Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Federal Home Loan Bank of Dallas | |
Entity Central Index Key | 1,331,757 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 13,121,941 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 386,966 | $ 1,507,708 | |
Interest-bearing deposits | 308 | 266 | |
Securities purchased under agreements to resell (Note 10) | 5,700,000 | 350,000 | |
Federal funds sold | 3,666,000 | 5,613,000 | |
Trading securities (Notes 3, 10 and 15) ($99,998 and $35,985 pledged at June 30, 2015 and December 31, 2014, respectively, which can be rehypothecated) | 218,877 | 408,563 | |
Available-for-sale securities (Note 4) | 7,044,582 | 6,388,502 | |
Held-to-maturity securities (a) (Note 5) | [1] | 3,709,934 | 4,662,013 |
Advances (Notes 6 and 7) | 21,647,725 | 18,942,400 | |
Mortgage loans held for portfolio, net of allowance for credit losses of $141 and $143 at June 30, 2015 and December 31, 2014, respectively (Note 7) | 63,095 | 71,411 | |
Accrued interest receivable | 57,302 | 65,168 | |
Premises and equipment, net | 19,520 | 18,368 | |
Derivative assets (Notes 10 and 11) | 28,830 | 10,454 | |
Other assets | 8,646 | 8,015 | |
TOTAL ASSETS | 42,551,785 | 38,045,868 | |
Deposits | |||
Interest-bearing | 948,904 | 797,390 | |
Non-interest bearing | 24 | 24 | |
Total deposits | 948,928 | 797,414 | |
Consolidated obligations (Note 8) | |||
Discount notes | 18,633,731 | 19,131,832 | |
Bonds | 20,618,393 | 16,078,700 | |
Total consolidated obligations | 39,252,124 | 35,210,532 | |
Mandatorily redeemable capital stock | 4,415 | 5,059 | |
Accrued interest payable | 45,797 | 39,726 | |
Affordable Housing Program (Note 9) | 26,853 | 25,998 | |
Derivative liabilities (Notes 10 and 11) | 16,370 | 21,521 | |
Other liabilities (Note 4) | 108,218 | 26,705 | |
Total liabilities | $ 40,402,705 | $ 36,126,955 | |
Commitments and contingencies (Notes 7 and 15) | |||
CAPITAL (Note 12) | |||
Capital stock - Class B putable ($100 par value) issued and outstanding shares: 14,022,861 and 12,227,376 shares at June 30, 2015 and December 31, 2014, respectively | $ 1,402,286 | $ 1,222,738 | |
Retained earnings | |||
Unrestricted | 685,571 | 650,224 | |
Restricted | 58,944 | 49,552 | |
Total retained earnings | 744,515 | 699,776 | |
Accumulated other comprehensive income (loss) (Note18) | 2,279 | (3,601) | |
Total capital | 2,149,080 | 1,918,913 | |
TOTAL LIABILITIES AND CAPITAL | $ 42,551,785 | $ 38,045,868 | |
[1] | (a)Fair values: $3,755,636 and $4,727,130 at June 30, 2015 and December 31, 2014, respectively. |
Statements of Condition (Unaud3
Statements of Condition (Unaudited) Parenthetical - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Held-to-maturity securities, Fair Value | $ 3,755,636 | $ 4,727,130 |
Loans and Leases Receivable, Allowance | 141 | 143 |
Trading Securities Pledged as Collateral | $ 99,998 | $ 35,985 |
Common Class B [Member] | ||
CAPITAL (Note 12) | ||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 14,022,861 | 12,227,376 |
Common Stock, Shares, Outstanding | 14,022,861 | 12,227,376 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST INCOME | ||||
Advances | $ 29,556 | $ 30,702 | $ 58,653 | $ 61,794 |
Prepayment fees on advances, net | 4,419 | 4,313 | 7,139 | 4,863 |
Interest-bearing deposits | 177 | 171 | 365 | 316 |
Securities purchased under agreements to resell | 825 | 154 | 1,218 | 191 |
Federal funds sold | 2,263 | 387 | 4,195 | 751 |
Trading securities | 48 | 110 | 91 | 278 |
Available-for-sale securities | 8,569 | 5,111 | 15,447 | 10,263 |
Held-to-maturity securities | 7,326 | 10,429 | 15,498 | 21,318 |
Mortgage loans held for portfolio | 930 | 1,188 | 1,921 | 2,448 |
Total interest income | 54,113 | 52,565 | 104,527 | 102,222 |
Consolidated obligations | ||||
Bonds | 19,453 | 18,640 | 36,613 | 37,776 |
Discount notes | 3,212 | 2,012 | 7,351 | 3,788 |
Deposits | 40 | 21 | 66 | 43 |
Mandatorily redeemable capital stock | 3 | 4 | 8 | 8 |
Other borrowings | 8 | 3 | 8 | 4 |
Total interest expense | 22,716 | 20,680 | 44,046 | 41,619 |
NET INTEREST INCOME | 31,397 | 31,885 | 60,481 | 60,603 |
OTHER INCOME (LOSS) | ||||
Total other-than-temporary impairment losses on held-to-maturity securities | (61) | 0 | (100) | 0 |
Net non-credit impairment losses on held-to-maturity securities recognized in other comprehensive income | 42 | 0 | 75 | 0 |
Credit component of other-than-temporary impairment losses on held-to-maturity securities | (19) | 0 | (25) | 0 |
Net gains on trading securities | 62 | 350 | 339 | 559 |
Net gains on derivatives and hedging activities | 8,449 | 273 | 12,686 | 968 |
Realized gains on sales of held-to-maturity securities | 3,887 | 0 | 10,113 | 0 |
Realized gains on sales of available-for-sale securities | 0 | 0 | 2,345 | 0 |
Gains on early extinguishment of debt | 0 | 402 | 0 | 723 |
Letter of credit fees | 1,070 | 1,191 | 2,219 | 2,341 |
Other, net | 524 | 614 | 996 | 1,087 |
Total other income | 13,973 | 2,830 | 28,673 | 5,678 |
OTHER EXPENSE | ||||
Compensation and benefits | 10,070 | 9,907 | 20,459 | 20,155 |
Other operating expenses | 7,433 | 8,148 | 13,908 | 13,878 |
Finance Agency | 520 | 502 | 1,151 | 1,165 |
Office of Finance | 744 | 585 | 1,293 | 1,143 |
Other | 76 | 13 | 162 | 33 |
Total other expense | 18,843 | 19,155 | 36,973 | 36,374 |
INCOME BEFORE ASSESSMENTS | 26,527 | 15,560 | 52,181 | 29,907 |
Affordable Housing Program assessment | 2,653 | 1,556 | 5,219 | 2,991 |
NET INCOME | $ 23,874 | $ 14,004 | $ 46,962 | $ 26,916 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
NET INCOME | $ 23,874 | $ 14,004 | $ 46,962 | $ 26,916 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Net unrealized gains on available-for-sale securities, net of unrealized gains and losses relating to hedged interest rate risk included in net income | 3,031 | 5,096 | 5,036 | 30,368 |
Reclassification adjustment for realized gains on sales of available-for-sale securities included in net income | 0 | 0 | (2,345) | 0 |
Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities | (42) | 0 | (75) | 0 |
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 1,627 | 1,848 | 3,301 | 3,707 |
Postretirement benefit plan | ||||
Amortization of prior service cost included in net periodic benefit cost | 2 | 1 | 4 | 1 |
Amortization of net actuarial gain included in net periodic benefit cost | (20) | (24) | (41) | (47) |
Total other comprehensive income | 4,598 | 6,921 | 5,880 | 34,029 |
TOTAL COMPREHENSIVE INCOME | $ 28,472 | $ 20,925 | $ 52,842 | $ 60,945 |
Statements of Capital (Unaudite
Statements of Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 1,918,913 | $ 1,746,504 | ||
Proceeds from sale of capital stock | 577,596 | 566,149 | ||
Repurchase/redemption of capital stock | (398,874) | (462,860) | ||
Shares reclassified to mandatorily redeemable capital stock | (1,312) | (1,367) | ||
Comprehensive income | ||||
Net income | $ 23,874 | $ 14,004 | 46,962 | 26,916 |
Other comprehensive income | 4,598 | 6,921 | 5,880 | 34,029 |
Dividends on capital stock (at 0.375 percent annualized rate) | ||||
Cash | (83) | (85) | ||
Mandatorily redeemable capital stock | (2) | (2) | ||
Ending balance | $ 2,149,080 | $ 1,909,284 | $ 2,149,080 | $ 1,909,284 |
Capital Stock Putable | Common Class B [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, shares | 12,227 | 11,237 | ||
Beginning balance | $ 1,222,738 | $ 1,123,675 | ||
Proceeds from sale of capital stock, shares | 5,776 | 5,662 | ||
Proceeds from sale of capital stock | $ 577,596 | $ 566,149 | ||
Repurchase/redemption of capital stock, shares | (3,989) | (4,629) | ||
Repurchase/redemption of capital stock | $ (398,874) | $ (462,860) | ||
Shares reclassified to mandatorily redeemable capital stock, shares | (13) | (14) | ||
Shares reclassified to mandatorily redeemable capital stock | $ (1,312) | $ (1,367) | ||
Dividends on capital stock (at 0.375 percent annualized rate) | ||||
Stock, shares | 21 | 19 | ||
Stock | $ 2,138 | $ 1,916 | ||
Ending balance, shares | 14,022 | 12,275 | 14,022 | 12,275 |
Ending balance | $ 1,402,286 | $ 1,227,513 | $ 1,402,286 | $ 1,227,513 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 699,776 | 655,470 | ||
Comprehensive income | ||||
Net income | 46,962 | 26,916 | ||
Dividends on capital stock (at 0.375 percent annualized rate) | ||||
Cash | (83) | (85) | ||
Mandatorily redeemable capital stock | (2) | (2) | ||
Stock | (2,138) | (1,916) | ||
Ending balance | 744,515 | 680,383 | 744,515 | 680,383 |
Retained Earnings, Restricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 49,552 | 39,850 | ||
Comprehensive income | ||||
Net income | 9,392 | 5,383 | ||
Dividends on capital stock (at 0.375 percent annualized rate) | ||||
Ending balance | 58,944 | 45,233 | 58,944 | 45,233 |
Retained Earnings, Unrestricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 650,224 | 615,620 | ||
Comprehensive income | ||||
Net income | 37,570 | 21,533 | ||
Dividends on capital stock (at 0.375 percent annualized rate) | ||||
Cash | (83) | (85) | ||
Mandatorily redeemable capital stock | (2) | (2) | ||
Stock | (2,138) | (1,916) | ||
Ending balance | 685,571 | 635,150 | 685,571 | 635,150 |
Accumulated Other Comprehensive Income (Loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (3,601) | (32,641) | ||
Comprehensive income | ||||
Other comprehensive income | 5,880 | 34,029 | ||
Dividends on capital stock (at 0.375 percent annualized rate) | ||||
Ending balance | $ 2,279 | $ 1,388 | $ 2,279 | $ 1,388 |
Statements of Capital (Unaudit7
Statements of Capital (Unaudited) Parenthetical | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Dividends On Capital Stock At Percent Annualized Rate Abstract | ||
Dividends stock annualized percentage | 0.375% | 0.375% |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 46,962 | $ 26,916 |
Depreciation and amortization | ||
Net premiums and discounts on advances, consolidated obligations, investments and mortgage loans | 46,800 | 29,245 |
Concessions on consolidated obligation bonds | 1,555 | 842 |
Premises, equipment and computer software costs | 1,909 | 1,788 |
Non-cash interest on mandatorily redeemable capital stock | 8 | 9 |
Credit component of other-than-temporary impairment losses on held-to-maturity securities | 25 | 0 |
Gains on early extinguishment of debt | 0 | (723) |
Gains on sales of held-to-maturity securities | (10,113) | 0 |
Gains on sales of available-for-sale securities | (2,345) | 0 |
Net loss on disposition of premises, equipment and computer software | 0 | 67 |
Net increase in trading securities | (101) | (465) |
Loss due to change in net fair value adjustment on derivative and hedging activities | 16,807 | 43,232 |
Decrease in accrued interest receivable | 7,890 | 569 |
Decrease (increase) in other assets | (665) | 2,288 |
Increase (decrease) in Affordable Housing Program (AHP) liability | 855 | (2,328) |
Increase (decrease) in accrued interest payable | 6,071 | (4,134) |
Decrease in other liabilities | (2,913) | (2,948) |
Total adjustments | 65,783 | 67,442 |
Net cash provided by operating activities | 112,745 | 94,358 |
INVESTING ACTIVITIES | ||
Net decrease in interest-bearing deposits, including swap collateral pledged | 148,893 | 119,766 |
Net increase in securities purchased under agreements to resell | (5,350,000) | (750,000) |
Net decrease (increase) in federal funds sold | 1,947,000 | (21,000) |
Net decrease (increase) in short-term trading securities held for investment | 189,705 | (33) |
Purchases of available-for-sale securities | (1,220,043) | (40,788) |
Proceeds from maturities of available-for-sale securities | 16,024 | 0 |
Proceeds from sales of available-for-sale securities | 540,269 | 0 |
Proceeds from sales of held-to-maturity securities | 598,551 | 0 |
Proceeds from maturities of long-term held-to-maturity securities | 404,562 | 515,734 |
Purchases of long-term held-to-maturity securities | (35,000) | (391,638) |
Principal collected on advances | 265,409,868 | 226,382,257 |
Advances made | (268,138,403) | (228,651,901) |
Principal collected on mortgage loans held for portfolio | 8,349 | 10,179 |
Purchases of premises, equipment and computer software | (3,410) | (976) |
Net cash used in investing activities | (5,483,635) | (2,828,400) |
FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits, including swap collateral held | 153,333 | (267,063) |
Net payments on derivative contracts with financing elements | (120,577) | (92,933) |
Net proceeds from issuance of consolidated obligations | ||
Discount notes | 585,043,279 | 88,944,067 |
Bonds | 10,960,752 | 6,844,098 |
Debt issuance costs | (1,258) | (1,358) |
Payments for maturing and retiring consolidated obligations | ||
Discount notes | (585,540,120) | (82,976,626) |
Bonds | (6,421,935) | (9,443,010) |
Proceeds from issuance of capital stock | 577,596 | 566,149 |
Proceeds from issuance of mandatorily redeemable capital stock | 0 | 8 |
Payments for redemption of mandatorily redeemable capital stock | (1,965) | (669) |
Payments for repurchase/redemption of capital stock | (398,874) | (462,860) |
Cash dividends paid | (83) | (85) |
Net cash provided by financing activities | 4,250,148 | 3,109,718 |
Net increase (decrease) in cash and cash equivalents | (1,120,742) | 375,676 |
Cash and cash equivalents at beginning of the period | 1,507,708 | 911,081 |
Cash and cash equivalents at end of the period | 386,966 | 1,286,757 |
Supplemental Disclosures: | ||
Interest paid | 50,747 | 64,443 |
AHP payments, net | 4,364 | 5,319 |
Stock dividends issued | 2,138 | 1,916 |
Dividends paid through issuance of mandatorily redeemable capital stock | 2 | 2 |
Net capital stock reclassified to mandatorily redeemable capital stock | $ 1,312 | $ 1,367 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The accompanying interim financial statements of the Federal Home Loan Bank of Dallas (the “Bank”) are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions provided by Article 10, Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. 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 fiscal year or any other interim period. The Bank’s significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2014 . The interim financial statements presented herein should be read in conjunction with the Bank’s audited financial statements and notes thereto, which are included in the Bank’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 26, 2015 (the “ 2014 10-K”). The notes to the interim financial statements update and/or highlight significant changes to the notes included in the 2014 10-K. The Bank is one of 11 district Federal Home Loan Banks, each individually a “FHLBank” and collectively the “FHLBanks,” and, together with the Office of Finance, a joint office of the FHLBanks, the “FHLBank System.” The Office of Finance manages the sale and servicing of the FHLBanks’ consolidated obligations. The Federal Housing Finance Agency (“Finance Agency”), an independent agency in the executive branch of the U.S. government, supervises and regulates the housing government-sponsored enterprises ("GSEs"), including the FHLBanks and the Office of Finance. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates. These assumptions and estimates may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. Significant assumptions include those that are used by the Bank in its periodic evaluation of its holdings of non-agency residential mortgage-backed securities ("MBS") for other-than-temporary impairment (“OTTI”). Significant estimates include the valuations of the Bank’s investment securities, as well as its derivative instruments and any associated hedged items. Actual results could differ from these estimates. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 6 Months Ended |
Jun. 30, 2015 | |
Recently Issued Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Guidance Asset Classification and Charge-offs. On April 9, 2012, the Finance Agency issued Advisory Bulletin 2012-02 "Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention" ("AB 2012-02"). The guidance establishes a standard and uniform methodology for classifying assets and prescribes the timing of asset charge-offs, excluding investment securities. The guidance in AB 2012-02 is generally consistent with the Uniform Retail Credit Classification and Account Management Policy issued by the federal banking regulators in June 2000. The adoption of the accounting guidance in AB 2012-02, which was effective January 1, 2015, did not have a significant impact on the Bank's results of operations or financial condition. Foreclosure of Residential Real Estate. On January 17, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-04 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (“ASU 2014-04”), which clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or a similar legal agreement. Additionally, ASU 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. For public business entities, the guidance in ASU 2014-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 (January 1, 2015 for the Bank) and may be applied either retrospectively by means of a cumulative-effect adjustment to residential consumer mortgage loans and foreclosed residential real estate properties existing as of the beginning of the annual period for which the guidance is effective or prospectively to all instances of an entity receiving physical possession of residential real estate property collateralized by consumer mortgage loans that occur after the date of adoption. Early adoption was permitted. The Bank adopted this guidance effective January 1, 2015. The adoption of this guidance did not have a significant impact on the Bank's results of operations or financial condition. Revenue from Contracts with Customers. On May 28, 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" ("ASU 2014-09"), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. In addition, ASU 2014-09 amends the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer. ASU 2014-09 applies to all contracts with customers except those that are within the scope of certain other standards, such as financial instruments, certain guarantees, insurance contracts, and lease contracts. The guidance in ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 (January 1, 2017 for the Bank). Early application is not permitted. The Bank has not yet determined the effect, if any, that the adoption of ASU 2014-09 will have on its results of operations or financial condition. Repurchase-to-Maturity Transactions and Repurchase Financings. On June 12, 2014, the FASB issued ASU 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" ("ASU 2014-11"), which changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. In addition, ASU 2014-11 requires disclosures about transfers accounted for as sales in transactions that are economically similar to repurchase agreements and about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The accounting changes in ASU 2014-11 and the disclosures for certain transactions accounted for as a sale are effective for public business entities for the first interim or annual period beginning after December 15, 2014 (January 1, 2015 for the Bank). For public business entities, the disclosures for transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014 (January 1, 2015 for the Bank), and interim periods beginning after March 15, 2015 (April 1, 2015 for the Bank). Earlier application for a public business entity was prohibited. The adoption of this guidance did not have any impact on the Bank's results of operations or financial condition. Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. On August 8, 2014, the FASB issued ASU 2014-14 “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure” (“ASU 2014-14”), which requires that government-guaranteed mortgage loans be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (i) the loan has a government guarantee that is not separable from the loan before foreclosure, (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. For public business entities, the guidance in ASU 2014-14 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014 (January 1, 2015 for the Bank) and may be applied using either the modified retrospective transition method or the prospective transition method. Early adoption was permitted. The Bank adopted this guidance effective January 1, 2015. The adoption of this guidance did not have a significant impact on the Bank's results of operations or financial condition. Simplifying the Presentation of Debt Issuance Costs. On April 7, 2015, the FASB issued ASU 2015-03 "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the statement of condition as a direct deduction from that debt liability, consistent with the presentation of a debt discount. For public business entities, the guidance in ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for the Bank). Early adoption is permitted for financial statements that have not been previously issued. The guidance is required to be applied on a retrospective basis to each individual period presented on the statement of condition. The adoption of this guidance will not have a material impact on the Bank's financial condition and the adoption will not impact the Bank's results of operations. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. On April 15, 2015, the FASB issued ASU 2015-05 "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement" ("ASU 2015-05"), which clarifies when fees paid in a cloud computing arrangement pertain to the acquisition of a software license, services, or both. For public business entities, the guidance in ASU 2015-05 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for the Bank). Early adoption is permitted. The Bank can elect to adopt ASU 2015-05 either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Bank has not yet determined the effect, if any, that the adoption of ASU 2015-05 will have on its results of operations or financial condition. |
Trading Securities
Trading Securities | 6 Months Ended |
Jun. 30, 2015 | |
Trading Securities [Abstract] | |
Trading Securities Disclosure [Text Block] | Trading Securities Trading securities as of June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 December 31, 2014 U.S. Treasury Bills $ 109,998 $ 399,794 GSE discount notes 99,986 — Other 8,893 8,769 Total $ 218,877 $ 408,563 Other trading securities consist solely of mutual fund investments associated with the Bank's non-qualified deferred compensation plans. |
Available-for-Sale Securities
Available-for-Sale Securities | 6 Months Ended |
Jun. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
Available-for-Sale Securities Disclosure [Text Block] | Available-for-Sale Securities Major Security Types. Available-for-sale securities as of June 30, 2015 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 49,800 $ 382 $ — $ 50,182 GSE obligations 4,311,129 29,806 — 4,340,935 Other 393,180 421 248 393,353 4,754,109 30,609 248 4,784,470 GSE commercial MBS 2,265,370 3,704 8,962 2,260,112 Total $ 7,019,479 $ 34,313 $ 9,210 $ 7,044,582 Included in the table above are GSE commercial MBS that were purchased but which had not yet settled as of June 30, 2015 . The amount due of $84,389,000 is included in other liabilities on the statement of condition at that date. Available-for-sale securities as of December 31, 2014 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 49,666 $ 308 $ — $ 49,974 GSE obligations 4,890,484 31,066 — 4,921,550 Other 411,145 701 535 411,311 5,351,295 32,075 535 5,382,835 GSE commercial MBS 1,014,795 322 9,450 1,005,667 Total $ 6,366,090 $ 32,397 $ 9,985 $ 6,388,502 Other debentures are comprised of securities issued by the Private Export Funding Corporation ("PEFCO"). These debentures are fully secured by U.S. government-guaranteed obligations and the payment of interest on the debentures is guaranteed by an agency of the U.S. government. The amortized cost of the Bank's available-for-sale securities includes hedging adjustments. The following table summarizes (in thousands, except number of positions) the available-for-sale securities with unrealized losses as of June 30, 2015 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures Other 13 $ 108,843 $ 248 — $ — $ — 13 $ 108,843 $ 248 GSE commercial MBS 33 1,258,709 7,987 4 97,622 975 37 1,356,331 8,962 Total 46 $ 1,367,552 $ 8,235 4 $ 97,622 $ 975 50 $ 1,465,174 $ 9,210 The following table summarizes (in thousands, except number of positions) the available-for-sale securities with unrealized losses as of December 31, 2014 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures Other 18 $ 163,153 $ 535 — $ — $ — 18 $ 163,153 $ 535 GSE commercial MBS 29 863,159 9,450 — — — 29 863,159 9,450 Total 47 $ 1,026,312 $ 9,985 — $ — $ — 47 $ 1,026,312 $ 9,985 At June 30, 2015 , the gross unrealized losses on the Bank’s available-for-sale securities were $9,210,000 . All of the Bank's available-for-sale securities are either guaranteed by the U.S. government, issued by GSEs, or fully secured by collateral that is guaranteed by the U.S government. As of June 30, 2015 , the U.S. government and the issuers of the Bank’s holdings of GSE debentures and GSE MBS were rated triple-A by Moody’s Investors Service (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”) and AA+ by Standard and Poor’s (“S&P”). The Bank's holdings of PEFCO debentures were rated triple-A by Moody's and Fitch, and A+ by S&P at that date. Based upon the strength of the GSEs' guarantees of the Bank's holdings of GSE MBS and the credit ratings assigned by each of the nationally recognized statistical rating organizations (“NRSROs”), the Bank expects that its holdings of GSE MBS that were in an unrealized loss position at June 30, 2015 would not be settled at an amount less than the Bank’s amortized cost bases in these investments. Further, based upon PEFCO's creditworthiness, the U.S. government's guaranty of the payment of principal and interest on the collateral securing the PEFCO debentures, and the guaranty of the payment of interest on the debentures by an agency of the U.S. government, the Bank expects that its holdings of PEFCO debentures that were in an unrealized loss position at June 30, 2015 would not be settled at an amount less than the Bank’s amortized cost bases in these investments. Because the current market value deficits associated with the Bank's available-for-sale securities are not attributable to credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, the Bank does not consider any of these investments to be other-than-temporarily impaired at June 30, 2015 . Redemption Terms. The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at June 30, 2015 and December 31, 2014 are presented below (in thousands). June 30, 2015 December 31, 2014 Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debentures Due in one year or less $ 70,417 $ 70,438 $ 87,379 $ 87,418 Due after one year through five years 3,743,330 3,761,571 4,224,231 4,245,122 Due after five years through ten years 940,362 952,461 1,039,685 1,050,295 4,754,109 4,784,470 5,351,295 5,382,835 GSE commercial MBS 2,265,370 2,260,112 1,014,795 1,005,667 Total $ 7,019,479 $ 7,044,582 $ 6,366,090 $ 6,388,502 Interest Rate Payment Terms. The following table provides interest rate payment terms for investment securities classified as available-for-sale at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Amortized cost of available-for-sale securities other than MBS Fixed-rate $ 4,679,109 $ 5,276,295 Variable-rate 75,000 75,000 4,754,109 5,351,295 Amortized cost of fixed-rate multi-family MBS 2,265,370 1,014,795 Total $ 7,019,479 $ 6,366,090 At June 30, 2015 and December 31, 2014 , all of the Bank's fixed-rate available-for-sale securities were swapped to a variable rate. Sales of Securities. During the three months ended March 31, 2015, the Bank sold available-for-sale securities with an amortized cost (determined by the specific identification method) of $537,924,000 . Proceeds from the sales totaled $540,269,000 , resulting in realized gains of $2,345,000 . There were no sales of available-for-sale securities during the three months ended June 30, 2015 or the six months ended June 30, 2014 . |
Held-to-Maturity Securities
Held-to-Maturity Securities | 6 Months Ended |
Jun. 30, 2015 | |
Held-to-maturity Securities, Unclassified [Abstract] | |
