 | 66,025 |
Bonds | 69,186 | 79,114 |
Total consolidated obligations, net | 130,352 | 145,139 |
Mandatorily redeemable capital stock | 1 | 1 |
Accrued interest payable | 217 | 204 |
Affordable Housing Program payable | 89 | 85 |
Derivative liabilities | 13 | 17 |
Other liabilities | 182 | 207 |
Total liabilities | 132,017 | 146,829 |
Commitments and contingencies (Note 15) | ||
Capital | ||
Total capital stock Class B putable | 4,753 | 5,486 |
Retained earnings: | ||
Restricted | 484 | 463 |
Unrestricted | 1,642 | 1,647 |
Total retained earnings | 2,126 | 2,110 |
Accumulated other comprehensive income | 44 | 51 |
Total capital | 6,923 | 7,647 |
Total liabilities and capital | 138,940 | 154,476 |
Subclass B1 [Member] | ||
Capital | ||
Total capital stock Class B putable | 913 | 891 |
Subclass B2 [Member] | ||
Capital | ||
Total capital stock Class B putable | $ 3,840 | $ 4,595 |
Statements of Condition (Unau_2
Statements of Condition (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Deposits with other FHLBanks | $ 5 | $ 20 |
Held-to-maturity securities, fair value | $ 24,149 | $ 23,846 |
Capital stock Class B putable par value (per share) | $ 100 | $ 100 |
Subclass B1 [Member] | ||
Capital stock, shares issued | 9 | 9 |
Capital stock, shares outstanding | 9 | 9 |
Subclass B2 [Member] | ||
Capital stock, shares issued | 39 | 46 |
Capital stock, shares outstanding | 39 | 46 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Advances | $ 656 | $ 455 |
Interest-bearing deposits | 28 | 14 |
Securities purchased under agreements to resell | 26 | 6 |
Federal funds sold | 78 | 49 |
Trading securities | 1 | 0 |
Available-for-sale securities | 23 | 26 |
Held-to-maturity securities | 172 | 127 |
Mortgage loans | 4 | 6 |
Total interest income | 988 | 683 |
Interest expense | ||
Consolidated obligation discount notes | 372 | 224 |
Consolidated obligation bonds | 466 | 320 |
Interest-bearing deposits | 6 | 4 |
Total interest expense | 844 | 548 |
Net interest income | 144 | 135 |
Noninterest income (loss) | ||
Total other-than-temporary impairment losses | 0 | 0 |
Net amount of impairment losses reclassified from accumulated other comprehensive income | (1) | 0 |
Net impairment losses recognized in earnings | (1) | 0 |
Net gains (losses) on trading securities | 1 | (1) |
Net gains (losses) on trading securities held at period end | 1 | (1) |
Net (losses) gains on derivatives and hedging activities | (2) | 22 |
Standby letters of credit fees | 7 | 6 |
Other | 2 | 0 |
Total noninterest income | 7 | 27 |
Noninterest expense | ||
Compensation and benefits | 20 | 20 |
Other operating expenses | 9 | 9 |
Finance Agency | 3 | 2 |
Office of Finance | 2 | 2 |
Other | 5 | 2 |
Total noninterest expense | 39 | 35 |
Income before assessment | 112 | 127 |
Affordable Housing Program assessment | 11 | 13 |
Net income | $ 101 | $ 114 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 101 | $ 114 |
Net noncredit portion of other-than-temporary impairment losses on available-for-sale securities: | ||
Net change in fair value on other-than-temporarily impaired available-for-sale securities | (9) | (16) |
Reclassification of noncredit portion of impairment losses included in net income | 1 | 0 |
Total net noncredit portion of other-than-temporary impairment losses on available-for-sale securities | (8) | (16) |
Pension and postretirement benefit plans | 1 | 1 |
Total other comprehensive loss | (7) | (15) |
Total comprehensive income | $ 94 | $ 99 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Class B Putable [Member] | Retained Earnings | Retained Earnings, Restricted [Member] | Retained Earnings, Unrestricted [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance (shares) at Dec. 31, 2017 | 52 | |||||
Beginning balance at Dec. 31, 2017 | $ 7,267 | $ 5,154 | $ 2,003 | $ 380 | $ 1,623 | $ 110 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 35 | |||||
Issuance of capital stock | 3,495 | $ 3,495 | ||||
Repurchase/redemption of capital stock (shares) | (40) | |||||
Repurchase/redemption of capital stock | (3,869) | $ (3,869) | ||||
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Shares | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | (32) | $ (32) | ||||
Comprehensive income (loss) | 99 | 114 | 23 | 91 | (15) | |
Cash dividends on capital stock | (65) | (65) | 0 | (65) | ||
Ending balance (shares) at Mar. 31, 2018 | 47 | |||||
Ending balance at Mar. 31, 2018 | 6,895 | $ 4,748 | 2,052 | 403 | 1,649 | 95 |
Beginning balance (shares) at Dec. 31, 2018 | 55 | |||||
Beginning balance at Dec. 31, 2018 | 7,647 | $ 5,486 | 2,110 | 463 | 1,647 | 51 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 20 | |||||
Issuance of capital stock | 2,029 | $ 2,029 | ||||
Repurchase/redemption of capital stock (shares) | (27) | |||||
Repurchase/redemption of capital stock | (2,762) | $ (2,762) | ||||
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Shares | 0 | |||||
Net shares reclassified to mandatorily redeemable capital stock | 0 | $ 0 | ||||
Comprehensive income (loss) | 94 | 101 | 21 | 80 | (7) | |
Cash dividends on capital stock | (85) | (85) | 0 | (85) | ||
Ending balance (shares) at Mar. 31, 2019 | 48 | |||||
Ending balance at Mar. 31, 2019 | $ 6,923 | $ 4,753 | $ 2,126 | $ 484 | $ 1,642 | $ 44 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | $ 101 | $ 114 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | (53) | 8 |
Net change in fair value adjustment on derivatives and related hedging activities | (295) | 179 |
Net change in fair value adjustments on trading securities | (1) | 1 |
Net impairment losses recognized in earnings | 1 | 0 |
Net change in: | ||
Accrued interest receivable | 34 | (27) |
Other assets | 25 | 22 |
Affordable Housing Program payable | 3 | 3 |
Accrued interest payable | 14 | 2 |
Other liabilities | (25) | (33) |
Total adjustments | (297) | 155 |
Net Cash Provided by Operating Activities | (196) | 269 |
Investing activities | ||
Interest-bearing deposits | 3,369 | (475) |
Securities purchased under agreements to resell | (750) | (3,500) |
Federal funds sold | (3,797) | (1,348) |
Loan to another FHLBank | 500 | 200 |
Trading securities: | ||
Purchases of long-term | (999) | 0 |
Available-for-sale securities: | ||
Proceeds from principal collected | 48 | 51 |
Held-to-maturity securities: | ||
Proceeds from principal collected | 891 | 1,273 |
Purchases of long-term | (1,196) | (2,945) |
Advances: | ||
Proceeds from principal collected | 99,457 | 140,699 |
Made | (81,655) | (130,323) |
Mortgage loans: | ||
Proceeds from principal collected | 14 | 19 |
Proceeds from sale of foreclosed assets | 0 | 1 |
Purchase of premises, equipment, and software | 0 | (1) |
Net cash provided by investing activities | 15,882 | 3,651 |
Financing activities | ||
Net change in interest-bearing deposits | 3 | 3 |
Net payments on derivatives containing a financing element | 0 | (1) |
Proceeds from issuance of consolidated obligations: | ||
Discount notes | 274,674 | 280,479 |
Bonds | 13,719 | 14,051 |
Payments for debt issuance costs | (4) | (3) |
Payments for maturing and retiring consolidated obligations: | ||
Discount notes | (279,491) | (275,982) |
Bonds | (23,734) | (24,275) |
Proceeds from issuance of capital stock | 2,029 | 3,495 |
Payments for repurchase/redemption of capital stock | (2,762) | (3,869) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | 0 | (30) |
Cash dividends paid | (85) | (65) |
Net cash used in financing activities | (15,651) | (6,197) |
Net decrease in cash and due from banks | 35 | (2,277) |
Cash and due from banks at beginning of the period | 35 | 2,357 |
Cash and due from banks at end of the period | 70 | 80 |
Cash paid for: | ||
Interest | 871 | 523 |
Affordable Housing Program assessment, net | 8 | 9 |
Noncash investing and financing activities: | ||
Net shares reclassified to mandatorily redeemable capital stock | 0 | 32 |
Held-to-maturity securities acquired with accrued liabilities | 0 | 97 |
Transfers of mortgage loans to real estate owned | $ 0 | $ 1 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 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 as of 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, 2019 , 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, 2018 , which are contained in the Bank’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 7, 2019 (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. Refer to Note 2 — Summary of Significant Accounting Policies to the Bank’s 2018 audited financial statements for a description of all the Bank’s significant accounting policies. There have been no changes to these policies as of March 31, 2019 , except for policy updates related to new accounting guidance for derivatives and hedging activities, which is described in Note 13 — Derivatives and Hedging Activities to the Bank’s interim financial statements, and leases which is described below. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Guidance | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued And Adopted Accounting Guidance | The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements. Recently Adopted Accounting Guidance Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedging Purposes This guidance permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Targeted Improvements to Accounting for Hedging Activities This guidance amends the accounting for derivatives and hedging activities to better portray the economics of the transactions. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Premium Amortization on Purchased Callable Debt Securities This guidance shortens the amortization period for certain callable debt securities held at a premium by requiring that the premium be amortized to the earliest call date, rather than contractual maturity. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Leases The guidance amends the accounting for leases. It will require lessees to recognize a right-of-use asset and lease liability for virtually all leases. January 1, 2019 The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations. Recently Issued Accounting Guidance Not Yet Adopted Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14) This guidance amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. December 31, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) This guidance amends the disclosure requirements on fair value measurements. January 1, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. Measurement of Credit Losses on Financial Instruments (ASU 2016-13) This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 1, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. The Bank has completed its preliminary assessment of the impact of this guidance on all its financial assets, including advances, investments, and other financial assets, and does not expect the adoption of this guidance to have a material impact on its financial condition or results of operations. However, the Bank will continue to evaluate this guidance, as well as the economic conditions and forecasts at the time of adoption. The ultimate impact on the Bank’s financial condition and results of operations will depend upon the composition of the financial assets held by the Bank at the adoption date, as well as the economic conditions and forecasts at that time. |
New Accounting Pronouncements, Policy [Policy Text Block] | The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements. Recently Adopted Accounting Guidance Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedging Purposes This guidance permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Targeted Improvements to Accounting for Hedging Activities This guidance amends the accounting for derivatives and hedging activities to better portray the economics of the transactions. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Premium Amortization on Purchased Callable Debt Securities This guidance shortens the amortization period for certain callable debt securities held at a premium by requiring that the premium be amortized to the earliest call date, rather than contractual maturity. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Leases The guidance amends the accounting for leases. It will require lessees to recognize a right-of-use asset and lease liability for virtually all leases. January 1, 2019 The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations. Recently Issued Accounting Guidance Not Yet Adopted Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14) This guidance amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. December 31, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) This guidance amends the disclosure requirements on fair value measurements. January 1, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. Measurement of Credit Losses on Financial Instruments (ASU 2016-13) This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 1, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. The Bank has completed its preliminary assessment of the impact of this guidance on all its financial assets, including advances, investments, and other financial assets, and does not expect the adoption of this guidance to have a material impact on its financial condition or results of operations. However, the Bank will continue to evaluate this guidance, as well as the economic conditions and forecasts at the time of adoption. The ultimate impact on the Bank’s financial condition and results of operations will depend upon the composition of the financial assets held by the Bank at the adoption date, as well as the economic conditions and forecasts at that time. |
Trading Securities
Trading Securities | 3 Months Ended |
Mar. 31, 2019 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | |
Trading Securities | Trading Securities Major Security Types. The following table presents trading securities. As of March 31, 2019 As of December 31, 2018 U.S. Treasury obligations $ 999 $ — Government-sponsored enterprises debt obligations 56 55 Total $ 1,055 $ 55 The following table presents net gains (losses) on trading securities. For the Three Months Ended March 31, 2019 2018 Net gains (losses) on trading securities held at period end $ 1 $ (1 ) |
Available-for-sale Securities
Available-for-sale Securities | 3 Months Ended |
Mar. 31, 2019 | |
Debt Securities, Available-for-sale [Abstract] | |
Available-for-sale Securities | Available-for-sale Securities Major Security Type. The following table presents information on private-label residential mortgage-backed securities (MBS) that are classified as available-for-sale. Amortized Cost Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of March 31, 2019 $ 758 $ — $ 65 $ — $ 823 As of December 31, 2018 $ 793 $ (1 ) $ 73 $ — $ 865 ____________ (1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security. The following table presents private-label residential MBS that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses As of March 31, 2019 1 $ 3 $ — 2 $ 4 $ — 3 $ 7 $ — As of December 31, 2018 1 $ 3 $ — 2 $ 4 $ (1 ) 3 $ 7 $ (1 ) The following table presents private-label residential MBS that are classified as available-for-sale and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC. Amortized Cost Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of March 31, 2019 $ 521 $ — $ 47 $ — $ 568 As of December 31, 2018 $ 539 $ — $ 54 $ — $ 593 ____________ (1) |
Held-to-maturity Securities
Held-to-maturity Securities | 3 Months Ended |
Mar. 31, 2019 | |
Debt Securities, Held-to-maturity [Abstract] | |
