Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Federal Home Loan Bank of Indianapolis | ' |
Entity Central Index Key | '0001331754 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Common B Shares Outstanding | ' | 17,533,151 |
Statements_of_Condition_Unaudi
Statements of Condition (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Cash and Due from Banks | $4,444,619 | $3,318,564 | ||
Interest-Bearing Deposits | 285 | 485 | ||
Available-for-Sale Securities (Notes 3 and 5) | 3,574,036 | 3,632,835 | ||
Held-to-Maturity Securities (Estimated Fair Values of $7,190,400 and $7,244,318, respectively) (Notes 4 and 5) | 7,072,395 | [1] | 7,146,250 | [1] |
Advances (Note 6) | 19,324,702 | 17,337,418 | ||
Mortgage Loans Held for Portfolio, net of allowance for loan losses of $(3,000) and $(4,500), respectively (Notes 7 and 8) | 6,471,714 | 6,189,804 | ||
Accrued Interest Receivable | 79,329 | 79,072 | ||
Premises, Software, and Equipment, net | 37,878 | 36,278 | ||
Derivative Assets, net (Note 9) | 18,989 | 7,214 | ||
Other Assets | 14,208 | 38,270 | ||
Total Assets | 41,038,155 | 37,786,190 | ||
Liabilities: | ' | ' | ||
Deposits | 1,020,313 | 1,066,632 | ||
Consolidated Obligations (Note 10): | ' | ' | ||
Discount Notes | 10,105,640 | 7,434,890 | ||
Bonds | 26,914,095 | 26,583,925 | ||
Total Consolidated Obligations | 37,019,735 | 34,018,815 | ||
Accrued Interest Payable | 82,089 | 80,757 | ||
Affordable Housing Program Payable (Note 11) | 41,685 | 42,778 | ||
Derivative Liabilities, net (Note 9) | 92,009 | 109,744 | ||
Mandatorily Redeemable Capital Stock (Note 12) | 16,137 | 16,787 | ||
Other Liabilities | 183,096 | 67,074 | ||
Total Liabilities | 38,455,064 | 35,402,587 | ||
Commitments and Contingencies (Note 16) | ' | ' | ||
Capital (Note 12): | ' | ' | ||
Total Capital Stock Putable | 1,725,686 | 1,609,931 | ||
Retained Earnings: | ' | ' | ||
Unrestricted | 694,433 | 666,515 | ||
Restricted | 105,548 | 85,437 | ||
Total Retained Earnings | 799,981 | 751,952 | ||
Total Accumulated Other Comprehensive Income (Note 13) | 57,424 | 21,720 | ||
Total Capital | 2,583,091 | 2,383,603 | ||
Total Liabilities and Capital | 41,038,155 | 37,786,190 | ||
Class B-1 issued and outstanding shares: 17,223 and 16,058, respectively [Member] | ' | ' | ||
Capital (Note 12): | ' | ' | ||
Total Capital Stock Putable | 1,722,322 | 1,605,796 | ||
Class B-2 issued and outstanding shares: 34 and 41, respectively [Member] | ' | ' | ||
Capital (Note 12): | ' | ' | ||
Total Capital Stock Putable | $3,364 | $4,135 | ||
[1] | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. |
Statements_of_Condition_Unaudi1
Statements of Condition (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
HTM Securities | $7,190,400 | $7,244,318 |
Common stock putable, par value per share | $100 | $100 |
Allowance for loan losses | ($3,000) | ($4,500) |
Class B-1 [Member] | ' | ' |
Common stock issued (in shares) | 17,223 | 16,058 |
Common stock outstanding (in shares) | 17,223 | 16,058 |
Class B-2 [Member] | ' | ' |
Common stock issued (in shares) | 34 | 41 |
Common stock outstanding (in shares) | 34 | 41 |
Statements_of_Income_Unaudited
Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Income: | ' | ' | ' | ' |
Advances | $26,392 | $30,531 | $78,951 | $93,763 |
Prepayment Fees on Advances, net | 617 | 273 | 1,678 | 8,127 |
Interest-Bearing Deposits | 52 | 87 | 166 | 476 |
Securities Purchased Under Agreements to Resell | 6 | 71 | 163 | 954 |
Federal Funds Sold | 553 | 380 | 1,249 | 1,572 |
Available-for-Sale Securities | 6,715 | 6,983 | 19,726 | 23,440 |
Held-to-Maturity Securities | 32,999 | 34,998 | 96,422 | 106,008 |
Mortgage Loans Held for Portfolio, net | 58,893 | 59,763 | 173,404 | 186,186 |
Other Interest Income, net | -112 | 574 | 423 | 1,121 |
Total Interest Income | 126,115 | 133,660 | 372,182 | 421,647 |
Interest Expense: | ' | ' | ' | ' |
Consolidated Obligation Discount Notes | 2,021 | 1,732 | 4,770 | 6,101 |
Consolidated Obligation Bonds | 76,689 | 77,552 | 229,041 | 235,630 |
Deposits | 18 | 25 | 63 | 70 |
Mandatorily Redeemable Capital Stock | 129 | 2,225 | 874 | 6,713 |
Total Interest Expense | 78,857 | 81,534 | 234,748 | 248,514 |
Net Interest Income | 47,258 | 52,126 | 137,434 | 173,133 |
Provision for (Reversal of) Credit Losses | -126 | 314 | -916 | -3,451 |
Net Interest Income After Provision for Credit Losses | 47,384 | 51,812 | 138,350 | 176,584 |
Other Income (Loss): | ' | ' | ' | ' |
Total Other-Than-Temporary Impairment Losses | 0 | 0 | 0 | 0 |
Non-Credit Portion Reclassified to (from) Other Comprehensive Income, net | -42 | 0 | -270 | -1,924 |
Net Other-Than-Temporary Impairment Losses, credit portion | -42 | 0 | -270 | -1,924 |
Net Realized Gains from Sale of Available-for-Sale Securities | 0 | 0 | 0 | 17,135 |
Net Gains (Losses) on Derivatives and Hedging Activities | 677 | -125 | 6,783 | 10,671 |
Service Fees | 220 | 225 | 662 | 684 |
Standby Letters of Credit Fees | 114 | 119 | 407 | 873 |
Other, net (Note 16) | 5,851 | 332 | 15,085 | 1,024 |
Total Other Income (Loss) | 6,820 | 551 | 22,667 | 28,463 |
Other Expenses: | ' | ' | ' | ' |
Compensation and Benefits | 10,084 | 14,101 | 30,598 | 33,153 |
Other Operating Expenses | 5,126 | 4,520 | 13,622 | 13,002 |
Federal Housing Finance Agency | 626 | 550 | 2,044 | 1,914 |
Office of Finance | 544 | 640 | 1,987 | 2,104 |
Other | 307 | 354 | 943 | 925 |
Total Other Expenses | 16,687 | 20,165 | 49,194 | 51,098 |
Income Before Assessments | 37,517 | 32,198 | 111,823 | 153,949 |
Affordable Housing Program Assessments | 3,765 | 3,442 | 11,270 | 16,066 |
Net Income | $33,752 | $28,756 | $100,553 | $137,883 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $33,752 | $28,756 | $100,553 | $137,883 |
Other Comprehensive Income: | ' | ' | ' | ' |
Net Change in Unrealized Gains (Losses) on Available-for-Sale Securities | 9,696 | 2,392 | 22,273 | -9,468 |
Non-Credit Portion of Other-Than-Temporary Impairment Losses on Available-for-Sale Securities: | ' | ' | ' | ' |
Reclassification of Non-Credit Portion to Other Income (Loss) | 42 | 0 | 270 | 1,924 |
Net Change in Fair Value Not in Excess of Cumulative Non-Credit Losses | -46 | -84 | -227 | 35,095 |
Unrealized Gains (Losses) | 569 | 2,474 | 13,442 | 7,615 |
Reclassification of Net Realized Gains From Sale to Other Income (Loss) | 0 | 0 | 0 | -17,135 |
Net Non-Credit Portion of Other-Than-Temporary Impairment Losses on Available-for-Sale Securities | 565 | 2,390 | 13,485 | 27,499 |
Non-Credit Portion of Other-Than-Temporary Impairment Losses on Held-to-Maturity Securities: | ' | ' | ' | ' |
Accretion of Non-Credit Portion | 22 | 18 | 54 | 55 |
Net Non-Credit Portion of Other-Than-Temporary Impairment Losses on Held-to-Maturity Securities | 22 | 18 | 54 | 55 |
Pension Benefits, net | -36 | 6,175 | -108 | 6,874 |
Total Other Comprehensive Income | 10,247 | 10,975 | 35,704 | 24,960 |
Total Comprehensive Income | $43,999 | $39,731 | $136,257 | $162,843 |
Statements_of_Capital_Unaudite
Statements of Capital (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $2,383,603 | $2,215,842 |
Total Comprehensive Income | 43,999 | 39,731 | 136,257 | 162,843 |
Proceeds from Sale of Capital Stock | ' | ' | 115,902 | 145,156 |
Shares Reclassified (to) from Mandatorily Redeemable Capital Stock, net | ' | ' | -47 | -95,441 |
Distributions on Mandatorily Redeemable Capital Stock | ' | ' | ' | -137 |
Stock Repurchased During Period, Value | ' | ' | -100 | ' |
Cash Dividends on Capital Stock (3.50% and 4.33% annualized, respectively) | ' | ' | -52,524 | -42,756 |
Ending Balance | 2,583,091 | 2,385,507 | 2,583,091 | 2,385,507 |
Capital Stock Class B Putable [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance, Shares | ' | ' | 16,099 | 16,343 |
Beginning Balance | ' | ' | 1,609,931 | 1,634,300 |
Proceeds from Sale of Capital Stock, Shares | ' | ' | 1,159 | 1,451 |
Proceeds from Sale of Capital Stock | ' | ' | 115,902 | 145,156 |
Shares Reclassified (to) from Mandatorily Redeemable Capital Stock, net (shares) | ' | ' | 0 | -954 |
Shares Reclassified (to) from Mandatorily Redeemable Capital Stock, net | ' | ' | -47 | -95,441 |
Stock Repurchased During Period, Value | ' | ' | -100 | ' |
Stock Repurchased During Period, Shares | ' | ' | -1 | ' |
Ending Balance, Shares | 17,257 | 16,840 | 17,257 | 16,840 |
Ending Balance | 1,725,686 | 1,684,015 | 1,725,686 | 1,684,015 |
Retained Earnings Total [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 751,952 | 591,600 |
Total Comprehensive Income | ' | ' | 100,553 | 137,883 |
Distributions on Mandatorily Redeemable Capital Stock | ' | ' | ' | -137 |
Cash Dividends on Capital Stock (3.50% and 4.33% annualized, respectively) | ' | ' | -52,524 | -42,756 |
Ending Balance | 799,981 | 686,590 | 799,981 | 686,590 |
Retained Earnings, Unrestricted [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 666,515 | 549,773 |
Total Comprehensive Income | ' | ' | 80,442 | 110,306 |
Distributions on Mandatorily Redeemable Capital Stock | ' | ' | ' | -137 |
Cash Dividends on Capital Stock (3.50% and 4.33% annualized, respectively) | ' | ' | -52,524 | -42,756 |
Ending Balance | 694,433 | 617,186 | 694,433 | 617,186 |
Retained Earnings, Restricted [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 85,437 | 41,827 |
Total Comprehensive Income | ' | ' | 20,111 | 27,577 |
Distributions on Mandatorily Redeemable Capital Stock | ' | ' | ' | 0 |
Cash Dividends on Capital Stock (3.50% and 4.33% annualized, respectively) | ' | ' | 0 | 0 |
Ending Balance | 105,548 | 69,404 | 105,548 | 69,404 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 21,720 | -10,058 |
Total Comprehensive Income | ' | ' | 35,704 | 24,960 |
Ending Balance | $57,424 | $14,902 | $57,424 | $14,902 |
Statements_of_Capital_Unaudite1
Statements of Capital (Unaudited) (Parenthetical) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Annualized Dividend Rate on Capital Stock | 4.33% | 3.50% |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Operating Activities: | ' | ' | ||
Net Income | $100,553 | $137,883 | ||
Adjustments to reconcile Net Income to Net Cash provided by Operating Activities: | ' | ' | ||
Amortization and Depreciation | 14,318 | 74,755 | ||
Prepayment Fees on Advances, net of related swap termination fees | -475 | -4,335 | ||
Changes in Net Derivative and Hedging Activities | 41,733 | 33,983 | ||
Net Other-Than-Temporary Impairment Losses, credit portion | 270 | 1,924 | ||
Provision for (Reversal of) Credit Losses | -916 | -3,451 | ||
Net Realized Gains from Sale of Available-for-Sale Securities | 0 | -17,135 | ||
Changes in: | ' | ' | ||
Accrued Interest Receivable | -216 | 5,626 | ||
Other Assets | 17,038 | 7,526 | ||
Accrued Interest Payable | 1,332 | 7,088 | ||
Other Liabilities | 13,883 | 1,141 | ||
Total Adjustments, net | 86,967 | 107,122 | ||
Net Cash provided by Operating Activities | 187,520 | 245,005 | ||
Changes in: | ' | ' | ||
Interest-Bearing Deposits | 101,874 | 280,168 | ||
Securities Purchased Under Agreements to Resell | 0 | 550,000 | ||
Federal Funds Sold | 0 | 1,865,000 | ||
Purchases of Premises, Software, and Equipment | -3,787 | -7,781 | ||
Available-for-Sale Securities: | ' | ' | ||
Proceeds from Maturities | 65,799 | 64,978 | ||
Proceeds from Sales | 0 | 129,471 | ||
Held-to-Maturity Securities: | ' | ' | ||
Proceeds from Maturities | 745,720 | 835,899 | ||
Purchases | -574,885 | -696,238 | ||
Advances: | ' | ' | ||
Principal Collected | 51,216,136 | 31,058,385 | ||
Disbursed to Members | -53,260,098 | -32,041,661 | ||
Mortgage Loans Held for Portfolio: | ' | ' | ||
Principal Collected | 660,265 | 1,095,371 | ||
Purchases of Loans from Members and Participation Interests from Other Federal Home Loan Banks | -945,230 | -1,263,177 | ||
Net Cash provided by (used in) Investing Activities | -1,994,206 | 1,870,415 | ||
Financing Activities: | ' | ' | ||
Changes in Deposits | -47,099 | -671,842 | ||
Net Payments on Derivative Contracts with Financing Elements | -46,171 | -54,118 | ||
Net Proceeds from Issuance of Consolidated Obligations: | ' | ' | ||
Discount Notes | 35,623,619 | 52,000,451 | ||
Bonds | 15,948,090 | 16,351,138 | ||
Payments for Matured and Retired Consolidated Obligations: | ' | ' | ||
Discount Notes | -32,952,279 | -53,119,138 | ||
Bonds | -15,656,000 | -16,024,425 | ||
Other Federal Home Loan Banks: | ' | ' | ||
Proceeds from Borrowings | 22,000 | 427,000 | ||
Payments for Maturities | -22,000 | -427,000 | ||
Proceeds from Sale of Capital Stock | 115,902 | 145,156 | ||
Payments for Redemption/Repurchase of Mandatorily Redeemable Capital Stock | -697 | -290,975 | ||
Payments for Redemption/Repurchase of Capital Stock | -100 | 0 | ||
Cash Dividends Paid on Capital Stock | -52,524 | -42,756 | ||
Net Cash provided by (used in) Financing Activities | 2,932,741 | -1,706,509 | ||
Net Increase in Cash and Due from Banks | 1,126,055 | 408,911 | ||
Cash and Due from Banks at Beginning of Period | 3,318,564 | 105,472 | ||
Cash and Due from Banks at End of Period | 4,444,619 | 514,383 | ||
Supplemental Disclosures: | ' | ' | ||
Interest Paid | 224,198 | 250,138 | ||
Affordable Housing Program Payments | 12,363 | [1] | 10,654 | [1] |
Capitalized Interest on Certain Held-to-Maturity Securities | 2,459 | 6,562 | ||
Par Value of Shares Reclassified to Mandatorily Redeemable Capital Stock, net | 47 | 95,441 | ||
Net Transfers of Mortgage Loans to Real Estate Owned | $117 | $0 | ||
[1] | Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1 - Summary of Significant Accounting Policies | |
Basis of Presentation. The accompanying interim financial statements of the Federal Home Loan Bank of Indianapolis have been prepared in accordance with GAAP, and the instructions promulgated by the SEC, for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. The interim financial statements presented herein should be read in conjunction with our audited financial statements and notes thereto, which are included in our 2013 Form 10-K. | |
The financial statements contain all adjustments that are, in the opinion of management, necessary for a fair statement of our financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. | |
Our significant accounting policies and certain other disclosures are set forth in Note 1 - Summary of Significant Accounting Policies in our 2013 Form 10-K. There have been no material changes to these policies through September 30, 2014. | |
We use certain acronyms and terms throughout these financial statements, which are defined in the Glossary of Terms. Unless the context otherwise requires, the terms "we," "us," and "our" refer to the Federal Home Loan Bank of Indianapolis or its management. | |
Reclassifications. We have reclassified certain amounts from the prior periods to conform to the current period presentation. These reclassifications had no effect on Net Income, Total Comprehensive Income, Total Capital, or net Cash Flows. | |
Use of Estimates. The preparation of financial statements in accordance with GAAP requires us to make subjective assumptions and estimates that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expense. Although the reported amounts and disclosures reflect our best estimates, actual results could differ significantly from these estimates. | |
Financial Instruments Meeting Netting Requirements. We present certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when we have a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these financial instruments, we have elected to offset our derivative asset and liability positions, as well as cash collateral received or pledged, when we have met the netting requirements. We did not have any offsetting liabilities related to securities purchased under agreements to resell at September 30, 2014 or December 31, 2013. |
Recently_Adopted_and_Issued_Ac
Recently Adopted and Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Adopted and Issued Accounting Guidance | ' |
Note 2 - Recently Adopted and Issued Accounting Guidance | |
Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. On August 27, 2014, the FASB issued guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. This guidance requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year after the date the financial statements are issued or within one year after the financial statements are available to be issued, when applicable. Substantial doubt exists if it is probable that the entity will be unable to meet its obligations for the assessed period. This guidance becomes effective for the interim and annual periods ending after December 15, 2016, and early adoption is permitted. This guidance is not expected to affect our financial condition, results of operations and cash flows. | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. On August 8, 2014, the FASB issued amended guidance relating to the classification and measurement of certain government-guaranteed mortgage loans upon foreclosure. The amendments in this guidance require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. This guidance becomes effective for the interim and annual periods beginning after December 15, 2014, and may be adopted using either the modified retrospective transition method or the prospective transition method. We are in the process of evaluating this guidance, but its effect on our financial condition, results of operations and cash flows is not expected to be material. | |
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. On June 12, 2014, the FASB issued amended guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. This amendment requires entities to account for repurchase-to-maturity transactions as secured borrowings rather than as sales with forward repurchase agreements. In addition, this guidance requires additional disclosures, particularly on transfers accounted for as sales that are economically similar to repurchase agreements and on the nature of collateral pledged in repurchase agreements accounted for as secured borrowings. This guidance becomes effective for the first interim or annual period beginning after December 15, 2014, and early adoption is prohibited. The changes in accounting for transactions outstanding on the effective date are required to be presented as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We are in the process of evaluating this guidance, but its effect on our financial condition, results of operations and cash flows is not expected to be material. | |
Revenue from Contracts with Customers. On May 28, 2014, the FASB issued guidance on revenue from contracts with customers. This guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. In addition, this guidance amends the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer. This guidance applies to all contracts with customers except those that are within the scope of other standards, such as financial instruments, certain guarantees, insurance contracts, or lease contracts. This guidance becomes effective for the interim and annual reporting periods beginning after December 15, 2016, and early application is not permitted. The guidance provides entities with the option of using either of the following two methods upon adoption: (i) a full retrospective method, retrospectively to each prior reporting period presented; or (ii) a transition method, retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are in the process of evaluating this guidance, but its effect on our financial condition, results of operations and cash flows is not expected to be material. | |
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. On January 17, 2014, the FASB issued guidance clarifying when consumer mortgage loans collateralized by real estate should be reclassified to REO. Specifically, such collateralized mortgage loans should be reclassified to REO when either the creditor obtains legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveys all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. This guidance is effective for interim and annual periods beginning on or after December 15, 2014 and may be adopted under either the modified retrospective transition method or the prospective transition method. We are in the process of evaluating this guidance, but its effect on our financial condition, results of operations and cash flows is not expected to be material. | |
Advisory Bulletin 2012-02. On April 9, 2012, the Finance Agency issued Advisory Bulletin 2012-02, Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention ("AB-2012-02"). The guidance establishes a standard and uniform methodology for adversely classifying certain assets other than investment securities and prescribes the timing of asset charge-offs based on these classifications. Such accounting guidance differs from our current methodology and accounting policy, particularly in that, among other differences, AB 2012-02 states that, with certain exceptions, any loss exposure on a loan more than 180 days past due should be adversely classified and charged off. The Finance Agency has stated that, when a loan is 180 days delinquent, their review of the data indicates that, under most circumstances, the likelihood of full repayment is remote. The charge-off amount is generally the excess of the loan balance over the fair value of the underlying property, less costs to sell, and adjusted for credit enhancements. AB-2012-02 states that it was effective upon issuance. However, the Finance Agency issued additional guidance that extended the effective date for classification purposes to January 1, 2014 and the effective date for financial reporting purposes to January 1, 2015. We implemented the classification methodology effective January 1, 2014, which did not have an effect on our financial condition, results of operations, or cash flows. We do not expect the implementation of the financial reporting guidance, effective January 1, 2015, to have a material effect on our financial condition, results of operations or cash flows. |
AvailableforSale_Securities
Available-for-Sale Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||||||
Note 3 - Available-for-Sale Securities | |||||||||||||||||||||||||
Major Security Types. The following table presents information on our AFS securities: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Non-Credit | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
September 30, 2014 | Cost (1) | OTTI | Gains | Losses | Fair Value | ||||||||||||||||||||
GSE and TVA debentures | $ | 3,132,599 | $ | — | $ | 22,590 | $ | — | $ | 3,155,189 | |||||||||||||||
Private-label RMBS | 379,426 | (192 | ) | 39,613 | — | 418,847 | |||||||||||||||||||
Total AFS securities | $ | 3,512,025 | $ | (192 | ) | $ | 62,203 | $ | — | $ | 3,574,036 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 3,162,833 | $ | — | $ | 6,623 | $ | (6,306 | ) | $ | 3,163,150 | ||||||||||||||
Private-label RMBS | 443,749 | (234 | ) | 26,170 | — | 469,685 | |||||||||||||||||||
Total AFS securities | $ | 3,606,582 | $ | (234 | ) | $ | 32,793 | $ | (6,306 | ) | $ | 3,632,835 | |||||||||||||
(1) | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses) and fair-value hedge accounting adjustments. | ||||||||||||||||||||||||
Unrealized Loss Positions. The following table presents impaired AFS securities (i.e., in an unrealized loss position), which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
September 30, 2014 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
GSE and TVA debentures | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Private-label RMBS | — | — | 5,869 | (192 | ) | 5,869 | (192 | ) | |||||||||||||||||
Total impaired AFS securities | $ | — | $ | — | $ | 5,869 | $ | (192 | ) | $ | 5,869 | $ | (192 | ) | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 880,095 | $ | (6,306 | ) | $ | — | $ | — | $ | 880,095 | $ | (6,306 | ) | |||||||||||
Private-label RMBS | — | — | 7,135 | (234 | ) | 7,135 | (234 | ) | |||||||||||||||||
Total impaired AFS securities | $ | 880,095 | $ | (6,306 | ) | $ | 7,135 | $ | (234 | ) | $ | 887,230 | $ | (6,540 | ) | ||||||||||
Redemption Terms. The amortized cost and estimated fair value of non-MBS AFS securities by contractual maturity are presented below. MBS are not presented by contractual maturity because their actual maturities will likely differ from contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
Due after one year through five years | $ | 2,492,564 | $ | 2,506,984 | $ | 2,046,472 | $ | 2,052,348 | |||||||||||||||||
Due after five years through ten years | 640,035 | 648,205 | 1,083,608 | 1,078,558 | |||||||||||||||||||||
Due after ten years | — | — | 32,753 | 32,244 | |||||||||||||||||||||
Total Non-MBS | 3,132,599 | 3,155,189 | 3,162,833 | 3,163,150 | |||||||||||||||||||||
Total MBS | 379,426 | 418,847 | 443,749 | 469,685 | |||||||||||||||||||||
Total AFS securities | $ | 3,512,025 | $ | 3,574,036 | $ | 3,606,582 | $ | 3,632,835 | |||||||||||||||||
Realized Gains and Losses. There were no sales of AFS securities during the three and nine months ended September 30, 2014. However, on April 4, 2013, we sold six OTTI AFS securities, only one of which was in an unrealized loss position. Prior to the sale, we recorded an OTTI credit charge for this security, representing the entire difference between our amortized cost basis and its estimated fair value, which resulted in no gross realized losses from this sale. | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Sales of AFS Securities | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Proceeds from sale | $ | — | $ | — | $ | — | $ | 129,471 | |||||||||||||||||
Previously recognized OTTI credit losses including accretion | — | — | — | 38,806 | |||||||||||||||||||||
Gross realized gains | — | — | — | 17,135 | |||||||||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||||
Net Realized Gains from Sale of Available-for-Sale Securities | $ | — | $ | — | $ | — | $ | 17,135 | |||||||||||||||||
As of September 30, 2014, we had no intention of selling the AFS securities in an unrealized loss position nor did we consider it more likely than not that we will be required to sell these securities before our anticipated recovery of each security's remaining amortized cost basis. |
HeldtoMaturity_Securities
Held-to-Maturity Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Held-to-maturity Securities [Abstract] | ' | ||||||||||||||||||||||||
Held-to-Maturity Securities | ' | ||||||||||||||||||||||||
Note 4 - Held-to-Maturity Securities | |||||||||||||||||||||||||
Major Security Types. The following table presents information on our HTM securities: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Unrecognized | Unrecognized | ||||||||||||||||||||||||
Amortized | Non-Credit | Carrying | Holding | Holding | Estimated | ||||||||||||||||||||
September 30, 2014 | Cost (1) | OTTI | Value (2) | Gains (3) | Losses (3) | Fair Value | |||||||||||||||||||
GSE debentures | $ | 268,999 | $ | — | $ | 268,999 | $ | 257 | $ | — | $ | 269,256 | |||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations -guaranteed RMBS | 3,042,915 | — | 3,042,915 | 40,774 | (2,365 | ) | 3,081,324 | ||||||||||||||||||
GSE RMBS | 3,635,901 | — | 3,635,901 | 83,087 | (2,005 | ) | 3,716,983 | ||||||||||||||||||
Private-label RMBS | 111,369 | — | 111,369 | 566 | (1,095 | ) | 110,840 | ||||||||||||||||||
Manufactured housing loan ABS | 11,618 | — | 11,618 | — | (1,241 | ) | 10,377 | ||||||||||||||||||
Home equity loan ABS | 1,780 | (187 | ) | 1,593 | 112 | (85 | ) | 1,620 | |||||||||||||||||
Total RMBS and ABS | 6,803,583 | (187 | ) | 6,803,396 | 124,539 | (6,791 | ) | 6,921,144 | |||||||||||||||||
Total HTM securities | $ | 7,072,582 | $ | (187 | ) | $ | 7,072,395 | $ | 124,796 | $ | (6,791 | ) | $ | 7,190,400 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
GSE debentures | $ | 268,998 | $ | — | $ | 268,998 | $ | 399 | $ | — | $ | 269,397 | |||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations -guaranteed RMBS | 3,119,458 | — | 3,119,458 | 45,171 | (7,406 | ) | 3,157,223 | ||||||||||||||||||
GSE RMBS | 3,592,695 | — | 3,592,695 | 70,572 | (6,554 | ) | 3,656,713 | ||||||||||||||||||
Private-label RMBS | 150,287 | — | 150,287 | 185 | (2,663 | ) | 147,809 | ||||||||||||||||||
Manufactured housing loan ABS | 12,933 | — | 12,933 | — | (1,590 | ) | 11,343 | ||||||||||||||||||
Home equity loan ABS | 2,120 | (241 | ) | 1,879 | 67 | (113 | ) | 1,833 | |||||||||||||||||
Total RMBS and ABS | 6,877,493 | (241 | ) | 6,877,252 | 115,995 | (18,326 | ) | 6,974,921 | |||||||||||||||||
Total HTM securities | $ | 7,146,491 | $ | (241 | ) | $ | 7,146,250 | $ | 116,394 | $ | (18,326 | ) | $ | 7,244,318 | |||||||||||
(1) | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses). | ||||||||||||||||||||||||
(2) | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. | ||||||||||||||||||||||||
(3) | Represents the difference between estimated fair value and carrying value. | ||||||||||||||||||||||||
Unrealized Loss Positions. The following table presents impaired HTM securities (i.e., in an unrealized loss position), aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. None of our non-MBS were in an unrealized loss position at September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
September 30, 2014 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses (1) | |||||||||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | $ | — | $ | — | $ | 719,220 | $ | (2,365 | ) | $ | 719,220 | $ | (2,365 | ) | |||||||||||
GSE RMBS | 325,911 | (1,562 | ) | 91,784 | (443 | ) | 417,695 | (2,005 | ) | ||||||||||||||||
Private-label RMBS | 4,477 | (7 | ) | 45,271 | (1,088 | ) | 49,748 | (1,095 | ) | ||||||||||||||||
Manufactured housing loan ABS | — | — | 10,377 | (1,241 | ) | 10,377 | (1,241 | ) | |||||||||||||||||
Home equity loan ABS | — | — | 1,621 | (160 | ) | 1,621 | (160 | ) | |||||||||||||||||
Total RMBS and ABS | 330,388 | (1,569 | ) | 868,273 | (5,297 | ) | 1,198,661 | (6,866 | ) | ||||||||||||||||
Total impaired HTM securities | $ | 330,388 | $ | (1,569 | ) | $ | 868,273 | $ | (5,297 | ) | $ | 1,198,661 | $ | (6,866 | ) | ||||||||||
December 31, 2013 | |||||||||||||||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | $ | 1,094,158 | $ | (3,365 | ) | $ | 546,459 | $ | (4,041 | ) | $ | 1,640,617 | $ | (7,406 | ) | ||||||||||
GSE RMBS | 1,338,255 | (6,542 | ) | 6,766 | (12 | ) | 1,345,021 | (6,554 | ) | ||||||||||||||||
Private-label RMBS | 61,059 | (561 | ) | 58,363 | (2,102 | ) | 119,422 | (2,663 | ) | ||||||||||||||||
Manufactured housing loan ABS | — | — | 11,343 | (1,590 | ) | 11,343 | (1,590 | ) | |||||||||||||||||
Home equity loan ABS | — | — | 1,833 | (287 | ) | 1,833 | (287 | ) | |||||||||||||||||
Total RMBS and ABS | 2,493,472 | (10,468 | ) | 624,764 | (8,032 | ) | 3,118,236 | (18,500 | ) | ||||||||||||||||
Total impaired HTM securities | $ | 2,493,472 | $ | (10,468 | ) | $ | 624,764 | $ | (8,032 | ) | $ | 3,118,236 | $ | (18,500 | ) | ||||||||||
(1) | For home equity loan ABS, total unrealized losses does not agree to total gross unrecognized holding losses. Total unrealized losses include non-credit-related OTTI losses recorded in AOCI and gross unrecognized holding gains on previously OTTI securities. | ||||||||||||||||||||||||
