Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-51404 | |
Entity Registrant Name | FEDERAL HOME LOAN BANK OF INDIANAPOLIS | |
Entity Tax Identification Number | 35-6001443 | |
Entity Address, Address Line One | 8250 Woodfield Crossing Blvd. | |
Entity Address, City or Town | Indianapolis | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46240 | |
City Area Code | 317 | |
Local Phone Number | 465-0200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001331754 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | X1 | |
Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Outstanding (in shares) | 0 | |
Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Outstanding (in shares) | 23,320,275 |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | ||
Assets: | ||||
Cash and due from banks | $ 59,596 | $ 867,880 | ||
Interest-bearing deposits (Note 3) | 325,041 | 100,041 | ||
Securities purchased under agreements to resell (Note 3) | 4,500,000 | 3,500,000 | ||
Federal funds sold (Note 3) | 2,496,000 | 2,580,000 | ||
Trading securities (Note 3) | 4,039,407 | 3,946,799 | ||
Available-for-sale securities (Note 3) (amortized cost of $10,164,321 and $9,007,993) | 10,196,572 | 9,159,935 | ||
Held-to-maturity securities (Note 3) (estimated fair values of $3,821,942 and $4,322,157) | [1] | 3,877,299 | 4,313,773 | |
Advances (Note 4) | [2] | 30,507,462 | 27,497,835 | |
Mortgage loans held for portfolio, net (Note 5) | 7,729,642 | 7,616,134 | [3] | |
Accrued interest receivable | 96,937 | 80,758 | ||
Derivative assets, net (Note 6) | 325,848 | 220,202 | ||
Other assets | 112,459 | 121,246 | ||
Total assets | 64,266,263 | 60,004,603 | ||
Liabilities: | ||||
Deposits | 907,525 | 1,366,397 | ||
Consolidated obligations (Note 7): | ||||
Discount notes | 19,587,260 | 12,116,358 | ||
Bonds | 39,462,365 | 42,361,572 | ||
Total consolidated obligations, net | 59,049,625 | 54,477,930 | ||
Accrued interest payable | 124,999 | 88,068 | ||
Affordable Housing Program payable (Note 8) | 28,953 | 31,049 | ||
Derivative liabilities, net (Note 6) | 13,569 | 12,185 | ||
Mandatorily redeemable capital stock (Note 9) | 45,583 | 50,422 | ||
Other liabilities | 619,298 | 422,221 | ||
Total liabilities | 60,789,552 | 56,448,272 | ||
Commitments and contingencies (Note 13) | ||||
Capital stock (putable at par value of $100 per share): | ||||
Class B issued and outstanding shares: 22,508,342 and 22,462,009 | 2,250,835 | 2,246,201 | ||
Retained earnings: | ||||
Unrestricted | 912,329 | 889,869 | ||
Restricted | 299,391 | 287,203 | ||
Total retained earnings | 1,211,720 | 1,177,072 | ||
Total accumulated other comprehensive income (Note 10) | 14,156 | 133,058 | ||
Total capital | 3,476,711 | 3,556,331 | ||
Total liabilities and capital | $ 64,266,263 | $ 60,004,603 | ||
[1] Carrying value equals amortized cost, which includes adjustments made to the cost basis for purchase discount or premium and related accretion or amortization. Net unamortized premium at June 30, 2022 and December 31, 2021 to tale d $29,144 and $28,440, respectively. |
Statements of Condition (Unau_2
Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 10,164,321 | $ 9,007,993 |
Estimated fair value | $ 3,821,942 | $ 4,322,157 |
Common stock putable, par value per share (usd per share) | $ 100 | $ 100 |
Common stock issued (in shares) | 22,508,342 | 22,462,009 |
Common stock outstanding (in shares) | 22,508,342 | 22,462,009 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income: | ||||
Advances | $ 67,562 | $ 28,175 | $ 102,603 | $ 64,284 |
Interest-bearing deposits | 2,623 | 121 | 2,913 | 277 |
Securities purchased under agreements to resell | 6,066 | 215 | 6,971 | 652 |
Federal funds sold | 7,682 | 651 | 8,524 | 1,454 |
Trading securities | 8,347 | 14,421 | 13,792 | 30,591 |
Available-for-sale securities | 38,563 | 21,184 | 61,008 | 51,020 |
Held-to-maturity securities | 9,033 | 7,809 | 16,544 | 17,673 |
Mortgage loans held for portfolio | 51,467 | 40,119 | 99,268 | 80,401 |
Other interest income | 22 | 0 | 22 | 0 |
Total interest income | 191,365 | 112,695 | 311,645 | 246,352 |
Interest Expense: | ||||
Consolidated obligation discount notes | 26,535 | 1,733 | 30,188 | 5,932 |
Consolidated obligation bonds | 99,192 | 52,674 | 150,891 | 106,470 |
Deposits | 1,547 | 43 | 1,646 | 80 |
Mandatorily redeemable capital stock | 269 | 929 | 514 | 2,033 |
Total interest expense | 127,543 | 55,379 | 183,239 | 114,515 |
Net interest income | 63,822 | 57,316 | 128,406 | 131,837 |
Provision for (reversal of) credit losses | (38) | (44) | (60) | 44 |
Net interest income after provision for credit losses | 63,860 | 57,360 | 128,466 | 131,793 |
Other Income: | ||||
Net gains (losses) on trading securities | (14,220) | (13,731) | (38,415) | (27,359) |
Net gains (losses) on derivatives | 17,203 | 186 | 37,197 | (652) |
Other, net | (4,681) | 3,775 | (7,882) | 5,265 |
Total other income (loss) | (1,698) | (9,770) | (9,100) | (22,746) |
Other Expenses: | ||||
Compensation and benefits | 13,411 | 14,092 | 26,367 | 29,850 |
Other operating expenses | 7,756 | 7,417 | 14,850 | 14,688 |
Federal Housing Finance Agency | 1,801 | 1,474 | 3,717 | 2,947 |
Office of Finance | 1,081 | 1,228 | 2,498 | 3,225 |
Other | 2,154 | 4,226 | 4,165 | 5,857 |
Total other expenses | 26,203 | 28,437 | 51,597 | 56,567 |
Income before assessments | 35,959 | 19,153 | 67,769 | 52,480 |
Affordable Housing Program assessments | 3,623 | 2,008 | 6,828 | 5,451 |
Net income (loss) | $ 32,336 | $ 17,145 | $ 60,941 | $ 47,029 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 32,336 | $ 17,145 | $ 60,941 | $ 47,029 |
Other Comprehensive Income: | ||||
Net change in unrealized gains (losses) on available-for-sale securities | (45,228) | 4,502 | (119,691) | 78,031 |
Pension benefits, net | 329 | 8,995 | 789 | 9,991 |
Total other comprehensive income (loss) | (44,899) | 13,497 | (118,902) | 88,022 |
Total comprehensive income (loss) | $ (12,563) | $ 30,642 | $ (57,961) | $ 135,051 |
Statements of Capital (Unaudite
Statements of Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 3,373,270 | $ 3,547,376 | $ 3,556,331 | $ 3,450,302 |
Total comprehensive income (loss) | (12,563) | 30,642 | (57,961) | 135,051 |
Proceeds from issuance of capital stock | 129,294 | 20,005 | 166,519 | 26,627 |
Redemption/repurchase of capital stock | (161,885) | |||
Shares reclassified to mandatorily redeemable capital stock, net | 0 | (281) | 0 | (281) |
Cash dividends on capital stock | (13,290) | (13,989) | (26,293) | (27,946) |
Ending Balance | $ 3,476,711 | $ 3,583,753 | $ 3,476,711 | $ 3,583,753 |
Capital Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 21,215 | 22,142 | 22,462 | 22,076 |
Beginning Balance | $ 2,121,541 | $ 2,214,192 | $ 2,246,201 | $ 2,207,570 |
Proceeds from issuance of capital stock (in shares) | 1,293 | 200 | 1,665 | 266 |
Proceeds from issuance of capital stock | $ 129,294 | $ 20,005 | $ 166,519 | $ 26,627 |
Redemption/repurchase of capital stock (in shares) | (1,619) | |||
Redemption/repurchase of capital stock | $ (161,885) | |||
Shares reclassified to mandatorily redeemable capital stock, net (in shares) | (3) | (3) | ||
Shares reclassified to mandatorily redeemable capital stock, net | $ (281) | $ (281) | ||
Ending Balance (in shares) | 22,508 | 22,339 | 22,508 | 22,339 |
Ending Balance | $ 2,250,835 | $ 2,233,916 | $ 2,250,835 | $ 2,233,916 |
Retained Earnings Total | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1,192,674 | 1,153,257 | 1,177,072 | 1,137,330 |
Total comprehensive income (loss) | 32,336 | 17,145 | 60,941 | 47,029 |
Cash dividends on capital stock | (13,290) | (13,989) | (26,293) | (27,946) |
Ending Balance | 1,211,720 | 1,156,413 | 1,211,720 | 1,156,413 |
Retained Earnings, Unrestricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 899,750 | 878,854 | 889,869 | 868,904 |
Total comprehensive income (loss) | 25,869 | 13,716 | 48,753 | 37,623 |
Cash dividends on capital stock | (13,290) | (13,989) | (26,293) | (27,946) |
Ending Balance | 912,329 | 878,581 | 912,329 | 878,581 |
Retained Earnings, Restricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 292,924 | 274,403 | 287,203 | 268,426 |
Total comprehensive income (loss) | 6,467 | 3,429 | 12,188 | 9,406 |
Ending Balance | 299,391 | 277,832 | 299,391 | 277,832 |
Accumulated Other Comprehensive Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 59,055 | 179,927 | 133,058 | 105,402 |
Total comprehensive income (loss) | (44,899) | 13,497 | (118,902) | 88,022 |
Ending Balance | $ 14,156 | $ 193,424 | $ 14,156 | $ 193,424 |
Statements of Capital (Unaudi_2
Statements of Capital (Unaudited) (Parenthetical) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Annualized dividend rate on capital stock | 2.47% | 2.57% | 2.39% | 2.53% |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Operating Activities: | |||
Net income | $ 60,941 | $ 47,029 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Amortization and depreciation | 50,152 | 42,309 | |
Changes in net derivative and hedging activities | 751,617 | 28,776 | |
Provision for (reversal of) credit losses | (60) | 44 | |
Net losses on trading securities | 38,415 | 27,359 | |
Changes in: | |||
Accrued interest receivable | (17,495) | 11,601 | |
Other assets | 5,955 | (12,783) | |
Accrued interest payable | 37,075 | 8,349 | |
Other liabilities | 8,559 | 1,182 | |
Total adjustments, net | 874,218 | 106,837 | |
Net cash provided by operating activities | 935,159 | 153,866 | |
Net change in: | |||
Interest-bearing deposits | (1,219,223) | 452,160 | |
Securities purchased under agreements to resell | (1,000,000) | (500,000) | |
Federal funds sold | 84,000 | (1,590,000) | |
Trading securities: | |||
Proceeds from maturities | 1,600,000 | 850,000 | |
Proceeds from sales | 200,000 | 50,006 | |
Purchases | (1,930,219) | (1,649,933) | |
Available-for-sale securities: | |||
Proceeds from maturities and paydowns | 503,910 | 643,500 | |
Purchases | (2,362,677) | (60,290) | |
Held-to-maturity securities: | |||
Proceeds from maturities and paydowns | 630,398 | 538,805 | |
Purchases | (51,312) | (584,749) | |
Advances: | |||
Principal repayments | 71,353,438 | 139,543,669 | |
Disbursements to members | (74,888,350) | (136,081,315) | |
Mortgage loans held for portfolio: | |||
Principal collections | 600,449 | 1,776,690 | |
Purchases from members | (771,838) | (1,145,532) | |
Purchases of premises, software, and equipment | (1,989) | (2,520) | |
Loans to other Federal Home Loan Banks: | |||
Principal repayments | 520,000 | 20,000 | |
Disbursements | (520,000) | (20,000) | |
Net cash provided by (used in) investing activities | (7,253,413) | 2,240,491 | |
Financing Activities: | |||
Net change in deposits | (320,726) | 222,576 | |
Net proceeds (payments) on derivative contracts with financing elements | (1,118) | (7,551) | |
Net proceeds from issuance of consolidated obligations: | |||
Discount notes | 369,385,849 | 85,205,681 | |
Bonds | 10,677,690 | 22,129,860 | |
Payments for matured and retired consolidated obligations: | |||
Discount notes | (361,928,027) | (87,373,330) | |
Bonds | (12,277,200) | (23,000,650) | |
Proceeds from issuance of capital stock | 166,519 | 26,627 | |
Payments for redemption/repurchase of capital stock | (161,885) | 0 | |
Payments for redemption/repurchase of mandatorily redeemable capital stock | (4,839) | (18,156) | |
Dividend payments on capital stock | (26,293) | (27,946) | |
Net cash provided by (used in) financing activities | 5,509,970 | (2,842,889) | |
Net increase (decrease) in cash and due from banks | (808,284) | (448,532) | |
Cash and due from banks at beginning of period | 867,880 | 1,811,544 | |
Cash and due from banks at end of period | 59,596 | 1,363,012 | |
Supplemental Disclosures: | |||
Interest payments | 99,903 | 139,245 | |
Affordable Housing Program payments | [1] | 8,924 | 9,088 |
Purchases of investment securities, traded but not yet settled | 220,413 | 0 | |
Capitalized interest on certain held-to-maturity securities | 855 | 313 | |
Par value of shares reclassified to mandatorily redeemable capital stock, net | $ 0 | $ 281 | |
[1]Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Unless the context otherwise requires, the terms "Bank", "we," "us," and "our" refer to the Federal Home Loan Bank of Indianapolis or its management. We use acronyms and terms throughout these Notes to Financial Statements that are defined in the Defined Terms . Basis of Presentation. The accompanying interim financial statements have been prepared in accordance with GAAP and SEC requirements for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Certain disclosures that would have substantially duplicated the disclosures in the financial statements, and notes thereto, included in our 2021 Form 10-K have been omitted unless the information contained in those disclosures materially changed. Therefore, these interim financial statements should be read in conjunction with our audited financial statements, and notes thereto, included in our 2021 Form 10-K. The financial statements contain all adjustments that are, in the opinion of management, necessary for a fair statement of the Bank's 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 calendar year or any other interim period. Use of Estimates . When preparing financial statements in accordance with GAAP, we are required 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. The most significant estimates pertain to the fair values of financial instruments. Reclassifications. We have reclassified certain amounts reported in prior periods to conform to the current period presentation. These reclassifications had no effect on total assets, total liabilities, total capital, net income, total comprehensive income or net cash flows. Significant Accounting Policies. Our significant accounting policies and certain other disclosures are set forth in our 2021 Form 10-K in Note 1 - Summary of Significant Accounting Policies . There have been no significant changes to these policies through June 30, 2022. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Guidance | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Guidance | Note 2 - Recently Adopted and Issued Accounting Guidance Recently Issued Accounting Guidance. Fair-Value Hedging - Portfolio Layer Method (ASU 2022-01). On March 28, 2022, the FASB issued guidance expanding the existing last-of-layer fair-value hedging method by allowing entities to hedge multiple layers of a single closed portfolio of prepayable financial assets rather than a single (or last) layer only. To reflect the change, the last-of-layer method was renamed the portfolio layer method. The guidance is effective for the interim and annual periods beginning on January 1, 2023, although early adoption is permitted. We are in process of evaluating the potentially favorable impact of this guidance on our future financial condition, results of operations, and cash flows. Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02). On March 31, 2022, the FASB issued guidance eliminating the accounting guidance for TDRs by creditors that have adopted the current expected credit losses methodology while enhancing disclosure requirements for certain loan refinancings and restructurings made to borrowers experiencing financial difficulty. Additionally, the guidance requires disclosure of current-period gross write-offs by year of origination. The guidance is effective for the interim and annual periods beginning on January 1, 2023, although early adoption is permitted. The transition method related to the recognition and measurement of TDRs can be applied using a modified retrospective transition method, while all other amendments are to be applied prospectively. We are in process of evaluating this guidance and its potential effect on our financial statement disclosures. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3 - Investments Short-term Investments. We invest in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold to provide short-term liquidity. These investments are generally transa cted with counterparties that maintain a credit rating of triple-B or higher (investment grade) by an NRSRO. At June 30, 2022 and December 31, 2021, all of these investments were with counterparties rated single-A or above, based on the lowest long-term credit rating for each counterparty. The NRSRO ratings may differ from our internal ratings of the investments, if applicable. Allowance for Credit Losses. At June 30, 2022 and December 31, 2021, based on our evaluation, we did not record an allowance for credit losses on any of our short-term investments. Investment Securities. Trading Securities. Major Security Types. The following table presents our trading securities by type of security. Security Type June 30, 2022 December 31, 2021 U.S. Treasury obligations $ 4,039,407 $ 3,946,799 Total trading securities at estimated fair value $ 4,039,407 $ 3,946,799 Net Gains (Losses) on Trading Securities. The following table presents net gains (losses) on trading securities, excluding any offsetting effect of gains (losses) on the associated derivatives. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net gains (losses) on trading securities held at period end $ (13,740) $ (12,637) $ (34,831) $ (23,275) Net gains (losses) on trading securities that matured/sold during the period (480) (1,094) (3,584) (4,084) Net gains (losses) on trading securities $ (14,220) $ (13,731) $ (38,415) $ (27,359) Available-for-Sale Securities. Major Security Types. The following table presents our AFS securities by type of security. Gross Gross Amortized Unrealized Unrealized Estimated June 30, 2022 Cost (1) Gains Losses Fair Value U.S. Treasury obligations $ 2,110,103 $ — $ (4,225) $ 2,105,878 GSE and TVA debentures 2,061,550 24,514 (1) 2,086,063 GSE multifamily MBS 5,992,668 35,467 (23,504) 6,004,631 Total AFS securities $ 10,164,321 $ 59,981 $ (27,730) $ 10,196,572 December 31, 2021 GSE and TVA debentures $ 2,651,571 $ 45,557 $ (12) $ 2,697,116 GSE multifamily MBS 6,356,422 109,956 (3,559) 6,462,819 Total AFS securities $ 9,007,993 $ 155,513 $ (3,571) $ 9,159,935 (1) Includes adjustments made to the cost basis for purchase discount or premium and related accretion or amortization, and, if applicable, fair-value hedging basis adjustments. Includes at June 30, 2022 and December 31, 2021 unamortized discounts totaling $150,580 and unamortized premiums totaling $14,344, respectively. The applicable fair value hedging basis adjustments at June 30, 2022 and December 31, 2021 totaled losses of $576,995 and gains of $206,199, respectively. Excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $35,316 and $32,127, respectively. Unrealized Loss Positions. The following table presents impaired AFS 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. Less than 12 months 12 months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2022 Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury obligations $ 2,105,878 $ (4,225) $ — $ — $ 2,105,878 $ (4,225) GSE and TVA debentures 15,000 (1) — — 15,000 (1) GSE multifamily MBS 2,496,226 (21,280) 105,536 (2,224) 2,601,762 (23,504) Total impaired AFS securities $ 4,617,104 $ (25,506) $ 105,536 $ (2,224) $ 4,722,640 $ (27,730) December 31, 2021 GSE and TVA debentures $ 250,145 $ (12) $ — $ — $ 250,145 $ (12) GSE multifamily MBS 384,015 (3,559) — — 384,015 (3,559) Total impaired AFS securities $ 634,160 $ (3,571) $ — $ — $ 634,160 $ (3,571) Contractual Maturity. The amortized cost and estimated fair value of non-MBS AFS securities are presented below by contractual maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees. June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Year of Contractual Maturity Cost Fair Value Cost Fair Value Due in 1 year or less $ 250,957 $ 251,579 $ 581,801 $ 582,240 Due after 1 through 5 years 1,566,089 1,586,412 1,494,109 1,523,600 Due after 5 through 10 years 2,354,607 2,353,950 575,661 591,276 Total non-MBS 4,171,653 4,191,941 2,651,571 2,697,116 Total MBS 5,992,668 6,004,631 6,356,422 6,462,819 Total AFS securities $ 10,164,321 $ 10,196,572 $ 9,007,993 $ 9,159,935 Held-to-Maturity Securities. Major Security Types. The following table presents our HTM securities by type of security. Gross Gross Unrecognized Unrecognized Amortized Holding Holding Estimated June 30, 2022 Cost (1) Gains Losses Fair Value MBS: Other U.S. obligations - guaranteed single-family $ 2,521,513 $ 152 $ (35,792) $ 2,485,873 GSE single-family 722,385 1,697 (20,401) 703,681 GSE multifamily 633,401 5 (1,018) 632,388 Total HTM securities $ 3,877,299 $ 1,854 $ (57,211) $ 3,821,942 December 31, 2021 MBS: Other U.S. obligations - guaranteed single-family $ 2,626,143 $ 7,384 $ (9,238) $ 2,624,289 GSE single-family 815,924 14,424 (4,773) 825,575 GSE multifamily 871,706 779 (192) 872,293 Total HTM securities $ 4,313,773 $ 22,587 $ (14,203) $ 4,322,157 (1) Carrying value equals amortized cost, which includes adjustments made to the cost basis for purchase discount or premium and related accretion or amortization. Net unamortized premium at June 30, 2022 and December 31, 2021 to tale d $29,144 and $28,440, respectively. Allowance for Credit Losses. At June 30, 2022 and December 31, 2021 , 100% of our HTM securities were rated single-A, or above, by an NRSRO, based on the lowest long-term credit rating for each security. These may differ from our internal ratings of the securities, if applicable. At June 30, 2022 and December 31, 2021, based on our evaluation, we did not record an allowance for credit losses on any of our HTM securities. |
Advances
Advances | 6 Months Ended |
Jun. 30, 2022 | |
Advances [Abstract] | |
Advances | Note 4 - Advances The following table presents advances outstanding by redemption term. June 30, 2022 December 31, 2021 Redemption Term Amount WAIR % Amount WAIR % Overdrawn demand and overnight deposit accounts $ 98,456 3.90 $ — — Due in 1 year or less 13,371,345 1.44 7,863,703 0.59 Due after 1 through 2 years 3,736,129 2.21 2,684,996 2.02 Due after 2 through 3 years 2,384,761 1.70 3,536,759 1.35 Due after 3 through 4 years 2,563,139 1.82 2,931,260 1.29 Due after 4 through 5 years 1,822,975 1.79 1,908,432 1.34 Thereafter 6,867,716 1.52 8,384,458 0.82 Total advances, par value 30,844,521 1.63 27,309,608 1.03 Fair-value hedging basis adjustments, net (344,955) 179,115 Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees 7,896 9,112 Total advances (1) $ 30,507,462 $ 27,497,835 (1) Carrying value equals amortized cost, which excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $18,542 and $13,075, respectively. The following table presents advances outstanding by the earlier of the redemption date or the next call date and next put date. Earlier of Redemption Earlier of Redemption June 30, December 31, June 30, December 31, Overdrawn demand and overnight deposit accounts $ 98,456 $ — $ 98,456 $ — Due in 1 year or less 18,134,158 12,547,866 16,934,750 13,452,703 Due after 1 through 2 years 2,494,629 2,578,396 4,138,129 3,090,101 Due after 2 through 3 years 2,011,211 2,127,759 2,770,661 3,636,259 Due after 3 through 4 years 1,579,789 1,997,060 2,563,139 3,007,160 Due after 4 through 5 years 1,460,800 1,530,307 1,509,875 1,485,332 Thereafter 5,065,478 6,528,220 2,829,511 2,638,053 Total advances, par value $ 30,844,521 $ 27,309,608 $ 30,844,521 $ 27,309,608 Advance Concentrations. At June 30, 2022 and December 31, 2021, our top five borrowers held 47% and 43%, respectively, of total advances outstanding at par. Allowance for Credit Losses. Based upon the collateral held as security, our credit extension and collateral policies, our credit analysis and the repayment history on advances, we have not recorded an allowance for credit losses on advances. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio | Note 5 - Mortgage Loans Held for Portfolio The following tables present information on mortgage loans held for portfolio by term and type. Term June 30, 2022 December 31, 2021 Fixed-rate long-term mortgages $ 6,633,317 $ 6,417,543 Fixed-rate medium-term (1) mortgages 931,310 1,016,851 Total mortgage loans held for portfolio, UPB 7,564,627 7,434,394 Unamortized premiums 175,372 181,172 Unamortized discounts (5,687) (2,389) Hedging basis adjustments, net (4,470) 3,157 Total mortgage loans held for portfolio 7,729,842 7,616,334 Allowance for credit losses (200) (200) Total mortgage loans held for portfolio, net (2) $ 7,729,642 $ 7,616,134 (1) Defined as a term of 15 years or less at origination. (2) Excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $29,062 and $27,977, respectively. Type June 30, 2022 December 31, 2021 Conventional $ 7,404,571 $ 7,254,056 Government-guaranteed or -insured 160,056 180,338 Total mortgage loans held for portfolio, UPB $ 7,564,627 $ 7,434,394 Credit Quality Indicators for Conventional Mortgage Loans and Other Delinquency Statistics. The tables below present the key credit quality indicators and other delinquency statistics for our mortgage loans held for portfolio aggregated by (i) the most recent five origination years and (ii) all other prior origination years. Amounts are based on amortized cost, which excludes accrued interest receivable. Origination Year Payment Status as of June 30, 2022 Prior to 2018 2018 to 2022 Total Past due: 30-59 days $ 17,062 $ 9,822 $ 26,884 60-89 days 2,628 1,055 3,683 90 days or more 14,450 1,630 16,080 Total past due 34,140 12,507 46,647 Total current 2,613,182 4,908,165 7,521,347 Total conventional mortgage loans, amortized cost $ 2,647,322 $ 4,920,672 $ 7,567,994 Origination Year Payment Status as of December 31, 2021 Prior to 2017 2017 to 2021 Total Past due: 30-59 days $ 16,968 $ 12,662 $ 29,630 60-89 days 4,175 1,767 5,942 90 days or more 18,599 11,206 29,805 Total past due 39,742 25,635 65,377 Total current 2,447,420 4,921,101 7,368,521 Total conventional mortgage loans, amortized cost $ 2,487,162 $ 4,946,736 $ 7,433,898 Other Delinquency Statistics as of June 30, 2022 Conventional Government Total In process of foreclosure (1) $ 3,368 $ — $ 3,368 Serious delinquency rate (2) 0.21 % 1.05 % 0.23 % Past due 90 days or more still accruing interest (3) $ 11,298 $ 1,483 $ 12,781 On non-accrual status (4) $ 10,788 $ — $ 10,788 Other Delinquency Statistics as of December 31, 2021 In process of foreclosure (1) $ 1,999 $ — $ 1,999 Serious delinquency rate (2) 0.40 % 0.86 % 0.41 % Past due 90 days or more still accruing interest (3) $ 15,725 $ 1,364 $ 17,089 On non-accrual status (4) $ 23,487 $ — $ 23,487 (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, but are not necessarily considered to be on non-accrual status. (2) Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total mortgage loans. (3) Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the loan's delinquency status, we do not consider these loans to be on non-accrual status as they are well-secured and in the process of collection. (4) As of June 30, 2022 and December 31, 2021, $3,721 and $11,701, respectively, of UPB of these conventional mortgage loans on non-accrual status did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, exceeded the amortized cost of the loans. Allowance for Credit Losses. The table below presents a rollforward of our allowance for credit losses. Three Months Ended June 30, Six Months Ended June 30, Rollforward of Allowance 2022 2021 2022 2021 Balance, beginning of period $ 200 $ 350 $ 200 $ 350 Charge-offs (1) 7 — 7 (92) Recoveries 31 19 53 23 Provision for (reversal of) credit losses (38) (44) (60) 44 Balance, end of period $ 200 $ 325 $ 200 $ 325 (1) Includes receipts of LRA funds on certain loans that are recorded as reversals of previous charge-offs. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 6 - Derivatives and Hedging Activities Managing Credit Risk on Derivatives. We are subject to credit risk due to the risk of nonperformance by the counterparties to our derivative transactions. Uncleared Derivatives. There were no uncleared 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 June 30, 2022. Cleared Derivatives. At June 30, 2022, we were not required by our clearing agents to post any margin in excess of the Clearinghouses' requirements. Financial Statement Effect and Additional Financial Information. We record derivative instruments, related cash collateral received or pledged/posted and associated accrued interest on a net basis by clearing agent and/or by counterparty when the netting requirements have been met. The following table presents the notional amount and estimated fair value of derivative assets and liabilities. June 30, 2022 December 31, 2021 Notional Derivative Derivative Notional Derivative Derivative Amount Assets Liabilities Amount Assets Liabilities Derivatives designated as hedging instruments: Interest-rate swaps $ 55,010,636 $ 493,855 $ 1,555,740 $ 46,395,451 $ 105,446 $ 413,324 Derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps 9,270,000 1,987 1,363 8,595,000 357 148 Interest-rate caps/floors 611,000 1,208 — 625,500 1,077 — Interest-rate forwards 32,200 352 66 98,200 1 199 MDCs 31,325 108 45 96,424 45 105 Total derivatives not designated as hedging instruments 9,944,525 3,655 1,474 9,415,124 1,480 452 Total derivatives before adjustments $ 64,955,161 497,510 1,557,214 $ 55,810,575 106,926 413,776 Netting adjustments and cash collateral (1) (171,662) (1,543,645) 113,276 (401,591) Total derivatives, net, at estimated fair value $ 325,848 $ 13,569 $ 220,202 $ 12,185 (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. Cash collateral pledged to counterparties at June 30, 2022 and December 31, 2021, including accrued interest, totaled $1,511,166 and $515,761, respectively. Cash collateral received from counterparties and held at both June 30, 2022 and December 31, 2021, including accrued interest, totaled $139,183 and $894, respectively. At June 30, 2022 and December 31, 2021, no securities were pledged as collateral. The following table presents separately the estimated fair value of derivative instruments meeting and not meeting netting requirements, including the effect of the related collateral. June 30, 2022 December 31, 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivative instruments meeting netting requirements: Gross recognized amount Uncleared $ 493,033 $ 1,482,271 $ 105,667 $ 411,886 Cleared 4,017 74,832 1,213 1,586 Total gross recognized amount 497,050 1,557,103 106,880 413,472 Gross amounts of netting adjustments and cash collateral Uncleared (408,142) (1,468,813) (105,417) (400,005) Cleared 236,480 (74,832) 218,693 (1,586) Total gross amounts of netting adjustments and cash collateral (171,662) (1,543,645) 113,276 (401,591) Net amounts after netting adjustments and cash collateral Uncleared 84,891 13,458 250 11,881 Cleared 240,497 — 219,906 — Total net amounts after netting adjustments and cash collateral 325,388 13,458 220,156 11,881 Derivative instruments not meeting netting requirements (1) 460 111 46 304 Total derivatives, net, at estimated fair value $ 325,848 $ 13,569 $ 220,202 $ 12,185 (1) Includes MDCs and certain interest-rate forwards. The following table presents the impact of qualifying fair-value hedging relationships on net interest income by hedged item, excluding any offsetting interest income/expense of the associated hedged items. Three Months Ended June 30, 2022 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (18,870) $ (11,663) $ 31,275 $ 742 Net gains (losses) on derivatives (2) 141,937 106,280 (390,352) (142,135) Net gains (losses) on hedged items (3) (147,671) (122,790) 387,546 117,085 Net impact on net interest income $ (24,604) $ (28,173) $ 28,469 $ (24,308) Total interest income (expense) recorded in the Statement of Income (4) $ 67,562 $ 38,563 $ (99,192) $ 6,933 Three Months Ended June 30, 2021 Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (46,173) $ (28,327) $ 22,011 $ (52,489) Net gains (losses) on derivatives (2) (12,098) (87,731) 37,082 (62,747) Net gains (losses) on hedged items (3) 10,494 81,883 (39,194) 53,183 Net impact on net interest income $ (47,777) $ (34,175) $ 19,899 $ (62,053) Total interest income (expense) recorded in the Statement of Income (4) $ 28,175 $ 21,184 $ (52,674) $ (3,315) Six Months Ended June 30, 2022 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (59,024) $ (34,128) $ 82,664 $ (10,488) Net gains (losses) on derivatives (2) 498,571 284,010 (1,290,066) (507,485) Net gains (losses) on hedged items (3) (500,575) (314,279) 1,282,605 467,751 Net impact on net interest income $ (61,028) $ (64,397) $ 75,203 $ (50,222) Total interest income (expense) recorded in the Statement of Income (4) $ 102,603 $ 61,008 $ (150,891) $ 12,720 Six Months Ended June 30, 2021 Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (91,892) $ (60,780) $ 34,237 $ (118,435) Net gains (losses) on derivatives (2) 234,784 234,210 (81,111) 387,883 Net gains (losses) on hedged items (3) (233,031) (234,631) 84,221 (383,441) Net impact on net interest income $ (90,139) $ (61,201) $ 37,347 $ (113,993) Total interest income (expense) recorded in the Statement of Income (4) $ 64,284 $ 51,020 $ (106,470) $ 8,834 (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) Includes for the three months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $(141,004) and $(62,754), respectively, and price alignment interest of $(1,131) and $7, respectively. Includes for the six months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $(506,306) and $387,834, respectively, and price alignment interest of $(1,179) and $49, respectively. (3) Includes for the three months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $134,151 and $57,142, respectively, and amortization of net losses on ineffective and discontinued fair-value hedging relationships of $(17,066) and $(3,959), respectively. Includes for the six months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $501,499 and $(374,858), respectively, and amortization of net losses on ineffective and discontinued fair-value hedging relationships of $(33,748) and $(8,583), respectively. (4) For advances, AFS securities and CO bonds only. The following table presents the components of net gains (losses) on derivatives reported in other income. Three Months Ended June 30, Six Months Ended June 30, Type of Hedge 2022 2021 2022 2021 Net gains (losses) on derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps $ 16,413 $ 4,083 $ 38,463 $ 8,194 Interest-rate caps/floors (42) (528) 131 (396) Interest-rate forwards 1,768 (1,344) 7,026 2,812 Net interest settlements (1) 881 (3,285) (1,137) (8,238) MDCs (1,817) 1,260 (7,286) (3,024) Net gains (losses) on derivatives in other income $ 17,203 $ 186 $ 37,197 $ (652) (1) Relates to derivatives that are not in qualifying fair-value hedging relationships. The interest income/expense of the associated hedged items is recorded in net interest income. The following table presents the amortized cost of, and the related cumulative basis adjustments on, hedged items in qualifying fair-value hedging relationships. June 30, 2022 Advances AFS Securities CO Bonds Amortized cost of hedged items (1) $ 16,303,974 $ 10,164,322 $ 26,730,944 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships (2) $ (345,091) $ (934,237) $ (1,530,303) For discontinued fair-value hedging relationships 136 357,242 — Total cumulative fair-value hedging basis adjustments on hedged items $ (344,955) $ (576,995) $ (1,530,303) December 31, 2021 Amortized cost of hedged items (1) $ 17,374,515 $ 9,007,993 $ 20,902,714 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships (2) $ 178,543 $ (184,724) $ (247,699) For discontinued fair-value hedging relationships 572 390,923 — Total cumulative fair-value hedging basis adjustments on hedged items $ 179,115 $ 206,199 $ (247,699) (1) Includes the amortized cost of the hedged items in active or discontinued fair-value hedging relationships. (2) Includes effective and ineffective fair-value hedging relationships. Excludes any offsetting effect of the net estimated fair value of the associated derivatives. |
Consolidated Obligations