Held-to-maturity Securities | Held-to-maturity Securities Major Security Types. The following table presents held-to-maturity securities. As of March 31, 2019 As of December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value State or local housing agency debt obligations $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Government-sponsored enterprises debt obligations 3,172 4 (1 ) 3,175 2,672 5 (2 ) 2,675 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 112 1 — 113 118 2 — 120 Government-sponsored enterprises residential 8,991 31 (40 ) 8,982 9,304 40 (43 ) 9,301 Government-sponsored enterprises commercial 11,516 3 (36 ) 11,483 11,368 4 (41 ) 11,331 Private-label residential 392 4 (1 ) 395 416 4 (2 ) 418 Total $ 24,184 $ 43 $ (78 ) $ 24,149 $ 23,879 $ 55 $ (88 ) $ 23,846 The following tables present held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and by the length of time that the individual securities have been in a continuous unrealized loss position. As of March 31, 2019 Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses State or local housing agency debt obligations — $ — $ — 1 $ 1 $ — 1 $ 1 $ — Government-sponsored enterprises debt obligations 12 1,204 (1 ) 1 100 — 13 1,304 (1 ) Mortgage-backed securities: Government-sponsored enterprises residential 70 1,784 (6 ) 22 2,568 (34 ) 92 4,352 (40 ) Government-sponsored enterprises commercial 43 6,906 (30 ) 34 1,310 (6 ) 77 8,216 (36 ) Private-label residential 22 98 — 13 37 (1 ) 35 135 (1 ) Total 147 $ 9,992 $ (37 ) 71 $ 4,016 $ (41 ) 218 $ 14,008 $ (78 ) As of December 31, 2018 Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses State or local housing agency debt obligations — $ — $ — 1 $ 1 $ — 1 $ 1 $ — Government-sponsored enterprises debt obligations 12 1,235 (1 ) 1 99 (1 ) 13 1,334 (2 ) Mortgage-backed securities: Government-sponsored enterprises residential 54 2,704 (13 ) 22 1,382 (30 ) 76 4,086 (43 ) Government-sponsored enterprises commercial 58 7,406 (34 ) 18 1,015 (7 ) 76 8,421 (41 ) Private-label residential 26 139 (1 ) 11 25 (1 ) 37 164 (2 ) Total 150 $ 11,484 $ (49 ) 53 $ 2,522 $ (39 ) 203 $ 14,006 $ (88 ) Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. MBS are not presented by contractual maturity because their actual maturities 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 March 31, 2019 As of December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Non-mortgage-backed securities: Due in one year or less $ 597 $ 597 $ 225 $ 225 Due after one year through five years 2,315 2,316 2,057 2,058 Due after five years through 10 years 201 203 331 333 Due after 10 years 60 60 60 60 Total non-mortgage-backed securities 3,173 3,176 2,673 2,676 Mortgage-backed securities 21,011 20,973 21,206 21,170 Total $ 24,184 $ 24,149 $ 23,879 $ 23,846 The following table presents private-label residential MBS that are classified as held-to-maturity and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of March 31, 2019 $ 87 $ 1 $ (1 ) $ 87 As of December 31, 2018 $ 91 $ 1 $ (1 ) $ 91 |
Other-than-temporary Impairment
Other-than-temporary Impairment | 3 Months Ended |
Mar. 31, 2019 | |
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. The financial amounts related to the Bank's other-than-temporary impairment are not material to the Bank's financial condition or results of operations for the periods presented. 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 previously recognized in accumulated other comprehensive income. For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 335 $ 394 Amount related to credit loss for which an other-than-temporary impairment was previously recognized 1 — Increase in cash flows expected to be collected, (accreted as interest income over the remaining lives of the applicable securities) (14 ) (16 ) Balance, end of period $ 322 $ 378 |
Advances
Advances | 3 Months Ended |
Mar. 31, 2019 | |
Advances [Abstract] | |
Advances | Advances Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity. As of March 31, 2019 As of December 31, 2018 Overdrawn demand deposit accounts $ — $ 33 Due in one year or less 52,086 72,300 Due after one year through two years 15,962 13,298 Due after two years through three years 4,584 5,403 Due after three years through four years 4,722 4,678 Due after four years through five years 4,509 3,997 Due after five years 8,749 8,705 Total par value 90,612 108,414 Deferred prepayment fees (15 ) (17 ) Discount on AHP (1) advances (4 ) (4 ) Discount on EDGE (2) advances (2 ) (2 ) Hedging adjustments 338 71 Total $ 90,929 $ 108,462 ___________ (1) The Affordable Housing Program (2) The Economic Development and Growth Enhancement Program The following table presents advances by year of contractual maturity or, for convertible advances, next conversion date. As of March 31, 2019 As of December 31, 2018 Overdrawn demand deposit accounts $ — $ 33 Due or convertible in one year or less 52,919 73,009 Due or convertible after one year through two years 16,049 13,484 Due or convertible after two years through three years 4,606 5,437 Due or convertible after three years through four years 4,704 4,642 Due or convertible after four years through five years 4,444 3,951 Due or convertible after five years 7,890 7,858 Total par value $ 90,612 $ 108,414 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of March 31, 2019 As of December 31, 2018 Fixed-rate: Due in one year or less $ 28,110 $ 40,578 Due after one year 25,206 24,043 Total fixed-rate 53,316 64,621 Variable-rate: Due in one year or less 23,976 31,755 Due after one year 13,320 12,038 Total variable-rate 37,296 43,793 Total par value $ 90,612 $ 108,414 Credit Risk. The Bank’s potential credit risk from advances is concentrated in commercial banks, savings institutions, and credit unions and further is concentrated in certain larger borrowing relationships. The concentration of the Bank’s advances to its 10 largest borrowers was $65,680 and $80,211 as of March 31, 2019 and December 31, 2018 , respectively. This concentration represented 72.5 percent and 74.0 percent of total advances outstanding as of March 31, 2019 and December 31, 2018 , respectively. 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 March 31, 2019 and December 31, 2018 . No advance was past due as of March 31, 2019 and December 31, 2018 |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [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 March 31, 2019 As of December 31, 2018 Medium-term (15 years or less) $ 7 $ 8 Long-term (greater than 15 years) 340 353 Total unpaid principal balance 347 361 Premiums 1 1 Discounts (1 ) (1 ) Total $ 347 $ 361 The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type. As of March 31, 2019 As of December 31, 2018 Conventional mortgage loans $ 324 $ 338 Government-guaranteed or insured mortgage loans 23 23 Total unpaid principal balance $ 347 $ 361 Refer to Note 9 — |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans. For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 1 $ 1 Provision for credit losses — — Balance, end of period $ 1 $ 1 The following table presents the recorded investment in conventional residential mortgage loans by impairment methodology. As of March 31, 2019 As of December 31, 2018 Allowance for credit losses: Collectively evaluated for impairment $ 1 $ 1 Recorded investment: Individually evaluated for impairment $ 9 $ 9 Collectively evaluated for impairment 316 330 Total recorded investment $ 325 $ 339 Key credit quality indicators for mortgage loans include the migration of past due mortgage loans, nonaccrual mortgage loans, and mortgage loans in process of foreclosure. The following tables present the Bank’s recorded investment in mortgage loans by these key credit quality indicators. As of March 31, 2019 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Past due 30-59 days $ 10 $ 2 $ 12 Past due 60-89 days 2 1 3 Past due 90 days or more 6 — 6 Total past due mortgage loans 18 3 21 Total current mortgage loans 307 20 327 Total mortgage loans (1) $ 325 $ 23 $ 348 Other delinquency statistics: In process of foreclosure (2) $ 2 $ — $ 2 Seriously delinquent rate (3) 1.77 % 0.68 % 1.70 % Past due 90 days or more and still accruing interest (4) $ — $ — $ — Mortgage loans on nonaccrual status (5) $ 6 $ — $ 6 ____________ (1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage 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, 2018 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Past due 30-59 days $ 8 $ 2 $ 10 Past due 60-89 days 3 — 3 Past due 90 days or more 6 — 6 Total past due mortgage loans 17 2 19 Total current mortgage loans 322 21 343 Total mortgage loans (1) $ 339 $ 23 $ 362 Other delinquency statistics: In process of foreclosure (2) $ 2 $ — $ 2 Seriously delinquent rate (3) 1.93 % 1.23 % 1.89 % Past due 90 days or more and still accruing interest (4) $ — $ — $ — Mortgage loans on nonaccrual status (5) $ 6 $ — $ 6 ____________ (1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage 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. The financial amounts related to the Bank’s impaired loans and troubled debt restructurings are not material to the Bank’s financial condition or results of operations for the periods presented. |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2019 | |
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 11 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 its specific portion of consolidated obligations for which it is the primary obligor and records it as a liability. Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type. As of March 31, 2019 As of December 31, 2018 Fixed-rate $ 23,032 $ 21,217 Step up/down 3,370 4,379 Simple variable-rate 42,853 53,670 Total par value $ 69,255 $ 79,266 Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity. As of March 31, 2019 As of December 31, 2018 Amount Weighted- average Interest Rate (%) Amount Weighted- average Interest Rate (%) Due in one year or less $ 46,956 2.35 $ 55,386 2.26 Due after one year through two years 10,197 2.27 13,292 2.30 Due after two years through three years 2,921 2.52 3,387 2.44 Due after three years through four years 3,910 2.28 3,884 2.27 Due after four years through five years 3,368 2.86 1,429 2.87 Due after five years 1,903 3.22 1,888 3.23 Total par value 69,255 2.39 79,266 2.31 Premiums 6 7 Discounts (23 ) (18 ) Hedging adjustments (52 ) (141 ) Total $ 69,186 $ 79,114 The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of March 31, 2019 As of December 31, 2018 Noncallable $ 53,732 $ 65,237 Callable 15,523 14,029 Total par value $ 69,255 $ 79,266 The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date. As of March 31, 2019 As of December 31, 2018 Due or callable in one year or less $ 57,283 $ 65,560 Due or callable after one year through two years 8,118 10,874 Due or callable after two years through three years 834 982 Due or callable after three years through four years 400 429 Due or callable after four years through five years 1,367 168 Due or callable after five years 1,253 1,253 Total par value $ 69,255 $ 79,266 Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds and have 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 following table presents the Bank’s participation in consolidated obligation discount notes. Book Value Par Value Weighted-average Interest Rate (%) As of March 31, 2019 $ 61,166 $ 61,417 2.42 As of December 31, 2018 $ 66,025 $ 66,270 2.33 |
Capital and Mandatorily Redeema
Capital and Mandatorily Redeemable Capital Stock | 3 Months Ended |
Mar. 31, 2019 | |
Capital [Abstract] | |
Capital and Mandatorily Redeemable Capital Stock | Capital and Mandatorily Redeemable Capital Stock Capital. The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (Finance Agency) regulatory capital rules and requirements. As of March 31, 2019 As of December 31, 2018 Required Actual Required Actual Risk-based capital $ 1,633 $ 6,880 $ 1,654 $ 7,597 Total regulatory capital ratio 4.00 % 4.95 % 4.00 % 4.92 % Total regulatory capital (1) $ 5,558 $ 6,880 $ 6,179 $ 7,597 Leverage capital ratio 5.00 % 7.43 % 5.00 % 7.38 % Leverage capital $ 6,947 $ 10,321 $ 7,724 $ 11,396 ____________ (1) Total regulatory capital does not include accumulated other comprehensive income, but does include mandatorily redeemable capital stock. The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2019 and 2018. 2019 2018 Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 85 6.47 $ 65 5.16 Mandatorily Redeemable Capital Stock. The following table presents the activity in mandatorily redeemable capital stock. For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 1 $ 1 Net reclassification from capital during the period — 32 Repurchase/redemption of mandatorily redeemable capital stock — (30 ) Balance, end of period $ 1 $ 3 The following table presents 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 March 31, 2019 As of December 31, 2018 Due after three years through four years $ 1 $ — Due after four years through five years — 1 Total $ 1 $ 1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income The following tables present the components comprising accumulated other comprehensive income. Pension and Postretirement Benefits Noncredit Portion of Other-than- temporary Impairment Losses on Available-for- sale Securities Total Accumulated Other Comprehensive Income Balance, December 31, 2017 $ (24 ) $ 134 $ 110 Other comprehensive income before reclassifications: Net change in fair value — (16 ) (16 ) Reclassification from accumulated other comprehensive income to net income: Amortization of pension and postretirement (1) 1 — 1 Net current period other comprehensive income (loss) 1 (16 ) (15 ) Balance, March 31, 2018 $ (23 ) $ 118 $ 95 Balance, December 31, 2018 $ (21 ) $ 72 $ 51 Other comprehensive income before reclassifications: Net change in fair value — (9 ) (9 ) Reclassification from accumulated other comprehensive income to net income: Noncredit other-than-temporary impairment losses — 1 1 Amortization of pension and postretirement (1) 1 — 1 Net current period other comprehensive income (loss) 1 (8 ) (7 ) Balance, March 31, 2019 $ (20 ) $ 64 $ 44 ____________ (1) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
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 on its interest-bearing liabilities that finance these assets. 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 that it is willing to accept. In addition, the Bank monitors the risk to its interest income, net interest margin, and average maturity of its interest-earning assets and funding sources. 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. The Bank enters into derivatives to manage the interest-rate risk exposure that is 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. 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. The Bank’s over-the-counter derivative transactions may either be (1) uncleared derivatives, which are executed bilaterally with a counterparty; or (2) cleared derivatives, which are cleared through a Futures Commission Merchant (clearing agent) with a Derivatives Clearing Organization (Clearinghouse). Once a derivatives transaction has been accepted for clearing by a Clearinghouse, the derivatives transaction is novated, and the executing counterparty is replaced with the Clearinghouse as the counterparty. The Bank is not a derivatives dealer and does not trade derivatives for short-term profit. For additional information on the Bank’s derivatives and hedging activities, see Note 17—Derivatives and Hedging Activities to the 2018 audited financial statements contained in the Bank’s Form 10-K. 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 presents the notional amount, fair value of derivative instruments, and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. As of March 31, 2019 As of December 31, 2018 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 50,790 $ 76 $ 87 $ 50,427 $ 32 $ 151 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 657 4 4 1,008 3 11 Interest-rate caps or floors 8,083 1 — 8,083 1 1 Total derivatives not designated as hedging instruments 8,740 5 4 9,091 4 12 Total derivatives before netting and collateral adjustments $ 59,530 81 91 $ 59,518 36 163 Netting adjustments and cash collateral (2) 299 (78 ) 278 (146 ) Derivative assets and derivative liabilities $ 380 $ 13 $ 314 $ 17 ___________ (1) Includes variation margin for daily settled contracts of $322 and $21 as of March 31, 2019 and December 31, 2018 , respectively. (2) 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. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018 , respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018 , respectively. Beginning on January 1, 2019, as a result of adopting new accounting guidance related to derivatives and hedging activities, changes in fair value of the derivative hedging instrument and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item. Prior to January 1, 2019, for fair value hedges, any hedge ineffectiveness (which represented the amount by which the change in the fair value of the derivative differed from the change in the fair value of the hedge item) was recorded in noninterest income as net gains (losses) on derivatives and hedging activities. The change in fair value of the derivative hedging instruments and the related hedged items increased net interest income by $1 for the three months ended March 31, 2019. The following tables present the net gains (losses) on fair value hedging relationships. For the Three Months Ended March 31, 2019 Interest Income/Expense Advances Consolidated Obligation Bonds Total interest income (expense) recorded in the Statements of Income $ 656 $ (466 ) Net interest income effect from fair value hedging relationships Interest-rate contracts: Derivatives (1) $ (250 ) $ 67 Hedged items 268 (89 ) Total net interest income effect from fair value hedging relationships $ 18 $ (22 ) ____________ (1) Includes net interest settlements. For the Three Months Ended March 31, 2018 (2) Interest Income/Expense Noninterest Income Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Net gains (losses) on derivatives and hedging activities Interest-rate contracts: Derivatives (1) $ (33 ) $ 4 $ (1 ) $ 206 Hedged items — — — (187 ) Net (losses) gains on fair value hedging relationships $ (33 ) $ 4 $ (1 ) $ 19 ___________ (1) Includes net interest settlements. (2) Prior period amounts were not conformed to new hedge accounting guidance adopted January 1, 2019. The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of March 31, 2019 Line Item in Statement of Conditions of Hedged Item Amortized Cost of Hedged Asset or Liability (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost Cumulative Amount of Fair Value Hedging Basis Adjustments Advances $ 29,780 $ 324 $ 14 $ 338 Consolidated obligations: Bonds 20,758 (52 ) — (52 ) ___________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. The following table presents net gains (losses) related to derivatives and hedging activities recorded in noninterest income (loss) on the Statements of Income. For fair value hedging relationships, the portion of net gains (losses) representing hedge ineffectiveness are recorded in noninterest income (loss) for periods prior to January 1, 2019. For the Three Months Ended March 31, 2019 2018 Derivatives and hedged items in fair value hedging relationships: Interest-rate swaps N/A (1) $ 19 Derivatives not designated as hedging instruments: Interest-rate swaps $ (1 ) 3 Interest-rate caps or floors (1 ) 1 Net interest settlements — (1 ) Total net gains (losses) related to derivatives not designated as hedging instruments (2 ) 3 Net (losses) gains on derivatives and hedging activities $ (2 ) $ 22 __________ (1) Not applicable due to new hedge accounting guidance adopted January 1, 2019. Managing Credit Risk on Derivatives The Bank is subject to credit risk to its derivative transactions due to the risk of nonperformance by counterparties and manages this risk through credit analysis, collateral requirements, and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in such contracts to mitigate the risk. The Bank requires collateral agreements with collateral delivery thresholds on all uncleared 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. Certain of the Bank’s uncleared 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 nationally recognized statistical rating organization (NRSRO), the Bank may be required to deliver additional collateral on uncleared derivative instruments in net liability positions. The aggregate fair value of all uncleared derivative instruments with credit-risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest) as of March 31, 2019 was $6 , for which the Bank was not required to post collateral as of March 31, 2019 . If the Bank’s credit ratings had been lowered from its current rating to the next lower rating, the Bank would have been required to deliver $1 of collateral at fair value to its uncleared derivative counterparties as of March 31, 2019 . For cleared derivatives, the Clearinghouse is the Bank’s counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin, and the clearing agent notifies the Bank. The Bank currently utilizes the following two Clearinghouses for all cleared derivative transactions: LCH Ltd. and CME Clearing. Because the Bank is required to post initial and variation margin through the clearing agent to the Clearinghouse, it 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/payments is posted daily through a clearing agent for changes in the fair 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 and the related cash collateral that is received or pledged, plus the 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. As of March 31, 2019 As of December 31, 2018 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 45 $ 88 $ 35 $ 128 Cleared derivatives 36 3 1 35 Total gross recognized amount 81 91 36 163 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (43 ) (75 ) (33 ) (111 ) Cleared derivatives 342 (3 ) 311 (35 ) Total gross amounts of netting adjustments and cash collateral 299 (78 ) 278 (146 ) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 2 13 2 17 Cleared derivatives 378 — 312 — Total net amounts after netting adjustments and cash collateral 380 13 314 17 Non-cash collateral received or pledged not offset-cannot be sold or repledged: (1) Uncleared derivatives 1 — — — Cleared derivatives — — — — Total cannot be sold or repledged (1) 1 — — — Net unsecured amounts: (1) Uncleared derivatives 1 13 2 17 Cleared derivatives 378 — 312 — Total net unsecured amount (1) $ 379 $ 13 $ 314 $ 17 ____________ (1) The Bank had net credit exposure of $1 and $2 as of March 31, 2019 and December 31, 2018 |
Estimated Fair Values
Estimated Fair Values | 3 Months Ended |
Mar. 31, 2019 | |
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 defined under GAAP 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 asset or owes the liability. In general, the transaction price will equal the exit price and therefore, represents 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, 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. 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 liabilities that are carried at fair value or disclosed in the notes to the financial statements. 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. The Bank carried grantor trust assets at fair value hierarchy Level 1 as of March 31, 2019 and December 31, 2018 . 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. The Bank carried trading securities and derivatives at fair value hierarchy Level 2 as of March 31, 2019 and December 31, 2018 . Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are supported by limited market activity and reflect the entity’s own assumptions. The Bank carried available-for-sale securities at fair value hierarchy Level 3 as of March 31, 2019 and December 31, 2018 . 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 within the fair value hierarchy. 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. Estimated Fair Value Measurements 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 March 31, 2019 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Level 3 Total Assets Trading securities: U.S. Treasury obligations $ — $ 999 $ — $ — $ 999 Government-sponsored enterprises debt obligations — 56 — — 56 Total trading securities $ — $ 1,055 $ — $ — $ 1,055 Available-for-sale securities: Private-label residential MBS $ — $ — $ 823 $ — $ 823 Derivative assets: Interest-rate related — 81 — 299 380 Grantor trust (included in Other assets) 45 — — — 45 Total assets at fair value $ 45 $ 1,136 $ 823 $ 299 $ 2,303 Liabilities Derivative liabilities: Interest-rate related $ — $ 91 $ — $ (78 ) $ 13 Total liabilities at fair value $ — $ 91 $ — $ (78 ) $ 13 ____________ (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. As of December 31, 2018 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Level 3 Total Assets Trading securities: Government-sponsored enterprises debt obligations $ — $ 55 $ — $ — $ 55 Available-for-sale securities: Private-label residential MBS — — 865 — 865 Derivative assets: Interest-rate related — 36 — 278 314 Grantor trust (included in Other assets) 52 — — — 52 Total assets at fair value $ 52 $ 91 $ 865 $ 278 $ 1,286 Liabilities Derivative liabilities: Interest-rate related $ — $ 163 $ — $ (146 ) $ 17 Total liabilities at fair value $ — $ 163 $ — $ (146 ) $ 17 ____________ (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 table presents a reconciliation of available-for-sale securities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 865 $ 1,104 Total (losses) gains realized and unrealized: (1) Included in net impairment losses recognized in earnings (1 ) — Included in other comprehensive income (8 ) (16 ) Accretion of credit losses in net interest income 15 16 Settlements (48 ) (51 ) Balance, end of period $ 823 $ 1,053 ____________ (1) Related to available-for-sale securities held at period end. Described below are the Bank’s fair value measurement methodologies for financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition and categorized within Level 2 and Level 3 of the fair value hierarchy. Investment securities . The Bank obtains prices from multiple 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, the following: 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 its pricing vendors to confirm and further augment its understanding of the vendors’ pricing processes, methodologies, and control procedures for U.S. 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 “resultant” 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 resultant price. Alternatively, if the analysis does not provide evidence that an outlier is more representative of the fair value, and the resultant price is the best estimate, then the resultant 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 resultant price, and the final price is determined by an evaluation of all outlier prices as described above. Multiple third-party 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 as of March 31, 2019 and December 31, 2018 . 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 the Bank’s additional analysis in those instances in which there were outliers or significant yield variances), the Bank believes that 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 March 31, 2019 and December 31, 2018 . Derivative assets and liabilities. The Bank calculates the fair values of interest-rate related derivatives using a discounted cash flow analysis which utilizes market-observable inputs. The inputs for interest-rate related derivatives uses the Overnight Index Swap curve 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 uncleared 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 March 31, 2019 and December 31, 2018 . 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 March 31, 2019 and December 31, 2018 . 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 following tables present the carrying values and estimated fair values of the Bank’s financial instruments. As of March 31, 2019 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 70 $ 70 $ 70 $ — $ — $ — Interest-bearing deposits 3,444 3,444 — 3,444 — — Securities purchased under agreements to resell 4,500 4,500 — 4,500 — — Federal funds sold 12,775 12,775 — 12,775 — — Trading securities 1,055 1,055 — 1,055 — — Available-for-sale securities 823 823 — — 823 — Held-to-maturity securities 24,184 24,149 — 23,754 395 — Advances 90,929 91,017 — 91,017 — — Mortgage loans held for portfolio, net 346 363 — 363 — — Accrued interest receivable 261 261 — 261 — — Derivative assets 380 380 — 81 — 299 Grantor trust assets (included in Other assets) 45 45 45 — — — Liabilities: Interest-bearing deposits 1,163 1,163 — 1,163 — — Consolidated obligations, net: Discount notes 61,166 61,164 — 61,164 — — Bonds 69,186 69,262 — 69,262 — — Mandatorily redeemable capital stock 1 1 1 — — — Accrued interest payable 217 217 — 217 — — Derivative liabilities 13 13 — 91 — (78 ) ____________ (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. As of December 31, 2018 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 35 $ 35 $ 35 $ — $ — $ — Interest-bearing deposits 6,782 6,782 — 6,782 — — Securities purchased under agreements to resell 3,750 3,750 — 3,750 — — Federal funds sold 8,978 8,978 — 8,978 — — Trading securities 55 55 — 55 — — Available-for-sale securities 865 865 — — 865 — Held-to-maturity securities 23,879 23,846 — 23,428 418 — Advances 108,462 108,448 — 108,448 — — Mortgage loans held for portfolio, net 360 374 — 374 — — Loan to another FHLBank 500 500 — 500 — — Accrued interest receivable 295 295 — 295 — — Derivative assets 314 314 — 36 — 278 Grantor trust assets (included in Other assets) 52 52 52 — — — Liabilities: Interest-bearing deposits 1,176 1,176 — 1,176 — — Consolidated obligations, net: Discount notes 66,025 66,014 — 66,014 — — Bonds 79,114 79,086 — 79,086 — — Mandatorily redeemable capital stock 1 1 1 — — — Accrued interest payable 204 204 — 204 — — Derivative liabilities 17 17 — 163 — (146 ) ____________ (1) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Consolidated obligations are backed only by the financial resources of the FHLBanks. At any time, the Finance Agency may require any FHLBank to make principal or interest payments due on any consolidated obligation, 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 other FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was $880,223 and $886,081 as of March 31, 2019 and December 31, 2018 , respectively, exclusive of the Bank’s own outstanding consolidated obligations. 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 as of March 31, 2019 and December 31, 2018 . Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks’ consolidated obligations as of March 31, 2019 and December 31, 2018 . The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of March 31, 2019 As of December 31, 2018 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 11,615 $ 15,894 $ 27,509 $ 12,334 $ 17,974 $ 30,308 Commitments to fund additional advances 30 — 30 48 — 48 Unsettled consolidated obligation bonds, at par (2) 1,015 — 1,015 640 — 640 Unsettled consolidated obligation discount notes, at par (2) — — — 750 — 750 ____________ (1) “Expire Within One Year” includes 14 standby letters of credit for a total of $37 as of March 31, 2019 and December 31, 2018 , which 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. 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 result in an internal credit rating, which focuses primarily on an institution’s overall financial health and takes into account the 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 that 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 carrying value of the guarantees related to standby letters of credit is recorded in “Other liabilities” on the Statements of Condition and amounted to $88 and $102 as of March 31, 2019 and December 31, 2018 , respectively. Based on the Bank’s credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on the Statements of Condition for these commitments. |
Transactions With Shareholders
Transactions With Shareholders | 3 Months Ended |
Mar. 31, 2019 | |
Transactions With Shareholders [Abstract] | |