Held-to-Maturity Securities Disclosure [Text Block] | Held-to-Maturity Securities Major Security Types. Held-to-maturity securities as of June 30, 2015 were as follows (in thousands): Amortized Cost OTTI Recorded in Accumulated Other Comprehensive Income (Loss) Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 24,333 $ — $ 24,333 $ 34 $ 87 $ 24,280 State housing agency obligation 35,000 — 35,000 — — 35,000 59,333 — 59,333 34 87 59,280 Mortgage-backed securities U.S. government-guaranteed residential MBS 5,765 — 5,765 27 — 5,792 GSE residential MBS 3,450,129 — 3,450,129 31,636 784 3,480,981 Non-agency residential MBS 157,013 24,123 132,890 18,565 3,524 147,931 GSE commercial MBS 61,817 — 61,817 — 165 61,652 3,674,724 24,123 3,650,601 50,228 4,473 3,696,356 Total $ 3,734,057 $ 24,123 $ 3,709,934 $ 50,262 $ 4,560 $ 3,755,636 Held-to-maturity securities as of December 31, 2014 were as follows (in thousands): Amortized Cost OTTI Recorded in Accumulated Other Comprehensive Income (Loss) Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 27,119 $ — $ 27,119 $ 143 $ — $ 27,262 Mortgage-backed securities U.S. government-guaranteed residential MBS 6,642 — 6,642 34 — 6,676 GSE residential MBS 4,424,542 — 4,424,542 46,767 398 4,470,911 Non-agency residential MBS 169,240 27,349 141,891 21,982 3,469 160,404 GSE commercial MBS 61,819 — 61,819 58 — 61,877 4,662,243 27,349 4,634,894 68,841 3,867 4,699,868 Total $ 4,689,362 $ 27,349 $ 4,662,013 $ 68,984 $ 3,867 $ 4,727,130 The following table summarizes (in thousands, except number of positions) the held-to-maturity securities with unrealized losses as of June 30, 2015 . The unrealized losses include other-than-temporary impairments recorded in accumulated other comprehensive income (loss) and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential mortgage-backed securities, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures U.S. government-guaranteed obligations 2 $ 13,618 $ 87 — $ — $ — 2 $ 13,618 $ 87 Mortgage-backed securities GSE residential MBS 4 160,107 86 11 366,324 698 15 526,431 784 Non-agency residential MBS 1 6,433 139 24 121,103 9,821 25 127,536 9,960 GSE commercial MBS 3 61,652 165 — — — 3 61,652 165 Total 10 $ 241,810 $ 477 35 $ 487,427 $ 10,519 45 $ 729,237 $ 10,996 The following table summarizes (in thousands, except number of positions) the held-to-maturity securities with unrealized losses as of December 31, 2014 . The unrealized losses include other-than-temporary impairments recorded in accumulated other comprehensive income (loss) and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential mortgage-backed securities, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Mortgage-backed securities GSE residential MBS 1 $ 10,798 $ 5 17 $ 485,626 $ 393 18 $ 496,424 $ 398 Non-agency residential MBS 1 6,874 223 24 131,265 9,917 25 138,139 10,140 Total 2 $ 17,672 $ 228 41 $ 616,891 $ 10,310 43 $ 634,563 $ 10,538 At June 30, 2015 , the gross unrealized losses on the Bank’s held-to-maturity securities were $10,996,000 , of which $9,960,000 were attributable to its holdings of non-agency (i.e., private-label) residential MBS and $1,036,000 were attributable to securities that are either guaranteed by the U.S. government or issued and guaranteed by GSEs. As of June 30, 2015 , the U.S. government and the issuers of the Bank’s holdings of GSE MBS were rated triple-A by Moody’s and Fitch and AA+ by S&P. Based upon the credit ratings assigned by the NRSROs and the Bank's assessment of the strength of the GSEs’ guarantees of the Bank’s holdings of GSE MBS, the Bank expects that its holdings of U.S. government-guaranteed debentures and GSE MBS that were in an unrealized loss position at June 30, 2015 would not be settled at an amount less than the Bank’s amortized cost bases in these investments. Because the current market value deficits associated with these securities are not attributable to credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, the Bank does not consider any of these investments to be other-than-temporarily impaired at June 30, 2015 . The deterioration in the U.S. housing markets that occurred primarily during the period from 2007 through 2011, as reflected during that period by declines in the values of residential real estate and higher levels of delinquencies, defaults and losses on residential mortgages, including the mortgages underlying the Bank’s non-agency residential MBS (“RMBS”), generally increased the risk that the Bank may not ultimately recover the entire cost bases of some of its non-agency RMBS. However, based on its analysis of the securities in this portfolio, the Bank believes that the unrealized losses as of June 30, 2015 were principally the result of liquidity risk related discounts in the non-agency RMBS market and do not accurately reflect the currently likely future credit performance of the securities. Because the ultimate receipt of contractual payments on the Bank’s non-agency RMBS will depend upon the credit and prepayment performance of the underlying loans and the credit enhancements for the senior securities owned by the Bank, the Bank closely monitors these investments in an effort to determine whether the credit enhancement associated with each security is sufficient to protect against potential losses of principal and interest on the underlying mortgage loans. The credit enhancement for each of the Bank’s non-agency RMBS is provided by a senior/subordinate structure, and none of the securities owned by the Bank are insured by third-party bond insurers. More specifically, each of the Bank’s non-agency RMBS represents a single security class within a securitization that has multiple classes of securities. Each security class has a distinct claim on the cash flows from the underlying mortgage loans, with the subordinate securities having a junior claim relative to the more senior securities. The Bank’s non-agency RMBS have a senior claim on the cash flows from the underlying mortgage loans. To assess whether the entire amortized cost bases of its 27 non-agency RMBS holdings are likely to be recovered, the Bank performed a cash flow analysis for each security as of June 30, 2015 using two third-party models. The first model considers borrower characteristics and the particular attributes of the loans underlying the Bank’s securities, in conjunction with assumptions about future changes in home prices and interest rates, to project prepayments, defaults and loss severities. A significant input to the first model is the forecast of future housing price changes for the relevant states and core based statistical areas (“CBSAs”), which are based upon an assessment of the individual housing markets. (The term “CBSA” refers collectively to metropolitan and micropolitan statistical areas as defined by the U.S. Office of Management and Budget; as currently defined, a CBSA must contain at least one urban area of 10,000 or more people.) The Bank’s housing price forecast as of June 30, 2015 assumed changes in home prices ranging from declines of 2 percent to increases of 8 percent over the 12 -month period beginning April 1, 2015 . For the vast majority of markets, the changes were projected to range from increases of 2 percent to 5 percent . Thereafter, home price changes for each market were projected to return (at varying rates and over varying transition periods based on historical housing price patterns) to their long-term historical equilibrium levels. Following these transition periods, the constant long-term annual rates of appreciation for the vast majority of markets were projected to range between 2 percent and 5 percent . The month-by-month projections of future loan performance derived from the first model, which reflect projected prepayments, defaults and loss severities, are then input into a second model that allocates the projected loan level cash flows and losses to the various security classes in the securitization structure in accordance with its prescribed cash flow and loss allocation rules. In a securitization in which the credit enhancement for the senior securities is derived from the presence of subordinate securities, losses are generally allocated first to the subordinate securities until their principal balance is reduced to zero. Based on the results of its cash flow analyses, the Bank determined it was not likely that it would fully recover the remaining amortized cost basis of one of its previously other-than-temporarily impaired non-agency RMBS and, accordingly, this security was deemed to be other-than-temporarily impaired as of June 30, 2015 . The difference between the present value of the cash flows expected to be collected from this security and its amortized cost basis (i.e., the credit loss) totaled $19,000 at June 30, 2015 . Because the Bank does not intend to sell the investment and it is not more likely than not that the Bank will be required to sell the investment before recovery of its remaining amortized cost basis, only the amount related to the credit loss was recognized in earnings. None of the Bank's other non-agency RMBS were deemed to be other-than-temporarily impaired at June 30, 2015 . For the security for which an other-than-temporary impairment was determined to have occurred as of June 30, 2015 , the following table presents a summary of the significant inputs used to measure the amount of the credit loss recognized in earnings (dollars in thousands): Significant Inputs (2) Year of Securitization Collateral Type (1) Unpaid Principal Balance as of June 30, 2015 Projected Prepayment Rate Projected Default Rate Projected Loss Severity Current Credit Enhancement as of June 30, 2015 (3) 2005 Alt-A/Option ARM $ 11,716 7.3 % 22.0 % 34.9 % 32.7 % ________________________________________ (1) Although the other-than-temporarily impaired security was not labeled as Alt-A at the time of issuance, based upon its current collateral and performance characteristics, it was analyzed using Alt-A assumptions. (2) The prepayment rate reflects the weighted average of projected future voluntary prepayments. The default rate reflects the total balance of loans projected to default as a percentage of the current unpaid principal balance of the underlying loan pool. The loss severity reflects the total projected loan losses as a percentage of the total balance of loans that are projected to default. (3) The current credit enhancement percentage reflects the ability of subordinated classes of securities to absorb principal losses and interest shortfalls before the senior class held by the Bank is impacted (i.e., the losses, expressed as a percentage of the outstanding principal balances, that could be incurred in the underlying loan pool before the security held by the Bank would be impacted, assuming that all of those losses occurred on the measurement date). Depending upon the timing and amount of losses in the underlying loan pool, it is possible that the senior class held by the Bank could bear losses in scenarios where the cumulative loan losses do not exceed the current credit enhancement percentage. In addition to the security that was determined to be other-than-temporarily impaired at June 30, 2015 , 14 of the Bank's holdings of non-agency RMBS were determined to be other-than-temporarily impaired in periods prior to 2013. The following table presents a rollforward for the three and six months ended June 30, 2015 and 2014 of the amount related to credit losses on the Bank’s non-agency RMBS holdings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Balance of credit losses, beginning of period $ 12,301 $ 12,836 $ 12,512 $ 12,901 Credit losses on securities for which an other-than-temporary impairment was previously recognized 19 — 25 — Increases in cash flows expected to be collected (accreted as interest income over the remaining lives of the applicable securities) (220 ) (66 ) (437 ) (131 ) Balance of credit losses, end of period 12,100 12,770 12,100 12,770 Cumulative principal shortfalls on securities held at end of period (1,469 ) (1,061 ) (1,469 ) (1,061 ) Cumulative amortization of the time value of credit losses at end of period 321 264 321 264 Credit losses included in the amortized cost bases of other-than-temporarily impaired securities at end of period $ 10,952 $ 11,973 $ 10,952 $ 11,973 Redemption Terms. The amortized cost, carrying value and estimated fair value of held-to-maturity securities by contractual maturity at June 30, 2015 and December 31, 2014 are presented below (in thousands). The expected maturities of some debentures could differ from the contractual maturities presented because issuers may have the right to call such debentures prior to their final stated maturities. June 30, 2015 December 31, 2014 Maturity Amortized Cost Carrying Value Estimated Fair Value Amortized Cost Carrying Value Estimated Fair Value Debentures Due after one year through five years $ 10,628 $ 10,628 $ 10,662 $ 12,544 $ 12,544 $ 12,649 Due after five years through ten years 13,705 13,705 13,618 14,575 14,575 14,613 Due after ten years 35,000 35,000 35,000 — — — 59,333 59,333 59,280 27,119 27,119 27,262 Mortgage-backed securities 3,674,724 3,650,601 3,696,356 4,662,243 4,634,894 4,699,868 Total $ 3,734,057 $ 3,709,934 $ 3,755,636 $ 4,689,362 $ 4,662,013 $ 4,727,130 The amortized cost of the Bank’s mortgage-backed securities classified as held-to-maturity includes net purchase discounts of $17,672,000 and $26,510,000 at June 30, 2015 and December 31, 2014 , respectively. Interest Rate Payment Terms. The following table provides interest rate payment terms for investment securities classified as held-to-maturity at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Amortized cost of variable-rate held-to-maturity securities other than mortgage-backed securities $ 59,333 $ 27,119 Amortized cost of held-to-maturity mortgage-backed securities Fixed-rate pass-through securities 251 276 Collateralized mortgage obligations Fixed-rate 545 624 Variable-rate 3,612,111 4,599,524 Variable-rate multi-family MBS 61,817 61,819 3,674,724 4,662,243 Total $ 3,734,057 $ 4,689,362 All of the Bank’s variable-rate collateralized mortgage obligations classified as held-to-maturity securities have coupon rates that are subject to interest rate caps, none of which were reached during 2014 or the six months ended June 30, 2015 . Sales of Securities. During the three and six months ended June 30, 2015, the Bank sold held-to-maturity securities with an amortized cost (determined by the specific identification method) of $244,190,000 and $588,438,000 , respectively. Proceeds from the sales totaled $248,077,000 and $598,551,000 , respectively, resulting in realized gains of $3,887,000 and $10,113,000 , respectively. For each of these securities, the Bank had previously collected at least 85 percent of the principal outstanding at the time of acquisition. As such, the sales were considered maturities for purposes of security classification. There were no sales of held-to-maturity securities during the six months ended June 30, 2014 . |
Advances
Advances | 6 Months Ended |
Jun. 30, 2015 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Text Block] | Advances Redemption Terms. At June 30, 2015 and December 31, 2014 , the Bank had advances outstanding at interest rates ranging from 0.08 percent to 8.27 percent and from 0.05 percent to 8.48 percent , respectively, as summarized below (dollars in thousands). June 30, 2015 December 31, 2014 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Overdrawn demand deposit accounts $ — — % $ 79,477 4.04 % Due in one year or less 14,040,988 0.26 11,908,892 0.31 Due after one year through two years 2,055,146 1.03 1,085,057 1.46 Due after two years through three years 1,491,089 2.57 1,590,017 2.39 Due after three years through four years 854,749 2.25 1,085,640 2.40 Due after four years through five years 494,655 2.60 417,243 2.22 Due after five years 965,142 2.32 901,184 2.99 Amortizing advances 1,621,781 3.28 1,727,505 3.45 Total par value 21,523,550 0.95 % 18,795,015 1.14 % Deferred prepayment fees (17,038 ) (17,903 ) Commitment fees (135 ) (139 ) Hedging adjustments 141,348 165,427 Total $ 21,647,725 $ 18,942,400 The balances of overdrawn demand deposit accounts were fully collateralized at December 31, 2014 and were repaid at the beginning of January 2015. Amortizing advances require repayment according to predetermined amortization schedules. The Bank offers advances to members that may be prepaid on specified dates without the member incurring prepayment or termination fees (prepayable and callable advances). The prepayment of other advances requires the payment of a fee to the Bank (prepayment fee) if necessary to make the Bank financially indifferent to the prepayment of the advance. At June 30, 2015 and December 31, 2014 , the Bank had aggregate prepayable and callable advances totaling $ 1,099,331,000 and $ 487,699,000 , respectively. The following table summarizes advances outstanding at June 30, 2015 and December 31, 2014 , by the earlier of contractual maturity or next call date, or the first date on which prepayable advances can be repaid without a prepayment fee (in thousands): Contractual Maturity or Next Call Date June 30, 2015 December 31, 2014 Overdrawn demand deposit accounts $ — $ 79,477 Due in one year or less 15,030,858 11,993,262 Due after one year through two years 1,313,776 1,053,687 Due after two years through three years 1,491,089 1,590,017 Due after three years through four years 854,749 1,085,640 Due after four years through five years 486,655 414,243 Due after five years 724,642 851,184 Amortizing advances 1,621,781 1,727,505 Total par value $ 21,523,550 $ 18,795,015 The Bank also offers putable advances. With a putable advance, the Bank purchases a put option from the member that allows the Bank to terminate the fixed-rate advance on specified dates and offer, subject to certain conditions, replacement funding at prevailing market rates. At June 30, 2015 and December 31, 2014 , the Bank had putable advances outstanding totaling $1,310,071,000 and $1,454,071,000 , respectively. The following table summarizes advances outstanding at June 30, 2015 and December 31, 2014 , by the earlier of contractual maturity or next possible put date (in thousands): Contractual Maturity or Next Put Date June 30, 2015 December 31, 2014 Overdrawn demand deposit accounts $ — $ 79,477 Due in one year or less 15,290,559 13,258,963 Due after one year through two years 2,015,146 1,062,557 Due after two years through three years 707,019 990,896 Due after three years through four years 434,249 397,190 Due after four years through five years 489,655 377,243 Due after five years 965,141 901,184 Amortizing advances 1,621,781 1,727,505 Total par value $ 21,523,550 $ 18,795,015 Interest Rate Payment Terms. The following table provides interest rate payment terms for advances outstanding at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Fixed-rate Due in one year or less $ 13,974,213 $ 11,573,066 Due after one year 6,461,547 6,694,902 Total fixed-rate 20,435,760 18,267,968 Variable-rate Due in one year or less 78,720 426,477 Due after one year 1,009,070 100,570 Total variable-rate 1,087,790 527,047 Total par value $ 21,523,550 $ 18,795,015 At June 30, 2015 and December 31, 2014 , 30 percent and 27 percent , respectively, of the Bank’s fixed-rate advances were swapped to a variable rate. Prepayment Fees. When a member/borrower prepays an advance, the Bank could suffer lower future income if the principal portion of the prepaid advance is reinvested in lower-yielding assets. To protect against this risk, the Bank generally charges a prepayment fee that makes it financially indifferent to a borrower’s decision to prepay an advance. The Bank records prepayment fees received from members/borrowers on prepaid advances net of any associated hedging adjustments on those advances. These fees are reflected as interest income in the statements of income either immediately (as prepayment fees on advances) or over time (as interest income on advances) as further described below. In cases in which the Bank funds a new advance concurrent with or within a short period of time before or after the prepayment of an existing advance and the advance meets the accounting criteria to qualify as a modification of the prepaid advance, the net prepayment fee on the prepaid advance is deferred, recorded in the basis of the modified advance, and amortized into interest income on advances over the life of the modified advance using the level-yield method. During the three months ended June 30, 2015 and 2014 , gross advance prepayment fees received from members/borrowers were $5,855,000 and $ 7,904,000 , respectively, of which $658,000 and $78,000 , respectively, were deferred. During the six months ended June 30, 2015 and 2014 , gross advance prepayment fees received from members/borrowers were $14,529,000 and $ 8,624,000 , respectively, of which $4,489,000 and $292,000 , respectively, were deferred. |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Credit Losses An allowance for credit losses is separately established for each of the Bank’s identified portfolio segments, if necessary, to provide for probable losses inherent in its financing receivables portfolio and other off-balance sheet credit exposures as of the balance sheet date. To the extent necessary, an allowance for credit losses for off-balance sheet credit exposures is recorded as a liability. A portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. The Bank has developed and documented a systematic methodology for determining an allowance for credit losses for the following portfolio segments: (1) advances and other extensions of credit to members/borrowers, collectively referred to as “extensions of credit to members”; (2) government-guaranteed/insured mortgage loans held for portfolio; and (3) conventional mortgage loans held for portfolio. Classes of financing receivables are generally a disaggregation of a portfolio segment and are determined on the basis of their initial measurement attribute, the risk characteristics of the financing receivable and an entity’s method for monitoring and assessing credit risk. Because the credit risk arising from the Bank’s financing receivables is assessed and measured at the portfolio segment level, the Bank does not have separate classes of financing receivables within each of its portfolio segments. During the six months ended June 30, 2015 and 2014 , there were no purchases or sales of financing receivables, nor were any financing receivables reclassified to held for sale. Advances and Other Extensions of Credit to Members. In accordance with federal statutes, including the Federal Home Loan Bank Act of 1932, as amended (the “FHLB Act”), the Bank lends to financial institutions within its five-state district that are involved in housing finance. The FHLB Act requires the Bank to obtain and maintain sufficient collateral for advances and other extensions of credit to protect against losses. The Bank makes advances and otherwise extends credit only against eligible collateral, as defined by regulation. To ensure the value of collateral pledged to the Bank is sufficient to secure its advances and other extensions of credit, the Bank applies various haircuts, or discounts, to the collateral to determine the value against which borrowers may borrow. As additional security, the Bank has a statutory lien on each borrower’s capital stock in the Bank. On at least a quarterly basis, the Bank evaluates all outstanding extensions of credit to members/borrowers for potential credit losses. These evaluations include a review of: (1) the amount, type and performance of collateral available to secure the outstanding obligations; (2) metrics that may be indicative of changes in the financial condition and general creditworthiness of the member/borrower; and (3) the payment status of the obligations. Any outstanding extensions of credit that exhibit a potential credit weakness that could jeopardize the full collection of the outstanding obligations would be classified as substandard, doubtful or loss. The Bank did not have any advances or other extensions of credit to members/borrowers that were classified as substandard, doubtful or loss at June 30, 2015 or December 31, 2014 . The Bank considers the amount, type and performance of collateral to be the primary indicator of credit quality with respect to its extensions of credit to members/borrowers. At June 30, 2015 and December 31, 2014 , the Bank had rights to collateral on a borrower-by-borrower basis with an estimated value in excess of each borrower’s outstanding extensions of credit. The Bank continues to evaluate and, as necessary, modify its credit extension and collateral policies based on market conditions. At June 30, 2015 and December 31, 2014 , the Bank did not have any advances that were past due, on nonaccrual status, or considered impaired. There have been no troubled debt restructurings related to advances. The Bank has never experienced a credit loss on an advance or any other extension of credit to a member/borrower and, based on its credit extension and collateral policies, management currently does not anticipate any credit losses on its extensions of credit to members/borrowers. Accordingly, the Bank has not provided any allowance for credit losses on advances, nor has it recorded any liabilities to reflect an allowance for credit losses related to its off-balance sheet credit exposures. Mortgage Loans — Government-guaranteed/Insured. The Bank’s government-guaranteed/insured fixed-rate mortgage loans are insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. Any losses from these loans are expected to be recovered from those entities. Any losses from these loans that are not recovered from those entities are absorbed by the servicers. Therefore, the Bank has not established an allowance for credit losses on government-guaranteed/insured mortgage loans. Government-guaranteed/insured loans are not placed on nonaccrual status. Mortgage Loans — Conventional Mortgage Loans. The Bank’s conventional mortgage loans were acquired through the Mortgage Partnership Finance ® (“MPF” ® ) program, as more fully described in the Bank’s 2014 10-K. The allowance for losses on conventional mortgage loans is determined by an analysis that includes consideration of various data such as past performance, current performance, loan portfolio characteristics, collateral-related characteristics, and prevailing economic conditions. The allowance for losses on conventional mortgage loans also factors in the credit enhancement under the MPF program. Any incurred losses that are expected to be recovered from the credit enhancements are not reserved as part of the Bank’s allowance for loan losses. The Bank places a conventional mortgage loan on nonaccrual status when the collection of the contractual principal or interest is 90 days or more past due. When a mortgage loan is placed on nonaccrual status, accrued but uncollected interest is reversed against interest income. The Bank records cash payments received on nonaccrual loans first as interest income until it recovers all interest, and then as a reduction of principal. A loan on nonaccrual status is restored to accrual status when none of its contractual principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual interest and principal. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collateral-dependent loans that are on nonaccrual status are measured for impairment based on the fair value of the underlying property less estimated selling costs. Loans are considered collateral-dependent if repayment is expected to be provided solely by the sale of the underlying property; that is, there is no other available and reliable source of repayment. A collateral-dependent loan is impaired if the fair value of the underlying collateral is insufficient to recover the unpaid principal and interest on the loan. Interest income on impaired loans is recognized in the same manner as it is for nonaccrual loans noted above. The Bank evaluates whether to record a charge-off on a conventional mortgage loan when the loan becomes 180 days or more past due or upon the occurrence of a confirming event, whichever occurs first. Confirming events include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. A charge-off is recorded if the recorded investment in the loan will not be recovered. The Bank considers the key credit quality indicator for conventional mortgage loans to be the payment status of each loan. The table below summarizes the unpaid principal balance by payment status for mortgage loans at June 30, 2015 and December 31, 2014 (dollars in thousands). The unpaid principal balance approximates the recorded investment in the loans. June 30, 2015 December 31, 2014 Conventional Loans Government- Guaranteed/ Insured Loans Total Conventional Loans Government- Guaranteed/ Insured Loans Total Mortgage loans: 30-59 days delinquent $ 885 $ 1,923 $ 2,808 $ 1,409 $ 2,276 $ 3,685 60-89 days delinquent 228 362 590 531 400 931 90 days or more delinquent 736 87 823 316 299 615 Total past due 1,849 2,372 4,221 2,256 2,975 5,231 Total current loans 27,679 31,006 58,685 31,510 34,429 65,939 Total mortgage loans $ 29,528 $ 33,378 $ 62,906 $ 33,766 $ 37,404 $ 71,170 Other delinquency statistics: In process of foreclosure (1) $ 193 $ 58 $ 251 $ 79 $ — $ 79 Serious delinquency rate (2) 2.5 % 0.3 % 1.3 % 0.9 % 0.8 % 0.9 % Past due 90 days or more and still accruing interest (3) $ — $ 87 $ 87 $ — $ 299 $ 299 Nonaccrual loans $ 736 $ — $ 736 $ 316 $ — $ 316 Troubled debt restructurings $ 114 $ — $ 114 $ 116 $ — $ 116 _____________________________ (1) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been made. (2) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the loan portfolio. (3) Only government-guaranteed/insured mortgage loans continue to accrue interest after they become 90 days or more past due. At June 30, 2015 and December 31, 2014 , the Bank’s other assets included $113,000 and $193,000 , respectively, of real estate owned. Mortgage loans are considered impaired when, based upon current information and events, it is probable that the Bank will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage loan agreement. Each nonaccrual mortgage loan and each troubled debt restructuring is specifically reviewed for impairment. At June 30, 2015 and December 31, 2014 , the estimated value of the collateral securing each of these loans was in excess of the outstanding loan amount. Therefore, no specific reserve was established for any of these mortgage loans. The remaining conventional mortgage loans were evaluated for impairment on a pool basis. Based upon the current and past performance of these loans, the underwriting standards in place at the time the loans were acquired, and current economic conditions, the Bank determined that an allowance for loan losses of $141,000 was adequate to reserve for credit losses in its conventional mortgage loan portfolio at June 30, 2015 . The following table presents the activity in the allowance for credit losses on conventional mortgage loans held for portfolio during the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance, beginning of period $ 143 $ 165 $ 143 $ 165 Chargeoffs (2 ) (17 ) (2 ) (17 ) Balance, end of period $ 141 $ 148 $ 141 $ 148 The following table presents information regarding the balances of the Bank's conventional mortgage loans held for portfolio that were individually or collectively evaluated for impairment as well as information regarding the ending balance of the allowance for credit losses as of June 30, 2015 and December 31, 2014 (in thousands). June 30, 2015 December 31, 2014 Ending balance of allowance for credit losses related to loans collectively evaluated for impairment $ 141 $ 143 Unpaid principal balance Individually evaluated for impairment $ 757 $ 432 Collectively evaluated for impairment 28,771 33,334 $ 29,528 $ 33,766 |
