Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 2024 | |
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) | 27,941,163 |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets: | |||
Cash and due from banks | $ 56,246 | $ 58,844 | |
Interest-bearing deposits (Note 3) | 921,006 | 892,049 | |
Securities purchased under agreements to resell (Note 3) | 6,250,000 | 6,500,000 | |
Federal funds sold (Note 3) | 4,497,000 | 4,101,000 | |
Trading securities (Note 3) | 1,076,622 | 600,063 | |
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |
Held-to-maturity securities (estimated fair values of $5,336,335 and $5,179,399) (Note 3) | [1] | 5,393,623 | 5,256,803 |
Advances (Note 4) | [2] | 36,556,380 | 35,561,844 |
Mortgage loans held for portfolio, net (Note 5) | 9,393,391 | 8,613,844 | |
Accrued interest receivable | 212,412 | 203,809 | |
Derivative assets, net (Note 6) | 516,253 | 521,164 | |
Other assets | 110,482 | 104,658 | |
Total assets | 79,245,161 | 76,608,404 | |
Liabilities: | |||
Deposits | 782,177 | 628,811 | |
Consolidated obligations (Note 7): | |||
Discount notes | 22,442,697 | 22,621,837 | |
Bonds | 50,747,217 | 48,431,566 | |
Total consolidated obligations, net | 73,189,914 | 71,053,403 | |
Accrued interest payable | 357,292 | 327,237 | |
Affordable Housing Program payable (Note 8) | 73,791 | 68,301 | |
Derivative liabilities, net (Note 6) | 2,342 | 6,940 | |
Mandatorily redeemable capital stock (Note 9) | 363,118 | 369,041 | |
Other liabilities | 490,057 | 410,774 | |
Total liabilities | 75,258,691 | 72,864,507 | |
Commitments and contingencies (Note 13) | |||
Retained earnings: | |||
Unrestricted | 1,189,485 | 1,134,132 | |
Restricted | 434,791 | 398,039 | |
Total retained earnings | 1,624,276 | 1,532,171 | |
Total accumulated other comprehensive income (loss) (Note 10) | 16,681 | (73,532) | |
Total capital | 3,986,470 | 3,743,897 | |
Total liabilities and capital | 79,245,161 | 76,608,404 | |
Class B | |||
Capital stock (putable at par value of $100 per share): | |||
Class B issued and outstanding shares: 23,455,129 and 22,852,579 | $ 2,345,513 | $ 2,285,258 | |
[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, 2024 and December 31, 2023 to tale d $19,975 and $21,942, respectively. accrued interest receivable |
Statements of Condition (Unau_2
Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Amortized Cost - AFS | [1] | $ 14,229,121 | $ 14,254,103 |
Estimated fair value - HTM Securities | $ 5,336,335 | $ 5,179,399 | |
Class B | |||
Common stock putable, par value per share (usd per share) | $ 100 | $ 100 | |
Common stock issued (in shares) | 23,455,129 | 22,852,579 | |
Common stock outstanding (in shares) | 23,455,129 | 22,852,579 | |
[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. At June 30, 2024 and December 31, 2023, net unamortized discounts totaled $(256,288) and $(278,669), respectively, and the applicable fair-value hedging basis adjustments totaled net losses of $(1,019,037) and $(778,882), respectively. Excludes accrued interest |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Interest Income: | |||||
Advances | [1] | $ 508,287 | $ 491,905 | $ 1,023,144 | $ 926,134 |
Interest-bearing deposits | 30,167 | 31,641 | 60,548 | 57,894 | |
Securities purchased under agreements to resell | 46,254 | 39,717 | 68,236 | 71,667 | |
Federal funds sold | 54,368 | 65,898 | 121,854 | 111,385 | |
Trading securities | 8,797 | 2,291 | 13,964 | 5,368 | |
Available-for-sale securities | [1] | 222,574 | 200,507 | 442,941 | 372,226 |
Held-to-maturity securities | 79,187 | 59,055 | 156,933 | 107,480 | |
Mortgage loans held for portfolio | 84,309 | 59,128 | 162,299 | 116,883 | |
Total interest income | 1,033,943 | 950,142 | 2,049,919 | 1,769,037 | |
Interest Expense: | |||||
Consolidated obligation discount notes | 248,701 | 269,398 | 498,956 | 526,174 | |
Consolidated obligation bonds | [1] | 643,171 | 543,752 | 1,264,584 | 990,426 |
Deposits | 11,672 | 9,029 | 21,238 | 16,715 | |
Mandatorily redeemable capital stock | 5,505 | 4,370 | 10,848 | 8,480 | |
Total interest expense | 909,049 | 826,549 | 1,795,626 | 1,541,795 | |
Net interest income | 124,894 | 123,593 | 254,293 | 227,242 | |
Provision for (reversal of) credit losses | (21) | (3) | (46) | (2) | |
Net interest income after provision for (reversal of) credit losses | 124,915 | 123,596 | 254,339 | 227,244 | |
Other Income: | |||||
Net gains (losses) on sales of available-for-sale and held-to-maturity securities | 1,840 | (142) | 1,840 | (213) | |
Net gains (losses) on trading securities | 3,203 | 758 | (1,368) | 9,072 | |
Net gains (losses) on derivatives | (644) | 4,970 | 8,480 | 3,607 | |
Net gains on extinguishment of debt | 0 | 0 | 0 | 19,846 | |
Other, net | 2,334 | 3,565 | 7,139 | 6,986 | |
Total other income | 6,733 | 9,151 | 16,091 | 39,298 | |
Other Expenses: | |||||
Compensation and benefits | 15,250 | 14,878 | 31,790 | 31,713 | |
Other operating expenses | 9,010 | 8,630 | 17,295 | 16,030 | |
Federal Housing Finance Agency | 1,396 | 1,711 | 2,792 | 3,423 | |
Office of Finance | 1,232 | 1,007 | 2,756 | 2,080 | |
Other, net | 5,385 | 4,522 | 10,414 | 8,973 | |
Total other expenses | 32,273 | 30,748 | 65,047 | 62,219 | |
Income before assessments | 99,375 | 101,999 | 205,383 | 204,323 | |
Affordable Housing Program assessments | 10,488 | 10,637 | 21,623 | 21,280 | |
Net income | $ 88,887 | $ 91,362 | $ 183,760 | $ 183,043 | |
[1] For advances, AFS securities and CO bonds only. |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 88,887 | $ 91,362 | $ 183,760 | $ 183,043 |
Other Comprehensive Income: | ||||
Net change in unrealized gains (losses) on available-for-sale securities | (8,914) | 61,911 | 92,402 | 13,934 |
Pension benefits, net | (2,433) | 1,206 | (2,189) | 1,546 |
Total other comprehensive income (loss) | (11,347) | 63,117 | 90,213 | 15,480 |
Total comprehensive income | $ 77,540 | $ 154,479 | $ 273,973 | $ 198,523 |
Statements of Capital (Unaudite
Statements of Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 3,967,585 | $ 3,570,843 | $ 3,743,897 | $ 3,383,698 |
Total comprehensive income | 77,540 | 154,479 | 273,973 | 198,523 |
Proceeds from issuance of capital stock | 69,847 | 88,609 | 141,297 | 257,689 |
Redemption/repurchase of capital stock | (81,042) | (311) | (81,042) | (311) |
Shares reclassified to mandatorily redeemable capital stock, net | 0 | 0 | 0 | (13) |
Cash dividends on capital stock | (47,460) | (29,968) | (91,655) | (55,934) |
Ending Balance | $ 3,986,470 | $ 3,783,652 | $ 3,986,470 | $ 3,783,652 |
Capital Stock | Class B | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 23,567 | 22,922 | 22,852 | 21,231 |
Beginning Balance | $ 2,356,708 | $ 2,292,192 | $ 2,285,258 | $ 2,123,125 |
Proceeds from issuance of capital stock (in shares) | 698 | 886 | 1,413 | 2,577 |
Proceeds from issuance of capital stock | $ 69,847 | $ 88,609 | $ 141,297 | $ 257,689 |
Redemption/repurchase of capital stock (in shares) | (810) | (3) | (810) | (3) |
Redemption/repurchase of capital stock | $ (81,042) | $ (311) | $ (81,042) | $ (311) |
Shares reclassified to mandatorily redeemable capital stock, net (in shares) | 0 | |||
Shares reclassified to mandatorily redeemable capital stock, net | $ (13) | |||
Ending Balance (in shares) | 23,455 | 23,805 | 23,455 | 23,805 |
Ending Balance | $ 2,345,513 | $ 2,380,490 | $ 2,345,513 | $ 2,380,490 |
Retained Earnings Total | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1,582,849 | 1,352,079 | 1,532,171 | 1,286,364 |
Total comprehensive income | 88,887 | 91,362 | 183,760 | 183,043 |
Cash dividends on capital stock | (47,460) | (29,968) | (91,655) | (55,934) |
Ending Balance | 1,624,276 | 1,413,473 | 1,624,276 | 1,413,473 |
Retained Earnings, Unrestricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1,165,835 | 1,011,191 | 1,134,132 | 963,812 |
Total comprehensive income | 71,110 | 73,089 | 147,008 | 146,434 |
Cash dividends on capital stock | (47,460) | (29,968) | (91,655) | (55,934) |
Ending Balance | 1,189,485 | 1,054,312 | 1,189,485 | 1,054,312 |
Retained Earnings, Restricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 417,014 | 340,888 | 398,039 | 322,552 |
Total comprehensive income | 17,777 | 18,273 | 36,752 | 36,609 |
Cash dividends on capital stock | 0 | 0 | 0 | 0 |
Ending Balance | 434,791 | 359,161 | 434,791 | 359,161 |
Accumulated Other Comprehensive Income (Loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 28,028 | (73,428) | (73,532) | (25,791) |
Total comprehensive income | (11,347) | 63,117 | 90,213 | 15,480 |
Ending Balance | $ 16,681 | $ (10,311) | $ 16,681 | $ (10,311) |
Statements of Capital (Unaudi_2
Statements of Capital (Unaudited) (Parenthetical) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Annualized dividend rate on capital stock | 8.23% | 5.59% | 8.01% | 4.98% |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating Activities: | |||
Net income | $ 183,760 | $ 183,043 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization and depreciation | 10,161 | (2,909) | |
Changes in net derivative and hedging activities | 275,021 | (15,458) | |
Net (gains) on extinguishment of debt | 0 | (19,846) | |
Provision for (reversal of) credit losses | (46) | (2) | |
Net losses (gains) on trading securities | 1,368 | (9,072) | |
Other adjustments | (1,840) | 213 | |
Changes in: | |||
Accrued interest receivable | (8,131) | (3,733) | |
Other assets | (4,395) | (1,055) | |
Accrued interest payable | 30,282 | 120,610 | |
Other liabilities | 67,087 | 19,243 | |
Total adjustments, net | 369,507 | 87,991 | |
Net cash provided by operating activities | 553,267 | 271,034 | |
Net change in: | |||
Interest-bearing deposits | 99,398 | 134,803 | |
Securities purchased under agreements to resell | 250,000 | 150,000 | |
Federal funds sold | (396,000) | (1,879,000) | |
Trading securities: | |||
Proceeds from maturities | 250,000 | 1,400,000 | |
Proceeds from sales | 0 | 494,063 | |
Purchases | (727,928) | 0 | |
Available-for-sale securities: | |||
Proceeds from paydowns and maturities | 0 | 161,480 | |
Proceeds from sales | 220,763 | 85,113 | |
Purchases | (423,534) | (1,638,271) | |
Held-to-maturity securities: | |||
Proceeds from paydowns and maturities | 245,119 | 238,896 | |
Proceeds from sales | 0 | 9,769 | |
Purchases | (384,414) | (922,252) | |
Advances: | |||
Principal repayments | 109,278,659 | 175,082,844 | |
Disbursements to members | (110,450,849) | (174,713,799) | |
Mortgage loans held for portfolio: | |||
Principal collections | 402,708 | 331,922 | |
Purchases from members | (1,186,840) | (546,639) | |
Purchases of premises, software, and equipment | (4,438) | (1,855) | |
Loans to other Federal Home Loan Banks: | |||
Principal repayments | 47,000 | 810,000 | |
Disbursements | (47,000) | (1,060,000) | |
Net Cash Provided by (Used in) Investing Activities, Total | (2,827,356) | (1,862,926) | |
Financing Activities: | |||
Net change in deposits | 219,126 | 73,370 | |
Net change in securities sold under agreements to repurchase | 9,691 | 0 | |
Net proceeds on derivative contracts with financing elements | 5,136 | 4,340 | |
Net proceeds from issuance of consolidated obligations: | |||
Discount notes | 401,334,906 | 339,309,328 | |
Bonds | 17,523,224 | 16,099,923 | |
Payments for matured and retired consolidated obligations: | |||
Discount notes | (401,506,244) | (346,475,227) | |
Bonds | (15,277,025) | (7,576,968) | |
Loans from other Federal Home Loan Banks: | |||
Proceeds from borrowings | 0 | 500,000 | |
Principal repayments | 0 | (500,000) | |
Proceeds from issuance of capital stock | 141,297 | 257,689 | |
Payments for redemption/repurchase of capital stock | (81,042) | (311) | |
Payments for redemption/repurchase of mandatorily redeemable capital stock | (5,923) | (1,894) | |
Dividend payments on capital stock | (91,655) | (55,934) | |
Net cash provided by financing activities | 2,271,491 | 1,634,316 | |
Net increase (decrease) in cash and due from banks | (2,598) | 42,424 | |
Cash and due from banks at beginning of period | 58,844 | 21,161 | |
Cash and due from banks at end of period | 56,246 | 63,585 | |
Cash activities: | |||
Interest payments | 1,793,592 | 1,380,115 | |
Affordable Housing Program payments | [1] | $ 19,577 | $ 6,315 |
[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, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Unless the context otherwise requires, the terms "we," "us," "our" and "Bank" 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 2023 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 2023 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, specifically our derivatives and associated hedged items. Significant Accounting Policies. Our significant accounting policies and certain other disclosures are set forth in our 2023 Form 10-K in Note 1 - Summary of Significant Accounting Policies . There have been no significant changes to these policies through |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Guidance | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Guidance | Note 2 - Recently Adopted and Issued Accounting Guidance Recently Adopted Accounting Guidance We did not adopt any new accounting guidance during the three or six months ended June 30, 2024 . Recently Issued Accounting Guidance |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
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. At June 30, 2024 and December 31, 2023, 97% of these investments, based on amortized cost, were with counterparties rated by an NRSRO as investment grade (BBB or higher). The remaining investments were with unrated counterparties. The NRSRO ratings may differ from any internal ratings of the investments, if applicable. Allowance for Credit Losses. At June 30, 2024 and December 31, 2023, based on our evaluations, no allowance for credit losses on any of our short-term investments was deemed necessary. Investment Securities. Trading Securities. Major Security Types. The following table presents our trading securities by type of security. Security Type June 30, 2024 December 31, 2023 U.S. Treasury obligations $ 1,076,622 $ 600,063 Total trading securities at estimated fair value $ 1,076,622 $ 600,063 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, 2024 2023 2024 2023 Net gains (losses) on trading securities held at period end $ 3,203 $ 615 $ (1,837) $ 2,396 Net gains on trading securities that matured/sold during the period — 143 469 6,676 Net gains (losses) on trading securities $ 3,203 $ 758 $ (1,368) $ 9,072 Available-for-Sale Securities. Major Security Types. The following table presents our AFS securities by type of security. June 30, 2024 Gross Gross Amortized Unrealized Unrealized Estimated Security Type Cost 1 Gains Losses Fair Value U.S. Treasury obligations $ 5,610,415 $ 10,298 $ (883) $ 5,619,830 GSE and TVA debentures 1,851,485 15,398 (181) 1,866,702 GSE multifamily MBS 6,767,221 30,509 (22,516) 6,775,214 Total AFS securities $ 14,229,121 $ 56,205 $ (23,580) $ 14,261,746 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated Security Type Cost 1 Gains Losses Fair Value U.S. Treasury obligations $ 5,708,713 $ 738 $ (12,595) $ 5,696,856 GSE and TVA debentures 1,792,310 14,628 — 1,806,938 GSE multifamily MBS 6,753,080 7,571 (70,119) 6,690,532 Total AFS securities $ 14,254,103 $ 22,937 $ (82,714) $ 14,194,326 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. At June 30, 2024 and December 31, 2023, net unamortized discounts totaled $(256,288) and $(278,669), respectively, and the applicable fair-value hedging basis adjustments totaled net losses of $(1,019,037) and $(778,882), respectively. Excludes accrued interest Unrealized Loss Positions. The following table presents our 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. June 30, 2024 Less than 12 months 12 months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Security Type Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury obligations $ 1,216,699 $ (883) $ — $ — $ 1,216,699 $ (883) GSE and TVA debentures 61,556 (181) — — 61,556 (181) GSE multifamily MBS 367,520 (300) 2,552,568 (22,216) 2,920,088 (22,516) Total impaired AFS securities $ 1,645,775 $ (1,364) $ 2,552,568 $ (22,216) $ 4,198,343 $ (23,580) December 31, 2023 Less than 12 months 12 months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Security Type Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury obligations $ 4,785,547 $ (11,716) $ 239,902 $ (879) $ 5,025,449 $ (12,595) GSE multifamily MBS 2,163,506 (14,970) 2,982,742 (55,149) 5,146,248 (70,119) Total impaired AFS securities $ 6,949,053 $ (26,686) $ 3,222,644 $ (56,028) $ 10,171,697 $ (82,714) Contractual Maturity. The amortized cost and estimated fair value of our 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, 2024 December 31, 2023 Amortized Estimated Amortized Estimated Year of Contractual Maturity Cost Fair Value Cost Fair Value Non-MBS: Due in 1 year or less $ 403,215 $ 403,918 $ 305,208 $ 306,380 Due after 1 through 5 years 5,665,963 5,688,833 4,628,067 4,636,683 Due after 5 through 10 years 1,392,722 1,393,781 2,567,748 2,560,731 Total non-MBS 7,461,900 7,486,532 7,501,023 7,503,794 Total MBS 6,767,221 6,775,214 6,753,080 6,690,532 Total AFS securities $ 14,229,121 $ 14,261,746 $ 14,254,103 $ 14,194,326 Realized Gains and Losses. During the three months ended June 30, 2024, for strategic and economic reasons, we sold two GSE MBS. Proceeds from the sale totaled $220,763 , resulting in net realized gains of $1,840 determined by the specific identification method. During the three months ended June 30, 2023, for strategic and economic reasons, we sold a GSE MBS. Proceeds from the sale totaled $85,113 , resulting in a net realized loss of $(142) determined by the specific identification method. Allowance for Credit Losses. At June 30, 2024 and December 31, 2023, certain of our AFS securities were in an unrealized loss position; howev er, no allowance for credit losses was deemed necessary because those losses were considered temporary and recovery of the entire amortized cost basis on these securities at maturity was expected. Held-to-Maturity Securities. Major Security Types. The following table presents our HTM securities by type of security. June 30, 2024 Gross Gross Unrecognized Unrecognized Amortized Holding Holding Estimated Security Type Cost 1 Gains Losses Fair Value MBS: Other U.S. obligations - guaranteed single-family $ 3,813,827 $ 5,954 $ (24,706) $ 3,795,075 GSE single-family 1,024,990 1,994 (35,611) 991,373 GSE multifamily 554,806 — (4,919) 549,887 Total HTM securities $ 5,393,623 $ 7,948 $ (65,236) $ 5,336,335 December 31, 2023 Gross Gross Unrecognized Unrecognized Amortized Holding Holding Estimated Security Type Cost 1 Gains Losses Fair Value MBS: Other U.S. obligations - guaranteed single-family $ 4,009,493 $ 1,836 $ (39,223) $ 3,972,106 GSE single-family 683,944 1,454 (36,334) 649,064 GSE multifamily 563,366 — (5,137) 558,229 Total HTM securities $ 5,256,803 $ 3,290 $ (80,694) $ 5,179,399 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, 2024 and December 31, 2023 to tale d $19,975 and $21,942, respectively. Contractual Maturity. HTM securities are not presented by contractual maturity because they consisted entirely of MBS, whose actual maturities will likely differ from their contractual maturities as borrowers have the right to prepay their obligations with or without prepayment fees. Realized Gains and Losses. There were no sales of HTM securities during the three and six months ended June 30, 2024. During the six months ended June 30, 2023, we sold a portion of our HTM MBS for which we had previously collected at least 85% of the principal outstanding at the time of acquisition. As such, the sales were considered maturities for purposes of security classification. Proceeds from the sales totaled $9,769, resulting in a net realized loss of $(71) determined by the specific identification method. Allowance for Credit Losses. At June 30, 2024 and December 31, 2023, based on our evaluation of expected credit losses, no allowance for credit losses on any of our HTM securities was deemed necessary. |
Advances
Advances | 6 Months Ended |
Jun. 30, 2024 | |
Advances [Abstract] | |
Advances | Note 4 - Advances The following table presents our advances outstanding by redemption term. June 30, 2024 December 31, 2023 Redemption Term Amount WAIR % Amount WAIR % Overdrawn demand and overnight deposit accounts $ — — $ 2 7.76 Due in 1 year or less 11,132,790 4.69 9,780,116 4.88 Due after 1 through 2 years 3,664,606 3.62 4,362,389 3.33 Due after 2 through 3 years 2,763,033 3.55 2,683,356 3.25 Due after 3 through 4 years 7,086,282 4.38 4,573,456 4.37 Due after 4 through 5 years 4,234,109 4.31 5,531,135 4.30 Thereafter 8,168,439 3.72 8,946,614 3.44 Total advances, par value 37,049,259 4.18 35,877,068 4.06 Fair-value hedging basis adjustments, net (496,306) (319,721) Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees 3,427 4,497 Total advances 1 $ 36,556,380 $ 35,561,844 1 Carrying value equals amortized cost, which excludes accrued interest receivable The following table presents our advances outstanding by the earlier of the redemption date or the next call date and next put date. Earlier of Redemption Earlier of Redemption Term June 30, December 31, June 30, December 31, Overdrawn demand and overnight deposit accounts $ — $ 2 $ — $ 2 Due in 1 year or less 16,133,662 14,901,928 14,999,940 13,910,616 Due after 1 through 2 years 2,912,456 3,641,289 4,666,606 5,102,289 Due after 2 through 3 years 2,417,973 2,370,466 3,096,033 3,581,356 Due after 3 through 4 years 5,377,082 3,328,746 7,169,382 4,808,556 Due after 4 through 5 years 3,911,056 4,502,482 3,492,859 4,661,135 Thereafter 6,297,030 7,132,155 3,624,439 3,813,114 Total advances, par value $ 37,049,259 $ 35,877,068 $ 37,049,259 $ 35,877,068 Advance Concentrations. At June 30, 2024 and December 31, 2023, our top borrower held 13% and 12%, respectively, and our top five borrowers held 38% and 35%, respectively, of total advances outstanding at par. Allowance for Credit Losses. At June 30, 2024 and December 31, 2023, based upon the collateral held as security, our credit extension and collateral policies, our credit analysis and the repayment history on advances, no allowance for credit losses on advances was deemed necessary. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Financing Receivables | Note 5 - Mortgage Loans Held for Portfolio The following tables present information on our mortgage loans held for portfolio by term and type. Term June 30, 2024 December 31, 2023 Fixed-rate long-term mortgages $ 8,530,876 $ 7,711,709 Fixed-rate medium-term 1 mortgages 684,773 740,859 Total mortgage loans held for portfolio, UPB 9,215,649 8,452,568 Unamortized premiums 195,381 179,499 Unamortized discounts (11,933) (11,844) Hedging basis adjustments, net (5,581) (6,254) Total mortgage loans held for portfolio 9,393,516 8,613,969 Allowance for credit losses (125) (125) Total mortgage loans held for portfolio, net 2 $ 9,393,391 $ 8,613,844 1 Defined as a term of 15 years or less at origination. 2 Excludes accrued interest receivable Type June 30, 2024 December 31, 2023 Conventional $ 8,995,864 $ 8,298,188 Government-guaranteed or -insured 219,785 154,380 Total mortgage loans held for portfolio, UPB $ 9,215,649 $ 8,452,568 Credit Quality Indicators for Conventional Mortgage Loans. Amounts past due 30 days or more on conventional mortgage loans at June 30, 2024 and December 31, 2023 totaled $50,686 and $61,300, respectively. Amounts are based on amortized cost, which excludes accrued interest receivable. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 6 - Derivatives and Hedging Activities 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 the 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 our derivative assets and liabilities. June 30, 2024 December 31, 2023 Notional Derivative Derivative Notional Derivative Derivative Amount Assets Liabilities Amount Assets Liabilities Derivatives designated as hedging instruments: Interest-rate swaps $ 69,262,660 $ 813,364 $ 1,416,207 $ 75,336,530 $ 736,648 $ 1,533,144 Derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps 1,175,000 1,304 88 610,000 100 319 Interest-rate caps/floors 811,000 601 — 811,000 887 — Interest-rate forwards 114,300 — 342 57,300 — 337 MDCs 114,429 104 144 57,270 207 12 Total derivatives not designated as hedging instruments 2,214,729 2,009 574 1,535,570 1,194 668 Total derivatives before adjustments $ 71,477,389 815,373 1,416,781 $ 76,872,100 737,842 1,533,812 Netting adjustments and cash collateral 1 (299,120) (1,414,439) (216,678) (1,526,872) Total derivatives, net, at estimated fair value $ 516,253 $ 2,342 $ 521,164 $ 6,940 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, 2024 and December 31, 2023, including accrued interest, totaled $1,322,576 and $1,451,464, respectively. Cash collateral received from counterparties and held at June 30, 2024 and December 31, 2023, including accrued interest, totaled $207,258 and $141,271, respectively . 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. At June 30, 2024 and December 31, 2023, our securities pledged as collateral totaled $2,140 and $15,670, respectively. The following table presents separately the estimated fair value of our derivative instruments meeting and not meeting netting requirements, including the effect of the related collateral. June 30, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivative instruments meeting netting requirements: Gross recognized amount Uncleared $ 797,057 $ 1,415,954 $ 736,071 $ 1,521,576 Cleared 18,212 683 1,564 11,887 Total gross recognized amount 815,269 1,416,637 737,635 1,533,463 Gross amounts of netting adjustments and cash collateral Uncleared (789,330) (1,413,756) (727,850) (1,514,985) Cleared 490,210 (683) 511,172 (11,887) Total gross amounts of netting adjustments and cash collateral (299,120) (1,414,439) (216,678) (1,526,872) Net amounts after netting adjustments and cash collateral Uncleared 7,727 2,198 8,221 6,591 Cleared 508,422 — 512,736 — Total net amounts after netting adjustments and cash collateral 516,149 2,198 520,957 6,591 Derivative instruments not meeting netting requirements 1 104 144 207 349 Total derivatives, net, at estimated fair value $ 516,253 $ 2,342 $ 521,164 $ 6,940 1 Includes MDCs and certain interest-rate forwards. The following table presents the impact of our 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, 2024 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 139,209 $ 130,167 $ (239,940) $ 29,436 Net gains (losses) on derivatives² (23,587) (6,778) 124,299 93,934 Net gains (losses) on hedged items³ 19,650 (14,064) (127,328) (121,742) Net impact on net interest income $ 135,272 $ 109,325 $ (242,969) $ 1,628 Total interest income (expense) recorded in the statement of income 4 $ 508,287 $ 222,574 $ (643,171) $ 87,690 Three Months Ended June 30, 2023 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 148,661 $ 116,903 $ (234,848) $ 30,716 Net gains (losses) on derivatives² 221,614 68,048 (255,180) 34,482 Net gains (losses) on hedged items³ (223,642) (85,751) 254,777 (54,616) Net impact on net interest income $ 146,633 $ 99,200 $ (235,251) $ 10,582 Total interest income (expense) recorded in the statement of income 4 $ 491,905 $ 200,507 $ (543,752) $ 148,660 Six Months Ended June 30, 2024 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 286,559 $ 260,033 $ (489,160) $ 57,432 Net gains on derivatives² 134,592 56,983 70,639 262,214 Net gains (losses) on hedged items³ (143,275) (98,394) (71,677) (313,346) Net impact on net interest income $ 277,876 $ 218,622 $ (490,198) $ 6,300 Total interest income (expense) recorded in the statement of income 4 $ 1,023,144 $ 442,941 $ (1,264,584) $ 201,501 Six Months Ended June 30, 2023 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 266,555 $ 214,175 $ (441,901) $ 38,829 Net gains (losses) on derivatives² 38,303 (21,150) 129,196 146,349 Net gains (losses) on hedged items³ (47,135) (18,521) (129,893) (195,549) Net impact on net interest income $ 257,723 $ 174,504 $ (442,598) $ (10,371) Total interest income (expense) recorded in the statement of income 4 $ 926,134 $ 372,226 $ (990,426) $ 307,934 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 increases (decreases) in estimated fair value, price alignme nt interest and swap termination fees . 3 Includes increases (decreases) in estimated fair value and amortization of net losses on ineffective and discontinued fair-value hedging relationships. 4 For advances, AFS securities and CO bonds only. The following table presents the components of our net gains (losses) on derivatives reported in other income. Three Months Ended June 30, Six Months Ended June 30, Type of Hedge 2024 2023 2024 2023 Net gains (losses) on derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps $ (2,591) $ 1,904 $ 4,695 $ (8,171) Interest-rate caps/floors (175) 516 (272) (429) Interest-rate forwards (172) 723 (328) 58 Net interest settlements 1 2,239 2,626 4,277 12,444 MDCs 55 (799) 108 (295) Net gains (losses) on derivatives in other income $ (644) $ 4,970 $ 8,480 $ 3,607 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, our hedged items in qualifying fair-value hedging relationships. June 30, 2024 Advances AFS Securities CO Bonds Amortized cost of hedged items 1 $ 22,072,080 $ 14,229,121 $ 29,909,431 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships 2 $ (496,306) $ (1,217,636) $ (1,338,834) For discontinued fair-value hedging relationships — 198,599 — Total cumulative fair-value hedging basis adjustments on hedged items $ (496,306) $ (1,019,037) $ (1,338,834) December 31, 2023 Advances AFS Securities CO Bonds Amortized cost of hedged items 1 $ 21,624,453 $ 14,254,103 $ 36,682,911 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships 2 $ (319,721) $ (1,013,707) $ (1,410,511) For discontinued fair-value hedging relationships — 234,825 — Total cumulative fair-value hedging basis adjustments on hedged items $ (319,721) $ (778,882) $ (1,410,511) 1 Includes the amortized cost of the hedged items in active or discontinued fair-value hedging relationships. 2 Excludes any offsetting effect of the net estimated fair value of the associated derivatives. |
Consolidated Obligations
Consolidated Obligations | 6 Months Ended |
Jun. 30, 2024 | |
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 both June 30, 2024 and December 31, 2023 totaled $1.2 trillion. As provided by the Federal Home Loan Bank Act of 1932 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, 2024 December 31, 2023 Par value $ 22,543,338 $ 22,737,397 Unamortized discounts (100,437) (115,297) Unamortized concessions (204) (263) Book value $ 22,442,697 $ 22,621,837 Weighted average effective interest rate 5.33 % 5.35 % CO Bonds. The following table presents the par value of our CO bonds outstanding by interest-rate payment type. Interest-Rate Payment Type June 30, 2024 December 31, 2023 Fixed-rate $ 39,003,360 $ 45,009,050 Simple variable-rate 11,759,500 3,389,500 Step-up 1,313,500 1,428,500 Total CO bonds, par value $ 52,076,360 $ 49,827,050 The following table presents our CO bonds outstanding by contractual maturity. June 30, 2024 December 31, 2023 Year of Contractual Maturity Amount WAIR% Amount WAIR% Due in 1 year or less $ 16,213,970 2.72 $ 20,137,240 3.76 Due after 1 through 2 years 17,737,850 4.22 10,415,280 2.96 Due after 2 through 3 years 5,673,030 1.80 7,537,350 1.48 Due after 3 through 4 years 1,644,780 2.48 2,356,530 1.85 Due after 4 through 5 years 3,004,130 4.13 2,254,120 3.06 Thereafter 7,802,600 3.12 7,126,530 2.81 Total CO bonds, par value 52,076,360 3.26 49,827,050 2.99 Unamortized premiums 28,984 33,792 Unamortized discounts (9,018) (10,093) Unamortized concessions (10,275) (8,672) Fair-value hedging basis adjustments, net (1,338,834) (1,410,511) Total CO bonds $ 50,747,217 $ 48,431,566 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. Call Feature June 30, 2024 December 31, 2023 Non-callable / non-putable $ 21,336,860 $ 14,027,225 Callable 30,739,500 35,799,825 Total CO bonds, par value $ 52,076,360 $ 49,827,050 Year of Contractual Maturity or Next Call Date June 30, 2024 December 31, 2023 Due in 1 year or less $ 36,756,970 $ 42,512,740 Due after 1 through 2 years 12,763,350 4,389,780 Due after 2 through 3 years 659,030 895,850 Due after 3 through 4 years 347,780 327,530 Due after 4 through 5 years 948,630 1,051,620 Thereafter 600,600 649,530 Total CO bonds, par value $ 52,076,360 $ 49,827,050 |
