Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FEDERAL HOME LOAN BANK OF ATLANTA | |
Entity Central Index Key | 0001331465 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,713,063 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity File Number | 000-51845 | |
Entity Incorporation, State or Country Code | X1 | |
Entity Address, Address Line One | 1475 Peachtree Street, NE | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30309 | |
City Area Code | 404 | |
Local Phone Number | 888-8000 | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 56-6000442 |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets | |||
Cash and due from banks | $ 89 | $ 142 | |
Interest-bearing deposits (including deposits with other FHLBanks of $3 as of March 31, 2024 and December 31, 2023) | 1,701 | 1,833 | |
Securities purchased under agreements to resell | 6,000 | 12,500 | |
Federal funds sold | 6,760 | 8,710 | |
Investment securities: | |||
Available-for-Sale, Estimated Fair Value | 2,431 | 2,450 | |
Held-to-maturity securities (fair value of $27,576 and $28,335 as of March 31, 2024 and December 31, 2023, respectively) | 27,940 | 28,714 | |
Total investment securities | 30,371 | 31,164 | |
Advances | [1] | 96,610 | 96,608 |
Mortgage loans held for portfolio, net | 100 | 103 | |
Accrued interest receivable | 623 | 673 | |
Derivative assets | 424 | 523 | |
Other assets, net | 125 | 114 | |
Total assets | 142,803 | 152,370 | |
Liabilities | |||
Interest-bearing deposits | 1,718 | 1,568 | |
Consolidated obligations, net: | |||
Discount notes | 15,816 | 25,972 | |
Bonds | 115,924 | 115,600 | |
Total consolidated obligations, net | 131,740 | 141,572 | |
Accrued interest payable | 857 | 902 | |
Affordable Housing Program payable | 124 | 108 | |
Derivative liabilities | 27 | 5 | |
Other liabilities | 89 | 99 | |
Total liabilities | 134,555 | 144,254 | |
Commitments and contingencies (Note 12) | |||
Capital | |||
Total capital stock Class B putable | 5,644 | 5,597 | |
Retained earnings: | |||
Restricted | 820 | 781 | |
Unrestricted | 1,781 | 1,743 | |
Total retained earnings | 2,601 | 2,524 | |
Accumulated other comprehensive income (loss) | 3 | (5) | |
Total capital | 8,248 | 8,116 | |
Total liabilities and capital | 142,803 | 152,370 | |
Subclass B1 [Member] | |||
Capital | |||
Total capital stock Class B putable | 1,025 | 991 | |
Subclass B2 [Member] | |||
Capital | |||
Total capital stock Class B putable | 4,600 | 4,590 | |
Subclass B3 [Member] | |||
Capital | |||
Total capital stock Class B putable | $ 19 | $ 16 | |
[1]Carrying amounts exclude accrued interest receivable of $533 and $577 as of March 31, 2024 and December 31, 2023, respectively. |
Statements of Condition (Unau_2
Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Deposits with other FHLBanks | $ 3 | $ 3 | |
Available-for-sale securities, amortized cost | [1] | 2,428 | 2,455 |
Held-to-maturity securities, fair value | $ 27,576 | $ 28,335 | |
Capital stock Class B putable par value (per share) | $ 100 | $ 100 | |
Debt Securities, Held-to-Maturity, Restricted | $ 0 | $ 0 | |
Subclass B1 [Member] | |||
Capital stock, shares issued | 10,253,243 | 9,908,193 | |
Capital stock, shares outstanding | 10,253,243 | 9,908,193 | |
Subclass B2 [Member] | |||
Capital stock, shares issued | 45,998,598 | 45,897,094 | |
Capital stock, shares outstanding | 45,998,598 | 45,897,094 | |
Subclass B3 [Member] | |||
Capital stock, shares issued | 190,753 | 159,192 | |
Capital stock, shares outstanding | 190,753 | 159,192 | |
[1]Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $11 as of March 31, 2024 and December 31, 2023. (2) All U.S. Treasury obligations as of March 31, 2024 and December 31, 2023 have contractual maturities that are due after one year through five years. |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Advances | $ 1,466 | $ 1,507 |
Interest-bearing deposits | 46 | 50 |
Securities purchased under agreements to resell | 77 | 83 |
Federal funds sold | 170 | 147 |
Available-for-sale securities | 35 | 14 |
Held-to-maturity securities | 397 | 271 |
Mortgage loans | 1 | 2 |
Total interest income | 2,192 | 2,074 |
Interest expense | ||
Discount notes | 294 | 516 |
Bonds | 1,620 | 1,360 |
Interest-bearing deposits | 24 | 24 |
Total interest expense | 1,938 | 1,900 |
Net interest income | 254 | 174 |
Noninterest income (loss) | ||
Standby letters of credit fees | 4 | 2 |
Other | 2 | (3) |
Total noninterest income (loss) | 6 | (1) |
Noninterest expense | ||
Compensation and benefits | 21 | 18 |
Other operating expenses | 12 | 11 |
Federal Housing Finance Agency | 3 | 3 |
Office of Finance | 2 | 3 |
Voluntary affordable housing contributions | 5 | 0 |
Other | 1 | 1 |
Total noninterest expense | 44 | 36 |
Income before assessment | 216 | 137 |
Affordable Housing Program assessment | 22 | 14 |
Net income | $ 194 | $ 123 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 194 | $ 123 |
Other comprehensive income: | ||
Net unrealized gains (losses) on available-for-sale securities | 8 | 17 |
Total comprehensive income | $ 202 | $ 140 |
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, 2022 | 54 | |||||
Beginning balance at Dec. 31, 2022 | $ 7,646 | $ 5,397 | $ 2,283 | $ 651 | $ 1,632 | $ (34) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 56 | |||||
Issuance of capital stock | 5,603 | $ 5,603 | ||||
Repurchase/redemption of capital stock (shares) | (32) | |||||
Repurchase/redemption of capital stock | (3,246) | $ (3,246) | ||||
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Shares | 0 | |||||
Net stock reclassified to mandatorily redeemable capital stock | (2) | $ (2) | ||||
Comprehensive income (loss) | 140 | 123 | 25 | 98 | 17 | |
Cash dividends on capital stock | (78) | (78) | 0 | (78) | ||
Ending balance (shares) at Mar. 31, 2023 | 78 | |||||
Ending balance at Mar. 31, 2023 | 10,063 | $ 7,752 | 2,328 | 676 | 1,652 | (17) |
Beginning balance (shares) at Dec. 31, 2023 | 56 | |||||
Beginning balance at Dec. 31, 2023 | 8,116 | $ 5,597 | 2,524 | 781 | 1,743 | (5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of capital stock (shares) | 20 | |||||
Issuance of capital stock | 2,060 | $ 2,060 | ||||
Repurchase/redemption of capital stock (shares) | (20) | |||||
Repurchase/redemption of capital stock | (2,013) | $ (2,013) | ||||
Net stock reclassified to mandatorily redeemable capital stock | 0 | |||||
Comprehensive income (loss) | 202 | 194 | 39 | 155 | 8 | |
Cash dividends on capital stock | (117) | (117) | 0 | (117) | ||
Ending balance (shares) at Mar. 31, 2024 | 56 | |||||
Ending balance at Mar. 31, 2024 | $ 8,248 | $ 5,644 | $ 2,601 | $ 820 | $ 1,781 | $ 3 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income | $ 194 | $ 123 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (accretion) | (232) | 40 |
Net change in derivative and hedging activities | 142 | (165) |
Net change in: | ||
Accrued interest receivable | 52 | (237) |
Other assets | (10) | 6 |
Affordable Housing Program payable | 16 | 3 |
Accrued interest payable | (45) | 252 |
Other liabilities | (10) | (7) |
Total adjustments | (87) | (108) |
Net cash provided by operating activities | 107 | 15 |
Investing activities | ||
Interest-bearing deposits | 400 | (735) |
Securities purchased under agreements to resell | 6,500 | (4,250) |
Federal funds sold | 1,950 | (6,019) |
Held-to-maturity securities: | ||
Proceeds from principal collected | 775 | 450 |
Purchases of long-term | 0 | (4,060) |
Advances, net | ||
Payments for (Proceeds from) Other Loans and Leases | (253) | (54,831) |
Mortgage loans: | ||
Proceeds from principal collected | 3 | 4 |
Purchase of premises, equipment, and software | (2) | (2) |
Net cash provided by (used in) investing activities | 9,373 | (69,443) |
Financing activities | ||
Net change in interest-bearing deposits | 136 | 549 |
Net payments on derivatives containing a financing element | 1 | 0 |
Proceeds from issuance of consolidated obligations: | ||
Discount notes | 32,320 | 159,606 |
Bonds | 38,669 | 85,627 |
Payments for debt issuance costs | (2) | (4) |
Payments for maturing and retiring consolidated obligations: | ||
Discount notes | (42,241) | (145,383) |
Bonds | (38,351) | (30,963) |
Payments for Bonds Transferred to Other Federal Home Loan Banks | 0 | (250) |
Proceeds from issuance of capital stock | 2,060 | 5,603 |
Payments for repurchase/redemption of capital stock | (2,013) | (3,246) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | 0 | (2) |
Cash dividends paid | (117) | (78) |
Net cash (used in) provided by financing activities | (9,533) | 71,459 |
Net decrease in cash and due from banks | (53) | 2,031 |
Cash and due from banks at beginning of the period | 142 | 141 |
Cash and due from banks at end of the period | 89 | 2,172 |
Cash paid for: | ||
Interest | 2,064 | 1,549 |
Affordable Housing Program assessment, net | 11 | 10 |
Noncash investing and financing activities: | ||
Net stock reclassified to mandatorily redeemable capital stock | $ 0 | $ 2 |
Recently Issued But Not Yet Ado
Recently Issued But Not Yet Adopted Accounting Guidance | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued But Not Yet Adopted Accounting Standards | Recently Issued But Not Yet Adopted Accounting Standards There are no recently issued but not yet adopted accounting standards which may have an impact on the Bank’s financial statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | 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 fiscal year 2024, 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, 2023, which are contained in the Bank’s 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 8, 2024 (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 10 — 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. All investments in interest-bearing deposits and federal funds sold were repaid or expected to be repaid according to the contractual terms as of March 31, 2024 and December 31, 2023. No allowance for credit losses was recorded for these assets as of March 31, 2024 and December 31, 2023. The carrying values of these assets excludes accrued interest receivable that was not material as of March 31, 2024 and December 31, 2023. Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of March 31, 2024 and December 31, 2023. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable that was not material as of March 31, 2024 and December 31, 2023. Refer to Note 2 — |
Investment in Debt Securities