Consolidated Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations | Note 7 - Consolidated Obligations In addition to being the primary obligor for all consolidated obligations issued on our behalf, we are jointly and severally liable with each of the other FHLBanks for the payment of the principal and interest on all of the FHLBanks' consolidated obligations outstanding. The par values of the FHLBanks' consolidated obligations outstanding at June 30, 2022 and December 31, 2021 totaled $882.5 billion and $652.9 billion, respectively. As provided by the Bank Act and Finance Agency regulations, consolidated obligations are backed only by the financial resources of all FHLBanks. Discount Notes. The following table presents our discount notes outstanding, all of which are due within one year of issuance. Discount Notes June 30, 2022 December 31, 2021 Book value $ 19,587,260 $ 12,116,358 Par value 19,617,332 12,117,846 Weighted average effective interest rate 1.17 % 0.05 % CO Bonds. The following table presents our CO bonds outstanding by contractual maturity. June 30, 2022 December 31, 2021 Year of Contractual Maturity Amount WAIR% Amount WAIR% Due in 1 year or less $ 8,949,535 1.52 $ 14,357,350 0.29 Due after 1 through 2 years 3,556,625 1.49 2,965,510 1.02 Due after 2 through 3 years 9,827,090 1.09 5,797,550 0.76 Due after 3 through 4 years 4,878,500 1.26 3,947,300 0.83 Due after 4 through 5 years 5,039,820 1.36 6,587,600 1.14 Thereafter 8,698,820 2.20 8,894,940 2.09 Total CO bonds, par value 40,950,390 1.51 42,550,250 0.96 Unamortized premiums 60,418 77,035 Unamortized discounts (10,819) (11,268) Unamortized concessions (7,321) (6,746) Fair-value hedging basis adjustments, net (1,530,303) (247,699) Total CO bonds $ 39,462,365 $ 42,361,572 The following tables present the par value of our CO bonds outstanding by redemption feature and the earlier of the year of contractual maturity or next call date. Redemption Feature June 30, 2022 December 31, 2021 Non-callable / non-putable $ 11,740,890 $ 20,346,750 Callable 29,209,500 22,203,500 Total CO bonds, par value $ 40,950,390 $ 42,550,250 Year of Contractual Maturity or Next Call Date June 30, 2022 December 31, 2021 Due in 1 year or less $ 35,829,035 $ 36,028,850 Due after 1 through 2 years 1,374,625 3,122,510 Due after 2 through 3 years 997,090 586,550 Due after 3 through 4 years 745,500 577,300 Due after 4 through 5 years 248,320 415,100 Thereafter 1,755,820 1,819,940 Total CO bonds, par value $ 40,950,390 $ 42,550,250 The following table presents the par value of our CO bonds outstanding by interest-rate payment type. Interest-Rate Payment Type June 30, 2022 December 31, 2021 Fixed-rate $ 34,548,390 $ 36,717,750 Step-up 2,233,500 898,500 Simple variable-rate 4,168,500 4,934,000 Total CO bonds, par value $ 40,950,390 $ 42,550,250 |
Affordable Housing Program
Affordable Housing Program | 6 Months Ended |
Jun. 30, 2022 | |
Affordable Housing Program [Abstract] | |
Affordable Housing Program | Note 8 - Affordable Housing Program The following table summarizes the activity in our AHP funding obligation. Three Months Ended June 30, Six Months Ended June 30, AHP Activity 2022 2021 2022 2021 Liability at beginning of period $ 31,937 $ 35,690 $ 31,049 $ 34,402 Assessment (expense) 3,623 2,008 6,828 5,451 Subsidy usage, net (1) (6,607) (6,933) (8,924) (9,088) Liability at end of period $ 28,953 $ 30,765 $ 28,953 $ 30,765 (1) Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital
Capital | 6 Months Ended |
Jun. 30, 2022 | |
Banking Regulation, Total Capital [Abstract] | |
Capital | Note 9 - Capital Classes of Capital Stock. The following table presents the capital stock outstanding by sub-series. Capital Stock Outstanding June 30, 2022 December 31, 2021 Class B-1 $ 765,075 $ 931,517 Class B-2 1,485,760 1,314,684 Total Class B $ 2,250,835 $ 2,246,201 Mandatorily Redeemable Capital Stock. The following table presents the activity in our MRCS. Three Months Ended June 30, Six Months Ended June 30, MRCS Activity 2022 2021 2022 2021 Liability at beginning of period $ 45,591 $ 232,695 $ 50,422 $ 250,768 Reclassification from capital stock — 281 — 281 Redemptions/repurchases (8) (83) (4,839) (18,156) Liability at end of period $ 45,583 $ 232,893 $ 45,583 $ 232,893 The following table presents MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the 5-year redemption period, or (ii) the first year in which a non-member no longer has an activity-based stock requirement. MRCS Contractual Year of Redemption June 30, 2022 December 31, 2021 Past contractual redemption date (1) $ 560 $ 577 Year 1 (2) 12,298 11,835 Year 2 868 471 Year 3 12,124 9,873 Year 4 16,059 23,218 Year 5 3,674 4,448 Total MRCS $ 45,583 $ 50,422 (1) Balance represents Class B stock that will not be redeemed until the associated credit products and other obligations are no longer outstanding. (2) Balance at June 30, 2022 and December 31, 2021 includes $11,835 of Class B stock held by one captive insurance company whose membership was terminated on February 19, 2021 but will not be redeemed until the associated credit products and other obligations are no longer outstanding. The following table presents the distributions related to MRCS. Three Months Ended June 30, Six Months Ended June 30, MRCS Distributions 2022 2021 2022 2021 Recorded as interest expense $ 269 $ 929 $ 514 $ 2,033 Recorded as distributions from retained earnings — 1 — 84 Total $ 269 $ 930 $ 514 $ 2,117 Capital Requirements. We are subject to three capital requirements under our capital plan and Finance Agency regulations as disclosed in Note 12 - Capital in our 2021 Form 10-K. As presented in the following table, we were in compliance with these Finance Agency's capital requirements at June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Regulatory Capital Requirements Required Actual Required Actual Risk-based capital $ 1,217,930 $ 3,508,138 $ 1,091,337 $ 3,473,695 Total regulatory capital $ 2,570,651 $ 3,508,138 $ 2,400,184 $ 3,473,695 Total regulatory capital-to-assets ratio 4.00% 5.46% 4.00% 5.79% Leverage capital $ 3,213,313 $ 5,262,207 $ 3,000,230 $ 5,210,543 Leverage ratio 5.00% 8.19% 5.00% 8.69% |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Note 10 - Accumulated Other Comprehensive Income The following table presents a summary of the changes in the components of AOCI. AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI Balance, March 31, 2022 $ 77,479 $ (18,424) $ 59,055 OCI before reclassifications: Net change in unrealized gains (losses) (45,228) — (45,228) Reclassifications from OCI to net income: Pension benefits, net — 329 329 Total other comprehensive income (loss) (45,228) 329 (44,899) Balance, June 30, 2022 $ 32,251 $ (18,095) $ 14,156 Balance, March 31, 2021 $ 210,450 $ (30,523) $ 179,927 OCI before reclassifications: Net change in unrealized gains 4,502 — 4,502 Reclassifications from OCI to net income: Pension benefits, net — 8,995 8,995 Total other comprehensive income 4,502 8,995 13,497 Balance, June 30, 2021 $ 214,952 $ (21,528) $ 193,424 AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI Balance, December 31, 2021 $ 151,942 $ (18,884) $ 133,058 OCI before reclassifications: Net change in unrealized gains (losses) (119,691) — (119,691) Reclassifications from OCI to net income: Pension benefits, net — 789 789 Total other comprehensive income (loss) (119,691) 789 (118,902) Balance, June 30, 2022 $ 32,251 $ (18,095) $ 14,156 Balance, December 31, 2020 $ 136,921 $ (31,519) $ 105,402 OCI before reclassifications: Net change in unrealized gains 78,031 — 78,031 Reclassifications from OCI to net income: Pension benefits, net — 9,991 9,991 Total other comprehensive income 78,031 9,991 88,022 Balance, June 30, 2021 $ 214,952 $ (21,528) $ 193,424 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 11 - Segment Information The following table presents our financial performance by operating segment. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 50,671 $ 13,151 $ 63,822 $ 53,952 $ 3,364 $ 57,316 Provision for (reversal of) credit losses — (38) (38) — (44) (44) Other income (loss) (1,732) 34 (1,698) (9,734) (36) (9,770) Other expenses 22,436 3,767 26,203 24,221 4,216 28,437 Income (loss) before assessments 26,503 9,456 35,959 19,997 (844) 19,153 Affordable Housing Program assessments (credits) 2,677 946 3,623 2,093 (85) 2,008 Net income (loss) $ 23,826 $ 8,510 $ 32,336 $ 17,904 $ (759) $ 17,145 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 103,361 $ 25,045 $ 128,406 $ 128,137 $ 3,700 $ 131,837 Provision for (reversal of) credit losses — (60) (60) — 44 44 Other income (loss) (8,942) (158) (9,100) (22,611) (135) (22,746) Other expenses 44,202 7,395 51,597 48,339 8,228 56,567 Income (loss) before assessments 50,217 17,552 67,769 57,187 (4,707) 52,480 Affordable Housing Program assessments (credits) 5,073 1,755 6,828 5,922 (471) 5,451 Net income (loss) $ 45,144 $ 15,797 $ 60,941 $ 51,265 $ (4,236) $ 47,029 The following table presents our asset balances by operating segment. By Date Traditional Mortgage Loans Total June 30, 2022 $ 56,536,621 $ 7,729,642 $ 64,266,263 December 31, 2021 52,388,469 7,616,134 60,004,603 |
Estimated Fair Values
Estimated Fair Values | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values | Note 12 - Estimated Fair Values 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, among other considerations, future business opportunities and the net profitability of assets and liabilities. June 30, 2022 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments (1) Assets: Cash and due from banks $ 59,596 $ 59,596 $ 59,596 $ — $ — $ — Interest-bearing deposits 325,041 325,041 325,000 41 — — Securities purchased under agreements to resell 4,500,000 4,500,000 — 4,500,000 — — Federal funds sold 2,496,000 2,496,000 — 2,496,000 — — Trading securities 4,039,407 4,039,407 — 4,039,407 — — AFS securities 10,196,572 10,196,572 — 10,196,572 — — HTM securities 3,877,299 3,821,942 — 3,821,942 — — Advances 30,507,462 30,354,762 — 30,354,762 — — Mortgage loans held for portfolio, net 7,729,642 7,213,065 — 7,199,864 13,201 — Accrued interest receivable 96,937 96,937 — 96,937 — — Derivative assets, net 325,848 325,848 — 497,510 — (171,662) Grantor trust assets (2) 52,400 52,400 52,400 — — — Liabilities: Deposits 907,525 907,525 — 907,525 — — Consolidated obligations: Discount notes 19,587,260 19,579,547 — 19,579,547 — — Bonds 39,462,365 38,768,013 — 38,768,013 — — Accrued interest payable 124,999 124,999 — 124,999 — — Derivative liabilities, net 13,569 13,569 — 1,557,214 — (1,543,645) MRCS 45,583 45,583 45,583 — — — December 31, 2021 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments (1) Assets: Cash and due from banks $ 867,880 $ 867,880 $ 867,880 $ — $ — $ — Interest-bearing deposits 100,041 100,041 100,000 41 — — Securities purchased under agreements to resell 3,500,000 3,500,000 — 3,500,000 — — Federal funds sold 2,580,000 2,580,000 — 2,580,000 — — Trading securities 3,946,799 3,946,799 — 3,946,799 — — AFS securities 9,159,935 9,159,935 — 9,159,935 — — HTM securities 4,313,773 4,322,157 — 4,322,157 — — Advances 27,497,835 27,462,295 — 27,462,295 — — Mortgage loans held for portfolio, net 7,616,134 7,810,378 — 7,787,334 23,044 — Accrued interest receivable 80,758 80,758 — 80,758 — — Derivative assets, net 220,202 220,202 — 106,926 — 113,276 Grantor trust assets (2) 62,640 62,640 62,640 — — — Liabilities: Deposits 1,366,397 1,366,397 — 1,366,397 — — Consolidated obligations: Discount notes 12,116,358 12,115,318 — 12,115,318 — — Bonds 42,361,572 42,643,536 — 42,643,536 — — Accrued interest payable 88,068 88,068 — 88,068 — — Derivative liabilities, net 12,185 12,185 — 413,776 — (401,591) MRCS 50,422 50,422 50,422 — — — (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) Included in other assets on the statement of condition. 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 16 - Estimated Fair Values in our 2021 Form 10-K. No significant changes have been made in the current year. 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. Netting June 30, 2022 Total Level 1 Level 2 Level 3 Adjustments (1) Trading securities: U.S. Treasury obligations $ 4,039,407 $ — $ 4,039,407 $ — $ — Total trading securities 4,039,407 — 4,039,407 — — AFS securities: U.S. Treasury obligations 2,105,878 — 2,105,878 — — GSE and TVA debentures 2,086,063 — 2,086,063 — — GSE multifamily MBS 6,004,631 — 6,004,631 — — Total AFS securities 10,196,572 — 10,196,572 — — Derivative assets: Interest-rate related 325,740 — 497,402 — (171,662) MDCs 108 — 108 — — Total derivative assets, net 325,848 — 497,510 — (171,662) Other assets: Grantor trust assets 52,400 52,400 — — — Total assets at recurring estimated fair value $ 14,614,227 $ 52,400 $ 14,733,489 $ — $ (171,662) Derivative liabilities: Interest-rate related $ 13,524 $ — $ 1,557,169 $ — $ (1,543,645) MDCs 45 — 45 — — Total derivative liabilities, net 13,569 — 1,557,214 — (1,543,645) Total liabilities at recurring estimated fair value $ 13,569 $ — $ 1,557,214 $ — $ (1,543,645) Mortgage loans held for portfolio (2) $ 970 $ — $ — $ 970 $ — Total assets at non-recurring estimated fair value $ 970 $ — $ — $ 970 $ — Netting December 31, 2021 Total Level 1 Level 2 Level 3 Adjustments (1) Trading securities: U.S. Treasury obligations $ 3,946,799 $ — $ 3,946,799 $ — $ — Total trading securities 3,946,799 — 3,946,799 — — AFS securities: GSE and TVA debentures 2,697,116 — 2,697,116 — — GSE MBS 6,462,819 — 6,462,819 — — Total AFS securities 9,159,935 — 9,159,935 — — Derivative assets: Interest-rate related 220,157 — 106,881 — 113,276 MDCs 45 — 45 — — Total derivative assets, net 220,202 — 106,926 — 113,276 Other assets: Grantor trust assets 62,640 62,640 — — — Total assets at recurring estimated fair value $ 13,389,576 $ 62,640 $ 13,213,660 $ — $ 113,276 Derivative liabilities: Interest-rate related $ 12,080 $ — $ 413,671 $ — $ (401,591) MDCs 105 — 105 — — Total derivative liabilities, net 12,185 — 413,776 — (401,591) Total liabilities at recurring estimated fair value $ 12,185 $ — $ 413,776 $ — $ (401,591) Mortgage loans held for portfolio (2) $ 1,141 $ — $ — $ 1,141 $ — Total assets at non-recurring estimated fair value $ 1,141 $ — $ — $ 1,141 $ — (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) Amounts are as of the date the most recent fair-value adjustment was recorded. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 - Commitments and Contingencies The following table presents our off-balance-sheet commitments at their notional amounts. June 30, 2022 Type of Commitment Expire within one year Expire after one year Total Standby letters of credit outstanding $ 48,363 $ 616,213 $ 664,576 Unused lines of credit (1) 906,668 — 906,668 Commitments to fund additional advances (2) 68,000 — 68,000 Commitments to fund or purchase mortgage loans, net (3) 31,325 — 31,325 Unsettled CO bonds, at par 43,800 — 43,800 Unsettled discount notes, at par 424,000 — 424,000 (1) Maximum line of credit amount per member is $100,000. (2) Generally for periods up to six months. (3) Generally for periods up to 91 days. Pledged Collateral. At June 30, 2022 and December 31, 2021, we had pledged cash collateral of $1,509,963 and $515,740, respectively, to counterparties and clearing ag ents. At June 30, 2022 and December 31, 2021, we had not pledged any securities as collateral. Legal Proceedings. We are subject to legal proceedings arising in the normal course of business. We record an accrual for a loss contingency when it is probable that a loss for which we could be liable has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management is not aware of any such proceedings where the ultimate liability, if any, could have a material effect on our financial condition, results of operations or cash flows. Additional discussion of other commitments and contingencies is provided in Note 4 - Advances; Note 5 - Mortgage Loans Held for Portfolio; Note 6 - Derivatives and Hedging Activities; Note 7 - Consolidated Obligations; Note 9 - Capital; and Note 12 - Estimated Fair Values . |
Related Party and Other Transac
Related Party and Other Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party and Other Transactions | Note 14 - Related Party and Other Transactions Transactions with Directors Financial Institutions. The following table presents our transactions with directors' financial institutions, taking into account the beginning and ending dates of the directors' terms, merger activity and other changes in the composition of directors' financial institutions. Transactions with Directors' Financial Institutions Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net capital stock issuances (redemptions and repurchases) $ 3,437 $ — $ (46,983) $ — Net advances (repayments) 3,034,988 (993,987) 1,234,703 (2,043,264) Mortgage loan purchases 4,025 16,745 12,747 29,622 The following table presents the aggregate balances of capital stock and advances outstanding for directors' financial institutions and their balances as a percent of the total balances on our statement of condition. June 30, 2022 December 31, 2021 Balances with Directors' Financial Institutions Par value % of Total Par value % of Total Capital stock $ 381,061 17 % $ 440,949 19 % Advances 4,695,040 16 % 3,854,856 14 % The composition of directors' financial institutions changed effective January 1, 2022, due to changes in board membership resulting from the 2021 director election. Transactions with Other FHLBanks. Occasionally, we loan or borrow short-term funds to/from other FHLBanks. There were no loans to or borrowings from other FHL Banks that remained outstanding at June 30, 2022 or December 31, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying interim financial statements have been prepared in accordance with GAAP and SEC requirements for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Certain disclosures that would have substantially duplicated the disclosures in the financial statements, and notes thereto, included in our 2021 Form 10-K have been omitted unless the information contained in those disclosures materially changed. Therefore, these interim financial statements should be read in conjunction with our audited financial statements, and notes thereto, included in our 2021 Form 10-K. The financial statements contain all adjustments that are, in the opinion of management, necessary for a fair statement of the Bank's 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 calendar year or any other interim period. |
Use of Estimates | Use of Estimates . |