Redemption Terms. The amortized cost, carrying value and estimated fair value of non-MBS HTM securities by contractual maturity are presented below. MBS and ABS are not presented by contractual maturity because their actual maturities will likely differ from contractual maturities as certain borrowers have the right to prepay their obligations with or without prepayment fees. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized | Carrying | Estimated | Amortized | Carrying | Estimated | ||||||||||||||||||||
Year of Contractual Maturity | Cost (1) | Value (2) | Fair Value | Cost (1) | Value (2) | Fair Value | |||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||
Due in one year or less | $ | 168,999 | $ | 168,999 | $ | 169,133 | $ | — | $ | — | $ | — | |||||||||||||
Due after one year through five years | 100,000 | 100,000 | 100,123 | 268,998 | 268,998 | 269,397 | |||||||||||||||||||
Total Non-MBS | 268,999 | 268,999 | 269,256 | 268,998 | 268,998 | 269,397 | |||||||||||||||||||
Total RMBS and ABS | 6,803,583 | 6,803,396 | 6,921,144 | 6,877,493 | 6,877,252 | 6,974,921 | |||||||||||||||||||
Total HTM securities | $ | 7,072,582 | $ | 7,072,395 | $ | 7,190,400 | $ | 7,146,491 | $ | 7,146,250 | $ | 7,244,318 | |||||||||||||
(1) | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses). | ||||||||||||||||||||||||
(2) | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. |
OtherThanTemporary_Impairment
Other-Than-Temporary Impairment | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Other Than Temporary Impairments Analysis [Abstract] | ' | ||||||||||||||||||||||||||||
Other-Than-Temporary-Impairment | ' | ||||||||||||||||||||||||||||
Note 5 - Other-Than-Temporary Impairment | |||||||||||||||||||||||||||||
OTTI Evaluation Process and Results - Private-label RMBS and ABS. On a quarterly basis, we evaluate for OTTI our individual AFS and HTM securities that have been previously OTTI or are in an unrealized loss position. A description of the OTTI evaluation process, uniform framework, and the two third-party models we utilize is disclosed in Note 1 - Summary of Significant Accounting Policies and Note 6 - Other-Than-Temporary Impairment in our 2013 Form 10-K. | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2013, we recorded an OTTI credit charge of $1,924, representing the entire difference between our amortized cost basis and the estimated fair value, on one security for which we changed our previous intention to hold until recovery of its amortized cost. We did not have any such change in intent during the three or nine months ended September 30, 2014 or the three months ended September 30, 2013. | |||||||||||||||||||||||||||||
As a result of our analysis, additional OTTI credit losses were recognized for one security for the three and nine months ended September 30, 2014 but not for the three or nine months ended September 30, 2013. We determined that the unrealized losses on the remaining private-label RMBS and ABS were temporary as we expect to recover the entire amortized cost. | |||||||||||||||||||||||||||||
OTTI - Significant Modeling Assumptions. The FHLBanks' OTTI Governance Committee developed a short-term housing price forecast with projected changes ranging from a decrease of 3% to an increase of 9% over a twelve-month period. For the vast majority of housing markets, the changes range from 0% to an increase of 6%. Thereafter, a unique path is projected for each geographic area based on an internally developed framework derived from historical data. | |||||||||||||||||||||||||||||
The following table presents the other significant modeling assumptions used to determine the amount of credit loss recognized in earnings for the one security that was determined to be OTTI during the three months ended September 30, 2014. The related current credit enhancement is also presented. Credit enhancement is defined as the percentage of subordinated tranches, excess spread, and over-collateralization, if any, in a security structure that will generally absorb losses before we will experience a loss on the security. A credit enhancement percentage of zero reflects a security that has no remaining credit support and is likely to have experienced an actual principal loss. The calculated averages represent the dollar-weighted averages of the private-label RMBS in each category shown. The classification (prime, Alt-A or subprime) is based on the model used to estimate the cash flows for the security, which may not be the same as the classification by the rating agency at the time of origination. | |||||||||||||||||||||||||||||
Significant Modeling Assumptions | |||||||||||||||||||||||||||||
for OTTI private-label RMBS | |||||||||||||||||||||||||||||
for the three months ended September 30, 2014 | |||||||||||||||||||||||||||||
Year of Securitization | Prepayment Rates (1) | Default Rates (1) | Loss Severities (1) | Current Credit | |||||||||||||||||||||||||
Enhancement (1) | |||||||||||||||||||||||||||||
Prime - 2006 | 15.5 | % | 16.6 | % | 40.3 | % | 0 | % | |||||||||||||||||||||
(1) | Weighted Average based on UPB. | ||||||||||||||||||||||||||||
The following table presents a rollforward of the amounts related to credit losses recognized in earnings. The rollforward excludes accretion of credit losses for securities that have not experienced a significant increase in cash flows. | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
Credit Loss Rollforward | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 71,584 | $ | 72,287 | $ | 72,287 | $ | 109,169 | |||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||
Additional credit losses for which OTTI was previously recognized (1) | 42 | — | 270 | 1,924 | |||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||
Credit losses on securities sold, matured, paid down or prepaid | — | — | — | (30,506 | ) | ||||||||||||||||||||||||
Unamortized life-to-date credit losses on security that we intend to sell before recovery of its amortized cost basis | — | — | — | (8,300 | ) | ||||||||||||||||||||||||
Significant increases in cash flows expected to be collected, recognized over the remaining life of the securities (2) | (938 | ) | — | (1,869 | ) | — | |||||||||||||||||||||||
Balance at end of period | $ | 70,688 | $ | 72,287 | $ | 70,688 | $ | 72,287 | |||||||||||||||||||||
(1) | For the three months ended September 30, 2014 and 2013, relates to all securities that were impaired prior to July 1, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, relates to all securities that were impaired prior to January 1, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
(2) | Represents amounts to be accreted as interest income over the remaining life of the applicable securities. | ||||||||||||||||||||||||||||
The following table presents the classification and balances at September 30, 2014 of OTTI securities impaired prior to that date (i.e., life-to-date) but not necessarily as of that date. Securities are classified based on the originator's classification at the time of origination or based on the classification by the NRSROs upon issuance. Because there is no universally accepted definition of prime, Alt-A or subprime underwriting standards, such classifications are subjective. | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
HTM Securities | AFS Securities | ||||||||||||||||||||||||||||
OTTI Life-to-Date | UPB | Amortized Cost | Carrying Value | Estimated Fair Value | UPB | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Private-label RMBS - prime | $ | — | $ | — | $ | — | $ | — | $ | 443,803 | $ | 379,426 | $ | 418,847 | |||||||||||||||
Home equity loan ABS - subprime | 737 | 705 | 518 | 630 | — | — | — | ||||||||||||||||||||||
Total | $ | 737 | $ | 705 | $ | 518 | $ | 630 | $ | 443,803 | $ | 379,426 | $ | 418,847 | |||||||||||||||
OTTI Evaluation Process and Results - All Other AFS and HTM Securities. | |||||||||||||||||||||||||||||
Other U.S. and GSE Obligations and TVA Debentures. For other U.S. obligations, GSE obligations, and TVA debentures, we determined that, based on current expectations, the strength of the issuers' guarantees through direct obligations of, or support from, the United States government is sufficient to protect us from any losses. As a result, all of the gross unrealized losses as of September 30, 2014 are considered temporary. |
Advances
Advances | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Advances [Abstract] | ' | ||||||||||||||||
Advances | ' | ||||||||||||||||
Note 6 - Advances | |||||||||||||||||
We had Advances outstanding, as presented below by year of contractual maturity, with interest rates ranging from 0% to 8.34%. | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Year of Contractual Maturity | Amount | WAIR % | Amount | WAIR % | |||||||||||||
Overdrawn demand and overnight deposit accounts | $ | 959 | 2.43 | $ | 1,092 | 2.5 | |||||||||||
Due in 1 year or less | 6,194,403 | 0.64 | 5,952,161 | 0.58 | |||||||||||||
Due after 1 year through 2 years | 2,640,043 | 1.9 | 1,695,355 | 2.61 | |||||||||||||
Due after 2 years through 3 years | 2,383,572 | 1.74 | 2,289,954 | 1.59 | |||||||||||||
Due after 3 years through 4 years | 2,105,242 | 2.18 | 2,190,551 | 1.86 | |||||||||||||
Due after 4 years through 5 years | 1,019,474 | 1.94 | 1,803,488 | 2.17 | |||||||||||||
Thereafter | 4,832,053 | 1.43 | 3,199,181 | 1.93 | |||||||||||||
Total Advances, par value | 19,175,746 | 1.39 | 17,131,782 | 1.5 | |||||||||||||
Fair-value hedging adjustments | 126,822 | 181,211 | |||||||||||||||
Unamortized swap termination fees associated with modified Advances, net of deferred prepayment fees | 22,134 | 24,425 | |||||||||||||||
Total Advances | $ | 19,324,702 | $ | 17,337,418 | |||||||||||||
Prepayments. The following table presents Advance prepayment fees and the associated swap termination fees recognized in Interest Income at the time of the prepayments: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Recognized prepayment/termination fees | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Prepayment fees on Advances | $ | 593 | $ | 273 | $ | 2,010 | $ | 30,807 | |||||||||
Associated swap termination fees | 24 | — | (332 | ) | (22,680 | ) | |||||||||||
Prepayment Fees on Advances, net | $ | 617 | $ | 273 | $ | 1,678 | $ | 8,127 | |||||||||
The following table presents deferred Advance prepayment fees and deferred swap termination fees associated with those Advance prepayments: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Deferred prepayment/termination fees | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Deferred prepayment fees on Advances | $ | 477 | $ | 197 | $ | 477 | $ | 12,132 | |||||||||
Deferred associated swap termination fees | (475 | ) | — | (475 | ) | (7,415 | ) | ||||||||||
Deferred prepayment fees on Advances, net | $ | 2 | $ | 197 | $ | 2 | $ | 4,717 | |||||||||
At September 30, 2014 and December 31, 2013, we had $5.4 billion and $4.1 billion, respectively, of Advances that can be prepaid without incurring prepayment or termination fees. All other Advances may only be prepaid by paying a fee that is sufficient to make us financially indifferent to the prepayment of the Advance. | |||||||||||||||||
At September 30, 2014 and December 31, 2013, we had putable Advances outstanding totaling $179,000 and $188,000, respectively. We had no convertible Advances outstanding at September 30, 2014 or December 31, 2013. | |||||||||||||||||
The following table presents Advances by the earlier of the year of contractual maturity or the next call date and next put date: | |||||||||||||||||
Year of Contractual Maturity | Year of Contractual Maturity | ||||||||||||||||
or Next Call Date | or Next Put Date | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Overdrawn demand and overnight deposit accounts | $ | 959 | $ | 1,092 | $ | 959 | $ | 1,092 | |||||||||
Due in 1 year or less | 10,031,518 | 8,312,526 | 6,370,903 | 6,128,161 | |||||||||||||
Due after 1 year through 2 years | 2,804,043 | 1,572,105 | 2,611,043 | 1,683,855 | |||||||||||||
Due after 2 years through 3 years | 2,150,822 | 2,293,954 | 2,301,072 | 2,259,954 | |||||||||||||
Due after 3 years through 4 years | 1,905,242 | 2,052,801 | 2,055,242 | 2,091,051 | |||||||||||||
Due after 4 years through 5 years | 954,474 | 1,653,488 | 1,004,474 | 1,768,488 | |||||||||||||
Thereafter | 1,328,688 | 1,245,816 | 4,832,053 | 3,199,181 | |||||||||||||
Total Advances, par value | $ | 19,175,746 | $ | 17,131,782 | $ | 19,175,746 | $ | 17,131,782 | |||||||||
Credit Risk Exposure and Security Terms. At September 30, 2014 and December 31, 2013, we had a total of $8.1 billion and $5.3 billion, respectively, of Advances outstanding, at par, to single borrowers with balances that were greater than or equal to $1.0 billion. These Advances, representing 42% and 31%, respectively, of total Advances at par outstanding on those dates, were made to five and three borrowers, respectively. At September 30, 2014 and December 31, 2013, we held $14.7 billion and $10.1 billion, respectively, of UPB of collateral to cover the Advances to these borrowers. | |||||||||||||||||
See Note 8 - Allowance for Credit Losses for information related to credit risk on Advances and allowance methodology for credit losses. |
Mortgage_Loans_Held_for_Portfo
Mortgage Loans Held for Portfolio | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||
Mortgage Loans Held for Portfolio | ' | ||||||||||||
Note 7 - Mortgage Loans Held for Portfolio | |||||||||||||
The following tables present information on Mortgage Loans Held for Portfolio: | |||||||||||||
September 30, 2014 | |||||||||||||
Term | MPP | MPF | Total | ||||||||||
Fixed-rate long-term mortgages | $ | 4,865,767 | $ | 440,964 | $ | 5,306,731 | |||||||
Fixed-rate medium-term (1) mortgages | 960,647 | 81,754 | 1,042,401 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | 5,826,414 | 522,718 | 6,349,132 | ||||||||||
Unamortized premiums | 120,107 | 9,514 | 129,621 | ||||||||||
Unamortized discounts | (8,654 | ) | — | (8,654 | ) | ||||||||
Fair-value hedging adjustments | 5,144 | (529 | ) | 4,615 | |||||||||
Allowance for loan losses | (2,750 | ) | (250 | ) | (3,000 | ) | |||||||
Total Mortgage Loans Held for Portfolio, net | $ | 5,940,261 | $ | 531,453 | $ | 6,471,714 | |||||||
December 31, 2013 | |||||||||||||
Term | MPP | MPF | Total | ||||||||||
Fixed-rate long-term mortgages | $ | 4,528,804 | $ | 457,128 | $ | 4,985,932 | |||||||
Fixed-rate medium-term (1) mortgages | 1,012,587 | 86,914 | 1,099,501 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | 5,541,391 | 544,042 | 6,085,433 | ||||||||||
Unamortized premiums | 106,346 | 10,917 | 117,263 | ||||||||||
Unamortized discounts | (11,942 | ) | (288 | ) | (12,230 | ) | |||||||
Fair-value hedging adjustments | 4,374 | (536 | ) | 3,838 | |||||||||
Allowance for loan losses | (4,000 | ) | (500 | ) | (4,500 | ) | |||||||
Total Mortgage Loans Held for Portfolio, net | $ | 5,636,169 | $ | 553,635 | $ | 6,189,804 | |||||||
(1) | Defined as a term of 15 years or less at origination. | ||||||||||||
September 30, 2014 | |||||||||||||
Type | MPP | MPF | Total | ||||||||||
Conventional | $ | 5,168,497 | $ | 418,501 | $ | 5,586,998 | |||||||
Government | 657,917 | 104,217 | 762,134 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 5,826,414 | $ | 522,718 | $ | 6,349,132 | |||||||
December 31, 2013 | |||||||||||||
Type | MPP | MPF | Total | ||||||||||
Conventional | $ | 4,804,298 | $ | 435,996 | $ | 5,240,294 | |||||||
Government | 737,093 | 108,046 | 845,139 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 5,541,391 | $ | 544,042 | $ | 6,085,433 | |||||||
For information related to our credit risk on mortgage loans and allowance for loan losses, see Note 8 - Allowance for Credit Losses. |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Credit Losses | ' | ||||||||||||||||||||||||
Note 8 - Allowance for Credit Losses | |||||||||||||||||||||||||
We have established a methodology to determine the allowance for credit losses for each of our portfolio segments: credit products (Advances, letters of credit, and other extensions of credit to members); term securities purchased under agreements to resell; term federal funds sold; government-guaranteed or insured Mortgage Loans Held for Portfolio; and conventional Mortgage Loans Held for Portfolio. A description of the allowance methodologies for our portfolio segments as well as our policy for impairing financing receivables, placing them on non-accrual status, and charging them off when necessary is disclosed in Note 1 - Summary of Significant Accounting Policies and Note 9 - Allowance for Credit Losses in our 2013 Form 10-K. | |||||||||||||||||||||||||
Credit Products. Using a risk-based approach, we consider the amount and quality of the collateral pledged and the borrower's financial condition to be indicators of credit quality on the borrower's credit products. At September 30, 2014 and December 31, 2013, we had rights to collateral on a borrower-by-borrower basis with an estimated value in excess of our outstanding extensions of credit. | |||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, we did not have any credit products that were past due, on non-accrual status, or considered impaired. In addition, there were no troubled debt restructurings related to credit products during the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Based upon the collateral held as security, our credit extension and collateral policies, our credit analysis and the repayment history on credit products, we have not recorded any allowance for credit losses on credit products. Accordingly, at September 30, 2014 and December 31, 2013, no liability was recorded to reflect an allowance for credit losses for off-balance sheet credit exposures. For additional information about off-balance sheet credit exposure, see Note 16 - Commitments and Contingencies. | |||||||||||||||||||||||||
Mortgage Loans Held for Portfolio. | |||||||||||||||||||||||||
Credit Enhancements. | |||||||||||||||||||||||||
MPP Credit Enhancements. The following table presents the impact of credit enhancements on the allowance for MPP loan losses: | |||||||||||||||||||||||||
MPP Credit Waterfall | September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Estimated losses remaining after borrower's equity, before credit enhancements | $ | 21,873 | $ | 31,523 | |||||||||||||||||||||
Portion of estimated losses recoverable from PMI | (3,273 | ) | (4,922 | ) | |||||||||||||||||||||
Portion of estimated losses recoverable from LRA | (4,000 | ) | (5,072 | ) | |||||||||||||||||||||
Portion of estimated losses recoverable from SMI | (12,049 | ) | (18,740 | ) | |||||||||||||||||||||
Allowance for unrecoverable PMI/SMI | 199 | 1,211 | |||||||||||||||||||||||
Allowance for MPP loan losses | $ | 2,750 | $ | 4,000 | |||||||||||||||||||||
The following table presents the activity in the LRA: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
LRA Activity | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Balance of LRA, beginning of period | $ | 49,918 | $ | 40,091 | $ | 45,330 | $ | 33,693 | |||||||||||||||||
Additions | 5,807 | 3,856 | 11,917 | 12,555 | |||||||||||||||||||||
Claims paid | (411 | ) | (662 | ) | (1,664 | ) | (2,422 | ) | |||||||||||||||||
Distributions | (93 | ) | (220 | ) | (362 | ) | (761 | ) | |||||||||||||||||
Balance of LRA, end of period | $ | 55,221 | $ | 43,065 | $ | 55,221 | $ | 43,065 | |||||||||||||||||
MPF Credit Enhancements. CE Fees paid to PFIs were $99 and $90 for the three months ended September 30, 2014 and 2013, respectively, and $302 and $207 for the nine months ended September 30, 2014 and 2013, respectively. Performance-based CE fees may be withheld to cover losses allocated to us. | |||||||||||||||||||||||||
If losses occur in a master commitment, these losses will either be: (i) recovered through the withholding of future performance-based CE Fees from the PFI or (ii) absorbed by us in the FLA. As of September 30, 2014 and December 31, 2013, our exposure under the FLA was $3,420 and $3,338, respectively, with CE Obligations available to cover losses in excess of the FLA totaling $26,851 and $26,284, respectively. Any estimated losses that would be absorbed by the CE Obligation are not reserved for as part of our allowance for loan losses. Accordingly, the calculated allowance was reduced by $11 and $142 as of September 30, 2014 and December 31, 2013, respectively, for the amount in excess of the FLA to be covered by PFIs’ CE Obligations. As of September 30, 2014 and December 31, 2013, the resulting allowance for MPF loan losses was $250 and $500, respectively. | |||||||||||||||||||||||||
Allowance for Loan Losses on Mortgage Loans. The tables below present a rollforward of our allowance for loan losses, the allowance for loan losses by impairment methodology, and the recorded investment in conventional mortgage loans by impairment methodology. | |||||||||||||||||||||||||
Conventional | |||||||||||||||||||||||||
Rollforward of Allowance | MPP | MPF | Total | ||||||||||||||||||||||
Allowance for loan losses, June 30, 2014 | $ | 3,000 | $ | 250 | $ | 3,250 | |||||||||||||||||||
Charge-offs, net of recoveries | (124 | ) | — | (124 | ) | ||||||||||||||||||||
Provision for (reversal of) loan losses | (126 | ) | — | (126 | ) | ||||||||||||||||||||
Allowance for loan losses, September 30, 2014 | $ | 2,750 | $ | 250 | $ | 3,000 | |||||||||||||||||||
Allowance for loan losses, June 30, 2013 | $ | 5,000 | $ | 500 | $ | 5,500 | |||||||||||||||||||
Charge-offs, net of recoveries | (314 | ) | — | (314 | ) | ||||||||||||||||||||
Provision for (reversal of) loan losses | 314 | — | 314 | ||||||||||||||||||||||
Allowance for loan losses, September 30, 2013 | $ | 5,000 | $ | 500 | $ | 5,500 | |||||||||||||||||||
Allowance for loan losses, December 31, 2013 | $ | 4,000 | $ | 500 | $ | 4,500 | |||||||||||||||||||
Charge-offs, net of recoveries | (575 | ) | (9 | ) | (584 | ) | |||||||||||||||||||
Provision for (reversal of) loan losses | (675 | ) | (241 | ) | (916 | ) | |||||||||||||||||||
Allowance for loan losses, September 30, 2014 | $ | 2,750 | $ | 250 | $ | 3,000 | |||||||||||||||||||
Allowance for loan losses, December 31, 2012 | $ | 9,850 | $ | 150 | $ | 10,000 | |||||||||||||||||||
Charge-offs, net of recoveries | (1,049 | ) | — | (1,049 | ) | ||||||||||||||||||||
Provision for (reversal of) loan losses | (3,801 | ) | 350 | (3,451 | ) | ||||||||||||||||||||
Allowance for loan losses, September 30, 2013 | $ | 5,000 | $ | 500 | $ | 5,500 | |||||||||||||||||||
Conventional | |||||||||||||||||||||||||
Allowance for Loan Losses, September 30, 2014 | MPP | MPF | Total | ||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 2,292 | $ | 250 | $ | 2,542 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 458 | — | 458 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 2,750 | $ | 250 | $ | 3,000 | |||||||||||||||||||
Allowance for Loan Losses, December 31, 2013 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 3,065 | $ | 500 | $ | 3,565 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 935 | — | 935 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 4,000 | $ | 500 | $ | 4,500 | |||||||||||||||||||
Recorded Investment, September 30, 2014 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 5,270,562 | $ | 428,405 | $ | 5,698,967 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 19,137 | — | 19,137 | ||||||||||||||||||||||
Total recorded investment | $ | 5,289,699 | $ | 428,405 | $ | 5,718,104 | |||||||||||||||||||
Recorded Investment, December 31, 2013 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 4,883,419 | $ | 446,796 | $ | 5,330,215 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 18,355 | — | 18,355 | ||||||||||||||||||||||
Total recorded investment | $ | 4,901,774 | $ | 446,796 | $ | 5,348,570 | |||||||||||||||||||
(1) | The recorded investment in our MPP conventional loans individually evaluated for impairment excludes principal that was previously paid in full by the servicers as of September 30, 2014 and December 31, 2013 of $8,100 and $13,976, respectively, that remains subject to potential claims by those servicers for any losses resulting from past or future liquidations of the underlying properties. However, the MPP conventional loan allowance for loan losses includes $417 and $895 for these potential claims as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
Credit Quality Indicators. The tables below present our key credit quality indicators for mortgage loans held for portfolio: | |||||||||||||||||||||||||
Mortgage Loans Held for Portfolio as of September 30, 2014 | MPP | MPF | |||||||||||||||||||||||
Conventional | FHA | Conventional | Government | Total | |||||||||||||||||||||
Past due 30-59 days | $ | 52,697 | $ | 26,125 | $ | 925 | $ | 2,110 | $ | 81,857 | |||||||||||||||
Past due 60-89 days | 15,006 | 5,813 | 1 | 358 | 21,178 | ||||||||||||||||||||
Past due 90 days or more | 54,080 | 2,070 | 1 | 355 | 56,506 | ||||||||||||||||||||
Total past due | 121,783 | 34,008 | 927 | 2,823 | 159,541 | ||||||||||||||||||||
Total current | 5,167,916 | 642,865 | 427,478 | 103,053 | 6,341,312 | ||||||||||||||||||||
Total mortgage loans, recorded investment | 5,289,699 | 676,873 | 428,405 | 105,876 | 6,500,853 | ||||||||||||||||||||
Net unamortized premiums | (95,588 | ) | (15,865 | ) | (8,245 | ) | (1,269 | ) | (120,967 | ) | |||||||||||||||
Fair-value hedging adjustments | (4,517 | ) | (628 | ) | 479 | 51 | (4,615 | ) | |||||||||||||||||
Accrued interest receivable | (21,097 | ) | (2,463 | ) | (2,138 | ) | (441 | ) | (26,139 | ) | |||||||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 5,168,497 | $ | 657,917 | $ | 418,501 | $ | 104,217 | $ | 6,349,132 | |||||||||||||||
Other Delinquency Statistics as of September 30, 2014 | |||||||||||||||||||||||||
In process of foreclosure (1) | $ | 38,315 | $ | — | $ | — | $ | — | $ | 38,315 | |||||||||||||||
Serious delinquency rate (2) | 1.02 | % | 0.31 | % | — | % | 0.34 | % | 0.87 | % | |||||||||||||||
Past due 90 days or more still accruing interest (3) | $ | 52,231 | $ | 2,070 | $ | — | $ | 355 | $ | 54,656 | |||||||||||||||
On non-accrual status | 2,388 | — | 1 | — | 2,389 | ||||||||||||||||||||
Mortgage Loans Held for Portfolio as of December 31, 2013 | MPP | MPF | |||||||||||||||||||||||
Conventional | FHA | Conventional | Government | Total | |||||||||||||||||||||
Past due 30-59 days | $ | 55,615 | $ | 38,963 | $ | 179 | $ | 382 | $ | 95,139 | |||||||||||||||
Past due 60-89 days | 18,203 | 7,438 | 1 | 555 | 26,197 | ||||||||||||||||||||
Past due 90 days or more | 76,611 | 4,234 | 130 | — | 80,975 | ||||||||||||||||||||
Total past due | 150,429 | 50,635 | 310 | 937 | 202,311 | ||||||||||||||||||||
Total current | 4,751,345 | 709,032 | 446,486 | 109,010 | 6,015,873 | ||||||||||||||||||||
Total mortgage loans, recorded investment | 4,901,774 | 759,667 | 446,796 | 109,947 | 6,218,184 | ||||||||||||||||||||
Net unamortized premiums | (75,381 | ) | (19,023 | ) | (9,126 | ) | (1,503 | ) | (105,033 | ) | |||||||||||||||
Fair-value hedging adjustments | (3,593 | ) | (781 | ) | 488 | 48 | (3,838 | ) | |||||||||||||||||
Accrued interest receivable | (18,502 | ) | (2,770 | ) | (2,162 | ) | (446 | ) | (23,880 | ) | |||||||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 4,804,298 | $ | 737,093 | $ | 435,996 | $ | 108,046 | $ | 6,085,433 | |||||||||||||||
Other Delinquency Statistics as of December 31, 2013 | |||||||||||||||||||||||||
In process of foreclosure (1) | $ | 47,970 | $ | — | $ | — | $ | — | $ | 47,970 | |||||||||||||||
Serious delinquency rate (2) | 1.56 | % | 0.56 | % | 0.03 | % | — | % | 1.3 | % | |||||||||||||||
Past due 90 days or more still accruing interest (3) | $ | 76,099 | $ | 4,234 | $ | — | $ | — | $ | 80,333 | |||||||||||||||
On non-accrual status | 1,174 | — | 130 | — | 1,304 | ||||||||||||||||||||
(1) | Includes loans for which the decision of foreclosure or similar alternative, such as pursuit of deed-in-lieu of foreclosure, has been reported. Loans in process of foreclosure are included in past due categories depending on their delinquency status. | ||||||||||||||||||||||||
(2) | Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total recorded investment in mortgage loans. The percentage excludes principal amounts that were previously paid in full by the servicers on conventional loans that are pending resolution of potential loss claims. Many FHA loans are repurchased by the servicers when they reach 90 days or more delinquent status, similar to the rules for servicers of Ginnie Mae MBS, resulting in the lower serious delinquency rate for FHA loans. | ||||||||||||||||||||||||
(3) | Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the mortgagor's payment status, we do not consider these loans to be non-accrual. | ||||||||||||||||||||||||
Troubled Debt Restructurings. The table below presents the recorded investment of the performing and non-performing TDRs. Non-performing represents loans on non-accrual status only. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recorded Investment | Performing | Non-Performing | Total | Performing | Non-Performing | Total | |||||||||||||||||||
MPP conventional loans | $ | 18,414 | $ | 723 | $ | 19,137 | $ | 17,407 | $ | 948 | $ | 18,355 | |||||||||||||
The tables below present the pre- and post-modification amounts, which represent the amount of recorded investment as of the date the loans were modified. | |||||||||||||||||||||||||
Troubled Debt Restructurings at Modification Date | Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
MPP conventional loans | $ | — | $ | — | $ | 767 | $ | 802 | |||||||||||||||||
Troubled Debt Restructurings at Modification Date | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
MPP conventional loans | $ | 2,439 | $ | 2,593 | $ | 4,060 | $ | 4,306 | |||||||||||||||||
During the three and nine months ended September 30, 2014 and 2013, certain conventional MPP loans classified as TDRs within the previous 12 months experienced a payment default. A borrower is considered to have defaulted on a TDR if the borrower's contractually due principal or interest is 60 days or more past due at any time. The recorded investment of certain conventional MPP loans classified as TDRs within the previous 12 months that experienced a payment default was $0 and $366 for the three months ended September 30, 2014 and 2013, respectively, and $0 and $911 for the nine months ended September 30, 2014 and 2013, respectively. For purposes of this disclosure, only the initial default was included; however, a loan can experience another payment default in a subsequent period. | |||||||||||||||||||||||||