Investment in Debt Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt Securities | Investments in Debt Securities Available-for-sale Securities Major Security Type. The following table presents available-for-sale securities. As of March 31, 2024 As of December 31, 2023 Amortized Cost (1) Gross Gross Estimated Fair Value Amortized Cost (1) Gross Gross Estimated Fair Value U.S. Treasury obligations (2) $ 2,187 $ 1 $ — $ 2,188 $ 2,208 $ — $ (5) $ 2,203 Mortgage-backed securities: Government-sponsored enterprises commercial 241 2 — 243 247 — — 247 Total $ 2,428 $ 3 $ — $ 2,431 $ 2,455 $ — $ (5) $ 2,450 ____________________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $11 as of March 31, 2024 and December 31, 2023. (2) All U.S. Treasury obligations as of March 31, 2024 and December 31, 2023 have contractual maturities that are due after one year through five years. The following table presents available-for-sale securities with gross unrealized losses. The gross unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. As of December 31, 2023 Less than 12 Months Estimated Fair Value Gross Unrealized Losses U.S. Treasury obligations $ 2,105 $ (5) Mortgage-backed securities: Government-sponsored enterprises commercial 247 — Total $ 2,352 $ (5) 1) A Held-to-maturity Securities Major Security Types. The following table presents held-to-maturity securities. As of March 31, 2024 As of December 31, 2023 Amortized Cost (1) Gross Gross Estimated Amortized Cost (1) Gross Gross Estimated State or local housing agency debt obligations $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Government-sponsored enterprises debt obligations 1,345 3 (6) 1,342 1,475 4 (12) 1,467 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 2,517 2 (37) 2,482 2,715 9 (32) 2,692 Government-sponsored enterprises residential 8,105 12 (168) 7,949 8,311 18 (185) 8,144 Government-sponsored enterprises commercial 15,972 12 (182) 15,802 16,212 9 (190) 16,031 Total $ 27,940 $ 29 $ (393) $ 27,576 $ 28,714 $ 40 $ (419) $ 28,335 ____________ (1) Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively. Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. Mortgage-backed securities (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, 2024 As of December 31, 2023 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 550 $ 544 $ 680 $ 668 Due after one year through five years 736 739 736 740 Due after five years through 10 years 60 60 60 60 Total non-mortgage-backed securities 1,346 1,343 1,476 1,468 Mortgage-backed securities 26,594 26,233 27,238 26,867 Total $ 27,940 $ 27,576 $ 28,714 $ 28,335 ____________ (1) Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively. Allowance For Credit Loss on Available-for-sale and Held-to-maturity Securities The Bank has not established an allowance for credit loss on any of its available-for-sale and held-to-maturity securities as of March 31, 2024 and December 31, 2023, because the securities: (1) were all highly-rated and/or had short remaining terms to maturity, (2) had not experienced, nor did the Bank expect, any payment default on the instruments, and (3) in the case of U.S. obligations, they carry an explicit U.S. government guarantee, and (4) in the case of government-sponsored enterprise (GSE) securities, they are purchased under the assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. |
Advances
Advances | 3 Months Ended |
Mar. 31, 2024 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Text Block] | Advances Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity. As of March 31, 2024 As of December 31, 2023 Due in one year or less $ 69,910 $ 70,501 Due after one year through two years 8,539 6,038 Due after two years through three years 4,158 5,375 Due after three years through four years 3,415 3,075 Due after four years through five years 5,904 7,544 Due after five years 5,272 4,415 Total par value 97,198 96,948 Deferred prepayment fees 5 10 Discounts (1) (1) Hedging adjustments (592) (349) Total (1) $ 96,610 $ 96,608 ___________ (1) Carrying amounts exclude accrued interest receivable of $533 and $577 as of March 31, 2024 and December 31, 2023, respectively. The following table presents advances by year of contractual maturity or, for convertible advances, next available conversion date. As of March 31, 2024 As of December 31, 2023 Due or convertible in one year or less $ 72,759 $ 72,951 Due or convertible after one year through two years 8,469 6,154 Due or convertible after two years through three years 3,690 5,117 Due or convertible after three years through four years 3,288 3,040 Due or convertible after four years through five years 4,032 5,584 Due or convertible after five years 4,960 4,102 Total par value $ 97,198 $ 96,948 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of March 31, 2024 As of December 31, 2023 Fixed-rate: Due in one year or less $ 16,525 $ 17,162 Due after one year 21,258 22,100 Total fixed-rate 37,783 39,262 Variable-rate: Due in one year or less 53,385 53,339 Due after one year 6,030 4,347 Total variable-rate 59,415 57,686 Total par value $ 97,198 $ 96,948 Advances concentrations. The Bank’s advances are concentrated in commercial banks, credit unions, insurance companies, and savings institutions and is further concentrated in certain larger borrowing relationships. The concentration of the Bank’s advances to its 10 largest borrowers was $70,323, or 72.4 percent of total advances, and $70,499, or 72.7 percent of total advances, as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023. No advance was past due, on nonaccrual status, or considered impaired as of March 31, 2024 and December 31, 2023. There were no write-offs of advances or modification of advances to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Medium-term (15 years or less) $ 1 $ 1 Long-term (greater than 15 years) 99 102 Total unpaid principal balance 100 103 Total mortgage loans held for portfolio (1) 100 103 Allowance for credit losses on mortgage loans — — Mortgage loans held for portfolio, net $ 100 $ 103 ____________ (1) Excludes accrued interest receivable that was not material for the reported periods. The following table presents mortgage loans held for portfolio by collateral or guarantee type. As of March 31, 2024 As of December 31, 2023 Conventional mortgage loans $ 91 $ 94 Government-guaranteed or insured mortgage loans 9 9 Total unpaid principal balance $ 100 $ 103 Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor the migration of past due loans. Other delinquency statistics include nonaccrual loans and loans in process of foreclosure. The following tables present the payment status for conventional mortgage loans. All of the Bank’s conventional mortgage loans were originated prior to 2018. As of March 31, 2024 As of December 31, 2023 Payment status, at amortized cost: (1) Past due 30-59 days $ 2 $ 2 Past due 60-89 days 1 1 Past due 90 days or more 2 2 Total past due mortgage loans 5 5 Current mortgage loans 86 89 Total conventional mortgage loans $ 91 $ 94 ____________ (1) Amortized cost excludes accrued interest receivable that was not material for the reported periods. The following tables present the other delinquency statistics for all mortgage loans. As of March 31, 2024 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ 1 $ — $ 1 Seriously delinquent rate (2) 2.27 % 2.59 % 2.30 % Past due 90 days or more and still accruing interest (3) $ — $ — $ — Mortgage loans on nonaccrual status (4) $ 2 $ — $ 2 As of December 31, 2023 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ 1 $ — $ 1 Seriously delinquent rate (2) 2.17 % 2.43 % 2.19 % Past due 90 days or more and still accruing interest (3) $ — $ — $ — Mortgage loans on nonaccrual status (4) $ 2 $ — $ 2 ____________ (1) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. (2) 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. (3) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (4) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of March 31, 2024 and December 31, 2023, none of the conventional mortgage loans on nonaccrual status had an associated allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans. The Bank offers loan modification programs for its conventional mortgage loans programs. Loan modifications may include temporary interest rate reductions, deferral or temporary reductions in payment, or capitalization of past due amounts, or a combination of these types. There were no write-offs of conventional mortgage loans or modifications of conventional mortgage loans to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023. |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Fixed-rate $ 64,926 $ 74,641 Simple variable-rate 48,724 38,288 Step up/down 3,721 4,124 Total par value $ 117,371 $ 117,053 Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity. As of March 31, 2024 As of December 31, 2023 Amount Weighted- Amount Weighted- Due in one year or less $ 88,286 4.68 $ 84,908 4.77 Due after one year through two years 12,781 2.85 12,584 2.71 Due after two years through three years 9,768 1.77 9,736 1.66 Due after three years through four years 4,053 3.29 6,172 2.70 Due after four years through five years 1,397 3.06 2,552 3.06 Due after five years 1,086 3.21 1,101 3.07 Total par value 117,371 4.16 117,053 4.13 Premiums 11 12 Discounts (12) (13) Hedging adjustments (1,446) (1,452) Total $ 115,924 $ 115,600 The following table presents the Bank’s consolidated obligation bonds outstanding by call feature. As of March 31, 2024 As of December 31, 2023 Noncallable $ 72,950 $ 52,117 Callable 44,421 64,936 Total par value $ 117,371 $ 117,053 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, 2024 As of December 31, 2023 Due or callable in one year or less $ 111,215 $ 110,423 Due or callable after one year through two years 2,617 2,691 Due or callable after two years through three years 1,437 1,776 Due or callable after three years through four years 690 451 Due or callable after four years through five years 1,006 1,307 Due or callable after five years 406 405 Total par value $ 117,371 $ 117,053 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 As of March 31, 2024 $ 15,816 $ 16,215 5.02 As of December 31, 2023 $ 25,972 $ 26,241 5.25 |
Affordable Housing Program
Affordable Housing Program | 3 Months Ended |
Mar. 31, 2024 | |
Federal Home Loan Banks [Abstract] | |
Affordable Housing Program [Text Block] | Affordable Housing Program and Voluntary Housing Contributions In addition to the required Affordable Housing Program (AHP) assessment, the Bank’s board of directors may, from time to time, authorize additional voluntary housing contributions. In January 2024, the Bank’s board of directors authorized $36 in voluntary housing contributions for 2024 consisting of $23 in voluntary AHP non-statutory contributions and $13 in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2024. The following table presents a rollforward of the Bank’s AHP liability, including voluntary AHP non-statutory contributions: For the Three Months Ended March 31, 2024 2023 Balance, beginning of year $ 108 $ 59 AHP assessment 22 14 Voluntary AHP non-statutory contributions 5 — Subsidy usage, net (11) (10) Balance, end of period $ 124 $ 63 The following table presents voluntary housing contributions reported in noninterest expense as “Voluntary housing contributions” on the Statements of Income which were allocated as follows: For the Three Months Ended March 31, 2024 2023 AHP Homeownership Set-aside Program $ 3 $ — AHP General Fund 2 — Total voluntary housing contributions $ 5 $ — |