Transactions With Shareholders | Transactions with Shareholders The Bank is a cooperative whose member institutions own substantially all of the capital stock of the Bank. Former members and certain non-members, which own the Bank’s capital stock as a result of a merger or acquisition of a member of the Bank, 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, as amended (FHLBank Act), and mortgage loans held for portfolio were purchased from members. The Bank also maintains demand deposit accounts primarily to facilitate settlement activities that are related directly to advances and mortgage loans purchased. Transactions with any member that has an officer or director who is also a director of the Bank are subject to the same Bank policies as transactions with other members. Related Parties. In accordance with GAAP, financial statements are required to disclose material related-party transactions other than compensation arrangements, expense allowances, or other similar items that occur in the ordinary course of business. Under GAAP, related parties include owners of more than 10 percent of the voting interests of the Bank. Due to limits on member voting rights under the FHLBank Act and Finance Agency regulations, no member owned more than 10 percent of the total voting interests. Therefore, the Bank had no such related party transactions required to be disclosed for the periods presented. Shareholder Concentrations. The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding. As of March 31, 2019 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits Navy Federal Credit Union $ 527 11.08 $ 12,040 13.29 $ 99 8.47 Bank of America, National Association 515 10.83 11,759 12.98 — 0.01 As of December 31, 2018 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits Bank of America, National Association $ 855 15.58 $ 19,759 18.23 $ — 0.01 Navy Federal Credit Union 570 10.39 13,058 12.04 — 0.04 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On April 25, 2019, the Bank's board of directors approved a cash dividend for the first quarter of 2019. The Bank paid the first quarter 2019 dividend on April 29, 2019 in the amount of $ 81 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | 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 as of 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, 2019 , 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, 2018 , which are contained in the Bank’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 7, 2019 (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. Refer to Note 2 — Summary of Significant Accounting Policies to the Bank’s 2018 audited financial statements for a description of all the Bank’s significant accounting policies. There have been no changes to these policies as of March 31, 2019 , except for policy updates related to new accounting guidance for derivatives and hedging activities, which is described in Note 13 — Derivatives and Hedging Activities to the Bank’s interim financial statements, and leases which is described below. |
New Accounting Pronouncements, Policy [Policy Text Block] | The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements. Recently Adopted Accounting Guidance Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedging Purposes This guidance permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Targeted Improvements to Accounting for Hedging Activities This guidance amends the accounting for derivatives and hedging activities to better portray the economics of the transactions. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Premium Amortization on Purchased Callable Debt Securities This guidance shortens the amortization period for certain callable debt securities held at a premium by requiring that the premium be amortized to the earliest call date, rather than contractual maturity. January 1, 2019 The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. Leases The guidance amends the accounting for leases. It will require lessees to recognize a right-of-use asset and lease liability for virtually all leases. January 1, 2019 The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations. Recently Issued Accounting Guidance Not Yet Adopted Accounting Standard Update (ASU) Description Effective Date Effect on Financial Statements or Other Significant Matters Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14) This guidance amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. December 31, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) This guidance amends the disclosure requirements on fair value measurements. January 1, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. Measurement of Credit Losses on Financial Instruments (ASU 2016-13) This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 1, 2020 Early adoption is permitted The Bank does not intend to adopt this guidance early. The Bank has completed its preliminary assessment of the impact of this guidance on all its financial assets, including advances, investments, and other financial assets, and does not expect the adoption of this guidance to have a material impact on its financial condition or results of operations. However, the Bank will continue to evaluate this guidance, as well as the economic conditions and forecasts at the time of adoption. The ultimate impact on the Bank’s financial condition and results of operations will depend upon the composition of the financial assets held by the Bank at the adoption date, as well as the economic conditions and forecasts at that time. |
Trading Securities (Tables)
Trading Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Trading Securities | |
Schedule of Net Losses on Trading Securities | The following table presents net gains (losses) on trading securities. For the Three Months Ended March 31, 2019 2018 Net gains (losses) on trading securities held at period end $ 1 $ (1 ) |
Debt Securities [Member] | |
Schedule of Trading Securities | |
Schedule of Major Trading Securities | Major Security Types. The following table presents trading securities. As of March 31, 2019 As of December 31, 2018 U.S. Treasury obligations $ 999 $ — Government-sponsored enterprises debt obligations 56 55 Total $ 1,055 $ 55 |
Available-for-sale Securities (
Available-for-sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-Sale Securities Reconciliation | Major Security Type. The following table presents information on private-label residential mortgage-backed securities (MBS) that are classified as available-for-sale. Amortized Cost Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of March 31, 2019 $ 758 $ — $ 65 $ — $ 823 As of December 31, 2018 $ 793 $ (1 ) $ 73 $ — $ 865 ____________ (1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security. |
Summary of Available-for-Sale MBS Issued by Members or Affiliates of Members | The following table presents private-label residential MBS that are classified as available-for-sale and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC. Amortized Cost Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of March 31, 2019 $ 521 $ — $ 47 $ — $ 568 As of December 31, 2018 $ 539 $ — $ 54 $ — $ 593 ____________ (1) |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-Sale Securities with Unrealized Losses | The following table presents private-label residential MBS that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses As of March 31, 2019 1 $ 3 $ — 2 $ 4 $ — 3 $ 7 $ — As of December 31, 2018 1 $ 3 $ — 2 $ 4 $ (1 ) 3 $ 7 $ (1 ) |
Held-to-maturity Securities (Ta
Held-to-maturity Securities (Tables) - Held-to-maturity Securities [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Schedule of Held-to-Maturity Securities | Major Security Types. The following table presents held-to-maturity securities. As of March 31, 2019 As of December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value State or local housing agency debt obligations $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Government-sponsored enterprises debt obligations 3,172 4 (1 ) 3,175 2,672 5 (2 ) 2,675 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 112 1 — 113 118 2 — 120 Government-sponsored enterprises residential 8,991 31 (40 ) 8,982 9,304 40 (43 ) 9,301 Government-sponsored enterprises commercial 11,516 3 (36 ) 11,483 11,368 4 (41 ) 11,331 Private-label residential 392 4 (1 ) 395 416 4 (2 ) 418 Total $ 24,184 $ 43 $ (78 ) $ 24,149 $ 23,879 $ 55 $ (88 ) $ 23,846 |
Schedule of Unrealized Loss on Investments | The following tables present held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and by the length of time that the individual securities have been in a continuous unrealized loss position. As of March 31, 2019 Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses State or local housing agency debt obligations — $ — $ — 1 $ 1 $ — 1 $ 1 $ — Government-sponsored enterprises debt obligations 12 1,204 (1 ) 1 100 — 13 1,304 (1 ) Mortgage-backed securities: Government-sponsored enterprises residential 70 1,784 (6 ) 22 2,568 (34 ) 92 4,352 (40 ) Government-sponsored enterprises commercial 43 6,906 (30 ) 34 1,310 (6 ) 77 8,216 (36 ) Private-label residential 22 98 — 13 37 (1 ) 35 135 (1 ) Total 147 $ 9,992 $ (37 ) 71 $ 4,016 $ (41 ) 218 $ 14,008 $ (78 ) As of December 31, 2018 Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses State or local housing agency debt obligations — $ — $ — 1 $ 1 $ — 1 $ 1 $ — Government-sponsored enterprises debt obligations 12 1,235 (1 ) 1 99 (1 ) 13 1,334 (2 ) Mortgage-backed securities: Government-sponsored enterprises residential 54 2,704 (13 ) 22 1,382 (30 ) 76 4,086 (43 ) Government-sponsored enterprises commercial 58 7,406 (34 ) 18 1,015 (7 ) 76 8,421 (41 ) Private-label residential 26 139 (1 ) 11 25 (1 ) 37 164 (2 ) Total 150 $ 11,484 $ (49 ) 53 $ 2,522 $ (39 ) 203 $ 14,006 $ (88 ) |
Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities by Contractual Maturity | Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. MBS are not presented by contractual maturity because their actual maturities 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 March 31, 2019 As of December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Non-mortgage-backed securities: Due in one year or less $ 597 $ 597 $ 225 $ 225 Due after one year through five years 2,315 2,316 2,057 2,058 Due after five years through 10 years 201 203 331 333 Due after 10 years 60 60 60 60 Total non-mortgage-backed securities 3,173 3,176 2,673 2,676 Mortgage-backed securities 21,011 20,973 21,206 21,170 Total $ 24,184 $ 24,149 $ 23,879 $ 23,846 |
Held-to-Maturity MBS Issued by Members or Affiliates of Members | The following table presents private-label residential MBS that are classified as held-to-maturity and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of March 31, 2019 $ 87 $ 1 $ (1 ) $ 87 As of December 31, 2018 $ 91 $ 1 $ (1 ) $ 91 |
Other-than-Temporary Impairme_2
Other-than-Temporary Impairment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other than Temporary Impairment Losses, Investments [Abstract] | |
ScheduleofSignifcantinputsinMeasuringOtherthantemporaryimpairmentsrecognizedinearnings [Table Text Block] | |
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 previously recognized in accumulated other comprehensive income. For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 335 $ 394 Amount related to credit loss for which an other-than-temporary impairment was previously recognized 1 — Increase in cash flows expected to be collected, (accreted as interest income over the remaining lives of the applicable securities) (14 ) (16 ) Balance, end of period $ 322 $ 378 |
Advances (Tables)
Advances (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances | Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity. As of March 31, 2019 As of December 31, 2018 Overdrawn demand deposit accounts $ — $ 33 Due in one year or less 52,086 72,300 Due after one year through two years 15,962 13,298 Due after two years through three years 4,584 5,403 Due after three years through four years 4,722 4,678 Due after four years through five years 4,509 3,997 Due after five years 8,749 8,705 Total par value 90,612 108,414 Deferred prepayment fees (15 ) (17 ) Discount on AHP (1) advances (4 ) (4 ) Discount on EDGE (2) advances (2 ) (2 ) Hedging adjustments 338 71 Total $ 90,929 $ 108,462 ___________ (1) The Affordable Housing Program (2) The Economic Development and Growth Enhancement Program The following table presents advances by year of contractual maturity or, for convertible advances, next conversion date. As of March 31, 2019 As of December 31, 2018 Overdrawn demand deposit accounts $ — $ 33 Due or convertible in one year or less 52,919 73,009 Due or convertible after one year through two years 16,049 13,484 Due or convertible after two years through three years 4,606 5,437 Due or convertible after three years through four years 4,704 4,642 Due or convertible after four years through five years 4,444 3,951 Due or convertible after five years 7,890 7,858 Total par value $ 90,612 $ 108,414 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of March 31, 2019 As of December 31, 2018 Fixed-rate: Due in one year or less $ 28,110 $ 40,578 Due after one year 25,206 24,043 Total fixed-rate 53,316 64,621 Variable-rate: Due in one year or less 23,976 31,755 Due after one year 13,320 12,038 Total variable-rate 37,296 43,793 Total par value $ 90,612 $ 108,414 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
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 March 31, 2019 As of December 31, 2018 Medium-term (15 years or less) $ 7 $ 8 Long-term (greater than 15 years) 340 353 Total unpaid principal balance 347 361 Premiums 1 1 Discounts (1 ) (1 ) Total $ 347 $ 361 The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type. As of March 31, 2019 As of December 31, 2018 Conventional mortgage loans $ 324 $ 338 Government-guaranteed or insured mortgage loans 23 23 Total unpaid principal balance $ 347 $ 361 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Financing Receivables | The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans. For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 1 $ 1 Provision for credit losses — — Balance, end of period $ 1 $ 1 The following table presents the recorded investment in conventional residential mortgage loans by impairment methodology. As of March 31, 2019 As of December 31, 2018 Allowance for credit losses: Collectively evaluated for impairment $ 1 $ 1 Recorded investment: Individually evaluated for impairment $ 9 $ 9 Collectively evaluated for impairment 316 330 Total recorded investment $ 325 $ 339 |
Past Due Financing Receivables | Key credit quality indicators for mortgage loans include the migration of past due mortgage loans, nonaccrual mortgage loans, and mortgage loans in process of foreclosure. The following tables present the Bank’s recorded investment in mortgage loans by these key credit quality indicators. As of March 31, 2019 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Past due 30-59 days $ 10 $ 2 $ 12 Past due 60-89 days 2 1 3 Past due 90 days or more 6 — 6 Total past due mortgage loans 18 3 21 Total current mortgage loans 307 20 327 Total mortgage loans (1) $ 325 $ 23 $ 348 Other delinquency statistics: In process of foreclosure (2) $ 2 $ — $ 2 Seriously delinquent rate (3) 1.77 % 0.68 % 1.70 % Past due 90 days or more and still accruing interest (4) $ — $ — $ — Mortgage loans on nonaccrual status (5) $ 6 $ — $ 6 ____________ (1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage 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, 2018 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Past due 30-59 days $ 8 $ 2 $ 10 Past due 60-89 days 3 — 3 Past due 90 days or more 6 — 6 Total past due mortgage loans 17 2 19 Total current mortgage loans 322 21 343 Total mortgage loans (1) $ 339 $ 23 $ 362 Other delinquency statistics: In process of foreclosure (2) $ 2 $ — $ 2 Seriously delinquent rate (3) 1.93 % 1.23 % 1.89 % Past due 90 days or more and still accruing interest (4) $ — $ — $ — Mortgage loans on nonaccrual status (5) $ 6 $ — $ 6 ____________ (1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage 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 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Consolidated Obligation Bonds by Interest-Rate Payment | Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type. As of March 31, 2019 As of December 31, 2018 Fixed-rate $ 23,032 $ 21,217 Step up/down 3,370 4,379 Simple variable-rate 42,853 53,670 Total par value $ 69,255 $ 79,266 |
Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity. As of March 31, 2019 As of December 31, 2018 Amount Weighted- average Interest Rate (%) Amount Weighted- average Interest Rate (%) Due in one year or less $ 46,956 2.35 $ 55,386 2.26 Due after one year through two years 10,197 2.27 13,292 2.30 Due after two years through three years 2,921 2.52 3,387 2.44 Due after three years through four years 3,910 2.28 3,884 2.27 Due after four years through five years 3,368 2.86 1,429 2.87 Due after five years 1,903 3.22 1,888 3.23 Total par value 69,255 2.39 79,266 2.31 Premiums 6 7 Discounts (23 ) (18 ) Hedging adjustments (52 ) (141 ) Total $ 69,186 $ 79,114 |