A loan considered to be a TDR is individually evaluated for impairment when determining its related allowance for loan loss. Credit loss is measured by factoring in expected cash shortfalls as of the reporting date. The tables below present the impaired conventional loans individually evaluated for impairment. The first table presents the recorded investment, UPB and related allowance associated with these loans, while the next tables present the average recorded investment of individually impaired loans and related interest income recognized. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | Recorded Investment | UPB | Related Allowance for Loan Losses | Recorded Investment | UPB | Related Allowance for Loan Losses | |||||||||||||||||||
MPP conventional loans without allowance for loan losses (1) | $ | 18,414 | $ | 18,248 | $ | — | $ | 17,407 | $ | 17,239 | $ | — | |||||||||||||
MPP conventional loans with allowance for loan losses | 723 | 710 | 41 | 948 | 928 | 40 | |||||||||||||||||||
Total | $ | 19,137 | $ | 18,958 | $ | 41 | $ | 18,355 | $ | 18,167 | $ | 40 | |||||||||||||
(1) | No allowance for loan losses was recorded on these impaired loans after consideration of the underlying loan-specific attribute data, estimated liquidation value of real estate collateral held, estimated costs associated with maintaining and disposing of the collateral, and credit enhancements. | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
MPP conventional loans without allowance for loan losses | $ | 18,843 | $ | 267 | $ | 17,447 | $ | 253 | |||||||||||||||||
MPP conventional loans with allowance for loan losses | 725 | 10 | 1,143 | 17 | |||||||||||||||||||||
Total | $ | 19,568 | $ | 277 | $ | 18,590 | $ | 270 | |||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
MPP conventional loans without allowance for loan losses | $ | 18,389 | $ | 798 | $ | 16,396 | $ | 708 | |||||||||||||||||
MPP conventional loans with allowance for loan losses | 728 | 40 | 1,142 | 82 | |||||||||||||||||||||
Total | $ | 19,117 | $ | 838 | $ | 17,538 | $ | 790 | |||||||||||||||||
There were no MPF TDRs during the three or nine months ended September 30, 2014 or 2013. | |||||||||||||||||||||||||
Real Estate Owned. We had no MPF REO recorded in Other Assets on the Statement of Condition at September 30, 2014 or December 31, 2013. During the three months ended September 30, 2014, we liquidated the MPF REO of $117 that was transferred to Other Assets earlier in 2014. |
Derivative_and_Hedging_Activit
Derivative and Hedging Activities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||
Note 9 - Derivatives and Hedging Activities | ||||||||||||||||||
Financial Statement Effect and Additional Financial Information. | ||||||||||||||||||
Derivative Notional Amounts. The following table presents the notional amount and estimated fair value of derivative instruments, including the effect of netting adjustments, cash collateral, and the related accrued interest. | ||||||||||||||||||
Notional | Estimated Fair Value | Estimated Fair Value | ||||||||||||||||
Amount of | of Derivative | of Derivative | ||||||||||||||||
September 30, 2014 | Derivatives | Assets | Liabilities | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | $ | 28,823,647 | $ | 87,484 | $ | 375,642 | ||||||||||||
Total derivatives designated as hedging instruments | 28,823,647 | 87,484 | 375,642 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | 1,454,721 | 470 | 1,561 | |||||||||||||||
Interest-rate caps/floors | 340,500 | 295 | — | |||||||||||||||
Interest-rate forwards | 159,700 | 76 | 46 | |||||||||||||||
MDCs | 159,004 | 250 | 40 | |||||||||||||||
Total derivatives not designated as hedging instruments | 2,113,925 | 1,091 | 1,647 | |||||||||||||||
Total derivatives before adjustments | $ | 30,937,572 | 88,575 | 377,289 | ||||||||||||||
Netting adjustments | (81,449 | ) | (81,449 | ) | ||||||||||||||
Cash collateral and related accrued interest | 11,863 | (203,831 | ) | |||||||||||||||
Total adjustments (1) | (69,586 | ) | (285,280 | ) | ||||||||||||||
Total derivatives, net | $ | 18,989 | $ | 92,009 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | $ | 26,758,882 | $ | 125,431 | $ | 540,995 | ||||||||||||
Total derivatives designated as hedging instruments | 26,758,882 | 125,431 | 540,995 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | 2,344,743 | 823 | 5,706 | |||||||||||||||
Interest-rate caps/floors | 340,500 | 1,327 | — | |||||||||||||||
Interest-rate forwards | 61,300 | 233 | 11 | |||||||||||||||
MDCs | 58,797 | 12 | 246 | |||||||||||||||
Total derivatives not designated as hedging instruments | 2,805,340 | 2,395 | 5,963 | |||||||||||||||
Total derivatives before adjustments | $ | 29,564,222 | 127,826 | 546,958 | ||||||||||||||
Netting adjustments | (119,488 | ) | (119,488 | ) | ||||||||||||||
Cash collateral and related accrued interest | (1,124 | ) | (317,726 | ) | ||||||||||||||
Total adjustments (1) | (120,612 | ) | (437,214 | ) | ||||||||||||||
Total derivatives, net | $ | 7,214 | $ | 109,744 | ||||||||||||||
(1) | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. | |||||||||||||||||
We record derivative instruments, related cash collateral received or pledged, including initial and variation margin, and associated accrued interest, on a net basis by clearing agent and/or by counterparty when we have met the netting requirements. The following table presents separately the estimated fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. | ||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||
Derivative instruments meeting netting requirements: | ||||||||||||||||||
Gross recognized amount | ||||||||||||||||||
Bilateral derivatives | $ | 81,997 | $ | 361,157 | $ | 122,411 | $ | 544,014 | ||||||||||
Cleared derivatives | 6,252 | 16,046 | 5,170 | 2,687 | ||||||||||||||
Total gross recognized amount | 88,249 | 377,203 | 127,581 | 546,701 | ||||||||||||||
Gross amounts of netting adjustments, cash collateral and related accrued interest | ||||||||||||||||||
Bilateral derivatives | (81,449 | ) | (269,234 | ) | (121,425 | ) | (434,527 | ) | ||||||||||
Cleared derivatives | 11,863 | (16,046 | ) | 813 | (2,687 | ) | ||||||||||||
Total gross amounts of netting adjustments, cash collateral and related accrued interest | (69,586 | ) | (285,280 | ) | (120,612 | ) | (437,214 | ) | ||||||||||
Net amounts after netting adjustments, cash collateral and related accrued interest | ||||||||||||||||||
Bilateral derivatives | 548 | 91,923 | 986 | 109,487 | ||||||||||||||
Cleared derivatives | 18,115 | — | 5,983 | — | ||||||||||||||
Total net amounts after netting adjustments, cash collateral and related accrued interest | 18,663 | 91,923 | 6,969 | 109,487 | ||||||||||||||
Derivative instruments not meeting netting requirements (1) | 326 | 86 | 245 | 257 | ||||||||||||||
Total derivatives, at estimated fair value | $ | 18,989 | $ | 92,009 | $ | 7,214 | $ | 109,744 | ||||||||||
(1) | Includes MDCs and certain interest-rate forwards. | |||||||||||||||||
The following table presents the components of Net Gains (Losses) on Derivatives and Hedging Activities reported in Other Income (Loss): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Type of Hedge | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net gain (loss) related to fair-value hedge ineffectiveness: | ||||||||||||||||||
Interest-rate swaps | $ | 233 | $ | (1,353 | ) | $ | (3,286 | ) | $ | 8,596 | ||||||||
Total net gain (loss) related to fair-value hedge ineffectiveness | 233 | (1,353 | ) | (3,286 | ) | 8,596 | ||||||||||||
Net gain (loss) on derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | (1,868 | ) | 62 | 3,903 | 5,002 | |||||||||||||
Interest-rate caps/floors | (158 | ) | (405 | ) | (1,033 | ) | 189 | |||||||||||
Interest-rate forwards | (365 | ) | 334 | (3,790 | ) | 6,119 | ||||||||||||
Net interest settlements | 2,955 | 194 | 8,395 | (4,063 | ) | |||||||||||||
MDCs | (120 | ) | 1,043 | 2,594 | (5,172 | ) | ||||||||||||
Total net gain (loss) on derivatives not designated as hedging instruments | 444 | 1,228 | 10,069 | 2,075 | ||||||||||||||
Net Gains (Losses) on Derivatives and Hedging Activities | $ | 677 | $ | (125 | ) | $ | 6,783 | $ | 10,671 | |||||||||
The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair-value hedging relationships and the effect of those derivatives on Net Interest Income: | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | Net Fair- | Effect on | |||||||||||||||
on | on Hedged | Value Hedge | Net Interest | |||||||||||||||
Three Months Ended September 30, 2014 | Derivative | Item | Ineffectiveness | Income (1) | ||||||||||||||
Advances | $ | 45,658 | $ | (45,938 | ) | $ | (280 | ) | $ | (38,558 | ) | |||||||
AFS securities | 29,428 | (29,991 | ) | (563 | ) | (24,487 | ) | |||||||||||
CO Bonds | (13,614 | ) | 14,690 | 1,076 | 16,447 | |||||||||||||
Total | $ | 61,472 | $ | (61,239 | ) | $ | 233 | $ | (46,598 | ) | ||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Advances | $ | (8,893 | ) | $ | 7,160 | $ | (1,733 | ) | $ | (50,794 | ) | |||||||
AFS securities | 3,694 | (3,524 | ) | 170 | (24,196 | ) | ||||||||||||
CO Bonds | 15,723 | (15,513 | ) | 210 | 21,350 | |||||||||||||
Total | $ | 10,524 | $ | (11,877 | ) | $ | (1,353 | ) | $ | (53,640 | ) | |||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Advances | $ | 24,525 | $ | (24,358 | ) | $ | 167 | $ | (111,842 | ) | ||||||||
AFS securities | 21,569 | (22,010 | ) | (441 | ) | (73,508 | ) | |||||||||||
CO Bonds | 40,374 | (43,386 | ) | (3,012 | ) | 54,634 | ||||||||||||
Total | $ | 86,468 | $ | (89,754 | ) | $ | (3,286 | ) | $ | (130,716 | ) | |||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Advances | $ | 197,316 | $ | (194,821 | ) | $ | 2,495 | $ | (154,036 | ) | ||||||||
AFS securities | 124,730 | (122,879 | ) | 1,851 | (72,335 | ) | ||||||||||||
CO Bonds | (97,336 | ) | 101,586 | 4,250 | 64,681 | |||||||||||||
Total | $ | 224,710 | $ | (216,114 | ) | $ | 8,596 | $ | (161,690 | ) | ||||||||
(1) | Includes the effect of derivatives in fair-value hedging relationships on Net Interest Income that is recorded in the Interest Income / Expense line item of the respective hedged items. Excludes the Interest Income / Expense of the respective hedged items, which fully offset the Interest Income / Expense of the derivatives, except to the extent of any hedge ineffectiveness. Net interest settlements on derivatives that are not in fair-value hedging relationships are reported in Other Income (Loss). | |||||||||||||||||
Managing Credit Risk on Derivatives. We are subject to credit risk due to the risk of nonperformance by the counterparties to our derivative transactions. | ||||||||||||||||||
For our bilateral derivatives, we have credit support agreements that contain provisions requiring us to post additional collateral with our counterparties if there is deterioration in our credit rating. If our credit rating is lowered by an NRSRO, we could be required to deliver additional collateral on bilateral derivative instruments in net liability positions. The aggregate estimated fair value of all bilateral derivative instruments with credit risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest on cash collateral) at September 30, 2014 was $283,752 for which we have posted collateral, including accrued interest, with an estimated fair value of $191,855 in the normal course of business. In addition, we held other bilateral derivative instruments in a net liability position of $86 that are not subject to credit support agreements containing credit risk-related contingent features. If our credit rating had been lowered by an NRSRO (from an S&P equivalent of AA+ to AA), we could have been required to deliver up to an additional $858 of collateral (at estimated fair value) to our bilateral derivative counterparties at September 30, 2014. | ||||||||||||||||||
For cleared derivatives, the Clearinghouse determines initial margin requirements, and generally credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including, but not limited to, credit rating downgrades. We were not required to post additional initial margin by our clearing agents at September 30, 2014. |
Consolidated_Obligations
Consolidated Obligations | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Consolidated Obligations | ' | ||||||||||||||
Note 10 - Consolidated Obligations | |||||||||||||||
Although we are primarily liable for our portion of Consolidated Obligations (i.e., those issued on our behalf), we are also jointly and severally liable with the other 11 FHLBanks for the payment of the principal and interest on all Consolidated Obligations of each of the FHLBanks. The par values of the 12 FHLBanks' outstanding Consolidated Obligations totaled $816.9 billion and $766.8 billion at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
Discount Notes. Our participation in Discount Notes, all of which are due within one year of issuance, was as follows: | |||||||||||||||
Discount Notes | September 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Book value | $ | 10,105,640 | $ | 7,434,890 | |||||||||||
Par value | 10,107,866 | 7,435,940 | |||||||||||||
Weighted average effective interest rate | 0.1 | % | 0.12 | % | |||||||||||
CO Bonds. The following table presents our participation in CO Bonds outstanding by contractual maturity: | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||
Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | |||||||||||
Due in 1 year or less | $ | 12,548,950 | 0.4 | $ | 12,459,650 | 0.43 | |||||||||
Due after 1 year through 2 years | 2,390,500 | 1.18 | 1,940,550 | 1.27 | |||||||||||
Due after 2 years through 3 years | 2,061,850 | 1.3 | 1,359,400 | 1.93 | |||||||||||
Due after 3 years through 4 years | 2,208,500 | 1.93 | 1,539,200 | 2.08 | |||||||||||
Due after 4 years through 5 years | 1,014,300 | 2.44 | 1,690,100 | 1.56 | |||||||||||
Thereafter | 6,710,000 | 3.04 | 7,654,200 | 2.92 | |||||||||||
Total CO Bonds, par value | 26,934,100 | 1.4 | 26,643,100 | 1.45 | |||||||||||
Unamortized premiums | 26,589 | 32,455 | |||||||||||||
Unamortized discounts | (15,468 | ) | (16,031 | ) | |||||||||||
Fair-value hedging adjustments | (31,126 | ) | (75,599 | ) | |||||||||||
Total CO Bonds | $ | 26,914,095 | $ | 26,583,925 | |||||||||||
The following tables present our participation in CO Bonds outstanding by redemption feature and contractual maturity or next call date: | |||||||||||||||
Redemption Feature | September 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Non-callable / non-putable | $ | 18,922,100 | $ | 17,677,100 | |||||||||||
Callable | 8,012,000 | 8,966,000 | |||||||||||||
Total CO Bonds, par value | $ | 26,934,100 | $ | 26,643,100 | |||||||||||
Year of Contractual Maturity or Next Call Date | September 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Due in 1 year or less | $ | 20,550,950 | $ | 20,900,650 | |||||||||||
Due after 1 year through 2 years | 2,260,500 | 1,583,550 | |||||||||||||
Due after 2 years through 3 years | 839,850 | 954,400 | |||||||||||||
Due after 3 years through 4 years | 667,500 | 649,200 | |||||||||||||
Due after 4 years through 5 years | 556,300 | 283,100 | |||||||||||||
Thereafter | 2,059,000 | 2,272,200 | |||||||||||||
Total CO Bonds, par value | $ | 26,934,100 | $ | 26,643,100 | |||||||||||
Affordable_Housing_Program
Affordable Housing Program | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Affordable Housing Program [Abstract] | ' | ||||||||||||||||
Affordable Housing Program | ' | ||||||||||||||||
Note 11 - Affordable Housing Program | |||||||||||||||||
The following table summarizes the activity in our AHP funding obligation: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
AHP Activity | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 43,351 | $ | 41,050 | $ | 42,778 | $ | 34,362 | |||||||||
Assessment expense | 3,765 | 3,442 | 11,270 | 16,066 | |||||||||||||
Subsidy usage, net (1) | (5,431 | ) | (4,718 | ) | (12,363 | ) | (10,654 | ) | |||||||||
Balance at end of period | $ | 41,685 | $ | 39,774 | $ | 41,685 | $ | 39,774 | |||||||||
(1) | Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital
Capital | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Capital [Abstract] | ' | ||||||||||||||||
Capital | ' | ||||||||||||||||
Note 12 - Capital | |||||||||||||||||
We are subject to capital requirements under our capital plan and the Finance Agency regulations as disclosed in Note 16 - Capital in our 2013 Form 10-K. As presented in the following table, we were in compliance with the Finance Agency's capital requirements at September 30, 2014 and December 31, 2013. For regulatory purposes, AOCI is not considered capital; MRCS, however, is considered capital. | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Regulatory Capital Requirements | Required | Actual | Required | Actual | |||||||||||||
Risk-based capital | $ | 624,819 | $ | 2,541,804 | $ | 764,917 | $ | 2,378,670 | |||||||||
Regulatory permanent capital-to-asset ratio | 4 | % | 6.19 | % | 4 | % | 6.3 | % | |||||||||
Regulatory permanent capital | $ | 1,641,526 | $ | 2,541,804 | $ | 1,511,448 | $ | 2,378,670 | |||||||||
Leverage ratio | 5 | % | 9.29 | % | 5 | % | 9.44 | % | |||||||||
Leverage capital | $ | 2,051,908 | $ | 3,812,706 | $ | 1,889,310 | $ | 3,568,005 | |||||||||
Mandatorily Redeemable Capital Stock. At September 30, 2014 and December 31, 2013, we had $16,137 and $16,787, respectively, in capital stock subject to mandatory redemption, which is classified as a liability in the Statement of Condition. There were eight and seven former members holding MRCS at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
The following table presents the activity in MRCS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
MRCS Activity | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Liability at beginning of period | $ | 16,785 | $ | 255,720 | $ | 16,787 | $ | 450,716 | |||||||||
Additions due to change in membership status | 47 | — | 47 | 95,441 | |||||||||||||
Redemptions/repurchases | (695 | ) | (401 | ) | (697 | ) | (290,975 | ) | |||||||||
Accrued dividends | — | — | — | 137 | |||||||||||||
Liability at end of period | $ | 16,137 | $ | 255,319 | $ | 16,137 | $ | 255,319 | |||||||||
During the nine months ended September 30, 2013, we repurchased $250,000 of excess stock held by former members (or their successors-in-interest) under a redemption request. In addition, during the nine months ended September 30, 2013, we redeemed $40,975 of excess stock held by former members because the stock had reached the end of its five-year redemption period. | |||||||||||||||||
The following table presents the distributions on MRCS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
MRCS Distributions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Recorded as Interest Expense | $ | 129 | $ | 2,225 | $ | 874 | $ | 6,713 | |||||||||
Recorded as distributions from Retained Earnings | — | — | — | 137 | |||||||||||||
Total | $ | 129 | $ | 2,225 | $ | 874 | $ | 6,850 | |||||||||
Excess Capital Stock. Excess capital stock is defined as the amount of stock held by a member or former member in excess of that institution's stock requirement. Finance Agency rules limit the ability of an FHLBank to create member excess stock under certain circumstances, including when its total excess stock exceeds 1% of Total Assets or if the issuance of excess stock would cause total excess stock to exceed 1% of Total Assets. Our excess stock totaled $593,088 at September 30, 2014, which was 1.4% of our Total Assets. Therefore, we are currently not permitted to issue new excess stock to members or distribute stock dividends. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Note 13 - Accumulated Other Comprehensive Income | |||||||||||||||||||||
The following table presents a summary of the changes in the components of AOCI for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities (Note 3) | Non-Credit OTTI on AFS Securities (Notes 3 and 5) | Non-Credit OTTI on HTM Securities | Pension Benefits | Total AOCI | ||||||||||||||||
(Notes 4 and 5) | |||||||||||||||||||||
Balance, June 30, 2013 | $ | 475 | $ | 15,425 | $ | (275 | ) | $ | (11,698 | ) | $ | 3,927 | |||||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | 2,392 | 2,474 | — | — | 4,866 | ||||||||||||||||
Net change in fair value | — | (84 | ) | — | — | (84 | ) | ||||||||||||||
Accretion of non-credit loss | — | — | 18 | — | 18 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Net realized gains from sale of AFS securities | — | — | — | — | — | ||||||||||||||||
Pension Benefits | — | — | — | 6,175 | 6,175 | ||||||||||||||||
Total Other Comprehensive Income | 2,392 | 2,390 | 18 | 6,175 | 10,975 | ||||||||||||||||
Balance, September 30, 2013 | $ | 2,867 | $ | 17,815 | $ | (257 | ) | $ | (5,523 | ) | $ | 14,902 | |||||||||
Balance, June 30, 2014 | $ | 12,894 | $ | 38,856 | $ | (209 | ) | $ | (4,364 | ) | $ | 47,177 | |||||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | 9,696 | 569 | — | — | 10,265 | ||||||||||||||||
Net change in fair value | — | (46 | ) | — | — | (46 | ) | ||||||||||||||
Accretion of non-credit loss | — | — | 22 | — | 22 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Non-credit portion of OTTI losses | — | 42 | — | — | 42 | ||||||||||||||||
Pension Benefits | — | — | — | (36 | ) | (36 | ) | ||||||||||||||
Total Other Comprehensive Income | 9,696 | 565 | 22 | (36 | ) | 10,247 | |||||||||||||||
Balance, September 30, 2014 | $ | 22,590 | $ | 39,421 | $ | (187 | ) | $ | (4,400 | ) | $ | 57,424 | |||||||||
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities (Note 3) | Non-Credit OTTI on AFS Securities (Notes 3 and 5) | Non-Credit OTTI on HTM Securities | Pension Benefits | Total AOCI | ||||||||||||||||
(Notes 4 and 5) | |||||||||||||||||||||
Balance, December 31, 2012 | $ | 12,335 | $ | (9,684 | ) | $ | (312 | ) | $ | (12,397 | ) | $ | (10,058 | ) | |||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | (9,468 | ) | 7,615 | — | — | (1,853 | ) | ||||||||||||||
Net change in fair value | — | 35,095 | — | — | 35,095 | ||||||||||||||||
Accretion of non-credit loss | — | — | 55 | — | 55 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Net realized gains from sale of AFS securities | — | (17,135 | ) | — | — | (17,135 | ) | ||||||||||||||
Non-credit portion of OTTI losses | — | 1,924 | — | — | 1,924 | ||||||||||||||||
Pension Benefits | — | — | — | 6,874 | 6,874 | ||||||||||||||||
Total Other Comprehensive Income | (9,468 | ) | 27,499 | 55 | 6,874 | 24,960 | |||||||||||||||
Balance, September 30, 2013 | $ | 2,867 | $ | 17,815 | $ | (257 | ) | $ | (5,523 | ) | $ | 14,902 | |||||||||
Balance, December 31, 2013 | $ | 317 | $ | 25,936 | $ | (241 | ) | $ | (4,292 | ) | $ | 21,720 | |||||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | 22,273 | 13,442 | — | — | 35,715 | ||||||||||||||||
Net change in fair value | — | (227 | ) | — | — | (227 | ) | ||||||||||||||
Accretion of non-credit loss | — | — | 54 | — | 54 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Non-credit portion of OTTI losses | — | 270 | — | — | 270 | ||||||||||||||||
Pension Benefits | — | — | — | (108 | ) | (108 | ) | ||||||||||||||
Total Other Comprehensive Income | 22,273 | 13,485 | 54 | (108 | ) | 35,704 | |||||||||||||||
Balance, September 30, 2014 | $ | 22,590 | $ | 39,421 | $ | (187 | ) | $ | (4,400 | ) | $ | 57,424 | |||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Note 14 - Segment Information | |||||||||||||||||||||||||
The following table presents our financial performance by operating segment: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | ||||||||||||||||||||
Net Interest Income | $ | 30,128 | $ | 17,130 | $ | 47,258 | $ | 34,486 | $ | 17,640 | $ | 52,126 | |||||||||||||
Provision for (Reversal of) Credit Losses | — | (126 | ) | (126 | ) | — | 314 | 314 | |||||||||||||||||
Other Income (Loss) | 7,266 | (446 | ) | 6,820 | (856 | ) | 1,407 | 551 | |||||||||||||||||
Other Expenses | 14,565 | 2,122 | 16,687 | 18,324 | 1,841 | 20,165 | |||||||||||||||||||
Income Before Assessments | 22,829 | 14,688 | 37,517 | 15,306 | 16,892 | 32,198 | |||||||||||||||||||
Affordable Housing Program Assessments | 2,296 | 1,469 | 3,765 | 1,753 | 1,689 | 3,442 | |||||||||||||||||||
Net Income | $ | 20,533 | $ | 13,219 | $ | 33,752 | $ | 13,553 | $ | 15,203 | $ | 28,756 | |||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | ||||||||||||||||||||
Net Interest Income | $ | 89,080 | $ | 48,354 | $ | 137,434 | $ | 112,715 | $ | 60,418 | $ | 173,133 | |||||||||||||
Provision for (Reversal of) Credit Losses | — | (916 | ) | (916 | ) | — | (3,451 | ) | (3,451 | ) | |||||||||||||||
Other Income (Loss) | 23,732 | (1,065 | ) | 22,667 | 27,359 | 1,104 | 28,463 | ||||||||||||||||||
Other Expenses | 42,808 | 6,386 | 49,194 | 46,347 | 4,751 | 51,098 | |||||||||||||||||||
Income Before Assessments | 70,004 | 41,819 | 111,823 | 93,727 | 60,222 | 153,949 | |||||||||||||||||||
Affordable Housing Program Assessments | 7,088 | 4,182 | 11,270 | 10,044 | 6,022 | 16,066 | |||||||||||||||||||
Net Income | $ | 62,916 | $ | 37,637 | $ | 100,553 | $ | 83,683 | $ | 54,200 | $ | 137,883 | |||||||||||||
The following table presents asset balances by operating segment: | |||||||||||||||||||||||||
By Date | Traditional | Mortgage Loans | Total | ||||||||||||||||||||||
September 30, 2014 | $ | 34,566,441 | $ | 6,471,714 | $ | 41,038,155 | |||||||||||||||||||
December 31, 2013 | 31,596,386 | 6,189,804 | 37,786,190 | ||||||||||||||||||||||
Estimated_Fair_Values
Estimated Fair Values | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Estimated Fair Values | ' | ||||||||||||||||||||||||
Note 15 - Estimated Fair Values | |||||||||||||||||||||||||
We review the fair value hierarchy classifications of our financial instruments on a quarterly basis. Changes in the observability of the inputs may result in a reclassification of certain assets or liabilities. Such reclassifications are reported as transfers in/out at estimated fair value as of the beginning of the quarter in which the changes occur. As described below, we reclassified six AFS securities from Level 3 to Level 2 during the nine months ended September 30, 2013. There were no such reclassifications during the three or nine months ended September 30, 2014 or the three months ended September 30, 2013. | |||||||||||||||||||||||||
The following tables present the carrying value and estimated fair value of each of our financial instruments. The total of the estimated fair values does not represent an estimate of our overall market value as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities, among other considerations. | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||
Carrying | Netting | ||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustment (1) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and Due from Banks | $ | 4,444,619 | $ | 4,444,619 | $ | 4,444,619 | $ | — | $ | — | $ | — | |||||||||||||
Interest-Bearing Deposits | 285 | 285 | — | 285 | — | — | |||||||||||||||||||
AFS Securities | 3,574,036 | 3,574,036 | — | 3,155,189 | 418,847 | — | |||||||||||||||||||
HTM Securities | 7,072,395 | 7,190,400 | — | 7,067,563 | 122,837 | — | |||||||||||||||||||
Advances | 19,324,702 | 19,384,314 | — | 19,384,314 | — | — | |||||||||||||||||||
Mortgage Loans Held for Portfolio, net | 6,471,714 | 6,678,052 | — | 6,632,312 | 45,740 | — | |||||||||||||||||||
Accrued Interest Receivable | 79,329 | 79,329 | — | 79,329 | — | — | |||||||||||||||||||
Derivative Assets, net | 18,989 | 18,989 | — | 88,575 | — | (69,586 | ) | ||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,906 | 12,906 | — | — | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits | 1,020,313 | 1,020,313 | — | 1,020,313 | — | — | |||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||
Discount Notes | 10,105,640 | 10,107,866 | — | 10,107,866 | — | — | |||||||||||||||||||
CO Bonds | 26,914,095 | 27,163,745 | — | 27,163,745 | — | — | |||||||||||||||||||
Accrued Interest Payable | 82,089 | 82,089 | — | 82,089 | — | — | |||||||||||||||||||
Derivative Liabilities, net | 92,009 | 92,009 | — | 377,289 | — | (285,280 | ) | ||||||||||||||||||
MRCS | 16,137 | 16,137 | 16,137 | — | — | — | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||
Carrying | Netting | ||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustment (1) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and Due from Banks | $ | 3,318,564 | $ | 3,318,564 | $ | 3,318,564 | $ | — | $ | — | $ | — | |||||||||||||
Interest-Bearing Deposits | 485 | 485 | — | 485 | — | — | |||||||||||||||||||
AFS Securities | 3,632,835 | 3,632,835 | — | 3,163,150 | 469,685 | — | |||||||||||||||||||
HTM Securities | 7,146,250 | 7,244,318 | — | 7,083,333 | 160,985 | — | |||||||||||||||||||
Advances | 17,337,418 | 17,428,710 | — | 17,428,710 | — | — | |||||||||||||||||||
Mortgage Loans Held for Portfolio, net | 6,189,804 | 6,272,905 | — | 6,228,216 | 44,689 | — | |||||||||||||||||||
Accrued Interest Receivable | 79,072 | 79,072 | — | 79,072 | — | — | |||||||||||||||||||
Derivative Assets, net | 7,214 | 7,214 | — | 127,826 | — | (120,612 | ) | ||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,483 | 12,483 | 12,483 | — | — | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits | 1,066,632 | 1,066,632 | — | 1,066,632 | — | — | |||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||
Discount Notes | 7,434,890 | 7,435,940 | — | 7,435,940 | — | — | |||||||||||||||||||
CO Bonds | 26,583,925 | 26,503,918 | — | 26,503,918 | — | — | |||||||||||||||||||
Accrued Interest Payable | 80,757 | 80,757 | — | 80,757 | — | — | |||||||||||||||||||
Derivative Liabilities, net | 109,744 | 109,744 | — | 546,958 | — | (437,214 | ) | ||||||||||||||||||
MRCS | 16,787 | 16,787 | 16,787 | — | — | — | |||||||||||||||||||
(1) | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. | ||||||||||||||||||||||||
Summary of Valuation Techniques and Significant Inputs. A description of the valuation techniques, significant inputs, and levels of fair value hierarchy is disclosed in Note 20 - Estimated Fair Values in our 2013 Form 10-K. No changes have been made in the current year, except as disclosed below. | |||||||||||||||||||||||||
Real Estate Owned. The fair value of REO is estimated on a non-recurring basis using a current property value from an NRSRO model adjusted for estimated selling costs and expected PMI proceeds. We had no REO outstanding at September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||
AFS and HTM Securities - non-MBS. Beginning in the third quarter of 2014, the estimated fair value incorporates prices from up to four designated third-party pricing vendors and follows the same process we use for AFS and HTM Securities - MBS as disclosed in Note 20 - Estimated Fair Values in our 2013 Form 10-K. We previously used market-observable price quotes from third-party pricing vendors, such as the Composite Bloomberg Bond Trade screen. This change did not have a significant impact on the estimated fair values of these securities as of September 30, 2014. | |||||||||||||||||||||||||
Estimated Fair Value Measurements. The following tables present by level within the fair value hierarchy the estimated fair value of our financial assets and liabilities that are recorded at estimated fair value on a recurring or non-recurring basis on our Statement of Condition. We did not have any financial assets or liabilities recorded at estimated fair value on a non-recurring basis on our Statement of Condition as of September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||