Capital
Capital | 3 Months Ended |
Mar. 31, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Capital | 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, 2024 As of December 31, 2023 Required Actual Required Actual Risk-based capital $ 1,243 $ 8,245 $ 1,288 $ 8,121 Total regulatory capital ratio 4.00 % 5.77 % 4.00 % 5.33 % Total regulatory capital (1) $ 5,712 $ 8,245 $ 6,095 $ 8,121 Leverage capital ratio 5.00 % 8.66 % 5.00 % 7.99 % Leverage capital $ 7,140 $ 12,368 $ 7,619 $ 12,182 ____________ (1) Total regulatory capital does not include accumulated other comprehensive loss, 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 2024 and 2023. 2024 2023 Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 117 7.35 $ 78 6.37 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the components comprising accumulated other comprehensive income (loss). Net Unrealized Gains (Losses) on Available-for-sale Securities Pension and Postretirement Benefits Total Accumulated Balance, December 31, 2022 $ (34) $ — $ (34) Other comprehensive income before reclassifications: Net unrealized gains on available-for-sale securities 17 — 17 Balance, March 31, 2023 $ (17) $ — $ (17) Balance, December 31, 2023 $ (5) $ — $ (5) Other comprehensive income before reclassifications: Net unrealized gains on available-for-sale securities 8 — 8 Balance, March 31, 2024 $ 3 $ — $ 3 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 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 derivatives 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 13—Derivatives and Hedging Activities to the 2023 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, 2024 As of December 31, 2023 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 101,574 $ 312 $ 1,566 $ 107,578 $ 215 $ 1,603 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 71 2 1 69 2 1 Interest-rate caps or floors 4,000 — — 4,000 — — Total derivatives not designated as hedging instruments 4,071 2 1 4,069 2 1 Total derivatives before netting and collateral adjustments $ 105,645 314 1,567 $ 111,647 217 1,604 Netting adjustments and cash collateral (2) 110 (1,540) 306 (1,599) Derivative assets and derivative liabilities $ 424 $ 27 $ 523 $ 5 ___________ (1) Includes variation margin for daily settled contracts of negative $721 and negative $503 as of March 31, 2024 and December 31, 2023, 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, including accrued interest, was $1,651 and $1,921 as of March 31, 2024 and December 31, 2023, respectively. Cash collateral received including accrued interest, was $2 and $15 as of March 31, 2024 and December 31, 2023, respectively. The following tables present the net gains (losses) on fair value hedging relationships. For the Three Months Ended March 31, For the Three Months Ended March 31, 2024 2023 Interest Income (Expense) Advances Available-for-sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Advances Available-for-sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 1,466 $ 35 $ (1,620) $ (294) $ 1,507 $ 14 $ (1,360) $ (516) Changes in fair value: Hedged items (2) $ (250) $ (42) $ 136 $ 15 $ 229 $ 1 $ (370) $ (18) Derivatives 255 42 9 (15) (237) (1) 449 16 Net changes in fair value 5 — 145 — (8) — 79 (2) Net interest settlements on derivatives (1) (2) 133 6 (330) (1) 90 — (285) (2) Amortization/accretion of active hedging relationships — — (141) — 2 — (76) — Other (1) — (2) (1) (1) — (1) — Total net interest income effect from fair value hedging relationships $ 137 $ 6 $ (328) $ (2) $ 83 $ — $ (283) $ (4) ____________ (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) Excludes the interest income/expense of the respective hedged items. The following table presents the total basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of March 31, 2024 Advances Available-for-sale Securities Consolidated Obligations Consolidated Obligations Amortized cost of hedged asset or liability (1) $ 24,650 $ 2,428 $ 62,823 $ 10,277 Fair Value Hedging adjustments Basis adjustment for active hedging relationships included in amortized cost $ (586) $ 17 $ (1,431) $ (11) Basis adjustments for discontinued hedging relationships included in amortized cost (6) — (15) — Total amounts of fair value hedging basis adjustments $ (592) $ 17 $ (1,446) $ (11) As of December 31, 2023 Advances Available-for-sale Securities Consolidated Obligations Consolidated Obligations Amortized cost of hedged asset or liability (1) $ 25,175 $ 2,455 $ 71,637 $ 6,862 Fair Value Hedging adjustments Basis adjustment for active hedging relationships included in amortized cost $ (339) $ 59 $ (1,436) $ 3 Basis adjustments for discontinued hedging relationships included in amortized cost (10) — (16) — Total amounts of fair value hedging basis adjustments $ (349) $ 59 $ (1,452) $ 3 ___________ (1) Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes fair value hedging adjustments. For the Three Months Ended March 31, 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. 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 utilizes two Clearinghouses for all cleared derivative transactions, CME Clearing and LCH Ltd. At both Clearinghouses, variation margin is characterized as daily settlement payments, and initial margin is considered cash collateral. 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, 2024 As of December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 299 $ 1,554 $ 200 $ 1,592 Cleared derivatives 15 13 17 12 Total gross recognized amount 314 1,567 217 1,604 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (299) (1,527) (190) (1,587) Cleared derivatives 409 (13) 496 (12) Total gross amounts of netting adjustments and cash collateral 110 (1,540) 306 (1,599) Net amounts after netting adjustments and cash collateral: Uncleared derivatives — 27 10 5 Cleared derivatives 424 — 513 — Total net amounts after netting adjustments and cash collateral 424 27 523 5 Non-cash collateral received or pledged not offset-cannot be sold or repledged: Uncleared derivatives — — — — Cleared derivatives — — — — Total cannot be sold or repledged — — — — Net unsecured amounts: Uncleared derivatives — 27 10 5 Cleared derivatives 424 — 513 — Total net unsecured amount $ 424 $ 27 $ 523 $ 5 |
Estimated Fair Values
Estimated Fair Values | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values | Estimated Fair Values The Bank records 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 market observability of the fair value measurement for the asset or liability 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. 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. Level 3 - unobservable inputs for the asset or liability. Valuations are derived from techniques that use significant assumptions not observable in the market, which include pricing models, discounted cash flow models, or similar techniques. The Bank did not carry any financial assets or liabilities, measured on a recurring basis, at fair value Level 3 as of March 31, 2024 and December 31, 2023. 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. There were no such transfers during the periods presented. Described below are the Bank’s fair value measurement methodologies applied 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 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 conducts periodic 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 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 (or some other price identified in the analysis) 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. 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. In all cases, the final price is used to determine the fair value of the security. 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, 2024 and December 31, 2023. 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. 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 significant assumptions used in this model are based on management’s best estimate of discount rates, market indices, and market volatility. The inputs for interest-rate related derivatives uses the Secured Overnight Financing Rate (SOFR) swap curve for the discounting of cleared derivatives and the Overnight Index Swap (OIS) curve for the discounting of 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 should 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 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, 2024 and December 31, 2023. 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 best 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 need to 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, 2024 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 89 $ 89 $ 89 $ — $ — Interest-bearing deposits 1,701 1,701 — 1,701 — Securities purchased under agreements to resell 6,000 6,000 — 6,000 — Federal funds sold 6,760 6,760 — 6,760 — Available-for-sale securities (1) 2,431 2,431 — 2,431 — Held-to-maturity securities 27,940 27,576 — 27,576 — Advances 96,610 96,662 — 96,662 — Mortgage loans held for portfolio, net 100 96 — 96 — Accrued interest receivable 623 623 — 623 — Derivative assets (1) 424 424 — 314 110 Grantor trust assets (included in Other assets) (1) 27 27 27 — — Liabilities: Interest-bearing deposits 1,718 1,718 — 1,718 — Consolidated obligations, net: Discount notes 15,816 15,813 — 15,813 — Bonds 115,924 115,688 — 115,688 — Accrued interest payable 857 857 — 857 — Derivative liabilities (1) 27 27 — 1,567 (1,540) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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. As of December 31, 2023 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 142 $ 142 $ 142 $ — $ — Interest-bearing deposits 1,833 1,833 — 1,833 — Securities purchased under agreements to resell 12,500 12,500 — 12,500 — Federal funds sold 8,710 8,710 — 8,710 — Available-for-sale securities (1) 2,450 2,450 — 2,450 — Held-to-maturity securities 28,714 28,335 — 28,335 — Advances 96,608 96,599 — 96,599 — Mortgage loans held for portfolio, net 103 101 — 101 — Accrued interest receivable 673 673 — 673 — Derivative assets (1) 523 523 — 217 306 Grantor trust assets (included in Other assets) (1) 26 26 26 — — Liabilities: Interest-bearing deposits 1,568 1,568 — 1,568 — Consolidated obligations, net: Discount notes 25,972 25,968 — 25,968 — Bonds 115,600 115,280 — 115,280 — Accrued interest payable 902 902 — 902 — Derivative liabilities (1) 5 5 — 1,604 (1,599) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 $1,038,838 and $1,061,022 as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023. 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, 2024 and December 31, 2023. The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of March 31, 2024 As of December 31, 2023 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 8,361 $ 10,436 $ 18,797 $ 8,086 $ 7,557 $ 15,643 Unsettled consolidated obligation bonds, at par (2) 1,750 — 1,750 — — — ____________ (1) “Expire Within One Year” includes 21 standby letters of credit for a total of $30 as of March 31, 2024 and December 31, 2023, 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 carrying value of the guarantees related to standby letters of credit is recorded in “Other liabilities” on the Statements of Condition and amounted to $31 and $26 as of March 31, 2024 and December 31, 2023, 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 Statement of Condition for these commitments as of March 31, 2024 and December 31, 2023. The Bank may be subject to various legal proceedings and actions from time to time in the ordinary course of its business. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of those matters presently known to the Bank will have a material effect on the Bank’s financial condition or results of operations. |