Consolidated Obligations
Consolidated Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Consolidated Obligations Consolidated obligations are the joint and several obligations of the FHLBanks and consist of consolidated obligation bonds and discount notes. Consolidated obligations are backed only by the financial resources of the 11 FHLBanks. Consolidated obligations are not obligations of, nor are they guaranteed by, the U.S. government. The FHLBanks issue consolidated obligations through the Office of Finance as their agent. In connection with each debt issuance, one or more of the FHLBanks specifies the amount of debt it wants issued on its behalf; the Bank receives the proceeds of only the debt issued on its behalf and records on its statements of condition only that portion of the consolidated obligations for which it has received the proceeds. Consolidated obligation bonds are issued primarily to raise intermediate- and long-term funds for the FHLBanks and are not subject to any statutory or regulatory limits on maturity. Consolidated obligation discount notes are issued to raise short-term funds and have maturities of one year or less. These notes are generally issued at a price that is less than their face amount and are redeemed at par value when they mature. For additional information regarding the FHLBanks’ joint and several liability on consolidated obligations, see Note 15. The par amounts of the 11 FHLBanks’ outstanding consolidated obligations, including consolidated obligations held as investments by other FHLBanks, were approximately $853 billion and $847 billion at June 30, 2015 and December 31, 2014 , respectively. The Bank was the primary obligor on $39.3 billion and $35.2 billion (at par value), respectively, of these consolidated obligations. Interest Rate Payment Terms. The following table summarizes the Bank’s consolidated obligation bonds outstanding by interest rate payment terms at June 30, 2015 and December 31, 2014 (in thousands, at par value). June 30, 2015 December 31, 2014 Fixed-rate $ 11,925,605 $ 8,377,640 Variable-rate 4,336,000 4,471,000 Step-up 4,210,000 3,112,500 Step-down 150,000 150,000 Step-up/step-down 15,000 — Total par value $ 20,636,605 $ 16,111,140 At June 30, 2015 and December 31, 2014 , 91 percent and 86 percent, respectively, of the Bank’s fixed-rate consolidated obligation bonds were swapped to a variable rate. Redemption Terms. The following is a summary of the Bank’s consolidated obligation bonds outstanding at June 30, 2015 and December 31, 2014 , by contractual maturity (dollars in thousands): June 30, 2015 December 31, 2014 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 6,512,855 0.59 % $ 6,225,840 0.58 % Due after one year through two years 4,280,865 0.82 2,790,080 1.19 Due after two years through three years 3,061,850 1.53 1,537,000 0.95 Due after three years through four years 2,111,765 1.23 1,847,000 1.94 Due after four years through five years 2,274,000 1.42 1,172,500 1.49 Due after five years 2,395,270 2.00 2,538,720 2.06 Total par value 20,636,605 1.10 % 16,111,140 1.18 % Premiums 14,845 6,345 Discounts (2,928 ) (3,486 ) Hedging adjustments (30,129 ) (35,299 ) Total $ 20,618,393 $ 16,078,700 At June 30, 2015 and December 31, 2014 , the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value): June 30, 2015 December 31, 2014 Non-callable bonds $ 12,231,335 $ 8,504,920 Callable bonds 8,405,270 7,606,220 Total par value $ 20,636,605 $ 16,111,140 The following table summarizes the Bank’s consolidated obligation bonds outstanding at June 30, 2015 and December 31, 2014 , by the earlier of contractual maturity or next possible call date (in thousands, at par value): Contractual Maturity or Next Call Date June 30, 2015 December 31, 2014 Due in one year or less $ 14,711,125 $ 13,772,060 Due after one year through two years 3,755,865 1,645,080 Due after two years through three years 1,358,850 152,000 Due after three years through four years 655,765 437,000 Due after four years through five years 75,000 25,000 Due after five years 80,000 80,000 Total par value $ 20,636,605 $ 16,111,140 Discount Notes. At June 30, 2015 and December 31, 2014 , the Bank’s consolidated obligation discount notes, all of which are due within one year, were as follows (dollars in thousands): Book Value Par Value Weighted Average Implied Interest Rate June 30, 2015 $ 18,633,731 $ 18,635,100 0.07 % December 31, 2014 $ 19,131,832 $ 19,134,303 0.09 % At June 30, 2015 , 1 percent of the Bank's consolidated obligation discount notes were swapped to a variable rate. None of the Bank's consolidated obligation discount notes were swapped at December 31, 2014 . |
Affordable Housing Program ("AH
Affordable Housing Program ("AHP") | 6 Months Ended |
Jun. 30, 2015 | |
Affordable Housing Program (“AHP”) [Abstract] | |
Affordable Housing Program [Text Block] | Affordable Housing Program (“AHP”) The following table summarizes the changes in the Bank’s AHP liability during the six months ended June 30, 2015 and 2014 (in thousands): Six Months Ended June 30, 2015 2014 Balance, beginning of period $ 25,998 $ 31,864 AHP assessment 5,219 2,991 Grants funded, net of recaptured amounts (4,364 ) (5,319 ) Balance, end of period $ 26,853 $ 29,536 |
Assets and Liabilities Subject
Assets and Liabilities Subject to Offsetting | 6 Months Ended |
Jun. 30, 2015 | |
Assets and Liabilities Subject to Offsetting [Abstract] | |
Assets and Liabilities Subject to Offsetting [Text Block] | Assets and Liabilities Subject to Offsetting The Bank has derivatives and securities purchased under agreements to resell that are subject to enforceable master netting agreements or similar arrangements. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. The Bank did not have any liabilities that were eligible to offset its securities purchased under agreements to resell (i.e., securities sold under agreements to repurchase) as of June 30, 2015 or December 31, 2014 . The Bank's derivative transactions are executed either bilaterally or, if required, cleared through a third-party central clearinghouse. The Bank has entered into master agreements with each of its bilateral derivative counterparties that provide for the netting of all transactions with each of these counterparties. Under its master agreements with its non-member bilateral derivative counterparties, collateral is delivered (or returned) daily when certain thresholds (ranging from $ 100,000 to $ 500,000 ) are met. The Bank offsets the fair value amounts recognized for bilaterally traded derivatives executed with the same counterparty, including any cash collateral remitted to or received from the counterparty. When entering into derivative transactions with its members, the Bank requires the member to post eligible collateral in an amount equal to the sum of the net market value of the member’s derivative transactions with the Bank (if the value is positive to the Bank) plus a percentage of the notional amount of any interest rate swaps, with market values determined on at least a monthly basis. Eligible collateral for derivative transactions with members consists of collateral that is eligible to secure advances and other obligations under the member's Advances and Security Agreement with the Bank. The Bank is not required to pledge collateral to its members to secure derivative positions. For cleared derivatives, all transactions with each clearing member of each clearinghouse are netted pursuant to legally enforceable setoff rights. Cleared derivatives are subject to initial and variation margin requirements established by the clearinghouse and its clearing members. Collateral associated with cleared derivatives (i.e., initial and variation margin) is delivered (or returned) daily and is not subject to any maximum unsecured thresholds. The Bank offsets the fair value amounts recognized for cleared derivatives transacted with each clearing member of each clearinghouse, including cash collateral pledged or received. The following table presents derivative instruments and securities purchased under agreements to resell with the legal right of offset, including the related collateral received from or pledged to counterparties as of June 30, 2015 and December 31, 2014 (in thousands). Gross Amounts of Recognized Financial Instruments Gross Amounts Offset in the Statement of Condition Net Amounts Presented in the Statement of Condition Collateral Not Offset in the Statement of Condition (1) Net Unsecured Amount June 30, 2015 Assets Derivatives Bilateral derivatives $ 31,863 $ (21,524 ) $ 10,339 $ (9,348 ) (2) $ 991 Cleared derivatives 53,281 (34,790 ) 18,491 — 18,491 (3) Total derivatives 85,144 (56,314 ) 28,830 (9,348 ) 19,482 Securities purchased under agreements to resell 5,700,000 — 5,700,000 (5,700,000 ) — Total assets $ 5,785,144 $ (56,314 ) $ 5,728,830 $ (5,709,348 ) $ 19,482 Liabilities Derivatives Bilateral derivatives $ 398,336 $ (381,966 ) $ 16,370 $ — $ 16,370 Cleared derivatives 162,835 (162,835 ) — — — Total liabilities $ 561,171 $ (544,801 ) $ 16,370 $ — $ 16,370 December 31, 2014 Assets Derivatives Bilateral derivatives $ 31,666 $ (21,212 ) $ 10,454 $ (9,746 ) (4) $ 708 Cleared derivatives 6,574 (6,574 ) — — — Total derivatives 38,240 (27,786 ) 10,454 (9,746 ) 708 Securities purchased under agreements to resell 350,000 — 350,000 (350,000 ) — Total assets $ 388,240 $ (27,786 ) $ 360,454 $ (359,746 ) $ 708 Liabilities Derivatives Bilateral derivatives $ 629,920 $ (611,348 ) $ 18,572 $ — $ 18,572 Cleared derivatives 58,653 (55,704 ) 2,949 (2,949 ) (5) — Total liabilities $ 688,573 $ (667,052 ) $ 21,521 $ (2,949 ) $ 18,572 _____________________________ (1) Any overcollateralization at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. (2) Consists of $9,348,000 of collateral pledged by member counterparties. (3) In addition to this amount, the Bank had pledged securities with a fair value of $99,998,000 to secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. (4) Consists of $9,746,000 of collateral pledged by member counterparties. (5) In addition to this amount, the Bank had pledged securities with a fair value of $33,036,000 to secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives and Hedging Activities Hedging Activities. As a financial intermediary, the Bank is exposed to interest rate risk. This risk arises from a variety of financial instruments that the Bank enters into on a regular basis in the normal course of its business. The Bank enters into interest rate swap, swaption, cap and forward rate agreements (collectively, interest rate exchange agreements) to manage its exposure to changes in interest rates. The Bank may use these instruments to adjust the effective maturity, repricing frequency, or option characteristics of financial instruments to achieve risk management objectives. The Bank has not entered into any credit default swaps or foreign exchange-related derivatives and, as of June 30, 2015 , it was not a party to any swaptions or forward rate agreements. The Bank uses interest rate exchange agreements in two ways: either by designating the agreement as a fair value hedge of a specific financial instrument or firm commitment or by designating the agreement as a hedge of some defined risk in the course of its balance sheet management (referred to as an “economic hedge”). For example, the Bank uses interest rate exchange agreements in its overall interest rate risk management activities to adjust the interest rate sensitivity of consolidated obligations to approximate more closely the interest rate sensitivity of its assets (both advances and investments), and/or to adjust the interest rate sensitivity of advances or investments to approximate more closely the interest rate sensitivity of its liabilities. In addition to using interest rate exchange agreements to manage mismatches between the coupon features of its assets and liabilities, the Bank also uses interest rate exchange agreements to manage embedded options in assets and liabilities, to preserve the market value of existing assets and liabilities, to hedge the duration risk of prepayable instruments, to offset interest rate exchange agreements entered into with members (the Bank serves as an intermediary in these transactions), and to reduce funding costs. The Bank, consistent with Finance Agency regulations, enters into interest rate exchange agreements only to reduce potential market risk exposures inherent in otherwise unhedged assets and liabilities or to act as an intermediary between its members and the Bank’s non-member derivative counterparties. The Bank is not a derivatives dealer and it does not trade derivatives for short-term profit. At inception, the Bank formally documents the relationships between derivatives designated as hedging instruments and their hedged items, its risk management objectives and strategies for undertaking the hedge transactions, and its method for assessing the effectiveness of the hedging relationships. This process includes linking all derivatives that are designated as fair value hedges to: (1) specific assets and liabilities on the statements of condition or (2) firm commitments. The Bank also formally assesses (both at the inception of the hedging relationship and on a monthly basis thereafter) whether the derivatives that are used in hedging transactions have been effective in offsetting changes in the fair value of hedged items and whether those derivatives may be expected to remain effective in future periods. The Bank uses regression analyses to assess the effectiveness of its hedges. Investments — The Bank has invested in agency and non-agency MBS. The interest rate and prepayment risk associated with these investment securities is managed through consolidated obligations and/or derivatives. The Bank may manage prepayment and duration risk presented by some investment securities with either callable or non-callable consolidated obligations or interest rate exchange agreements, including caps and interest rate swaps. A substantial portion of the Bank’s held-to-maturity securities are variable-rate MBS that include caps that would limit the variable-rate coupons if short-term interest rates rise dramatically. To hedge a portion of the potential cap risk embedded in these securities, the Bank has entered into interest rate cap agreements. These derivatives are treated as economic hedges. Substantially all of the Bank's available-for-sale securities are fixed-rate agency and other highly rated debentures and agency commercial MBS. To hedge the interest rate risk associated with these fixed-rate investment securities, the Bank has entered into fixed-for-floating interest rate exchange agreements, which are designated as fair value hedges. Advances — The Bank issues both fixed-rate and variable-rate advances. When appropriate, the Bank uses interest rate exchange agreements to adjust the interest rate sensitivity of its fixed-rate advances to approximate more closely the interest rate sensitivity of its liabilities. With issuances of putable advances, the Bank purchases from the member a put option that enables the Bank to terminate a fixed-rate advance on specified future dates. This embedded option is clearly and closely related to the host advance contract. The Bank typically hedges a putable advance by entering into a cancelable interest rate exchange agreement where the Bank pays a fixed coupon and receives a variable coupon, and sells an option to cancel the swap to the swap counterparty. This type of hedge is treated as a fair value hedge. The swap counterparty can cancel the interest rate exchange agreement on the call date and the Bank can cancel the putable advance and offer, subject to certain conditions, replacement funding at prevailing market rates. A small portion of the Bank’s variable-rate advances are subject to interest rate caps that would limit the variable-rate coupons if short-term interest rates rise above a predetermined level. To hedge the cap risk embedded in these advances, the Bank generally enters into interest rate cap agreements. This type of hedge is treated as a fair value hedge. The Bank may hedge a firm commitment for a forward-starting advance through the use of an interest rate swap. In this case, the swap will function as the hedging instrument for both the firm commitment and the subsequent advance. The carrying value of the firm commitment will be included in the basis of the advance at the time the commitment is terminated and the advance is issued. The basis adjustment will then be amortized into interest income over the life of the advance. The Bank enters into optional advance commitments with its members. In an optional advance commitment, the Bank sells an option to the member that provides the member with the right to enter into an advance at a specified fixed rate and term on a specified future date, provided the member has satisfied all of the customary requirements for such advance. Optional advance commitments involving Community Investment Program and Economic Development Program advances with a commitment period of three months or less are currently provided at no cost to members. The Bank may hedge an optional advance commitment through the use of an interest rate swaption. In this case, the swaption will function as the hedging instrument for both the commitment and, if the option is exercised by the member, the subsequent advance. These swaptions are treated as economic hedges. Consolidated Obligations — While consolidated obligations are the joint and several obligations of the FHLBanks, each FHLBank is the primary obligor for the consolidated obligations it has issued or assumed from another FHLBank. The Bank generally enters into derivative contracts to hedge the interest rate risk associated with its specific debt issuances. To manage the interest rate risk of certain of its consolidated obligations, the Bank will match the cash outflow on a consolidated obligation with the cash inflow of an interest rate exchange agreement. With issuances of fixed-rate consolidated obligation bonds, the Bank typically enters into a matching interest rate exchange agreement in which the counterparty pays fixed cash flows to the Bank that are designed to mirror in timing and amount the cash outflows the Bank pays on the consolidated obligation. In this transaction, the Bank pays a variable cash flow that closely matches the interest payments it receives on short-term or variable-rate assets, typically one-month or three-month LIBOR. These transactions are treated as fair value hedges. On occasion, the Bank may enter into fixed-for-floating interest rate exchange agreements to hedge the interest rate risk associated with certain of its consolidated obligation discount notes. The derivatives associated with the Bank’s discount note hedging are treated as economic hedges. The Bank may also use interest rate exchange agreements to convert variable-rate consolidated obligation bonds from one index rate (e.g., the daily effective federal funds rate) to another index rate (e.g., one-month or three-month LIBOR); these transactions are treated as economic hedges. The Bank has not issued consolidated obligations denominated in currencies other than U.S. dollars. Balance Sheet Management — From time to time, the Bank may enter into interest rate basis swaps to reduce its exposure to changing spreads between one-month and three-month LIBOR. In addition, to reduce its exposure to reset risk, the Bank may occasionally enter into forward rate agreements. These derivatives are treated as economic hedges. Intermediation — The Bank offers interest rate swaps, caps and floors to its members to assist them in meeting their hedging needs. In these transactions, the Bank acts as an intermediary for its members by entering into an interest rate exchange agreement with a member and then entering into an offsetting interest rate exchange agreement with one of the Bank’s approved derivative counterparties. All interest rate exchange agreements related to the Bank’s intermediary activities with its members are accounted for as economic hedges. Accounting for Derivatives and Hedging Activities. The Bank accounts for derivatives and hedging activities in accordance with the guidance in Topic 815 of the FASB’s Accounting Standards Codification (“ASC”) entitled “ Derivatives and Hedging” (“ASC 815”). All derivatives are recognized on the statements of condition at their fair values, including accrued interest receivable and payable. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. Changes in the fair value of a derivative that is effective as — and that is designated and qualifies as — a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect gains or losses on firm commitments), are recorded in current period earnings. Any hedge ineffectiveness (which represents the amount by which the change in the fair value of the derivative differs from the change in the fair value of the hedged item attributable to the hedged risk) is recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” Net interest income/expense associated with derivatives that qualify for fair value hedge accounting under ASC 815 is recorded as a component of net interest income. An economic hedge is defined as a derivative hedging specific or non-specific assets or liabilities that does not qualify or was not designated for hedge accounting under ASC 815, but is an acceptable hedging strategy under the Bank’s Enterprise Market Risk Management Policy. These hedging strategies also comply with Finance Agency regulatory requirements prohibiting speculative derivative transactions. An economic hedge by definition introduces the potential for earnings variability as changes in the fair value of a derivative designated as an economic hedge are recorded in current period earnings with no offsetting fair value adjustment to an asset or liability. Both the net interest income/expense and the fair value changes associated with derivatives in economic hedging relationships are recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” Cash flows associated with derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivatives contain an other-than-insignificant financing element, in which case the cash flows are reported as cash flows from financing activities. If hedging relationships meet certain criteria specified in ASC 815, they are eligible for hedge accounting and the offsetting changes in fair value of the hedged items may be recorded in earnings. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the hedging relationships on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently. This is commonly known as the “long-haul” method of hedge accounting. Transactions that meet more stringent criteria qualify for the “shortcut” method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative. The Bank considers hedges of committed advances to be eligible for the shortcut method of accounting as long as the settlement of the committed advance occurs within the shortest period possible for that type of instrument based on market settlement conventions, the fair value of the swap is zero at the inception of the hedging relationship, and the transaction meets all of the other criteria for shortcut accounting specified in ASC 815. The Bank has defined the market settlement convention to be five business days or less for advances. The Bank records the changes in fair value of the derivative and the hedged item beginning on the trade date. The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. Upon execution of these transactions, the Bank assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as either (1) a hedging instrument in a fair value hedge or (2) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer effective in offsetting changes in the fair value of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) a hedged firm commitment no longer meets the definition of a firm commitment; or (4) management determines that designating the derivative as a hedging instrument in accordance with ASC 815 is no longer appropriate. When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment, the Bank will continue to carry the derivative on the statement of condition at its fair value, cease to adjust the hedged asset or liability for changes in fair value, and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing changes in the fair value of the derivative in current period earnings. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. Impact of Derivatives and Hedging Activities. The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives at June 30, 2015 and December 31, 2014 (in thousands). June 30, 2015 December 31, 2014 Notional Amount of Derivatives Estimated Fair Value Notional Amount of Derivatives Estimated Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Advances $ 4,859,448 $ 3,967 $ 156,118 $ 4,936,984 $ 4,641 $ 183,285 Available-for-sale securities 6,641,496 30,541 367,324 5,877,601 401 462,501 Consolidated obligation bonds 14,856,935 35,149 24,904 10,102,140 15,610 28,046 Interest rate caps related to advances — — — 25,000 — — Total derivatives designated as hedging instruments under ASC 815 26,357,879 69,657 548,346 20,941,725 20,652 673,832 Derivatives not designated as hedging instruments under ASC 815 Interest rate swaps Advances 1,500 — 1 1,500 4 — Available-for-sale securities 2,613 71 18 1,000 — 32 Consolidated obligation discount notes 249,823 25 — — — — Intermediary transactions 1,116,347 13,537 11,737 950,000 14,864 13,413 Interest rate caps Held-to-maturity securities 2,500,000 785 — 2,900,000 1,424 — Intermediary transactions 80,000 1,069 1,069 80,000 1,296 1,296 Total derivatives not designated as hedging instruments under ASC 815 3,950,283 15,487 12,825 3,932,500 17,588 14,741 Total derivatives before collateral and netting adjustments $ 30,308,162 85,144 561,171 $ 24,874,225 38,240 688,573 Cash collateral and related accrued interest (2,070 ) (490,557 ) (251 ) (639,517 ) Netting adjustments (54,244 ) (54,244 ) (27,535 ) (27,535 ) Total collateral and netting adjustments (1) (56,314 ) (544,801 ) (27,786 ) (667,052 ) Net derivative balances reported in statements of condition $ 28,830 $ 16,370 $ 10,454 $ 21,521 _____________________________ (1) Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. The following table presents the components of net gains (losses) on derivatives and hedging activities as presented in the statements of income for the three and six months ended June 30, 2015 and 2014 (in thousands). Gain (Loss) Recognized in Earnings for the Gain (Loss) Recognized in Earnings for the Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Derivatives and hedged items in ASC 815 fair value hedging relationships Interest rate swaps $ 7,999 $ 143 $ 10,230 $ (263 ) Interest rate caps — — — (2 ) Total net gain (loss) related to fair value hedge ineffectiveness 7,999 143 10,230 (265 ) Derivatives not designated as hedging instruments under ASC 815 Net interest income on interest rate swaps 69 419 101 944 Interest rate swaps Advances — (25 ) (5 ) (25 ) Available-for-sale securities 140 — 94 — Consolidated obligation bonds 329 — 1,915 — Consolidated obligation discount notes (27 ) — 13 — Basis swaps — 412 — 672 Intermediary transactions 613 53 977 825 Interest rate caps Held-to-maturity securities (674 ) (729 ) (639 ) (1,183 ) Total net gain related to derivatives not designated as hedging instruments under ASC 815 450 130 2,456 1,233 Net gains on derivatives and hedging activities reported in the statements of income $ 8,449 $ 273 $ 12,686 $ 968 The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in ASC 815 fair value hedging relationships and the impact of those derivatives on the Bank’s net interest income for the three and six months ended June 30, 2015 and 2014 (in thousands). Hedged Item Gain (Loss) on Derivatives Gain (Loss) on Hedged Items Net Fair Value Hedge Ineffectiveness (1) Derivative Net Interest Income (Expense) (2) Three Months Ended June 30, 2015 Advances $ 36,433 $ (36,060 ) $ 373 $ (24,396 ) Available-for-sale securities 108,399 (102,238 ) 6,161 (78,235 ) Consolidated obligation bonds (27,419 ) 28,884 1,465 37,310 Total $ 117,413 $ (109,414 ) $ 7,999 $ (65,321 ) Three Months Ended June 30, 2014 Advances $ (7,651 ) $ 7,306 $ (345 ) $ (26,982 ) Available-for-sale securities (28,049 ) 28,300 251 (20,318 ) Consolidated obligation bonds 43,176 (42,939 ) 237 29,825 Total $ 7,476 $ (7,333 ) $ 143 $ (17,475 ) Six Months Ended June 30, 2015 Advances $ 17,098 $ (16,302 ) $ 796 $ (48,494 ) Available-for-sale securities 58,861 (50,966 ) 7,895 (103,772 ) Consolidated obligation bonds 6,644 (5,105 ) 1,539 66,263 Total $ 82,603 $ (72,373 ) $ 10,230 $ (86,003 ) Six Months Ended June 30, 2014 Advances $ (1,724 ) $ 1,329 $ (395 ) $ (53,769 ) Available-for-sale securities (38,225 ) 38,791 566 (40,701 ) Consolidated obligation bonds 92,699 (93,135 ) (436 ) 57,241 Total $ 52,750 $ (53,015 ) $ (265 ) $ (37,229 ) _____________________________ (1) Reported as net gains (losses) on derivatives and hedging activities in the statements of income. (2) The net interest income (expense) associated with derivatives in ASC 815 fair value hedging relationships is reported in the statements of income in the interest income/expense line item for the indicated hedged item. Credit Risk Related to Derivatives. The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative agreements. The Bank manages derivative counterparty credit risk through the use of master netting agreements or other similar collateral exchange arrangements, credit analysis, and adherence to the requirements set forth in the Bank’s Enterprise Market Risk Management Policy and Finance Agency regulations. The Bank has transacted a majority of its interest rate exchange agreements bilaterally with large financial institutions under master netting agreements (as of June 30, 2015 , the notional balance of outstanding transactions with bilateral counterparties totaled $18.4 billion ). Some of these institutions (or their affiliates) buy, sell, and distribute consolidated obligations. The remainder of the Bank's interest rate exchange agreements have been cleared through third-party central clearinghouses (as of June 30, 2015 , the notional balance of cleared transactions outstanding totaled $11.9 billion ). With cleared transactions, the Bank is exposed to credit risk in the event that the clearinghouse or the clearing member fails to meet its obligations to the Bank. The notional amount of the Bank's interest rate exchange agreements does not reflect its credit risk exposure, which is much less than the notional amount. The Bank's net credit risk exposure is based on the current estimated cost, on a present value basis, of replacing at current market rates all interest rate exchange agreements with individual counterparties, if those counterparties were to default, after taking into account the value of any cash and/or securities collateral held or remitted by the Bank. For counterparties with which the Bank is in a net gain position, the Bank has credit exposure when the collateral it is holding (if any) has a value less than the amount of the gain. For counterparties with which the Bank is in a net loss position, the Bank has credit exposure when it has delivered collateral with a value greater than the amount of the loss position. The net exposure on derivative agreements is presented in Note 10. Based on the netting provisions and collateral requirements associated with its derivative agreements and the creditworthiness of its derivative counterparties, Bank management does not currently anticipate any credit losses on its derivative agreements. |
Capital
Capital | 6 Months Ended |
Jun. 30, 2015 | |
Capital [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital At all times during the six months ended June 30, 2015 , the Bank was in compliance with all applicable statutory and regulatory capital requirements. The following table summarizes the Bank’s compliance with those capital requirements as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 410,532 $ 2,151,216 $ 347,402 $ 1,927,573 Total capital $ 1,702,071 $ 2,151,216 $ 1,521,835 $ 1,927,573 Total capital-to-assets ratio 4.00 % 5.06 % 4.00 % 5.07 % Leverage capital $ 2,127,589 $ 3,226,824 $ 1,902,293 $ 2,891,360 Leverage capital-to-assets ratio 5.00 % 7.58 % 5.00 % 7.60 % Shareholders are required to maintain an investment in Class B stock equal to the sum of a membership investment requirement and an activity-based investment requirement. The membership investment requirement is currently 0.04 percent of each member's total assets as of December 31, 2014 , subject to a minimum of $1,000 and a maximum of $7,000,000 . The activity-based investment requirement is currently 4.10 percent of outstanding advances. The Bank generally repurchases surplus stock on or about the last business day of the month following the end of each calendar quarter. For the repurchases that occurred on January 30, 2015 , April 30, 2015 and August 7, 2015 , surplus stock was defined as the amount of stock held by a member in excess of 102.5 percent of the member’s minimum investment requirement. For the repurchases that occurred on each of these dates, a member's surplus stock was not repurchased if the amount of that member's surplus stock was $100,000 or less, if the member elected to opt-out of the repurchase, or if, subject to certain exceptions, the member was on restricted collateral status. On January 30, 2015 , April 30, 2015 and August 7, 2015 , the Bank repurchased surplus stock totaling $134,747,000 , $158,722,000 and $175,771,000 , respectively, none of which was classified as mandatorily redeemable capital stock at those dates. |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2015 | |
Employee Retirement Plans [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Retirement Plans The Bank sponsors a retirement benefits program that includes health care and life insurance benefits for eligible retirees. Components of net periodic benefit cost (credit) related to this program for the three and six months ended June 30, 2015 and 2014 were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 5 $ 5 $ 10 $ 9 Interest cost 12 15 24 30 Amortization of prior service cost 2 1 4 1 Amortization of net actuarial gain (20 ) (24 ) (41 ) (47 ) Net periodic benefit credit $ (1 ) $ (3 ) $ (3 ) $ (7 ) |
Estimated Fair Values
Estimated Fair Values | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Estimated Fair Values Fair value is defined under U.S. GAAP as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. U.S. GAAP establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP also requires an entity to disclose the level within the fair value hierarchy in which each measurement is classified. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: Level 1 Inputs — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 Inputs — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active or in which little information is released publicly; (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities); and (4) inputs that are derived principally from or corroborated by observable market data (e.g., implied spreads). Level 3 Inputs — Unobservable inputs for the asset or liability that are supported by little or no market activity. None of the Bank’s assets or liabilities that are recorded at fair value on a recurring basis were measured using significant Level 3 inputs. For financial instruments carried at fair value, the Bank reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. Reclassifications, if any, would be reported as transfers as of the beginning of the quarter in which the changes occurred. For the six months ended June 30, 2015 and 2014 , the Bank did not reclassify any fair value measurements. The following estimated fair value amounts have been determined by the Bank using available market information and the Bank’s best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of June 30, 2015 and December 31, 2014 . Although the Bank uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique or valuation methodology. For example, because an active secondary market does not exist for many of the Bank’s financial instruments (e.g., advances, non-agency RMBS and mortgage loans held for portfolio), in certain cases their fair values are not subject to precise quantification or verification. Therefore, the estimated fair values presented below in the Fair Value Summary Tables may not be indicative of the amounts that would have been realized in market transactions at the reporting dates. Further, the fair values do not represent an estimate of the overall market value of the Bank as a going concern, which would take into account future business opportunities. The valuation techniques used to measure the fair values of the Bank’s financial instruments are described below. Cash and due from banks. The estimated fair value equals the carrying value. Interest-bearing deposit assets. Interest-bearing deposit assets earn interest at floating market rates; therefore, the estimated fair value of the deposits approximates their carrying value. Securities purchased under agreements to resell and federal funds sold. All federal funds sold represent overnight balances. All securities purchased under agreements to resell mature within one week. The estimated fair values approximate the carrying values. Trading, available-for-sale and held-to-maturity securities. To value its holdings of U.S. Treasury Bills and GSE discount notes classified as trading securities, all of its available-for-sale securities and its held-to-maturity MBS holdings, the Bank obtains prices from four designated third-party pricing vendors when available. The pricing vendors use various proprietary models to price these securities. The inputs to those models are derived from various sources including, but not limited to, benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers and other market-related data. Because many securities do not trade on a daily basis, the pricing vendors use available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to determine the prices for individual securities. Each pricing vendor has an established challenge process in place for all security valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. A "median" price is first established for each security using a formula that is based upon the number of prices received. If four prices are received, the average of the middle two prices is the median price; if three prices are received, the middle price is the median price; if two prices are received, the average of the two prices is the median price; and if one price is received, it is the median price (and also the final price) subject to some type of validation similar to the evaluation of outliers described below. All prices that are within a specified tolerance threshold of the median price are included in the “cluster” of prices that are averaged to compute a “default” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, and/or non-binding dealer estimates) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price, as appropriate) is used as the final price rather than the default price. If, on the other hand, the analysis confirms that an outlier (or outliers) is (are) in fact not representative of fair value and the default price is the best estimate, then the default price is used as the final price. In all cases, the final price is used to determine the fair value of the security. If all prices received for a security are outside the tolerance threshold level of the median price, then there is no default price, and the final price is determined by an evaluation of all outlier prices as described above. As of June 30, 2015 , four vendor prices were received for substantially all of the Bank’s trading, available-for-sale and held-to-maturity securities referred to above and the final prices for substantially all of those securities were computed by averaging the four prices. Based on the Bank's understanding of the pricing methods employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices (or, in those instances in which there were outliers, the Bank's additional analyses), the Bank believes its final prices result in reasonable estimates of the fair values and that the fair value measurements are classified appropriately in the fair value hierarchy. The Bank estimates the fair values of its held-to-maturity debentures using a pricing model and observable market data (i.e., the U.S. Government Agency Fair Value curve and, for debentures containing call features, swaption volatility). To value its mutual fund investments classified as trading securities, the Bank obtains quoted prices for identical securities. Advances. The Bank determines the estimated fair values of advances by calculating the present value of expected future cash flows from the advances using the replacement advance rates for advances with similar terms and, for advances containing options, swaption volatility. This amount is then reduced for accrued interest receivable. Each FHLBank prices advances at a spread to its cost of funds. Each FHLBank's cost of funds approximates the "CO curve," which is derived by adding to the U.S. Treasury curve indicative spreads obtained from market-observable sources. The indicative spreads are generally derived from dealer pricing indications, recent trades, secondary market activity and historical pricing relationships. Mortgage loans held for portfolio. The Bank estimates the fair values of mortgage loans held for portfolio based on observed market prices for agency MBS. Individual mortgage loans are pooled based on certain criteria such as loan type, weighted average coupon, and origination year and matched to reference securities with a similar collateral composition to derive benchmark pricing. The prices for agency MBS used as a benchmark are subject to certain market conditions including, but not limited to, the market’s expectations of future prepayments, the current and expected level of interest rates, and investor demand. Accrued interest receivable and payable. The estimated fair value of accrued interest receivable and payable approximates the carrying value due to their short-term nature. Derivative assets/liabilities . The fair values of the Bank’s interest rate swap agreements are estimated using a pricing model with inputs that are observable in the market (e.g., the relevant interest rate curves (that is, the relevant LIBOR swap curve and, for purposes of discounting, the overnight index swap ("OIS") curve) and, for agreements containing options, swaption volatility). The fair values of the Bank’s interest rate caps are also estimated using a pricing model with inputs that are observable in the market (that is, cap volatility, the relevant LIBOR swap curve and, for purposes of discounting, the OIS curve). As the collateral and netting provisions of the Bank’s arrangements with its derivative counterparties significantly reduce the risk from nonperformance (see Note 10), the Bank does not consider its own nonperformance risk or the nonperformance risk associated with each of its counterparties to be a significant factor in the valuation of its derivative assets and liabilities. The Bank compares the fair values obtained from its pricing model to non-binding dealer estimates (in the case of bilateral derivatives) and clearinghouse valuations (in the case of cleared derivatives) and may also compare its fair values to those of similar instruments to ensure that the fair values are reasonable. The fair values of the Bank’s derivative assets and liabilities include accrued interest receivable/payable and cash collateral remitted to/received from counterparties; the estimated fair values of the accrued interest receivable/payable and cash collateral approximate their carrying values due to their short-term nature. The fair values of the Bank's bilateral derivatives are netted by counterparty pursuant to the provisions of the credit support annexes to the Bank’s master netting agreements with its non-member bilateral derivative counterparties. The Bank's cleared derivative transactions with each clearing member of each clearinghouse are netted pursuant to the Bank's arrangements with those parties. In each case, if the netted amounts are positive, they are classified as an asset and, if negative, as a liability. Deposit liabilities. The Bank determines the estimated fair values of its deposit liabilities with fixed rates and more than three months to maturity by calculating the present value of expected future cash flows from the deposits and reducing this amount for accrued interest payable. The discount rates used in these calculations are based on replacement funding rates for liabilities with similar terms. The estimated fair value approximates the carrying value for deposits with variable rates and fixed rates with three months or less to their maturity or repricing date. Consolidated obligations. The Bank estimates the fair values of consolidated obligations by calculating the present value of expected future cash flows using discount rates that are based on replacement funding rates for liabilities with similar terms and reducing this amount for accrued interest payable. The inputs to the valuation are the CO curve and, for consolidated obligations containing options, swaption volatility. Mandatorily redeemable capital stock. The fair value of capital stock subject to mandatory redemption is generally equal to its par value ($100 per share), as adjusted for any estimated dividend earned but unpaid at the time of reclassification from equity to liabilities. The Bank’s capital stock cannot, by statute or implementing regulation, be purchased, redeemed, repurchased or transferred at any amount other than its par value. Commitments. The estimated fair value of the Bank’s commitments to extend credit, including advances and letters of credit, was not material at June 30, 2015 or December 31, 2014 . In May 2015, the Bank replaced its third-party pricing/risk model with a new third-party pricing/risk model. Among other things, the third-party pricing/risk model is used to estimate the fair values of the Bank's interest rate exchange agreements, advances, consolidated obligations, deposits and held-to-maturity debentures. In addition, this model is used to calculate the periodic changes in the fair values of hedged items (e.g., certain advances, available-for-sale securities and consolidated obligations) that are attributable to changes in LIBOR, the designated benchmark interest rate ("the benchmark fair values"). The implementation of the new model did not have a significant impact on the estimated fair values and, where applicable, the benchmark fair values of the financial instruments referred to above. On the date the new model was implemented, there was an increase of approximately $3,100,000 in the computed amount of the Bank's net hedge ineffectiveness gains (including both fair value and economic hedges) relating to the Bank's entire derivatives portfolio. The derivatives portfolio approximated $30.4 billion (notional balance) at that time. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at June 30, 2015 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 386,966 $ 386,966 $ 386,966 $ — $ — $ — Interest-bearing deposits 308 308 — 308 — — Securities purchased under agreements to resell 5,700,000 5,700,000 — 5,700,000 — — Federal funds sold 3,666,000 3,666,000 — 3,666,000 — — Trading securities (1) 218,877 218,877 8,893 209,984 — — Available-for-sale securities (1) 7,044,582 7,044,582 — 7,044,582 — — Held-to-maturity securities 3,709,934 3,755,636 — 3,607,705 (2) 147,931 (3) — Advances 21,647,725 21,724,702 — 21,724,702 — — Mortgage loans held for portfolio, net 63,095 69,870 — 69,870 — — Accrued interest receivable 57,302 57,302 — 57,302 — — Derivative assets (1) 28,830 28,830 — 85,144 — (56,314 ) Liabilities: Deposits 948,928 948,927 — 948,927 — — Consolidated obligations Discount notes 18,633,731 18,633,650 — 18,633,650 — — Bonds 20,618,393 20,614,618 — 20,614,618 — — Mandatorily redeemable capital stock 4,415 4,415 4,415 — — — Accrued interest payable 45,797 45,797 — 45,797 — — Derivative liabilities (1) 16,370 16,370 — 561,171 — (544,801 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of June 30, 2015 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations, U.S. government-guaranteed RMBS, GSE RMBS and GSE commercial MBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2014 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 1,507,708 $ 1,507,708 $ 1,507,708 $ — $ — $ — Interest-bearing deposits 266 266 — 266 — — Securities purchased under agreements to resell 350,000 350,000 — 350,000 — — Federal funds sold 5,613,000 5,613,000 — 5,613,000 — — Trading securities (1) 408,563 408,563 8,769 399,794 — — Available-for-sale securities (1) 6,388,502 6,388,502 — 6,388,502 — — Held-to-maturity securities 4,662,013 4,727,130 — 4,566,726 (2) 160,404 (3) — Advances 18,942,400 19,060,638 — 19,060,638 — — Mortgage loans held for portfolio, net 71,411 79,331 — 79,331 — — Accrued interest receivable 65,168 65,168 — 65,168 — — Derivative assets (1) 10,454 10,454 — 38,240 — (27,786 ) Liabilities: Deposits 797,414 797,408 — 797,408 — — Consolidated obligations Discount notes 19,131,832 19,131,732 — 19,131,732 — — Bonds 16,078,700 16,110,291 — 16,110,291 — — Mandatorily redeemable capital stock 5,059 5,059 5,059 — — — Accrued interest payable 39,726 39,726 — 39,726 — — Derivative liabilities (1) 21,521 21,521 — 688,573 — (667,052 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2014 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, U.S. government-guaranteed RMBS, GSE RMBS and GSE commercial MBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. During the three months ended June 30, 2015 , the Bank recorded total OTTI losses on one of its non-agency RMBS classified as held-to-maturity (see Note 5). Based on the lack of significant market activity for non-agency RMBS, the nonrecurring fair value measurement for this impaired security was classified as a Level 3 measurement in the fair value hierarchy. Four third-party vendor prices were received for this security and the average of the four prices was used to determine the final fair value measurement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Joint and several liability. The Bank is jointly and severally liable with the other 10 FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. At June 30, 2015 , the par amount of the other 10 FHLBanks’ outstanding consolidated obligations was approximately $814 billion . The Finance Agency, in its discretion, may require any FHLBank to make principal or interest payments due on any consolidated obligation, regardless of whether there has been a default by a FHLBank having primary liability. To the extent that a FHLBank makes any consolidated obligation payment on behalf of another FHLBank, the paying FHLBank is entitled to reimbursement from the FHLBank with primary liability. However, if the Finance Agency determines that the primary obligor is unable to satisfy its obligations, then the Finance Agency may allocate the outstanding liability among the remaining FHLBanks on a pro rata basis in proportion to each FHLBank’s participation in all consolidated obligations outstanding, or on any other basis that the Finance Agency may determine. No FHLBank has ever failed to make any payment on a consolidated obligation for which it was the primary obligor; as a result, the regulatory provisions for directing other FHLBanks to make payments on behalf of another FHLBank or allocating the liability among other FHLBanks have never been invoked. If the Bank expected that it would be required to pay any amounts on behalf of its co-obligors under its joint and several liability, the Bank would charge to income the amount of the expected payment. Based upon the creditworthiness of the other FHLBanks, the Bank currently believes that the likelihood that it would have to pay any amounts beyond those for which it is primarily liable is remote. Other commitments and contingencies. At June 30, 2015 and December 31, 2014 , the Bank had commitments to make additional advances totaling approximately $25,615,000 and $14,065,000 , respectively. In addition, outstanding standby letters of credit totaled $5,069,076,000 and $4,330,557,000 at June 30, 2015 and December 31, 2014 , respectively. Based on management’s credit analyses and collateral requirements, the Bank does not deem it necessary to have any provision for credit losses on these letters of credit (see Note 7). At June 30, 2015 and December 31, 2014 , the Bank had commitments to issue $145,330,000 and $60,000,000 of consolidated obligation bonds, respectively, all of which were hedged with interest rate swaps. At June 30, 2015 and December 31, 2014 , the Bank had commitments to issue $160,000,000 and $750,000,000 , respectively, of consolidated obligation discount notes, none of which were hedged. The Bank has transacted interest rate exchange agreements with large financial institutions and third-party clearinghouses that are subject to collateral exchange arrangements. As of June 30, 2015 and December 31, 2014 , the Bank had pledged cash collateral of $490,517,000 and $639,452,000 , respectively, to those parties that had credit risk exposure to the Bank related to interest rate exchange agreements. The pledged cash collateral (i.e., interest-bearing deposit asset) is netted against derivative assets and liabilities in the statements of condition. In addition, as of June 30, 2015 and December 31, 2014 , the Bank had pledged securities with carrying values (and fair values) of $99,998,000 and $35,985,000 , respectively, to parties that had credit risk exposure to the Bank related to interest rate exchange agreements. The pledged securities may be rehypothecated and are not netted against derivative assets and liabilities in the statement of condition. In the ordinary course of its business, the Bank is subject to the risk that litigation may arise. Currently, the Bank is not a party to any material pending legal proceedings. |