Reclassifications | Reclassifications. We have reclassified certain amounts reported in prior periods to conform to the current period presentation. These reclassifications had no effect on total assets, total liabilities, total capital, net income, total comprehensive income or net cash flows. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance. Fair-Value Hedging - Portfolio Layer Method (ASU 2022-01). On March 28, 2022, the FASB issued guidance expanding the existing last-of-layer fair-value hedging method by allowing entities to hedge multiple layers of a single closed portfolio of prepayable financial assets rather than a single (or last) layer only. To reflect the change, the last-of-layer method was renamed the portfolio layer method. The guidance is effective for the interim and annual periods beginning on January 1, 2023, although early adoption is permitted. We are in process of evaluating the potentially favorable impact of this guidance on our future financial condition, results of operations, and cash flows. Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02). On March 31, 2022, the FASB issued guidance eliminating the accounting guidance for TDRs by creditors that have adopted the current expected credit losses methodology while enhancing disclosure requirements for certain loan refinancings and restructurings made to borrowers experiencing financial difficulty. Additionally, the guidance requires disclosure of current-period gross write-offs by year of origination. The guidance is effective for the interim and annual periods beginning on January 1, 2023, although early adoption is permitted. The transition method related to the recognition and measurement of TDRs can be applied using a modified retrospective transition method, while all other amendments are to be applied prospectively. We are in process of evaluating this guidance and its potential effect on our financial statement disclosures. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | |
Trading Securities by Major Security Type | The following table presents our trading securities by type of security. Security Type June 30, 2022 December 31, 2021 U.S. Treasury obligations $ 4,039,407 $ 3,946,799 Total trading securities at estimated fair value $ 4,039,407 $ 3,946,799 |
Available-for-Sale (AFS) Securities by Major Security Type | The following table presents our AFS securities by type of security. Gross Gross Amortized Unrealized Unrealized Estimated June 30, 2022 Cost (1) Gains Losses Fair Value U.S. Treasury obligations $ 2,110,103 $ — $ (4,225) $ 2,105,878 GSE and TVA debentures 2,061,550 24,514 (1) 2,086,063 GSE multifamily MBS 5,992,668 35,467 (23,504) 6,004,631 Total AFS securities $ 10,164,321 $ 59,981 $ (27,730) $ 10,196,572 December 31, 2021 GSE and TVA debentures $ 2,651,571 $ 45,557 $ (12) $ 2,697,116 GSE multifamily MBS 6,356,422 109,956 (3,559) 6,462,819 Total AFS securities $ 9,007,993 $ 155,513 $ (3,571) $ 9,159,935 (1) Includes adjustments made to the cost basis for purchase discount or premium and related accretion or amortization, and, if applicable, fair-value hedging basis adjustments. Includes at June 30, 2022 and December 31, 2021 unamortized discounts totaling $150,580 and unamortized premiums totaling $14,344, respectively. The applicable fair value hedging basis adjustments at June 30, 2022 and December 31, 2021 totaled losses of $576,995 and gains of $206,199, respectively. Excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $35,316 and $32,127, respectively. |
Available-for-sale (AFS) Securities in an Unrealized Loss Position | The following table presents impaired AFS 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. Less than 12 months 12 months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2022 Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury obligations $ 2,105,878 $ (4,225) $ — $ — $ 2,105,878 $ (4,225) GSE and TVA debentures 15,000 (1) — — 15,000 (1) GSE multifamily MBS 2,496,226 (21,280) 105,536 (2,224) 2,601,762 (23,504) Total impaired AFS securities $ 4,617,104 $ (25,506) $ 105,536 $ (2,224) $ 4,722,640 $ (27,730) December 31, 2021 GSE and TVA debentures $ 250,145 $ (12) $ — $ — $ 250,145 $ (12) GSE multifamily MBS 384,015 (3,559) — — 384,015 (3,559) Total impaired AFS securities $ 634,160 $ (3,571) $ — $ — $ 634,160 $ (3,571) |
HTM Securities by Major Security Type | The following table presents our HTM securities by type of security. Gross Gross Unrecognized Unrecognized Amortized Holding Holding Estimated June 30, 2022 Cost (1) Gains Losses Fair Value MBS: Other U.S. obligations - guaranteed single-family $ 2,521,513 $ 152 $ (35,792) $ 2,485,873 GSE single-family 722,385 1,697 (20,401) 703,681 GSE multifamily 633,401 5 (1,018) 632,388 Total HTM securities $ 3,877,299 $ 1,854 $ (57,211) $ 3,821,942 December 31, 2021 MBS: Other U.S. obligations - guaranteed single-family $ 2,626,143 $ 7,384 $ (9,238) $ 2,624,289 GSE single-family 815,924 14,424 (4,773) 825,575 GSE multifamily 871,706 779 (192) 872,293 Total HTM securities $ 4,313,773 $ 22,587 $ (14,203) $ 4,322,157 (1) Carrying value equals amortized cost, which includes adjustments made to the cost basis for purchase discount or premium and related accretion or amortization. Net unamortized premium at June 30, 2022 and December 31, 2021 to tale d $29,144 and $28,440, respectively. |
AFS Securities | |
Debt and Equity Securities, FV-NI [Line Items] | |
AFS Securities by Contractual Maturity | The amortized cost and estimated fair value of non-MBS AFS securities are presented below by contractual maturity. MBS are not presented by contractual maturity because their actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees. June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Year of Contractual Maturity Cost Fair Value Cost Fair Value Due in 1 year or less $ 250,957 $ 251,579 $ 581,801 $ 582,240 Due after 1 through 5 years 1,566,089 1,586,412 1,494,109 1,523,600 Due after 5 through 10 years 2,354,607 2,353,950 575,661 591,276 Total non-MBS 4,171,653 4,191,941 2,651,571 2,697,116 Total MBS 5,992,668 6,004,631 6,356,422 6,462,819 Total AFS securities $ 10,164,321 $ 10,196,572 $ 9,007,993 $ 9,159,935 |
Trading Securities | |
Debt and Equity Securities, FV-NI [Line Items] | |
Gain (Loss) on Securities | The following table presents net gains (losses) on trading securities, excluding any offsetting effect of gains (losses) on the associated derivatives. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net gains (losses) on trading securities held at period end $ (13,740) $ (12,637) $ (34,831) $ (23,275) Net gains (losses) on trading securities that matured/sold during the period (480) (1,094) (3,584) (4,084) Net gains (losses) on trading securities $ (14,220) $ (13,731) $ (38,415) $ (27,359) |
Advances (Tables)
Advances (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Advances [Abstract] | |
Summary of Advances Redemption Terms | The following table presents advances outstanding by redemption term. June 30, 2022 December 31, 2021 Redemption Term Amount WAIR % Amount WAIR % Overdrawn demand and overnight deposit accounts $ 98,456 3.90 $ — — Due in 1 year or less 13,371,345 1.44 7,863,703 0.59 Due after 1 through 2 years 3,736,129 2.21 2,684,996 2.02 Due after 2 through 3 years 2,384,761 1.70 3,536,759 1.35 Due after 3 through 4 years 2,563,139 1.82 2,931,260 1.29 Due after 4 through 5 years 1,822,975 1.79 1,908,432 1.34 Thereafter 6,867,716 1.52 8,384,458 0.82 Total advances, par value 30,844,521 1.63 27,309,608 1.03 Fair-value hedging basis adjustments, net (344,955) 179,115 Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees 7,896 9,112 Total advances (1) $ 30,507,462 $ 27,497,835 (1) Carrying value equals amortized cost, which excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $18,542 and $13,075, respectively. The following table presents advances outstanding by the earlier of the redemption date or the next call date and next put date. Earlier of Redemption Earlier of Redemption June 30, December 31, June 30, December 31, Overdrawn demand and overnight deposit accounts $ 98,456 $ — $ 98,456 $ — Due in 1 year or less 18,134,158 12,547,866 16,934,750 13,452,703 Due after 1 through 2 years 2,494,629 2,578,396 4,138,129 3,090,101 Due after 2 through 3 years 2,011,211 2,127,759 2,770,661 3,636,259 Due after 3 through 4 years 1,579,789 1,997,060 2,563,139 3,007,160 Due after 4 through 5 years 1,460,800 1,530,307 1,509,875 1,485,332 Thereafter 5,065,478 6,528,220 2,829,511 2,638,053 Total advances, par value $ 30,844,521 $ 27,309,608 $ 30,844,521 $ 27,309,608 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio | The following tables present information on mortgage loans held for portfolio by term and type. Term June 30, 2022 December 31, 2021 Fixed-rate long-term mortgages $ 6,633,317 $ 6,417,543 Fixed-rate medium-term (1) mortgages 931,310 1,016,851 Total mortgage loans held for portfolio, UPB 7,564,627 7,434,394 Unamortized premiums 175,372 181,172 Unamortized discounts (5,687) (2,389) Hedging basis adjustments, net (4,470) 3,157 Total mortgage loans held for portfolio 7,729,842 7,616,334 Allowance for credit losses (200) (200) Total mortgage loans held for portfolio, net (2) $ 7,729,642 $ 7,616,134 (1) Defined as a term of 15 years or less at origination. (2) Excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $29,062 and $27,977, respectively. Type June 30, 2022 December 31, 2021 Conventional $ 7,404,571 $ 7,254,056 Government-guaranteed or -insured 160,056 180,338 Total mortgage loans held for portfolio, UPB $ 7,564,627 $ 7,434,394 |
Key Credit Quality Indicators | The tables below present the key credit quality indicators and other delinquency statistics for our mortgage loans held for portfolio aggregated by (i) the most recent five origination years and (ii) all other prior origination years. Amounts are based on amortized cost, which excludes accrued interest receivable. Origination Year Payment Status as of June 30, 2022 Prior to 2018 2018 to 2022 Total Past due: 30-59 days $ 17,062 $ 9,822 $ 26,884 60-89 days 2,628 1,055 3,683 90 days or more 14,450 1,630 16,080 Total past due 34,140 12,507 46,647 Total current 2,613,182 4,908,165 7,521,347 Total conventional mortgage loans, amortized cost $ 2,647,322 $ 4,920,672 $ 7,567,994 Origination Year Payment Status as of December 31, 2021 Prior to 2017 2017 to 2021 Total Past due: 30-59 days $ 16,968 $ 12,662 $ 29,630 60-89 days 4,175 1,767 5,942 90 days or more 18,599 11,206 29,805 Total past due 39,742 25,635 65,377 Total current 2,447,420 4,921,101 7,368,521 Total conventional mortgage loans, amortized cost $ 2,487,162 $ 4,946,736 $ 7,433,898 |
Other Delinquency Statistics | Other Delinquency Statistics as of June 30, 2022 Conventional Government Total In process of foreclosure (1) $ 3,368 $ — $ 3,368 Serious delinquency rate (2) 0.21 % 1.05 % 0.23 % Past due 90 days or more still accruing interest (3) $ 11,298 $ 1,483 $ 12,781 On non-accrual status (4) $ 10,788 $ — $ 10,788 Other Delinquency Statistics as of December 31, 2021 In process of foreclosure (1) $ 1,999 $ — $ 1,999 Serious delinquency rate (2) 0.40 % 0.86 % 0.41 % Past due 90 days or more still accruing interest (3) $ 15,725 $ 1,364 $ 17,089 On non-accrual status (4) $ 23,487 $ — $ 23,487 (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, but are not necessarily considered to be on non-accrual status. (2) Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total mortgage loans. (3) Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the loan's delinquency status, we do not consider these loans to be on non-accrual status as they are well-secured and in the process of collection. (4) As of June 30, 2022 and December 31, 2021, $3,721 and $11,701, respectively, of UPB of these conventional mortgage loans on non-accrual status did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, exceeded the amortized cost of the loans. |
Rollforward of Allowance for Credit Losses on Mortgage Loans | The table below presents a rollforward of our allowance for credit losses. Three Months Ended June 30, Six Months Ended June 30, Rollforward of Allowance 2022 2021 2022 2021 Balance, beginning of period $ 200 $ 350 $ 200 $ 350 Charge-offs (1) 7 — 7 (92) Recoveries 31 19 53 23 Provision for (reversal of) credit losses (38) (44) (60) 44 Balance, end of period $ 200 $ 325 $ 200 $ 325 (1) Includes receipts of LRA funds on certain loans that are recorded as reversals of previous charge-offs. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amount and Estimated Fair Value of Derivative Instruments | The following table presents the notional amount and estimated fair value of derivative assets and liabilities. June 30, 2022 December 31, 2021 Notional Derivative Derivative Notional Derivative Derivative Amount Assets Liabilities Amount Assets Liabilities Derivatives designated as hedging instruments: Interest-rate swaps $ 55,010,636 $ 493,855 $ 1,555,740 $ 46,395,451 $ 105,446 $ 413,324 Derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps 9,270,000 1,987 1,363 8,595,000 357 148 Interest-rate caps/floors 611,000 1,208 — 625,500 1,077 — Interest-rate forwards 32,200 352 66 98,200 1 199 MDCs 31,325 108 45 96,424 45 105 Total derivatives not designated as hedging instruments 9,944,525 3,655 1,474 9,415,124 1,480 452 Total derivatives before adjustments $ 64,955,161 497,510 1,557,214 $ 55,810,575 106,926 413,776 Netting adjustments and cash collateral (1) (171,662) (1,543,645) 113,276 (401,591) Total derivatives, net, at estimated fair value $ 325,848 $ 13,569 $ 220,202 $ 12,185 (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. Cash collateral pledged to counterparties at June 30, 2022 and December 31, 2021, including accrued interest, totaled $1,511,166 and $515,761, respectively. Cash collateral received from counterparties and held at both June 30, 2022 and December 31, 2021, including accrued interest, totaled $139,183 and $894, respectively. At June 30, 2022 and December 31, 2021, no securities were pledged as collateral. |
Offsetting of Derivative Assets and Derivative Liabilities | The following table presents separately the estimated fair value of derivative instruments meeting and not meeting netting requirements, including the effect of the related collateral. June 30, 2022 December 31, 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivative instruments meeting netting requirements: Gross recognized amount Uncleared $ 493,033 $ 1,482,271 $ 105,667 $ 411,886 Cleared 4,017 74,832 1,213 1,586 Total gross recognized amount 497,050 1,557,103 106,880 413,472 Gross amounts of netting adjustments and cash collateral Uncleared (408,142) (1,468,813) (105,417) (400,005) Cleared 236,480 (74,832) 218,693 (1,586) Total gross amounts of netting adjustments and cash collateral (171,662) (1,543,645) 113,276 (401,591) Net amounts after netting adjustments and cash collateral Uncleared 84,891 13,458 250 11,881 Cleared 240,497 — 219,906 — Total net amounts after netting adjustments and cash collateral 325,388 13,458 220,156 11,881 Derivative instruments not meeting netting requirements (1) 460 111 46 304 Total derivatives, net, at estimated fair value $ 325,848 $ 13,569 $ 220,202 $ 12,185 (1) Includes MDCs and certain interest-rate forwards. |
Components of Net Gains (Losses) on Derivatives and Hedging Activities in Net Interest Income | The following table presents the impact of qualifying fair-value hedging relationships on net interest income by hedged item, excluding any offsetting interest income/expense of the associated hedged items. Three Months Ended June 30, 2022 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (18,870) $ (11,663) $ 31,275 $ 742 Net gains (losses) on derivatives (2) 141,937 106,280 (390,352) (142,135) Net gains (losses) on hedged items (3) (147,671) (122,790) 387,546 117,085 Net impact on net interest income $ (24,604) $ (28,173) $ 28,469 $ (24,308) Total interest income (expense) recorded in the Statement of Income (4) $ 67,562 $ 38,563 $ (99,192) $ 6,933 Three Months Ended June 30, 2021 Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (46,173) $ (28,327) $ 22,011 $ (52,489) Net gains (losses) on derivatives (2) (12,098) (87,731) 37,082 (62,747) Net gains (losses) on hedged items (3) 10,494 81,883 (39,194) 53,183 Net impact on net interest income $ (47,777) $ (34,175) $ 19,899 $ (62,053) Total interest income (expense) recorded in the Statement of Income (4) $ 28,175 $ 21,184 $ (52,674) $ (3,315) Six Months Ended June 30, 2022 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (59,024) $ (34,128) $ 82,664 $ (10,488) Net gains (losses) on derivatives (2) 498,571 284,010 (1,290,066) (507,485) Net gains (losses) on hedged items (3) (500,575) (314,279) 1,282,605 467,751 Net impact on net interest income $ (61,028) $ (64,397) $ 75,203 $ (50,222) Total interest income (expense) recorded in the Statement of Income (4) $ 102,603 $ 61,008 $ (150,891) $ 12,720 Six Months Ended June 30, 2021 Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives (1) $ (91,892) $ (60,780) $ 34,237 $ (118,435) Net gains (losses) on derivatives (2) 234,784 234,210 (81,111) 387,883 Net gains (losses) on hedged items (3) (233,031) (234,631) 84,221 (383,441) Net impact on net interest income $ (90,139) $ (61,201) $ 37,347 $ (113,993) Total interest income (expense) recorded in the Statement of Income (4) $ 64,284 $ 51,020 $ (106,470) $ 8,834 (1) Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income. (2) Includes for the three months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $(141,004) and $(62,754), respectively, and price alignment interest of $(1,131) and $7, respectively. Includes for the six months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $(506,306) and $387,834, respectively, and price alignment interest of $(1,179) and $49, respectively. (3) Includes for the three months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $134,151 and $57,142, respectively, and amortization of net losses on ineffective and discontinued fair-value hedging relationships of $(17,066) and $(3,959), respectively. Includes for the six months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $501,499 and $(374,858), respectively, and amortization of net losses on ineffective and discontinued fair-value hedging relationships of $(33,748) and $(8,583), respectively. (4) For advances, AFS securities and CO bonds only. |