Netting | |||||||||||||||||||||||||
September 30, 2014 | Total | Level 1 | Level 2 | Level 3 | Adjustment (1) | ||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 3,155,189 | $ | — | $ | 3,155,189 | $ | — | $ | — | |||||||||||||||
Private-label RMBS | 418,847 | — | — | 418,847 | — | ||||||||||||||||||||
Total AFS Securities | 3,574,036 | — | 3,155,189 | 418,847 | — | ||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||
Interest-rate related | 18,663 | — | 88,249 | — | (69,586 | ) | |||||||||||||||||||
Interest-rate forwards | 76 | — | 76 | — | — | ||||||||||||||||||||
MDCs | 250 | — | 250 | — | — | ||||||||||||||||||||
Total Derivative Assets, net | 18,989 | — | 88,575 | — | (69,586 | ) | |||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,906 | — | — | — | ||||||||||||||||||||
Total recurring assets at estimated fair value | $ | 3,605,931 | $ | 12,906 | $ | 3,243,764 | $ | 418,847 | $ | (69,586 | ) | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||
Interest-rate related | $ | 91,923 | $ | — | $ | 377,203 | $ | — | $ | (285,280 | ) | ||||||||||||||
Interest-rate forwards | 46 | — | 46 | — | — | ||||||||||||||||||||
MDCs | 40 | — | 40 | — | — | ||||||||||||||||||||
Total Derivative Liabilities, net | 92,009 | — | 377,289 | — | (285,280 | ) | |||||||||||||||||||
Total recurring liabilities at estimated fair value | $ | 92,009 | $ | — | $ | 377,289 | $ | — | $ | (285,280 | ) | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 3,163,150 | $ | — | $ | 3,163,150 | $ | — | $ | — | |||||||||||||||
Private-label RMBS | 469,685 | — | — | 469,685 | — | ||||||||||||||||||||
Total AFS Securities | 3,632,835 | — | 3,163,150 | 469,685 | — | ||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||
Interest-rate related | 6,969 | — | 127,581 | — | (120,612 | ) | |||||||||||||||||||
Interest-rate forwards | 233 | — | 233 | — | — | ||||||||||||||||||||
MDCs | 12 | — | 12 | — | — | ||||||||||||||||||||
Total Derivative Assets, net | 7,214 | — | 127,826 | — | (120,612 | ) | |||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,483 | 12,483 | — | — | — | ||||||||||||||||||||
Total recurring assets at estimated fair value | $ | 3,652,532 | $ | 12,483 | $ | 3,290,976 | $ | 469,685 | $ | (120,612 | ) | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||
Interest-rate related | $ | 109,487 | $ | — | $ | 546,701 | $ | — | $ | (437,214 | ) | ||||||||||||||
Interest-rate forwards | 11 | — | 11 | — | — | ||||||||||||||||||||
MDCs | 246 | — | 246 | — | — | ||||||||||||||||||||
Total Derivative Liabilities, net | 109,744 | — | 546,958 | — | (437,214 | ) | |||||||||||||||||||
Total recurring liabilities at estimated fair value | $ | 109,744 | $ | — | $ | 546,958 | $ | — | $ | (437,214 | ) | ||||||||||||||
(1) | Represents the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. | ||||||||||||||||||||||||
Level 3 Disclosures for All Assets and Liabilities that are Measured at Fair Value on a Recurring Basis. The table below presents a rollforward of our AFS private-label RMBS measured at estimated fair value on a recurring basis using Level 3 significant inputs. The estimated fair values for the private-label RMBS were determined using a pricing source, such as a dealer quote or comparable security price, for which the significant unobservable inputs used to determine the price were not reasonably available. | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Level 3 Rollforward | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Balance, beginning of period | $ | 442,712 | $ | 511,952 | $ | 469,685 | $ | 640,142 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||||||
Accretion of credit losses in Interest Income | 872 | 37 | 1,746 | 95 | |||||||||||||||||||||
Net gains (losses) on changes in fair value in Other Income (Loss) | (42 | ) | — | (270 | ) | — | |||||||||||||||||||
Net change in fair value not in excess of cumulative non-credit losses in OCI | (46 | ) | (84 | ) | (227 | ) | 12,625 | ||||||||||||||||||
Unrealized gains (losses) in OCI | 569 | 2,474 | 13,442 | 16,843 | |||||||||||||||||||||
Reclassification of non-credit portion in OCI to Other Income (Loss) | 42 | — | 270 | — | |||||||||||||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||||||||||
Settlements | (25,260 | ) | (25,810 | ) | (65,799 | ) | (56,957 | ) | |||||||||||||||||
Transfers out | — | — | — | (124,179 | ) | ||||||||||||||||||||
Balance, end of period | $ | 418,847 | $ | 488,569 | $ | 418,847 | $ | 488,569 | |||||||||||||||||
Net gains (losses) included in earnings attributable to changes in fair value relating to assets still held at end of period | $ | 830 | $ | 37 | $ | 1,476 | $ | 95 | |||||||||||||||||
We classified the six securities we sold on April 4, 2013 as Level 2 within the fair value hierarchy as of March 31, 2013 because the estimated fair values were derived from and corroborated by the sales prices in actual market transactions. The total estimated fair value of these six securities that we transferred from Level 3 to Level 2 was $124,179 as of January 1, 2013, the beginning of the quarter in which the transfer occurred. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Note 16 - Commitments and Contingencies | |||||||||||||
The following table presents our off-balance-sheet commitments at their notional amounts: | |||||||||||||
September 30, 2014 | |||||||||||||
Type of Commitment | Expire within one year | Expire after one year | Total | ||||||||||
Letters of credit outstanding | $ | 104,450 | $ | 150,703 | $ | 255,153 | |||||||
Unused lines of credit | 822,299 | — | 822,299 | ||||||||||
Commitments to fund additional Advances (1) | 20,000 | — | 20,000 | ||||||||||
Commitments to fund or purchase mortgage loans | 159,004 | — | 159,004 | ||||||||||
Unsettled CO Bonds, at par (2) | 452,750 | — | 452,750 | ||||||||||
(1) | Generally for periods up to six months. | ||||||||||||
(2) | Includes $405,000 hedged with associated interest-rate swaps. | ||||||||||||
Pledged Collateral. At September 30, 2014 and December 31, 2013, we had pledged cash collateral, at par, of $219,750 and $321,423, respectively, to counterparties and clearing agents. At September 30, 2014 and December 31, 2013, we had not pledged any securities as collateral. | |||||||||||||
Legal Proceedings. We are subject to legal proceedings arising in the normal course of business. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these proceedings will have a material effect on our financial condition or results of operations. | |||||||||||||
In 2010, we filed a complaint asserting claims against several entities for negligent misrepresentation and violations of state and federal securities law occurring in connection with the sale of private-label RMBS to us. In 2013 and 2014, we executed confidential settlement agreements with certain defendants in this litigation, pursuant to which we have dismissed pending claims against, and provided legal releases to, certain entities with respect to applicable securities at issue in the litigation, in consideration of our receipt of cash payments on behalf of those defendants. These payments, including distributions relating to two settlements reached in 2013, totaled $5,532 and $14,080, net of legal fees and litigation expenses, for the three and nine months ended September 30, 2014, respectively, and were recorded in Other Income. No such payments were received during the three or nine months ended September 30, 2013. | |||||||||||||
Additional discussion of other commitments and contingencies is provided in Note 6 - Advances; Note 7 - Mortgage Loans Held for Portfolio; Note 9 - Derivatives and Hedging Activities; Note 10 - Consolidated Obligations; Note 12 - Capital; and Note 15 - Estimated Fair Values. |
Transactions_with_Related_Part
Transactions with Related Parties | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||||||||
Transactions with Related Parties | ' | |||||||||||||||||||||
Note 17 - Transactions with Related Parties | ||||||||||||||||||||||
For financial reporting purposes, we define related parties as those members, and former members and their affiliates, with capital stock outstanding in excess of 10% of our total outstanding Capital Stock and MRCS. The following table presents the outstanding balances with respect to transactions with related parties and their balances as a percent of the total balance on our Statement of Condition. | ||||||||||||||||||||||
Capital Stock and MRCS | Advances | Mortgage Loans Held for Portfolio (1) | ||||||||||||||||||||
September 30, 2014 | Balance, | % of Total | Balance, | % of Total | UPB | % of Total | ||||||||||||||||
par value | par value | |||||||||||||||||||||
Flagstar Bank, FSB | $ | 209,737 | 12 | % | $ | 150,000 | 1 | % | $ | 471,029 | 7 | % | ||||||||||
Total | $ | 209,737 | 12 | % | $ | 150,000 | 1 | % | $ | 471,029 | 7 | % | ||||||||||
December 31, 2013 | ||||||||||||||||||||||
Flagstar Bank, FSB | $ | 209,737 | 13 | % | $ | 988,000 | 6 | % | $ | 537,426 | 9 | % | ||||||||||
Total | $ | 209,737 | 13 | % | $ | 988,000 | 6 | % | $ | 537,426 | 9 | % | ||||||||||
(1) | Represents UPB of mortgage loans purchased from related party. | |||||||||||||||||||||
We had net Advances to (repayments from) related parties as follows: | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Related Party | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Flagstar Bank, FSB | $ | (881,705 | ) | $ | 7,598 | $ | (838,000 | ) | $ | (272,402 | ) | |||||||||||
We did not acquire any mortgage loans from related parties during the three or nine months ended September 30, 2014 or 2013. | ||||||||||||||||||||||
Transactions with Directors' Financial Institutions. The following table presents the outstanding balances with respect to transactions with directors' financial institutions and their balance as a percent of the total balance on our Statement of Condition. | ||||||||||||||||||||||
Capital Stock and MRCS | Advances | Mortgage Loans Held for Portfolio (1) | ||||||||||||||||||||
Date | Balance, | % of Total | Balance, | % of Total | UPB | % of Total | ||||||||||||||||
par value | par value | |||||||||||||||||||||
September 30, 2014 | $ | 51,838 | 3 | % | $ | 269,336 | 1 | % | $ | 161,719 | 3 | % | ||||||||||
December 31, 2013 | 40,842 | 3 | % | 234,394 | 1 | % | 82,172 | 1 | % | |||||||||||||
(1) | Represents UPB of mortgage loans purchased from Directors' Financial Institutions. | |||||||||||||||||||||
Net Advances to (repayments from) directors' financial institutions and mortgage loans purchased from directors' financial institutions, taking into account the dates of the directors' appointments and term endings, were as follows: | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Transactions with Directors' Financial Institutions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Net Advances (repayments) | $ | 18,178 | $ | 13,678 | $ | (6,558 | ) | $ | (108,340 | ) | ||||||||||||
Mortgage loans purchased | 14,557 | 8,110 | 29,212 | 21,271 | ||||||||||||||||||
Transactions with Other FHLBanks. During the three and nine months ended September 30, 2014, we purchased $0 and $11,011, respectively, of participation interests from the FHLBank of Topeka in mortgage loans originated by its members under the MPF program, compared with $53,581 and $309,477 for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||||||||
Beginning in July 2012, we pay an MPF Provider fee to the FHLBank of Chicago for our participation in the MPF program that is recorded in Other Expenses. For the three and nine months ended September 30, 2014, we paid such fees of $73 and $223, respectively, compared to $68 and $160, respectively, for the three and nine months ended September 30, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy | ' |
Basis of Presentation. The accompanying interim financial statements of the Federal Home Loan Bank of Indianapolis have been prepared in accordance with GAAP, and the instructions promulgated by the SEC, for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. | |
Reclassifications, Policy | ' |
Reclassifications. We have reclassified certain amounts from the prior periods to conform to the current period presentation. These reclassifications had no effect on Net Income, Total Comprehensive Income, Total Capital, or net Cash Flows. | |
Use of Estimates, Policy | ' |
Use of Estimates. The preparation of financial statements in accordance with GAAP requires us to make subjective assumptions and estimates that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expense. Although the reported amounts and disclosures reflect our best estimates, actual results could differ significantly from these estimates. | |
Financial Instruments Meeting Netting Requirements, Policy | ' |
Financial Instruments Meeting Netting Requirements. We present certain financial instruments, including derivative instruments and securities purchased under agreements to resell, on a net basis when we have a legal right of offset and all other requirements for netting are met (collectively referred to as the netting requirements). For these financial instruments, we have elected to offset our derivative asset and liability positions, as well as cash collateral received or pledged, when we have met the netting requirements. | |
AFS and HTM Securities- non-MBS, Policy | ' |
AFS and HTM Securities - non-MBS. Beginning in the third quarter of 2014, the estimated fair value incorporates prices from up to four designated third-party pricing vendors and follows the same process we use for AFS and HTM Securities - MBS as disclosed in Note 20 - Estimated Fair Values in our 2013 Form 10-K. We previously used market-observable price quotes from third-party pricing vendors, such as the Composite Bloomberg Bond Trade screen. |
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Available-for-sale Securities [Line Items] | ' | ||||||||||||||||||||||||
Available-for-Sale (AFS) Securities by Major Security Type | ' | ||||||||||||||||||||||||
The following table presents information on our AFS securities: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Non-Credit | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
September 30, 2014 | Cost (1) | OTTI | Gains | Losses | Fair Value | ||||||||||||||||||||
GSE and TVA debentures | $ | 3,132,599 | $ | — | $ | 22,590 | $ | — | $ | 3,155,189 | |||||||||||||||
Private-label RMBS | 379,426 | (192 | ) | 39,613 | — | 418,847 | |||||||||||||||||||
Total AFS securities | $ | 3,512,025 | $ | (192 | ) | $ | 62,203 | $ | — | $ | 3,574,036 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 3,162,833 | $ | — | $ | 6,623 | $ | (6,306 | ) | $ | 3,163,150 | ||||||||||||||
Private-label RMBS | 443,749 | (234 | ) | 26,170 | — | 469,685 | |||||||||||||||||||
Total AFS securities | $ | 3,606,582 | $ | (234 | ) | $ | 32,793 | $ | (6,306 | ) | $ | 3,632,835 | |||||||||||||
(1) | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses) and fair-value hedge accounting adjustments. | ||||||||||||||||||||||||
Schedule of Realized Gains (Losses) | ' | ||||||||||||||||||||||||
There were no sales of AFS securities during the three and nine months ended September 30, 2014. However, on April 4, 2013, we sold six OTTI AFS securities, only one of which was in an unrealized loss position. Prior to the sale, we recorded an OTTI credit charge for this security, representing the entire difference between our amortized cost basis and its estimated fair value, which resulted in no gross realized losses from this sale. | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Sales of AFS Securities | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Proceeds from sale | $ | — | $ | — | $ | — | $ | 129,471 | |||||||||||||||||
Previously recognized OTTI credit losses including accretion | — | — | — | 38,806 | |||||||||||||||||||||
Gross realized gains | — | — | — | 17,135 | |||||||||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||||
Net Realized Gains from Sale of Available-for-Sale Securities | $ | — | $ | — | $ | — | $ | 17,135 | |||||||||||||||||
Available-for-sale Securities [Member] | ' | ||||||||||||||||||||||||
Available-for-sale Securities [Line Items] | ' | ||||||||||||||||||||||||
AFS Securities in a Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table presents impaired AFS securities (i.e., in an unrealized loss position), which are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
September 30, 2014 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
GSE and TVA debentures | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Private-label RMBS | — | — | 5,869 | (192 | ) | 5,869 | (192 | ) | |||||||||||||||||
Total impaired AFS securities | $ | — | $ | — | $ | 5,869 | $ | (192 | ) | $ | 5,869 | $ | (192 | ) | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 880,095 | $ | (6,306 | ) | $ | — | $ | — | $ | 880,095 | $ | (6,306 | ) | |||||||||||
Private-label RMBS | — | — | 7,135 | (234 | ) | 7,135 | (234 | ) | |||||||||||||||||
Total impaired AFS securities | $ | 880,095 | $ | (6,306 | ) | $ | 7,135 | $ | (234 | ) | $ | 887,230 | $ | (6,540 | ) | ||||||||||
AFS Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of non-MBS AFS securities by contractual maturity are presented below. MBS are not presented by contractual maturity because their actual maturities will likely differ from contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
Due after one year through five years | $ | 2,492,564 | $ | 2,506,984 | $ | 2,046,472 | $ | 2,052,348 | |||||||||||||||||
Due after five years through ten years | 640,035 | 648,205 | 1,083,608 | 1,078,558 | |||||||||||||||||||||
Due after ten years | — | — | 32,753 | 32,244 | |||||||||||||||||||||
Total Non-MBS | 3,132,599 | 3,155,189 | 3,162,833 | 3,163,150 | |||||||||||||||||||||
Total MBS | 379,426 | 418,847 | 443,749 | 469,685 | |||||||||||||||||||||
Total AFS securities | $ | 3,512,025 | $ | 3,574,036 | $ | 3,606,582 | $ | 3,632,835 | |||||||||||||||||
HeldtoMaturity_Securities_Tabl
Held-to-Maturity Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ||||||||||||||||||||||||
HTM Securities by Major Security Type | ' | ||||||||||||||||||||||||
The following table presents information on our HTM securities: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Unrecognized | Unrecognized | ||||||||||||||||||||||||
Amortized | Non-Credit | Carrying | Holding | Holding | Estimated | ||||||||||||||||||||
September 30, 2014 | Cost (1) | OTTI | Value (2) | Gains (3) | Losses (3) | Fair Value | |||||||||||||||||||
GSE debentures | $ | 268,999 | $ | — | $ | 268,999 | $ | 257 | $ | — | $ | 269,256 | |||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations -guaranteed RMBS | 3,042,915 | — | 3,042,915 | 40,774 | (2,365 | ) | 3,081,324 | ||||||||||||||||||
GSE RMBS | 3,635,901 | — | 3,635,901 | 83,087 | (2,005 | ) | 3,716,983 | ||||||||||||||||||
Private-label RMBS | 111,369 | — | 111,369 | 566 | (1,095 | ) | 110,840 | ||||||||||||||||||
Manufactured housing loan ABS | 11,618 | — | 11,618 | — | (1,241 | ) | 10,377 | ||||||||||||||||||
Home equity loan ABS | 1,780 | (187 | ) | 1,593 | 112 | (85 | ) | 1,620 | |||||||||||||||||
Total RMBS and ABS | 6,803,583 | (187 | ) | 6,803,396 | 124,539 | (6,791 | ) | 6,921,144 | |||||||||||||||||
Total HTM securities | $ | 7,072,582 | $ | (187 | ) | $ | 7,072,395 | $ | 124,796 | $ | (6,791 | ) | $ | 7,190,400 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
GSE debentures | $ | 268,998 | $ | — | $ | 268,998 | $ | 399 | $ | — | $ | 269,397 | |||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations -guaranteed RMBS | 3,119,458 | — | 3,119,458 | 45,171 | (7,406 | ) | 3,157,223 | ||||||||||||||||||
GSE RMBS | 3,592,695 | — | 3,592,695 | 70,572 | (6,554 | ) | 3,656,713 | ||||||||||||||||||
Private-label RMBS | 150,287 | — | 150,287 | 185 | (2,663 | ) | 147,809 | ||||||||||||||||||
Manufactured housing loan ABS | 12,933 | — | 12,933 | — | (1,590 | ) | 11,343 | ||||||||||||||||||
Home equity loan ABS | 2,120 | (241 | ) | 1,879 | 67 | (113 | ) | 1,833 | |||||||||||||||||
Total RMBS and ABS | 6,877,493 | (241 | ) | 6,877,252 | 115,995 | (18,326 | ) | 6,974,921 | |||||||||||||||||
Total HTM securities | $ | 7,146,491 | $ | (241 | ) | $ | 7,146,250 | $ | 116,394 | $ | (18,326 | ) | $ | 7,244,318 | |||||||||||
(1) | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses). | ||||||||||||||||||||||||
(2) | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. | ||||||||||||||||||||||||
(3) | Represents the difference between estimated fair value and carrying value. | ||||||||||||||||||||||||
Held-to-maturity Securities [Member] | ' | ||||||||||||||||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ||||||||||||||||||||||||
HTM Securities in a Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table presents impaired HTM securities (i.e., in an unrealized loss position), aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position. None of our non-MBS were in an unrealized loss position at September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
September 30, 2014 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses (1) | |||||||||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | $ | — | $ | — | $ | 719,220 | $ | (2,365 | ) | $ | 719,220 | $ | (2,365 | ) | |||||||||||
GSE RMBS | 325,911 | (1,562 | ) | 91,784 | (443 | ) | 417,695 | (2,005 | ) | ||||||||||||||||
Private-label RMBS | 4,477 | (7 | ) | 45,271 | (1,088 | ) | 49,748 | (1,095 | ) | ||||||||||||||||
Manufactured housing loan ABS | — | — | 10,377 | (1,241 | ) | 10,377 | (1,241 | ) | |||||||||||||||||
Home equity loan ABS | — | — | 1,621 | (160 | ) | 1,621 | (160 | ) | |||||||||||||||||
Total RMBS and ABS | 330,388 | (1,569 | ) | 868,273 | (5,297 | ) | 1,198,661 | (6,866 | ) | ||||||||||||||||
Total impaired HTM securities | $ | 330,388 | $ | (1,569 | ) | $ | 868,273 | $ | (5,297 | ) | $ | 1,198,661 | $ | (6,866 | ) | ||||||||||
December 31, 2013 | |||||||||||||||||||||||||
RMBS and ABS: | |||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | $ | 1,094,158 | $ | (3,365 | ) | $ | 546,459 | $ | (4,041 | ) | $ | 1,640,617 | $ | (7,406 | ) | ||||||||||
GSE RMBS | 1,338,255 | (6,542 | ) | 6,766 | (12 | ) | 1,345,021 | (6,554 | ) | ||||||||||||||||
Private-label RMBS | 61,059 | (561 | ) | 58,363 | (2,102 | ) | 119,422 | (2,663 | ) | ||||||||||||||||
Manufactured housing loan ABS | — | — | 11,343 | (1,590 | ) | 11,343 | (1,590 | ) | |||||||||||||||||
Home equity loan ABS | — | — | 1,833 | (287 | ) | 1,833 | (287 | ) | |||||||||||||||||
Total RMBS and ABS | 2,493,472 | (10,468 | ) | 624,764 | (8,032 | ) | 3,118,236 | (18,500 | ) | ||||||||||||||||
Total impaired HTM securities | $ | 2,493,472 | $ | (10,468 | ) | $ | 624,764 | $ | (8,032 | ) | $ | 3,118,236 | $ | (18,500 | ) | ||||||||||
(1) | For home equity loan ABS, total unrealized losses does not agree to total gross unrecognized holding losses. Total unrealized losses include non-credit-related OTTI losses recorded in AOCI and gross unrecognized holding gains on previously OTTI securities. | ||||||||||||||||||||||||
HTM Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost, carrying value and estimated fair value of non-MBS HTM securities by contractual maturity are presented below. MBS and ABS are not presented by contractual maturity because their actual maturities will likely differ from contractual maturities as certain borrowers have the right to prepay their obligations with or without prepayment fees. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized | Carrying | Estimated | Amortized | Carrying | Estimated | ||||||||||||||||||||
Year of Contractual Maturity | Cost (1) | Value (2) | Fair Value | Cost (1) | Value (2) | Fair Value | |||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||
Due in one year or less | $ | 168,999 | $ | 168,999 | $ | 169,133 | $ | — | $ | — | $ | — | |||||||||||||
Due after one year through five years | 100,000 | 100,000 | 100,123 | 268,998 | 268,998 | 269,397 | |||||||||||||||||||
Total Non-MBS | 268,999 | 268,999 | 269,256 | 268,998 | 268,998 | 269,397 | |||||||||||||||||||
Total RMBS and ABS | 6,803,583 | 6,803,396 | 6,921,144 | 6,877,493 | 6,877,252 | 6,974,921 | |||||||||||||||||||
Total HTM securities | $ | 7,072,582 | $ | 7,072,395 | $ | 7,190,400 | $ | 7,146,491 | $ | 7,146,250 | $ | 7,244,318 | |||||||||||||
(1) | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses). | ||||||||||||||||||||||||
(2) | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. |
OtherThanTemporary_Impairment_
Other-Than-Temporary Impairment (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Other Than Temporary Impairments Analysis [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Significant Inputs In Measuring Other Than Temporary Impairments Recognized In Earnings | ' | ||||||||||||||||||||||||||||
The following table presents the other significant modeling assumptions used to determine the amount of credit loss recognized in earnings for the one security that was determined to be OTTI during the three months ended September 30, 2014. The related current credit enhancement is also presented. Credit enhancement is defined as the percentage of subordinated tranches, excess spread, and over-collateralization, if any, in a security structure that will generally absorb losses before we will experience a loss on the security. A credit enhancement percentage of zero reflects a security that has no remaining credit support and is likely to have experienced an actual principal loss. The calculated averages represent the dollar-weighted averages of the private-label RMBS in each category shown. The classification (prime, Alt-A or subprime) is based on the model used to estimate the cash flows for the security, which may not be the same as the classification by the rating agency at the time of origination. | |||||||||||||||||||||||||||||
Significant Modeling Assumptions | |||||||||||||||||||||||||||||
for OTTI private-label RMBS | |||||||||||||||||||||||||||||
for the three months ended September 30, 2014 | |||||||||||||||||||||||||||||
Year of Securitization | Prepayment Rates (1) | Default Rates (1) | Loss Severities (1) | Current Credit | |||||||||||||||||||||||||
Enhancement (1) | |||||||||||||||||||||||||||||
Prime - 2006 | 15.5 | % | 16.6 | % | 40.3 | % | 0 | % | |||||||||||||||||||||
(1) | Weighted Average based on UPB. | ||||||||||||||||||||||||||||
Rollforward of the Amounts Related to Credit Losses Recognized into Earnings | ' | ||||||||||||||||||||||||||||
The following table presents a rollforward of the amounts related to credit losses recognized in earnings. The rollforward excludes accretion of credit losses for securities that have not experienced a significant increase in cash flows. | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
Credit Loss Rollforward | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 71,584 | $ | 72,287 | $ | 72,287 | $ | 109,169 | |||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||
Additional credit losses for which OTTI was previously recognized (1) | 42 | — | 270 | 1,924 | |||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||
Credit losses on securities sold, matured, paid down or prepaid | — | — | — | (30,506 | ) | ||||||||||||||||||||||||
Unamortized life-to-date credit losses on security that we intend to sell before recovery of its amortized cost basis | — | — | — | (8,300 | ) | ||||||||||||||||||||||||
Significant increases in cash flows expected to be collected, recognized over the remaining life of the securities (2) | (938 | ) | — | (1,869 | ) | — | |||||||||||||||||||||||
Balance at end of period | $ | 70,688 | $ | 72,287 | $ | 70,688 | $ | 72,287 | |||||||||||||||||||||
(1) | For the three months ended September 30, 2014 and 2013, relates to all securities that were impaired prior to July 1, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, relates to all securities that were impaired prior to January 1, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
(2) | Represents amounts to be accreted as interest income over the remaining life of the applicable securities. | ||||||||||||||||||||||||||||
Total Securities Other-than-Temporarily Impaired during the Life of the Security | ' | ||||||||||||||||||||||||||||
The following table presents the classification and balances at September 30, 2014 of OTTI securities impaired prior to that date (i.e., life-to-date) but not necessarily as of that date. Securities are classified based on the originator's classification at the time of origination or based on the classification by the NRSROs upon issuance. Because there is no universally accepted definition of prime, Alt-A or subprime underwriting standards, such classifications are subjective. | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
HTM Securities | AFS Securities | ||||||||||||||||||||||||||||
OTTI Life-to-Date | UPB | Amortized Cost | Carrying Value | Estimated Fair Value | UPB | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Private-label RMBS - prime | $ | — | $ | — | $ | — | $ | — | $ | 443,803 | $ | 379,426 | $ | 418,847 | |||||||||||||||
Home equity loan ABS - subprime | 737 | 705 | 518 | 630 | — | — | — | ||||||||||||||||||||||
Total | $ | 737 | $ | 705 | $ | 518 | $ | 630 | $ | 443,803 | $ | 379,426 | $ | 418,847 | |||||||||||||||
Advances_Tables
Advances (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Advances [Abstract] | ' | ||||||||||||||||
Summary of Advances Redemption Terms | ' | ||||||||||||||||
We had Advances outstanding, as presented below by year of contractual maturity, with interest rates ranging from 0% to 8.34%. | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Year of Contractual Maturity | Amount | WAIR % | Amount | WAIR % | |||||||||||||
Overdrawn demand and overnight deposit accounts | $ | 959 | 2.43 | $ | 1,092 | 2.5 | |||||||||||
Due in 1 year or less | 6,194,403 | 0.64 | 5,952,161 | 0.58 | |||||||||||||
Due after 1 year through 2 years | 2,640,043 | 1.9 | 1,695,355 | 2.61 | |||||||||||||
Due after 2 years through 3 years | 2,383,572 | 1.74 | 2,289,954 | 1.59 | |||||||||||||
Due after 3 years through 4 years | 2,105,242 | 2.18 | 2,190,551 | 1.86 | |||||||||||||
Due after 4 years through 5 years | 1,019,474 | 1.94 | 1,803,488 | 2.17 | |||||||||||||
Thereafter | 4,832,053 | 1.43 | 3,199,181 | 1.93 | |||||||||||||
Total Advances, par value | 19,175,746 | 1.39 | 17,131,782 | 1.5 | |||||||||||||
Fair-value hedging adjustments | 126,822 | 181,211 | |||||||||||||||
Unamortized swap termination fees associated with modified Advances, net of deferred prepayment fees | 22,134 | 24,425 | |||||||||||||||
Total Advances | $ | 19,324,702 | $ | 17,337,418 | |||||||||||||
Recognized Prepayment/Swap Termination Fees | ' | ||||||||||||||||
The following table presents Advance prepayment fees and the associated swap termination fees recognized in Interest Income at the time of the prepayments: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Recognized prepayment/termination fees | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Prepayment fees on Advances | $ | 593 | $ | 273 | $ | 2,010 | $ | 30,807 | |||||||||