Affordable Housing Program
Affordable Housing Program | 6 Months Ended |
Jun. 30, 2024 | |
Affordable Housing Program [Abstract] | |
Affordable Housing Program | Note 8 - Affordable Housing Program Our required AHP expense, based on 10% of our net earnings, is reported separately as AHP assessments on the Statement of Income as a reduction to income before assessments. Voluntary contributions to our AHP are reported within other expenses. The following table summarizes the activity in our AHP funding obligation. Three Months Ended June 30, Six Months Ended June 30, AHP Activity 2024 2023 2024 2023 Liability at beginning of period $ 77,586 $ 46,615 $ 68,301 $ 38,170 Assessments 10,488 10,637 21,623 21,280 Voluntary contributions to AHP 3,444 — 3,444 — Subsidy usage, net 1 (17,727) (4,117) (19,577) (6,315) Liability at end of period $ 73,791 $ 53,135 $ 73,791 $ 53,135 1 Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital
Capital | 6 Months Ended |
Jun. 30, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Capital | Note 9 - Capital Classes of Capital Stock . The following table presents our capital stock outstanding by sub-series. Capital Stock Sub-Series June 30, 2024 December 31, 2023 Class B-1 1 $ 569,336 $ 581,687 Class B-2 2 1,776,177 1,703,571 Total Class B $ 2,345,513 $ 2,285,258 1 Non-activity-based stock. 2 Activity-based stock. 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 2024 2023 2024 2023 Liability at beginning of period $ 367,444 $ 372,487 $ 369,041 $ 372,503 Reclassification from capital stock — — — 13 Redemptions/repurchases (4,326) (1,865) (5,923) (1,894) Liability at end of period $ 363,118 $ 370,622 $ 363,118 $ 370,622 The following table presents our MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the five-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, 2024 December 31, 2023 Past contractual redemption date 1 $ 857 $ 738 Year 1 2 12,124 15,047 Year 2 16,059 19,179 Year 3 3,674 3,674 Year 4 329,245 329,232 Year 5 1,159 1,171 Total MRCS $ 363,118 $ 369,041 1 Balance represents Class B stock that will not be redeemed until the associated credit products or mortgage loans are no longer outstanding. 2 Balance at December 31, 2023 includes $5,175 of Class B stock held by one captive insurance company whose membership was terminated on February 19, 2021. The stock was not past its contractual redemption date, but was redeemed when the associated advances were repaid during the six months ended June 30, 2024. The following table presents the distributions related to our MRCS. Three Months Ended June 30, Six Months Ended June 30, MRCS Distributions 2024 2023 2024 2023 Recorded as interest expense $ 5,505 $ 4,370 $ 10,848 $ 8,480 Recorded as distributions from retained earnings — 1 — 707 Total $ 5,505 $ 4,371 $ 10,848 $ 9,187 Capital Requirements. We are subject to three capital requirements under our capital plan and Finance Agency regulations. As presented in the following table, we were in compliance with these Finance Agency capital requirements at June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Regulatory Capital Requirements Required Actual Required Actual Risk-based capital $ 1,150,586 $ 4,332,907 $ 1,277,258 $ 4,186,470 Total regulatory capital $ 3,169,806 $ 4,332,907 $ 3,064,336 $ 4,186,470 Total regulatory capital-to-assets ratio 4.00% 5.47% 4.00% 5.46% Leverage capital $ 3,962,258 $ 6,499,360 $ 3,830,420 $ 6,279,705 Leverage ratio 5.00% 8.20% 5.00% 8.20% |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
AOCI Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income | Note 10 - Accumulated Other Comprehensive Income The following table presents a summary of the changes in the components of our AOCI. AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI (Loss) Balance, March 31, 2024 $ 41,539 $ (13,511) $ 28,028 OCI before reclassifications: Net change in unrealized gains (losses) (7,074) — (7,074) Reclassifications from OCI to net income: Net realized (gains) from sale of AFS securities (1,840) — (1,840) Pension benefits, net — (2,433) (2,433) Total other comprehensive income (loss) (8,914) (2,433) (11,347) Balance, June 30, 2024 $ 32,625 $ (15,944) $ 16,681 Balance, March 31, 2023 $ (57,916) $ (15,512) $ (73,428) OCI before reclassifications: Net change in unrealized gains 61,769 — 61,769 Reclassifications from OCI to net income: Net realized (gains) losses from sale of AFS securities 142 — 142 Pension benefits, net — 1,206 1,206 Total other comprehensive income 61,911 1,206 63,117 Balance, June 30, 2023 $ 3,995 $ (14,306) $ (10,311) AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI (Loss) Balance, December 31, 2023 $ (59,777) $ (13,755) $ (73,532) OCI before reclassifications: Net change in unrealized gains 94,242 — 94,242 Reclassifications from OCI to net income: Net realized (gains) from sale of AFS securities (1,840) — (1,840) Pension benefits, net — (2,189) (2,189) Total other comprehensive income (loss) 92,402 (2,189) 90,213 Balance, June 30, 2024 $ 32,625 $ (15,944) $ 16,681 Balance, December 31, 2022 $ (9,939) $ (15,852) $ (25,791) OCI before reclassifications: Net change in unrealized gains 13,792 — 13,792 Reclassifications from OCI to net income: Net realized (gains) losses from sale of AFS securities 142 — 142 Pension benefits, net — 1,546 1,546 Total other comprehensive income 13,934 1,546 15,480 Balance, June 30, 2023 $ 3,995 $ (14,306) $ (10,311) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 11 - Segment Information The following table presents our financial performance by operating segment. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 105,958 $ 18,936 $ 124,894 $ 112,133 $ 11,460 $ 123,593 Provision for (reversal of) credit losses — (21) (21) — (3) (3) Other income 6,539 194 6,733 9,031 120 9,151 Other expenses 28,589 3,684 32,273 26,855 3,893 30,748 Income before assessments 83,908 15,467 99,375 94,309 7,690 101,999 Affordable Housing Program assessments 8,941 1,547 10,488 9,868 769 10,637 Net income $ 74,967 $ 13,920 $ 88,887 $ 84,441 $ 6,921 $ 91,362 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 221,338 $ 32,955 $ 254,293 $ 202,802 $ 24,440 $ 227,242 Provision for (reversal of) credit losses — (46) (46) — (2) (2) Other income 15,778 313 16,091 39,283 15 39,298 Other expenses 57,551 7,496 65,047 54,272 7,947 62,219 Income before assessments 179,565 25,818 205,383 187,813 16,510 204,323 Affordable Housing Program assessments 19,041 2,582 21,623 19,629 1,651 21,280 Net income $ 160,524 $ 23,236 $ 183,760 $ 168,184 $ 14,859 $ 183,043 The following table presents our asset balances by operating segment. Date Traditional Mortgage Loans Total June 30, 2024 $ 69,851,770 $ 9,393,391 $ 79,245,161 December 31, 2023 67,994,560 8,613,844 76,608,404 |
Estimated Fair Values
Estimated Fair Values | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments 1 Assets: Cash and due from banks $ 56,246 $ 56,246 $ 56,246 $ — $ — $ — Interest-bearing deposits 921,006 921,006 920,963 43 — — Securities purchased under agreements to resell 6,250,000 6,250,000 — 6,250,000 — — Federal funds sold 4,497,000 4,497,000 — 4,497,000 — — Trading securities 1,076,622 1,076,622 — 1,076,622 — — AFS securities 14,261,746 14,261,746 — 14,261,746 — — HTM securities 5,393,623 5,336,335 — 5,336,335 — — Advances 36,556,380 36,422,167 — 36,422,167 — — Mortgage loans held for portfolio, net 9,393,391 8,555,984 — 8,551,529 4,455 — Accrued interest receivable 212,412 212,412 — 212,412 — — Derivative assets, net 516,253 516,253 — 815,373 — (299,120) Grantor trust assets 2 65,928 65,928 65,928 — — — Liabilities: Deposits 782,177 782,177 — 782,177 — — Consolidated obligations: Discount notes 22,442,697 22,436,633 — 22,436,633 — — Bonds 50,747,217 49,936,418 — 49,936,418 — — Securities sold under agreements to repurchase 9,691 9,691 — 9,691 — — Accrued interest payable 357,292 357,292 — 357,292 — — Derivative liabilities, net 2,342 2,342 — 1,416,781 — (1,414,439) MRCS 363,118 363,118 363,118 — — — December 31, 2023 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments 1 Assets: Cash and due from banks $ 58,844 $ 58,844 $ 58,844 $ — $ — $ — Interest-bearing deposits 892,049 892,049 892,007 42 — — Securities purchased under agreements to resell 6,500,000 6,500,000 — 6,500,000 — — Federal funds sold 4,101,000 4,101,000 — 4,101,000 — — Trading securities 600,063 600,063 — 600,063 — — AFS securities 14,194,326 14,194,326 — 14,194,326 — — HTM securities 5,256,803 5,179,399 — 5,179,399 — — Advances 35,561,844 35,368,737 — 35,368,737 — — Mortgage loans held for portfolio, net 8,613,844 7,940,218 — 7,936,147 4,071 — Accrued interest receivable 203,809 203,809 — 203,809 — — Derivative assets, net 521,164 521,164 — 737,842 — (216,678) Grantor trust assets 2 61,227 61,227 61,227 — — — Liabilities: Deposits 628,811 628,811 — 628,811 — — Consolidated obligations: Discount notes 22,621,837 22,620,613 — 22,620,613 — — Bonds 48,431,566 47,570,879 — 47,570,879 — — Accrued interest payable 327,237 327,237 — 327,237 — — Derivative liabilities, net 6,940 6,940 — 1,533,812 — (1,526,872) MRCS 369,041 369,041 369,041 — — — 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. Valuation Techniques and Significant Inputs. No significant changes were made during the six months ended June 30, 2024. 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. June 30, 2024 Netting Financial Instruments Total Level 1 Level 2 Level 3 Adjustments 1 Trading securities: U.S. Treasury obligations $ 1,076,622 $ — $ 1,076,622 $ — $ — Total trading securities 1,076,622 — 1,076,622 — — AFS securities: U.S. Treasury obligations 5,619,830 — 5,619,830 — — GSE and TVA debentures 1,866,702 — 1,866,702 — — GSE multifamily MBS 6,775,214 — 6,775,214 — — Total AFS securities 14,261,746 — 14,261,746 — — Derivative assets: Interest-rate related 516,149 — 815,269 — (299,120) MDCs 104 — 104 — — Total derivative assets, net 516,253 — 815,373 — (299,120) Other assets: Grantor trust assets 65,928 65,928 — — — Total assets at recurring estimated fair value $ 15,920,549 $ 65,928 $ 16,153,741 $ — $ (299,120) Derivative liabilities: Interest-rate related $ 2,198 $ — $ 1,416,637 $ — $ (1,414,439) MDCs 144 — 144 — — Total derivative liabilities, net 2,342 — 1,416,781 — (1,414,439) Total liabilities at recurring estimated fair value $ 2,342 $ — $ 1,416,781 $ — $ (1,414,439) December 31, 2023 Netting Financial Instruments Total Level 1 Level 2 Level 3 Adjustments 1 Trading securities: U.S. Treasury obligations $ 600,063 $ — $ 600,063 $ — $ — Total trading securities 600,063 — 600,063 — — AFS securities: U.S. Treasury obligations 5,696,856 — 5,696,856 — — GSE and TVA debentures 1,806,938 — 1,806,938 — — GSE multifamily MBS 6,690,532 — 6,690,532 — — Total AFS securities 14,194,326 — 14,194,326 — — Derivative assets: Interest-rate related 520,957 — 737,635 — (216,678) MDCs 207 — 207 — — Total derivative assets, net 521,164 — 737,842 — (216,678) Other assets: Grantor trust assets 61,227 61,227 — — — Total assets at recurring estimated fair value $ 15,376,780 $ 61,227 $ 15,532,231 $ — $ (216,678) Derivative liabilities: Interest-rate related $ 6,928 $ — $ 1,533,800 $ — $ (1,526,872) MDCs 12 — 12 — — Total derivative liabilities, net 6,940 — 1,533,812 — (1,526,872) Total liabilities at recurring estimated fair value $ 6,940 $ — $ 1,533,812 $ — $ (1,526,872) 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Type of Commitment Expire within one year Expire after one year Total Total Standby letters of credit outstanding 1 $ 215,144 $ 332,059 $ 547,203 $ 511,923 Commitments for standby bond purchases — 218,495 218,495 184,960 Unused lines of credit - advances 2 1,282,550 — 1,282,550 1,196,988 Commitments to fund additional advances 3 6,687 — 6,687 9,965 Commitments to purchase mortgage loans, net 4 114,429 — 114,429 57,270 Unsettled CO bonds, at par 165,000 — 165,000 — 1 Excludes unconditional commitments to issue standby letters of credit of $3,963 at June 30, 2024. There were no unconditional commitments to issue standby letters of credit at December 31, 2023 . 2 Maximum line of credit amount per member is $100,000. 3 Generally for periods up to six months. 4 Generally for periods up to 91 days. Pledged Collateral. Cash pledged as collateral to counterparties and clearing agents at June 30, 2024 and December 31, 2023 totaled $1,318,864 and $1,447,218 , respectively. Standby Bond Purchase Agreements. We have entered into multiple agreements with a state housing authority within our district whereby we could be required under the terms of the agreements to purchase and hold the state housing authority's bonds until its designated marketing agent can find a suitable investor or the state housing authority repurchases the bond according to a schedule established by the standby agreements. At June 30, 2024, the agreements outstanding expire no later than 2029, although some may be renewable at our option. We were not required to purchas e any bon ds under these agreements as of June 30, 2024. 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. |
Related Party and Other Transac
Related Party and Other Transactions | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Net capital stock issuances (redemptions and repurchases) $ 68 $ 1,402 $ 385 $ 3,805 Net advances (repayments) 91,762 (74,218) 3,460 (125,512) Mortgage loan purchases 23,156 10,881 36,428 14,004 The following table presents the aggregate balances of capital stock and advances outstanding for our directors' financial institutions and their balances as a percent of the total balances on our statement of condition. June 30, 2024 December 31, 2023 Balances with Directors' Financial Institutions Par Value % of Total Par Value % of Total Capital stock $ 58,263 2 % $ 56,763 2 % Advances 737,744 2 % 753,234 2 % The composition of our directors' financial institutions changed due to changes in board membership on January 1, 2024 resulting from the 2023 board of directors' election, on January 16, 2024 resulting from a director's resignation, on April 1, 2024 resulting from the board's election of a new director to fill an unexpired term and on June 13, 2024 resulting from a change in a director's affiliation with a member institution. Transactions with Other FHLBanks. Occasionally, we loan or borrow short-term funds to/from other FHLBanks in order to manage FHLBank System-wide liquidity. These loans and borrowings are transacted at current market rates when traded. On June 30, 2023 , the Bank loaned $250,000 to another FHLBank which was repaid on the next business day. There were no loans to or borrowings from other FHLBanks that remained outstanding at June 30, 2024 or December 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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 2023 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. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Guidance | Recently Adopted Accounting Guidance We did not adopt any new accounting guidance during the three or six months ended June 30, 2024 . Recently Issued Accounting Guidance |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Net gains (losses) on trading securities held at period end $ 3,203 $ 615 $ (1,837) $ 2,396 Net gains on trading securities that matured/sold during the period — 143 469 6,676 Net gains (losses) on trading securities $ 3,203 $ 758 $ (1,368) $ 9,072 |