Transactions with Shareholders
Transactions with Shareholders | 6 Months Ended |
Jun. 30, 2015 | |
Transactions with Shareholders [Abstract] | |
Transactions With Stockholders [Text Block] | Transactions with Shareholders Affiliates of two of the Bank’s derivative counterparties (Citigroup and Wells Fargo) acquired member institutions on March 31, 2005 and October 1, 2006, respectively. Since the acquisitions were completed, the Bank has continued to enter into interest rate exchange agreements with Citigroup and Wells Fargo in the normal course of business and under the same terms and conditions as before. Effective October 1, 2006, Citigroup terminated the Ninth District charter of the affiliate that acquired the member institution and, as a result, an affiliate of Citigroup became a non-member shareholder of the Bank. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 6 Months Ended |
Jun. 30, 2015 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions with Other FHLBanks [Text Block] | Transactions with Other FHLBanks Occasionally, the Bank loans (or borrows) short-term federal funds to (or from) other FHLBanks. During the six months ended June 30, 2015 and 2014 , interest income from loans to other FHLBanks totaled $4,013 and $558 , respectively. The following table summarizes the Bank’s loans to other FHLBanks during the six months ended June 30, 2015 and 2014 (in thousands). Six Months Ended June 30, 2015 2014 Balance at January 1, $ — $ — Loans made to: FHLBank of San Francisco 840,000 390,000 FHLBank of Des Moines 200,000 — FHLBank of Boston 200,000 — FHLBank of Topeka 55,000 — Collections from: — — FHLBank of San Francisco (840,000 ) (390,000 ) FHLBank of Des Moines (200,000 ) — FHLBank of Boston (200,000 ) — FHLBank of Topeka (55,000 ) — Balance at June 30, $ — $ — During the six months ended June 30, 2015 and 2014 , interest expense on borrowings from other FHLBanks totaled $3,686 and $1,486 , respectively. The following table summarizes the Bank’s borrowings from other FHLBanks during the six months ended June 30, 2015 and 2014 (in thousands). Six Months Ended June 30, 2015 2014 Balance at January 1, $ — $ — Borrowings from: FHLBank of San Francisco 255,000 365,000 FHLBank of Indianapolis — 90,000 FHLBank of Chicago — 90,000 FHLBank of Topeka 360,000 40,000 FHLBank of Atlanta 250,000 20,000 FHLBank of Boston 475,000 — Repayments to: FHLBank of San Francisco (255,000 ) (365,000 ) FHLBank of Indianapolis — (90,000 ) FHLBank of Chicago — (90,000 ) FHLBank of Topeka (360,000 ) (40,000 ) FHLBank of Atlanta (250,000 ) (20,000 ) FHLBank of Boston (475,000 ) — Balance at June 30, $ — $ — The Bank has, from time to time, assumed the outstanding debt of another FHLBank rather than issue new debt. In connection with these transactions, the Bank becomes the primary obligor for the transferred debt. The Bank did not assume any debt from other FHLBanks during the six months ended June 30, 2015 or 2014 . Occasionally, the Bank transfers debt that it no longer needs to other FHLBanks. In connection with these transactions, the assuming FHLBanks become the primary obligors for the transferred debt. The Bank did not transfer any debt to other FHLBanks during the six months ended June 30, 2015 or 2014 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 (in thousands). Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2015 Balance at April 1, 2015 $ 22,072 $ (25,708 ) $ 1,317 $ (2,319 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (18 ) (18 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 3,031 — — 3,031 Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities — (42 ) — (42 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 1,627 — 1,627 Total other comprehensive income (loss) 3,031 1,585 (18 ) 4,598 Balance at June 30, 2015 $ 25,103 $ (24,123 ) $ 1,299 $ 2,279 Three Months Ended June 30, 2014 Balance at April 1, 2014 $ 24,404 $ (31,341 ) $ 1,404 $ (5,533 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (23 ) (23 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 5,096 — — 5,096 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 1,848 — 1,848 Total other comprehensive income (loss) 5,096 1,848 (23 ) 6,921 Balance at June 30, 2014 $ 29,500 $ (29,493 ) $ 1,381 $ 1,388 _____________________________ (1) Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total Accumulated Other Comprehensive Income (Loss) Six Months Ended June 30, 2015 Balance at January 1, 2015 $ 22,412 $ (27,349 ) $ 1,336 $ (3,601 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for realized gains on sales of available-for-sale securities included in net income (2,345 ) — — (2,345 ) Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (37 ) (37 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 5,036 — — 5,036 Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities — (75 ) — (75 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 3,301 — 3,301 Total other comprehensive income (loss) 2,691 3,226 (37 ) 5,880 Balance at June 30, 2015 $ 25,103 $ (24,123 ) $ 1,299 $ 2,279 Six Months Ended June 30, 2014 Balance at January 1, 2014 $ (868 ) $ (33,200 ) $ 1,427 $ (32,641 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (46 ) (46 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 30,368 — — 30,368 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 3,707 — 3,707 Total other comprehensive income (loss) 30,368 3,707 (46 ) 34,029 Balance at June 30, 2014 $ 29,500 $ (29,493 ) $ 1,381 $ 1,388 _____________________________ (1) Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] | The Bank places a conventional mortgage loan on nonaccrual status when the collection of the contractual principal or interest is 90 days or more past due. When a mortgage loan is placed on nonaccrual status, accrued but uncollected interest is reversed against interest income. The Bank records cash payments received on nonaccrual loans first as interest income until it recovers all interest, and then as a reduction of principal. A loan on nonaccrual status is restored to accrual status when none of its contractual principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual interest and principal. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collateral-dependent loans that are on nonaccrual status are measured for impairment based on the fair value of the underlying property less estimated selling costs. Loans are considered collateral-dependent if repayment is expected to be provided solely by the sale of the underlying property; that is, there is no other available and reliable source of repayment. A collateral-dependent loan is impaired if the fair value of the underlying collateral is insufficient to recover the unpaid principal and interest on the loan. Interest income on impaired loans is recognized in the same manner as it is for nonaccrual loans noted above. The Bank evaluates whether to record a charge-off on a conventional mortgage loan when the loan becomes 180 days or more past due or upon the occurrence of a confirming event, whichever occurs first. Confirming events include, but are not limited to, the occurrence of foreclosure or notification of a claim against any of the credit enhancements. A charge-off is recorded if the recorded investment in the loan will not be recovered. |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. |
Derivatives, Policy [Policy Text Block] | Accounting for Derivatives and Hedging Activities. The Bank accounts for derivatives and hedging activities in accordance with the guidance in Topic 815 of the FASB’s Accounting Standards Codification (“ASC”) entitled “ Derivatives and Hedging” (“ASC 815”). All derivatives are recognized on the statements of condition at their fair values, including accrued interest receivable and payable. For purposes of reporting derivative assets and derivative liabilities, the Bank offsets the fair value amounts recognized for derivative instruments (including the right to reclaim cash collateral and the obligation to return cash collateral) where a legally enforceable right of setoff exists. Changes in the fair value of a derivative that is effective as — and that is designated and qualifies as — a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect gains or losses on firm commitments), are recorded in current period earnings. Any hedge ineffectiveness (which represents the amount by which the change in the fair value of the derivative differs from the change in the fair value of the hedged item attributable to the hedged risk) is recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” Net interest income/expense associated with derivatives that qualify for fair value hedge accounting under ASC 815 is recorded as a component of net interest income. An economic hedge is defined as a derivative hedging specific or non-specific assets or liabilities that does not qualify or was not designated for hedge accounting under ASC 815, but is an acceptable hedging strategy under the Bank’s Enterprise Market Risk Management Policy. These hedging strategies also comply with Finance Agency regulatory requirements prohibiting speculative derivative transactions. An economic hedge by definition introduces the potential for earnings variability as changes in the fair value of a derivative designated as an economic hedge are recorded in current period earnings with no offsetting fair value adjustment to an asset or liability. Both the net interest income/expense and the fair value changes associated with derivatives in economic hedging relationships are recorded in other income (loss) as “net gains (losses) on derivatives and hedging activities.” Cash flows associated with derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivatives contain an other-than-insignificant financing element, in which case the cash flows are reported as cash flows from financing activities. If hedging relationships meet certain criteria specified in ASC 815, they are eligible for hedge accounting and the offsetting changes in fair value of the hedged items may be recorded in earnings. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the hedging relationships on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently. This is commonly known as the “long-haul” method of hedge accounting. Transactions that meet more stringent criteria qualify for the “shortcut” method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative. The Bank considers hedges of committed advances to be eligible for the shortcut method of accounting as long as the settlement of the committed advance occurs within the shortest period possible for that type of instrument based on market settlement conventions, the fair value of the swap is zero at the inception of the hedging relationship, and the transaction meets all of the other criteria for shortcut accounting specified in ASC 815. The Bank has defined the market settlement convention to be five business days or less for advances. The Bank records the changes in fair value of the derivative and the hedged item beginning on the trade date. The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. Upon execution of these transactions, the Bank assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as either (1) a hedging instrument in a fair value hedge or (2) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer effective in offsetting changes in the fair value of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) a hedged firm commitment no longer meets the definition of a firm commitment; or (4) management determines that designating the derivative as a hedging instrument in accordance with ASC 815 is no longer appropriate. When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment, the Bank will continue to carry the derivative on the statement of condition at its fair value, cease to adjust the hedged asset or liability for changes in fair value, and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing changes in the fair value of the derivative in current period earnings. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. |
Derivatives, Embedded Derivatives [Policy Text Block] | The Bank may issue debt, make advances, or purchase financial instruments in which a derivative instrument is “embedded” and the financial instrument that embodies the embedded derivative instrument is not remeasured at fair value with changes in fair value reported in earnings as they occur. Upon execution of these transactions, the Bank assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as either (1) a hedging instrument in a fair value hedge or (2) a stand-alone derivative instrument pursuant to an economic hedge. However, if the entire contract were to be measured at fair value, with changes in fair value reported in current earnings, or if the Bank could not reliably identify and measure the embedded derivative for purposes of separating that derivative from its host contract, the entire contract would be carried on the statement of condition at fair value and no portion of the contract would be separately accounted for as a derivative. |
Derivatives, Hedge Discontinuances [Policy Text Block] | The Bank discontinues hedge accounting prospectively when: (1) management determines that the derivative is no longer effective in offsetting changes in the fair value of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) a hedged firm commitment no longer meets the definition of a firm commitment; or (4) management determines that designating the derivative as a hedging instrument in accordance with ASC 815 is no longer appropriate. When fair value hedge accounting for a specific derivative is discontinued due to the Bank’s determination that such derivative no longer qualifies for hedge accounting treatment, the Bank will continue to carry the derivative on the statement of condition at its fair value, cease to adjust the hedged asset or liability for changes in fair value, and amortize the cumulative basis adjustment on the formerly hedged item into earnings over its remaining term using the level-yield method. In all cases in which hedge accounting is discontinued and the derivative remains outstanding, the Bank will carry the derivative at its fair value on the statement of condition, recognizing changes in the fair value of the derivative in current period earnings. When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, the Bank continues to carry the derivative on the statement of condition at its fair value, removing from the statement of condition any asset or liability that was recorded to recognize the firm commitment and recording it as a gain or loss in current period earnings. |
Fair Value Transfer, Policy [Policy Text Block] | For financial instruments carried at fair value, the Bank reviews the fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. Reclassifications, if any, would be reported as transfers as of the beginning of the quarter in which the changes occurred. |
Trading Securities (Tables)
Trading Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Trading Securities [Abstract] | |
Trading Securities [Table Text Block] | Trading securities as of June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 December 31, 2014 U.S. Treasury Bills $ 109,998 $ 399,794 GSE discount notes 99,986 — Other 8,893 8,769 Total $ 218,877 $ 408,563 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-sale securities as of June 30, 2015 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 49,800 $ 382 $ — $ 50,182 GSE obligations 4,311,129 29,806 — 4,340,935 Other 393,180 421 248 393,353 4,754,109 30,609 248 4,784,470 GSE commercial MBS 2,265,370 3,704 8,962 2,260,112 Total $ 7,019,479 $ 34,313 $ 9,210 $ 7,044,582 Included in the table above are GSE commercial MBS that were purchased but which had not yet settled as of June 30, 2015 . The amount due of $84,389,000 is included in other liabilities on the statement of condition at that date. Available-for-sale securities as of December 31, 2014 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 49,666 $ 308 $ — $ 49,974 GSE obligations 4,890,484 31,066 — 4,921,550 Other 411,145 701 535 411,311 5,351,295 32,075 535 5,382,835 GSE commercial MBS 1,014,795 322 9,450 1,005,667 Total $ 6,366,090 $ 32,397 $ 9,985 $ 6,388,502 |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes (in thousands, except number of positions) the available-for-sale securities with unrealized losses as of June 30, 2015 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures Other 13 $ 108,843 $ 248 — $ — $ — 13 $ 108,843 $ 248 GSE commercial MBS 33 1,258,709 7,987 4 97,622 975 37 1,356,331 8,962 Total 46 $ 1,367,552 $ 8,235 4 $ 97,622 $ 975 50 $ 1,465,174 $ 9,210 The following table summarizes (in thousands, except number of positions) the available-for-sale securities with unrealized losses as of December 31, 2014 . The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures Other 18 $ 163,153 $ 535 — $ — $ — 18 $ 163,153 $ 535 GSE commercial MBS 29 863,159 9,450 — — — 29 863,159 9,450 Total 47 $ 1,026,312 $ 9,985 — $ — $ — 47 $ 1,026,312 $ 9,985 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at June 30, 2015 and December 31, 2014 are presented below (in thousands). June 30, 2015 December 31, 2014 Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debentures Due in one year or less $ 70,417 $ 70,438 $ 87,379 $ 87,418 Due after one year through five years 3,743,330 3,761,571 4,224,231 4,245,122 Due after five years through ten years 940,362 952,461 1,039,685 1,050,295 4,754,109 4,784,470 5,351,295 5,382,835 GSE commercial MBS 2,265,370 2,260,112 1,014,795 1,005,667 Total $ 7,019,479 $ 7,044,582 $ 6,366,090 $ 6,388,502 |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | The following table provides interest rate payment terms for investment securities classified as available-for-sale at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Amortized cost of available-for-sale securities other than MBS Fixed-rate $ 4,679,109 $ 5,276,295 Variable-rate 75,000 75,000 4,754,109 5,351,295 Amortized cost of fixed-rate multi-family MBS 2,265,370 1,014,795 Total $ 7,019,479 $ 6,366,090 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity Securities [Table Text Block] | Held-to-maturity securities as of June 30, 2015 were as follows (in thousands): Amortized Cost OTTI Recorded in Accumulated Other Comprehensive Income (Loss) Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 24,333 $ — $ 24,333 $ 34 $ 87 $ 24,280 State housing agency obligation 35,000 — 35,000 — — 35,000 59,333 — 59,333 34 87 59,280 Mortgage-backed securities U.S. government-guaranteed residential MBS 5,765 — 5,765 27 — 5,792 GSE residential MBS 3,450,129 — 3,450,129 31,636 784 3,480,981 Non-agency residential MBS 157,013 24,123 132,890 18,565 3,524 147,931 GSE commercial MBS 61,817 — 61,817 — 165 61,652 3,674,724 24,123 3,650,601 50,228 4,473 3,696,356 Total $ 3,734,057 $ 24,123 $ 3,709,934 $ 50,262 $ 4,560 $ 3,755,636 Held-to-maturity securities as of December 31, 2014 were as follows (in thousands): Amortized Cost OTTI Recorded in Accumulated Other Comprehensive Income (Loss) Carrying Value Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Debentures U.S. government-guaranteed obligations $ 27,119 $ — $ 27,119 $ 143 $ — $ 27,262 Mortgage-backed securities U.S. government-guaranteed residential MBS 6,642 — 6,642 34 — 6,676 GSE residential MBS 4,424,542 — 4,424,542 46,767 398 4,470,911 Non-agency residential MBS 169,240 27,349 141,891 21,982 3,469 160,404 GSE commercial MBS 61,819 — 61,819 58 — 61,877 4,662,243 27,349 4,634,894 68,841 3,867 4,699,868 Total $ 4,689,362 $ 27,349 $ 4,662,013 $ 68,984 $ 3,867 $ 4,727,130 |
Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes (in thousands, except number of positions) the held-to-maturity securities with unrealized losses as of June 30, 2015 . The unrealized losses include other-than-temporary impairments recorded in accumulated other comprehensive income (loss) and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential mortgage-backed securities, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Debentures U.S. government-guaranteed obligations 2 $ 13,618 $ 87 — $ — $ — 2 $ 13,618 $ 87 Mortgage-backed securities GSE residential MBS 4 160,107 86 11 366,324 698 15 526,431 784 Non-agency residential MBS 1 6,433 139 24 121,103 9,821 25 127,536 9,960 GSE commercial MBS 3 61,652 165 — — — 3 61,652 165 Total 10 $ 241,810 $ 477 35 $ 487,427 $ 10,519 45 $ 729,237 $ 10,996 The following table summarizes (in thousands, except number of positions) the held-to-maturity securities with unrealized losses as of December 31, 2014 . The unrealized losses include other-than-temporary impairments recorded in accumulated other comprehensive income (loss) and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential mortgage-backed securities, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position. Less than 12 Months 12 Months or More Total Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Number of Positions Estimated Fair Value Gross Unrealized Losses Mortgage-backed securities GSE residential MBS 1 $ 10,798 $ 5 17 $ 485,626 $ 393 18 $ 496,424 $ 398 Non-agency residential MBS 1 6,874 223 24 131,265 9,917 25 138,139 10,140 Total 2 $ 17,672 $ 228 41 $ 616,891 $ 10,310 43 $ 634,563 $ 10,538 |
Schedule of Significant Inputs In Measuring Other Than Temporary Impairments Recognized In Earnings [Table Text Block] | For the security for which an other-than-temporary impairment was determined to have occurred as of June 30, 2015 , the following table presents a summary of the significant inputs used to measure the amount of the credit loss recognized in earnings (dollars in thousands): Significant Inputs (2) Year of Securitization Collateral Type (1) Unpaid Principal Balance as of June 30, 2015 Projected Prepayment Rate Projected Default Rate Projected Loss Severity Current Credit Enhancement as of June 30, 2015 (3) 2005 Alt-A/Option ARM $ 11,716 7.3 % 22.0 % 34.9 % 32.7 % ________________________________________ (1) Although the other-than-temporarily impaired security was not labeled as Alt-A at the time of issuance, based upon its current collateral and performance characteristics, it was analyzed using Alt-A assumptions. (2) The prepayment rate reflects the weighted average of projected future voluntary prepayments. The default rate reflects the total balance of loans projected to default as a percentage of the current unpaid principal balance of the underlying loan pool. The loss severity reflects the total projected loan losses as a percentage of the total balance of loans that are projected to default. (3) The current credit enhancement percentage reflects the ability of subordinated classes of securities to absorb principal losses and interest shortfalls before the senior class held by the Bank is impacted (i.e., the losses, expressed as a percentage of the outstanding principal balances, that could be incurred in the underlying loan pool before the security held by the Bank would be impacted, assuming that all of those losses occurred on the measurement date). Depending upon the timing and amount of losses in the underlying loan pool, it is possible that the senior class held by the Bank could bear losses in scenarios where the cumulative loan losses do not exceed the current credit enhancement percentage. |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The following table presents a rollforward for the three and six months ended June 30, 2015 and 2014 of the amount related to credit losses on the Bank’s non-agency RMBS holdings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Balance of credit losses, beginning of period $ 12,301 $ 12,836 $ 12,512 $ 12,901 Credit losses on securities for which an other-than-temporary impairment was previously recognized 19 — 25 — Increases in cash flows expected to be collected (accreted as interest income over the remaining lives of the applicable securities) (220 ) (66 ) (437 ) (131 ) Balance of credit losses, end of period 12,100 12,770 12,100 12,770 Cumulative principal shortfalls on securities held at end of period (1,469 ) (1,061 ) (1,469 ) (1,061 ) Cumulative amortization of the time value of credit losses at end of period 321 264 321 264 Credit losses included in the amortized cost bases of other-than-temporarily impaired securities at end of period $ 10,952 $ 11,973 $ 10,952 $ 11,973 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost, carrying value and estimated fair value of held-to-maturity securities by contractual maturity at June 30, 2015 and December 31, 2014 are presented below (in thousands). The expected maturities of some debentures could differ from the contractual maturities presented because issuers may have the right to call such debentures prior to their final stated maturities. June 30, 2015 December 31, 2014 Maturity Amortized Cost Carrying Value Estimated Fair Value Amortized Cost Carrying Value Estimated Fair Value Debentures Due after one year through five years $ 10,628 $ 10,628 $ 10,662 $ 12,544 $ 12,544 $ 12,649 Due after five years through ten years 13,705 13,705 13,618 14,575 14,575 14,613 Due after ten years 35,000 35,000 35,000 — — — 59,333 59,333 59,280 27,119 27,119 27,262 Mortgage-backed securities 3,674,724 3,650,601 3,696,356 4,662,243 4,634,894 4,699,868 Total $ 3,734,057 $ 3,709,934 $ 3,755,636 $ 4,689,362 $ 4,662,013 $ 4,727,130 |
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | The following table provides interest rate payment terms for investment securities classified as held-to-maturity at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Amortized cost of variable-rate held-to-maturity securities other than mortgage-backed securities $ 59,333 $ 27,119 Amortized cost of held-to-maturity mortgage-backed securities Fixed-rate pass-through securities 251 276 Collateralized mortgage obligations Fixed-rate 545 624 Variable-rate 3,612,111 4,599,524 Variable-rate multi-family MBS 61,817 61,819 3,674,724 4,662,243 Total $ 3,734,057 $ 4,689,362 |
Advances (Tables)
Advances (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Table Text Block] | At June 30, 2015 and December 31, 2014 , the Bank had advances outstanding at interest rates ranging from 0.08 percent to 8.27 percent and from 0.05 percent to 8.48 percent , respectively, as summarized below (dollars in thousands). June 30, 2015 December 31, 2014 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Overdrawn demand deposit accounts $ — — % $ 79,477 4.04 % Due in one year or less 14,040,988 0.26 11,908,892 0.31 Due after one year through two years 2,055,146 1.03 1,085,057 1.46 Due after two years through three years 1,491,089 2.57 1,590,017 2.39 Due after three years through four years 854,749 2.25 1,085,640 2.40 Due after four years through five years 494,655 2.60 417,243 2.22 Due after five years 965,142 2.32 901,184 2.99 Amortizing advances 1,621,781 3.28 1,727,505 3.45 Total par value 21,523,550 0.95 % 18,795,015 1.14 % Deferred prepayment fees (17,038 ) (17,903 ) Commitment fees (135 ) (139 ) Hedging adjustments 141,348 165,427 Total $ 21,647,725 $ 18,942,400 |