Components of Net Gains (Losses) on Derivatives and Hedging Activities Reported in Other Income | The following table presents the components of net gains (losses) on derivatives reported in other income. Three Months Ended June 30, Six Months Ended June 30, Type of Hedge 2022 2021 2022 2021 Net gains (losses) on derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps $ 16,413 $ 4,083 $ 38,463 $ 8,194 Interest-rate caps/floors (42) (528) 131 (396) Interest-rate forwards 1,768 (1,344) 7,026 2,812 Net interest settlements (1) 881 (3,285) (1,137) (8,238) MDCs (1,817) 1,260 (7,286) (3,024) Net gains (losses) on derivatives in other income $ 17,203 $ 186 $ 37,197 $ (652) (1) Relates to derivatives that are not in qualifying fair-value hedging relationships. The interest income/expense of the associated hedged items is recorded in net interest income. |
Effect of Fair Value Hedge-Related Derivative Instruments | The following table presents the amortized cost of, and the related cumulative basis adjustments on, hedged items in qualifying fair-value hedging relationships. June 30, 2022 Advances AFS Securities CO Bonds Amortized cost of hedged items (1) $ 16,303,974 $ 10,164,322 $ 26,730,944 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships (2) $ (345,091) $ (934,237) $ (1,530,303) For discontinued fair-value hedging relationships 136 357,242 — Total cumulative fair-value hedging basis adjustments on hedged items $ (344,955) $ (576,995) $ (1,530,303) December 31, 2021 Amortized cost of hedged items (1) $ 17,374,515 $ 9,007,993 $ 20,902,714 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships (2) $ 178,543 $ (184,724) $ (247,699) For discontinued fair-value hedging relationships 572 390,923 — Total cumulative fair-value hedging basis adjustments on hedged items $ 179,115 $ 206,199 $ (247,699) (1) Includes the amortized cost of the hedged items in active or discontinued fair-value hedging relationships. (2) Includes effective and ineffective fair-value hedging relationships. Excludes any offsetting effect of the net estimated fair value of the associated derivatives. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Discount Notes | The following table presents our discount notes outstanding, all of which are due within one year of issuance. Discount Notes June 30, 2022 December 31, 2021 Book value $ 19,587,260 $ 12,116,358 Par value 19,617,332 12,117,846 Weighted average effective interest rate 1.17 % 0.05 % |
CO Bonds by Year of Contractual Maturity | The following table presents our CO bonds outstanding by contractual maturity. June 30, 2022 December 31, 2021 Year of Contractual Maturity Amount WAIR% Amount WAIR% Due in 1 year or less $ 8,949,535 1.52 $ 14,357,350 0.29 Due after 1 through 2 years 3,556,625 1.49 2,965,510 1.02 Due after 2 through 3 years 9,827,090 1.09 5,797,550 0.76 Due after 3 through 4 years 4,878,500 1.26 3,947,300 0.83 Due after 4 through 5 years 5,039,820 1.36 6,587,600 1.14 Thereafter 8,698,820 2.20 8,894,940 2.09 Total CO bonds, par value 40,950,390 1.51 42,550,250 0.96 Unamortized premiums 60,418 77,035 Unamortized discounts (10,819) (11,268) Unamortized concessions (7,321) (6,746) Fair-value hedging basis adjustments, net (1,530,303) (247,699) Total CO bonds $ 39,462,365 $ 42,361,572 Year of Contractual Maturity or Next Call Date June 30, 2022 December 31, 2021 Due in 1 year or less $ 35,829,035 $ 36,028,850 Due after 1 through 2 years 1,374,625 3,122,510 Due after 2 through 3 years 997,090 586,550 Due after 3 through 4 years 745,500 577,300 Due after 4 through 5 years 248,320 415,100 Thereafter 1,755,820 1,819,940 Total CO bonds, par value $ 40,950,390 $ 42,550,250 |
CO Bonds by Redemption Feature | The following tables present the par value of our CO bonds outstanding by redemption feature and the earlier of the year of contractual maturity or next call date. Redemption Feature June 30, 2022 December 31, 2021 Non-callable / non-putable $ 11,740,890 $ 20,346,750 Callable 29,209,500 22,203,500 Total CO bonds, par value $ 40,950,390 $ 42,550,250 |
CO Bonds Outstanding by Interest Payment Type | The following table presents the par value of our CO bonds outstanding by interest-rate payment type. Interest-Rate Payment Type June 30, 2022 December 31, 2021 Fixed-rate $ 34,548,390 $ 36,717,750 Step-up 2,233,500 898,500 Simple variable-rate 4,168,500 4,934,000 Total CO bonds, par value $ 40,950,390 $ 42,550,250 |
Affordable Housing Program (Tab
Affordable Housing Program (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six Months Ended June 30, AHP Activity 2022 2021 2022 2021 Liability at beginning of period $ 31,937 $ 35,690 $ 31,049 $ 34,402 Assessment (expense) 3,623 2,008 6,828 5,451 Subsidy usage, net (1) (6,607) (6,933) (8,924) (9,088) Liability at end of period $ 28,953 $ 30,765 $ 28,953 $ 30,765 (1) Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital (Tables)
Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Capital Stock Outstanding by Sub-series | The following table presents the capital stock outstanding by sub-series. Capital Stock Outstanding June 30, 2022 December 31, 2021 Class B-1 $ 765,075 $ 931,517 Class B-2 1,485,760 1,314,684 Total Class B $ 2,250,835 $ 2,246,201 |
Mandatorily Redeemable Capital Stock | The following table presents the activity in our MRCS. Three Months Ended June 30, Six Months Ended June 30, MRCS Activity 2022 2021 2022 2021 Liability at beginning of period $ 45,591 $ 232,695 $ 50,422 $ 250,768 Reclassification from capital stock — 281 — 281 Redemptions/repurchases (8) (83) (4,839) (18,156) Liability at end of period $ 45,583 $ 232,893 $ 45,583 $ 232,893 The following table presents MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the 5-year redemption period, or (ii) the first year in which a non-member no longer has an activity-based stock requirement. MRCS Contractual Year of Redemption June 30, 2022 December 31, 2021 Past contractual redemption date (1) $ 560 $ 577 Year 1 (2) 12,298 11,835 Year 2 868 471 Year 3 12,124 9,873 Year 4 16,059 23,218 Year 5 3,674 4,448 Total MRCS $ 45,583 $ 50,422 (1) Balance represents Class B stock that will not be redeemed until the associated credit products and other obligations are no longer outstanding. |
Schedule of Distributions on Mandatorily Redeemable Capital Stock | The following table presents the distributions related to MRCS. Three Months Ended June 30, Six Months Ended June 30, MRCS Distributions 2022 2021 2022 2021 Recorded as interest expense $ 269 $ 929 $ 514 $ 2,033 Recorded as distributions from retained earnings — 1 — 84 Total $ 269 $ 930 $ 514 $ 2,117 |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | As presented in the following table, we were in compliance with these Finance Agency's capital requirements at June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Regulatory Capital Requirements Required Actual Required Actual Risk-based capital $ 1,217,930 $ 3,508,138 $ 1,091,337 $ 3,473,695 Total regulatory capital $ 2,570,651 $ 3,508,138 $ 2,400,184 $ 3,473,695 Total regulatory capital-to-assets ratio 4.00% 5.46% 4.00% 5.79% Leverage capital $ 3,213,313 $ 5,262,207 $ 3,000,230 $ 5,210,543 Leverage ratio 5.00% 8.19% 5.00% 8.69% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in the Components of AOCI | The following table presents a summary of the changes in the components of AOCI. AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI Balance, March 31, 2022 $ 77,479 $ (18,424) $ 59,055 OCI before reclassifications: Net change in unrealized gains (losses) (45,228) — (45,228) Reclassifications from OCI to net income: Pension benefits, net — 329 329 Total other comprehensive income (loss) (45,228) 329 (44,899) Balance, June 30, 2022 $ 32,251 $ (18,095) $ 14,156 Balance, March 31, 2021 $ 210,450 $ (30,523) $ 179,927 OCI before reclassifications: Net change in unrealized gains 4,502 — 4,502 Reclassifications from OCI to net income: Pension benefits, net — 8,995 8,995 Total other comprehensive income 4,502 8,995 13,497 Balance, June 30, 2021 $ 214,952 $ (21,528) $ 193,424 AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI Balance, December 31, 2021 $ 151,942 $ (18,884) $ 133,058 OCI before reclassifications: Net change in unrealized gains (losses) (119,691) — (119,691) Reclassifications from OCI to net income: Pension benefits, net — 789 789 Total other comprehensive income (loss) (119,691) 789 (118,902) Balance, June 30, 2022 $ 32,251 $ (18,095) $ 14,156 Balance, December 31, 2020 $ 136,921 $ (31,519) $ 105,402 OCI before reclassifications: Net change in unrealized gains 78,031 — 78,031 Reclassifications from OCI to net income: Pension benefits, net — 9,991 9,991 Total other comprehensive income 78,031 9,991 88,022 Balance, June 30, 2021 $ 214,952 $ (21,528) $ 193,424 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Performance by Operating Segment | The following table presents our financial performance by operating segment. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 50,671 $ 13,151 $ 63,822 $ 53,952 $ 3,364 $ 57,316 Provision for (reversal of) credit losses — (38) (38) — (44) (44) Other income (loss) (1,732) 34 (1,698) (9,734) (36) (9,770) Other expenses 22,436 3,767 26,203 24,221 4,216 28,437 Income (loss) before assessments 26,503 9,456 35,959 19,997 (844) 19,153 Affordable Housing Program assessments (credits) 2,677 946 3,623 2,093 (85) 2,008 Net income (loss) $ 23,826 $ 8,510 $ 32,336 $ 17,904 $ (759) $ 17,145 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 103,361 $ 25,045 $ 128,406 $ 128,137 $ 3,700 $ 131,837 Provision for (reversal of) credit losses — (60) (60) — 44 44 Other income (loss) (8,942) (158) (9,100) (22,611) (135) (22,746) Other expenses 44,202 7,395 51,597 48,339 8,228 56,567 Income (loss) before assessments 50,217 17,552 67,769 57,187 (4,707) 52,480 Affordable Housing Program assessments (credits) 5,073 1,755 6,828 5,922 (471) 5,451 Net income (loss) $ 45,144 $ 15,797 $ 60,941 $ 51,265 $ (4,236) $ 47,029 |
Schedule of Segment Assets by Segment | The following table presents our asset balances by operating segment. By Date Traditional Mortgage Loans Total June 30, 2022 $ 56,536,621 $ 7,729,642 $ 64,266,263 December 31, 2021 52,388,469 7,616,134 60,004,603 |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, among other considerations, future business opportunities and the net profitability of assets and liabilities. June 30, 2022 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments (1) Assets: Cash and due from banks $ 59,596 $ 59,596 $ 59,596 $ — $ — $ — Interest-bearing deposits 325,041 325,041 325,000 41 — — Securities purchased under agreements to resell 4,500,000 4,500,000 — 4,500,000 — — Federal funds sold 2,496,000 2,496,000 — 2,496,000 — — Trading securities 4,039,407 4,039,407 — 4,039,407 — — AFS securities 10,196,572 10,196,572 — 10,196,572 — — HTM securities 3,877,299 3,821,942 — 3,821,942 — — Advances 30,507,462 30,354,762 — 30,354,762 — — Mortgage loans held for portfolio, net 7,729,642 7,213,065 — 7,199,864 13,201 — Accrued interest receivable 96,937 96,937 — 96,937 — — Derivative assets, net 325,848 325,848 — 497,510 — (171,662) Grantor trust assets (2) 52,400 52,400 52,400 — — — Liabilities: Deposits 907,525 907,525 — 907,525 — — Consolidated obligations: Discount notes 19,587,260 19,579,547 — 19,579,547 — — Bonds 39,462,365 38,768,013 — 38,768,013 — — Accrued interest payable 124,999 124,999 — 124,999 — — Derivative liabilities, net 13,569 13,569 — 1,557,214 — (1,543,645) MRCS 45,583 45,583 45,583 — — — December 31, 2021 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments (1) Assets: Cash and due from banks $ 867,880 $ 867,880 $ 867,880 $ — $ — $ — Interest-bearing deposits 100,041 100,041 100,000 41 — — Securities purchased under agreements to resell 3,500,000 3,500,000 — 3,500,000 — — Federal funds sold 2,580,000 2,580,000 — 2,580,000 — — Trading securities 3,946,799 3,946,799 — 3,946,799 — — AFS securities 9,159,935 9,159,935 — 9,159,935 — — HTM securities 4,313,773 4,322,157 — 4,322,157 — — Advances 27,497,835 27,462,295 — 27,462,295 — — Mortgage loans held for portfolio, net 7,616,134 7,810,378 — 7,787,334 23,044 — Accrued interest receivable 80,758 80,758 — 80,758 — — Derivative assets, net 220,202 220,202 — 106,926 — 113,276 Grantor trust assets (2) 62,640 62,640 62,640 — — — Liabilities: Deposits 1,366,397 1,366,397 — 1,366,397 — — Consolidated obligations: Discount notes 12,116,358 12,115,318 — 12,115,318 — — Bonds 42,361,572 42,643,536 — 42,643,536 — — Accrued interest payable 88,068 88,068 — 88,068 — — Derivative liabilities, net 12,185 12,185 — 413,776 — (401,591) MRCS 50,422 50,422 50,422 — — — (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. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring 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. Netting June 30, 2022 Total Level 1 Level 2 Level 3 Adjustments (1) Trading securities: U.S. Treasury obligations $ 4,039,407 $ — $ 4,039,407 $ — $ — Total trading securities 4,039,407 — 4,039,407 — — AFS securities: U.S. Treasury obligations 2,105,878 — 2,105,878 — — GSE and TVA debentures 2,086,063 — 2,086,063 — — GSE multifamily MBS 6,004,631 — 6,004,631 — — Total AFS securities 10,196,572 — 10,196,572 — — Derivative assets: Interest-rate related 325,740 — 497,402 — (171,662) MDCs 108 — 108 — — Total derivative assets, net 325,848 — 497,510 — (171,662) Other assets: Grantor trust assets 52,400 52,400 — — — Total assets at recurring estimated fair value $ 14,614,227 $ 52,400 $ 14,733,489 $ — $ (171,662) Derivative liabilities: Interest-rate related $ 13,524 $ — $ 1,557,169 $ — $ (1,543,645) MDCs 45 — 45 — — Total derivative liabilities, net 13,569 — 1,557,214 — (1,543,645) Total liabilities at recurring estimated fair value $ 13,569 $ — $ 1,557,214 $ — $ (1,543,645) Mortgage loans held for portfolio (2) $ 970 $ — $ — $ 970 $ — Total assets at non-recurring estimated fair value $ 970 $ — $ — $ 970 $ — Netting December 31, 2021 Total Level 1 Level 2 Level 3 Adjustments (1) Trading securities: U.S. Treasury obligations $ 3,946,799 $ — $ 3,946,799 $ — $ — Total trading securities 3,946,799 — 3,946,799 — — AFS securities: GSE and TVA debentures 2,697,116 — 2,697,116 — — GSE MBS 6,462,819 — 6,462,819 — — Total AFS securities 9,159,935 — 9,159,935 — — Derivative assets: Interest-rate related 220,157 — 106,881 — 113,276 MDCs 45 — 45 — — Total derivative assets, net 220,202 — 106,926 — 113,276 Other assets: Grantor trust assets 62,640 62,640 — — — Total assets at recurring estimated fair value $ 13,389,576 $ 62,640 $ 13,213,660 $ — $ 113,276 Derivative liabilities: Interest-rate related $ 12,080 $ — $ 413,671 $ — $ (401,591) MDCs 105 — 105 — — Total derivative liabilities, net 12,185 — 413,776 — (401,591) Total liabilities at recurring estimated fair value $ 12,185 $ — $ 413,776 $ — $ (401,591) Mortgage loans held for portfolio (2) $ 1,141 $ — $ — $ 1,141 $ — Total assets at non-recurring estimated fair value $ 1,141 $ — $ — $ 1,141 $ — (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) Amounts are as of the date the most recent fair-value adjustment was recorded. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments | The following table presents our off-balance-sheet commitments at their notional amounts. June 30, 2022 Type of Commitment Expire within one year Expire after one year Total Standby letters of credit outstanding $ 48,363 $ 616,213 $ 664,576 Unused lines of credit (1) 906,668 — 906,668 Commitments to fund additional advances (2) 68,000 — 68,000 Commitments to fund or purchase mortgage loans, net (3) 31,325 — 31,325 Unsettled CO bonds, at par 43,800 — 43,800 Unsettled discount notes, at par 424,000 — 424,000 (1) Maximum line of credit amount per member is $100,000. (2) Generally for periods up to six months. (3) Generally for periods up to 91 days. |
Related Party and Other Trans_2
Related Party and Other Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Directors' Financial institutions Activity | The following table presents our transactions with directors' financial institutions, taking into account the beginning and ending dates of the directors' terms, merger activity and other changes in the composition of directors' financial institutions. Transactions with Directors' Financial Institutions Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net capital stock issuances (redemptions and repurchases) $ 3,437 $ — $ (46,983) $ — Net advances (repayments) 3,034,988 (993,987) 1,234,703 (2,043,264) Mortgage loan purchases 4,025 16,745 12,747 29,622 |
Outstanding Balances with Respect to Transactions with Related Parties | The following table presents the aggregate balances of capital stock and advances outstanding for directors' financial institutions and their balances as a percent of the total balances on our statement of condition. June 30, 2022 December 31, 2021 Balances with Directors' Financial Institutions Par value % of Total Par value % of Total Capital stock $ 381,061 17 % $ 440,949 19 % Advances 4,695,040 16 % 3,854,856 14 % |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
HTM securities allowance for credit loss | $ 0 | $ 0 |
Investments - Trading Securitie
Investments - Trading Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total trading securities at estimated fair value | $ 4,039,407 | $ 4,039,407 | $ 3,946,799 | ||
Debt Securities, Trading, Gain (Loss) [Abstract] | |||||
Net gains (losses) on trading securities held at period end | (13,740) | $ (12,637) | (34,831) | $ (23,275) | |
Net gains (losses) on trading securities that matured/sold during the period | (480) | (1,094) | (3,584) | (4,084) | |
Net gains (losses) on trading securities | (14,220) | $ (13,731) | (38,415) | $ (27,359) | |
U.S. Treasury obligations | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total trading securities at estimated fair value | $ 4,039,407 | $ 4,039,407 | $ 3,946,799 |
Investments - AFS Securities -
Investments - AFS Securities - Major Security Types (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 10,164,321 | $ 9,007,993 |