Transactions With Shareholders
Transactions With Shareholders | 3 Months Ended |
Mar. 31, 2024 | |
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 as 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 in the ordinary course of business 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, 2024 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 Truist Bank $ 1,197 21.21 $ 24,701 25.41 $ — — Bank of America, National Association 862 15.27 17,754 18.27 — 0.01 As of December 31, 2023 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 Truist Bank $ 1,197 21.38 $ 24,701 25.48 $ — — Bank of America, National Association 850 15.19 17,504 18.05 — 0.01 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On April 25, 2024, the Bank’s board of directors approved a first quarter 2024 cash dividend at an annualized rate of 7.35 percent. The Bank paid the first quarter 2024 dividend on May 2, 2024, in the amount of $108. |
Investments in Debt Securities
Investments in Debt Securities (Tables) | 3 Months Ended | |
Mar. 31, 2024 | ||
Investment Holdings [Line Items] | ||
Schedule of Available-for-sale Securities Reconciliation | Major Security Type. The following table presents available-for-sale securities. As of March 31, 2024 As of December 31, 2023 Amortized Cost (1) Gross Gross Estimated Fair Value Amortized Cost (1) Gross Gross Estimated Fair Value U.S. Treasury obligations (2) $ 2,187 $ 1 $ — $ 2,188 $ 2,208 $ — $ (5) $ 2,203 Mortgage-backed securities: Government-sponsored enterprises commercial 241 2 — 243 247 — — 247 Total $ 2,428 $ 3 $ — $ 2,431 $ 2,455 $ — $ (5) $ 2,450 ____________________ (1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $11 as of March 31, 2024 and December 31, 2023. (2) All U.S. Treasury obligations as of March 31, 2024 and December 31, 2023 have contractual maturities that are due after one year through five years. | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents available-for-sale securities with gross unrealized losses. The gross unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. As of December 31, 2023 Less than 12 Months Estimated Fair Value Gross Unrealized Losses U.S. Treasury obligations $ 2,105 $ (5) Mortgage-backed securities: Government-sponsored enterprises commercial 247 — Total $ 2,352 $ (5) | |
Held-to-maturity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Debt Securities, Held-to-maturity [Table Text Block] | Major Security Types. The following table presents held-to-maturity securities. As of March 31, 2024 As of December 31, 2023 Amortized Cost (1) Gross Gross Estimated Amortized Cost (1) Gross Gross Estimated State or local housing agency debt obligations $ 1 $ — $ — $ 1 $ 1 $ — $ — $ 1 Government-sponsored enterprises debt obligations 1,345 3 (6) 1,342 1,475 4 (12) 1,467 Mortgage-backed securities: U.S. agency obligations-guaranteed residential 2,517 2 (37) 2,482 2,715 9 (32) 2,692 Government-sponsored enterprises residential 8,105 12 (168) 7,949 8,311 18 (185) 8,144 Government-sponsored enterprises commercial 15,972 12 (182) 15,802 16,212 9 (190) 16,031 Total $ 27,940 $ 29 $ (393) $ 27,576 $ 28,714 $ 40 $ (419) $ 28,335 ____________ (1) Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively. | |
Investments Classified by Contractual Maturity Date | Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. Mortgage-backed securities (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, 2024 As of December 31, 2023 Amortized Cost (1) Estimated Amortized Cost (1) Estimated Non-mortgage-backed securities: Due in one year or less $ 550 $ 544 $ 680 $ 668 Due after one year through five years 736 739 736 740 Due after five years through 10 years 60 60 60 60 Total non-mortgage-backed securities 1,346 1,343 1,476 1,468 Mortgage-backed securities 26,594 26,233 27,238 26,867 Total $ 27,940 $ 27,576 $ 28,714 $ 28,335 ____________ (1) Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively. | [1] |
[1] (1) Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively. |
Advances (Tables)
Advances (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Due in one year or less $ 69,910 $ 70,501 Due after one year through two years 8,539 6,038 Due after two years through three years 4,158 5,375 Due after three years through four years 3,415 3,075 Due after four years through five years 5,904 7,544 Due after five years 5,272 4,415 Total par value 97,198 96,948 Deferred prepayment fees 5 10 Discounts (1) (1) Hedging adjustments (592) (349) Total (1) $ 96,610 $ 96,608 ___________ (1) Carrying amounts exclude accrued interest receivable of $533 and $577 as of March 31, 2024 and December 31, 2023, respectively. The following table presents advances by year of contractual maturity or, for convertible advances, next available conversion date. As of March 31, 2024 As of December 31, 2023 Due or convertible in one year or less $ 72,759 $ 72,951 Due or convertible after one year through two years 8,469 6,154 Due or convertible after two years through three years 3,690 5,117 Due or convertible after three years through four years 3,288 3,040 Due or convertible after four years through five years 4,032 5,584 Due or convertible after five years 4,960 4,102 Total par value $ 97,198 $ 96,948 Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances. As of March 31, 2024 As of December 31, 2023 Fixed-rate: Due in one year or less $ 16,525 $ 17,162 Due after one year 21,258 22,100 Total fixed-rate 37,783 39,262 Variable-rate: Due in one year or less 53,385 53,339 Due after one year 6,030 4,347 Total variable-rate 59,415 57,686 Total par value $ 97,198 $ 96,948 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Medium-term (15 years or less) $ 1 $ 1 Long-term (greater than 15 years) 99 102 Total unpaid principal balance 100 103 Total mortgage loans held for portfolio (1) 100 103 Allowance for credit losses on mortgage loans — — Mortgage loans held for portfolio, net $ 100 $ 103 ____________ (1) Excludes accrued interest receivable that was not material for the reported periods. The following table presents mortgage loans held for portfolio by collateral or guarantee type. As of March 31, 2024 As of December 31, 2023 Conventional mortgage loans $ 91 $ 94 Government-guaranteed or insured mortgage loans 9 9 Total unpaid principal balance $ 100 $ 103 |
Past Due Financing Receivables | Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor the migration of past due loans. Other delinquency statistics include nonaccrual loans and loans in process of foreclosure. The following tables present the payment status for conventional mortgage loans. All of the Bank’s conventional mortgage loans were originated prior to 2018. As of March 31, 2024 As of December 31, 2023 Payment status, at amortized cost: (1) Past due 30-59 days $ 2 $ 2 Past due 60-89 days 1 1 Past due 90 days or more 2 2 Total past due mortgage loans 5 5 Current mortgage loans 86 89 Total conventional mortgage loans $ 91 $ 94 ____________ (1) Amortized cost excludes accrued interest receivable that was not material for the reported periods. The following tables present the other delinquency statistics for all mortgage loans. As of March 31, 2024 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ 1 $ — $ 1 Seriously delinquent rate (2) 2.27 % 2.59 % 2.30 % Past due 90 days or more and still accruing interest (3) $ — $ — $ — Mortgage loans on nonaccrual status (4) $ 2 $ — $ 2 As of December 31, 2023 Conventional Residential Mortgage Loans Government-guaranteed or Insured Residential Mortgage Loans Total Other delinquency statistics, at amortized cost: In process of foreclosure (1) $ 1 $ — $ 1 Seriously delinquent rate (2) 2.17 % 2.43 % 2.19 % Past due 90 days or more and still accruing interest (3) $ — $ — $ — Mortgage loans on nonaccrual status (4) $ 2 $ — $ 2 ____________ (1) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. (2) 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. (3) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (4) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. As of March 31, 2024 and December 31, 2023, none of the conventional mortgage loans on nonaccrual status had an associated allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Fixed-rate $ 64,926 $ 74,641 Simple variable-rate 48,724 38,288 Step up/down 3,721 4,124 Total par value $ 117,371 $ 117,053 |
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, 2024 As of December 31, 2023 Amount Weighted- Amount Weighted- Due in one year or less $ 88,286 4.68 $ 84,908 4.77 Due after one year through two years 12,781 2.85 12,584 2.71 Due after two years through three years 9,768 1.77 9,736 1.66 Due after three years through four years 4,053 3.29 6,172 2.70 Due after four years through five years 1,397 3.06 2,552 3.06 Due after five years 1,086 3.21 1,101 3.07 Total par value 117,371 4.16 117,053 4.13 Premiums 11 12 Discounts (12) (13) Hedging adjustments (1,446) (1,452) Total $ 115,924 $ 115,600 |
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, 2024 As of December 31, 2023 Noncallable $ 72,950 $ 52,117 Callable 44,421 64,936 Total par value $ 117,371 $ 117,053 |
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, 2024 As of December 31, 2023 Due or callable in one year or less $ 111,215 $ 110,423 Due or callable after one year through two years 2,617 2,691 Due or callable after two years through three years 1,437 1,776 Due or callable after three years through four years 690 451 Due or callable after four years through five years 1,006 1,307 Due or callable after five years 406 405 Total par value $ 117,371 $ 117,053 |