Schedule of Advances Classified by Contractual Maturity Date or Next Call Date [Table Text Block] | The following table summarizes advances outstanding at June 30, 2015 and December 31, 2014 , by the earlier of contractual maturity or next call date, or the first date on which prepayable advances can be repaid without a prepayment fee (in thousands): Contractual Maturity or Next Call Date June 30, 2015 December 31, 2014 Overdrawn demand deposit accounts $ — $ 79,477 Due in one year or less 15,030,858 11,993,262 Due after one year through two years 1,313,776 1,053,687 Due after two years through three years 1,491,089 1,590,017 Due after three years through four years 854,749 1,085,640 Due after four years through five years 486,655 414,243 Due after five years 724,642 851,184 Amortizing advances 1,621,781 1,727,505 Total par value $ 21,523,550 $ 18,795,015 |
Schedule of Advances Classified by Contractual Maturity Date or Next Put Date [Table Text Block] | The following table summarizes advances outstanding at June 30, 2015 and December 31, 2014 , by the earlier of contractual maturity or next possible put date (in thousands): Contractual Maturity or Next Put Date June 30, 2015 December 31, 2014 Overdrawn demand deposit accounts $ — $ 79,477 Due in one year or less 15,290,559 13,258,963 Due after one year through two years 2,015,146 1,062,557 Due after two years through three years 707,019 990,896 Due after three years through four years 434,249 397,190 Due after four years through five years 489,655 377,243 Due after five years 965,141 901,184 Amortizing advances 1,621,781 1,727,505 Total par value $ 21,523,550 $ 18,795,015 |
Schedule of Federal Home Loan Bank Advances by Interest Rate Payment Terms [Table Text Block] | The following table provides interest rate payment terms for advances outstanding at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Fixed-rate Due in one year or less $ 13,974,213 $ 11,573,066 Due after one year 6,461,547 6,694,902 Total fixed-rate 20,435,760 18,267,968 Variable-rate Due in one year or less 78,720 426,477 Due after one year 1,009,070 100,570 Total variable-rate 1,087,790 527,047 Total par value $ 21,523,550 $ 18,795,015 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Allowance for Credit Losses [Abstract] | |
Past Due Financing Receivables [Table Text Block] | The table below summarizes the unpaid principal balance by payment status for mortgage loans at June 30, 2015 and December 31, 2014 (dollars in thousands). The unpaid principal balance approximates the recorded investment in the loans. June 30, 2015 December 31, 2014 Conventional Loans Government- Guaranteed/ Insured Loans Total Conventional Loans Government- Guaranteed/ Insured Loans Total Mortgage loans: 30-59 days delinquent $ 885 $ 1,923 $ 2,808 $ 1,409 $ 2,276 $ 3,685 60-89 days delinquent 228 362 590 531 400 931 90 days or more delinquent 736 87 823 316 299 615 Total past due 1,849 2,372 4,221 2,256 2,975 5,231 Total current loans 27,679 31,006 58,685 31,510 34,429 65,939 Total mortgage loans $ 29,528 $ 33,378 $ 62,906 $ 33,766 $ 37,404 $ 71,170 Other delinquency statistics: In process of foreclosure (1) $ 193 $ 58 $ 251 $ 79 $ — $ 79 Serious delinquency rate (2) 2.5 % 0.3 % 1.3 % 0.9 % 0.8 % 0.9 % Past due 90 days or more and still accruing interest (3) $ — $ 87 $ 87 $ — $ 299 $ 299 Nonaccrual loans $ 736 $ — $ 736 $ 316 $ — $ 316 Troubled debt restructurings $ 114 $ — $ 114 $ 116 $ — $ 116 _____________________________ (1) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been made. (2) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the loan portfolio. (3) Only government-guaranteed/insured mortgage loans continue to accrue interest after they become 90 days or more past due. |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table presents the activity in the allowance for credit losses on conventional mortgage loans held for portfolio during the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance, beginning of period $ 143 $ 165 $ 143 $ 165 Chargeoffs (2 ) (17 ) (2 ) (17 ) Balance, end of period $ 141 $ 148 $ 141 $ 148 |
Allowance for Credit Losses and Recorded Investment by Impairment Methodology [Table Text Block] | The following table presents information regarding the balances of the Bank's conventional mortgage loans held for portfolio that were individually or collectively evaluated for impairment as well as information regarding the ending balance of the allowance for credit losses as of June 30, 2015 and December 31, 2014 (in thousands). June 30, 2015 December 31, 2014 Ending balance of allowance for credit losses related to loans collectively evaluated for impairment $ 141 $ 143 Unpaid principal balance Individually evaluated for impairment $ 757 $ 432 Collectively evaluated for impairment 28,771 33,334 $ 29,528 $ 33,766 |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Obligation Bonds By Interest Rate Payment Terms [Table Text Block] | The following table summarizes the Bank’s consolidated obligation bonds outstanding by interest rate payment terms at June 30, 2015 and December 31, 2014 (in thousands, at par value). June 30, 2015 December 31, 2014 Fixed-rate $ 11,925,605 $ 8,377,640 Variable-rate 4,336,000 4,471,000 Step-up 4,210,000 3,112,500 Step-down 150,000 150,000 Step-up/step-down 15,000 — Total par value $ 20,636,605 $ 16,111,140 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following is a summary of the Bank’s consolidated obligation bonds outstanding at June 30, 2015 and December 31, 2014 , by contractual maturity (dollars in thousands): June 30, 2015 December 31, 2014 Contractual Maturity Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Due in one year or less $ 6,512,855 0.59 % $ 6,225,840 0.58 % Due after one year through two years 4,280,865 0.82 2,790,080 1.19 Due after two years through three years 3,061,850 1.53 1,537,000 0.95 Due after three years through four years 2,111,765 1.23 1,847,000 1.94 Due after four years through five years 2,274,000 1.42 1,172,500 1.49 Due after five years 2,395,270 2.00 2,538,720 2.06 Total par value 20,636,605 1.10 % 16,111,140 1.18 % Premiums 14,845 6,345 Discounts (2,928 ) (3,486 ) Hedging adjustments (30,129 ) (35,299 ) Total $ 20,618,393 $ 16,078,700 |
Schedule of Consolidated Obligation Bonds by Call Feature [Table Text Block] | At June 30, 2015 and December 31, 2014 , the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value): June 30, 2015 December 31, 2014 Non-callable bonds $ 12,231,335 $ 8,504,920 Callable bonds 8,405,270 7,606,220 Total par value $ 20,636,605 $ 16,111,140 |
Schedule of Maturities of Consolidated Obligation Bonds by Contractual Maturity or Next Call Date [Table Text Block] | The following table summarizes the Bank’s consolidated obligation bonds outstanding at June 30, 2015 and December 31, 2014 , by the earlier of contractual maturity or next possible call date (in thousands, at par value): Contractual Maturity or Next Call Date June 30, 2015 December 31, 2014 Due in one year or less $ 14,711,125 $ 13,772,060 Due after one year through two years 3,755,865 1,645,080 Due after two years through three years 1,358,850 152,000 Due after three years through four years 655,765 437,000 Due after four years through five years 75,000 25,000 Due after five years 80,000 80,000 Total par value $ 20,636,605 $ 16,111,140 |
Schedule of Short-term Debt [Table Text Block] | At June 30, 2015 and December 31, 2014 , the Bank’s consolidated obligation discount notes, all of which are due within one year, were as follows (dollars in thousands): Book Value Par Value Weighted Average Implied Interest Rate June 30, 2015 $ 18,633,731 $ 18,635,100 0.07 % December 31, 2014 $ 19,131,832 $ 19,134,303 0.09 % |
Affordable Housing Program ("34
Affordable Housing Program ("AHP") (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Affordable Housing Program (“AHP”) [Abstract] | |
Schedule of Activity in Affordable Housing Program Obligation [Table Text Block] | The following table summarizes the changes in the Bank’s AHP liability during the six months ended June 30, 2015 and 2014 (in thousands): Six Months Ended June 30, 2015 2014 Balance, beginning of period $ 25,998 $ 31,864 AHP assessment 5,219 2,991 Grants funded, net of recaptured amounts (4,364 ) (5,319 ) Balance, end of period $ 26,853 $ 29,536 |
Assets and Liabilities Subjec35
Assets and Liabilities Subject to Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Assets and Liabilities Subject to Offsetting [Abstract] | |
Offsetting Assets and Liabilities [Table Text Block] | The following table presents derivative instruments and securities purchased under agreements to resell with the legal right of offset, including the related collateral received from or pledged to counterparties as of June 30, 2015 and December 31, 2014 (in thousands). Gross Amounts of Recognized Financial Instruments Gross Amounts Offset in the Statement of Condition Net Amounts Presented in the Statement of Condition Collateral Not Offset in the Statement of Condition (1) Net Unsecured Amount June 30, 2015 Assets Derivatives Bilateral derivatives $ 31,863 $ (21,524 ) $ 10,339 $ (9,348 ) (2) $ 991 Cleared derivatives 53,281 (34,790 ) 18,491 — 18,491 (3) Total derivatives 85,144 (56,314 ) 28,830 (9,348 ) 19,482 Securities purchased under agreements to resell 5,700,000 — 5,700,000 (5,700,000 ) — Total assets $ 5,785,144 $ (56,314 ) $ 5,728,830 $ (5,709,348 ) $ 19,482 Liabilities Derivatives Bilateral derivatives $ 398,336 $ (381,966 ) $ 16,370 $ — $ 16,370 Cleared derivatives 162,835 (162,835 ) — — — Total liabilities $ 561,171 $ (544,801 ) $ 16,370 $ — $ 16,370 December 31, 2014 Assets Derivatives Bilateral derivatives $ 31,666 $ (21,212 ) $ 10,454 $ (9,746 ) (4) $ 708 Cleared derivatives 6,574 (6,574 ) — — — Total derivatives 38,240 (27,786 ) 10,454 (9,746 ) 708 Securities purchased under agreements to resell 350,000 — 350,000 (350,000 ) — Total assets $ 388,240 $ (27,786 ) $ 360,454 $ (359,746 ) $ 708 Liabilities Derivatives Bilateral derivatives $ 629,920 $ (611,348 ) $ 18,572 $ — $ 18,572 Cleared derivatives 58,653 (55,704 ) 2,949 (2,949 ) (5) — Total liabilities $ 688,573 $ (667,052 ) $ 21,521 $ (2,949 ) $ 18,572 _____________________________ (1) Any overcollateralization at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. (2) Consists of $9,348,000 of collateral pledged by member counterparties. (3) In addition to this amount, the Bank had pledged securities with a fair value of $99,998,000 to secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. (4) Consists of $9,746,000 of collateral pledged by member counterparties. (5) In addition to this amount, the Bank had pledged securities with a fair value of $33,036,000 to secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activ36
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives at June 30, 2015 and December 31, 2014 (in thousands). June 30, 2015 December 31, 2014 Notional Amount of Derivatives Estimated Fair Value Notional Amount of Derivatives Estimated Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Advances $ 4,859,448 $ 3,967 $ 156,118 $ 4,936,984 $ 4,641 $ 183,285 Available-for-sale securities 6,641,496 30,541 367,324 5,877,601 401 462,501 Consolidated obligation bonds 14,856,935 35,149 24,904 10,102,140 15,610 28,046 Interest rate caps related to advances — — — 25,000 — — Total derivatives designated as hedging instruments under ASC 815 26,357,879 69,657 548,346 20,941,725 20,652 673,832 Derivatives not designated as hedging instruments under ASC 815 Interest rate swaps Advances 1,500 — 1 1,500 4 — Available-for-sale securities 2,613 71 18 1,000 — 32 Consolidated obligation discount notes 249,823 25 — — — — Intermediary transactions 1,116,347 13,537 11,737 950,000 14,864 13,413 Interest rate caps Held-to-maturity securities 2,500,000 785 — 2,900,000 1,424 — Intermediary transactions 80,000 1,069 1,069 80,000 1,296 1,296 Total derivatives not designated as hedging instruments under ASC 815 3,950,283 15,487 12,825 3,932,500 17,588 14,741 Total derivatives before collateral and netting adjustments $ 30,308,162 85,144 561,171 $ 24,874,225 38,240 688,573 Cash collateral and related accrued interest (2,070 ) (490,557 ) (251 ) (639,517 ) Netting adjustments (54,244 ) (54,244 ) (27,535 ) (27,535 ) Total collateral and netting adjustments (1) (56,314 ) (544,801 ) (27,786 ) (667,052 ) Net derivative balances reported in statements of condition $ 28,830 $ 16,370 $ 10,454 $ 21,521 _____________________________ (1) Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table presents the components of net gains (losses) on derivatives and hedging activities as presented in the statements of income for the three and six months ended June 30, 2015 and 2014 (in thousands). Gain (Loss) Recognized in Earnings for the Gain (Loss) Recognized in Earnings for the Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Derivatives and hedged items in ASC 815 fair value hedging relationships Interest rate swaps $ 7,999 $ 143 $ 10,230 $ (263 ) Interest rate caps — — — (2 ) Total net gain (loss) related to fair value hedge ineffectiveness 7,999 143 10,230 (265 ) Derivatives not designated as hedging instruments under ASC 815 Net interest income on interest rate swaps 69 419 101 944 Interest rate swaps Advances — (25 ) (5 ) (25 ) Available-for-sale securities 140 — 94 — Consolidated obligation bonds 329 — 1,915 — Consolidated obligation discount notes (27 ) — 13 — Basis swaps — 412 — 672 Intermediary transactions 613 53 977 825 Interest rate caps Held-to-maturity securities (674 ) (729 ) (639 ) (1,183 ) Total net gain related to derivatives not designated as hedging instruments under ASC 815 450 130 2,456 1,233 Net gains on derivatives and hedging activities reported in the statements of income $ 8,449 $ 273 $ 12,686 $ 968 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in ASC 815 fair value hedging relationships and the impact of those derivatives on the Bank’s net interest income for the three and six months ended June 30, 2015 and 2014 (in thousands). Hedged Item Gain (Loss) on Derivatives Gain (Loss) on Hedged Items Net Fair Value Hedge Ineffectiveness (1) Derivative Net Interest Income (Expense) (2) Three Months Ended June 30, 2015 Advances $ 36,433 $ (36,060 ) $ 373 $ (24,396 ) Available-for-sale securities 108,399 (102,238 ) 6,161 (78,235 ) Consolidated obligation bonds (27,419 ) 28,884 1,465 37,310 Total $ 117,413 $ (109,414 ) $ 7,999 $ (65,321 ) Three Months Ended June 30, 2014 Advances $ (7,651 ) $ 7,306 $ (345 ) $ (26,982 ) Available-for-sale securities (28,049 ) 28,300 251 (20,318 ) Consolidated obligation bonds 43,176 (42,939 ) 237 29,825 Total $ 7,476 $ (7,333 ) $ 143 $ (17,475 ) Six Months Ended June 30, 2015 Advances $ 17,098 $ (16,302 ) $ 796 $ (48,494 ) Available-for-sale securities 58,861 (50,966 ) 7,895 (103,772 ) Consolidated obligation bonds 6,644 (5,105 ) 1,539 66,263 Total $ 82,603 $ (72,373 ) $ 10,230 $ (86,003 ) Six Months Ended June 30, 2014 Advances $ (1,724 ) $ 1,329 $ (395 ) $ (53,769 ) Available-for-sale securities (38,225 ) 38,791 566 (40,701 ) Consolidated obligation bonds 92,699 (93,135 ) (436 ) 57,241 Total $ 52,750 $ (53,015 ) $ (265 ) $ (37,229 ) _____________________________ (1) Reported as net gains (losses) on derivatives and hedging activities in the statements of income. (2) The net interest income (expense) associated with derivatives in ASC 815 fair value hedging relationships is reported in the statements of income in the interest income/expense line item for the indicated hedged item. |
Capital (Tables)
Capital (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table summarizes the Bank’s compliance with those capital requirements as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 410,532 $ 2,151,216 $ 347,402 $ 1,927,573 Total capital $ 1,702,071 $ 2,151,216 $ 1,521,835 $ 1,927,573 Total capital-to-assets ratio 4.00 % 5.06 % 4.00 % 5.07 % Leverage capital $ 2,127,589 $ 3,226,824 $ 1,902,293 $ 2,891,360 Leverage capital-to-assets ratio 5.00 % 7.58 % 5.00 % 7.60 % |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Employee Retirement Plans [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The Bank sponsors a retirement benefits program that includes health care and life insurance benefits for eligible retirees. Components of net periodic benefit cost (credit) related to this program for the three and six months ended June 30, 2015 and 2014 were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 5 $ 5 $ 10 $ 9 Interest cost 12 15 24 30 Amortization of prior service cost 2 1 4 1 Amortization of net actuarial gain (20 ) (24 ) (41 ) (47 ) Net periodic benefit credit $ (1 ) $ (3 ) $ (3 ) $ (7 ) |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at June 30, 2015 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 386,966 $ 386,966 $ 386,966 $ — $ — $ — Interest-bearing deposits 308 308 — 308 — — Securities purchased under agreements to resell 5,700,000 5,700,000 — 5,700,000 — — Federal funds sold 3,666,000 3,666,000 — 3,666,000 — — Trading securities (1) 218,877 218,877 8,893 209,984 — — Available-for-sale securities (1) 7,044,582 7,044,582 — 7,044,582 — — Held-to-maturity securities 3,709,934 3,755,636 — 3,607,705 (2) 147,931 (3) — Advances 21,647,725 21,724,702 — 21,724,702 — — Mortgage loans held for portfolio, net 63,095 69,870 — 69,870 — — Accrued interest receivable 57,302 57,302 — 57,302 — — Derivative assets (1) 28,830 28,830 — 85,144 — (56,314 ) Liabilities: Deposits 948,928 948,927 — 948,927 — — Consolidated obligations Discount notes 18,633,731 18,633,650 — 18,633,650 — — Bonds 20,618,393 20,614,618 — 20,614,618 — — Mandatorily redeemable capital stock 4,415 4,415 4,415 — — — Accrued interest payable 45,797 45,797 — 45,797 — — Derivative liabilities (1) 16,370 16,370 — 561,171 — (544,801 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of June 30, 2015 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations, U.S. government-guaranteed RMBS, GSE RMBS and GSE commercial MBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2014 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate. FAIR VALUE SUMMARY TABLE Estimated Fair Value Financial Instruments Carrying Value Total Level 1 Level 2 Level 3 Netting Adjustment (4) Assets: Cash and due from banks $ 1,507,708 $ 1,507,708 $ 1,507,708 $ — $ — $ — Interest-bearing deposits 266 266 — 266 — — Securities purchased under agreements to resell 350,000 350,000 — 350,000 — — Federal funds sold 5,613,000 5,613,000 — 5,613,000 — — Trading securities (1) 408,563 408,563 8,769 399,794 — — Available-for-sale securities (1) 6,388,502 6,388,502 — 6,388,502 — — Held-to-maturity securities 4,662,013 4,727,130 — 4,566,726 (2) 160,404 (3) — Advances 18,942,400 19,060,638 — 19,060,638 — — Mortgage loans held for portfolio, net 71,411 79,331 — 79,331 — — Accrued interest receivable 65,168 65,168 — 65,168 — — Derivative assets (1) 10,454 10,454 — 38,240 — (27,786 ) Liabilities: Deposits 797,414 797,408 — 797,408 — — Consolidated obligations Discount notes 19,131,832 19,131,732 — 19,131,732 — — Bonds 16,078,700 16,110,291 — 16,110,291 — — Mandatorily redeemable capital stock 5,059 5,059 5,059 — — — Accrued interest payable 39,726 39,726 — 39,726 — — Derivative liabilities (1) 21,521 21,521 — 688,573 — (667,052 ) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2014 . (2) Consists of the Bank's holdings of U.S. government-guaranteed debentures, U.S. government-guaranteed RMBS, GSE RMBS and GSE commercial MBS. (3) Consists of the Bank's holdings of non-agency RMBS. (4) Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. |
Transactions with Other FHLBa40
Transactions with Other FHLBanks (Table) | 6 Months Ended |
Jun. 30, 2015 | |
Transactions with Other FHLBanks [Abstract] | |
Schedule of Loans to Other Federal Home Loan Banks [Table Text Block] | The following table summarizes the Bank’s loans to other FHLBanks during the six months ended June 30, 2015 and 2014 (in thousands). Six Months Ended June 30, 2015 2014 Balance at January 1, $ — $ — Loans made to: FHLBank of San Francisco 840,000 390,000 FHLBank of Des Moines 200,000 — FHLBank of Boston 200,000 — FHLBank of Topeka 55,000 — Collections from: — — FHLBank of San Francisco (840,000 ) (390,000 ) FHLBank of Des Moines (200,000 ) — FHLBank of Boston (200,000 ) — FHLBank of Topeka (55,000 ) — Balance at June 30, $ — $ — |
Schedule of Loans from Other Federal Home Loan Banks [Table Text Block] | The following table summarizes the Bank’s borrowings from other FHLBanks during the six months ended June 30, 2015 and 2014 (in thousands). Six Months Ended June 30, 2015 2014 Balance at January 1, $ — $ — Borrowings from: FHLBank of San Francisco 255,000 365,000 FHLBank of Indianapolis — 90,000 FHLBank of Chicago — 90,000 FHLBank of Topeka 360,000 40,000 FHLBank of Atlanta 250,000 20,000 FHLBank of Boston 475,000 — Repayments to: FHLBank of San Francisco (255,000 ) (365,000 ) FHLBank of Indianapolis — (90,000 ) FHLBank of Chicago — (90,000 ) FHLBank of Topeka (360,000 ) (40,000 ) FHLBank of Atlanta (250,000 ) (20,000 ) FHLBank of Boston (475,000 ) — Balance at June 30, $ — $ — |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in the components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 (in thousands). Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2015 Balance at April 1, 2015 $ 22,072 $ (25,708 ) $ 1,317 $ (2,319 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (18 ) (18 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 3,031 — — 3,031 Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities — (42 ) — (42 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 1,627 — 1,627 Total other comprehensive income (loss) 3,031 1,585 (18 ) 4,598 Balance at June 30, 2015 $ 25,103 $ (24,123 ) $ 1,299 $ 2,279 Three Months Ended June 30, 2014 Balance at April 1, 2014 $ 24,404 $ (31,341 ) $ 1,404 $ (5,533 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (23 ) (23 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 5,096 — — 5,096 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 1,848 — 1,848 Total other comprehensive income (loss) 5,096 1,848 (23 ) 6,921 Balance at June 30, 2014 $ 29,500 $ (29,493 ) $ 1,381 $ 1,388 _____________________________ (1) Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Non-Credit Portion of Other-than-Temporary Impairment Losses on Held-to-Maturity Securities Postretirement Benefits Total Accumulated Other Comprehensive Income (Loss) Six Months Ended June 30, 2015 Balance at January 1, 2015 $ 22,412 $ (27,349 ) $ 1,336 $ (3,601 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for realized gains on sales of available-for-sale securities included in net income (2,345 ) — — (2,345 ) Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (37 ) (37 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 5,036 — — 5,036 Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities — (75 ) — (75 ) Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 3,301 — 3,301 Total other comprehensive income (loss) 2,691 3,226 (37 ) 5,880 Balance at June 30, 2015 $ 25,103 $ (24,123 ) $ 1,299 $ 2,279 Six Months Ended June 30, 2014 Balance at January 1, 2014 $ (868 ) $ (33,200 ) $ 1,427 $ (32,641 ) Reclassifications from accumulated other comprehensive income (loss) to net income Reclassification adjustment for amortization of prior service costs and net actuarial gains recognized in compensation and benefits expense — — (46 ) (46 ) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 30,368 — — 30,368 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — 3,707 — 3,707 Total other comprehensive income (loss) 30,368 3,707 (46 ) 34,029 Balance at June 30, 2014 $ 29,500 $ (29,493 ) $ 1,381 $ 1,388 _____________________________ (1) Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. |
Trading Securities (Details)
Trading Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 218,877 | $ 408,563 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 109,998 | 399,794 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 99,986 | 0 |
Other Debt Obligations [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 8,893 | $ 8,769 |
Available-for-Sale Securities43
Available-for-Sale Securities (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($)position | Dec. 31, 2014USD ($)position | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Amortized Cost of Sold Available-for-sale Securities | $ 537,924 | ||
Proceeds from Sales of Available-for-sale Securities | 540,269 | ||
Gains on sales of Available-for-sale Securities | $ 2,345 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 7,019,479 | $ 6,366,090 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 34,313 | 32,397 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 9,210 | 9,985 | |
Available-for-sale Securities, Debt Securities | 7,044,582 | $ 6,388,502 | |
Payables to Broker-Dealers and Clearing Organizations | $ 84,389 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 46 | 47 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,367,552 | $ 1,026,312 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 8,235 | $ 9,985 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 4 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 97,622 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 975 | $ 0 | |
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 50 | 47 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,465,174 | $ 1,026,312 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9,210 | 9,985 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 49,800 | 49,666 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 382 | 308 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Securities, Debt Securities | 50,182 | 49,974 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,311,129 | 4,890,484 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 29,806 | 31,066 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Securities, Debt Securities | 4,340,935 | 4,921,550 | |
Other Debt Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 393,180 | 411,145 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 421 | 701 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 248 | 535 | |
Available-for-sale Securities, Debt Securities | $ 393,353 | $ 411,311 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 13 | 18 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 108,843 | $ 163,153 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 248 | $ 535 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 | |
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 13 | 18 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 108,843 | $ 163,153 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 248 | 535 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,754,109 | 5,351,295 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 30,609 | 32,075 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 248 | 535 | |
Available-for-sale Securities, Debt Securities | 4,784,470 | 5,382,835 | |
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis | 70,417 | 87,379 | |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis | 3,743,330 | 4,224,231 | |
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost Basis | 940,362 | 1,039,685 | |
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 70,438 | 87,418 | |
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 3,761,571 | 4,245,122 | |
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 952,461 | 1,050,295 | |
Other Than Mortgage Backed Securities [Member] | Fixed-rate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,679,109 | 5,276,295 | |
Other Than Mortgage Backed Securities [Member] | Variable Interest Rate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 75,000 | 75,000 | |
Mortgage Backed Securities [Member] | Fixed-rate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,265,370 | 1,014,795 | |
MultiFamilyMortgageBackedSecurities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,265,370 | 1,014,795 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,704 | 322 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 8,962 | 9,450 | |
Available-for-sale Securities, Debt Securities | $ 2,260,112 | $ 1,005,667 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 33 | 29 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,258,709 | $ 863,159 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 7,987 | $ 9,450 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 4 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 97,622 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 975 | $ 0 | |
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 37 | 29 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,356,331 | $ 863,159 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 8,962 | $ 9,450 |