Gross Unrealized Gains | 59,981 | 155,513 |
Gross Unrealized Losses | (27,730) | (3,571) |
Estimated Fair Value | 10,196,572 | 9,159,935 |
Unamortized premium (discount) | (150,580) | 14,344 |
Applicable fair value hedging-basis adjustment | (576,995) | 206,199 |
Accrued interest receivable | 35,316 | 32,127 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,110,103 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (4,225) | |
Estimated Fair Value | 2,105,878 | |
GSE and TVA debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,061,550 | 2,651,571 |
Gross Unrealized Gains | 24,514 | 45,557 |
Gross Unrealized Losses | (1) | (12) |
Estimated Fair Value | 2,086,063 | 2,697,116 |
GSE multifamily MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,992,668 | 6,356,422 |
Gross Unrealized Gains | 35,467 | 109,956 |
Gross Unrealized Losses | (23,504) | (3,559) |
Estimated Fair Value | $ 6,004,631 | $ 6,462,819 |
Investments - AFS Securities _2
Investments - AFS Securities - Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | $ 4,617,104 | $ 634,160 |
Less than 12 Months, Unrealized Losses | (25,506) | (3,571) |
12 Months or More, Estimated Fair Value | 105,536 | 0 |
12 Months or More, Unrealized Losses | (2,224) | 0 |
Total Estimated Fair Value | 4,722,640 | 634,160 |
Total Unrealized Losses | (27,730) | (3,571) |
U.S. Treasury obligations | ||
Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 2,105,878 | |
Less than 12 Months, Unrealized Losses | (4,225) | |
12 Months or More, Estimated Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Estimated Fair Value | 2,105,878 | |
Total Unrealized Losses | (4,225) | |
GSE and TVA debentures | ||
Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 15,000 | 250,145 |
Less than 12 Months, Unrealized Losses | (1) | (12) |
12 Months or More, Estimated Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 15,000 | 250,145 |
Total Unrealized Losses | (1) | (12) |
GSE multifamily MBS | ||
Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 2,496,226 | 384,015 |
Less than 12 Months, Unrealized Losses | (21,280) | (3,559) |
12 Months or More, Estimated Fair Value | 105,536 | 0 |
12 Months or More, Unrealized Losses | (2,224) | 0 |
Total Estimated Fair Value | 2,601,762 | 384,015 |
Total Unrealized Losses | $ (23,504) | $ (3,559) |
Investments - AFS Securities _3
Investments - AFS Securities - Redemption Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized Cost | $ 10,164,321 | $ 9,007,993 |
Fair value | 10,196,572 | 9,159,935 |
Available for Sale Securities Other Than MBS and ABS | ||
Amortized Cost | ||
Due in 1 year or less | 250,957 | 581,801 |
Due after 1 through 5 years | 1,566,089 | 1,494,109 |
Due after 5 through 10 years | 2,354,607 | 575,661 |
Amortized Cost | 4,171,653 | 2,651,571 |
Due in 1 year or less, Fair value | 251,579 | 582,240 |
Due in 1 year through 5 years, Fair value | 1,586,412 | 1,523,600 |
Due in 5 years through 10 years, Fair value | 2,353,950 | 591,276 |
Fair value | 4,191,941 | 2,697,116 |
Mortgage Backed Securities | ||
Amortized Cost | ||
Total MBS, Amortized cost | 5,992,668 | 6,356,422 |
Total MBS, Fair value | $ 6,004,631 | $ 6,462,819 |
Investments - HTM Narrative (De
Investments - HTM Narrative (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
AFS and HTM securities, based on amortized cost, rated single-A or above (percent) | 100% | 100% |
AFS securities allowance for credit loss | $ 0 | $ 0 |
HTM securities allowance for credit loss | $ 0 | $ 0 |
Investments - HTM Securities -
Investments - HTM Securities - Major Security Types (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | [1] | $ 3,877,299 | $ 4,313,773 |
Gross Unrecognized Holding Gains | 1,854 | 22,587 | |
Gross Unrecognized Holding Losses | (57,211) | (14,203) | |
Estimated fair value | 3,821,942 | 4,322,157 | |
Unamortized premium, net | 29,144 | 28,440 | |
Residential Mortgage Backed Securities Other US Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 2,521,513 | 2,626,143 | |
Gross Unrecognized Holding Gains | 152 | 7,384 | |
Gross Unrecognized Holding Losses | (35,792) | (9,238) | |
Estimated fair value | 2,485,873 | 2,624,289 | |
GSE multifamily | Single Family | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 722,385 | 815,924 | |
Gross Unrecognized Holding Gains | 1,697 | 14,424 | |
Gross Unrecognized Holding Losses | (20,401) | (4,773) | |
Estimated fair value | 703,681 | 825,575 | |
GSE multifamily | Multifamily | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 633,401 | 871,706 | |
Gross Unrecognized Holding Gains | 5 | 779 | |
Gross Unrecognized Holding Losses | (1,018) | (192) | |
Estimated fair value | $ 632,388 | $ 872,293 | |
[1] Carrying value equals amortized cost, which includes adjustments made to the cost basis for purchase discount or premium and related accretion or amortization. Net unamortized premium at June 30, 2022 and December 31, 2021 to tale d $29,144 and $28,440, respectively. |
Advances - Advances by Year of
Advances - Advances by Year of Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Year of Contractual Maturity, Amount | |||
Overdrawn demand and overnight deposit accounts | $ 98,456 | $ 0 | |
Due in 1 year or less | 13,371,345 | 7,863,703 | |
Due after 1 through 2 years | 3,736,129 | 2,684,996 | |
Due after 2 through 3 years | 2,384,761 | 3,536,759 | |
Due after 3 through 4 years | 2,563,139 | 2,931,260 | |
Due after 4 through 5 years | 1,822,975 | 1,908,432 | |
Thereafter | 6,867,716 | 8,384,458 | |
Total advances, par value | $ 30,844,521 | $ 27,309,608 | |
Year of Contractual Maturity, WAIR % | |||
Overdrawn demand and overnight deposit accounts | 3.90% | 0% | |
Due in 1 year or less | 1.44% | 0.59% | |
Due after 1 through 2 years | 2.21% | 2.02% | |
Due after 2 through 3 years | 1.70% | 1.35% | |
Due after 3 through 4 years | 1.82% | 1.29% | |
Due after 4 through 5 years | 1.79% | 1.34% | |
Thereafter | 1.52% | 0.82% | |
Total advances, par value | 1.63% | 1.03% | |
Fair-value hedging basis adjustments, net | $ (344,955) | $ 179,115 | |
Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 7,896 | 9,112 | |
Total Advances | [1] | 30,507,462 | 27,497,835 |
Accrued interest | $ 18,542 | $ 13,075 | |
[1]Carrying value equals amortized cost, which excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $18,542 and $13,075, respectively. |
Advances - Advances Outstanding
Advances - Advances Outstanding Earlier of Contractual Maturity or Next Call Date and Year of Contractual Maturity or Next Put Date (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, Rolling Year, Par Value [Abstract] | ||
Overdrawn demand and overnight deposit accounts | $ 98,456 | $ 0 |
Due in 1 year or less | 18,134,158 | 12,547,866 |
Due after 1 through 2 years | 2,494,629 | 2,578,396 |
Due after 2 through 3 years | 2,011,211 | 2,127,759 |
Due after 3 through 4 years | 1,579,789 | 1,997,060 |
Due after 4 through 5 years | 1,460,800 | 1,530,307 |
Thereafter | 5,065,478 | 6,528,220 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, Rolling Year, Par Value [Abstract] | ||
Overdrawn demand and overnight deposit accounts | 98,456 | 0 |
Due in 1 year or less | 16,934,750 | 13,452,703 |
Due after 1 through 2 years | 4,138,129 | 3,090,101 |
Due after 2 through 3 years | 2,770,661 | 3,636,259 |
Due after 3 through 4 years | 2,563,139 | 3,007,160 |
Due after 4 through 5 years | 1,509,875 | 1,485,332 |
Thereafter | 2,829,511 | 2,638,053 |
Total advances, par value | $ 30,844,521 | $ 27,309,608 |
Advances - Narrative (Details)
Advances - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Advances [Abstract] | |||
Percent of advances par value held by top five borrowers | 47% | 43% | |
Provision for credit loss | $ 0 | $ 0 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio Mortgage Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Unamortized premiums | $ 181,172 | |||||||
Unamortized discounts | (2,389) | |||||||
Hedging basis adjustments, net | 3,157 | |||||||
Total | 7,616,334 | |||||||
Loans and Leases Receivable, Net Amount, Total | $ 7,729,642 | 7,616,134 | [1] | |||||
Accrued interest | 18,542 | 13,075 | ||||||
Real Estate Loan | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Accrued interest | 29,062 | 27,977 | ||||||
Residential Portfolio Segment | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Mortgage loans held | 7,564,627 | 7,434,394 | ||||||
Unamortized premiums | 175,372 | |||||||
Unamortized discounts | (5,687) | |||||||
Hedging basis adjustments, net | (4,470) | |||||||
Total | 7,729,842 | |||||||
Allowance for credit losses | (200) | (200) | ||||||
Loans and Leases Receivable, Net Amount, Total | [1] | 7,729,642 | ||||||
Residential Portfolio Segment | Government-guaranteed or -insured | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Mortgage loans held | 160,056 | 180,338 | ||||||
Fixed-rate long-term mortgages | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Mortgage loans held | 6,633,317 | 6,417,543 | ||||||
Loans Receivable With Fixed Rates Of Interest Medium Term | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Mortgage loans held | [2] | $ 931,310 | 1,016,851 | |||||
Loans Receivable With Fixed Rates Of Interest Medium Term | Maximum | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Origination term | 15 years | |||||||
Conventional | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total | $ 7,567,994 | 7,433,898 | ||||||
Conventional | Residential Portfolio Segment | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Mortgage loans held | 7,404,571 | 7,254,056 | ||||||
Allowance for credit losses | $ (200) | $ (200) | $ (200) | $ (325) | $ (350) | $ (350) | ||
[1]Excludes accrued interest receivable at June 30, 2022 and December 31, 2021 of $29,062 and $27,977, respectively.[2]Defined as a term of 15 years or less at origination. |
Mortgage Loans Held for Portf_4
Mortgage Loans Held for Portfolio - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 7,616,334 | ||
In process of foreclosure | [1] | $ 3,368 | 1,999 |
Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,729,842 | ||
Past due 90 days or more still accruing interest | [2] | 12,781 | 17,089 |
On non-accrual status | [3] | $ 10,788 | $ 23,487 |
90 days or more | Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Serious delinquency rate (in percent) | [4] | 0.23% | 0.41% |
Government | |||
Financing Receivable, Past Due [Line Items] | |||
In process of foreclosure | [1] | $ 0 | $ 0 |
Government | Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Past due 90 days or more still accruing interest | [2] | 1,483 | 1,364 |
On non-accrual status | [3] | $ 0 | $ 0 |
Government | 90 days or more | Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Serious delinquency rate (in percent) | [4] | 1.05% | 0.86% |
Conventional | |||
Financing Receivable, Past Due [Line Items] | |||
Mortgages originated more than 5 years prior to current fiscal year | $ 2,647,322 | $ 2,487,162 | |
Mortgages originated in current fiscal year and preceding 4 fiscal years | 4,920,672 | 4,946,736 | |
Total | 7,567,994 | 7,433,898 | |
In process of foreclosure | [1] | 3,368 | 1,999 |
Conventional | Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Past due 90 days or more still accruing interest | [2] | 11,298 | 15,725 |
On non-accrual status | [3] | 10,788 | 23,487 |
On non-accrual status with no associated allowance for credit losses | 3,721 | 11,701 | |
Conventional | 30-59 days | |||
Financing Receivable, Past Due [Line Items] | |||
Mortgages originated more than 5 years prior to current fiscal year | 17,062 | 16,968 | |
Mortgages originated in current fiscal year and preceding 4 fiscal years | 9,822 | 12,662 | |
Total | 26,884 | 29,630 | |
Conventional | 60-89 days | |||
Financing Receivable, Past Due [Line Items] | |||
Mortgages originated more than 5 years prior to current fiscal year | 2,628 | 4,175 | |
Mortgages originated in current fiscal year and preceding 4 fiscal years | 1,055 | 1,767 | |
Total | 3,683 | 5,942 | |
Conventional | 90 days or more | |||
Financing Receivable, Past Due [Line Items] | |||
Mortgages originated more than 5 years prior to current fiscal year | 14,450 | 18,599 | |
Mortgages originated in current fiscal year and preceding 4 fiscal years | 1,630 | 11,206 | |
Total | $ 16,080 | $ 29,805 | |
Conventional | 90 days or more | Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Serious delinquency rate (in percent) | [4] | 0.21% | 0.40% |
Conventional | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Mortgages originated more than 5 years prior to current fiscal year | $ 34,140 | $ 39,742 | |
Mortgages originated in current fiscal year and preceding 4 fiscal years | 12,507 | 25,635 | |
Total | 46,647 | 65,377 | |
Conventional | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Mortgages originated more than 5 years prior to current fiscal year | 2,613,182 | 2,447,420 | |
Mortgages originated in current fiscal year and preceding 4 fiscal years | 4,908,165 | 4,921,101 | |
Total | $ 7,521,347 | $ 7,368,521 | |
[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, but are not necessarily considered to be on non-accrual status.[2]Although our past due scheduled/scheduled MPP loans are classified as loans past due 90 days or more based on the loan's delinquency status, we do not consider these loans to be on non-accrual status as they are well-secured and in the process of collection.[3]As of June 30, 2022 and December 31, 2021, $3,721 and $11,701, respectively, of UPB of these conventional mortgage loans on non-accrual status did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral, including any credit enhancements, exceeded the amortized cost of the loans.[4]Represents loans 90 days or more past due (including loans in process of foreclosure) expressed as a percentage of the total mortgage loans. |
Mortgage Loans Held for Portf_5
Mortgage Loans Held for Portfolio - Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Rollforward of Allowance | |||||
Provision for (reversal of) credit losses | $ (38) | $ (44) | $ (60) | $ 44 | |
Residential Portfolio Segment | |||||
Rollforward of Allowance | |||||
Balance, beginning of period | 200 | ||||
Balance, end of period | 200 | 200 | |||
Conventional | Residential Portfolio Segment | |||||
Rollforward of Allowance | |||||
Balance, beginning of period | 200 | 350 | 200 | 350 | |
Charge-offs | [1] | 7 | 0 | 7 | (92) |
Recoveries | 31 | 19 | 53 | 23 | |
Provision for (reversal of) credit losses | (38) | (44) | (60) | 44 | |
Balance, end of period | $ 200 | $ 325 | $ 200 | $ 325 | |
[1]Includes receipts of LRA funds on certain loans that are recorded as reversals of previous charge-offs |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Derivative Notional Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | $ 64,955,161 | $ 55,810,575 | |
Estimated fair value of derivative assets | 497,510 | 106,926 | |
Estimated fair value of derivative liabilities | 1,557,214 | 413,776 | |
Netting adjustments and cash collateral, derivative asset | [1],[2] | (171,662) | 113,276 |
Netting adjustments and cash collateral, derivative liability | [1],[2] | (1,543,645) | (401,591) |
Total derivatives, net, at estimated fair value | 325,848 | 220,202 | |
Total derivatives, net, at estimated fair value | 13,569 | 12,185 | |
Cash collateral pledged to counterparties | 1,511,166 | 515,761 | |
Cash collateral received from counterparties | 139,183 | 894 | |
Securities pledged as collateral | 0 | 0 | |
Derivatives designated as hedging instruments | Interest-rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 55,010,636 | 46,395,451 | |
Estimated fair value of derivative assets | 493,855 | 105,446 | |
Estimated fair value of derivative liabilities | 1,555,740 | 413,324 | |
Derivatives not designated as hedging instruments | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 9,944,525 | 9,415,124 | |
Estimated fair value of derivative assets | 3,655 | 1,480 | |
Estimated fair value of derivative liabilities | 1,474 | 452 | |
Derivatives not designated as hedging instruments | Interest-rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 9,270,000 | 8,595,000 | |
Estimated fair value of derivative assets | 1,987 | 357 | |
Estimated fair value of derivative liabilities | 1,363 | 148 | |
Derivatives not designated as hedging instruments | Interest-rate caps/floors | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 611,000 | 625,500 | |
Estimated fair value of derivative assets | 1,208 | 1,077 | |
Estimated fair value of derivative liabilities | 0 | 0 | |
Derivatives not designated as hedging instruments | Interest-rate forwards | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 32,200 | 98,200 | |
Estimated fair value of derivative assets | 352 | 1 | |
Estimated fair value of derivative liabilities | 66 | 199 | |
MDCs | Derivatives not designated as hedging instruments | Interest-rate forwards | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 31,325 | 96,424 | |
Estimated fair value of derivative assets | 108 | 45 | |
Estimated fair value of derivative liabilities | $ 45 | $ 105 | |
[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. Cash collateral pledged to counterparties at June 30, 2022 and December 31, 2021, including accrued interest, totaled $1,511,166 and $515,761, respectively. Cash collateral received from counterparties and held at both June 30, 2022 and December 31, 2021, including accrued interest, totaled $139,183 and $894, respectively. At June 30, 2022 and December 31, 2021, no securities were pledged as collateral. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities Offsetting of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Assets | |||
Gross recognized amount | $ 497,050 | $ 106,880 | |
Gross amounts of netting adjustments and cash collateral | [1],[2] | (171,662) | 113,276 |
Net amounts after netting adjustments and cash collateral | 325,388 | 220,156 | |
Derivative instruments not meeting netting requirements | [3] | 460 | 46 |
Derivative assets, net | 325,848 | 220,202 | |
Derivative Liabilities | |||
Gross recognized amount | 1,557,103 | 413,472 | |
Gross amounts of netting adjustments and cash collateral | [1],[2] | (1,543,645) | (401,591) |