Associated swap termination fees | 24 | — | (332 | ) | (22,680 | ) | |||||||||||
Prepayment Fees on Advances, net | $ | 617 | $ | 273 | $ | 1,678 | $ | 8,127 | |||||||||
Deferred Prepayment/Swap Termination Fees | ' | ||||||||||||||||
The following table presents deferred Advance prepayment fees and deferred swap termination fees associated with those Advance prepayments: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Deferred prepayment/termination fees | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Deferred prepayment fees on Advances | $ | 477 | $ | 197 | $ | 477 | $ | 12,132 | |||||||||
Deferred associated swap termination fees | (475 | ) | — | (475 | ) | (7,415 | ) | ||||||||||
Deferred prepayment fees on Advances, net | $ | 2 | $ | 197 | $ | 2 | $ | 4,717 | |||||||||
Advances by Year of Contractual Maturity, Next Call Date, or Next Put or Convert Date | ' | ||||||||||||||||
The following table presents Advances by the earlier of the year of contractual maturity or the next call date and next put date: | |||||||||||||||||
Year of Contractual Maturity | Year of Contractual Maturity | ||||||||||||||||
or Next Call Date | or Next Put Date | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Overdrawn demand and overnight deposit accounts | $ | 959 | $ | 1,092 | $ | 959 | $ | 1,092 | |||||||||
Due in 1 year or less | 10,031,518 | 8,312,526 | 6,370,903 | 6,128,161 | |||||||||||||
Due after 1 year through 2 years | 2,804,043 | 1,572,105 | 2,611,043 | 1,683,855 | |||||||||||||
Due after 2 years through 3 years | 2,150,822 | 2,293,954 | 2,301,072 | 2,259,954 | |||||||||||||
Due after 3 years through 4 years | 1,905,242 | 2,052,801 | 2,055,242 | 2,091,051 | |||||||||||||
Due after 4 years through 5 years | 954,474 | 1,653,488 | 1,004,474 | 1,768,488 | |||||||||||||
Thereafter | 1,328,688 | 1,245,816 | 4,832,053 | 3,199,181 | |||||||||||||
Total Advances, par value | $ | 19,175,746 | $ | 17,131,782 | $ | 19,175,746 | $ | 17,131,782 | |||||||||
Mortgage_Loans_Held_for_Portfo1
Mortgage Loans Held for Portfolio (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||
Mortgage Loans Held for Portfolio by Term | ' | ||||||||||||
The following tables present information on Mortgage Loans Held for Portfolio: | |||||||||||||
September 30, 2014 | |||||||||||||
Term | MPP | MPF | Total | ||||||||||
Fixed-rate long-term mortgages | $ | 4,865,767 | $ | 440,964 | $ | 5,306,731 | |||||||
Fixed-rate medium-term (1) mortgages | 960,647 | 81,754 | 1,042,401 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | 5,826,414 | 522,718 | 6,349,132 | ||||||||||
Unamortized premiums | 120,107 | 9,514 | 129,621 | ||||||||||
Unamortized discounts | (8,654 | ) | — | (8,654 | ) | ||||||||
Fair-value hedging adjustments | 5,144 | (529 | ) | 4,615 | |||||||||
Allowance for loan losses | (2,750 | ) | (250 | ) | (3,000 | ) | |||||||
Total Mortgage Loans Held for Portfolio, net | $ | 5,940,261 | $ | 531,453 | $ | 6,471,714 | |||||||
December 31, 2013 | |||||||||||||
Term | MPP | MPF | Total | ||||||||||
Fixed-rate long-term mortgages | $ | 4,528,804 | $ | 457,128 | $ | 4,985,932 | |||||||
Fixed-rate medium-term (1) mortgages | 1,012,587 | 86,914 | 1,099,501 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | 5,541,391 | 544,042 | 6,085,433 | ||||||||||
Unamortized premiums | 106,346 | 10,917 | 117,263 | ||||||||||
Unamortized discounts | (11,942 | ) | (288 | ) | (12,230 | ) | |||||||
Fair-value hedging adjustments | 4,374 | (536 | ) | 3,838 | |||||||||
Allowance for loan losses | (4,000 | ) | (500 | ) | (4,500 | ) | |||||||
Total Mortgage Loans Held for Portfolio, net | $ | 5,636,169 | $ | 553,635 | $ | 6,189,804 | |||||||
(1) | Defined as a term of 15 years or less at origination. | ||||||||||||
Mortgage Loans Held for Portfolio by Collateral/Guarantee Type | ' | ||||||||||||
September 30, 2014 | |||||||||||||
Type | MPP | MPF | Total | ||||||||||
Conventional | $ | 5,168,497 | $ | 418,501 | $ | 5,586,998 | |||||||
Government | 657,917 | 104,217 | 762,134 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 5,826,414 | $ | 522,718 | $ | 6,349,132 | |||||||
December 31, 2013 | |||||||||||||
Type | MPP | MPF | Total | ||||||||||
Conventional | $ | 4,804,298 | $ | 435,996 | $ | 5,240,294 | |||||||
Government | 737,093 | 108,046 | 845,139 | ||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 5,541,391 | $ | 544,042 | $ | 6,085,433 | |||||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Allowance for Credit Losses [Abstract] | ' | ||||||||||||||||||||||||
Impact of MPP Risk Sharing Structure on Allowance for Credit Losses | ' | ||||||||||||||||||||||||
The following table presents the impact of credit enhancements on the allowance for MPP loan losses: | |||||||||||||||||||||||||
MPP Credit Waterfall | September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Estimated losses remaining after borrower's equity, before credit enhancements | $ | 21,873 | $ | 31,523 | |||||||||||||||||||||
Portion of estimated losses recoverable from PMI | (3,273 | ) | (4,922 | ) | |||||||||||||||||||||
Portion of estimated losses recoverable from LRA | (4,000 | ) | (5,072 | ) | |||||||||||||||||||||
Portion of estimated losses recoverable from SMI | (12,049 | ) | (18,740 | ) | |||||||||||||||||||||
Allowance for unrecoverable PMI/SMI | 199 | 1,211 | |||||||||||||||||||||||
Allowance for MPP loan losses | $ | 2,750 | $ | 4,000 | |||||||||||||||||||||
Changes in Lender Risk Account | ' | ||||||||||||||||||||||||
The following table presents the activity in the LRA: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
LRA Activity | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Balance of LRA, beginning of period | $ | 49,918 | $ | 40,091 | $ | 45,330 | $ | 33,693 | |||||||||||||||||
Additions | 5,807 | 3,856 | 11,917 | 12,555 | |||||||||||||||||||||
Claims paid | (411 | ) | (662 | ) | (1,664 | ) | (2,422 | ) | |||||||||||||||||
Distributions | (93 | ) | (220 | ) | (362 | ) | (761 | ) | |||||||||||||||||
Balance of LRA, end of period | $ | 55,221 | $ | 43,065 | $ | 55,221 | $ | 43,065 | |||||||||||||||||
Rollforward of Allowance for Credit Losses on Mortgage Loans | ' | ||||||||||||||||||||||||
The tables below present a rollforward of our allowance for loan losses, the allowance for loan losses by impairment methodology, and the recorded investment in conventional mortgage loans by impairment methodology. | |||||||||||||||||||||||||
Conventional | |||||||||||||||||||||||||
Rollforward of Allowance | MPP | MPF | Total | ||||||||||||||||||||||
Allowance for loan losses, June 30, 2014 | $ | 3,000 | $ | 250 | $ | 3,250 | |||||||||||||||||||
Charge-offs, net of recoveries | (124 | ) | — | (124 | ) | ||||||||||||||||||||
Provision for (reversal of) loan losses | (126 | ) | — | (126 | ) | ||||||||||||||||||||
Allowance for loan losses, September 30, 2014 | $ | 2,750 | $ | 250 | $ | 3,000 | |||||||||||||||||||
Allowance for loan losses, June 30, 2013 | $ | 5,000 | $ | 500 | $ | 5,500 | |||||||||||||||||||
Charge-offs, net of recoveries | (314 | ) | — | (314 | ) | ||||||||||||||||||||
Provision for (reversal of) loan losses | 314 | — | 314 | ||||||||||||||||||||||
Allowance for loan losses, September 30, 2013 | $ | 5,000 | $ | 500 | $ | 5,500 | |||||||||||||||||||
Allowance for loan losses, December 31, 2013 | $ | 4,000 | $ | 500 | $ | 4,500 | |||||||||||||||||||
Charge-offs, net of recoveries | (575 | ) | (9 | ) | (584 | ) | |||||||||||||||||||
Provision for (reversal of) loan losses | (675 | ) | (241 | ) | (916 | ) | |||||||||||||||||||
Allowance for loan losses, September 30, 2014 | $ | 2,750 | $ | 250 | $ | 3,000 | |||||||||||||||||||
Allowance for loan losses, December 31, 2012 | $ | 9,850 | $ | 150 | $ | 10,000 | |||||||||||||||||||
Charge-offs, net of recoveries | (1,049 | ) | — | (1,049 | ) | ||||||||||||||||||||
Provision for (reversal of) loan losses | (3,801 | ) | 350 | (3,451 | ) | ||||||||||||||||||||
Allowance for loan losses, September 30, 2013 | $ | 5,000 | $ | 500 | $ | 5,500 | |||||||||||||||||||
Allowance for Credit Losses and Recorded Investment by Impairment Methodology | ' | ||||||||||||||||||||||||
Conventional | |||||||||||||||||||||||||
Allowance for Loan Losses, September 30, 2014 | MPP | MPF | Total | ||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 2,292 | $ | 250 | $ | 2,542 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 458 | — | 458 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 2,750 | $ | 250 | $ | 3,000 | |||||||||||||||||||
Allowance for Loan Losses, December 31, 2013 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 3,065 | $ | 500 | $ | 3,565 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 935 | — | 935 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 4,000 | $ | 500 | $ | 4,500 | |||||||||||||||||||
Recorded Investment, September 30, 2014 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 5,270,562 | $ | 428,405 | $ | 5,698,967 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 19,137 | — | 19,137 | ||||||||||||||||||||||
Total recorded investment | $ | 5,289,699 | $ | 428,405 | $ | 5,718,104 | |||||||||||||||||||
Recorded Investment, December 31, 2013 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | $ | 4,883,419 | $ | 446,796 | $ | 5,330,215 | |||||||||||||||||||
Loans individually evaluated for impairment (1) | 18,355 | — | 18,355 | ||||||||||||||||||||||
Total recorded investment | $ | 4,901,774 | $ | 446,796 | $ | 5,348,570 | |||||||||||||||||||
(1) | The recorded investment in our MPP conventional loans individually evaluated for impairment excludes principal that was previously paid in full by the servicers as of September 30, 2014 and December 31, 2013 of $8,100 and $13,976, respectively, that remains subject to potential claims by those servicers for any losses resulting from past or future liquidations of the underlying properties. However, the MPP conventional loan allowance for loan losses includes $417 and $895 for these potential claims as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
Recorded Investment in Delinquent Mortgage Loans | ' | ||||||||||||||||||||||||
The tables below present our key credit quality indicators for mortgage loans held for portfolio: | |||||||||||||||||||||||||
Mortgage Loans Held for Portfolio as of September 30, 2014 | MPP | MPF | |||||||||||||||||||||||
Conventional | FHA | Conventional | Government | Total | |||||||||||||||||||||
Past due 30-59 days | $ | 52,697 | $ | 26,125 | $ | 925 | $ | 2,110 | $ | 81,857 | |||||||||||||||
Past due 60-89 days | 15,006 | 5,813 | 1 | 358 | 21,178 | ||||||||||||||||||||
Past due 90 days or more | 54,080 | 2,070 | 1 | 355 | 56,506 | ||||||||||||||||||||
Total past due | 121,783 | 34,008 | 927 | 2,823 | 159,541 | ||||||||||||||||||||
Total current | 5,167,916 | 642,865 | 427,478 | 103,053 | 6,341,312 | ||||||||||||||||||||
Total mortgage loans, recorded investment | 5,289,699 | 676,873 | 428,405 | 105,876 | 6,500,853 | ||||||||||||||||||||
Net unamortized premiums | (95,588 | ) | (15,865 | ) | (8,245 | ) | (1,269 | ) | (120,967 | ) | |||||||||||||||
Fair-value hedging adjustments | (4,517 | ) | (628 | ) | 479 | 51 | (4,615 | ) | |||||||||||||||||
Accrued interest receivable | (21,097 | ) | (2,463 | ) | (2,138 | ) | (441 | ) | (26,139 | ) | |||||||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 5,168,497 | $ | 657,917 | $ | 418,501 | $ | 104,217 | $ | 6,349,132 | |||||||||||||||
Other Delinquency Statistics as of September 30, 2014 | |||||||||||||||||||||||||
In process of foreclosure (1) | $ | 38,315 | $ | — | $ | — | $ | — | $ | 38,315 | |||||||||||||||
Serious delinquency rate (2) | 1.02 | % | 0.31 | % | — | % | 0.34 | % | 0.87 | % | |||||||||||||||
Past due 90 days or more still accruing interest (3) | $ | 52,231 | $ | 2,070 | $ | — | $ | 355 | $ | 54,656 | |||||||||||||||
On non-accrual status | 2,388 | — | 1 | — | 2,389 | ||||||||||||||||||||
Mortgage Loans Held for Portfolio as of December 31, 2013 | MPP | MPF | |||||||||||||||||||||||
Conventional | FHA | Conventional | Government | Total | |||||||||||||||||||||
Past due 30-59 days | $ | 55,615 | $ | 38,963 | $ | 179 | $ | 382 | $ | 95,139 | |||||||||||||||
Past due 60-89 days | 18,203 | 7,438 | 1 | 555 | 26,197 | ||||||||||||||||||||
Past due 90 days or more | 76,611 | 4,234 | 130 | — | 80,975 | ||||||||||||||||||||
Total past due | 150,429 | 50,635 | 310 | 937 | 202,311 | ||||||||||||||||||||
Total current | 4,751,345 | 709,032 | 446,486 | 109,010 | 6,015,873 | ||||||||||||||||||||
Total mortgage loans, recorded investment | 4,901,774 | 759,667 | 446,796 | 109,947 | 6,218,184 | ||||||||||||||||||||
Net unamortized premiums | (75,381 | ) | (19,023 | ) | (9,126 | ) | (1,503 | ) | (105,033 | ) | |||||||||||||||
Fair-value hedging adjustments | (3,593 | ) | (781 | ) | 488 | 48 | (3,838 | ) | |||||||||||||||||
Accrued interest receivable | (18,502 | ) | (2,770 | ) | (2,162 | ) | (446 | ) | (23,880 | ) | |||||||||||||||
Total Mortgage Loans Held for Portfolio, UPB | $ | 4,804,298 | $ | 737,093 | $ | 435,996 | $ | 108,046 | $ | 6,085,433 | |||||||||||||||
Other Delinquency Statistics as of December 31, 2013 | |||||||||||||||||||||||||
In process of foreclosure (1) | $ | 47,970 | $ | — | $ | — | $ | — | $ | 47,970 | |||||||||||||||
Serious delinquency rate (2) | 1.56 | % | 0.56 | % | 0.03 | % | — | % | 1.3 | % | |||||||||||||||
Past due 90 days or more still accruing interest (3) | $ | 76,099 | $ | 4,234 | $ | — | $ | — | $ | 80,333 | |||||||||||||||
On non-accrual status | 1,174 | — | 130 | — | 1,304 | ||||||||||||||||||||
(1) | Includes loans for which the decision of foreclosure or similar alternative, such as pursuit of deed-in-lieu of foreclosure, has been reported. Loans in process of foreclosure are included in past due categories depending on their delinquency status. | ||||||||||||||||||||||||
(2) | Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total recorded investment in mortgage loans. The percentage excludes principal amounts that were previously paid in full by the servicers on conventional loans that are pending resolution of potential loss claims. Many FHA loans are repurchased by the servicers when they reach 90 days or more delinquent status, similar to the rules for servicers of Ginnie Mae MBS, resulting in the lower serious delinquency rate for FHA loans. | ||||||||||||||||||||||||
(3) | Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the mortgagor's payment status, we do not consider these loans to be non-accrual. | ||||||||||||||||||||||||
Performing and Non-performing Troubled Debt Restructurings | ' | ||||||||||||||||||||||||
The table below presents the recorded investment of the performing and non-performing TDRs. Non-performing represents loans on non-accrual status only. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recorded Investment | Performing | Non-Performing | Total | Performing | Non-Performing | Total | |||||||||||||||||||
MPP conventional loans | $ | 18,414 | $ | 723 | $ | 19,137 | $ | 17,407 | $ | 948 | $ | 18,355 | |||||||||||||
Troubled Debt Restructurings Recorded Investment Balance at Modification Date | ' | ||||||||||||||||||||||||
The tables below present the pre- and post-modification amounts, which represent the amount of recorded investment as of the date the loans were modified. | |||||||||||||||||||||||||
Troubled Debt Restructurings at Modification Date | Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
MPP conventional loans | $ | — | $ | — | $ | 767 | $ | 802 | |||||||||||||||||
Troubled Debt Restructurings at Modification Date | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
MPP conventional loans | $ | 2,439 | $ | 2,593 | $ | 4,060 | $ | 4,306 | |||||||||||||||||
Individually Evaluated Impaired Loan Statistics by Product Class Level | ' | ||||||||||||||||||||||||
The first table presents the recorded investment, UPB and related allowance associated with these loans, while the next tables present the average recorded investment of individually impaired loans and related interest income recognized. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | Recorded Investment | UPB | Related Allowance for Loan Losses | Recorded Investment | UPB | Related Allowance for Loan Losses | |||||||||||||||||||
MPP conventional loans without allowance for loan losses (1) | $ | 18,414 | $ | 18,248 | $ | — | $ | 17,407 | $ | 17,239 | $ | — | |||||||||||||
MPP conventional loans with allowance for loan losses | 723 | 710 | 41 | 948 | 928 | 40 | |||||||||||||||||||
Total | $ | 19,137 | $ | 18,958 | $ | 41 | $ | 18,355 | $ | 18,167 | $ | 40 | |||||||||||||
(1) | No allowance for loan losses was recorded on these impaired loans after consideration of the underlying loan-specific attribute data, estimated liquidation value of real estate collateral held, estimated costs associated with maintaining and disposing of the collateral, and credit enhancements. | ||||||||||||||||||||||||
Impaired Financing Receivables | ' | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
MPP conventional loans without allowance for loan losses | $ | 18,843 | $ | 267 | $ | 17,447 | $ | 253 | |||||||||||||||||
MPP conventional loans with allowance for loan losses | 725 | 10 | 1,143 | 17 | |||||||||||||||||||||
Total | $ | 19,568 | $ | 277 | $ | 18,590 | $ | 270 | |||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Individually Evaluated Impaired Loans | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
MPP conventional loans without allowance for loan losses | $ | 18,389 | $ | 798 | $ | 16,396 | $ | 708 | |||||||||||||||||
MPP conventional loans with allowance for loan losses | 728 | 40 | 1,142 | 82 | |||||||||||||||||||||
Total | $ | 19,117 | $ | 838 | $ | 17,538 | $ | 790 | |||||||||||||||||
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||||||||
The following table presents the notional amount and estimated fair value of derivative instruments, including the effect of netting adjustments, cash collateral, and the related accrued interest. | ||||||||||||||||||
Notional | Estimated Fair Value | Estimated Fair Value | ||||||||||||||||
Amount of | of Derivative | of Derivative | ||||||||||||||||
September 30, 2014 | Derivatives | Assets | Liabilities | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | $ | 28,823,647 | $ | 87,484 | $ | 375,642 | ||||||||||||
Total derivatives designated as hedging instruments | 28,823,647 | 87,484 | 375,642 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | 1,454,721 | 470 | 1,561 | |||||||||||||||
Interest-rate caps/floors | 340,500 | 295 | — | |||||||||||||||
Interest-rate forwards | 159,700 | 76 | 46 | |||||||||||||||
MDCs | 159,004 | 250 | 40 | |||||||||||||||
Total derivatives not designated as hedging instruments | 2,113,925 | 1,091 | 1,647 | |||||||||||||||
Total derivatives before adjustments | $ | 30,937,572 | 88,575 | 377,289 | ||||||||||||||
Netting adjustments | (81,449 | ) | (81,449 | ) | ||||||||||||||
Cash collateral and related accrued interest | 11,863 | (203,831 | ) | |||||||||||||||
Total adjustments (1) | (69,586 | ) | (285,280 | ) | ||||||||||||||
Total derivatives, net | $ | 18,989 | $ | 92,009 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | $ | 26,758,882 | $ | 125,431 | $ | 540,995 | ||||||||||||
Total derivatives designated as hedging instruments | 26,758,882 | 125,431 | 540,995 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | 2,344,743 | 823 | 5,706 | |||||||||||||||
Interest-rate caps/floors | 340,500 | 1,327 | — | |||||||||||||||
Interest-rate forwards | 61,300 | 233 | 11 | |||||||||||||||
MDCs | 58,797 | 12 | 246 | |||||||||||||||
Total derivatives not designated as hedging instruments | 2,805,340 | 2,395 | 5,963 | |||||||||||||||
Total derivatives before adjustments | $ | 29,564,222 | 127,826 | 546,958 | ||||||||||||||
Netting adjustments | (119,488 | ) | (119,488 | ) | ||||||||||||||
Cash collateral and related accrued interest | (1,124 | ) | (317,726 | ) | ||||||||||||||
Total adjustments (1) | (120,612 | ) | (437,214 | ) | ||||||||||||||
Total derivatives, net | $ | 7,214 | $ | 109,744 | ||||||||||||||
(1) | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. | |||||||||||||||||
Offsetting of Derivative Assets and Derivative Liabilities | ' | |||||||||||||||||
The following table presents separately the estimated fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties. | ||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||
Derivative instruments meeting netting requirements: | ||||||||||||||||||
Gross recognized amount | ||||||||||||||||||
Bilateral derivatives | $ | 81,997 | $ | 361,157 | $ | 122,411 | $ | 544,014 | ||||||||||
Cleared derivatives | 6,252 | 16,046 | 5,170 | 2,687 | ||||||||||||||
Total gross recognized amount | 88,249 | 377,203 | 127,581 | 546,701 | ||||||||||||||
Gross amounts of netting adjustments, cash collateral and related accrued interest | ||||||||||||||||||
Bilateral derivatives | (81,449 | ) | (269,234 | ) | (121,425 | ) | (434,527 | ) | ||||||||||
Cleared derivatives | 11,863 | (16,046 | ) | 813 | (2,687 | ) | ||||||||||||
Total gross amounts of netting adjustments, cash collateral and related accrued interest | (69,586 | ) | (285,280 | ) | (120,612 | ) | (437,214 | ) | ||||||||||
Net amounts after netting adjustments, cash collateral and related accrued interest | ||||||||||||||||||
Bilateral derivatives | 548 | 91,923 | 986 | 109,487 | ||||||||||||||
Cleared derivatives | 18,115 | — | 5,983 | — | ||||||||||||||
Total net amounts after netting adjustments, cash collateral and related accrued interest | 18,663 | 91,923 | 6,969 | 109,487 | ||||||||||||||
Derivative instruments not meeting netting requirements (1) | 326 | 86 | 245 | 257 | ||||||||||||||
Total derivatives, at estimated fair value | $ | 18,989 | $ | 92,009 | $ | 7,214 | $ | 109,744 | ||||||||||
(1) | Includes MDCs and certain interest-rate forwards. | |||||||||||||||||
Components of Net Gains (Losses) on Derivatives and Hedging Activities | ' | |||||||||||||||||
The following table presents the components of Net Gains (Losses) on Derivatives and Hedging Activities reported in Other Income (Loss): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Type of Hedge | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net gain (loss) related to fair-value hedge ineffectiveness: | ||||||||||||||||||
Interest-rate swaps | $ | 233 | $ | (1,353 | ) | $ | (3,286 | ) | $ | 8,596 | ||||||||
Total net gain (loss) related to fair-value hedge ineffectiveness | 233 | (1,353 | ) | (3,286 | ) | 8,596 | ||||||||||||
Net gain (loss) on derivatives not designated as hedging instruments: | ||||||||||||||||||
Interest-rate swaps | (1,868 | ) | 62 | 3,903 | 5,002 | |||||||||||||
Interest-rate caps/floors | (158 | ) | (405 | ) | (1,033 | ) | 189 | |||||||||||
Interest-rate forwards | (365 | ) | 334 | (3,790 | ) | 6,119 | ||||||||||||
Net interest settlements | 2,955 | 194 | 8,395 | (4,063 | ) | |||||||||||||
MDCs | (120 | ) | 1,043 | 2,594 | (5,172 | ) | ||||||||||||
Total net gain (loss) on derivatives not designated as hedging instruments | 444 | 1,228 | 10,069 | 2,075 | ||||||||||||||
Net Gains (Losses) on Derivatives and Hedging Activities | $ | 677 | $ | (125 | ) | $ | 6,783 | $ | 10,671 | |||||||||
Effect of Fair Value Hedge-Related Derivative Instruments | ' | |||||||||||||||||
The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair-value hedging relationships and the effect of those derivatives on Net Interest Income: | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | Net Fair- | Effect on | |||||||||||||||
on | on Hedged | Value Hedge | Net Interest | |||||||||||||||
Three Months Ended September 30, 2014 | Derivative | Item | Ineffectiveness | Income (1) | ||||||||||||||
Advances | $ | 45,658 | $ | (45,938 | ) | $ | (280 | ) | $ | (38,558 | ) | |||||||
AFS securities | 29,428 | (29,991 | ) | (563 | ) | (24,487 | ) | |||||||||||
CO Bonds | (13,614 | ) | 14,690 | 1,076 | 16,447 | |||||||||||||
Total | $ | 61,472 | $ | (61,239 | ) | $ | 233 | $ | (46,598 | ) | ||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
Advances | $ | (8,893 | ) | $ | 7,160 | $ | (1,733 | ) | $ | (50,794 | ) | |||||||
AFS securities | 3,694 | (3,524 | ) | 170 | (24,196 | ) | ||||||||||||
CO Bonds | 15,723 | (15,513 | ) | 210 | 21,350 | |||||||||||||
Total | $ | 10,524 | $ | (11,877 | ) | $ | (1,353 | ) | $ | (53,640 | ) | |||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Advances | $ | 24,525 | $ | (24,358 | ) | $ | 167 | $ | (111,842 | ) | ||||||||
AFS securities | 21,569 | (22,010 | ) | (441 | ) | (73,508 | ) | |||||||||||
CO Bonds | 40,374 | (43,386 | ) | (3,012 | ) | 54,634 | ||||||||||||
Total | $ | 86,468 | $ | (89,754 | ) | $ | (3,286 | ) | $ | (130,716 | ) | |||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Advances | $ | 197,316 | $ | (194,821 | ) | $ | 2,495 | $ | (154,036 | ) | ||||||||
AFS securities | 124,730 | (122,879 | ) | 1,851 | (72,335 | ) | ||||||||||||
CO Bonds | (97,336 | ) | 101,586 | 4,250 | 64,681 | |||||||||||||
Total | $ | 224,710 | $ | (216,114 | ) | $ | 8,596 | $ | (161,690 | ) | ||||||||
(1) | Includes the effect of derivatives in fair-value hedging relationships on Net Interest Income that is recorded in the Interest Income / Expense line item of the respective hedged items. Excludes the Interest Income / Expense of the respective hedged items, which fully offset the Interest Income / Expense of the derivatives, except to the extent of any hedge ineffectiveness. Net interest settlements on derivatives that are not in fair-value hedging relationships are reported in Other Income (Loss). | |||||||||||||||||
Consolidated_Obligations_Table
Consolidated Obligations (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Discount Notes | ' | ||||||||||||||
Our participation in Discount Notes, all of which are due within one year of issuance, was as follows: | |||||||||||||||
Discount Notes | September 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Book value | $ | 10,105,640 | $ | 7,434,890 | |||||||||||
Par value | 10,107,866 | 7,435,940 | |||||||||||||
Weighted average effective interest rate | 0.1 | % | 0.12 | % | |||||||||||
CO Bonds by Year of Contractual Maturity | ' | ||||||||||||||
The following table presents our participation in CO Bonds outstanding by contractual maturity: | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||
Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | |||||||||||
Due in 1 year or less | $ | 12,548,950 | 0.4 | $ | 12,459,650 | 0.43 | |||||||||
Due after 1 year through 2 years | 2,390,500 | 1.18 | 1,940,550 | 1.27 | |||||||||||
Due after 2 years through 3 years | 2,061,850 | 1.3 | 1,359,400 | 1.93 | |||||||||||
Due after 3 years through 4 years | 2,208,500 | 1.93 | 1,539,200 | 2.08 | |||||||||||
Due after 4 years through 5 years | 1,014,300 | 2.44 | 1,690,100 | 1.56 | |||||||||||
Thereafter | 6,710,000 | 3.04 | 7,654,200 | 2.92 | |||||||||||
Total CO Bonds, par value | 26,934,100 | 1.4 | 26,643,100 | 1.45 | |||||||||||
Unamortized premiums | 26,589 | 32,455 | |||||||||||||
Unamortized discounts | (15,468 | ) | (16,031 | ) | |||||||||||
Fair-value hedging adjustments | (31,126 | ) | (75,599 | ) | |||||||||||
Total CO Bonds | $ | 26,914,095 | $ | 26,583,925 | |||||||||||
CO Bonds by Redemption Feature | ' | ||||||||||||||
The following tables present our participation in CO Bonds outstanding by redemption feature and contractual maturity or next call date: | |||||||||||||||
Redemption Feature | September 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Non-callable / non-putable | $ | 18,922,100 | $ | 17,677,100 | |||||||||||
Callable | 8,012,000 | 8,966,000 | |||||||||||||
Total CO Bonds, par value | $ | 26,934,100 | $ | 26,643,100 | |||||||||||
CO Bonds by Contractual Maturity or Next Call Date | ' | ||||||||||||||
Year of Contractual Maturity or Next Call Date | September 30, | December 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Due in 1 year or less | $ | 20,550,950 | $ | 20,900,650 | |||||||||||
Due after 1 year through 2 years | 2,260,500 | 1,583,550 | |||||||||||||
Due after 2 years through 3 years | 839,850 | 954,400 | |||||||||||||
Due after 3 years through 4 years | 667,500 | 649,200 | |||||||||||||
Due after 4 years through 5 years | 556,300 | 283,100 | |||||||||||||
Thereafter | 2,059,000 | 2,272,200 | |||||||||||||
Total CO Bonds, par value | $ | 26,934,100 | $ | 26,643,100 | |||||||||||
Affordable_Housing_Program_Tab
Affordable Housing Program (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Affordable Housing Program [Abstract] | ' | ||||||||||||||||
Schedule of Activity in Affordable Housing Program Obligation | ' | ||||||||||||||||
The following table summarizes the activity in our AHP funding obligation: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
AHP Activity | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 43,351 | $ | 41,050 | $ | 42,778 | $ | 34,362 | |||||||||
Assessment expense | 3,765 | 3,442 | 11,270 | 16,066 | |||||||||||||
Subsidy usage, net (1) | (5,431 | ) | (4,718 | ) | (12,363 | ) | (10,654 | ) | |||||||||
Balance at end of period | $ | 41,685 | $ | 39,774 | $ | 41,685 | $ | 39,774 | |||||||||
(1) | Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital_Tables
Capital (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Capital [Abstract] | ' | ||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||
As presented in the following table, we were in compliance with the Finance Agency's capital requirements at September 30, 2014 and December 31, 2013. For regulatory purposes, AOCI is not considered capital; MRCS, however, is considered capital. | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Regulatory Capital Requirements | Required | Actual | Required | Actual | |||||||||||||
Risk-based capital | $ | 624,819 | $ | 2,541,804 | $ | 764,917 | $ | 2,378,670 | |||||||||
Regulatory permanent capital-to-asset ratio | 4 | % | 6.19 | % | 4 | % | 6.3 | % | |||||||||
Regulatory permanent capital | $ | 1,641,526 | $ | 2,541,804 | $ | 1,511,448 | $ | 2,378,670 | |||||||||
Leverage ratio | 5 | % | 9.29 | % | 5 | % | 9.44 | % | |||||||||
Leverage capital | $ | 2,051,908 | $ | 3,812,706 | $ | 1,889,310 | $ | 3,568,005 | |||||||||
MRCS Activity | ' | ||||||||||||||||
The following table presents the activity in MRCS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
MRCS Activity | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Liability at beginning of period | $ | 16,785 | $ | 255,720 | $ | 16,787 | $ | 450,716 | |||||||||
Additions due to change in membership status | 47 | — | 47 | 95,441 | |||||||||||||
Redemptions/repurchases | (695 | ) | (401 | ) | (697 | ) | (290,975 | ) | |||||||||
Accrued dividends | — | — | — | 137 | |||||||||||||
Liability at end of period | $ | 16,137 | $ | 255,319 | $ | 16,137 | $ | 255,319 | |||||||||
Schedule of Distributions on Mandatorily Redeemable Capital Stock | ' | ||||||||||||||||
The following table presents the distributions on MRCS: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