Consolidated Obligation Discount Notes | The following table presents the Bank’s participation in consolidated obligation discount notes. Book Value Par Value Weighted-average As of March 31, 2024 $ 15,816 $ 16,215 5.02 As of December 31, 2023 $ 25,972 $ 26,241 5.25 |
Affordable Housing Program (Tab
Affordable Housing Program (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Federal Home Loan Banks [Abstract] | |
Activity in Affordable Housing Program Obligation [Table Text Block] | The following table presents a rollforward of the Bank’s AHP liability, including voluntary AHP non-statutory contributions: For the Three Months Ended March 31, 2024 2023 Balance, beginning of year $ 108 $ 59 AHP assessment 22 14 Voluntary AHP non-statutory contributions 5 — Subsidy usage, net (11) (10) Balance, end of period $ 124 $ 63 |
Allocation of Voluntary Housing Contributions [Table Text Block] | The following table presents voluntary housing contributions reported in noninterest expense as “Voluntary housing contributions” on the Statements of Income which were allocated as follows: For the Three Months Ended March 31, 2024 2023 AHP Homeownership Set-aside Program $ 3 $ — AHP General Fund 2 — Total voluntary housing contributions $ 5 $ — |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Compliance With Regulatory Capital Requirements | 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, 2024 As of December 31, 2023 Required Actual Required Actual Risk-based capital $ 1,243 $ 8,245 $ 1,288 $ 8,121 Total regulatory capital ratio 4.00 % 5.77 % 4.00 % 5.33 % Total regulatory capital (1) $ 5,712 $ 8,245 $ 6,095 $ 8,121 Leverage capital ratio 5.00 % 8.66 % 5.00 % 7.99 % Leverage capital $ 7,140 $ 12,368 $ 7,619 $ 12,182 ____________ (1) Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. |
Schedule of declared quarterly cash dividends | 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 2024 and 2023. 2024 2023 Amount Annualized Rate (%) Amount Annualized Rate (%) First quarter $ 117 7.35 $ 78 6.37 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components Comprising Accumulated Other Comprehensive Income (loss) | The following table presents the components comprising accumulated other comprehensive income (loss). Net Unrealized Gains (Losses) on Available-for-sale Securities Pension and Postretirement Benefits Total Accumulated Balance, December 31, 2022 $ (34) $ — $ (34) Other comprehensive income before reclassifications: Net unrealized gains on available-for-sale securities 17 — 17 Balance, March 31, 2023 $ (17) $ — $ (17) Balance, December 31, 2023 $ (5) $ — $ (5) Other comprehensive income before reclassifications: Net unrealized gains on available-for-sale securities 8 — 8 Balance, March 31, 2024 $ 3 $ — $ 3 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Notional Amount of Derivatives Derivative Assets Derivative Liabilities Notional Amount of Derivatives Derivative Assets Derivative Liabilities Derivatives in hedging relationships: Interest-rate swaps (1) $ 101,574 $ 312 $ 1,566 $ 107,578 $ 215 $ 1,603 Derivatives not designated as hedging instruments: Interest-rate swaps (1) 71 2 1 69 2 1 Interest-rate caps or floors 4,000 — — 4,000 — — Total derivatives not designated as hedging instruments 4,071 2 1 4,069 2 1 Total derivatives before netting and collateral adjustments $ 105,645 314 1,567 $ 111,647 217 1,604 Netting adjustments and cash collateral (2) 110 (1,540) 306 (1,599) Derivative assets and derivative liabilities $ 424 $ 27 $ 523 $ 5 ___________ (1) Includes variation margin for daily settled contracts of negative $721 and negative $503 as of March 31, 2024 and December 31, 2023, 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, including accrued interest, was $1,651 and $1,921 as of March 31, 2024 and December 31, 2023, respectively. Cash collateral received including accrued interest, was $2 and $15 as of March 31, 2024 and December 31, 2023, respectively. |
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, For the Three Months Ended March 31, 2024 2023 Interest Income (Expense) Advances Available-for-sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Advances Available-for-sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Total interest income (expense) recorded in the Statements of Income $ 1,466 $ 35 $ (1,620) $ (294) $ 1,507 $ 14 $ (1,360) $ (516) Changes in fair value: Hedged items (2) $ (250) $ (42) $ 136 $ 15 $ 229 $ 1 $ (370) $ (18) Derivatives 255 42 9 (15) (237) (1) 449 16 Net changes in fair value 5 — 145 — (8) — 79 (2) Net interest settlements on derivatives (1) (2) 133 6 (330) (1) 90 — (285) (2) Amortization/accretion of active hedging relationships — — (141) — 2 — (76) — Other (1) — (2) (1) (1) — (1) — Total net interest income effect from fair value hedging relationships $ 137 $ 6 $ (328) $ (2) $ 83 $ — $ (283) $ (4) ____________ (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) |
Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the total basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of March 31, 2024 Advances Available-for-sale Securities Consolidated Obligations Consolidated Obligations Amortized cost of hedged asset or liability (1) $ 24,650 $ 2,428 $ 62,823 $ 10,277 Fair Value Hedging adjustments Basis adjustment for active hedging relationships included in amortized cost $ (586) $ 17 $ (1,431) $ (11) Basis adjustments for discontinued hedging relationships included in amortized cost (6) — (15) — Total amounts of fair value hedging basis adjustments $ (592) $ 17 $ (1,446) $ (11) As of December 31, 2023 Advances Available-for-sale Securities Consolidated Obligations Consolidated Obligations Amortized cost of hedged asset or liability (1) $ 25,175 $ 2,455 $ 71,637 $ 6,862 Fair Value Hedging adjustments Basis adjustment for active hedging relationships included in amortized cost $ (339) $ 59 $ (1,436) $ 3 Basis adjustments for discontinued hedging relationships included in amortized cost (10) — (16) — Total amounts of fair value hedging basis adjustments $ (349) $ 59 $ (1,452) $ 3 ___________ (1) Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes fair value hedging adjustments. |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | For the Three Months Ended March 31, |
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, 2024 As of December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Gross recognized amount: Uncleared derivatives $ 299 $ 1,554 $ 200 $ 1,592 Cleared derivatives 15 13 17 12 Total gross recognized amount 314 1,567 217 1,604 Gross amounts of netting adjustments and cash collateral: Uncleared derivatives (299) (1,527) (190) (1,587) Cleared derivatives 409 (13) 496 (12) Total gross amounts of netting adjustments and cash collateral 110 (1,540) 306 (1,599) Net amounts after netting adjustments and cash collateral: Uncleared derivatives — 27 10 5 Cleared derivatives 424 — 513 — Total net amounts after netting adjustments and cash collateral 424 27 523 5 Non-cash collateral received or pledged not offset-cannot be sold or repledged: Uncleared derivatives — — — — Cleared derivatives — — — — Total cannot be sold or repledged — — — — Net unsecured amounts: Uncleared derivatives — 27 10 5 Cleared derivatives 424 — 513 — Total net unsecured amount $ 424 $ 27 $ 523 $ 5 |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
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, 2024 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 89 $ 89 $ 89 $ — $ — Interest-bearing deposits 1,701 1,701 — 1,701 — Securities purchased under agreements to resell 6,000 6,000 — 6,000 — Federal funds sold 6,760 6,760 — 6,760 — Available-for-sale securities (1) 2,431 2,431 — 2,431 — Held-to-maturity securities 27,940 27,576 — 27,576 — Advances 96,610 96,662 — 96,662 — Mortgage loans held for portfolio, net 100 96 — 96 — Accrued interest receivable 623 623 — 623 — Derivative assets (1) 424 424 — 314 110 Grantor trust assets (included in Other assets) (1) 27 27 27 — — Liabilities: Interest-bearing deposits 1,718 1,718 — 1,718 — Consolidated obligations, net: Discount notes 15,816 15,813 — 15,813 — Bonds 115,924 115,688 — 115,688 — Accrued interest payable 857 857 — 857 — Derivative liabilities (1) 27 27 — 1,567 (1,540) ____________ (1) Financial instruments measured at fair value on a recurring basis. (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. As of December 31, 2023 Estimated Fair Value Carrying Value Total Level 1 Level 2 Netting Adjustments and Cash Collateral (2) Assets: Cash and due from banks $ 142 $ 142 $ 142 $ — $ — Interest-bearing deposits 1,833 1,833 — 1,833 — Securities purchased under agreements to resell 12,500 12,500 — 12,500 — Federal funds sold 8,710 8,710 — 8,710 — Available-for-sale securities (1) 2,450 2,450 — 2,450 — Held-to-maturity securities 28,714 28,335 — 28,335 — Advances 96,608 96,599 — 96,599 — Mortgage loans held for portfolio, net 103 101 — 101 — Accrued interest receivable 673 673 — 673 — Derivative assets (1) 523 523 — 217 306 Grantor trust assets (included in Other assets) (1) 26 26 26 — — Liabilities: Interest-bearing deposits 1,568 1,568 — 1,568 — Consolidated obligations, net: Discount notes 25,972 25,968 — 25,968 — Bonds 115,600 115,280 — 115,280 — Accrued interest payable 902 902 — 902 — Derivative liabilities (1) 5 5 — 1,604 (1,599) ____________ (1) Financial instruments measured at fair value on a recurring basis. (2) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off Balance Sheet Commitments [Table Text Block] | The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations. As of March 31, 2024 As of December 31, 2023 Expire Within One Year Expire After One Year Total Expire Within One Year Expire After One Year Total Standby letters of credit (1) $ 8,361 $ 10,436 $ 18,797 $ 8,086 $ 7,557 $ 15,643 Unsettled consolidated obligation bonds, at par (2) 1,750 — 1,750 — — — ____________ (1) “Expire Within One Year” includes 21 standby letters of credit for a total of $30 as of March 31, 2024 and December 31, 2023, 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, 2024 | |
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, 2024 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 Truist Bank $ 1,197 21.21 $ 24,701 25.41 $ — — Bank of America, National Association 862 15.27 17,754 18.27 — 0.01 As of December 31, 2023 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 Truist Bank $ 1,197 21.38 $ 24,701 25.48 $ — — Bank of America, National Association 850 15.19 17,504 18.05 — 0.01 |
Available -for-sale Securities
Available -for-sale Securities (Available-for-sale by Major Security Type) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, amortized cost | [1] | $ 2,428 | $ 2,455 |