Net amounts after netting adjustments and cash collateral | 13,458 | 11,881 | |
Derivative instruments not meeting netting requirements | [3] | 111 | 304 |
Derivative liabilities, net (Note 6) | 13,569 | 12,185 | |
Uncleared | |||
Derivative Assets | |||
Gross recognized amount | 493,033 | 105,667 | |
Gross amounts of netting adjustments and cash collateral | (408,142) | (105,417) | |
Net amounts after netting adjustments and cash collateral | 84,891 | 250 | |
Derivative Liabilities | |||
Gross recognized amount | 1,482,271 | 411,886 | |
Gross amounts of netting adjustments and cash collateral | (1,468,813) | (400,005) | |
Net amounts after netting adjustments and cash collateral | 13,458 | 11,881 | |
Cleared | |||
Derivative Assets | |||
Gross recognized amount | 4,017 | 1,213 | |
Gross amounts of netting adjustments and cash collateral | 236,480 | 218,693 | |
Net amounts after netting adjustments and cash collateral | 240,497 | 219,906 | |
Derivative Liabilities | |||
Gross recognized amount | 74,832 | 1,586 | |
Gross amounts of netting adjustments and cash collateral | (74,832) | (1,586) | |
Net amounts after netting adjustments and cash collateral | $ 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. Cash collateral pledged to counterparties at June 30, 2022 and December 31, 2021, including accrued interest, totaled $1,511,166 and $515,761, respectively. Cash collateral received from counterparties and held at both June 30, 2022 and December 31, 2021, including accrued interest, totaled $139,183 and $894, respectively. At June 30, 2022 and December 31, 2021, no securities were pledged as collateral. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Derivatives in Statement of Income and Impact on Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Total interest income (expense) recorded in the Statement of Income | $ 63,822 | $ 57,316 | $ 128,406 | $ 131,837 | |||||
Change in estimated fair value of hedged items (attributable to risk being hedged) | 134,151 | 57,142 | 501,499 | (374,858) | |||||
Amortization of net losses on active and discontinued fair value hedging relationships | (17,066) | (3,959) | (33,748) | (8,583) | |||||
Interest-rate swaps | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Change in estimated fair value of derivatives | (141,004) | (62,754) | (506,306) | 387,834 | |||||
Price alignment interest | (1,131) | 7 | (1,179) | 49 | |||||
Interest Income (Expense), Net | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Net interest settlements on derivatives | [1] | 742 | (52,489) | (10,488) | (118,435) | ||||
Net gains (losses) on derivatives | (142,135) | [2] | (62,747) | [3] | (507,485) | [3] | 387,883 | [3] | |
Net gains (losses) on hedged items | [4] | 117,085 | 53,183 | 467,751 | (383,441) | ||||
Net changes in fair value before price alignment interest | (24,308) | (62,053) | (50,222) | (113,993) | |||||
Total interest income (expense) recorded in the Statement of Income | [5] | 6,933 | (3,315) | 12,720 | 8,834 | ||||
Advances | Interest Income | Interest-rate swaps | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Net interest settlements on derivatives | [1] | (18,870) | (46,173) | (59,024) | (91,892) | ||||
Net gains (losses) on derivatives | 141,937 | [2] | (12,098) | [3] | 498,571 | [3] | 234,784 | [3] | |
Net gains (losses) on hedged items | [4] | (147,671) | 10,494 | (500,575) | (233,031) | ||||
Net changes in fair value before price alignment interest | (24,604) | (47,777) | (61,028) | (90,139) | |||||
Total interest income (expense) recorded in the Statement of Income | [5] | 67,562 | 28,175 | 102,603 | 64,284 | ||||
AFS Securities | Interest Income | Interest-rate swaps | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Net interest settlements on derivatives | [1] | (11,663) | (28,327) | (34,128) | (60,780) | ||||
Net gains (losses) on derivatives | 106,280 | [2] | (87,731) | [3] | 284,010 | [3] | 234,210 | [3] | |
Net gains (losses) on hedged items | [4] | (122,790) | 81,883 | (314,279) | (234,631) | ||||
Net changes in fair value before price alignment interest | (28,173) | (34,175) | (64,397) | (61,201) | |||||
Total interest income (expense) recorded in the Statement of Income | [5] | 38,563 | 21,184 | 61,008 | 51,020 | ||||
Unsettled CO bonds, at par | Interest Expense | Interest-rate swaps | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Net interest settlements on derivatives | [1] | 31,275 | 22,011 | 82,664 | 34,237 | ||||
Net gains (losses) on derivatives | (390,352) | [2] | 37,082 | [3] | (1,290,066) | [3] | (81,111) | [3] | |
Net gains (losses) on hedged items | [4] | 387,546 | (39,194) | 1,282,605 | 84,221 | ||||
Net changes in fair value before price alignment interest | 28,469 | 19,899 | 75,203 | 37,347 | |||||
Total interest income (expense) recorded in the Statement of Income | [5] | $ (99,192) | $ (52,674) | $ (150,891) | $ (106,470) | ||||
[1]Represents interest income/expense on derivatives in qualifying fair-value hedging relationships. Net interest settlements on derivatives that are not in qualifying fair-value hedging relationships are reported in other income.[2]Includes effective and ineffective fair-value hedging relationships. Excludes any offsetting effect of the net estimated fair value of the associated derivatives.[3]Includes for the three months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $(141,004) and $(62,754), respectively, and price alignment interest of $(1,131) and $7, respectively. Includes for the six months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $(506,306) and $387,834, respectively, and price alignment interest of $(1,179) and $49, respectively.[4] Includes for the three months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $134,151 and $57,142, respectively, and amortization of net losses on ineffective and discontinued fair-value hedging relationships of $(17,066) and $(3,959), respectively. Includes for the six months ended June 30, 2022 and 2021, increases (decreases) in estimated fair value totaling $501,499 and $(374,858), respectively, and amortization of net losses on ineffective and discontinued fair-value hedging relationships of $(33,748) and $(8,583), respectively.[5]For advances, AFS securities and CO bonds only. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivatives Reported in Other Income (Loss) (Details) - Economic Hedge - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives in other income | $ 17,203 | $ 186 | $ 37,197 | $ (652) | |
Interest-rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives in other income | 16,413 | 4,083 | 38,463 | 8,194 | |
Interest-rate caps/floors | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives in other income | (42) | (528) | 131 | (396) | |
Interest-rate forwards | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives in other income | 1,768 | (1,344) | 7,026 | 2,812 | |
Net interest rate settlements | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives in other income | [1] | 881 | (3,285) | (1,137) | (8,238) |
MDCs | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives in other income | $ (1,817) | $ 1,260 | $ (7,286) | $ (3,024) | |
[1]Relates to derivatives that are not in qualifying fair-value hedging relationships. The interest income/expense of the associated hedged items is recorded in net interest income. |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Advances | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized cost of hedged items | [1] | $ 16,303,974 | $ 17,374,515 |
For active fair-value hedging relationships | [2] | (345,091) | 178,543 |
For discontinued fair-value hedging relationships | 136 | 572 | |
Total cumulative fair-value hedging basis adjustments on hedged items | (344,955) | 179,115 | |
AFS Securities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized cost of hedged items | [1] | 10,164,322 | 9,007,993 |
For active fair-value hedging relationships | [2] | (934,237) | (184,724) |
For discontinued fair-value hedging relationships | 357,242 | 390,923 | |
Total cumulative fair-value hedging basis adjustments on hedged items | (576,995) | 206,199 | |
Unsettled CO bonds, at par | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amortized cost of hedged items | [1] | 26,730,944 | 20,902,714 |
For active fair-value hedging relationships | [2] | (1,530,303) | (247,699) |
For discontinued fair-value hedging relationships | 0 | 0 | |
Total cumulative fair-value hedging basis adjustments on hedged items | $ (1,530,303) | $ (247,699) | |
[1]Includes the amortized cost of the hedged items in active or discontinued fair-value hedging relationships.[2]Includes effective and ineffective fair-value hedging relationships. Excludes any offsetting effect of the net estimated fair value of the associated derivatives. |
Consolidated Obligations (Detai
Consolidated Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Short-term and Long-term Debt [Line Items] | ||
FHLB system outstanding consolidated obligations | $ 882,500,000 | $ 652,900,000 |
Discount notes maturity period | 1 year | |
Discount Notes | ||
Book value | $ 19,587,260 | 12,116,358 |
CO Bonds [Abstract] | ||
Total CO bonds, par value | 40,950,390 | 42,550,250 |
Total CO bonds | 39,462,365 | 42,361,572 |
Year of Contractual Maturity or Next Call Date | ||
CO Bonds [Abstract] | ||
Due in 1 year or less, amount | 35,829,035 | 36,028,850 |
Due after 1 year through 2 years, amount | 1,374,625 | 3,122,510 |
Due after 2 years through 3 years, amount | 997,090 | 586,550 |
Due after 3 years through 4 years, amount | 745,500 | 577,300 |
Due after 4 years through 5 years, amount | 248,320 | 415,100 |
Thereafter, amount | 1,755,820 | 1,819,940 |
Total CO bonds, par value | 40,950,390 | 42,550,250 |
Unsettled CO bonds, at par | ||
CO Bonds [Abstract] | ||
Due in 1 year or less, amount | 8,949,535 | 14,357,350 |
Due after 1 year through 2 years, amount | 3,556,625 | 2,965,510 |
Due after 2 years through 3 years, amount | 9,827,090 | 5,797,550 |
Due after 3 years through 4 years, amount | 4,878,500 | 3,947,300 |
Due after 4 years through 5 years, amount | 5,039,820 | 6,587,600 |
Thereafter, amount | 8,698,820 | 8,894,940 |
Total CO bonds, par value | 40,950,390 | 42,550,250 |
Unamortized premiums | 60,418 | 77,035 |
Unamortized discounts | (10,819) | (11,268) |
Unamortized concessions | (7,321) | (6,746) |
Fair-value hedging basis adjustments, net | $ (1,530,303) | $ (247,699) |
Due in 1 year or less, WAIR % | 1.52% | 0.29% |
Due after 1 year through 2 years, WAIR % | 1.49% | 1.02% |
Due after 2 years through 3 years, WAIR % | 1.09% | 0.76% |
Due after 3 years through 4 years, WAIR % | 1.26% | 0.83% |
Due after 4 years through 5 years, WAIR % | 1.36% | 1.14% |
Thereafter, WAIR % | 2.20% | 2.09% |
Total CO bonds, par value, WAIR % | 1.51% | 0.96% |
Short-term Debt | ||
Discount Notes | ||
Book value | $ 19,587,260 | $ 12,116,358 |
Weighted average effective interest rate | 1.17% | 0.05% |
CO Bonds [Abstract] | ||
Total CO bonds, par value | $ 19,617,332 | $ 12,117,846 |
Non-callable / non-putable | ||
CO Bonds [Abstract] | ||
Total CO bonds, par value | 11,740,890 | 20,346,750 |
Callable | ||
CO Bonds [Abstract] | ||
Total CO bonds, par value | $ 29,209,500 | $ 22,203,500 |
Consolidated Obligations Intere
Consolidated Obligations Interest-rate Payment Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total CO bonds, par value | $ 40,950,390 | $ 42,550,250 |
Fixed-rate | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | 34,548,390 | 36,717,750 |
Step-up | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | 2,233,500 | 898,500 |
Simple variable-rate | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | $ 4,168,500 | $ 4,934,000 |
Affordable Housing Program (Det
Affordable Housing Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Affordable Housing Program Funding Obligation [Roll Forward] | |||||
Balance at beginning of period | $ 31,937 | $ 35,690 | $ 31,049 | $ 34,402 | |
Assessment (expense) | 3,623 | 2,008 | 6,828 | 5,451 | |
Subsidy usage, net | [1] | (6,607) | (6,933) | (8,924) | (9,088) |
Balance at end of period | $ 28,953 | $ 30,765 | $ 28,953 | $ 30,765 | |
[1]Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital - Class B Shares (Detai
Capital - Class B Shares (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Class B issued and outstanding | $ 2,250,835 | $ 2,246,201 |
Class B | ||
Class of Stock [Line Items] | ||
Class B issued and outstanding | 2,250,835 | 2,246,201 |
Class B-1 | ||
Class of Stock [Line Items] | ||
Class B issued and outstanding | 765,075 | 931,517 |
Class B-2 | ||
Class of Stock [Line Items] | ||
Class B issued and outstanding | $ 1,485,760 | $ 1,314,684 |
Capital - Mandatorily Redeemabl
Capital - Mandatorily Redeemable Capital Stock (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) capital_requirement | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) capital_requirement | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Banking Regulation, Total Capital [Abstract] | ||||||
Redemption period | 5 years | |||||
Mandatorily Redeemable Capital Stock Activity [Roll Forward] | ||||||
Liability at beginning of period | $ 45,591 | $ 232,695 | $ 50,422 | $ 250,768 | ||
Reclassification from capital stock | 0 | 281 | 0 | 281 | ||
Redemptions/repurchases | (8) | (83) | (4,839) | (18,156) | ||
Liability at end of period | 45,583 | 232,893 | 45,583 | 232,893 | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount [Abstract] | ||||||
Past contractual redemption date | [1] | 560 | 560 | $ 577 | ||
Year 1 | [2] | 12,298 | 12,298 | 11,835 | ||
Year 2 | 868 | 868 | 471 | |||
Year 3 | 12,124 | 12,124 | 9,873 | |||
Year 4 | 16,059 | 16,059 | 23,218 | |||
Year 5 | 3,674 | 3,674 | 4,448 | |||
Total MRCS | 45,583 | 232,893 | 45,583 | 232,893 | 50,422 | |
Outstanding Class B stock held by captive insurer | 11,835 | 11,835 | 11,835 | |||
Recorded as interest expense | 269 | 929 | 514 | 2,033 | ||
Recorded as distributions from retained earnings | 0 | 1 | 0 | 84 | ||
Total | $ 269 | $ 930 | $ 514 | $ 2,117 | ||
Regulatory Capital Requirements | ||||||
Number of regulatory capital requirements | capital_requirement | 3 | 3 | ||||
Risk-based capital, required | $ 1,217,930 | $ 1,217,930 | 1,091,337 | |||
Risk-based capital, actual | 3,508,138 | 3,508,138 | 3,473,695 | |||
Regulatory capital, required | 2,570,651 | 2,570,651 | 2,400,184 | |||
Regulatory capital, actual | $ 3,508,138 | $ 3,508,138 | $ 3,473,695 | |||
Regulatory permanent capital-to-asset ratio, required | 4% | 4% | 4% | |||
Regulatory permanent capital-to-asset ratio, actual | 5.46% | 5.46% | 5.79% | |||
Leverage capital, required | $ 3,213,313 | $ 3,213,313 | $ 3,000,230 | |||
Leverage capital, actual | $ 5,262,207 | $ 5,262,207 | $ 5,210,543 | |||
Leverage ratio, required | 5% | 5% | 5% | |||
Leverage ratio, actual | 8.19% | 8.19% | 8.69% | |||
[1]Balance represents Class B stock that will not be redeemed until the associated credit products and other obligations are no longer outstanding.[2]Balance at June 30, 2022 and December 31, 2021 includes $11,835 of Class B stock held by one captive insurance company whose membership was terminated on February 19, 2021 but will not be redeemed until the associated credit products and other obligations are no longer outstanding. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | $ 3,373,270 | $ 3,547,376 | $ 3,556,331 | $ 3,450,302 |
Total other comprehensive income (loss) | (44,899) | 13,497 | (118,902) | 88,022 |
Ending Balance | 3,476,711 | 3,583,753 | 3,476,711 | 3,583,753 |
Unrealized Gains (Losses) on AFS Securities | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | 77,479 | 210,450 | 151,942 | 136,921 |
Net change in unrealized gains (losses) | (45,228) | 4,502 | (119,691) | 78,031 |
Pension benefits, net | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | (45,228) | 4,502 | (119,691) | 78,031 |
Ending Balance | 32,251 | 214,952 | 32,251 | 214,952 |
Pension Benefits | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | (18,424) | (30,523) | (18,884) | (31,519) |
Net change in unrealized gains (losses) | 0 | 0 | 0 | 0 |
Pension benefits, net | 329 | 8,995 | 789 | 9,991 |
Total other comprehensive income (loss) | 329 | 8,995 | 789 | 9,991 |
Ending Balance | (18,095) | (21,528) | (18,095) | (21,528) |
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | 59,055 | 179,927 | 133,058 | 105,402 |
Net change in unrealized gains (losses) | (45,228) | 4,502 | (119,691) | 78,031 |
Pension benefits, net | 329 | 8,995 | 789 | 9,991 |
Total other comprehensive income (loss) | (44,899) | 13,497 | (118,902) | 88,022 |
Ending Balance | $ 14,156 | $ 193,424 | $ 14,156 | $ 193,424 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 63,822 | $ 57,316 | $ 128,406 | $ 131,837 | |
Provision for (reversal of) credit losses | (38) | (44) | (60) | 44 | |
Other income (loss) | (1,698) | (9,770) | (9,100) | (22,746) | |
Other expenses | 26,203 | 28,437 | 51,597 | 56,567 | |
Income before assessments | 35,959 | 19,153 | 67,769 | 52,480 | |
Affordable Housing Program assessments (credits) | 3,623 | 2,008 | 6,828 | 5,451 | |
Net income (loss) | 32,336 | 17,145 | 60,941 | 47,029 | |
Assets | 64,266,263 | 64,266,263 | $ 60,004,603 | ||
Traditional | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 50,671 | 53,952 | 103,361 | 128,137 | |
Provision for (reversal of) credit losses | 0 | 0 | 0 | 0 | |
Other income (loss) | (1,732) | (9,734) | (8,942) | (22,611) | |
Other expenses | 22,436 | 24,221 | 44,202 | 48,339 | |
Income before assessments | 26,503 | 19,997 | 50,217 | 57,187 | |
Affordable Housing Program assessments (credits) | 2,677 | 2,093 | 5,073 | 5,922 | |
Net income (loss) | 23,826 | 17,904 | 45,144 | 51,265 | |
Assets | 56,536,621 | 56,536,621 | 52,388,469 | ||
Mortgage Loans | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 13,151 | 3,364 | 25,045 | 3,700 | |
Provision for (reversal of) credit losses | (38) | (44) | (60) | 44 | |
Other income (loss) | 34 | (36) | (158) | (135) | |
Other expenses | 3,767 | 4,216 | 7,395 | 8,228 | |
Income before assessments | 9,456 | (844) | 17,552 | (4,707) | |
Affordable Housing Program assessments (credits) | 946 | (85) | 1,755 | (471) | |
Net income (loss) | 8,510 | $ (759) | 15,797 | $ (4,236) | |