Available-for-Sale (AFS) Securities by Major Security Type | The following table presents our AFS securities by type of security. June 30, 2024 Gross Gross Amortized Unrealized Unrealized Estimated Security Type Cost 1 Gains Losses Fair Value U.S. Treasury obligations $ 5,610,415 $ 10,298 $ (883) $ 5,619,830 GSE and TVA debentures 1,851,485 15,398 (181) 1,866,702 GSE multifamily MBS 6,767,221 30,509 (22,516) 6,775,214 Total AFS securities $ 14,229,121 $ 56,205 $ (23,580) $ 14,261,746 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated Security Type Cost 1 Gains Losses Fair Value U.S. Treasury obligations $ 5,708,713 $ 738 $ (12,595) $ 5,696,856 GSE and TVA debentures 1,792,310 14,628 — 1,806,938 GSE multifamily MBS 6,753,080 7,571 (70,119) 6,690,532 Total AFS securities $ 14,254,103 $ 22,937 $ (82,714) $ 14,194,326 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. At June 30, 2024 and December 31, 2023, net unamortized discounts totaled $(256,288) and $(278,669), respectively, and the applicable fair-value hedging basis adjustments totaled net losses of $(1,019,037) and $(778,882), respectively. Excludes accrued interest |
Available-for-sale (AFS) Securities in an Unrealized Loss Position | The following table presents our 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. June 30, 2024 Less than 12 months 12 months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Security Type Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury obligations $ 1,216,699 $ (883) $ — $ — $ 1,216,699 $ (883) GSE and TVA debentures 61,556 (181) — — 61,556 (181) GSE multifamily MBS 367,520 (300) 2,552,568 (22,216) 2,920,088 (22,516) Total impaired AFS securities $ 1,645,775 $ (1,364) $ 2,552,568 $ (22,216) $ 4,198,343 $ (23,580) December 31, 2023 Less than 12 months 12 months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Security Type Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury obligations $ 4,785,547 $ (11,716) $ 239,902 $ (879) $ 5,025,449 $ (12,595) GSE multifamily MBS 2,163,506 (14,970) 2,982,742 (55,149) 5,146,248 (70,119) Total impaired AFS securities $ 6,949,053 $ (26,686) $ 3,222,644 $ (56,028) $ 10,171,697 $ (82,714) |
HTM Securities by Major Security Type | The following table presents our HTM securities by type of security. June 30, 2024 Gross Gross Unrecognized Unrecognized Amortized Holding Holding Estimated Security Type Cost 1 Gains Losses Fair Value MBS: Other U.S. obligations - guaranteed single-family $ 3,813,827 $ 5,954 $ (24,706) $ 3,795,075 GSE single-family 1,024,990 1,994 (35,611) 991,373 GSE multifamily 554,806 — (4,919) 549,887 Total HTM securities $ 5,393,623 $ 7,948 $ (65,236) $ 5,336,335 December 31, 2023 Gross Gross Unrecognized Unrecognized Amortized Holding Holding Estimated Security Type Cost 1 Gains Losses Fair Value MBS: Other U.S. obligations - guaranteed single-family $ 4,009,493 $ 1,836 $ (39,223) $ 3,972,106 GSE single-family 683,944 1,454 (36,334) 649,064 GSE multifamily 563,366 — (5,137) 558,229 Total HTM securities $ 5,256,803 $ 3,290 $ (80,694) $ 5,179,399 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, 2024 and December 31, 2023 to tale d $19,975 and $21,942, respectively. |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents our trading securities by type of security. Security Type June 30, 2024 December 31, 2023 U.S. Treasury obligations $ 1,076,622 $ 600,063 Total trading securities at estimated fair value $ 1,076,622 $ 600,063 |
AFS Securities | |
Debt and Equity Securities, FV-NI [Line Items] | |
AFS Securities by Contractual Maturity | The amortized cost and estimated fair value of our 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, 2024 December 31, 2023 Amortized Estimated Amortized Estimated Year of Contractual Maturity Cost Fair Value Cost Fair Value Non-MBS: Due in 1 year or less $ 403,215 $ 403,918 $ 305,208 $ 306,380 Due after 1 through 5 years 5,665,963 5,688,833 4,628,067 4,636,683 Due after 5 through 10 years 1,392,722 1,393,781 2,567,748 2,560,731 Total non-MBS 7,461,900 7,486,532 7,501,023 7,503,794 Total MBS 6,767,221 6,775,214 6,753,080 6,690,532 Total AFS securities $ 14,229,121 $ 14,261,746 $ 14,254,103 $ 14,194,326 |
Advances (Tables)
Advances (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Advances [Abstract] | |
Summary of Advances Redemption Terms | The following table presents our advances outstanding by redemption term. June 30, 2024 December 31, 2023 Redemption Term Amount WAIR % Amount WAIR % Overdrawn demand and overnight deposit accounts $ — — $ 2 7.76 Due in 1 year or less 11,132,790 4.69 9,780,116 4.88 Due after 1 through 2 years 3,664,606 3.62 4,362,389 3.33 Due after 2 through 3 years 2,763,033 3.55 2,683,356 3.25 Due after 3 through 4 years 7,086,282 4.38 4,573,456 4.37 Due after 4 through 5 years 4,234,109 4.31 5,531,135 4.30 Thereafter 8,168,439 3.72 8,946,614 3.44 Total advances, par value 37,049,259 4.18 35,877,068 4.06 Fair-value hedging basis adjustments, net (496,306) (319,721) Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees 3,427 4,497 Total advances 1 $ 36,556,380 $ 35,561,844 1 Carrying value equals amortized cost, which excludes accrued interest receivable The following table presents our advances outstanding by the earlier of the redemption date or the next call date and next put date. Earlier of Redemption Earlier of Redemption Term June 30, December 31, June 30, December 31, Overdrawn demand and overnight deposit accounts $ — $ 2 $ — $ 2 Due in 1 year or less 16,133,662 14,901,928 14,999,940 13,910,616 Due after 1 through 2 years 2,912,456 3,641,289 4,666,606 5,102,289 Due after 2 through 3 years 2,417,973 2,370,466 3,096,033 3,581,356 Due after 3 through 4 years 5,377,082 3,328,746 7,169,382 4,808,556 Due after 4 through 5 years 3,911,056 4,502,482 3,492,859 4,661,135 Thereafter 6,297,030 7,132,155 3,624,439 3,813,114 Total advances, par value $ 37,049,259 $ 35,877,068 $ 37,049,259 $ 35,877,068 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio by Term and Type | The following tables present information on our mortgage loans held for portfolio by term and type. Term June 30, 2024 December 31, 2023 Fixed-rate long-term mortgages $ 8,530,876 $ 7,711,709 Fixed-rate medium-term 1 mortgages 684,773 740,859 Total mortgage loans held for portfolio, UPB 9,215,649 8,452,568 Unamortized premiums 195,381 179,499 Unamortized discounts (11,933) (11,844) Hedging basis adjustments, net (5,581) (6,254) Total mortgage loans held for portfolio 9,393,516 8,613,969 Allowance for credit losses (125) (125) Total mortgage loans held for portfolio, net 2 $ 9,393,391 $ 8,613,844 1 Defined as a term of 15 years or less at origination. 2 Excludes accrued interest receivable Type June 30, 2024 December 31, 2023 Conventional $ 8,995,864 $ 8,298,188 Government-guaranteed or -insured 219,785 154,380 Total mortgage loans held for portfolio, UPB $ 9,215,649 $ 8,452,568 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 our derivative assets and liabilities. June 30, 2024 December 31, 2023 Notional Derivative Derivative Notional Derivative Derivative Amount Assets Liabilities Amount Assets Liabilities Derivatives designated as hedging instruments: Interest-rate swaps $ 69,262,660 $ 813,364 $ 1,416,207 $ 75,336,530 $ 736,648 $ 1,533,144 Derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps 1,175,000 1,304 88 610,000 100 319 Interest-rate caps/floors 811,000 601 — 811,000 887 — Interest-rate forwards 114,300 — 342 57,300 — 337 MDCs 114,429 104 144 57,270 207 12 Total derivatives not designated as hedging instruments 2,214,729 2,009 574 1,535,570 1,194 668 Total derivatives before adjustments $ 71,477,389 815,373 1,416,781 $ 76,872,100 737,842 1,533,812 Netting adjustments and cash collateral 1 (299,120) (1,414,439) (216,678) (1,526,872) Total derivatives, net, at estimated fair value $ 516,253 $ 2,342 $ 521,164 $ 6,940 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, 2024 and December 31, 2023, including accrued interest, totaled $1,322,576 and $1,451,464, respectively. Cash collateral received from counterparties and held at June 30, 2024 and December 31, 2023, including accrued interest, totaled $207,258 and $141,271, respectively . |
Offsetting of Derivative Assets and Derivative Liabilities | The following table presents separately the estimated fair value of our derivative instruments meeting and not meeting netting requirements, including the effect of the related collateral. June 30, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivative instruments meeting netting requirements: Gross recognized amount Uncleared $ 797,057 $ 1,415,954 $ 736,071 $ 1,521,576 Cleared 18,212 683 1,564 11,887 Total gross recognized amount 815,269 1,416,637 737,635 1,533,463 Gross amounts of netting adjustments and cash collateral Uncleared (789,330) (1,413,756) (727,850) (1,514,985) Cleared 490,210 (683) 511,172 (11,887) Total gross amounts of netting adjustments and cash collateral (299,120) (1,414,439) (216,678) (1,526,872) Net amounts after netting adjustments and cash collateral Uncleared 7,727 2,198 8,221 6,591 Cleared 508,422 — 512,736 — Total net amounts after netting adjustments and cash collateral 516,149 2,198 520,957 6,591 Derivative instruments not meeting netting requirements 1 104 144 207 349 Total derivatives, net, at estimated fair value $ 516,253 $ 2,342 $ 521,164 $ 6,940 1 Includes MDCs and certain interest-rate forwards. |
Components of Net Gains (Losses) on Derivatives and Hedging Activities in Net Interest Income | Three Months Ended June 30, 2024 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 139,209 $ 130,167 $ (239,940) $ 29,436 Net gains (losses) on derivatives² (23,587) (6,778) 124,299 93,934 Net gains (losses) on hedged items³ 19,650 (14,064) (127,328) (121,742) Net impact on net interest income $ 135,272 $ 109,325 $ (242,969) $ 1,628 Total interest income (expense) recorded in the statement of income 4 $ 508,287 $ 222,574 $ (643,171) $ 87,690 Three Months Ended June 30, 2023 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 148,661 $ 116,903 $ (234,848) $ 30,716 Net gains (losses) on derivatives² 221,614 68,048 (255,180) 34,482 Net gains (losses) on hedged items³ (223,642) (85,751) 254,777 (54,616) Net impact on net interest income $ 146,633 $ 99,200 $ (235,251) $ 10,582 Total interest income (expense) recorded in the statement of income 4 $ 491,905 $ 200,507 $ (543,752) $ 148,660 Six Months Ended June 30, 2024 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 286,559 $ 260,033 $ (489,160) $ 57,432 Net gains on derivatives² 134,592 56,983 70,639 262,214 Net gains (losses) on hedged items³ (143,275) (98,394) (71,677) (313,346) Net impact on net interest income $ 277,876 $ 218,622 $ (490,198) $ 6,300 Total interest income (expense) recorded in the statement of income 4 $ 1,023,144 $ 442,941 $ (1,264,584) $ 201,501 Six Months Ended June 30, 2023 Advances AFS Securities CO Bonds Total Net impact of fair-value hedging relationships on net interest income: Net interest settlements on derivatives 1 $ 266,555 $ 214,175 $ (441,901) $ 38,829 Net gains (losses) on derivatives² 38,303 (21,150) 129,196 146,349 Net gains (losses) on hedged items³ (47,135) (18,521) (129,893) (195,549) Net impact on net interest income $ 257,723 $ 174,504 $ (442,598) $ (10,371) Total interest income (expense) recorded in the statement of income 4 $ 926,134 $ 372,226 $ (990,426) $ 307,934 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 increases (decreases) in estimated fair value, price alignme nt interest and swap termination fees . 3 Includes increases (decreases) in estimated fair value and amortization of net losses on ineffective and discontinued fair-value hedging relationships. 4 For advances, AFS securities and CO bonds only. |
Derivatives Not Designated as Hedging Instruments | The following table presents the components of our net gains (losses) on derivatives reported in other income. Three Months Ended June 30, Six Months Ended June 30, Type of Hedge 2024 2023 2024 2023 Net gains (losses) on derivatives not designated as hedging instruments: Economic hedges: Interest-rate swaps $ (2,591) $ 1,904 $ 4,695 $ (8,171) Interest-rate caps/floors (175) 516 (272) (429) Interest-rate forwards (172) 723 (328) 58 Net interest settlements 1 2,239 2,626 4,277 12,444 MDCs 55 (799) 108 (295) Net gains (losses) on derivatives in other income $ (644) $ 4,970 $ 8,480 $ 3,607 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, our hedged items in qualifying fair-value hedging relationships. June 30, 2024 Advances AFS Securities CO Bonds Amortized cost of hedged items 1 $ 22,072,080 $ 14,229,121 $ 29,909,431 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships 2 $ (496,306) $ (1,217,636) $ (1,338,834) For discontinued fair-value hedging relationships — 198,599 — Total cumulative fair-value hedging basis adjustments on hedged items $ (496,306) $ (1,019,037) $ (1,338,834) December 31, 2023 Advances AFS Securities CO Bonds Amortized cost of hedged items 1 $ 21,624,453 $ 14,254,103 $ 36,682,911 Cumulative basis adjustments included in amortized cost: For active fair-value hedging relationships 2 $ (319,721) $ (1,013,707) $ (1,410,511) For discontinued fair-value hedging relationships — 234,825 — Total cumulative fair-value hedging basis adjustments on hedged items $ (319,721) $ (778,882) $ (1,410,511) 1 Includes the amortized cost of the hedged items in active or discontinued fair-value hedging relationships. 2 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, 2024 | |
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, 2024 December 31, 2023 Par value $ 22,543,338 $ 22,737,397 Unamortized discounts (100,437) (115,297) Unamortized concessions (204) (263) Book value $ 22,442,697 $ 22,621,837 Weighted average effective interest rate 5.33 % 5.35 % |
CO Bonds by Interest-Rate Payment Type and Redemption Feature | The following table presents the par value of our CO bonds outstanding by interest-rate payment type. Interest-Rate Payment Type June 30, 2024 December 31, 2023 Fixed-rate $ 39,003,360 $ 45,009,050 Simple variable-rate 11,759,500 3,389,500 Step-up 1,313,500 1,428,500 Total CO bonds, par value $ 52,076,360 $ 49,827,050 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. Call Feature June 30, 2024 December 31, 2023 Non-callable / non-putable $ 21,336,860 $ 14,027,225 Callable 30,739,500 35,799,825 Total CO bonds, par value $ 52,076,360 $ 49,827,050 |
CO Bonds by Year of Contractual Maturity (or Next Call Date) | The following table presents our CO bonds outstanding by contractual maturity. June 30, 2024 December 31, 2023 Year of Contractual Maturity Amount WAIR% Amount WAIR% Due in 1 year or less $ 16,213,970 2.72 $ 20,137,240 3.76 Due after 1 through 2 years 17,737,850 4.22 10,415,280 2.96 Due after 2 through 3 years 5,673,030 1.80 7,537,350 1.48 Due after 3 through 4 years 1,644,780 2.48 2,356,530 1.85 Due after 4 through 5 years 3,004,130 4.13 2,254,120 3.06 Thereafter 7,802,600 3.12 7,126,530 2.81 Total CO bonds, par value 52,076,360 3.26 49,827,050 2.99 Unamortized premiums 28,984 33,792 Unamortized discounts (9,018) (10,093) Unamortized concessions (10,275) (8,672) Fair-value hedging basis adjustments, net (1,338,834) (1,410,511) Total CO bonds $ 50,747,217 $ 48,431,566 Year of Contractual Maturity or Next Call Date June 30, 2024 December 31, 2023 Due in 1 year or less $ 36,756,970 $ 42,512,740 Due after 1 through 2 years 12,763,350 4,389,780 Due after 2 through 3 years 659,030 895,850 Due after 3 through 4 years 347,780 327,530 Due after 4 through 5 years 948,630 1,051,620 Thereafter 600,600 649,530 Total CO bonds, par value $ 52,076,360 $ 49,827,050 |
Affordable Housing Program (Tab
Affordable Housing Program (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 2023 2024 2023 Liability at beginning of period $ 77,586 $ 46,615 $ 68,301 $ 38,170 Assessments 10,488 10,637 21,623 21,280 Voluntary contributions to AHP 3,444 — 3,444 — Subsidy usage, net 1 (17,727) (4,117) (19,577) (6,315) Liability at end of period $ 73,791 $ 53,135 $ 73,791 $ 53,135 1 Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital (Tables)
Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Capital Stock Outstanding by Sub-series | The following table presents our capital stock outstanding by sub-series. Capital Stock Sub-Series June 30, 2024 December 31, 2023 Class B-1 1 $ 569,336 $ 581,687 Class B-2 2 1,776,177 1,703,571 Total Class B $ 2,345,513 $ 2,285,258 1 Non-activity-based stock. 2 Activity-based stock. |