Gross unrealized gains on available-for-sale securities | 3 | 0 | |
Gross unrealized loss on available-for-sale securities | 0 | (5) | |
Available-for-Sale, Estimated Fair Value | 2,431 | 2,450 | |
Accrued Interest on Available-for sale | 11 | 11 | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, amortized cost | [1],[2] | 2,187 | 2,208 |
Gross unrealized gains on available-for-sale securities | 1 | 0 | |
Gross unrealized loss on available-for-sale securities | 0 | (5) | |
Available-for-Sale, Estimated Fair Value | 2,188 | 2,203 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, amortized cost | [1] | 241 | 247 |
Gross unrealized gains on available-for-sale securities | 2 | 0 | |
Gross unrealized loss on available-for-sale securities | 0 | 0 | |
Available-for-Sale, Estimated Fair Value | $ 243 | $ 247 | |
[1]Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $11 as of March 31, 2024 and December 31, 2023. (2) All U.S. Treasury obligations as of March 31, 2024 and December 31, 2023 have contractual maturities that are due after one year through five years. |
Available-for-sale Securities (
Available-for-sale Securities (Summary of Available-for-sale Securities in a Continuous Unrealized Loss Position) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | $ 2,352 |
Available-for sale. Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5) |
US Treasury Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | 2,105 |
Available-for sale. Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | 247 |
Available-for sale. Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 |
Available -for- sale Securities
Available -for- sale Securities- Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for Credit Loss | $ 0 | $ 0 |
Held-to-maturity Securities (He
Held-to-maturity Securities (Held-to-maturity by Major Security Type) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | $ 27,940 | $ 28,714 |
Held-to-maturity securities Gross Unrealized Gains | 29 | 40 | |
Gross Unrealized Losses on held-to-maturity securities | (393) | (419) | |
Held-to-maturity securities, fair value | 27,576 | 28,335 | |
Held-to -maturity Securities accrued interest receivable | 70 | 72 | |
State or local housing agency debt obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | 1 | 1 |
Held-to-maturity securities Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses on held-to-maturity securities | 0 | 0 | |
Held-to-maturity securities, fair value | 1 | 1 | |
Government-Sponsored Enterprises Debt Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | 1,345 | 1,475 |
Held-to-maturity securities Gross Unrealized Gains | 3 | 4 | |
Gross Unrealized Losses on held-to-maturity securities | (6) | (12) | |
Held-to-maturity securities, fair value | 1,342 | 1,467 | |
Residential [Member] | U.S. agency obligations-guaranteed residential [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | 2,517 | 2,715 |
Held-to-maturity securities Gross Unrealized Gains | 2 | 9 | |
Gross Unrealized Losses on held-to-maturity securities | (37) | (32) | |
Held-to-maturity securities, fair value | 2,482 | 2,692 | |
Residential [Member] | Government-sponsored enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | 8,105 | 8,311 |
Held-to-maturity securities Gross Unrealized Gains | 12 | 18 | |
Gross Unrealized Losses on held-to-maturity securities | (168) | (185) | |
Held-to-maturity securities, fair value | 7,949 | 8,144 | |
Commercial [Member] | Government-sponsored enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | 15,972 | 16,212 |
Held-to-maturity securities Gross Unrealized Gains | 12 | 9 | |
Gross Unrealized Losses on held-to-maturity securities | (182) | (190) | |
Held-to-maturity securities, fair value | $ 15,802 | $ 16,031 | |
[1]Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively |
Held-to-maturity Securities (Re
Held-to-maturity Securities (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | $ 27,940 | $ 28,714 |
Estimated fair value of held-to-maturity securites | 27,576 | 28,335 | |
Held-to -maturity Securities accrued interest receivable | 70 | 72 | |
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 | [1] | 550 | 680 |
Amortized cost of held-to-maturity securities due after one year through five years | [1] | 736 | 736 |
Amortized Cost of held-to-maturity securities due after five years through ten years | [1] | 60 | 60 |
Estimated fair value of held-to-maturity securities due in one year or less | 544 | 668 | |
Estimated fair value of held-to-maturity securities due after one year through five years | 739 | 740 | |
Estimated fair value of Held-to-maturity securities due after five years through ten years | 60 | 60 | |
Held-to-Maturity, Amortized Cost | [1] | 1,346 | 1,476 |
Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 1,343 | 1,468 | |
Mortgage-backed securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-Maturity, Amortized Cost | [1] | 26,594 | 27,238 |
Held-to-Maturity Mortgage-backed securities, Fair Value | $ 26,233 | $ 26,867 | |
[1]Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, respectively |
Held-to-maturities Securities-
Held-to-maturities Securities- Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for Credit Loss | $ 0 | $ 0 |
Advances Advances (Redemption T
Advances Advances (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Advances [Abstract] | |||
Due in one year or less | $ 69,910 | $ 70,501 | |
Due after one year through two years | 8,539 | 6,038 | |
Due after two years through three years | 4,158 | 5,375 | |
Due after three years through four years | 3,415 | 3,075 | |
Due after four years through five years | 5,904 | 7,544 | |
Due after five years | 5,272 | 4,415 | |
Total par value | 97,198 | 96,948 | |
Deferred prepayment fees | 5 | 10 | |
Discount on EDGE advances | (1) | (1) | |
Hedging adjustments | (592) | (349) | |
Total Federal Home Loan Bank Advances | [1] | 96,610 | 96,608 |
Accrued Interest Receivable, Advances Disclosure | $ 533 | $ 577 | |
[1]Carrying amounts exclude accrued interest receivable of $533 and $577 as of March 31, 2024 and December 31, 2023, respectively. |
Advances (Advances by Year of C
Advances (Advances by Year of Contractual Maturity for Convertible Advances) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Advances [Abstract] | ||
Due or convertible in one year or less | $ 72,759 | $ 72,951 |
Due or convertible after one year through two years | 8,469 | 6,154 |
Due or convertible after two years through three years | 3,690 | 5,117 |
Due or convertible after three years through four years | 3,288 | 3,040 |
Due or convertible after four years through five years | 4,032 | 5,584 |
Due or convertible after five years | 4,960 | 4,102 |
Total par value | $ 97,198 | $ 96,948 |
Advances (Interest-rate Payment
Advances (Interest-rate Payment Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Advances [Abstract] | ||
Fixed-rate, due in one year or less | $ 16,525 | $ 17,162 |
Fixed-rate, due after one year | 21,258 | 22,100 |
Total fixed-rate | 37,783 | 39,262 |
Variable-rate, due in one year or less | 53,385 | 53,339 |
Variable-rate, due after one year | 6,030 | 4,347 |
Total variable-rate | 59,415 | 57,686 |
Total par value | $ 97,198 | $ 96,948 |
Advances (Credit Risk Narrative
Advances (Credit Risk Narrative) (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) Institutions | Dec. 31, 2023 USD ($) Institutions |
Advances [Abstract] | ||
Number of Top Advances Borrowers | Institutions | 10 | 10 |
Advances to Ten Largest Borrowers | $ 70,323 | $ 70,499 |
Advances Ten Largest Borrowers Percent of Total | 72.40% | 72.70% |
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, 2024 | Dec. 31, 2023 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 100 | $ 103 | |
Total mortgage loans held for portfolio | [1] | 100 | 103 |
Allowance for credit losses on mortgage loans | 0 | 0 | |
Mortgage loans held for portfolio, net | 100 | 103 | |
Fixed-rate medium-term residential mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 1 | $ 1 | |
Mortgage Loans on Real Estate, Original Contractual Terms | 15 years | 15 years | |
Fixed-rate long-term residential mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 99 | $ 102 | |
Conventional Mortgage Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | 91 | 94 | |
Government-guaranteed or insured mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 9 | $ 9 | |
[1] Excludes accrued interest receivable that was not material for the reported periods. |
Mortgage Loans Held for Portf_4
Mortgage Loans Held for Portfolio Roll-forward of Allowance for Credit Losses (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Balance, beginning of period | $ 0 |
Balance, end of period | $ 0 |
Mortgage Loans Held for Portf_5
Mortgage Loans Held for Portfolio Credit Quality Indicators (Details) - Residential Portfolio Segment [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
In process of foreclosure at amortized cost | [1] | $ 1 | $ 1 |
Financing Receivable, Percent Past Due | [2] | 2.30% | 2.19% |
Past due 90 days or more and still accruing interest at amortized cost | [3] | $ 0 | $ 0 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 2 | 2 |
Government-guaranteed or insured mortgage loans [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
In process of foreclosure at amortized cost | [1] | $ 0 | $ 0 |
Financing Receivable, Percent Past Due | [2] | 2.59% | 2.43% |
Past due 90 days or more and still accruing interest at amortized cost | [3] | $ 0 | $ 0 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 0 | 0 |
Conventional Mortgage Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | [5] | 91 | 94 |
In process of foreclosure at amortized cost | [1] | $ 1 | $ 1 |
Financing Receivable, Percent Past Due | [2] | 2.27% | 2.17% |
Past due 90 days or more and still accruing interest at amortized cost | [3] | $ 0 | $ 0 |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | [4] | 2 | 2 |
Loans on nonaccrual status at amortized cost with an associated allowance for credit losses | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2 | 2 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1 | 1 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2 | 2 | |
Financial Asset, Past Due | Conventional Mortgage Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 5 | 5 | |
Financial Asset, Not Past Due | Conventional Mortgage Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 86 | $ 89 | |
[1]Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported.[2] 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. Amortized cost excludes accrued interest receivable that was not material for the reported periods. |
Consolidated Obligations (Narra
Consolidated Obligations (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 bank | |