MRCS Distributions | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Recorded as Interest Expense | $ | 129 | $ | 2,225 | $ | 874 | $ | 6,713 | |||||||||
Recorded as distributions from Retained Earnings | — | — | — | 137 | |||||||||||||
Total | $ | 129 | $ | 2,225 | $ | 874 | $ | 6,850 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||
Schedule of Changes in the Components of AOCI | ' | ||||||||||||||||||||
The following table presents a summary of the changes in the components of AOCI for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities (Note 3) | Non-Credit OTTI on AFS Securities (Notes 3 and 5) | Non-Credit OTTI on HTM Securities | Pension Benefits | Total AOCI | ||||||||||||||||
(Notes 4 and 5) | |||||||||||||||||||||
Balance, June 30, 2013 | $ | 475 | $ | 15,425 | $ | (275 | ) | $ | (11,698 | ) | $ | 3,927 | |||||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | 2,392 | 2,474 | — | — | 4,866 | ||||||||||||||||
Net change in fair value | — | (84 | ) | — | — | (84 | ) | ||||||||||||||
Accretion of non-credit loss | — | — | 18 | — | 18 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Net realized gains from sale of AFS securities | — | — | — | — | — | ||||||||||||||||
Pension Benefits | — | — | — | 6,175 | 6,175 | ||||||||||||||||
Total Other Comprehensive Income | 2,392 | 2,390 | 18 | 6,175 | 10,975 | ||||||||||||||||
Balance, September 30, 2013 | $ | 2,867 | $ | 17,815 | $ | (257 | ) | $ | (5,523 | ) | $ | 14,902 | |||||||||
Balance, June 30, 2014 | $ | 12,894 | $ | 38,856 | $ | (209 | ) | $ | (4,364 | ) | $ | 47,177 | |||||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | 9,696 | 569 | — | — | 10,265 | ||||||||||||||||
Net change in fair value | — | (46 | ) | — | — | (46 | ) | ||||||||||||||
Accretion of non-credit loss | — | — | 22 | — | 22 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Non-credit portion of OTTI losses | — | 42 | — | — | 42 | ||||||||||||||||
Pension Benefits | — | — | — | (36 | ) | (36 | ) | ||||||||||||||
Total Other Comprehensive Income | 9,696 | 565 | 22 | (36 | ) | 10,247 | |||||||||||||||
Balance, September 30, 2014 | $ | 22,590 | $ | 39,421 | $ | (187 | ) | $ | (4,400 | ) | $ | 57,424 | |||||||||
AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities (Note 3) | Non-Credit OTTI on AFS Securities (Notes 3 and 5) | Non-Credit OTTI on HTM Securities | Pension Benefits | Total AOCI | ||||||||||||||||
(Notes 4 and 5) | |||||||||||||||||||||
Balance, December 31, 2012 | $ | 12,335 | $ | (9,684 | ) | $ | (312 | ) | $ | (12,397 | ) | $ | (10,058 | ) | |||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | (9,468 | ) | 7,615 | — | — | (1,853 | ) | ||||||||||||||
Net change in fair value | — | 35,095 | — | — | 35,095 | ||||||||||||||||
Accretion of non-credit loss | — | — | 55 | — | 55 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Net realized gains from sale of AFS securities | — | (17,135 | ) | — | — | (17,135 | ) | ||||||||||||||
Non-credit portion of OTTI losses | — | 1,924 | — | — | 1,924 | ||||||||||||||||
Pension Benefits | — | — | — | 6,874 | 6,874 | ||||||||||||||||
Total Other Comprehensive Income | (9,468 | ) | 27,499 | 55 | 6,874 | 24,960 | |||||||||||||||
Balance, September 30, 2013 | $ | 2,867 | $ | 17,815 | $ | (257 | ) | $ | (5,523 | ) | $ | 14,902 | |||||||||
Balance, December 31, 2013 | $ | 317 | $ | 25,936 | $ | (241 | ) | $ | (4,292 | ) | $ | 21,720 | |||||||||
OCI before reclassifications: | |||||||||||||||||||||
Net change in unrealized gains (losses) | 22,273 | 13,442 | — | — | 35,715 | ||||||||||||||||
Net change in fair value | — | (227 | ) | — | — | (227 | ) | ||||||||||||||
Accretion of non-credit loss | — | — | 54 | — | 54 | ||||||||||||||||
Reclassifications from OCI to Net Income: | |||||||||||||||||||||
Non-credit portion of OTTI losses | — | 270 | — | — | 270 | ||||||||||||||||
Pension Benefits | — | — | — | (108 | ) | (108 | ) | ||||||||||||||
Total Other Comprehensive Income | 22,273 | 13,485 | 54 | (108 | ) | 35,704 | |||||||||||||||
Balance, September 30, 2014 | $ | 22,590 | $ | 39,421 | $ | (187 | ) | $ | (4,400 | ) | $ | 57,424 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Financial Performance by Operating Segment | ' | ||||||||||||||||||||||||
The following table presents our financial performance by operating segment: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | ||||||||||||||||||||
Net Interest Income | $ | 30,128 | $ | 17,130 | $ | 47,258 | $ | 34,486 | $ | 17,640 | $ | 52,126 | |||||||||||||
Provision for (Reversal of) Credit Losses | — | (126 | ) | (126 | ) | — | 314 | 314 | |||||||||||||||||
Other Income (Loss) | 7,266 | (446 | ) | 6,820 | (856 | ) | 1,407 | 551 | |||||||||||||||||
Other Expenses | 14,565 | 2,122 | 16,687 | 18,324 | 1,841 | 20,165 | |||||||||||||||||||
Income Before Assessments | 22,829 | 14,688 | 37,517 | 15,306 | 16,892 | 32,198 | |||||||||||||||||||
Affordable Housing Program Assessments | 2,296 | 1,469 | 3,765 | 1,753 | 1,689 | 3,442 | |||||||||||||||||||
Net Income | $ | 20,533 | $ | 13,219 | $ | 33,752 | $ | 13,553 | $ | 15,203 | $ | 28,756 | |||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | ||||||||||||||||||||
Net Interest Income | $ | 89,080 | $ | 48,354 | $ | 137,434 | $ | 112,715 | $ | 60,418 | $ | 173,133 | |||||||||||||
Provision for (Reversal of) Credit Losses | — | (916 | ) | (916 | ) | — | (3,451 | ) | (3,451 | ) | |||||||||||||||
Other Income (Loss) | 23,732 | (1,065 | ) | 22,667 | 27,359 | 1,104 | 28,463 | ||||||||||||||||||
Other Expenses | 42,808 | 6,386 | 49,194 | 46,347 | 4,751 | 51,098 | |||||||||||||||||||
Income Before Assessments | 70,004 | 41,819 | 111,823 | 93,727 | 60,222 | 153,949 | |||||||||||||||||||
Affordable Housing Program Assessments | 7,088 | 4,182 | 11,270 | 10,044 | 6,022 | 16,066 | |||||||||||||||||||
Net Income | $ | 62,916 | $ | 37,637 | $ | 100,553 | $ | 83,683 | $ | 54,200 | $ | 137,883 | |||||||||||||
Schedule of Segment Assets by Segment | ' | ||||||||||||||||||||||||
The following table presents asset balances by operating segment: | |||||||||||||||||||||||||
By Date | Traditional | Mortgage Loans | Total | ||||||||||||||||||||||
September 30, 2014 | $ | 34,566,441 | $ | 6,471,714 | $ | 41,038,155 | |||||||||||||||||||
December 31, 2013 | 31,596,386 | 6,189,804 | 37,786,190 | ||||||||||||||||||||||
Estimated_Fair_Values_Tables
Estimated Fair Values (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||||||
The following tables present the carrying value and estimated fair value of each of our financial instruments. The total of the estimated fair values does not represent an estimate of our overall market value as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities, among other considerations. | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||
Carrying | Netting | ||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustment (1) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and Due from Banks | $ | 4,444,619 | $ | 4,444,619 | $ | 4,444,619 | $ | — | $ | — | $ | — | |||||||||||||
Interest-Bearing Deposits | 285 | 285 | — | 285 | — | — | |||||||||||||||||||
AFS Securities | 3,574,036 | 3,574,036 | — | 3,155,189 | 418,847 | — | |||||||||||||||||||
HTM Securities | 7,072,395 | 7,190,400 | — | 7,067,563 | 122,837 | — | |||||||||||||||||||
Advances | 19,324,702 | 19,384,314 | — | 19,384,314 | — | — | |||||||||||||||||||
Mortgage Loans Held for Portfolio, net | 6,471,714 | 6,678,052 | — | 6,632,312 | 45,740 | — | |||||||||||||||||||
Accrued Interest Receivable | 79,329 | 79,329 | — | 79,329 | — | — | |||||||||||||||||||
Derivative Assets, net | 18,989 | 18,989 | — | 88,575 | — | (69,586 | ) | ||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,906 | 12,906 | — | — | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits | 1,020,313 | 1,020,313 | — | 1,020,313 | — | — | |||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||
Discount Notes | 10,105,640 | 10,107,866 | — | 10,107,866 | — | — | |||||||||||||||||||
CO Bonds | 26,914,095 | 27,163,745 | — | 27,163,745 | — | — | |||||||||||||||||||
Accrued Interest Payable | 82,089 | 82,089 | — | 82,089 | — | — | |||||||||||||||||||
Derivative Liabilities, net | 92,009 | 92,009 | — | 377,289 | — | (285,280 | ) | ||||||||||||||||||
MRCS | 16,137 | 16,137 | 16,137 | — | — | — | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||
Carrying | Netting | ||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustment (1) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and Due from Banks | $ | 3,318,564 | $ | 3,318,564 | $ | 3,318,564 | $ | — | $ | — | $ | — | |||||||||||||
Interest-Bearing Deposits | 485 | 485 | — | 485 | — | — | |||||||||||||||||||
AFS Securities | 3,632,835 | 3,632,835 | — | 3,163,150 | 469,685 | — | |||||||||||||||||||
HTM Securities | 7,146,250 | 7,244,318 | — | 7,083,333 | 160,985 | — | |||||||||||||||||||
Advances | 17,337,418 | 17,428,710 | — | 17,428,710 | — | — | |||||||||||||||||||
Mortgage Loans Held for Portfolio, net | 6,189,804 | 6,272,905 | — | 6,228,216 | 44,689 | — | |||||||||||||||||||
Accrued Interest Receivable | 79,072 | 79,072 | — | 79,072 | — | — | |||||||||||||||||||
Derivative Assets, net | 7,214 | 7,214 | — | 127,826 | — | (120,612 | ) | ||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,483 | 12,483 | 12,483 | — | — | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits | 1,066,632 | 1,066,632 | — | 1,066,632 | — | — | |||||||||||||||||||
Consolidated Obligations: | |||||||||||||||||||||||||
Discount Notes | 7,434,890 | 7,435,940 | — | 7,435,940 | — | — | |||||||||||||||||||
CO Bonds | 26,583,925 | 26,503,918 | — | 26,503,918 | — | — | |||||||||||||||||||
Accrued Interest Payable | 80,757 | 80,757 | — | 80,757 | — | — | |||||||||||||||||||
Derivative Liabilities, net | 109,744 | 109,744 | — | 546,958 | — | (437,214 | ) | ||||||||||||||||||
MRCS | 16,787 | 16,787 | 16,787 | — | — | — | |||||||||||||||||||
(1) | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. | ||||||||||||||||||||||||
Estimated Fair Value on a Recurring Basis | ' | ||||||||||||||||||||||||
The following tables present by level within the fair value hierarchy the estimated fair value of our financial assets and liabilities that are recorded at estimated fair value on a recurring or non-recurring basis on our Statement of Condition. We did not have any financial assets or liabilities recorded at estimated fair value on a non-recurring basis on our Statement of Condition as of September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||
Netting | |||||||||||||||||||||||||
September 30, 2014 | Total | Level 1 | Level 2 | Level 3 | Adjustment (1) | ||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 3,155,189 | $ | — | $ | 3,155,189 | $ | — | $ | — | |||||||||||||||
Private-label RMBS | 418,847 | — | — | 418,847 | — | ||||||||||||||||||||
Total AFS Securities | 3,574,036 | — | 3,155,189 | 418,847 | — | ||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||
Interest-rate related | 18,663 | — | 88,249 | — | (69,586 | ) | |||||||||||||||||||
Interest-rate forwards | 76 | — | 76 | — | — | ||||||||||||||||||||
MDCs | 250 | — | 250 | — | — | ||||||||||||||||||||
Total Derivative Assets, net | 18,989 | — | 88,575 | — | (69,586 | ) | |||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,906 | — | — | — | ||||||||||||||||||||
Total recurring assets at estimated fair value | $ | 3,605,931 | $ | 12,906 | $ | 3,243,764 | $ | 418,847 | $ | (69,586 | ) | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||
Interest-rate related | $ | 91,923 | $ | — | $ | 377,203 | $ | — | $ | (285,280 | ) | ||||||||||||||
Interest-rate forwards | 46 | — | 46 | — | — | ||||||||||||||||||||
MDCs | 40 | — | 40 | — | — | ||||||||||||||||||||
Total Derivative Liabilities, net | 92,009 | — | 377,289 | — | (285,280 | ) | |||||||||||||||||||
Total recurring liabilities at estimated fair value | $ | 92,009 | $ | — | $ | 377,289 | $ | — | $ | (285,280 | ) | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
GSE and TVA debentures | $ | 3,163,150 | $ | — | $ | 3,163,150 | $ | — | $ | — | |||||||||||||||
Private-label RMBS | 469,685 | — | — | 469,685 | — | ||||||||||||||||||||
Total AFS Securities | 3,632,835 | — | 3,163,150 | 469,685 | — | ||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||
Interest-rate related | 6,969 | — | 127,581 | — | (120,612 | ) | |||||||||||||||||||
Interest-rate forwards | 233 | — | 233 | — | — | ||||||||||||||||||||
MDCs | 12 | — | 12 | — | — | ||||||||||||||||||||
Total Derivative Assets, net | 7,214 | — | 127,826 | — | (120,612 | ) | |||||||||||||||||||
Grantor Trust Assets (included in Other Assets) | 12,483 | 12,483 | — | — | — | ||||||||||||||||||||
Total recurring assets at estimated fair value | $ | 3,652,532 | $ | 12,483 | $ | 3,290,976 | $ | 469,685 | $ | (120,612 | ) | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||
Interest-rate related | $ | 109,487 | $ | — | $ | 546,701 | $ | — | $ | (437,214 | ) | ||||||||||||||
Interest-rate forwards | 11 | — | 11 | — | — | ||||||||||||||||||||
MDCs | 246 | — | 246 | — | — | ||||||||||||||||||||
Total Derivative Liabilities, net | 109,744 | — | 546,958 | — | (437,214 | ) | |||||||||||||||||||
Total recurring liabilities at estimated fair value | $ | 109,744 | $ | — | $ | 546,958 | $ | — | $ | (437,214 | ) | ||||||||||||||
(1) | Represents the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. | ||||||||||||||||||||||||
Reconciliation of AFS Private-label RMBS Measured at Estimated Fair Value on a Recurring Basis using Level 3 Significant Inputs | ' | ||||||||||||||||||||||||
The table below presents a rollforward of our AFS private-label RMBS measured at estimated fair value on a recurring basis using Level 3 significant inputs. The estimated fair values for the private-label RMBS were determined using a pricing source, such as a dealer quote or comparable security price, for which the significant unobservable inputs used to determine the price were not reasonably available. | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Level 3 Rollforward | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Balance, beginning of period | $ | 442,712 | $ | 511,952 | $ | 469,685 | $ | 640,142 | |||||||||||||||||
Total realized and unrealized gains (losses): | |||||||||||||||||||||||||
Accretion of credit losses in Interest Income | 872 | 37 | 1,746 | 95 | |||||||||||||||||||||
Net gains (losses) on changes in fair value in Other Income (Loss) | (42 | ) | — | (270 | ) | — | |||||||||||||||||||
Net change in fair value not in excess of cumulative non-credit losses in OCI | (46 | ) | (84 | ) | (227 | ) | 12,625 | ||||||||||||||||||
Unrealized gains (losses) in OCI | 569 | 2,474 | 13,442 | 16,843 | |||||||||||||||||||||
Reclassification of non-credit portion in OCI to Other Income (Loss) | 42 | — | 270 | — | |||||||||||||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||||||||||
Settlements | (25,260 | ) | (25,810 | ) | (65,799 | ) | (56,957 | ) | |||||||||||||||||
Transfers out | — | — | — | (124,179 | ) | ||||||||||||||||||||
Balance, end of period | $ | 418,847 | $ | 488,569 | $ | 418,847 | $ | 488,569 | |||||||||||||||||
Net gains (losses) included in earnings attributable to changes in fair value relating to assets still held at end of period | $ | 830 | $ | 37 | $ | 1,476 | $ | 95 | |||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Off-Balance Sheet Commitments | ' | ||||||||||||
The following table presents our off-balance-sheet commitments at their notional amounts: | |||||||||||||
September 30, 2014 | |||||||||||||
Type of Commitment | Expire within one year | Expire after one year | Total | ||||||||||
Letters of credit outstanding | $ | 104,450 | $ | 150,703 | $ | 255,153 | |||||||
Unused lines of credit | 822,299 | — | 822,299 | ||||||||||
Commitments to fund additional Advances (1) | 20,000 | — | 20,000 | ||||||||||
Commitments to fund or purchase mortgage loans | 159,004 | — | 159,004 | ||||||||||
Unsettled CO Bonds, at par (2) | 452,750 | — | 452,750 | ||||||||||
(1) | Generally for periods up to six months. | ||||||||||||
(2) | Includes $405,000 hedged with associated interest-rate swaps. |
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Related Parties Holding 10% or more of our Capital Stock and MRCS [Member] | ' | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | |||||||||||||||||||||
Outstanding Balances with Respect to Transactions with Related Parties | ' | |||||||||||||||||||||
The following table presents the outstanding balances with respect to transactions with related parties and their balances as a percent of the total balance on our Statement of Condition. | ||||||||||||||||||||||
Capital Stock and MRCS | Advances | Mortgage Loans Held for Portfolio (1) | ||||||||||||||||||||
September 30, 2014 | Balance, | % of Total | Balance, | % of Total | UPB | % of Total | ||||||||||||||||
par value | par value | |||||||||||||||||||||
Flagstar Bank, FSB | $ | 209,737 | 12 | % | $ | 150,000 | 1 | % | $ | 471,029 | 7 | % | ||||||||||
Total | $ | 209,737 | 12 | % | $ | 150,000 | 1 | % | $ | 471,029 | 7 | % | ||||||||||
December 31, 2013 | ||||||||||||||||||||||
Flagstar Bank, FSB | $ | 209,737 | 13 | % | $ | 988,000 | 6 | % | $ | 537,426 | 9 | % | ||||||||||
Total | $ | 209,737 | 13 | % | $ | 988,000 | 6 | % | $ | 537,426 | 9 | % | ||||||||||
(1) | Represents UPB of mortgage loans purchased from related party. | |||||||||||||||||||||
Net Advances to (Repayments from) Related Parties | ' | |||||||||||||||||||||
We had net Advances to (repayments from) related parties as follows: | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Related Party | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Flagstar Bank, FSB | $ | (881,705 | ) | $ | 7,598 | $ | (838,000 | ) | $ | (272,402 | ) | |||||||||||
Directors' Financial Institutions [Member] | ' | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | |||||||||||||||||||||
Outstanding Balances with Respect to Transactions with Related Parties | ' | |||||||||||||||||||||
Transactions with Directors' Financial Institutions. The following table presents the outstanding balances with respect to transactions with directors' financial institutions and their balance as a percent of the total balance on our Statement of Condition. | ||||||||||||||||||||||
Capital Stock and MRCS | Advances | Mortgage Loans Held for Portfolio (1) | ||||||||||||||||||||
Date | Balance, | % of Total | Balance, | % of Total | UPB | % of Total | ||||||||||||||||
par value | par value | |||||||||||||||||||||
September 30, 2014 | $ | 51,838 | 3 | % | $ | 269,336 | 1 | % | $ | 161,719 | 3 | % | ||||||||||
December 31, 2013 | 40,842 | 3 | % | 234,394 | 1 | % | 82,172 | 1 | % | |||||||||||||
(1) | Represents UPB of mortgage loans purchased from Directors' Financial Institutions. | |||||||||||||||||||||
Net Advances to (Repayments from) Related Parties | ' | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Transactions with Directors' Financial Institutions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Net Advances (repayments) | $ | 18,178 | $ | 13,678 | $ | (6,558 | ) | $ | (108,340 | ) | ||||||||||||
Mortgage loans purchased | 14,557 | 8,110 | 29,212 | 21,271 | ||||||||||||||||||
AvailableforSale_Securities_Na
Available-for-Sale Securities (Narrative) (Details) (Private-Label RMBS [Member]) | 0 Months Ended |
Apr. 04, 2013 | |
Security | |
Private-Label RMBS [Member] | ' |
Available-for-sale Securities [Line Items] | ' |
Number of AFS securities sold | 6 |
Number of AFS Securities Sold in an Unrealized Loss Position | 1 |
AvailableforSale_Securities_Ma
Available-for-Sale Securities (Major Security Types) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost Basis | $3,512,025 | [1] | $3,606,582 | [1] |
Non-Credit OTTI | -192 | -234 | ||
Gross Unrealized Gains | 62,203 | 32,793 | ||
Gross Unrealized Losses | 0 | -6,306 | ||
Estimated Fair Value | 3,574,036 | 3,632,835 | ||
Private Label Residential Mortgage Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost Basis | 379,426 | [1] | 443,749 | [1] |
Non-Credit OTTI | -192 | -234 | ||
Gross Unrealized Gains | 39,613 | 26,170 | ||
Gross Unrealized Losses | 0 | 0 | ||
Estimated Fair Value | 418,847 | 469,685 | ||
GSE and TVA debentures [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost Basis | 3,132,599 | [1] | 3,162,833 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Gross Unrealized Gains | 22,590 | 6,623 | ||
Gross Unrealized Losses | 0 | -6,306 | ||
Estimated Fair Value | $3,155,189 | $3,163,150 | ||
[1] | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses) and fair-value hedge accounting adjustments. |
AvailableforSale_Securities_Un
Available-for-Sale Securities (Unrealized Loss Positions) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Estimated Fair Value | $0 | $880,095 |
Less than 12 Months, Unrealized Losses | 0 | -6,306 |
12 Months or More, Estimated Fair Value | 5,869 | 7,135 |
12 Months or More, Unrealized Losses | -192 | -234 |
Total Estimated Fair Value | 5,869 | 887,230 |
Total Unrealized Losses | -192 | -6,540 |
GSE and TVA debentures [Member] | ' | ' |
Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Estimated Fair Value | 0 | 880,095 |
Less than 12 Months, Unrealized Losses | 0 | -6,306 |
12 Months or More, Estimated Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 0 | 880,095 |
Total Unrealized Losses | 0 | -6,306 |
Private-Label RMBS [Member] | ' | ' |
Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Estimated Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Estimated Fair Value | 5,869 | 7,135 |
12 Months or More, Unrealized Losses | -192 | -234 |
Total Estimated Fair Value | 5,869 | 7,135 |
Total Unrealized Losses | ($192) | ($234) |
AvailableforSale_Securities_Ye
Available-for-Sale Securities (Year of Contractual Maturity) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost Basis | $3,512,025 | [1] | $3,606,582 | [1] |
Estimated Fair Value | 3,574,036 | 3,632,835 | ||
Non-MBS [Member] | ' | ' | ||
Available-for-sale Securities [Line Items] | ' | ' | ||
Due after One Year Through Five Years, Amortized Cost | 2,492,564 | 2,046,472 | ||
Due after Five Years Through Ten Years, Amortized Cost | 640,035 | 1,083,608 | ||
Due after Ten Years, Amortized Cost | 0 | 32,753 | ||
Amortized Cost Basis | 3,132,599 | 3,162,833 | ||
Due after One Year Through Five Years, Estimated Fair Value | 2,506,984 | 2,052,348 | ||
Due after Five Years Through Ten Years, Estimated Fair Value | 648,205 | 1,078,558 | ||
Due after Ten Years, Estimated Fair Value | 0 | 32,244 | ||
Estimated Fair Value | 3,155,189 | 3,163,150 | ||
MBS [Member] | ' | ' | ||
Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost Basis | 379,426 | 443,749 | ||
Estimated Fair Value | $418,847 | $469,685 | ||
[1] | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses) and fair-value hedge accounting adjustments. |
AvailableforSale_Securities_Re
Available-for-Sale Securities (Realized Gains on AFS Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Available-for-sale Securities [Abstract] | ' | ' | ' | ' |
Proceeds from sale | $0 | $0 | $0 | $129,471 |
Previously recognized OTTI credit losses including accretion | 0 | 0 | 0 | 38,806 |
Gross realized gains | 0 | 0 | 0 | 17,135 |
Gross realized losses | 0 | 0 | 0 | 0 |
Net Realized Gains from Sale of Available-for-Sale Securities | $0 | $0 | $0 | $17,135 |
HeldtoMaturity_Securities_Majo
Held-to-Maturity Securities (Major Security Types) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | $7,072,582 | [1] | $7,146,491 | [1] |
Non-Credit (OTTI) | -187 | -241 | ||
Carrying Value | 7,072,395 | [2] | 7,146,250 | [2] |
Gross Unrecognized Holding Gains | 124,796 | [3] | 116,394 | [3] |
Gross Unrecognized Holding Losses | -6,791 | [3] | -18,326 | [3] |
Estimated Fair Value | 7,190,400 | 7,244,318 | ||
GSE debentures | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 268,999 | [1] | 268,998 | [1] |
Non-Credit (OTTI) | 0 | 0 | ||
Carrying Value | 268,999 | [2] | 268,998 | [2] |
Gross Unrecognized Holding Gains | 257 | [3] | 399 | [3] |
Gross Unrecognized Holding Losses | 0 | [3] | 0 | [3] |
Estimated Fair Value | 269,256 | 269,397 | ||
Manufactured housing loan ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 11,618 | [1] | 12,933 | [1] |
Non-Credit (OTTI) | 0 | 0 | ||
Carrying Value | 11,618 | [2] | 12,933 | [2] |
Gross Unrecognized Holding Gains | 0 | [3] | 0 | [3] |
Gross Unrecognized Holding Losses | -1,241 | [3] | -1,590 | [3] |
Estimated Fair Value | 10,377 | 11,343 | ||
Home equity loan ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 1,780 | [1] | 2,120 | [1] |
Non-Credit (OTTI) | -187 | -241 | ||
Carrying Value | 1,593 | [2] | 1,879 | [2] |
Gross Unrecognized Holding Gains | 112 | [3] | 67 | [3] |
Gross Unrecognized Holding Losses | -85 | [3] | -113 | [3] |
Estimated Fair Value | 1,620 | 1,833 | ||
RMBS and ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 6,803,583 | [1] | 6,877,493 | [1] |
Non-Credit (OTTI) | -187 | -241 | ||
Carrying Value | 6,803,396 | [2] | 6,877,252 | [2] |
Gross Unrecognized Holding Gains | 124,539 | [3] | 115,995 | [3] |
Gross Unrecognized Holding Losses | -6,791 | [3] | -18,326 | [3] |
Estimated Fair Value | 6,921,144 | 6,974,921 | ||
Residential Mortgage Backed Securities | Private-label RMBS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 111,369 | [1] | 150,287 | [1] |
Non-Credit (OTTI) | 0 | 0 | ||
Carrying Value | 111,369 | [2] | 150,287 | [2] |
Gross Unrecognized Holding Gains | 566 | [3] | 185 | [3] |
Gross Unrecognized Holding Losses | -1,095 | [3] | -2,663 | [3] |
Estimated Fair Value | 110,840 | 147,809 | ||
Residential Mortgage Backed Securities | GSE RMBS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 3,635,901 | [1] | 3,592,695 | [1] |
Non-Credit (OTTI) | 0 | 0 | ||
Carrying Value | 3,635,901 | [2] | 3,592,695 | [2] |
Gross Unrecognized Holding Gains | 83,087 | [3] | 70,572 | [3] |
Gross Unrecognized Holding Losses | -2,005 | [3] | -6,554 | [3] |
Estimated Fair Value | 3,716,983 | 3,656,713 | ||
Residential Mortgage Backed Securities | Other U.S. obligations -guaranteed RMBS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 3,042,915 | [1] | 3,119,458 | [1] |
Non-Credit (OTTI) | 0 | 0 | ||
Carrying Value | 3,042,915 | [2] | 3,119,458 | [2] |
Gross Unrecognized Holding Gains | 40,774 | [3] | 45,171 | [3] |
Gross Unrecognized Holding Losses | -2,365 | [3] | -7,406 | [3] |
Estimated Fair Value | $3,081,324 | $3,157,223 | ||
[1] | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses). | |||
[2] | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. | |||
[3] | Represents the difference between estimated fair value and carrying value. |
HeldtoMaturity_Securities_Unre
Held-to-Maturity Securities (Unrealized Loss Position) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | $330,388 | $2,493,472 | ||
12 Months or More, Estimated Fair Value | 868,273 | 624,764 | ||
Total Estimated Fair Value | 1,198,661 | 3,118,236 | ||
Less than 12 Months, Unrealized Losses | -1,569 | -10,468 | ||
12 Months or More, Unrealized Losses | -5,297 | -8,032 | ||
Unrealized Loss Position | -6,866 | [1] | -18,500 | [1] |
Manufactured housing loan ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | 0 | 0 | ||
12 Months or More, Estimated Fair Value | 10,377 | 11,343 | ||
Total Estimated Fair Value | 10,377 | 11,343 | ||
Less than 12 Months, Unrealized Losses | 0 | 0 | ||
12 Months or More, Unrealized Losses | -1,241 | -1,590 | ||
Unrealized Loss Position | -1,241 | [1] | -1,590 | [1] |
Home equity loan ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | 0 | 0 | ||
12 Months or More, Estimated Fair Value | 1,621 | 1,833 | ||
Total Estimated Fair Value | 1,621 | 1,833 | ||
Less than 12 Months, Unrealized Losses | 0 | 0 | ||
12 Months or More, Unrealized Losses | -160 | -287 | ||
Unrealized Loss Position | -160 | [1] | -287 | [1] |
RMBS and ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | 330,388 | 2,493,472 | ||
12 Months or More, Estimated Fair Value | 868,273 | 624,764 | ||
Total Estimated Fair Value | 1,198,661 | 3,118,236 | ||
Less than 12 Months, Unrealized Losses | -1,569 | -10,468 | ||
12 Months or More, Unrealized Losses | -5,297 | -8,032 | ||
Unrealized Loss Position | -6,866 | [1] | -18,500 | [1] |
Residential Mortgage Backed Securities | Private-label RMBS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | 4,477 | 61,059 | ||
12 Months or More, Estimated Fair Value | 45,271 | 58,363 | ||
Total Estimated Fair Value | 49,748 | 119,422 | ||
Less than 12 Months, Unrealized Losses | -7 | -561 | ||
12 Months or More, Unrealized Losses | -1,088 | -2,102 | ||
Unrealized Loss Position | -1,095 | [1] | -2,663 | [1] |
Residential Mortgage Backed Securities | GSE RMBS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | 325,911 | 1,338,255 | ||
12 Months or More, Estimated Fair Value | 91,784 | 6,766 | ||
Total Estimated Fair Value | 417,695 | 1,345,021 | ||
Less than 12 Months, Unrealized Losses | -1,562 | -6,542 | ||
12 Months or More, Unrealized Losses | -443 | -12 | ||
Unrealized Loss Position | -2,005 | [1] | -6,554 | [1] |
Residential Mortgage Backed Securities | Other U.S. obligations -guaranteed RMBS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Less than 12 Months, Estimated Fair Value | 0 | 1,094,158 | ||
12 Months or More, Estimated Fair Value | 719,220 | 546,459 | ||
Total Estimated Fair Value | 719,220 | 1,640,617 | ||
Less than 12 Months, Unrealized Losses | 0 | -3,365 | ||
12 Months or More, Unrealized Losses | -2,365 | -4,041 | ||
Unrealized Loss Position | ($2,365) | [1] | ($7,406) | [1] |
[1] | For home equity loan ABS, total unrealized losses does not agree to total gross unrecognized holding losses. Total unrealized losses include non-credit-related OTTI losses recorded in AOCI and gross unrecognized holding gains on previously OTTI securities. |
HeldtoMaturity_Securities_Rede
Held-to-Maturity Securities (Redemption Terms)(Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | $7,072,582 | [1] | $7,146,491 | [1] |
Carrying Value | 7,072,395 | [2] | 7,146,250 | [2] |
Estimated Fair Value | 7,190,400 | 7,244,318 | ||
Non-MBS [Member] | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Due in One Year or Less, Amortized Cost | 168,999 | [1] | 0 | [1] |
Due After One Year Through Five Years, Amortized Cost | 100,000 | [1] | 268,998 | [1] |
Amortized Cost | 268,999 | [1] | 268,998 | [1] |
Due in One Year or Less, Carrying Value | 168,999 | [2] | 0 | [2] |
Due After One Year Through Five Years, Carrying Value | 100,000 | [2] | 268,998 | [2] |
Carrying Value | 268,999 | [2] | 268,998 | [2] |
Due in One Year or Less, Estimated Fair Value | 169,133 | 0 | ||
Due After One Year Through Five Years, Estimated Fair Value | 100,123 | 269,397 | ||
Estimated Fair Value | 269,256 | 269,397 | ||
RMBS and ABS | ' | ' | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ||
Amortized Cost | 6,803,583 | [1] | 6,877,493 | [1] |
Carrying Value | 6,803,396 | [2] | 6,877,252 | [2] |
Estimated Fair Value | $6,921,144 | $6,974,921 | ||
[1] | Includes adjustments made to the cost basis of an investment for accretion, amortization, collection of principal, and, if applicable, OTTI recognized in earnings (credit losses). | |||