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 2024 2023 2024 2023 Liability at beginning of period $ 367,444 $ 372,487 $ 369,041 $ 372,503 Reclassification from capital stock — — — 13 Redemptions/repurchases (4,326) (1,865) (5,923) (1,894) Liability at end of period $ 363,118 $ 370,622 $ 363,118 $ 370,622 The following table presents our MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the five-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, 2024 December 31, 2023 Past contractual redemption date 1 $ 857 $ 738 Year 1 2 12,124 15,047 Year 2 16,059 19,179 Year 3 3,674 3,674 Year 4 329,245 329,232 Year 5 1,159 1,171 Total MRCS $ 363,118 $ 369,041 1 Balance represents Class B stock that will not be redeemed until the associated credit products or mortgage loans are no longer outstanding. 2 |
Schedule of Distributions on Mandatorily Redeemable Capital Stock | The following table presents the distributions related to our MRCS. Three Months Ended June 30, Six Months Ended June 30, MRCS Distributions 2024 2023 2024 2023 Recorded as interest expense $ 5,505 $ 4,370 $ 10,848 $ 8,480 Recorded as distributions from retained earnings — 1 — 707 Total $ 5,505 $ 4,371 $ 10,848 $ 9,187 |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | As presented in the following table, we were in compliance with these Finance Agency capital requirements at June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Regulatory Capital Requirements Required Actual Required Actual Risk-based capital $ 1,150,586 $ 4,332,907 $ 1,277,258 $ 4,186,470 Total regulatory capital $ 3,169,806 $ 4,332,907 $ 3,064,336 $ 4,186,470 Total regulatory capital-to-assets ratio 4.00% 5.47% 4.00% 5.46% Leverage capital $ 3,962,258 $ 6,499,360 $ 3,830,420 $ 6,279,705 Leverage ratio 5.00% 8.20% 5.00% 8.20% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
AOCI Attributable to Parent [Abstract] | |
Schedule of Changes in the Components of AOCI | The following table presents a summary of the changes in the components of our AOCI. AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI (Loss) Balance, March 31, 2024 $ 41,539 $ (13,511) $ 28,028 OCI before reclassifications: Net change in unrealized gains (losses) (7,074) — (7,074) Reclassifications from OCI to net income: Net realized (gains) from sale of AFS securities (1,840) — (1,840) Pension benefits, net — (2,433) (2,433) Total other comprehensive income (loss) (8,914) (2,433) (11,347) Balance, June 30, 2024 $ 32,625 $ (15,944) $ 16,681 Balance, March 31, 2023 $ (57,916) $ (15,512) $ (73,428) OCI before reclassifications: Net change in unrealized gains 61,769 — 61,769 Reclassifications from OCI to net income: Net realized (gains) losses from sale of AFS securities 142 — 142 Pension benefits, net — 1,206 1,206 Total other comprehensive income 61,911 1,206 63,117 Balance, June 30, 2023 $ 3,995 $ (14,306) $ (10,311) AOCI Rollforward Unrealized Gains (Losses) on AFS Securities Pension Benefits Total AOCI (Loss) Balance, December 31, 2023 $ (59,777) $ (13,755) $ (73,532) OCI before reclassifications: Net change in unrealized gains 94,242 — 94,242 Reclassifications from OCI to net income: Net realized (gains) from sale of AFS securities (1,840) — (1,840) Pension benefits, net — (2,189) (2,189) Total other comprehensive income (loss) 92,402 (2,189) 90,213 Balance, June 30, 2024 $ 32,625 $ (15,944) $ 16,681 Balance, December 31, 2022 $ (9,939) $ (15,852) $ (25,791) OCI before reclassifications: Net change in unrealized gains 13,792 — 13,792 Reclassifications from OCI to net income: Net realized (gains) losses from sale of AFS securities 142 — 142 Pension benefits, net — 1,546 1,546 Total other comprehensive income 13,934 1,546 15,480 Balance, June 30, 2023 $ 3,995 $ (14,306) $ (10,311) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Financial Performance by Operating Segment | The following table presents our financial performance by operating segment. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 105,958 $ 18,936 $ 124,894 $ 112,133 $ 11,460 $ 123,593 Provision for (reversal of) credit losses — (21) (21) — (3) (3) Other income 6,539 194 6,733 9,031 120 9,151 Other expenses 28,589 3,684 32,273 26,855 3,893 30,748 Income before assessments 83,908 15,467 99,375 94,309 7,690 101,999 Affordable Housing Program assessments 8,941 1,547 10,488 9,868 769 10,637 Net income $ 74,967 $ 13,920 $ 88,887 $ 84,441 $ 6,921 $ 91,362 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Traditional Mortgage Loans Total Traditional Mortgage Loans Total Net interest income $ 221,338 $ 32,955 $ 254,293 $ 202,802 $ 24,440 $ 227,242 Provision for (reversal of) credit losses — (46) (46) — (2) (2) Other income 15,778 313 16,091 39,283 15 39,298 Other expenses 57,551 7,496 65,047 54,272 7,947 62,219 Income before assessments 179,565 25,818 205,383 187,813 16,510 204,323 Affordable Housing Program assessments 19,041 2,582 21,623 19,629 1,651 21,280 Net income $ 160,524 $ 23,236 $ 183,760 $ 168,184 $ 14,859 $ 183,043 |
Schedule of Segment Assets by Segment | The following table presents our asset balances by operating segment. Date Traditional Mortgage Loans Total June 30, 2024 $ 69,851,770 $ 9,393,391 $ 79,245,161 December 31, 2023 67,994,560 8,613,844 76,608,404 |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments 1 Assets: Cash and due from banks $ 56,246 $ 56,246 $ 56,246 $ — $ — $ — Interest-bearing deposits 921,006 921,006 920,963 43 — — Securities purchased under agreements to resell 6,250,000 6,250,000 — 6,250,000 — — Federal funds sold 4,497,000 4,497,000 — 4,497,000 — — Trading securities 1,076,622 1,076,622 — 1,076,622 — — AFS securities 14,261,746 14,261,746 — 14,261,746 — — HTM securities 5,393,623 5,336,335 — 5,336,335 — — Advances 36,556,380 36,422,167 — 36,422,167 — — Mortgage loans held for portfolio, net 9,393,391 8,555,984 — 8,551,529 4,455 — Accrued interest receivable 212,412 212,412 — 212,412 — — Derivative assets, net 516,253 516,253 — 815,373 — (299,120) Grantor trust assets 2 65,928 65,928 65,928 — — — Liabilities: Deposits 782,177 782,177 — 782,177 — — Consolidated obligations: Discount notes 22,442,697 22,436,633 — 22,436,633 — — Bonds 50,747,217 49,936,418 — 49,936,418 — — Securities sold under agreements to repurchase 9,691 9,691 — 9,691 — — Accrued interest payable 357,292 357,292 — 357,292 — — Derivative liabilities, net 2,342 2,342 — 1,416,781 — (1,414,439) MRCS 363,118 363,118 363,118 — — — December 31, 2023 Estimated Fair Value Carrying Netting Financial Instruments Value Total Level 1 Level 2 Level 3 Adjustments 1 Assets: Cash and due from banks $ 58,844 $ 58,844 $ 58,844 $ — $ — $ — Interest-bearing deposits 892,049 892,049 892,007 42 — — Securities purchased under agreements to resell 6,500,000 6,500,000 — 6,500,000 — — Federal funds sold 4,101,000 4,101,000 — 4,101,000 — — Trading securities 600,063 600,063 — 600,063 — — AFS securities 14,194,326 14,194,326 — 14,194,326 — — HTM securities 5,256,803 5,179,399 — 5,179,399 — — Advances 35,561,844 35,368,737 — 35,368,737 — — Mortgage loans held for portfolio, net 8,613,844 7,940,218 — 7,936,147 4,071 — Accrued interest receivable 203,809 203,809 — 203,809 — — Derivative assets, net 521,164 521,164 — 737,842 — (216,678) Grantor trust assets 2 61,227 61,227 61,227 — — — Liabilities: Deposits 628,811 628,811 — 628,811 — — Consolidated obligations: Discount notes 22,621,837 22,620,613 — 22,620,613 — — Bonds 48,431,566 47,570,879 — 47,570,879 — — Accrued interest payable 327,237 327,237 — 327,237 — — Derivative liabilities, net 6,940 6,940 — 1,533,812 — (1,526,872) MRCS 369,041 369,041 369,041 — — — 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 |
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. June 30, 2024 Netting Financial Instruments Total Level 1 Level 2 Level 3 Adjustments 1 Trading securities: U.S. Treasury obligations $ 1,076,622 $ — $ 1,076,622 $ — $ — Total trading securities 1,076,622 — 1,076,622 — — AFS securities: U.S. Treasury obligations 5,619,830 — 5,619,830 — — GSE and TVA debentures 1,866,702 — 1,866,702 — — GSE multifamily MBS 6,775,214 — 6,775,214 — — Total AFS securities 14,261,746 — 14,261,746 — — Derivative assets: Interest-rate related 516,149 — 815,269 — (299,120) MDCs 104 — 104 — — Total derivative assets, net 516,253 — 815,373 — (299,120) Other assets: Grantor trust assets 65,928 65,928 — — — Total assets at recurring estimated fair value $ 15,920,549 $ 65,928 $ 16,153,741 $ — $ (299,120) Derivative liabilities: Interest-rate related $ 2,198 $ — $ 1,416,637 $ — $ (1,414,439) MDCs 144 — 144 — — Total derivative liabilities, net 2,342 — 1,416,781 — (1,414,439) Total liabilities at recurring estimated fair value $ 2,342 $ — $ 1,416,781 $ — $ (1,414,439) December 31, 2023 Netting Financial Instruments Total Level 1 Level 2 Level 3 Adjustments 1 Trading securities: U.S. Treasury obligations $ 600,063 $ — $ 600,063 $ — $ — Total trading securities 600,063 — 600,063 — — AFS securities: U.S. Treasury obligations 5,696,856 — 5,696,856 — — GSE and TVA debentures 1,806,938 — 1,806,938 — — GSE multifamily MBS 6,690,532 — 6,690,532 — — Total AFS securities 14,194,326 — 14,194,326 — — Derivative assets: Interest-rate related 520,957 — 737,635 — (216,678) MDCs 207 — 207 — — Total derivative assets, net 521,164 — 737,842 — (216,678) Other assets: Grantor trust assets 61,227 61,227 — — — Total assets at recurring estimated fair value $ 15,376,780 $ 61,227 $ 15,532,231 $ — $ (216,678) Derivative liabilities: Interest-rate related $ 6,928 $ — $ 1,533,800 $ — $ (1,526,872) MDCs 12 — 12 — — Total derivative liabilities, net 6,940 — 1,533,812 — (1,526,872) Total liabilities at recurring estimated fair value $ 6,940 $ — $ 1,533,812 $ — $ (1,526,872) 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments | The following table presents our off-balance-sheet commitments at their notional amounts. June 30, 2024 December 31, 2023 Type of Commitment Expire within one year Expire after one year Total Total Standby letters of credit outstanding 1 $ 215,144 $ 332,059 $ 547,203 $ 511,923 Commitments for standby bond purchases — 218,495 218,495 184,960 Unused lines of credit - advances 2 1,282,550 — 1,282,550 1,196,988 Commitments to fund additional advances 3 6,687 — 6,687 9,965 Commitments to purchase mortgage loans, net 4 114,429 — 114,429 57,270 Unsettled CO bonds, at par 165,000 — 165,000 — 1 Excludes unconditional commitments to issue standby letters of credit of $3,963 at June 30, 2024. There were no unconditional commitments to issue standby letters of credit at December 31, 2023 . 2 Maximum line of credit amount per member is $100,000. 3 Generally for periods up to six months. 4 Generally for periods up to 91 days. |
Related Party and Other Trans_2
Related Party and Other Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
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, 2024 2023 2024 2023 Net capital stock issuances (redemptions and repurchases) $ 68 $ 1,402 $ 385 $ 3,805 Net advances (repayments) 91,762 (74,218) 3,460 (125,512) Mortgage loan purchases 23,156 10,881 36,428 14,004 |
Balances with Directors' Financial Institutions | The following table presents the aggregate balances of capital stock and advances outstanding for our directors' financial institutions and their balances as a percent of the total balances on our statement of condition. June 30, 2024 December 31, 2023 Balances with Directors' Financial Institutions Par Value % of Total Par Value % of Total Capital stock $ 58,263 2 % $ 56,763 2 % Advances 737,744 2 % 753,234 2 % |
Investments - Short-Term Invest
Investments - Short-Term Investments Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Short-Term Investments [Line Items] | ||
Percentage of short-term investments with counterparties rated by an NRSRO as investment grade | 97% | 97% |
InterestBearingDepositsFederalFundsSoldSecuritiesPurchasedUnderAgreementstoResellMember [Member] | ||
Short-Term Investments [Line Items] | ||
Allowance for credit loss | $ 0 | $ 0 |
Investments - Trading Securitie
Investments - Trading Securities By Major Type (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Total trading securities at estimated fair value | $ 1,076,622 | $ 600,063 |
U.S. Treasury obligations | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total trading securities at estimated fair value | $ 1,076,622 | $ 600,063 |
Investments - Net Gains (Losses
Investments - Net Gains (Losses) on Trading Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Trading, Gain (Loss) [Abstract] | ||||
Net gains (losses) on trading securities held at period end | $ 3,203 | $ 615 | $ (1,837) | $ 2,396 |
Net gains on trading securities that matured/sold during the period | 0 | 143 | 469 | 6,676 |
Net gains (losses) on trading securities | $ 3,203 | $ 758 | $ (1,368) | $ 9,072 |
Investments - AFS Securities -
Investments - AFS Securities - Major Security Types (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost - AFS | [1] | $ 14,229,121 | $ 14,254,103 |
Gross Unrealized Gains | 56,205 | 22,937 | |
Gross Unrealized Losses | (23,580) | (82,714) | |
Estimated Fair Value | 14,261,746 | 14,194,326 | |
Unamortized premium (discount) | (256,288) | (278,669) | |
Applicable fair value hedging-basis adjustment | (1,019,037) | (778,882) | |
Accrued interest receivable | $ 73,172 | $ 72,005 | |
Debt Securities, Available-for-Sale, Excluded Accrued Interest from Amortized Cost [true false] | true | true | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
U.S. Treasury obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost - AFS | $ 5,610,415 | $ 5,708,713 | |
Gross Unrealized Gains | 10,298 | 738 | |
Gross Unrealized Losses | (883) | (12,595) | |
Estimated Fair Value | 5,619,830 | 5,696,856 | |
GSE and TVA debentures | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost - AFS | 1,851,485 | 1,792,310 | |
Gross Unrealized Gains | 15,398 | 14,628 | |
Gross Unrealized Losses | (181) | 0 | |
Estimated Fair Value | 1,866,702 | 1,806,938 | |
GSE multifamily MBS | Multifamily | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost - AFS | 6,767,221 | 6,753,080 | |
Gross Unrealized Gains | 30,509 | 7,571 | |
Gross Unrealized Losses | (22,516) | (70,119) | |
Estimated Fair Value | $ 6,775,214 | $ 6,690,532 | |
[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. At June 30, 2024 and December 31, 2023, net unamortized discounts totaled $(256,288) and $(278,669), respectively, and the applicable fair-value hedging basis adjustments totaled net losses of $(1,019,037) and $(778,882), respectively. Excludes accrued interest |
Investments - AFS Securities _2
Investments - AFS Securities - Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-sale Securities. Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Estimated Fair Value | $ 1,645,775 | $ 6,949,053 |
Less than 12 Months, Unrealized Losses | (1,364) | (26,686) |
12 Months or More, Estimated Fair Value | 2,552,568 | 3,222,644 |
12 Months or More, Unrealized Losses | (22,216) | (56,028) |
Total Estimated Fair Value | 4,198,343 | 10,171,697 |
Total Unrealized Losses | (23,580) | (82,714) |
U.S. Treasury obligations | ||
Available-for-sale Securities. Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 1,216,699 | 4,785,547 |
Less than 12 Months, Unrealized Losses | (883) | (11,716) |
12 Months or More, Estimated Fair Value | 0 | 239,902 |
12 Months or More, Unrealized Losses | 0 | (879) |
Total Estimated Fair Value | 1,216,699 | 5,025,449 |
Total Unrealized Losses | (883) | (12,595) |
GSE and TVA debentures | ||
Available-for-sale Securities. Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 61,556 | |
Less than 12 Months, Unrealized Losses | (181) | |
12 Months or More, Estimated Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Estimated Fair Value | 61,556 | |
Total Unrealized Losses | (181) | |
GSE multifamily MBS | Multifamily | ||
Available-for-sale Securities. Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 367,520 | 2,163,506 |
Less than 12 Months, Unrealized Losses | (300) | (14,970) |
12 Months or More, Estimated Fair Value | 2,552,568 | 2,982,742 |
12 Months or More, Unrealized Losses | (22,216) | (55,149) |
Total Estimated Fair Value | 2,920,088 | 5,146,248 |