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, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 117,371 | $ 117,053 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 64,926 | 74,641 |
Simple variable-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 48,724 | 38,288 |
Step up/down [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 3,721 | $ 4,124 |
Consolidated Obligations (Redem
Consolidated Obligations (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 115,924 | $ 115,600 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 88,286 | 84,908 |
Bonds, Due after one year through two years | 12,781 | 12,584 |
Bonds, Due after two years through three years | 9,768 | 9,736 |
Bonds, Due after three years through four years | 4,053 | 6,172 |
Bonds, Due after four years through five years | 1,397 | 2,552 |
Bonds, Due after five years | 1,086 | 1,101 |
Bonds par value | 117,371 | 117,053 |
Premiums | 11 | 12 |
Discounts | (12) | (13) |
Hedging adjustments | (1,446) | (1,452) |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 115,924 | $ 115,600 |
Bonds, Due in one year or less, weighted average interest rate | 4.68% | 4.77% |
Bonds, Due after one year through two years, weighted average interest rate | 2.85% | 2.71% |
Bonds, Due after two years through three years, weighted average interest rate | 1.77% | 1.66% |
Bonds, Due after three years through four years, weighted average interest rate | 3.29% | 2.70% |
Bonds, Due after four years through five years, weighted average interest rate | 3.06% | 3.06% |
Bonds, Due after five years, weighted average interest rate | 3.21% | 3.07% |
Total, weighted average interest rate | 4.16% | 4.13% |
Consolidated Obligations (Bonds
Consolidated Obligations (Bonds by Callable Feature) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Bonds par value | $ 117,371 | $ 117,053 |
Noncallable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 72,950 | 52,117 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 44,421 | $ 64,936 |
Consolidated Obligations (Bon_2
Consolidated Obligations (Bonds by Maturity or Call Date) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | $ 88,286 | $ 84,908 |
Bonds, Due after one year through two years | 12,781 | 12,584 |
Bonds, Due after two years through three years | 9,768 | 9,736 |
Bonds, Due after three years through four years | 4,053 | 6,172 |
Bonds, Due after four years through five years | 1,397 | 2,552 |
Bonds, Due after five years | 1,086 | 1,101 |
Bonds par value | 117,371 | 117,053 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 111,215 | 110,423 |
Bonds, Due after one year through two years | 2,617 | 2,691 |
Bonds, Due after two years through three years | 1,437 | 1,776 |
Bonds, Due after three years through four years | 690 | 451 |
Bonds, Due after four years through five years | 1,006 | 1,307 |
Bonds, Due after five years | $ 406 | $ 405 |
Consolidated Obligations (Disco
Consolidated Obligations (Discount Notes) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Discount notes | $ 15,816 | $ 25,972 |
Discount Notes | ||
Short-term Debt [Line Items] | ||
Discount notes | 15,816 | 25,972 |
Discount notes par value | $ 16,215 | $ 26,241 |
Discount notes weighted average interest rate | 5.02% | 5.25% |
Affordable Housing Program (Rol
Affordable Housing Program (Roll-forward) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Affordable Housing Program [Roll Forward] | ||
Affordable Housing Program Obligation, Beginning Balance | $ 108 | $ 59 |
AHP assessment | 22 | 14 |
Voluntary AHP non-statutory contributions | 5 | 0 |
Subsidy usage, net | (11) | (10) |
Affordable Housing Program Obligation, Ending Balance | $ 124 | $ 63 |
Allocation of voluntary housing
Allocation of voluntary housing contributions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Voluntary Housing Contributions | ||
AHP Homeownership Set-aside Program | $ 3 | $ 0 |
AHP General Fund | 2 | 0 |
Voluntary housing contribution | $ 5 | $ 0 |
Affordable Housing Program (Det
Affordable Housing Program (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Federal Home Loan Banks [Abstract] | |
Authorized voluntary housing contributions | $ 36 |
Authorized voluntary AHP non-statutory contributions | 23 |
Authorized voluntary non-AHP contributions | $ 13 |
Capital (Regulatory Capital Rul
Capital (Regulatory Capital Rules and Requirements) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Banking Regulation, Total Capital [Abstract] | |||
Risk-based capital, Required | $ 1,243 | $ 1,288 | |
Risk-based capital, Actual | $ 8,245 | $ 8,121 | |
Total regulatory capital ratio, Required | 4% | 4% | |
Total regulatory capital ratio, Actual | 5.77% | 5.33% | |
Total regulatory capital, Required | [1] | $ 5,712 | $ 6,095 |
Total regulatory capital, Actual | [1] | $ 8,245 | $ 8,121 |
Leverage capital ratio, Required | 5% | 5% | |
Leverage capital ratio, Actual | 8.66% | 7.99% | |
Leverage capital, Required | $ 7,140 | $ 7,619 | |
Leverage capital, Actual | $ 12,368 | $ 12,182 | |
[1]Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. |
Capital Schedule of Declared an
Capital Schedule of Declared and Paid Quarterly Dividends (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends, Common Stock, Cash | $ 117 | $ 78 |
Common Stock Dividend-Annualized Rate | 7.35% | 6.37% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Beginning of period | $ (5) | |
Accumulated Other Comprehensive Income (Loss), End of period | 3 | |
Net Unrealized Gains (Losses) on Available-for-sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Beginning of period | (5) | $ (34) |
Net unrealized gains on available-for-sale securities | 8 | 17 |
Accumulated Other Comprehensive Income (Loss), End of period | 3 | (17) |
Pension and Postretirement Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 0 | 0 |
Net unrealized gains on available-for-sale securities | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), End of period | 0 | 0 |
Total Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated Other Comprehensive Income (Loss), Beginning of period | (5) | (34) |
Net unrealized gains on available-for-sale securities | 8 | 17 |
Accumulated Other Comprehensive Income (Loss), End of period | $ 3 | $ (17) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 105,645 | $ 111,647 | |
Variation Margin for Daily Settled Contracts, Net | 721 | 503 | |
Cash collateral posted | 1,651 | 1,921 | |
Cash collateral received | 2 | 15 | |
Derivative Assets | 314 | 217 | |
Derivative Liabilities | 1,567 | 1,604 | |
Netting adjustments and cash collateral | [1],[2] | 110 | 306 |
Net adjustment and cash collateral | [1],[2] | (1,540) | (1,599) |
Derivative assets | 424 | 523 | |
Derivative liabilities | 27 | 5 | |
Designated as Hedging Instrument [Member] | Interest-rate swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [3] | 101,574 | 107,578 |
Derivative Assets | [3] | 312 | 215 |
Derivative Liabilities | [3] | 1,566 | 1,603 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,071 | 4,069 | |
Derivative Assets | 2 | 2 | |
Derivative Liabilities | 1 | 1 | |
Not Designated as Hedging Instrument [Member] | Interest-rate swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [3] | 71 | 69 |
Derivative Assets | [3] | 2 | 2 |
Derivative Liabilities | [3] | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Interest rate caps or floors [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,000 | 4,000 | |
Derivative Assets | 0 | 0 | |
Derivative Liabilities | $ 0 | $ 0 | |
[1] Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest, was $1,651 and $1,921 as of March 31, 2024 and December 31, 2023, respectively. Cash collateral received including accrued interest, was $2 and $15 as of March 31, 2024 and December 31, 2023, respectively. Includes variation margin for daily settled contracts of negative $721 and negative $503 as of March 31, 2024 and December 31, 2023, respectively. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Net Gains (Losses) on Fair Value Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income, Advances | $ 1,466 | $ 1,507 | ||
Available-for-sale securities | 35 | 14 | ||
Interest Expense, Other Long-term Debt | (1,620) | (1,360) | ||
Interest Expense, Consolidated Obligation Discount notes | (294) | (516) | ||
Interest Income [Member] | Advances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged Items | [1] | (250) | 229 | |
Derivatives | 255 | (237) | ||
Net changes in fair value | 5 | (8) | ||
Net interest settlements on derivatives | [1],[2] | 133 | 90 | |
Amortization Accretion of Active Hedging Relationships | 0 | 2 | ||
Other | (1) | (1) | ||
Total net interest (expense) income effect from fair value hedging relationships | 137 | 83 | ||
Interest Income [Member] | Available-for-sale Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged Items | [1] | (42) | 1 | |
Derivatives | 42 | (1) | ||
Net changes in fair value | 0 | 0 | ||
Net interest settlements on derivatives | 6 | [1],[2] | 0 | |
Amortization Accretion of Active Hedging Relationships | 0 | 0 | ||
Other | 0 | 0 | ||
Total net interest (expense) income effect from fair value hedging relationships | 6 | 0 | ||
Interest Expense [Member] | Bonds | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged Items | [1] | 136 | (370) | |
Derivatives | 9 | 449 | ||
Net changes in fair value | 145 | 79 | ||
Net interest settlements on derivatives | [1],[2] | (330) | (285) | |
Amortization Accretion of Active Hedging Relationships | (141) | (76) | ||
Other | (2) | (1) | ||
Total net interest (expense) income effect from fair value hedging relationships | (328) | (283) | ||
Interest Expense [Member] | Discount Notes | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged Items | [1] | 15 | (18) | |
Derivatives | (15) | 16 | ||
Net changes in fair value | 0 | (2) | ||
Net interest settlements on derivatives | [1],[2] | (1) | (2) | |
Amortization Accretion of Active Hedging Relationships | 0 | 0 | ||
Other | (1) | 0 | ||
Total net interest (expense) income effect from fair value hedging relationships | $ (2) | $ (4) | ||
[1]Excludes the interest income/expense of the respective hedged items[2]Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Total Basis Adjustments for Fair Value Hedges) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Advances [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Asset | [1] | $ 24,650 | $ 25,175 |
Basis Adjustments for Active Hedging Relationships Included in Amortized Cost | (586) | (339) | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | (6) | (10) | |
Total Amount of Fair Value Hedging Basis Adjustments | (592) | (349) | |
Discount Notes | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Liability | [1] | 10,277 | 6,862 |
Basis Adjustments for Active Hedging Relationships included in Amortized Cost) | (11) | 3 | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | 0 | 0 | |