[2] | Represents amortized cost after adjustment for non-credit OTTI recognized in AOCI. |
OtherThanTemporary_Impairment_1
Other-Than-Temporary Impairment (Securities with OTTI Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Security | Security | Security | ||||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
Additional credit losses for which OTTI was previously recognized | $42 | [1] | $0 | [1] | $270 | [1] | $1,924 | [1] |
Number of security changed previous intention to hold until recovery of amortized cost | ' | ' | ' | 1 | ||||
Number of Securities with OTTI Losses | 1 | ' | 1 | ' | ||||
Federal Home Loan Bank Assumed Current-to-Trough Home Price Decline Rate | -3.00% | ' | -3.00% | ' | ||||
Federal Home Loan Bank Assumed Current-to-Trough Home Price Increase Rate | 9.00% | ' | 9.00% | ' | ||||
Private-Label RMBS [Member] | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
Assumed Current to Trough Home Price Decline Rate | 0.00% | ' | 0.00% | ' | ||||
Assumed Current to Trough Home Price Increase Rate | 6.00% | ' | 6.00% | ' | ||||
Held-to-maturity Securities [Member] | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
OTTI Life-to-Date, UPB | 737 | ' | 737 | ' | ||||
OTTI Life-to-Date, Amortized Cost | 705 | ' | 705 | ' | ||||
OTTI Life-to-Date, Carrying Value | 518 | ' | 518 | ' | ||||
OTTI Life-to-Date, Estimated Fair Value | 630 | ' | 630 | ' | ||||
Available-for-sale Securities [Member] | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
OTTI Life-to-Date, UPB | 443,803 | ' | 443,803 | ' | ||||
OTTI Life-to-Date, Amortized Cost | 379,426 | ' | 379,426 | ' | ||||
OTTI Life-to-Date, Estimated Fair Value | 418,847 | ' | 418,847 | ' | ||||
Prime [Member] | Held-to-maturity Securities [Member] | Private-Label RMBS [Member] | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
OTTI Life-to-Date, UPB | 0 | ' | 0 | ' | ||||
OTTI Life-to-Date, Amortized Cost | 0 | ' | 0 | ' | ||||
OTTI Life-to-Date, Carrying Value | 0 | ' | 0 | ' | ||||
OTTI Life-to-Date, Estimated Fair Value | 0 | ' | 0 | ' | ||||
Prime [Member] | Available-for-sale Securities [Member] | Private-Label RMBS [Member] | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
OTTI Life-to-Date, UPB | 443,803 | ' | 443,803 | ' | ||||
OTTI Life-to-Date, Amortized Cost | 379,426 | ' | 379,426 | ' | ||||
OTTI Life-to-Date, Estimated Fair Value | 418,847 | ' | 418,847 | ' | ||||
Subprime [Member] | Held-to-maturity Securities [Member] | Home equity loan ABS | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
OTTI Life-to-Date, UPB | 737 | ' | 737 | ' | ||||
OTTI Life-to-Date, Amortized Cost | 705 | ' | 705 | ' | ||||
OTTI Life-to-Date, Carrying Value | 518 | ' | 518 | ' | ||||
OTTI Life-to-Date, Estimated Fair Value | 630 | ' | 630 | ' | ||||
Subprime [Member] | Available-for-sale Securities [Member] | Home equity loan ABS | ' | ' | ' | ' | ||||
Other than Temporary Impairment, Disclosure [Line Items] | ' | ' | ' | ' | ||||
OTTI Life-to-Date, UPB | 0 | ' | 0 | ' | ||||
OTTI Life-to-Date, Amortized Cost | 0 | ' | 0 | ' | ||||
OTTI Life-to-Date, Estimated Fair Value | $0 | ' | $0 | ' | ||||
[1] | For the three months ended SeptemberB 30, 2014 and 2013, relates to all securities that were impaired prior to July 1, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, relates to all securities that were impaired prior to January 1, 2014 and 2013, respectively. |
OtherThanTemporary_Impairment_2
Other-Than-Temporary Impairment (Significant Modeling Assumptions) (Details) (Securitization in 2006 [Member], Prime [Member], Private Label Residential Mortgage Backed Securities [Member]) | 3 Months Ended | |
Sep. 30, 2014 | ||
Securitization in 2006 [Member] | Prime [Member] | Private Label Residential Mortgage Backed Securities [Member] | ' | |
Schedule of Significant Inputs In Measuring Other Than Temporary Impairments Measured in Earnings [Line Items] | ' | |
Prepayment Rates | 15.50% | [1] |
Default Rates | 16.60% | [1] |
Loss Severities | 40.30% | [1] |
Current Credit Enhancement | 0.00% | [1] |
[1] | Weighted Average based on UPB. |
OtherThanTemporary_Impairment_3
Other-Than-Temporary Impairment (Rollforward of the Cumulative Credit Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' | ||||
Balance at Beginning of Period | $71,584 | $72,287 | $72,287 | $109,169 | ||||
Additions: | ' | ' | ' | ' | ||||
Additional credit losses for which OTTI was previously recognized | 42 | [1] | 0 | [1] | 270 | [1] | 1,924 | [1] |
Reductions: | ' | ' | ' | ' | ||||
Credit losses on securities sold, matured, paid down or prepaid | 0 | 0 | 0 | -30,506 | ||||
Unamortized life-to-date credit losses on security that we intend to sell before recovery of its amortized cost basis | 0 | 0 | 0 | -8,300 | ||||
Significant increases in cash flows expected to be collected, recognized over the remaining life of the securities (2) | -938 | [2] | 0 | [2] | -1,869 | [2] | 0 | [2] |
Balance at End of Period | $70,688 | $72,287 | $70,688 | $72,287 | ||||
[1] | For the three months ended SeptemberB 30, 2014 and 2013, relates to all securities that were impaired prior to July 1, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, relates to all securities that were impaired prior to January 1, 2014 and 2013, respectively. | |||||||
[2] | Represents amounts to be accreted as interest income over the remaining life of the applicable securities. |
Advances_Narratives_Details
Advances (Narratives) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Borrower | Borrower | |
Federal Home Loan Bank, Advances [Line Items] | ' | ' |
Total Advances, par value | $19,175,746,000 | $17,131,782,000 |
Federal Home Loan Bank Advances Outstanding Greater Than One Billion Dollars Per Borrower Amount | 8,100,000,000 | 5,300,000,000 |
Federal Home Loan Bank Advances Outstanding Greater Than One Billion Dollars Per Borrower Percent | 42.00% | 31.00% |
Federal Home Loan Bank, Advances, Outstanding, Greater than One Billion Dollars Per Borrower, Number of Borrowers | 5 | 3 |
UPB of collateral to cover the Advances to these institutions | 14,700,000,000 | 10,100,000,000 |
Minimum [Member] | ' | ' |
Federal Home Loan Bank, Advances [Line Items] | ' | ' |
Interest rate of advances outstanding | 0.00% | ' |
Maximum [Member] | ' | ' |
Federal Home Loan Bank, Advances [Line Items] | ' | ' |
Interest rate of advances outstanding | 8.34% | ' |
Federal Home Loan Bank, Advances, Convertible Option [Member] | ' | ' |
Federal Home Loan Bank, Advances [Line Items] | ' | ' |
Total Advances, par value | 0 | 0 |
Federal Home Loan Bank, Advances, Callable Option [Member] | ' | ' |
Federal Home Loan Bank, Advances [Line Items] | ' | ' |
Total Advances, par value | 5,400,000,000 | 4,100,000,000 |
Federal Home Loan Bank, Advances, Putable Option [Member] | ' | ' |
Federal Home Loan Bank, Advances [Line Items] | ' | ' |
Total Advances, par value | $179,000,000 | $188,000,000 |
Advances_Advances_by_Year_of_C
Advances Advances by Year of Contractual Maturity (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Year of Contractual Maturity, Amount | ' | ' |
Overdrawn demand and overnight deposit accounts | $959 | $1,092 |
Due in 1 year or less | 6,194,403 | 5,952,161 |
Due after 1 year through 2 years | 2,640,043 | 1,695,355 |
Due after 2 years through 3 years | 2,383,572 | 2,289,954 |
Due after 3 years through 4 years | 2,105,242 | 2,190,551 |
Due after 4 years through 5 years | 1,019,474 | 1,803,488 |
Thereafter | 4,832,053 | 3,199,181 |
Total Advances, par value | 19,175,746 | 17,131,782 |
Fair-value hedging adjustments | 126,822 | 181,211 |
Unamortized swap termination fees associated with modified Advances, net of deferred prepayment fees | 22,134 | 24,425 |
Total Advances | $19,324,702 | $17,337,418 |
Year of Contractual Maturity, WAIR % | ' | ' |
Overdrawn demand and overnight deposit accounts | 2.43% | 2.50% |
Due in 1 year or less | 0.64% | 0.58% |
Due after 1 year through 2 years | 1.90% | 2.61% |
Due after 2 years through 3 years | 1.74% | 1.59% |
Due after 3 years through 4 years | 2.18% | 1.86% |
Due after 4 years through 5 years | 1.94% | 2.17% |
Thereafter | 1.43% | 1.93% |
Total Advances, par value | 1.39% | 1.50% |
Advances_Recognized_Prepayment
Advances Recognized Prepayment/Termination Fees on Advances (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Advances [Abstract] | ' | ' | ' | ' |
Prepayment fees on Advances | $593 | $273 | $2,010 | $30,807 |
Associated swap termination fees | 24 | 0 | -332 | -22,680 |
Prepayment Fees on Advances, net | $617 | $273 | $1,678 | $8,127 |
Advances_Deferred_PrepaymentTe
Advances Deferred Prepayment/Termination Fees on Advances (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Advances [Abstract] | ' | ' | ' | ' |
Deferred prepayment fees on Advances | $477 | $197 | $477 | $12,132 |
Deferred associated swap termination fees | 475 | 0 | 475 | 7,415 |
Deferred prepayment fees on Advances, net | $2 | $197 | $2 | $4,717 |
Advances_Earlier_of_Contractua
Advances Earlier of Contractual Maturity or Next Call Date and Year of Contractual Maturity or Next Put Date (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, Rolling Year, Par Value [Abstract] | ' | ' |
Overdrawn demand and overnight deposit accounts | $959 | $1,092 |
Due in 1 year or less | 10,031,518 | 8,312,526 |
Due after 1 year through 2 years | 2,804,043 | 1,572,105 |
Due after 2 years through 3 years | 2,150,822 | 2,293,954 |
Due after 3 years through 4 years | 1,905,242 | 2,052,801 |
Due after 4 years through 5 years | 954,474 | 1,653,488 |
Thereafter | 1,328,688 | 1,245,816 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, Rolling Year, Par Value [Abstract] | ' | ' |
Due in 1 year or less | 6,370,903 | 6,128,161 |
Due after 1 year through 2 years | 2,611,043 | 1,683,855 |
Due after 2 years through 3 years | 2,301,072 | 2,259,954 |
Due after 3 years through 4 years | 2,055,242 | 2,091,051 |
Due after 4 years through 5 years | 1,004,474 | 1,768,488 |
Thereafter | 4,832,053 | 3,199,181 |
Total Advances, par value | $19,175,746 | $17,131,782 |
Mortgage_Loans_Held_for_Portfo2
Mortgage Loans Held for Portfolio (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||||
In Thousands, unless otherwise specified | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Government [Member] | Government [Member] | Fixed-rate Long-term Mortgages [Member] | Fixed-rate Long-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | ||||||||
Maximum [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Government [Member] | Government [Member] | Fixed-rate Long-term Mortgages [Member] | Fixed-rate Long-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Conventional [Member] | Government [Member] | Government [Member] | Fixed-rate Long-term Mortgages [Member] | Fixed-rate Long-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | Fixed-rate Medium-term Mortgages [Member] | |||||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Mortgage Loans Held for Portfolio, UPB | $6,349,132 | $6,085,433 | $5,586,998 | ' | $5,240,294 | ' | ' | ' | $762,134 | $845,139 | $5,306,731 | $4,985,932 | $1,042,401 | [1] | $1,099,501 | [1] | ' | $5,826,414 | $5,541,391 | $5,168,497 | ' | $4,804,298 | ' | ' | ' | $657,917 | $737,093 | $4,865,767 | $4,528,804 | $960,647 | [1] | $1,012,587 | [1] | $522,718 | $544,042 | $418,501 | ' | $435,996 | ' | ' | ' | $104,217 | $108,046 | $440,964 | $457,128 | $81,754 | [1] | $86,914 | [1] |
Unamortized premiums | 129,621 | 117,263 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,107 | 106,346 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,514 | 10,917 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unamortized discounts | -8,654 | -12,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,654 | -11,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -288 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair-value hedging adjustments | 4,615 | 3,838 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,144 | 4,374 | 4,517 | ' | 3,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -529 | -536 | -479 | ' | -488 | ' | ' | ' | -51 | -48 | ' | ' | ' | ' | ||||||
Allowance for loan losses | -3,000 | -4,500 | -3,000 | -3,250 | -4,500 | -5,500 | -5,500 | -10,000 | ' | ' | ' | ' | ' | ' | ' | -2,750 | -4,000 | -2,750 | -3,000 | -4,000 | -5,000 | -5,000 | -9,850 | ' | ' | ' | ' | ' | ' | -250 | -500 | -250 | -250 | -500 | -500 | -500 | -150 | ' | ' | ' | ' | ' | ' | ||||||
Mortgage Loans Held for Portfolio, net | $6,471,714 | $6,189,804 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,940,261 | $5,636,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $531,453 | $553,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Original term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Defined as a term of 15 years or less at origination. |
Allowance_for_Credit_Losses_Cr
Allowance for Credit Losses (Credit Enhancements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPP [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | ||||||
Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | ||||||||||||||||
PMI [Member] | PMI [Member] | LRA [Member] | LRA [Member] | SMI [Member] | SMI [Member] | ||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated losses remaining after borrower's equity, before credit enhancements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,873 | ' | $31,523 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of estimated losses recoverable from | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,273 | -4,922 | -4,000 | -5,072 | -12,049 | -18,740 | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for unrecoverable PMI/SMI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199 | ' | 1,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 3,000 | ' | 3,000 | ' | 4,500 | 3,000 | 3,250 | 4,500 | 5,500 | 5,500 | 10,000 | 2,750 | 4,000 | 2,750 | 3,000 | 4,000 | 5,000 | 5,000 | 9,850 | ' | ' | ' | ' | ' | ' | 250 | 500 | 250 | 250 | 500 | 500 | 500 | 150 |
Credit Enhancement Fund [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of LRA, beginning of period | 49,918 | 40,091 | 45,330 | 33,693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions | 5,807 | 3,856 | 11,917 | 12,555 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claim paid | -411 | -662 | -1,664 | -2,422 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | -93 | -220 | -362 | -761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of LRA, end of period | 55,221 | 43,065 | 55,221 | 43,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit enhancement fee paid to participating financial institutions, gross | 99 | 90 | 302 | 207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exposure under FLA | 3,420 | ' | 3,420 | ' | 3,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CE Obligations available to cover losses in excess of the FLA | 26,851 | ' | 26,851 | ' | 26,284 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FLA loss reduction | $11 | ' | $11 | ' | $142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance_for_Credit_Losses_Al
Allowance for Credit Losses (Allowance) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Allowance for loan losses on mortgage loans, beginning of period | ' | ' | $4,500 | ' | ' | |||
Provision for (Reversal of) Loan Losses | -126 | 314 | -916 | -3,451 | ' | |||
Allowance for loan losses on mortgage loans, end of period | 3,000 | ' | 3,000 | ' | ' | |||
Total allowance for loan losses | 3,000 | ' | 3,000 | ' | ' | |||
Total recorded investment | 6,500,853 | ' | 6,500,853 | ' | 6,218,184 | |||
Conventional Loan [Member] | ' | ' | ' | ' | ' | |||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Allowance for loan losses on mortgage loans, beginning of period | 3,250 | 5,500 | 4,500 | 10,000 | ' | |||
Charge-offs, net of recoveries | -124 | -314 | -584 | -1,049 | ' | |||
Provision for (Reversal of) Loan Losses | -126 | 314 | -916 | -3,451 | ' | |||
Allowance for loan losses on mortgage loans, end of period | 3,000 | 5,500 | 3,000 | 5,500 | ' | |||
Allowance for loan losses, loans collectively evaluated for impairment | 2,542 | ' | 2,542 | ' | 3,565 | |||
Allowance for loan losses, loans individually evaluated for impairment | 458 | [1] | ' | 458 | [1] | ' | 935 | [1] |
Total allowance for loan losses | 3,000 | 5,500 | 3,000 | 5,500 | ' | |||
Recorded Investment, loans collectively evaluated for impairment | 5,698,967 | ' | 5,698,967 | ' | 5,330,215 | |||
Recorded Investment, loans individually evaluated for impairment | 19,137 | [1] | ' | 19,137 | [1] | ' | 18,355 | [1] |
Total recorded investment | 5,718,104 | ' | 5,718,104 | ' | 5,348,570 | |||
Principal paid in full by servicers | 8,100 | ' | 8,100 | ' | 13,976 | |||
Potential claims included in allowance | 417 | ' | 417 | ' | 895 | |||
MPP [Member] | ' | ' | ' | ' | ' | |||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Allowance for loan losses on mortgage loans, beginning of period | ' | ' | ' | ' | 4,000 | |||
Allowance for loan losses on mortgage loans, end of period | 2,750 | ' | 2,750 | ' | 4,000 | |||
Total allowance for loan losses | 2,750 | ' | 2,750 | ' | 4,000 | |||
MPP [Member] | Conventional Loan [Member] | ' | ' | ' | ' | ' | |||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Allowance for loan losses on mortgage loans, beginning of period | 3,000 | 5,000 | 4,000 | 9,850 | ' | |||
Charge-offs, net of recoveries | -124 | -314 | -575 | -1,049 | ' | |||
Provision for (Reversal of) Loan Losses | -126 | 314 | -675 | -3,801 | ' | |||
Allowance for loan losses on mortgage loans, end of period | 2,750 | 5,000 | 2,750 | 5,000 | ' | |||
Allowance for loan losses, loans collectively evaluated for impairment | 2,292 | ' | 2,292 | ' | 3,065 | |||
Allowance for loan losses, loans individually evaluated for impairment | 458 | [1] | ' | 458 | [1] | ' | 935 | [1] |
Total allowance for loan losses | 2,750 | 5,000 | 2,750 | 5,000 | ' | |||
Recorded Investment, loans collectively evaluated for impairment | 5,270,562 | ' | 5,270,562 | ' | 4,883,419 | |||
Recorded Investment, loans individually evaluated for impairment | 19,137 | [1] | ' | 19,137 | [1] | ' | 18,355 | [1] |
Total recorded investment | 5,289,699 | ' | 5,289,699 | ' | 4,901,774 | |||
MPF [Member] | ' | ' | ' | ' | ' | |||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Allowance for loan losses on mortgage loans, beginning of period | ' | ' | ' | ' | 500 | |||
Allowance for loan losses on mortgage loans, end of period | 250 | ' | 250 | ' | 500 | |||
Total allowance for loan losses | 250 | ' | 250 | ' | 500 | |||
MPF [Member] | Conventional Loan [Member] | ' | ' | ' | ' | ' | |||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | |||
Allowance for loan losses on mortgage loans, beginning of period | 250 | 500 | 500 | 150 | ' | |||
Charge-offs, net of recoveries | 0 | 0 | -9 | 0 | ' | |||
Provision for (Reversal of) Loan Losses | 0 | 0 | -241 | 350 | ' | |||
Allowance for loan losses on mortgage loans, end of period | 250 | 500 | 250 | 500 | ' | |||
Allowance for loan losses, loans collectively evaluated for impairment | 250 | ' | 250 | ' | 500 | |||
Allowance for loan losses, loans individually evaluated for impairment | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Total allowance for loan losses | 250 | 500 | 250 | 500 | ' | |||
Recorded Investment, loans collectively evaluated for impairment | 428,405 | ' | 428,405 | ' | 446,796 | |||
Recorded Investment, loans individually evaluated for impairment | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Total recorded investment | $428,405 | ' | $428,405 | ' | $446,796 | |||
[1] | The recorded investment in our MPP conventional loans individually evaluated for impairment excludes principal that was previously paid in full by the servicers as of SeptemberB 30, 2014 and DecemberB 31, 2013 of $8,100 and $13,976, respectively, that remains subject to potential claims by those servicers for any losses resulting from past or future liquidations of the underlying properties. However, the MPP conventional loan allowance for loan losses includes $417 and $895 for these potential claims as of SeptemberB 30, 2014 and DecemberB 31, 2013, respectively. |
Allowance_for_Credit_Losses_Pa
Allowance for Credit Losses (Past Due) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Past due 30-59 days delinquent | $81,857 | $95,139 | ||
Past due 60-89 days delinquent | 21,178 | 26,197 | ||
Past due 90 days or more delinquent | 56,506 | 80,975 | ||
Total past due | 159,541 | 202,311 | ||
Total current | 6,341,312 | 6,015,873 | ||
Total recorded investment | 6,500,853 | 6,218,184 | ||
Net unamortized premiums | -120,967 | -105,033 | ||
Fair-value hedging adjustments | -4,615 | -3,838 | ||
Accrued interest receivable | -26,139 | -23,880 | ||
Mortgage Loans Held for Portfolio, UPB | 6,349,132 | 6,085,433 | ||
In process of foreclosure, included above | 38,315 | [1] | 47,970 | [1] |
Serious delinquency rate | 0.87% | [2] | 1.30% | [2] |
Past due 90 days or more still accruing interest | 54,656 | [3] | 80,333 | [3] |
On non-accrual status | 2,389 | 1,304 | ||
Delinquent loan receivable (in days) | '90 days | ' | ||
Conventional [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total recorded investment | 5,718,104 | 5,348,570 | ||
Mortgage Loans Held for Portfolio, UPB | 5,586,998 | 5,240,294 | ||
Government [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Mortgage Loans Held for Portfolio, UPB | 762,134 | 845,139 | ||
MPP [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Fair-value hedging adjustments | -5,144 | -4,374 | ||
Mortgage Loans Held for Portfolio, UPB | 5,826,414 | 5,541,391 | ||
MPP [Member] | Conventional [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Past due 30-59 days delinquent | 52,697 | 55,615 | ||
Past due 60-89 days delinquent | 15,006 | 18,203 | ||
Past due 90 days or more delinquent | 54,080 | 76,611 | ||
Total past due | 121,783 | 150,429 | ||
Total current | 5,167,916 | 4,751,345 | ||
Total recorded investment | 5,289,699 | 4,901,774 | ||
Net unamortized premiums | -95,588 | -75,381 | ||
Fair-value hedging adjustments | -4,517 | -3,593 | ||
Accrued interest receivable | -21,097 | -18,502 | ||
Mortgage Loans Held for Portfolio, UPB | 5,168,497 | 4,804,298 | ||
In process of foreclosure, included above | 38,315 | [1] | 47,970 | [1] |
Serious delinquency rate | 1.02% | [2] | 1.56% | [2] |
Past due 90 days or more still accruing interest | 52,231 | [3] | 76,099 | [3] |
On non-accrual status | 2,388 | 1,174 | ||
MPP [Member] | FHA Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Past due 30-59 days delinquent | 26,125 | 38,963 | ||
Past due 60-89 days delinquent | 5,813 | 7,438 | ||
Past due 90 days or more delinquent | 2,070 | 4,234 | ||
Total past due | 34,008 | 50,635 | ||
Total current | 642,865 | 709,032 | ||
Total recorded investment | 676,873 | 759,667 | ||
Net unamortized premiums | -15,865 | -19,023 | ||
Fair-value hedging adjustments | -628 | -781 | ||
Accrued interest receivable | -2,463 | -2,770 | ||
Mortgage Loans Held for Portfolio, UPB | 657,917 | 737,093 | ||
In process of foreclosure, included above | 0 | [1] | 0 | [1] |
Serious delinquency rate | 0.31% | [2] | 0.56% | [2] |
Past due 90 days or more still accruing interest | 2,070 | [3] | 4,234 | [3] |
On non-accrual status | 0 | 0 | ||
MPP [Member] | Government [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Mortgage Loans Held for Portfolio, UPB | 657,917 | 737,093 | ||
MPF [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Fair-value hedging adjustments | 529 | 536 | ||
Mortgage Loans Held for Portfolio, UPB | 522,718 | 544,042 | ||
MPF [Member] | Conventional [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Past due 30-59 days delinquent | 925 | 179 | ||
Past due 60-89 days delinquent | 1 | 1 | ||
Past due 90 days or more delinquent | 1 | 130 | ||
Total past due | 927 | 310 | ||
Total current | 427,478 | 446,486 | ||
Total recorded investment | 428,405 | 446,796 | ||
Net unamortized premiums | -8,245 | -9,126 | ||
Fair-value hedging adjustments | 479 | 488 | ||
Accrued interest receivable | -2,138 | -2,162 | ||
Mortgage Loans Held for Portfolio, UPB | 418,501 | 435,996 | ||
In process of foreclosure, included above | 0 | [1] | 0 | [1] |
Serious delinquency rate | 0.00% | [2] | 0.03% | [2] |
Past due 90 days or more still accruing interest | 0 | [3] | 0 | [3] |
On non-accrual status | 1 | 130 | ||
MPF [Member] | Government [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Past due 30-59 days delinquent | 2,110 | 382 | ||
Past due 60-89 days delinquent | 358 | 555 | ||
Past due 90 days or more delinquent | 355 | 0 | ||
Total past due | 2,823 | 937 | ||
Total current | 103,053 | 109,010 | ||
Total recorded investment | 105,876 | 109,947 | ||
Net unamortized premiums | -1,269 | -1,503 | ||
Fair-value hedging adjustments | 51 | 48 | ||
Accrued interest receivable | -441 | -446 | ||
Mortgage Loans Held for Portfolio, UPB | 104,217 | 108,046 | ||
In process of foreclosure, included above | 0 | [1] | 0 | [1] |
Serious delinquency rate | 0.34% | [2] | 0.00% | [2] |
Past due 90 days or more still accruing interest | 355 | [3] | 0 | [3] |
On non-accrual status | $0 | $0 | ||
[1] | Includes loans for which the decision of foreclosure or similar alternative, such as pursuit of deed-in-lieu of foreclosure, has been reported. Loans in process of foreclosure are included in past due categories depending on their delinquency status. | |||
[2] | Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total recorded investment in mortgage loans. The percentage excludes principal amounts that were previously paid in full by the servicers on conventional loans that are pending resolution of potential loss claims. Many FHA loans are repurchased by the servicers when they reach 90 days or more delinquent status, similar to the rules for servicers of Ginnie Mae MBS, resulting in the lower serious delinquency rate for FHA loans. | |||
[3] | Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the mortgagor's payment status, we do not consider these loans to be non-accrual. |
Allowance_for_Credit_Losses_Tr
Allowance for Credit Losses (Troubled Debt Restructuring) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Period of time principal or interest past due to have defaulted on troubled debt restructuring | ' | ' | '60 days | ' | ' |
Recorded investment of loans modified as troubled debt restructurings that subsequently default | $0 | $366 | $0 | $911 | ' |
MPP [Member] | Conventional [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Recorded Investment, Performing | 18,414 | ' | 18,414 | ' | 17,407 |
Financing Receivable, Modifications, Recorded Investment, Non-Performing | 723 | ' | 723 | ' | 948 |
Recorded Investment | 19,137 | ' | 19,137 | ' | 18,355 |
Pre-Modification Recorded Investment | 0 | 767 | 2,439 | 4,060 | ' |
Post-Modification Recorded Investment | 0 | 802 | 2,593 | 4,306 | ' |
MPF [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Decrease in real estate owned due to liquidation | $117 | ' | ' | ' | ' |
Allowance_for_Credit_Losses_Im
Allowance for Credit Losses (Impaired Debt) (Details) (MPP [Member], Conventional [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
MPP [Member] | Conventional [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Conventional loans without allowance for loan losses, Recorded Investment | $18,414 | [1] | ' | $18,414 | [1] | ' | $17,407 | [1] |
Conventional loans with allowance for loan losses, Recorded Investment | 723 | ' | 723 | ' | 948 | |||
Total recorded investment | 19,137 | ' | 19,137 | ' | 18,355 | |||
Conventional loans without allowance for loan losses, UPB | 18,248 | [1] | ' | 18,248 | [1] | ' | 17,239 | [1] |
Conventional loans with allowance for loan losses, UPB | 710 | ' | 710 | ' | 928 | |||
Total UPB | 18,958 | ' | 18,958 | ' | 18,167 | |||
Allowance for loan losses | 41 | ' | 41 | ' | 40 | |||
Conventional Loans without Allowance, Average Recorded Investment | 18,843 | 17,447 | 18,389 | 16,396 | ' | |||
Conventional Loans without Allowance, Interest Income Recognized | 267 | 253 | 798 | 708 | ' | |||
Conventional Loans with Allowance, Average Recorded Investment | 725 | 1,143 | 728 | 1,142 | ' | |||
Conventional Loans with Allowance, Interest Income Recognized | 10 | 17 | 40 | 82 | ' | |||
Impaired Financing Receivable, Average Recorded Investment | 19,568 | 18,590 | 19,117 | 17,538 | ' | |||
Impaired Financing Receivable, Interest Income, Accrual Method | $277 | $270 | $838 | $790 | ' | |||
[1] | No allowance for loan losses was recorded on these impaired loans after consideration of the underlying loan-specific attribute data, estimated liquidation value of real estate collateral held, estimated costs associated with maintaining and disposing of the collateral, and credit enhancements. |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities (Derivatives in Statement of Condition) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | $30,937,572 | $29,564,222 | ||
Derivative asset not subject to netting arrangement | 88,575 | 127,826 | ||
Derivative liability not subject to netting arrangement | 377,289 | 546,958 | ||
Netting adjustment, assets | -81,449 | -119,488 | ||
Netting adjustment, liabilities | -81,449 | -119,488 | ||
Cash collateral and related accrued interest, assets | 11,863 | -1,124 | ||
Cash collateral and related accrued interest, liabilities | -203,831 | -317,726 | ||
Total adjustment, assets | -69,586 | [1] | -120,612 | [1] |
Total adjustment, liabilities | -285,280 | [1] | -437,214 | [1] |
Derivative Asset, net | 18,989 | 7,214 | ||
Derivative Liability, net | 92,009 | 109,744 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 28,823,647 | 26,758,882 | ||
Derivative asset not subject to netting arrangement | 87,484 | 125,431 | ||
Derivative liability not subject to netting arrangement | 375,642 | 540,995 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 28,823,647 | 26,758,882 | ||
Derivative asset not subject to netting arrangement | 87,484 | 125,431 | ||
Derivative liability not subject to netting arrangement | 375,642 | 540,995 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 2,113,925 | 2,805,340 | ||
Derivative asset not subject to netting arrangement | 1,091 | 2,395 | ||
Derivative liability not subject to netting arrangement | 1,647 | 5,963 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 1,454,721 | 2,344,743 | ||
Derivative asset not subject to netting arrangement | 470 | 823 | ||
Derivative liability not subject to netting arrangement | 1,561 | 5,706 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Caps / Floors [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 340,500 | 340,500 | ||
Derivative asset not subject to netting arrangement | 295 | 1,327 | ||
Derivative liability not subject to netting arrangement | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 159,700 | 61,300 | ||
Derivative asset not subject to netting arrangement | 76 | 233 | ||
Derivative liability not subject to netting arrangement | 46 | 11 | ||
Not Designated as Hedging Instrument [Member] | Mortgage Delivery Commitments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Derivatives | 159,004 | 58,797 | ||