Total Unrealized Losses | $ (22,516) | $ (70,119) |
Investments - AFS Securities _3
Investments - AFS Securities - Redemption Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Amortized Cost | |||
Amortized Cost - AFS | [1] | $ 14,229,121 | $ 14,254,103 |
Estimated Fair Value | |||
Fair Value | 14,261,746 | 14,194,326 | |
Available for Sale Securities Other Than MBS and ABS | |||
Amortized Cost | |||
Due in 1 year or less, Amortized cost | 403,215 | 305,208 | |
Due after 1 year through 5 years, Amortized cost | 5,665,963 | 4,628,067 | |
Due after 5 through 10 years | 1,392,722 | 2,567,748 | |
Amortized Cost - AFS | 7,461,900 | 7,501,023 | |
Estimated Fair Value | |||
Due in 1 year or less, Fair value | 403,918 | 306,380 | |
Due in 1 year through 5 years, Fair value | 5,688,833 | 4,636,683 | |
Due in 5 years through 10 years, Fair value | 1,393,781 | 2,560,731 | |
Fair Value | 7,486,532 | 7,503,794 | |
Mortgage Backed Securities | |||
Amortized Cost | |||
Amortized Cost - MBS | 6,767,221 | 6,753,080 | |
Estimated Fair Value | |||
Fair Value - MBS | $ 6,775,214 | $ 6,690,532 | |
[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. At June 30, 2024 and December 31, 2023, net unamortized discounts totaled $(256,288) and $(278,669), respectively, and the applicable fair-value hedging basis adjustments totaled net losses of $(1,019,037) and $(778,882), respectively. Excludes accrued interest |
Investments - AFS Narrative (De
Investments - AFS Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Proceeds from sales | $ 220,763,000 | $ 85,113,000 | $ 220,763,000 | $ 85,113,000 | |
Net realized gains on AFS securities | 1,840,000 | $ (142,000) | |||
AFS securities allowance for credit loss | $ 0 | $ 0 | $ 0 |
Investments - HTM Securities -
Investments - HTM Securities - Major Security Types (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | [1] | $ 5,393,623 | $ 5,256,803 |
Gross Unrecognized Holding Gains | 7,948 | 3,290 | |
Gross Unrecognized Holding Losses | (65,236) | (80,694) | |
Estimated Fair Value - HTM | 5,336,335 | 5,179,399 | |
Unamortized premium, net | 19,975 | 21,942 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Single Family | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 1,024,990 | 683,944 | |
Gross Unrecognized Holding Gains | 1,994 | 1,454 | |
Gross Unrecognized Holding Losses | (35,611) | (36,334) | |
Estimated Fair Value - HTM | 991,373 | 649,064 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 554,806 | 563,366 | |
Gross Unrecognized Holding Gains | 0 | 0 | |
Gross Unrecognized Holding Losses | (4,919) | (5,137) | |
Estimated Fair Value - HTM | 549,887 | 558,229 | |
Other U.S. obligations - guaranteed single-family | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 3,813,827 | 4,009,493 | |
Gross Unrecognized Holding Gains | 5,954 | 1,836 | |
Gross Unrecognized Holding Losses | (24,706) | (39,223) | |
Estimated Fair Value - HTM | $ 3,795,075 | $ 3,972,106 | |
[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, 2024 and December 31, 2023 to tale d $19,975 and $21,942, respectively. |
Investments - HTM Securities _2
Investments - HTM Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Held to maturity principal outstanding, percentage collected prior to sale | 85% | 85% | ||
Proceeds from sales | $ 0 | $ 9,769 | ||
Debt Securities, Held-to-Maturity, Sold, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 0 | $ (71) | ||
HTM securities allowance for credit loss | $ 0 | $ 0 |
Advances - Advances Outstanding
Advances - Advances Outstanding by Redemption Term (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Year of Contractual Maturity, Amount | |||
Overdrawn demand and overnight deposit accounts | $ 0 | $ 2 | |
Due in 1 year or less | 11,132,790 | 9,780,116 | |
Due after 1 through 2 years | 3,664,606 | 4,362,389 | |
Due after 2 through 3 years | 2,763,033 | 2,683,356 | |
Due after 3 through 4 years | 7,086,282 | 4,573,456 | |
Due after 4 through 5 years | 4,234,109 | 5,531,135 | |
Thereafter | 8,168,439 | 8,946,614 | |
Total advances, par value | 37,049,259 | 35,877,068 | |
Fair-value hedging basis adjustments, net | (496,306) | (319,721) | |
Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 3,427 | 4,497 | |
Total Advances | [1] | $ 36,556,380 | $ 35,561,844 |
Year of Contractual Maturity, WAIR % | |||
Overdrawn demand and overnight deposit accounts | 0% | 7.76% | |
Due in 1 year or less | 4.69% | 4.88% | |
Due after 1 through 2 years | 3.62% | 3.33% | |
Due after 2 through 3 years | 3.55% | 3.25% | |
Due after 3 through 4 years | 4.38% | 4.37% | |
Due after 4 through 5 years | 4.31% | 4.30% | |
Thereafter | 3.72% | 3.44% | |
Total advances, par value | 4.18% | 4.06% | |
Federal Home Loan Bank Advances Receivable | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Accrued interest | $ 63,049 | $ 63,775 | |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | true | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
[1]Carrying value equals amortized cost, which excludes accrued interest receivable |
Advances - Advances Outstandi_2
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, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, Rolling Year, Par Value [Abstract] | ||
Overdrawn demand and overnight deposit accounts | $ 0 | $ 2 |
Due in 1 year or less | 16,133,662 | 14,901,928 |
Due after 1 through 2 years | 2,912,456 | 3,641,289 |
Due after 2 through 3 years | 2,417,973 | 2,370,466 |
Due after 3 through 4 years | 5,377,082 | 3,328,746 |
Due after 4 through 5 years | 3,911,056 | 4,502,482 |
Thereafter | 6,297,030 | 7,132,155 |
Total advances, par value | 37,049,259 | 35,877,068 |
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 | 0 | 2 |
Due in 1 year or less | 14,999,940 | 13,910,616 |
Due after 1 through 2 years | 4,666,606 | 5,102,289 |
Due after 2 through 3 years | 3,096,033 | 3,581,356 |
Due after 3 through 4 years | 7,169,382 | 4,808,556 |
Due after 4 through 5 years | 3,492,859 | 4,661,135 |
Thereafter | 3,624,439 | 3,813,114 |
Total advances, par value | $ 37,049,259 | $ 35,877,068 |
Advances - Narrative (Details)
Advances - Narrative (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances [Line Items] | ||
Percent of Advances Par Value Held by Top Borrower | 13% | 12% |
Percent of advances par value held by top five borrowers | 38% | 35% |
Federal Home Loan Bank Advances Receivable | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Allowance for credit loss | $ 0 | $ 0 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio - By Term (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total mortgage loans held for portfolio, net2 | $ 9,393,391 | $ 8,613,844 | |
Fixed-rate long-term mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total mortgage loans held for portfolio, UPB | 8,530,876 | 7,711,709 | |
Loans Receivable With Fixed Rates Of Interest Medium Term | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total mortgage loans held for portfolio, UPB | [1] | $ 684,773 | 740,859 |
Loans Receivable With Fixed Rates Of Interest Medium Term | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Origination term | 15 years | ||
Residential Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total mortgage loans held for portfolio, UPB | $ 9,215,649 | 8,452,568 | |
Unamortized premiums | 195,381 | 179,499 | |
Unamortized discounts | (11,933) | (11,844) | |
Hedging basis adjustments, net | (5,581) | (6,254) | |
Total mortgage loans held for portfolio | 9,393,516 | 8,613,969 | |
Allowance for credit losses | (125) | (125) | |
Total mortgage loans held for portfolio, net2 | [2] | 9,393,391 | 8,613,844 |
Accrued interest | $ 47,599 | $ 41,403 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
[1] Defined as a term of 15 years or less at origination. Excludes accrued interest receivable |
Mortgage Loans Held for Portf_4
Mortgage Loans Held for Portfolio - By Type (Details) - Residential Portfolio Segment - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans held for portfolio, UPB | $ 9,215,649 | $ 8,452,568 |
Government-guaranteed or -insured | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans held for portfolio, UPB | 219,785 | 154,380 |
Conventional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans held for portfolio, UPB | $ 8,995,864 | $ 8,298,188 |
Mortgage Loans Held for Portf_5
Mortgage Loans Held for Portfolio - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Conventional Mortgage Loan [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due 30 days or more [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 50,686 | $ 61,300 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Securities pledged as collateral | $ 2,140 | $ 15,670 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Derivative Notional Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | $ 71,477,389 | $ 76,872,100 | |
Estimated fair value of derivative assets | 815,373 | 737,842 | |
Estimated fair value of derivative liabilities | 1,416,781 | 1,533,812 | |
Netting adjustments and cash collateral, derivative asset | [1],[2] | (299,120) | (216,678) |
Netting adjustments and cash collateral, derivative liability | [1],[2] | (1,414,439) | (1,526,872) |
Total derivatives, net, at estimated fair value | 516,253 | 521,164 | |
Total derivatives, net, at estimated fair value | 2,342 | 6,940 | |
Cash collateral pledged to counterparties | 1,322,576 | 1,451,464 | |
Cash collateral received from counterparties | 207,258 | 141,271 | |
Derivatives designated as hedging instruments | Interest-rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 69,262,660 | 75,336,530 | |
Estimated fair value of derivative assets | 813,364 | 736,648 | |
Estimated fair value of derivative liabilities | 1,416,207 | 1,533,144 | |
Derivatives not designated as hedging instruments | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 2,214,729 | 1,535,570 | |
Estimated fair value of derivative assets | 2,009 | 1,194 | |
Estimated fair value of derivative liabilities | 574 | 668 | |
Derivatives not designated as hedging instruments | Interest-rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 1,175,000 | 610,000 | |
Estimated fair value of derivative assets | 1,304 | 100 | |
Estimated fair value of derivative liabilities | 88 | 319 | |
Derivatives not designated as hedging instruments | Interest-rate caps/floors | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 811,000 | 811,000 | |
Estimated fair value of derivative assets | 601 | 887 | |
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 | 114,300 | 57,300 | |
Estimated fair value of derivative assets | 0 | 0 | |
Estimated fair value of derivative liabilities | 342 | 337 | |
MDCs | Derivatives not designated as hedging instruments | Interest-rate forwards | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | 114,429 | 57,270 | |
Estimated fair value of derivative assets | 104 | 207 | |
Estimated fair value of derivative liabilities | $ 144 | $ 12 | |
[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. 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, 2024 and December 31, 2023, including accrued interest, totaled $1,322,576 and $1,451,464, respectively. Cash collateral received from counterparties and held at June 30, 2024 and December 31, 2023, including accrued interest, totaled $207,258 and $141,271, respectively . |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities Offsetting of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative Assets | |||
Gross recognized amount | $ 815,269 | $ 737,635 | |
Gross amounts of netting adjustments and cash collateral | [1],[2] | (299,120) | (216,678) |
Net amounts after netting adjustments and cash collateral | 516,149 | 520,957 | |
Derivative instruments not meeting netting requirements | [3] | 104 | 207 |
Derivative assets, net | 516,253 | 521,164 | |
Derivative Liabilities | |||
Gross recognized amount | 1,416,637 | 1,533,463 | |
Gross amounts of netting adjustments and cash collateral | [1],[2] | (1,414,439) | (1,526,872) |
Net amounts after netting adjustments and cash collateral | 2,198 | 6,591 | |
Derivative instruments not meeting netting requirements | [3] | 144 | 349 |
Derivative liabilities, net (Note 6) | 2,342 | 6,940 | |
Uncleared | |||
Derivative Assets | |||
Gross recognized amount | 797,057 | 736,071 | |
Gross amounts of netting adjustments and cash collateral | (789,330) | (727,850) | |
Net amounts after netting adjustments and cash collateral | 7,727 | 8,221 | |
Derivative Liabilities | |||
Gross recognized amount | 1,415,954 | 1,521,576 | |
Gross amounts of netting adjustments and cash collateral | (1,413,756) | (1,514,985) | |
Net amounts after netting adjustments and cash collateral | 2,198 | 6,591 | |
Cleared | |||
Derivative Assets | |||
Gross recognized amount | 18,212 | 1,564 | |
Gross amounts of netting adjustments and cash collateral | 490,210 | 511,172 | |
Net amounts after netting adjustments and cash collateral | 508,422 | 512,736 | |
Derivative Liabilities | |||
Gross recognized amount | 683 | 11,887 | |
Gross amounts of netting adjustments and cash collateral | (683) | (11,887) | |
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. 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, 2024 and December 31, 2023, including accrued interest, totaled $1,322,576 and $1,451,464, respectively. Cash collateral received from counterparties and held at June 30, 2024 and December 31, 2023, including accrued interest, totaled $207,258 and $141,271, respectively . Includes MDCs and certain interest-rate forwards. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Derivatives in Statement of Income and Impact on Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Advances | [1] | $ 508,287 | $ 491,905 | $ 1,023,144 | $ 926,134 |
Available-for-sale securities | [1] | 222,574 | 200,507 | 442,941 | 372,226 |
Consolidated obligation bonds | [1] | (643,171) | (543,752) | (1,264,584) | (990,426) |
Total Net Interest income (Expense) Recorded on Statement of Income - Advances, AFS securities, and CO Bonds) | [1] | 87,690 | 148,660 | 201,501 | 307,934 |
Interest-rate related | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net impact on net interest income | $ 1,628 | $ 10,582 | $ 6,300 | $ (10,371) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net interest income | Net interest income | Net interest income | Net interest income | |
Interest-rate related | Advances | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Advances | Advances | Advances | Advances | |
Interest-rate related | AFS Securities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | |
Interest-rate related | Consolidation Obligation Bond Member | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Consolidated obligation bonds | Consolidated obligation bonds | Consolidated obligation bonds | Consolidated obligation bonds | |
Interest-rate related | Advances | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net impact on net interest income | $ 135,272 | $ 146,633 | $ 277,876 | $ 257,723 | |
Interest-rate related | AFS Securities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net impact on net interest income | 109,325 | 99,200 | 218,622 | 174,504 | |
Interest-rate related | Consolidation Obligation Bond Member | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net impact on net interest income | (242,969) | (235,251) | (490,198) | (442,598) | |
Interest Income (Expense), Net | Interest-rate related | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net interest settlements on derivatives | [2] | 29,436 | 30,716 | 57,432 | 38,829 |
Net gains (losses) on derivatives² | [3] | 93,934 | 34,482 | 262,214 | 146,349 |
Net gains (losses) on hedged items³ | [4] | (121,742) | (54,616) | (313,346) | (195,549) |
Interest Income | Interest-rate related | Advances | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net interest settlements on derivatives | [2] | 139,209 | 148,661 | 286,559 | 266,555 |
Net gains (losses) on derivatives² | [3] | (23,587) | 221,614 | 134,592 | 38,303 |
Net gains (losses) on hedged items³ | [4] | 19,650 | (223,642) | (143,275) | (47,135) |