Held-to-Maturity Securities (De
Held-to-Maturity Securities (Details) $ in Thousands | Jun. 30, 2015USD ($)position | Dec. 31, 2014USD ($)position | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 3,734,057 | $ 4,689,362 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 24,123 | 27,349 | |
Held-to-maturity securities | [1] | 3,709,934 | 4,662,013 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 50,262 | 68,984 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 4,560 | 3,867 | |
Held-to-maturity Securities, Fair Value | $ 3,755,636 | $ 4,727,130 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 10 | 2 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 241,810 | $ 17,672 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Losses | $ 477 | $ 228 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 35 | 41 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 487,427 | $ 616,891 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Losses | $ 10,519 | $ 10,310 | |
Held-to-maturity Securities, in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 45 | 43 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 729,237 | $ 634,563 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses | 10,996 | 10,538 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 24,333 | 27,119 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 24,333 | 27,119 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 34 | 143 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 87 | 0 | |
Held-to-maturity Securities, Fair Value | $ 24,280 | 27,262 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 2 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 13,618 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Losses | $ 87 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 0 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Losses | $ 0 | ||
Held-to-maturity Securities, in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 2 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 13,618 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses | 87 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 35,000 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | ||
Held-to-maturity securities | 35,000 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | ||
Held-to-maturity Securities, Fair Value | 35,000 | ||
Residential, Mortgage Backed Securities, Other US Obligaitons [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 5,765 | 6,642 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 5,765 | 6,642 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 27 | 34 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 | |
Held-to-maturity Securities, Fair Value | 5,792 | 6,676 | |
Other Than Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 59,333 | 27,119 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | ||
Held-to-maturity securities | 59,333 | 27,119 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 34 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 87 | ||
Held-to-maturity Securities, Fair Value | 59,280 | 27,262 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost | 10,628 | 12,544 | |
Held-to-maturity Securities, Debt Maturities, After One Through Five Years, Net Carrying Amount | 10,628 | 12,544 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 10,662 | 12,649 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost | 13,705 | 14,575 | |
Held-to-maturity Securities, Debt Maturities, After Five Through Ten Years, Net Carrying Amount | 13,705 | 14,575 | |
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 13,618 | 14,613 | |
Held-To-Maturity Securities, Debt Maturities, Rolling after Year Ten, Amortized Cost | 35,000 | 0 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 35,000 | 0 | |
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value | 35,000 | 0 | |
US Treasury and Government [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses | 1,036 | ||
Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,674,724 | 4,662,243 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 24,123 | 27,349 | |
Held-to-maturity securities | 3,650,601 | 4,634,894 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 50,228 | 68,841 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 4,473 | 3,867 | |
Held-to-maturity Securities, Fair Value | 3,696,356 | 4,699,868 | |
Held-to-maturity Securities, Premium (Discounts), Net | (17,672) | (26,510) | |
Residential Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 157,013 | 169,240 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 24,123 | 27,349 | |
Held-to-maturity securities | 132,890 | 141,891 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 18,565 | 21,982 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 3,524 | 3,469 | |
Held-to-maturity Securities, Fair Value | $ 147,931 | $ 160,404 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 1 | 1 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 6,433 | $ 6,874 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Losses | $ 139 | $ 223 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 24 | 24 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 121,103 | $ 131,265 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Losses | $ 9,821 | $ 9,917 | |
Held-to-maturity Securities, in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 25 | 25 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 127,536 | $ 138,139 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses | 9,960 | 10,140 | |
SingleFamilyMortgageBackedSecurities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,450,129 | 4,424,542 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 3,450,129 | 4,424,542 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 31,636 | 46,767 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 784 | 398 | |
Held-to-maturity Securities, Fair Value | $ 3,480,981 | $ 4,470,911 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 4 | 1 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 160,107 | $ 10,798 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Losses | $ 86 | $ 5 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 11 | 17 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 366,324 | $ 485,626 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Losses | $ 698 | $ 393 | |
Held-to-maturity Securities, in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 15 | 18 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 526,431 | $ 496,424 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses | 784 | 398 | |
MultiFamilyMortgageBackedSecurities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 61,817 | 61,819 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | 0 | |
Held-to-maturity securities | 61,817 | 61,819 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 58 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 165 | 0 | |
Held-to-maturity Securities, Fair Value | $ 61,652 | $ 61,877 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Positions | position | 3 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 61,652 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Losses | $ 165 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Positions | position | 0 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Losses | $ 0 | ||
Held-to-maturity Securities, in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 3 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | $ 61,652 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses | $ 165 | ||
[1] | (a)Fair values: $3,755,636 and $4,727,130 at June 30, 2015 and December 31, 2014, respectively. |
Held-to-Maturity Securities (Ot
Held-to-Maturity Securities (Other-Than-Temporary Impairment Analysis) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)position | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)position | Jun. 30, 2014USD ($) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||||
Held-to-maturity, Qualitative Disclosure, Non Agency RMBS Number of Positions | position | 27 | 27 | |||
Held-to-maturity, Qualitative Disclosure, Non Agency RMBS Number of Securities, Identified as OTTI This Period | position | 1 | ||||
Held-to-maturity, Qualitative Disclosure, Non Agency RMBS Number of Securities, Previously Identified as OTTI not Further Impaired This Period | position | 14 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||||
Balance of Credit Losses Recognized in Earnings, beginning of period | $ 12,301 | $ 12,836 | $ 12,512 | $ 12,901 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 19 | 0 | 25 | 0 | |
Increase In Cash Flows Expected To Be Collected | (220) | (66) | (437) | (131) | |
Balance of Credit Losses Recognized in Earnings, end of period | 12,100 | 12,770 | 12,100 | 12,770 | |
Cumulative Other Than Temporary Impairment Principal Shortfalls | (1,469) | (1,061) | (1,469) | (1,061) | |
Cumulative Amortization of the Time Value of Credit Losses | 321 | 264 | 321 | 264 | |
OTTI Credit Losses in the Amortized Cost of Held-to-maturity Securities | $ 10,952 | $ 11,973 | $ 10,952 | $ 11,973 | |
Minimum [Member] | |||||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||||
Projected House Price Decline Rate Over the Next 12 Months | 2.00% | 2.00% | |||
Maximum [Member] | |||||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||||
Projected House Price Recovery Rate Over the Next 12 Months | 8.00% | 8.00% | |||
Majority of Markets [Member] | Minimum [Member] | |||||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||||
Projected House Price Recovery Rate Over the Next 12 Months | 2.00% | 2.00% | |||
Projected House Price Annual Appreciation Rate at Long-Term Equilibrium Level | 2.00% | 2.00% | |||
Majority of Markets [Member] | Maximum [Member] | |||||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures [Abstract] | |||||
Projected House Price Recovery Rate Over the Next 12 Months | 5.00% | 5.00% | |||
Projected House Price Annual Appreciation Rate at Long-Term Equilibrium Level | 5.00% | 5.00% | |||
Alt A Fixed Rate [Member] | Private Label Residential Mortgage Backed Securities, Security Fifteen [Member] | |||||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities [Abstract] | |||||
Other Than Temporarily Impaired Securities, Unpaid Principal Balance | [1] | $ 11,716 | $ 11,716 | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held Assumption For Measurement Prepayment Speed Weighted Average | [2] | 7.30% | 7.30% | ||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Default Rate | [2] | 22.00% | |||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held Assumption For Measurement Loss Severity Weighted Average | [2] | 34.90% | 34.90% | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held Assumption For Measurement Credit Enhancements | [3] | 32.70% | 32.70% | ||
[1] | Although the other-than-temporarily impaired security was not labeled as Alt-A at the time of issuance, based upon its current collateral and performance characteristics, it was analyzed using Alt-A assumptions. | ||||
[2] | The prepayment rate reflects the weighted average of projected future voluntary prepayments. The default rate reflects the total balance of loans projected to default as a percentage of the current unpaid principal balance of the underlying loan pool. The loss severity reflects the total projected loan losses as a percentage of the total balance of loans that are projected to default. | ||||
[3] | The current credit enhancement percentage reflects the ability of subordinated classes of securities to absorb principal losses and interest shortfalls before the senior class held by the Bank is impacted (i.e., the losses, expressed as a percentage of the outstanding principal balances, that could be incurred in the underlying loan pool before the security held by the Bank would be impacted, assuming that all of those losses occurred on the measurement date). Depending upon the timing and amount of losses in the underlying loan pool, it is possible that the senior class held by the Bank could bear losses in scenarios where the cumulative loan losses do not exceed the current credit enhancement percentage. |
Held-to-Maturity Securities (In
Held-to-Maturity Securities (Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 3,734,057 | $ 4,689,362 |
Other Than Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 59,333 | 27,119 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,674,724 | 4,662,243 |
Fixed Interest Rate [Member] | Mortgage Passthrough Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 251 | 276 |
Fixed Interest Rate [Member] | Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 545 | 624 |
Variable Interest Rate [Member] | Other Than Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 59,333 | 27,119 |
Variable Interest Rate [Member] | Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,612,111 | 4,599,524 |
Variable Interest Rate [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 61,817 | $ 61,819 |
Held-to-Maturity Securities Sal
Held-to-Maturity Securities Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Proceeds and Gains (Losses) from Sale of HTM [Abstract] | ||||
Amortized Cost of Sold Held-to-maturity Securities | $ 244,190 | $ 588,438 | ||
Proceeds from Sales of Held-to-maturity Securities | 248,077 | 598,551 | $ 0 | |
Gains on Sales of Held-to-maturity Securities | $ 3,887 | $ 0 | $ 10,113 | $ 0 |
Advances Redemption Terms (Deta
Advances Redemption Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Advances by Redemption Terms [Line Items] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 0 | $ 79,477 |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 0.00% | 4.04% |
Federal Home Loan Bank, Advances, Maturities Summary, in Next Rolling Twelve Months | $ 14,040,988 | $ 11,908,892 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months | 0.26% | 0.31% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Two | $ 2,055,146 | $ 1,085,057 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 1.03% | 1.46% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three | $ 1,491,089 | $ 1,590,017 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 2.57% | 2.39% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Four | $ 854,749 | $ 1,085,640 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 2.25% | 2.40% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Five | $ 494,655 | $ 417,243 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 2.60% | 2.22% |
Federal Home Loan Bank, Advances, Maturities Summary, after Rolling Year Five | $ 965,142 | $ 901,184 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five | 2.32% | 2.99% |
Federal Home Loan Bank Advances, Maturities, Amortizing Advances | $ 1,621,781 | $ 1,727,505 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amortizing Advances | 3.28% | 3.45% |
Federal Home Loan Bank Advances Par Value | $ 21,523,550 | $ 18,795,015 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 0.95% | 1.14% |
Deferred Prepayment Fees | $ (17,038) | $ (17,903) |
Federal Home Loan Bank, Advances, Commitment Fees | (135) | (139) |
Federal Home Loan Bank Advances, Valuation Adjustments For Hedging Activities | 141,348 | 165,427 |
Federal Home Loan Bank Advances | $ 21,647,725 | $ 18,942,400 |
Advances Outstanding by the Ear
Advances Outstanding by the Earlier of Contractual Maturity or Next Call Date (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Advances Classified by Contractual Maturity Date or Next Call Date [Line Items] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 0 | $ 79,477 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Next Rolling Twelve Months | 15,030,858 | 11,993,262 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Two | 1,313,776 | 1,053,687 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Three | 1,491,089 | 1,590,017 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Four | 854,749 | 1,085,640 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Five | 486,655 | 414,243 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, after Rolling Year Five | 724,642 | 851,184 |
Federal Home Loan Bank Advances, Maturities, Amortizing Advances | 1,621,781 | 1,727,505 |
Federal Home Loan Bank Advances Par Value | $ 21,523,550 | $ 18,795,015 |
Advances Outstanding by the E50
Advances Outstanding by the Earlier of Contractual Maturity or Next Put Date (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Advances by Earlier of Contractual Maturity or Next Put Date [Line Items] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 0 | $ 79,477 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, due in Next Rolling Twelve Months | 15,290,559 | 13,258,963 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Two | 2,015,146 | 1,062,557 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Three | 707,019 | 990,896 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Four | 434,249 | 397,190 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Five | 489,655 | 377,243 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, after Rolling Year Five | 965,141 | 901,184 |
Federal Home Loan Bank Advances, Maturities, Amortizing Advances | 1,621,781 | 1,727,505 |
Federal Home Loan Bank Advances Par Value | $ 21,523,550 | $ 18,795,015 |
Advances Interest Rate Payment
Advances Interest Rate Payment Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Advances by Interest Rate Payment Terms [Line Items] | ||
Federal Home Loan Bank, Advances, Fixed Rate, under One Year | $ 13,974,213 | $ 11,573,066 |
Federal Home Loan Bank, Advances, Fixed Rate, after One Year | 6,461,547 | 6,694,902 |
Federal Home Loan Bank, Advances, Fixed Rate | 20,435,760 | 18,267,968 |
Federal Home Loan Bank, Advances, Floating Rate, under One Year | 78,720 | 426,477 |
Federal Home Loan Bank, Advances, Floating Rate, after One Year | 1,009,070 | 100,570 |
Federal Home Loan Bank, Advances, Floating Rate | 1,087,790 | 527,047 |
Federal Home Loan Bank Advances Par Value | $ 21,523,550 | $ 18,795,015 |
Advances Narrative (Details)
Advances Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Advances [Line Items] | |||||
Percent Of Fixed Rate Advances Swapped To Adjustable Rate | 30.00% | 30.00% | 27.00% | ||
Gross Prepayment Fees on Advances Received | $ 5,855 | $ 7,904 | $ 14,529 | $ 8,624 | |
Deferred Prepayment Fees on Advances During Period | 658 | $ 78 | 4,489 | $ 292 | |
Federal Home Loan Bank Advances Par Value | $ 21,523,550 | $ 21,523,550 | $ 18,795,015 | ||
Minimum [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances, Interest Rate | 0.08% | 0.08% | 0.05% | ||
Maximum [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances, Interest Rate | 8.27% | 8.27% | 8.48% | ||
Federal Home Loan Bank Advances Callable Option [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances Par Value | $ 1,099,331 | $ 1,099,331 | $ 487,699 | ||
Federal Home Loan Bank Advances Putable Option [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances Par Value | $ 1,310,071 | $ 1,310,071 | $ 1,454,071 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||||
30-59 days delinquent | $ 2,808 | $ 2,808 | $ 3,685 | |||
60-89 days delinquent | 590 | 590 | 931 | |||
90 days or more delinquent | 823 | 823 | 615 | |||
Total past due | 4,221 | 4,221 | 5,231 | |||
Total current loans | 58,685 | 58,685 | 65,939 | |||
Total mortgage loans | 62,906 | 62,906 | 71,170 | |||
In process of foreclosure | [1] | $ 251 | $ 251 | $ 79 | ||
Serious delinquency rate | [2] | 1.30% | 1.30% | 0.90% | ||
Past due 90 days or more and still accruing interest | [3] | $ 87 | $ 87 | $ 299 | ||
Non-accrual loans | 736 | 736 | 316 | |||
Troubled debt restructurings | 114 | 114 | 116 | |||
Real estate acquired through foreclosure | 113 | 113 | 193 | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Loans and Leases Receivable, Allowance, Beginning Balance | 143 | $ 165 | 143 | $ 165 | ||
Charge-offs | (2) | (17) | (2) | (17) | ||
Loans and Leases Receivable, Allowance, Ending Balance | 141 | $ 148 | 141 | $ 148 | ||
Conventional Loan [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||||
30-59 days delinquent | 885 | 885 | 1,409 | |||
60-89 days delinquent | 228 | 228 | 531 | |||
90 days or more delinquent | 736 | 736 | 316 | |||
Total past due | 1,849 | 1,849 | 2,256 | |||
Total current loans | 27,679 | 27,679 | 31,510 | |||
Total mortgage loans | 29,528 | 29,528 | 33,766 | |||
In process of foreclosure | [1] | $ 193 | $ 193 | $ 79 | ||
Serious delinquency rate | [2] | 2.50% | 2.50% | 0.90% | ||
Past due 90 days or more and still accruing interest | [3] | $ 0 | $ 0 | $ 0 | ||
Non-accrual loans | 736 | 736 | 316 | |||
Troubled debt restructurings | 114 | 114 | 116 | |||
Allowance for Credit Losses and Recorded Investment by Impairment Methodology [Abstract] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 141 | 141 | 143 | |||
Financing Receivable, Individually Evaluated for Impairment | 757 | 757 | 432 | |||
Financing Receivable, Collectively Evaluated for Impairment | 28,771 | 28,771 | 33,334 | |||
Government Loan [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||||
30-59 days delinquent | 1,923 | 1,923 | 2,276 | |||
60-89 days delinquent | 362 | 362 | 400 | |||
90 days or more delinquent | 87 | 87 | 299 | |||
Total past due | 2,372 | 2,372 | 2,975 | |||
Total current loans | 31,006 | 31,006 | 34,429 | |||
Total mortgage loans | 33,378 | 33,378 | 37,404 | |||
In process of foreclosure | [1] | $ 58 | $ 58 | $ 0 | ||
Serious delinquency rate | [2] | 0.30% | 0.30% | 0.80% | ||
Past due 90 days or more and still accruing interest | [3] | $ 87 | $ 87 | $ 299 | ||
Non-accrual loans | 0 | 0 | 0 | |||
Troubled debt restructurings | $ 0 | $ 0 | $ 0 | |||
[1] | Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been made. | |||||
[2] | Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the loan portfolio. | |||||
[3] | Only government-guaranteed/insured mortgage loans continue to accrue interest after they become 90 days or more past due. |
Consolidated Obligations (Detai
Consolidated Obligations (Details) - USD ($) $ in Billions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Short-term and Long-term Debt [Line Items] | ||
Percent of Fixed Rate Long Term Debt Swapped to An Adjustable Rate | 91.00% | 86.00% |
FHLBanks [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Debt, Gross | $ 853 | $ 847 |
FHL Bank of Dallas [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Debt, Gross | $ 39.3 | $ 35.2 |
Consolidated Obligations Intere
Consolidated Obligations Interest Rate Payment Terms (Details) - Unsecured Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt, Gross | $ 20,636,605 | $ 16,111,140 |
Fixed Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 11,925,605 | 8,377,640 |
Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 4,336,000 | 4,471,000 |
Step Down [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 150,000 | 150,000 |
Step Up/ Step Down [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 15,000 | 0 |
Step Up [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | $ 4,210,000 | $ 3,112,500 |
Consolidated Obligations Redemp
Consolidated Obligations Redemption Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument, Redemption [Line Items] | ||
Bonds | $ 20,618,393 | $ 16,078,700 |
Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 6,512,855 | $ 6,225,840 |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 0.59% | 0.58% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | $ 4,280,865 | $ 2,790,080 |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 0.82% | 1.19% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | $ 3,061,850 | $ 1,537,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 1.53% | 0.95% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | $ 2,111,765 | $ 1,847,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 1.23% | 1.94% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | $ 2,274,000 | $ 1,172,500 |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 1.42% | 1.49% |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 2,395,270 | $ 2,538,720 |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 2.00% | 2.06% |
Debt, Gross | $ 20,636,605 | $ 16,111,140 |
Long-term Debt, Weighted Average Interest Rate | 1.10% | 1.18% |
Debt Instrument, Unamortized Premium | $ 14,845 | $ 6,345 |
Debt Instrument, Unamortized Discount | (2,928) | (3,486) |
Debt Valuation Adjustment for Hedging Activities | (30,129) | (35,299) |
Bonds | $ 20,618,393 | $ 16,078,700 |
Consolidated Obligations Callab
Consolidated Obligations Callable/Non-callable (Details) - Unsecured Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Long-term Debt Callable or Non-Callable [Line Items] | ||
Debt, Gross | $ 20,636,605 | $ 16,111,140 |
Non Callable [Member] | ||
Long-term Debt Callable or Non-Callable [Line Items] | ||
Debt, Gross | 12,231,335 | 8,504,920 |
Callable [Member] | ||
Long-term Debt Callable or Non-Callable [Line Items] | ||
Debt, Gross | $ 8,405,270 | $ 7,606,220 |
Consolidated Obligations Contra
Consolidated Obligations Contractual Maturity or Next Call Date (Details) - Unsecured Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Obligations by Contractual Maturity or Next Call Date [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 6,512,855 | $ 6,225,840 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 4,280,865 | 2,790,080 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 3,061,850 | 1,537,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 2,111,765 | 1,847,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 2,274,000 | 1,172,500 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 2,395,270 | 2,538,720 |
Debt, Gross | 20,636,605 | 16,111,140 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Consolidated Obligations by Contractual Maturity or Next Call Date [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 14,711,125 | 13,772,060 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 3,755,865 | 1,645,080 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 1,358,850 | 152,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 655,765 | 437,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 75,000 | 25,000 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 80,000 | 80,000 |
Debt, Gross | $ 20,636,605 | $ 16,111,140 |
Consolidated Obligations Discou
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | $ 18,633,731 | $ 19,131,832 |
Percent of Discount Notes Swapped to a Variable Rate | 1.00% | |
Discount Notes [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Face Amount | $ 18,635,100 | $ 19,134,303 |
Short-term Debt, Weighted Average Interest Rate | 0.07% | 0.09% |
Affordable Housing Program ("60
Affordable Housing Program ("AHP") (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Affordable Housing Program [Roll Forward] | ||||
AHP, Beginning of period | $ 25,998 | $ 31,864 | ||
AHP assessment | $ 2,653 | $ 1,556 | 5,219 | 2,991 |
Grants funded, net of recaptured amounts | (4,364) | (5,319) | ||
AHP, End of period | $ 26,853 | $ 29,536 | $ 26,853 | $ 29,536 |
Assets and Liabilities Subjec61
Assets and Liabilities Subject to Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 85,144 | $ 38,240 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | [1] | (56,314) | [2],[3] | (27,786) | [4],[5] |
Derivative Assets | 28,830 | 10,454 | |||
Derivative, Collateral, Obligation to Return Securities | [6] | (9,348) | (9,746) | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 19,482 | 708 | |||
Securities Purchased under Agreements to Resell, Gross | 5,700,000 | 350,000 | |||
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 | |||
Securities Purchased under Agreements to Resell | 5,700,000 | 350,000 | |||
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities | [6] | (5,700,000) | (350,000) | ||
Securities Purchased under Agreements to Resell, Amount Not Offset Against Collateral | 0 | 0 | |||
Offsetting Assets, Gross | 5,785,144 | 388,240 | |||
Assets, Amounts Offset Against Collateral | (56,314) | (27,786) | |||
Offsetting Assets, Total | 5,728,830 | 360,454 | |||
Offsetting Assets, Collateral Not Offset in the Statement of Condition | [6] | (5,709,348) | (359,746) | ||
Offsetting Assets, Amount Not Offset Against Collateral | 19,482 | 708 | |||
Derivative Liability, Fair Value, Gross Liability | 561,171 | 688,573 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (544,801) | [2],[3] | (667,052) | [4],[5] |