Callable and Noncallable Consolidated Obligations Bonds Outstanding | The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of March 31, 2019 As of December 31, 2018 Noncallable $ 53,732 $ 65,237 Callable 15,523 14,029 Total par value $ 69,255 $ 79,266 |
Summary of Callable Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date. As of March 31, 2019 As of December 31, 2018 Due or callable in one year or less $ 57,283 $ 65,560 Due or callable after one year through two years 8,118 10,874 Due or callable after two years through three years 834 982 Due or callable after three years through four years 400 429 Due or callable after four years through five years 1,367 168 Due or callable after five years 1,253 1,253 Total par value $ 69,255 $ 79,266 |
Consolidated Obligation Discount Notes | The following table presents the Bank’s participation in consolidated obligation discount notes. Book Value Par Value Weighted-average Interest Rate (%) As of March 31, 2019 $ 61,166 $ 61,417 2.42 As of December 31, 2018 $ 66,025 $ 66,270 2.33 |
Capital and Mandatorily Redee_2
Capital and Mandatorily Redeemable Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Capital [Abstract] | |
Schedule of Compliance With Regulatory Capital Requirements | Capital. The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (Finance Agency) regulatory capital rules and requirements. As of March 31, 2019 As of December 31, 2018 Required Actual Required Actual Risk-based capital $ 1,633 $ 6,880 $ 1,654 $ 7,597 Total regulatory capital ratio 4.00 % 4.95 % 4.00 % 4.92 % Total regulatory capital (1) $ 5,558 $ 6,880 $ 6,179 $ 7,597 Leverage capital ratio 5.00 % 7.43 % 5.00 % 7.38 % Leverage capital $ 6,947 $ 10,321 $ 7,724 $ 11,396 ____________ (1) |
Schedule of declared quarterly cash dividends [Table Text Block] | The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2019 and 2018. 2019 2018 Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 85 6.47 $ 65 5.16 |
Schedule of Mandatorily Redeemable Capital Stock [Table Text Block] | Mandatorily Redeemable Capital Stock. The following table presents the activity in mandatorily redeemable capital stock. For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 1 $ 1 Net reclassification from capital during the period — 32 Repurchase/redemption of mandatorily redeemable capital stock — (30 ) Balance, end of period $ 1 $ 3 |
Amount of Mandatorily Redeemable Capital Stock by Year of Redemption | The following table presents 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 March 31, 2019 As of December 31, 2018 Due after three years through four years $ 1 $ — Due after four years through five years — 1 Total $ 1 $ 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components Comprising Accumulated Other Comprehensive Income | The following tables present the components comprising accumulated other comprehensive income. Pension and Postretirement Benefits Noncredit Portion of Other-than- temporary Impairment Losses on Available-for- sale Securities Total Accumulated Other Comprehensive Income Balance, December 31, 2017 $ (24 ) $ 134 $ 110 Other comprehensive income before reclassifications: Net change in fair value — (16 ) (16 ) Reclassification from accumulated other comprehensive income to net income: Amortization of pension and postretirement (1) 1 — 1 Net current period other comprehensive income (loss) 1 (16 ) (15 ) Balance, March 31, 2018 $ (23 ) $ 118 $ 95 Balance, December 31, 2018 $ (21 ) $ 72 $ 51 Other comprehensive income before reclassifications: Net change in fair value — (9 ) (9 ) Reclassification from accumulated other comprehensive income to net income: Noncredit other-than-temporary impairment losses — 1 1 Amortization of pension and postretirement (1) 1 — 1 Net current period other comprehensive income (loss) 1 (8 ) (7 ) Balance, March 31, 2019 $ (20 ) $ 64 $ 44 ____________ (1) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following table presents the notional amount, fair value of derivative instruments, and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest. As of March 31, 2019 As of December 31, 2018 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 50,790 $ 76 $ 87 $ 50,427 $ 32 $ 151 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 657 4 4 1,008 3 11 Interest-rate caps or floors 8,083 1 — 8,083 1 1 Total derivatives not designated as hedging instruments 8,740 5 4 9,091 4 12 Total derivatives before netting and collateral adjustments $ 59,530 81 91 $ 59,518 36 163 Netting adjustments and cash collateral (2) 299 (78 ) 278 (146 ) Derivative assets and derivative liabilities $ 380 $ 13 $ 314 $ 17 ___________ (1) Includes variation margin for daily settled contracts of $322 and $21 as of March 31, 2019 and December 31, 2018 , respectively. (2) 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. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018 , respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018 |
Net Gains (Losses) on Fair Value Hedging Relationships | The following tables present the net gains (losses) on fair value hedging relationships. For the Three Months Ended March 31, 2019 Interest Income/Expense Advances Consolidated Obligation Bonds Total interest income (expense) recorded in the Statements of Income $ 656 $ (466 ) Net interest income effect from fair value hedging relationships Interest-rate contracts: Derivatives (1) $ (250 ) $ 67 Hedged items 268 (89 ) Total net interest income effect from fair value hedging relationships $ 18 $ (22 ) ____________ (1) Includes net interest settlements. For the Three Months Ended March 31, 2018 (2) Interest Income/Expense Noninterest Income Advances Consolidated Obligation Bonds Consolidated Obligation Discount Notes Net gains (losses) on derivatives and hedging activities Interest-rate contracts: Derivatives (1) $ (33 ) $ 4 $ (1 ) $ 206 Hedged items — — — (187 ) Net (losses) gains on fair value hedging relationships $ (33 ) $ 4 $ (1 ) $ 19 ___________ (1) Includes net interest settlements. (2) |
Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of March 31, 2019 Line Item in Statement of Conditions of Hedged Item Amortized Cost of Hedged Asset or Liability (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost Cumulative Amount of Fair Value Hedging Basis Adjustments Advances $ 29,780 $ 324 $ 14 $ 338 Consolidated obligations: Bonds 20,758 (52 ) — (52 ) ___________ (1) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table presents net gains (losses) related to derivatives and hedging activities recorded in noninterest income (loss) on the Statements of Income. For fair value hedging relationships, the portion of net gains (losses) representing hedge ineffectiveness are recorded in noninterest income (loss) for periods prior to January 1, 2019. For the Three Months Ended March 31, 2019 2018 Derivatives and hedged items in fair value hedging relationships: Interest-rate swaps N/A (1) $ 19 Derivatives not designated as hedging instruments: Interest-rate swaps $ (1 ) 3 Interest-rate caps or floors (1 ) 1 Net interest settlements — (1 ) Total net gains (losses) related to derivatives not designated as hedging instruments (2 ) 3 Net (losses) gains on derivatives and hedging activities $ (2 ) $ 22 __________ (1) |
Offsetting Assets [Table Text Block] | 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. As of March 31, 2019 As of December 31, 2018 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 45 $ 88 $ 35 $ 128 Cleared derivatives 36 3 1 35 Total gross recognized amount 81 91 36 163 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (43 ) (75 ) (33 ) (111 ) Cleared derivatives 342 (3 ) 311 (35 ) Total gross amounts of netting adjustments and cash collateral 299 (78 ) 278 (146 ) Net amounts after netting adjustments and cash collateral: Uncleared derivatives 2 13 2 17 Cleared derivatives 378 — 312 — Total net amounts after netting adjustments and cash collateral 380 13 314 17 Non-cash collateral received or pledged not offset-cannot be sold or repledged: (1) Uncleared derivatives 1 — — — Cleared derivatives — — — — Total cannot be sold or repledged (1) 1 — — — Net unsecured amounts: (1) Uncleared derivatives 1 13 2 17 Cleared derivatives 378 — 312 — Total net unsecured amount (1) $ 379 $ 13 $ 314 $ 17 ____________ (1) The Bank had net credit exposure of $1 and $2 as of March 31, 2019 and December 31, 2018 |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Estimated Fair Value Measurements 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 March 31, 2019 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Level 3 Total Assets Trading securities: U.S. Treasury obligations $ — $ 999 $ — $ — $ 999 Government-sponsored enterprises debt obligations — 56 — — 56 Total trading securities $ — $ 1,055 $ — $ — $ 1,055 Available-for-sale securities: Private-label residential MBS $ — $ — $ 823 $ — $ 823 Derivative assets: Interest-rate related — 81 — 299 380 Grantor trust (included in Other assets) 45 — — — 45 Total assets at fair value $ 45 $ 1,136 $ 823 $ 299 $ 2,303 Liabilities Derivative liabilities: Interest-rate related $ — $ 91 $ — $ (78 ) $ 13 Total liabilities at fair value $ — $ 91 $ — $ (78 ) $ 13 ____________ (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. As of December 31, 2018 Fair Value Measurements Using Netting Adjustments and Cash Collateral (1) Level 1 Level 2 Level 3 Total Assets Trading securities: Government-sponsored enterprises debt obligations $ — $ 55 $ — $ — $ 55 Available-for-sale securities: Private-label residential MBS — — 865 — 865 Derivative assets: Interest-rate related — 36 — 278 314 Grantor trust (included in Other assets) 52 — — — 52 Total assets at fair value $ 52 $ 91 $ 865 $ 278 $ 1,286 Liabilities Derivative liabilities: Interest-rate related $ — $ 163 $ — $ (146 ) $ 17 Total liabilities at fair value $ — $ 163 $ — $ (146 ) $ 17 ____________ (1) |
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 on a recurring basis using significant unobservable inputs (Level 3). For the Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 865 $ 1,104 Total (losses) gains realized and unrealized: (1) Included in net impairment losses recognized in earnings (1 ) — Included in other comprehensive income (8 ) (16 ) Accretion of credit losses in net interest income 15 16 Settlements (48 ) (51 ) Balance, end of period $ 823 $ 1,053 ____________ (1) Related to available-for-sale securities held at period end. |
Carrying Values and Estimated Fair Values | The following tables present the carrying values and estimated fair values of the Bank’s financial instruments. As of March 31, 2019 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 70 $ 70 $ 70 $ — $ — $ — Interest-bearing deposits 3,444 3,444 — 3,444 — — Securities purchased under agreements to resell 4,500 4,500 — 4,500 — — Federal funds sold 12,775 12,775 — 12,775 — — Trading securities 1,055 1,055 — 1,055 — — Available-for-sale securities 823 823 — — 823 — Held-to-maturity securities 24,184 24,149 — 23,754 395 — Advances 90,929 91,017 — 91,017 — — Mortgage loans held for portfolio, net 346 363 — 363 — — Accrued interest receivable 261 261 — 261 — — Derivative assets 380 380 — 81 — 299 Grantor trust assets (included in Other assets) 45 45 45 — — — Liabilities: Interest-bearing deposits 1,163 1,163 — 1,163 — — Consolidated obligations, net: Discount notes 61,166 61,164 — 61,164 — — Bonds 69,186 69,262 — 69,262 — — Mandatorily redeemable capital stock 1 1 1 — — — Accrued interest payable 217 217 — 217 — — Derivative liabilities 13 13 — 91 — (78 ) ____________ (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. As of December 31, 2018 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral (1) Assets: Cash and due from banks $ 35 $ 35 $ 35 $ — $ — $ — Interest-bearing deposits 6,782 6,782 — 6,782 — — Securities purchased under agreements to resell 3,750 3,750 — 3,750 — — Federal funds sold 8,978 8,978 — 8,978 — — Trading securities 55 55 — 55 — — Available-for-sale securities 865 865 — — 865 — Held-to-maturity securities 23,879 23,846 — 23,428 418 — Advances 108,462 108,448 — 108,448 — — Mortgage loans held for portfolio, net 360 374 — 374 — — Loan to another FHLBank 500 500 — 500 — — Accrued interest receivable 295 295 — 295 — — Derivative assets 314 314 — 36 — 278 Grantor trust assets (included in Other assets) 52 52 52 — — — Liabilities: Interest-bearing deposits 1,176 1,176 — 1,176 — — Consolidated obligations, net: Discount notes 66,025 66,014 — 66,014 — — Bonds 79,114 79,086 — 79,086 — — Mandatorily redeemable capital stock 1 1 1 — — — Accrued interest payable 204 204 — 204 — — Derivative liabilities 17 17 — 163 — (146 ) ____________ (1) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off Balance Sheet Commitments [Table Text Block] | The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of March 31, 2019 As of December 31, 2018 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 11,615 $ 15,894 $ 27,509 $ 12,334 $ 17,974 $ 30,308 Commitments to fund additional advances 30 — 30 48 — 48 Unsettled consolidated obligation bonds, at par (2) 1,015 — 1,015 640 — 640 Unsettled consolidated obligation discount notes, at par (2) — — — 750 — 750 ____________ (1) “Expire Within One Year” includes 14 standby letters of credit for a total of $37 as of March 31, 2019 and December 31, 2018 , which have no stated maturity date and are subject to renewal on an annual basis. (2) |
Transactions With Shareholders
Transactions With Shareholders (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transactions With Shareholders [Abstract] | |
Schedule of Transactions with Shareholders [Table Text Block] | Shareholder Concentrations. The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding. As of March 31, 2019 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits Navy Federal Credit Union $ 527 11.08 $ 12,040 13.29 $ 99 8.47 Bank of America, National Association 515 10.83 11,759 12.98 — 0.01 As of December 31, 2018 Regulatory Capital Stock Outstanding Percent of Total Regulatory Capital Stock Outstanding Par Value of Advances Percent of Total Par Value of Advances Interest-bearing Deposits Percent of Total Interest-bearing Deposits Bank of America, National Association $ 855 15.58 $ 19,759 18.23 $ — 0.01 Navy Federal Credit Union 570 10.39 13,058 12.04 — 0.04 |
Trading Securities (Trading Sec
Trading Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Trading Securities | ||
Trading Securities | $ 1,055 | $ 55 |
Government-Sponsored Enterprises Debt Obligations [Member] | ||
Schedule of Trading Securities | ||
Trading Securities | 56 | 55 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities | ||
Trading Securities | $ 999 | $ 0 |
Trading Securities (Net Losses
Trading Securities (Net Losses on Trading Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | ||
Net gains (losses) on trading securities held at period end | $ 1 | $ (1) |
Available-for-sale Securities_2
Available-for-sale Securities (Available-for-sale by Major Security Type) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities | $ 823 | $ 865 | |
Mortgage-backed Securities, Private-label residential [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost of available-for-sale securities | 758 | 793 | |
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | [1] | 0 | (1) |
Gross unrealized gains on available-for-sale securities | 65 | 73 | |
Gross unrealized losses on available-for-sale securities | 0 | 0 | |
Available-for-sale Securities | $ 823 | $ 865 | |
[1] | Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security. |
Available-for-sale Securities_3
Available-for-sale Securities (Summary of Available-for-sale Securities in a Continuous Unrealized Loss Position) (Details) - Mortgage-backed Securities, Private-label residential [Member] $ in Millions | Mar. 31, 2019USD ($)positions | Dec. 31, 2018USD ($)positions |