Interest Income | Interest-rate related | AFS Securities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net interest settlements on derivatives | [2] | 130,167 | 116,903 | 260,033 | 214,175 |
Net gains (losses) on derivatives² | [3] | (6,778) | 68,048 | 56,983 | (21,150) |
Net gains (losses) on hedged items³ | [4] | (14,064) | (85,751) | (98,394) | (18,521) |
Interest Expense | Interest-rate related | Consolidation Obligation Bond Member | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net interest settlements on derivatives | [2] | (239,940) | (234,848) | (489,160) | (441,901) |
Net gains (losses) on derivatives² | [3] | 124,299 | (255,180) | 70,639 | 129,196 |
Net gains (losses) on hedged items³ | [4] | $ (127,328) | $ 254,777 | $ (71,677) | $ (129,893) |
[1] For advances, AFS securities and CO bonds only. 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. Includes increases (decreases) in estimated fair value, price alignme nt interest and swap termination fees . Includes increases (decreases) in estimated fair value and amortization of net losses on ineffective and discontinued fair-value hedging relationships. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivatives Reported in Other Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives | $ (644) | $ 4,970 | $ 8,480 | $ 3,607 | |
Interest-rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives | (2,591) | 1,904 | 4,695 | (8,171) | |
Interest-rate caps/floors | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives | (175) | 516 | (272) | (429) | |
Interest-rate forwards | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives | (172) | 723 | (328) | 58 | |
Net interest rate settlements | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives | [1] | 2,239 | 2,626 | 4,277 | 12,444 |
MDCs | Interest-rate forwards | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives | $ 55 | $ (799) | $ 108 | $ (295) | |
[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, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Amortized cost of hedged items | [1] | $ 29,909,431 | $ 36,682,911 |
Advances | |||
Derivatives, Fair Value [Line Items] | |||
Amortized cost of hedged items | [1] | $ 22,072,080 | $ 21,624,453 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Advances (Note 4) | Advances (Note 4) | |
For active fair-value hedging relationships | [2] | $ (496,306) | $ (319,721) |
For discontinued fair-value hedging relationships | 0 | 0 | |
Total cumulative fair-value hedging basis adjustments on hedged items | (496,306) | (319,721) | |
AFS Securities | |||
Derivatives, Fair Value [Line Items] | |||
Amortized cost of hedged items | [1] | $ 14,229,121 | $ 14,254,103 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | |
For active fair-value hedging relationships | [2] | $ (1,217,636) | $ (1,013,707) |
For discontinued fair-value hedging relationships | 198,599 | 234,825 | |
Total cumulative fair-value hedging basis adjustments on hedged items | $ (1,019,037) | $ (778,882) | |
Consolidated obligations: | |||
Derivatives, Fair Value [Line Items] | |||
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Bonds | Bonds | |
For active fair-value hedging relationships | [2] | $ (1,338,834) | $ (1,410,511) |
For discontinued fair-value hedging relationships | 0 | 0 | |
Total cumulative fair-value hedging basis adjustments on hedged items | $ (1,338,834) | $ (1,410,511) | |
[1] Includes the amortized cost of the hedged items in active or discontinued fair-value hedging relationships. Excludes any offsetting effect of the net estimated fair value of the associated derivatives. |
Consolidated Obligations - Narr
Consolidated Obligations - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
FHLB system outstanding consolidated obligations | $ 1,200,000,000 | $ 1,200,000,000 |
Discount notes maturity period | 1 year |
Discount Notes (Details)
Discount Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Book value | $ 22,442,697 | $ 22,621,837 |
Weighted average effective interest rate | 5.33% | 5.35% |
Short-term Debt | ||
Short-Term Debt [Line Items] | ||
Par value | $ 22,543,338 | $ 22,737,397 |
Unamortized discounts | (100,437) | (115,297) |
Unamortized concessions | $ (204) | $ (263) |
CO Bonds - Interest Payment Typ
CO Bonds - Interest Payment Type (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total CO bonds, par value | $ 52,076,360 | $ 49,827,050 |
Fixed-rate | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | 39,003,360 | 45,009,050 |
Simple variable-rate | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | 11,759,500 | 3,389,500 |
Step-up | ||
Debt Instrument [Line Items] | ||
Total CO bonds, par value | $ 1,313,500 | $ 1,428,500 |
CO Bonds - Year of Contractual
CO Bonds - Year of Contractual Maturity (or Next Call Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amount | ||
Total CO bonds, par value | $ 52,076,360 | $ 49,827,050 |
Total CO bonds | 50,747,217 | 48,431,566 |
Unsecured Debt | ||
Amount | ||
Due in 1 year or less, amount | 16,213,970 | 20,137,240 |
Due after 1 year through 2 years, amount | 17,737,850 | 10,415,280 |
Due after 2 years through 3 years, amount | 5,673,030 | 7,537,350 |
Due after 3 years through 4 years, amount | 1,644,780 | 2,356,530 |
Due after 4 years through 5 years, amount | 3,004,130 | 2,254,120 |
Thereafter, amount | 7,802,600 | 7,126,530 |
Total CO bonds, par value | 52,076,360 | 49,827,050 |
Unamortized premiums | 28,984 | 33,792 |
Unamortized discounts | (9,018) | (10,093) |
Unamortized concessions | (10,275) | (8,672) |
Fair-value hedging basis adjustments, net | (1,338,834) | (1,410,511) |
Total CO bonds | $ 50,747,217 | $ 48,431,566 |
WAIR% | ||
Due in 1 year or less, WAIR % | 2.72% | 3.76% |
Due after 1 year through 2 years, WAIR % | 4.22% | 2.96% |
Due after 2 years through 3 years, WAIR % | 1.80% | 1.48% |
Due after 3 years through 4 years, WAIR % | 2.48% | 1.85% |
Due after 4 years through 5 years, WAIR % | 4.13% | 3.06% |
Thereafter, WAIR % | 3.12% | 2.81% |
Total CO bonds, par value, WAIR % | 3.26% | 2.99% |
Year of Contractual Maturity or Next Call Date | Unsecured Debt | ||
Amount | ||
Due in 1 year or less, amount | $ 36,756,970 | $ 42,512,740 |
Due after 1 year through 2 years, amount | 12,763,350 | 4,389,780 |
Due after 2 years through 3 years, amount | 659,030 | 895,850 |
Due after 3 years through 4 years, amount | 347,780 | 327,530 |
Due after 4 years through 5 years, amount | 948,630 | 1,051,620 |
Thereafter, amount | 600,600 | 649,530 |
Total CO bonds, par value | $ 52,076,360 | $ 49,827,050 |
CO Bonds - Call Feature (Detail
CO Bonds - Call Feature (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-Term Debt, Gross | $ 52,076,360 | $ 49,827,050 |
Non-callable / non-putable | ||
Debt Instrument [Line Items] | ||
Long-Term Debt, Gross | 21,336,860 | 14,027,225 |
Callable | ||
Debt Instrument [Line Items] | ||
Long-Term Debt, Gross | $ 30,739,500 | $ 35,799,825 |
Affordable Housing Program (Det
Affordable Housing Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Affordable Housing Program Funding Obligation [Roll Forward] | |||||
Liability at beginning of period | $ 77,586 | $ 46,615 | $ 68,301 | $ 38,170 | |
Assessments | 10,488 | 10,637 | 21,623 | 21,280 | |
Voluntary contributions to AHP | 3,444 | 0 | 3,444 | 0 | |
Subsidy usage, net1 | [1] | (17,727) | (4,117) | (19,577) | (6,315) |
Liability at end of period | $ 73,791 | $ 53,135 | $ 73,791 | $ 53,135 | |
[1]Subsidies disbursed are reported net of returns/recaptures of previously disbursed subsidies. |
Capital - Class B Sub-Series (D
Capital - Class B Sub-Series (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Class B | |||
Class of Stock [Line Items] | |||
Class B issued and outstanding | $ 2,345,513 | $ 2,285,258 | |
Class B-1 | |||
Class of Stock [Line Items] | |||
Class B issued and outstanding | [1] | 569,336 | 581,687 |
Class B-2 | |||
Class of Stock [Line Items] | |||
Class B issued and outstanding | [2] | $ 1,776,177 | $ 1,703,571 |
[1]Non-activity-based stock.[2]Activity-based stock. |
Capital - Mandatorily Redeemabl
Capital - Mandatorily Redeemable Capital Stock Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Mandatorily Redeemable Capital Stock Activity [Roll Forward] | ||||
Liability at beginning of period | $ 367,444 | $ 372,487 | $ 369,041 | $ 372,503 |
Reclassification from capital stock | 0 | 0 | 0 | 13 |
Payments for redemption/repurchase of mandatorily redeemable capital stock | (4,326) | (1,865) | (5,923) | (1,894) |
Liability at end of period | $ 363,118 | $ 370,622 | $ 363,118 | $ 370,622 |
Capital - Mandatorily Redeema_2
Capital - Mandatorily Redeemable Capital Stock by Year of Redemption (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Mandatorily Redeemable Capital Stock [Abstract] | |||||||
Past contractual redemption date | [1] | $ 857 | $ 738 | ||||
Year 1 | [2] | 12,124 | 15,047 | ||||
Year 2 | 16,059 | 19,179 | |||||
Year 3 | 3,674 | 3,674 | |||||
Year 4 | 329,245 | 329,232 | |||||
Year 5 | 1,159 | 1,171 | |||||
Total MRCS | $ 363,118 | $ 367,444 | 369,041 | $ 370,622 | $ 372,487 | $ 372,503 | |
Outstanding Class B stock held by captive insurer | $ 5,175 | ||||||
[1]Balance represents Class B stock that will not be redeemed until the associated credit products or mortgage loans are no longer outstanding.[2]Balance at December 31, 2023 includes $5,175 of Class B stock held by one captive insurance company whose membership was terminated on February 19, 2021. The stock was not past its contractual redemption date, but was redeemed when the associated advances were repaid during the six months ended June 30, 2024. |
Capital - Mandatorily Redeema_3
Capital - Mandatorily Redeemable Capital Stock Distributions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Mandatorily Redeemable Capital Stock [Abstract] | ||||
Recorded as interest expense | $ 5,505 | $ 4,370 | $ 10,848 | $ 8,480 |
Recorded as distributions from retained earnings | 0 | 1 | 0 | 707 |
Total | $ 5,505 | $ 4,371 | $ 10,848 | $ 9,187 |
Regulatory Capital Requirements
Regulatory Capital Requirements (Details) $ in Thousands | Jun. 30, 2024 USD ($) capital_requirement | Dec. 31, 2023 USD ($) |
Banking Regulation, Total Capital [Abstract] | ||
Number of regulatory capital requirements | capital_requirement | 3 | |
Risk-based capital, required | $ 1,150,586 | $ 1,277,258 |
Risk-based capital, actual | 4,332,907 | 4,186,470 |
Regulatory capital, required | 3,169,806 | 3,064,336 |
Regulatory capital, actual | $ 4,332,907 | $ 4,186,470 |
Regulatory permanent capital-to-asset ratio, required | 4% | 4% |
Regulatory permanent capital-to-asset ratio, actual | 5.47% | 5.46% |
Leverage capital, required | $ 3,962,258 | $ 3,830,420 |
Leverage capital, actual | $ 6,499,360 | $ 6,279,705 |
Leverage ratio, required | 5% | 5% |
Leverage ratio, actual | 8.20% | 8.20% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | $ 3,967,585 | $ 3,570,843 | $ 3,743,897 | $ 3,383,698 |
Total other comprehensive income (loss) | (11,347) | 63,117 | 90,213 | 15,480 |
Ending Balance | 3,986,470 | 3,783,652 | 3,986,470 | 3,783,652 |
Unrealized Gains (Losses) on AFS Securities | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | 41,539 | (57,916) | (59,777) | (9,939) |
Net change in unrealized gains (losses) | (7,074) | 61,769 | 94,242 | 13,792 |
Reclassification of net realized (gains) included in net income | (1,840) | 142 | (1,840) | 142 |
Pension benefits, net | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | (8,914) | 61,911 | 92,402 | 13,934 |
Ending Balance | 32,625 | 3,995 | 32,625 | 3,995 |
Pension Benefits | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | (13,511) | (15,512) | (13,755) | (15,852) |
Net change in unrealized gains (losses) | 0 | 0 | 0 | 0 |
Reclassification of net realized (gains) included in net income | 0 | 0 | 0 | 0 |
Pension benefits, net | (2,433) | 1,206 | (2,189) | 1,546 |
Total other comprehensive income (loss) | (2,433) | 1,206 | (2,189) | 1,546 |
Ending Balance | (15,944) | (14,306) | (15,944) | (14,306) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) before Tax [Roll Forward] | ||||
Beginning Balance | 28,028 | (73,428) | (73,532) | (25,791) |
Net change in unrealized gains (losses) | (7,074) | 61,769 | 94,242 | 13,792 |
Reclassification of net realized (gains) included in net income | (1,840) | 142 | (1,840) | 142 |
Pension benefits, net | (2,433) | 1,206 | (2,189) | 1,546 |
Total other comprehensive income (loss) | (11,347) | 63,117 | 90,213 | 15,480 |
Ending Balance | $ 16,681 | $ (10,311) | $ 16,681 | $ (10,311) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 124,894 | $ 123,593 | $ 254,293 | $ 227,242 | |
Provision for (reversal of) credit losses | (21) | (3) | (46) | (2) | |
Other income | 6,733 | 9,151 | 16,091 | 39,298 | |
Other expenses | 32,273 | 30,748 | 65,047 | 62,219 | |
Income before assessments | 99,375 | 101,999 | 205,383 | 204,323 | |
Affordable Housing Program assessments | 10,488 | 10,637 | 21,623 | 21,280 | |
Net income | 88,887 | 91,362 | 183,760 | 183,043 | |
Assets | 79,245,161 | 79,245,161 | $ 76,608,404 | ||
Traditional | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 105,958 | 112,133 | 221,338 | 202,802 | |
Provision for (reversal of) credit losses | 0 | 0 | 0 | 0 | |
Other income | 6,539 | 9,031 | 15,778 | 39,283 | |
Other expenses | 28,589 | 26,855 | 57,551 | 54,272 | |
Income before assessments | 83,908 | 94,309 | 179,565 | 187,813 | |
Affordable Housing Program assessments | 8,941 | 9,868 | 19,041 | 19,629 | |
Net income | 74,967 | 84,441 | 160,524 | 168,184 | |
Assets | 69,851,770 | 69,851,770 | 67,994,560 | ||
Mortgage Loans | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 18,936 | 11,460 | 32,955 | 24,440 | |
Provision for (reversal of) credit losses | (21) | (3) | (46) | (2) | |
Other income | 194 | 120 | 313 | 15 | |
Other expenses | 3,684 | 3,893 | 7,496 | 7,947 | |
Income before assessments | 15,467 | 7,690 | 25,818 | 16,510 | |
Affordable Housing Program assessments | 1,547 | 769 | 2,582 | 1,651 | |
Net income | 13,920 | $ 6,921 | 23,236 | $ 14,859 | |
Assets | $ 9,393,391 | $ 9,393,391 | $ 8,613,844 |
Estimated Fair Values - Carryin
Estimated Fair Values - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Assets: | |||||||
Cash and due from banks | $ 56,246 | $ 58,844 | |||||
Trading securities | 1,076,622 | 600,063 | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||||
Amortized Cost - HTM | [1] | 5,393,623 | 5,256,803 | ||||
Estimated Fair Value - HTM | 5,336,335 | 5,179,399 | |||||
Accrued interest receivable | 212,412 | 203,809 | |||||
Derivative assets, net | 516,253 | 521,164 | |||||
Netting adjustments and cash collateral, derivative asset | [2],[3] | (299,120) | (216,678) | ||||
Consolidated obligations: | |||||||
Accrued interest payable | 357,292 | 327,237 | |||||
Derivative liabilities, net | 2,342 | 6,940 | |||||
Netting adjustments and cash collateral, derivative liability | [2],[3] | (1,414,439) | (1,526,872) | ||||
MRCS | 363,118 | $ 367,444 | 369,041 | $ 370,622 | $ 372,487 | $ 372,503 | |
Level 1 | |||||||
Assets: | |||||||
Cash and due from banks | 56,246 | 58,844 | |||||
Interest-bearing deposits | 920,963 | 892,007 | |||||
Securities purchased under agreements to resell | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading securities | 0 | 0 | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||||
Estimated Fair Value - HTM | 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 | [4] | 65,928 | 61,227 | ||||
Liabilities: | |||||||
Deposits | 0 | 0 | |||||
Consolidated obligations: | |||||||
Securities Sold under Agreements to Repurchase | 0 | ||||||
Accrued interest payable | 0 | 0 | |||||
Derivative liabilities, net | 0 | 0 | |||||
MRCS | 363,118 | 369,041 | |||||
Level 2 | |||||||
Assets: | |||||||
Cash and due from banks | 0 | 0 | |||||
Interest-bearing deposits | 43 | 42 | |||||
Securities purchased under agreements to resell | 6,250,000 | 6,500,000 | |||||
Federal funds sold | 4,497,000 | 4,101,000 | |||||
Trading securities | 1,076,622 | 600,063 | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||||