Total Amount of Fair Value Hedging Basis Adjustments | (11) | 3 | |
Bonds | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Liability | [1] | 62,823 | 71,637 |
Basis Adjustments for Active Hedging Relationships included in Amortized Cost) | (1,431) | (1,436) | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | (15) | (16) | |
Total Amount of Fair Value Hedging Basis Adjustments | (1,446) | (1,452) | |
Available-for-sale Securities [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized Cost of Hedged Asset | [1] | 2,428 | 2,455 |
Basis Adjustments for Active Hedging Relationships Included in Amortized Cost | 17 | 59 | |
Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | 0 | 0 | |
Total Amount of Fair Value Hedging Basis Adjustments | $ 17 | $ 59 | |
[1] Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes fair value hedging adjustments. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | $ 314 | $ 217 | |
Derivative Liability | 1,567 | 1,604 | |
Total gross amounts of netting adjustments and cash collateral | [1],[2] | 110 | 306 |
Net adjustment and cash collateral | [1],[2] | (1,540) | (1,599) |
Derivative assets | 424 | 523 | |
Derivative liabilities (1) | 27 | 5 | |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 424 | 523 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 27 | 5 | |
Uncleared derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 299 | 200 | |
Derivative Liability | 1,554 | 1,592 | |
Total gross amounts of netting adjustments and cash collateral | (299) | (190) | |
Net adjustment and cash collateral | (1,527) | (1,587) | |
Derivative assets | 0 | 10 | |
Derivative liabilities (1) | 27 | 5 | |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 10 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 27 | 5 | |
Cleared derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 15 | 17 | |
Derivative Liability | 13 | 12 | |
Total gross amounts of netting adjustments and cash collateral | 409 | 496 | |
Net adjustment and cash collateral | (13) | (12) | |
Derivative assets | 424 | 513 | |
Derivative liabilities (1) | 0 | 0 | |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 424 | 513 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 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, including accrued interest, was $1,651 and $1,921 as of March 31, 2024 and December 31, 2023, respectively. Cash collateral received including accrued interest, was $2 and $15 as of March 31, 2024 and December 31, 2023, respectively. |
Estimated Fair Values (Fair Val
Estimated Fair Values (Fair Value Summary) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |||
Assets: | |||||
Cash and Due from Banks | $ 89 | $ 142 | |||
Securities purchased under agreements to resell | 0 | ||||
Available-for-Sale, Estimated Fair Value | 2,431 | 2,450 | |||
Held-to-Maturity, Amortized Cost | [1] | 27,940 | 28,714 | ||
Held-to-maturity securities, fair value | 27,576 | 28,335 | |||
Interest Receivable | 623 | 673 | |||
Derivative assets | 424 | 523 | |||
Netting adjustments and cash collateral | [2],[3] | 110 | 306 | ||
Liabilities: | |||||
Interest Payable | 857 | 902 | |||
Derivative liabilities (1) | 27 | 5 | |||
Net adjustment and cash collateral | [2],[3] | (1,540) | (1,599) | ||
Fair Value, Inputs, Level 1 [Member] | |||||
Assets: | |||||
Cash and Due from Banks | 89 | 142 | |||
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |||
Securities purchased under agreements to resell | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Held-to-maturity securities, fair value | 0 | 0 | |||
Advances | 0 | 0 | |||
Mortgage loans held for portfolio, net | 0 | 0 | |||
Interest Receivable | 0 | 0 | |||
Liabilities: | |||||
Interest-bearing deposits | 0 | 0 | |||
Interest Payable | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Assets: | |||||
Cash and Due from Banks | 0 | 0 | |||
Interest-bearing Deposits, Fair Value Disclosure | 1,701 | 1,833 | |||
Securities purchased under agreements to resell | 6,000 | 12,500 | |||
Federal funds sold | 6,760 | 8,710 | |||
Held-to-maturity securities, fair value | 27,576 | 28,335 | |||
Advances | 96,662 | 96,599 | |||
Mortgage loans held for portfolio, net | 96 | 101 | |||
Interest Receivable | 623 | 673 | |||
Liabilities: | |||||
Interest-bearing deposits | 1,718 | 1,568 | |||
Interest Payable | 857 | 902 | |||
Carrying Value [Member] | |||||
Assets: | |||||
Cash and Due from Banks | 89 | 142 | |||
Interest-bearing Deposits, Fair Value Disclosure | 1,701 | 1,833 | |||
Securities purchased under agreements to resell | 6,000 | 12,500 | |||
Federal funds sold | 6,760 | 8,710 | |||
Held-to-Maturity, Amortized Cost | 27,940 | 28,714 | |||
Advances | 96,610 | 96,608 | |||
Mortgage loans held for portfolio, net | 100 | 103 | |||
Interest Receivable | 623 | 673 | |||
Liabilities: | |||||
Interest-bearing deposits | 1,718 | 1,568 | |||
Interest Payable | 857 | 902 | |||
Estimate of Fair Value Measurement [Member] | |||||
Assets: | |||||
Cash and Due from Banks | 89 | 142 | |||
Interest-bearing Deposits, Fair Value Disclosure | 1,701 | 1,833 | |||
Securities purchased under agreements to resell | 6,000 | 12,500 | |||
Federal funds sold | 6,760 | 8,710 | |||
Held-to-maturity securities, fair value | 27,576 | 28,335 | |||
Advances | 96,662 | 96,599 | |||
Mortgage loans held for portfolio, net | 96 | 101 | |||
Interest Receivable | 623 | 673 | |||
Liabilities: | |||||
Interest-bearing deposits | 1,718 | 1,568 | |||
Interest Payable | 857 | 902 | |||
Discount Notes | Fair Value, Inputs, Level 1 [Member] | |||||
Liabilities: | |||||
Discount notes | 0 | 0 | |||
Discount Notes | Fair Value, Inputs, Level 2 [Member] | |||||
Liabilities: | |||||
Discount notes | 15,813 | 25,968 | |||
Discount Notes | Carrying Value [Member] | |||||
Liabilities: | |||||
Discount notes | 15,816 | 25,972 | |||
Discount Notes | Estimate of Fair Value Measurement [Member] | |||||
Liabilities: | |||||
Discount notes | 15,813 | 25,968 | |||
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 | 115,688 | 115,280 | |||
Consolidated Obligation Bonds [Member] | Carrying Value [Member] | |||||
Liabilities: | |||||
Bonds | 115,924 | 115,600 | |||
Consolidated Obligation Bonds [Member] | Estimate of Fair Value Measurement [Member] | |||||
Liabilities: | |||||
Bonds | 115,688 | 115,280 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Assets: | |||||
Available-for-Sale, Estimated Fair Value | [4] | 0 | 0 | ||
Derivative assets | [4] | 0 | 0 | ||
Grantor trust assets (included in Other assets) (1) | [4] | 27 | 26 | ||
Liabilities: | |||||
Derivative liabilities (1) | 0 | [3] | 0 | [4] | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Assets: | |||||
Available-for-Sale, Estimated Fair Value | [4] | 2,431 | 2,450 | ||
Derivative assets | [4] | 314 | 217 | ||
Grantor trust assets (included in Other assets) (1) | [4] | 0 | 0 | ||
Liabilities: | |||||
Derivative liabilities (1) | 1,567 | [3] | 1,604 | [4] | |
Fair Value, Recurring [Member] | Carrying Value [Member] | |||||
Assets: | |||||
Available-for-Sale, Estimated Fair Value | [4] | 2,431 | 2,450 | ||
Derivative assets | [4] | 424 | 523 | ||
Grantor trust assets (included in Other assets) (1) | [4] | 27 | 26 | ||
Liabilities: | |||||
Derivative liabilities (1) | 27 | [3] | 5 | [4] | |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||
Assets: | |||||
Available-for-Sale, Estimated Fair Value | [4] | 2,431 | 2,450 | ||
Derivative assets | [4] | 424 | 523 | ||
Grantor trust assets (included in Other assets) (1) | [4] | 27 | 26 | ||
Liabilities: | |||||
Derivative liabilities (1) | $ 27 | [3] | $ 5 | [4] | |
[1]Excludes accrued interest receivable of $70 and $72 as of March 31, 2024 and December 31, 2023, 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, including accrued interest, was $1,651 and $1,921 as of March 31, 2024 and December 31, 2023, respectively. Cash collateral received including accrued interest, was $2 and $15 as of March 31, 2024 and December 31, 2023, respectively. Financial instruments measured at fair value on a recurring basis. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2024 USD ($) letter_of_credit | Dec. 31, 2023 USD ($) letter_of_credit | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | $ 8,361 | $ 8,086 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 10,436 | 7,557 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 18,797 | $ 15,643 | |
Number Of Outstanding Standby Letters Of Credit Renewable Annually | letter_of_credit | 21 | 21 | |
Standby Letters Of Credit Issued Renewable Annually | $ 30 | $ 30 | |
Unsettled Consolidated Obligation Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 1,750 | 0 |
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 | $ 1,750 | $ 0 | |
[1] “Expire Within One Year” includes 21 standby letters of credit for a total of $30 as of March 31, 2024 and December 31, 2023, which have no stated maturity date and are subject to renewal on an annual basis. Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations. |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
The FHLBank's outstanding consolidated obligations for which the Bank is jointly and severally liable | $ 1,038,838 | $ 1,061,022 |
Other liabilities | 89 | 99 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other liabilities | $ 31 | $ 26 |
Transactions With Shareholder_2
Transactions With Shareholders (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Minimum | |||
Definition of related party, minimum percent | 10% | ||
Definition of shareholder concentration, percentage | 10% | ||
Regulatory Capital Stock Outstanding | [1] | $ 8,245 | $ 8,121 |
Federal Home Loan Bank, Advances, Par Value | 97,198 | 96,948 | |
Truist | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 1,197 | $ 1,197 | |
Percent of Total Regulatory Capital Stock Outstanding | 21.21% | 21.38% | |
Federal Home Loan Bank, Advances, Par Value | $ 24,701 | $ 24,701 | |
Percent of Total Par Value Advances | 25.41% | 25.48% | |
Interest-bearing Deposits | $ 0 | $ 0 | |
Percent of Total Interest-bearing Deposits | 0% | 0% | |
BANK OF AMERICA, NATIONAL ASSOCIATION | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 862 | $ 850 | |
Percent of Total Regulatory Capital Stock Outstanding | 15.27% | 15.19% | |
Federal Home Loan Bank, Advances, Par Value | $ 17,754 | $ 17,504 | |
Percent of Total Par Value Advances | 18.27% | 18.05% | |
Interest-bearing Deposits | $ 0 | $ 0 | |
Percent of Total Interest-bearing Deposits | 0.01% | 0.01% | |
[1]Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | |
May 02, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | ||
Common Stock Dividend Subsequent Event - Annualized Rate | 7.35% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payments of Dividends | $ 108 |