Assets | $ 7,729,642 | $ 7,729,642 | $ 7,616,134 |
Estimated Fair Values - Carryin
Estimated Fair Values - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||||||
Cash and due from banks | $ 59,596 | $ 867,880 | |||||
Trading securities | 4,039,407 | 3,946,799 | |||||
AFS securities | 10,196,572 | 9,159,935 | |||||
HTM securities | 3,821,942 | 4,322,157 | |||||
Accrued interest receivable | 96,937 | 80,758 | |||||
Derivative assets, net | 325,848 | 220,202 | |||||
Netting adjustments and cash collateral, derivative asset | [1],[2] | (171,662) | 113,276 | ||||
Consolidated obligations: | |||||||
Accrued interest payable | 124,999 | 88,068 | |||||
Derivative liabilities, net | 13,569 | 12,185 | |||||
Netting adjustments and cash collateral, derivative liability | [1],[2] | (1,543,645) | (401,591) | ||||
MRCS | 45,583 | $ 45,591 | 50,422 | $ 232,893 | $ 232,695 | $ 250,768 | |
Level 1 | |||||||
Assets: | |||||||
Cash and due from banks | 59,596 | 867,880 | |||||
Interest-bearing deposits | 325,000 | 100,000 | |||||
Securities purchased under agreements to resell | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading securities | 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 assets, net | 0 | 0 | |||||
Grantor trust assets | [3] | 52,400 | 62,640 | ||||
Liabilities: | |||||||
Deposits | 0 | 0 | |||||
Consolidated obligations: | |||||||
Accrued interest payable | 0 | 0 | |||||
Derivative liabilities, net | 0 | 0 | |||||
MRCS | 45,583 | 50,422 | |||||
Level 2 | |||||||
Assets: | |||||||
Cash and due from banks | 0 | 0 | |||||
Interest-bearing deposits | 41 | 41 | |||||
Securities purchased under agreements to resell | 4,500,000 | 3,500,000 | |||||
Federal funds sold | 2,496,000 | 2,580,000 | |||||
Trading securities | 4,039,407 | 3,946,799 | |||||
AFS securities | 10,196,572 | 9,159,935 | |||||
HTM securities | 3,821,942 | 4,322,157 | |||||
Advances | 30,354,762 | 27,462,295 | |||||
Mortgage loans held for portfolio, net | 7,199,864 | 7,787,334 | |||||
Accrued interest receivable | 96,937 | 80,758 | |||||
Derivative assets, net | 497,510 | 106,926 | |||||
Grantor trust assets | [3] | 0 | 0 | ||||
Liabilities: | |||||||
Deposits | 907,525 | 1,366,397 | |||||
Consolidated obligations: | |||||||
Accrued interest payable | 124,999 | 88,068 | |||||
Derivative liabilities, net | 1,557,214 | 413,776 | |||||
MRCS | 0 | 0 | |||||
Level 3 | |||||||
Assets: | |||||||
Cash and due from banks | 0 | 0 | |||||
Interest-bearing deposits | 0 | 0 | |||||
Securities purchased under agreements to resell | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading securities | 0 | 0 | |||||
AFS securities | 0 | 0 | |||||
HTM securities | 0 | 0 | |||||
Advances | 0 | 0 | |||||
Mortgage loans held for portfolio, net | 13,201 | 23,044 | |||||
Accrued interest receivable | 0 | 0 | |||||
Derivative assets, net | 0 | 0 | |||||
Grantor trust assets | [3] | 0 | 0 | ||||
Liabilities: | |||||||
Deposits | 0 | 0 | |||||
Consolidated obligations: | |||||||
Accrued interest payable | 0 | 0 | |||||
Derivative liabilities, net | 0 | 0 | |||||
MRCS | 0 | 0 | |||||
Carrying value | |||||||
Assets: | |||||||
Cash and due from banks | 59,596 | 867,880 | |||||
Interest-bearing deposits | 325,041 | 100,041 | |||||
Securities purchased under agreements to resell | 4,500,000 | 3,500,000 | |||||
Federal funds sold | 2,496,000 | 2,580,000 | |||||
Trading securities | 4,039,407 | 3,946,799 | |||||
AFS securities | 10,196,572 | 9,159,935 | |||||
HTM securities | 3,877,299 | 4,313,773 | |||||
Advances | 30,507,462 | 27,497,835 | |||||
Mortgage loans held for portfolio, net | 7,729,642 | 7,616,134 | |||||
Accrued interest receivable | 96,937 | 80,758 | |||||
Derivative assets, net | 325,848 | 220,202 | |||||
Grantor trust assets | [3] | 52,400 | 62,640 | ||||
Liabilities: | |||||||
Deposits | 907,525 | 1,366,397 | |||||
Consolidated obligations: | |||||||
Accrued interest payable | 124,999 | 88,068 | |||||
Derivative liabilities, net | 13,569 | 12,185 | |||||
MRCS | 45,583 | 50,422 | |||||
Fair Value | |||||||
Assets: | |||||||
Cash and due from banks | 59,596 | 867,880 | |||||
Interest-bearing deposits | 325,041 | 100,041 | |||||
Securities purchased under agreements to resell | 4,500,000 | 3,500,000 | |||||
Federal funds sold | 2,496,000 | 2,580,000 | |||||
Trading securities | 4,039,407 | 3,946,799 | |||||
AFS securities | 10,196,572 | 9,159,935 | |||||
HTM securities | 3,821,942 | 4,322,157 | |||||
Advances | 30,354,762 | 27,462,295 | |||||
Mortgage loans held for portfolio, net | 7,213,065 | 7,810,378 | |||||
Accrued interest receivable | 96,937 | 80,758 | |||||
Derivative assets, net | 325,848 | 220,202 | |||||
Grantor trust assets | [3] | 52,400 | 62,640 | ||||
Liabilities: | |||||||
Deposits | 907,525 | 1,366,397 | |||||
Consolidated obligations: | |||||||
Accrued interest payable | 124,999 | 88,068 | |||||
Derivative liabilities, net | 13,569 | 12,185 | |||||
MRCS | 45,583 | 50,422 | |||||
Unsettled discount notes, at par | Level 1 | |||||||
Consolidated obligations: | |||||||
Discount notes | 0 | 0 | |||||
Unsettled discount notes, at par | Level 2 | |||||||
Consolidated obligations: | |||||||
Discount notes | 19,579,547 | 12,115,318 | |||||
Unsettled discount notes, at par | Level 3 | |||||||
Consolidated obligations: | |||||||
Discount notes | 0 | 0 | |||||
Unsettled discount notes, at par | Carrying value | |||||||
Consolidated obligations: | |||||||
Discount notes | 19,587,260 | 12,116,358 | |||||
Unsettled discount notes, at par | Fair Value | |||||||
Consolidated obligations: | |||||||
Discount notes | 19,579,547 | 12,115,318 | |||||
Unsettled CO bonds, at par | Level 1 | |||||||
Consolidated obligations: | |||||||
Bonds | 0 | 0 | |||||
Unsettled CO bonds, at par | Level 2 | |||||||
Consolidated obligations: | |||||||
Bonds | 38,768,013 | 42,643,536 | |||||
Unsettled CO bonds, at par | Level 3 | |||||||
Consolidated obligations: | |||||||
Bonds | 0 | 0 | |||||
Unsettled CO bonds, at par | Carrying value | |||||||
Consolidated obligations: | |||||||
Bonds | 39,462,365 | 42,361,572 | |||||
Unsettled CO bonds, at par | Fair Value | |||||||
Consolidated obligations: | |||||||
Bonds | $ 38,768,013 | $ 42,643,536 | |||||
[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. Cash collateral pledged to counterparties at June 30, 2022 and December 31, 2021, including accrued interest, totaled $1,511,166 and $515,761, respectively. Cash collateral received from counterparties and held at both June 30, 2022 and December 31, 2021, including accrued interest, totaled $139,183 and $894, respectively. At June 30, 2022 and December 31, 2021, no securities were pledged as collateral. |
Estimated Fair Values - Recurri
Estimated Fair Values - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |||
Derivative Asset [Abstract] | |||||
Trading securities | $ 4,039,407 | $ 3,946,799 | |||
AFS securities | 10,196,572 | 9,159,935 | |||
Derivative assets, net | 325,848 | 220,202 | |||
Netting adjustments and cash collateral, derivative asset | [1],[2] | (171,662) | 113,276 | ||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 13,569 | 12,185 | |||
Netting adjustments and cash collateral, derivative liability | [1],[2] | (1,543,645) | (401,591) | ||
Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Netting adjustments and cash collateral, derivative asset | (171,662) | [2] | 113,276 | [3] | |
Derivative Liability [Abstract] | |||||
Netting adjustments and cash collateral, derivative liability | (1,543,645) | [2] | (401,591) | [3] | |
Fair Value, Measurements, Recurring | Interest-rate related | |||||
Derivative Asset [Abstract] | |||||
Netting adjustments and cash collateral, derivative asset | (171,662) | [2] | 113,276 | [3] | |
Derivative Liability [Abstract] | |||||
Netting adjustments and cash collateral, derivative liability | (1,543,645) | [2] | (401,591) | [3] | |
Level 1 | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 0 | 0 | |||
AFS securities | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | [4] | 52,400 | 62,640 | ||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Mortgage loans held for portfolio | 0 | 0 | |||
Level 1 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 0 | 0 | |||
AFS securities | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | 52,400 | 62,640 | |||
Total assets at estimated fair value | 52,400 | 62,640 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Total liabilities at recurring estimated fair value | 0 | 0 | |||
Level 1 | Fair Value, Measurements, Recurring | Interest-rate related | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Level 1 | Fair Value, Measurements, Nonrecurring | |||||
Derivative Asset [Abstract] | |||||
Total assets at estimated fair value | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Mortgage loans held for portfolio | 0 | [5] | 0 | ||
Level 2 | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
AFS securities | 10,196,572 | 9,159,935 | |||
Derivative assets, net | 497,510 | 106,926 | |||
Grantor trust assets | [4] | 0 | 0 | ||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 1,557,214 | 413,776 | |||
Mortgage loans held for portfolio | 7,199,864 | 7,787,334 | |||
Level 2 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
AFS securities | 10,196,572 | 9,159,935 | |||
Derivative assets, net | 497,510 | 106,926 | |||
Grantor trust assets | 0 | 0 | |||
Total assets at estimated fair value | 14,733,489 | 13,213,660 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 1,557,214 | 413,776 | |||
Total liabilities at recurring estimated fair value | 1,557,214 | 413,776 | |||
Level 2 | Fair Value, Measurements, Recurring | Interest-rate related | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 497,402 | 106,881 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 1,557,169 | 413,671 | |||
Level 2 | Fair Value, Measurements, Nonrecurring | |||||
Derivative Asset [Abstract] | |||||
Total assets at estimated fair value | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Mortgage loans held for portfolio | 0 | [5] | 0 | ||
Level 3 | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 0 | 0 | |||
AFS securities | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | [4] | 0 | 0 | ||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Mortgage loans held for portfolio | 13,201 | 23,044 | |||
Level 3 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 0 | 0 | |||
AFS securities | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | 0 | 0 | |||
Total assets at estimated fair value | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Total liabilities at recurring estimated fair value | 0 | 0 | |||
Level 3 | Fair Value, Measurements, Recurring | Interest-rate related | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Level 3 | Fair Value, Measurements, Nonrecurring | |||||
Derivative Asset [Abstract] | |||||
Total assets at estimated fair value | 970 | 1,141 | |||
Derivative Liability [Abstract] | |||||
Mortgage loans held for portfolio | 970 | [5] | 1,141 | ||
U.S. Treasury obligations | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
U.S. Treasury obligations | Level 1 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 0 | 0 | |||
AFS securities | 0 | ||||
U.S. Treasury obligations | Level 2 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
AFS securities | 2,105,878 | ||||
U.S. Treasury obligations | Level 3 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 0 | 0 | |||
AFS securities | 0 | ||||
GSE and TVA debentures | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 2,086,063 | 2,697,116 | |||
GSE and TVA debentures | Level 1 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 0 | 0 | |||
GSE and TVA debentures | Level 2 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 2,086,063 | 2,697,116 | |||
GSE and TVA debentures | Level 3 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 0 | 0 | |||
GSE multifamily | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 6,004,631 | 6,462,819 | |||
GSE multifamily | Level 1 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 0 | 0 | |||
GSE multifamily | Level 2 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 6,004,631 | 6,462,819 | |||
GSE multifamily | Level 3 | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 0 | 0 | |||
MDCs | Level 1 | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
MDCs | Level 2 | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 108 | 45 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 45 | 105 | |||
MDCs | Level 3 | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 0 | 0 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 0 | 0 | |||
Total | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
AFS securities | 10,196,572 | 9,159,935 | |||
Derivative assets, net | 325,848 | 220,202 | |||
Grantor trust assets | [4] | 52,400 | 62,640 | ||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 13,569 | 12,185 | |||
Mortgage loans held for portfolio | 7,213,065 | 7,810,378 | |||
Total | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
AFS securities | 10,196,572 | 9,159,935 | |||
Derivative assets, net | 325,848 | 220,202 | |||
Grantor trust assets | 52,400 | 62,640 | |||
Total assets at estimated fair value | 14,614,227 | 13,389,576 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 13,569 | 12,185 | |||
Total liabilities at recurring estimated fair value | 13,569 | 12,185 | |||
Total | Fair Value, Measurements, Recurring | Interest-rate related | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 325,740 | 220,157 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | 13,524 | 12,080 | |||
Total | Fair Value, Measurements, Nonrecurring | |||||
Derivative Asset [Abstract] | |||||
Total assets at estimated fair value | 970 | 1,141 | |||
Derivative Liability [Abstract] | |||||
Mortgage loans held for portfolio | 970 | [5] | 1,141 | ||
Total | U.S. Treasury obligations | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
Trading securities | 4,039,407 | 3,946,799 | |||
AFS securities | 2,105,878 | ||||
Total | GSE and TVA debentures | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 2,086,063 | 2,697,116 | |||
Total | GSE multifamily | Fair Value, Measurements, Recurring | |||||
Derivative Asset [Abstract] | |||||
AFS securities | 6,004,631 | 6,462,819 | |||
Total | MDCs | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Derivative Asset [Abstract] | |||||
Derivative assets, net | 108 | 45 | |||
Derivative Liability [Abstract] | |||||
Derivative liabilities, net | $ 45 | $ 105 | |||
[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. Cash collateral pledged to counterparties at June 30, 2022 and December 31, 2021, including accrued interest, totaled $1,511,166 and $515,761, respectively. Cash collateral received from counterparties and held at both June 30, 2022 and December 31, 2021, including accrued interest, totaled $139,183 and $894, respectively. At June 30, 2022 and December 31, 2021, no securities were pledged as collateral. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Cash Collateral Pledged | $ 1,509,963,000 | $ 515,740,000 | |
Standby letters of credit outstanding | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance-sheet commitments expire within one year | 48,363,000 | ||
Off-balance-sheet commitments expire after one year | 616,213,000 | ||
Off-balance-sheet commitments, Total | 664,576,000 | ||
Unused lines of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance-sheet commitments expire within one year | [1] | 906,668,000 | |
Off-balance-sheet commitments expire after one year | [1] | 0 | |
Off-balance-sheet commitments, Total | [1] | 906,668,000 | |
Maximum line of credit | 100,000,000 | ||
Commitments to fund additional advances | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance-sheet commitments expire within one year | [2] | 68,000,000 | |
Off-balance-sheet commitments expire after one year | [2] | 0 | |
Off-balance-sheet commitments, Total | [2] | $ 68,000,000 | |
Commitments to fund additional advances | Maximum | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fund additional Advances are generally for periods up | 6 months | ||
Unsettled CO bonds, at par | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance-sheet commitments expire within one year | $ 43,800,000 | ||
Off-balance-sheet commitments expire after one year | 0 | ||
Off-balance-sheet commitments, Total | $ 43,800,000 | ||
Unsettled CO bonds, at par | Maximum | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Period of time commitments unconditionally obligate to fund or purchase mortgage loans and participation interests | 91 days | ||
Unsettled discount notes, at par | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance-sheet commitments expire within one year | $ 424,000,000 | ||
Off-balance-sheet commitments expire after one year | 0 | ||
Off-balance-sheet commitments, Total | 424,000,000 | ||
Mortgage Receivable | Commitments to fund or purchase mortgage loans, net | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance-sheet commitments expire within one year | [3] | 31,325,000 | |
Off-balance-sheet commitments expire after one year | [3] | 0 | |
Off-balance-sheet commitments, Total | [3] | $ 31,325,000 | |
[1]Maximum line of credit amount per member is $100,000.[2]Generally for periods up to six months.[3]Generally for periods up to 91 days. |
Related Party and Other Trans_3
Related Party and Other Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Advances, par value | $ 30,844,521,000 | $ 30,844,521,000 | $ 27,309,608,000 | ||
Loans to other FHLBanks | 0 | 0 | 0 | ||
Loans from other FHLBanks | 0 | 0 | 0 | ||
Directors' Financial Institutions | |||||
Related Party Transaction [Line Items] | |||||
Net capital stock issuances (redemptions and repurchases) | 3,437,000 | $ 0 | (46,983,000) | $ 0 | |
Net advances (repayments) | 3,034,988,000 | (993,987,000) | 1,234,703,000 | (2,043,264,000) | |
Mortgage loan purchases | 4,025,000 | $ 16,745,000 | 12,747,000 | $ 29,622,000 | |
Capital stock, par value | $ 381,061,000 | $ 381,061,000 | $ 440,949,000 | ||
Capital stock, % of total | 17% | 17% | 19% | ||
Advances, par value | $ 4,695,040,000 | $ 4,695,040,000 | $ 3,854,856,000 | ||
Advances, % of total | 16% | 16% | 14% |