Estimated Fair Value - HTM | 5,336,335 | 5,179,399 | |||||
Advances | 36,422,167 | 35,368,737 | |||||
Mortgage loans held for portfolio, net | 8,551,529 | 7,936,147 | |||||
Accrued interest receivable | 212,412 | 203,809 | |||||
Derivative assets, net | 815,373 | 737,842 | |||||
Grantor trust assets | [4] | 0 | 0 | ||||
Liabilities: | |||||||
Deposits | 782,177 | 628,811 | |||||
Consolidated obligations: | |||||||
Securities Sold under Agreements to Repurchase | 9,691 | ||||||
Accrued interest payable | 357,292 | 327,237 | |||||
Derivative liabilities, net | 1,416,781 | 1,533,812 | |||||
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 | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||||
Estimated Fair Value - HTM | 0 | 0 | |||||
Advances | 0 | 0 | |||||
Mortgage loans held for portfolio, net | 4,455 | 4,071 | |||||
Accrued interest receivable | 0 | 0 | |||||
Derivative assets, net | 0 | 0 | |||||
Grantor trust assets | [4] | 0 | 0 | ||||
Liabilities: | |||||||
Deposits | 0 | 0 | |||||
Consolidated obligations: | |||||||
Securities Sold under Agreements to Repurchase | 0 | ||||||
Accrued interest payable | 0 | 0 | |||||
Derivative liabilities, net | 0 | 0 | |||||
MRCS | 0 | 0 | |||||
Carrying value | |||||||
Assets: | |||||||
Cash and due from banks | 56,246 | 58,844 | |||||
Interest-bearing deposits | 921,006 | 892,049 | |||||
Securities purchased under agreements to resell | 6,250,000 | 6,500,000 | |||||
Federal funds sold | 4,497,000 | 4,101,000 | |||||
Trading securities | 1,076,622 | 600,063 | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||||
Amortized Cost - HTM | 5,393,623 | 5,256,803 | |||||
Advances | 36,556,380 | 35,561,844 | |||||
Mortgage loans held for portfolio, net | 9,393,391 | 8,613,844 | |||||
Accrued interest receivable | 212,412 | 203,809 | |||||
Derivative assets, net | 516,253 | 521,164 | |||||
Grantor trust assets | [4] | 65,928 | 61,227 | ||||
Liabilities: | |||||||
Deposits | 782,177 | 628,811 | |||||
Consolidated obligations: | |||||||
Securities Sold under Agreements to Repurchase | 9,691 | ||||||
Accrued interest payable | 357,292 | 327,237 | |||||
Derivative liabilities, net | 2,342 | 6,940 | |||||
MRCS | 363,118 | 369,041 | |||||
Fair Value | |||||||
Assets: | |||||||
Cash and due from banks | 56,246 | 58,844 | |||||
Interest-bearing deposits | 921,006 | 892,049 | |||||
Securities purchased under agreements to resell | 6,250,000 | 6,500,000 | |||||
Federal funds sold | 4,497,000 | 4,101,000 | |||||
Trading securities | 1,076,622 | 600,063 | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||||
Estimated Fair Value - HTM | 5,336,335 | 5,179,399 | |||||
Advances | 36,422,167 | 35,368,737 | |||||
Mortgage loans held for portfolio, net | 8,555,984 | 7,940,218 | |||||
Accrued interest receivable | 212,412 | 203,809 | |||||
Derivative assets, net | 516,253 | 521,164 | |||||
Grantor trust assets | [4] | 65,928 | 61,227 | ||||
Liabilities: | |||||||
Deposits | 782,177 | 628,811 | |||||
Consolidated obligations: | |||||||
Securities Sold under Agreements to Repurchase | 9,691 | ||||||
Accrued interest payable | 357,292 | 327,237 | |||||
Derivative liabilities, net | 2,342 | 6,940 | |||||
MRCS | 363,118 | 369,041 | |||||
Discount notes | Level 1 | |||||||
Consolidated obligations: | |||||||
Discount notes | 0 | 0 | |||||
Discount notes | Level 2 | |||||||
Consolidated obligations: | |||||||
Discount notes | 22,436,633 | 22,620,613 | |||||
Discount notes | Level 3 | |||||||
Consolidated obligations: | |||||||
Discount notes | 0 | 0 | |||||
Discount notes | Carrying value | |||||||
Consolidated obligations: | |||||||
Discount notes | 22,442,697 | 22,621,837 | |||||
Discount notes | Fair Value | |||||||
Consolidated obligations: | |||||||
Discount notes | 22,436,633 | 22,620,613 | |||||
Consolidated obligations: | Level 1 | |||||||
Consolidated obligations: | |||||||
Bonds | 0 | 0 | |||||
Consolidated obligations: | Level 2 | |||||||
Consolidated obligations: | |||||||
Bonds | 49,936,418 | 47,570,879 | |||||
Consolidated obligations: | Level 3 | |||||||
Consolidated obligations: | |||||||
Bonds | 0 | 0 | |||||
Consolidated obligations: | Carrying value | |||||||
Consolidated obligations: | |||||||
Bonds | 50,747,217 | 48,431,566 | |||||
Consolidated obligations: | Fair Value | |||||||
Consolidated obligations: | |||||||
Bonds | $ 49,936,418 | $ 47,570,879 | |||||
[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, 2024 and December 31, 2023 to tale d $19,975 and $21,942, respectively. 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. 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, 2024 and December 31, 2023, including accrued interest, totaled $1,322,576 and $1,451,464, respectively. Cash collateral received from counterparties and held at June 30, 2024 and December 31, 2023, including accrued interest, totaled $207,258 and $141,271, respectively . Included in other assets on the statement of condition. |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Changes to valuation techniques and significant assumptions | 0 |
Estimated Fair Values - Recurri
Estimated Fair Values - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |||
Assets: | |||||
Trading securities | $ 1,076,622 | $ 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||
Derivative assets, net | 516,253 | 521,164 | |||
Netting adjustments and cash collateral, derivative asset | [1],[2] | (299,120) | (216,678) | ||
Liabilities: | |||||
Derivative liabilities, net | 2,342 | 6,940 | |||
Netting adjustments and cash collateral, derivative liability | [1],[2] | (1,414,439) | (1,526,872) | ||
Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Netting adjustments and cash collateral, derivative asset | (299,120) | [1] | (216,678) | [3] | |
Liabilities: | |||||
Netting adjustments and cash collateral, derivative liability | (1,414,439) | [1] | (1,526,872) | [3] | |
Fair Value, Measurements, Recurring | Interest-rate swaps | |||||
Assets: | |||||
Netting adjustments and cash collateral, derivative asset | (299,120) | [1] | (216,678) | [3] | |
Liabilities: | |||||
Netting adjustments and cash collateral, derivative liability | (1,414,439) | [1] | (1,526,872) | [3] | |
Level 1 | |||||
Assets: | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | [4] | 65,928 | 61,227 | ||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
Level 1 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | 65,928 | 61,227 | |||
Total assets at estimated fair value | 65,928 | 61,227 | |||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
Total liabilities at recurring estimated fair value | 0 | 0 | |||
Level 1 | Fair Value, Measurements, Recurring | Interest-rate swaps | |||||
Assets: | |||||
Derivative assets, net | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
Level 2 | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||
Derivative assets, net | 815,373 | 737,842 | |||
Grantor trust assets | [4] | 0 | 0 | ||
Liabilities: | |||||
Derivative liabilities, net | 1,416,781 | 1,533,812 | |||
Level 2 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||
Derivative assets, net | 815,373 | 737,842 | |||
Grantor trust assets | 0 | 0 | |||
Total assets at estimated fair value | 16,153,741 | 15,532,231 | |||
Liabilities: | |||||
Derivative liabilities, net | 1,416,781 | 1,533,812 | |||
Total liabilities at recurring estimated fair value | 1,416,781 | 1,533,812 | |||
Level 2 | Fair Value, Measurements, Recurring | Interest-rate swaps | |||||
Assets: | |||||
Derivative assets, net | 815,269 | 737,635 | |||
Liabilities: | |||||
Derivative liabilities, net | 1,416,637 | 1,533,800 | |||
Level 3 | |||||
Assets: | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | [4] | 0 | 0 | ||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
Level 3 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
Derivative assets, net | 0 | 0 | |||
Grantor trust assets | 0 | 0 | |||
Total assets at estimated fair value | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
Total liabilities at recurring estimated fair value | 0 | 0 | |||
Level 3 | Fair Value, Measurements, Recurring | Interest-rate swaps | |||||
Assets: | |||||
Derivative assets, net | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
U.S. Treasury obligations | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 5,619,830 | 5,696,856 | |||
U.S. Treasury obligations | Level 1 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
U.S. Treasury obligations | Level 2 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 5,619,830 | 5,696,856 | |||
U.S. Treasury obligations | Level 3 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 0 | 0 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
GSE and TVA debentures | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 1,866,702 | 1,806,938 | |||
GSE and TVA debentures | Level 1 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
GSE and TVA debentures | Level 2 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 1,866,702 | 1,806,938 | |||
GSE and TVA debentures | Level 3 | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 6,775,214 | 6,690,532 | |||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Level 1 | Fair Value, Measurements, Recurring | Multifamily | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Level 2 | Fair Value, Measurements, Recurring | Multifamily | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 6,775,214 | 6,690,532 | |||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Level 3 | Fair Value, Measurements, Recurring | Multifamily | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 0 | 0 | |||
MDCs | Level 1 | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Assets: | |||||
Derivative assets, net | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
MDCs | Level 2 | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Assets: | |||||
Derivative assets, net | 104 | 207 | |||
Liabilities: | |||||
Derivative liabilities, net | 144 | 12 | |||
MDCs | Level 3 | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Assets: | |||||
Derivative assets, net | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities, net | 0 | 0 | |||
Total | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||
Derivative assets, net | 516,253 | 521,164 | |||
Grantor trust assets | [4] | 65,928 | 61,227 | ||
Liabilities: | |||||
Derivative liabilities, net | 2,342 | 6,940 | |||
Total | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 14,261,746 | 14,194,326 | |||
Derivative assets, net | 516,253 | 521,164 | |||
Grantor trust assets | 65,928 | 61,227 | |||
Total assets at estimated fair value | 15,920,549 | 15,376,780 | |||
Liabilities: | |||||
Derivative liabilities, net | 2,342 | 6,940 | |||
Total liabilities at recurring estimated fair value | 2,342 | 6,940 | |||
Total | Fair Value, Measurements, Recurring | Interest-rate swaps | |||||
Assets: | |||||
Derivative assets, net | 516,149 | 520,957 | |||
Liabilities: | |||||
Derivative liabilities, net | 2,198 | 6,928 | |||
Total | U.S. Treasury obligations | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Trading securities | 1,076,622 | 600,063 | |||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 5,619,830 | 5,696,856 | |||
Total | GSE and TVA debentures | Fair Value, Measurements, Recurring | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 1,866,702 | 1,806,938 | |||
Total | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring | Multifamily | |||||
Assets: | |||||
Available-for-sale securities (amortized cost of $14,229,121 and $14,254,103) (Note 3) | 6,775,214 | 6,690,532 | |||
Total | MDCs | Fair Value, Measurements, Recurring | Interest-rate forwards | |||||
Assets: | |||||
Derivative assets, net | 104 | 207 | |||
Liabilities: | |||||
Derivative liabilities, net | $ 144 | $ 12 | |||
[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. 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, 2024 and December 31, 2023, including accrued interest, totaled $1,322,576 and $1,451,464, respectively. Cash collateral received from counterparties and held at June 30, 2024 and December 31, 2023, including accrued interest, totaled $207,258 and $141,271, respectively . Included in other assets on the statement of condition. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Commitments to fund additional Advances are generally for periods up | 6 months | |||
Period of time commitments unconditionally obligate to fund or purchase mortgage loans and participation interests | 91 days | |||
Cash Collateral Pledged | $ 1,318,864,000 | $ 1,447,218,000 | ||
Standby Bond Purchase Agreements, Acquired and Sold at Par During the Period | 0 | |||
Standby letters of credit outstanding1 | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments expire within one year | [1] | 215,144,000 | ||
Off-balance-sheet commitments expire after one year | [1] | 332,059,000 | ||
Off-balance-sheet commitments, Total | 547,203,000 | [1] | 511,923,000 | |
Commitments for standby bond purchases | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments expire within one year | 0 | |||
Off-balance-sheet commitments expire after one year | 218,495,000 | |||
Off-balance-sheet commitments, Total | 218,495,000 | 184,960,000 | ||
Unused lines of credit - advances2 | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments expire within one year | [2] | 1,282,550,000 | ||
Off-balance-sheet commitments expire after one year | [2] | 0 | ||
Off-balance-sheet commitments, Total | 1,282,550,000 | [2] | 1,196,988,000 | |
Commitments to fund additional advances3 | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments expire within one year | [3] | 6,687,000 | ||
Off-balance-sheet commitments expire after one year | [3] | 0 | ||
Off-balance-sheet commitments, Total | 6,687,000 | [3] | 9,965,000 | |
Consolidated obligations: | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments expire within one year | 165,000,000 | |||
Off-balance-sheet commitments expire after one year | 0 | |||
Off-balance-sheet commitments, Total | 165,000,000 | 0 | ||
Standby Letters of Credit Issuance Commitments | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments, Total | 3,963,000 | 0 | ||
Unused lines of credit | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Maximum line of credit | 100,000,000 | |||
Mortgage Receivable | Commitments to purchase mortgage loans, net4 | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance-sheet commitments expire within one year | [4] | 114,429,000 | ||
Off-balance-sheet commitments expire after one year | [4] | 0 | ||
Off-balance-sheet commitments, Total | [4] | $ 114,429,000 | $ 57,270,000 | |
[1] Excludes unconditional commitments to issue standby letters of credit of $3,963 at June 30, 2024. There were no unconditional commitments to issue standby letters of credit at December 31, 2023 . Maximum line of credit amount per member is $100,000. Generally for periods up to six months. Generally for periods up to 91 days. |
Related Party and Other Trans_3
Related Party and Other Transactions - Transactions with Director Institutions (Details) - Directors' Financial Institutions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||||
Net capital stock issuances (redemptions and repurchases) | $ 68 | $ 1,402 | $ 385 | $ 3,805 |
Net advances (repayments) | 91,762 | (74,218) | 3,460 | (125,512) |
Mortgage loan purchases | $ 23,156 | $ 10,881 | $ 36,428 | $ 14,004 |
Related Party and Other Trans_4
Related Party and Other Transactions - Balances with Director Institutions (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Total advances, par value | $ 37,049,259 | $ 35,877,068 |
Directors' Financial Institutions | ||
Related Party Transaction [Line Items] | ||
Capital stock, par value | $ 58,263 | $ 56,763 |
Capital stock, % of total | 2% | 2% |
Total advances, par value | $ 737,744 | $ 753,234 |
Advances, % of total | 2% | 2% |
Related Party Disclosures and O
Related Party Disclosures and Other Transactions - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Related Party Transactions [Abstract] | |||
Loans to Other Federal Home Loan Banks | $ 0 | $ 0 | $ 250 |
Loans from other FHLBanks | $ 0 | $ 0 |