Debt Securities, Available-for-sale [Line Items] | ||
Number of available-for-sale securities in unrealized loss position for less than 12 months | positions | 1 | 1 |
Number of available-for-sale securities in unrealized loss position for 12 months or more | positions | 2 | 2 |
Number of available-for-sale securities in unrealized loss position | positions | 3 | 3 |
Estimated fair value of available-for-sale securities in unrealized loss position for less than 12 months | $ 3 | $ 3 |
Estimated fair value of available-for-sale securities in unrealized loss position for 12 months or more | 4 | 4 |
Estimated fair value of available-for-sale securities in unrealized loss position | 7 | 7 |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | 0 | 0 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | 0 | (1) |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | $ 0 | $ (1) |
Available-for-sale Securities_4
Available-for-sale Securities (Summary of Available-for-sale MBS issued by Members or Affiliates of Members) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities | $ 823 | $ 865 | |
M B S Issued by Members or Affiliates of Members [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost of available-for-sale securities | 521 | 539 | |
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | [1] | 0 | 0 |
Gross unrealized gains on available-for-sale securities | 47 | 54 | |
Gross unrealized losses on available-for-sale securities | 0 | 0 | |
Available-for-sale Securities | $ 568 | $ 593 | |
[1] | Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security. |
Held-to-maturity Securities (He
Held-to-maturity Securities (Held-to-maturity by Major Security Type) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 24,184 | $ 23,879 |
Held-to-maturity securities, Gross Unrealized Gains | 43 | 55 |
Held-to-maturity securities, Gross Unrealized Loss | (78) | (88) |
Held-to-maturity securities, fair value | 24,149 | 23,846 |
State or local housing agency debt obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 1 | 1 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity securities, fair value | 1 | 1 |
Government-Sponsored Enterprises Debt Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 3,172 | 2,672 |
Held-to-maturity securities, Gross Unrealized Gains | 4 | 5 |
Held-to-maturity securities, Gross Unrealized Loss | (1) | (2) |
Held-to-maturity securities, fair value | 3,175 | 2,675 |
Mortgage-backed Securities, Private-label residential[Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 392 | 416 |
Held-to-maturity securities, Gross Unrealized Gains | 4 | 4 |
Held-to-maturity securities, Gross Unrealized Loss | (1) | (2) |
Held-to-maturity securities, fair value | 395 | 418 |
Residential [Member] | U.S. agency obligations-guaranteed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 112 | 118 |
Held-to-maturity securities, Gross Unrealized Gains | 1 | 2 |
Held-to-maturity securities, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity securities, fair value | 113 | 120 |
Residential [Member] | Government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 8,991 | 9,304 |
Held-to-maturity securities, Gross Unrealized Gains | 31 | 40 |
Held-to-maturity securities, Gross Unrealized Loss | (40) | (43) |
Held-to-maturity securities, fair value | 8,982 | 9,301 |
Commercial [Member] | Government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 11,516 | 11,368 |
Held-to-maturity securities, Gross Unrealized Gains | 3 | 4 |
Held-to-maturity securities, Gross Unrealized Loss | (36) | (41) |
Held-to-maturity securities, fair value | $ 11,483 | $ 11,331 |
Held-to-maturity Securities (Su
Held-to-maturity Securities (Summary of Held-to-maturity Securities in a Continuous Unrealized Loss Position) (Details) $ in Millions | Mar. 31, 2019USD ($)positions | Dec. 31, 2018USD ($)positions |
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of unrealized loss positions held less than 12 months | positions | 147 | 150 |
Number of unrealized loss positions held more than 12 months | positions | 71 | 53 |
Total number of unrealized loss positions | positions | 218 | 203 |
Estimated fair value of unrealized loss positions held less than 12 months | $ 9,992 | $ 11,484 |
Estimated fair value of unrealized loss positions held 12 months or more | 4,016 | 2,522 |
Total estimated fair value of positions in an unrealized loss | 14,008 | 14,006 |
Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (37) | (49) |
Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (41) | (39) |
Total gross unrealized loss | $ (78) | $ (88) |
State or local housing agency debt obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of unrealized loss positions held less than 12 months | positions | 0 | 0 |
Number of unrealized loss positions held more than 12 months | positions | 1 | 1 |
Total number of unrealized loss positions | positions | 1 | 1 |
Estimated fair value of unrealized loss positions held less than 12 months | $ 0 | $ 0 |
Estimated fair value of unrealized loss positions held 12 months or more | 1 | 1 |
Total estimated fair value of positions in an unrealized loss | 1 | 1 |
Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total gross unrealized loss | $ 0 | $ 0 |
Government-Sponsored Enterprises Debt Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of unrealized loss positions held less than 12 months | positions | 12 | 12 |
Number of unrealized loss positions held more than 12 months | positions | 1 | 1 |
Total number of unrealized loss positions | positions | 13 | 13 |
Estimated fair value of unrealized loss positions held less than 12 months | $ 1,204 | $ 1,235 |
Estimated fair value of unrealized loss positions held 12 months or more | 100 | 99 |
Total estimated fair value of positions in an unrealized loss | 1,304 | 1,334 |
Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | (1) |
Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (1) |
Total gross unrealized loss | $ (1) | $ (2) |
Mortgage-backed Securities, Private-label residential[Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of unrealized loss positions held less than 12 months | positions | 22 | 26 |
Number of unrealized loss positions held more than 12 months | positions | 13 | 11 |
Total number of unrealized loss positions | positions | 35 | 37 |
Estimated fair value of unrealized loss positions held less than 12 months | $ 98 | $ 139 |
Estimated fair value of unrealized loss positions held 12 months or more | 37 | 25 |
Total estimated fair value of positions in an unrealized loss | 135 | 164 |
Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (1) |
Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | (1) |
Total gross unrealized loss | $ (1) | $ (2) |
Residential [Member] | Government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of unrealized loss positions held less than 12 months | positions | 70 | 54 |
Number of unrealized loss positions held more than 12 months | positions | 22 | 22 |
Total number of unrealized loss positions | positions | 92 | 76 |
Estimated fair value of unrealized loss positions held less than 12 months | $ 1,784 | $ 2,704 |
Estimated fair value of unrealized loss positions held 12 months or more | 2,568 | 1,382 |
Total estimated fair value of positions in an unrealized loss | 4,352 | 4,086 |
Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | (13) |
Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (34) | (30) |
Total gross unrealized loss | $ (40) | $ (43) |
Commercial [Member] | Government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of unrealized loss positions held less than 12 months | positions | 43 | 58 |
Number of unrealized loss positions held more than 12 months | positions | 34 | 18 |
Total number of unrealized loss positions | positions | 77 | 76 |
Estimated fair value of unrealized loss positions held less than 12 months | $ 6,906 | $ 7,406 |
Estimated fair value of unrealized loss positions held 12 months or more | 1,310 | 1,015 |
Total estimated fair value of positions in an unrealized loss | 8,216 | 8,421 |
Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (30) | (34) |
Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6) | (7) |
Total gross unrealized loss | $ (36) | $ (41) |
Held-to-maturity Securities (Re
Held-to-maturity Securities (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 24,184 | $ 23,879 |
Estimated fair value of held-to-maturity securities | 24,149 | 23,846 |
Non Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities due in one year or less | 597 | 225 |
Amortized cost of held-to-maturity securities due after one year through five years | 2,315 | 2,057 |
Amortized cost of held-to-maturity securities due after five years through ten years | 201 | 331 |
Due after 10 years | 60 | 60 |
Amortized cost of held-to-maturity securities | 3,173 | 2,673 |
Estimated fair value of held-to-maturity securities due in one year or less | 597 | 225 |
Estimated fair value of held-to-maturity securities due after one year through five years | 2,316 | 2,058 |
Estimated fair value of held-to-maturity securities due after five years through ten years | 203 | 333 |
Due after 10 years | 60 | 60 |
Estimated fair value of held-to-maturity securities | 3,176 | 2,676 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 21,011 | 21,206 |
Estimated fair value of held-to-maturity securities | $ 20,973 | $ 21,170 |
Held-to-maturity Securities (_2
Held-to-maturity Securities (Summary of Held-to-Maturity MBS issued by Members or Affliates of Members (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 24,184 | $ 23,879 |
Held-to-maturity securities, Gross Unrealized Gains | 43 | 55 |
Held-to-maturity securities, Gross Unrealized Loss | (78) | (88) |
Held-to-maturity securities, fair value | 24,149 | 23,846 |
M B S Issued by Members or Affiliates of Members [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 87 | 91 |
Held-to-maturity securities, Gross Unrealized Gains | 1 | 1 |
Held-to-maturity securities, Gross Unrealized Loss | (1) | (1) |
Held-to-maturity securities, fair value | $ 87 | $ 91 |
Other-than-temporary Impairme_3
Other-than-temporary Impairment (Roll-forward of Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Roll-Forward Cumulative Credit Losses Recognized | ||
Balance, beginning of period | $ 335 | $ 394 |
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | 1 | 0 |
Increase in cash flows expected to be collected, (accreted as interest income over the remaining lives of the applicable securities) | (14) | (16) |
Balance, end of period | $ 322 | $ 378 |
Advances Advances (Redemption T
Advances Advances (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Advances [Abstract] | |||
Overdrawn demand deposit accounts | $ 0 | $ 33 | |
Due in one year or less | 52,086 | 72,300 | |
Due after one year through two years | 15,962 | 13,298 | |
Due after two years through three years | 4,584 | 5,403 | |
Due after three years through four years | 4,722 | 4,678 | |
Due after four years through five years | 4,509 | 3,997 | |
Due after five years | 8,749 | 8,705 | |
Federal Home Loan Bank, Advances, Par Value | 90,612 | 108,414 | |
Deferred Prepayment Fees on Advances | (15) | (17) | |
Discount on AHP advances | [1] | (4) | (4) |
Discount on EDGE advances | [2] | (2) | (2) |
Hedging adjustments | 338 | 71 | |
Total Federal Home Loan Bank Advances | $ 90,929 | $ 108,462 | |
[1] | The Affordable Housing Program | ||
[2] | The Economic Development and Growth Enhancement Program |
Advances (Advances by Year of C
Advances (Advances by Year of Contractual Maturity for Convertible Advances) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 0 | $ 33 |
Due or convertible in one year or less | 52,919 | 73,009 |
Due or convertible after one year through two years | 16,049 | 13,484 |
Due or convertible after two years through three years | 4,606 | 5,437 |
Due or convertible after three years through four years | 4,704 | 4,642 |
Due or convertible after four years through five years | 4,444 | 3,951 |
Due or convertible after five years | 7,890 | 7,858 |
Federal Home Loan Bank, Advances, Par Value | $ 90,612 | $ 108,414 |
Advances (Interest-rate Payment
Advances (Interest-rate Payment Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Advances [Abstract] | ||
Fixed-rate, due in one year or less | $ 28,110 | $ 40,578 |
Fixed-rate, due after one year | 25,206 | 24,043 |
Total fixed-rate | 53,316 | 64,621 |
Variable-rate, due in one year or less | 23,976 | 31,755 |
Variable-rate, due after one year | 13,320 | 12,038 |
Total variable-rate | 37,296 | 43,793 |
Federal Home Loan Bank, Advances, Par Value | $ 90,612 | $ 108,414 |
Advances (Credit Risk Narrative
Advances (Credit Risk Narrative) (Details Textual) $ in Millions | Mar. 31, 2019USD ($)Institutions | Dec. 31, 2018USD ($)Institutions |
Advances [Abstract] | ||
Number of Top Advances Borrowers | Institutions | 10 | 10 |
Advances to Ten Largest Borrowers | $ 65,680 | $ 80,211 |
Advances Ten Largest Borrowers Percent of Total | 72.50% | 74.00% |
Allowance for credit losses on advances | $ 0 | $ 0 |
Advances past due | $ 0 | $ 0 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 347 | $ 361 |
Premiums | 1 | 1 |
Discounts | (1) | (1) |
Total | 347 | 361 |
Fixed-rate medium-term residential mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 7 | $ 8 |
Mortgage loans on real estate, original contract terms | 15 years | 15 years |
Fixed-rate long-term residential mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 340 | $ 353 |
Conventional Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 324 | 338 |
Government-guaranteed or insured mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 23 | $ 23 |
Allowance for Credit Losses (Ro
Allowance for Credit Losses (Roll-forward of Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | $ 1 | |
Balance, end of period | 1 | |
Residential Portfolio Segment [Member] | Conventional Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 1 | $ 1 |
Provision for credit losses | 0 | 0 |
Balance, end of period | $ 1 | $ 1 |
Allowance for Credit Losses (Mo
Allowance for Credit Losses (Mortgage Loan Portfolio by Impairment Methodology) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total allowance for credit losses | $ 1 | $ 1 | ||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total recorded investment | 348 | [1] | 362 | [2] | ||
Residential Portfolio Segment [Member] | Conventional Mortgage Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, collectively evaluated for impairment | 1 | 1 | ||||
Total allowance for credit losses | 1 | 1 | $ 1 | $ 1 | ||
Recorded investment, individually evaluated for impairment | 9 | 9 | ||||
Recorded investment, collectively evaluated for impairment | 316 | 330 | ||||
Total recorded investment | $ 325 | [1] | $ 339 | [2] | ||
[1] | The difference between the recorded investment and the carrying value of total mortgage loans of $1 | |||||
[2] | The difference between the recorded investment and the carrying value of total mortgage loans of $1 |
Allowance for Credit Losses (Cr
Allowance for Credit Losses (Credit Quality Indicators) (Details) - Residential Portfolio Segment [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | $ 21 | $ 19 | |||
Total current mortgage loans | 327 | 343 | |||
Total recorded investment | 348 | [1] | 362 | [2] | |
In process of foreclosure | [3] | $ 2 | $ 2 | ||
Seriously delinquent rate | [4] | 1.70% | 1.89% | ||
Past due 90 days or more and still accruing interest | [5] | $ 0 | $ 0 | ||
Loans on nonaccrual status | [6] | 6 | 6 | ||
Accrued Interest on Mortgage Loans | 1 | 1 | |||
Conventional Mortgage Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 18 | 17 | |||
Total current mortgage loans | 307 | 322 | |||
Total recorded investment | 325 | [1] | 339 | [2] | |
In process of foreclosure | [3] | $ 2 | $ 2 | ||
Seriously delinquent rate | [4] | 1.77% | 1.93% | ||
Past due 90 days or more and still accruing interest | [5] | $ 0 | $ 0 | ||
Loans on nonaccrual status | [6] | 6 | 6 | ||
Government-guaranteed or insured mortgage loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 3 | 2 | |||
Total current mortgage loans | 20 | 21 | |||
Total recorded investment | 23 | [1] | 23 | [2] | |