Derivative Liabilities | 16,370 | 21,521 | |||
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [6] | 0 | (2,949) | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 16,370 | 18,572 | |||
Derivative Liabilities, Additional Net Exposure, Collateral Pledged to Counterparties in Excess of Net Liabilities | 99,998 | [7] | 33,036 | [8] | |
Member Counterparties [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative, Collateral, Obligation to Return Securities | 9,348 | 9,746 | |||
Over the Counter [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 31,863 | 31,666 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | (21,524) | (21,212) | |||
Derivative Assets | 10,339 | 10,454 | |||
Derivative, Collateral, Obligation to Return Securities | [6] | (9,348) | [9] | (9,746) | [10] |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 991 | 708 | |||
Derivative Liability, Fair Value, Gross Liability | 398,336 | 629,920 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (381,966) | (611,348) | |||
Derivative Liabilities | 16,370 | 18,572 | |||
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [6] | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 16,370 | 18,572 | |||
Exchange Cleared [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 53,281 | 6,574 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | (34,790) | (6,574) | |||
Derivative Assets | 18,491 | 0 | |||
Derivative, Collateral, Obligation to Return Securities | [6] | 0 | 0 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 18,491 | [7] | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 162,835 | 58,653 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (162,835) | (55,704) | |||
Derivative Liabilities | 0 | 2,949 | |||
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [6] | 0 | (2,949) | [8] | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | $ 0 | |||
Minimum [Member] | Non-member Counterparty [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Collateral Thresholds | 100 | ||||
Maximum [Member] | Non-member Counterparty [Member] | |||||
Offsetting Assets and Liabilities [Line Items] | |||||
Collateral Thresholds | $ 500 | ||||
[1] | Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | ||||
[2] | Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | ||||
[3] | Financial instruments measured at fair value on a recurring basis as of June 30, 2015. | ||||
[4] | Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | ||||
[5] | Financial instruments measured at fair value on a recurring basis as of December 31, 2014. | ||||
[6] | Any overcollateralization at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. | ||||
[7] | In addition to this amount, the Bank had pledged securities with a fair value of $99,998,000 to secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. | ||||
[8] | In addition to this amount, the Bank had pledged securities with a fair value of $33,036,000 to secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. | ||||
[9] | Consists of $9,348,000 of collateral pledged by member counterparties. | ||||
[10] | Consists of $9,746,000 of collateral pledged by member counterparties. |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities (Derivatives in Statement of Condition) (Details) - Fair Value, Measurements, Fair Value Hierarchy [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | May. 27, 2015 | Dec. 31, 2014 | |||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | $ 85,144 | $ 38,240 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 561,171 | 688,573 | ||||
Derivative, Notional Amount | 30,308,162 | $ 30,400,000 | 24,874,225 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | (2,070) | (251) | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | (490,557) | (639,517) | ||||
Derivative Asset, Fair Value, Gross Liability | (54,244) | (27,535) | ||||
Derivative Liability, Fair Value, Gross Asset | (54,244) | (27,535) | ||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (56,314) | [2],[3] | (27,786) | [4],[5] | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (544,801) | [2],[3] | (667,052) | [4],[5] | |
Derivative assets | 28,830 | 10,454 | ||||
Derivative liabilities | 16,370 | 21,521 | ||||
Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 69,657 | 20,652 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 548,346 | 673,832 | ||||
Derivative, Notional Amount | 26,357,879 | 20,941,725 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Advances [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 3,967 | 4,641 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 156,118 | 183,285 | ||||
Derivative, Notional Amount | 4,859,448 | 4,936,984 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Available-for-sale Securities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 30,541 | 401 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 367,324 | 462,501 | ||||
Derivative, Notional Amount | 6,641,496 | 5,877,601 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Bonds [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 35,149 | 15,610 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 24,904 | 28,046 | ||||
Derivative, Notional Amount | 14,856,935 | 10,102,140 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Advances [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 | ||||
Derivative, Notional Amount | 0 | 25,000 | ||||
Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 15,487 | 17,588 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 12,825 | 14,741 | ||||
Derivative, Notional Amount | 3,950,283 | 3,932,500 | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Advances [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 4 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 1 | 0 | ||||
Derivative, Notional Amount | 1,500 | 1,500 | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Available-for-sale Securities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 71 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 18 | 32 | ||||
Derivative, Notional Amount | 2,613 | 1,000 | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Discount Notes [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 25 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 | ||||
Derivative, Notional Amount | 249,823 | 0 | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Intermediary Transactions [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 13,537 | 14,864 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 11,737 | 13,413 | ||||
Derivative, Notional Amount | 1,116,347 | 950,000 | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Intermediary Transactions [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 1,069 | 1,296 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 1,069 | 1,296 | ||||
Derivative, Notional Amount | 80,000 | 80,000 | ||||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Held-to-maturity Securities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments in Hedges, Assets, at Fair Value | 785 | 1,424 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 | ||||
Derivative, Notional Amount | $ 2,500,000 | $ 2,900,000 | ||||
[1] | Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | |||||
[2] | Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | |||||
[3] | Financial instruments measured at fair value on a recurring basis as of June 30, 2015. | |||||
[4] | Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | |||||
[5] | Financial instruments measured at fair value on a recurring basis as of December 31, 2014. |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities (Derivatives in Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | [1] | $ 7,999 | $ 143 | $ 10,230 | $ (265) |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 450 | 130 | 2,456 | 1,233 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | 8,449 | 273 | 12,686 | 968 | |
Advances [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | [1] | 373 | (345) | 796 | (395) |
Available-for-sale Securities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | [1] | 6,161 | 251 | 7,895 | 566 |
Consolidated Obligation Bonds [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | [1] | 1,465 | 237 | 1,539 | (436) |
Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 7,999 | 143 | 10,230 | (263) | |
Interest Rate Swap [Member] | Advances [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | (25) | (5) | (25) | |
Interest Rate Swap [Member] | Available-for-sale Securities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 140 | 0 | 94 | 0 | |
Interest Rate Swap [Member] | Consolidated Obligation Bonds [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 329 | 0 | 1,915 | 0 | |
Interest Rate Swap [Member] | Basis Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 412 | 0 | 672 | |
Interest Rate Swap [Member] | Intermediary Transactions [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 613 | 53 | 977 | 825 | |
Interest Rate Swap [Member] | Consolidated Obligation Discount Notes [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (27) | 0 | 13 | 0 | |
Interest Rate Cap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | 0 | (2) | |
Interest Rate Cap [Member] | Held-to-maturity Securities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (674) | (729) | (639) | (1,183) | |
Net Interest Income on Interest Rate Swaps [Member] | Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 69 | $ 419 | $ 101 | $ 944 | |
[1] | Reported as net gains (losses) on derivatives and hedging activities in the statements of income. |
Derivatives and Hedging Activ64
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, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Derivatives | $ 117,413 | $ 7,476 | $ 82,603 | $ 52,750 | |
Gain (Loss) on Hedged Items | (109,414) | (7,333) | (72,373) | (53,015) | |
Net Fair Value Hedge Ineffectiveness | [1] | 7,999 | 143 | 10,230 | (265) |
Derivative Net Interest Income (Expense) | [2] | (65,321) | (17,475) | (86,003) | (37,229) |
Advances [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Derivatives | 36,433 | (7,651) | 17,098 | (1,724) | |
Gain (Loss) on Hedged Items | (36,060) | 7,306 | (16,302) | 1,329 | |
Net Fair Value Hedge Ineffectiveness | [1] | 373 | (345) | 796 | (395) |
Derivative Net Interest Income (Expense) | [2] | (24,396) | (26,982) | (48,494) | (53,769) |
Available-for-sale Securities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Derivatives | 108,399 | (28,049) | 58,861 | (38,225) | |
Gain (Loss) on Hedged Items | (102,238) | 28,300 | (50,966) | 38,791 | |
Net Fair Value Hedge Ineffectiveness | [1] | 6,161 | 251 | 7,895 | 566 |
Derivative Net Interest Income (Expense) | [2] | (78,235) | (20,318) | (103,772) | (40,701) |
Consolidated Obligation Bonds [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Derivatives | (27,419) | 43,176 | 6,644 | 92,699 | |
Gain (Loss) on Hedged Items | 28,884 | (42,939) | (5,105) | (93,135) | |
Net Fair Value Hedge Ineffectiveness | [1] | 1,465 | 237 | 1,539 | (436) |
Derivative Net Interest Income (Expense) | [2] | $ 37,310 | $ 29,825 | $ 66,263 | $ 57,241 |
[1] | Reported as net gains (losses) on derivatives and hedging activities in the statements of income. | ||||
[2] | The net interest income (expense) associated with derivatives in ASC 815 fair value hedging relationships is reported in the statements of income in the interest income/expense line item for the indicated hedged item. |
Derivatives and Hedging Activ65
Derivatives and Hedging Activities (Narrative) (Details) - Derivative Contract [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | May. 27, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 30,308,162 | $ 30,400,000 | $ 24,874,225 |
Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 18,400,000 | ||
Exchange Cleared [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 11,900,000 |
Capital (Details)
Capital (Details) - USD ($) $ in Thousands | Aug. 07, 2015 | Jun. 30, 2015 | Apr. 30, 2015 | Jan. 30, 2015 | Dec. 31, 2014 |
Capital [Line Items] | |||||
Federal Home Loan Bank, Risk-Based Capital, Required | $ 410,532 | $ 347,402 | |||
Federal Home Loan Bank, Risk-Based Capital, Actual | 2,151,216 | 1,927,573 | |||
Federal Home Loan Bank, Regulatory Capital, Required | 1,702,071 | 1,521,835 | |||
Federal Home Loan Bank, Regulatory Capital, Actual | $ 2,151,216 | $ 1,927,573 | |||
Regulatory Capital Ratio, Required | 4.00% | 4.00% | |||
Federal Home Loan Bank, Regulatory Capital Ratio, Actual | 5.06% | 5.07% | |||
Federal Home Loan Bank, Leverage Capital, Required | $ 2,127,589 | $ 1,902,293 | |||
Federal Home Loan Bank, Leverage Capital, Actual | $ 3,226,824 | $ 2,891,360 | |||
Leverage Ratio, Required | 5.00% | 5.00% | |||
Leverage Ratio, Actual | 7.58% | 7.60% | |||
Membership Investment Requirement, Percent of Members Total Assets as of Previous Calendar Year | 0.04% | ||||
Membership Investment Requirement, Minimum Dollar Amount | $ 1 | ||||
Membership Investment Requirement, Maximum Dollar Amount | $ 7,000 | ||||
Activity Based Investment Requirement, Percent of Outstanding Advances | 4.10% | ||||
Surplus Stock Threshold Percentage | 102.50% | 102.50% | |||
Minimum Stock Surplus Required For Repurchase | $ 100 | $ 100 | |||
Repurchased Surplus Stock, Total | $ 158,722 | $ 134,747 | |||
Subsequent Event [Member] | |||||
Capital [Line Items] | |||||
Surplus Stock Threshold Percentage | 102.50% | ||||
Minimum Stock Surplus Required For Repurchase | $ 100 | ||||
Repurchased Surplus Stock, Total | $ 175,771 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | $ (2) | $ (1) | $ (4) | $ (1) |
Amortization of net actuarial gain | 20 | 24 | 41 | 47 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 5 | 10 | 9 |
Interest cost | 12 | 15 | 24 | 30 |
Amortization of prior service cost | 2 | 1 | 4 | 1 |
Amortization of net actuarial gain | (20) | (24) | (41) | (47) |
Net periodic benefit credit | $ (1) | $ (3) | $ (3) | $ (7) |
Estimated Fair Values (Carrying
Estimated Fair Values (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | May. 27, 2015 | Dec. 31, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Changes in Net Fair Value of Derivatives and Hedged Items Due to Change in Pricing System | $ 3,100 | |||||
Derivative, Notional Amount | $ 30,308,162 | $ 30,400,000 | $ 24,874,225 | |||
Assets | ||||||
Trading securities | 218,877 | 408,563 | ||||
Available-for-sale securities | 7,044,582 | 6,388,502 | ||||
Held-to-maturity securities | [1] | 3,709,934 | 4,662,013 | |||
Held-to-maturity securities, Fair Value | 3,755,636 | 4,727,130 | ||||
Derivative assets | 28,830 | 10,454 | ||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [2] | (56,314) | [3],[4] | (27,786) | [5],[6] | |
Consolidated obligations | ||||||
Mandatorily redeemable capital stock | 4,415 | 5,059 | ||||
Derivative liabilities | 16,370 | 21,521 | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (544,801) | [3],[4] | (667,052) | [5],[6] | |
Carrying Value [Member] | ||||||
Assets | ||||||
Cash and due from banks | 386,966 | 1,507,708 | ||||
Interest-bearing deposits | 308 | 266 | ||||
Securities purchased under agreements to resell | 5,700,000 | 350,000 | ||||
Federal funds sold | 3,666,000 | 5,613,000 | ||||
Trading securities | 218,877 | [4] | 408,563 | [6] | ||
Available-for-sale securities | 7,044,582 | [4] | 6,388,502 | [6] | ||
Held-to-maturity securities | 3,709,934 | 4,662,013 | ||||
Advances | 21,647,725 | 18,942,400 | ||||
Mortgage loans held for portfolio, net | 63,095 | 71,411 | ||||
Accrued interest receivable | 57,302 | 65,168 | ||||
Derivative assets | 28,830 | [4] | 10,454 | [6] | ||
Liabilities | ||||||
Deposits | 948,928 | 797,414 | ||||
Consolidated obligations | ||||||
Mandatorily redeemable capital stock | 4,415 | 5,059 | ||||
Accrued interest payable | 45,797 | 39,726 | ||||
Derivative liabilities | 16,370 | [4] | 21,521 | [6] | ||
Estimated Fair Value [Member] | ||||||
Assets | ||||||
Cash and due from banks | 386,966 | 1,507,708 | ||||
Interest-bearing deposits | 308 | 266 | ||||
Securities purchased under agreements to resell | 5,700,000 | 350,000 | ||||
Federal funds sold | 3,666,000 | 5,613,000 | ||||
Trading securities | 218,877 | [4] | 408,563 | [6] | ||
Available-for-sale securities | 7,044,582 | [4] | 6,388,502 | [6] | ||
Held-to-maturity securities, Fair Value | 3,755,636 | 4,727,130 | ||||
Advances | 21,724,702 | 19,060,638 | ||||
Mortgage loans held for portfolio, net | 69,870 | 79,331 | ||||
Accrued interest receivable | 57,302 | 65,168 | ||||
Derivative assets | 28,830 | [4] | 10,454 | [6] | ||
Liabilities | ||||||
Deposits | 948,927 | 797,408 | ||||
Consolidated obligations | ||||||
Mandatorily redeemable capital stock | 4,415 | 5,059 | ||||
Accrued interest payable | 45,797 | 39,726 | ||||
Derivative liabilities | 16,370 | [4] | 21,521 | [6] | ||
Fair Value, Inputs, Level 1 [Member] | ||||||
Assets | ||||||
Cash and due from banks | 386,966 | 1,507,708 | ||||
Interest-bearing deposits | 0 | 0 | ||||
Securities purchased under agreements to resell | 0 | 0 | ||||
Federal funds sold | 0 | 0 | ||||
Trading securities | 8,893 | [4] | 8,769 | [6] | ||
Available-for-sale securities | 0 | [4] | 0 | [6] | ||
Held-to-maturity securities, Fair Value | 0 | 0 | ||||
Advances | 0 | 0 | ||||
Mortgage loans held for portfolio, net | 0 | 0 | ||||
Accrued interest receivable | 0 | 0 | ||||
Derivative assets | 0 | [4] | 0 | [6] | ||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Consolidated obligations | ||||||
Mandatorily redeemable capital stock | 4,415 | 5,059 | ||||
Accrued interest payable | 0 | 0 | ||||
Derivative liabilities | 0 | [4] | 0 | [6] | ||
Fair Value, Inputs, Level 2 [Member] | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Interest-bearing deposits | 308 | 266 | ||||
Securities purchased under agreements to resell | 5,700,000 | 350,000 | ||||
Federal funds sold | 3,666,000 | 5,613,000 | ||||
Trading securities | 209,984 | [4] | 399,794 | [6] | ||
Available-for-sale securities | 7,044,582 | [4] | 6,388,502 | [6] | ||
Held-to-maturity securities, Fair Value | 3,607,705 | [7] | 4,566,726 | [8] | ||
Advances | 21,724,702 | 19,060,638 | ||||
Mortgage loans held for portfolio, net | 69,870 | 79,331 | ||||
Accrued interest receivable | 57,302 | 65,168 | ||||
Derivative assets | 85,144 | [4] | 38,240 | [6] | ||
Liabilities | ||||||
Deposits | 948,927 | 797,408 | ||||
Consolidated obligations | ||||||
Mandatorily redeemable capital stock | 0 | 0 | ||||
Accrued interest payable | 45,797 | 39,726 | ||||
Derivative liabilities | 561,171 | [4] | 688,573 | [6] | ||
Fair Value, Inputs, Level 3 [Member] | ||||||
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 | [4] | 0 | [6] | ||
Available-for-sale securities | 0 | [4] | 0 | [6] | ||
Held-to-maturity securities, Fair Value | 147,931 | [9] | 160,404 | [10] | ||
Advances | 0 | 0 | ||||
Mortgage loans held for portfolio, net | 0 | 0 | ||||
Accrued interest receivable | 0 | 0 | ||||
Derivative assets | 0 | [4] | 0 | [6] | ||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Consolidated obligations | ||||||
Mandatorily redeemable capital stock | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Derivative liabilities | 0 | [4] | 0 | [6] | ||
Consolidated Obligation Discount Notes [Member] | Carrying Value [Member] | ||||||
Consolidated obligations | ||||||
Discount notes, Fair Value | 18,633,731 | 19,131,832 | ||||
Consolidated Obligation Discount Notes [Member] | Estimated Fair Value [Member] | ||||||
Consolidated obligations | ||||||
Discount notes, Fair Value | 18,633,650 | 19,131,732 | ||||
Consolidated Obligation Discount Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Consolidated obligations | ||||||
Discount notes, Fair Value | 0 | 0 | ||||
Consolidated Obligation Discount Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Consolidated obligations | ||||||
Discount notes, Fair Value | 18,633,650 | 19,131,732 | ||||
Consolidated Obligation Discount Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Consolidated obligations | ||||||
Discount notes, Fair Value | 0 | 0 | ||||
Consolidated Obligation Bonds [Member] | Carrying Value [Member] | ||||||
Consolidated obligations | ||||||
Bonds, Fair Value | 20,618,393 | 16,078,700 | ||||
Consolidated Obligation Bonds [Member] | Estimated Fair Value [Member] | ||||||
Consolidated obligations | ||||||
Bonds, Fair Value | 20,614,618 | 16,110,291 | ||||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Consolidated obligations | ||||||
Bonds, Fair Value | 0 | 0 | ||||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Consolidated obligations | ||||||
Bonds, Fair Value | 20,614,618 | 16,110,291 | ||||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Consolidated obligations | ||||||
Bonds, Fair Value | $ 0 | $ 0 | ||||
[1] | (a)Fair values: $3,755,636 and $4,727,130 at June 30, 2015 and December 31, 2014, respectively. | |||||
[2] | Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | |||||
[3] | Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | |||||
[4] | Financial instruments measured at fair value on a recurring basis as of June 30, 2015. | |||||
[5] | Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as the cash collateral held or placed with those same counterparties. | |||||
[6] | Financial instruments measured at fair value on a recurring basis as of December 31, 2014. | |||||
[7] | Consists of the Bank's holdings of U.S. government-guaranteed debentures, state housing agency obligations, U.S. government-guaranteed RMBS, GSE RMBS and GSE commercial MBS. | |||||
[8] | Consists of the Bank's holdings of U.S. government-guaranteed debentures, U.S. government-guaranteed RMBS, GSE RMBS and GSE commercial MBS. | |||||
[9] | Consists of the Bank's holdings of non-agency RMBS. | |||||
[10] | Consists of the Bank's holdings of non-agency RMBS. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 490,517 | $ 639,452 |
Derivative, Collateral, Right to Receive Securities | 99,998 | 35,985 |
Other FHLBanks [Member] | ||
Commitments and Contingencies [Line Items] | ||
Debt, Gross | 814,000,000 | |
Loan Origination Commitments [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 25,615 | 14,065 |
Standby Letters of Credit [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 5,069,076 | 4,330,557 |
Consolidated Obligation Bonds [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 145,330 | 60,000 |
Consolidated Obligation Discount Notes [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 160,000 | $ 750,000 |
Transactions with Other FHLBa70
Transactions with Other FHLBanks (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Other Transactions [Line Items] | ||
Interest Income, Loans to Other Federal Home Loan Banks | $ 4,013 | $ 558 |
Loans Made to Other FHLBanks [Roll Forward] | ||
Loans to other FHLBanks, Beginning of period | 0 | 0 |
Loans to other FHLBanks, End of period | 0 | 0 |
Interest Expense, Loans from Other Federal Home Loan Banks | 3,686 | 1,486 |
Borrowings From Other FHLBanks [Roll Forward] | ||
Loans from other FHLBanks, Beginning of period | 0 | 0 |
Loans from other FHLBanks, End of period | 0 | 0 |
Federal Home Loan Bank of Boston [Member] | ||
Loans Made to Other FHLBanks [Roll Forward] | ||
Loans made to other FHLBanks | 200,000,000 | 0 |
Collections from other FHLBanks | (200,000,000) | 0 |
Borrowings From Other FHLBanks [Roll Forward] | ||
Borrowings from other FHLBanks | 475,000,000 | 0 |
Repayments to other FHLBanks | (475,000,000) | 0 |
FHLBank of Topeka [Member] | ||
Loans Made to Other FHLBanks [Roll Forward] | ||
Loans made to other FHLBanks | 55,000,000 | 0 |
Collections from other FHLBanks | (55,000,000) | 0 |
Borrowings From Other FHLBanks [Roll Forward] | ||
Borrowings from other FHLBanks | 360,000,000 | 40,000,000 |
Repayments to other FHLBanks | (360,000,000) | (40,000,000) |
FHLBank of Atlanta [Member] | ||
Borrowings From Other FHLBanks [Roll Forward] | ||
Borrowings from other FHLBanks | 250,000,000 | 20,000,000 |
Repayments to other FHLBanks | (250,000,000) | (20,000,000) |
FHLBank of San Francisco [Member] | ||
Loans Made to Other FHLBanks [Roll Forward] | ||
Loans made to other FHLBanks | 840,000,000 | 390,000,000 |
Collections from other FHLBanks | (840,000,000) | (390,000,000) |
Borrowings From Other FHLBanks [Roll Forward] | ||
Borrowings from other FHLBanks | 255,000,000 | 365,000,000 |
Repayments to other FHLBanks | (255,000,000) | (365,000,000) |
FHLBank of Des Moines [Member] | ||
Loans Made to Other FHLBanks [Roll Forward] | ||
Loans made to other FHLBanks | 200,000,000 | 0 |
Collections from other FHLBanks | (200,000,000) | 0 |
FHLBank of Indianapolis [Member] | ||
Borrowings From Other FHLBanks [Roll Forward] | ||
Borrowings from other FHLBanks | 0 | 90,000,000 |
Repayments to other FHLBanks | 0 | (90,000,000) |
Federal Home Loan Bank of Chicago [Member] | ||
Borrowings From Other FHLBanks [Roll Forward] | ||
Borrowings from other FHLBanks | 0 | 90,000,000 |
Repayments to other FHLBanks | $ 0 | $ (90,000,000) |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | $ (2,319) | $ (5,533) | $ (3,601) | $ (32,641) | |
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Reclassification adjustment for realized gains on sales of available-for-sale securities included in net income | 0 | 0 | (2,345) | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (18) | (23) | (37) | (46) | |
Other amounts of other comprehensive income (loss) | |||||
Net unrealized gains on available-for-sale securities | 3,031 | 5,096 | 5,036 | 30,368 | |
Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities | (42) | 0 | (75) | 0 | |
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 1,627 | 1,848 | 3,301 | 3,707 | |
Total other comprehensive income (loss) | 4,598 | 6,921 | 5,880 | 34,029 | |
Total Accumulated Other Comprehensive Income (Loss), End of period | 2,279 | 1,388 | 2,279 | 1,388 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | [1] | 22,072 | 24,404 | 22,412 | (868) |
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Reclassification adjustment for realized gains on sales of available-for-sale securities included in net income | [1] | (2,345) | |||
Other amounts of other comprehensive income (loss) | |||||
Net unrealized gains on available-for-sale securities | [1] | 3,031 | 5,096 | 5,036 | 30,368 |
Total other comprehensive income (loss) | [1] | 3,031 | 5,096 | 2,691 | 30,368 |
Total Accumulated Other Comprehensive Income (Loss), End of period | [1] | 25,103 | 29,500 | 25,103 | 29,500 |
Accumulated Other-than-Temporary Impairment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | (25,708) | (31,341) | (27,349) | (33,200) | |
Other amounts of other comprehensive income (loss) | |||||
Non-credit portion of other-than-temporary impairment losses on held-to-maturity securities | (42) | (75) | |||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 1,627 | 1,848 | 3,301 | 3,707 | |
Total other comprehensive income (loss) | 1,585 | 1,848 | 3,226 | 3,707 | |
Total Accumulated Other Comprehensive Income (Loss), End of period | (24,123) | (29,493) | (24,123) | (29,493) | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | 1,317 | 1,404 | 1,336 | 1,427 | |
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (18) | (23) | (37) | (46) | |
Other amounts of other comprehensive income (loss) | |||||
Total other comprehensive income (loss) | (18) | (23) | (37) | (46) | |
Total Accumulated Other Comprehensive Income (Loss), End of period | $ 1,299 | $ 1,381 | $ 1,299 | $ 1,381 | |
[1] | Net unrealized gains (losses) on available-for-sale securities are net of unrealized gains and losses relating to hedged interest rate risk included in net income. |
Uncategorized Items - fhlbd-201
Label | Element | Value |
Net Income (Loss) Attributable to Parent, Net of Federal Home Loan Bank Assessments | us-gaap_NetIncomeLossAttributableToParentNetOfFederalHomeLoanBankAssessments | $ 14,004 |
Net Income (Loss) Attributable to Parent, Net of Federal Home Loan Bank Assessments | us-gaap_NetIncomeLossAttributableToParentNetOfFederalHomeLoanBankAssessments | 23,874 |
Gains (Losses) on Extinguishment of Debt | us-gaap_GainsLossesOnExtinguishmentOfDebt | 0 |
Gains (Losses) on Extinguishment of Debt | us-gaap_GainsLossesOnExtinguishmentOfDebt | 402 |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments | 0 |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments | 0 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet | 0 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet | $ 19 |