Derivative asset not subject to netting arrangement | 250 | 12 | ||
Derivative liability not subject to netting arrangement | $40 | $246 | ||
[1] | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $88,249 | $127,581 | ||
Derivative Liability, Fair Value, Gross Liability | 377,203 | 546,701 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -69,586 | [1] | -120,612 | [1] |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -285,280 | [1] | -437,214 | [1] |
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 18,663 | 6,969 | ||
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment | 91,923 | 109,487 | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 326 | 245 | [2] | |
Derivative Liability, Not Subject to Master Netting Arrangement | 86 | 257 | [2] | |
Derivative Asset, net | 18,989 | 7,214 | ||
Derivative Liability, net | 92,009 | 109,744 | ||
Over the Counter [Member] | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 81,997 | 122,411 | ||
Derivative Liability, Fair Value, Gross Liability | 361,157 | 544,014 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -81,449 | -121,425 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -269,234 | -434,527 | ||
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 548 | 986 | ||
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment | 91,923 | 109,487 | ||
Exchange Cleared [Member] | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 6,252 | 5,170 | ||
Derivative Liability, Fair Value, Gross Liability | 16,046 | 2,687 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 11,863 | 813 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | -16,046 | -2,687 | ||
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 18,115 | 5,983 | ||
Derivative Liability, Net Fair Value Amount, After Offsetting Adjustment | $0 | $0 | ||
[1] | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. | |||
[2] | Includes MDCs and certain interest-rate forwards. |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities (Derivatives in Statement of Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gain (loss) related to fair-value hedge ineffectiveness | $233 | ($1,353) | ($3,286) | $8,596 |
Total net gain (loss) on derivatives not designated as hedging instruments | 444 | 1,228 | 10,069 | 2,075 |
Net Gains (Losses) on Derivatives and Hedging Activities | 677 | -125 | 6,783 | 10,671 |
Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gain (loss) related to fair-value hedge ineffectiveness | 233 | -1,353 | -3,286 | 8,596 |
Total net gain (loss) on derivatives not designated as hedging instruments | -1,868 | 62 | 3,903 | 5,002 |
Interest Rate Caps / Floors [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gain (loss) on derivatives not designated as hedging instruments | -158 | -405 | -1,033 | 189 |
Forward Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gain (loss) on derivatives not designated as hedging instruments | -365 | 334 | -3,790 | 6,119 |
Net Interest Settlements [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gain (loss) on derivatives not designated as hedging instruments | 2,955 | 194 | 8,395 | -4,063 |
Mortgage Delivery Commitments [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total net gain (loss) on derivatives not designated as hedging instruments | ($120) | $1,043 | $2,594 | ($5,172) |
Derivative_and_Hedging_Activit5
Derivative and Hedging Activities (Derivatives in Statement of Income and Impact on Interest) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivatives | $61,472 | $10,524 | $86,468 | $224,710 | ||||
Gain (Loss) on Hedged Item | -61,239 | -11,877 | -89,754 | -216,114 | ||||
Net Fair Value Hedge Ineffectiveness | 233 | -1,353 | -3,286 | 8,596 | ||||
Effect on Net Interest Income | -46,598 | [1] | -53,640 | [1] | -130,716 | [1] | -161,690 | [1] |
Advances [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivatives | 45,658 | -8,893 | 24,525 | 197,316 | ||||
Gain (Loss) on Hedged Item | -45,938 | 7,160 | -24,358 | -194,821 | ||||
Net Fair Value Hedge Ineffectiveness | -280 | -1,733 | 167 | 2,495 | ||||
Effect on Net Interest Income | -38,558 | [1] | -50,794 | [1] | -111,842 | [1] | -154,036 | [1] |
AFS Securities [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivatives | 29,428 | 3,694 | 21,569 | 124,730 | ||||
Gain (Loss) on Hedged Item | -29,991 | -3,524 | -22,010 | -122,879 | ||||
Net Fair Value Hedge Ineffectiveness | -563 | 170 | -441 | 1,851 | ||||
Effect on Net Interest Income | -24,487 | [1] | -24,196 | [1] | -73,508 | [1] | -72,335 | [1] |
Consolidated Obligation Bonds Member | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivatives | -13,614 | 15,723 | 40,374 | -97,336 | ||||
Gain (Loss) on Hedged Item | 14,690 | -15,513 | -43,386 | 101,586 | ||||
Net Fair Value Hedge Ineffectiveness | 1,076 | 210 | -3,012 | 4,250 | ||||
Effect on Net Interest Income | $16,447 | [1] | $21,350 | [1] | $54,634 | [1] | $64,681 | [1] |
[1] | Includes the effect of derivatives in fair-value hedging relationships on Net Interest Income that is recorded in the Interest Income / Expense line item of the respective hedged items. Excludes the Interest Income / Expense of the respective hedged items, which fully offset the Interest Income / Expense of the derivatives, except to the extent of any hedge ineffectiveness. Net interest settlements on derivatives that are not in fair-value hedging relationships are reported in Other Income (Loss). |
Derivative_and_Hedging_Activit6
Derivative and Hedging Activities (Narrative) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative, Net Liability Position, Aggregate Fair Value | $283,752 |
Collateral Already Posted, Aggregate Fair Value | 191,855 |
Derivative, Net Liability Position, Aggregate Fair Value, Not Subject to Credit Support Agreement | 86 |
Additional Collateral, Aggregate Fair Value | $858 |
Consolidated_Obligations_Detai
Consolidated Obligations (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Bank | ||
Schedule of Short-term and Long-term Debt [Line Items] | ' | ' |
Number of Federal Home Loan Banks | 12 | ' |
Discount Notes maturity period | '1 year | ' |
Discount Note [Abstract] | ' | ' |
Discount Notes | $10,105,640,000 | $7,434,890,000 |
CO Bonds [Abstract] | ' | ' |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in One Year or Less | 12,548,950,000 | 12,459,650,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Two | 2,390,500,000 | 1,940,550,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Three | 2,061,850,000 | 1,359,400,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Four | 2,208,500,000 | 1,539,200,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Five | 1,014,300,000 | 1,690,100,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due After Year Five | 6,710,000,000 | 7,654,200,000 |
CO Bonds | 26,914,095,000 | 26,583,925,000 |
CO Bonds [Member] | ' | ' |
CO Bonds [Abstract] | ' | ' |
Unamortized premiums | 26,589,000 | 32,455,000 |
Unamortized discounts | -15,468,000 | -16,031,000 |
Fair-value hedging adjustments | -31,126,000 | -75,599,000 |
Due in 1 year or less, WAIR % | 0.40% | 0.43% |
Due after 1 year through 2 years, WAIR % | 1.18% | 1.27% |
Due after 2 years through 3 years, WAIR % | 1.30% | 1.93% |
Due after 3 years through 4 years, WAIR % | 1.93% | 2.08% |
Due after 4 years through 5 years, WAIR % | 2.44% | 1.56% |
Thereafter, WAIR % | 3.04% | 2.92% |
Total WAIR% | 1.40% | 1.45% |
Earlier of Contractual Maturity or Next Call Date [Member] | ' | ' |
CO Bonds [Abstract] | ' | ' |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in One Year or Less | 20,550,950,000 | 20,900,650,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Two | 2,260,500,000 | 1,583,550,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Three | 839,850,000 | 954,400,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Four | 667,500,000 | 649,200,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due in Year Five | 556,300,000 | 283,100,000 |
Federal Home Loan Bank, Consolidated Obligations, Bonds, Due After Year Five | 2,059,000,000 | 2,272,200,000 |
Non Callable / Non Putable [Member] | ' | ' |
CO Bonds [Abstract] | ' | ' |
CO Bonds | 18,922,100,000 | 17,677,100,000 |
Callable [Member] | ' | ' |
CO Bonds [Abstract] | ' | ' |
CO Bonds | 8,012,000,000 | 8,966,000,000 |
Discount Notes [Member] | ' | ' |
Discount Note [Abstract] | ' | ' |
Weighted average effective interest rate | 0.10% | 0.12% |
FHLBanks [Member] | ' | ' |
Schedule of Short-term and Long-term Debt [Line Items] | ' | ' |
Consolidated obligation | 816,900,000,000 | 766,800,000,000 |
Carrying Value [Member] | ' | ' |
Discount Note [Abstract] | ' | ' |
Discount Notes | 10,105,640,000 | 7,434,890,000 |
CO Bonds [Abstract] | ' | ' |
CO Bonds | 26,914,095,000 | 26,583,925,000 |
Par Value [Member] | ' | ' |
Discount Note [Abstract] | ' | ' |
Discount Notes | 10,107,866,000 | 7,435,940,000 |
CO Bonds [Abstract] | ' | ' |
CO Bonds | $26,934,100,000 | $26,643,100,000 |
Affordable_Housing_Program_Det
Affordable Housing Program (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Affordable Housing Program Funding Obligation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | $43,351 | $41,050 | $42,778 | $34,362 | ||||
Assessment expense | 3,765 | 3,442 | 11,270 | 16,066 | ||||
Subsidy usage, net | -5,431 | [1] | -4,718 | [1] | -12,363 | [1] | -10,654 | [1] |
Balance at end of period | $41,685 | $39,774 | $41,685 | $39,774 | ||||
[1] | Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital_Details
Capital (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Member | Member | Member | |||
Regulatory Capital Requirements [Abstract] | ' | ' | ' | ' | ' |
Risk-based capital, Required | $624,819 | ' | $624,819 | ' | $764,917 |
Risk-based capital, Actual | 2,541,804 | ' | 2,541,804 | ' | 2,378,670 |
Regulatory permanent capital-to-asset ratio, Required | 4.00% | ' | 4.00% | ' | 4.00% |
Regulatory permanent capital-to-asset ratio, Actual | 6.19% | ' | 6.19% | ' | 6.30% |
Regulatory permanent capital, Required | 1,641,526 | ' | 1,641,526 | ' | 1,511,448 |
Regulatory permanent capital, Actual | 2,541,804 | ' | 2,541,804 | ' | 2,378,670 |
Leverage ratio, Required | 5.00% | ' | 5.00% | ' | 5.00% |
Leverage ratio, Actual | 9.29% | ' | 9.29% | ' | 9.44% |
Leverage capital, Required | 2,051,908 | ' | 2,051,908 | ' | 1,889,310 |
Leverage capital, Actual | 3,812,706 | ' | 3,812,706 | ' | 3,568,005 |
Mandatorily Redeemable Capital Stock [Abstract] | ' | ' | ' | ' | ' |
Number of former members holding MRCS | 8 | ' | 8 | ' | 7 |
Mandatorily Redeemable Capital Stock Acitvity [Roll Forward] | ' | ' | ' | ' | ' |
Liability at beginning of period | 16,785 | 255,720 | 16,787 | 450,716 | ' |
Additions due to change in membership status | 47 | 0 | 47 | 95,441 | ' |
Redemptions/repurchases | -695 | -401 | -697 | -290,975 | ' |
Accrued dividends | 0 | 0 | 0 | 137 | ' |
Liability at end of period | 16,137 | 255,319 | 16,137 | 255,319 | ' |
Repurchase of excess stock held, par value | ' | ' | ' | 250,000 | ' |
Excess capital stock redeemed | ' | ' | ' | 40,975 | ' |
Redemption period | ' | ' | '5 years | ' | ' |
Recorded as Interest Expense | 129 | 2,225 | 874 | 6,713 | ' |
Recorded as distributions from Retained Earnings | 0 | 0 | 0 | 137 | ' |
Total | 129 | 2,225 | 874 | 6,850 | ' |
Excess and Surplus Capital Stock [Abstract] | ' | ' | ' | ' | ' |
Excess Capital Stock to Assets Allowed | 1.00% | ' | 1.00% | ' | ' |
Excess Capital Stock | $593,088 | ' | $593,088 | ' | ' |
Excess Capital Stock to Assets | 1.40% | ' | 1.40% | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Net change in fair value | ($46) | ($84) | ($227) | $35,095 |
Net realized gains from sale | 0 | 0 | 0 | 17,135 |
Pension Benefits | -36 | 6,175 | -108 | 6,874 |
Total Other Comprehensive Income | 10,247 | 10,975 | 35,704 | 24,960 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
AOCI Balance, Beginning | 47,177 | 3,927 | 21,720 | -10,058 |
Net change in unrealized gains (losses) | 10,265 | 4,866 | 35,715 | -1,853 |
Net change in fair value | -46 | -84 | -227 | 35,095 |
Accretion of non-credit loss | 22 | 18 | 54 | 55 |
Net realized gains from sale | ' | 0 | ' | -17,135 |
Non-credit portion of OTTI losses | 42 | ' | 270 | 1,924 |
Pension Benefits | -36 | 6,175 | -108 | 6,874 |
Total Other Comprehensive Income | 10,247 | 10,975 | 35,704 | 24,960 |
AOCI Balance, Ending | 57,424 | 14,902 | 57,424 | 14,902 |
Unrealized Gains (Losses) on Investments [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
AOCI Balance, Beginning | 12,894 | 475 | 317 | 12,335 |
Net change in unrealized gains (losses) | 9,696 | 2,392 | 22,273 | -9,468 |
Total Other Comprehensive Income | 9,696 | 2,392 | 22,273 | -9,468 |
AOCI Balance, Ending | 22,590 | 2,867 | 22,590 | 2,867 |
Non-Credit OTTI [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
AOCI Balance, Beginning | 38,856 | 15,425 | 25,936 | -9,684 |
Net change in unrealized gains (losses) | 569 | 2,474 | 13,442 | 7,615 |
Net change in fair value | -46 | -84 | -227 | 35,095 |
Net realized gains from sale | ' | 0 | ' | -17,135 |
Non-credit portion of OTTI losses | 42 | ' | 270 | 1,924 |
Total Other Comprehensive Income | 565 | 2,390 | 13,485 | 27,499 |
AOCI Balance, Ending | 39,421 | 17,815 | 39,421 | 17,815 |
Non-Credit OTTI [Member] | Held-to-maturity Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
AOCI Balance, Beginning | -209 | -275 | -241 | -312 |
Accretion of non-credit loss | 22 | 18 | 54 | 55 |
Total Other Comprehensive Income | 22 | 18 | 54 | 55 |
AOCI Balance, Ending | -187 | -257 | -187 | -257 |
Pension Benefits [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
AOCI Balance, Beginning | -4,364 | -11,698 | -4,292 | -12,397 |
Pension Benefits | -36 | 6,175 | -108 | 6,874 |
Total Other Comprehensive Income | -36 | 6,175 | -108 | 6,874 |
AOCI Balance, Ending | ($4,400) | ($5,523) | ($4,400) | ($5,523) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Interest Income | $47,258 | $52,126 | $137,434 | $173,133 | ' |
Provision for (Reversal of) Credit Losses | -126 | 314 | -916 | -3,451 | ' |
Other Income (Loss) | 6,820 | 551 | 22,667 | 28,463 | ' |
Other Expenses | 16,687 | 20,165 | 49,194 | 51,098 | ' |
Income Before Assessments | 37,517 | 32,198 | 111,823 | 153,949 | ' |
Affordable Housing Program Assessments | 3,765 | 3,442 | 11,270 | 16,066 | ' |
Net Income | 33,752 | 28,756 | 100,553 | 137,883 | ' |
Assets | 41,038,155 | ' | 41,038,155 | ' | 37,786,190 |
Traditional [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Interest Income | 30,128 | 34,486 | 89,080 | 112,715 | ' |
Provision for (Reversal of) Credit Losses | 0 | 0 | 0 | 0 | ' |
Other Income (Loss) | 7,266 | -856 | 23,732 | 27,359 | ' |
Other Expenses | 14,565 | 18,324 | 42,808 | 46,347 | ' |
Income Before Assessments | 22,829 | 15,306 | 70,004 | 93,727 | ' |
Affordable Housing Program Assessments | 2,296 | 1,753 | 7,088 | 10,044 | ' |
Net Income | 20,533 | 13,553 | 62,916 | 83,683 | ' |
Assets | 34,566,441 | ' | 34,566,441 | ' | 31,596,386 |
Mortgage Loans [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Interest Income | 17,130 | 17,640 | 48,354 | 60,418 | ' |
Provision for (Reversal of) Credit Losses | -126 | 314 | -916 | -3,451 | ' |
Other Income (Loss) | -446 | 1,407 | -1,065 | 1,104 | ' |
Other Expenses | 2,122 | 1,841 | 6,386 | 4,751 | ' |
Income Before Assessments | 14,688 | 16,892 | 41,819 | 60,222 | ' |
Affordable Housing Program Assessments | 1,469 | 1,689 | 4,182 | 6,022 | ' |
Net Income | 13,219 | 15,203 | 37,637 | 54,200 | ' |
Assets | $6,471,714 | ' | $6,471,714 | ' | $6,189,804 |
Estimated_Fair_Values_Carrying
Estimated Fair Values (Carrying Value and Fair Value of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Interest-Bearing Deposits | $285 | $485 | ||
AFS Securities | 3,574,036 | 3,632,835 | ||
HTM Securities | 7,190,400 | 7,244,318 | ||
Derivative Asset, net | 18,989 | 7,214 | ||
Derivative asset not subject to netting arrangement | 88,575 | 127,826 | ||
Netting adjustment | -69,586 | [1] | -120,612 | [1] |
Consolidated Obligations: | ' | ' | ||
Discount Notes | 10,105,640 | 7,434,890 | ||
CO Bonds | 26,914,095 | 26,583,925 | ||
Derivative Liabilities, net (Note 9) | 92,009 | 109,744 | ||
Derivative liability not subject to netting arrangement | 377,289 | 546,958 | ||
Netting adjustment | -285,280 | [1] | -437,214 | [1] |
Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Cash and Due from Banks | 4,444,619 | 3,318,564 | ||
Interest-Bearing Deposits | 0 | 0 | ||
AFS Securities | 0 | 0 | ||
HTM Securities | 0 | 0 | ||
Advances | 0 | 0 | ||
Mortgage Loans Held for Portfolio, net | 0 | 0 | ||
Accrued Interest Receivable | 0 | 0 | ||
Derivative asset not subject to netting arrangement | 0 | 0 | ||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,483 | ||
Liabilities: | ' | ' | ||
Deposits | 0 | 0 | ||
Consolidated Obligations: | ' | ' | ||
Discount Notes | 0 | 0 | ||
CO Bonds | 0 | 0 | ||
Accrued Interest Payable | 0 | 0 | ||
Derivative liability not subject to netting arrangement | 0 | 0 | ||
MRCS | 16,137 | 16,787 | ||
Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Cash and Due from Banks | 0 | 0 | ||
Interest-Bearing Deposits | ' | 485 | ||
AFS Securities | 3,155,189 | 3,163,150 | ||
HTM Securities | 7,067,563 | 7,083,333 | ||
Advances | 19,384,314 | 17,428,710 | ||
Mortgage Loans Held for Portfolio, net | 6,632,312 | 6,228,216 | ||
Accrued Interest Receivable | 79,329 | 79,072 | ||
Derivative asset not subject to netting arrangement | 88,575 | 127,826 | ||
Grantor Trust Assets (included in Other Assets) | 0 | 0 | ||
Liabilities: | ' | ' | ||
Deposits | 1,020,313 | 1,066,632 | ||
Consolidated Obligations: | ' | ' | ||
Discount Notes | 10,107,866 | 7,435,940 | ||
CO Bonds | 27,163,745 | 26,503,918 | ||
Accrued Interest Payable | 82,089 | 80,757 | ||
Derivative liability not subject to netting arrangement | 377,289 | 546,958 | ||
MRCS | 0 | 0 | ||
Level 3 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Cash and Due from Banks | 0 | 0 | ||
Interest-Bearing Deposits | 0 | 0 | ||
AFS Securities | 418,847 | 469,685 | ||
HTM Securities | 122,837 | 160,985 | ||
Advances | 0 | 0 | ||
Mortgage Loans Held for Portfolio, net | 45,740 | 44,689 | ||
Accrued Interest Receivable | 0 | 0 | ||
Derivative asset not subject to netting arrangement | 0 | 0 | ||
Grantor Trust Assets (included in Other Assets) | 0 | 0 | ||
Liabilities: | ' | ' | ||
Deposits | 0 | 0 | ||
Consolidated Obligations: | ' | ' | ||
Discount Notes | 0 | 0 | ||
CO Bonds | 0 | 0 | ||
Accrued Interest Payable | 0 | 0 | ||
Derivative liability not subject to netting arrangement | 0 | 0 | ||
MRCS | 0 | 0 | ||
Fair Value [Member] | ' | ' | ||
Assets: | ' | ' | ||
Cash and Due from Banks | 4,444,619 | 3,318,564 | ||
Interest-Bearing Deposits | 285 | 485 | ||
AFS Securities | 3,574,036 | 3,632,835 | ||
HTM Securities | 7,190,400 | 7,244,318 | ||
Advances | 19,384,314 | 17,428,710 | ||
Mortgage Loans Held for Portfolio, net | 6,678,052 | 6,272,905 | ||
Accrued Interest Receivable | 79,329 | 79,072 | ||
Derivative Asset, net | 18,989 | 7,214 | ||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,483 | ||
Liabilities: | ' | ' | ||
Deposits | 1,020,313 | 1,066,632 | ||
Consolidated Obligations: | ' | ' | ||
Discount Notes | 10,107,866 | 7,435,940 | ||
CO Bonds | 27,163,745 | 26,503,918 | ||
Accrued Interest Payable | 82,089 | 80,757 | ||
Derivative Liabilities, net (Note 9) | 92,009 | 109,744 | ||
MRCS | 16,137 | 16,787 | ||
Carrying Value [Member] | ' | ' | ||
Assets: | ' | ' | ||
Cash and Due from Banks | 4,444,619 | 3,318,564 | ||
Interest-Bearing Deposits | 285 | 485 | ||
AFS Securities | 3,574,036 | 3,632,835 | ||
HTM Securities | 7,072,395 | 7,146,250 | ||
Advances | 19,324,702 | 17,337,418 | ||
Mortgage Loans Held for Portfolio, net | 6,471,714 | 6,189,804 | ||
Accrued Interest Receivable | 79,329 | 79,072 | ||
Derivative Asset, net | 18,989 | 7,214 | ||
Grantor Trust Assets (included in Other Assets) | 12,906 | 12,483 | ||
Liabilities: | ' | ' | ||
Deposits | 1,020,313 | 1,066,632 | ||
Consolidated Obligations: | ' | ' | ||
Discount Notes | 10,105,640 | 7,434,890 | ||
CO Bonds | 26,914,095 | 26,583,925 | ||
Accrued Interest Payable | 82,089 | 80,757 | ||
Derivative Liabilities, net (Note 9) | 92,009 | 109,744 | ||
MRCS | $16,137 | $16,787 | ||
[1] | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. |
Estimated_Fair_Values_Estimate
Estimated Fair Values (Estimated Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 04, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||
In Thousands, unless otherwise specified | Private-Label RMBS [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | ||||||||||||
Security | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Mortgage Delivery Commitments [Member] | Mortgage Delivery Commitments [Member] | GSE and TVA Debentures [Member] | GSE and TVA Debentures [Member] | Private-Label RMBS [Member] | Private-Label RMBS [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | |||||||||||||||||||||
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Mortgage Delivery Commitments [Member] | Mortgage Delivery Commitments [Member] | GSE and TVA Debentures [Member] | GSE and TVA Debentures [Member] | Private-Label RMBS [Member] | Private-Label RMBS [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Mortgage Delivery Commitments [Member] | Mortgage Delivery Commitments [Member] | GSE and TVA Debentures [Member] | GSE and TVA Debentures [Member] | Private-Label RMBS [Member] | Private-Label RMBS [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Mortgage Delivery Commitments [Member] | Mortgage Delivery Commitments [Member] | GSE and TVA Debentures [Member] | GSE and TVA Debentures [Member] | Private-Label RMBS [Member] | Private-Label RMBS [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | ||||||||||||||||||||||||||||||||||||
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of securities transferred from Level 3 to Level 2 | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
AFS Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Estimated Fair Value | $3,574,036 | $3,632,835 | ' | $0 | $0 | $3,155,189 | $3,163,150 | $418,847 | $469,685 | $3,574,036 | $3,632,835 | ' | ' | ' | ' | $3,155,189 | $3,163,150 | $418,847 | $469,685 | $0 | $0 | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $3,155,189 | $3,163,150 | ' | ' | ' | ' | $3,155,189 | $3,163,150 | $0 | $0 | $418,847 | $469,685 | ' | ' | ' | ' | $0 | $0 | $418,847 | $469,685 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative Asset, net | 18,989 | 7,214 | ' | ' | ' | ' | ' | ' | ' | 18,989 | 7,214 | 18,663 | 6,969 | 250 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 233 | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative asset not subject to netting arrangement | 88,575 | 127,826 | ' | 0 | 0 | 88,575 | 127,826 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 88,575 | 127,826 | 88,249 | 127,581 | 250 | 12 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 76 | 233 | 0 | 0 | ||||||||||
Netting adjustment | -69,586 | [1] | -120,612 | [1] | ' | ' | ' | ' | ' | ' | ' | -69,586 | [2] | -120,612 | [2] | -69,586 | [2] | -120,612 | [2] | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' |
Grantor Trust Assets (included in Other Assets) | ' | ' | ' | 12,906 | 12,483 | 0 | 0 | 0 | 0 | 12,906 | 12,483 | ' | ' | ' | ' | ' | ' | ' | ' | 12,906 | 12,483 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total recurring assets at estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,605,931 | 3,652,532 | ' | ' | ' | ' | ' | ' | ' | ' | 12,906 | 12,483 | ' | ' | ' | ' | ' | ' | ' | ' | 3,243,764 | 3,290,976 | ' | ' | ' | ' | ' | ' | ' | ' | 418,847 | 469,685 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative Liability, net | 92,009 | 109,744 | ' | ' | ' | ' | ' | ' | ' | 92,009 | 109,744 | 91,923 | 109,487 | 40 | 246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 11 | ' | ' | ' | ' | ' | ' | ||||||||||
Derivative liability not subject to netting arrangement | 377,289 | 546,958 | ' | 0 | 0 | 377,289 | 546,958 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 377,289 | 546,958 | 377,203 | 546,701 | 40 | 246 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 46 | 11 | 0 | 0 | ||||||||||
Netting adjustment | -285,280 | [1] | -437,214 | [1] | ' | ' | ' | ' | ' | ' | ' | -285,280 | [2] | -437,214 | [2] | -285,280 | [2] | -437,214 | [2] | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' |
Total recurring liabilities at estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $92,009 | $109,744 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $377,289 | $546,958 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed, with the same clearing agent and/or counterparty. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Represents the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. |
Estimated_Fair_Values_Level_3_
Estimated Fair Values (Level 3 Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Net change in fair value not in excess of cumulative non-credit losses in OCI | ($46) | ($84) | ($227) | $35,095 |
Recurring [Member] | Level 2 [Member] | Private-Label RMBS [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Transfers out | ' | ' | ' | 124,179 |
Recurring [Member] | Level 3 [Member] | Private-Label RMBS [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 442,712 | 511,952 | 469,685 | 640,142 |
Accretion of credit losses in Interest Income | 872 | 37 | 1,746 | 95 |
Net gains (losses) on changes in fair value in Other Income (Loss) | -42 | 0 | -270 | 0 |
Net change in fair value not in excess of cumulative non-credit losses in OCI | -46 | -84 | -227 | 12,625 |
Unrealized gains (losses) in OCI | 569 | 2,474 | 13,442 | 16,843 |
Reclassification of non-credit portion in OCI to Other Income (Loss) | 42 | 0 | 270 | 0 |
Settlements | -25,260 | -25,810 | -65,799 | -56,957 |
Transfers out | 0 | 0 | 0 | -124,179 |
Balance, end of period | 418,847 | 488,569 | 418,847 | 488,569 |
Net gains (losses) included in earnings attributable to changes in fair value relating to assets still held at end of period | $830 | $37 | $1,476 | $95 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Cash collateral pledged | $219,750 | $219,750 | $321,423 | ||
Gain from litigation settlement | 5,532 | 14,080 | ' | ||
Loan Origination Commitments [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Off-balance-sheet commitments expire within one year | 20,000 | [1] | 20,000 | [1] | ' |
Off-balance-sheet commitments expire after one year | 0 | 0 | ' | ||
Off-balance-sheet commitments,Total | 20,000 | [1] | 20,000 | [1] | ' |
Commitments to Invest in Mortgage Loans [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Off-balance-sheet commitments expire within one year | 159,004 | 159,004 | ' | ||
Off-balance-sheet commitments expire after one year | 0 | 0 | ' | ||
Off-balance-sheet commitments,Total | 159,004 | 159,004 | ' | ||
Letter of Credit [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Off-balance-sheet commitments expire within one year | 104,450 | 104,450 | ' | ||
Off-balance-sheet commitments expire after one year | 150,703 | 150,703 | ' | ||
Off-balance-sheet commitments,Total | 255,153 | 255,153 | ' | ||
Commitments to Extend Credit [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Off-balance-sheet commitments expire within one year | 822,299 | 822,299 | ' | ||
Off-balance-sheet commitments expire after one year | 0 | 0 | ' | ||
Off-balance-sheet commitments,Total | 822,299 | 822,299 | ' | ||
Federal Home Loan Bank Consolidated Obligations Bonds [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Off-balance-sheet commitments expire within one year | 452,750 | [2] | 452,750 | [2] | ' |
Off-balance-sheet commitments expire after one year | 0 | 0 | ' | ||
Off-balance-sheet commitments,Total | 452,750 | [2] | 452,750 | [2] | ' |
Maximum [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Commitments to fund additional Advances are generally for periods up | ' | '6 months | ' | ||
Unsecured Debt [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ' | ||
Off-balance-sheet commitments,Total | $405,000 | $405,000 | ' | ||
[1] | Generally for periods up to six months. | ||||
[2] | Includes $405,000 hedged with associated interest-rate swaps. |
Transactions_with_Related_Part2
Transactions with Related Parties (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Total Advances, par value | $19,175,746 | ' | $19,175,746 | ' | $17,131,782 | |||
Mortgage Loans Held for Portfolio, UPB | 6,349,132 | ' | 6,349,132 | ' | 6,085,433 | |||
Mortgage loans purchased | ' | ' | 945,230 | 1,263,177 | ' | |||
Service fees | 220 | 225 | 662 | 684 | ' | |||
Flagstar Bank, FSB [Member] | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Capital Stock, including MRCS, par value | 209,737 | ' | 209,737 | ' | 209,737 | |||
Capital Stock, including MRCS, % of Total | 12.00% | ' | 12.00% | ' | 13.00% | |||
Total Advances, par value | 150,000 | ' | 150,000 | ' | 988,000 | |||
Advances, % of Total | 1.00% | ' | 1.00% | ' | 6.00% | |||
Mortgage Loans Held for Portfolio, UPB | 471,029 | [1] | ' | 471,029 | [1] | ' | 537,426 | [1] |
Mortgage Loans Held for Portfolio, % of Total | 7.00% | [1] | ' | 7.00% | [1] | ' | 9.00% | [1] |
Net advances to (repayments from) | -881,705 | 7,598 | -838,000 | -272,402 | ' | |||
Directors' Financial Institutions [Member] | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Capital Stock, including MRCS, par value | 51,838 | ' | 51,838 | ' | 40,842 | |||
Capital Stock, including MRCS, % of Total | 3.00% | ' | 3.00% | ' | 3.00% | |||
Total Advances, par value | 269,336 | ' | 269,336 | ' | 234,394 | |||
Advances, % of Total | 1.00% | ' | 1.00% | ' | 1.00% | |||
Mortgage Loans Held for Portfolio, UPB | 161,719 | [2] | ' | 161,719 | [2] | ' | 82,172 | [2] |
Mortgage Loans Held for Portfolio, % of Total | 3.00% | [2] | ' | 3.00% | [2] | ' | 1.00% | [2] |
Net advances to (repayments from) | 18,178 | 13,678 | -6,558 | -108,340 | ' | |||
Mortgage loans purchased | 14,557 | 8,110 | 29,212 | 21,271 | ' | |||
Related Parties Holding 10% or more of our Capital Stock and MRCS [Member] | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Capital Stock, including MRCS, par value | 209,737 | ' | 209,737 | ' | 209,737 | |||
Capital Stock, including MRCS, % of Total | 12.00% | ' | 12.00% | ' | 13.00% | |||
Total Advances, par value | 150,000 | ' | 150,000 | ' | 988,000 | |||
Advances, % of Total | 1.00% | ' | 1.00% | ' | 6.00% | |||
Mortgage Loans Held for Portfolio, UPB | 471,029 | [1] | ' | 471,029 | [1] | ' | 537,426 | [1] |
Mortgage Loans Held for Portfolio, % of Total | 7.00% | [1] | ' | 7.00% | [1] | ' | 9.00% | [1] |
FHLBank of Topeka [Member] | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Payments for participation interests | 0 | 53,581 | 11,011 | 309,477 | ' | |||
FHLBank of Chicago [Member] | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Service fees | $73 | $68 | $223 | $160 | ' | |||
[1] | Represents UPB of mortgage loans purchased from related party. | |||||||
[2] | Represents UPB of mortgage loans purchased from Directors' Financial Institutions. |