In process of foreclosure | [3] | $ 0 | $ 0 | ||
Seriously delinquent rate | [4] | 0.68% | 1.23% | ||
Past due 90 days or more and still accruing interest | [5] | $ 0 | $ 0 | ||
Loans on nonaccrual status | [6] | 0 | 0 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 12 | 10 | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 10 | 8 | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Government-guaranteed or insured mortgage loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 2 | 2 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 3 | 3 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 2 | 3 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Government-guaranteed or insured mortgage loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 1 | 0 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 6 | 6 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Conventional Mortgage Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | 6 | 6 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Government-guaranteed or insured mortgage loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total past due mortgage loans | $ 0 | $ 0 | |||
[1] | The difference between the recorded investment and the carrying value of total mortgage loans of $1 | ||||
[2] | The difference between the recorded investment and the carrying value of total mortgage loans of $1 | ||||
[3] | Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. | ||||
[4] | Mortgage loans that are 90 | ||||
[5] | Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. | ||||
[6] | Represents mortgage loans with contractual principal or interest payments 90 |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019bank | |
Debt Disclosure [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Maximum contractual maturity period of discount notes (up to one year) | 1 year |
Consolidated Obligations (Inter
Consolidated Obligations (Interest-rate Payment Terms) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 69,255 | $ 79,266 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 23,032 | 21,217 |
Step up/down [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 3,370 | 4,379 |
Simple variable-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 42,853 | $ 53,670 |
Consolidated Obligations (Redem
Consolidated Obligations (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 69,186 | $ 79,114 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 46,956 | 55,386 |
Bonds, Due after one year through two years | 10,197 | 13,292 |
Bonds, Due after two years through three years | 2,921 | 3,387 |
Bonds, Due after three years through four years | 3,910 | 3,884 |
Bonds, Due after four years through five years | 3,368 | 1,429 |
Bonds, Due after five years | 1,903 | 1,888 |
Bonds par value | 69,255 | 79,266 |
Premiums | 6 | 7 |
Discounts | (23) | (18) |
Hedging adjustments | (52) | (141) |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 69,186 | $ 79,114 |
Bonds, Due in one year or less, weighted average interest rate | 2.35% | 2.26% |
Bonds, Due after one year through two years, weighted average interest rate | 2.27% | 2.30% |
Bonds, Due after two years through three years, weighted average interest rate | 2.52% | 2.44% |
Bonds, Due after three years through four years, weighted average interest rate | 2.28% | 2.27% |
Bonds, Due after four years through five years, weighted average interest rate | 2.86% | 2.87% |
Bonds, Due after five years, weighted average interest rate | 3.22% | 3.23% |
Total, weighted average interest rate | 2.39% | 2.31% |
Consolidated Obligations (Bonds
Consolidated Obligations (Bonds by Callable Feature) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 69,255 | $ 79,266 |
Noncallable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 53,732 | 65,237 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 15,523 | $ 14,029 |
Consolidated Obligations (Bon_2
Consolidated Obligations (Bonds by Maturity or Call Date) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | $ 46,956 | $ 55,386 |
Bonds, Due after one year through two years | 10,197 | 13,292 |
Bonds, Due after two years through three years | 2,921 | 3,387 |
Bonds, Due after three years through four years | 3,910 | 3,884 |
Bonds, Due after four years through five years | 3,368 | 1,429 |
Bonds, Due after five years | 1,903 | 1,888 |
Bonds par value | 69,255 | 79,266 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 57,283 | 65,560 |
Bonds, Due after one year through two years | 8,118 | 10,874 |
Bonds, Due after two years through three years | 834 | 982 |
Bonds, Due after three years through four years | 400 | 429 |
Bonds, Due after four years through five years | 1,367 | 168 |
Bonds, Due after five years | $ 1,253 | $ 1,253 |
Consolidated Obligations (Disco
Consolidated Obligations (Discount Notes) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Discount notes | $ 61,166 | $ 66,025 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Discount notes | 61,166 | 66,025 |
Discount notes par value | $ 61,417 | $ 66,270 |
Discount notes weighted average interest rate | 2.42% | 2.33% |
Capital and Mandatorily Redee_3
Capital and Mandatorily Redeemable Capital Stock (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Capital [Abstract] | ||||
Redemption Period For Excess Capital Stock | 5 years | |||
Mandatorily redeemable capital stock | $ 1 | $ 1 | $ 3 | $ 1 |
Capital and Mandatorily Redee_4
Capital and Mandatorily Redeemable Capital Stock (Regulatory Capital Rules and Requirements) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Capital [Abstract] | ||
Risk-based capital, Required | $ 1,633 | $ 1,654 |
Risk-based capital, Actual | $ 6,880 | $ 7,597 |
Total regulatory capital ratio, Required | 4.00% | 4.00% |
Total regulatory capital ratio, Actual | 4.95% | 4.92% |
Total regulatory capital, Required | $ 5,558 | $ 6,179 |
Total regulatory capital, Actual | $ 6,880 | $ 7,597 |
Leverage capital ratio, Required | 5.00% | 5.00% |
Leverage capital ratio, Actual | 7.43% | 7.38% |
Leverage capital, Required | $ 6,947 | $ 7,724 |
Leverage capital, Actual | $ 10,321 | $ 11,396 |
Capital and Mandatorily Redee_5
Capital and Mandatorily Redeemable Capital Stock Schedule of Declared and Paid Quarterly Dividends (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends, Common Stock, Cash | $ 85 | $ 65 |
Common Stock Dividend-Annualized Rate | 6.47% | 5.16% |
Capital and Mandatorily Redee_6
Capital and Mandatorily Redeemable Capital Stock (Mandatorily Redeemable Capital Stock Roll-forward) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Capital [Abstract] | ||
Balance, beginning of period | $ 1 | $ 1 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock | 0 | 32 |
Repurchase/redemption of mandatorily redeemable capital stock | 0 | (30) |
Balance, end of period | $ 1 | $ 3 |
Capital and Mandatorily Redee_7
Capital and Mandatorily Redeemable Capital Stock (Mandatorily Redeemable Capital Stock by Year of Redemption) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Capital [Abstract] | ||||
Due after three years through four years | $ 1 | $ 0 | ||
Due after four years through five years | 0 | 1 | ||
Mandatorily redeemable capital stock | $ 1 | $ 1 | $ 3 | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of period | $ 51 | ||
Net change in fair value | (9) | $ (16) | |
Noncredit other-than-temporary impairment losses | 1 | 0 | |
Amortization of pension and posttretirement | 1 | 1 | |
Total other comprehensive income (loss) | (7) | (15) | |
Accumulated Other Comprehensive Income (Loss), End of period | 44 | ||
Pension and Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of period | (21) | (24) | |
Net change in fair value | 0 | 0 | |
Noncredit other-than-temporary impairment losses | 0 | ||
Amortization of pension and posttretirement | [1] | 1 | 1 |
Total other comprehensive income (loss) | 1 | 1 | |
Accumulated Other Comprehensive Income (Loss), End of period | (20) | (23) | |
Total Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 51 | 110 | |
Net change in fair value | (9) | (16) | |
Noncredit other-than-temporary impairment losses | 1 | ||
Amortization of pension and posttretirement | [1] | 1 | 1 |
Total other comprehensive income (loss) | (7) | (15) | |
Accumulated Other Comprehensive Income (Loss), End of period | 44 | 95 | |
Available-for-sale Securities [Member] | Noncredit Portion of Other Than Temporary Impairment Losses on Available for Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 72 | 134 | |
Net change in fair value | (9) | (16) | |
Noncredit other-than-temporary impairment losses | 1 | ||
Amortization of pension and posttretirement | [1] | 0 | 0 |
Total other comprehensive income (loss) | (8) | (16) | |
Accumulated Other Comprehensive Income (Loss), End of period | $ 64 | $ 118 | |
[1] | Included in Noninterest expense - Other on the Statements of Income |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Variation Margin for Daily Settled Contracts, Net | $ 322 | $ 21 | |
Cash collateral posted | 402 | 433 | |
Cash collateral received | 25 | 9 | |
Total notional amount of derivatives before netting and collateral adjustments | 59,530 | 59,518 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 81 | 36 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 91 | 163 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) |
Derivative assets | 380 | 314 | |
Derivative liabilities | 13 | 17 | |
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||
Derivative [Line Items] | |||
Total notional amount of derivatives before netting and collateral adjustments | [3] | 50,790 | 50,427 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 76 | 32 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 87 | 151 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total notional amount of derivatives before netting and collateral adjustments | 8,740 | 9,091 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5 | 4 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4 | 12 | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||
Derivative [Line Items] | |||
Total notional amount of derivatives before netting and collateral adjustments | [3] | 657 | 1,008 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 4 | 3 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 4 | 11 |
Not Designated as Hedging Instrument [Member] | Interest rate caps or floors [Member] | |||
Derivative [Line Items] | |||
Total notional amount of derivatives before netting and collateral adjustments | 8,083 | 8,083 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1 | 1 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 0 | $ 1 | |
[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. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018 , respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018 | ||
[2] | 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. | ||
[3] | Includes variation margin for daily settled contracts of $322 and $21 as of March 31, 2019 and December 31, 2018 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Net Gains (Losses) on Fair Value Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Advances | $ 656 | $ 455 | |
Consolidated obligation bonds | (466) | (320) | |
Interest rate swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains on derivatives and hedged items in fair value hedging relationships | 19 | ||
Interest Income [Member] | Advances [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Advances | 656 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1] | (250) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 268 | ||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 18 | ||
Interest Income [Member] | Designated as Hedging Instrument [Member] | Advances [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | (33) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | 0 | |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | [2] | (33) | |
Interest Expense [Member] | Unsecured Debt [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Consolidated obligation bonds | (466) | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1] | 67 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (89) | ||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | $ (22) | ||
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Unsecured Debt [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | 4 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | 0 | |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | [2] | 4 | |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Short-term Debt [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | (1) | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | 0 | |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | [2] | (1) | |
Gain (Loss) on Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | 206 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | (187) | |
Net gains on derivatives and hedged items in fair value hedging relationships | [2] | $ 19 | |
[1] | Includes net interest settlements. | ||
[2] | Prior period amounts were not conformed to new hedge accounting guidance adopted January 1, 2019. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Cumulative Basis Adjustments for Fair Value Hedges) (Details) $ in Millions | Mar. 31, 2019USD ($) | |
Advances [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | $ 29,780 | [1] |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 324 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 14 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 338 | |
Unsecured Debt [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | 20,758 | [1] |
Hedged Liability,Active Fair Value Hedge, Cumulative Increase (Decrease) | (52) | |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (52) | |
[1] | Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivatives not designated as hedging instruments | $ (2) | $ 3 |
Gain (Loss) on Derivative Instruments, Net, Pretax | (2) | 22 |
Interest rate caps or floors [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivatives not designated as hedging instruments | (1) | 1 |
Net Interest Settlements [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivatives not designated as hedging instruments | 0 | (1) |
Interest rate swaps [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 19 | |
Net gains (losses) on derivatives not designated as hedging instruments | $ (1) | $ 3 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 81 | $ 36 | |
Derivative Liability, Fair Value, Gross Liability | 91 | 163 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) |
Derivative assets | 380 | 314 | |
Derivative liabilities | 13 | 17 | |
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 1 | 0 |
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 379 | 314 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | 13 | 17 |
Credit Risk Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Credit Derivative Exposure Net | 1 | 2 | |
Uncleared derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 45 | 35 | |
Derivative Liability, Fair Value, Gross Liability | 88 | 128 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (43) | (33) | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (75) | (111) | |
Derivative assets | 2 | 2 | |
Derivative liabilities | 13 | 17 | |
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 1 | 0 |
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 1 | 2 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | 13 | 17 |
Cleared derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 36 | 1 | |
Derivative Liability, Fair Value, Gross Liability | 3 | 35 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 342 | 311 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (3) | (35) | |
Derivative assets | 378 | 312 | |
Derivative liabilities | 0 | 0 | |
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 378 | 312 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | $ 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. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018 , respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018 | ||
[2] | 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. | ||
[3] | The Bank had net credit exposure of $1 and $2 as of March 31, 2019 and December 31, 2018 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Document Period End Date | Mar. 31, 2019 |
Gain (Loss) on Fair Value Hedges Recorded in Net Interest Income | $ 1 |
Derivative, Net Liability Position, Aggregate Fair Value | 6 |
Collateral already posted, aggregate fair value | 0 |
Additional Collateral, Aggregate Fair Value | $ 1 |
Estimated Fair Values (Estimate
Estimated Fair Values (Estimated Fair Value Measurements on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | $ 1,055 | $ 55 | ||
Assets: | ||||
Available-for-sale Securities | 823 | 865 | ||
Derivative assets | 380 | 314 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 | |
Liabilities: | ||||
Derivative liabilities | 13 | 17 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) | |
US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 999 | 0 | ||
Government-Sponsored Enterprises Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 56 | 55 | ||
Mortgage-backed Securities, Private-label residential [Member] | ||||
Assets: | ||||
Available-for-sale Securities | 823 | 865 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Assets: | ||||
Available-for-sale Securities | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Grantor trust assets (included in Other assets) | 45 | 52 | ||
Liabilities: | ||||
Derivative liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 1,055 | 55 | ||
Assets: | ||||
Available-for-sale Securities | 0 | 0 | ||
Derivative assets | 81 | 36 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Liabilities: | ||||
Derivative liabilities | 91 | 163 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Assets: | ||||
Available-for-sale Securities | 823 | 865 | ||
Derivative assets | 0 | 0 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Liabilities: | ||||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Assets: | ||||
Available-for-sale Securities | 0 | 0 | ||
Derivative, Collateral, Right to Reclaim Cash | 299 | 278 | [2] | |
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Liabilities: | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (78) | (146) | |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | |||
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||
Assets: | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | |||
Assets: | ||||
Grantor trust assets (included in Other assets) | 45 | 52 | ||
Total recurring assets at fair value | 45 | 52 | ||
Liabilities: | ||||
Total recurring liabilities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||
Assets: | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 1,055 | |||
Assets: | ||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Total recurring assets at fair value | 1,136 | 91 | ||
Liabilities: | ||||
Total recurring liabilities at fair value | 91 | 163 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 999 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 56 | 55 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||
Assets: | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | |||
Assets: | ||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||
Total recurring assets at fair value | 823 | 865 | ||
Liabilities: | ||||
Total recurring liabilities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||
Assets: | ||||
Available-for-sale Securities | 823 | 865 | ||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 299 | 278 | ||
Liabilities: | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (78) | (146) | ||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets: | ||||
Derivative assets | 0 | 0 | ||
Liabilities: | ||||
Derivative liabilities | 0 | 0 | ||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets: | ||||
Derivative assets | 81 | 36 | ||
Liabilities: | ||||
Derivative liabilities | 91 | 163 | ||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets: | ||||
Derivative assets | 0 | 0 | ||
Liabilities: | ||||
Derivative liabilities | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 1,055 | 55 | ||
Assets: | ||||
Available-for-sale Securities | 823 | 865 | ||
Derivative assets | 380 | 314 | ||
Grantor trust assets (included in Other assets) | 45 | 52 | ||
Liabilities: | ||||
Derivative liabilities | 13 | 17 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 1,055 | |||
Assets: | ||||
Grantor trust assets (included in Other assets) | 45 | 52 | ||
Total recurring assets at fair value | 2,303 | 1,286 | ||
Liabilities: | ||||
Total recurring liabilities at fair value | 13 | 17 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 999 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Trading Securities | 56 | 55 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||
Assets: | ||||
Available-for-sale Securities | 823 | 865 | ||
Estimate of Fair Value Measurement [Member] | Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Derivative assets | 380 | 314 | ||
Liabilities: | ||||
Derivative liabilities | $ 13 | $ 17 | ||
[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. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018 , respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018 | |||
[2] | Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. |
Estimated Fair Values (Roll-for
Estimated Fair Values (Roll-forward of Level 3 Assets and Liabilities) (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - Available-for-Sale Securities, Private Label Residential Mortgage Backed Securities [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Reconciliation of Available-For-Sale Securities Measured at Fair Value | |||
Balance, beginning of year | $ 865 | $ 1,104 | |
Included in net impairment losses recognized in earnings | [1] | (1) | 0 |
Included in other comprehensive income | [1] | (8) | (16) |
Accretion of credit losses in net interest income | [1] | 15 | 16 |
Settlements | (48) | (51) | |
Balance, end of year | $ 823 | $ 1,053 | |
[1] | Related to available-for-sale securities held at period end. |
Estimated Fair Values (Fair Val
Estimated Fair Values (Fair Value Summary) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Cash and Due from Banks | $ 70 | $ 35 | |
Trading Securities | 1,055 | 55 | |
Available-for-sale Securities | 823 | 865 | |
Held-to-maturity securities | 24,184 | 23,879 | |
Held-to-maturity securities, fair value | 24,149 | 23,846 | |
Loan to another FHLBank | 0 | 500 | |
Interest Receivable | 261 | 295 | |
Derivative assets | 380 | 314 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 |
Liabilities: | |||
Interest Payable | 217 | 204 | |
Derivative liabilities | 13 | 17 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) |
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Cash and Due from Banks | 70 | 35 | |
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading Securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Held-to-maturity securities, fair value | 0 | 0 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net | 0 | 0 | |
Loan to another FHLBank | 0 | ||
Interest Receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Grantor trust assets (included in Other assets) | 45 | 52 | |
Liabilities: | |||
Interest-bearing deposits | 0 | 0 | |
Mandatorily redeemable capital stock | 1 | 1 | |
Interest Payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Cash and Due from Banks | 0 | 0 | |
Interest-bearing Deposits, Fair Value Disclosure | 3,444 | 6,782 | |
Securities purchased under agreements to resell | 4,500 | 3,750 | |
Federal funds sold | 12,775 | 8,978 | |
Trading Securities | 1,055 | 55 | |
Available-for-sale Securities | 0 | 0 | |
Held-to-maturity securities, fair value | 23,754 | 23,428 | |
Advances | 91,017 | 108,448 | |
Mortgage loans held for portfolio, net | 363 | 374 | |
Loan to another FHLBank | 500 | ||
Accrued Interest Receivable, Fair Value Disclosure | 261 | 295 | |
Derivative assets | 81 | 36 | |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Liabilities: | |||
Interest-bearing deposits | 1,163 | 1,176 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Interest Payable | 217 | 204 | |
Derivative liabilities | 91 | 163 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Cash and Due from Banks | 0 | 0 | |
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |
Securities purchased under agreements to resell | 0 | 0 | |
Federal funds sold | 0 | 0 | |
Trading Securities | 0 | 0 | |
Available-for-sale Securities | 823 | 865 | |
Held-to-maturity securities, fair value | 395 | 418 | |
Advances | 0 | 0 | |
Mortgage loans held for portfolio, net | 0 | 0 | |
Loan to another FHLBank | 0 | ||
Interest Receivable | 0 | 0 | |
Derivative assets | 0 | 0 | |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Liabilities: | |||
Interest-bearing deposits | 0 | 0 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Interest Payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Carrying Value [Member] | |||
Assets: | |||
Cash and Due from Banks | 70 | 35 | |
Interest-bearing Deposits, Fair Value Disclosure | 3,444 | 6,782 | |
Securities purchased under agreements to resell | 4,500 | 3,750 | |
Federal funds sold | 12,775 | 8,978 | |
Trading Securities | 1,055 | 55 | |
Available-for-sale Securities | 823 | 865 | |
Held-to-maturity securities | 24,184 | 23,879 | |
Advances | 90,929 | 108,462 | |
Mortgage loans held for portfolio, net | 346 | 360 | |
Interest Receivable | 261 | 295 | |
Derivative assets | 380 | 314 | |
Grantor trust assets (included in Other assets) | 45 | 52 | |
Liabilities: | |||
Interest-bearing deposits | 1,163 | 1,176 | |
Mandatorily redeemable capital stock | 1 | 1 | |
Interest Payable | 217 | 204 | |
Derivative liabilities | 13 | 17 | |
Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Cash and Due from Banks | 70 | 35 | |
Interest-bearing Deposits, Fair Value Disclosure | 3,444 | 6,782 | |
Securities purchased under agreements to resell | 4,500 | 3,750 | |
Federal funds sold | 12,775 | 8,978 | |
Trading Securities | 1,055 | 55 | |
Available-for-sale Securities | 823 | 865 | |
Held-to-maturity securities, fair value | 24,149 | 23,846 | |
Advances | 91,017 | 108,448 | |
Mortgage loans held for portfolio, net | 363 | 374 | |
Loan to another FHLBank | 500 | ||
Accrued Interest Receivable, Fair Value Disclosure | 261 | 295 | |
Derivative assets | 380 | 314 | |
Grantor trust assets (included in Other assets) | 45 | 52 | |
Liabilities: | |||
Interest-bearing deposits | 1,163 | 1,176 | |
Mandatorily redeemable capital stock | 1 | 1 | |
Accrued Interest Payable, Fair Value Disclosure | 217 | 204 | |
Derivative liabilities | 13 | 17 | |
Short-term Debt [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities: | |||
Discount notes | 0 | 0 | |
Short-term Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities: | |||
Discount notes | 61,164 | 66,014 | |
Short-term Debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities: | |||
Discount notes | 0 | 0 | |
Short-term Debt [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Discount notes | 61,166 | 66,025 | |
Short-term Debt [Member] | Estimate of Fair Value Measurement [Member] | |||
Liabilities: | |||
Discount notes | 61,164 | 66,014 | |
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities: | |||
Bonds | 0 | 0 | |
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities: | |||
Bonds | 69,262 | 79,086 | |
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities: | |||
Bonds | 0 | 0 | |
Consolidated Obligation Bonds [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Bonds | 69,186 | 79,114 | |
Consolidated Obligation Bonds [Member] | Estimate of Fair Value Measurement [Member] | |||
Liabilities: | |||
Bonds | 69,262 | 79,086 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Securities purchased under agreements to resell | 0 | ||
Trading Securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Held-to-maturity securities, fair value | 0 | 0 | |
Grantor trust assets (included in Other assets) | 0 | 0 | |
Liabilities: | |||
Mandatorily redeemable capital stock | 0 | 0 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (78) | (146) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Grantor trust assets (included in Other assets) | 45 | 52 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Trading Securities | 1,055 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Trading Securities | 0 | ||
Grantor trust assets (included in Other assets) | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Trading Securities | 1,055 | ||
Grantor trust assets (included in Other assets) | 45 | 52 | |
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 299 | 278 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (78) | (146) | |
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Derivative assets | 81 | 36 | |
Liabilities: | |||
Derivative liabilities | 91 | 163 | |
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Derivative assets | 380 | 314 | |
Liabilities: | |||
Derivative liabilities | $ 13 | $ 17 | |
[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. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018 , respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018 | ||
[2] | 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. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2019USD ($)letter_of_credit | Dec. 31, 2018USD ($)letter_of_credit | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Number Of Outstanding Standby Letters Of Credit Renewable Annually | letter_of_credit | 14 | 14 | |
Standby Letters Of Credit Issued Renewable Annually | $ 37 | $ 37 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 11,615 | 12,334 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 15,894 | 17,974 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 27,509 | 30,308 | |
Commitments to Fund Additional Advances [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 30 | 48 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 30 | 48 | |
Unsettled Consolidated Obligation Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 1,015 | 640 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [2] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 1,015 | 640 | |
Unsettled Discount Notes [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 0 | 750 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [2] | 0 | 0 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 0 | $ 750 | |
[1] | “Expire Within One Year” includes 14 standby letters of credit for a total of $37 as of March 31, 2019 and December 31, 2018 | ||
[2] | Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations. |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
The FHLBank's outstanding consolidated obligations for which the Bank is jointly and severally liable | $ 880,223 | $ 886,081 |
Other liabilities | 182 | 207 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other liabilities | $ 88 | $ 102 |
Transactions With Shareholder_2
Transactions With Shareholders (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Minimum | |||
Definition of related party, minimum percent | 10.00% | ||
Definition of shareholder concentration, percentage | 10.00% | ||
Regulatory Capital Stock Outstanding | $ 6,880 | $ 7,597 | |
Federal Home Loan Bank, Advances, Par Value | 90,612 | $ 108,414 | |
Navy Federal Credit Union [Member] | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 527 | $ 570 | |
Percent of Total Regulatory Capital Stock Outstanding | 11.08% | 10.39% | |
Federal Home Loan Bank, Advances, Par Value | $ 12,040 | $ 13,058 | |
Percent of Total Par Value Advances | 13.29% | 12.04% | |
Interest-bearing Deposits | $ 99 | $ 0 | |
Percent of Total Interest-bearing Deposits | 8.47% | 0.04% | |
Bank of America [Member] | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 515 | $ 855 | |
Percent of Total Regulatory Capital Stock Outstanding | 10.83% | 15.58% | |
Federal Home Loan Bank, Advances, Par Value | $ 11,759 | $ 19,759 | |
Percent of Total Par Value Advances | 12.98% | 18.23% | |
Interest-bearing Deposits | $ 0 | $ 0 | |
Percent of Total Interest-bearing Deposits | 0.01% | 0.01% |
Subsequent (Details)
Subsequent (Details) $ in Millions | Apr. 25, 2019USD ($) |
Subsequent Event [Line Items] | |
Payments of Dividends | $ 81 |